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NATIONAL AFFAIRS
Reliance Foundation Signed MoU with IMD To Help Vulnerable Communities with Weather Information 
The Reliance Foundation (RF) has signed a Memorandum of Understanding (MoU) with the India Meteorological Department (IMD), under the Ministry of Earth Sciences (MoES) to improve access to weather information for climate-vulnerable communities across India.
- Aim: To enhance forecasts, early warnings, and agro-advisories using new technologies
Key People: The MoU was exchanged by Dr. Mrutyunjay Mohapatra, Director General (DG) of Meteorology at IMD, and Jagannatha Kumar, Chief Executive Officer (CEO) of Reliance Foundation in New Delhi, Delhi in presence of key representatives from both the organisations.
Significance of MoU:
i.The partnership focuses on joint efforts in research, stakeholder convenings to discuss climate change adaptation, and improving weather forecasting and early warning communication strategies.
ii.The RF in collaboration with the IMD and other key players, aims to improve the utilisation of weather data, disaster preparedness, and climate resilience, enhancing both personal safety and livelihoods in India.
iii.The RF will provide a platform to improve availability of information and accessibility for the most vulnerable communities.
- The information will be simplified to facilitate actionable communication.
Contribution in Global Initiatives:
i.The RF has committed to contribute to the World Meteorological Organization (WMO) and the United Nations Office for Disaster Risk Reduction (UNDRR)’s global ‘Early Warning for All’ campaign.
ii.It has been actively distributing IMD’s weather predictions, early warning alerts, and weather-based agro-livestock guide through multiple communication channels for more than a decade.
iii.Additionally, it collected ground-level feedback from these communities and shared it with scientists to assist refine further work, thereby de-risking farming, increasing productivity, and boosting income.
About Reliance Foundation(RF):
Chairperson – Nita M. Ambani
Headquarters – Mumbai, Maharashtra
Founded – 2010
About the India Meteorological Department (IMD):
Director General (DG) – Dr. Mrutyunjay Mohapatra
Headquarters – New Delhi, Delhi
Established – 1875
INTERNATIONAL AFFAIRS
Razorpay the Only Indian Company Featured in ‘Forbes Cloud 100 List’ 2024; OpenAI Tops the List
Razorpay Software Private Limited(RSPL), a Bengaluru (Karnataka)-based Payments software company ranked 70th(last year Razorpay ranked 49th) on the Forbes Cloud 100 2024 List, the 9th annual ranking of the world’s top private cloud computing companies. This marks Razorpay’s 3rd consecutive appearance on the list, acknowledging its innovation and leadership in cloud technology.
- Razorpay is the only Indian company featured on the list, with nearly 3,300 employees, and has raised close to USD 742 million in funding.
- San Francisco, California, the United States of America (USA)-based OpenAI and Databricks, Inc. ranked 1st and 2nd respectively followed by the dual-headquartered Financial Infrastructure company, Stripe, Inc. in San Francisco, California(USA), and Dublin(Ireland) at 3rd place in the list.
Forbes Cloud 100 2024 List is published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.
About Razorpay Software Private Limited(RSPL):
Chief Executive Officer(CEO) – Harshil Mathur
Headquarters – Bengaluru, Karnataka
Founded – 2014
About Forbes Media LLC:
Chief Executive Officer (CEO)- Mike Federle
Headquarters– Jersey City, New Jersey, the United States of America (USA)
Founded – 1917
>> Read Full News
Ambani Family Tops 2024 Hurun India Most Valuable Family Businesses; HCL Tech’s Roshni Nadar Tops Among Women Leaders
According to 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses, Ambani Family headed by Mukesh Ambani, Chairman and Managing Director (CMD) of Reliance Industries Limited (RIL), is ranked 1st with a value of Rs 2,575,100 Crore.
- Bajaj family led by Niraj Bajaj, Directors of the Bajaj Group, ranks 2nd with a value of Rs 712,700 crore and Birla family, led by Kumar Mangalam Birla, Chairperson of the Aditya Birla Group, ranks 3rd with a value of Rs 538,500 crore.
- Roshni Nadar Malhotra, representing the Nadar family, is India’s most influential woman leading a family-owned business. The Nadar family is ranked 5th with a value of Rs 430,600 crore.
About Hurun Report Inc. (Hurun Report):
It is a leading research, luxury publishing and events group established in 1998 in London (U.K.). Hurun India was launched in 2012.
Chief Executive Officer (CEO)-Rupert Hoogewerf
Managing Director (MD) & Chief Researcher (Hurun India)-Anas Rahman Junaid
Headquarters (Hurun India)- Mumbai, Maharashtra
>> Read Full News
BANKING & FINANCE
RBI Tightens Norms for NBFC-P2P Lending Platforms to Enhance Transparency Compliance
The Reserve Bank of India (RBI) has tightened norms for Non-Banking Financial Company-Peer to Peer (NBFC-P2P) lending platform to enhance transparency and compliance.
- The RBI has revised the Master Direction-Non-Banking Financial Company- Peer to Peer Lending Platform (Reserve Bank) Directions, 2017.
- The revised regulations will be effective immediately. However, the timeline (T+1) for transferring funds from the escrow accounts (both lender and borrower) will come into effect from 15th November, 2024.
Key Changes:
i.Refrained from cross-selling insurance products: As per the revised regulations, P2P platforms are restricted from cross-selling insurance products (except loan-specific insurance products) that serve as credit enhancement or credit guarantees.
ii.Prohibited P2P platform: The new regulations prohibited P2P platforms from promoting P2P lending as an investment tool with features like: tenure-linked assured minimum returns, liquidity options, among others.
iii.Board approved loans disbursal: The RBI has mandated that no loan will be disbursed unless the lenders and borrowers have been properly matched/ mapped according to a board-approved policy.
iv.Fund transfer via-escrow account: As per the new regulations, all fund transfer between participants on a P2P platform must be conducted through an escrow account mechanism operated by a bank-promoted trustee.
- It is now required to have minimum two escrow accounts, one for funds received from lenders and pending disbursal (i.e. lender’s escrow account)and the other for collections from borrowers (i.e. borrower’s escrow account)
v.Loan Limit of Rs 50 lakh: RBI has imposed a setting cap on the aggregate exposure of a lender to all borrowers through P2P platforms, restricting it to Rs 50 lakh.
- Lenders who are disbursing loans above Rs 10 lakh across P2P platforms are now obligated to provide a certificate from a Chartered Accountant (CA) verifying a minimum net worth of Rs 50 lakh.
vi.Providing Performance Data:It is now mandatory for NBFC-P2P entities to make publicly available their portfolio performance data, which includes information on Non-Performing Assets (NPAs), on a monthly basis.
About Reserve Bank of India(RBI):
Governor– Shaktikanta Das (25th Governor of RBI)
Headquarter–Mumbai, Maharashtra
Established–1 April, 1935
RBL Bank Announces Vijay Fixed Deposits to Honor 78th Independence Day
RBL Bank Limited, formerly known as Ratnakar Bank Limited, has introduced a special edition of ‘Vijay Fixed Deposits (FD)’ to celebrate India’s 78th Independence Day. This limited-time offer honors the bravery of soldiers while offering attractive financial benefits.
i.The Vijay FD is a special 500-day tenor for deposits below Rs 3 crore.
ii.It will offers 8.85% per annum(p.a) for super senior citizens, 8.60% p.a. for senior citizens, and 8.1% p.a. for regular customers.
iii.This FD is Available via the RBL Bank MoBank Application(app) or at the nearest branch.
Note: On August 1, 2024, RBL Bank became the first private sector bank in India to integrate United Payment Interface (UPI) and National Common Mobility Card (NCMC) features on RuPay Credit Cards, enabling seamless travel and instant payments.
About RBL Bank Limited:
Managing Director (MD) and Chief Executive Officer (CEO)– R Subramaniakumar
Headquarters– Mumbai, Maharashtra
Tagline– Apno ka Bank
Establishment– 1943
ICICI Lombard Entered into Bancassurance Partnerships With 7 Institutions
ICICI Lombard General Insurance Company Limited(ICICI Lombard) has entered into bancassurance partnerships with 7 financial institutions namely Aye Finance Private Limited, Bandhan Bank Limited, Karnataka Bank Limited(KBL), Muthoottu Mini Financiers Limited, Nivara Home Finance Limited(NHFL), NSDL Payments Bank Limited and the Andhra Pradesh State Cooperative Bank Limited (APCOB).
About Bancassurance:
i.Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank’s client base.
ii.This arrangement benefits both the bank and the insurance company.
Key Points:
i.This partnership demonstrates ICICI Lombard’s commitment to expanding its distribution network and making insurance more accessible.
ii.ICICI Lombard aims to bring the number of individuals covered by the insurance safety net by collaborating with these institutions, which have over 4,000 branches.
iii.ICICI Lombard collaborates with over 200 financial institutions, including Universal Banks(UBs), Small Finance Banks(SFBs), Payment Banks(PBs), Corporate Banks(CBs), Non-Banking Financial Companies (NBFCs), Housing Finance companies (HFCs), Microfinance Institutions (MFIs), Securities and Wealth Management Companies, broadening its bancassurance network.
iv.ICICI Lombard is adopting a phygital approach, blending physical and digital touchpoints to enhance the customer experience, with over 10 million downloads of its mobile application(app), IL Take Care, and the 99.3% of policies that are issued electronically.
Note: The Insurance Regulatory and Development Authority of India(IRDAI) had paved the way for corporate agents (banks) to have distribution tie up with maximum of 9 life insurers, 9 general insurers and 9 health insurers. Also, Insurance Marketing Firms (IMF) can now enter into tie up with as many as 6 life, general and health insurers.
About ICICI Lombard General Insurance Company Limited:
Managing Director and Chief Executive Officer (MD & CEO) – Sanjeev Mantri
Headquarters – Mumbai, Maharashtra
Established – 2001
AWARDS & RECOGNITIONS
Highlights of the 70th National Film Awards for the Year 2022: ‘Aattam’ bags the Best Feature Film award
On 16th August 2024, the Jury panel of the 70th National Film Awards announced the list of winners of the National Award for the year 2022 at the event held at the National Media Centre, New Delhi, Delhi. The list of winners was presented to Union Minister Ashwini Vaishnaw, Ministry of Information and Broadcasting (MIB) in the presence of Vrunda Desai, Joint Secretary (Films), MIB.
Highlights:
i.The Malayalam film Aattam (The Play) directed by Anand Ekarshi was awarded the Best Feature Film award.
ii.The Hindi/Urdu film Ayena (Mirror) directed by Siddhant Sarin has bagged the award for Best Non-Feature Film.
iii.The Kannada film Kantara won the Award for Best Popular Film Providing Wholesome Entertainment.
About Ministry of Information & Broadcasting(MIB):
Union Minister– Ashwini Vaishnaw (Rajya Sabha- Odisha)
Minister of State(MoS)– Dr. L. Murugan(Rajya Sabha- Madhya Pradesh)
>> Read Full News
APPOINTMENTS & RESIGNATIONS
Parvathaneni Harish Appointed as India’s Permanent Representative to UN
The Ministry of External Affairs (MEA) has appointed Parvathaneni Harish as the Permanent Representative of India to the United Nations(UN) at New York, United States of America (USA).
- He is succeeding Ruchira Kamboj who retired from the post in June 2024. She was the first woman to become the Indian Ambassador to the UN.
- He is currently serving as India’s ambassador to Germany(since November 2021).
About Parvathaneni Harish:
i.Parvathaneni Harish is a 1990 batch Indian Foreign Service (IFS) officer.
ii.He has served as Additional Secretary (Economic Relations) in the Ministry of External Affairs(MEA).
- He also led Multilateral Economic Relations Division and represented India in G20 (Group of Twenty), G7 (Group of Seven), BRICS (Brazil, Russia, India, China and South Africa), and India, Brazil, South Africa (IBSA).
iii.He has also served as Joint Secretary and Officer on Special Duty to the Vice President of India.
iv.He has also represented India in Gaza City as the head of the mission to the Palestinian Authority.
v.He worked with the United Nations Relief and Works Agency (UNRWA) in Gaza, contributing to policy analysis and playing an important role in UN discussions related to the Israel-Hamas conflict.
vi.From 2012 to 2016, he served as the Consul General of India in Houston, Texas, USA, covering eight states in the southern USA.
vii.He also served as the Indian Ambassador to Vietnam from 2016 to 2019.
Ashok Kumar Singh Took Over as Director General of ESIC
On 19th August 2024, Ashok Kumar Singh, 1999 batch Indian Administrative Service (IAS) officer of Kerala cadre, took over as the Director General (DG) of Employees’ State Insurance Corporation (ESIC) under the Ministry of Labour & Employment(MoL&E), Government of India at its headquarters in New Delhi, Delhi.
- He took over from Kamal Kishore Soan who has been holding additional charge as DG of ESIC since May 2024.
- Prior to this appointment, Ashok Kumar Singh served as Principal Secretary in the Water Resources Department, Government of Kerala.
- At central level, he has served as the Executive Director in the National Mission for Clean Ganga(NMCG), as Joint Secretary in the Ministry of Defence(MoD) and as Director in the Ministry of Finance in Government of India.
Note: ESIC is a government organisation that manages the Employees’ State Insurance (ESI) scheme.
SCIENCE & TECHNOLOGY
Bayanat & Yahsat Launched UAE’s 1st LEO SAR satellite for Earth Observation in Partnership with ICEYE
On 16th August 2024, Bayanat AI PLC and Al Yah Satellite Communications Company PJSC (Yahsat), in partnership with ICEYE Ltd, successfully launched the United Arab Emirates (UAE)’s first Low Earth Orbit (LEO) Synthetic Aperture Radar (SAR) satellite.
- The satellite, owned by Bayanat, was launched via integrator Exolaunch aboard SpaceX’s Transporter 11 from Vandenberg Space Force Base in California, United States of America (USA).
- This achievement aligns with the UAE’s National Space Strategy 2030.
Note:
i.Bayanat AI PLC, UAE based leading provider of AI(Artificial intelligence)-powered geospatial solutions.
ii.Yahsat based in Abu Dhabi is the UAE’s flagship satellite solutions provider.
iii.ICEYE Ltd is a European microsatellite manufacturer based in Espoo, Finland
About the UAE’s First SAR Satellite:
i.The launch marks a major milestone in enhancing Earth Observation capabilities in UAE
ii.This SAR satellite is a part of the UAE’s Earth Observation Space Program which will enable high-resolution, persistent monitoring with the ability to capture images day and night, regardless of weather.
iii.ICEYE’s SAR technology offers broader geographical coverage and higher resolution, delivering superior value.
iv.The constellation will frequently revisit the Middle East, providing near real-time geospatial insights for disaster management, maritime surveillance, and smart mobility.
v.The SAR satellite constellation will provide continuous data for various applications, utilising Yahsat’s upstream and midstream capabilities alongside Bayanat’s downstream capabilities.
Background:
i.This launch is the latest achievement from the ongoing collaboration between Bayanat, Yahsat, and ICEYE.
ii.In 2023, Earth Observation Space Program was created to build national satellite remote sensing and Earth Observation capabilities within the UAE by building a SAR satellite constellation.
About The United Arab Emirates (UAE):
President– Sheikh Mohamed bin Zayed Al Nahyan
Capital– Abu Dhabi
Currency– UAE Dirham
OBITUARY
Former COAS General S. Padmanabhan passes away in Chennai
General Sundararajan Padmanabhan, former Chief of Army Staff(COAS), passed away at the age of 83 in Chennai, Tamil Nadu(TN). He was born on 5th December 1940 in Trivandrum, Kerala.
- He assumed the office of the COAS in 2000 and retired from the post in December 2002.
i.He was commissioned into the Regiment of Artillery after graduating from the Indian Military Academy (IMA) on December 13, 1959.
ii.He commanded an Independent Light Battery from 1975 to 1976 and the Gazala Mountain Regiment from 1977 to 1980.
iii.He served as Colonel General Staff of a Mountain Division from 1983 to 1985 and later commanded an Independent Artillery Brigade and a Mountain Brigade.
iv.He was promoted as Lieutenant General and served as the commander of the 15 Corps in Jammu and Kashmir(J&K) from 1993 to 1995.
v.He also served as General Officer Commanding (GOC) of the Northern Command at Udhampur, J&K.
BOOKS & AUTHORS
Bihar Governor unveils book ‘Gandhian Statesman of Bihar: Nitish Kumar’
Bihar Governor Rajendra Vishwanath Arlekar launched a book on Bihar Chief Minister(CM) Nitish Kumar titled ‘Gandhian Statesman of Bihar: Nitish Kumar’ on 19th August 2024 in Patna, Bihar. The book is published by Prabhat Prakashan, New Delhi(Delhi).
- This book is co-authored by Ashok Choudary, Minister of Rural Works Department, Government of Bihar and his daughter Shambhavi Choudhary, Member of Parliament (MP – Lok Sabha), Samastipur, Bihar.
- This book highlights the CM Nitish Kumar’s contributions to the state’s development and aims to enlighten the younger generations about his works.
IMPORTANT DAYS
Sadbhavana Diwas or Harmony Day 2024 – August 20 
Sadbhavana Diwas, also known as Harmony Day, is annually observed across India on August 20 to commemorate the birth anniversary of the former Indian Prime Minister (PM) Rajiv Gandhi.
- The day aims to promote peace, national integration, and communal harmony throughout India. It also serves as a reminder of his vision for a peaceful, prosperous, and united India.
- Sadbhavana Diwas 2024 marks the 80th birth anniversary of Rajiv Gandhi. He was born on August 20, 1944.
Background:
The first Sadbhavana Diwas was observed on August 20, 1992, a year after Rajiv Gandhi assassination on 21st May 1991.
- The word ‘Sadbhavana’ means ‘Goodwill and Bonafide’ in English.
World Mosquito Day 2024 – August 20
World Mosquito Day (WMD) is annually observed across the globe on 20th August to commemorate the discovery made by British doctor Sir Ronald Ross in 1897 that female Anopheles mosquitoes transmit malaria between humans.
- Aim: To raise awareness about the dangers of mosquito-borne diseases, educate people on mosquito control and prevention methods, and highlight ongoing research and efforts to combat mosquito-related illnesses.
STATE NEWS
Hemant Soren launches Mukhyamantri Maiya Samman Yojana scheme for women in Jharkhand
On 18th August 2024, Jharkhand Chief Minister(CM) Hemant Soren launched the “Jharkhand Mukhyamantri Maiya Samman Yojana” (JMMSY) to empower the women of the state by making them financially strong at Pakur, Jharkhand.
- He transferred the first installment of Rs.1000 each to the bank accounts of 57,120 women beneficiaries through Direct Benefit Transfer (DBT).
About Jharkhand Mukhyamantri Maiya Samman Yojana Scheme:
i.The scheme aims to assist economically weaker and impoverished families by ensuring that women have financial support.
ii.Women whose families’ annual income is less than Rs 8 Lakhs and aged from 21 to 50 years will receive financial assistance of Rs.1000 per month.
iii.The assistance is directly transferred to the beneficiaries’ bank accounts on the 15th of every month, ensuring efficiency and transparency in the distribution of funds.
Additional info:
i.The Maharashtra government has also launched an app called ‘Nari Shakti Dhoot’, through which women eligible for the scheme can easily apply online.
ii.Jharkhand government has also started a healthcare scheme ‘Mukhyamantri Abua Swasthya Suraksha Yojana’, under which health insurance of Rs 15 lakh per family per year will be provided to the beneficiaries.
- Those citizens who have been deprived of the benefits of Ayushman Bharat Scheme or Pradhan Mantri Jan Arogya Yojana (PMJAY) are eligible to avail the benefits of this scheme.
About Jharkhand:
Chief Minister(CM) – Hemant Soren
Governor – Santosh Gangwar
Wildlife Sanctuaries – Dalma Wildlife Sanctuary, Hazaribagh Wildlife Sanctuary
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