29th August, 2024

1. Union Minister Jyotiraditya Scindia Opens 10m Air Pistol Shooting Range in Gwalior, Named After Manu Bhaker
2. Norman Gilbert Pritchard, a British-Indian Athlete, Wins Silver Medals in 200m Sprint and 200m Hurdles at 1900 Paris Olympics
3. Spices Board Launches SPICED Scheme to Improve Spice Exports and Productivity
4. MoRD Signs MoU with MicroSave to Optimize Community Investment Funds
5. Yes Bank Partners with Newtap Finance for Financing Solutions
6. HDFC Bank Teams Up with Zeta for Credit Line on UPI
7. RBI Cancels Margdarshak Financial Services’ Registration Due to High NPAs and Defaults
8. PayU Partners with Amazon Pay Later to Provide Instant Digital Credit
9. Gujarat Overtakes UP as Top Investment Destination in FY24, Says RBI Study
10. ACC Approves Satish Kumar as Chairman and CEO of Railway Board
11. ISRO’s SAC Signs MoU with AlphaMERS to Tackle Marine Pollution Using AI
12. Axiom Space and Nokia Partner to Introduce 4G Technology in NASA’s Lunar Spacesuits
13. Indian Surfing Team Wins Silver Medal at Asian Surfing Championships 2024
14. Cabinet Approves Expansion of CSS for AIF
15. Cabinet Approves Private FM Radio Expansion to 234 New Cities/Towns
16. Cabinet Approves State Governments’ Equity Participation for Hydro Electric Projects in NER
17. DoT Hosts Conference on Disaster Management with NTIPRIT & LSA Delhi
18. Indian Railways Integrates DigiLocker with Hiring Portal to Speed Up Recruitment
19. 8th EPC Meeting: MoT Approves Grants of ₹50 Lakhs Each for 4 Start-Ups
20. Capitalmind Gets SEBI Approval to Launch New Mutual Fund
21. ReNew and Microsoft Sign Agreement for 437.6 MW Clean Power Sale
22. Srinivas, Secretary of DoPPW, Receives Anubhav Awards & Jury Certificates
23. B Srinivasan Appointed as New Director General of NSG
24. CCI Approves Merger of RIL’s Media Assets with Walt Disney
25. National Sports Day 2024 on August 29
26. International Day Against Nuclear Tests 2024 on August 29
27. Former UIDAI Chairperson Nandan Nilekani Discusses “Finternet” at Global Fintech Fest 2024
28. Himachal Pradesh Assembly Raises Marriage Age for Women from 18 to 21
29. Union Health Minister Launches National Medical Register (NMR) Portal
30. 7th Anubhav Awards Ceremony to Be Held at Vigyan Bhawan, New Delhi
31. RBI Says India’s Rural Economy is Boosting FMCG Sector
32. WMO Report: Sea Level Rise in the South-West Pacific is Faster than Global Average

National News

1. AlphaMers Partners with ISRO to Tackle Marine Pollution
   • What
     • AlphaMers Ltd. has partnered with the Indian Space Research Organisation (ISRO) to develop an Artificial Intelligence (AI) model to identify and profile marine pollution.
     • The focus is on detecting plastics and oil spills using remote sensing along India’s coastline.
   • Why
     • The partnership aims to create a robust AI model that can effectively identify and profile marine pollution.
     • It seeks to combine ISRO’s satellite imagery with ground truth data from AlphaMers’ floating trash barriers.
       Source: The Hindu
2. Capacity-Building Conference on Disaster Management Held
   • What
     • A high-level Capacity-Building Conference on Disaster Management was organized by the Disaster Management Division of the Department of Telecommunications (DoT) in collaboration with the National Telecommunications Institute for Policy Research, Innovation, and Training (NTIPRIT).
   • Why
     • The goal was to enhance disaster preparedness and resilience in India. It highlighted the critical role of telecommunications in all phases of disaster management.
   • Tell me more
     • A Table Top Exercise (TTEx) was conducted to simulate a disaster scenario, allowing stakeholders to refine their response strategies.
     • The DoT has developed an early warning system called the Combined Alert Protocol (CAP), which sends nearly one billion messages monthly to warn the public about disasters.
     • The conference resulted in recommendations to improve telecom infrastructure in vulnerable regions and enhance collaboration between government agencies and telecom service providers.
       Source: PIB
3. Cabinet Approves ₹4,136 Crore for Hydro Power in Northeast
   • What
     • The Union Cabinet has approved a proposal to provide Central Financial Assistance (CFA) of ₹4,136 crore from FY 2024-25 to FY 2031-32 for hydroelectric projects in the North Eastern Region (NER).
     • This funding will support the development of approximately 15,000 MW of hydro capacity through joint ventures between state governments and Central Public Sector Undertakings (CPSUs).
   • Why
     • The initiative aims to enhance the participation of state governments in hydro power development.
     • It seeks to address challenges such as land acquisition and local law and order issues, thereby reducing project delays and cost overruns.
   • Tell me more
     • The scheme will be implemented from FY 2024-25 to FY 2031-32.
     • The grant for state governments will be capped at 24% of the total project equity, with a maximum of ₹750 crore per project.
     • States must waive or stagger free power and/or reimburse State Goods and Services Tax (SGST) to ensure project viability.
     • The scheme is expected to create direct and indirect employment opportunities and promote local entrepreneurship.

4. Indian Railways Integrates DigiLocker for Faster Recruitment
   • What
     • Indian Railways has integrated DigiLocker, a digital document wallet, with its recruitment portal.
     • This integration allows job aspirants to link their digital documents, which are considered equivalent to the original physical ones.
   • Why
     • The move aims to significantly reduce the recruitment time frame for Indian Railways jobs from the current 18-24 months to less than six months.
     • It will streamline the document verification process and minimize instances of fake documents being uploaded.
   • Tell me more
     • The Railway Board has decided to fully integrate all Indian Railways recruitments with DigiLocker, making the entire document verification process DigiLocker-based.
     • Calls for medical check-ups and appointment letters will also be issued through DigiLocker.
     • To further streamline the recruitment process, a system of publishing an annual calendar for recruitment to various categories of group ‘C’ posts has been established this year.
       Source: TOI
5. Ministry of Textiles Approves Grants for Textile Startups
   • What
     • The Ministry of Textiles has approved grants of approximately ₹50 lakh each for four startups.
     • This decision was made during the eighth Empowered Programme Committee meeting under the National Technical Textiles Mission.
   • Why
     • The grants aim to support startups working in key areas such as composites, sustainable textiles, and smart textiles.
     • This initiative is part of a broader effort to promote innovation and development in the technical textiles sector.
       Source: NOA

State News

1. Himachal Pradesh Assembly Raises Marriage Age for Women
   • What
     • The Himachal Pradesh Assembly has passed a bill to raise the marriage age for women from 18 to 21 years.
     • This change is part of the Prohibition of Child Marriage (Himachal Pradesh Amendment Bill 2024).
   • Why
     • The bill aims to provide gender equality and more opportunities for women to obtain higher education.
     • It also addresses the health risks associated with early pregnancies.
   • Tell me more
     • Health and Women Empowerment Minister Dhani Ram Shandil introduced the bill in the assembly.
     • The amendment seeks to align the state’s laws with the Child Marriage Act of 2006, which prohibits child marriages.
     • The bill was passed by voice vote in the assembly.
       Source: BS

International News

1. Nokia and Axiom Space Partner for 4G on the Moon
   • What
     • Finland-based Nokia and US-based Axiom Space will incorporate high-speed 4G/LTE cellular network capabilities in the Axiom Extravehicular Mobility Unit (AxEMU) spacesuit.
     • This will enable real-time HD video, telemetry data, and voice transmission over multiple kilometers on the Moon.
   • Why
     • The partnership aims to provide a vital link between astronauts and mission controllers on Earth during lunar exploration.
     • It will facilitate crucial data exchange and high-definition video communication over long distances.
   • Tell me more
     • Nokia plans to deploy the first cellular network on the Moon as part of Intuitive Machines’ IM-2 mission in 2024.
     • The Lunar Surface Communications System (LSCS), developed by Nokia Bell Labs, will be adapted for use in the AxEMU spacesuit.
     • The fully autonomous LSCS has two components: a network-in-a-box and device modules integrated into the spacesuits.
     • Axiom Space was awarded $57.5 million from NASA to modify the lunar spacesuit with 4G/LTE network capabilities.
       Source: AS

Banking and Economy

1. Yes Bank Partners with Newtap Finance for Financing Solutions
   • What
     • Yes Bank has entered into a co-lending partnership with Newtap Finance.
     • This partnership aims to provide personalized financing solutions to creditworthy individuals on the CRED platform.
   • Why
     • It aims to enhance Yes Bank’s personal loan portfolio and deliver value to affluent and emerging affluent customers.
   • Tell me more
     • Dreamplug Technologies Private Limited (DTPL), which operates CRED, will act as the Lending Service Provider (LSP) for this partnership.
     • The partnership will offer competitive rates and a digital-first experience for CRED members.
     • Yes Bank aims to align its financing expertise with CRED’s affluent member base.
     • The collaboration will help identify challenges faced by Self-Help Group (SHG) members in accessing credit.
       Source: Moneycontrol
2. HDFC Bank Partners with Zeta for UPI Credit Line
   • What
     • HDFC Bank has partnered with Zeta to power its Credit Line on UPI (CLOU) offerings.
     • Zeta’s Digital Credit as a Service (DCaaS) solution will enable HDFC Bank to launch innovative credit products on NPCI’s CLOU scheme.
   • Why
     • The partnership aims to enhance credit access for HDFC Bank’s customers.
     • It combines HDFC Bank’s financing expertise with Zeta’s technology to deliver personalized credit solutions.
   • Tell me more
     • The Credit Line on UPI scheme allows banks to connect pre-approved credit lines directly to UPI users.
     • Zeta’s solution is designed to leverage CLOU’s capabilities across the credit distribution lifecycle.
     • Unlike alternative approaches, Zeta’s solution is engineered as a UPI-first, mobile-first, and cloud-native credit products ecosystem.
     • The partnership is expected to create a $1 trillion opportunity for banks by 2030.

3. RBI Cancels Registration of Margdarshak Financial Services
   • What
     • The Reserve Bank of India (RBI) has cancelled the registration of Margdarshak Financial Services Ltd. due to high net NPAs and defaults on repayment to lenders.
   • Why
     • As on March 31, 2021, the company failed to maintain the minimum regulatory net owned fund and capital adequacy ratio for NBFC-MFI.
     • The company was facing cash flow issues and defaulted on repayment to lenders.
       Source: Business Standard
4. PayU Partners with Amazon Pay Later for Instant Digital Credit
   • What
     • PayU has partnered with Amazon Pay Later to provide instant digital credit access to Indian shoppers.
     • Amazon Pay Later will be integrated into PayU’s checkout infrastructure.
   • Why
     • The partnership aims to allow online merchants to offer instant credit lines to customers.
   • Tell me more
     • PayU recently received in-principle approval from the RBI to operate as a payment aggregator.
     • PayU will introduce Amazon Pay Later on its offers engine platform, allowing merchants to create customized offers during checkout.
     • Amazon is considering spinning off its payments arm, Amazon Pay, into a standalone app.

5. Gujarat Tops Investment Destination in 2023-24: RBI Study
   • What
     • Gujarat replaced Uttar Pradesh as the top state attracting bank funds for projects in 2023-24, according to an RBI study.
     • The infrastructure sector attracted a major share of envisaged capital investments.
   • Why
     • The government’s push towards infrastructure development led to increased investments in this sector. Gujarat’s performance reflects its attractiveness as an investment destination.
   • Tell me more
     • Gujarat got funds for 154 projects accounting for 14.7% of the Rs 3.9 lakh crore financed by banks and financial institutions, up from 14% in 2022-23.
     • Uttar Pradesh got funds for 69 projects accounting for 7.6%, down from 16.2% in 2022-23.
     • Maharashtra, Andhra Pradesh and Gujarat were among the top five states attracting project funding.
     • These five states together accounted for about 55% of the total cost of projects sanctioned during 2023-24.
     • Odisha slipped to the sixth spot in 2023-24 with a 7.6% share, down from 11.8% in 2022-23.

6. Capitalmind Financial Services to Launch Mutual Fund
   • What
     • Capitalmind Financial Services, led by Deepak Shenoy, has received approval from SEBI to launch its mutual fund schemes.
     • This marks Capitalmind’s entry into the mutual fund industry.
   • Tell me more
     • Capitalmind is recognized as the 25th largest portfolio management service in India based on AUM for discretionary equity strategies.
     • The mutual fund industry in India has seen a compound annual growth rate (CAGR) of 24% over the past five years.
     • The total number of mutual fund investors in India stands at 4.5 crore, highlighting significant growth potential.
       Source: BT
7. ReNew Signs 437.6 MW Green Power Deal with Microsoft
   • What
     • ReNew has signed a clean power sale contract of 437.6 MW with Microsoft.
     • The contract is expected to generate over one million units of green electricity attributes annually.
   • Why
     • The agreement aims to contribute to Microsoft’s goal of becoming carbon negative by 2030.
     • It aligns with Microsoft’s Environmental Justice priorities and ReNew’s commitment to sustainable communities.

8. Disney-Reliance $8.5 Bn Merger Approved with Conditions
   • What
     • The Competition Commission of India (CCI) has approved the $8.5 billion merger of Walt Disney Co and Reliance Industries‘ Indian media assets.
   • Why
     • The merged entity aims to create India’s biggest entertainment player to compete with Sony, Netflix and Amazon.
     • It will combine 120 TV channels and two streaming services under one umbrella.
   • Tell me more
     • The merged company will be majority owned by Asia’s richest man Mukesh Ambani’s Reliance.
     • The approval comes after a thorough review by the CCI to ensure fair competition in the sector.
       Source: BS
9. “Finternet” Term
   • What
     • Former chairperson of UIDAI, Nandan Nilekani, discussed “Finternet” as the future of financial systems at the Global Fintech Fest 2024.
   • Why
     • The concept of Finternet envisions a future where multiple financial ecosystems are interconnected, creating a user-centric financial system.
   • Tell Me More
     • Finternet was introduced in a paper by Agustin Carstens (former head of Bank of International Settlements) and Nandan Nilekani.
     • It leverages technologies such as tokenization and unified ledgers to include various asset classes within a robust regulatory framework.
     • The concept is built on 3 U’s: User, Unified, and Universal
       Source: MoC
10. Rural Economy Boosts FMCG Sector Growth: RBI
    • What
      • India’s rural economy is driving the revival of the Fast-Moving Consumer Goods (FMCG) sector.
        • FMCG companies are beginning to see the early signs of recovery, or “green shoots,” in their markets.
      • The Reserve Bank of India (RBI) reported a volume growth of approximately 6.6% in the FMCG sector during the first quarter of FY25.
    • Why
      • The growth in rural consumption is attributed to rising incomes and improved infrastructure.
    • Tell me more
      • The RBI noted that rural consumption is fueled by increased utility penetration, such as LPG, electricity, and two-wheelers.
      • Rural savings are also rising, indicated by the growth in savings bank accounts and their outstanding balances.
      • The reduction in inflationary pressures has made rural consumers more price-conscious, leading to a catch-up in consumption volumes with urban areas.

Source: ET

Reports and Indices

1. WMO’s “State of the Climate in the South-West Pacific 2023” Report
   • What
     • The WMO (World Meteorological Organization) released the “State of the Climate in the South-West Pacific 2023” report.
     • The report indicates that sea level rise in the region is above the global average, and sea surface temperatures have increased three times faster than the global average since 1980.
   • Why
     • The report aims to raise awareness about the climate challenges faced by the Pacific Islands, which are particularly vulnerable to rising sea levels and extreme weather events.
     • It emphasizes the need for urgent action to address these challenges and protect the populations living in low-lying coastal areas.
   • Tell me more
     • Marine heatwaves in the region have doubled in frequency since 1980, becoming more intense and lasting longer.
     • The report was presented by UN Secretary-General António Guterres and WMO Secretary-General Celeste Saulo at the Pacific Islands Forum in Tonga.
     • The Pacific Islands contribute only 0.02% of global emissions but are uniquely exposed due to their low elevation and proximity to the coast.

Source: WMO

Awards

1. DoPPW’s 7th Anubhav Awards Ceremony Held
   • What
     • The Department of Pension and Pensioners’ Welfare (DoPPW) organized the 7th Anubhav Awards ceremony.
     • The awards recognized the contributions of Central Government employees during their service.
   • Tell me more
     • A total of 5 Anubhav Awards and 10 Jury Certificates were awarded to personnel from 9 different ministries and departments.
     • Among the awardees, 5 were women pensioners, marking the highest number in a single ceremony.
     • The DoPPW also organized the 55th Pre-Retirement Counselling (PRC) Workshop for Central Government employees retiring by March 31, 2025.
     • The PRC Workshop included sessions on various topics such as retirement benefits, family pension, and income tax rules.

Source: PIB

Important Days

1. National Sports Day – August 29
   • The day marks the birth anniversary of Major Dhyan Chand, one of the greatest field hockey players in history.
   • Dhyan Chand, nicknamed the “Wizard of Hockey,” played a crucial role in India’s first successful Olympic gold medal tally at the 1928, 1932, and 1936 Summer Olympics.
     Source: IE
2. International Day against Nuclear Tests – August 29
   Source: UN

Sports

1. Shooting Range Inaugurated in Honor of Manu Bhaker
   • What
     • A shooting range has been inaugurated in Gwalior, named after Manu Bhaker, who won two bronze medals in the 2024 Paris Olympics.
   • Why
     • It seeks to promote shooting sports in the region.
   • Tell me more
     • The shooting range is designed for 10-meter air pistol and rifle shooting.
     • It is located at Jiwaji Club in Gwalior.
       Source: BS

Memorandum of Understanding

1. Centre Partners with MicroSave to Enhance Rural Livelihoods
   • What
     • The Rural Development Ministry has partnered with MicroSave to optimize the Community Investment Support Fund (CIF) to enhance the effectiveness and sustainability of organizations under the Rural Livelihood Mission.
   • Why
     • The partnership seeks to improve the utilization of CIF and strengthen the financial structures of Cluster Level Federations (CLFs).
     • It focuses on providing better financial services to Self-Help Groups (SHGs).
   • Tell me more
     • A memorandum of understanding (MoU) was signed by Manoj Kumar Sharma from MicroSave and Charanjit Singh from the ministry.
     • MicroSave will conduct a detailed analysis and provide strategic interventions for CIF disbursement and utilization.
     • The firm will assess the current financial status of CLFs and identify challenges faced by SHG members in accessing credit.
     • The ultimate goal is to transform selected CLFs into microcredit institutions.

Source: HBL

Appointments

1. Satish Kumar Appointed as New Railway Board Chairman
   • What
     • Satish Kumar has been appointed as the new Chairman and CEO of the Railway Board.
     • He will assume charge from September 1, 2024.
   • Why
     • The Appointments Committee of the Cabinet (ACC) approved Kumar’s appointment.
   • Tell me more
     • He will hold the position till the date of his superannuation and re-employment on contract basis from January 1 to August 31, 2025.
     • Before joining the Railway Board, Kumar served as the General Manager of North Central Railway, Prayagraj.

2. Centre Appoints B Srinivasan as New NSG Director General
   • What
     • The Centre has appointed B Srinivasan as the new Director General of the National Security Guard (NSG).
   • Tell me more
     • B Srinivasan will serve as the NSG Director General until August 31, 2027, which is the date of his superannuation.
     • Anish Dayal Singh, the Director General of the Central Reserve Police Force (CRPF), was given the additional charge of NSG until the new appointment.
     • The appointment was approved by the Appointments Committee of the Cabinet.
     • The NSG is a specialized counter-terrorism unit of the Indian Armed Forces.
       Source: HT

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