14th August, 2023

1. Ministry of Electronics & Information Technology (MeitY) has launched the Indian Web Browser Development Challenge (IWBDC) at India Habitat Centre, New Delhi.
2. Larsen & Toubro Limited (L&T) and its green hydrogen joint venture (JV) partners viz. Indian Oil Corporation Limited (IOCL) and ReNew Power, has announced to invest USD 4 billion in their green hydrogen businesses over next 3 to 5 years.
3. Reliance General Insurance Company Ltd (RGICL) has signed a contract with the Department of Health and Family Welfare, Government of Meghalaya for the implementation of the Megha Health Insurance Scheme (MHIS) and the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY)-Phase 6 in Meghalaya.
4. Russia has launched its first lunar landing spacecraft, Luna-25, marking a significant step in its renewed lunar exploration efforts.
5. Haryana’s Nuh district has secured rank 2 in NITI Aayog’s Aspirational District Programme.
6. Air India has unveiled its new logo as a part of the rebranding.
7. Export-Import Bank of India (Exim Bank of India) has launched its subsidiary- India Exim Finserve IFSC Private Limited (Exim Finserve) at the Gujarat International Financial Tec (GIFT) City in Gandhinagar,
8. Axis Bank Limited has announced to raise its stake in Max Life Insurance Company Limited to 16.22% from 9.99% by infusing Rs 1,612 crore through a preferential allotment of shares.
9. Kotak Mahindra Life Insurance Company Ltd (Kotak Life) has announced its corporate agency tie-up with ESAF Small Finance Bank (ESAF Bank) to offer life insurance to ESAF Bank customers.
10. Indian Banks’ Association (IBA) has constituted a sectoral committee to frame the unique regulatory landscape for 26 member banks operating within the Gujarat International Finance Tec-City (GIFT City).
11. Indian Army has secured a patent for an ‘Accident Prevention System based on Artificial Intelligence (AI)’
12. Tata Lockheed Martin Aerostructures Limited (TLMAL) and Lockheed Martin Aeronautics, has delivered its 200th Empennage Super Hercules under Make in India
13. Garden Reach Shipbuilders and Engineers (GRSE) Ltd., under the Ministry of Defence (MoD) has launched “Neerakshi” (Eyes in the Water).
14. Malabar 2023 (23rd edition) is being conducted from August 11 to 22 off the coast of Sydney,
15. 12 August- World Elephant Day
16. 12 August- International Youth Day
17. Amazon India has signed a Memorandum of Understanding (MoU) with the Entrepreneurship Development Institute of India (EDII) and the Cottage and Rural Industries Department, Government of Gujarat, to help boost e-commerce exports from Gujarat.
18. Apraava Energy Private Ltd, Mumbai has signed a Memoranda of Understanding (MoUs) with REC Ltd (Formerly Rural Electrification Corporation Limited) and Power Finance Corporation Ltd (PFC), to get finance of Rs 9,120 crore for funding its wind, transmission, and advanced metering projects in India.
19. Justice Subhasis Talapatra has been appointed as the 33rd Chief Justice of the Orissa High Court.
20. Abhay Kumar, Deputy Director General of Indian Council of Cultural Relations (ICCR) has launched his new book titled “Monsoon: A Poem of Love and Longing” at Kathika Culture Centre in Delhi.
21. Polali Jayarama Bhat, the former Managing Director (MD) & Chief Executive Officer (CEO) of Karnataka Bank has passed away.

National News

1. Ministry of Electronics & Information Technology (MeitY) has launched the Indian Web Browser Development Challenge (IWBDC) at India Habitat Centre, New Delhi.
   • The Challenge is spearheaded by MeitY, Controller of Certifying Authorities (CCA) and C-DAC Bangalore.

• It is an Open Challenge Competition to create an indigenous web browser for global use.
• The web browser has to be equipped with an integrated Controller of Certifying Authorities (CCA) India root certificate.

Why does India need its own web browser?

• To have a web browser that can, by default, trust websites that have SSL certificates issued by CCA-regulated authorities.
• Quick context-
  • The Controller of Certifying Authorities (CCA) licenses and regulates the working of Certifying Authorities in India. Certifying Authorities issue digital certificates called Secure Sockets Layer (SSL), which essentially authenticates a website’s identity and enables an encrypted and secure connection between two systems online. The certification protects user information on a website.

• Companies and organizations need to add SSL certificates to their websites.

• Currently, India depends on SSL certificates issued by foreign entities as foreign browsers (Google Chrome, Firefox and Apple Inc.’s Safari.) only trust those certificates,and not the ones issued by Root Certifying Authority of India.

2. Larsen & Toubro Limited (L&T) and its green hydrogen joint venture (JV) partners viz. Indian Oil Corporation Limited (IOCL) and ReNew Power, has announced to invest USD 4 billion in their green hydrogen businesses over next 3 to 5 years.
   • Last year, IOCL, L&T and ReNew Power agreed to form a JV company to develop green hydrogen projects across the country.

   National Green Hydrogen Mission

   • About:
   • NGHM is a part of National Hydrogen Mission (NHM) which was announced by the finance minister in the Union Budget 2021-22.
   • It is a program toincentivise the commercial production of green hydrogen.
   • Objective:
   • To make India a global hub for the production and export of green hydrogen.
   • To harness green hydrogen energy to fulfil India’s Nationally Determined Contributions (NDCs)
   • Nodal Ministry
   • Ministry of New and Renewable Energy
   • Targets
   • To develop Green Hydrogen production capacityof at least 5 MMT (Million Metric Tonne) per annum by 2030.
   • An associated renewable energy capacity of about 125 GW (gigawatt) in the country.

3. Reliance General Insurance Company Ltd (RGICL) has signed a contract with the Department of Health and Family Welfare, Government of Meghalaya for the implementation of the Megha Health Insurance Scheme (MHIS) and the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY)-Phase 6 in Meghalaya.

4. Russia has launched its first lunar landing spacecraft, Luna-25, marking a significant step in its renewed lunar exploration efforts.
   • The mission follows closely after India’s Chandrayaan-3 lunar lander launch, reflecting a global interest in exploring the moon’s south pole, potentially rich in resources like ice for future human habitation.

   Mission Overview

   • Luna-25, launching from the Vostochny cosmodrome, aims to explore the moon’s south pole region.
   • Despite the proximity in timing, Roscosmos assures no interference between Luna-25 and Chandrayaan-3 missions due to different landing areas.
   • The spacecraft, weighing 1.8 tons and carrying 31 kg of scientific equipment, will orbit the moon for 5 to 7 days before descending to one of three potential landing sites near the pole.
   • Landing Site:
   • The primary landing site for Luna 25 is near the lunar south pole, with a reserve site located southwest of the Manzini crater.
   • Mission duration:
   • It is expected to operate on the lunar surface, studying regolith and exospheric dust and particles, for approximately one year.

5. Haryana’s Nuh district has secured rank 2 in NITI Aayog’s Aspirational District Programme.

What is Aspirational District Programme?

• About:
  • It was launched in 2018 which aims to transform districts that have shown relatively lesser progress in key social areas.
  • It covers 112 districts across the country.
  • At Government of India level, programme is administered by NITI Aayog. In addition, individual Ministries have assumed responsibility to drive progress of districts.
• Broad Contours of the Programme:
  • Convergence (of Central & State Schemes)
  • Collaboration (of Central, State level ‘Prabhari’ Officers & District Collectors),
  • Competition among districts through monthly delta ranking.
• Delta ranking measures the incremental progress made by the districts on a month-on-month through the Champions of Change dashboard (An online Dashboard).
  Source: IE
6. Air India has unveiled its new logo as a part of the rebranding.
   • Previous logo- Wheel of Konark
     • A red coloured flying swan with the ‘Konark Chakra’ in orange, placed inside it.

• New Logo- The Vista, inspired by the peak of the gold window frame.
  • Signifies the limitless possibilities, progressiveness, and its bold and confident outlook for the future.

• In June, Air India had signed purchase agreements with Airbus and Boeing for 470-aircraft order.

Source: IE

Banking and Economy

1. Export-Import Bank of India (Exim Bank of India) has launched its subsidiary- India Exim Finserve IFSC Private Limited (Exim Finserve) at the Gujarat International Financial Tec (GIFT) City in Gandhinagar, Gujarat.
   • The subsidiary is set to provide a suite of trade finance solutions to Indian exporters, with a primary emphasis on export factoring.
     • Export factoring- The process where a lender or a factor buys a company’s receivables at a discount.
   • Exim Finserve is the first finance company in GIFT City for export factoring.

2. Axis Bank Limited has announced to raise its stake in Max Life Insurance Company Limited to 16.22% from 9.99% by infusing Rs 1,612 crore through a preferential allotment of shares.
   • The transaction is subject to regulatory approvals, including Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority, Competition Commission of India, and any other requisite approval.
   • Axis Bank has received the requisite approval from the Reserve Bank of India for the proposed acquisition.
     Source: BS

3. Kotak Mahindra Life Insurance Company Ltd (Kotak Life) has announced its corporate agency tie-up with ESAF Small Finance Bank (ESAF Bank) to offer life insurance to ESAF Bank customers.
   • The tie-up will benefit 68 lakh customers of ESAF Bank through life insurance products provided by Kotak Life.
     Source: BW

   
   
4. Indian Banks’ Association (IBA) has constituted a sectoral committee to frame the unique regulatory landscape for 26 member banks operating within the Gujarat International Finance Tec-City (GIFT City).
   • The committee is intended to function as a bridge connecting the banking sector and regulatory bodies.

   Why the committee?

   • Due to the differential regulatory guidelines between banks operating within GIFT City and those outside.
   • The committee will represent the collective interests of the banks operating within GIFT City.

Source: ToI

Defence News

1. Indian Army has secured a patent for an ‘Accident Prevention System based on Artificial Intelligence (AI)’
   • It is developed within the Army’s research and development (R&D) division.
   • Benefit: The system will save lives by alerting drivers from falling asleep & reducing accidents caused by drowsiness.

   What is a Patent?

   • A patent is an exclusive right granted by the Government to the inventor to exclude others to use, make and sell an invention for a specific period of time.
     • The term of every patent in India is 20 years from the date of filing the patent application.
     • Patents Act, 1970 is the principal law for patenting system in India.
       Source: LM
2. Tata Lockheed Martin Aerostructures Limited (TLMAL) and Lockheed Martin Aeronautics, has delivered its 200th Empennage Super Hercules under Make in India
   • TLMAL is the sole worldwide provider of C-130J empennage assemblies, which are integrated into all new Super Hercules aircraft.

   About Empennage:

   • Also known as tail assembly, it is a structure at the rear of an aircraft that provides stability during flight.
   • The empennages made by TLMAL are included in C-130Js operated by seven countries, including India.
     Source: ET

3. Garden Reach Shipbuilders and Engineers (GRSE) Ltd., under the Ministry of Defence (MoD) has launched “Neerakshi” (Eyes in the Water).
   • This is India’s first of its kind indigenous Autonomous Underwater Vehicle (AUV).
   • It is developed through a collaboration between Kolkata-based warship maker GRSE Ltd and Micro, Small & Medium Enterprises (MSME) entity Aerospace Engineering Private Ltd (AEPL).
   • Purpose of AUV-
     • For mine detection, mine disposal and underwater survey.
     • For passive acoustic monitoring during which they could remain in position for prolonged durations, monitoring the possible movement of sub-surface platforms.

4. Malabar 2023 (23rd edition) is being conducted from August 11 to 22 off the coast of Sydney,

About

• The exercise was started in 1992 as a bilateral naval exercise between India and US navy.
• The first Malabar Exercise in the Bay of Bengal took place in 2007.
• It takes place annually in the Indian Ocean and Pacific Oceans alternatively.

Expansion

• It was expanded into a trilateral format with the inclusion of Japan in 2015.
• In 2020, the Australian Navy joined the Malabar Exercise, making it a quadrilateral naval exercise.

Aim

• Increasing interoperability between the naval forces.
• Deepen the partnership for the Indo-Pacific, for shared aspiration, for a free, open and resilient Indo-Pacific.

2023 Edition

• The exercise is being hosted by Royal Australian Navy (RAN) and will see participation from the US Navy (USN), Japan Maritime Self Defence Force (JMSDF) and the Royal Australian Navy (RAN).
• Indian Navy’s indigenous frontline warships INS Sahyadri and INS Kolkata will participate in Exercise MALABAR 2023.
• INS Sahyadri is the third ship of the indigenously designed and built Project-17 class multi-role stealth frigates. INS Kolkata is the first ship of the indigenously designed and built Project-15A class destroyers.
  Source: PIB

Important Days

1. 12 August- World Elephant Day
   • World Elephant Day was co-founded in 2012 by Canadian Patricia Sims and the Elephant Reintroduction Foundation of Thailand.
   • Purpose- To raise awareness about the threats facing elephants, including habitat loss, poaching, and human-elephant conflict.
   • World Elephant Day 2023 theme – “Ending the Illegal Wildlife Trade”.

2. 12 August- International Youth Day
• The first International Youth Day was observed on 12 August, 2000 after its adoption by the United Nations General Assembly (UNGA) in 1999.
• Purpose- To draw worldwide focus towards various issues surrounding the youths
• Theme- Green Skills for Youth: Towards a Sustainable World
  Source: IT

Memorandum of Understanding

1. Amazon India has signed a Memorandum of Understanding (MoU) with the Entrepreneurship Development Institute of India (EDII) and the Cottage and Rural Industries Department, Government of Gujarat, to help boost e-commerce exports from Gujarat.
   • Amazon will focus on bringing weavers, artisans and other micro, small and medium enterprises (MSMEs) from Gujarat on Amazon Global Selling, the e-commerce exports program.
   • The Cottage and Rural Industries Department will identify about 1,000 artisans in handloom and handicrafts through its Hastkala Setu Yojana program.
     Source: ET
2. Apraava Energy Private Ltd, Mumbai has signed a Memoranda of Understanding (MoUs) with REC Ltd (Formerly Rural Electrification Corporation Limited) and Power Finance Corporation Ltd (PFC), to get finance of Rs 9,120 crore for funding its wind, transmission, and advanced metering projects in India.
   Source: PIB

Appointments

1. Justice Subhasis Talapatra has been appointed as the 33rd Chief Justice of the Orissa High Court.
   • Previous Chief Justice- Justice S Muralidhar
   • The oath of office was administered by Governor Ganeshi Lal.
     Source: ToI

    

Miscellaneous

1. Abhay Kumar, Deputy Director General of Indian Council of Cultural Relations (ICCR) has launched his new book titled “Monsoon: A Poem of Love and Longing” at Kathika Culture Centre in Delhi.
   • The book was published by Sahitya Akademi on the occasion of its 68th anniversary.

2. Polali Jayarama Bhat, the former Managing Director (MD) & Chief Executive Officer (CEO) of Karnataka Bank has passed away.
   Source: HBL

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