11th August, 2022

1. Nepal government has allowed India’s NHPC to study and develop two hydroelectric projects that will have the combined potential of generating 1,200 megawatts of energy.
2. Cooperation minister Amit Shah has announced that over 300 cooperatives have been on-boarded on the GeM portal as buyers and asked them to also register as suppliers to expand their business.
3. Jharkhand will celebrate Jharkhand Janjatiya Mahotsav on August 9-10.
4. Indian Oil Corporation Limited will set up second-generation ethanol plant in the Panipat Refinery and Petrochemical Complex (PRPC),
5. Delhi’s Lieutenant-Governor V.K. Saxena has laid the foundation stone for the city’s first bamboo theme park titled “Baansera” on the Yamuna floodplain.
6. Agriculture Minister Narendra Singh Tomar has laid foundation stone of Indo-Israel Centre of Excellence for Vegetables in Chandauli, Uttar Pradesh.
7. Russia has launched an Iranian satellite named Khayyam from Soyuz rocket launched from Baikonur cosmodrome, Kazakhstan.
8. US President Joe Biden has signed the Chips and Science Act, 2022 to promote production of microchips.
9. Satellite operator Eutelsat Communications and London-headquartered global communications platform OneWeb have signed an MOU for merger.
10. RBI has allowed the non-financial institutions and non-regulated entities to own more than 40% stake in IDBI Bank.
11. Axis Bank has become the first Indian bank to launch Axis Receivables Suite (ARS)-an innovative Cash Management solution that simplifies Receivables reconciliation, accelerates cash flow, enhances the client experience and reduces the cost of doing business.
12. Pension Fund Regulatory and Development Authority (PFRDA) has decided to stop accepting payment of subscriptions /contributions by using credit cards as a mode of payment in the National Pension System (NPS) Tier-II account.
13. According to Worldline’s India Digital Payments Report Q1 2022”, India witnessed 9.36 billion UPI transactions worth Rs 10.25 trillion in the first quarter (January-March 2022) period.
14. RBI has announced that small finance banks which have completed 2 years of operations and have a minimum net worth of Rs 500 crores can deal in foreign exchange.
15. IDFC FIRST Bank and LetsVenture have signed an MOU to work together for boosting the startup ecosystem.
16. Oravel Stays Ltd, which operates hospitality unicorn Oyo, has acquired holiday home operator Bornholmske Feriehuse (based in Denmark) for an undisclosed sum to further expand its footprint in Europe.
17. Microsoft has become the first big tech firm to join Open Network for Digital Commerce (ONDC).
18. Crypto trading platform CoinSwitch has launched Web3 Discovery Fund to incubate and invest in early-stage blockchain startups.
19. Nomura has reduced India’s retail inflation forecast to 6.7% in 2022.
20. Papua New Guinea has elected James Marape as its Prime Minister for a second term.
21. Former India pace bowler Manoj Prabhakar has taken over as head coach of Nepal’s cricket team.
22. Nagasaki Day
23. Ahmedabad University’s Prof. Ramadhar Singh has become the first Indian psychologist to feature on the US Heritage Wall of Fame for his extraordinary contributions to social psychology and management.
24. All India Football Federation (AIFF) has given awards for 2021-22 season –
25. 44th Chess Olympiad has concluded in Jawaharlal Nehru Stadium in Mamallapuram, Chennai.
26. Serena Williams (from US) has announced her retirement from tennis.
27. Zoological Survey of India has released the “Field Guide, Birds of India” book.
28. “Rusty Skies and Golden Winds” book has been authored by Sannidhya Sharma (aged 11).
29. David McCullough (American author and historian) has passed away.
30. Marathi actor Pradeep Patwardhan has passed away.
31. Former South African international umpire Rudi Koertzen has passed away.

National News

1. Nepal government has allowed India’s NHPC to study and develop two hydroelectric projects that will have the combined potential of generating 1,200 megawatts of energy.
   • The two plants are 750 MW West Seti Storage Hydropower Project and 450 MW Seti River-6 Hydropower Project in Sudurpaschim province.
2. Cooperation minister Amit Shah has announced that over 300 cooperatives have been on-boarded on the GeM portal as buyers and asked them to also register as suppliers to expand their business.
   • In the first phase, cooperatives that have a turnover/ deposits of ₹100 crore are being on-boarded.
   • As many as 589 eligible co-operatives have been identified and out of that more than 300 have already been onboarded.
   • Major cooperatives that have been onboarded so far include IFFCO, KRIBHCO, NAFED, Amul and Saraswat Co-op Bank.

State News

1. Jharkhand will celebrate Jharkhand Janjatiya Mahotsav on August 9-10.
2. Indian Oil Corporation Limited will set up second-generation ethanol plant in the Panipat Refinery and Petrochemical Complex (PRPC),
   • Biofuel production –
     • 1st generation: obtained from sugar-starch crops (like sugar, corn) directly, which are generally edible in nature
     • 2nd generation: obtained from human food feedstock by-products or agricultural waste or non-food feedstock
     • 3rd generation: obtained from marine organisms such as algae
     • 4th generation: obtained from genomically prepared microorganisms and genetically engineered feedstock
   • National Policy on Biofuels 2018 – focuses on second-generation biofuels.
3. Delhi’s Lieutenant-Governor V.K. Saxena has laid the foundation stone for the city’s first bamboo theme park titled “Baansera” on the Yamuna floodplain.

Agriculture and Rural Development

1. Agriculture Minister Narendra Singh Tomar has laid foundation stone of Indo-Israel Centre of Excellence for Vegetables in Chandauli, Uttar Pradesh.

International News

1. Russia has launched an Iranian satellite named Khayyam from Soyuz rocket launched from Baikonur cosmodrome, Kazakhstan.
2. US President Joe Biden has signed the Chips and Science Act, 2022 to promote production of microchips.
   • The act facilitates the budget of around $52 billion for boosting semiconductor sector.

Banking and Economy

1. Satellite operator Eutelsat Communications and London-headquartered global communications platform OneWeb have signed an MOU for merger.
   • Eutelsat will own 100% of OneWeb, excluding the UK Government’s special share.
   • OneWeb shareholders would get 230 million newly issued shares of Eutelsat representing 50% of the enlarged share capital.
   • This merger will create a leading company in the satellite connectivity sector.
2. RBI has allowed the non-financial institutions and non-regulated entities to own more than 40% stake in IDBI Bank.
   • Central government currently owns 45.48% in IDBI Bank, while LIC holds a 49.24% stake. These entities are seeking to sell their stake in the bank.
3. Axis Bank has become the first Indian bank to launch Axis Receivables Suite (ARS)-an innovative Cash Management solution that simplifies Receivables reconciliation, accelerates cash flow, enhances the client experience and reduces the cost of doing business.
   • ARS is an end-to-end proposition, along with a mobile app to automate the reconciliation of receivables against sales invoices raised by clients.
4. Pension Fund Regulatory and Development Authority (PFRDA) has decided to stop accepting payment of subscriptions /contributions by using credit cards as a mode of payment in the National Pension System (NPS) Tier-II account.
   • The scheme is structured into two tiers:
     • Tier-I account: This is the non-withdrawable permanent retirement account into which the regular contributions made by the subscriber are credited and invested as per the portfolio/fund manager chosen of the subscriber.
     • Tier-II account: This is a voluntary withdrawable account which is allowed only when there is an active Tier I account in the name of the subscriber. The withdrawals are permitted from this account as per the needs of the subscriber as and when required.
   • At the superannuation, the beneficiaries can withdraw 60% of their accumulated portfolio in lump sum and annuitize 40% of it. If the amount is less than or up to Rs 2 lakh, the beneficiaries can withdraw the 100% amount in lump sum.
5. According to Worldline’s India Digital Payments Report Q1 2022”, India witnessed 9.36 billion UPI transactions worth Rs 10.25 trillion in the first quarter (January-March 2022) period.
6. RBI has announced that small finance banks which have completed 2 years of operations and have a minimum net worth of Rs 500 crores can deal in foreign exchange.
   • Also, the profit in the preceding two years and net NPAs should not be more than 6% in the previous four quarters.
7. IDFC FIRST Bank and LetsVenture have signed an MOU to work together for boosting the startup ecosystem.
   • LetsVenture is India’s leading early-stage platform for investors and founders of startups.
   • The MOU was signed during the LetsVenture’s flagship event, ‘LetsIgnite’, for startups and founders in Bengaluru.
   • IDFC FIRST Bank offers customized solutions to startups under its FIRST WINGS program.
8. Oravel Stays Ltd, which operates hospitality unicorn Oyo, has acquired holiday home operator Bornholmske Feriehuse (based in Denmark) for an undisclosed sum to further expand its footprint in Europe.
9. Microsoft has become the first big tech firm to join Open Network for Digital Commerce (ONDC).
   • India’s e-commerce sector is projected to post a compound annual growth rate (CAGR) of 19.24% to $111.40 billion by 2025 from $46.20 billion in 2020.
   • MD and CEO of ONDC – T. Koshy
10. Crypto trading platform CoinSwitch has launched Web3 Discovery Fund to incubate and invest in early-stage blockchain startups.
    • The venture arm will invest in and incubate early-stage startups building blockchain solutions for the web3.

GDP Forecasts

1. Nomura has reduced India’s retail inflation forecast to 6.7% in 2022.
   • For 2022-23, India’s GDP will be 7% and for 2023-24, it will be 5.5%.

Appointments

1. Papua New Guinea has elected James Marape as its Prime Minister for a second term.
2. Former India pace bowler Manoj Prabhakar has taken over as head coach of Nepal’s cricket team.

Important Days

1. August 9 –
   • Nagasaki Day
   • International Day of the World’s Indigenous Peoples / World Tribal Day; Theme – The role of indigenous women in the preservation and transmission of traditional knowledge

Awards

1. Ahmedabad University’s Prof. Ramadhar Singh has become the first Indian psychologist to feature on the US Heritage Wall of Fame for his extraordinary contributions to social psychology and management.
   • The recognition was given by the Society for Personality and Social Psychology (SPSP) in the United States.
   • Singh is the Professor in the Amrut Mody School of Management of the Ahmedabad University.
2. All India Football Federation (AIFF) has given awards for 2021-22 season –
   • AIFF Men’s ‘Footballer-of-the-Year’ – National captain Sunil Chhetri (for a 7th time)
   • AIFF Women’s ‘Footballer-of-the-Year’ – Manisha Kalyan
   • ‘Best Referee-of-the-Year’ – Crystal John
   • ‘Best Assistant Referee-of-the-Year’ – Ujjal Halder

Sports

1. 44th Chess Olympiad has concluded in Jawaharlal Nehru Stadium in Mamallapuram, Chennai.
   • Gold – Uzbekistan
   • Silver – Armenia
   • Bronze – India (won 2 bronze medals)

2. Serena Williams (from US) has announced her retirement from tennis.

Miscellaneous

1. Zoological Survey of India has released the “Field Guide, Birds of India” book.
2. “Rusty Skies and Golden Winds” book has been authored by Sannidhya Sharma (aged 11).
   • Union Minister of State for Earth Sciences, S&T, Personnel & Public Grievances, Jitendra Singh has launched the book.
3. David McCullough (American author and historian) has passed away.
4. Marathi actor Pradeep Patwardhan has passed away.
5. Former South African international umpire Rudi Koertzen has passed away.

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