Legend Aug2023 Veranda Race
Legend Aug2023 Veranda Race
Legend Aug2023 Veranda Race
JULY – AUGUST
PM inaugurates Akhil Bhartiya Shiksha Samagam at National Mission for Clean Ganga Approves 7
Bharat Mandapam in Delhi Projects Worth Rs. 692 Crore
• The Prime Minister, Shri Narendra Modi inaugurated Akhil • The 50th meeting of the Executive Committee of the National
Bhartiya Shiksha Samagam at Bharat Mandapam in Delhi. Mission for Clean Ganga (NMCG) was held under the
• It coincides with the 3rd anniversary of National Education chairmanship of DG, NMCG, Shri G. Asok Kumar where Seven
Policy 2020. projects worth around Rs. 692 crore were approved.
• Out of the seven projects, four pertain to sewage management
DGCA imposes penalty of Rs 30 lakh on IndiGo for in Uttar Pradesh and Bihar.
tail strike incidents
Parliament New Bills
• The Directorate General of Civil Aviation (DGCA) imposed a
financial penalty of Rs 30 lakh on IndiGo airline for four tail • Parliament passed the Biological Diversity (Amendment) Bill,
strike incidents within a span of six months this year. 2023, which entails provisions for sharing benefits of
biodiversity commerce with locals and also decriminalises
AMC Repo Clearing Limited (ARCL) and Corporate biodiversity offences.
Debt Market Development Fund (CDMDF) • Parliament also passed Multi-State Cooperative Societies
(Amendment) Bill 2023.
• Union Minister of Finance and Corporate Affairs Smt. Nirmala
• Rajya Sabha passed the Offshore Areas Mineral (Development
Sitharaman inaugurated the Corporate Debt Market
and Regulation) Amendment Bill 2023.
Development Fund (CDMDF) and initiated the muhurat trading
on Limited Purpose Clearing Corporation mechanism called Government gets over Rs 3,400 crores dividend from
AMC Repo Clearing Limited (ARCL), in Mumbai. NIIF, ECGC
I&B minister Anurag Thakur to inaugurate 11th • Government has respectively received about Rs 3,031 crore
Jagran Film Festival and Rs 434 crore from National Investment and Infrastructure
Fund Ltd (NIIFL) and ECGC as dividend tranches.
• Union Minister for Information and Broadcasting Anurag
• The government has already mopped up Rs 5,200 crore as
Thakur will inaugurate the 11th edition of Jagran Film Festival.
dividend from public sector companies so far in the current
• The four-day film gala will be held in the national capital from
fiscal.
August 3 to August 6 at Siri Fort Auditorium.
World’s Largest Grain Storage Plan to empower
Regional Symposium on Child Protection, Child
farmers
Safety, and Child Welfare
• The ‘World’s Largest Grain Storage Plan in the Cooperative
• The Ministry of Women and Child Development (MWCD)
Sector’ will be rolled out as a Pilot Project to revolutionise
organized the fourth one-day Regional Symposium on Child
agricultural infrastructure and empower farmers.
Second phase of the Annual Nationwide Mass Drug Fifth Regional Symposium on Child Protection, Child
Administration (MDA) initiative Safety, and Child Welfare
• Union Health Minister Mansukh Mandaviya had inaugurated • The fifth one-day Regional Symposium on Child Protection,
second phase of the Annual Nationwide Mass Drug Child Safety, and Child Welfare at Srimanta Sankaradeva
Administration (MDA) initiative. Kalakshetra, Guwahati was organised by Ministry of Women
• The second phase of the drive will cover 81 districts in nine and Child Development.
endemic states. • Assam, Arunachal Pradesh, Mizoram, Nagaland, Meghalaya,
• India is committed to eliminating Lymphatic filariasis by 2027 Tripura and Sikkim participated in the symposium.
“Through Jan Bhagidaari and ‘Whole of Government’ and
‘Whole of Society’ approach, but global target is 2030. 11 industrial corridors are being developed by
Government of India in a phased manner
'Har Ghar Tiranga' bike rally • Government of India is developing eleven Industrial Corridor
• Honourable Vice President Jagdeep Dhankhar flagged off the Projects as part of the National Industrial Corridor Programme
Har Ghar Tiranga rally from Pragati Maidan, New Delhi. across the country in a phased manner.
• The rally ended at Major Dhyan Chand Stadium. • Department for Promotion of Industry and Internal Trade
(DPIIT) has sanctioned and released funds amounting to Rs.
Greenfield Airports 9,899.89 crores for the Industrial Corridor Project, which has
• 12 greenfield airports had been operationalised in our country been utilized to the extent of Rs. 9,816.98 crores.
out of 21 Greenfield Airports.
National Bioenergy Programme
• Greenfield airports are aviation facilities built from scratch on
previously undeveloped or empty land. • The Ministry of New and Renewable Resources launched
National Bioenergy Programme (NBP) for the period from
Two Days National Writeshop on Panchayat 2021-22 to 2025-26.
Development Index Portal • Under NBP Ministry of New and Renewable Resources has so
far commissioned six compressed natural gas (BioCNG) plants
• Two-Days National Writeshop on Panchayat Development
and 11,143 small biogas plants.
Index Portal for Preparation of Baseline Report and
Computation of Panchayat Development Index was organised National Media Campaign of Department o f Land
at Dr. Ambedkar International Centre, New Delhi by Ministry Resources (DoLR)
of Panchayati Raj.
• National Media Campaign of the Department of Land
• The Writeshop aims at emphasizing the prominence of the
Resources (DoLR) was launched by Minister of Rural
Baseline Report for setting the local actions on measurable
Development and Panchayati Raj Giriraj Singh in New Delhi.
dimensions to achieve the local targets towards achieving
• This campaign has been launched to make common people
Sustainable Development Goals in rural areas.
aware of the new initiatives in Land Governance and
Indian Web Browser Development Challenge Watershed Development Component (WDC) of Pradhan
Mantri Krishi Sinchayi Yojana (PMKSY).
(IWBDC)
• Ministry of Electronics & Information Technology (MeitY) Import of four critical minerals
launched the Indian Web Browser Development Challenge
• India’s import on four critical minerals - lithium (apart from
(IWBDC) at India Habitat Centre, New Delhi.
lithium ion), cobalt, nickel and copper – was around ₹34,800
• The IWBDC is spearheaded by MeitY, CCA and C-DAC crores in FY23, and reliance across these minerals is anywhere
Bangalore. between 93 per cent and 100 per cent.
After France and Singapore, India's UPI payment India to discuss grid linking with Singapore to trade
model reaches Sri Lanka in green power
• India's Unified Payments Interface (UPI) technology will now • India and Singapore are accelerating their plans to establish a
be accepted in neighbouring Sri Lanka. power grid through an underwater cable passing via the
• So far, France, UAE, and Singapore had partnered with India on Andaman & Nicobar region.
emerging fintech and payment solutions. • This ambitious project will empower India to export its
renewable energy to Singapore.
8th India-Australia Defence Policy Talks held in
Canberra Agriculture Takes Center Stage: India, Moldova
Explore Cooperation in High-Level Meeting
• The 8th India-Australia Defence Policy Talks (DPT) was held at
Canberra in Australia. • Shobha Karandlaje, Minister of State for Agriculture and
• The Defence policy talks were co-chaired by Special Secretary Farmers Welfare, and Vladimir Bolea, Deputy Prime Minister
and Minister of Agriculture and Food Industries of Moldova,
in Ministry of Defence Smt. Nivedita Shukla Verma, and Acting
met at Krishi Bhawan in New Delhi in a significant move aimed
Deputy Secretary in Department of Defence, Australia Mr
at enhancing bilateral ties.
Steven Moore.
India, Peru to resume FTA discussions to promote India, Vietnam hold 5th Joint Trade Sub-Commission
commerce, investment meeting
• India and Peru have agreed to recommence negotiations for a • India and Vietnam, held the fifth meeting of Joint Trade Sub-
proposed Free Trade Agreement (FTA) aimed at boosting trade Commission (JTSC) in New Delhi, where the two countries
and investment between the two countries. discussed the challenges in logistics that affect their bilateral
• Bilateral trade between the nations dwindled to $3.11 billion trade.
in 2022-23, down from $3.6 billion in 2021-22. • The two nations concurred on the importance of addressing
these challenges and expressed a mutual interest in exploring
Construction work of Indian Buddhist Culture and solutions such as direct shipping services, collaborative freight
movement, and improving air connectivity.
Heritage Centre begins in Lumbini, Nepal
• In Nepal, the construction work of the Indian Buddhist Culture India extends support amounting to USD 246,852.71
and Heritage Centre has begun in Lumbini after Bhumi Pujan to enhance flood resilience in Suriname
ceremony with special recitation by Buddhist monks.
• India has extended support amounting to USD 246,852.71 for
• The 1.60 billion rupees heritage Centre is expected to be lotus project aimed at bolstering early flood warning services to
shaped which will be built in zero-net technology and may be communities in Suriname.
completed in one and a half years. • The support extended by the India-UN Development
Partnership Fund is in direct response to a request from the
7th BRICS Industry Ministers’ meeting Government of Suriname, as part of their efforts to enhance
• Union Minister of Commerce and Industry, Textiles, Consumer resilience against flooding resulting from excessive rainfall.
Affairs and Food & Public Distribution, Shri Piyush Goyal
participated in the “7th BRICS Industry Ministers’ meeting” CBI Academy joined Interpol Global Academy
hosted virtually with South Africa as the Chair. Network
• Shri Goyal announced that India will be launching the BRICS • At Virtual event the Central Bureau of Investigation (CBI)
Startup Forum in 2023 with the goal of facilitating Academy joined the Interpol Global Academy Network.
collaboration and sharing best practices among startups, • The network supports academic collaboration among law
investors, incubators, and aspiring entrepreneurs. enforcement training institutions across the world.
India and ASEAN agreed to review FTA by 2025 Rajasthan government tables country's first gig
• India and the ASEAN countries reached an agreement to workers bill
review their free trade pact for goods and set a 2025 goalpost • Rajasthan government tabled the Rajasthan Platform Based
for concluding the review aimed at addressing the GIG Workers (registration and welfare) Bill, 2023 - country's
“asymmetry” in bilateral trade. first such - which seeks to guarantee social security to gig
• A Joint Committee of the ASEAN-India Trade in Goods workers.
Agreement (AITIGA), signed in 2009, deliberated on the • The state government may impose a fine up to Rs 5 lakh for the
roadmap for the review of the pact and finalised the terms of first contravention and up to Rs 50 lakh for subsequent
reference for the fresh negotiations, ahead of an ASEAN-India contravention.
Economic Ministers’ meeting held in Indonesia.
Odisha Cabinet approves Rs 1,001 crore to build 11
comprehensive cancer care units across the state
STATE NEWS • Odisha state cabinet headed by Chief Minister Naveen Patnaik
has approved a budget of Rs 1001.14 crore for expanding
Karnataka State Government’s Finance Department Comprehensive Cancer Services across the State It aims to
partners with Kellton to develop Human Resource provide cancer care facilities nearer to the household of the
Management System version 2.0 patients.
• Kellton, a leading global IT solutions provider, announced that Aviation Security Control Center of CISF
it has secured a highly prestigious, multi-year large-scale
project from the Karnataka State Government’s Finance • Union Home Minister and Minister of Cooperation, Shri Amit
Department to develop and implement HRMS Version 2.0 for Shah inaugurated the Aviation Security Control Center (ASCC)
over 600,000 state government employees in Karnataka. of Central Industrial Security Force (CISF) at Mahipalpur
campus in New Delhi.
Financial assistance of Rs. 659.26 lakh provided to • The Aviation Security Control Centre (ASCC) has four
Karnataka between 2020-July 2023 under components:
Hathkargha Samvardhan Sahayata • Communication and Monitoring Centre, Incident
Management Centre, Aviation Research Centre and Data
• Ministry of Textiles is implementing National Handloom Centre
Development Programme to provide need based financial
assistance to eligible handloom agencies and handloom Gujarat government unveils Semiconductor Policy
workers through various interventions like Cluster (2022-2027)
Development Programme including Hathkargha Samvardhan
Sahayata (HSS), Design & product development, Marketing • The Gujarat government has unveiled the Semiconductor
support, Weaver’s Mudra loan, Weavers welfare etc. for Policy (2022-2027). This strategic initiative reflects the state's
development of handlooms and welfare of handloom workers unwavering commitment to fostering accelerated and inclusive
across the country including Karnataka. growth within the domestic semiconductor chip
manufacturing sector.
Odisha’s Naveen Patnaik replaces West Bengal’s PM Narendra Modi inaugurates new ITPO complex
Jyoti Basu as second-longest-serving CM in India 'Bharat Mandapam' in Delhi
• Odisha’s Naveen Patnaik became the second-longest-serving • Prime Minister Narendra Modi inaugurated newly constructed
chief minister in the country, replacing West Bengal’s Jyoti the International Exhibition-cum-Convention Centre (IECC)
Basu. complex 'Bharat Mandapam' in New Delhi.
• Former Sikkim Chief Minister Pawan Kumar Chamling still holds • The Prime Minister also felicitated the Shramjeevis at the ITPO
the record of being the longest-serving CM in the country. He complex in New Delhi.
was the CM of the Himalayan state from December 12, 1994 till
PM Modi laid foundation stone and dedicates
May 27, 2019 — more than 24 years.
various development projects to the nation in Sikar
BPCL launches product for banana growers in Theni • Prime Minister Narendra Modi laid the foundation stone and
dedicated to the nation, various development projects in Sikar,
• Bharat Petroleum Corporation Limited (BPCL), through its Rajasthan.
MAK lubricants division, has introduced a revolutionary • The projects include the dedication of more than 1.25 lakh PM
product in Agri Spray segment with the launch of MAK ADJOL Kisan Samriddhi Kendras (PMKSKs), the launching of Urea
Banana, an adjuvant for the fungicides used in Banana Gold - a new variety of Urea coated with Sulphur and the
cultivation, in association with the National Research Centre onboarding of 1600 Farmer Producer Organisations (FPOs) on
for Banana (NRCB). Open Network for Digital Commerce (ONDC).
• Prime Minister Shri Narendra Modi inaugurated Semicon India Byculla railway station gets UNESCO’s Asia Pacific
2023 conference in Gandhinagar, Gujarat. Cultural Heritage award
• He said, Technology firms will be given 50 per cent financial
assistance for setting up semiconductor manufacturing facility • The heritage Byculla Railway station which has been restored
the country. to its original glory, received the UNESCO award.
• UNESCO’s Asia Pacific Cultural Heritage award for Byculla
Amazon India announces to open first floating store Station was presented to Railway Minister Ashwini Vaishnav.
in Dal lake
PM lays foundation stone and inaugurates various
• As a part of last point delivery programme ‘I Have Space’, development projects in Pune, Maharashtra
Amazon India has announced to open its first ever floating
store in famous Dal Lake in Srinagar. • The Prime Minister, Shri Narendra Modi flagged off metro
• Murtaza Khan Kashi, owner of houseboat Selec Town, will trains marking the inauguration of completed sections of Pune
deliver packages every day to customers at the doorstep of Metro.
their houseboats as part of the onboarding. • He also handed over more than 1280 houses constructed
under Pradhan Mantri Awas Yojana by Pimpri Chinchwad
TN govt launches green initiatives with United Municipal Corporation (PCMC) and more than 2650 PMAY
Nations Environment Programme houses constructed by Pune Municipal Corporation to the
beneficiaries.
• The Tamil Nadu government launched several green initiatives
in partnership with the United Nations Environment Kerala CM launches Startup Mission’s LEAP
Programme (UNEP). membership card
• The initiatives by the State Environment, Climate Change and
Forests department were launched by Inger Anderson, • Kerala Chief Minister Pinarayi Vijayan has launched the
Executive Director, United Nations Environment Programme statewide membership card of Kerala Startup Mission’s
(UNEP) at a function held in Kalaivanar Arangam. (KSUM) ‘LEAP Coworks’ and also inaugurated the refurbished
headquarters of KSUM in Thejaswini Building, Technopark
Himanta inaugurated and laid foundation stone for Phase 1, Thiruvananthapuram.
infra projects worth over Rs 555 crores • LEAP (Launch, Empower, Accelerate, Prosper) Coworks is a
pioneering initiative which comes as part of the government’s
• Assam Chief Minister Himanta Biswa Sarma inaugurated and mission to transform industry incubators into co-working
laid the foundation stone for infrastructure projects worth over spaces to provide further impetus to innovation and
Rs 555 crore in Bongaigaon district. collaboration for a successful startup ecosystem.
Bengaluru becomes first Indian city to join World Tamil Nadu’s Jaderi ‘namakatti’, chedibutta saree
Cities Culture Forum and Kanniyakumari Matti banana get GI tag
• Bengaluru has become the first Indian city to become part of • Three famous products from Tamil Nadu Jaderi namakatti,
the World Cities Culture Forum (WCCF) a global network of Kanniyakumari Matti banana, Chedibutta saree were given
cities that share research and intelligence, and explore the role the GI tag by the Geographical Indications Registry in Chennai.
of culture in future prosperity.
• The network currently has 40 cities spanning six continents. GI tags for Goan mangoes and bebinca, crafts from
Rajasthan and U.P.
Tripura CM inaugurates 'Weekend Tourist Hub' in
Agartala for boosting tourism • Seven products from across India, including four from
Rajasthan, were given the Geographical Indication (GI) tag by
• Tripura Chief Minister Manik Saha inaugurated the 'Weekend the Geographical Indications Registry in Chennai.
Tourist Hub' in front of the historic Ujjayanta Palace in • The GI tags were secured by ‘Jalesar Dhatu Shilp’ (a metal
Agartala. craft), ‘Goa Mankurad Mango’, ‘Goan Bebinca’, ‘Udaipur
Koftgari Metal Craft’, ‘Bikaner Kashidakari Craft’, ‘Jodhpur
UP Govt launches five DTH channels under PM e - Bandhej Craft’, and ‘Bikaner Usta Kala Craft’.
Vidya program to enhance learning experience of
children at home IBC to set up battery manufacturing plant in
• The Uttar Pradesh Government has launched five DTH Karnataka for Rs 8,000 crore
television channels under the PM e-Vidya program to enhance • International Battery Company (IBC) has signed an investment
children's learning experiences at home. pact worth Rs 8,000 crore ($971.89 million) with the Karnataka
• The initiative will enable children to focus on studies at home government to build a battery manufacturing facility.
along with attending school, improving their learning • The facility will be spread across 100 acres in the state.
outcomes.
UP Cabinet approves policy for making state water
Punjab Cabinet approves new sports policy tourism, adventure sports destination
• The Punjab Cabinet approved the new sports policy, 2023, • The Uttar Pradesh Cabinet approved a policy that aims at
which lays emphasis on training, incentives, robust making the state a water tourism and adventure sports
infrastructure, and jobs for athletes. destination.
RBI Includes ‘NongHyup Bank’ In The List Of LIC's new plan Jeevan Kiran offers life cover with
Scheduled Banks Under Schedule II of RBI Act, 1934 premium return
• In the exercise of the powers conferred under section 42 of the • Life Insurance Corporation of India (LIC) has introduced a new
Reserve Bank of India Act, 1934, the RBI has directed the life insurance plan called 'LIC Jeevan Kiran', which offers both
inclusion of the NongHyup Bank in the list of Scheduled Banks. life cover and return of premium.
• The plan caters to 18 to 65-year-old subscribers.
Razorpay launches account for Indian exporters,
offers savings on overseas bank transfers UCO Bank opens 4 special rupee vostro accounts,
gets RBI nod for 8 more
• Fintech company Razorpay announced the launch of its
MoneySaver Export Account to offer up to 50 per cent savings • State-owned UCO Bank has opened four special rupee vostro
on international bank transfers for Indian exporters. accounts with Russian banks.
• The company will help small and mid-size exporters open an • The bank has also received permission from the Reserve Bank
account in a country of their choice and receive payments of India (RBI) for opening eight more accounts.
locally via Razorpay's platform, hence avoiding chargebacks
and transfer costs. RBI’s Digital Payments Index jumps to 395.57 in
• The initiative allows exporters to receive international bank March from 377.46 in Sept
transfers from 160 countries. • The Reserve Bank of India’s Digital Payments Index, a measure
of the extent of digitisation of payments across the country,
Canara Bank, major lender to State PSUs and rose to 395.57 in March 2023 from 377.46 in September 2022
corporations for fifth year in a row and 349.30 in March 2022.
India's fiscal deficit for Q1 reaches 25.3% of annual IndiaFirst Life Insurance launches new G.O.L.D. plan
target
• IndiaFirst Life Insurance Company has launched a non-linked
• The central government’s fiscal deficit increased to 25.3 per and non-participating product Guarantee of Life Dreams
cent or Rs 4.5 lakh crore for the first quarter of the current (G.O.L.D.) Plan, that offers policyholders regular long-term
financial year 2023-24. income.
• The fiscal deficit in the corresponding period last year was 21.2 • The premium paying terms range between 6, 8, and 10 years
per cent of the budget estimates. for policy terms of 30 years and 40 years.
• The starting premium is as low as ₹4,176 per month and offers
UPI transaction value up 4% in July; inches closer to the choice to pay annually or in instalments.
10 billion in volume
• After a marginal dip in last month, transactions under the NABARD sanctions Rs 1,974 crore to Rajasthan
Unified Payment Interface (UPI) touched a new high of Rs • NABARD has sanctioned Rs 1,974.07 crore to the Rajasthan
15.34 trillion in the month of July, up 4 per cent from Rs 14.75 government under the Rural Infrastructure Development
trillion in June 2023. Fund (RIDF) for 2023-24.
• In terms of volume too, transactions saw a 7 per cent increase • NABARD Rajasthan Chief General Manager Dr Rajiv Siwach said
from 9.34 billion in June to 9.96 billion in July. Rs 930.44 crore has been sanctioned for three rural drinking
water supply projects in Ajmer, Jalore, and Kota districts.
Fintech company CRED launches RuPay credit card -
based UPI payments IndusInd Bank partners with Tiger Fintech (A Bajaj
Capital Group Company) to launch a co-branded
• Prominent fintech firm CRED introduced RuPay credit card-
based Unified Payments Interface (UPI) payments for its credit card
members, in collaboration with the National Payments • IndusInd Bank and Tiger Fintech - a Bajaj Capital Group
Corporation of India (NPCI). company, announced the launch of the IndusInd Bank Tiger
• The company now supports RuPay credit cards issued by banks Credit Card, a co-branded credit card powered by Visa.
including HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, BOB • The credit card comes with a host of attractive benefits
Financial Solutions, Canara Bank, Indian Bank, Kotak including a carefully crafted 'Magnificent Rewards Program'
Mahindra Bank, Punjab National Bank, and Union Bank. where customers earn up-to 6X accelerated rewards.
Punjab, Mizoram among states most stressed Axis Bank partners with Kiwi to bolster 'Credit on
fiscally UPI' accessibility on RuPay credit cards
• Most of the states in India are deeply in debt and seem far from • Axis Bank, one of the largest private sector banks in India
being able to meet the target of reducing their debt to 20% of partners with Kiwi, the revolutionary credit on UPI platform to
state GDP by the next financial year. bolster 'Credit on UPI' accessibility on RuPay credit cards.
• An analysis of the latest numbers from the government reveals • The partnership enables Kiwi users to seamlessly access the
that only four states and union territories out of the 31 in India RuPay lifetime free virtual Axis Bank KWIK credit card through
have debt levels below 20% of their Gross State Domestic the app.
Product the sum of all goods and services purchased in the
state. Net collections under small savings schemes dip for
first time in 11 years
RBI fines 4 PSUs for late reporting of overseas • Net collections under small savings schemes such as National
investments Savings Certificate (NSC) and Public Provident Fund (PPF)
• The Reserve Bank of India (RBI) has imposed late submission dipped for the first time in 11 years in the last fiscal year (FY23).
fees (LSF) of ₹2,000 crores on ONGC Videsh Ltd (OVL), Indian • Net small savings collections (deposits minus withdrawals by
Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for delayed the subscribers) in FY23 stood at Rs 3.04 trillion, witnessing a
reporting of their overseas investments. decline of 8.5 per cent from Rs 3.33 trillion in FY22.
RBI imposes monetary penalty on 4 co-operative India Exim Bank launches subsidiary for trade
banks for rule violations financing in GIFT City
• The Reserve Bank of India (RBI) imposed Rs 1.50 lakh each on • Launching trade financing activities at GIFT City in Gujarat,
Vita Urban Co-operative Bank and Shri Vinayak Sahakari Bank, India Exim Bank (Export Import Bank of India) inaugurated its
Rs 1 lakh on Shreeji Bhatia Cooperative Bank, and Rs 20,000 on subsidiary, Exim Finserve IFSC Pvt Ltd.
Mizoram Urban Cooperative Development Bank. • The new entity will initially begin providing factoring services
to Indian exporters.
Highlights of RBI monetary policy • India Exim Bank (Export Import Bank of India) inaugurated its
• RBI to ensure greater transparency in interest rate reset of subsidiary Exim Finserve IFSC Pvt Ltd as it launched the trade
EMI-based floating interest loans. financing activities at GIFT City in Gandhinagar.
• Borrowers to get options of switching to fixed rate loans or
Odisha govt roped in Bandhan Bank for tourism
foreclosure of loans.
department's payment solutions
• RBI proposes use of Artificial Intelligence (AI) in UPI payments.
• Near Field Communication (NFC) technology to be used in • Bandhan Bank announced a partnership with the Odisha
offline payments in UPI-Lite. government to ramp up the state tourism department's
• Proposes to enhance transactions limits for small value digital payment solutions.
payments to Rs 500 from Rs 200 in UPI Lite. • The bank has provided Point of Sale (PoS) machines to
facilitate card payments by tourists.
Centre picks TCS to transform e-Marketplace By 2026 India’s digital economy will contribute 20%
platform to GDP
• Tata Consultancy Services (TCS) announced that it has been • Union Minister of State for Electronics and Information
chosen as a strategic partner to transform the Government e- Technology, Skill Development and Entrepreneurship Rajeev
Marketplace (GeM) by bringing in more transparency and Chandrasekhar told that India’s digital economy has been
efficiency into the public procurement process. seeing accelerated growth and is expected to account for 20%
• This is the second government project the software exporter of the country’s GDP by 2026.
has bagged since winning the BSNL contract earlier this year. • Our digital economy was 4.5% of the GDP in 2014 and now it is
11%.
Gross Direct tax collections rise 16 % in this financial
year Carborundum Universal Limited and ideaForge
• The gross direct tax collection has registered growth of around Technology will jointly build cutting-edge drones
16 per cent to 6 lakh 53 thousand crore rupees and Net direct • Cutting-edge material sciences firm, Carborundum Universal
tax collection stands at 5 lakh 84 thousand crore rupees, which Limited (CUMI), has entered into a technology partnership
is over 17 per cent higher than corresponding period last year. with private sector drone maker, ideaForge Technology.
• This collection is over 32 per cent of the total Budget estimates • They will develop nanomaterial-reinforced products that make
of Direct Taxes for 2023-24. drones – or unmanned aerial vehicles (UAVs) – lighter,
stronger and more durable.
Wholesale inflation is (-) 1.36 % in July
• The wholesale price based inflation remained in the negative Moody's affirms India's Baa3 rating
territory for the fourth straight month in July at (-)1.36% on • Moody’s Investors Service has affirmed India’s long-term local
easing prices of fuel, even though food articles turned costlier. and foreign-currency issuer ratings at Baa3 and retained a
• The wholesale price index (WPI) based inflation rate has been stable outlook.
in the negative since April and was (-)4.12% in June.
• Baa3 lowest rating of investment grade Moody's Long-term
Corporate Obligation Rating.
India’s goods exports decline for the sixth month in
July by 15.8% to $32.25 billion
Crisil Forecasted 6% GDP Growth for India in FY24
• India’s goods exports fell 15.88 per cent (year-on-year) to
• Crisil forecasted India’s gross domestic product (GDP) growth
$32.25 billion in July, posting a decline for the sixth straight
to reach 6% in the fiscal year 2024.
month.
• Department of Administrative Reforms & Public Grievances • Book: 'Drunk on Love: The Life, Vision and Songs of
(DARPG) has released the fifth edition of ‘National e- Kabir'/Author: Vipul Rikhi/Publisher: HarperCollins
Governance Service Delivery Assessment (NeSDA) Way
• Indian Navy's indigenously designed and constructed guided President launched indigenously built warship
missile destroyer INS Chennai Mission Deployed in the Red Sea Vindhyagiri
Undertook Passage Exercise (Passex) with Royal Saudi Naval
Ship HMS Al Jubail. • President Droupadi Murmu launched the ship 'Vindhyagiri', a
• Conducted off Jeddah, SaudiArabia the ‘Passex’ include tactical Project 17A Frigate at the dock on the banks of the river
manoeuvres, seamanship evolutions and common drills. Hooghly in Kolkata.
• The ship was built by Garden Reach Ship-builders and
India, Japan, US, Australia hold first Malabar naval Engineers (GRSE).
exercise off Australia
India handed over Indian Navy Dornier aircraft to Sri
• India, Japan, the United States and Australia will hold the Lanka Air Force
Malabar navy exercise off the coast of Sydney, the first time
the war games previously held in the Indian Ocean have taken • The Indian Navy Dornier aircraft was handed over to the Sri
place in Australia. Lanka Air Force (SLAF) by the Indian High Commissioner to Sri
• United States and India held the first Malabar Exercise in 1992 Lanka, Gopal Baglay to Sagala Ratnayaka, the Chief of Staff and
at the end of the Cold War. Senior Adviser to the President on National Security of Sri Lanka
during a ceremony held at SLAF Base Katunayake, Western
• Australia participated for the first time in 2007.
Province of Sri Lanka.
INS Visakhapatnam and INS Trikand arrive at Dubai
27th edition of multilateral naval exercise Malabar
for a bilateral exercise with UAE Navy
2023
• Two Indian Navy ships, INS Visakhapatnam and INS Trikand,
• The 27th edition of the multilateral naval exercise Malabar
arrived at Port Rashid in Dubai for a bilateral exercise with the
2023 concluded in Sydney, Australia.
UAE Navy.
• Indian Navy was represented by indigenously built Destroyer
• The exercise, aims to share best practices and increase
INS Kolkata, Frigate INS Sahyadri, and P8I Maritime Patrol
synergies between the two navies.
Aircraft.
INS Visakhapatnam and INS Deepak visited Bahrain
INS Sunayna entered port of Durban, South Africa
• Indian naval ships INS Visakhapatnam and INS Deepak port call
• INS Sunayna undertook passage exercise with South African
in Bahrain, further strengthening the ties between the two
Navy Ship SAS King Sekhukhune I off Durban.
nations.
• The ship was received by Cdr Kenneth Singh officiating Flag
• Rear Admiral Vineet S McCarty, the Flag Officer Commanding
Officer Commanding Naval Base Durban and HCI Pretoria
the Western Fleet of the Indian Navy, led the delegation to
Officials.
Bahrain's Crown Prince and Prime Minister of Bahrain Salman
bin Hamad Al Khalifa in the capital city of Manama.
India’s first long-range revolver Prabal was launched
Boeing started production of Indian Army's Apache • India’s first long-range revolver, ‘Prabal’, manufactured by
choppers state-owned enterprise Advanced Weapons and Equipment
India (AWEIL), was launched at the Small Arms Factory (SAF),
• Boeing started production of the Apache choppers and will
Kanpur, Uttar Pradesh.
deliver six AH-64E Apaches to the Indian Army by 2024.
• This weapon is light weight, attractive and costs half the price
• The AH-64 Apache is one of the world's most advanced multi-
of other revolvers available in this category.
role combat helicopters and is flown by the U.S. Army.
• It is the first in the country that has side wing cylinder, which
Border Roads Organisation commenced construction makes trigger pull easy.
of world's highest motorable road in Eastern Ladakh • Made with metal injection mould technology, ‘Prabal’ weighs
700 grams (without cartridges) and its barrel length is 76 mm,
• Border Roads Organisation (BRO) has commenced the while its overall length is 177.6 mm.
construction of the 64 km world's highest motorable road that
connect Likaru to Fukche which is situated three kilometre