31st August, 2024

1. RailTel Achieves ISO 14001:2015 Certification
2. Santosh Jha Delivers First Payment for Hybrid Power Projects on Sri Lankan Islands
3. BOB’s BOBCARD Introduces Premium Credit Card “ETERNA” on RuPay Network
4. IndiaFirst Life Becomes First Indian Insurer to Launch Operations in GIFT City
5. Gautam Adani Named India’s Richest Person: Hurun India Rich List 2024
6. DoHE Selects 16 Teachers from HEIs & Polytechnic for NAT 2024
7. Satish Kumar Vaduguri Appointed as Interim Chairman of IOCL; Rajneesh Narang as Interim CMD of HPCL
8. Subhasri Appointed MD & CEO of Shriram Capital
9. ISRO Successfully Demonstrates Satellite Technique for Studying Ocean and Soil Parameters
10. England’s Cricketer Dawid Malan Announces Retirement from International Cricket
11. Air Chief Marshal V R Chaudhari Unveils First Comic Book in Heroes of IAF Series
12. National Small Industry Day 2024 Observed on August 30
13. University of Southampton (UK) to Open Campus in Gurugram, Delhi-NCR
14. India’s First Indigenous Pollution Control Vessel ‘Samudra Pratap’ Launched by ICG
15. Assam Government Signs MoU with Visva Bharati University to Establish Srimanta Sankardeva Chair
16. Prime Minister Showcases India’s Fintech Leadership at Global Fintech Fest 2024 in Mumbai
17. Prime Minister Lays Foundation Stone for Vadhvan Port Under Sagarmala Program
18. Rare Land-Origin Cyclone Asna Forms Over Gujarat’s Kutch Coast
19. India and Malaysia Sign MoU to Enhance Tourism Cooperation
20. HAL Partners with SAFHAL Helicopter Engines to Develop Aravalli Engine
21. CSC Member States Sign Charter and MoU to Establish CSC Secretariat
22. Finance Ministry and RBI Confirm Queer Community Can Open Joint Bank Accounts and Nominate Partners
23. Dr. TV Somanathan has taken over as the Cabinet Secretary

National News

1. India Provides First Payment for Hybrid Power Projects in Sri Lanka
   • What
     • The Indian High Commissioner, Santosh Jha, has handed over the first payment for hybrid power projects in three islands off northern Jaffna, Sri Lanka.
     • The projects are being implemented under Indian grant assistance of USD 11 million.
   • Why
     • The aim of these projects is to address the energy needs of the islands, which are not connected to the national grid.
     • This initiative is part of India’s commitment to support energy development in Sri Lanka.
   • Tell me more
     • The hybrid renewable energy systems will be installed in Delft, Nainativu, and Analaitivu islands.
     • The Memorandum of Understanding for the project was signed in 2022, replacing a previously awarded Chinese venture due to objections raised by India.
     • Initial work on the project has begun, and it is scheduled for completion by early March 2025.
     • The three islands are located close to Tamil Nadu, India.
       Source: ET

2. University of Southampton to Establish Campus in India
   • What
     • The University of Southampton (UoS) will set up a campus in India, specifically in Gurugram, as part of the National Education Policy (NEP) 2020.
   • Why
     • The initiative aims to enhance India’s educational standards and provide students with access to a top global university without the need to study abroad.
     • It seeks to prepare Indian youth to be world-ready and foster global understanding and cooperation.
   • Tell me more
     • The new campus will offer a range of degree programs and is expected to start academic operations in July 2025.
     • The university plans to enroll over 5,000 students in the next eight years, starting with six courses in the first year.
     • The degrees awarded will be equivalent to those from the UK campus, ensuring the same academic standards.

Source: BS

State News

1. Assam Government Signs MoU with Visva Bharati University
   • What
     • The Assam Government has signed a Memorandum of Understanding (MoU) with Visva Bharati University to establish the Srimanta Sankardeva Chair at the university in Shantiniketan, West Bengal.
   • Why
     • The purpose of the chair is to promote the study and research of Srimanta Sankardeva and his Bhakti Movement beyond Assam and India.
     • This initiative aims to further academic research and understanding of Sankardeva’s teachings and their impact on Indian society.
   • Tell me more
     • The Assam Government will provide a one-time grant of ₹5 crore for the establishment of the chair.
     • The Srimanta Sankardeva Chair will also be set up at two other prominent universities in India, bringing the total to five.

2. PM Modi Lays Foundation Stone for Vadhvan Port in Maharashtra’s Palghar District
   • What
     • Prime Minister Narendra Modi laid the foundation stone for the Vadhvan Port in Maharashtra’s Palghar district.
     • The port project is estimated to cost around ₹76,000 crores.
   • Why
     • It is expected to become one of the top 10 ports globally and serve as a major shipping hub.
   • Tell me more
     • The Vadhvan Port will feature nine 1,000-meter-long container terminals, multipurpose berths, liquid cargo berths, Ro-Ro berths, and a dedicated Coast Guard berth.
     • The port is projected to be operational by 2030 and will have a total capacity of 298 million metric tonnes (MMT) per year.
     • The Vadhvan Port will be India’s largest deep-water port, designed to accommodate ultra-large cargo ships.
       Source: ET

International News

1. Colombo Security Conclave Establishes Secretariat in Colombo, Sri Lanka
   • What
     • The Member States of the Colombo Security Conclave (CSC) signed the Charter and MoU for the Establishment of the CSC Secretariat in Colombo, Sri Lanka.
   • Why
     • The CSC aims to promote regional security by addressing transnational threats and challenges in the Southern and Western Indian Ocean region.
     • It seeks to create stability in the region amid growing strategic interests of big powers and terrorism.
   • Tell me more
     • The CSC has five pillars of cooperation: Maritime Safety and Security; Countering Terrorism and Radicalisation; Combating Trafficking and Transnational Organised Crime; Cyber Security and Protection of Critical Infrastructure and Technology; and Humanitarian Assistance and Disaster Relief.

Source: DD ET

Banking and Economy

1. BOB Launches ETERNA Credit Card on RuPay
   • What
     • BOBCARD LIMITED, a subsidiary of Bank of Baroda, has launched its new ETERNA Credit Card on the RuPay platform.
     • The launch took place at the Global Fintech Festival 2024.
   • Why
     • The ETERNA Credit Card targets India’s growing luxury market.
     • According to Bain & Company, India’s luxury sector is set to grow 3.5 times its current size, reaching up to $90 billion by 2030.
   • Tell me more
     • The card is priced at ₹2,499 annually and offers several exclusive perks.

2. IndiaFirst Life Becomes First Indian Life Insurer to Start Operations in GIFT City
   • What
     • IndiaFirst Life has become the first Indian life insurer to commence operations in Gujarat International Finance Tec City (GIFT City).
   • Why
     • IndiaFirst Life aims to offer foreign currency-denominated life insurance solutions to international customers of its partner banks and preferred broker partners.
     • The company seeks to expand its reach to global citizens and contribute to India’s growth narrative.
   • Tell me more
     • IndiaFirst Life’s IFSC Insurance Office (IIO) will have a dedicated team of specialists to cater to the needs of GIFT City’s global audience.
     • The company offers a specially designed ULIP product called IndiaFirst Life Wealth Wise plan, which is ideal for international customers looking for long-term wealth and legacy creation.
     • The plan is US dollar denominated.

3. RailTel Corporation Achieves ISO 14001:2015 Certification
   • What
     • RailTel Corporation of India Ltd has been awarded the ISO 14001:2015 certification.
     • This certification is a globally recognized standard for Environmental Management Systems (EMS).
   • Why
     • The certification aims to enhance RailTel’s commitment to environmental protection and regulatory compliance.
   • Tell me more
     • RailTel manages a nationwide broadband telecom and multimedia network to support national telecom infrastructure and digital services, especially in rural areas.
     • The certification demonstrates RailTel’s dedication to reducing carbon footprints and mitigating greenhouse gas emissions.

4. LGBTQ Persons Can Open Joint Bank Accounts
   • What
     • The Finance Ministry has clarified that LGBTQ individuals can open joint bank accounts and nominate their partners as beneficiaries.
     • The announcement comes in response to the Supreme Court’s October 2023 order on the legal recognition of same-sex marriages.
   • Tell me more
     • The Department of Financial Services issued the advisory, stating that there are no restrictions for LGBTQ persons to open joint accounts or nominate partners as nominees.
     • The Reserve Bank of India (RBI) has also instructed banks to comply with these guidelines, following its 2015 order to include a ‘third gender’ column in application forms.
     • Several banks have launched services specifically designed for the transgender community, such as ESAF Small Finance Bank’s ‘Rainbow Savings Account’ in 2022.

Source: FE BT

Defence News

1. Indian Air Force Launches Comic Book Series
   • What
     • The Indian Air Force (IAF) has launched its first comic book titled “Heroes of the Indian Air Force.”
   • Why
     • The initiative aims to educate young readers about the IAF’s history and inspire them to consider a career in the armed forces.
   • Tell me more
     • The inaugural comic book includes two stories: one about Marshal of the Air Force Arjan Singh and another about the 1971 Battle of Boyra.
     • It will be distributed for free to young children during induction publicity drives conducted by the IAF.

Source: NOA

2. Raksha Rajya Mantri Launches Indigenous Pollution Control Vessel
   • What
     • Raksha Rajya Mantri Shri Sanjay Seth launched the first indigenously built Pollution Control Vessel named ‘Samudra Pratap’ for the Indian Coast Guard (ICG).
     • The ship was launched at Goa Shipyard Limited (GSL) in Goa.
   • Why
     • The vessel will help in checking oil spillage along India’s coastline.
     • It showcases India’s growing capabilities in ship building for defense and other specialized needs.
   • Tell me more
     • GSL signed a contract worth Rs 583 Crores to construct two Pollution Control Vessels for the ICG.
     • Goa Shipyard Limited is a premier Indian shipyard known for building state-of-the-art vessels.
     • The keel laying ceremony of the ‘Samudra Pratap’ was held on November 21, 2022.
       Source: PIB
3. HAL Partners with Safhal to Develop ‘Aravalli’ Engine
   • What
     • Hindustan Aeronautics Limited (HAL) has signed a contract with Safhal Helicopter Engines Pvt Ltd to jointly develop the ‘Aravalli’ engine.
     • This new generation high-power engine will power India’s upcoming Indian Multi-Role Helicopter (IMRH) and Deck-Based Multi-Role Helicopter (DBMRH).
   • Tell me more
     • The ‘Aravalli’ engine is named after India’s iconic Aravalli mountain range, symbolizing the country’s aspirations for indigenous development.
     • The IMRH is a 13-ton multi-role helicopter designed for the Indian armed forces, while the DBMRH is a 12.5-ton naval version.
     • The development of the ‘Aravalli’ engine is expected to create opportunities for future civil applications, including offshore operations and VVIP transport.

Source: TOI

Science and Technology

1. ISRO Demonstrates New Satellite-Based Remote Sensing Technique
   • What
     • The Indian Space Research Organisation (ISRO) has successfully demonstrated a new technique called GNSS-Reflectometry (GNSS-R) using a satellite-based sensor.
     • This sensor is located 475 km above the Earth and captures data on soil moisture, surface inundation, and ocean surface wind and wave measurements.
   • Why
     • The GNSS-R method aims to enhance remote sensing capabilities, providing valuable data for environmental monitoring and management.
     • It is part of ISRO’s efforts to utilize advanced technology for better understanding and managing Earth’s resources.
   • Tell me more
     • The GNSS-R instrument was mounted on ISRO’s EOS-08 satellite, which was launched on August 16, 2024, and began operations on August 18, 2024.
     • Remote sensing involves acquiring information about objects or areas from a distance using sensors on satellites or aircraft.
     • The GNSS-R technique uses signals from Global Navigation Satellite Systems (GNSS) that reflect off various surfaces, including oceans and land, to gather data.

Source: WION

Awards

1. Gautam Adani Tops 2024 Hurun India Rich List
   • What
     • Gautam Adani, chairman of the Adani Group, has replaced Mukesh Ambani as the richest Indian in the 2024 Hurun India Rich List.
     • Adani’s net worth stands at ₹11.6 lakh crore, while Ambani’s net worth is ₹10.14 lakh crore.
   • Tell me more
     • The cumulative wealth of individuals on the Hurun India Rich List has reached ₹159 lakh crore, surpassing the combined GDP of Saudi Arabia and Switzerland.
     • India’s billionaire population has increased sixfold to around 334 billionaires over the past seven years.

2. National Awards to Teachers (NAT) 2024
   • What
     • The Department of Higher Education, Ministry of Education, has selected 16 teachers from Higher Educational Institutions (HEIs) and Polytechnics for the National Awards to Teachers (NAT) 2024.
   • Why
     • The National Education Policy (NEP) 2020 emphasizes the importance of motivated and capable faculty for the advancement of students, institutions, and the profession.
     • The awards aim to cultivate a culture of excellence in the education ecosystem by providing incentives and recognitions.
   • Tell me more
     • The awards are given in two categories: Teachers of Higher Educational Institutions and Teachers of Polytechnic Institutions.
     • The selection is based on parameters such as Teaching Learning Effectiveness, Outreach activities, Research and Innovation, Sponsored Research, Faculty Development Programs, and Consultancy Teaching.
     • The selection process involves a two-step evaluation by a Preliminary Search-cum Screening Committee and a Jury Committee.
     • Nominations for NAT 2024 were invited through the Rashtriya Puraskar Portal, allowing self, institutional, and peer nominations as part of Jan Bhagidari.

Source: PIB

Important Days

1. National Small Industry Day – August 30
   • What
     • India observes National Small Industry Day on August 30 every year.
   • Tell me more
     • The day was first observed on August 30, 2001, following a government decision in the preceding year to promote the growth of small industries through various initiatives and policies.
     • The erstwhile Ministry of Small-Scale Industries and the Ministry of Agro and Rural Industries were merged on May 9, 2007, to form the Ministry of Micro, Small and Medium Enterprises (MSME).
     • The ministry noted a 30.1% share of gross value added by MSMEs in India’s GDP and a 45.79% share in all India exports.

Source: FE

Appointments

1. Interim Chairmen Appointed for IOC and HPCL
   • Satish Kumar Vaduguri, Director (Marketing) at IOC, will serve as interim chairman for three months starting September 1, 2024.
   • Rajneesh Narang, Director (Finance) at HPCL, has been named interim Chairman and Managing Director for three months.
     Source: BS
2. Subhasri Appointed as MD and CEO of Shriram Capital
   • Shriram Capital has appointed Subhasri as its Managing Director and Chief Executive Officer, effective September 1, 2024.
   • Subhasri is currently serving as the Joint Managing Director of the company.
     Source: TOI

Miscellaneous

1. Cyclone Asna Intensifies Over Kutch Coast
   • A deep depression over Gujarat has intensified into a cyclonic storm named Asna, moving away from the state’s shores at 6 kmph.
   • The formation of Cyclone Asna aims to enhance weather monitoring and preparedness in the region.
   • Cyclone Asna is only the second cyclone to form over the Arabian Sea in August since 1964.
     Source: TOI

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