03rd July, 2024

1. 1st International Conference on Steel Slag
2. NITI Aayog releases White Paper: Responsible AI for All on Facial Recognition Technology
3. UN adopts China resolution on AI
4. DBS Bank India launches pre-shipment financing solution on TReDS, empowers MSMEs
5. SBI launches 15-minute online quick loan facility ‘MSME Sahaj’
6. Bank of Maharashtra raises Rs. 1,000 crores for Tier-II capital
7. “Payroll Reporting in India: An Employment Perspective – January 2024 to April 2024”
8. NCAER study on women in top management in companies
9. Ministry of Defence to acquire Li-Fi technology for Secure and Efficient Data Transmission
10. July 1: National Doctor’s Day
11. July 1: Goods and Services Tax Day
12. July 1: National Chartered Accountant Day
13. BPCL partners with IOA as principal sponsor for Paris 2024, Los Angeles 2028 Olympic Games
14. C-DAC partners MosChip and Socionext for design & development of Computing Processor
15. SARS Commissioner Kieswetter Re-Elects as WCO Chairperson for Second Term
16. Snowblind Malware
17. Araku Coffee
18. Pink Slips:
19. Central Depository Services Limited (CDSL), is the only listed depository in the country

National News

1. 1st International Conference on Steel Slag
   • What: The First International Conference on Steel Slag Road was held in New Delhi, India.
   • During this event, Dr. V.K. Saraswat, Member (Science) of NITI Aayog, released the Guidelines for Utilization and Processing of Steel Slag as Processed Steel Slag Aggregates in Road Construction.
     • Guidelines developed by: Central Road Research Institute (CRRI)
   • Tell me more:
     • The conference is hosted by: The Council of Scientific & Industrial Research (CSIR)-Central Road Research Institute (CRRI) and the PHD Chamber of Commerce and Industry (PHDCCI).
     • Note: India’s First Steel Slag Road was built at Hazira in Surat by AMNS India and CSIR-CRRI in April 2022.
       • It was included in the INDIA BOOK OF RECORDS and the ASIA BOOK OF RCEORD’s.
         Source: PIB

2. NITI Aayog releases White Paper: Responsible AI for All on Facial Recognition Technology
   • What: The NITI Aayog (National Institution for Transforming India) recently published a White Paper titled “Responsible AI for All: Adopting the Framework – A Use Case Approach on Facial Recognition Technology (FRT).”
     • FRT is an algorithm-based technology that creates a digital map of the face by identifying and mapping an individual’s facial features, which it then matches against the database to which it has access.
   • Why: This paper focuses on establishing a responsible and safe framework for the development and deployment of FRT within India.
     Source: Economic Times

International News

1. UN adopts China resolution on AI
   • What: The UN General Assembly has passed a resolution sponsored by China, supported by the US, urging developed nations to bridge the AI gap with developing countries.
   • The resolution encourages countries, particularly developing ones, to strengthen their AI capacity, enhance their representation in global AI governance, and support an open, fair, and non-discriminatory business environment
     Source: Money Control

Banking and Economy

1. DBS Bank India launches pre-shipment financing solution on TReDS, empowers MSMEs
   • What: DBS Bank India has partnered with Receivables Exchange of India Limited (RXIL), a Trade Receivables electronic Discounting System (TREDS) platform, to offer a pre-shipment financing solution.
     • Pre-shipment financing is a type of financing solution that is provided to a business before the goods or products have been shipped to the customer.
     • It is typically used to cover the costs of production, such as raw materials, labour, as well as any other expenses incurred before the goods are ready to be shipped
   • Why: This collaboration aims to empower Indian micro, small, and medium enterprises (MSMEs) by providing them access to trade finance by using RXIL’s data.
   • Tell me more:
     • DBS Bank India will be the first bank to partner with RXIL to offer end-to-end supplier financing by using the platform’s data.
       • DBS Bank India already offers post-shipment finance for MSMEs on the RBI-backed TReDS platform
     • How it will benefit MSMEs: DBS Bank India will use trade data from RXIL to give loans to small businesses.
       • This will help these businesses get money for their whole trade process, from buying materials to delivering finished products.
       • This service will help small businesses in India improve their cash flow so they can complete orders even before they deliver the goods to their customers.
     • What is TReDS
       • TReDS is an electronic platform for facilitating the financing/discounting of trade receivables of micro, small and medium enterprises through multiple financiers.
       • The first transaction on TReDS in India happened on January, 2017 and this transaction was put through RXIL.
         Source: Business Line

2. SBI launches 15-minute online quick loan facility ‘MSME Sahaj’
   • What: State Bank of India (SBI) unveiled MSME Sahaj, an online business lending solution that allows MSMEs to borrow up to Rs 1 lakh against their GST-registered sales invoices.
     • The new method would take less than 15 minutes from loan application to verification and payout, with no manual interaction required.
   • Why: To offer “on tap” short-term credit to meet the capital needs of MSME units that are part of the Goods and Services Tax (GST) regime.
   • Tell me more:
     • Working: MSME-Sahaj is based on a Machine Learning (ML) model and uses authentic data from GST Identification Number (GSTIN), bank statements of customers, and Credit Information Company (CIC) data, to access the creditworthiness, and then offers the loans to the enterprises.
       Source: Business Line

3. Bank of Maharashtra raises Rs. 1,000 crores for Tier-II capital
   • What: The Bank of Maharashtra has raised Rs. 1,000 crores in debt capital by issuing Tier-II bonds for strengthening capital adequacy for business growth.
     • Issue method:
       • The bank has made a base issue of ₹250 crore, with a green shoe option of ₹750 crore.
   • Duration: 10 years
   • Coupon rate: 7.90 percent
     Source: Money Control

Report and Indices

1. “Payroll Reporting in India: An Employment Perspective – January 2024 to April 2024”
   • What: The Ministry of Statistics and Programme Implementation (MOSPI) released a report titled ‘Payroll Reporting in India: An Employment Perspective January to April, 2024’.
     • This includes data on subscribers to the Employees’ Provident Fund (EPF), Employees’ State Insurance (ESI), and the NPS.
   • Tell me more (Key findings):
     • For EPFO:
       • It highlights a decline in gross new subscribers/members addition to the EPFO for the Fiscal Year 2023-24 (FY24) by over 4% to 10.9 million as compared to FY 2022-23 (FY23).
       • EPFO recorded 10,993,119 gross additions of new members FY24 as compared to 11,498,453 in FY23.
     • For ESIC
       • It also saw a slight dip in new member additions to 16,760,672 in 2023-24 from 16,773,023 in 2022-23.
     • For National Pension Scheme (NPS)
       • It saw an increase in new subscribers, rising to 937,020 in 2023-24 from 8,4,735 in 2022-23.
     • Since April 2018, MoSPI has been releasing employment-related statistics for the formal sector, covering periods from September 2017 onwards.
       Source: PIB

2. NCAER study on women in top management in companies
   • What: Recently the National Council of Applied Economic Research (NCAER) has released it’s study on the share of women on boards of companies.
   • Tell me more:
     • The share of women on boards of companies increased from just over 5% in FY14 to nearly 16% in FY23.
     • During the same period, women in top management positions rose from nearly 14% to about 22%.
     • Almost 60 percent of the firms that were part of the study did not have any women in top management teams as of March 2023.
     • However, India still lags behind globally, with only 20% of women in middle and senior management roles compared to nearly 33% worldwide as of 2019.

Source: Business Standard

Defence News

1. Ministry of Defence to acquire Li-Fi technology for Secure and Efficient Data Transmission
   • What: Telecom startup Velmenni has received a grant from the Ministry of Defence (MoD) under the Innovations for Defence Excellence (iDEX) initiative for its innovative Li-Fi (Light Fidelity) technology.
     • This initiative is particularly focused on the Indian Navy.
   • Tell me more:
     • Li-Fi technology, which uses light waves for wireless communication, has the potential to enhance security and data transfer capabilities in military applications.
     • How will Li-Fi technology help the Indian Navy:
       • LiFi, the Navy can establish high-speed connections in areas where radio frequency (RF) communication may be challenging or compromised.
         Source: Money Control

Important Days

1. July 1: National Doctor’s Day
   • What: National Doctor’s Day is celebrated on July 1 in India.
   • Why: This day honors the achievements and selfless service of doctors in the country, recognizing their invaluable contributions to society
     • It also commemorates the birth and contributions of Dr. Bidhan Chandra Roy, a renowned physician and the second Chief Minister of West Bengal.
     • Dr. Roy played a pivotal role in the development of India’s healthcare system.
     • He has received the Bharat Ratna award in 1961

• Tell me more:
  • Organized by: Indian Medical Association
  • Theme: Healing hands, Caring Hearts
    Source: Indian Express

2. July 1: Goods and Services Tax Day
   • What: Goods and Services Tax (GST) Day is celebrated every year on July 1, 2024.
   • The day marks the anniversary of the implementation of GST in India.
   • Theme: Sashakt Vyapar Samagra Vikas (empowered trade, overall growth)
     Source: Business Standard
3. July 1: National Chartered Accountant Day
   • What: National Chartered Accountants Day is observed annually on July 1 in India.
   • Why: The day celebrates the foundation of ICAI.
     • It was Established on July 1, 1949, the ICAI plays a crucial role in regulating the profession of Chartered Accountancy in the country.
     • This year’s celebrations mark the 76th anniversary of the ICAI’s foundation.
   • Hosted by: Institute of Chartered Accountants of India
   • Theme: Innovating for a sustainable future
     Source: ETV Bharat

Sports

1. BPCL partners with IOA as principal sponsor for Paris 2024, Los Angeles 2028 Olympic Games
   • What: Bharat Petroleum Corporation Limited (BPCL) has announced its partnership with the Indian Olympic Association (IOA) as the official principal partner for the Paris 2024 and Los Angeles 2028 Olympic Games.
   • Duration of partnership: 4 Years
   • Tell me more:
     • Other principal sponsors:
       • Reliance Foundation, Adani Group, and Aditya Birla Capital.
     • Associate partners:
       • EBCO, Borosil, AMUL, and INOX Leisure.
     • Yes Bank (Banking Partner)
     • JSW Inspire is the official Apparel Partner of Team India.
     • TASVA is providing the ceremonial kits for the Indian Contingent.
     • IOS Sports & Entertainment is the official Marketing Agency for IOA.
       Source: PIB

Memorandum of understanding

1. C-DAC partners MosChip and Socionext for design & development of Computing Processor
   • What: The Centre for Development of Advanced Computing (C-DAC) has partnered with MosChip Technologies and Socionext Inc.
   • Why: To design and develop a high-performance computing (HPC) processor called AUM.
   • Tell me more:
     • This processor is based on the Arm technology.
     • The partnership aims to design, develop, and produce an indigenous HPC processor of global standards.
     • C-DAC is already developing indigenous technologies, including the compute node RUDRA, Trinetra-Interconnect, and a System Software stack.
       • It is deploying HPC systems at top Research & Development (R&D) and academic institutions across India as a part of National Supercomputing Mission (NSM).
         Source: PIB

Appointments

1. SARS Commissioner Kieswetter Re-Elects as WCO Chairperson for Second Term
   • What: The highest decision-making body of the World Customs Organisation, the WCO Council, has re-elected South African Revenue Services (SARD) Commissioner Edward Kieswetter as the WCO Chairperson for a second term, 2024 – 2025.
     • He is holding the position since 2023.

• Tell me more:
  • Kieswetter was re-elected during the 143rd /144th Sessions of the WCO Council in Brussels, Belgium.
  • 186 member countries participated in the event.
    Source: SARS

Miscellaneous

1. Snowblind Malware
   • What: A new malware called ‘Snowblind’ is targeting Android phones.
   • About Snowblind Malware
     • It is a malware that targets Android devices to steal banking and other sensitive information.
     • Malware, or malicious software, is any program or file that’s intentionally harmful to a computer, network or server.
     • People usually get this virus by downloading a malicious app that looks legitimate.
     • It repackages an app to avoid detection and misuses accessibility features to steal sensitive information and control the app remotely.

2. Araku Coffee
   • What: Araku coffee was mentioned in Prime Minister’s ‘Mann ki Baat’.
   • About Araku Arabica Coffee
     • Grows in the hilly tracks of Andhra Pradesh and Odisha.
     • Accredited with Geographical Indication (GI) Tag in 2019.
     • Takes its name from Araku Valley, situated in the Eastern Ghats (Andhra Pradesh).

3. Pink Slips: A pink slip notifies an employee that they have been laid off or fired.
4. Central Depository Services Limited (CDSL), is the only listed depository in the country
   • CDSL is India’s leading and only listed depository.
   • Its objective is to provide convenient, dependable, and secure depository services at an affordable cost to all market participants.
   • It was founded in February 1999

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