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NATIONAL AFFAIRS
CM Eknath Shinde Inaugurated 27th National Conference on e-Governance in Mumbai 
On 3rd September 2024, Eknath Shinde, Chief Minister (CM) of Maharashtra, inaugurated the 27th National Conference on e-Governance (NCeG) at the Jio World Convention Centre in Mumbai, Maharashtra.
- The 27th NCeG took place from 3rd to 4th September 2024 under the theme – “Viksit Bharat: Secure And Sustainable e-Service Delivery”.
i.The event was jointly organized by the Department of Administrative Reforms and Public Grievances (DARPG), the Ministry of Electronics and Information Technology (MeitY), and the Government of Maharashtra.
ii.During the conference, 16 National Awards for e-Governance 2024 (NAeG 2024), which include 9 gold, 6 silver and 1 jury award, were conferred to various departments, organisations, institutions for their exemplary initiatives to promote innovation in e-governance.
About Ministry of Personnel, Public Grievances and Pensions (MoPPG&P):
Union Minister- Prime Minister (PM) Narendra Modi (Constituency- Varanasi, Uttar Pradesh)
Minister of State (MoS) – Dr. Jitendra Singh(Constituency- Udhampur, Jammu& Kashmir (J&K))
>> Read Full News
President Droupadi Murmu sanctions 23rd Law Commission of India from 2024-2027
The President of India Droupadi Murmu has sanctioned the 23rd Law Commission of India(LCI) for a three-year term, from September 1, 2024, to August 31, 2027. The Commission will focus on reviewing and recommending legal reforms and improvements to the legal system.
About 23rd LCI:
i.The 23rd Law Commission will have a full-time Chairperson, four full-time Members (including a Member-Secretary), a Secretary, the Department of Legal Affairs as an ex officio Member, the Secretary of the Legislative Department as an ex officio Member, and a maximum of five part-time Members.
- The chairperson and members of the commission could be serving judges of the Supreme Court(SC) or High Courts(HC) or other category of persons.
ii.It has been tasked to examine the impact of globalisation on food security, unemployment and recommend measures for the protection of the interests of the marginalised.
Terms of Reference:
i.Its mandate includes reviewing obsolete laws for repeal, simplifying legal language, and suggesting amendments to align laws with current economic and social needs.
ii.Focus areas include laws affecting the poor, improving judicial efficiency, gender equality, and revising significant Central Acts.
iii.The Commission will consult relevant ministries, submit reports to Parliament, and collaborate with law universities for research and internships.
About Law Commission of India(LCI):
i.The LCI is a non-statutory body that researches and recommends changes to the law in India.It is an advisory body to the Ministry of Law and Justice (MoL&J) that carries out legal research and makes recommendations to the government.
ii.The first Law Commission of independent India was established in 1955 for a 3-year term. The then Attorney-General of India, M. C. Setalvad was the chairman of this commission.
iii. It has taken up various subjects on references made by Department of Legal Affairs(DLA) under MoL&J, SC and HC and submitted 277 reports.
iv.The 22nd LIC was constituted for a period of 3 year with effect from 21st February, 2020. The term of 22nd LIC has extended upto 31st August, 2024.
- The 22nd LIC, headed by Justice (retd) Ritu Raj Awasthi was working on reports on simultaneous elections and a Uniform Civil Code, but had not submitted them to the government before Awasthi left to become a member of the Lokpal in March 2024.
President Delegates Powers to Delhi LG to Constitute any Authority or Statutory body 
The President of India, Droupadi Murmu, has delegated the powers to Lieutenant Governor (LG) of Delhi to constitute and appoint members any authority, board, commission or statutory body under any law enacted by the Parliament applicable to the Government of National Capital Territory (NCT) of Delhi.
Official Notification:
i.The Ministry of Home Affairs (MHA) issued a gazette notification outlining this delegation of powers.
ii.In pursuance of clause (1) of article 239 of the Constitution read with section 45D of the Government of NCT of Delhi Act, 1991 (1 of 1992), the President has directed Delhi LG shall, subject to the control of the President and until further orders, exercise the powers of the President under clause (a) of section 45D of the said Act for constitution of any body by whatever name or for appointment of any Government officer or ex officio member to such body.
- Article 239 of the Constitution relates to the administration of the Union territories.
- Section 45D of the Government of NCT of Delhi (Amendment) Act, 2023 relates to power to appoint authorities, boards, commissions or statutory bodies.
About Delhi:
Chief Minister (CM) – Arvind Kejriwal
Lieutenant Governor (LG) – Vinai Kumar Saxena
Airport – Indira Gandhi International Airport
Festivals – Bhai Dooj Festival, Chhat Festival
BANKING & FINANCE
Special Care Gold: Star Health rolls out India’s 1st Braille Insurance Policy
Chennai, Tamil Nadu (TN) based Star Health and Allied Insurance Company Limited (Star Health Insurance) launched India’s first Braille insurance policy named ‘Special Care Gold’,designed to cater the needs of Persons with Disabilities (PWDs).
- The policy was introduced during a ceremony in Mumbai, Maharashtra attended by the company’s Managing Director (MD) and Chief Executive Officer (CEO), Anand Roy, and, Co-Founder and Chairman of Bollant Industries, Srikanth Bolla.
- The Braille version of insurance policy was produced in collaboration with the Mumbai, Maharashtra-based National Association of the Blind (NAB).
Aim: To empower visually impaired individuals with opportunities for income generation in the insurance sector.
About Special Care Gold Policy:
i.The policy is launched for the persons with a disabilities as per ‘The Rights of Persons with Disabilities Act, 2016’ and for individuals with HIV/AIDS as defined under the ‘Human Immunodeficiency Virus(HIV) and Acquired Immune Deficiency Syndrome(AIDS) (Prevention and Control) Act, 2017’.
- Its coverage also includes physical, sensory, or cognitive impairments, addressing essential medical treatments and support services.
ii.The Braille version of the policy enables visually impaired individuals to access information and make independent decisions regarding health and finances.
iii.Any person aged between 18 and 65 years can avail this policy. Dependent children are covered from newborn to 17 years of age.
iv.The policy offers a 1-year term with individual coverage options of Rs 4,00,000 and Rs 5,00,000.
v.The company provides training and upskilling to help visually impaired individuals become health insurance agents.
Key Points:
According to the Ministry of Health & Family Welfare (MoHFW), approximately 34 million Indians are visually impaired.
- A 2022 study by the Indian Journal of Ophthalmology estimated that vision impairment leads to an economic loss of ~ 646 billion in productivity.
About National Association of the Blind (NAB):
President– Hemant Takle
Headquarters– Mumbai, Maharashtra
Brand Ambassador– John Abraham
Establishment– 1951
Axis Bank introduces Innovative Digital Solutions: UPI-ATM & Bharat Connect for Business
Axis Bank Limited launched two innovative digital solutions – ‘Unified Payments Interface-Automated Teller Machine(UPI-ATM)’ and ‘Bharat Connect for Business’ at the Global Fintech Fest (GFF) 2024 in Mumbai, Maharashtra.
- Both initiatives are for its retail and wholesale banking business.
About UPI-ATM:
i.UPI-ATM is a cardless cash withdrawal and deposit system using any UPI application(app).
- Axis Bank is the first private sector banks in India to showcase a state-of-the-art cash recycler which leverages Android technology to deliver an intuitive and user-friendly experience.
ii.It is India’s first Android Cash Recycler integrated with UPI, allowing customers to perform both Interoperable Cardless Cash Deposit (ICD) and Interoperable Cardless Cash Withdrawal (ICCW) transactions using any UPI-enabled application.
iii.It also offer an extensive range of services such as account opening, credit cards issuance, deposits, loans, forex, FASTag and more, all on a single platform.
About Bharat Connect for Business:
i.Bharat Connect(formerly Bharat Bill Payment System, BBPS) for Business was launched in partnership with National Payments Corporation of India (NPCI’s) Bharat BillPay Limited (NBBL).
ii.It is a B2B (Business to Business) platform for streamlining financial operations and enhancing working capital management.
iii.It digitizes the flow of funds and streamlines accounts payables/receivables. iv.It integrates business applications to manage partner onboarding, orders, payments, and offers invoice-based financing, enhancing working capital efficiency.
About Axis Bank Limited:
Managing Director (MD) and Chief Executive Officer (CEO)– Amitabh Chaudhry
Headquarters– Mumbai, Maharashtra
Tagline– Badhti Ka Naam Zindagi
Establishment– 1993
BOI Launches 333-Day Star Dhan Vriddhi FD Scheme with Higher Interest Rates
Bank Of India (BOI), one of India’s leading Public Sector Bank (PSB), has launched a Fixed Deposit (FD) scheme called ‘Star Dhan Vriddhi’, a term limit of 333 days with effective from 1 September 2024.
About Star Dhan Vriddhi:
i.Under the Star DhanVriddhi, customers can deposit up to Rs 3 crore.
ii.A loan against an FD and a premature withdrawal facility is also available in this scheme.
iii.Customers can open this FD through any BOI branch or via the BOI Omni Neo App and Internet banking.
Revised FD Rates :
i.The bank’s FD interest rates now range from 3% to 7.25% for general citizens on deposits below Rs 3 crore.
ii.For Senior Citizens (60-79 years), the interest rates range from 3% to 7.75%, and for Super Senior Citizens (aged 80 and above), the interest rates range from 3% to 7.90%.
iii.Senior citizens receive an additional 50 basis points (bps) on their Retail Term Deposits (RTDs) (less than Rs 3 crore) for tenures of 6 months to 3 years
iv.Super senior citizens will get an extra 65 bps on their RTDs (less than Rs 3 crore) for tenures of 6 months to 3 years.
About the Bank Of India (BOI):
Managing Director (MD) & Chief Executive Officer (CEO)- Rajneesh Karnatak
Headquarters– Mumbai, Maharashtra
Established– 1906
Tagline– Relationship Beyond Banking
IIMK LIVE & RBIH Sign MoU to Foster Innovation & Research in FinTech Sector
Kerala based Indian Institute of Management-Kozhikode (IIMK)’s Laboratory for Innovation, Venturing, and Entrepreneurship (IIMK LIVE) and the Reserve Bank Innovation Hub (RBIH) have signed a Memorandum of Understanding (MoU) to drive innovation, research, and support for the Financial Technology (FinTech) start-ups in India.
- This collaboration underscores a commitment to fostering growth and entrepreneurship in India’s FinTech landscape.
Signatories:
The MoU was signed by Prof. Ashutosh Sarkar, Executive Director of IIMK LIVE, and Mr. Aakarsh Naidu, Head of Fintech and Startups at RBIH in IIMK campus in Kozhikode, Kerala.
About the MoU:
i.The MoU aims to build a unified, and robust ecosystem that accelerates FinTech growth and development through shared resources expertise, and innovative strategies.
ii.This MoU will leverage combined strengths to create an ecosystem supporting startups, advance cutting-edge research, and ultimately increase the growth of FinTech in India.
iii.This partnership will foster a growing FinTech ecosystem across India and empower a billion Indians with frictionless finance.
About IIMK LIVE:
i.IIMK LIVE, established in 2016, is a business incubator and entrepreneurship development center of IIMK.
ii.It has been set up with the support of the Department of Science and Technology (DST), the Ministry of Science and Technology (MoST), and the IIMK, a premier management Institute of global reckoning.
About the Reserve Bank Innovation Hub (RBIH):
RBIH was established in 2021 as a wholly owned subsidiary of the Reserve Bank of India (RBI), focused on promoting innovation in the financial sector.
Chief Executive Officer (CEO)- Rajesh Bansal
Headquarters– Bengaluru, Karnataka
India’s UPI Processes Nearly 81 Lakh Crore Transactions In April-July; Surpasses World’s Leading Digital Payment Platforms
According to the global payment hub Paysecure data, India’s Unified Payments Interface (UPI) has processed nearly 81 lakh crore rupees in transactions between April and July 2024, surpassing the top digital payment platforms in the world. This represents a 37% increase Year-over-year (YOY).
i.India leads the world in digital transactions, with over 40% of payments being made digitally, and UPI being used for a majority of them.
ii.UPI processed 3,729.1 transactions per second, up 58% from 2,348 in 2022.
- UPI transactions reached 20.6 lakh crore rupees in July 2024, the highest- ever recorded in a month.
iii.The United Kingdom(UK) based Skrill became the second-most popular alternative payment method with 1,553.8 transactions per second and processed 49 billion transactions in 2023. Brazil based Pix is the 3rd-most popular alternative payment method with 1,331.8 transactions per second.
Paysharp Receives Final Authorisation from RBI To Act as a Payment Aggregator PA
On 30th August 2024, Chennai (Tamil Nadu, TN) based Fintech startup Paysharp Private Limited received the final authorisation from the Reserve Bank Of India (RBI) to act as a Payment Aggregator (PA).
- Paysharp has received the in-principal PA licence in December 2022. It holds the International Organization for Standardization (ISO) 27001:2022 and System and Organization Controls (SOC) 2 accreditations.
- It is a part of the India’s Payment System with RBI’s final PA, authorisation, which facilitates Paysharp’s expansion to more retailers.
- It is providing flat pricing to merchants alternative to percentage based pricing followed by other PAs.
Note: Till now, RBI has authorized 36 PA including Razorpay, Cashfree and Stripe.
Kotak General Insurance Rebrands as Zurich Kotak General Insurance after Major Stake Acquisition
Mumbai (Maharashtra)-based Kotak Mahindra General Insurance Company Limited has re-branded itself as Zurich Kotak General Insurance Company (India) Limited, following Zurich Insurance Group’s 70% acquisition of Kotak Mahindra General Insurance Company Limited in June 2024. The brand symbolises a commitment to trust, innovation, integrity, and customer excellence.
- Zurich Kotak General Insurance Company (India) Limited, a 70:30 Joint Venture (JV) between Zurich Insurance Group and Kotak Mahindra Bank, is the youngest and one of the fastest-growing non-life insurance franchises in India.
- In line with its rebranding, the company has also reconstituted its board of directors, including Suresh Agarwal as Managing Director (MD) & Chief Executive Officer (CEO), Srinivas Injeti as Chairman and Independent Director (ID).
AWARDS & RECOGNITIONS
FICCI Honoured Ayushmann Khurrana & Neeraj Chopra with the Youth Icon of India Award 2024
On 29th August 2024, Federation of Indian Chambers of Commerce and Industry (FICCI) organised the 1st edition of the ‘FICCI Young Leaders Awards (2024)‘ and recognised outstanding young achievers across 13 categories.
- Bollywood actor Ayushmann Khurrana with ‘The Youth Icon Award 2024 (Entertainment)’ and Indian Javelin thrower and Olympic medallist Neeraj Chopra with ‘The Youth Icon Award 2024 (Sports)
- FICCI also honoured Indian fashion designer Rahul Mishra with Youth Icon Award 2024 (Art & Culture); Amitabh Shah, Founder of Yuva Unstoppable, with Youth Icon Award 2024 (Public Service); and Journalist Palki Sharma with Youth Icon Award 2024 (Media).
i.In 2019, Ayushmann Khurrana won the National Award for Best Actor for his performance in the movie Andhadhun (2018). He was appointed as the National Ambassador of United Nations Children’s Fund (UNICEF) India in 2023. He is also a Celebrity Advocate of UNICEF India (since 2020).
ii.In 2021, Neeraj Chopra became the 1st Indian track and field athlete to win a gold medal in the men’s javelin throw at the 2020 Olympic Games held in Tokyo, Japan. He won the silver medal in the men’s javelin throw at the 2024 Paris Olympics (France).
Note: New Delhi (Delhi)-based FICCI, established in 1927, is the largest and oldest apex business organisation in India.
ACQUISITIONS & MERGERS
CCI Approvals on 3 September 2024
The Competition Commission of India (CCI) approved the following proposals on 3 September 2024:
i.Acquisition of the remaining 51% shareholding (on a fully diluted basis) in Rane NSK Steering Systems Private Limited (RNSSPL) by Rane Holdings Limited (RHL) by way of a share purchase from NSK Limited (Japan).
ii.Acquisition of 100% shareholding of Actis Holdings S.à r.l. by GAP Arthur Holdco, L.P.
iii.Acquisition of Shareholding in Utkarsh CoreInvest Limited (Utkarsh CoreInvest) by Citrine Inclusion Limited (Citrine).
iv.Acquisition of additional unitholding in Highway Infrastructure Trust by 2452991 Ontario Limited’s (OTPP 1/Acquirer).
About the Competition Commission of India (CCI):
Chairperson– Ravneet Kaur
Headquarters– New Delhi, Delhi
Established– 2003
Operational from– 2009
>> Read Full News
IMPORTANT DAYS
National Teachers’ Day 2024 – September 5
National Teachers’ Day is annually observed across India on 5 September to commemorate the birth anniversary of Bharat Ratna Dr. Sarvepalli Radhakrishnan, a great philosopher and scholar, who served as the 1st Vice-President and the 2nd President of Independent India.
- The day honours and recognises the dedication, hard work, and exceptional contributions of teachers to education and our society.
i.The 1st National Teachers’ Day was observed on 5 September 1962, the 77th birth anniversary of Dr. Sarvepalli Radhakrishnan.
ii.On the occasion of National Teachers’ Day 2024, President Droupadi Murmu conferred the National Teachers’ Award 2024 (NTA 2024) to 82 recipients, at Vigyan Bhawan, in New Delhi, Delhi.
About the Ministry of Education (MoE):
Union Minister– Dharmendra Pradhan (Constituency: Sambalpur, Odisha)
Ministers of State (MoS)- Jayant Chaudhary (Rajya Sabha, Uttar Pradesh (UP)); Sukanta Majumdar (Constituency: Balurghat, West Bengal, WB)
>> Read Full News
International Day of Charity 2024 – September 5
The United Nations (UN)’s International Day of Charity is annually observed across the globe on 5th September to raise awareness about the importance of charity in alleviating humanitarian crises and human suffering and promoting social responsibility.
- The Day also aims to sensitise and mobilise people, Non-Governmental Organisations (NGOs), and stakeholders worldwide to help others through volunteer and philanthropic activities.
- The day also commemorate the death anniversary of Nobel Peace Prize winner Mother Teresa.
Background:
i.On 17 December 2012, the United Nations General Assembly (UNGA) adopted the resolution A/RES/67/105 and proclaimed the 5th September of every year as the International Day of Charity.
ii.The first-ever International Day of Charity was observed on 5 September 2013.
>> Read Full News
STATE NEWS
Assam to Celebrate 20th August as Sootea Day from 2025
Himanta Biswa Sarma, Chief Minister (CM) of Assam, announced that 20th August of every year will be officially celebrated across as Sootea Diwas (Sootea Day) to recognise the importance of the region in the Freedom movement.
- The first ever official Sootea Diwas will be celebrated on 20th August 2025.
Significance of Sootea:
i.On 20th August 1942, People of Sootea led by late Biman Chandra Bora hoisted the National flag at the Sootea Police Station.
ii.This was the first time in India wherein the tricolour flag was hoisted lowering the Union Jack.
Background:
i.Under the initiative of Padma Hazarika, the Member of Legislative Assembly (MLA) of Sootea (Assam), the first Sootea Diwas was celebrated on 20th August 2022.
ii.On 29th August 2024, MLA Padma Hazarika presented the case for official recognition of “Sootea Diwas” at the Assam Legislative Assembly following which the 20th August is officially recognised as Sootea Diwas.
Heritage Monument:
i.CM Himanta Biswa Sarma also unveiled the plans for a heritage monument at the site of Sootea Police Station, with a budget of Rs 5 crore.
ii.This will promote the heritage of Sootea Police Station and its adjoining areas
iii.The monument will include a garden and the statues of those leaders who took active role in hoisting the national flag as a part of the heritage monument.
About Assam:
Chief Minister (CM) – Himanta Biswa Sarma
Governor – Lakshman Prasad Acharya
Wildlife Sanctuaries – Amchang Wildlife Sanctuary, Dehing Patkai Wildlife Sanctuary
Airports – Lokpriya Gopinath Bordoloi International Airport, Dibrugarh Airport
MP Govt Launches Brindavan Gram Scheme & Gita Bhavan Project
The Madhya Pradesh (MP) government has launched the Brindavan Gram Scheme and Gita Bhavan Project, aimed at enhancing rural development and promoting cultural and spiritual heritage of MP respectively.
- The MP government also approved a proposal to form an organising committee to plan the 320th birth anniversary celebration for Ahilyabai Holkar, the queen of the Maratha Malwa kingdom.
About the Brindavan Gram Scheme:
i.Mohan Yadav, the Chief Minister (CM) of MP made a formal announcement of the Brindavan Gram Scheme on August 26 2024.
ii.This scheme aims to promote milk production in villages and enhance income of the farmers. The scheme will be implemented by the Panchayat and Rural Development Department, Maharashtra.
iii.The scheme would establish ‘Gaushalas (cow sheds)’ to promote milk protection and other schemes that benefitting the villagers.
iv.MP has a total of 313 blocks and one gram panchayat will be selected from each block.The selected gram panchayat will be named as ‘Brindavan Gram’.
v.The roof-top solar policy will be implemented in selected gram panchayats.
About Gita Bhavan Project:
i.Gita Bhavans will be constructed in all urban bodies across MP under the Gita Bhavan Project
ii.Presently, MP has only one ‘Gita Bhavan’ in Indore, which is a religious and cultural centre that promotes the principles of the Bhagavad Gita.
- It features idols and pictures of many gods, and paintings of the Puranas, Mahabharata, and Ramayana.
iii.The spiritual literature will be made available in Gita Bhawan centres, in addition to the Gita and other publications related to Lord Krishna.
About Madhya Pradesh (MP):
Chief Minister (CM) – Mohan Yadav
Governor – Mangubhai Chhaganbhai Patel
National Parks – Fossil National Park, Bandhavgarh National Park
Wildlife Sanctuaries – National Chambal Gharial Wildlife Sanctuary, Nauradehi Wildlife Sanctuary
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