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CURRENT AFFAIRS : BANKING & FINANCE
Razorpay India launched 1st international payment gateway in Malaysia via Curlec
- India’s fintech giant and leading Full-Stack Payments, and Business Banking Platform, Razorpay, launched its first international Payment Gateway in Malaysia for the Malaysian market with Curlec, now known as ‘Curlec By Razorpay’.
- The new Curlec payment gateway will serve more than 5,000 businesses with a target of Malaysian ringgits 10 billion in annualized gross transaction value (GTV) by 2025.
History :
- In February 2022, Razorpay had acquired a majority stake in Kuala Lumpur-based fintech Curlec at a valuation of $20 million with an aim to fuel its global expansion plans.
- The balance stake acquisition was to be completed in 2023.
Recent News :
- In May 2023, Fintech unicorn Razorpay launched Turbo UPI, India’s fastest one-step UPI payment solution in partnership with Axis Bank and the National Payments Council of India (NPCI).
- In April, 2023 Razorpay roped in former Deputy Governor of the Reserve Bank of India, NS Vishwanathan, as the chairperson for its newly formed advisory board.
About Razorpay India :
- Established : 2014
- Headquarters : Bangalore, Karnataka
- Founders: Harshil Mathur, Shashank Kumar
About Curlec :
- Founded : 2017
- Founders : Zac Liew, Steve Kucia
- Currently, Curlec serves more than 700 businesses in Malaysia such as Tune Protect, CTOS, Courts, Mary Kay, and The National Kidney Foundation.
IDFC FIRST Bank, Mastercard & Club Vistara launched new travel credit card to Redefine Travel Experiences
- IDFC FIRST Bank has collaborated with Club Vistara and Mastercard to introduce a travel credit card.
- It is designed to provide exciting travel and lifestyle-related offers to cardholders.
- The new card will combine seamless banking services with numerous travel benefits.
Features and Benefits:
- Joining Benefits: A free Premium Economy flight ticket along with an upgrade voucher.
- Tiered Annual Rewards: Unlock free tickets basis the cumulative annual spending on the card.
- More than Rs. 1,50,000: 1 additional Premium Economy Class Ticket
- More than Rs. 3,00,000: 1 additional Premium Economy Class Ticket
- More than Rs. 4,50,000: 1 additional Premium Economy Class Ticket
- More than Rs. 9,00,000: 1 additional Premium Economy Class Ticket
- More than Rs. 12,00,000: 1 additional Premium Economy Class Ticket
- CFAR Insurance: The card offers a cover on non-refundable components of any travel booking with up to two claims worth up to 10,000 on Flight & Hotel booking for the cardholder, under Cancelled For Any Reason (CFAR) Insurance.
About IDFC FIRST Bank :
- Established : 2018
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : V. Vaidyanathan
- The bank formed by the merger of the banking arm of Infrastructure Development Finance Company (IDFC) and Capital First, an Indian non-bank financial institution.
- It is the first universal bank to offer monthly interest credit on savings accounts, lifetime free credit cards with dynamic and low annual percentage rates
About Mastercard :
- Founded : 1966
- Headquarters : New York, United States
- CEO : Michael Miebach
Max Life Insurance partnered with DCB Bank to offer comprehensive range of life insurance solutions
- Max Life Insurance Company has partnered with DCB Bank to provide a variety of life insurance products, including term, savings, and retirement plans, allowing them to protect their financial future and expand their investment portfolio.
Aim :
- To empower DCB Bank’s customers by providing them with innovative and flexible life insurance products that cater to their needs.
- The business tie-up will offer bank customers access to Max Life’s protection and long-term savings solutions, offering financial stability for themselves and their families
Recent News :
- Max Life Insurance Company Limited (Max Life), a subsidiary of Max Financial Services, has picked a 99% equity stake in Capital Small Finance Bank (CSFB) for a consideration of ₹49.50 crores.
About Max Life Insurance Company Limited :
- Founded : 2001
- Headquarters : New Delhi, India
- MD & CEO : Prashant Tripathy
- It is a 80:20 joint venture (JV) between Max Financial Services and Axis Bank.
About DCB Bank :
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Murali M. Natrajan
- It is a scheduled commercial bank regulated by the Reserve Bank of India (RBI).
- DCB Bank, is a new generation private sector bank with 427 branches (as on March 31, 2023) across India.
RBI to Enable UPI QR Codes for Central Bank digital currency Transactions
- The Reserve Bank of India (RBI) is planning to increase Central Bank digital currency (CBDC) transactions by introducing QR codes.
Aim :
- To reach 1 million transactions through CBDC per day by the end of the current calendar year.
- At present, banks process 5,000-10,000 transactions per day.
Key Highlights :
- For promoting CBDC transactions, RBI has instructed banks to make UPI QR codes interoperable for e-rupee payments.
- The e-rupee was introduced by RBI on 1 December 2022 on a pilot basis for retail transactions.
- Reserve Bank of India’s deputy Governor Rabi Sankar stated that Customers will be able to use QR codes of the Unified Payment Interface (UPI) network for CBDC transactions by the end of July 2023.
- The interoperability of QR codes will promote central bank digital currency (CBDC) transactions.
- At present, a limited number of merchants are accepting CBDC.
- 13 banks that have been authorized to handle CBDC have attained partial interoperability.
- RBI has also urged bankers and fintech firms to have an informed debate on the use of cryptocurrencies.
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
CURRENT AFFAIRS: NATIONAL NEWS
The National Mega Conclave on FPO in the cooperative sector is inaugurated by Shri Amit Shah, who also announces the action plan for the establishment of 1100 new FPOs by PACS in New Delhi:
- Union Home Minister and Minister of Cooperation, Shri Amit Shah inaugurated the National Mega Conclave on FPO in the cooperative sector and released the action plan for the formation of 1100 new FPOs by PACS in New Delhi.
- On this occasion, Union Minister of Agriculture and Farmers Welfare Shri Narendra Singh Tomar, Union Minister of State, Ministry of Cooperation, Shri BL Verma, Secretary, Ministry of Cooperation, Shri Gyanesh Kumar and Secretary, Ministry of Agriculture and Farmers Welfare, Shri Manoj Ahuja were also present along with several dignitaries.
- The Union Home Minister and Minister of Cooperation said that about 65 per cent of the people in India are directly engaged in agriculture and allied activities, and about 55 per cent of the workforce is engaged in agriculture and allied activities.
- The government under the leadership of Prime Minister Shri Narendra Modi has provided loans of over Rs. 127 crore to FPOs so far, which is in addition to Rs. 6,900 crores.
- In tribal districts, 922 FPOs have been formed for work related to forest produce.
- This showcases the meticulous way in which the Modi government and Minister of Agriculture and Farmers Welfare, Shri Narendra Singh Tomar, have moved forward.
- The states of Gujarat, Maharashtra, Uttar Pradesh, Rajasthan and Punjab have done excellent work in the field of FPOs.
Recent news
- 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).
- Union Home Minister and Minister of Cooperation, Shri Amit Shah addressed the 42nd Foundation Day function of NABARD as the chief guest at Pragati Maidan in New Delhi
The India Government Mint celebrates its 120th anniversary in Hyderabad with commemorative souvenir coins:
- The 120th anniversary of the India Government Mint has been celebrated in Hyderabad with commemorative souvenir coins.
- These souvenir coins were crafted of silver and copper and serve as a tribute to the rich legacy and contributions of the India Government Mint in the field of coinage and minting.
- Security Printing and Minting Corporation of India Ltd (SPMCIL) Chairman and Managing Director SK Sinha released the commemorative coins and said the India Government Mint in Hyderabad has been at the forefront of producing high-quality coins and other minted products for over a century.
- He said its commitment to precision, craftsmanship, and technological advancements has earned it a reputation as one of the leading mints in the country.
- Mr Sinha also applauded the mint’s role in preserving the nation’s numismatic heritage and emphasized its dedication to maintaining the highest standards of quality and security in the production of coins, medals, and other minted products.
About Telangana:
- Capital: Hyderabad
- Governor: Tamilisai Soundararajan
- Chief minister: K. Chandrashekar Rao
- Founded: 2 June 2014
- Official song: Jaya Jaya He Telangana
- Official flower: Senna auriculata
- Official animal: Chital
PM Narendra Modi is the Guest of Honor at the Bastille Day Parade in Paris:
- Prime Minister Narendra Modi along with French President Emmanuel Macron witnessed the Bastille Day Parade in Paris.
- Mr Modi attended the parade as the Guest of Honour.
- A tri-services Indian armed forces contingent participated in it, including IAF aircraft.
- French National Day, or Bastille Day occupies a special place in French consciousness.
- This day commemorates the Storming of the Bastille Prison in 1789 during the French Revolution.
- Bastille Day Parade is the highlight of the Bastille Day Celebrations.
- Prime Minister Modi will hold delegation-level talks with President of France Emmanuel Macron.
- The French President will host the State Banquet at the iconic Louvre Museum.
- Mr Modi reached Paris on an official visit to France.
- They deliberated on a range of issues of mutual interest and agreed to work together to deepen India-France cooperation in several areas.
- President Macron also conferred the country’s highest of civilian and military honours, the Grand Cross of the Legion of Honour, on Mr Modi following a private dinner at Élysée Palace.
- Akashavani’s Correspondent reports that this year marks the 25th anniversary of the India – France Strategic Partnership.
- The Prime Minister’s France visit is an opportunity to chart the course of the partnership for the future across diverse sectors such as strategic, cultural, scientific, academic and economic cooperation.
- It is an opportunity to chart the way for the next 25 years, coinciding with the 100th anniversary of Independence in 2047.
- India -France ties are rooted in deep trust and commitment.
- France is a key Strategic Partner for India and one of the earliest.
About France:
- Capital: Paris
- President: Emmanuel Macron
- Prime minister: Élisabeth Borne
Recent news
- Prime Minister Shri Narendra Modi will be visiting Hiroshima, Japan on 19-21 May 2023 at the invitation of H.E. Mr. Kishida Fumio, Prime Minister of Japan, for the G-7 Summit under the Japanese Presidency. During the Summit, Prime Minister will speak at G-7 sessions with partner countries, on subjects such as peace, stability & prosperity of a sustainable planet; food, fertiliser and energy security; health; gender equality; climate change and environment; resilient infrastructure; and development cooperation.
The Coal Ministry is developing a comprehensive plan to support coal gasification projects with a budget of Rs. 6000 crore.
- The Ministry of Coal has set a target to achieve coal gasification of 100 Million Tonne (MT) coal by FY 2030 reflecting the government’s commitment to harnessing the power of coal gasification.
- In line with this objective, the Ministry is considering a comprehensive scheme to promote Coal/Lignite gasification projects for both Government Public Sector Undertakings (PSUs) and the Private Sector with an outlay of Rs 6,000 crores.
- With the introduction of this ambitious proposal, Coal Ministry aims to propel the nation’s progress.
- The proposal incorporates a comprehensive set of measures that capitalize on natural resources and demonstrate the financial and technical feasibility of coal gasification.
- This initiative is set to meet the future energy needs of the country while stimulating other sectors.
- The adoption of gasification technology in India will revolutionize the coal sector, reducing reliance on imports of Natural Gas, Methanol, Ammonia and other essential product.
- Currently, India imports approximately 50% of its Natural Gas, over 90% of its total Methanol consumption and around 13-15% of its total ammonia consumption to cater to the domestic demand.
- It will contribute to India’s vision of becoming Aatmanirbhar and create a surge in employment opportunities.
- The implementation of coal gasification is expected to make significant contributions to the nation’s development by reducing imports by 2030.
- This initiative holds the potential to alleviate the environmental burden by reducing carbon emissions and fostering sustainable practices, contributing to our global commitments towards a greener future.
- The Ministry is taking innovative measures to accelerate the development of coal gasification projects.
Recent news
- The overall coal stock position i.e., at Mines, TPPs and transit, as on June .2023, reached 110.58 Million Tonne (MT), indicating a substantial increase of 44.22% as compared to the stock of 76.67 MT last year. This higher coal stock position indicates the commitment to maintaining an ample supply of coal by the Ministry of Coal.
- The Cabinet Committee on Economic Affairs (CCEA) chaired by the Hon’ble Prime Minister Shri Narendra Modi approved the continuation of the Central Sector Scheme of “Exploration of Coal and Lignite scheme” with an estimated expenditure of Rs. 2980 crore from 2021-22 to 2025-26 co-terminus with the 15th Finance Commission cycle.
CURRENT AFFAIRS : STATE NEWS
Jammu and Kashmir launched Mobile-Dost-App for mobile-based delivery of citizen-centric services
- Jammu and Kashmir (J&K) Chief Secretary Arun Kumar Mehta launched Mobile Dost App in sync with the vision of Apka Mobile HamaraDaftar.
Aim :
- To empower the people of Jammu & Kashmir by providing a comprehensive platform to access all the Government to Citizen Services (G2C) directly from their mobile devices.
- The app was developed by the IT (Information Technology) department of J&K with the support from the Haryana Government.
About Apka Mobile HamaraDaftar :
- Apka-Mobile-Hamara-Daftar is a pioneering initiative for the mobile-based delivery of citizen-centric services in Jammu and Kashmir.
- The App signifies a step toward a digitally empowered Jammu & Kashmir.
- With the launch of this App, the administration aims to enhance accessibility and convenience.
- More than 450 Government to Citizen services including application for certificates, licences, and permits, registration of grievances, and accessing various welfare schemes can be done seamlessly through the mobile devices by virtue of this application.
- The app also provides detailed information about government tenders, enabling entrepreneurs and businesses to stay informed about opportunities and actively participate in the region’s development.
- Moreover it has additional features like provision for Bill payment, travel & tourism related information, links to apply for jobs, news updates, information about significant events, and directory of important contacts for the public.
About J&K :
- Lieutenant Governor : Manoj Sinha
- Capital : Srinagar, Jammu
- National Park : Kishtwar High Altitude National Park, Kazinag National Park, Dachigam National Park
- Wildlife Sanctuaries : Ramnagar Wildlife Sanctuary, Gulmarg Wildlife Sanctuary
National Law University Delhi Launched Eklavya -A Research Affiliate Programme
- The National Law University (NLU), Delhi launched Eklavya – a ‘Research Affiliate’ programme, under its new academic initiatives.
Aim :
- To strengthen NLU Delhi’s commitment to collaboration by involving individuals without traditional law degrees and drawing upon their expertise and diverse perspectives.
- The Eklavya Programme is being coordinated by the Dean’s Office of Research, Planning & Strategic Development.
Key Highlights :
- Eklavya is a name derived from a character in the Indian epic Mahabharata, whose tale signifies exemplary discipleship and a quest for knowledge.
Eligibility Criteria for the ‘Eklavya Research Affiliate programme :
- Should possess at least 3 years of demonstrable experience working on issues with a significant interface with the law.
- Should have completed an undergraduate degree at least 3 years before the application.
- Full-time or part-time employees must obtain approval from their current organisation or institution.
- Self-employed individuals, freelancers, or independent consultants must provide a declaration stating their professional status.
- The application form is open throughout the year.
About NLU :
- Established : 2008
- Chancellor : Satish Chandra Sharma (Chief Justice of Delhi High Court)
CURRENT AFFAIRS: BUSINESS NEWS
India’s total exports are anticipated to be $60.09 billion in June 2023.
- India’s overall exports (Merchandise and Services combined) in June 2023* are estimated to be USD 60.09 Billion, exhibiting a negative growth of (-) 16 per cent over June 2022.
- Overall imports in June 2023* are estimated to be USD 68.98 Billion, exhibiting a negative growth of (-) 13.91 per cent over June
- India’s overall exports (Merchandise and Services combined) in April-June 2023 are estimated to exhibit a negative growth of (-) 7.29 per cent over April-June 2022. Overall imports in April-June 2023 are estimated to exhibit a negative growth of (-) 10.18 per cent over April-June 2022.
- Merchandise exports in June 2023 were USD 32.97 Billion, as compared to USD 42.28 Billion in June 2022.
- Merchandise imports in June 2023 were USD 53.10 Billion, as compared to USD 64.35 Billion in June 2022.
- Non-petroleum and non-gems & jewellery exports during April-June 2023 were USD 77.18 Billion, as compared to USD 83.82 Billion in April-June 2022.
- Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 100.84 Billion in April-June 2023 as compared to USD 110.22 Billion in April-June 2022.
- The estimated value of services exported for June 2023* is USD 27.12 Billion, as compared to USD 26.92 Billion in June 2022.
- The estimated value of services imported for June 2023* is USD 15.88 Billion as compared to USD 15.77 Billion in June 2022.
- India’s trade performance, after witnessing very high growth in 2022-23 has shown declining trends as compared to the high base of last year in the backdrop of a global slowdown.
- As per the World Bank Global Economic Prospects report (June 2023) the global economy is set to slow substantially in 2023, to 2.1 per cent, after growing at 3.1% last year.
- For the month of June 2023, under merchandise exports, 9 of the 30 key sectors exhibited positive growth in June 2023 as compared to the same period last year (June 2022).
- These include Iron Ore (1664.3%), Electronic Goods (45.36%), Oil Seeds (33.33%), Cashew (19.6%), Tobacco (17.8%), Fruits & Vegetables (14.1%), Coffee (7.1%), Handicrafts Excl. Hand Made Carpet (5.14%) and Drugs & Pharmaceuticals (5.13%).
CURRENT AFFAIRS: MOUS AND AGREEMENT
BITS Pilani PIEDS Finxcelerator and the International Financial Services Centres Authority (IFSCA) sign a memorandum of understanding.
- International Financial Services Centers Authority (IFSCA) and PIEDS BITS Pilani, have signed a MoU at BITS Pilani PIEDS Finxcelerator, Pilani Campus in Rajasthan
- This MoU aims to put in place a framework for cooperation and understanding between IFSCA and BITS Pilani PIEDS Finxcelerator to collaborate in supporting and facilitating FinTech and TechFin entities.
- The IFSCA is responsible for the development and regulation of international financial services, including that of the insurance sector, in the IFSC, which is treated as a separate international financial jurisdiction, distinct from the rest of India.
- IFSCA aims to develop a strong global connection and focus on the needs of the Indian economy as well as to serve as an international financial platform at the regional/ global level.
- The Pilani Innovation and Entrepreneurship Development Society (PIEDS) TBI BITS Pilani, Pilani Campus is a non-profit society, its initiatives are spread across incubation, acceleration, seed funding, and innovation.
- PIEDS has supported more than 170 startups, incubated 132 startups, and funded 62 startups.
- This MoU will enable cooperation and collaboration on diverse initiatives regarding FinTech.
- FinTechs registered with BITS Pilani PIEDS may be facilitated to access IFSCA’s Regulatory and Innovation Sandbox and apply to the IFSCA (FinTech Incentive) Scheme, 2022.
About IFSCA
- The IFSCA is a statutory authority established under the International Financial Services Centres Authority Act, 2019 (“IFSCA Act”) with a mandate to develop and regulate the financial products, financial services, and financial institutions in the International Financial Services Centres (‘IFSC’).
- GIFT-IFSC is the maiden IFSC in India.
- The IFSCA aims to develop a strong global connection and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region.
About Rajasthan
- Chief minister: Ashok Gehlot
- Capital: Jaipur
- Governor: Kalraj Mishra
- NP: Keoladeo National Park, Ranthambore National Park, Sawai Madhopur, Mukundara National Park
Recent News
- IFSCA has constituted an expert committee to formulate a roadmap to onshore the Indian innovation to GIFT IFSC. This committee will be chaired by former Reserve Bank executive director G Padmanabhan, International Financial Services Centres Authority (IFSCA)
- The International Financial Services Centres Authority (IFSCA) and Climate Policy Initiative – India (CPI) have signed a Memorandum of Understanding (MoU) for mutual assistance and cooperation to increase the mobilisation of global sustainable capital flows into India
- International Financial Services Centers Authority (IFSCA) and IIML-EIC, have signed a MoU at IIM (Indian Institute of Management) Lucknow EIC, Noida campus in Uttar Pradesh.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Centre appoints Justices Ujjal Bhuyan, SV Bhatti as 2 new Supreme Court judges
- Telangana Chief Justice Ujjal Bhuyan and Kerala Chief Justice S Venkatanarayana Bhatti were appointed by the President of India Droupadi Murmu as Supreme Court judges.
- The appointments came within a week of the Supreme Court Collegium, led by Chief Justice of India DY Chandrachud, recommending their names to the government.
- With the 2 new appointments, the judicial strength of the apex court has gone up to 33, leaving only one vacancy vacant.
- This is, notably, the 11th appointment to the top court made in 2023.
About Ujjal Bhuyan :
- Justice Ujjal Bhuyan was appointed as a judge of the Gauhati High Court on 17 October 2011.
- He is the senior-most judge of his parent High Court and has been serving as Chief Justice of the High Court for the State of Telangana since June 28, 2022.
About Justice S Venkatanarayana Bhatti :
- He was appointed as a Judge of the High Court of Andhra Pradesh on April 12, 2013 and is the senior-most in his parent High Court.
- Currently, he is serving as Chief Justice of the High Court of Kerala.
Note :
- The Acting Chief Justice is to be appointed by the President under Article 126 of the Constitution.
- The Supreme Court, consisting of the Chief Justice of India and up to 33 fellow judges, has extensive powers in terms of original, appellate, and advisory jurisdiction.
- Supreme Court judges retire at the age of 65.
Recent News :
- In May, 2023 Justice Prashant Kumar Mishra and senior advocate K V Viswanathan were sworn in as judges of the Supreme Court.
About Supreme Court of India :
- Headquarters : New Delhi, Delhi, India
- The Supreme Court of India came into existence on 28 January 1950.
Sheikh Talal Fahad Al-Sabah elected as the new President of Olympic Council of Asia
- Sheikh Talal Fahad Al Ahmad Al-Sabah was elected the new President of the Olympic Council of Asia (OCA) from 2023-2027 at the 42nd OCA General Assembly in Bangkok, Thailand.
- Sheikh Talal received 24 of the 44 votes cast, while the OCA Director General, Mr. Husain Al-Musallam, received 20.
- Sheikh Talal succeeded his elder brother, Sheikh Ahmed Al-Fahad Al-Sabah, who led the OCA until 2021.
- Former Secretary General of the OCA, Randhir Singh of India, had led the OCA as Acting President since 2021 until the election.
About Sheikh Talal Fahad Al Ahmad Al-Sabah :
- Sheikh Talal, 58, is the son of the first OCA President, Sheikh Fahad Al-Ahmad Al-Jaber Al-Sabah, who was President from 1982 to 1990.
- He joined the OCA in 2007.
- He is Chair of the OCA Rules Committee and a member of the OCA Executive Board.
About OCA :
- Founded : 16 November 1982
- Headquarters : Kuwait City, Kuwait
- Membership : 45 member National Olympic Committees.
- The OCA is a governing body of sports in Asia.
- OCA in partnership with Asian Sports Federation (AESF) announced the “Road to Asian Games” campaign for the 2022 Asian Games.
CURRENT AFFAIRS : DEFENCE NEWS
Defence Minister Rajnath Singh Inaugurates HAL’s Regional Office In Malaysia to Facilitate Close Defence Industrial Collaboration
- Defence Minister Shri Rajnath Singh inaugurated Hindustan Aeronautics Limited (HAL) regional office in Kuala Lumpur, the capital of Malaysia.
- The regional office will boost the defence industrial collaboration between India and Malaysia and serve as a hub for the HAL’s engagement with the South-East Asian region.
- Shri Rajnath Singh also visited the Ramakrishna Mission in Petaling Jaya and paid floral tributes at the statue of Swami Vivekananda.
- In addition, Raksha Mantri visited the Torana Gate in Brickfields, a symbol of friendship between India and Malaysia, which was inaugurated by PM Modi in November 2015.
- Malaysia is home to the second largest members of the Persons of Indian Origin and has a significant presence of the NRI community.
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Ajay Bhatt
- Defence Secretary : Giridhar Aramane
About HAL :
- Established : 23 December 1940
- Headquarters : Bangalore, Karnataka
- Chairperson & MD : CB Ananthakrishnan
- Hindustan Aeronautics Limited (HAL) is a government-owned corporation involved in the design, fabrication, and assembly of aircraft, jet engines, and helicopters.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Union Minister Shri Sarbananda Sonowal inaugurates ‘SAGAR SAMPARK’ Differential Global Navigation Satellite System to Strengthen Maritime sector
- The Union Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal, inaugurated the ‘Sagar Sampark’ Differential Global Navigation Satellite System (DGNSS) in New Delhi, Delhi to strengthen the maritime sector in India.
Participants :
- Shri Shripad Y. Naik, the Minister of State of Ports, Shipping and Waterways; Shri TK Ramachandran, IAS Secretary, MoPSW and other senior officials from the ministry and Directorate General of Lighthouses and Lightships.
About DGNSS :
- DGNSS is a terrestrial-based enhancement system which corrects the errors and inaccuracies in the Global Navigation Satellite System (GNSS).
- ‘SAGAR SAMPARK’ DGNSS has been launched at 6 locations under the Directorate General of Lighthouses And Lightships (DGLL) in the field of Radio Aids to Marine Navigation.
Uses of DGNSS :
- DGNSS will enhance the capability of the DGLL in the field of Radio Aids to Marine Navigation.
- DGNSS will help mariners in safe navigation and reduce the risk of collisions, groundings, and accidents in the port and harbour areas
- It will make the movement of vessels more efficient and safe.
- The DGNSS system aligns with the international obligations of the International Maritime Organization (IMO), Safety of Life at Sea (SOLAS), and the International Association of Marine Aids to Navigation and Lighthouse Authorities (IALA).
- The DGNSS system incorporates multiple satellite constellations, including GPS and Global Navigation Satellite System (GLONASS), increasing availability and redundancy.
- It will help mariners to improve their positioning within 5 metres.
- The system’s error correction accuracy has been improved from 5 to 10 metres to less than 5 metres for 100 nautical miles (NM) from the Indian coastlines.
About Ministry of Ports, Shipping and Waterways :
- Cabinet Minister : Sarbananda Sonowal
- Minister of State : Shripad Yesso Naik, Shantanu Thakur
CURRENT AFFAIRS: SPORTS NEWS
India wins three gold and three bronze medals at the Asian Athletics Championships in Thailand.
- India has so far taken home three gold and three bronze medals from the ongoing Asian Athletics Championships in Bangkok, Thailand.
- India’s Jyothi Yarraji had previously won the gold in the 100-meter hurdles, while Ajay Kumar Saroj and Abdulla Aboobacker triumphed in the men’s triple jump and 1500-meter races, respectively.
- The other two bronze medalists were Abhishek Pal and Aishwarya Kailash Mishra in the men’s 10000m and women’s 400m events, respectively.
- Tejaswin Shankar won the bronze medal in the long jump 400m events.
- With this, India fell behind China and Japan in the medal standings.
About Thailand:
- Capital: Bangkok
- Currency: Thai Baht
- Prime minister: Prayut Chan-o-cha
India’s six-person team wins two gold medals at the 64th International Mathematical Olympiad in 2023 in Japan:
- The six-member Indian team secured two Gold medals at the 64th International Mathematical Olympiad (IMO) 2023 held in Chiba, Japan.
- The event took place from the 2nd to the 13th of July.
- The Indian team also managed to get two Silver and two Bronze medals and finished 9th out of 112 countries.
- This is the fourth time India secured a position in the top 10.
- The final team is selected through various stages of the National Olympiad Examination conducted by HBCSE.
About The International Mathematical Olympiad:
- The International Mathematical Olympiad is a mathematical olympiad for pre-university students and is the oldest of the International Science Olympiads.
- It is one of the most prestigious mathematical competitions in the world.
- The first IMO was held in Romania in 1959.
- It has since been held annually, except in 1980
About Japan:
- Capital: Tokyo
- Prime minister: Fumio Kishida
- Currency: Japanese yen
CURRENT AFFAIRS: IMPORTANT DAYS
World Youth Skills Day 2023: July 15
- On July 15th World Youth Skills Day 2023 is celebrated to mention the significance of developing skills among young people worldwide.
- The theme for World Youth Skills Day 2023 is Skilling teachers, trainers and youth for a transformative future.
- World Youth Skills Day was created by the United Nations General Assembly on November 11, 2014, through a resolution initiated by Sri Lanka, and supported by some other countries.
- The first World Youth Skills Day was celebrated on July 15, 2015.
- The day intends to “raise awareness on the importance of investing in youth skills development” with that in mind.
- The day is an opportunity to ensure that young people have the skills and knowledge needed to contribute meaningfully to society and the economy.
- World Youth Skills Day 2023 aims to encourage governments, employers, industries, training providers, and other stakeholders to address the global challenge of a lack of technical vocational education and training (TVET) for young people.
Daily CA One-Liner: July 15
- Union Home Minister and Minister of Cooperation, Shri Amit Shah inaugurated the National Mega Conclave on FPO in the cooperative sector and released the action plan for the formation of 1100 new FPOs by PACS in New Delhi.
- The 120th anniversary of the India Government Mint has been celebrated in Hyderabad with commemorative souvenir coins.
- Prime Minister Narendra Modi along with French President Emmanuel Macron witnessed the Bastille Day Parade in Paris.
- The Ministry of Coal has set a target to achieve coal gasification of 100 Million Tonne (MT) coal by FY 2030 reflecting the government’s commitment to harnessing the power of coal gasification.
- India’s overall exports (Merchandise and Services combined) in June 2023* are estimated to be USD 60.09 Billion, exhibiting a negative growth of (-) 16 per cent over June 2022.
- International Financial Services Centers Authority (IFSCA) and PIEDS BITS Pilani, have signed a MoU at BITS Pilani PIEDS Finxcelerator, Pilani Campus in Rajasthan.
- India has so far taken home three gold and three bronze medals from the ongoing Asian Athletics Championships in Bangkok, Thailand.
- The six-member Indian team secured two Gold medals at the 64th International Mathematical Olympiad (IMO) 2023 held in Chiba, Japan.
- On July 15th World Youth Skills Day 2023 is celebrated to mention the significance of developing skills among young people worldwide.
- India’s fintech giant and leading Full-Stack Payments, and Business Banking Platform, Razorpay, launched its first international Payment Gateway in Malaysia for the Malaysian market with Curlec, now known as ‘Curlec By Razorpay’.
- IDFC FIRST Bank has collaborated with Club Vistara and Mastercard to introduce a travel credit card.
- Max Life Insurance Company has partnered with DCB Bank to provide a variety of life insurance products, including term, savings, and retirement plans, allowing them to protect their financial future and expand their investment portfolio.
- The Reserve Bank of India (RBI) is planning to increase Central Bank digital currency (CBDC) transactions by introducing QR codes.
- Jammu and Kashmir (J&K) Chief Secretary Arun Kumar Mehta launched Mobile Dost App in sync with the vision of Apka Mobile HamaraDaftar.
- The National Law University (NLU), Delhi launched Eklavya – a ‘Research Affiliate’ programme, under its new academic initiatives.
- Telangana Chief Justice Ujjal Bhuyan and Kerala Chief Justice S Venkatanarayana Bhatti were appointed by the President of India Droupadi Murmu as Supreme Court judges.
- Sheikh Talal Fahad Al Ahmad Al-Sabah was elected the new President of the Olympic Council of Asia (OCA) from 2023-2027 at the 42nd OCA General Assembly in Bangkok, Thailand.
- Defence Minister Shri Rajnath Singh inaugurated Hindustan Aeronautics Limited (HAL) regional office in Kuala Lumpur, the capital of Malaysia.
- The Union Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal, inaugurated the ‘Sagar Sampark’ Differential Global Navigation Satellite System (DGNSS) in New Delhi, Delhi to strengthen the maritime sector in India.