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CURRENT AFFAIRS : BANKING & FINANCE
National Housing Bank operationalises ₹10,000-crore Urban Infrastructure Development Fund
- The National Housing Bank (NHB) has operationalised the ₹10,000-crore Urban Infrastructure Development Fund (UIDF) announced in this year’s Budget for the creation of urban infrastructure in tier-2 and tier-3 cities.
- UIDF has been launched to supplement the efforts of the State governments by providing a stable and predictable source of finance for the creation of urban infrastructure in tier-2 and tier-3 cities.
Key Highlights :
- As many as 459 tier-2 cities with a population of 50,000 to less than a lakh and 580 tier-3 cities with a population of one lakh to less than a million as per the 2011 census are being covered under UDIF as of now.
- Interest rate on UIDF loans has been kept at the bank rate minus 5% i.e., 5.25% at present.
- The loan (principal) will be repayable in 5 equal annual instalments within 7 years from the date of withdrawal, including a moratorium period of 2 years while interest will be payable on a quarterly basis.
Eligible projects :
- Focus will be on basic services like sewage and solid waste management, water supply and sanitation, construction and improvement of drains/storm water drains, and impact-oriented projects would be prioritised.
- The minimum size and maximum size of the project proposal shall be ₹5 crores (₹ 1 crore for northeast & hilly States) and ₹ 100 crore
- Town planning schemes for greenfield development and parks with open gyms not involving major construction work.
- The fund shall not be utilised for any type of maintenance work or for administrative/establishment expenses.
- Further, housing, power and telecom, rolling stock like buses and trams, urban transport, health and education institutions would remain out of the purview of UIDF.
- Both new and ongoing projects are eligible to access UIDF and shall be aligned to the various urban missions and programmes of the Government of India (GoI).
Fund allocation :
- The normative allocation of the first tranche of ₹ 10,000 crore under UIDF for 2023-24 has been advised by NHB to States and UTs inviting project proposals under the Fund.
- Allocation has been done based on the urban population percentage in respective States/ UTs in the eligible towns/cities out of the total population in eligible towns/cities in the country.
- The Finance Department of States/ UTs have been designated as the nodal department for implementation of the fund while NHB is operationalising the fund through their regional offices spread across the country.
Recent News :
- In Feb 2023, In Union Budget 2023-24, Union Finance Minister Nirmala Sitharaman announced the setting up of the Urban Infrastructure Development Fund (UIDF) through the use of priority sector lending shortfall for the creation of urban infrastructure in tier 2 and tier 3 cities.
About NHB :
- Founded : 9 July 1988
- Headquarters : New Delhi, Delhi, India
- Managing Director : Sarada Kumar Hota
- The NHB is the apex regulatory body for the overall regulation and licensing of housing finance companies in India.
- It is under the jurisdiction of the Ministry of Finance (MoF) , Government of India (GoI).
Indian Banks’ Association sets up 5-member group to implement RBI committee’s recommendations on Asset Reconstruction Companies
- The Indian Banks’ Association (IBA) has constituted a 5-member working group for implementing the recommendations of the Reserve Bank of India’s committee on the “working of the Asset Reconstruction Companies (ARCs)”.
The Group comprises :
- Ajit Kumar, MD, and CEO, of the Secondary Loan Market Association (SLMA)
- Hari Hara Mishra, CEO, of the Association of ARCs in India.
- Mythili Balasubramanian, Executive Director, Edelweiss ARC
- Dharmendra Pali, senior officials from the State Bank of India
- Anupama Ranade, senior officials from the ICICI Bank
Key Highlights :
- The group has been formed on the orders of RBI.
- The RBI desires that the IBA and SLMA, in consultation with the lenders and ARCs, take appropriate measures for early implementation of the recommendations of the committee.
- Committee’s recommendations aimed at enabling ARCs to fulfil the increasing financial sector demand.
- The working group will undertake a thorough review of the assignment agreements and trust deed templates.
- This review will focus on the acquisition of stressed assets from lenders by ARCs and will include necessary updates in line with evolving changes and expectations within the ARC sector.
- On April 28, 2021, under the chairmanship of Sudarshan Sen, former Executive Director (ED), RBI, had set up a committee to undertake a comprehensive review of the working of ARCs.
- On November 2, 2021, the report of the committee was released.
About ARC :
- The ARC framework is designed to allow originators to focus on their core function of lending by removing sticky, stressed financial assets from their books. ARCs act as the primary agent for recovery upon acquisition of such financial assets, per the committee.
- The ARC framework is also designed to help borrowers revive their businesses, which protects the viable and productive assets of the economy and often ensures a better return to banks and financial institutions (FIs) from their stressed assets.
About IBA :
- Established : 26 September 1946
- CEO : Sunil Mehta
- The IBA is a representative body of management of banking in India operating in India – an association of Indian banks and financial institutions based in Mumbai, Maharashtra.
- IBA currently represents 247 banking companies operating in India.
RBI panel suggests measures for internationalisation of rupee
- A Reserve Bank-appointed committee suggested a host of short-term and long-term measures for the internationalisation of the Indian rupee, including efforts for inclusion of the Indian currency in the International Monetary Fund’s (IMF) Special Drawing Rights (SDR) basket.
- The recommendations by an Inter-Departmental Group (IDG), headed by RBI Executive Director Radha Shyam Ratho.
- The group was constituted by RBI Deputy Governor T Rabi Sankar to review the position of the rupee as an international currency and to frame a road map for the internationalisation of the domestic currency.
What is Internationalisation of the rupee?
- Internationalisation of the rupee is a process that involves increasing use of the local currency in cross-border transactions.
- It is a process of promoting and increasing the use of the INR as a widely accepted currency for international transactions and investments.
- It involves enhancing the currency’s acceptance, liquidity, and usability in global markets.
- In December 2022, India saw its first settlement of foreign trade in rupee with Russia – as part of the ‘International Settlement of Trade in Indian Rupee’ mechanism initiated by the Reserve Bank of India (RBI) in July, 2022.
What is Special Drawing Rights (SDR)?
- SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.
- It is a potential claim on the freely usable currencies of IMF members.
- The value of the SDR is based on a basket of 5 currencies, e. the US dollar, euro, Chinese yuan, Japanese yen, and the British pound.
- Currencies included in the SDR basket have to meet two criteria: the export criterion and the freely usable criterion.
- The value of the SDR is determined on a daily basis.
- It is based on weighted market exchange rates of the basket currencies.
- The IMF determines whether there is a need for a new allocation of SDRs in the global economy every 5 years.
- The recent allocation was done in August 2021.
Key Highlights :
Long-term measures :
- As part of the long-term measures to achieve internationalisation of the rupee, the group suggested the inclusion of the rupee in the SDR (Special Drawing Rights) basket.
Short-term measures :
- Suggesting short term measures, the group stated a standardised approach or /uniform template should be adopted for examining all proposals that involve bilateral and multilateral trade agreements/arrangements for invoicing, settlement and payment in the rupee and local currencies of counterpart countries, local currency settlement mechanisms and bilateral swaps.
- It recommended use of the existing bilateral and multilateral payment and settlement mechanisms, such as ACU (Asian Clearing Union), to internationalise the rupee.
About ACU :
- Established : 1974
- ACU is a regional payment and settlement system that facilitates trade and financial transactions among member countries in Asia.
Aim :
- To promote intra-regional trade and enhance economic cooperation among its members.
- It is a payment arrangement between the central banks of Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka.
Medium-term measures :
- For the medium term, the group recommended a review of withholding tax for masala bonds issuances, expansion of the RTGS (Real Time Gross Settlement) system for settling international transactions and inclusion of the rupee in the Continuous Linked Settlement (CLS) system.
About CLS System :
- Established : 2002
- CLS system is a financial market infrastructure that provides a settlement service for foreign exchange (FX) transactions.
Aim :
- To mitigate the settlement risk associated with FX trades.
Recent News :
- In March 2023, The Reserve Bank of India (RBI) granted approvals to foreign banks in 18 countries (Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and the United Kingdom) to open Vostro accounts to settle international trade in rupees.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar
SEBI permits private equity funds to become mutual fund sponsors
- The Capital market regulator Securities and Exchange Board of India (SEBI) has laid down new rules for private equity funds sponsoring mutual fund houses and self-sponsored asset management companies (AMCs).
- Any entity that owns 40% or more stake in a mutual fund is considered a sponsor.
- Currently, mutual fund houses must have a sponsor and must be a business in financial services such as banking, stock broking, housing finance company.
- The new regulatory framework for Private equity firms acting as sponsors will be effective from August 1,2023 with the deployment of liquid net worth by AMCs becoming applicable from January 1, 2024.
Key Highlights :
- Under the new framework, applicants for sponsorship must have at least 5 years of experience as a fund manager, with experience in investing and managing at least 5,000 crore in the financial sector.
- The PE funds should have an initial shareholding of sponsor equivalent to capital contributed to an AMC to the extent of over ₹150 crore which will be locked-in for 5 years.
- In addition, the mutual fund sponsored by a private equity fund cannot participate as an anchor investor in public issues of investee companies where the sponsor has a 10% or more investment or a board representation.
- For becoming a self-sponsored AMC, it should have been in the financial services business for over 5 years and positive net worth in all the immediately preceding 5 years.
- To become a self-sponsored AMC, the entity should have an average net annual profit of at least Rs 10 crore during the preceding 5 years.
- Further, in terms of timelines, SEBI stated that any sponsor looking to disassociate needs to reduce shareholding below 10% within 5 years in the case of listed AMCs and 3 years in the case of unlisted AMCs.
- SEBI has also allowed private equity (PE) funds to become sponsors of mutual funds.
Recent News :
- In July 2023, The Securities and Exchange Board of India (SEBI) proposed a consolidated framework for cybersecurity, laying down a common structure for various regulated entities like stock exchanges, brokers, asset management companies and portfolio managers, among others.
- In June 2023, the Capital markets regulator Securities and Exchange Board of India (SEBI) allowed mutual funds (MFs) houses to conduct repo transactions on corporate debt securities, commercial papers (CPs) and certificates of deposits (CDs), in a bid to boost growth of the corporate bond market.
About SEBI :
- Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
- Headquarters : Mumbai, Maharashtra
- Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
- SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF),
CURRENT AFFAIRS: NATIONAL NEWS
Shri Amit Shah will kick off a day-long mega-conference titled “Strengthening PACS through FPOs” in New Delhi:
- Union Home Minister and Minister of Cooperation Shri Amit Shah will inaugurate a day-long mega conclave “Strengthening PACS through FPOs” in New Delhi.
- The conclave is aimed at discussing ways to strengthen Primary Agricultural Credit Societies (PACS) through Farmer Producer Organisations (FPOs).
- The conclave will witness the participation of experts from the sector as well as members from the FPOs across the country.
- The National Cooperative Development Corporation (NCDC) is organizing the mega conclave in collaboration with the Union Ministry of Cooperation.
- Being collective entities formed by farmers, enabling them to pool resources and enhance their bargaining power, the FPOs are one of the major vehicles for agricultural transformation.
- To realize Prime Minister Shri Narendra Modi’s vision of “Sahkar se Samriddhi” and with Union Home Minister and Minister of Cooperation Shri Amit Shah’s efforts, a decision was taken to form 1100 New FPOs in Cooperative Sector.
- Under the FPOs Scheme, financial assistance of Rs.33 lakh is provided to each FPO. Further, financial assistance of Rs. 25 lacks per FPO is given to the Cluster-Based Business Organizations (CBBOs) to promote and handhold the FPOs.
About FPO
- The concept behind Farmer Producer Organizations is that farmers, who are the producers of agricultural products, can form groups.
- To facilitate this process, the Small Farmers’ Agribusiness Consortium (SFAC) was mandated by the Department of Agriculture and Cooperation, Ministry of Agriculture, Govt.
The WCD ministry has extended the deadline for submitting applications for the PM Rashtriya Bal Puraskar to August 31st, 2023
- The Ministry of Women and Child Development has extended the last date of submission for the Pradhan Mantri Rashtriya Bal Puraskar till 31st of August,2023.
- This national-level award is given in the fields of Bravery, Sports, Social Service, Science and Technology, Environment, Arts and Culture, and Innovation.
- The Ministry said that any Indian child, whose age is not exceeding 18 years as of the last date of receipt of the application, may apply for the award.
- Any other person may also nominate a deserving child for the award.
- The Ministry added that the applications for the award could be submitted on the official portal www.awards.gov.in
About Pradhan Mantri Rashtriya Bal Puraskar
- The Pradhan Mantri Rashtriya Bal Puraskar, formerly called the National Child Award for Exceptional Achievement, is India’s highest civilian honour for children, awarded annually by the Ministry of Women and Child Development.
- First awarded: 1996
The third Trade and Investment Working Group Meeting begins at Kevadia, Gujarat
- As part of India’s G20 presidency, the third Trade and Investment Working Group Meeting began in Kevadia,
- More than 75 international delegates from various G20 countries are taking part in the three-day meeting at Kevadiya.
- The meeting began with delegates participating in a seminar on ‘Trade Infrastructure’.
- On the first day of the Trade and Investment working group meeting, a special exhibition showcasing various successful initiatives of the Indian government such as the Gatishskti Master plan, and unified logistics interface platform was inaugurated at Kevadiya.
- Various issues including the need of enhancing logistics and infrastructure, and empowering MSMEs were discussed in the seminar.
About Gujarat
- Capital: Gandhinagar
- Chief minister: Bhupendrabhai Patel
- Governor: Acharya Devvrat
- NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga Wildlife Sanctuary
CURRENT AFFAIRS: BUSINESS NEWS
By 2075, India’s economy will overtake the United States to become the second-largest in the world: Goldman Sachs
- Investment Bank Goldman Sachs has said that India is poised to become the world’s second-largest economy by 2075 crossing Japan, Germany, and the U.S.
- With a population of 1.4 billion people, India’s GDP is estimated to expand remarkably, reaching 52.5 trillion dollars surpassing the US GDP projection.
- In a recent report, Goldman Sachs said, on top of a burgeoning population, driving the forecast is India’s progress in innovation and technology, higher capital investment, and rising worker productivity.
- It said this is an appropriate time for the private sector to scale up on creating capacity in manufacturing and services to generate more jobs and absorb the large labour force.
- Labor force participation, a vast pool of talent, and a working-age population ratio are a few of the factors set to make India the second-largest economy in the world by 2075.
- According to 85 sovereign wealth funds and 57 central banks representing 21 Trillion dollars in assets, India is now the number one emerging market to invest in. Invesco Global Sovereign Asset Management Study said, among the Emerging Markets, India has piqued sovereign investors’ interest, overtaking China.
- India exemplifies the attributes sought by sovereign investors.
About Goldman Sachs
- CEO: David M. Solomon
- Founders: Marcus Goldman, Samuel Sachs
- CFO: Denis Coleman
- CIO: Marco Argenti
- CMO: Fiona Carter
- COO: John E. Waldron
- Founded: 1869
- Headquarters: New York, United States
CURRENT AFFAIRS: AWARDS AND HONOURS
Prime Minister Narendra Modi will get the renowned Lokmanya Tilak Award in 2023:
- Prime Minister Narendra Modi will be awarded the prestigious Lokmanya Tilak Award
- An official announcement in this regard was made by the President of Tilak Smarak Trust Dr Dipak Tilak and Rohit Tilak at a press conference in Pune.
- The award will be conferred by the hands of the President of the Trust Dr. Deepak Tilak on August 1, the death anniversary of Lokmanya Tilak.
Recent News
Awards conferred by countries to Shri Narendra Modi:
- Companion of the Order of Logohu: Papua New Guinea conferred the highest civilian award for championing the cause of unity of Pacific Island countries and spearheading the cause of Global South. – May 2023
- Companion of the Order of Fiji: Highest honour of Fiji in recognition of PM Modi’s global leadership – May 2023
- Ebakl Award by the Republic of Palau: During his visit to Papua New Guinea, PM Modi was conferred with Ebakl Award by President Surangel S. Whipps, Jr. of the Republic of Palau – May 2023
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Senior IAS & Telecom Secretary, K Rajaraman Appointed as New Chairperson of IFSCA
- A 1989-batch senior Indian Administrative Service (IAS) officer and Telecom Secretary, K Rajaraman has been appointed as the new Chairperson of International Financial Services Centres Authority (IFSCA) by central government.
- He has been appointed as IFSCA chief for 3 years from the date of his assuming charge of the post, or till attaining the age of 65 years, or until further orders, whichever is the earliest.
- He will succeed Injeti Srinivas, who had taken over as the first chairman of the IFSCA in early July 2020 for a period of 3 years.
About K Rajaraman :
- He assumed charge as the Telecom Secretary in October 2021.
- Under him, the Department of telecommunication (DoT) successfully conducted first-ever fifth generation or 5G auction, with the government fetching more than Rs 1.5 lakh crore.
- He had served as the additional secretary (Investments & Infrastructure) in the Department of Economic Affairs (DEA).
- He had also served as a joint secretary in the department of expenditure and held key positions in the Tamil Nadu (TN) government, including the managing director of Chennai Metro Railway.
About IFSCA :
- Headquarters : GIFT City, Gujarat
- The IFSCA is the regulatory body for the Indian special economic zones such as the GIFT International Financial Services Centre for International Financial Services and commodity markets under the ownership of the Government of India (GoI).
- The IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019.
Objective :
- To establish a solid global connection and focus on the needs of the Indian economy, while also serving as an international financial platform for the entire region and the global economy.
- Currently, GIFT City in Gujarat is India’s first and only operational IFSC.
- Prior to the establishment of IFSCA, domestic financial regulators such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), and Insurance Regulatory and Development Authority of India (IRDAI) regulated business operations in the IFSC.
Justice S K Singh appointed as acting chairperson of National Green Tribunal
- The Central government has appointed Justice Sheo Kumar Singh as Acting Chairperson of the National Green Tribunal (NGT), till a new Chairperson is appointed.
- He replaced Justice Adarsh Kumar Goel, who retired on July 6, 2023.
About Justice Sheo Kumar Singh :
- He joined the judicial service in 1984 and worked as a district judge in various districts of Uttar Pradesh (UP).
- He worked as a district judge in various districts of Uttar Pradesh (UP), as Registrar (Judicial) at the Supreme Court of India, and as Registrar General, Allahabad High Court.
- He was appointed Observer, Ram Janam Bhumi, Ayodhya, Faizabad by the order of the Supreme Court to monitor the excavation work carried out by the expert team of Archeological Survey of India (ASI).
- He served as a judge of the Allahabad High Court till January 16, 2018.
- He also served as a judge of the Industrial Tribunal in Uttar Pradesh and the chairman of the Oversight Committee in the state constituted by the NGT.
- He was appointed a judicial member of the NGT by an order of the Environment Ministry dated March 11, 2020.
About NGT :
- Headquarters : New Delhi, Delhi, India
- The National Green Tribunal Act, 2010 is an Act of the Parliament of India which enables the creation of a special tribunal to handle the expeditious disposal of the cases pertaining to environmental issues.
- It draws inspiration from India’s constitutional provision of (Constitution of India/Part III) Article 21 Protection of life and personal liberty, which assures the citizens of India the right to a healthy environment.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
CCI approves acquisition of Marnix Lux by Concentrix Corporation
- The Competition Commission of India (CCI) gave its approval for the acquisition of Marnix Lux SA by Concentrix Corporation, as well as the acquisition of approximately 22% shareholding in the combined company by the shareholders of Marnix Lux.
- Concentrix Corporation is a United States of America (USA) based publicly listed company, engaged in providing customer experience services, a segment of Information Technology and Information Technology enabled Services.
- Marnix Lux is the parent company of Webhelp S.A.S. (Webhelp) which is to be active in the provision of business process outsourcing services and specialised services.
Recent News :
- The Competition Commission of India (CCI) approves the acquisition of certain shareholding in Ambit Private Limited (Target) by Daiwa International Holdings Inc (Acquirer).
About CCI :
- Established : 14 October 2003
- Headquarters : New Delhi, Delhi, India
- Chairman : Ravneet Kaur
- The CCI is the chief national competition regulator in India.
- It is a statutory body within the Ministry of Corporate Affairs.
- CCI consists of a chairperson and 6 members appointed by the Central Government.
CURRENT AFFAIRS : DEFENCE NEWS
Ministry of Defence launches a single window NCC Integrated Software for Cadets
- In a major step towards promoting digitisation and in sync with Digital India mission, Raksha Mantri Shri Rajnath Singh launched an NCC Integrated Software in New Delhi.
Key Highlights :
- The NCC Integrated Software, developed in partnership with Bhaskaracharya Institute for Space Applications and Geo Informatics (BISAG), is a single window interactive software for Cadets, designed on the ‘Entry to Exit Model’.
- The Software is based on the Prime Minister Shri Narendra Modi’s vision of “Once a Cadet always a cadet”, and will digitalize the entire process from the stage of enrolment as a cadet in NCC till exit registration as alumni.
- This will enable seamless issue of certificates, creation of an all India database of NCC cadets at the time of their employment.
- During this event, the NCC and State Bank of India (SBI) also signed a Memorandum of Understanding (MoU) in the presence of Raksha Mantri to open zero balance accounts of all NCC Cadets with debit card, cheque book & passbook facility under SBI’s “Pahli Udaan” scheme.
- About 5 lakh cadets will be benefitted by this MoU every year.
- This account will remain in operation till the completion of training or till attaining the age of 18 years, whichever is later.
- This will not only introduce the cadets to the national banking system but will also provide them a ready platform to avail benefits of other government schemes through DBT (Direct Benefit Transfer) of funds in their accounts.
Recent News :
- In July 2023, Ministry of Defence (MoD) signed a contract with Hindustan Aeronautics Limited (HAL) for procurement of two Dornier Aircraft for Indian Coast Guard (ICG) along with associated Engineering Support package at an overall cost of Rs 458.87 crore.
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Ajay Bhatt
- Defence Secretary : Giridhar Aramane
CURRENT AFFAIRS: SPORTS NEWS
Parth Salunkhe is the first Indian to win the Youth World Championship in recurve archery:
- Parth Salunkhe became the first male archer to win a gold in the recurve category at the Youth World Championships as India finished with their highest-ever tally of 11 medals.
- The 19-year-old from Satara in Maharashtra provided the perfect icing on the cake by defeating a Korean in the Under-21 men’s recurve individual final, in Limerick, Ireland.
- Salunkhe, who topped the rankings round, prevailed over seventh seed Song Injun 7-3 (26-26, 25-28, 28-26, 29-26, 28-26) in a hard-fought five-setter.
- The medal haul of the 24-member Indian contingent included six gold, one silver and four bronze.
- Of the 11 medals India won, six were bagged in the U21 category – four gold and two bronze.
About Ireland
- Capital: Dublin
- Currency: Euro
- Indian-origin Leo Varadkar is the new Prime Minister of Ireland
Recent News
- India Under-18 men’s recurve team downed Colombia 6-0 to clinch a bronze medal at the archery World Youth Championships
- India’s women compound archers reigned supreme, winning the Under-18 and U-21 team titles at the World Youth Championships in Limerick, Ireland.
Indian shuttler Lakshya Sen clinches Men’s Singles title of Canada Open Badminton
- Indian shuttler Lakshya Sen clinched the Men’s Singles title of the Canada Open 2023 badminton tournament defeating Li Shi Feng of China 21-18, 22-20 in Calgary, Canada.
- Lakshya Sen was down four game points in the second set but saved all and ended up winning the game in straight sets.
- Sen, world number 19, started the first game well and maintained the lead throughout to eventually win by 21-18.
- However, the second game was dominated by Shi Feng and was, at one point, leading by 16-20, before Sen smashed his way to save four game points.
- This is the first BWF World Tour title of Commonwealth Games champion Lakshya Sen after almost a year.
About Canada
- Capital: Ottawa
- Prime Minister: Justin Trudeau
- The Canadian dollar is the currency of Canada.
About BWF
- Headquarters: Kuala Lumpur, Malaysia
- Formation: 1934
- President: Poul-Erik Høyer Larsen
- Membership: 194 member associations
Max Verstappen won British Grand Prix and takes Red Bull’s 11th win in a row
- Max Verstappen won the British Grand Prix as Red Bull stayed unbeaten for the Formula One season and equalled McLaren’s 1988 record of 11 victories in a row.
- McLaren’s Lando Norris finished second in front of a 160 000-strong home crowd at Silverstone, with fellow Briton and seven-time world champion Lewis Hamilton third for Mercedes.
- Norris took the lead from Verstappen on lap 1 after an amazing start but the two-time world champion proved too much for the Mclaren driver claiming the lead a few laps later.
- With the threat of rain, the race was far from decided but Verstappen kept his nerve and took the win, extending his lead to closest rival and teammate Sergio Perez to almost 100 points.
Recent News
Grand Prix- List of Winners:
| Bahrain | Max Verstappen | RED BULL RACING HONDA RBPT |
| Saudi Arabia | Sergio Perez | RED BULL RACING HONDA RBPT |
| Australia | Max Verstappen | RED BULL RACING HONDA RBPT |
| Azerbaijan | Sergio Perez | RED BULL RACING HONDA RBPT |
| Miami | Max Verstappen | RED BULL RACING HONDA RBPT |
| Monaco | Max Verstappen | RED BULL RACING HONDA RBPT |
| Spain | Max Verstappen | RED BULL RACING HONDA RBPT |
| Canada | Max Verstappen | RED BULL RACING HONDA RBPT |
| Austria | Max Verstappen | RED BULL RACING HONDA RBPT |
CURRENT AFFAIRS : OBITUARIES
Madhya Pradesh’s 1st Woman Chief Secretary Nirmala Buch Passed away
- Retired Indian Administrative Pradesh’s first woman chief secretary Nirmala Buch passed away at the age of 96.Services (IAS) officer and Madhya
About Nirmala Buch :
- She had served the Yojana Aayog (now NITI Ayog) and she did a pioneering role in framing of ‘gramin vikas’ and ‘panchayati raj’ system in MP.
- She had also served as financial and education secretary from 1975-1977.
- Buch had served as the Chief Secretary of Madhya Pradesh (MP) from September 1991 to 1993.
- Notably, Nirmala Buch’s husband Mahesh Neelkanth Buch, who was also an IAS officer, widely regarded as the architect of new Bhopal, had died in June 2015 in Bhopal.
CURRENT AFFAIRS: IMPORTANT DAYS
World Population Day 2023: July 11
- On July 11th of this current year, World Population Day 2023 is celebrated and observed all over the world as an awareness program
- The United Nations has chosen World Population Day 2023’s theme as “Unleashing the power of gender Equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities.”
- In 1804, The world population reached 1 billion people.
- In 1927, The world population doubled to 2 billion.
- In 1989, The world population reached 3 billion.
- In 1989, The United Nations recognized July 11 as World Population Day.
- On 11 July 1990, the day was first marked in more than 90 countries.
- Since then, several UNFPA country offices and other organizations and institutions commemorate World Population Day in partnership with governments and civil society.
- In 2000, Just 40 years after it reached 3 billion, the population doubles to 6 billion.
- On April 24, 2017, statistical models estimated that the world population is at 7.5 billion.
Recent News
| DATE | DAYS |
| 1st July
|
National Doctor’s Day |
| Chartered Accountants Day | |
| GST Day | |
| 2nd July | World UFO Day |
| World Sports Journalists Day | |
| International Day of Cooperatives | |
| 3rd July | International Plastic Bag Free Day |
| 4th July | American Independence Day |
| 6th July | World Zoonoses Day |
Daily CA One-Liner: July 11
- The National Housing Bank (NHB) has operationalised the ₹10,000-crore Urban Infrastructure Development Fund (UIDF) announced in this year’s Budget for creation of urban infrastructure in tier-2 and tier-3 cities.
- The Indian Banks’ Association (IBA) has constituted a 5-member working group for implementing the recommendations of the Reserve Bank of India’s committee on the “working of the Asset Reconstruction Companies (ARCs)”.
- A Reserve Bank appointed committee suggested a host of short-term and long-term measures for internationalisation of Indian rupee, including efforts for inclusion of the Indian currency in International Monetary Fund’s (IMF) Special Drawing Rights (SDR) basket.
- The Capital market regulator Securities and Exchange Board of India (SEBI) has laid down new rules for private equity funds sponsoring mutual fund houses and self-sponsored asset management companies (AMCs).
- The Union Home Minister and Minister of Cooperation Shri Amit Shah will inaugurate a day-long mega conclave “Strengthening PACS through FPOs” in New Delhi.
- The Ministry of Women and Child Development has extended the last date of submission for the Pradhan Mantri Rashtriya Bal Puraskar till 31st of August,2023.
- As a part of India’s G20 presidency, the third Trade and Investment Working Group Meeting began in Kevadia,
- Investment Bank Goldman Sachs has said that India is poised to become the world’s second-largest economy by 2075 crossing Japan, Germany, and the U.S.
- Prime Minister Narendra Modi will be awarded the prestigious Lokmanya Tilak Award
- A 1989-batch senior Indian Administrative Service (IAS) officer and Telecom Secretary, K Rajaraman has been appointed as the new Chairperson of International Financial Services Centres Authority (IFSCA) by central government.
- The Central government has appointed Justice Sheo Kumar Singh as Acting Chairperson of the National Green Tribunal (NGT), till a new Chairperson is appointed.
- The Competition Commission of India (CCI) gave its approval for the acquisition of Marnix Lux SA by Concentrix Corporation, as well as the acquisition of approximately 22% shareholding in the combined company by the shareholders of Marnix Lux.
- In a major step towards promoting digitisation and in sync with Digital India mission, Raksha Mantri Shri Rajnath Singh launched an NCC Integrated Software in New Delhi.
- Parth Salunkhe became the first male archer to win a gold in the recurve category at the Youth World Championships as India finished with their highest-ever tally of 11 medals.
- Indian shuttler Lakshya Sen clinched the Men’s Singles title of the Canada Open 2023 badminton tournament defeating Li Shi Feng of China 21-18, 22-20 in Calgary, Canada.
- Max Verstappen won the British Grand Prix as Red Bull stayed unbeaten for the Formula One season and equalled McLaren’s 1988 record of 11 victories in a row.
- Retired Indian Administrative Services (IAS) officer and Madhya Pradesh’s first woman chief secretary Nirmala Buch passed away at the age of 96.
- On July 11th of this current year(2023), World Population Day 2023 is celebrated and observed all over the world as an awareness program.
