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NATIONAL AFFAIRS
DRDO Sanctions 7 New Projects to the Private Entities under Technology Development Fund Scheme
The Defence Research and Development Organisation (DRDO) has sanctioned 7 new projects to private entities under Technology Development Fund (TDF) scheme, to cater the various requirements of the Armed Forces and aerospace & defence sectors.
- Aim: To bolster India’s military-industrial ecosystem and will give boost to Government of India (GoI)’s ‘Aatmanirbharta’ (self-reliance) initiative.
- These projects will cover diverse areas such as: simulation toolkits, Unmanned Aerial Vehicles(UAVs), ice detection sensors, and smart e-textiles, among others.
About Defence Research and Development Organisation(DRDO):
It is the Research and Development (R&D) wing of Ministry of Defence (MoD), GoI.
Chairman- Dr. Samir Vankatpati Kamat
Headquarter– New Delhi, Delhi
Formed–1958
>> Read Full News
ICAI & MeitY Collaborates To Develop an ‘AI Audit Tool’ For Corporate India
The Institute of Chartered Accountants of India (ICAI) and Ministry of Electronics and Information Technology (MeitY) collaborate to develop an Artificial Intelligence (AI) Audit Tool for monitoring corporate India and detecting fraud.
- Ranjeet Kumar Agarwal, the President of ICAI, New Delhi(Delhi) has confirmed that a proposal has been made to S. Krishnan, Secretary of MeitY.
i.This AI Audit Tool will use AI to assist and supervise company performance, identify fraud, and support the continued operation of businesses.
ii.The ICAI has allocated Rs.25 crore for the development of AI tools, with plans to expand the budget to Rs.100 crore.
iii.The new AI-powered GPT tool will be provided to over 9 lakh CA students for their exam preparation which consists of questions from the past 75 years, enabling in-depth research.
- It will be provided to 4 lakh members of ICAI with access to financial statements of 17.06 lakh companies.
INTERNATIONAL AFFAIRS
Highlights of PM Narendra Modi visit to Russia and Austria
i.Narendra Modi, Prime Minister (PM) of India, was on a two-day visit to Russia from July 8 to 9, 2024, at the invitation of Russian President Vladimir Putin, to participate in the 22nd India-Russia Annual Summit held in Moscow, Russia.
- This visit marked PM Modi’s first visit to Kremlin in Russia, since 2019.
ii.The 22nd India-Russia Annual Summit in Moscow was co-chaired by the Indian PM Narendra Modi and the Russian President Vladimir Putin. They discussed a wide range of bilateral issues, emphasising defence cooperation, energy partnerships, and investment opportunities.
iii.A total of nine agreements were signed between India and Russia, covering diverse areas such as defense, energy, trade, and cultural exchange.
iv.Following his visit to Russia, PM Narendra Modi visited Austria from 9th to 10th July 2024. PM Modi became the first Indian PM to visit Austria in 41 years. This visit aims to strengthen India-Austria relations and explore new avenues for cooperation.
About Russia:
Prime Minister– Mikhail Mishustin
Capital– Moscow
Currency– Russian Ruble
About Austria:
President– Alexander Van der Bellen
Capital– Vienna
Currency– Euro
>> Read Full News
Bangladesh Becomes 5th Member of Colombo Security Conclave (CSC)
Bangladesh officially became the 5th full member of Colombo Security Conclave (CSC), a maritime security grouping of 4 countries that includes: India, Sri Lanka, Mauritius and the Maldives.
- The official announcement was made during the 8th Deputy National Security Adviser (DNSA) meeting of CSC hosted virtually by Mauritius on 10th July, 2024.
- While, Seychelles participated at the meeting as an Observer state.
Note: Mauritius became the 4th member of CSC at the 5th meeting of the grouping held in Male, Maldives in March 2022.
Key Dignitaries: India was represented by Pankaj Kumar, Deputy National Security Adviser (Internal Affairs).
i.Lt. General Mizanur Rahman Shameem, Principal Staff Officer, Armed Forces Division, Prime Minister’s Office (PMO), Bangladesh; Major General (Retired)Hamid Shafeeg, DNSA of Maldives; Yoidhisteer Thecka, Principal Coordinator Security Matter in PMO, Mauritius, and General LHSC Silva, Chief of Defence Staff (CDS) of Sri Lanka.
ii.The Acting Secretary Commodore AD Weerasinghe represented the Secretariat of the CSC in Colombo, Sri Lanka and the delegation from Seychelles was led by Lt. Colonel Michael Hollanda, Commander of Land Force, Seychelles Defence Forces.
Key Points:
i.During the meeting, member nations of CSC agreed that the 7th National Security Adviser (NSA)-level meeting of the CSC will be hosted by India in 2025.
- The 6th NSA-level meeting of the CSC was held in Mauritius in December, 2023.
ii.Member nations of the CSC also reviewed the decisions taken at the 7th DNSA level meeting which was hosted virtually by Maldives on 12th July, 2023 and the 6th NSA-level meeting.
iii.Member states also reviewed the progress of activities under the Roadmap of Activities for 2023-24 of the CSC.
About Colombo Security Conclave (CSC):
It was initially established in 2011 as a trilateral maritime security grouping of India, Sri Lanka and the Maldives. It was later renamed as Colombo Security Conclave in 2020, when trilateral countries agreed to expand the scope of their maritime cooperation.
Aim: To promote regional cooperation and shared security objectives concerning all the littoral nations in the Indian Ocean Region (IOR).
- Secretariat for the CSC was established in Colombo, Sri Lanka in 2021.
About Bangladesh:
Prime Minister (PM) – Sheikh Hasina
Capital- Dhaka
Currency- Bangladeshi Taka
BANKING & FINANCE
REC Limited Secured Green Loan worth USD 200 million from Deutsche Bank for Indian Projects
REC Limited (formerly Rural Electrification Corporation Private Limited) has secured a 5 year green loan worth Japanese Yen (JPY) 31.96 billion (equivalent to USD 200 million) from Deutsche Bank AG, Gujarat International Finance Tec-City (GIFT City) branch in Gandhinagar, Gujarat.
- This marks as a significant step towards financing sustainable development in India.
- This strategic investment reaffirms REC’s commitment to foster sustainable growth under its Green Finance Framework.
Key Points:
i.This green loan facility is a first-of-its-kind collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch and sets a benchmark for green financing in the Indian public sector.
ii.This also represents one of the first JPY-denominated green loan transactions for Deutsche Bank AG, GIFT City, underscores the growing emphasis on sustainable financing.
iii.The loan will fund projects that comply with the stringent environment standards, promote renewable energy adoption, and help to reduce carbon emission across India.
Points to Note:
i.REC Limited sanctioned loans worth Rs 3.59 trillion in fiscal year 2023-24, of which Rs 1.36 trillion were allocated for renewable energy projects.
ii.REC aims to increase the share of loans for renewable energy projects from 10% (at present) to 30% by 2030.
About REC Limited:
It is a ‘Maharatna’ company under the administrative control of Ministry of Power (MoP), Government of India (GoI). It is registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC), Public Financial Institution (PFI), and Infrastructure Financing Company (IFC).
Chairman and Managing Director (CMD) – Vivek Kumar Dewangan
Headquarter- New Delhi, Delhi
Established- 1969
About Deutsche Bank AG:
Chief Executive Officer (CEO) – Christian Sewing
Headquarters- Frankfurt, Germany
Established- 1870
NIPL, QNB Signs Pact to Launch QR code-based UPI Payments across Qatar
On July 11, 2024, NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), signed an agreement with Doha, Qatar-based Qatar National Bank (QNB) to introduce QR (Quick Response) code-based Unified Payments Interface (UPI) payments across Qatar.
- This collaboration aims to make UPI payment acceptance available through QNB’s extensive merchant network, benefiting Indian travelers in Qatar.
Details of the Agreement:
i.This agreement will enable Indian tourists to use UPI for payments at various locations in Qatar, including retail stores, tourist attractions, leisure sites, duty-free shops, and hotels.
- Indians constitute the second largest group of international visitors to Qatar, after Saudi Arabia.
ii.Merchants in Qatar adopting UPI payments will also offer a quicker and more convenient payment and checkout experience, improving customer satisfaction, increasing customer base, and creating new business opportunities.
About NPCI International Payments Limited (NIPL):
NIPL was established in 2020 to promote international use of RuPay and UPI.
Chief Executive Officer(CEO) – Ritesh Shukla
Headquarters– Mumbai, Maharashtra
RBI Expands Liberalised Remittance Scheme (LRS) Norms for Investment via GIFT IFSC
On 10th July 2024, the Reserve Bank of India (RBI) issued a circular and has decided to expand the scope of norms related to remittances to International Financial Services Centres (IFSCs) at Gujarat International Finance Tec-City (GIFT City) located in Gandhinagar, Gujarat under the Liberalised Remittance Scheme (LRS).
- It has allowed authorised persons to provide remittances for availing financial services or products as per the International Financial Services Centres Authority (IFSCA) Act, 2019 within IFSCs.
- RBI issued the new norms under sections 10(4) and 11(1) of the Foreign Exchange Management Act(FEMA), 1999 (42 of 1999) and are without prejudice to permissions or approvals, if any required under any other law.
About Liberalised Remittance Scheme (LRS):
i.The scheme was introduced by the RBI on 4th February, 2004.
- Aim: To simplify and streamline the process of remitting funds overseas.
ii.The scheme allowed all resident individuals (including minors) to freely remit up to USD 2,50,000 per financial year (April-March) for any permissible current or capital account transaction or a combination of both.
Key Points:
i.Remittance: RBI has also allowed current or capital account transactions overseas (except foreign IFSCs) through an Foreign Currency Account (FCA) in IFSCs.
- An FCA account can be used to invest in portfolio management schemes, which makes investment in foreign securities and in depository receipts of foreign stocks which are trading in the IFSC exchange.
Note: At present, remittances within the LRS to IFSCs are restricted to investments in securities within IFSCs (except those issued by entities outside IFSC) and payment of education fees to foreign universities or institutions in IFSCs for specific courses.
ii.Investments: These new norms now allowed residents in India to open a fixed deposit in US dollars in a bank account at GIFT IFSC. This will help High Net Worth Individuals (HNWIs) to protect their assets against inflation and depreciation against the US dollar.
- Also, Indian residents are now allowed to invest overseas through an FCA account, subject to the LRS limit of USD 2, 50,000 per year.
About International Financial Services Centres Authority(IFSCA):
It is the unified regulator for the development and regulation of financial products, financial services and financial institutions such as GIFT International Financial Services Centre in India. It was established under IFSCA Act, 2019.
Chairman– K. Rajaraman
Headquarters– GIFT City, Gujarat
Established– 2020
Punjab National Bank Signed MoU with SAIL to Offer Loans
Punjab National Bank (PNB), Indian Public Sector Bank (PSB) has signed a Memorandum of Understanding (MoU) with Steel Authority of India (SAIL) to offer various kinds of loans such as: home loan, car loan, and education loan to SAIL’s employees at concessional rates.
- Aim: To enhance the financial-well being of SAIL employees and will help PNB to expand its customer base within the steel sector.
- This collaboration is expected to not only benefit the employees of SAIL but also expand PNB’s customer base within the steel sector, further strengthening the bank’s outreach in the industry.
Key Signatories: A MoU was signed by Sudhir Dalal, General Manager(GM)-Business Acquisition and Relationship Management Division, PNB and Bikram Uppal, GGM-HR, SAIL.
- It was signed in the presence of Bibhu Prasad Mahapatra, Executive Director(ED), PNB; Sunil Agrawal, Chief General Manager, PNB; Mohit Dhawan GM, PNB; Praveen Nigam, ED-Finance, SAIL and BS Popli, ED, SAIL, among others.
About Punjab National Bank (PNB):
Managing Director (MD) and Chief Executive Officer (CEO) – Atul Kumar Goel
Headquarters- New Delhi, Delhi
Tagline- ‘The name you can bank upon’
Founded- 19th May, 1894
About Steel Authority of India Limited (SAIL):
It is a ‘Maharatna’ company under the administrative control of Ministry of Steel (MoS), Government of India (GoI).
Chairman- Amarendu Prakash
Headquarters- New Delhi, Delhi
Established- 1973
Greenko Group Gets NaBFID Sanction for Rs 6200 Cr to Prepay Dollar Bonds
Greenko Group, one of India’s leading Renewable Energy companies at Hyderabad(Telangana), has obtained a sanction of Rs 6200 crore from the government-backed National Bank for Financing Infrastructure and Development (NaBFID).
i.Greenko plans to use these funds to prepay 2 sets of dollar bonds worth over USD 1 billion maturing in 2025 (January and July) and the disbursements will occur in tranches.
- Greenko plans to borrow from Special Purpose Vehicles (SPVs) to prepay a $500 million bond maturing in January and another $535 million bond maturing in July 2024.
ii.The loan is structured through a co-obligator system involving 25 companies within Greenko, enhancing the credit rating to AA locally.
ii.Greenko, with 7.5 gigawatts of installed solar and wind power capacity across 15 states in India, operates more than 100 projects, primarily through SPVs.
Note: NaBFID is a Development Finance Institution (DFI) in India that was established in 2021 by the National Bank for Financing Infrastructure and Development Act, 2021 of the Parliament. It was headquartered at Mumbai(Maharashtra).
AWARDS & RECOGNITIONS
IMO Announced the Winners of IMO Award for Exceptional Bravery at Sea 2024
On 10th July 2024, the International Maritime Organisation (IMO) announced the winners of the 2024 IMO Award for Exceptional Bravery at Sea.
i.The two Recipients of the 2024 Award are,
- Captain Avhilash Rawat and the crew of the oil tanker Marlin Luanda, nominated by the Marshall Islands
- Captain Jorge Fernando Galaviz Fuentes and the crew of the tugboat Pemex Maya, nominated by Mexico.
ii.IMO honoured Indian Navy’s Captain Brijesh Nambiar and the crew of the Indian Navy Ship (INS) Visakhapatnam with a Letters of Commendation.
- They were nominated by India for their courage and great resolve demonstrated in joining firefighting efforts onboard the oil tanker Marlin Luanda.
Background:
i.Captain Avhilash Rawa & the crew of Marlin Luanda were honoured for their extraordinary courage demonstrated while coordinating firefighting and damage control efforts to combat the fire that broke out after an anti-ship ballistic missile struck their vessel.
ii.Captain Jorge Fernando Galaviz Fuentes & the crew of Pemex Maya were honoured for their courage and resolve displayed while rescuing 6 shipwrecked persons from 4 different vessels, in extreme weather and heavy seas caused by a hurricane.
Other honours: 2 individuals will receive certificates of commendation for their acts of bravery and 15 letters of commendation will be sent to their recipients. Click here to know more
Award Ceremony: The awards will be presented during the ceremony which will be held during the 109th session of the Maritime Security Committee at IMO Headquarters in London, the United Kingdom(UK) on 2nd December 2024.
About the Award:
The award is presented annually to provide international recognition to those who risk their own life perform acts of exceptional bravery, displaying outstanding courage in attempting to save life at sea or in attempting to prevent or mitigate damage to the marine environment
Selection process:
i.In 2024, IMO received a total of 41 nominations from 15 member states and 3 from Non-Governmental Organisations (NGOs) in consultative status with IMO.
ii.The recommendations from the Panel of Judges were endorsed by the IMO Council, meeting for its 132nd session held from 8th to 12th July 2024 in London, UK.
Additional info:
i.The Indian delegation at the meeting was led by T.K. Ramachandaran, Secretary, Ministry of Ports, Shipping and Waterways (MoPSW).
ii.In 2023, India was re-elected to the IMO Council under category-B states for the 2024-25 biennium.
About International Maritime Organisation (IMO):
IMO is one of the specialized agencies of United Nations (UN) and is responsible for regulating and formulating policies for international maritime. The IMO Convention entered into force in 1958.
- India joined the IMO as its member state in the year 1959.
Secretary-General- Kitack Lim (South Korea)
Member States- 175 member states and 3 associate members
Headquarters- London, the United Kingdom(UK)
APPOINTMENTS & RESIGNATIONS
Arun Bansal Appointed as MD & CEO of Paytm Payments Bank
Arun Kumar Bansal, former Executive Director (ED) of IDBI Bank Limited has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Paytm Payments Bank Limited (PPBL).
- He succeeds Surinder Chawla, who resigned from the position in April 2024 for personal reasons. Chawla was relieved from PPBL with effect from 26th June 2024.
Background
i.On 20th June 2024, Reserve Bank of India (RBI) approved the appointment of Arun Kumar Bansal as MD & CEO of PPBL.
ii.Prior to the appointment, He was serving as the Executive Director (ED) and head of treasury (on contract), designated as Senior Management Personnel (SMP) at IDBI Bank Limited.
iii.He resigned from IDBI Bank with effect from 25th June 2024.
About Arun Kumar Bansal:
i.Arun Kumar Bansal started his carrer at the Indian Bank in 1991. He also served as the Chief Financial Officer (CFO) and General Manager (GM) at Indian Bank from 2020 to 2022.
ii.He also served as a Non-Executive Director at Indbank Merchant Banking Services Limited from 2020 to 2022.
iii.He joined IDBI Bank in June 2022.
iv.He is also associated with the Financial Planning Standards Board (FPSB) as a Certified Financial Planner (CFP).
About Paytm Payments Bank Limited (PPBL):
i.Paytm Payments Bank Limited (PPBL) is an associate of One 97 Communications Limited, the parent company of Paytm.
ii.PPBL received scheduled bank status from the RBI in 2021.
Managing Director (MD) and Chief Executive Officer (CEO)– Arun Kumar Bansal
Headquarters – Noida, Uttar Pradesh (UP)
Established – 2017
OBITUARY
French Gymnast & Olympic Silver Medallist Eric Poujade Passed Away
French Gymnast Eric Poujade, who won a Silver medal in Artistic Gymnastics in the pommel horse event at the 2000 Summer Olympics at Sydney, Australia , passed away at 51. He was born in 1972.
i.Poujade won both pommel and team gold at the 1998 European championships held in St Petersburg, Russia.
ii.He also won the Silver medals in the pommel horse at the 1994 World Artistic Gymnastics Championships held in Brisbane, Australia, and the 1997 World Artistic Gymnastics Championships held in Lausanne, Switzerland.
iii.His silver medal in Sydney ended a 16-year medal drought for French gymnastics at the Olympics.
- The previous medal was Philippe Vatuone’s bronze in floor exercise at the 1984 Olympics held in Los Angeles, California, the United States of America (USA).
IMPORTANT DAYS
International Malala Day 2024 – July 12
International Malala Day, also known as Malala Day, is annually celebrated across the globe on 12 July to honour the birthday of Malala Yousafzai, a Pakistani female education activist and the youngest Nobel Prize laureate.
- The day also recognises the fight for girls’ education and advocacy for education rights around the world.
Background:
i.On her 16th birthday (12 July 2013), Malala Yousafzai gave an impactful speech on her 1st high-level public appearance at the United Nations (UN) headquarters in New York, the United States of America (USA).
- Her speech primarily focussed on the equal right to education for girls all over the world, and became an international symbol of this cause.
ii.The UN declared her birthday as “Malala Day” and has been observed internationally for the 1st time on 12 July 2013.
>> Read Full News
International Day of Combating Sand and Dust Storms 2024 – July 12
The United Nations (UN) International Day of Combating Sand and Dust Storms (SDS) is annually observed across the globe on 12 July to raise global awareness of the growing health and environmental challenges posed by SDS.
- 12 July 2024 marks the observance of the 2nd International Day of Combating Sand and Dust Storms.
- In 2024, the UNGA designated 2025–2034 as the UN Decade on Combating Sand and Dust Storms, to fight against the meteorological phenomena.
- On 12 July 2024, on the occasion of the International Day of Combating SDS, the World Meteorological Organization (WMO) launched its annual report WMO Airborne Dust Bulletin, on the incidence of SDS and its impacts on society.
Background:
On 8 June 2023, the UN General Assembly (UNGA) adopted the resolution A/RES/77/294, proclaiming 12 July of every year as the International Day of Combating Sand and Dust Storms.
- The first-ever International Day of Combating Sand and Dust Storms was observed on 12 July 2023.
STATE NEWS
Maharashtra Govt Launches ‘Mukhyamantri Majhi Ladki Bahin‘ Scheme 2024 for Women
The Maharashtra government has launched the ‘Mukhyamantri Majhi Ladki Bahin Yojana (Chief Minister’s (CM’s) My Beloved Sister) 2024’ initiative in the state to promote economic independence among the women in Maharashtra.
- Under this scheme, the state government will provide financial assistance of Rs 1,500 per month to all women beneficiary.The application for this programme is open until August 31, 2024.
- The Women and Child Development Department of Maharashtra is the nodal department of this scheme.
Note: Previously, this initiative was available to only married women, but now unmarried women from every family can also benefit from it.
Eligibility Criteria:
i.The applicant should be a woman between the ages of 21 and 65.
- The age limit has extended from 60 years to 65 years.
ii.Applicants must have an active bank account.
iii.Women engaged in agriculture, self-employment, or other non-salaried work can apply.
iv.Applicants must be permanent residents of Maharashtra.
v.The Family Annual Income of Women Beneficiary should be less than Rs. 2,50,000.
vi.Applicants are not eligible if they receive more than Rs 1,500 through other government financial schemes.
100% Fee Waiver For OBC And EWS Female Students:
The Maharashtra government has announced another women-oriented policy, making higher education free for girls belonging to the Economically Weaker Section (EWS), Socially and Economically Backward Classes (SEBC), and Other Backward Classes (OBC) with annual family incomes up to Rs 8 lakh in professional courses.
- The decision will be implemented from academic year 2024-25 and the government has approved an additional expense of Rs. 906 crore to roll out the scheme.
- Previously, girls from OBC and EWS categories received 50 percent fee reimbursement.
About Maharashtra:
Chief Minister (CM)- Eknath Shinde
Governor– Ramesh Bais
National Parks– Gugamal National Park, and Tadoba National park (tiger reserve)
Wildlife Sanctuaries– Radhanagari Wildlife Sanctuary, and Sagareshwar Wildlife Sanctuary
Tata Power Launches ‘Ghar Ghar Solar’ Initiative in UP
Tata Power Solar Systems Limited(TPSSL) has launched ‘Ghar Ghar Solar, Tata Power ke Sang’ initiative in Varanasi to promote residential Rooftop Solar Solutions (RTS) across Uttar Pradesh (UP).
i.It offers financial savings and environmental benefits to residents through state-of-the-art RTS and it is in line with the Pradhan Mantri (PM) Surya Ghar Muft Bijli Yojana.
ii.Under this initiative, the households can receive a maximum subsidy of Rs 1,08,000, comprising central government subsidy of Rs 78,000 and state government subsidy of a maximum Rs 30,000 (Rs 15,000 per kiloWatt(kW)) for rooftop solar installations up to 3kW.
- It is expected to benefit nearly 10 lakh homes in UP.
iii.TPSSL guarantees to complete rooftop solar module installation within 7 days from inquiry, minimising downtime for customers as against other players operating in the market.
Note: TPSSL, a leader in sustainable energy solutions . It committed to achieving carbon neutrality by 2045. It is headquartered at Mumbai(Maharashtra).
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