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CURRENT AFFAIRS : BANKING & FINANCE
ADB & India signs $295 million loan to upgrade state highways in Bihar
- The Asian Development Bank (ADB) and the Government of India (GoI) signed an agreement for a $295 million loan to upgrade around 265 kilometre state highways with climate and disaster-resilient design, and road safety elements in Bihar.
- The signatories to the agreement for the Enhancing Connectivity and Sustainability in Bihar Roads Project were Vumlunmang Vualnam, Additional Secretary, Department of Economic Affairs, who signed on behalf of GoI and Mr. Takeo Konishi, Country Director for ADB in India, who signed for ADB.
Key Highlights :
- The project supports the Government of Bihar’s programme to upgrade all state highways to standard two-lane widths and improve road safety.
- The improved roads will enhance connectivity in some of Bihar’s poorest rural districts and promote access to health and education facilities, and markets to improve people’s lives.
- Among the Initiatives to strengthen the state road agency, Bihar State Road Development Corporation Limited, will include developing a road asset management system which includes climate change and disaster risk information, establishing research laboratories in the Bihar Road Research Institute to enable investigation of materials, including reusable, and sustainable materials, to alleviate the effects of climate change, conducting studies on congestion management and climate adaptation, and creating guidelines for gender-inclusive practices in road safety measures.
- The project will also encourage women’s participation by providing employment to female workers in construction works.
- Training in livelihood as well as awareness of road safety, health, hygiene, abuse and harassment will be offered to women from communities in the project areas.
- Since 2008, ADB has provided 5 loans totalling $1.63 billion to the state of Bihar, for the upgradation of about 1,696-kilometre state highways and the construction of a new bridge over the Ganga River.
Recent News :
- In June 2023, One of the largest private sector banks, Axis Bank, launched its latest feature, ‘One-View’, on Axis Mobile Application.
About Axis Bank :
- Established : 3 December 1993
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Amitabh Chaudhry
- Tagline : Badhti Ka Naam Zindagi
About Ministry of Finance :
- Cabinet Minister : Nirmala Sitharaman
- Minister of State : Bhagwat Karad,Pankaj Choudhary
LIC introduces new term assurance plan named “Jeevan Kiran”
- The Life Insurance Corporation of India (LIC) has introduced Jeevan Kiran, a new plan that offers life cover with the return of premium.
About Jeevan Kiran :
- The plan is a non-linked and non-participating, individual, savings, life insurance plan.
Key features:
- The plan is for customers desiring high life cover at a reasonable cost.
- The plan is available for young people starting at age 18 and till age 65.
- The plan has a minimum Sum Assured of Rs 15 lakh for moderate life cover.
- The policy term varies from 10 years to 40 years.
- The premium rates are different for non-smokers and smokers.
- Premium payment can be made through a single or regular premium payable for the policy term.
- Rebates are available for Sum Assured more than Rs 50 lakh
- The minimum instalment premium will be Rs 3000 for regular premium policies and Rs 30000 for single premium policies.
On Maturity:
- On Life Assured surviving date of maturity provided policy is in force, this term assurance plan allows refund of Total Premiums paid/Single Premium paid excluding any extra premium, any rider premium and taxes paid.
On Death:
- In case of death during the policy term, provided the policy is in force ‘Sum Assured on Death’ shall be payable which will be:-
- For Regular Premium Payment Policies:- Highest of 7 times of Annualised Premium or 105% of “Total Premium Paid” up to the date of death or Basic Sum Assured.
- For Single Premium Policies:- Higher of 125% of Single Premium or Basic Sum Assured.
- 2 types of optional Riders Accidental Death & Disability Benefit Rider and Accident Benefit Rider are available by paying additional premium.
- Settlement option is available to receive the maturity/death benefit over a period of 5 years.
Recent News :
- In June 2023, The Life Insurance Corporation of India (LIC) launched Dhan Vriddhi, a single-premium, non-participating endowment plan.
About LIC :
- Established : 1956
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Siddharth Mohanty
ICICI Prudential Life Insurance launches ‘ICICI Pru Protect N Gain’
- ICICI Prudential Life Insurance has launched ICICI Pru Protect N Gain, a unique product which offers a comprehensive life insurance cover, protection against accidental death and permanent disability due to an accident and market-linked returns to build long-term wealth and achieve financial goals.
Key Highlights :
- The product provides life insurance cover up to 100 times the annual premium and enables customers to maximise returns by offering 18 funds options to choose from across equity and debt.
- It also provides cover against accidental death and permanent disability due to an accident.
- It provides customers with the perfect blend of protection and long-term savings to achieve their financial goals by ensuring that there is complete financial protection for the family during the policy tenure and a significant lump sum for self on survival,” .
- It also offers the flexibility to make unlimited changes in premium allocation between equity and debt to maximise returns, at zero cost.
Recent News :
- In March 2023, ICICI Prudential Life Insurance launched ICICI Pru Gold, an innovative long-term savings product designed to enable customers to create an additional income stream to meet their diverse income requirements.
About ICICI Prudential Life Insurance :
- Founded : 2000 (Started Operations – 2001)
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Anup Bagchi
- ICICI Prudential Life Insurance was established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited.
- In 2016, the company became the first insurance company in India to be listed on the domestic stock exchanges.
HDFC Bank collaborates With Dvara KGFS for Co-Lending Loans to Micro Enterprises
- Dvara Kshetriya Gramin Financial Services (KGFS), a Chennai-based Non-Banking Financial Company (NBFC), has entered into a co-lending partnership with HDFC Bank to provide capital to micro business units operating primarily in the unorganised sector.
- The tie-up aligns with the NBFC’s this year’s Annual Operating Plan (AOP) looking to enable credit for micro businesses across the 10 states that it serves.
- The co-lending partnership with HDFC Bank will enhance the company’s capabilities in empowering micro businesses operating in rural areas.
- The co-lending model (CLM) in India particularly for priority sector lending (PSL) has been a promising development to address the credit gap in the Micro, Small and Medium Enterprises (MSME) sector.
- It enables banks and NBFCs to collaborate in providing joint loans to end borrowers. Through such partnerships, banks can create a scalable PSL-compliant retail portfolio and offer loans to MSMEs.
Recent News :
- In July 2023, HDFC Bank launched Unified Payments Interface Quick Response Code (UPI QR code) interoperable with India’s sovereign digital currency, Central Bank Digital Currency (CBDC).
About Dvara KGFS :
- MD & CEO : LVLN Murty
- Dvara KGFS had launched its enterprise loan vertical in 2020, focusing on 3 value chains viz., grocery, dairy, and agri.
- So far, “the company has assisted numerous beneficiaries with working capital and business growth loans, improving their livelihood generation capabilities and facilitating their inclusion in the Indian economy,”
World Bank Approves Bank of Israel’s Membership to Join the International Committee on Credit Reporting
- The World Bank has officially approved the Bank of Israel’s membership in the prestigious International Committee on Credit Reporting (ICCR).
- This approval comes as a result of a unanimous vote during the winter meeting of the ICCR in November 2022, cementing the Bank of Israel’s position as a member of the esteemed global committees on credit reporting.
Recent News :
- In July 2023, The World Bank approved USD 1.5 billion (around ₹12,600 crore) in financing to accelerate India’s low-carbon energy infrastructure.
- In July 2023, The World Bank’s Board of Executive Directors approved a loan of USD 200 million (about Rs 1,600 crore loan) to the Government of Himachal Pradesh (HP) to facilitate power sector reforms & increase the share of renewable energy (RE) in the state’s electricity generation.
About ICCR :
- Chair : Jean Pesme
- ICCR was established by the World Bank in 2009 with the support of the Bank for International Standards (BIS).
Objective :
- To formulate international credit reporting standards, setting a comprehensive framework for the industry.
- The ICCR is the only recognized international standard setter in credit reporting.
- The ICCR supports a forward-looking and broad approach to specific issues while achieving consensus in policy aspects that affect the public interest.
Responsibilities of ICCR:
- To further develop the internationally agreed framework in its general principles.
- To identify areas of further consideration
- To dedicate resources to the elaboration of papers, reports, guidelines and other relevant materials that will effectively support the adequate implementation of the general policies.
About World Bank :
- Established : July 7, 1944
- Headquarters : Washington, D.C., United States
- President : Ajay Banga
- The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.
About Bank of Israel :
- Established : 24 August 1954
- Headquarters : Jerusalem, Israel
- Governor : Amir Yaron
- Director General : Shulamit Geri
CURRENT AFFAIRS: NATIONAL NEWS
Prime Minister Shri Narendra Modi inaugurates a new International Airport in Rajkot
- Prime Minister Shri Narendra Modi inaugurated the new International Airport in Rajkot, in the presence of the Chief Minister of Gujarat, Shri Bhupendra Rajnikant Patel, the Union Minister of Civil Aviation, Shri Jyotiraditya M. Scindia, and other dignitaries.
- The New Terminal building and the airside infrastructures are developed in a total land area of 2534 acres and at a cost of Rs.1405 Crores.
- This development includes the construction of Runway, Apron, Parallel Taxi Track, etc.
- This landmark event marks a significant step towards bolstering the nation’s aviation infrastructure and enhancing connectivity in the region.
- The 236 acres existing Airport at Rajkot in the state of Gujarat is capacity-constrained due to dense residential and commercial development all around it and does not have any scope for further expansion and to meet Civil Aviation requirements.
- Therefore, a new Greenfield airport at Hirasar, Rajkot was proposed and was entrusted to the Airports Authority of India.
- After the proposed New Greenfield Airport becomes operational, the existing Rajkot Airport will cease functioning.
- To operationalize the Airport with the completed and available airside infrastructure, an Interim Terminal building has been constructed.
- The new Terminal building is under construction.
- Once this is completed, the interim Terminal shall be used as Cargo Terminal.
Recent News
- Under the aegis of Azadi Ka Amrit Mahotsav and the Agriculture Working Group (AWG) of G20, Shri Parshottam Rupala, Union Minister of Fisheries, Animal Husbandry & Dairying inaugurated an International Symposium on Sustainable Livestock Transformation at NDDB, Anand, Gujarat.
- One District One Product (ODOP) program, an initiative under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, launched its first collaboration with the Government of Gujarat in New Delhi to promote the indigenous crafts and artisans of the State.
About Gujarat
- Capital: Gandhinagar
- Chief minister: Bhupendrabhai Patel
- Governor: Acharya Devvrat
- NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga Wildlife Sanctuary
Smt. Nirmala Sitharaman inaugurates ‘3Rd Summit on Global Chemicals & Petrochemicals Manufacturing hubs in India’
- The Union Minister of Finance and Corporate Affairs Nirmala Sitharaman inaugurated the 3rd Edition of the Summit on “Global Chemicals and Petrochemicals Manufacturing Hubs in India” (GCPMH 2023) in New Delhi.
- Minister of State for Chemicals and Fertilisers Shri Bhagwant Khuba also graced the occasion.
- Minister of Industries, MSME & Energy, Govt of Odisha Shri Pratap Keshari, Secretary, Department of Chemicals and Petrochemicals Shri Arun Baroka, Chairman-FICCI Petrochemicals Committee and MD & CEO Shri Prabh Das and Senior Officers of Ministry, Senior Captains of the Industry, Academicians, Policy makers and others with interest in the emerging opportunities in the Chemical & Petrochemical Industry were also present on this occasion.
- The Department of Chemical & Petrochemical, Ministry of Chemicals and Fertilisers in association with the Federation of Indian Chambers of Commerce and Industry (FICCI) is organizing this summit.
NITI Aayog is organizing a G20 conference on the agenda of green and sustainable growth for the global economy.
- NITI Aayog, the Government of India’s institution for policy planning together with the International Development Research Centre (IDRC), Ottawa, and the Global Development Network (GDN), New Delhi, is convening a two-day international policy workshop of around 40 leading thinkers to examine prospects and challenges for green and sustainable growth globally.
- The legitimacy of the G20 derives from its ability to shape a political consensus to support high-quality growth.
- As organizers, we are proud that this workshop has been included as a side event under India’s G20 presidency.
- The first day of the workshop will focus on themes related to energy, climate and growth; technology, policy and jobs; the growth implications of a fractured trading system and reshaping global finance for sustainable growth.
- The second day will address themes related to multilateralism as well as adjustment, resilience and inclusion in an uncertain world.
- Key takeaways from the workshop will be subsequently pursued by NITI Aayog and its partners in multiple fora.
- The opening remarks at the policy workshop will be made by CEO, NITI Aayog Shri BVR Subrahmanyam, while the goals and process of the workshop will be elaborated upon by G20 India Sherpa, Shri Amitabh Kant and VC NITI Aayog, Shri Suman K. Bery.For details: https://niti.gov.in/g-20-conference
About NITI Aayog
- Formed: 1 January 2015
- Headquarters: New Delhi
- Chairperson: Narendra Modi
Recent News
- A one-day conference titled “Policy Support & Enablers to Accelerate India’s Electric Mobility,” organized by NITI Aayog and supported by WRI India and Asian Development Bank, was held on the sidelines of the fourth Energy Transition Working Group (ETWG) meeting under India’s G20 Presidency.
- NITI Aayog released the 3rd edition of the ‘Export Preparedness Index (EPI) 2022’’ for States/UTs Tamil Nadu (TN) topped the 3rd edition of the NITI Aayog’s Export Preparedness Index 2022 with an overall score of 89, piping Maharashtra (78.20) and Karnataka (76.36).
Lok Sabha passes the Mines & Minerals (Development and Regulation) Amendment Bill 2023
- The Lok Sabha passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2023 amid the din.
- The Bill amends the Mines and Minerals (Development and Regulation) Act, 1957 which regulates the mining sector.
- The Bill has provisions for an exploration license.
- As per the Bill, the exploration license will be issued for 29 minerals which include gold, silver, copper, cobalt, nickel, lead, potash, and rock phosphate.
- When the House met after the first adjournment at Noon, Union Coal and Mines Minister Pralhad Joshi moved the Bill into the House.
- Replying to a brief discussion on it, the Minister described the Bill as a game changer for the mining sector.
- He said, earlier, the country was heavily dependent on the import of coal but now the scenario has changed due to increased coal production in the country.
- He expressed confidence that India may stop importing coal by the year 2025-26.
Lok Sabha passes the National Nursing & Midwifery Commission Bill, 2023
- The Lok Sabha passed the National Nursing and Midwifery Commission Bill, 2023 amid the din.
- The Bill seeks to provide for regulation and maintenance of standards of education and services by nursing and midwifery professionals.
- The House also passed the National Dental Commission Bill, 2023.
- The Bill is intended to regulate the profession of dentistry in the country.
- It also aimed at providing quality and affordable dental education.
- Both Bills were moved by Union Health and Family Welfare Minister Dr Mansukh Mandaviya.
- They were passed without any discussion amid the din.
- Earlier, the Indian Institutes of Management (Amendment) Bill 2023 was introduced in the House.
- Education Minister Dharmendra Pradhan introduced the Bill.
CURRENT AFFAIRS: INTERNATIONAL NEWS
The 10th meeting of the Sub Committee on Military Cooperation between India and Malaysia was held in New Delhi.
- The 10th meeting of the Sub Committee on Military Cooperation between India and Malaysia was held in New Delhi.
- The Indian delegation was led by Joint Secretary (International Cooperation), Ministry of Defence Shri Amitabh Prasad, while the Malaysian side was headed by Assistant Chief of Staff, Defence Operations and Training Division Maj Gen Dato’ Khairul Anuar bin Abd Aziz.
- During the meeting, the existing defence cooperation between the two countries was reviewed and wide-ranging discussions were held on issues of mutual interest. Both sides explored effective and practical initiatives to further expand the bilateral defence engagements.
- The Indian side highlighted the potential of the Indian defence industry with the capacity and capability to cooperate with the Malaysian Armed Forces in its shipbuilding and maintenance plans.
- Both the co-chairs also deliberated on the possible outcomes for the 12th Malaysia-India Defence Cooperation Committee (MIDCOM) meeting which will be held at the level of Defence Secretary in India in September this year.
- Both sides reaffirmed their commitment to fully implement the Enhanced Strategic Partnership based on mutual trust & understanding, common interests and shared values of democracy & rule of law.
- The Enhanced Strategic Partnership was established during the visit of Prime Minister Shri Narendra Modi to Malaysia in 2015.
About Malaysia
- Capital: Kuala Lumpur
- Currency: Ringgit
- PM: Anwar Ibrahim
Recent News
- Defence Minister Shri Rajnath Singh inaugurated the Hindustan Aeronautics Limited (HAL) regional office in Kuala Lumpur, the capital of Malaysia.
- 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’.
CURRENT AFFAIRS: STATE NEWS
ADB & India has approved a $200 million loan to support the expansion of urban services in Rajasthan.
- The Government of India and the Asian Development Bank (ADB) signed a $200 million loan as additional financing for the ongoing Rajasthan Secondary Towns Development Sector Project to expand water supply and sanitation systems and enhance urban resilience and heritage living in selected towns.
- The signatories to the loan agreement were Mr Vumlunmang Vualnam, Additional Secretary, Department of Economic Affairs, Ministry of Finance, for the Government of India, and Takeo Konishi, Country Director of ADB’s India Resident Mission, for ADB.
- After signing the loan agreement, Mr Vualnam stated that the additional financing will support the Government of Rajasthan in its commitment to reduce basic infrastructure gaps in its secondary towns by expanding water supply and sanitation services and improving livability in selected urban local bodies.
- The project will incorporate various innovative and climate-resilient solutions for expanding basic urban services and incorporate nature-based solutions to rehabilitate heritage structures besides piloting public-private partnerships in the state’s water and sanitation sector to deepen private sector engagement
About Rajasthan :
- Governor: Kalraj Mishra
- Chief Minister : Ashok Gehlot
- Capital: Jaipur
- National Park: Keoladeo National Park, Ranthambore National Park
- Wildlife Sanctuary: Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary
Recent news
- The Rajasthan Government has announced the minimum income guarantee to provide social security to citizens of Rajasthan.
- International Financial Services Centers Authority (IFSCA) and PIEDS BITS Pilani, have signed a MoU at BITS Pilani PIEDS Finxcelerator, Pilani Campus in Rajasthan
- REC Limited has extended a loan of ₹ 4,785 crores to HPCL Rajasthan Refinery Limited (HRRL), for setting up a green field refinery cum petrochemical complex in Barmer district, Rajasthan.
- Union Minister for Road Transport and Highways Shri Nitin Gadkari inaugurated and laid the foundation stone of 11 NH projects worth Rs 5600 Crore in Pratapgarh, Rajasthan.
About ADB
- Headquarters: Mandaluyong, Philippines
- Founded: 19 December 1966
- President: Masatsugu Asakawa (from 17 January 2020)
- Membership: 68 countries
J&K: Farmers receive 14th installment of PMKSNY in their bank accounts
- In Jammu and Kashmir, the farmers in various districts also received the 14th instalment of Pradhan Mantri Kisan Samman Nidhi yojna in their bank accounts.
- Akashvani Jammu Correspondent reports that in Poonch district, eight crore rupees were transferred to the bank accounts of as many as 37 thousand farmers under Pradhan Mantri Kisan Samman Nidhi Yojna.
- In the Samba district, 3.69 crore rupees were transferred to the bank accounts of as many as 17,942 farmers.
- Whereas, in the Reasi district, 5.81 crore rupees were transferred to the bank accounts of as many as 29 thousand farmers under Pradhan Mantri Kisan Samman Nidhi Yojna.
- The farmers of other districts also received their 14th instalment under the scheme.
- The farmers expressed happiness after receiving the instalment.
Recent News
- Lieutenant Governor Manoj Sinha launched India’s first Tele Mental Health Assistance and Networking Across States (Tele-MANAS) Chatbot for the Union territory (UT) of Jammu and Kashmir (J&K).
- Jammu and Kashmir (J&K) Chief Secretary Arun Kumar Mehta launched Mobile Dost App in sync with the vision of Apka Mobile HamaraDaftar.
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
Odisha’s Chief Minister Naveen Patnaik becomes the 2nd longest-serving CM in India after replacing West Bengal’s Jyoti Basu
- Odisha Chief Minister and Biju Janata Dal (BJD) president Shri Naveen Patnaik became second longest-serving chief minister (CM) of a state in India with a tenure of 23 years and 139 days by breaking the record of former West Bengal Chief Minister Shri Jyoti Basu.
Note :
- Former Sikkim CM Shri Pawan Kumar Chamling holds the record of being the longest-serving Chief Minister in the country.
- He was the Chief Minister of the Himalayan state from December 12, 1994 till May 27, 2019 more than 24 years.
Key Highlights :
- Patnaik, the five-time chief minister of Odisha, took charge on March 5, 2000.
- He served as Union Minister of Steel and Mines from 1998 to 2000, and he was a member of Parliament (Lok Sabha) from Aska from 1997 to 2000.
- He is also the third leader after Mr Chamling and Mr Basu to become the Chief Minister of a state for 5 consecutive times.
- If the ruling BJD wins the 2024 elections, Mr Patnaik will be the longest-serving chief minister in India.
List of the longest-serving chief ministers in India :
| Rank | Name of CM | State/UT | Tenure |
| 1 | Pawan Kumar Chamling | Sikkim | 24 years, 205 days (12 December 1994 – 27 May 2019) |
| 2 | Naveen Patnaik | Odisha | 23 years, 139 days (5 March 2000 – Present) |
| 3 | Jyoti Basu | West bengal | 23 years, 137 days (21 June 1977 – 6 December 2000) |
| 4 | Gegong Apang | Arunachal Pradesh | 19 years, 14 days (16 February 1980 – 14 March 1999) |
| 5 | Lal Thanhawla | Mizoram | 18 years, 269 days (18 December 1984 – 28 December 2003) |
- As of April 2023, 46 ministers have served for more than 10 years; of which only 4 have been female chief ministers: Sheila Dikshit (Delhi), J. Jayalalithaa (Tamil Nadu), Mamata Banerjee (West Bengal), and Vasundhara Raje (Rajasthan).
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Axis Bank appoints former RBI Deputy Governor N S Vishwanathan as its non-executive chairman
- The Reserve Bank of India (RBI) has given its approval for the appointment of N S Vishwanathan as the non-executive (part-time) chairman of the bank for a 3-year term.
- NS Vishwanathan’s role as the chairman will become effective from October 27, 2023, or from the date of approval by the Reserve Bank of India, whichever comes first.
About N S Vishwanathan :
- Vishwanathan who joined the RBI in 1981, has a career of nearly four decades at the central bank.
- He retired in March 2020 as the deputy governor.
- He also held other significant roles including director of supervision at the Bank of Mauritius; chief vigilance officer and head of internal audit with the Industrial Financial Corporation of India.
- He was also a member of the board at the Securities and Exchange Board of India (SEBI), where he served from July 2016 to March 2020.
- He is an independent expert professional on the Investment Approval Committee of the National Stock Exchange in Mumbai and holds the position of non-executive chairman of the Board of Directors at Acuite Ratings and Research Ltd, based in Mumbai.
- Additionally, he serves in advisory capacities at Ernst and Young LLP in India and Razorpay in Bangalore.
- In addition to his role at Axis Bank, Vishwanathan currently serves as the non-executive chairman of the Governing Council at the Institute for Development and Research in Banking Technology, Hyderabad, as also of the Academic Council of the College of Supervisors, RBI, Mumbai.
About Axis Bank :
- Founded : 3 December 1993
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Amitabh Chaudhry
Supreme Court extends Enforcement Directorate Director Sanjay Kumar Mishra’s tenure till September 15, 2023
- The Supreme Court (SC) extended the tenure of Enforcement Directorate (ED) chief Sanjay Kumar Mishra till September 15, 2023.
- According to the previous judgement, Mishra’s term was set to conclude on July 31, 2023.
- Sanjay Kumar Mishra, an officer of the 1984 batch of the Indian Revenue Service (IRS), initially assumed the position of ED Director for a two-year term starting in November 2018.
- However, on November 13, 2020, the Central government issued an office order stating that the President had amended the 2018 order, extending the term from ‘two years’ to ‘three years.’
About Directorate of Enforcement (ED) :
- Founded : 1 May 1956
- Headquarters : New Delhi, Delhi, India
- The Directorate of Enforcement is a domestic law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India.
- It is part of the Department of Revenue, Ministry of Finance, Government Of India.
- The ED focuses on investigating and prosecuting cases related to money laundering, foreign exchange violations, and economic offences.
- Prime objective of the ED is the enforcement of 3 key Acts of the Government of India namely, the
- Foreign Exchange Management Act, 1999 (FEMA)
- The Prevention of Money Laundering Act, 2002 (PMLA)
- The Fugitive Economic Offenders Act, 2018 (FEOA).
Former Ashok Leyland MD R Seshasayee appointed as the Chairman of Asian Paints
- Indian multinational paint company, Asian Paints has appointed R Seshasayee as the Chairman of the board of directors of the company with effect from October 1, 2023, and he will continue in this position until the end of his tenure on January 22, 2027.
- He will succeed the current Chairman, Deepak Satwalekar, whose term is scheduled to end on September 30, 2023.
About R Seshasayee :
- Seshasayee was the managing director (MD) of Ashok Leyland Limited from 1998 to 2011, the Executive Vice Chairman (VC) from 2011 to 2013 and the Non-Executive Vice Chairman from 2013 to 2016.
- He was the President of Society of Indian Automobile Manufacturers during 2001- 2003 and President of Confederation of Indian Industry (CII) during the year 2006-2007.
- He was also the Non-Executive Chairman of IndusInd Bank from 2007 to 2019.
- He has served as an Independent Director on the Boards of various companies, including ICICI Bank and Infosys Ltd (Chairman from 2015 to 2017).
- He was appointed as an Independent Director of Asian Paints Limited on January 23, 2017.
- Currently, he serves as the Chairman of the Investment Committee in the paints company and is also a member of both the Audit Committee and the Nomination & Remuneration Committees.
About Asian Paints :
- Founded : 1 February 1942
- Headquarters : Mumbai, Maharashtra, India
- The company is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home décor, bath fittings and providing related services.
- It is the holding company of Berger International.
Himachal Pradesh IAS officer Ritesh Chauhan gets additional charge as MD of NAFED
- 2005-batch Indian Administrative Service (IAS) officer of Himachal Pradesh cadre, Ritesh Chauhan (IAS) has been appointed as Managing Director (MD) of the National Agricultural Cooperative Marketing Federation of India Limited (NAFED).
- He has been given additional charge of the post for a period of 3 months with effect from May 1, 2023 or till appointment of regular incumbent or until further orders, whichever is earlier.
- Presently, he is serving as CEO of Pradhan Mantri Fasal Bima Yojan (PMFBY) and Joint Secretary in the Ministry of Agriculture.
About NAFED :
- Founded : 2 October 1958
- Headquarters : New Delhi, Delhi, India
- NAFEFD is an apex organization of marketing cooperatives for agricultural produce in India.
CURRENT AFFAIRS : DEFENCE NEWS
Indian Navy hosts the 7th edition of bilateral Japan-India Maritime Exercise 2023
- The 7th edition of the bilateral Japan-India Maritime Exercise 2023, JIMEX 23 (6 day long exercise) hosted by the Indian Navy, is being conducted at Visakhapatnam, Andhra Pradesh (AP).
- This edition marks the 11th anniversary of JIMEX, since its inception in 2012.
Participants :
- Indian Naval ships (INS) Delhi, Kamorta and Shakti, under the command of RAdm Gurcharan Singh, Flag Officer Commanding Eastern Fleet and Japan Maritime Self Defence Force (JMSDF) ship Samidare under the command of RAdm Nishiyama Takahiro, Commander Escort Flotilla One, participated the exercise.
- The 6th edition of Japan India Maritime Exercise 2022 (JIMEX 22) hosted by the Indian Navy commenced in the Bay of Bengal on 11 Sep 2022.
About JIMEX 23 :
- The exercise will be conducted in two phases, the Harbour Phase and the Sea phase .
- The Harbour Phase will focus on professional, sports, and social interactions between the participating units.
- It provides an excellent opportunity for personnel from both navies to exchange knowledge, share best practices, and strengthen their bonds.
- Following the Harbour Phase, the exercise will transition to the sea phase, where the two navies will jointly hone their warfighting skills and enhance interoperability.
- This phase will witness complex multi-discipline operations in the surface, sub-surface, and air domains.
Other Maritime Exercises between India & Japan:
- Japan-India Maritime Exercise (JIMEX)
- Malabar Exercise (India – US – Japan – Australia)
List of India’s other Maritime Exercises with other countries :
- Thailand : India-Thailand Coordinated Patrol (Indo-Thai CORPAT)
- United Kingdom : Konkan – Shakti
- Indonesia : Samudra Shakti
- Singapore : Singapore-India Maritime Bilateral Exercise (SIMBEX)
- Qatar : Zair-Al-Bahr
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Ajay Bhatt
- Defence Secretary : Giridhar Aramane
About Japan :
- Prime Minister : Fumio Kishida
- Capital : Tokyo
- Currency : Japanese yen
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
M&M Buys 3.5% stake in RBL Bank for Rs.417 crores
- Diversified business conglomerate Mahindra and Mahindra (M&M) has picked up a 3.53% stake in private sector lender RBL Bank formerly known as Ratnakar Bank, for Rs. 417 crore.
- However, in no circumstance will it exceed 9.9%.
Key Highlights :
- The Reserve Bank of India’s (RBI’s) norms cap non-promoter shareholding, (except supranational institutions, public sector undertaking or government) either natural persons or non-financial institutions, in a bank at 10%.
- However, non-promoters need prior approval from the regulator to increase stake to 5% or more.
- Moreover, business houses that have more than 40% of their income or revenue from non-financial activities are not allowed to become a bank.
About RBL Bank :
- Founded : August 1943
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : R. Subramania kumar
- Tagline : Apno Ka Bank
About Mahindra & Mahindra Limited :
- Founded : 2 October 1945
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Anand Mahindra
- MD & CEO : Anish Shah
- M&M is an Indian multinational automotive manufacturing corporation of Mahindra group.
CURRENT AFFAIRS: SPORTS NEWS
The Asian Youth and Junior Weightlifting Championships 2023 in Greater Noida were inaugurated by Sports Minister Anurag Singh Thakur.
- The Union Sports Minister Anurag Singh Thakur inaugurated the Asian Youth and Junior Weightlifting Championships 2023 in Greater Noida.
- The event is being held in India for the first time.
- The international event will see the participation of more than 30 Indian weightlifters, including many Khelo India Athletes who in the past month alone gave India its best-ever performance at the Weightlifting Commonwealth Championships by winning 61 medals in total.
- The Asian Youth and Junior Weightlifting Championships will conclude on the 5th of August, 2023.
Recent News
- 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.
- India has won three gold medals so far in the Commonwealth Weightlifting Championships, at the Gautam Budh University, Greater Noida.
About UP:
- Capital: Lucknow
- Governor: Anandiben Patel
- Chief minister: Yogi Adityanath
- NP: Dudhwa National Park & Tiger Reserve, Rajaji National Park, Nanda Devi National Park, Valley of Flowers National Park
CURRENT AFFAIRS : OBITUARIES
Well Known Marathi Journalist-author Shirish Kanekar Passed away
- Veteran Marathi journalist-author-columnist Shirish Kanekar passed away at the age of 80 in Mumbai, Maharashtra.
About Shirish Kanekar :
- Kanekar was born on June 6, 1943 in Pune, Maharashtra,India.
- He worked at Marathi and English language publications like Loksatta, Indian Express, Samana, and Free Press Journal.
- He was known for his books on cricket, Bollywood movies such as ‘Nut Bolt Bolpat’, ‘Kanekari’, ‘Cricket Vedh’, among others.
Awards & Honors :
- His collection of stories ‘Lagaon Batti’ was awarded the Maharashtra Literary Parishad Award for Best Comedy.
CURRENT AFFAIRS: IMPORTANT DAYS
International Tiger Day 2023: July 29
- International Tiger Day 2023 is celebrated and observed worldwide as an awareness program on July 29.
- The primary objective of this day is to draw attention to the alarming reduction in wild tiger populations, which has brought them close to extinction.
- Through commemorating this event, we hope to increase awareness about the essential initiatives for tiger conservation.
- In 1973, India launched Project Tiger to revive the tiger population.
- In 2010, 13 tiger range countries committed to TX2 to double wild tiger numbers by 2023.
- In 2017, IUCN recognized the continental tiger and the Sunda island tiger as tiger subspecies.
- In 2023, The WWF aims to double the number of wild tigers in 2023.
Daily CA One-Liner: July 29
- The Asian Development Bank (ADB) and the Government of India (GoI) signed an agreement for a $295 million loan to upgrade around 265 kilometre state highways with climate and disaster resilient design, and road safety elements in Bihar.
- The Life Insurance Corporation of India (LIC) has introduced Jeevan Kiran, a new plan that offers life cover with return of premium.
- ICICI Prudential Life Insurance has launched ICICI Pru Protect N Gain, a unique product which offers a comprehensive life insurance cover, protection against accidental death and permanent disability due to an accident and market-linked returns to build long-term wealth and achieve financial goals.
- Dvara Kshetriya Gramin Financial Services (KGFS), a Chennai-based Non-Banking Financial Company (NBFC), has entered into a co-lending partnership with HDFC Bank to provide capital to micro business units operating primarily in the unorganised sector.
- The World Bank has officially approved the Bank of Israel’s membership in the prestigious International Committee on Credit Reporting (ICCR).
- Prime Minister Shri Narendra Modi inaugurated the new International Airport in Rajkot, in the presence of the Chief Minister of Gujarat, Shri Bhupendra Rajnikant Patel, the Union Minister of Civil Aviation, Shri Jyotiraditya M. Scindia, and other dignitaries
- Union Minister of Finance and Corporate Affairs Nirmala Sitharaman inaugurated the 3rd Edition of the Summit on “Global Chemicals and Petrochemicals Manufacturing Hubs in India” (GCPMH 2023) in New Delhi.
- NITI Aayog, the Government of India’s institution for policy planning together with the International Development Research Centre (IDRC), Ottawa, and the Global Development Network (GDN), New Delhi, is convening a two-day international policy workshop of around 40 leading thinkers to examine prospects and challenges for green and sustainable growth globally.
- The Lok Sabha passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2023 amid the din.
- The Lok Sabha passed the National Nursing and Midwifery Commission Bill, 2023 amid the din
- The 10th meeting of the Sub Committee on Military Cooperation between India and Malaysia was held in New Delhi.
- The Government of India and the Asian Development Bank (ADB) signed a $200 million loan as additional financing for the ongoing Rajasthan Secondary Towns Development Sector Project to expand water supply and sanitation systems and enhance urban resilience and heritage living in selected towns.
- In Jammu and Kashmir, the farmers in various districts also received the 14th instalment of Pradhan Mantri Kisan Samman Nidhi yojna in their bank accounts.
- Sports Minister Anurag Singh Thakur inaugurated the Asian Youth and Junior Weightlifting Championships 2023 in Greater Noida.
- Odisha Chief Minister and Biju Janata Dal (BJD) president Shri Naveen Patnaik became second longest-serving chief minister (CM) of a state in India with a tenure of 23 years and 139 days by breaking the record of former West Bengal Chief Minister Shri Jyoti Basu.
- The Reserve Bank of India (RBI) has given its approval for the appointment of N S Vishwanathan as the non-executive (part-time) chairman of the bank for a 3-year term.
- The Supreme Court (SC) extended the tenure of Enforcement Directorate (ED) chief Sanjay Kumar Mishra till September 15, 2023.
- Indian multinational paint company, Asian Paints has appointed R Seshasayee as the Chairman of the board of directors of the company with effect from October 1, 2023, and he will continue in this position until the end of his tenure on January 22, 2027.
- 2005-batch Indian Administrative Service (IAS) officer of Himachal Pradesh cadre, Ritesh Chauhan (IAS) has been appointed as Managing Director (MD) of the National Agricultural Cooperative Marketing Federation of India Limited (NAFED).
- The 7th edition of the bilateral Japan-India Maritime Exercise 2023, JIMEX 23 (6 day long exercise) hosted by the Indian Navy, is being conducted at Visakhapatnam, Andhra Pradesh (AP).
- Diversified business conglomerate Mahindra and Mahindra (M&M) has picked up a 3.53% stake in private sector lender RBL Bank formerly known as Ratnakar Bank, for Rs. 417 crore.
- Veteran Marathi journalist-author-columnist Shirish Kanekar passed away at the age of 80 in Mumbai, Maharashtra.
- International Tiger Day 2023 is celebrated and observed worldwide as an awareness program on July 29.