24th-26th August, 2024

1. Axis Bank Unveils Neo for Merchants App in Partnership with VISA & Mintoak
2. BharatPe Teams Up with OTO Capital and Volt Money to Offer Secured Loans
3. PLL Signs MoU with LTL Holdings to Supply LNG to Sri Lankan Power Plants
4. M Suresh Appointed as Interim Chairman of Airports Authority of India (AAI)
5. SpaceX Plans First Human Spaceflight Mission “Fram2” Over Earth’s Polar Regions
6. India’s First Abrasive Waterjet Unveiled by IIT-Madras Director V Kamakoti
7. National Award-Winning Indian Filmmaker Utpalendu Chakraborty Passes Away
8. First National Space Day Celebrated on 23 August 2024
9. International Day to Remember the Slave Trade and Its Abolition
10. Minister Sarbananda Sonowal Launches Major Sustainability Drive at JN Port, Maharashtra
11. DARPG Signs MoU with Malaysia for 5-Year Digital Governance Cooperation
12. Bandhan Bank Launches “Avni” New Savings Product for Women
13. India Signs $500 Million Loan Agreement with ADB for Maharashtra Medical Education Development
14. Tata AIA Life Introduces New Term Insurance Product ‘Sampoorna Raksha Promise’
15. Bajaj Allianz General Insurance & HSBC India Form Partnership to Expand Product Reach
16. ICRA: India’s GDP Growth Expected to Slow to 6% in Q1 FY25
17. Lausanne Diamond League 2024: Neeraj Chopra Takes 2nd Place with Season-Best 89.49 m
18. Shikhar Dhawan Announces Retirement from International and Domestic Cricket
19. Olympic Cyclist Daniela Larreal Chirinos Passes Away
20. Department of Posts & ISRO’s NRSC Partner to Revolutionize India’s Addressing System
21. C-DAC Signs MoUs with Industries, Opens Hardware Emulation Facility
22. Key Highlights of Prime Minister’s Visit to Poland and Ukraine (August 21-23, 2024)
23. Piramal Finance & Central Bank of India Form Strategic Co-Lending Partnership
24. TPSSL Teams Up with ICICI Bank for Solar Loans
25. Goldman Sachs Lowers India’s GDP Growth Forecasts for 2024 & 2025
26. India Launches Its First Reusable Hybrid Rocket “RHUMI-1”
27. Indian Army Transfers Xploder & Agniastra Technologies to Private Sector for Mass Production
28. Planet Launches ‘Tanager-1’ and 36 SuperDoves Satellites with SpaceX

National News

1. Sustainable Initiatives Unveiled at Jawaharlal Nehru Port in Maharashtra
   • What
     • Union Minister Sarbananda Sonowal unveiled major sustainable initiatives at Jawaharlal Nehru Port by inaugurating three rejuvenated freshwater lakes.
   • Why
     • The purpose of these initiatives is to enhance rainwater harvesting, restore habitats, and support sustainable development at the port.
   • Tell me more
     • The three lakes were named after revered saints of Maharashtra: Saint Dyaneshwar Maharaj, Saint Eknath Maharaj, and Saint Namdeo Maharaj.
     • Sonowal attended the signing of two Memorandums of Understanding (MoUs) to secure financing for infrastructure projects.
     • One MoU was signed between the Jawaharlal Nehru Port Authority (JNPA), Rural Electrification Corporation (REC), and Vadhavan Port, while the second was between JNPA and Gateway Terminal India (GTI) to enhance sustainable efforts.
       Source: PIB
2. Prime Minister’s Visit to Poland and Ukraine
   • What
     • Prime Minister Narendra Modi visited Poland, marking the first visit by an Indian Prime Minister to Poland in 45 years.
   • Why
     • The visit aims to strengthen bilateral ties and celebrate the 70th anniversary of diplomatic relations between India and Poland.
   • Tell me more
     • Following Poland, he traveled to Ukraine, the first visit by an Indian Prime Minister since diplomatic relations were established in 1992.
     • The last Indian Prime Minister to visit Poland was Indira Gandhi in 1979.
       Source: MEA

State News

1. India Signs $500 Million Loan with ADB for Health Care in Maharashtra
   • What
     • India signed a loan agreement of USD 500 million with the Asian Development Bank (ADB) to improve access to quality and affordable tertiary health care and medical education in Maharashtra.
   • Why
     • The loan aims to strengthen the state’s health care system and expand medical education facilities to provide modern medical services in underserved areas.
   • Tell me more
     • The loan will help establish four new medical colleges linked to tertiary care hospitals and increase bed capacity in government hospitals.
     • The program aims to incorporate climate-resilient and socially inclusive features in the new medical colleges.
     • The initiative is part of India’s vision to provide affordable and accessible health care to all by 2030.
       Source: ANI

International News

1. SpaceX to Launch First Crewed Mission to Polar Orbit
   • What
     • SpaceX has announced plans to launch the first-ever crewed mission to explore Earth’s polar orbit, named Fram2, by the end of this year.
   • Why
     • The mission aims to study the polar regions of Earth and observe unusual light emissions similar to auroras, marking a significant milestone in private spaceflight.
   • Tell me more
     • The Fram2 mission will be SpaceX’s sixth commercial astronaut mission, featuring a crew of four astronauts aboard the Dragon capsule, launched by the Falcon 9 rocket.
     • The crew includes Chun Wang, a cryptocurrency entrepreneur, Jannicke Mikkelsen, a Norwegian cinematographer, Rabea Rogge, a robotics engineer from Germany, and Eric Philips, a polar explorer from Australia.

Source: IE

2. Planet Launches Tanager-1 Satellite to Track Emissions
   • What
     • Planet has launched its first hyperspectral satellite, Tanager-1, along with 36 SuperDoves, aboard a SpaceX Falcon 9 rocket from Vandenberg Space Force Base.
   • Why
     • Tanager-1 is part of the Carbon Mapper Coalition, a philanthropic effort to develop satellites that detect and track methane and CO2 emissions to support mitigation efforts.
   • Tell me more
     • Tanager-1 combines Planet’s smallsat technology with an advanced imaging spectrometer designed by NASA’s Jet Propulsion Laboratory (JPL).
     • The satellite will monitor methane and CO2 emissions, with data analyzed by Carbon Mapper scientists and commercialized by Planet for various applications.
     • Methane is a potent greenhouse gas responsible for around 30% of atmospheric warming since 1750, and emissions must be reduced this decade to slow global warming.

Source: BW

Banking and Economy

1. Axis Bank Launches Neo for Merchants App
   • What
     • Axis Bank has launched a new payment acceptance app called “neo for merchants” in partnership with Visa and Mintoak.
     • The app allows merchants to accept payments, view transaction reports, and raise service requests.
   • Why
     • The purpose of the app is to provide a comprehensive digital solution for merchants to lower their cost of business and accept digital payments affordably.
   • Tell me more
     • Merchants can accept payments via Cards, SMS Pay and UPI from the app.
     • The app provides access to transaction and settlement reports.
     • Axis Bank aims to boost its merchant-acquiring portfolio with Visa’s strength in digital payments and Mintoak’s merchant-first SaaS solutions.
     • The collaboration with Visa and Mintoak will drive Axis Bank’s vision in building and deepening stronger relationships with small and medium enterprises across the country and boost their business growth.
       Source: FE
2. BharatPe Launches Secured Loans for Merchants
   • What
     • BharatPe has introduced secured loan options for its merchant partners, including two-wheeler loans and Loans Against Mutual Funds (LAMF).
   • Why
     • The purpose of launching these secured loans is to provide merchants with more financial options and enhance their business growth.
   • Tell me more
     • BharatPe has partnered with OTO Capital to offer two-wheeler loans of up to Rs 2.5 lakh, with a fully digital application process and flexible repayment terms of 12 to 48 months.
     • The Loans Against Mutual Funds allow merchants to borrow up to Rs 1 crore against their mutual fund investments.
     • The company plans to expand its offerings to include more products and lenders in the future.

3. Bandhan Bank Launches Women-Focused Savings Account ‘Avni’
   • What
     • Bandhan Bank has introduced a new savings product called ‘Avni’, exclusively designed for women.
   • Why
     • The aim of launching this account is to boost low-cost deposit mobilization amid increasing competition among banks for public deposits.
   • Tell me more
     • The ‘Avni’ account targets affluent women and requires maintaining an average quarterly balance of ₹25,000.
     • Customers will receive benefits such as a debit card with free airport lounge access, personal insurance cover of ₹10 lakh, and discounts on processing fees for gold loans and annual locker rentals.
     • Bandhan Bank also launched a loyalty program, allowing customers to earn points for various banking activities.
       Source: ET

4. Tata AIA Launches New Term Insurance Product ‘Sampoorna Raksha Promise’
   • What
     • Tata AIA Life Insurance has introduced a new term insurance product called ‘Sampoorna Raksha Promise’ aimed at meeting evolving consumer needs.
   • Why
     • The new product is designed to provide enhanced features beyond basic claim payments, addressing the specific requirements of consumers and promoting financial security.
   • Tell me more
     • The ‘Sampoorna Raksha Promise’ offers coverage until the age of 100 and includes two options:
       • Life Promise: A sum assured payable upon the policyholder’s death.
       • Life Promise Plus: Offers a similar death benefit, and if the policyholder survives until maturity, 100% of the total premiums paid (excluding certain fees) are returned.
     • Key benefits include an instant payout of ₹3 lakh upon death claim intimation, terminal illness benefits, and the option to increase coverage during significant life events.
     • The product also features discounts for online purchases, salaried customers, and women policyholders.
       Source: LM
5. Bajaj Allianz Partners with HSBC India for Insurance
   • What
     • Bajaj Allianz General Insurance has formed a strategic bancassurance partnership with HSBC India.
   • Tell me more
     • MD & CEO of Bajaj Allianz: Tapan Singhel
     • Bancassurance is a model where banks sell insurance products, benefiting both the bank and the insurance company.
     • The Insurance Regulatory and Development Authority of India (IRDAI) has been promoting bancassurance to increase insurance penetration in India.
     • Banks can partner with a maximum of nine life insurers, nine general insurers, and nine health insurers under the current regulations.
       Source: HBL

6. Piramal Finance Partners with Central Bank of India
   • What
     • Piramal Capital and Housing Finance Limited (Piramal Finance) has partnered with Central Bank of India to expand their co-lending business.
   • Why
     • The collaboration aims to provide loans to middle and low-income borrowers, especially in rural and semi-urban areas.
   • Tell me more
     • Piramal Finance has over 500 branches across 600 districts in India, allowing them to offer competitive interest rates and customized credit solutions.
     • The collaboration will help bridge the credit gap faced by micro, small, and medium enterprises (MSMEs) and home loan borrowers.
       Source: ET

7. Tata Power Solar Partners with ICICI Bank for Solar Loans
   • What
     • Tata Power Solar Systems (TPSSL) has partnered with ICICI Bank to provide loans for the purchase of solar panels for residential and corporate customers.
   • Why
     • The collaboration aims to enhance the accessibility and affordability of sustainable energy solutions, promoting the broader adoption of solar energy.
   • Tell me more
     • Customers can avail of loans up to ₹90 lakh with collateral-free options and a tenure of up to 5 years.
     • Higher loan amounts can be obtained with collateral, with tenures extending up to 20 years.
     • Flexible down payment options of 20-25% of the loan amount will make it easier for customers to invest in solar energy.

Source: BS

GDP Forecasts

1. India’s GDP Growth Slows to 6% in Q1 FY2025
   • What
     • India’s GDP growth has slowed to 6% in the April-June quarter of FY2025, marking a six-quarter low.
   • Why
     • The slowdown is attributed to a contraction in government capital expenditure and a decline in urban consumer demand.
   • Tell me more
     • The official growth figures for the June quarter are expected to be released by the Union Ministry of Statistics on August 30.
     • ICRA projects the GDP growth for the full fiscal year 2024-25 to be 6.8%, down from 8.2% in 2023-24.
     • The International Monetary Fund (IMF) had previously upgraded India’s GDP growth forecast for FY2024-25 to 7% in July 2024.
     • The Economic Survey projected real GDP growth for FY25 at 6.5-7%.
       Source: BS
2. Goldman Sachs Cuts India’s GDP Growth Forecasts
   • What
     • Goldman Sachs Group Inc. has lowered India’s GDP growth forecasts for 2024 and 2025 by 20 basis points each to 6.7% in 2024 and 6.4% in 2025.
   • Why
     • The bank cited a slowdown in central government expenditure as the reason for the downgrade.
   • Tell me more
     • India’s growth next year will be hampered by the government’s commitment to bring down the fiscal deficit to below 4.5% of GDP.
     • Slower real consumption growth due to stricter RBI rules on unsecured lending will also impact expansion.
     • However, easier monetary policy by the RBI starting December 2024 may offset some of the drag on real GDP growth.

Source: HT

Defence News

1. Indian Army Transfers Technology for Innovative Defense Solutions
   • What
     • The Indian Army has transferred technology for two innovative solutions: the ‘Xploder’ unmanned ground vehicle (UGV) and the ‘Agniastra’ portable detonation device, to private industry for mass production.
   • Why
     • The purpose of this transfer is to enable large-scale production and integration of these technologies into field operations, enhancing the Army’s operational capabilities.
   • Tell me more
     • The technology transfer was facilitated by the Foundation of Innovation & Technology Transfer (FITT) and was announced during a ceremony attended by Vice Chief of Army Staff Lt General NS Rajasubramani.
     • The Xploder UGV is designed for various roles, including reconnaissance and disposal of Improvised Explosive Devices (IEDs).
     • The Agniastra system allows for remote detonation of explosives at multiple targets, improving both conventional and counter-terrorism operations.
       Source: HBL

Science and Technology

1. IIT Madras Start-Up Develops India’s First Abrasive Waterjet Machine
   • What
     • An IIT Madras-backed start-up has designed India’s first abrasive waterjet machine, which can cut combustible materials without generating heat.
   • Why
     • The purpose of this development is to provide a cost-effective solution for various industries, including semiconductor, aviation, defense, and diamond, while enhancing safety during the cutting process.
   • Tell me more
     • The machine was unveiled by IIT Madras director V. Kamakoti and is expected to cost one-third of similar machines currently available in the market.
     • Guhan Industries and Manufacturing Solutions (GIMS) designed the machine with support from Startup TN and IIT Madras’s NIRMAAN initiative.
     • The team received a grant of Rs 20 lakh from Engineers India Limited to develop a prototype and filed for an Indian Patent for their innovation.

2. India Launches First Reusable Hybrid Rocket
   • What
     • Tamil Nadu-based startup Space Zone India launched India’s first reusable hybrid rocket, Mission RHUMI-2024, from Thiruvidandhai, Chennai.
   • Why
     • The mission aims to collect data for research on global warming and climate change using three Cube satellites and 50 PICO satellites.
   • Tell me more
     • Space Zone India has previously launched various rockets, including RHUMI-1, RHUMI-2, and RHUMI-3.
     • The company aims to capture the growing small satellite market in Low Earth Orbit (LEO).
     • The Martin Group is funding Space Zone India and supports its mission through corporate social responsibility initiatives.
     • Anand Megalingam is the founder and CEO of Space Zone India.
       Source: TOI

Awards

1. 15th Agriculture Leadership Conclave in New Delhi
   • Theme: Navigating Agriculture Through Climate Change
   • Organiser: Agriculture Today Group
   • 15th Agriculture Leadership Awards 2024:

Source: ICAR

Important Days

1. India’s First-Ever National Space Day – August 23
   • Theme: “Touching Lives while Touching the Moon: India’s Space Saga”
     Source: TOI
2. International Day for the Remembrance of the Slave Trade and its Abolition – August 23
   Source: UNESCO

Sports

1. Neeraj Chopra Secures Second Place at Lausanne Diamond League
   • Neeraj Chopra finished second in the javelin throw at the Lausanne Diamond League, achieving a season-best throw of 89.49 meters.
   • The event was won by Anderson Peters from Grenada, who set a new meet record with a throw of 90.61 meters.
   • Julian Weber from Germany secured third place with a throw of 87.08 meters.
     Source: TOI
2. Shikhar Dhawan Announces Retirement from Cricket
   • Indian cricketer Shikhar Dhawan announced his retirement from all forms of cricket on August 24, 2024.
   • Dhawan made his international debut in 2010 against Australia and scored over 500 runs in the 2004 ICC U19 Men’s Cricket World Cup.
   • His last international match was in December 2022 against Bangladesh, and he last played competitively in the IPL in April 2024.
     Source: ICC

Memorandum of Understanding

1. Sri Lanka and India Sign LNG Infrastructure Agreement
   • What
     • The Sri Lankan government and India’s Petronet LNG Limited signed an agreement to develop infrastructure for storage, regasification, and LNG supply for a combined cycle power plant in Sri Lanka.
     • The MoU was signed between Sri Lanka’s LTL Holdings Limited and Petronet LNG for the Sobadhanavi Combined Cycle Power Plant in Kerawalapitiya, north Colombo.
   • Why
     • The agreement aims to enhance energy generation in Sri Lanka, reduce costs associated with thermal power generation, and support the country’s transition to cleaner energy sources.
   • Tell me more
     • The Sobadhanavi plant, with a capacity of 350 MW, is expected to be the largest independent power producer in Sri Lanka and the first to operate using LNG.
       Source: BS
2. India and Malaysia Sign MoU on Public Administration Cooperation
   • What
     • The Department of Administrative Reforms and Public Grievances (DARPG), Government of India, and the Public Service Department, Government of Malaysia, signed a memorandum of understanding (MoU) on cooperation in the field of public administration and governance reforms.
   • Why
     • The MoU aims to encourage and promote cooperation in areas such as citizen-centric services, government process simplification, transparency, human resource management, and e-governance.
   • Tell me more
     • The MoU was signed for a period of five years, effective from August 20, 2024.
     • A joint working group will be established under the MoU to oversee its implementation.
       Source: ET
3. Department of Posts Partners with ISRO for Addressing System
   • What
     • The Department of Posts (DoP) signed a Memorandum of Understanding (MoU) with the National Remote Sensing Centre (NRSC) of ISRO.
   • Why
     • The partnership aims to establish a standardized, geo-coded addressing system in India to improve public and private service delivery.
   • Tell me more
     • This collaboration will leverage NRSC’s satellite data and remote sensing technologies along with DoP’s infrastructure.
     • The new addressing system is expected to simplify delivery services and optimize delivery routes.
     • The announcement of the MoU was made just before the first National Space Day on August 23, 2024.
       Source: PIB
4. MeitY Signs MoUs with Industry Partners for C-DAC Collaboration
   • What
     • The Ministry of Electronics and Information Technology (MeitY) signed multiple Memoranda of Understanding (MoUs) with industry partners to strengthen collaboration with the Centre for Development of Advanced Computing (C-DAC).
   • Why
     • The purpose of these agreements is to drive the development, deployment, testing, and commercialization of various technologies in partnership with industry leaders.
   • Tell me more
     • The MoUs were signed at C-DAC’s Vellayambalam Campus, where MeitY Secretary S. Krishnan also inaugurated a Hardware Emulation Facility.
     • The agreements cover areas such as Vehicle-to-Grid (V2G), Vehicle-to-Home (V2H), and Vehicle-to-Building (V2B) grid technologies with Tata EV and Hykon Group.
     • JMVLPS Limited will focus on advancing smart metering technologies for Advanced Metering Infrastructure (AMI).
     • Larsen & Toubro will partner on developing indigenous VEGA processor-based System on Chips (SoCs).
     • Aheesa Digital Innovations will facilitate the testing, validation, and commercialization of C-DAC’s cybersecurity and forensic systems.

Source: TOI

Appointments

1. M Suresh Appointed Interim Chairman of the Airports Authority of India (AAI)
   • M Suresh, Member, Air Navigation Services, Airports Authority of India (AAI) has been entrusted with additional charge as Chairman of AAI.
     Source: HBL

Miscellaneous

1. Veteran Bengali Director Utpalendu Chakraborty Passes Away
   • What
     • National Award winning Bengali director Utpalendu Chakraborty passed away at the age of 76.
   • Tell me more
     • He earned a National Award for Best Feature Film and Best Direction in 1983 for his film ‘Chokh’.
     • Chakraborty also received the Indira Gandhi Award for Best Debut Film of a Director in 1981.
     • Some of his other notable films include ‘Moynatadanto’ (1980), ‘Chandaneer’ (1989), ‘Phaansi’ (1988) and ‘Debsishu’ (1987).
       Source: TOI
2. Daniela Chirinos, 5-Time Olympic Cyclist for Venezuela, Passed Away
   • Daniela Larreal Chirinos, a five-time Olympic cyclist who represented Venezuela for over a decade, has passed away.
     Source: BS

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