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NATIONAL AFFAIRS
PM Modi Inaugurates 46th Session of UNESCO World Heritage Committee at Bharat Mandapam, New Delhi
On 21 July 2024, Prime Minister (PM) Narendra Modi inaugurated the 46th Session of the United Nations Educational, Scientific and Cultural Organization’s (UNESCO) World Heritage Committee(WHC) 2024 at Bharat Mandapam in New Delhi, Delhi.
i.This is the 1st time India is hosting the WHC Meeting, which will continue till the 31st of July 2024. It is being organized by New Delhi(Delhi) based Archaeological Survey of India (ASI), on behalf of Ministry of Culture(MoC).
ii.The World Heritage Young Professionals’ Forum(WHYPF) and the World Heritage Site Managers’ Forum(WHSMF) are also being held alongside the main event.
iii.India will contribute USD 1 million to the UNESCO World Heritage Centre for capacity building, technical assistance, and conservation of world heritage sites, particularly benefiting Global South countries.
- Charaideo Maidam, an ancient burial ground in Assam has been nominated as India’s 43rd World Heritage Site.
About United Nations Education Scientific and Cultural Organisation(UNESCO):
Director General(DG) – Audry Azoulay
Headquarters – Paris, France
Founded – 16 November 1945
>> Read Full News
Centre Grants Site Clearance To Parandur Airport 
The Steering Committee on Greenfield Airports of the Union Government has granted approval of site clearance to the Tamil Nadu Industrial Development Corporation Limited (TIDCO) for the development of a greenfield airport at Parandur, Kancheepuram, Tamil Nadu (TN).
- The Chennai city’s second airport, which is 70km away from Chennai.
Background:
The TIDCO, a state government company, has submitted an application to the Ministry of Civil Aviation (MoCA) for site approval for the airport at Parandur in 2023 in accordance with the Greenfield Airports (GFA) Policy 2008.
Steering Committee on Greenfield Airports :
The committee consists of nine officials, including those from the MoCA, the DGCA, the AAI, the Ministry of Defence (MoD), the Indian Meteorological Department (IMD), among others.
Construction Plan:
i.According to the TIDCO’s plan, the greenfield airport will be constructed in four phases at an estimated cost of Rs 32,704 crore.
ii.The airport, which consists of 3 terminal buildings, will have the capacity to cater to 100 million passengers annually.
iii.The first phase of construction is scheduled to start in January 2026 and be completed by December 2028 and then the remaining phases will be developed, with the last phase coming to an end by December 2046.
iv.TIDCO is responsible for the implementation of airport projects, including funding and land acquisition.
About Tamil Nadu (TN):
Chief Minister (CM) – Muthuvel Karunanidhi Stalin
Governor – Ravindra Narayana Ravi
Capital – Chennai
Wildlife Sanctuary – Point Calimere Wildlife Sanctuary
Tiger Reserve – Kalakad Mundanthurai Tiger Reserve, Anamalai Tiger Reserve
INTERNATIONAL AFFAIRS
India among Top 3 Countries in Most Significant Forest Area Gains: FAO Report
According to the Food and Agriculture Organisation (FAO)’s report“The State of the World’s Forest 2024(SOFO 2024): forest-sector innovations towards a more sustainable future”, India secured 3rd spot among the top 10 countries with most significant forest area gains during 2010 to 2020 period.
- As per the report, India has gained 2.66 lakh hectares (ha) of forest area annually from 2010 to 2020. While, China topped among the top 10 countries with the maximum forest area gain of 19.37 lakh ha, followed Australia with forest area gain of 4.46 lakh ha.
- The global forest covered is about 4.1 billion ha or 31% of the land area in 2020. The report noted that the global mangrove area was recorded to be 14.8 million ha.
- The report estimated that nearly 420 million ha of forest were converted to land use between 1990 and 2020.
The report was released at the 27th session of the Committee on Forestry (COFO) held at FAO headquarters in Rome, Italy. The theme of COFO 2024 is “Accelerating forest solutions through innovation.”
About Food and Agriculture Organisation (FAO):
It is of the specialized agencies of United Nations (UN), to make international efforts to combat hunger and to achieve food security for all.
Director-General (DG)- Qu Dongyu
Headquarters- Rome, Italy
Established- 1945
>> Read Full News
BANKING & FINANCE
BoB Launched Generative AI-Powered VRM and New Payment App among 11 New Initiatives on its Foundation Day
On 20th July 2024, Indian Public Sector Bank (PSB), Bank of Baroda (BoB) launched various new digital initiatives including a Generative Artificial Intelligence (AI)-powered Virtual Relationship Manager (VRM) and a new payment app, among 11 new initiatives on occasion of its 117th foundation day.
- The theme for the Bank’s 117th year is “Trusted Today, Transforming Tomorrow”.
i.Generative AI-powered VRM, first-of-its-kind initiative among PSBs, designed specifically to enhance digital customer service by providing real-time information about various range of products and services of the bank to the customers.
ii.bobइPay UPI Payments Public Service Providers (PSP) App, equipped with features like: scan to pay, send or receive money, UPI LITE, RuPay credit card on Unified Payments Interface (UPI) which also include, international payments.
iii.BoB has launched the BoB Credit line on UPI initiative and this feature will initially be available on Baroda Kisan Credit Card (BKCC) for customers.
- This initiative will enable the customers to access pre-sanctioned credit lines through UPI.
About Bank of Baroda (BOB):
Chairman- Hasmukh Adhia
Managing Director (MD)-Debadatta Chand
Headquarters- Vadodara, Gujarat
Tagline- “India’s International Bank”
Established- 1908
>> Read Full News
GCF Approves USD 215.6 Million for SIDBI to help MSMEs Adopt Lower Emissions
The board of the Green Climate Fund (GCF), which is an entity set up by the United Nations Framework Convention on Climate Change (UNFCCC), has approved USD 200 million loan and USD 15.6 million grant i.e. a total of USD 215.6 million for capacity building to Small Industries Development Bank of India’s (SIDBI) Financing Mitigation and Adaptation Projects (FMAP) in Indian Micro, Small, and Medium Enterprises (MSMEs).
- Aim: To help MSMEs adopt low-emission and climate-resilient technologies.
Key Points:
i.This loan by GCF to SIDBI is part of a formers’ funding approval of USD 1 billion for 17 projects across 35 developing countries.
ii.On the other hand, SIDBI will also create a corpus of USD 1 billion for FMAP by contributing another USD 800 million to this funding.
- It will be sourced partly from its balance sheet and partly from market funds.
- The fund will provide a ‘FMAP facility’ for MSMEs, for projects such as renewable energy, energy efficiency, energy storage and e-mobility.
iii.SIDBI will boost climate finance for MSMEs by utilizing private sector investments from Non-Banking Financial Companies (NBFCs), Small Finance Banks (SFBs), and Microfinance Institutions(MFI).
iv.The FMAP facility aims to provide nearly 10,000 concessional loans to MSMEs to promote low-emission, climate-resilient technologies.
v.The FMAP program is expected to reduce greenhouse gas emissions by 35.3 million tonnes.
Note:This is the 2nd SIDBI project financed by GCF. It received first approval of GCF for it’s first anchored project ‘Avaana Sustainability Fund (ASF)’, valued at USD120 million which included USD24.5 million GCF investment.
Green Climate Fund (GCF):
The Green Climate Fund (GCF) is the world’s largest dedicated climate fund. It is an operating entity of the financial mechanism of the UNFCCC.
- The fund has a portfolio of 270 projects worth USD 14.9 billion ($58.7 billion including co-financing) for transformative climate action in 130 developing countries.
About Small Industries Development Bank of India’s (SIDBI):
Set up on 2nd April 1990 under an Act of Indian Parliament, it acts as the Principal Financial Institution for Promotion,Financing and Development of MSME sector.
Chairman & Managing Director (CMD)– Sivasubramanian Ramann
Headquarters– Lucknow, Uttar Pradesh (UP)
RBI sells Rs 34 Billion Indian Bonds as Index Inclusion Boosts Inflows
According to a Bloomberg Economics Index, the Reserve Bank of India (RBI) has sold Rs 34 Billion (USD 406 million) worth of bonds in the secondary market in July, 2024 to absorb excess cash in the banking system.
- This action followed India’s recent inclusion in JPMorgan Chase & Co.’s Government Bond Index-Emerging Markets (GBI-EM) in June 2024, which spurred significant foreign investment of over USD 1 billion into Indian bonds within the month.
Key Points:
i.The RBI sold bonds to manage the excess liquidity resulting from the increased foreign investments.
- This helped stabilize the financial system by absorbing the surplus funds as RBI added USD 9.7 billion to its reserves.
ii.India became the 25th market to be included in the index since its inception in June 2005.
- It is expected that the Indian bond market will attract an additional USD 20 billion to USD 25 billion in foreign investments over time. This will likely enhance liquidity in India’s banking system.
iii.As per Bloomberg index, excess liquidity that banks deposit with RBI stood at Rs 1.4 trillion.
iv.The Indian government plans to borrow Rs 14.1 trillion through bonds in FY25 (2024-2025).
IRDAI Revised its Guidelines on Commission on Long-term Motor Insurance
The Insurance Regulatory and Development Authority of India (IRDAI) has revised its guidelines regarding the commission for long-term motor insurance policies. These revised guidelines align these policies with the standard motor insurance policies having validity of 1 year.
- With this, insurers are now allowed to offer commissions within the expense management framework for long-term policies.
Note: Long term motor insurance policies have minimum 5-year cover for 2-wheelers and 3-year cover for 4-wheelers.
Key Points:
i.Earlier, insurers were allowed to pay up to 17.5% of the premium as the 1st-year commission for 5-year comprehensive motor insurance policies for 2-wheelers, as per the CafeMutual Fund report.
- Later, this commission was reduced to 10% for the 2nd and 3rd years and further reduced to 5% for the 4th and 5th years.
ii.Initially, the commission cap for 3-year comprehensive motor insurance policies for 4-wheelers was set at 15% for the 1st year, 10% for the 2nd year, and 5% for the 3rd year.
iii.In June 2024, IRDAI issued a new master circular on general insurance which covered motor, home and travel plans. It encourages products to be customized in order to cater the individual needs of customers.
- IRDAI through that master circular had directed insurance companies to ensure greater flexibility while choosing products, to offer broader choice of add-ons, brief customer information sheet to provide quick access to key policy clauses and features and tighter turnaround time for appointment of surveyors.
Significance:
i.The shift from rule-based to principle-based regulatory framework for insurers is aimed at providing ease of doing business, promoting innovation and enabling reduction in response time from emerging market needs.
ii.The revised guidelines has also simplified the claim settlement process. The customers will be asked to submit only those documents necessary and related to claim settlement.
About Motor Insurance in India:
i.Motor Insurance in India can be classified into main categories: 3rd –party insurance and comprehensive insurance.
ii.3rd-party insurance is mandatory under the Motor Vehicles Act, 1988. It covers legal liability which arises from an accident caused by the insured vehicle resulting in injury, death, or property damage to 3rd parties.
- But, it does not cover any damage to the insured vehicle or any injury to the insured.
iii.Comprehensive motor insurance offers more extensive coverage as it includes own-damage cover.
- This means it covers the insured vehicle against theft, vandalism, fire, natural disasters, and accidents.
- These policies can further be enhanced with various add-ons such as: zero depreciation cover, engine protect cover and roadside assistance.
About Insurance Regulatory and Development Authority of India (IRDAI):
IRDAI was constituted in 1999 and was incorporated as a statutory body in April 2000
Chairperson– Debasish Panda
Headquarters-Hyderabad, Telangana
Paytm Partners with Axis Bank to Offer POS Solutions & EDC Devices to Merchant Network
Paytm, India’s digital payments and financial services brand owned by the One97 Communications Limited (OCL), has partnered with Mumbai(Maharashtra) based Axis Bank, one of India’s largest private sector banks to provide Point-Of-Sale (POS) solutions and Electronic Data Capture (EDC) devices or card machines to the bank and its merchant network.
i.Aim: To transform the merchant-acquiring business through advanced technology, optimising business operations, and elevating customer satisfaction.
ii.Through this partnership, Paytm’s cutting-edge technology will reach a wider merchant base via Axis Bank, thereby enhancing the capabilities of both entities.
- For Axis Bank, this collaboration strengthens their merchant acquiring portfolio, enabling them to offer state-of-the-art payment solutions.
iii.The POS solutions ensure efficient business management and seamless payment processing capabilities; and the features of the EDC devices are designed to streamline operations and drive business growth.
TerraPay Partners with Swift For Global Account-to-Wallet Payments
London, the United Kingdom(UK) based TerraPay, a leading global payments infrastructure company has partnered with the Society for Worldwide Interbank Financial Telecommunications (SWIFT), to enable financial institutions can send money directly to over 2.1 billion mobile wallets around the world using their Swift connectivity.
i.It aims to improve financial inclusion by providing a more easily accessible cross-border payment option in areas where the use of mobile wallets is common.
ii.Swift payments made by financial institutions will be integrated into TerraPay’s infrastructure, ensuring transparent and fast transfers of funds from accounts to wallets and this can be achieved by Swift’s tracking capabilities that offer end-to-end visibility.
- Swift connects around 11,500 financial institutions from 200+ countries.
iii.The Swift network does not handle money transfers or operate as a banking institution instead it serves as a secure channel for transmitting payment orders between banks using Swift codes.
iv.TerraPay‘s extensive network facilitates payments to over 2.1 billion mobile wallets and 7.5 billion bank accounts globally, allowing recipients to receive funds in their preferred currency.
ECONOMY & BUSINESS
Rashtriya Raksha University, NSE IX & NSEICC Signed MoU For Economic and Financial Security
Gandhinagar (Gujarat) based Rashtriya Raksha University (RRU), NSE International Exchange (NSE IX) and National Stock Exchange International Clearing (NSEICC) has signed Memorandum of Understanding (MoU) to enhance cooperation in economic and financial security.
i.Through this MoU, RRU and NSE IX will combine to carry out training and upskilling initiatives in areas like financial laws, economic crimes, forensic accounting, cybercrimes, and technological innovation.
ii.It also aims to conduct collaborative research initiatives, design and implement combined online and offline certification programs, and support capacity building for students and faculty.
Note:
Since its inception in 1994, the NSE has played a critical role in India’s financial independence, with market operations increasing by 110%. NSE IX and NSEICC , fully owned subsidiary companies of NSE.
AWARDS & RECOGNITIONS
1st Indian Individual Olympic Gold Medallist Abhinav Bindra Awarded Prestigious Olympic Order by IOC
Abhinav Bindra, a former Indian rifle shooter, and the 1st Indian to win individual gold at the Olympics, has been honoured with the Olympic Order by the International Olympic Committee (IOC) for his outstanding contributions to the Olympic movement.
- The Olympic Order is the highest award of the IOC, given for exceptional services to the Olympic Movement.
- Bindra, a member of the IOC Athletes’ Commission (AC), is the 1st Indian to receive this prestigious award.
The award ceremony will take place during the 142nd IOC Session in Paris, France on 10 August 2024.
Achievements of Abhinav Bindra:
i.Abhinav Bindra became the 1st Indian to win a World Championship Gold in 10-meter (m) Air Rifle Men shooting at the 49th International Shooting Sport Federation (ISSF) World Championship 2006 held in Zagreb, Croatia.
ii.He is India’s 1st individual Gold medalist at the Olympics, securing the gold at the 2008 Olympics held in Beijing, China in the men’s 10m Air Rifle event.
iii.He won Gold in the 10m air Rifle pairs and Silver in the singles at the 2002 Commonwealth Games held in Manchester, England, the United Kingdom (UK).
iv.He won Gold in the 10m air Rifle pairs events at the Commonwealth Games in 2006 (Melbourne, Australia) and 2010 (Delhi) and won an individual Gold in the 2014 Commonwealth Games in Glasgow, Scotland.
v.He was honoured with the “Arjuna Award” in 2000; He was the youngest recipient of the Rajiv Gandhi Khel Ratna Award in 2001 at the age of 18.
vi.In 2009, the Government of India (GoI) honoured him with the Padma Bhushan for Sports.
About Olympic Order Award:
i.The Olympic Order Award was established in 1975, it replaced the Olympic Diploma of Merit.
ii.This honour can be given to a wide range of individuals, including IOC members, athletes, and others who have significantly contributed to the development and promotion of the Olympic Games and its ideals.
ii.The recipients of the Olympic Order are chosen by the IOC’s Executive Board.
About the International Olympic Committee (IOC):
It is a not-for-profit independent international organisation established on 23 June 1894.
President– Thomas Bach
Headquarters– Lausanne, Switzerland
APPOINTMENTS & RESIGNATIONS
PM Min Aung Hlaing becomes Myanmar’s Acting President
On July 22, 2024, the Prime Minister (PM) of Myanmar and Chairman of the State Administration Council (SAC) Senior Gen. Min Aung Hlaing has assumed the role of Acting President. He will succeed incumbent Acting President Myint Swe, who has been suffering from psychomotor retardation and malnutrition.
- As an acting president, he will also head the National Defence and Security Council (NDSC), which is 11-member council responsible for security and defence affairs in Myanmar.
- Min Aung Hlaing will oversee critical national decisions, especially those related to security and military affairs.
About Min Aung Hlaing:
i.Hlaing has been the chairman of SAC since February 2021 coup d’état.
- It is a coup by Myanmar military (Tatmadaw) against the civilian government, declaring the results of the November 2020 general election invalid, and instated a one-year state of emergency.
ii.He appointed himself as PM of Myanmar in August 2021,
iii.Min Aung Hlaing joined the military in 1974 after studying law and has risen through the ranks to become a senior general by 2013.
iv.He is the first graduate of the Defence Services Academy (DSA) in Myanmar to lead a military coup and also the first DSA graduate to become Commander-in-Chief of Defence Services.
Key Points:
i.Myanmar has been under military rule since the 2021 coup.
ii.Myint Swe took office after the military coup in February 2021 that ousted the elected government led by Aung San Suu Kyi.
About Myanmar:
Capital– Naypyidaw
Currency– Myanmar Kyat
Prime Minister– Min Aung Hlaing
Cmde D.K. Murali Took Charge as CMD of BECIL
Commodore (Cmde) D.K. Murali, Indian Navy (Retired) assumed the charge of Chairman and Managing Director (CMD) of the Broadcast Engineering Consultants India Limited (BECIL), a Mini Ratna Central Public Sector Undertaking (CPSU) under the Ministry of Information & Broadcasting (MoIB).
i.He served in the Indian Navy(IN) for nearly 35 years, having been commissioned in November 1989, holding various appointments on frontline warships, training, inspection, ship repair yards, etc.
ii.As the CMD of BECIL, he will be responsible for the efficient functioning of BECIL to achieve corporate objectives and performance goals.
- He will also be accountable to the Board of Directors(BOD) and the Government of India (GoI).
Note: New Delhi(Delhi) based BECIL was incorporated on 24th March 1995 under the Companies Act, 2013 by the GoI with 100% equity share capital of BECIL held by the President of India through the Secretary and Joint Secretary of the MoIB
SCIENCE & TECHNOLOGY
ISRO Conducts Second Experimental Flight Test of Air Breathing Propulsion Technology 
On July 22 2024, The Indian Space Research Organisation (ISRO) successfully conducted the second experimental flight test for the demonstration of Air Breathing Propulsion Technology.
- The propulsion systems were installed symmetrically on either side of a Rohini(RH)-560 Sounding Rocket, and launched from the Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh(AP).
Background:
On August 28 2016, ISRO successfully conducted its first experimental flight test of the Scramjet engine, marking a significant step towards realising Air-Breathing Propulsion Technology.
Key Points:
i.During the flight test, the Sounding Rocket achieved satisfactory performance and the Air Breathing propulsion systems ignited successfully.
ii.Nearly 110 parameters were extensively monitored to evaluate the propulsion system’s performance and the flight data collected from the mission will be useful for the next phase of the development in future.
iv.Multiple ground experiments were carried out at the various ISRO Centres including Vikram Sarabhai Space Centre (VSSC),Thiruvananthapuram, Kerala; Liquid Propulsion Systems Centre (LPSC)Thiruvananthapuram, Kerala as well as ISRO Propulsion Complex (IPRC), Mahendragiri, Tamil Nadu and also at the CSIR -National Aerospace Laboratories (CSIR-NAL), Bengaluru, Karnataka prior to the mission.
About RH – 560:
RH-560 is largest sounding Rocket (Advanced Technology Vehicle, ATV) and heaviest rocket in the ISRO’s sounding rocket family .It is designed to be utilized as a cost-effective flying test bed.
- It is a two-stage, solid motor-based suborbital rocket.
- It is used to study attitudinal variations in the neutral winds and plasma dynamics.
About Air-Breathing Propulsion Technology:
i.This technology facilitates low-cost space transportation by allowing vehicles to use atmospheric oxygen as an oxidizer, reducing the overall weight of the propulsion system and increasing payload capacity.
ii.It can be utilised within the earth’s atmosphere up to 70 kilometres(km) in altitude.
About the Indian Space Research Organisation (ISRO):
Chairman – Sreedhara Panicker Somanath
Headquarters – Bengaluru, Karnataka
Established – 1969
IMPORTANT DAYS
Income Tax Day 2024 – July 24
Income Tax Day or Aaykar Diwas is annually observed across India on 24 July to commemorates the introduction of Income Tax (IT) in India in 1860.
- 24 July 2024 marks the 165th anniversary of IT Day.
- In 2010, the Government of India (GoI) officially designated 24 July as Income Tax Day to honour the 150th anniversary of the introduction of the IT system in India.
About the Central Board of Direct Taxes (CBDT):
The CBDT is the apex policy-making body for the IT department and is a part of the Department of Revenue in the Ministry of Finance (MoF).
It came into effect in 1964, functioning under the Central Board of Revenue Act of 1963.
Chairman– Ravi Agrawal
Headquarters– New Delhi, Delhi
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