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NATIONAL AFFAIRS
Union Minister Ashwini Vaishnaw Inaugurated India’s 500th Community Radio Station “Apna Radio 90.0 FM” at IIMC Aizwal
On 25th July 2024, Union Minister Ashwini Vaishnaw, Ministry of Information and Broadcasting (MoI&B), Government of India (GoI) inaugurated India’s 500th Community Radio Station “Apna Radio 90.0 FM” at Indian Institute of Mass Communication (IIMC) in Aizwal, Mizoram.
i.While addressing the event, Ashwini Vaishnaw announces winners of 10th National Community Radio Awards.
ii.The awards were given in 4 main categories namely, Thematic award, Most Innovative Community Engagement award, Promoting Local Culture award and Sustainability award.
About Ministry of Information and Broadcasting (MoI&B):
Union Minister- Ashwini Vaishnaw (Rajya Sabha member- Odisha)
Minister of State (MoS)- Loganathan Murugan(Rajya Sabha member- Madhya Pradesh(MP))
>> Read Full News
Health Secretary Apurva Chandra Launched Summary Report on Economic Case for Investment in Well-Being of Adolescents in India
On 25th July 2024, Apurva Chandra, Secretary, Ministry of Health and Family Welfare (MoHFW), launched the summary report on “The Economic Case for Investment in the Well-being of Adolescents in India” in New Delhi, Delhi.
- The report highlights major improvements in adolescent well-being in India over recent decades, demonstrating the extensive policies and programmes of Government of India (GoI), which aimed at promoting the health and well-being of adolescents.
- The report is based on the global findings presented in “Adolescents in a Changing World- The Case for Urgent Investment”, commissioned by the Partnership for Maternal, Newborn & Child Health (PMNCH), released at the 77th World Health Assembly (WHA) held in Geneva, Switzerland from 27th May to 1st June 2024.
About Ministry of Health and Family Welfare(MoHFW):
Union Minister– Jagat Prakash Nadda (Rajya Sabha – Gujarat)
Union Minister of State (MoS)- Anupriya Patel(Constituency- Mirzapur, Uttar Pradesh); Jadhav Prataprao Ganpatrao (Constituency- Buldhana, Maharashtra)
>> Read Full News
DGFT Enhanced EPCG Scheme to Boost Efficiency and Competitiveness
As per the official notification dated on 25th July 2024, the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry (MoCI), Government of India (GoI) has announced significant enhancements the Export Promotion Capital Goods (EPCG) Scheme aimed at simplifying processes, reducing transaction costs and promoting automation to benefit exporters.
- These changes are in alignment with GoI’s commitment to create a more business-friendly environment and improving India’s manufacturing competitiveness.
- DGFT has made amendments in Chapter5 of the HandBook of Procedures (HBP) 2023 related to EPCG scheme.
Key Changes:
i.As per the changes, exporters will now have an extended period to submit Installation Certificates (ICs) for imported capital goods. Now, authorization holder is required to upload IC within a period of 3 years from the date of completion of import.
ii.The scheme has introduced a new simplified and reduced composition fee structure for extending the Export Obligation (EO) period.
- This change will help to minimize manual intervention, streamlines compliances, and speed up service delivery.
iii.The scheme has introduced new provision for implementation of all Policy Relaxation Committee (PRC) decisions regarding EO extensions and the regularization of exports with uniform composition fee such as:
- Rs 30,000(for duty saved value of EPCG authorisation issued up to R 2 crores); Rs 60,000 (for EPCG issued for more than 2 crores to 10 crores); Rs 1 lakh (for EPCG issued above Rs 10 crores).
About Directorate General of Foreign Trade (DGFT):
Director General (DG)- Santosh Sarangi
Headquarters- New Delhi, Delhi
Established- 1991
>> Read Full News
HLC Approves Disaster Mitigation and Capacity Building Projects For States
A High-Level Committee (HLC) chaired by Union Home Minister Amit Shah has approved a number of Disaster Mitigation and Capacity Building Projects for various states across India.
The HLC meeting was held in New Delhi, Delhi on 25th July 2024.
HLC members:
Union Minister Nirmala Sitharaman, Ministry of Finance; Union Minister Shivraj Singh Chouhan, the Ministry of Agriculture and Farmers Welfare (MoA & FW) and Suman Bery, the Vice Chairman (VC) of National Institution for Transforming India (NITI Aayog).
Key Points:
i.The HLC considered a total of nine proposals for funding from National Disaster Response Fund (NDRF) and National Disaster Mitigation Fund (NDMF).
ii.This initiative aims to prevent Urban Flooding in six cities, to mitigate Glacial Lake Outburst Flood (GLOF) in 4 Hill states and to strengthen Fire Services in 3 states.
iii.It also considered a proposal to implement Yuva Aapda Mitra Scheme (YAMS) in all the 28 states.
Approvals:
i.Six project proposals have been approved in the states of Telangana, Gujarat, Karnataka, West Bengal (WB) and Maharashtra with a total expenditure of Rs. 2514.36 crore. It will be implemented in Mumbai, Kolkata (WB), Bengaluru (Karnataka), Hyderabad (Telangana), Ahmedabad (Gujarat), and Pune (Maharashtra).
- Previsouly, In November 2023, HLC approved a project proposal for Integrated Flood Management (IFM) solutions for Tamil Nadu (TN) in Chennai at a cost of Rs. 561.29 crore.
ii.It has also approved 3 project proposals under the scheme for ‘Expansion and Modernization of Fire Services in the States’ for Assam, Karnataka, and TN with a total investment of Rs. 810.64 crore.
- The Centre has allocated Rs. 5000 crore under the National Disaster Response Fund (NDRF) for this scheme and has already approved proposals from 11 states totaling Rs. 1691.43 crore.
iii.The HLC approved a project proposal for GLOF risk reduction for the states of Himachal Pradesh (HP), Uttarakhand, Sikkim, and Arunachal Pradesh (AR) with a total expenditure of Rs. 150 crore.
- The GLOF Risk Mitigation Project will provide incentives for these four states to implement the essential mitigation measures to address GLOF hazards.
Yuva Aapda Mitra Scheme(YAMS):
i.The committee also approved the proposal for YAMS at an outlay of Rs 470.50 crore from NDRF.
- It will be implemented in 315 disaster-prone districts for training of 1300 trained Aapda Mitra Volunteers as Master Trainers and 2.37 lakh volunteers exclusively from National Cadet Corps (NCC), National Service Scheme (NSS), Nehru Yuva Kendra Sangathan (NYKS) and BS&G (Bharat Scouts & Guides) in disaster preparedness and response.
ii.The government launched the ‘Aapda Mitra’ scheme under which around 1 lakh community volunteers have been trained for disaster response in 350 most disaster-prone districts of India.
iii.These skilled and trained ‘Apda Sakhis‘ and ‘Apda Mitras’ are crucial in helping the local government respond to emergencies.
Note:
i.The Central Government has released Rs 6348 crores to 14 states under State Disaster Response Fund (SDRF) and Rs 672 crores to 6 states under the State Disaster Mitigation Fund (SDMF) during the current fiscal year (FY25).
ii.Additionally, an amount of Rs. 4265 crore has been released to 10 states under NDRF.
EMPS 2024 Extended by 2 months with Enhanced outlay of Rs 778 crore
On July 26 2024, The Government announced the extension of the duration of Electric Mobility Promotion Scheme (EMPS) 2024 by two months till September 30th 2024 with an enhancement outlay of Rs. 778 crores.
About the EMPS 2024:
i.Launch: The EMPS 2024 was launched by the Ministry of Heavy Industries (MHI) on March 13, 2024.
ii.Duration: It was initially scheduled to run from April 1, 2024 to July 31, 2024, with a total outlay of Rs.500 crores.
iii. Aim: To promote the growth of the Electric Vehicles (EVs) manufacturing industry and the Government’s green policies in India.
Eligibility:
i.The scheme includes Electric two-wheelers (e-2W) and electric three-wheelers (e-3W) including registered e-rickshaws and e-carts and L5 category vehicles.
ii.It will be applicable mainly to those e-2W and e-3Ws registered for commercial purposes.
iii.Additionally the privately or corporate owned registered e-2W will be eligible under the scheme.
Revised Target:
i.The scheme has set the targets to support 560,789 EVs of which 60,709 are e-3Ws and 500,080 are e-2Ws, including 47,119 e-3Ws in the L5 category and 13,590 rickshaws and e-carts.
ii.The incentives will be granted for EVs equipped with advanced batteries in order to enhance advanced technologies.
Enhanced Outlay of EMPS 2024:
The component wise enhanced outlay of the EMPS 2024:
| Components | Details | Total Funds For 6 Months (INR in Crores) |
|---|---|---|
| Subsidies/Demand Incentive | Incentives for e-2W and e-3W including Registered e-rickshaws & e-carts and L5 vehicles (e-3W) | 769.65 |
| Administration of scheme | IEC (Information, Education and Communication) activities and Fee for Project Management Agency | 8.35 |
| Total | 778.00 |
Key Points:
i.This scheme advances India’s EV manufacturing sector, making the Prime Minister’s (PM) vision ‘Aatmanirbhar Bharat’ more resilient, competitive, and efficient.
ii.In order to achieve this, the Phased Production Programme (PMP), which enhances the off-EV supply chain and promotes domestic production, has been adopted. It also creates employment opportunities along the value chain.
Rashtrapati Bhavan’s Durbar Hall & Ashok Hall Renamed as ‘Ganatantra Mandap’ & ‘Ashok Mandap’
Droupadi Murmu, President of India, has renamed the Durbar Hall and Ashok Hall of the Rashtrapati Bhavan as ‘Ganatantra Mandap’ (Republic Hall) and ‘Ashok Mandap’ respectively.
Durbar Hall:
i.It is the venue of vital celebrations and ceremonies such as the presentation of National Awards.
ii.The word ‘Durbar’ refers to the courts and assemblies of Indian kings as well as the British and lost relevance after India became a Republic – Ganatantra.
iii.The concept of ‘Ganatantra’ is deeply rooted in Indian society since ancient times, making ‘Ganatantra Mandap’ an appropriate name for the venue.
Ashok Hall:
i.The word ‘Ashok’ implies someone who is free from all sufferings and it refers to Emperor Ashok, a symbol of unity and peaceful co-existence.
ii.The renaming brings uniformity in language and removes indications of anglicization while upholding the key ideals related with the word ‘Ashok’.
Note: Rashtrapati Bhavan, was originally known as ‘Viceroy’s House’, became the residence and office of the President of India upon India’s independence.
MoPSW Approved India’s 1st Integrated Agri-Export Facility Project at Mumbai’s Jawaharlal Nehru Port
Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping, and Waterways (MoPSW) approves the Jawaharlal Nehru Port Authority’s (JNPA) project of ‘Development of Export-Import cum Domestic Agricultural Commodity-Based Processing and Storage Facility’ at JNPA in Mumbai (Maharashtra) on a Public Private Partnership (PPP) Mode.
- This all-in-one agricultural facility worth Rs. 284.19 crore, is India’s 1st integrated Agri-Export facility, aiming to boost India’s agricultural export and import capabilities.
- It spans 67,422 square meters(m2) and will address logistics inefficiencies and extend the shelf life of agricultural products. The prominent exports of this facility include non-basmati rice, maize, spices, onion, and wheat.
- The estimated export capacity increase includes a frozen store of 1800 metric tonnes (mt); a cold store of 5800 mt; and dry warehouses of 12,000 mt for grains, cereals, and dry cargo.
Note: JNPA, commissioned on 26th May 1989, is India’s 1st major port operating on a 100% Landlord port with all berths on the Public-private partnerships (PPPs) model.
INTERNATIONAL AFFAIRS
India assumes Chair of Asian Disaster Preparedness Centre
On July 25, 2024, Rajendra Singh, Member and Head of Department (HoD) of the National Disaster Management Authority (NDMA), took over as the Chair of the Asian Disaster Preparedness Centre (ADPC) from China for the year 2024-25 in Bangkok, Thailand.
- As a Chair, he will represent the Government of India (GoI).
- Under Prime Minister(PM) Narendra Modi, India is playing a global and regional leadership role in the field of Disaster Risk Reduction (DRR).
- India also chaired the 5th Board of Trustee (BoT) meeting of ADPC in Bangkok, Thailand.
About ADPC:
Established in 1986, ADPC is an international organization on Disaster Risk Reduction and climate resilience in Asia and the Pacific region.
- India and 8 neighbouring countries viz. Bangladesh, Cambodia, China, Nepal, Pakistan, Philippines, Sri Lanka and Thailand are the founding members of ADPC.
- It is headquartered in Bangkok, Thailand and has country offices in Bangladesh, Lao PDR and Myanmar.
BANKING & FINANCE
RBI Introduced New PCA Framework for Urban Co-operative Banks
On 26th July 2024, the Reserve Bank of India (RBI) introduced new Prompt Corrective Action (PCA) framework for Urban Co-operative Banks (UCBs). Its provisions will be effective from 1st April 2025.
- This will replace the Supervisory Action Framework (SAF), which had been in place since 6th January 2020.
Key Points:
i.The framework is largely principle-based with fewer number of parameters as compared to the SAF, without any dilution in the supervisory rigour.
ii.As per new framework , capital, asset quality and profitability will be the key areas for monitoring the financial health of the UCBs.
iii.The PCA framework eliminates the limit of Rs 25,000 on capital expenditure restrictions that was imposed under the SAF.
- This will give autonomy to Supervisors to set the limits based on the evaluation of individual entities.
About Reserve Bank of India (RBI):
Governor- Shaktikanta Das (25th Governor of RBI)
Headquarter- Mumbai, Maharashtra
Established-1 April, 1935
>> Read Full News
Insurtech Startup Covrzy Receives Broking Licence from IRDAI
Covrzy, a Bengaluru (Karnataka)-based Insurance technology (Insurtech) startup has obtained a direct broking (general) licence from the Insurance Regulatory and Development Authority of India (IRDAI), Hyderabad, Telangana.
- This licence enables Covrzy to operate as a direct insurance broker in India, to offer comprehensive business insurance solutions.
About Covrzy:
i.Covrzy was founded in 2023 by Ankit Kamra. Early-stage venture Covrzy specialises in insurance for startups and small businesses.
ii.It is run by Bizcovr Technologies Private Limited (BTPL), an insurance broking firm.
iii.Its web-based platform helps users to manage their insurance cycle, from product discovery to purchase, servicing, and claims.
Insurance Broker and its Categories:
i.An insurance broker is a person registered by the Authority as a direct broker, reinsurance broker, or composite broker.
ii.There are 5 categories of Insurance Brokers:
- Direct Broker (Life);
- Direct Broker (General);
- Direct Broker (Life & General);
- Reinsurance Broker; and
- Composite Broker
iii.Direct Broker, solicits and arranges insurance business for clients with insurers in India.
iv.Reinsurance Broker, arranges reinsurance for clients with insurers or reinsurers in India or abroad.
v.Composite Broker, arranges insurance and reinsurance for clients with insurers and reinsurers in India and abroad.
- All these insurance brokers may also provide claims consultancy and risk management services, under the IRDAI (Insurance Brokers) Regulations, 2018.
Capital Requirements:
i.The Government has prescribed minimum requirements for securing an Insurance broker license.
ii.The capital requirements that an applicant must satisfy to apply for a Broker’s License are:
- Direct Broker- Rs 75 Lakhs.
- Re-insurance Broker- Rs 4 Crore.
- Composite Broker- Rs 5 Crore.
About the Insurance Regulatory and Development Authority of India (IRDAI):
Chairman– Debasish Panda
Headquarters– Hyderabad, Telangana
Founded – 1999
RBI Cancels Licence of Mahabhairab Cooperative Urban Bank Ltd., Tezpur, Assam
The Reserve Bank of India (RBI) cancelled the licence of the Mahabhairab Cooperative Urban Bank Limited, Tezpur, Assam. As a result, the bank ceased all banking operations from the close of business on 24 July 2024. The Registrar of Cooperative Societies, Assam, has been asked to issue a winding-up order and appoint a liquidator.
i.The main reasons for the license cancellation are:
- Inadequate capital and earning prospects
- Non-compliance with various sections of the Banking Regulation Act of 1949
- The bank’s continuance is deemed prejudicial to depositors’ interests
- Inability to pay current depositors in full
- Potential adverse effects on public interest if allowed to continue operations.
ii.The bank is now prohibited from conducting any banking business, including accepting or repaying deposits.
iii.Depositor Protection: Depositors are entitled to receive deposit insurance claims up to Rs 5,00,000 from the Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of the DICGC Act of 1961.
Note: As of June 13, 2024, the DICGC had already paid Rs 20.03 crore in insured deposits.
ACQUISITIONS & MERGERS
EQT Private Capital Asia Exits RBL Bank, sells Entire 7.89% Stake for Rs 1,091 Cr
EQT Private Capital Asia (formerly Baring Private Equity Asia BPEA EQT), a Swedish private equity firm, exited RBL Bank, one of India’s leading private-sector banks, by selling its entire 7.89% stake, amounting to 4.78 crore shares in the RBL Bank, through its entity Maple II BV.
- This transaction was conducted through an open market deal worth Rs 1,091.15 crore on the BSE Limited (formerly Bombay Stock Exchange) and the shares were sold at an average price of Rs 228.08 per share.
- Morgan Stanley Asia Singapore Pte and Societe Generale acquired (shares worth 285.12 crore and 161.74 crore, respectively), a combined 3.23% stake in the RBL Bank.
Note: The shares were purchased for an average price of Rs 446.85 crore, leading to a significant decline in RBL Bank’s stock.
Financial Performance:
i.In the June 2024 quarter, RBL Bank reported a significant rise in its financial performance.
- RBL Bank reported a 29% increase in net profit, reaching Rs 372 crore.
ii.The bank’s core Net Interest Income(NII) rose 20% to Rs 1,700 crore.
iii.Its Net Interest Margin (NIM) was 5.67%, and the other income increased by 18% to Rs 805 crore.
Background:
i.In November 2020, the Hong Kong-based Baring Private Equity Asia (BPEA) invested Rs 999 crore through Maple II BV for a 9.44% stake in RBL Bank.
iii.In 2022, EQT AB acquired BPEA and was operated under the new BPEA EQT branding,
iii.In January 2024, BPEA EQT was rebranded to EQT Private Capital Asia.
About the RBL Bank:
The RBL Bank was founded in the pre-independence era in 1943.
Managing Director (MD) & Chief Executive Officer (CEO)- R Subramaniakumar
Headquarters– Mumbai, Maharashtra
Tagline– Apno Ka Bank
SCIENCE & TECHNOLOGY
Team of International astronomers including IIT Kanpur professor discover a Giant Exoplanet Orbiting a Sun-like star
An international team of astronomers including Prashant Pathak, Assistant Professor at the Department of Space, Planetary and Astronomical Sciences & Engineering (SPASE), the Indian Institute of Technology (IIT) Kanpur, Uttar Pradesh(UP), discovered ‘Epsilon Indi Ab’, a giant planet orbiting a nearby star similar to the Sun in the solar system.
- This is the first mature exoplanet discovered using the Direct Imaging by James Webb Space Telescope (JWST)’s Mid-InfraRed Instrument (MIRI)
- The discovery was published in the prestigious journal, Nature.
Epsilon Indi Ab:
i.It is classified as a ‘Super-Jupiter’ because of its mass, which is more than six times that of Jupiter, the first imaged mature exoplanet close to Earth.
ii.It is located 12 light-years away from Earth, and is quite cold, with a temperature of about -1°C (30°F).
iii.The planet’s orbit is circling its star at a distance 28 times greater than the distance between Earth and the Sun.
iv.It has an unusual composition which indicates a high metal content and a different carbon-to-oxygen ratio than the other planets in the solar system planets.
IMPORTANT DAYS
86th CRPF Foundation Day – 27 July 2024
The Central Reserve Police Force (CRPF) Foundation Day, also known as CRPF Raising Day, is annually observed across India on 27 July to commemorate the establishment of the CRPF, India’s largest Central Armed Police Force (CAPF) in 1939. CRPF operates under the Ministry of Home Affairs (MHA), Government of India (GoI).
- 27 July 2024 marks the observance of the 86th Foundation Day of the CRPF.
- The CRPF is one of the oldest and largest Para-military Forces (now termed CAPF), specially designated to maintain internal security, counter-insurgency operations, anti-Naxal operations, and assist states in law and order duties.
About the Central Reserve Police Force (CRPF):
Director General(DG) – Anish Dayal Singh
Headquarters– New Delhi, Delhi
Formed – 1939
>> Read Full News
STATE NEWS
Odisha CM Mohan Charan Majhi presented Rs 2.65 lakh crore Budget for FY25
On July 25, 2024, the Chief Minister (CM) of Odisha, Mohan Charan Majhi, who also holds the Finance Portfolio presented the “Annual Budget for Financial Year 2024-25 (FY25)” in the Odisha Legislative Assembly with an outlay of Rs 2.65 lakh crore.
- The FY25 budget is around 15% more than the budgetary estimate of Rs 2.30 lakh crore for the FY 2023-24(FY24).
- The budget focuses on agriculture and women, aiming for a ‘Viksit Odisha’ in the coming years.
- Programme expenditure is pegged at Rs 1.55 Lakh crore, while administrative expenditure stands at Rs 97,725 crore.
About Odisha:
Governor– Raghubar Das
Chief Minister (CM)– Mohan Charan Majhi
Wildlife Sanctuaries– Bhitarkanika sanctuary
>> Read Full News
Goa CM Launches ‘Goem Vinamulya Vij Yevjan’ To Boost Solar Energy Adoption
On 26th July 2024, Pramod Sawant, Chief Minister (CM) of Goa, launched the ‘Goem Vinamulya Vij Yevjan’ scheme to boost solar rooftop installation and empower residential households to generate their own electricity in Goa.
About Goem Vinamulya Vij Yevjan:
i.Goem Vinamulya Vij Yevjan is a joint Central and State funded scheme which is aligned with the Pradhan Mantri Surya Ghar Muft Bijli Yojana (PM-SGMBY).
ii.It has an outlay of Rs 75,021 crore and will be implemented till Financial Year 2026-27 (FY 27).
iii.It also aims to increase the adoption of solar energy across India, thereby reducing reliance on traditional power sources.
iv.The installation of roof-top solar units up to 5 kilo Watt (kW) will be funded by the government, and only those power users whose power consumption is 400 units or less per month for a year are eligible.
v.The Goa Energy Development Agency (GEDA) will cover the remaining cost of the rooftop installation with an initial expenditure of Rs 35 crore and central financial assistance.
Note: Pramod Sawant also paid the state subsidy to PM Surya Ghar Muft Bijli Yojana beneficiaries in Goa.
About Goa:
Chief Minister – Pramod Sawant
Governor – P. S. Sreedharan Pillai
Airport– Manohar International Airport
Festivals – Sao Joao Festival, Shigmo Festival
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