03rd-05th August, 2024

1. 26 New Sites Inscribed as UNESCO World Heritage
2. Highlights of UK Foreign Secretary Davi Lammy’s Visit to India
3. Curaçao Becomes 6th Associate Member of CARICOM
4. Kotak Mahindra Bank and GOQii Launch Contactless Payment Smartwatch
5. RBL Introduces RuPay Credit Card with UPI and NCMC Features
6. SWIFT and Axis Bank Launch AI Pilot to Combat Payment Fraud
7. Paytm Unveils India’s First NFC Card Soundbox
8. Thales and Garuda Aerospace Sign MoU for Securing Drone Operations in India
9. PwC India and Microsoft India Collaborate to Enhance Cybersecurity
10. Earth Overshoot Day 2024 – August 1
11. TRAI Issues Revised Standards for Quality of Service in Access and Broadband
12. Germany Joins UN Command in South Korea as 18th Member State
13. HDFC Bank Partners with Vested Finance Inc.
14. RBI Approves Inderjit Camotra’s Re-appointment as MD & CEO of Unity Small Finance Bank
15. China Launches High-Orbit Internet Satellite Weixing Hulianwan Gaogui-02 (WHG-02)
16. Sudipta Sengupta’s Memoirs: Breaking Rocks and Barriers
17. Prime Minister of Vietnam’s State Visit to India
18. NPCI Suspends Payments in Banks Affected by Ransomware Attack
19. States Can Buy Rice from FCI Under OMSS Domestic Without e-Auction Starting August 1, 2024
20. Indian Astronomers Discover 34 New Giant Radio Sources with GMRT
21. Shubhanshu Shukla and Prasanth Balakrishnan Nair Selected for Axiom-4 Mission
22. ASCI Report: 52 Out of 53 Top Indian Apps Use Dark Patterns
23. GAIN Releases Report on Investing in Nutritious Foods Value Chains
24. Ministry of Health Urges Sports Authority of India and BCCI to Curb Surrogate Advertising of Tobacco/Alcohol
25. PM Pays Tributes to Pingali Venkayya on Birth Anniversary (August 2, 1876)
26. RBI selected 5 firms for Regulatory Sandbox (RS)

National News

1. 46th UNESCO World Heritage Committee Added 26 Sites
   • What
     • The 46th meeting of the UNESCO World Heritage Committee ended in New Delhi, India, where 26 new cultural and natural sites were added to the World Heritage List.
     • The new sites include 20 cultural sites, 5 natural sites, and 1 mixed site.
     • Now, there are a total of 1,223 sites on the World Heritage List across 168 countries.
   • Tell me more
     • The Niokolo Koba National Park in Senegal was removed from the List of World Heritage in Danger during this session.
     • Nauru ratified the World Heritage Convention, becoming the 196th country to join.
       Source: UNESCO
2. UK Foreign Secretary David Lammy Visits India
   • What
     • UK Foreign Secretary David Lammy visited India on July 24, 2024, at the invitation of External Affairs Minister Dr. S. Jaishankar. This was his first official visit as UK Foreign Secretary.
   • Why
     • The visit aimed to strengthen bilateral ties and review the progress of the Roadmap 2030, which focuses on enhancing cooperation between India and the UK.
   • Tell me more
     • Both ministers expressed satisfaction with the progress of the Roadmap 2030 and discussed renewing it to enhance cooperation in trade, defense, technology, and climate.
       • The Roadmap 2030 was initially agreed upon during the India-UK Virtual Summit in 2021.
     • The UK-India Technology Security Initiative was launched to expand collaboration in critical technologies like AI, semiconductors, and biotech.

3. TRAI Announces New Quality of Service Regulations for 2024
   • What
     • The Telecom Regulatory Authority of India (TRAI) has released revised regulations titled ‘The Standards of Quality of Service of Access (Wirelines and Wireless) and Broadband (Wireline and Wireless) Service Regulations, 2024’.
   • Why
     • The updated regulations are intended to address the changes in technology and ensure high-quality service delivery.
     • They aim to consolidate and improve the quality standards for telecom services in light of advancements such as 4G, 5G, and high-speed broadband.

   • Tell me more
     • Service providers must now publish their Quality of Service (QoS) performance on their websites.
     • Service providers are required to adopt a Six Sigma Quality Management Plan for continuous improvement.
     • The older regulations, which are now superseded, were established in 2009, 2006, and 2012.
       Source: PIB
4. India and Vietnam Sign Nine Agreements to Strengthen Ties
   • What:
     • India and Vietnam signed nine agreements to enhance their comprehensive strategic partnership.
     • Prime Minister Narendra Modi and Vietnamese Prime Minister Pham Minh Chinh held talks in New Delhi during the latter’s visit.
   • Why:
     • The agreements aim to boost cooperation in customs, agriculture, legal matters, broadcasting, culture, and tourism.

   • Tell me more:
     • Bilateral trade between India and Vietnam has reached 15 billion USD, with a goal to increase it to 20 billion USD.
     • A plan of action for the Comprehensive Strategic Partnership for 2024-2028 was agreed upon.
     • New agreements include:
       • Cooperation in agricultural research between Central Agricultural University of Manipur and Vietnam Academy of Agricultural Sciences.
       • Collaboration on radio and television between Prasar Bharati and Voice of Vietnam.
       • Two credit line agreements totaling 300 million USD.
       • Vietnam will join the Coalition for Disaster Resilient Infrastructure.

Source: VP NOA

International News

1. Curaçao Becomes Sixth Associate Member of CARICOM
   • What
     • Curaçao, a country in the Carribean, has officially joined the Caribbean Community (CARICOM) as its sixth Associate Member.

   • Why
     • The inclusion aims to enhance regional integration by bringing Curaçao’s unique cultural traditions and economic strengths into the CARICOM framework.
   • Tell me more
     • The agreement was signed by CARICOM Chairman Dickon Mitchell and Curaçao’s Prime Minister Gilmar Simon Pisas during the 47th Regular Meeting of Heads of Government in St. George’s, Grenada (a country in the Caribbean).
     • CARICOM now consists of 15 Member States and 6 Associate Members, with increasing interest from other countries to join.

2. Germany Joins U.S.-Led United Nations Command in South Korea
   • What
     • Germany has officially joined the U.S.-led United Nations Command (UNC) in South Korea, becoming the 18th member of this group.
   • Why
     • This move shows Germany’s commitment to security in the Indo-Pacific region and its support for South Korea in the event of a conflict.
   • Tell me more
     • The UNC helps manage the heavily fortified border with North Korea and is responsible for defending South Korea.
     • The UNC was established in 1950 to restore peace and enforce the armistice after the Korean War.
     • Germany is the first country to join the command since Italy was reinstated in 2013.
     • The UNC is led by the commander of the U.S. military stationed in South Korea and is not officially part of the United Nations.
       Source: Print
3. China Launches Second Geostationary Communications Satellite
   • What
     • China has successfully launched its second geostationary communications satellite, High Orbit Internet Satellite-02, using a Long March 3B rocket.
   • Why
     • The launch aims to enhance China’s capabilities in satellite communications, although the specific purposes of the new satellite remain unclear.
   • Tell me more
     • On August 1, China successfully launched a new satellite from the Xichang Satellite Launch Center. This satellite follows the launch of the first High Orbit Internet Satellite on February 29.
     • Operated by China Aerospace Science and Technology Corporation (CASC), the satellite will enhance China’s geostationary communications network, including the ChinaSat-26, which offers high-speed internet.
     • Developed by CASC’s China Academy of Space Technology (CAST), the satellite is part of China’s plan to deploy multiple low Earth orbit satellite constellations, including Guowang and G60 Starlink.
       Source: SN

Banking and Economy

1. Kotak Mahindra Bank Launches Smartwatch for Payments
   • What
     • Kotak Mahindra Bank, in collaboration with GOQii, has launched a smartwatch that allows customers to make contactless payments and monitor health parameters.
   • Tell me more
     • Priced at Rs 3,499, the smartwatch enables transactions up to Rs 5,000 without needing a PIN.
     • The smartwatch is powered by RuPay On-The-Go technology.
     • Vishal Gondal, Founder & CEO of GOQii, highlighted the integration of health monitoring with contactless payment capabilities.
       Source: UNI
2. RBL Bank Integrates UPI and NCMC on RuPay Credit Cards
   • What
     • RBL Bank has launched a new feature that integrates Unified Payments Interface (UPI) and National Common Mobility Card (NCMC) services on its RuPay Credit Cards.
   • Why
     • The integration aims to provide customers with a convenient way to make contactless payments and manage transactions for daily expenses and travel using a single card.
   • Tell me more
     • RBL Bank is the first private sector bank to offer this comprehensive payment solution.
     • The UPI feature allows for seamless transactions, enhancing the digital payment experience.
     • The NCMC feature facilitates hassle-free travel.
       Source: BS
3. SWIFT Launches AI Pilot with Axis Bank to Combat Fraud
   • What
     • SWIFT, in partnership with Axis Bank, has launched an artificial intelligence (AI)-driven pilot project aimed at combating payments fraud in cross-border transactions.

   • Why
     • The initiative seeks to enhance fraud detection capabilities by utilizing secure data collaboration and federated learning technologies among participating banks.

   • Tell me more
     • The pilot will involve several global banks, including BNY Mellon, Deutsche Bank, HSBC, and others.
     • It aims to use AI algorithms to analyze historical transaction data and detect anomalies that may indicate fraud.
     • The initiative is expected to enhance monitoring and reporting, allowing real-time tracking of transactions.

4. Paytm Launches India’s First NFC Card Soundbox
   • What
     • One 97 Communications Limited, the parent company of Paytm, has launched India’s first NFC Card Soundbox, a two-in-one mobile QR payment device.
   • Why
     • The new device aims to provide a cost-effective payment solution for offline merchants, enabling them to accept various payment methods easily.

   • Tell me more
     • The NFC Card Soundbox allows customers to make payments by tapping a debit or credit card or scanning a QR code.
     • It supports all types of payments, including UPI and card transactions, making it suitable for small shops.
     • The NFC Card Soundbox combines NFC card payment technology with mobile QR payments.
       Source: BT
5. PwC India Partners with Microsoft to Enhance Cybersecurity
   • What
     • PwC India has partnered with Microsoft India to enhance incident response and recovery capabilities against cyber threats.
   • Why
     • This partnership aims to combine PwC’s skills in managing incidents with Microsoft’s advanced technology to better protect businesses from complex cyber attacks.
   • Tell me more
     • The collaboration will use Microsoft Copilot, an AI tool, to enhance security measures.
     • It will help quickly identify and remove cyber threats while PwC focuses on safely rebuilding important systems.
     • This effort highlights the need for advanced technology to help organizations stay safe from cyber threats.
       Source: ET
6. HDFC Securities Partners with Vested Finance for Global Investing
   • What
     • HDFC Securities has announced a partnership with Vested Finance to enhance global investing opportunities for Indians and NRIs.

   • Why
     • The collaboration aims to provide better investment options and features to clients, helping them diversify their portfolios and improve their overall investment experience.

   • Tell me more
     • The new service, called Global Investing 2.0, will allow investors to open and fund a Vested account through HDFC Securities quickly.
     • It offers features like simplified fund transfers, customized US investment baskets, systematic investment plans (SIPs), and extended trading hours.
     • Investors can purchase fractional shares of US stocks with a minimum investment of $1, ensuring safety and security for their funds.

7. Temporary Disruption in Payment Systems Due to Ransomware Attack
   • What
     • The National Payments Corporation of India (NPCI) has announced that UPI, IPMS, and other payment systems for certain banks are temporarily unavailable.
     • This disruption is due to a ransomware attack on C-Edge Technologies, a service provider for several banks.
       • C-Edge Technologies is a joint venture between Tata Consultancy Services (TCS) and State Bank of India (SBI).
       • It is a service provider to various banks, including cooperative and regional rural banks, which are affected by the ransomware attack.
   • Tell me more
     • A ransomware attack is a type of cyberattack where malicious software encrypts a victim’s data or locks them out of their systems. Attackers demand a ransom payment to restore access.
     • Process
       • Encryption: The ransomware encrypts files, making them unusable without a decryption key held by the attackers.
       • Ransom Demand: Attackers typically demand a ransom, often in cryptocurrency, to provide the decryption key.
       • Double and Triple Extortion: Advanced attacks may involve threats to leak stolen data (double extortion) or use stolen data to attack the victim’s customers or partners (triple extortion).
       • Delivery Methods: Ransomware can be spread through phishing emails, malicious websites, or by exploiting software vulnerabilities.
     • Types of Ransomware
       • Crypto Ransomware: Encrypts files on a computer, making them inaccessible.
       • Locker Ransomware: Blocks standard computer functions from being accessed.
       • CERT-IN Report 2022: There was a 53% increase in ransomware incidents in 2022. Key sectors impacted included IT & ITeS, Finance, and Manufacturing. Notable ransomware variants included Lockbit, Makop, and DJVU/Stop.
         Source: ET
8. ASCI Report: Top Indian Apps Use Dark Patterns
   • What
     • The Supreme Court case filed by the Indian Medical Association (IMA) against Patanjali Ayurved has highlighted issues of misleading advertising in the industry. This case focuses on Patanjali’s claims about its herbal products and the allopathic system.
   • Why
     • The case brings attention to a broader issue of deceptive marketing practices used by businesses.
     • A recent study reveals that misleading practices, or ‘dark patterns,’ are common in mobile apps, influencing consumer behavior in unethical ways.
   • Tell me more
     • A study called ‘Conscious Patterns,’ conducted by the Advertising Standards Council of India (ASCI) and Parallel HQ, found that 52 out of 53 apps use deceptive design practices.
     • Top deceptive practices include:
       • Privacy deception: Manipulating users into sharing more personal data than intended (79% of apps).
       • Interface interference: Highlighting certain parts of the interface while hiding others (45% of apps).
       • Drip pricing: Revealing additional fees throughout the purchase process (43% of apps).
       • False urgency: Creating artificial pressure to make users rush decisions.
       • Nagging: Frequent pop-ups and notifications urging users to take action.

     • Common deception trends:
       • Difficulty in deleting accounts was found in all e-commerce apps studied.
       • Basket sneaking was prevalent in delivery and logistics apps.
       • Health-tech, travel booking, and e-commerce sectors showed the highest levels of deceptive patterns.
       • Confirm shaming was used in all travel booking apps.
     • The report analyzed over 12,000 screens from 53 apps, downloaded over 21 billion times, across nine industries.

9. RBI selected 5 firms for Regulatory Sandbox (RS)
   • What
     • Recently, the RBI has selected 5 entities out of 22 applications for the Test Phase under the 5th cohort of Regulatory Sandbox (RS) on the theme ‘Neutral’.
     • The selected entities will commence testing their products on solutions from August 2024.
     • The 5th cohort under RS was announced in September 2022. The Selected Sandbox entities are:
     1. Connectingdot Consultancy Private Limited (CCPL), Kolkata, West Bengal (WB)
     2. Epifi Technologies Private Limited (ETPL), Bengaluru, Karnataka
     3. Finagg Technologies Private Limited (FTPL), Noida, Uttar Pradesh (UP)
     4. Indian Banks’ Digital Infrastructure Company (IBDIC) Private Limited, Mumbai, Maharashtra
     5. Signzy Technologies Private Limited (STPL), Bengaluru, Karnataka
   • Tell me more
     • Regulatory sandbox refers to the live testing of new products or services in a controlled regulatory environment. It acts as a “safe space” for business as the regulators may or may not permit certain relaxations for the limited purpose of testing.
     • The process involves regulators, innovators, financial service providers, and customers who conduct field tests to understand the benefits and risks of new financial innovations.
     • The RBI runs thematic cohorts, such as retail payments and cross-border payments.
       Source: BS

Report and Indices

1. Global Alliance for Improved Nutrition’s (GAIN) Report on Investing in Nutritious Foods Value Chains
   • What
     • GAIN’s new report recommends increasing investment in nutritious food value chains to reduce gender inequality and enhance productivity.
   • Why
     • The report argues that funding nutritious food systems, especially for SMEs, can address barriers faced by women and boost food security.
   • Tell me more
     • Women constitute 38% of the global agri-food workforce, with higher percentages in sub-Saharan Africa (66%) and South Asia (71%).
     • Women face barriers such as limited access to resources and discriminatory norms.
     • Investment in nutritious food systems can improve productivity and business resilience.
     • The report highlights six key value chains for gender-focused investments, including cashews in Africa and tomatoes in South Asia.
     • The ‘2X Criteria’ framework, updated in June 2024, provides guidelines for investing with a gender lens, focusing on leadership opportunities, quality employment, and support for women
     • Gender-inclusive investments could boost global GDP by 1% or $1 trillion.

Source: GAIN DTE

Science and Technology

1. Discovery of 34 New Giant Radio Sources
   • Indian radio astronomers have discovered 34 new giant radio sources using the Giant Metrewave Radio Telescope (GMRT).
   • The GMRT is operated by the National Centre for Radio Astrophysics (NCRA) of the Tata Institute of Fundamental Research (TIFR) and is located near Khodad village, 90 km north of Pune.
     Source: TOI
2. Shubhanshu Shukla and Prasanth Balakrishnan Nair Selected for Axiom-4 Mission
   • What:
     • Group Captain Shubhanshu Shukla has been chosen as the prime astronaut for India’s participation in the Axiom-4 mission to the International Space Station (ISS).
     • Group Captain Prasanth Balakrishnan Nair will be the backup astronaut.
   • Why
     • The Axiom-4 mission is a joint India-US project involving international astronauts.
     • The mission will involve conducting selected scientific research and technology demonstration experiments on the International Space Station (ISS).
   • Tell me more
     • The final approval for the mission will be granted by the Multilateral Crew Operations Panel (MCOP).
     • ISRO’s Human Space Flight Centre has a Space Flight Agreement with Axiom Space (American privately funded space infrastructure developer) for the Axiom-4 mission.
     • The Axiom-4 crew will also include US’s Peggy Whitson as commander, Poland’s Slawosz Uznanski, and Hungary’s Tibor Kapu as mission specialists.

Source: Print

Agriculture and Rural Development

1. Direct Grain Purchase from FCI for Grain Deficient States
   • What:
     • Union Minister of Consumer Affairs, Food and Public Distribution, Shri Pralhad Joshi announced that from August 1, 2024, grain deficient states can directly buy grains from the Food Corporation of India (FCI) under the Open Market Sale Scheme (Domestic) without participating in the e-auction.
   • Why:
     • The decision aims to reduce the surplus of grain stocks before the new procurement season begins.
   • Tell me more:
     • Under OMSS (D), the grains will be sold to states at Rs 2,800 per quintal, excluding transportation costs.
     • The sale of ‘Bharat’ branded atta and rice will continue beyond the previously set deadline of June 30, 2024.
     • The Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) will continue providing free food grains to approximately 81.35 crore beneficiaries from January 1, 2024, with an estimated expenditure of Rs. 11.80 lakh crore by the Central Government.

Source: PIB

Important Days

1. Earth Overshoot Day 2024 – August 1
   • What
     • August 1st marks Earth Overshoot Day, the date when humanity’s demand on nature’s resources surpasses Earth’s capacity to regenerate them for the given year.
     • This day is calculated by Global Footprint Network, the international sustainability organization that pioneered the Ecological Footprint.
   • Why
     • Earth Overshoot Day falling on August 1st signifies that humanity is currently using nature 1.7 times faster than our planet’s ecosystems can regenerate, leading to depletion of natural resources and environmental degradation.

   • Tell me more
     • The Global Footprint Network is a worldwide organization focused on sustainability.
     • Since 2003, the organization has worked with over 50 countries and 30 cities to provide scientific information that helps shape important policies and investments.
       Source: Global Footprint Network

Sports

1. Health Ministry Targets Surrogate Ads in Sports
   • What
     • The Health Ministry has directed Sports Authority of India (SAI) and the Board of Control for Cricket in India (BCCI) to prevent surrogate advertising of tobacco and alcohol by sportspersons.
   • Tell me more
     • Surrogate advertisements are essentially a substitute advertisement for the goods which cannot be directly advertised due to the prohibition of law.
     • Examples: tobacco products, alcohol, narcotic substances etc.
       Source: TH

Memorandum of Understanding

1. Thales and Garuda Aerospace Collaborate on Drone Ecosystem
   • What
     • Thales and Garuda Aerospace have signed a Memorandum of Understanding (MoU) to promote the development of the drone ecosystem in India.
   • Tell me more
     • The partnership will leverage Thales’s expertise in Unmanned Aerial Vehicle (UAV) management and Garuda Aerospace’s leadership in UAV manufacturing.
     • Garuda Aerospace has a fleet of over 2500 drones and 4000 pilots across 400 districts in India.
     • The MoU is set to come into effect in August 2024 and aligns with the Aatmanirbhar Bharat (Self-Reliant India) vision.

Source: ET

Appointments

1. RBI Approves Inderjit Canotra’s Re-appointment as Unity SFB CEO
   • What
     • The Reserve Bank of India has approved the re-appointment of Inderjit Canotra as managing director and chief executive officer of Unity Small Finance Bank.
   • Tell me more
     • Unity Small Finance Bank was promoted by Centrum Financial Services and fintech company Resilient Innovations.
     • Unity Small Finance Bank has a network of about 400 banking outlets and offices across 21 states.
     • Small Finance Banks (SFBs) were introduced by the RBI in 2014 to provide financial inclusion and increase the flow of credit to small businesses and unorganized sectors.
       Source: ET

Miscellaneous

1. Sudipta Sengupta’s Memoirs: Breaking Rocks and Barriers
   • “Breaking Rocks and Barriers : Memoirs of a Geologist and Mountaineer” memoir has been written by Sudipta Sengupta.
     Source: HP
2. PM Pays Tributes to Pingali Venkayya on Birth Anniversary (August 2, 1876)
   • The Prime Minister, Shri Narendra Modi has paid tributes to Pingali Venkayya on his birth anniversary.
   • Pingali Venkayya (2 August 1876-4 July 1963) was an Indian freedom fighter. He was the designer of the flag on which the initial Indian National Flag was based.
     Source: PM

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