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CURRENT AFFAIRS : BANKING & FINANCE
SEBI introduced 6 new mutual fund strategies under ESG theme
- The Securities and Exchange Board of India (SEBI) has allowed asset management companies (AMCs) to launch funds under 6 new strategies under the Environmental, Social, and Governance (ESG) thematic category.
- Currently, regulatory requirements allow mutual funds to launch only one scheme with ESG investing under the thematic category for equity schemes.
6 New strategies :
- ‘Exclude’ securities will be based on certain ESG-related activities, business practices, or business segments.
- This strategy should specify the characteristic or type of exclusion such as adverse impact, controversy or Faith.
2. ‘Integration’ themed funds would consider ESG-related factors that are material to the risk and return of the investment, alongside traditional financial factors, when making investment decisions.
3. ‘Best-in-class & Positive Screening’ strategy would aim to invest in companies and issuers that perform better than peers on one or more performance metrics related to ESG matters.
4. ‘Impact’ investing would seek to generate a positive, measurable social or environmental impact alongside a financial return and how the fund manager intends to achieve the impact objective.
5. ‘Sustainable’ objective funds would invest in sectors, industries, or companies that are expected to benefit from long-term macro or structural ESG-related trends.
6.‘Transition or Transition Related’ schemes would focus on companies and issuers that support/facilitate environmental transition and just transition.
- These measures will facilitate green financing with a thrust on enhanced disclosures and mitigation of greenwashing.
Investment criteria :
- As per SEBI, a minimum of 80% of the total assets under management (AUM) of ESG schemes would need to be invested in equity instruments of that particular strategy of the scheme.
- Further, the remaining portion of the investment cannot be in contrast to the strategy of the scheme.
- Presently, the ESG schemes are mandated to invest only in such companies which have comprehensive Business Responsibility and Sustainability Reporting (BRSR) disclosures.
What is BRSR?
- BRSR or Business Responsibility and Sustainability Report requires listed companies in India to disclose information under the 9 principles of the National Guidelines on Responsible Business Conduct.
- SEBI has now decided that an ESG scheme will invest at least 65% of its AUM in companies which are reporting on comprehensive BRSR and are also providing assurance on BRSR Core disclosures.
Recent News :
- In Feb 2023, SEBI proposed allowing mutual funds to introduce 5 new categories under ESG (environmental, social and governance) scheme & the 5 new categories should be exclusions, integration, best-in-class and positive screening, impact investing and sustainable objectives.
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),
Ministry of Corporate Affairs exempts regional rural banks from CCI’s merger control regime
- The Centre has exempted Regional Rural Banks (RRBs) from the purview of merger control regime of Competition Commission of India (CCI).
- The Corporate Affairs Ministry (MCA) stated that the exemption from prior scrutiny and approval of CCI would be available for 5 years.
- This step will lead to the merger of RRBs without the prior scrutiny and approval of CCI.
- As per the order of MCA, RRBs are exempted from the application provisions of section 5 and 6 of the Competition Act, 2002 for 5 years.
- Sections 5 and 6 apply to the combination of enterprises.
- Centre had earlier given a similar merger control regime exemption for smooth consolidation among public sector banks.
- In 2020, 10 Public Sector Undertakings (PSUs) banks were merged into 4.
- The overall number of Public sector banks (PSBs) was reduced to 12 banks.
What is RRBs?
- Regional Rural Banks (RRBs) are government owned scheduled commercial banks of India that operate at regional level in different states of India.
- These banks are under the ownership of the Ministry of Finance (MoF),Government of India (GoI).
- The RRBs were owned by the central government, state government, and the sponsoring bank with 50%, 15%, and 35% shareholding
- 5 RRBs were set up in 1975 on the recommendations of the Narasimham Committee on Rural Credit.
- The Prathama Bank of Moradabad, Uttar Pradesh (UP) was the first RRB.
- There are about 43 RRBs (as of 2021) in India and these entities are regulated by the RBI.
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.
About Ministry of Corporate Affairs :
- Cabinet Minister : Nirmala Sitharaman
- Minister of State : Rao Inderjit Singh
India’s forex reserves swells by USD 12.74 bn to USD 609.02 billion
- The Reserve Bank of India (RBI) stated that India’s forex reserves have swelled by USD 12.743 billion to USD 609.022 billion in July 14,2023 making it one of the strongest weekly surges in the kitty.
- In the previous reporting week, forex reserves had increased by USD 1.23 billion to reach at USD 596.28 billion.
Key Highlights :
- According to the Weekly Statistical Supplement released by the RBI, the foreign currency assets, a major component of the reserves, increased by USD 11.198 billion to USD 540.166 billion.
- Gold reserves increased by USD 1.137 billion and reached USD 45.197 billion.
- The Special Drawing Rights (SDRs) increased by USD 250 million to reach USD 18.484 billion.
- India’s reserve position with the IMF increased by USD 158 million to reach USD 5.175 billion.
Karnataka Bank hosts ‘KBL – FinOne’ – fintech partnership programme in Bengaluru
- Private sector lender, Karnataka Bank hosted the first edition of ‘KBL – FinOne’, a fintech partnership programme, in Bengaluru, Karnataka.
Objective :
- Forging collaborations to develop innovative business models, providing seamless banking experience and offering a complete product suite.
- The event is hosted in association with “The Fintech Meetup”.
- The first edition of ‘KBL – FinOne’ featured over 30 speakers from various fintechs, delving into some of the interesting and relevant topics such as emerging lending models, neo-banks, platformization, including no code – low code, embedded finance, cards infrastructure, payment innovations, etc.
Recent News :
- Karnataka Bank Limited (KBL) launched a special campaign “KBL Centenary Mahotsav” for Home loans from 17 April 2023 to 17 July 2023.
About Karnataka Bank :
- Founded : 18 February 1924
- Headquarters : Mangalore, Karnataka, India
- MD & CEO : Srikrishnan Hari Hara Sarma
- Tagline : Your Family Bank Across India
- It is an ‘A’ Class Scheduled Commercial Bank.
Indian Bank launched Resources Acquisition Centre To Strengthen Deposit Portfolio
- India’s 7th largest Public Sector Bank, Indian Bank launched Resources Acquisition Centre (RAC).
Primary objective of the initiative :
- To strengthen the retail deposit portfolio, which encompasses current deposit, savings bank and term deposit accounts.
- The inaugural ceremony of the first Resources Acquisition Centre took place on 20th July 2023 in Mumbai (Southern), in the esteemed presence of Mahesh Kumar Bajaj, Executive Director, Indian Bank, and S S P Roy, Field General Manager, Mumbai FGMO.
Key Highlights :
- The dedicated RAC team will spearhead the concept of Relationship Banking, aiming to deepen existing client relationships while attracting potential New High-Value clients.
- The bank will focus on specific customer segments, including HNIs, Government/Institutional Clients, Salaried Class, Corporates, Business community, Traders, and
- The bank plans to open 20 RACs at ultra potential centres in phase-I to bolster its deposit portfolio.
- This initiative signifies the bank’s commitment to further strengthening its position in the financial sector and deepening its connection with customers.
- The RACs will play a pivotal role in driving innovation, enhancing customer experiences, and fortifying the bank’s deposit base.
Recent News :
- In July 2023, Indian Bank unveiled new services under its digital transformation initiative Project WAVE.
- In June 2023, Indian Bank partnered with Manipal Technologies Limited (MTL) to drive financial inclusion by offering customised banking products.
About Indian Bank :
- Founded : 15 August 1907
- Headquarters : Chennai, Tamil Nadu
- MD & CEO : Shanti Lal Jain
- Tagline : Your Own Bank/ Apka Apna Bank
Bank of Maharashtra upgrades tech platform & appoints Boston Consulting Group for digital transformation
- Bank of Maharashtra (BoM) has upgraded its technology platform to promote digital transactions and provide most offerings on a self-service platform.
- This follows a partnership with Boston Consulting Group (BCG) for digital transformation initiatives.
Key Highlights :
- As part of this the bank has upgraded its mobile app integrating it as a single unified application for all its mobile banking and UPI customers.
- Services that have been automated include issuance of health & general insurance policies, RE-KYC, nomination facility, and online bill payment.
- To enhance operational efficiency, Bank has on boarded a/dditional products in its LLMS system & has implemented initiatives like “Maha E-power” for uninterrupted power supply & “Remote Account Monitoring system” for compatible account statements for its corporate customers.
- The Bank has also successfully implemented Robotic Process Automation (RPA) in 10 key utilities, which reflects the Bank’s conscious approach to staying at the forefront of the evolving digital landscape.
- For corporate customers the bank has extended a remote account monitoring system, to provide account statements compatible with corporate customers’ Enterprise Resource Planning (ERP) system.
About BoM :
- Founded : 16 September 1935
- Headquarters : Pune, Maharashtra India
- MD & CEO : A. S. Rajeev
- Tagline : One Family One Bank
Federal Bank raises Rs 959 crore from International Finance Corporation through preferential issue of shares
- India’s Federal Bank has raised 9.59 billion Indian rupees ($116.92 million) via preferential issues of shares to the International Finance Corporation (IFC), a member of the World Bank Group.
- Post the acquisition, IFC and related entities will hold equity of nearly 8% in the bank.
- Separately, the bank’s board also approved the raising of 80 billion rupees via the issue of debt instruments.
About Federal Bank :
- Headquarters : Aluva, Kochi, Kerala, India
- MD & CEO :Shyam Srinivasan
- Tagline : your perfect banking partner
About IFC :
- Established : July 20, 1956
- Headquarters : Washington, D.C., U.S
- Managing Director : Makhtar Diop
- Membership : 186 countries
- The IFC is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries.
Reliance General Insurance to get Rs 200 crore capital infusion from Reliance Capital
- Reliance General Insurance will soon receive an equity infusion of Rs 200 crore from its parent Reliance Capital which is undergoing bankruptcy proceedings.
- Following the infusion, the insurance firm will raise an additional Rs 400 crore, mostly through debt, to fund its growth.
Key Highlights :
- The committee of creditors (CoC) of RCap has approved Rs 200-crore capital infusion, which is likely to be made by the end of August, 2023.
- Reliance General Insurance is the most valuable asset through which lenders hope to recover a substantial part of their dues, and any dip in its valuation would correspondingly lower the company’s valuation.
- Reliance General had earlier stated that the capital infusion was crucial to increase its solvency margin to 175% from 155%.
- The Insurance Regulatory and Development Authority (IRDA) requires companies to maintain a minimum solvency margin of 150%.
- Reliance General is among the 20 financial services companies owned by Reliance Capital- an Anil Ambani Group Company.
- Lenders have unanimously approved a resolution plan of Rs 9660 crore offered by IndusInd International Holdings Ltd (IIHL) for Reliance Capital- a core investment company registered with the RBI.
- IIHL, a holding company of the Hinduja group, has also filed an application with the RBI to acquire Reliance Capital under Insolvency and Bankruptcy Code.
- It is mandatory for any winning bidder to receive a ‘fit and proper’ approval from RBI to acquire a financial services company under corporate insolvency.
- The RBI-appointed administrator, Nageswara Rao Y, has filed an application with the National Company Law Tribunal to approve the IIHL plan.
About Reliance Capital Limited :
- Founded : 5 March 1986
- Headquarters : Navi Mumbai, India
- Chairman : Anil Ambani
About Reliance General Insurance Company Limited :
- Founded : 17 August 2000
- Headquarters : Mumbai, Maharashtra, India
- CEO : Rakesh Jain
RBI eases regulations & cooperative banks set for expansion
- Gujarat is set to witness a new phase of expansion in the urban cooperative banking sector, as the Reserve Bank of India (RBI) has granted permission for urban cooperative banks to open new branches without its approval.
- Currently, Gujarat has 214 urban cooperative banks with a total of 1,113 branches.
- Following this decision, it is anticipated that the state will see the addition of at least 100 new branches within the next year.
- However, the RBI’s recent decision allows urban cooperative banks to open a maximum of 5 branches or 10% of their existing branches without prior approval.
- These banks must obtain approval from their respective boards and comply with the financially sound and well managed (FSWM) norms set by the RBI.
- Chairman of the Gujarat Urban Cooperative Banks Federation : Jyotindra Mehta
Canara Bank to sign ₹3,000 crore IT transformation deal
- Public sector bank Canara Bankwill be signing a ₹3,000 crore IT transformation deal to revamp and enhance its tech infrastructure.
- In a highly competitive bidding race, global tech giants IBM and its managed infrastructure services spin-off Kyndryl are the frontrunners, positioning themselves to secure the partnership.
Aim of the partnership :
- To modernise and enhance Canara Bank’s technological capabilities, enabling it to provide efficient banking solutions to its customers.
Recent News :
- In June 2023, Canara Bank became the first Public Sector Bank (PSB) in India to introduce the facility of Unified Payments Interface (UPI) payments to merchants through RuPay Credit Card in association with the National Payments Corporation of India (NPCI).
About Canara Bank :
- Established : 1906
- Headquarters : Bangalore, Karnataka
- MD & CEO : K Satyanarayana Raju
- Tagline : Together We Can
CURRENT AFFAIRS: NATIONAL NEWS
Shri Amit Shah inaugurated the Aviation Security Control Center of CISF at Mahipalpur campus in New Delhi
- Union Home Minister and Minister of Cooperation, Shri Amit Shah inaugurated the Aviation Security Control Center (ASCC) of the Central Industrial Security Force (CISF) at the Mahipalpur campus in New Delhi.
- Director-General CISF, Shri Sheel Vardhan Singh and several senior officers of the force were also present on the occasion.
- Aviation Sector is one of the most dynamic, publicly visible and international environment-sensitive sectors.
- CISF has done a commendable job in effectively establishing the security arrangements, right from the day of assuming the responsibility of the aviation sector.
- Under the leadership of Prime Minister Shri Narendra Modi and the guidance of Union Home Minister and Minister of Cooperation, Shri Amit Shah, in the last few years, CISF has firmly established itself in Aviation Security in particular and internal security apparatus in general by continued proactive operational orientation.
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.
- Union Home Minister and Minister of Cooperation, Shri Amit Shah announced the scheme while chairing a meeting with Ministers of Disaster Management of the States/Union Territories in New Delhi on 13th June 2023.
The 5th Helicopter and Small Aircraft Summit will be held in Khajuraho:
- The 5th Helicopter & Small Aircraft Summit is to be jointly organised by the Ministry of Civil Aviation, Government of Madhya Pradesh, Pawan Hans Ltd. and the Federation of Indian Chambers of Commerce and Industry (FICCI) 2023 in Khajuraho, Madhya Pradesh.
- The event’s theme is “Reaching the Last Mile: Regional Connectivity through Helicopters & Small Aircraft“.
- The Summit will be inaugurated by Shri Jyotiraditya M. Scindia, Union Minister of Civil Aviation & Steel
- The objective of the summit includes enhancing the scope of the UDAN scheme in remote & hilly terrains
The broad objectives of the Summit are:
- Provide a common platform for all industry stakeholders, and policymakers to discuss the growth story of the Indian Helicopter and Small Aircraft industry.
- Enhance the scope of the UDAN Scheme in remote and hilly terrains and expand the country’s rural to urban connectivity.
- Boost Helicopter & Small Aircraft connectivity to places with existing and potential tourism hotspots by providing uninterrupted services.
About MP :
- Governor: Mangubhai C. Patel
- Chief Minister: Shivraj Singh Chouhan
- Capital: Bhopal
- National Park: Satpura National Park, Kanha National Park,Bandhavgarh National Park
- Wildlife Sanctuary: Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
Recent News
- The Prime Minister, Shri Narendra Modi launched the National Sickle Cell Anaemia Elimination Mission in Shahdol, Madhya Pradesh and distributed sickle cell genetic status cards to the beneficiaries.
- The Government of Madhya Pradesh (MP) launched a unique scheme namely Mukhyamantri Ladli Bahna Yojana to make women financially independent.
- Retired Indian Administrative Pradesh’s first woman chief secretary Nirmala Buch passed away at the age of 96.Services (IAS) officer and Madhya Pradesh
- Renowned environmental activist and former Indian Forest Service (IFS) officer Manoj Misra passed away at the age of 68 in Bhopal, Madhya Pradesh
- Government of Madhya Pradesh (MP) has announced to legalize more than 6000 illegal colonies in
CURRENT AFFAIRS : INTERNATIONAL NEWS
Algeria applied to Join BRICS Bank
- Algerian President, Abdelmadjid Tebboune informed that the Algeria has applied to join the BRICS (Brazil, Russia, India, China and South Africa) group and submitted a request to become a shareholder member of BRICS Bank with an amount of $1.5 billion.
- Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan have expressed interest in joining the BRICS group of nations
About Algeria :
- President : Abdelmadjid Tebboune
- Prime Minister : Aymen Benabderrahmane
- Capital : Algiers
- Currency : Algerian dinar
About BRICS :
- Headquarters : Shanghai, China
- Brazil, Russia, India, China, and South Africa make up the BRICS group of countries.
- It makes up around 26% of the world’s Gross Domestic Product (GDP) and more than 40% of the world’s population.
India & the United States today jointly launched a call for proposals on Critical and Emerging Technology: Quantum Technologies and Artificial Intelligence for Transforming Lives
- India and the United States (US) jointly launched a call for collaborative proposals on “Critical and Emerging Technology: Quantum Technologies and Artificial Intelligence for Transforming Lives”.
- The Indo-U.S. Science and Technology Forum (IUSSTF) and the Secretariat for S.-India Science and Technology Endowment Fund (USISTEF) have designed the program.
- US Secretary, Department of Energy, Ms Jennifer M. Granholm called on Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space Dr Jitendra Singh discussed bilateral collaboration between the two countries.
Key Highlights :
- Through this competitive grant program, the USISTEF selects and supports promising joint U.S.-India technology innovation and entrepreneurial initiatives that are commercially viable and socially relevant.
- These joint initiatives can originate from U.S. and Indian entities including StartUps, government, academic, or commercial endeavours, and any combination thereof provided they focus on applied research and development (R&D), incorporate a business plan and proof of commercial concept, and have significant sustainable commercial potential.
- A $2million grant program under the USISTEF for the joint development and commercialization of Artificial Intelligence (AI) and quantum technologies, and encouraged public-private collaborations to develop high performance computing (HPC) facilities in India.
- The call will remain open till August 31, 2023 and will invite promising joint Indo-U.S. technology innovation and entrepreneurial proposals that are commercially viable and socially relevant.
- It will provide a significant boost to the domestic as well as the US priorities looking at various facets of Sustainable Development Goals (SDG).
About US :
- President : Joe Biden
- Capital : Washington, D.C
- Currency : U.S. dollar
CURRENT AFFAIRS : STATE NEWS
Assam to ban packaged drinking water bottles of less than 1 litre from October 2023
- The Assam government has decided to ban packaged drinking water bottles of less than one litre from October 2, 2023.
- Chief Minister Himanta Biswas Sarma announced that from October 2024, bottles of less than two litres will also be banned in Assam.
Key Highlights :
- The cabinet decided to ban the production and use of drinking water bottles made of Polyethylene terephthalate (PET) of less than one litre in volume.
- The ban will come into effect from October 2 with a 3-month transition period
- At the cabinet meeting, consolidated administrative approval was given for phase I of ADB-aided ‘Climate Resilient Brahmaputra Integrated Flood and Riverbank Erosion Risk Management Project’.
- It will be executed through Flood and River Erosion Management Agency of Assam at a cost of ₹2,097.88 crore.
- Under the project, integrated flood and riverbank erosion risk management activities would be taken up in the main stem of the Brahmaputra river at vulnerable reaches of Tinsukia, Dibrugarh, Morigaon, Kamrup and Goalpara districts.
- For promoting renewable energy, the cabinet approved exemption of electricity duty on power generated from renewable sources of energy by a consumer on captive consumption for a period of 3 years with effect from April 1, 2023.
- A targeted subsidy of Rs 265.29 crore to Assam Power Distribution Company Ltd was approved, which will provide tariff respite to economically weaker households on account of the revision of retail tariff from April 1, 2023.
- The cabinet also okayed the free distribution of four 9-watt LED bulbs to approximately 50 lakh low-end households at an estimated cost of ₹130 crore to help in reducing energy consumption.
- It also approved the establishment of ‘Assam Information Technology, Electronics and Communication and Citizen Service Delivery Society’, which will function as an apex autonomous body of the state government for ensuring seamless delivery of online citizen-centric services.
What is PET:
- Polyethylene terephthalate or PET is a type of polyester that is widely used in the production of plastic bottles, films and other products.
- It is known for its strength, flexibility and chemical resistance.
Recent News :
- In June 2023, In a bid to prevent illegal transportation of cattle in Assam, the Animal Husbandry and Veterinary Department of the Assam Government inaugurated a web portal for cattle transportation.
- In June 2023, Assam Chief Minister (CM) Shri Himanta Biswa Sarma announced that Assam’s first underwater railroad tunnel will be built between Numaligarh and Gohpur.
About Assam :
- Governor : Gulab Chand Kataria
- Chief Minister : Himanta Biswa Sarma
- Capital : Guwahati
- National Park : Kaziranga National Park, Manas National Park, Nameri National Park
- Wildlife Sanctuary : Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife Sanctuary
Government of MP & UNFPA launch chatbot for adolescents, young adults on social, sexual health issues
- The Madhya Pradesh (MP) government and the United Nations Population Fund, formerly the United Nations Fund for Population Activities (UNFPA) launched an Artificial Intelligence-enabled chatbot to address the critical need for accurate and accessible information on social issues and sexual and reproductive health and rights (SRHR) among adolescents and young adults.
- The ‘Just Ask/Khulke Poochho’ chatbot was launched by MP Health Minister Prabhuram Choudhary and UNFPA India Representative Andrea M Wojnar.
Key Highlights :
- The ‘Just Ask digital engagement platform will help users with questions related to growing up, bodily changes, menstruation, reproductive health, pregnancy and family planning, gender identity, sexual orientation and other SRHR topics.
- The chatbot engages users in interactive conversations and provides them with accurate and reliable information within minutes and free of cost.
- The user experience is designed to be safe, personalised, multi-lingual and
- It features two aspiring role models, Dhruv and Drishti, who communicate information in a simple and relatable manner.
About MP :
- Governor : Mangubhai C. Patel
- Chief Minister : Shivraj Singh Chouhan
- Capital : Bhopal
- National Park : Panna National Park, Bandhavgarh National Park
- Wildlife Sanctuary : Karera Wildlife Sanctuary, Ghatigaon Wildlife Sanctuary, Gandhi Sagar Wildlife Sanctuary
About UNFPA :
- Established : 1969
- Headquarters : New York City, United States
- Executive Director : Natalia Kanem
- The UNFPA is a UN agency aimed at improving reproductive and maternal health worldwide.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Indian-origin doctor S. Vincent Rajkumar becomes new chairman of International Myeloma Foundation
- Renowned scientist, clinician and researcher, Vincent Rajkumar, has been appointed as chairman-elect of the Board of Directors of the International Myeloma Foundation (IMF).
- He takes over from the current chairman, Brian G.M. Durie, who is not seeking re-election to the post.
- Brian G.M. Durie, MD, IMF Co-Founder and Chairman of the Board of Directors for 33 years, has informed the IMF Board that he will not seek re-election as Chairman for the 2024 term.
- Durie will remain a member of the Board of Directors and will hold the new position of Chairman Emeritus.
About S. Vincent Rajkumar :
- Rajkumar has served as principal investigator of several clinical trials for the treatment of myeloma, including pivotal trials that led to the regulatory approval of thalidomide for the treatment of the disease in the U.S.
- He has published more than 480 peer-reviewed papers primarily in the field of multiple myeloma and related plasma cell disorders.
Awards & Honors :
- Rajkumar’s accolades include the Jan Waldenstrom Lifetime Achievement Award (2021), the Mayo Clinic Distinguished Investigator Award (2018) and the Robert A. Kyle Lifetime Achievement Award (2016).
About multiple myeloma :
- Multiple myeloma is a cancer of the bone marrow plasma cells – white blood cells that make antibodies.
- A cancerous or malignant plasma cell is called a myeloma cell.
- Myeloma is called “multiple” because there are frequently multiple patches or areas in bone where it grows.
About IMF :
- Founded : 1990
- Headquarters : North Hollywood, California, United States of America
- Founders : Brian Novis, Susie Novis, and Brian G.M. Durie
- The IMF is an American non-profit organisation serving patients with myeloma, a cancer of plasma cells in the bone marrow.
- The Foundation’s reach extends to more than 525,000 members in 140 countries worldwide.
4 High Courts gets new Chief Justices
- The President of India Droupadi Murmu appointed Chief justices of 4 new High Courts.
Appointments :
- Justice Sunita Agarwal became the new Chief Justice of the Gujarat High Court.
- She is currently the only woman Chief Justice of a High Court.
- Justice Alok Aradhe is the new Chief Justice of the Telangana High Court.
- His name was recommended after Justice Ujjal Bhuyan was transferred from the Telangana Chief Justiceship to the Supreme Court Bench.
- Justice Subhasis Talapatra has been appointed as the Chief Justice of the Orissa High Court.
- He will take charge on 7 August 2023.
- Justice Ashish Jitendra Desai would take over as the new Chief Justice of the Kerala High Court.
- He is senior most Judge of the Gujarat High Court.
Key Highlights :
- The Chief Justice and Judges of the High Courts are appointed by the President under Article 217.
- A High Court Judge retires at the age of 62.
- A Judge (including Chief Justice) of a High Court could be transferred under Article 222.
- A Judge of the High Court can be removed from office only for proved misbehaviour or incapacity in the manner in which a supreme court Judge is removed.
CURRENT AFFAIRS: BUSINESS NEWS
HCL Technology has joined the XR Startup Programme, an initiative between Meta and the Ministry of Electronics and Information Technology (MeitY) Startup
- Noida-based HCL Technology (HCLTech) has joined the XR Startup Programme, an initiative between Meta and the Ministry of Electronics and Information Technology (MeitY) Startup Hub to discover, nurture, and accelerate extended reality (XR) technology start-ups in India.
- As a knowledge partner of this programme, HCLTech will help foster a vibrant ecosystem in which Indian start-ups can pioneer and develop innovative services, hardware.
- MeitY Startup Hub’s focus on innovation and entrepreneurship has made India the third-largest start-up ecosystem in the world.
- The XR Startup Programme is contributing to India’s efforts in establishing a foundation for the metaverse while fostering the development of XR technologies within the country.
- The XR Startup Programme is contributing to India’s efforts in establishing a foundation for the metaverse while fostering the development of XR technologies within the country.
Recent News
- MeitY launches pilot program for Electronics Repair Services Outsourcing (ERSO) industry
- Meta Platforms Inc, valued at about $670 billion as of its last close, clinched the trillion-dollar market capitalization milestone in 2021, while Apple Inc, Alphabet Inc, Microsoft Corp and Amazon.com Inc are the other U.S. companies that are part of the club.
- Meta, the parent company of Facebook, is preparing to launch a Twitter competitor called Threads.
Foreign Direct Investment (FDI) nosedived to $11.12 billion in January-June (H1 2023) from $23.57 billion in the same period last year
- India’s outward Foreign Direct Investment (FDI) nosedived to $11.12 billion in January-June (H1 2023) from $23.57 billion in the same period last year,indicative of the slowdown in the global economy, according to the Reserve Bank of India (RBI).
- The outward FDI expressed as the total financial commitment has three components:equity, loan and guarantees.
- The sharp contraction in the commitments (outward FDI) was prominent in the April-June 2023 period.
- A foreign direct investment (FDI) refers to the purchase of an asset in another country, such that it gives direct control to the purchaser over the asset.
About FDI:
- A foreign direct investment (FDI) refers to the purchase of an asset in another country, such that it gives direct control to the purchaser over the asset (e.g., purchase of land and building).
- Foreign direct investments (FDIs) are substantial, lasting investments made by a company or government into a foreign concern.
- FDI investors typically take controlling positions in domestic firms or joint ventures and are actively involved in their management.
About RBI :
- Established: 1 April 1935
- Headquarters: Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy governors: Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
Recent News
- Foreign direct investment (FDI) in developing countries in Asia remained flat year-on-year at $662 billion during 2022, despite clocking about half of global inflows, the United Nations Conference on Trade and Development (UNCTAD) in its World Investment Report 2023. Inflows were highly concentrated.
Tata Sons to build battery cell gigafactory in U.K. with an investment of £4 billion
- Tata Sons announced its plan to establish a global battery cell gigafactory in the UK with a capacity to produce 40GW of cells annually, at an investment of over £4 billion.
- The company said the investment will deliver electric mobility and renewable energy storage for the UK and the rest of Europe.
- The battery factory will produce high-quality sustainable battery cells and packs for the mobility and energy sectors.
- The gigafactory intends to maximise its renewable energy mix, targeting 100 per cent clean power.
- The cells will be utilized to supply to group companies Tata Motors and Jaguar Land Rover for their electric vehicles, as well as cater to renewable energy storage solutions for customers in Europe and the UK.
- The Tata Group announced last month it will invest over ₹13,000 crore to set up a 20GW lithium-ion cell manufacturing factory in Sanand, Gujarat.
- The company’s strategic growth plans for its flexible manufacturing capacity will begin with a rapid ramp-up phase and the start of production in 2026.
TCS bags multi-year deal from BBC
- Tata Consultancy Services has won a multi-year deal from The British Broadcasting Corporation (BBC) to transform its finance and payroll functions and manage the underlying application estate for greater agility and resilience.
- TCS will leverage TCS Cognix, an AI-driven human-machine collaboration suite and also provide application management and change delivery services for the broadcaster’s application estate supporting the finance, procurement and HR functions.
About British Broadcasting Corporation
- The British Broadcasting Corporation is a British public service broadcaster.
- Headquartered in London, it is the world’s oldest national broadcaster, and the largest broadcaster in the world by number of employees.
About TCS:
- Founders: Faquir Chand Kohli, J. R. D. Tata
- Headquarters: Mumbai
- CEO: K. Krithivasan
- Founded: 1 April 1968
CURRENT AFFAIRS: AWARDS AND HONOURS
Shri Anurag Thakur confers the 8th and 9th Community Radio Awards; inaugurates Regional Community Radio Sammelan
- The union minister for Information and Broadcasting, Shri Anurag Thakur conferred the 8th and 9th National Community Radio Awards.
- The awards were conferred during the Inaugural Session of the two-day Regional Community Radio Sammelan (North) which was inaugurated by the union minister at the Indian Institute of Mass Communication in New Delhi.
- The winners of the 8th and 9th National Community Radio Awards are a recognition of Community Radio Stations that have done commendable work in their field, in the public interest.
- These awards are being conferred during the Community Radio Regional Sammelan being held on the occasion of National Broadcasting Day on 23rd July 2023.
- For the 9th National Community Radio Awards, a total of 12 Awards in 4 Categories are being given.
- The award-winning Community Radio Stations are situated in the States of Haryana, Bihar, Odisha, Uttar Pradesh, Uttrakhand, Tamil Nadu, Rajasthan and Tripura.
- Community Radio Stations play a key role in realizing the vision of Prime Minister Shri Narendra Modi of Jan Bhagidari se Jan Andolan.
- These stations complement the efforts of Akashvani and have played a key role in keeping their listeners informed during calamities.
Thematic Awards
- First Prize: Radio Mind Tree, Ambala, Haryana; Name of Programme: Hope Jeene Ki Rah
- Second Prize: Radio Hirakhand, Sambalpur, Odisha; Name of Programme: Adhar O PoshanBigyan
- Third Prize: Green Radio, Sabour, Bihar; Name of Programme: PoshanShrinkhla
Most Innovative Community Engagement Awards
- First Prize Radio SD, Muzaffarnagar, Uttar Pradesh; Name of the programme: Hizra in Between
- Second Prize Kabir Radio, Sant Kabir Nagar, Uttar Pradesh; Name of Program: Selfie Le Le Re
- Third Award: Radio Mind Tree, Ambala, Haryana Name of Programme: Book Bugs
Promoting Local Culture Awards
- First Prize: Voice of SOA, Cuttack, Odisha; Name of Programme: Asmita
- Second Prize: Friends FM, Tripura, Agartala; Name of Programme: Revived a dying art: MASK & POT
- Third Prize: PantnagarJanvani, Pantnagar, Uttarakhand; Name of Program: Dadi Ma Ka Batua
Sustainability Model Awards
- First Prize: Radio Hirakhand, Sambalpur, Odisha
- Second Prize: VayalagaVanoli, Madurai, Tamil Nadu
- Third Prize: VAGAD Radio “90.8”, Banswara, Rajasthan
CURRENT AFFAIRS: SPORTS NEWS
Virat Kohli equals Sir Don Bradman’s record of most test centuries after smashing his 29th ton in the second test against West Indies in Trinidad
- Team India batter Virat Kohli created history, becoming the first cricketer to score a hundred in his 500th international game during the second Test against West Indies at Port of Spain in Trinidad.
- With his 29th Test hundred, and first away from home in nearly five years, the 34-year-old equalled Sir Don Bradman’s record of Test tons.
- Meanwhile, Kohli broke another major record by notching up three figures in Trinidad.
- He moved up to the fourth position among batters with the most tons at the No. 4 position.
- Earlier, Brian Lara and Kohli were tied with 24 hundred each, but the Indian batter notched up his 25th century at the No. 4 position.
- Only Sachin Tendulkar (44), Jacques Kallis (35), and Mahela Jayawardene (30) are above Kohli on the illustrious list.
Satwiksairaj Rankireddy and Chirag Shetty win the men’s doubles title at the Korea Open 2023 in Yeosu, Korea:
- Asian Champions Satwiksairaj Rankireddy and Chirag Shetty defeated world no. 1 Indonesian duo Fajar Alfian and Muhammad Rian Ardianto in a thrilling 3-game men’s doubles final 17-21, 21-13, 21-14 to clinch the Korea Open 2023 title in Yeosu, Korea.
- The duo entered the summit clash after a thrilling straight-game win over the world number two Chinese pair of Liang Wei Keng and Wang Chang.
- The world number three Indian pair notched up a 21-15, 24-22 win over the second-seeded Chinese in a 40-minute duel at the Jinnam stadium in Yeosu.
- It was Satwik and Chirag’s first win over the Chinese pair following two earlier defeats.
- Satwik and Chirag, who have won the Indonesia Super 1000 and Swiss Open Super 500 titles this year will look to add another feather to their already decorated cap with a win in the Korea Open.
CURRENT AFFAIRS: IMPORTANT DAYS
National Broadcasting Day 2023: July 23, 2023
- National Broadcasting Day is observed on July 23 every year in India.
- The day aims to remind us about the impact of radio on our lives.
- On July 23, 1927, the India Broadcasting Company came into existence and became the first radio company in India.
- However, the company faced liquidation in less than three years.
- Soon after this, All India Radio (AIR) came into being in April 1930 as the Indian Broadcasting Service.
- On June 8, it was rebranded as All India Radio.
- The famous Akashvani tune was composed by Indian Jewish refugee Walter Kauffman in 1930.
- The AIR came under the purview of the Department of Information and Broadcasting in British India in 1941.
- By Independence, AIR had six radio stations namely in Delhi, Mumbai, Kolkata, Chennai, Lucknow and Tiruchirapalli. However, broadcasting began 30 years later on 23 July 1977 in Chennai.
- All India Radio (AIR) has been officially known since 1956 as ‘Akashvani’.
- The name Akashvani (voice or announcement from the skies) was formally adopted by the national broadcaster in 1956.
- The name was derived from a poem of the same name by Rabindranath Tagore in 1938.
- He wrote the poem for the inauguration of Kolkata’s first short-wave radio station, as noted by historian Chandrika Kaul.
Daily CA One-Liner: July 23 & 24
- Union Home Minister and Minister of Cooperation, Shri Amit Shah inaugurated the Aviation Security Control Center (ASCC) of the Central Industrial Security Force (CISF) at the Mahipalpur campus in New Delhi.
- The 5th Helicopter & Small Aircraft Summit is to be jointly organised by the Ministry of Civil Aviation, Government of Madhya Pradesh, Pawan Hans Ltd. and the Federation of Indian Chambers of Commerce and Industry (FICCI) 2023 in Khajuraho, Madhya Pradesh.
- Noida-based HCL Technology (HCLTech) has joined the XR Startup Programme, an initiative between Meta and the Ministry of Electronics and Information Technology (MeitY) Startup Hub to discover, nurture, and accelerate extended reality (XR) technology start-ups in India
- India’s outward Foreign Direct Investment (FDI) nosedived to $11.12 billion in January-June (H1 2023) from $23.57 billion in the same period last year,indicative of the slowdown in the global economy, according to the Reserve Bank of India (RBI).
- Tata Sons announced its plan to establish a global battery cell gigafactory in the UK with a capacity to produce 40GW of cells annually, at an investment of over £4 billion.
- Tata Consultancy Services has won a multi-year deal from The British Broadcasting Corporation (BBC) to transform its finance and payroll functions and manage the underlying application estate for greater agility and resilience.
- The union minister for Information and Broadcasting, Shri Anurag Thakur conferred the 8th and 9th National Community Radio Awards.
- The Securities and Exchange Board of India (SEBI) has allowed asset management companies (AMCs) to launch funds under 6 new strategies under the Environmental, Social, and Governance (ESG) thematic category.
- The Centre has exempted Regional Rural Banks (RRBs) from the purview of merger control regime of Competition Commission of India (CCI).
- The Reserve Bank of India (RBI) stated that India’s forex reserves have swelled by USD 12.743 billion to USD 609.022 billion in July 14,2023 making it one of the strongest weekly surges in the kitty.
- Private sector lender, Karnataka Bank hosted the first edition of ‘KBL – FinOne’, a fintech partnership programme, in Bengaluru, Karnataka.
- India’s 7th largest Public Sector Bank, Indian Bank launched Resources Acquisition Centre (RAC).
- Bank of Maharashtra (BoM) has upgraded its technology platform to promote digital transactions and provide most offerings on a self-service platform.
- India’s Federal Bank has raised 9.59 billion Indian rupees ($116.92 million) via preferential issues of shares to the International Finance Corporation (IFC), a member of the World Bank Group.
- Reliance General Insurance will soon receive an equity infusion of Rs 200 crore from its parent Reliance Capital which is undergoing bankruptcy proceedings.
- Gujarat is set to witness a new phase of expansion in the urban cooperative banking sector, as the Reserve Bank of India (RBI) has granted permission for urban cooperative banks to open new branches without its approval.
- Public sector bank Canara Bankwill be signing a ₹3,000 crore IT transformation deal to revamp and enhance its tech infrastructure.
- Algerian President, Abdelmadjid Tebboune informed that Algeriahas applied to join the BRICS (Brazil, Russia, India, China and South Africa) group and submitted a request to become a shareholder member of BRICS Bank with an amount of $1.5 billion.
- India and the United States (US) jointly launched a call for collaborative proposals on “Critical and Emerging Technology: Quantum Technologies and Artificial Intelligence for Transforming Lives”.
- The Assam government has decided to ban packaged drinking water bottles of less than one litre from October 2, 2023.
- The Madhya Pradesh (MP) government and the United Nations Population Fund, formerly the United Nations Fund for Population Activities (UNFPA) launched an Artificial Intelligence-enabled chatbot to address the critical need for accurate and accessible information on social issues and sexual and reproductive health and rights (SRHR) among adolescents and young adults.
- Renowned scientist, clinician and researcher, Vincent Rajkumar, has been appointed as chairman-elect of the Board of Directors of the International Myeloma Foundation (IMF).
- The President of India Droupadi Murmu appointed Chief justices of 4 new High Courts ie Justice Sunita Agarwal became the new Chief Justice of the Gujarat High Court, Justice Alok Aradhe is the new Chief Justice of the Telangana High Court, Justice Subhasis Talapatra has been appointed as the Chief Justice of the Orissa High Court & Justice Ashish Jitendra Desai would take over as the new Chief Justice of the Kerala High Court.
- Team India batter Virat Kohli created history, becoming the first cricketer to score a hundred in his 500th international game during the second Test against West Indies at Port of Spain in Trinidad.
- Asian Champions Satwiksairaj Rankireddy and Chirag Shetty defeated world no. 1 Indonesian duo Fajar Alfian and Muhammad Rian Ardianto in a thrilling 3-game men’s doubles final 17-21, 21-13, 21-14 to clinch the Korea Open 2023 title in Yeosu, Korea.
- National Broadcasting Day is observed on July 23 every year in India.