01st July, 2024
MMRDA, Credit Cards, IICA, Adani Defense, #H helicopter, AFI logo, APY award, Homoeopathy, Antonio Costa, Ravi Agrawal, smallest living elephants, Manoj Bajpayee
- MMRDA to raise Rs 8.5 Mn to develop urban infrastructure
- The total number of credit cards in circulation increased by 18 per cent year-on-year to 103.3 million in May 2024 from 87.4 million in the year ago period.
- The Indian Institute of Corporate Affairs (IICA) is planning to introduce a special course to help independent directors (IDs) read financial statements more effectively.
- Adani Defence and Thales Partner to Manufacture 70mm Rockets in India
- INDIAN NAVY BIDS FAREWELL TO UH – 3H HELICOPTER
- The Honorable Minister for Youth Affairs and Sports and Labour & Employment, Dr. Mansukh Mandaviya, unveiled the new logo of the Athletics Federation of India (AFI) in Panchkula.
- Bank of India Won Atal Pension Yojana Annual Award for FY2023-24
- In a significant development aimed at advancing the field of Indian Medicine and Homoeopathy, an MoU was signed.
- Portugal’s Antonio Costa appointed as Next Head of European Council
- Ravi Agrawal appointed as new CBDT chairman
- World’s smallest living elephants listed as Endangered on Red List
- “Manoj Bajpayee: The Definitive Biography” Authored by Journalist Piyush Pandey
Table of Content
Banking and Economy
- MMRDA to raise Rs 8.5 Mn to develop urban infrastructure
- What: The Mumbai Metropolitan Region Development Authority (MMRDA) has partnered with the German state-owned development bank “KfW” for a loan agreement.
- Why: The loan will be used to enhance urban infrastructure in the Mumbai Metropolitan Region
- Tell me more:
- Loan amount: Rs. 850 crore
- Besides the loan, MMRDA will also provide about Rs 365 crore from its own funds for sustainability projects.
Source: Economic Times
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About KfW Bank - Chief Executive Officer (CEO)- Stefan Wintels - Headquarters- Frankfurt, Germany About Mumbai Metropolitan Region Development Authority (MMRDA): - Metropolitan Commisioner- Dr. Sanjay Mukherjee - Headquarters- Mumbai, Maharashtra |
- Credit cards circulation increases by 18% to 103.3 million in May
- What: The total number of credit cards in circulation increased by 18 per cent year-on-year to 103.3 million in May 2024 from 87.4 million in the year ago period.
- The number of cards in force rose 0.76 million in May.
- Tell me more:
- Credit card spending in May 2024 increased by 17 per cent Y-o-Y to Rs 1.65 trillion in May 2023. The spending rose by 6.45 per cent from Rs 1.55 trillion in April 2024.
- HDFC Bank continues to be the leader in the number of cards in force followed by SBI Cards, ICICI Bank, and Axis Bank.
Source: Business Standard
- Special course to help independent directors read financial statements
- What: The Indian Institute of Corporate Affairs (IICA) is planning to introduce a special course to help independent directors (IDs) read financial statements more effectively.
- This course is specifically designed for individuals who are likely to become or are already members of an audit committee.
- Past: The government, through a notification in October 2019 that came into effect from December 2019, brought a mandate for IDs to pass a qualifying exam that would set a foundational standard. The IICA conducts the exam.
Source: Business Standard
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Independent Directors - The Company Law 2013,requires all listed companies to have a one-third of their board members as independent directors. Role: - They are not involved in the day-to-day operations of the company. - They play a crucial role in good corporate governance, providing an unbiased perspective to the board members. - Their role is to ensure the interests of minority shareholders are protected and act as overseers outside the influence of the firm. |
Defence News
- Adani Defence and Thales Partner to Manufacture 70mm Rockets in India
- What: Adani Defence & Aerospace has partnered with Thales Group (a French comoany) to manufacture 70 mm rockets in India.
- The rockets will be used for India’s attack helicopters.
- Rudra, and Prachanda helicopters manufactured by Hindustan Aeronautics Limited
- These rockets can be used against soft and light-armored vehicles, air defense facilities, radar sites, and communication installations with laser-guided precision.
Source: Live Mint
- INDIAN NAVY BIDS FAREWELL TO UH – 3H HELICOPTER
- What: Indian Navy bid farewell to the UH-3H helicopter after 17 years of glorious service during a de-induction ceremony held at INS Dega, Visakhapatnam (also known as city of destiny).
- The UH-3H helicopter will be replaced by Sea King 42C helicopter
Source: PIB
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About the Indian Navy - Chief of the Naval Staff (CNS)- Admiral Dinesh Kumar Tripathi - Headquarters- New Delhi, Delhi |
Sports
- MoYAS Unveils new AFI logo and meets Olympics-bound athletes in Panchkula
- What: The Honorable Minister for Youth Affairs and Sports and Labour & Employment, Dr. Mansukh Mandaviya, unveiled the new logo of the Athletics Federation of India (AFI) in Panchkula.
- He also interacted with track and field athletes who are bound for the Paris 2024 Olympic Games.
New Logo of AFI
Source: PIB
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About AFI - The Athletics Federation of India (AFI) is the apex body responsible for managing and overseeing athletics in India. - It is affiliated with World Athletics, the Asian Athletics Association (AAA), and the Indian Olympic Association. - AFI has 32 affiliated state units and institutional units - President: ADILLE J SUMARIWALLA |
Awards
- Bank of India Won Atal Pension Yojana Annual Award for FY2023-24 by PFRDA
- What: Bank of India (BOI) has won the Atal Pension Yojana Annual Award for FY2023-24 by Pension Fund Regulatory and Development Authority (PFRDA ).
- Tell me more:
- BOI has received this award for the second consecutive year.
- BOI was also awarded the ‘APY Ultimate Champions Cup’ while three of its branches have been recognized among the top five branches across India.
- Three BOI-sponsored regional rural banks(RRB) were also recognised for their accomplishments in APY enrollment:
- Nagpur(Maharashtra)-headquartered Vidharbha Konkan Gramin Bank (VKGB),
- Indore (Madhya Pradesh)-headquartered Madhya Pradesh Gramin Bank (MPGB),
- Lucknow (Uttar Pradesh)-headquartered Aryavart Bank (AB).
Source: PSU Connect
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APY - Atal Pension Yojana (APY) is a government-backed pension scheme in India, primarily targeted at unorganized sector workers. Eligibility: - Age: Subscribers must be between 18 and 40 years old. - Bank Account: They should have a savings bank account or a post office savings bank account. Benefits: - Guaranteed Minimum Pension: Subscribers receive a monthly pension of Rs. 1,000/- to Rs. 5,000/- at age 60, based on their contributions. - Note: From 1st October, 2022, any citizen who is or has been an income tax payer, shall not be eligible to join APY. |
Memorandum of Understanding
- MoU Signed between CCRAS-CSMCARI and CIM&H, Chennai
- What: In a significant development aimed at advancing the field of Indian Medicine and Homoeopathy, an MoU was signed.
- Parties: Central Council for Research in Ayurvedic Sciences – Captain Srinivasa Murthy Central Ayurveda Research Institute (CSMCARI) in Chennai (under the Ministry of AYUSH, Government of India) and the Commissionerate of Indian Medicine and Homoeopathy (CIM&H) in Arumbakkam, Chennai, Tamil Nadu.
- Why: This MoU outlines a collaborative framework for testing services, imparting training, and executing a collaborative project on “Research Studies for the Standardization and Evaluation of Toxicity Studies for the Preparation of Selected Higher Order Medicines.”
- Higher order medicines” refer to advanced or more complex medications, often involving sophisticated research and development processes
- Tell me more:
- The primary objectives include:
- Testing of raw drugs and finished products for standardization of medicine.
- NABL Accreditation Training guidance to the CIM&H laboratory.
- Conducting a research project on evaluating the toxicity of selected higher-order medicines.
- This partnership aims to enhance the quality and safety of Ayurvedic and Homoeopathic medicines, benefiting practitioners and patients alike.
Source: PIB
- The primary objectives include:
- What: In a significant development aimed at advancing the field of Indian Medicine and Homoeopathy, an MoU was signed.
Appointments
- Portugal’s Antonio Costa appointed as Next Head of European Council
- What: Goan-origin, António Costa, the Portuguese politician who served as the Prime Minister (PM) of Portugal from 2015 to 2024, was elected as the New President of the European Council.
- He is also known as the Gandhi of Lisbon (Portuguese Capital)
- Tell me more:
- He will take office in December 2024 succeeding Charles Michel of Belgium.
- Note: European Council is the informal forum for discussion between heads of state or government of the European Union (EU) member states.
- Also the, Ursula von der Leyen of Germany was nominated for a second 5-year term as President of the European Commission, the executive body of EU.
Source: The Week
- What: Goan-origin, António Costa, the Portuguese politician who served as the Prime Minister (PM) of Portugal from 2015 to 2024, was elected as the New President of the European Council.
- He was serving as the Vice Chief of the Army since February 2024.
Source: India Today
- Sujata Saunik becomes Maharashtra’s first woman chief secretary
- What: Sujata Saunik has made history by becoming the first woman to hold the position of Chief Secretary in Maharashtra.
- She has succeeded Nitin Kareer, who retired from the position.
- Maharashtra now has women in both its top two positions, with Senior IPS officer Rashmi Shukla serving as the Director General of Police since January 2024.
Source: Hindustan Times
- FSIB appoints Challa Sreenivasalu Setty as SBI’s 27th chairman, replaces Dinesh Khara
- What: Financial Services Institution Bureau (FSIB) has selected Challa Sreenivasulu Setty as the 27th chairman of State Bank of India (SBI).
- He will succeed Dinesh Khara as the Chairman, who is set to retire in August 2024.
- Note: The Upper age limit for SBI Chairman is 63 years of age.
Source: Live Mint
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About European Council - It was established in 1974 as an informal forum, gained formal status in 1992 under the Treaty of Maastricht and became one of the seven EU institutions in 2009. - Current President- Charles Michel European Union Vs European Council 1.The Council of Europe is more of a cultural institution that is primarily concerned with developing and spreading the awareness on human rights to its members. 2.The European Union is more of a economic entity that acts as one unified nation in the bigger world market. It leans more on implementing economic policies. |
- Ravi Agrawal appointed as new CBDT chairman
- What: Ravi Agrawal, an Indian Revenue Services (IRS) officer has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT).
- He is currently working as Member (Administration) in the Board.
- He will retain the office till the year 2025.
- He takes over from Nitin Gupta, whose tenure as the chairman ends on June 30.
Source: Indian Express
- What: Ravi Agrawal, an Indian Revenue Services (IRS) officer has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT).
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About CBDT - The CBDT is the apex policy-making body for the Income-tax department, and it is headed by a chairman and can have six members. - It was established as per the Central Board of Revenue Act, 1963. - It is vested with the authority and responsibility of the administration of laws related to direct taxes through the Department of Income Tax. |
Miscellaneous
- World’s smallest living elephants listed as Endangered on Red List
- What: The Bornean elephant (Elephas maximus borneensis), the smallest Asian elephant species has been assessed as ‘Endangered’.
- The status has been given by International Union for Conservation of Nature (IUCN) Red List of Threatened Species,
- Why: Due to threats from human activities (like Poaching, hunting, deforestation).
Source: NHM
- What: The Bornean elephant (Elephas maximus borneensis), the smallest Asian elephant species has been assessed as ‘Endangered’.
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- The IUCN Red List of Threatened Species, commonly known as the IUCN Red List, is a comprehensive inventory of the global conservation status of biological species. - It is compiled and published by the International Union for Conservation of Nature (IUCN). - The Red List assesses the extinction risk of species and provides critical information on their distribution, population status, habitat, and threats. - Director General: Dr Grethel Aguilar The categories used in the IUCN Red List to indicate the conservation status of species are: Extinct (EX): No known individuals remaining. Extinct in the Wild (EW): Known only to survive in captivity or as a naturalized population outside its historic range. Critically Endangered (CR): Extremely high risk of extinction in the wild. Endangered (EN): High risk of extinction in the wild. Vulnerable (VU): High risk of endangerment in the wild. Near Threatened (NT): Likely to become endangered in the near future. Least Concern (LC): Lowest risk; does not qualify for a higher risk category. Data Deficient (DD): Not enough data to make an assessment of its risk of extinction. Not Evaluated (NE): Has not yet been evaluated against the criteria. |
- “Manoj Bajpayee: The Definitive Biography” Authored by Journalist Piyush Pandey
- What: “Manoj Bajpayee: The Definitive Biography” is the biography of the National award- winning Bollywood actor Manoj Bajpayee, authored by journalist Piyush Pandey.
- About Manoj Bajpayee:
- He has won three National Film Awards – Best Supporting Actor for Satya in 1999, Special Jury Award (Feature Film) for Pinjar in 2004, and Best Actor for Bhonsle (2018) in 2021.
- The government of India honoured him with Padma Shri for arts in 2019.
Source: Business Line
About Anuj Jindal
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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 5 years of experience in the field of Education.
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