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NATIONAL AFFAIRS
Union Minister Pralhad Joshi Launches Version 4.0 PMS Mobile App; DCA Expands Price Monitoring to 38 Commodities
- The newly added 16 items include Bajra, Jowar, Ragi, Suji (wheat), Maida (wheat), Besan, Ghee, Butter, Brinjal, Egg, Black Pepper, Coriander, Cumin, Red Chillies, Turmeric Powder, and Banana.
- The monitoring now covers a total of 38 commodities, up from the previous 22 commodities.
Impact on Inflation:
i.The prices have been monitored daily by the DCA from 550 centers across 34 States/Union Territories (UTs).
ii.This data aids the government, the Reserve Bank of India (RBI), and analysts in policy decisions regarding the Consumer Price Index (CPI) inflation.
iii.The 38 commodities represent approximately 31% of the CPI weights, an increase from the previous 26.5%.
- The increase in coverage of food items under daily price monitoring aims to stabilise food prices and control overall inflation.
iv.This initiative reflects the government’s commitment to ensuring the availability and affordability of essential commodities.
Government Measures:
The government has implemented several measures to control food price inflation, including:
i.Providing subsidized food items under the “Bharat” brand and Selling tomatoes through the National Co-operative Consumers’ Federation of India Ltd. (NCCF).
ii.These measures, along with progress in Kharif pulses (2024-25), have stabilised the market.
Price Stabilisation Fund (PSF):
i.The government has allocated Rs 10,000 crore under the price stabilisation fund (PSF) in the Union Budget 2024-25 to maintain stable prices and ensure affordability of pulses.
ii.The fund is designed to address inflationary trends for selected agri-horticultural commodities like onions, potatoes, and pulses, aiming to protect consumer interests.
iii.These commodities are procured and stored for regulated release to help moderate prices.
Union Minister Jyotiraditya M Scindia and MoS Pemmasani Chandra Sekhar Inaugurates NOC at C-DOT
About the NOC:
i.The NOC hosts indigenously developed security infrastructure for the purpose of identifying and tracking cyber threats in the telecom network in India.
ii.The malicious activities such as ransomware, malware, Domain Name System (DNS) amplification, Denial-of-Service (DoS), Distributed Denial-of-Service (DDoS), malicious domain communications, etc. can now be actively identified.
Key Points:
i.M Scindia also made a pilot 5G(the fifth-generation technology) call on the Bharat Sanchar Nigam Limited (BSNL) live network, where this 5G call was made using the indigenously designed 5G radio and 5G core Non-Stand Alone(NSA).
ii.The Ministers looked over C-DOT’s other ongoing indigenous technology programmes, which includes 4G/5G, Quantum Key Distribution (QKD), Post Quantum Cryptography (PQC), Cyber Security solutions, Disaster Management Cell broadcast solutions, and optical and advanced security projects.
iii.This development acts as a big step in achieving ‘Atmanirbhar Bharat’, which also provides support for research and innovation.
About the Centre for Development of Telematics (C-DOT):
Chief Executive Officer (CEO) – Rajkumar Upadhyay
Headquarters – New Delhi, Delhi
Established – 1984
About the Ministry of Communications (MoC):
Union Minister – Jyotiraditya M Scindia (Constituency – Guna, Madhya Pradesh, MP)
Minister of State (MoS) – Pemmasani Chandra Sekhar (Constituency – Guntur, Andhra Pradesh, AP)
About the Ministry of Rural Development (MoRD):
Union Minister – Shivraj Singh Chouhan (Constituency – Vidisha, Madhya Pradesh, MP)
Minister of State (MoS) – Chandra Sekhar Pemmasani (Lok Sabha Constituency – Guntur, AP); Kamlesh Paswan (Lok Sabha Constituency- Bansgaon, UP)
TRAI Released Revised Standards of Quality of Service for Access and Broadband Services
- These regulations will come into effect on 1st October 2024.
About Telecom Regulatory Authority of India (TRAI):
Chairman-Anil Kumar Lahoti
Headquarters- New Delhi, Delhi
Established- 20th February, 1997
>> Read Full News
INTERNATIONAL AFFAIRS
Germany Joined UN Command in South Korea as 18th Member State
- Germany became the 18th member state of UNC, a group that helps police the heavily fortified border with North Korea and has committed to defend the South in the event of war.
- This marks the 1st UNC expansion since Italy was reinstated in 2013.
Key Points:
i.During the accession ceremony of Germany to UNC, Boris Pistorious, Federal Minister of Defence of Germany, highlighted that this development reflects the Berlin’s strong belief that European security is closely linked to security in the Indo-Pacific region.
ii.Germany wasn’t member of the UNC in 1953 but provided medical support to South Korea from 1954 to 1959 before the signing of armistice agreement.
ii.The member of the UNC includes USA, the United Kingdom (UK), Australia, Netherlands, Canada, France, New Zealand, Philippines, Türkiye, Thailand, South Africa, Greece, Belgium, Colombia; Denmark; Norway; and Italy.
- These countries provided combat troops and medical support during the Korean War(1950-53).
About UNC:
i.UNC was established on 7th July, 1950, after UN recognised the aggression of North Korea against South Korea.
ii.UN Security Council (UNSC) Resolutions 83 and 84 provided the international legal authority for member states to restore peace on the Korean Peninsula, and designated the USA as the leader of UNC.
iii.It is led by the commander of the USA military stationed in South Korea and is not affiliated with the United Nations (UN).
iv.During the Korean War and the reconstruction period following the signing of the Armistice Agreement on 27th July 2023, 22 countries contributed either combat forces or medical assistance to support South Korea under the UN flag.
About Federal Republic of Germany (FRG):
Chancellor- Olaf Scholz
President- Frank-Walter Steinmeier
Capital- Berlin
Currency- Euro (EUR)
BANKING & FINANCE
RBI issues revised Master Directions on Fraud Risk Management for Regulated Entities
- Aim: To provide a robust framework for the prevention, early detection, and timely reporting of frauds in REs.
- The directions mandate REs to comply with principles of natural justice in a time-bound manner before classifying persons/entities as fraud, taking into account the March 2023 Supreme Court(SC) Judgment on State Bank of India(SBI) versus Rajesh Agarwal.
The RBI released MD on Fraud Risk Management in
- Non-Banking Finance Companies(NBFCs) (including Housing Finance Companies(HFCs))
- Cooperative Banks (Urban Cooperative Banks(UCBs) / State Cooperative Banks(StCBs) / Central Cooperative Banks(CCBs))
- Commercial Banks(CBs)[including Regional Rural Banks(RRBs) and All India Financial Institutions (AIFIs)]
Note: All three MDs are together referred to as revised MD.
>> Read Full News
GoI and World Bank Signed USD 500 Million Agreement for Construction of GNHCP
- The project aims to deploy a safe and green highway using green technologies and climate resilience methodology.
- MoRTH also informed that the scheduled date for the final completion of the GNHCP project is May 2026.
Background:
i.This loan arrangement between the GoI and the World Bank was initially signed in December, 2020.
ii.The loan will be provided by International Bank for Reconstruction and Development (IBRD), part of World Bank Group (WBG). It has a maturity of 18.5 years including a grace period of 5 years.
About GNHCP:
i.GNHCP project will cover 4 states such as: Himachal Pradesh (HP), Rajasthan, Uttar Pradesh (UP) and Andhra Pradesh (AP) in an aggregate length of 781 kilometer (km).
ii.The World Bank will support the project by providing a loan assistance of USD 500 million, contributing to the total project cost of USD 1288.24 million (which is equivalent to Rs 7,662.47 crore).
Key Components:
i.The construction of highway will include the provisions of conservation of natural resources using cement-treated sub-base/reclaimed asphalt pavement.
ii.The project promotes the use of local and marginal materials such as: lime, fly ash, and waste plastic.
iii.Bio-engineering measures will be used for slope protection.
Significance:
i.These green technologies and bio-engineering solutions, particularly in hilly areas, will help to mitigate carbon emissions and ensure the conservation of natural resources during both the construction and operation phases of the project.
ii.GNHCP will facilitate smooth, all-weather motorable roads by enhancing connectivity and socio-economic development in the region.
About World Bank(WB):
President– Ajay Banga
Headquarters– Washington, DC, United States of America (USA)
Member nations- 189 (including India)
Established– 1944
RBI Issued ‘Fit & Proper’ Certificates to 3 Potential Suitors for IDBI Bank
- The potential suitors are Fairfax Financial Holdings Limited, Toronto(Canada); Emirates NBD Bank, Dubai(the United Arab Emirates(UAE)) and Kotak Mahindra Bank Limited (KMBL), Mumbai(Maharashtra).
- IDBI has received final approval from RBI for the ‘Fit & Proper’ criteria for privatization, and potential bidders for the strategic sale are expected to begin the process of due diligence early August, 2024.
Key Points:
i.The Government of India (GoI) and the Life Insurance Corporation of India (LIC) jointly holds around 94% stake in IDBI Bank. LIC as a promoter of IDBI Bank holds 49.24% while, the GoI as co-promoter holds 45.48% stake in IDBI Bank.
- In October 2022, the GoI and LIC had announced that they will divest total 60.72% stake in IDBI bank, which comprises 30.48% and 30.24% stake of GoI and LIC respectively.
ii.In January 2023, the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance(MoF), Government of India (GoI) announced that it received multiple Expressions of Interest (EoI) for buying a stake in IDBI bank.
About IDBI Limited:
Managing Director (MD) and Chief Executive Officer (CEO)- Rakesh Sharma
Headquarters- Mumbai, Maharashtra
Tagline- Banking for All
Established- 1964
HDFC Securities Partners with Vested Finance to Offer Access to Global Investing for Indians and NRIs
- With Global Investing 2.0, HDFC securities will empower investors with the tools and access needed to expand their investments.
- This partnership will provide investors with augmented protection, innovative features, and deep portfolio diversification.
Note: Vested Finance Inc. is the Securities and Exchange Commission (SEC)-registered investment adviser. Itproviding secure access to the US stock market for international investors.
Benefits:
As part of this partnership, HDFC securities will provide its clients with greater investment opportunities and features-enhanced through the platform of Vested and enhance their investment experience.
Key Features of Global Investing 2.0:
i.Simplified fund transfer by transacting USD funds seamlessly with HDFC Bank.
ii.Creating tailor-made USA investment baskets and portfolios with advanced research from HDFC securities.
iii.Effortless Systematic Investment Plans (SIPs) to be a part of investors’ global portfolio.
iv.Accessing markets before and after regular trading hours.
v.Advanced tools for informed investment decisions globally.
Security and Compliance:
i.Vested ensures top-tier security, allowing fractional share purchases of blue-chip stocks for as little as USD 1.
ii.Investors will benefit from full insurance coverage:
- The Securities Investor Protection Corporation (SIPC) covers up to USD 500,000 for securities, and
- The Federal Deposit Insurance Corporation (FDIC) covers USD 250,000 for cash.
iii.Security features also include state-of-the-art encryption, and bank-level security on every kind of transaction.
iv.Adherence to the USA regulations and Reserve Bank of India’s(RBI’s)Liberalized Remittance Scheme, enabling Indian residents to invest up to USD 250,000 annually.
Diverse Investment Options:
Investors can diversify their portfolios internationally, accessing world-class, theme-based options across stocks and Exchange-Traded Funds (ETFs).
- The USA holds 50% of the global market cap for diversified investment options.
About HDFC Securities Limited:
Managing Director (MD) & Chief Executive Officer (CEO)- Dhiraj Relli
Headquarters– Mumbai, Maharashtra
Founded – 2000
Amazon Pay, Adyen & BillDesk Secure PA-CB Licence from RBI
- BillDesk received the licence for both exports and imports (PA-CB-E&I) and Amazon Pay and Adyen received the licence for only import(PA-CB-I).
RBI Imposes Monetary Penalties on 5 UCBs:
The RBI has imposed monetary penalties on 5 Urban Co-operative Banks (UCBs) on 1st August 2024. The 5 UCBs are,
- Urban Co-operative Bank Ltd., Mainpuri, Uttar Pradesh(UP)
- Nagnath Urban Co-operative Bank Limited, Hingoli, Maharashtra
- Shrikrishna Co-operative Bank Limited, Umrer, Maharashtra
- Alibag Co-operative Urban Bank Limited, Alibag, Maharashtra
- The Hindusthan Co-operative Bank Limited, Mumbai, Maharashtra
APPOINTMENTS & RESIGNATIONS
RBI Approves Re-appointment of Inderjit Camotra as MD & CEO of Unity Small Finance Bank
- He has been serving as the MD & CEO of Unity Small Finance Bank since 2022.
About Inderjit Camotra:
i.Inderjit Camotra has over 28 years of experience in senior roles with Standard Chartered Bank (SCB), Australia and New Zealand Banking Group Limited (ANZ), and Citigroup.Inc.
ii.He has served as the Executive Director (ED) with Centrum
Financial Services Limited (Promoter Entity of Unity Bank) before joining the Unity bank.
About Unity Small Finance Bank Limited:
Unity Bank is a Scheduled Commercial Bank (SCB) promoted by Centrum Financial Services Limited with Resilient Innovations Private Limited as a co-investor.
MD & CEO – Inderjit Camotra
Headquarters – Mumbai, Maharashtra
Incorporated – 2021
Bibhuti Bhusan Nayak Elected as President of ICMAI
Bibhuti Bhusan Nayak, a Certified Management Accountant (CMA) has been elected as the 67th President of the Institute of Cost Accountants of India (ICMAI) for the 2024-2025 period.
- He succeeds Ashwin Dalwadi, who was the president for the 2023-24 period.
- TCA Srinivasa Prasad has been elected as the Vice President (VP) of the ICMAI for 2024-25. He will succeed Bibhuti Bhusan Nayak.
i.Nayak is also elected as the member of Council of the Institute for the term 2023-27. He is a Fellow Member of the ICMAI.
ii.He has served the Eastern India Regional Council of ICMAI as Regional Council Member for the term 2019-2023 and Chairman of Eastern India Regional Council (EIRC) of ICMAI for the year 2022-23.
iii.He has retired as a Deputy General Manager (DGM) (Finance) from Odisha Power Transmission Corporation Limited (OPTCL)/Grid Corporation of Odisha (GRIDCO).
Note: The ICMAI was set up as a statutory body on 28 May 1959 under the provisions of the Cost and Works Accountants Act, 1959, headquartered at Kolkata, West Bengal (WB).
PCB Chairman Mohsin Naqvi Becomes Next ACC President
Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi is set to become the next President of the Asian Cricket Council (ACC) later this year (2024). His two-year term will commence in January 2025.
i.Jay Shah, the Board of Control for Cricket in India (BCCI) Secretary is the current ACC president, who got a one-year extension in January 2024 for a third consecutive term.
ii.Naqvi is expected to take on the responsibilities for the Asia Cup in 2025 (T20I) in India and the 2027 edition in Bangladesh (ODI).
iii.This will be in addition to Naqvi’s current responsibilities of ensuring that the ICC Champions Trophy 2025, hosted by Pakistan.
Note: ACC is a cricket organisation to promote and develop the sport of Cricket in Asia, was established in 1983.
SCIENCE & TECHNOLOGY
WHG-02: China Successfully Launches New High-Orbit Internet-Services Satellite
- The satellite was launched aboard a Long March-3B (LM-3B) carrier rocket and entered its preset orbit successfully.
- This launch marks the 529th flight mission of the Long March carrier rocket series.
About WHG-02:
i.The satellite WHG-02 was developed by CAST (China Academy of Space Technology).
ii.The final orbit of WHG-02 is expected to be geostationary orbit.
iii.This is the second High orbit internet satellite launched by China.
- The first High orbit satellite internet-01 “Weixing Hulianwan Gaogui-01 (WHG-01)” was launched on 29th February 2024. It is currently in a transfer orbit.
Features of LM-3B:
i.LM-3B, developed from LM-3A and LM-2E, LM-3B is a heavy lift liquid strapped-on launch vehicle.
ii.LM-3B has the same core stage as LM-3A, with 4 liquid boosters strapped on the first stage.
iii.It has a length of 54.84 meters (m) and a launch mass of 426 tons.
iv.It is primarily used for placing heavyweight payloads into Geosynchronous Transfer Orbit (GTO), and other orbits.
v.An LM-3B is capable of placing multiple small satellites into orbit in a single flight and its launch capability for the GTO mission is 5.5 tons.
About China:
Prime Minister (PM)- Li Qiang
President– Xi Jinping
Capital– Beijing
Currency– Chinese Yuan
ENVIRONMENT
Six New Species of Bent-Toed Gecko Discovered from Northeast India
- The 6 new species are: Namdapha bent-toed gecko; Siang–valley bent-toed gecko; Kiphire bent-toed gecko; Barail Hill bent-toed gecko; Ngengpui bent-toed gecko; and Manipur bent-toed gecko.
- The findings about these species were published in Vertebrate Zoology, the scientific journal published by the Museum of Zoology Dresden, Germany.
Key Points:
i.The 6 new species of bent-toed gecko belongs to the genus Cyrtodactylus.
ii.They were discovered during the surveys conducted in Northeast India between 2018 and 2022.
iii.The morphological and scientific tests on the species samples collected from 22 locations revealed 6 new undescribed lineages.
Research Team: The new species were discovered by the researchers from Wildlife Institute of India (WII) in Dehradun, Uttarakhand; Ashoka Trust for Research in Ecology and Environment (ATREE) in Bengaluru, Karnataka and Natural History Museum London (NHM) in The United Kingdom(UK).
Details of the Discovery:
i.Namdapha bent-toed gecko was discovered from the Namdapha Tiger Reserve in AR, which is widespread within lowland evergreen forests of the Namdapha and Kamlang Tiger Reserves.
- These nocturnal geckos were found perched among vegetation along the forest streams of 25 Mile, Burma Nullah, Gibbons Land, Motijheel Trail, and Hornbill camp of the tiger reserve.
- In Kamlang, the species was observed from rocks and vegetation near the Kamlang River at Sinabrai. This is the 4th new species discovered by the researchers of the WII in the last two years.
ii.Siang-valley bent-toed gecko was discovered from the valley of the Siang river in AR.
iii.Kiphire bent-toed gecko was discovered at an elevation of 1,300 m above the sea level from a regenerating jhum (shifting cultivation) land in Kiphire district, Nagaland.
iv.Barail Hill bent-toed gecko was discovered from the Athibung reserve forest, which falls on the upper reaches of the Barail hill range, which provides a mountainous corridor between the Naga Hills and Assam.
- It is currently known only from the locality in Peren district of Nagaland.
v.Ngengpui bent-toed gecko was discovered from the Ngengpui Wildlife Sanctuary of Lawngtlai district, Mizoram.
vi.Manipur bent-toed gecko was discovered near the Lamdan Kabui village of Manipur. It was found at an elevation of nearly 1.5m on the road connecting Leimatak and Charoikhullen.
Additional info:
i.There are over 346 species of bent-toed geckos distributed across multiple biogeographic zones in Peninsular India, Sri Lanka, the Himalayan foothills, Northeast India, Southeast Asia, and the Solomon Islands.
ii.Around 30 species of the group are endemic to the Northeast India.
SPORTS
ACC Announced India as Host of T20 Men’s Asia Cup in 2025 & Bangladesh as host of ODI Men’s Asia Cup in 2027
The Asian Cricket Council (ACC) has officially declared India as the host of the 2025 Men’s Asia Cup cricket tournament in the Twenty20 (T20) format and Bangladesh as the host of the 2027 Asia Cup tournament in the One Day International (ODI) format.
- This announcement was made by the ACC in its Invitation for Expression of Interest (IEOI).
- According to the IEOI for the sponsorship rights document issued by the ACC, both the Asia Cup tournaments in India and Bangladesh will feature 13 games each, totaling 26 matches.
- In 2015, ACC announced that Asia Cup tournaments, the biennial men’s tournament, would be played on rotation basis in ODI and T20I format. The first Asia Cup tournament in T20 was held in 2016.
Note: Previously, India hosted the 4th edition of the Asia Cup in 1990/91. India has won the Asia Cup eight times which includes 7 ODI(1984, 1988;1991;1995; 2010; 2018 & 2023) and 1 T20I (2016).
BOOKS & AUTHORS
Breaking Rocks and Barriers: Memoirs of a Geologist and Mountaineer, a Book by Sudipta Sengupta
Sudipta Sengupta, a geologist and trained mountaineer, has penned a memoir titled “Breaking Rocks and Barriers: Memoirs of a Geologist and Mountaineer” narrating her adventures as a geologist conducting fieldwork in remote areas worldwide.
The book is published by HarperCollins Publishers India Pvt. Ltd.
i.Sudipta Sengupta is one of the first Indian women (along with Dr Aditi Pant) to visit Antarctica as part of the 3rd Indian Antarctic Expedition in 1983-84.
ii.She was also a member of the first all-women’s expedition to climb Ronti Peak in the Himalayas in 1967.
iii.She received the Shanti Swarup Bhatnagar Prize for Science and Technology in 1991 from Council of Scientific and Industrial Research(CSIR). She is one of only 19 women so far to receive the award.
iv.She is a Fellow of the Indian National Science Academy(INSA) and West Bengal Academy of Science and Technology(WAST).
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