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NATIONAL AFFAIRS
Cabinet Approvals on 16th August 2024
On 16th August 2024, the Union Cabinet chaired by Narendra Modi, Prime Minister (PM) of India has approved the series of high-impact metro rail projects and infrastructure projects:
i.Extension of Pune Metro Phase-1 project from Swargate to Katraj spanning 5.46 kilometer (km).
ii.Development of Thane Integral Ring Metro Rail Project in Maharashtra
iii.Two Corridors of Bengaluru Metro Rail Phase-3 Project for 44.65 km with 31 stations.
iv.The Cabinet Committee on Economic Affairs (CCEA) chaired by PM Modi also approved the development of two new civil enclaves at Bagdogra Airport in West Bengal (WB) and Bihta Airport in Bihar.
v.Critical Road Connectivity for Vadhvan Port in Maharashtra to National Highway (NH)-48.
>> Read Full News
India Lost 33.9 Million Hectares of Crops Due to Excess Rains during 2015-21: WEF Report
According to the World Economic Forum’s (WEF) report “Income Protection and Early Warning Systems: How India is Building Climate Resilience”, India lost 33.9 million hectares (ha) of crops due to excess rains and an additional 35 million ha due to drought during 2015 to 2021.
- India has seen unparalleled growth and development in recent decades, but this growth is expected to hinder due to increased exposure to climate extremities including heat waves, floods and earthquakes.
i.The report highlighted that extreme climate events in India has impacted every aspect of its economy and society, but is more pronounced in particularly exposed sectors such as: agriculture, which comprises 15% of India’s Gross Domestic Product (GDP) and employs 40% of its population, of which 70% are rural households.
ii.Several Indian sectors including, agriculture suffered economic losses of nearly USD 160 billion in 2021 due to lost working hours from extreme climate impacts.
iii.India’s insurance gap can amount to billions when it comes to counting the costs of extreme weather events. However, a growing insurance coverage gap is preventing many of these people from protecting their livelihoods from extreme weather events and climate change.
About World Economic Forum (WEF):
Founder- Prof. Klaus Schwab
Managing Director (MD)- Saadia Zahidi
Headquarters- Cologyny, Switzerland
Established – 1971
>> Read Full News
PLFS Quarterly Bulletin : Urban Unemployment Rate declines to 6.6% in Q1 FY25
According to the Periodic Labour Force Survey (PLFS) Quarterly Bulletin (April – June 2024), released by the National Statistical Office (NSO) under the Ministry of Statistics and Program Implementation(MoSPI), the Unemployment Rate (UR) in urban areas among persons aged 15 years and above decreased to 6.6% in April-June quarter of FY25 (1st quarter of 2024-2025), from 6.7% in January-March quarter of FY24.
- UR among males aged 15 years and above decreased to 5.8% in April – June, 2024 from 6.1% during January – March, 2024.
- UR among females aged 15 years and above increased to 9% in April – June, 2024 from 8.5% in January – March 2024.
The present Quarterly Bulletin is the 23rd in the series for the quarter April – June, 2024.
About the Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (MoS) (Independent Charge)- Rao Inderjit Singh (Constituency: Gurgaon, Haryana)
>> Read Full News
Union Minister Rajnath Singh Releases Commemorative coin To Mark the Birth Centenary of Former TN CM Kalaignar M Karunanidhi
On 18th August 2024, Union Minister Rajnath Singh, Ministry of Defence (MoD), released a commemorative Rs. 100 coin to mark the birth centenary of former Chief Minister (CM) of Tamil Nadu (TN) Kalaignar Muthuvel Karunanidhi.
- The coin was released at the event organised by the Government of Tamil Nadu in Kalaivanar Arangam, in Chennai (TN).
Key People:
MK Stalin, the CM of TN and Union Minister of State (MoS) Loganathan Murugan, Ministry of Information and Broadcasting (MIB) and Ministry of Parliamentary Affairs were present during the event.
About the coin:
i.The reverse side of the coin features a portrait of Karunanidhi and Tamil slogan ‘Tamil Vellum’ (Tamil win) along with the text “Birth Centenary of Kalaingar Karunanidhi’ in Hindi and English.
ii.The Rs 100 denomination coin weigh 35 grams, have a diameter of 44 millimeters, with 200 serrations on its edge.
iii.It will be composed of an alloy comprising 50% silver, 40% copper, 5% nickel, and 5% zinc.
About Muthuvel Karunanidhi:
i.MuthuvelKarunanidhi, a writer, politician and former President of Dravida Munnetra Kazhagam (DMK). He was born on 3rd June 1924 in Thirukkuvalai, Nagapattinam district, TN.
ii.He served as CM of TN for almost two decades over five terms between 1969 and 2011.
iii. He is one of the longest-serving Chief Ministers in the history of India.
Rajnath Singh Inaugurates New Coast Guard Facilities in TN & Puducherry
Defence Minister Rajnath Singh inaugurated Indian Coast Guard (ICG) ’s new Maritime Rescue Coordination Centre (MRCC) in Chennai, TN.
- He also virtually launched the Regional Marine Pollution Response Centre (RMPRC) in Chennai and Coast Guard Air Enclave (CGAE) in Puducherry.
About MRCC:
i.MRCC near Napier Bridge (Chennai), is constructed at a cost of Rs 26.10 crore.
ii.It will facilitates enhanced coordination for the rescue of mariners and fishermen in difficulty at sea.
iii.It is installed with the latest equipment for crisis monitoring through terrestrial and satellite networks.
About RMPRC:
i. RMPRC is the first-of-its-kind facility for coordinating response against marine pollution in the Indian Ocean Region (IOR)’s coastline states, particularly oil and chemical pollution.
ii.The establishment of this centre was first announced by Rajnath Singh during the maiden Indo-Association of Southeast Asian Nations (ASEAN) meeting held in November 2022 in Cambodia.
iii.It will have an Emergency Response Centre (ERC) staffed 24/7 by Coast Guard officers to monitor marine oil pollution incidents.
About CGAE:
i.The Coast Guard Air Enclave in Puducherry is a key milestone for the ICG and will play a critical role in maritime security along the Puducherry and South TN coasts.
ii.It will have squadrons of Advanced Light Helicopters (ALH) and Chetaks.
About Tamil Nadu (TN):
Chief Minister (CM) – Muthuvel Karunanidhi Stalin
Governor – Ravindra Narayana Ravi
Wildlife Sanctuaries – Point Calimere Wildlife Sanctuary Block A and Block B, Indira Gandhi Wildlife Sanctuary
Tiger Reserves – Mudumalai Tiger Reserve, Sathyamangalam Tiger Reserve
BANKING & FINANCE
PNB Launches ‘PNB ANTAH DRISHTI Braille Debit Card’ For Visually Impaired Customers
Punjab National Bank (PNB) has launched ‘PNB ANTAH DRISHTI Braille Debit Card’, a new initiative designed for Visually Impaired (VI) customers. The contactless National Common Mobility Card (NCMC) debit card is accessible on the RuPay network.
- The launch of the new braille debit card reflects the bank’s commitment to inclusivity and financial accessibility.
About PNB ANTAH DRISHTI’ Braille Debit Card:
This initiative aims to enhancing financial independence and convenience for visually impaired people, allowing them to manage their accounts more easily and confidently.
- Visually impaired individuals with savings or current accounts in PNB are eligible to obtain this debit card from any of the nearest PNB branch.
Features:
i.Raised Braille Dots (PNB in Braille) – The brand name ‘PNB’ is embossed on this debit card. Additionally, the welcome letter that accompanies the debit card will also be in Braille dots.
ii.Rounded Notch: This debit card features a rounded notch on the opposite side of the chip, which facilitates the card holder to know about the direction of the card while dipping the same in Automated Teller Machine (ATM) / Point Of Sale (POS).
iii.Glossy Spot UV lamination effect: The Bank’s logo has a raised texture and a glossy spot Ultra Violet (UV) lamination effect, whereas the contactless symbol has a rough spot UV silk screen. It helps visually impaired customers to locate the bank’s logo easily and read the card’s contactless symbol.
iv.Contrasting colours: It makes easier for the visually impaired customers to read the card details.
v.Transaction Limit: The individuals can make up to Rs. 5000 in contactless transactions per day at Near Field Communication (NFC)- enabled PoS terminals without entering their Personal Identification Number (PIN).
- The card’s cash withdrawal limit at ATMs is Rs. 25,000 per day, whereas at PoS it is Rs. 60,000 per day.
About the Punjab National Bank (PNB):
PNB was founded on May 19 1894 and it opened for business on 12 April 1895.
Managing Director and Chief Executive Officer (MD & CEO) – Atul Kumar Goel
Headquarters – New Delhi, Delhi
Tagline – The Name You Can Bank Upon
RBI Approves Tata Capital’s Conversion into NBFC-ICC From NBFC-CIC
The Reserve Bank of India (RBI) has approved the conversion of Tata Capital Limited’s (TCL) from a Non-Banking Finance Company (NBFC)-Core Investment Company (CIC) to an NBFC-Investment Credit Company (ICC).
- This conversion comes after TCL’s merger with Tata Cleantech Capital Limited (TCCL) and Tata Capital Financial Services Limited(TCFSL) .
i.It has also received the Certificate of Registration (CoR) as an NBFC-ICC, indicating its compliance with guidelines.
ii.In 2023, the RBI classified Tata Capital and its parent company Tata Sons Private Limited (TSPL) as NBFC with an upper layer distinction. As a result, both companies are required to go public by September 2025.
iii.TCL has a total income of Rs 8,630 crore, total assets of Rs 1.76 lakh crore, and profit after tax of Rs 3,327 crore for the Fiscal Year 2023-24 (FY24).
Note: TCL is a financial and investment service provider in India, headquartered at Mumbai, Maharashtra.
RBI Imposes Monetary Penalties on BoM, Hinduja Leyland Finance, Poonawalla Fincorp
The Reserve Bank of India (RBI) has imposed monetary penalties on three financial institutions namely Bank of Maharashtra (BoM), Hinduja Leyland Finance Limited (HLF) and Poonawalla Fincorp Limited (PFL) for non-compliance with its regulatory directives.
i.BoM (Pune, Maharashtra): A penalty of Rs 1.27 crore was imposed on BoM for non-compliance with the ‘Loan System for Delivery of Bank Credit’, ‘Cyber Security Framework in Banks’, and ‘Know Your Customer’ (KYC) guidelines.
ii.HLF (Chennai, Tamil Nadu (TN)): A monetary penalty of Rs 4.90 lakh was imposed on HLF for non-compliance with certain provisions of the KYC Directions, 2016.
- The penalty is based on its deficiency in regulatory compliance which does not intend to pronounce on the legitimacy of any transaction or agreement entered into by the company with its consumers.
iii.PFL (Pune, Maharashtra): A monetary penalty of Rs 10 lakh on PFL for non-compliance with certain provisions of the ‘Non-Banking Financial Company (NBFC)- Systemically Important Non-Deposit taking Company and Deposit taking Company (RBI) Directions, 2016’.
- It has charged interest on loans from dates prior to the disbursement of these loans, which was contrary to the terms and conditions stated to the clients.
AWARDS & RECOGNITIONS
India’s Kempegowda and Delhi International Airport Achieve Level 5 in Airport Carbon Accreditation
Bengaluru(Karnataka)’s Kempegowda International Airport(KIA) and New Delhi’s Indira Gandhi International Airport (IGIA) have achieved Level 5 Accreditation, the highest level in the Airport Carbon Accreditation programme of the Airport Council International (ACI).
- The airports are among the first in Asia to reach this advanced level of carbon management maturity.
- With this, these airports have joined an elite group of 16 leading airports worldwide with Level 5 accreditation.
About the Airport Council International (ACI):
The ACI established in 1991 is the association of the world’s airports, representing the collective interests of airports worldwide to promote excellence in the aviation industry.
Director-General– Luis Felipe de Oliveira
Headquarters– Montréal, Québec, Canada
>> Read Full News
APPOINTMENTS & RESIGNATIONS
RBI Approves Salee Sukumaran Nair as MD & CEO of Tamilnad Mercantile Bank Ltd
The Reserve Bank of India (RBI) approved the appointment of Salee Sukumaran Nair as the Managing Director (MD) and Chief Executive Officer (CEO) of Tamilnad Mercantile Bank Limited (TMB), for 3 years, from the date of assuming charge.
- Salee Sukumaran Nair will succeed Krishnan Sankarasubramaniam, who assumed charge as MD and CEO of TMB in 2022 and resigned in September 2023.
Note: At present, a Committee of Executives (CoE) consisting of 3 General Managers (GMs) is temporarily overseeing the operations of the TMB.
About Salee Sukumaran Nair:
i.Salee Sukumaran Nairpreviously served as the Deputy Managing Director (DMD) and Chief Credit Officer (CCO) at the State Bank of India’s (SBI) Corporate Centre in Mumbai, Maharashtra until May 2024, overseeing the credit portfolio.
ii.He began his banking career in 1987 as a Probationary Officer (PO) at SBI and has over 35 years of experience, including roles in Corporate Accounts, Stressed Asset Management (SAM), etc.
iii.He played a crucial role in the International Banking Group (IBG) of SBI, including assignments in New York, the United States of America (USA), and Sydney in Australia.
iv.He also managed branches of Rajasthan and Western Uttar Pradesh(UP) for SBI and was involved in merging the State Bank of Bikaner and Jaipur (SBBJ) with SBI.
v.In 2017, he was appointed as Chief General Manager (CGM) (Non-infra) – Metals in the Stressed Asset Vertical of the SBI.
vi.He also served as DMD of the Stressed Assets Resolution Group (SARG) of the SBI from 2020 to 2021.
About Tamilnad Mercantile Bank Limited (TMB):
TMB was founded in 1921 as “The Nadar Bank Limited” and changed its name to the Tamilnad Mercantile Bank Limited in 1962.
Managing Director (MD) and Chief Executive Officer (CEO) – Salee Sukumaran Nair
Headquarters– Thoothukudi, Tamil Nadu(TN)
Tagline– Be a Step Ahead in Life!
SCIENCE & TECHNOLOGY
NAL Launches ‘Swadeshi’ Kamikaze Drones With 1,000 Km Range
The National Aerospace Laboratories (NAL) has launched Swadeshi (indigenous) Kamikaze Drones, do-and-die Unmanned Aerial Vehicles (UAV) with home-built engines that can power them to fly up to 1,000 kilometres (km).
- It is also known as loitering munitions which have been extensively used by Ukrainian forces to target Russian infantry and armoured vehicles.
i.It will be around 2.8 metres(m) long with a wingspan of 3.5 m, weigh about 120 kilogram (kg) and be equipped with a 25 kg explosive charge.
ii.It will powered by 30-horsepower (hp) Wankel Engine which is designed and developed by the NAL which can fly continuously with a maximum speed of 180 kilometres per hour (km/h).
iii.The development of these indigenous drones is part of a broader initiative led by the Council of Scientific and Industrial Research (CSIR), which has granted in-principle approval for the project.
iv.These drones have the ability to operate in Global Positioning System
(GPS)-denied environments.
Note: NAL was established by the CSIR in 1959, headquartered at Bengaluru, Karnataka.
SPORTS
Part II: Overview of Paris 2024 Summer Olympics
The 2024 Summer Olympics, officially the Games of the XXXIII(33rd) Olympiad, was held in Paris, France from 26th July to 11th August 2024.
- India was ranked 71st in the medal tally with 6 Medals (1 Silver & 5 Bronze) and ranked 71st.
- The United States of America (USA) topped the medals tally with 126 Medals (40 Gold, 44 Silver, 42 Bronze) followed by China with 91 medals (40 Gold, 27 silver and 24 bronze) and Japan with 45 medals (20 Gold, 12 Silver and 13 Bronze).
i.Neeraj Chopra (Haryana) won the Silver medal in the Javelin throw event with an 89.45-meter(m) throw. This marks his second Olympic medal. With this, he becomes the 5th Indian to win two Olympic medals.
ii.The Indian men’s hockey team won the bronze medal under the captaincy of Harmanpreet Singh. India defeated Spain with a score of 2-1 in the bronze medal match.
iii.Indian wrestler Aman Sehrawat (Haryana) won a bronze medal in the 57 kg freestyle wrestling by defeating Darian Toi Cruz from Puerto Rico with a score of 13-5 in the bronze medal match
About the International Olympic Committee (IOC):
Established– June 23, 1894.
President- Thomas Bach
Headquarters– Lausanne, Switzerland
>> Read Full News
OBITUARY
25th Director General of Coast Guard Rakesh Pal Passed Away
Indian Coast Guard(ICG) Director General(DG) Rakesh Pal passed away at the age of 58 in Chennai, Tamil Nadu(TN). He was born in 1965 in Uttar Pradesh(UP).
- He has been serving as the DG of the Indian Coast Guard since July 2023.
About Rakesh Pal:
i.Rakesh Pal was an alumnus of Indian Naval Academy (INA) and joined the ICG in January 1989.
ii.He specialized in gunnery and weapons systems. He was appointed as the First Gunner of the ICG in the Indian Naval Ship(INS) Dronacharya in Kochi, Kerala.
iii.He was known for having vast sea experience and commanded all classes of ICG ships, namely Samarth, Vijit, Sucheta Kriplani, Ahalyabai, and C-03.
iv.In his career, he served in many positions, prominent among them were Commander of Coast Guard (Northwest) Gandhinagar, Gujarat, and Deputy Director General (Policy and Plans) and Director (Infrastructure and Works), Principal Director (Administration) at the Coast Guard headquarters in New Delhi, Delhi.
v.He was promoted to three-star rank and appointed as Additional Director General(ADG) in February 2022 and then he became DG in New Delhi, Delhi.
Awards:
Rakesh Pal was awarded the Ati Vishisht Seva Medal (AVSM), Tatrakshak Medal(TM)and the President’s Tatrakshak Medal(PTM).
BOOKS & AUTHORS
Union Minister Amit Shah Releases a Book ‘Modi’s Governance Triumph: Reshaping India’s Path to Prosperity’ By Tarun Chugh
On 17th August 2024, Union Minister Amit Shah, Ministry of Home Affairs (MHA) released the book titled ‘Modi’s Governance Triumph: Reshaping India’s Path to Prosperity’, written by Tarun Chugh, General Secretary of Bharatiya Janata Party (BJP), in New Delhi, Delhi.
- The book was inspired by the Prime Minister (PM) Narendra Modi’s decades-long public life which was always dedicated to India.
i.The book provides an in-depth exploration of the innovative initiatives and changes that shaped Modi administration’s Antyodaya mission.
ii.It depicts the transformative changes implemented by the Modi government in a number of areas and sectors, including Jammu & Kashmir (J&K).
iii.It focuses on Modi’s policies as a whole, including the ‘Make in India’ initiative and the implementation of the Goods and Services Tax (GST).
iv.It also addresses key issues such as poverty alleviation and national security, which have shaped India’s socio economic landscape.
IMPORTANT DAYS
World Humanitarian Day 2024 – August 19
World Humanitarian Day (WHD) is annually observed across the globe on 19 August to pay tribute to humanitarian workers worldwide, who have been killed or injured while helping the most vulnerable.
- Aim: To recognise aid workers and mobilise people worldwide to advocate for the broader humanitarian cause.
- WHD 2024 marks the 21st anniversary of the tragic attack on the United Nation(UN) headquarters in Baghdad.
i.The slogan for the 2024 WHD commemoration is “#ActForHumanity” which calls for protecting civilians and humanitarian workers, addressing impunity, and striving for peace.
ii.On 11 December 2008, the UN General Assembly (UNGA) adopted a resolution A/RES/63/139, proclaiming the 19 August of every year as World Humanitarian Day.
iii.The day 19 August commemorates the bomb attack on the UN headquarters in Baghdad, Iraq in 2003, which resulted in 22 deaths of humanitarian aid workers, including Sergio Vieira de Mello, the UN Special Representative of the Secretary-General (SRSG) to Iraq.
About the UN Office for the Coordination of Humanitarian Affairs (OCHA):
Under-Secretary-General (USG)- Joyce Msuya
Headquarters– Geneva, Switzerland and New York, the United States of America (USA)
Established – 1991
>> Read Full News
World Photography Day – August 19 2024
World Photography Day also known as World Photo Day is annually observed across the globe on August 19 to celebrate the art, craft, and science of photography.
- The day serves as a global platform for photographers and enthusiasts to connect, share their passions, showcase their work, and encourage photography appreciation around the world.
- The 2024 theme of World Photography Day is ‘An Entire Day’.
World Photography Week:
i.World Photography Week 2024 is a two-week-long worldwide celebration of photography from 12th to 26th August 2024.
ii.On each day of World Photography Week, people have to share a photo on the social media using #World Photography Week.
>> Read Full News
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