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CURRENT AFFAIRS: IMPORTANT DAYS
World Malala Day 2022: July 12
- On July 12th, World Malala day 2022 is celebrated and observed all over the world as an honoring event.
- The 12th of July has been designated as World Malala Day by the UN in honor of the teenage activist Malala Yousafzai.
- Malala Day, which honors women’s and children’s rights all around the world, is observed on the anniversary of Malala Yousafzai’s birth.
- Malala, who won the Nobel Peace Prize at the age of 17, was the prize’s youngest-ever winner.
History
- On July 12, 1997, Malala Yousafzai was born in Mingora, Pakistan.
- In 2007 the Taliban took over the city in which she lived and banned girls from attending school.
- In 2009, Malala writes for B.B.C. Urdu where she expresses her advocacy through the platform
- On the morning of October 9th, 2012, gunmen from the Taliban shot Malala Yousafzai in the head.
- On her 16th birthday, the young lady traveled to New York and spoke at the United Nations.
- In 2013, TIME Magazine declared Malala one of the world’s most influential people.
- A year later, Malala was named a Nobel Peace Prize winner.
- Along with this prestigious honor, Malala has received the United Nations Human Rights Prize and The Liberty Medal.
- She currently resides in Birmingham and continues to fight for women’s empowerment and education.
CURRENT AFFAIRS: NATIONAL NEWS
PM to attend the inaugural Arun Jaitley Memorial Lecture:
- Prime Minister Shri Narendra Modi will deliver the first Arun Jaitley Memorial Lecture (AJML) at Vigyan Bhavan in Delhi
- He will also address the crowd at various points during the event.
- The opening keynote address of the first AJML will be delivered by Tharman Shanmugaratnam, Senior Minister, Government of Singapore, on the theme “Growth through Inclusivity, Inclusivity through Growth.”
- Arvind Panagariya and OECD Secretary-General Mathias Cormann will take part in a panel discussion following the presentation (Professor, Columbia University).
Key Points:
- The inaugural Arun Jaitley Memorial Lecture was given in recognition of the former union minister’s tremendous services to the nation.
- In addition, the Prime Minister will converse with attendees of the three-day Kautilya Economic Conclave (KEC), which takes place from July 8 to July 10.
- The distinguished economists who will meet with the prime minister include Anne Krueger from John Hopkins University, Nicholas Stern from the London School of Economics, Robert Lawrence from Harvard Kennedy School, John Lipsky, a former acting managing director of the IMF, and Junaid Ahmed, the World Bank’s country director for India.
- KEC is being organized by the Institute of Economic Growth with help from the Ministry of Finance.
About Arun Jaitely:
- On August 24, 2019, Indian politician and attorney Arun Jaitley passed away. From 2014 until 2019, Jaitley, a member of the Bharatiya Janata Party, was the minister of finance and corporate affairs for the Indian government.
- Jaitley formerly held the cabinet positions of Finance, Defense, Corporate Affairs, Commerce and Industry, and Law and Justice in the Vajpayee and Narendra Modi governments.
National Capital Region Planning Board’s geo-portal “Pariman” is now accessible to the public:
- Shri Hardeep Singh Puri, Chairman of the NCRPB and Union Minister for Housing & Urban Affairs, introduced the “PARIMAN” geo-portal for the NCR during the 40th meeting of the Board on August 31, 2021.
- A web geo-portal has been created by National Informatics Centre (NIC) to utilize remote sensing and GIS technology
- It was initially created for use by the participating States of the National Capital Region (NCR) and the National Capital Region Planning Board (NCRPB) office.
- The NCR region’s decentralized planning and management will benefit from this Geo-Portal.
- The Portal has over 179 Layers that are shown as Line, Point, and Polygon features and provides information on a variety of industries and sectors, including Land Use, Disaster Management, Heritage & Tourism, Industries, Water, and Power.
Internet exchanges launched in Durgapur and Bardhaman by the National Internet Exchange of India
- Two new Internet Exchange Points (IXP) of the National Internet Exchange of India (NIXI) were opened in Durgapur and Vardhman by Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, Skill Development & Entrepreneurship, Government of India.
- In the presence of S. Ahluwalia, Member of Parliament for Bardhaman-Durgapur Lok Sabha, in keeping with Prime Minister Narendra Modi’s Digital India vision to connect every Indian.
- It is within the Ministry of Electronics and Information Technology’s (MeitY)1000-day plan
Key Points:
- The first Internet Exchange in the state of Kolkata is also run by the National Internet Exchange of India (NIXI).
- It is now expanding its reach across the state with the launch of two more Internet Exchange Points in Durgapur and Bardhaman.
- As these new NIXI internet exchanges become operational throughout the state, broadband and Internet services will progress and get better both locally and regionally.
- The internet service providers connected in these locations will profit by enhancing their broadband services for their end consumers and altering the lifestyle of the local populace.
- The launch of these new IXPs will assist all areas of the state, including MSMEs, other commercial sectors, as well as the agricultural, entrepreneurial, health, and educational sectors.
- Greater accessibility to government services and conveniences would improve citizens’ quality of life.
- Without a doubt, the two new Internet Exchange nodes from NIXI will enhance the local Internet ecology.
About NIXI:
- To improve the whole Indian internet ecosystem and give internet users access to it at a reasonable cost with better speed, NIXI plans to open such internet exchanges in Tier-2 and Tier-3 cities shortly.
- All ISPs are cordially invited by NIXI to establish peering at any of its nodes and support the local Internet ecosystem.
CURRENT AFFAIRS: INTERNATIONAL NEWS
8th India-Armenia IGC Meeting at Yerevan; signs MoU on High Impact Community Development Projects in Armenia
- The 8th session of the India-Armenia Intergovernmental Commission on Trade, Economic, Scientific and Technological, Cultural and Educational Cooperation (IGC) was held in Yerevan, Armenia.
- The Indian delegation was led by Secretary (West), Shri Sanjay Verma.
- Foreign Minister H.E. Mr. Ararat Mirzoyan led the Armenian delegation.
- At the IGC, both sides discussed and reviewed the current state of cooperation in diverse fields such as trade, investments, health, tourism, infrastructure, culture, connectivity, information technology, agriculture, fintech, and education.
- India’s Secretary (West) also called on the Deputy Prime Minister of Armenia H. E. Mr. Hambardzum Matevosyan.
- Secretary (West) paid floral tributes to the statue of Mahatma Gandhi.
- A Mahatma Gandhi Auditorium was later inaugurated at the Yerevan State Medical University (YSMU) along with Armen Muradyan, Rector of the University.
- Secretary (West) also interacted with Indian students studying at the YSMU.
- India and Armenia signed a Memorandum of Understanding (MoU) on High Impact Community Development Projects in Armenia with financial and technical assistance from
Note :
- The 7th IGC was held in April 2016 in New Delhi, Delhi
- The 6th IGC and FOC were held in New Delhi on 25 September 2013.
About Armenia :
- Prime Minister: Nikol Pashinyan
- Capital: Yerevan
- Currency: Dram
CURRENT AFFAIRS: STATE NEWS
6 Indian States signed a declaration of intent to combat human trafficking
- Women and Child welfare representatives from 6 Indian states Andhra Pradesh, Karnataka, Kerala, Odisha, Tamil Nadu, and Telangana signed an Inter-State Declaration of Intent to work in collaboration to combat trafficking in persons.
- The first-of-its-kind agreement focuses on joint efforts on intelligence gathering and sharing; legal and witness protection; and rehabilitation and care for survivors.
- The declaration will be called the ‘Hyderabad Declaration’.
- The two-day Southern Regional Consultation to Combat Human Trafficking, hosted by the Telangana Government in collaboration with the nonprofits Prajwala and Shakti Vahini, concluded with the signing of this declaration.
- The US Consulates General in Hyderabad and Kolkata supported the conference.
About the Regional Consultation to Combat Human Trafficking :
- The Regional Consultation to Combat Human Trafficking Brought together 36 high-level functionaries from the Departments of Women and Child Welfare/Social Welfare; Home Department; State Women’s Commission; State Children’s Commission; State Legal Services Authority; as well as the respective State Ministers from Telangana, Andhra Pradesh, Karnataka, Kerala, Odisha, and Tamil Nadu.
- The consultation included panel discussions and presentations by senior police officers, prosecutors, members of the judiciary, cyber-crime professionals, and survivor advocates.
- The U. S. government partnered with State governments to organize a series of consultations to bring together State-level stakeholders, including government Departments, legal services, law enforcement, child protection, and prosecution agencies to ensure convergence in response mechanisms and strengthen interstate collaboration between source and destination agencies.
Note :
- Founder of Prajwala: Sunitha Krishnan
- Co-founder of Shakti Vahini: Rishi Kant
Odisha government presents Rs 2 lakh crore budget for FY23
- Odisha’s Finance Minister Niranjan Pujari presented the State Budget with Rs 2-lakh crore total outlay for FY 2022-2023 in the Assembly with a focus on strengthening infrastructure, developing education and health sectors, and improving the livelihoods of people.
- The estimated outlay for the current financial year is the “highest” in the history of the state budget and is around 17.6 percent more than the Rs 1.7 lakh crore allocated for the last fiscal.
- Over the last 22 years, there has been a 17-fold increase in the size of the state budget.
- The Budget had two main components: the Agriculture budget and the General budget.
- The Budget size has increased to Rs 2 lakh crore and the Programme Budget to Rs 1 lakh crore.
- The capital outlay in FY23 has estimated at Rs 38,732 crore, which was around 5.4 percent of the Gross State Domestic Product.
- The revenue receipts for FY23 are estimated at Rs 1,63,967 crore and borrowing and other receipts of Rs 36,033 crore.
- The total revenue receipts for the 2022-23 years include the state’s share of central taxes at Rs 36,978 crore, its tax revenue at Rs 46,000 crore, its non-tax revenue at Rs 48,200 crore, and grants from the Centre at Rs 32,789 crore.
- The own revenue-GSDP ratio would be 13.20 percent in 2022-23.
Key Highlights of the Budget :
- Rs 2,664 crore in the budget has been allocated for the ‘Biju Swasthya Kalyan Yojana’ (Health Insurance) – Odisha government’s own Healthcare insurance scheme in comparison to the Centre’s ‘Ayushman Yojana’.
- Rs 500 crore has been proposed for the ‘State Support to Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS).
- Rs 1,023 crore was allocated for Odisha’s food security-related activities.
- Rs 27,324 crore would be provided for the education and skill development sector
- The Finance Minister also announced an allocation of Rs 2,000 crore for Mission Shakti Department and Rs 700 crore under the MUKTA scheme.
- Rs 547 crore has been allocated for the development of railway projects.
- Rs 302 crore has been allocated for the Electronics and IT department.
- Rs 3,210 crore for the Disaster Risk Management Fund.
- Rs 7,551 crore for justice delivery, internal security, crime control, fire-related disaster management, and control
- Rs 1,269 crore has been earmarked for industrial promotion, development of MSME & Start-up promotion which is 29% more than the previous year’s allocation.
- Pujari allocated Rs 325 crore for land acquisition, construction, renovation, expansion work at Rourkela, Jeypore, Utkela, and Jharsuguda airports, and renovation of the Birashala airstrip.
- Rs 1,874 has been allocated for the KALIA scheme, Rs 161 crore for agriculture research and education, and Rs 968 crore for control of floods.
- Rs 3581 crore was allocated for Samagra Shiksha.
- Rs 100 crore was allocated for the high school transformation program.
- The sports sector gets Rs 911 crore which includes Rs 719 crore for the development of sports infrastructure, Rs 115 crore for promoting sports education, and Rs 11 crore for Odisha’s contribution to Khelo India.
- The state government in March 2022 presented a vote-on-account for the first four months of 2022-23.
- The vote on account was required for expenditure on payment of salary, pension, and other ongoing schemes and programs
About Odisha :
- Governor: Ganeshi Lal
- Chief minister: Naveen Patnaik
- Capital: Bhubaneswar
CURRENT AFFAIRS: BANKING & FINANCE
Govt keeps interest rates on small savings schemes unchanged for Q2FY23
- The Central Government kept interest rates on small savings schemes, such as the Public Provident Fund (PPF) and National Savings Certificate (NSC), unchanged for July 1, 2022, to September 30, 2022 quarter of FY23 amid high inflation and rising interest rate.
- In the second quarter of this fiscal, Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to have an annual interest rate of 7.1 percent and 6.8 percent, respectively.
- This is the ninth quarter in a row that small savings interest rates have not changed.
- The interest rate on small savings schemes has not been revised since the first quarter of 2020-21.
Key Highlights :
- The interest rate on savings deposits will continue to be at 4% per annum.
- The PPF will continue to earn 7.10%.
- Term deposits of one to five years will fetch an interest rate in the range of 5.5-6.7%, to be paid quarterly while the interest rate on five-year recurring deposits will earn a higher interest of 5.8%.
- The Sukanya Samriddhi Yojana offers a 7.6%, Senior Citizen saving scheme (7.4%) and while SBI’s 5-10 year fixed deposits give 5.50%.
- The finance ministry announced that the rate of interest on various small savings schemes for the first quarter of the financial year 2022-23, starting from April 1, 2022, and ending on June 30, 2022, shall remain unchanged from the current rates applicable for the fourth quarter (January 1, 2022, to March 31, 2022) for FY 2021-22.
- The country’s biggest lender State Bank of India (SBI) raised the interest rate on one-year fixed deposits by 5.10 percent following two consecutive increases in benchmark rate by 90 basis points to tame high inflation.
- The Reserve Bank of India (RBI) raised the repo rate by 40 basis points and 50 basis points in May and June,
- Retail inflation stood at 7.04 percent in May 2022 remaining above the RBI’s tolerance level for the fifth month in a row.
- Recently, the Provident Fund (PF) rate was reduced to a four-decade low of 8.1% for 2021-22 from 8.5%.
- The Shyamala Gopinath committee in 2011 recommended making small savings schemes market-linked.
Finance Minister Nirmala Ms. Sitharaman chairs the 47th meeting of the GST Council
- The 47th Goods and Services Tax (GST) Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, in Chandigarh.
- The GST rate changes will be made effective from July 18, 2022.
- The two-day meeting of the GST Council will be attended by the Minister of State for Finance Pankaj Chaudhary, Finance Ministers of States and Union Territories, and Senior officers from Union Government and States.
Recommendations relating to GST rates on goods and services :
For Goods :
| S.No | Description | From | To |
| 1 | Printing, writing or drawing ink | 12% | 18% |
| 2 | Knives with cutting blades, Paper knives, Pencil sharpeners and blades therefor, Spoons, forks, ladles, skimmers, cake servers, etc | 12% | 18% |
| 3 | Power-driven pumps primarily designed for handling water such as centrifugal pumps, deep tube-well turbine pumps, submersible pumps; Bicycle pumps | 12% | 18% |
| 4 | Machines for cleaning, sorting, or grading, seed, grain pulses; Machinery used in the milling industry or for the working of cereals, etc; Pawan Chakki that is Air Based Atta Chakki; Wet grinder | 5% | 18% |
| 5 | Machines for cleaning, sorting, or grading eggs, fruit, or other agricultural produce and its parts, Milking machines, and dairy machinery | 12% | 18% |
| 6 | LED Lamps, lights and fixture, their metal printed circuits board | 12% | 18% |
| 7 | Drawing and marking out instruments | 12% | 18% |
| 8 | Solar Water Heater and system | 5% | 12% |
| 9 | Prepared/finished leather/chamois leather / composition leathers | 5% | 12% |
For Services :
| S.No | Description | From | To |
| 1 | Services supplied by the foreman to chit fund | 12% | 18% |
| 2 | Job work about processing hides, skins, and leather | 5% | 12% |
| 3 | Job work in the manufacture of leather goods and footwear | 5% | 12% |
| 4 | Job work about the manufacture of clay bricks | 5% | 12% |
| 5 | Works contract for roads, bridges, railways, metro, effluent treatment plant, crematorium, etc. | 12% | 18% |
In the case of the following goods, the exemption in form of a concessional rate of GST is being rationalized
| S.No | Description of goods | From | To |
| 1 | Petroleum/ Coal bed methane | 5% | 12% |
| 2 | Scientific and technical instruments supplied to public-funded research institutes | 5% | Applicable rate |
| 3 | E-waste | 5% | 18% |
Click here for the complete list of the GST rate changes
About Ministry of Finance :
- Cabinet Minister : Nirmala Sitharaman
- Minister of State : Bhagwat Karad, Pankaj Choudhary
- Finance Secretary: T. V Somanathan
Bank Deposit Growth Moderates To 10% On Year In March 2022: RBI
- As per the latest data released by the Reserve Bank of India (RBI), the share of current account and savings account (CASA) deposits in total deposits has been increasing over the years and stood at 44.8% in March 2022 as compared with 41.7% three years ago.
- These low-cost deposits accounted for 60.9% and 55.6% of incremental deposits during 2020-21 and 2021-22, respectively.
- Bank deposit growth moderated to 10% in March 2022 as compared with 11.9% a year ago.
- Current savings and term deposits increased by 10.9%, 13.3%, and 7.9%, respectively, during 2021-22.
- Metropolitan branches of banks, which account for over half of total deposits, accounted for 51.5 percent in incremental deposits during 2021-22 (59.6 percent in 2020-21).
- The household sector held the dominant share (62.6%) in total deposits followed by non-financial corporations, general government, rest of the world, and financial corporations, respectively.
- Female depositors accounted for 19.8% of total deposits in March 2022; their share in incremental bank deposits during 2021-22 increased to 34.3% from 15.2% in 2020-21.
- General government and financial corporations together account for over one-fourth of the incremental deposits during 2021-22 as compared to the 5.8% share in 2020-21.
- Large-size deposits with assets of Rs 1 crore and above have nearly 40% share in total term deposits.
- Seven states, viz., Maharashtra, National Capital Territory (NCT) of Delhi, Uttar Pradesh, Karnataka, Tamil Nadu, West Bengal, and Gujarat, together accounted for 63.3% of bank deposits.
About RBI :
- Founded: 1 April 1935
- Headquarters: Mumbai, Maharashtra, India
- Governor: Shaktikanta Das
- Deputy governors: Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra, and T. Rabi Shankar
SBI, KDEM partner to offer collateral-free loans to startups in Karnataka
- State Bank of India (SBI) and Karnataka Digital Economy Mission (KDEM) signed a Memorandum of Understanding (MoU), which would enable SBI to open India’s first dedicated branch for startups in Koramangala, Karnataka.
- As per the MoU, the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) will be utilized by the SBI to provide collateral-free loans of up to Rs 2 crore to startups recognized under KDEM’s Elevate program.
- The emphasis is to ELEVATE Winners and to AIF-supported start-ups of Karnataka.
- The Elevate-Idea2PoC was launched by the Department of Electronics, IT, BT, and S& T, Government of Karnataka to identify and nurture innovative start-ups and provide them the necessary boost at various stages through funding or mentoring.
- With this MOU more than 1000 start-ups are going to be supported.
- The SBI will also set up a support desk for startups at the existing K-tech center near HSR Layout in Bengaluru.
- Similar desks will be set up in the other three hubs being developed in Belagavi, Hubbali, and Mangaluru as part of the KDEM’s ” Beyond Bengaluru” initiative.
- Additionally, the SBI will also contribute to the Rs 75-crore equity cluster fund being accumulated to develop the three hubs & the Government of Karnataka will invest Rs 25 crore.
- CGTMSE was launched by the Union government to make collateral-free credit to the micro and small enterprises sector.
About SBI :
- Founded: 1 July 1955
- Headquarters: Mumbai, Maharashtra, India
- Chairman: Dinesh Kumar Khara
RBI clears payment aggregator license for Razorpay, PineLabs & Stripe
- The Reserve Bank of India (RBI) gave payment aggregator (PA) and payment gateway (PG) licenses in principle to Razorpay, Pine Labs, and American payments player Stripe.
- The companies have become the first players to receive such a license.
- Payment aggregators are entities that enable e-commerce sites and merchants to accept various payment instruments from customers for completion of their payment obligations, without the need for merchants to create a separate payment integration system of their own.
- In 2020, RBI issued guidelines that stated only firms approved by the regulator can acquire and offer payment services to the merchants
- According to RBI guidelines, payment aggregators need to have a net worth of Rs 15 crore as of March 2021, and a net worth of Rs 25 crore by on or before FY23.
About Razorpay :
- Founded: 2013
- CEO: Harshil Mathur
- Headquarters: Bangalore, Karnataka
About Pine Labs :
- Founded: 1998
- Headquarters: Noida, Uttar Pradesh, India
- Executive Chairman: Lokvir Kapoor
- CEO: B.Amrish Rau
AIIB to establish an Interim Operational Hub in Abu Dhabi, UAE
- The Asian Infrastructure Investment Bank (AIIB), in which India is the second-largest shareholder after China, has approved the establishment of an Interim Operational Hub, its first overseas office in Abu Dhabi, United Arab Emirates (UAE), pending formal agreement to be finalized.
- The hub will provide AIIB with a robust platform to enable effective supervision of its growing investment portfolio, and strengthen its project monitoring and implementation services across the globe.
About AIIB :
- Established: 16 January 2016
- Headquarters: Beijing, China
- President: Jin Liqun
- Membership: 105 Member States
- Former Reserve Bank Governor Urjit Patel is one of its five Vice Presidents.
Union Bank of India Launches Metaverse Lounge and Open Banking Sandbox Environment
- Union Bank of India (UBI) has announced the launch of Uni-verse, the bank’s Metaverse Virtual Lounge & Open Banking Sandbox environment at an event held in Mumbai, Maharashtra.
- With this launch, UBI has become the first Indian Bank to open a virtual shop for Publicity.
- This initiative was launched in partnership with Tech Mahindra.
About Uni-verse :
- Uni-verse will host product information and videos in the initial phase.
- It will deliver a unique banking experience to customers by providing them with information on the bank’s deposits, loans, government welfare schemes, digital initiatives, etc.
- The bank has also launched an Open Banking Sandbox environment through which it will collaborate with fin-techs and start-up partners for developing and launching innovative banking products.
- UBI has a mobile banking app, ‘nxt’ that provides a host of services such as balance inquiry, mini statement, paying loans EMIs, fund transfers, bill payments, and the option to make investments such as fixed deposits, PPF, etc.
About UBI :
- Founded: 11 November 1919
- Headquarters: Mumbai, Maharashtra, India
- MD & CEO : A Manimekhalai
City Union Bank partners with Shriram General Insurance for the distribution of insurance products
- Private sector lender City Union Bank (CUB) signed a corporate agency agreement with Shriram General Insurance to distribute the latter’s insurance products through its network of branches across India.
- Under the agreement, Shriram General Insurance will offer personal insurance products such as motor, personal accident, home, and travel along with commercial ones such as property, marine, and engineering to the bank’s customers.
About CUB :
- Founded: 1904
- Headquarters: Kumbakonam, Tamil Nadu, India
- MD & CEO: Dr. N. Kamakodi
About Shriram General Insurance :
- Founded: 2008
- Headquarters: Jaipur, Rajasthan
- MD and CEO: Anil Kumar Aggarwal
- Shriram General Insurance Company is a joint venture between Shriram Capital, the holding company for the financial services business of the Shriram Group, and Sanlam Limited (headquartered in South Africa), a leading pan-African financial services group.
Axis bank signs MoU with Indian Air Force to manage salary accounts
- One of India’s leading private sector banks, Axis Bank has signed a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) to manage salary accounts of the defense personnel with best-in-class benefits and features under its ‘Power Salute’ initiative.
- The signing ceremony was held at Air Force Headquarters, with the I.A.F, represented by Air Vice-Marshal Ashok Saini, in the presence of Air Chief Marshal, V R Chaudhari, and Axis Bank representatives Reynold D’ Souza, Executive Vice President, and Lt Col M.K Sharma, National Accounts Head.
- Through this Defence Service Salary package, the bank will offer benefits to all ranks of Indian Air Force personnel including the veterans, and cadets/recruits.
- The package will reportedly include an air accident cover of up to Rs 1 crore and a personal accident cover of up to Rs 56 lakh for all personnel ranks.
- The package would also include grants for up to Rs 8 lakh for the education of servicemen’s children who have a maximum total lifetime disability of Rs 46 lakh.
- There will be no processing fee to open the account, while as many as 12 EMI waivers will be given on home loans.
- It will also offer additional zero balance accounts for 3 family members with no charges.
About Axis Bank :
- Founded : 3 December 1993
- Headquarters: Mumbai, Maharashtra, India
- MD & CEO: Amitabh Chaudhry
About IAF :
- Founded: 26 January 1950
- Headquarters: New Delhi, Delhi, India
- Chief of the Air Staff: Air Chief Marshal Vivek Ram Chaudhari
Tata MF tie-up with CAMSPay to launch UPI AutoPay facility for SIPs
- Tata Mutual Fund has teamed up with Computer Age Management Services Limited CAMSPay to introduce Unified Payments Interface (UPI) Autopay for immediate Systematic Investment Plan (SIPs).
- Using this, investors in mutual funds can use their virtual payment address (VPA)/UPI handle to mandate an Autopay facility for their Systematic Investment Plan (SIP) contributions.
- The inclusion of the UPI Autopay option makes the process smoother and may increase investors’ willingness to invest.
- In this process, CAMSPay’s UPI AutoPay offers real-time Third-Party Payment validation (TPV) and same-day settlement hence investors receive NAV benefits.
RBI imposes restrictions and withdrawal caps on 4 Co-Operative banks
- The Reserve Bank of India (RBI) has imposed various restrictions on 4 cooperative banks Ramgarhia Co-operative Bank, New Delhi; Sahebrao Deshmukh Co-operative Bank, Mumbai; Sangli Sahakari Bank, Mumbai; and Sharada Mahila Co-operative Bank Limited, Tumkur, Karnataka.
- The Central bank has put restrictions under the Banking Regulation Act, 1949 for six months and it includes a cap on withdrawals for the depositors.
- Further, a cap has also been imposed on withdrawals by depositors of these four cooperative banks.
- Ramgarhia Co-operative Bank – Depositor can withdraw a maximum of Rs 50,000.
- Sahebrao Deshmukh Cooperative Bank– The cap is again Rs 50,000 per depositor.
- Sangli Sahakari Bank– The cap is Rs 45,000 per deposit.
- Sharada Mahila Co-operative Bank– a depositor can withdraw a maximum of Rs 7,000.
About RBI :
- Established: 1 April 1935
- Headquarters: Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy Governor: Mahesh Kumar Jain, Rajeshwar Rao, Michael Patra, and T. Rabi Shankar
RBI penalizes Federal Bank and Bank of India for violating regulations
- The Reserve Bank of India (RBI) has imposed a monetary penalty on Federal Bank Limited and Bank of India & Dhani Loans and Services Ltd. for violating the provisions of its regulations.
Monetary Penalty on Federal Bank Limited :
- A monetary penalty of Rs 5.72 crore has been imposed on Federal Bank Ltd for non-compliance with the provisions of ‘Reserve Bank of India (Financial Services provided by Banks) Directions, 2016’ issued by RBI.
- This penalty has been imposed in the exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949.
Monetary Penalty on BoI :
- A monetary penalty of ₹70 lakh has been imposed on the Bank of India for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Direction, 2016’ and circular instructions on ‘Compliance Function in Banks’ issued by RBI.
- This penalty has been imposed in the exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) and Section 51 (1) of the Banking Regulation Act, 1949
Monetary Penalty on Dhani Loans and Services Limited :
- A monetary penalty of Rs 7.60 lakh has been imposed on Dhani Loans and Services Limited, Gurugram for non-compliance with the “Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016” issued by RBI.
- This penalty has been imposed in the exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934
CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS
Mr. Alvaro Lario appointed as the 7th President of IFAD
- Mr. Alvaro Lario has been appointed as the 7th President of the International Fund for Agricultural Development (IFAD).
- He will take office on October 1, 2022, for a four-year term.
- He succeeds Mr. Gilbert Houngbo who has led the organization since 2017.
About Mr Alvaro Lario :
- Mr. Lario has 20 years of experience in the private sector, academia, and international financial institutions, including developing local capital markets and investments in emerging markets at the International Financial Corporation of the World Bank group.
- In early 2018, Lario served as Treasury Capital Markets Lead and Principal Portfolio Officer at the International Finance Corporation (IFC) of the World Bank Group.
- Alvaro Lario is the Associate Vice President for Financial Operations and Chief Financial officer (CFO) at IFAD since 2018.
- The State of Food Security and Nutrition report showed that hunger globally rose to as many as 828 million in 2021, an increase of about 150 million since the outbreak of the Covid-19 pandemic.
About IFAD :
- Established: 15 December 1977
- Headquarters: Rome, Italy
- Member States: 177
- The international fund of agricultural development is an international financial institution and a specialized agency of the United Nations.
Aim :
- To address poverty and hunger in rural areas of developing countries.
- It is the only multilateral development organization that focuses on rural economies, food security, and climate change.
- It works in partnership with the Organization of the Petroleum Exporting Countries (OPEC) and members of the Organisation for Economic Co-operation and Development (OECD).
Mr. Brajesh Kumar Upadhyay appointed as CMD, Goa Shipyard Limited
- According to an order issued by the Department of Personnel and Training (DoPT), the Appointments Committee of the Cabinet has approved the appointment of Mr. Brajesh Kumar Upadhyay as Chairman & Managing Director (CMD) of Goa Shipyard Limited (GSL) for five years.
About Mr. Brajesh Kumar Upadhyay :
- Mr. Upadhyay is an Engineering Graduate (Electrical).
- He started his career with GSL in 1991.
- During his long career of over 30 years in GSL, he has held various key positions in various departments and has made significant contributions in areas of ship construction, diversification of products as part of General Engineering Services, Corporate Planning, Business Development, and infrastructure development and ship repairs.
- Presently, he is serving as Director (Operations), GSL
About GSL :
- Founded: 1957
- Headquarters: Vasco da Gama, Goa
- Goa Shipyard Limited (GSL) is a Miniratna PSU under the Ministry of Defence.
CURRENT AFFAIRS: RANKS & REPORTS
NITI Aayog Report: Green Hydrogen Is Critical to India’s Economic Development and Net-Zero Ambitions
- A new report titled Harnessing Green Hydrogen: Opportunities for Deep Decarbonisation in India provides a pathway to accelerate the emergence of a green hydrogen economy, which is critical for India to achieve its net-zero ambitions by 2070.
- The report was co-authored by National Institution for Transforming India (NITI) Aayog and Rocky Mountain Institute (RMI).
- The green hydrogen produced by renewable energy through the electrolysis of water will be crucial for achieving decarbonization of harder-to-abate sectors such as fertilizers, refining, methanol, maritime shipping, iron & steel, and transport.
- India can emerge as the least cost producer and bring down the price of green hydrogen to US$ 1 per kg by 2030.
About the report :
- The report highlights that green hydrogen can substantially spur industrial decarbonization and economic growth for India in the coming decades
- The report concludes that hydrogen demand in India could grow more than fourfold by 2050, representing almost 10% of global demand.
- The majority of the demand could be met with green hydrogen in the long term, the cumulative value of the green hydrogen market in India could reach the US $8 billion by 2030.
Mitigation strategies :
- Near-term policy measures can bring down the current costs of green hydrogen to make it competitive with the existing gray hydrogen (hydrogen produced by natural gas) prices
- Medium-term price targets should be set to guide the industry towards making green hydrogen the most competitive form of hydrogen.
- Governments can encourage near-term market development by identifying industrial clusters and enacting associated viability gap funding, mandates, and targets.
- Opportunities around research and development and manufacturing of components like electrolyzers need to be identified and appropriately encouraged with adequate financial mechanisms such as production-linked incentive (PLI) schemes to enable 25 GW of manufacturing capacity of electrolyzers by 2028.
- A globally competitive green hydrogen industry can lead to exports of green hydrogen and hydrogen-embedded low-carbon products like green ammonia and green steel that can unlock 95 GW of electrolysis capacity in the nation by 2030.
About NITI Aayog :
- Established: 1 January 2015
- Headquarters: New Delhi, Delhi, India
- Chairperson: Narendra Modi
- Vice Chairperson : Suman Bery
- CEO: Parameswaran Iyer
About RMI :
- Established: 1982
- Headquarters: Basalt, Colorado, United States
- CEO : Jules Kortenhorst
- RMI works for the transformation of global energy systems through market-driven solutions to align with a 1.5°C future and secure a clean, prosperous, zero-carbon future for all.
- It works in the world’s most critical geographies and engages businesses, policymakers, communities, and NGOs to identify and scale up energy system interventions that will cut greenhouse gas emissions by at least 50 percent by 2030.
Odisha, UP, and AP emerge as the top three States in the 1st Edition of ‘State Ranking Index for NFSA’ 2022
- Union Minister of Consumer Affairs, Food & Public Distribution, Textiles and Commerce and Industry, Shri Piyush Goyal released the First Edition of ‘State Ranking Index for NFSA’ during the conference of Food Ministers of States/UTs on ‘Food Nutrition and Security in India’ organized by Department of Food and Public Distribution.
- Ms. Sadhvi Niranjan Jyoti, Minister of State for Consumer Affairs, Food & Public Distribution and Rural Development along with Secretary DFPD, Shri Sudhanshu Pandey along with Food Ministers and senior officials of 8 states were present at the daylong conference.
- The conference was organized to deliberate and discuss nutritional security, food security, best practices followed in the Public Distribution System, crop diversification, and reforms in the PDS and storage sector.
About State ranking Index for NFSA :
- The “State ranking Index for NFSA” attempts to document the status and progress of implementation of NFSA and various reform initiatives across the country, post consultation with states.
- It highlights the reforms undertaken by States and UTs and creates a cross-learning environment and scale-up reform measures by all states and union territories.
- The Index is largely focused on NFSA Distribution and will include procurement, and PMGKAY Distribution in the future.
- The Index for ranking the states and UTs is built on three key pillars which cover the end-to-end implementation of NFSA through TPDS.
- NFSA- Coverage, targeting, and provisions of the Act
- Delivery platform
- Nutrition initiatives.
- Shri Goyal stated that India is now 100% connected under the One Nation One Ration Card (ONORC).
- 45 crore transitions have taken so far providing the beneficiaries the freedom to collect ration from any State/UT in the country
- The system of digitized, Aadhaar linked Public Distribution will be used to issue Ayushman Bharat Card.
- Uttar Pradesh is using the system to issue Ayushman Bharat cards.
- The deadline to submit claims of pending dues till the year 2019-20 is August 15, 2022.
- The absence of states includes Telangana, Orissa, Jharkhand, Delhi, Andhra Pradesh, West Bengal, Rajasthan, Uttarakhand, Arunachal Pradesh, Assam, and Nagaland.
Ranks and scores obtained by general category states and union territories :
| Rank | State/UT | Index Score |
| 1 | Odisha | 0.836 |
| 2 | Uttar Pradesh | 0.797 |
| 3 | Andhra Pradesh | 0.794 |
| 4 | Gujarat | 0.790 |
| 5 | Dadra & Nagar Haveli and Daman Diu | 0.787 |
| 20 | Goa | 0.631 |
- The UT of Dadra & Nagar Haveli and Daman & Diu is covered under both categories for urban areas under the DBT category and other areas under the non-DBT category.
Ranks and scores obtained by states and union territories belonging to special categories (North-Eastern states, Himalayan states, and the Island Regions)
| Rank | State/UT | Index Score |
| 1 | Tripura | 0.788 |
| 2 | Himachal Pradesh | 0.758 |
| 3 | Sikkim | 0.710 |
| 4 | Nagaland | 0.648 |
| 5 | Uttarakhand | 0.637 |
| 14 | Ladakh | 0.412 |
Ranks and scores obtained by union territories operating in DBT (cash transfer) mode
| Rank | UT | Index Score |
| 1 | Dadra & NH and Daman Diu | 0.802 |
| 2 | Puducherry | 0.709 |
| 3 | Chandigarh | 0.680 |
Comprehensive country-level Index
| Rank | State/UT | Index Score |
| 1 | Odisha | 0.836 |
| 2 | Uttar Pradesh | 0.797 |
| 3 | Andhra Pradesh | 0.794 |
| 4 | Gujarat | 0.790 |
| 5 | Tripura | 0.788 |
| 34 | Ladak |
0.412 |
- DBT cash UTs-Chandigarh and Puducherry have not been listed in the country-level index due to variation in the scoring criteria, however, separate ranks and scores have been generated for these UTs in all categories.
- The National Food Security Act (NFSA) was enacted on July 5, 2013.
About Ministry of Consumer Affairs, Food and Public Distribution :
- Cabinet Minister: Piyush Goyal
- Minister of State: Sadhvi Niranjan Jyoti, Ashwini Kumar Choubey
CURRENT AFFAIRS: SPORTS NEWS
Malaysia Open Badminton Tournament 2022:
- The Petronas Malaysia Open 2022 was the official name of the 2022 Malaysia Open, which took place in the Axiata Arena in Kuala Lumpur, Malaysia.
- The tournament’s total prize money was US$675,000.
- The 2022 Malaysia Open, which was a part of the Malaysia Open competitions that had been going on since 1937, was the twelfth event on the 2022 BWF World Tour.
- The Badminton Association of Malaysia arranged this competition with approval from the BWF.
List of Winners:
| Category | Winner |
| Men’s singles title | Viktor Axelsen (Denmark) |
| Women’s singles title | Ratchanok Intanon (Thailand) |
| Men’s doubles champions | Takuro Hoki / Yugo Kobayashi of Japan |
| Women’s doubles champions | Apriyani Rahayu and Siti Fadia Silva Ramadhanti of Indonesia |
| Mixed doubles | China’s Zheng Siwei and Huang Yaqiong |
36th National Games to be held in Gujarat from Sep 27 to Oct 10:
- Gujarat’s chief minister, Shri Bhupendra Patel, announced that the 36th National Games will be hosted in his state for the first time from September 27 to October 10.
- The famous event is being held following a seven-year break; the previous one was in Kerala in 2015.
- This is due to a multitude of issues, including the coronavirus epidemic since 2020.
- In a different tweet, the chief minister asserted that Gujarat has top-notch athletic facilities and that sports are enjoying a rebirth.
- To make the national games the greatest sporting event ever, the government will take all reasonable measures.
Key Points:
- The national games, which will take place in six locations, will feature more than 34 sports.
- Athletes from all over the country are expected to demonstrate their talent in sports including athletics, hockey, football, volleyball, lawn tennis, table tennis, judo, wrestling, kabaddi, kho-kho, mallakhambha, and yoga in both indoor and outdoor tournaments.
- In addition to Gujarat, Goa was a strong contender for the destination this year.
- The “Khel Mahakhumbh” program was introduced by Prime Minister Shri Narendra Modi in 2010 while he was the chief minister of Gujarat.
- Gujarat has developed a thriving sports environment as a result of Khel Mahakhumbh’s huge popularity.
Wimbledon 2022: Novak Djokovic wins the seventh title:
- Serbia Novak Djokovic defeated Nick Kyrgios in four sets to win his seventh Wimbledon men’s title and 21st Grand Slam title.
- Despite Kyrgios’ best efforts, he was only able to win one set against the more seasoned opponent in his maiden Major final, allowing Djokovic to win his 21st Major title.
Women Singles:
- After falling behind, Kazakhstan’s Elena Rybakina won the Women’s Singles championship at Wimbledon by defeating Tunisian third-seed Ons Jabeur 3-6, 6-2, 6-2.
- Rybakina is the Kazakh woman with the most WTA-level victories during the Open Era.
- She also became the first Kazakh player to ever win a WTA championship on grass (3).
- Since Petra Kvitova in 2011, the 23-year-old also became Wimbledon’s youngest female champion.
About 2022 Wimbledon Championships
- In Wimbledon, London, the All-England Lawn Tennis, and Croquet Club host the Wimbledon Championships 2022, a Grand Slam tennis competition.
- All main draw matches will be contested at Wimbledon’s All England Lawn Tennis and Croquet Club from June 27, 2022, to July 10, 2022, on grass courts.
Winners List:
| S.No | Category | Winner | Runner up |
| 1 | Men’s Singles | N. Djokovic | N. Kyrgios |
| 2 | Women’s Singles | E. Rybakina | O. Jabeur |
| 3 | Men’s Doubles | M. Ebden & M. Purcell | N. Mektić & M. Pavić |
| 4 | Women’s Doubles | K. Siniaková & B. Krejčíková | S. Zhang & E. Mertens |
| 5 | Mixed Doubles | D. Krawczyk & N. Skupski | M. Ebden & S. Stosur |
CURRENT AFFAIRS: OBITUARIES
Former Angolan president Jose Eduardo dos Santos Passes away
- Angola’s former president Jose Eduardo dos Santos, who ruled Africa’s second-biggest oil producer (2 million barrels per day) after Nigeria, for nearly four decades passed away at the age of 79 in Barcelona, Spain.
About Eduardo dos Santos :
- José Eduardo dos Santos, born on 28 August 1942
- He joined the Movimento Popular de Libertacao de Angola (MPLA) in 1961.
- He ruled Angola for 38 years.
- He served as the president of Angola from 1979 to 2017.
- He retired from the presidency in 2017 and was succeeded by João Lourenço in the 2017 Angolan general election.
- He was the commander in chief of the Angolan Armed Forces (FAA) and President of the People’s Movement for the Liberation of Angola (MPLA).
- Dos Santos became foreign minister and later planning minister and deputy prime minister.
- The MPLA elected dos Santos at 37 as president upon the death of Agostinho Neto, Angola’s first leader, in 1979.
- He was the second-longest-serving president in Africa, surpassed only by President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea.
About Angola :
- President : João Lourenço
- Capital : Luanda
- Currency : Kwanza
Daily CA on July 12 :
- On July 12th, World Malala day 2022 is celebrated and observed all over the world as an honoring event.
- Prime Minister Shri Narendra Modi will deliver the first Arun Jaitley Memorial Lecture (AJML) at Vigyan Bhavan in Delhi
- Shri Hardeep Singh Puri, Chairman of the NCRPB and Union Minister for Housing & Urban Affairs, introduced the “PARIMAN” geo-portal for the NCR during the 40th meeting of the Board on August 31, 2021.
- Two new Internet Exchange Points (IXP) of the National Internet Exchange of India (NIXI) were opened in Durgapur and Vardhman by Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, Skill Development & Entrepreneurship, Government of India.
- The 8th session of the India-Armenia Intergovernmental Commission on Trade, Economic, Scientific and Technological, Cultural and Educational Cooperation (IGC) was held in Yerevan, Armenia.
- Women and Child welfare representatives from 6 Indian states Andhra Pradesh, Karnataka, Kerala, Odisha, Tamil Nadu, and Telangana signed an Inter-State Declaration of Intent to work in collaboration to combat trafficking in persons.
- Odisha’s Finance Minister Niranjan Pujari presented the State Budget with Rs 2-lakh crore total outlay for FY 2022-2023 in the Assembly with a focus on strengthening infrastructure, developing education and health sectors, and improving the livelihoods of people.
- The Central Government kept interest rates on small savings schemes, such as the Public Provident Fund (PPF) and National Savings Certificate (NSC), unchanged for July 1, 2022, to September 30, 2022 quarter of FY23 amid high inflation and rising interest rate.
- The 47th Goods and Services Tax (GST) Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, in Chandigarh.
- As per the latest data released by the Reserve Bank of India (RBI), the share of current account and savings account (CASA) deposits in total deposits has been increasing over the years and stood at 44.8% in March 2022 as compared with 41.7% three years ago.
- State Bank of India (SBI) and Karnataka Digital Economy Mission (KDEM) signed a Memorandum of Understanding (MoU), which would enable SBI to open India’s first dedicated branch for startups in Koramangala, Karnataka.
- The Reserve Bank of India (RBI) gave payment aggregator (PA) and payment gateway (PG) licenses in principle to Razorpay, Pine Labs, and American payments player Stripe.
- The Asian Infrastructure Investment Bank (AIIB), in which India is the second-largest shareholder after China, has approved the establishment of an Interim Operational Hub, its first overseas office in Abu Dhabi, United Arab Emirates (UAE), pending formal agreement to be finalized.
- Union Bank of India (UBI) has announced the launch of Uni-verse, the bank’s Metaverse Virtual Lounge & Open Banking Sandbox environment at an event held in Mumbai, Maharashtra.
- Private sector lender City Union Bank (CUB) signed a corporate agency agreement with Shriram General Insurance to distribute the latter’s insurance products through its network of branches across India.
- One of India’s leading private sector banks, Axis Bank has signed a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) to manage salary accounts of the defense personnel with best-in-class benefits and features under its ‘Power Salute’ initiative.
- Tata Mutual Fund has teamed up with Computer Age Management Services Limited CAMSPay to introduce Unified Payments Interface (UPI) Autopay for immediate Systematic Investment Plan (SIPs).
- The Reserve Bank of India (RBI) has imposed various restrictions on 4 cooperative banks Ramgarhia Co-operative Bank, New Delhi; Sahebrao Deshmukh Co-operative Bank, Mumbai; Sangli Sahakari Bank, Mumbai; and Sharada Mahila Co-operative Bank Limited, Tumkur, Karnataka.
- The Reserve Bank of India (RBI) has imposed a monetary penalty on Federal Bank Limited and Bank of India & Dhani Loans and Services Ltd. for violating the provisions of its regulations.
- Mr. Alvaro Lario has been appointed as the 7th President of the International Fund for Agricultural Development (IFAD) & he will take office on October 1, 2022, for a four-year term.
- According to an order issued by the Department of Personnel and Training (DoPT), the Appointments Committee of the Cabinet has approved the appointment of Mr. Brajesh Kumar Upadhyay as Chairman & Managing Director (CMD) of Goa Shipyard Limited (GSL) for five years.
- A new report titled Harnessing Green Hydrogen: Opportunities for Deep Decarbonisation in India provides a pathway to accelerate the emergence of a green hydrogen economy, which is critical for India to achieve its net-zero ambitions by 2070.
- Union Minister of Consumer Affairs, Food & Public Distribution, Textiles and Commerce and Industry, Shri Piyush Goyal released the First Edition of ‘State Ranking Index for NFSA’ during the conference of Food Ministers of States/UTs on ‘Food Nutrition and Security in India’ organized by Department of Food and Public Distribution.
- The Petronas Malaysia Open 2022 was the official name of the 2022 Malaysia Open, which took place in the Axiata Arena in Kuala Lumpur, Malaysia.
- Gujarat’s chief minister, Shri Bhupendra Patel, announced that the 36th National Games will be hosted in his state for the first time from September 27 to October 10.
- Serbia Novak Djokovic defeated Nick Kyrgios in four sets to win his seventh Wimbledon men’s title and 21st Grand Slam title.
- Angola’s former president Jose Eduardo dos Santos, who ruled Africa’s second-biggest oil producer (2 million barrels per day) after Nigeria, for nearly four decades passed away at the age of 79 in Barcelona, Spain.