09th August, 2024

1. Indian Army Conducts ‘Parvat Prahaar’ Exercise in Ladakh, Focusing on High-Altitude Warfare Operations
2. DBS Bank India Launches ‘DBS Golden Circle’ Banking Program for Senior Citizens in India
3. L&T Finance Limited, a subsidiary of Larsen & Toubro(L&T) Ltd, one of the leading Non-Banking Financial Companies (NBFCs) in India, received its Certificate of Registration (CoR) from the Reserve Bank of India (RBI),
4. SWFI’s Top 100 Largest Central Bank Rankings by Total Assets 2024: RBI Ranked 12 Globally
5. Pine Labs & Axis Bank Launches ‘UPISetu’ India’s First UPI-Focused Payments Platform
6. DBS Chief Piyush Gupta To Step Down in March 2025; Tan Su Shan To Take Over
7. IIT Indore and DRDO Developed Energy-Harvesting, GPS Tracking Shoes
8. Former WB CM & Communist Party Leader Buddhadeb Bhattacharjee Passed Away
9. Quit India Movement Day 2024 – August 8
10. Chhattisgarh approves a proposal to notify Guru Ghasidas Tamor Pingla Tiger Reserve (TR)
11. United States, Australia, Canada ,Philippines held air and naval exercise in the disputed South China Sea (SCS)
12. Maharashtra approves Wainganga-Nalganga River Linking Project
13. Indian Railways is rolling out tenders for equipping 10,000 locomotives with Kavach 4.0
14. Exercise Mitra Shakti

National News

1. Indian Railways to Roll Out Kavach 4.0 System
• What
  • Indian Railways is set to implement Kavach 4.0, an indigenous automatic train protection system, across its network.
• Why
  • The rollout aims to enhance rail safety and prevent accidents, particularly in light of recent railway incidents that have raised safety concerns.
• Tell me more
  • Kavach 4.0 will be installed on 10,000 locomotives, with plans to complete the installation within two years.
  • The system is designed to automatically apply brakes if the train operator fails to respond to signals, thus preventing collisions and derailments.
  • The system has been tested under various climatic and geographical conditions, ensuring its reliability across different terrains.
  • The first phase of the project will cover high-density routes, including the Mumbai-Delhi and Delhi-Kolkata corridors.

Source: LM

State News

1. Chhattisgarh Approves Guru Ghasidas-Tamor Pingla Tiger Reserve
• What
  • Chhattisgarh has approved the establishment of the Guru Ghasidas-Tamor Pingla Tiger Reserve, marking the state’s fourth tiger reserve.
• Tell me more
  • The new tiger reserve covers an area of 2,829.4 square kilometers, integrating the Guru Ghasidas National Park and Tamor Pingla Wildlife Sanctuary.
  • This reserve will be the third largest in India, following Nagarjunasagar Srisailam in Andhra Pradesh and Manas in Assam.
  • Chhattisgarh previously had three tiger reserves: Indravati, Udanti-Sitanadi, and Achanakmar.
  • The region serves as a corridor between Bandhavgarh (Madhya Pradesh) and Palamu (Jharkhand) tiger reserves.

  Source: TOI

2. Maharashtra Approves Wainganga-Nalganga River Linking Project
• What
  • The Maharashtra cabinet has approved the Wainganga-Nalganga river linking project, aimed at enhancing irrigation in the Vidarbha region.
• Tell me more
  • It will benefit districts including Nagpur, Wardha, Amravati, Yavatmal, Akola, and Buldhana by providing irrigation, drinking water, and industrial water supply.
  • The project is expected to take 10 years to complete, with financial assistance anticipated from the central government.
  • Additionally, 31 storage reservoirs will be built to support water use during the Rabi season.

Source: TOI

International News

1. US, Allies Hold Military Drills in South China Sea

• What
  • The United States, Australia, Canada, and the Philippines conducted joint air and naval exercises in the disputed South China Sea.
• Why
  • The military drills aim to demonstrate the countries’ commitment to upholding international law and freedom of navigation in the region.
• Tell me more
  • China responded by holding its own joint sea and air combat patrols near the Scarborough Shoal, a disputed territory in the South China Sea.

Source: ET

Banking and Economy

1. DBS Bank Launches ‘DBS Golden Circle’ for Seniors

• What
  • DBS Bank India has launched ‘DBS Golden Circle’, a priority banking program designed specifically for senior citizens aged 60 and above.
• Why
  • The program aims to address the unique banking needs of senior citizens, providing exclusive benefits and services to enhance their banking experience.
• Tell me more
  • The program offers competitive interest rates of up to 7% per annum on savings account balances above Rs 4 lakhs and up to Rs 5 lakhs.
  • Senior citizens can earn an additional 0.50% per annum on fixed deposits with tenures ranging from 376 days to 540 days.
  • Fixed deposits held for over a year do not incur penalties for early withdrawals, providing flexibility for emergencies.
  • Additional perks include zero transaction fees for NEFT and RTGS, lifetime free debit cards, and unlimited domestic ATM transactions.
  • The program also features cyber insurance coverage up to Rs 1,00,000 and discounts on locker rentals.

Source: BT

2. Top 10 Richest Global Central Banks In 2024’

• Reserve Bank of India ranks 12th globally, with a balance sheet growing by 11.08% year on year to Rs 70.47 trillion as of March 31, 2024.
• The data on central banks’ assets is compiled by the Sovereign Wealth Fund Institute.

Source: IE

3. Pine Labs Launches UPISetu Payment Platform with Axis Bank

• What
  • Setu, owned by Pine Labs, has launched a UPI-focused payments platform called UPISetu in partnership with Axis Bank.
• Why
  • The platform aims to simplify access to a wide range of UPI products for businesses and developers, enhancing the payment transaction experience.
• Tell me more
  • UPISetu supports various UPI functionalities, including QR code payments, UPI Autopay, equated monthly instalments (EMIs), and third-party validation services.
  • The platform features advanced functionalities such as brand and bank offers, dispute resolution, instant cashbacks, and refunds, all provided via APIs.
  • The launch responds to the growing momentum of ‘Credit on UPI’ and the need for improved transaction success rates.
  • Setu was founded in 2018 by Sahil Kini and Nikhil Kumar and focuses on API infrastructure across multiple domains.
  • Pine Labs acquired Setu for approximately $70 million in 2022.

Source: ET

4. L&T Finance Receives RBI Registration as NBFC-ICC

• What
  • L&T Finance Ltd. has received a certificate of registration as a non-banking financial company (investment and credit company) from the Reserve Bank of India.
• Why
  • The registration allows L&T Finance to continue its operations under the NBFC-ICC guidelines following its merger with wholly owned subsidiaries.
• Tell me more
  • Previously, L&T Finance was registered as an NBFC-Core Investment Company (CIC).
  • The merger involved L&T Finance, L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd.

Source: NDTV

Defence News

1. Indian Army Conducts ‘Parvat Prahaar’ Military Exercise

• What
  • The Indian Army has conducted a strategic military exercise named ‘Parvat Prahaar’ in Ladakh, focusing on high-altitude warfare and operations.
• Why
  • The exercise is crucial for maintaining the readiness and effectiveness of the Army in mountainous terrains, particularly near the India-China border.
• Tell me more
  • The ‘Parvat Prahaar’ exercise emphasizes rugged terrains, similar to those in Eastern Ladakh.
  • The Mountain Strike Corps of the Northern Command is involved, responsible for operations along the Line of Actual Control (LAC).
  • The exercise showcases different military assets, including tanks, artillery guns like K-9 Vajra, air-defense systems, UAVs, and aviation assets.

Source: IT

2. Mitra Shakti Exercise (10th Edition)

• What
  • The Indian Army and the Sri Lankan Army will commence the 10th edition of their joint exercise, “Mitra Shakti,” on August 12, 2024, in Maduruoya, Sri Lanka.
• Tell me more
  • A unit of 120 soldiers from the Indian Army’s Rajputana Rifles will participate alongside an equal number from the Sri Lanka Army’s Gajaba Regiment.
  • The focus of this year’s exercise is on joint operations in semi-urban environments, aligning with Chapter VII of the United Nations Charter, which addresses threats to peace and security.

Source: FE

Science and Technology

1. IIT Indore Develops Tracking Shoes for Armed Forces

• What
  • The Indian Institute of Technology (IIT), Indore has developed real-time tracking shoes equipped with RFID and GPS technology for military personnel.
• Why
  • The initiative aims to enhance the safety, coordination, and operational efficiency of armed forces personnel by providing real-time location tracking capabilities.
• Tell me more
  • The shoes utilize Tribo-Electric Nanogenerator (TENG) technology to generate electricity with each step, which powers the embedded electronic devices.
  • IIT Indore has delivered 10 pairs of these innovative shoes to the Defence Research and Development Organization (DRDO).
  • The tracking shoes can also be used for monitoring Alzheimer’s patients, school children, and workers in industries, as well as for attendance tracking.
  • The shoes feature RFID technology with a range of 50 meters and a satellite-based GPS module for precise location tracking.
  • Professor Suhas Joshi, the director of IIT Indore, emphasized the importance of these shoes in improving operational security for military personnel.

Source: TOI

Important Days

1. Quit India Movement Day – August 8

• What
  • August 8, 2024, marks the observance of Quit India Movement Day, commemorating the historic launch of the Quit India Movement in 1942.
• Tell me more
  • The Quit India Movement was initiated on August 8, 1942, during the All India Congress Committee session in Bombay, led by Mahatma Gandhi.
  • Gandhi’s famous call to action, “Do or Die,” became the rallying cry for millions of Indians demanding an end to British rule.
  • The Quit India Movement emerged after the failure of the Cripps Mission in March 1942, which aimed to secure Indian cooperation during World War II.
  • The movement is considered a turning point in India’s independence struggle, intensifying nationalistic sentiments and garnering international attention to India’s plight.
  • The day is also referred to as August Kranti Day, symbolizing the courage and unity of the Indian people.

Source: IE

Appointments

1. DBS Bank CEO Piyush Gupta to Step Down in 2025, Tan Su Shan to Take Over

• Piyush Gupta, the CEO of DBS Bank, will step down in March 2025, and Tan Su Shan has been appointed as his successor.

Source: TOI

Miscellaneous

1. Former West Bengal Chief Minister Buddhadeb Bhattacharjee Passes Away

• Former West Bengal Chief Minister Buddhadeb Bhattacharjee passed away on August 8, 2024, at the age of 80 in Kolkata.
• Bhattacharjee was awarded the Padma Bhushan in 2022 but declined the honor.

Source: TH

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