NATIONAL UPDATES:
1. PM Narendra Modi launches International Bullion
Exchange IIBX in GIFT-City: Prime Minister Narendra
Modi has launched the ‘India International Bullion Exchange (IIBX)’, at the
Gujarat International Finance Tec-City (GIFT City) near Gandhinagar, Gujarat.
IIBX is India’s first international bullion exchange. The exchange, which was
announced in Budget 2020, will sell physical gold and silver. The exchange will
be open for jewellers with a net worth of Rs 25 crore and above to participate.
International Bullion Exchange (IIBX):
a) This will allow qualified jewellers to directly import gold through
IIBX.
b) The International Financial Services Centres Authority (IFSCA) is the
regulator of IIBX.
c) IIBX is promoted by five market institutional investors i.e., CDSL,
India INX, NSDL, NSE and MCX. This exchange will bring transparency to the
price-setting mechanism; provide standardisation to the financialisation of the
bullion in India; and work as a standard-setting tool for the quality of the
bullion.
d) NRIs and institutes will also be eligible to participate in the exchange
after registering with the International Financial Services Centre Association
(IFSCA).
e) In the early stage, gold 1 kg with 995 purity and gold 100 grams with
999 purity will be traded with a settlement period of T+0. Further, the
exchange is expected to extend the settlement period to T+2 days.
f)
Ashok Gautam will head IIBX as MD and CEO. He took
charge in February 2022 and worked with IDBI Bank before this. He has earlier
worked with the State Bank of India (SBI).
Other
inaugurations in GIFT-City:
a) PM Modi also laid the foundation stone for the headquarters building of
the International Financial Services Centres Authority at GIFT-City.
b) Modiji also launched the NSE IFSC-SGX Connect platform. Connect is a
framework between NSE’s subsidiary in GIFT IFSC and Singapore Exchange. Through
this platform, clients, investors and trading members of SGX who used to trade
in NSE listed Indian securities through SGX would now trade in these securities
through NSE IFSC.
2.
Kerala govt to launch “Kerala Savari” online cab service: The Kerala
government is all set to come up with an alternative to the popular corporate
online cab service by launching its own e-taxi service next month, considered
to be the first such initiative by any state government in the country. The
service named ‘Kerala Savari’, the online taxi hiring service is being rolled
out by the state. This is for the first time that a state government is
launching an online taxi service in the country.
About the “Kerala Savari”: “Kerala Savari”,
considered to be the first such initiative by any state government in the
country, is being rolled out by the state Labour Department linking the
existing auto-taxi networks in the state with an aim to ensure safe and
dispute-free travel for the public at affordable rates prevailing in the state.
The new service would be launched in a function to be held at Kanakakkunnu
Palace here on the beginning day of the auspicious Malayalam month of Chingam,
which falls on August 17.
Note: Kerala Governor: Arif Mohammad Khan;
Kerala Capital: Thiruvananthapuram; Kerala Chief Minister: Pinarayi Vijayan.
3.
ISRO generated $279 million in foreign currency through satellite launches: Dr. Jitendra
Singh, India’s Minister of State for Science and Technology, said in front of
the parliament that the launch of foreign satellites by the Indian Space
Research Organization (ISRO) brought in $279 million in foreign currency.
Antrix, the commercial arm of ISRO, made this money by launching 345 foreign
satellites from 34 different nations. 56 million of these gains were paid out
in dollars, while 223 million were paid out in euros (220 million Euros). There
are 2,226 crore rupees in the total. Key Points:
a)
The
Polar Satellite Launch Vehicles (PSLV) of ISRO were used to launch each of
these spacecraft.
b)
Since
1975, the Indian government has launched 342 foreign spacecraft in addition to
129 domestic ones, which illustrates the success of ISRO’s commercial satellite
programme.
c)
About
83 percent of these international satellite launches took place after 2015.
d)
Germany
was the first nation to use Indian services to launch a satellite, and since
then, ISRO has gone a long way, launching a total of 345 foreign satellites. In
the 23 years since its ground-breaking debut, it has successfully launched 11
satellites for Germany.
e)
Among
the first nations to launch a satellite with ISRO was South Korea.
f)
In
comparison to the United States, the United Kingdom, and Canada, India has
launched the most satellites, at least according to ISRO data up to January
2022.
g)
In
actuality, the ISRO did not launch any satellites for the USA until 2015.
However, following this, there was no turning back for India-US space
cooperation because, according to K Sivan, the former ISRO director, the US
accounts for 66% of all foreign satellite launches by ISRO. ISRO has launched
numerous non-government satellites for the US.
h)
For
the launch of foreign satellites onboard PSLV between 2021 and 2023, NewSpace
India Limited (NSIL), India’s first space PSU, has already signed six launch
contracts with customers from four different countries. NSIL started operating
in 2019.
Note: ISRO Chairman: Dr. K Sivan; ISRO’s
foundation Date: 15th August, 1969; ISRO’s Founder: Dr. Vikram Sarabhai
INTERNATIONAL UPDATES:
1.
UAE, France, and India conduct discussions for maritime security: The focal points
for India, France, and the United Arab Emirates met in trilateral fashion.
Maritime Security, Humanitarian Aid and Disaster Relief, Blue Economy, Regional
Connectivity, Cooperation in Multilateral Fora, Energy and Food Security,
Innovation and Startups, Supply Chain Resilience, and Cultural and
People-to-People Cooperation were some of the potential areas of trilateral
cooperation that the three sides discussed. Attendees of the Meeting:
a)
The
French side was led by Director (Asia and Oceania) Bertrand Lortholary and
Deputy Director (the Middle East and North Africa) Emmanuel Suquet of the
French Ministry for Europe and Foreign Affairs
b)
The
Emirati side was led by Deputy Director of the Economic and Trade Affairs
Department of the UAE Foreign Ministry Ahmed Burhaima.
c)
The
Indian side was led by Joint Secretary (Europe West) in the Ministry of
External Affairs and Joint Secretary (Gulf) Vipul.
India and France Marine Relations:
a)
India
and France are maritime nations with thriving maritime economies that include,
to name a few, fisheries, ports, shipping, and marine technology and scientific
research. The fate is tightly entwined with the sea and the ocean since they
possess enormous exclusive economic zones.
b)
Both
countries want to advance their own communities through the blue economy while
protecting the environment and coastal and marine biodiversity. Both nations
seek to advance scientific understanding, promote ocean conservation, and
maintain the ocean as a global common, an area conducive to free trade and the
application of the law.
c)
The
two nations established a Strategic Partnership in 1998, which, in addition to
their tight and developing bilateral connection, is symbolic of their agreement
on a variety of international concerns.
India and UAE Marine Relations:
a)
In
1972, they established diplomatic ties. The Indian Embassy in the UAE was
established in 1973, whereas the UAE opened their embassy in India in 1972.
b)
Based
on long-standing cultural, religious, and economic links between the two
countries, India and the UAE have close friendships.
2. Roshni
Nadar retained as India’s richest woman for 2nd year in a row: HCL Technologies’ Chairperson, Roshni Nadar Malhotra has retained her
position as the richest woman in India, for the second year in a row according
to the third edition of ‘Kotak Private Banking Hurun – Leading Wealthy Women
List’. The total net worth of Roshni Nadar stood at Rs 84,330 crore. Roshni
Nadar was followed by Nykaa-owner Falguni Nayar, overtaking Kiran Mazumdar-Shaw
of Biocon, with a total wealth of Rs 57,520 crore. Falguni Nayar is the world’s
tenth richest self-made woman. The report highlighted that 25 new faces have
made it to the list. The other key highlights of the report include that the average
wealth of women in 2021 went up to Rs 4,170 crore as against Rs 2,725 crore in
the last edition of the list.
Here is
the list of the top 10 richest women in India:
|
Rank |
Name |
Company |
Wealth/Net worth (INR) |
|
1 |
Roshni Nadar Malhotra |
HCL |
84, 330 crore (wealth) |
|
2 |
Falguni Nayar |
Nykaa |
57,520 crore (wealth) |
|
3 |
Kiran Mazumdar Shaw |
Biocon |
29,030 crore (wealth) |
|
4 |
Nilima Motaparti |
Divi’s Laboratories |
28,180 crore (wealth) |
|
5 |
Radha Vembu |
Zoho |
26, 260 crore (wealth) |
|
6 |
Leena Gandhi Tewari |
USV |
24,280 crore (wealth) |
|
7 |
Anu Aga and Meher
Pudumjee |
Thermax |
14,530 crore (wealth) |
|
8 |
Neha Narkhede |
Confluent |
13,380 crore (wealth) |
|
9 |
Vandana Lal |
Dr Lal PathLabs |
6,810 crore (wealth) |
|
10 |
Renu Munjal |
Hero FinCorp |
6,620 crore (wealth) |
3. International Friendship Day: 30th July: International Friendship Day is celebrated annually on July 30 and it
was first proposed way back in the year 1958 by World Friendship Crusade, an
international civil organisation. According to United Nations, the
International Day of Friendship can help promote peace and social harmony among
people. In India as well as many other countries, Friendship Day is also
celebrated on the first Sunday of August. This year it falls on August 7, 2022.
International
Friendship Day History: The International Day of
Friendship was proclaimed in 2011 by the UN General Assembly with the idea that
friendship between peoples, countries, cultures and individuals can inspire
peace efforts and build bridges between communities. The resolution places
emphasis on involving young people, as future leaders, in community activities
that include different cultures and promote international understanding and
respect for diversity.
4. World Day Against Trafficking in Persons: 30th
July: World Day Against Trafficking is observed
annually on 30 July to make people aware of who is being trafficked. The day
aims to educate people that trafficking in persons is considered to be a crime,
including the exploitation of women and children for tragic jobs of forced
labour and sex. This year’s theme “Use and abuse of technology” focuses on the
role of technology as a tool that can both enable and impede human trafficking.
World Day
Against Trafficking in Persons History: In 2010, the
United Nations General Assembly had adopted the Global Plan of Action to deal
with trafficking in persons, urging governments all around the world to take
coordinated and consistent efforts to defeat this scourge. In 2013, the UN
General Assembly organised a high-level meeting to work on the Global Plan of Action.
The member states adopted a resolution A/RES/68/192 and designated 30 July as
the World Day against Trafficking in Persons. This resolution emphasised that
the day was important to “raise awareness of the situation of victims of human
trafficking and for the promotion and protection of their rights.”
OTHER UPDATES:
SPORTS
1. US
wins most Gold, India places 33rd at the 2022 World Athletics Championships: The World Athletics Championships were held in America for the first
time. And in terms of medals, Team USA made the most of their time over the
last 10 days. India came up at number 33 overall and fourth in Asia, just
behind China, Japan, and Kazakhstan. More than three times as many as any other
nation in the competition, and more than any other nation has ever won at a
global championship, the United States finished the competition with a total of
33 medals. This includes 13 golds, the most of any nation. Overall Medal
Tally:
|
Rank |
Country |
Total Medals |
|
1 |
United States |
33 |
|
2 |
Ethiopia |
10 |
|
3 |
Jamaica |
10 |
|
33 |
India |
1 |
Key
Points:
a) Algeria, Burkina Faso, Croatia, Greece, and South Korea have tied with
India in 33rd position on the medal tally with 1 silver medal each.
b) Men’s 100-meter dash, men’s 200-meter dash, and men’s shot put all saw
American athletes sweep the podium.
c) And Team USA’s domination at Oregon22 continued into the last day of
competition.
d) Athing Mu won gold medals in the men’s and women’s 4×400-meter relays as
well as the women’s 800-meter race on Sunday, giving the United States a total
of four podium finishers.
e) With a combined total of 10 medals, Ethiopia, Jamaica, and Kenya each
completed the global championships. With four gold medals, Ethiopia is in the
lead, second only to China.
f)
Athletes from 43 different nations will take home
at least one medal in total.
2. PV
Sindhu named India’s flagbearer for 2022 Birmingham Commonwealth Games: Ace India badminton player P.V. Sindhu has been chosen as the flagbearer
of the Indian contingent for the opening ceremony of the Commonwealth Games
2022. The opening ceremony was held on July 28, 2022, at Alexander Stadium in
Birmingham. She was the flag-bearer at the opening ceremony of the 2018
Commonwealth Games on the Gold Coast, where she won silver in the women’s
singles event. The 2022 edition of the Commonwealth Games has the largest
contingent of female athletes in the history of the Games.
3. Asia Cup 2022 shifted from Sri Lanka to the UAE: As informed by the Asian Cricket Council (ACC), the Asia Cup 2022 will
now be held in United Arab Emirates (UAE). Earlier this event was scheduled to
take place in Sri Lanka. However, due to the economic crisis in the island
nation, the tournament has been shifted to UAE. But the hosting rights of the
game will still remain with Sri Lanka. The tournament will be held from August
27 to September 11, 2022, in the T20 format. This is the second consecutive
time that the tournament will be played in the UAE.
The Asia Cup,
last held in 2018, will be played in T20 format this time and serve as
preparation for the World Cup in October. It will start with a qualifying round
of matches between UAE, Kuwait, Singapore and Hong Kong. The winner will go on
to the main tournament and play Sri Lanka, India, Pakistan, Afghanistan and
Bangladesh.
BANKING AND FINANCE
1.
Patna’s Deedargunj, Bandhan Bank unveils its first currency vault: Bandhan Bank
opened its first currency chest in Deedargunj, Patna. As per the bank, this
currency chest will assist individuals, MSMEs, and small business owners by
supplying currency notes to bank branches and ATMs as needed. The currency
chest would provide storage for the bank branches, which will also benefit from
Patna’s frequent cash transactions. In this fiscal year, the bank intends to
establish more than 530 additional bank locations throughout the nation. The
distribution of the new branches will mostly be in North, West, and South
India.
Note: Bandhan Bank MD and CEO: C S Ghosh
2.
Union Bank sets ‘RACE’ goal as its strategy of getting among top 3 PSBs: A. Manimekhalai,
MD & CEO of Union Bank of India (UBI), wants Union Bank of India to surpass
other Public Sector Banks and take the third-largest Public Sector Bank
position in a time of few years. Union Bank of India may even take into
consideration buying a bank along the route. Manimekhalai, who became UBI’s
first female leader on June 7th, emphasised that the bank has set “RACE” as its
aim for the year. RACE stands for:
R: Grow RAM (retail, agriculture, and MSME)
loans,
A: Improve Asset quality,
C: Boost CASA (current account, savings
account deposits), and
E: Increase Earnings.
The MD of Union Bank of India wants the
bank to rank among the top three PSB lenders, be the industry leader in a few
niche markets, and be a contender in government-sponsored programmes. Regarding
the fundamentals of being one of the top three PSBs, the bank’s profitability
and net interest margin should rise, the non-performing asset ratios should
drop, and the capital to risk-weighted asset ratio must rise. These are the
fundamental criteria that Union Bank of India is considering and targeting.
BUSINESS AND ECONOMY
1. One of India’s largest financial deals, Axis Bank-Citi
merger, gets approved by CCI: The acquisition
of Citibank, N.A. and Citicorp Finance (India) Limited’s consumer banking
operations by Axis Bank has been approved, according to the Competition
Commission of India (CCI). The acquisition had been disclosed by the firms.
According to CCI, the transaction entails the going-concern slump sale of
Citibank and Citicorp’s consumer banking operations to Axis.
Key
Points:
a) Citigroup Inc. and Axis Bank Limited have signed a deal for the sale of
Citi’s consumer businesses in India. Citi chose Axis after a lengthy and
intense auction process.
b) The deal entails the sale of Citibank India’s consumer banking
operations, including its credit card, retail banking, wealth management, and
consumer lending businesses.
c) In addition, Citigroup’s non-banking financial subsidiary, Citicorp
Finance (India) Limited, is selling its consumer business, which comprises its
portfolio of personal loans as well as its asset-backed financing business,
which includes loans for commercial vehicles and construction equipment.
AWARDS AND HONOURS
1.
Boris Johnson gives Churchill Leadership Award to Ukraine’s Zelenskyy: British Prime
Minister, Boris Johnson has presented Ukrainian President Volodymyr Zelenskyy
with the Sir Winston Churchill Leadership Award, drawing comparisons between
the two leaders in times of crisis. Zelenskyy accepted the award by video link
during a ceremony at Johnson’s London office that was attended by members of
the Churchill family, Ukrainian Ambassador Vadym Prystaiko and Ukrainians who
have received training from British soldiers.
About the Churchill leadership
award:
The Churchill leadership award was first presented in 2006. Past recipients
include Prince Charles, former British Prime Ministers Margaret Thatcher and
John Major, and former US Secretary of State Madeleine Albright.
OBITUARIES
1.
Famous UK-based Punjabi singer Balwinder Safri passes away: Veteran Punjabi
singer Balwinder Safri has passed away. He was 63. Punjab-born Safri, who was
based in Birmingham, was part of the UK bhangra scene since 1980 and formed the
Safri Boyz Band in 1990. Safri, known for hit Punjabi tracks such as “Rahaye
Rahaye” and “Chan Mere Makhna”, slipped into coma in April after suffering
brain damage following a heart surgery. He was discharged from New Cross
Hospital in Wolverhampton on July 15 after recovering from coma and was moved
to a specialist rehabilitation centre.
2. Padma Shri awardee Sushovan Banerjee passes away: Padma Shri Sushovan Banerjee famous as Bengal’s ‘one rupee doctor’ has passed away. Based in Bolpur, Birbhum district, Banerjee was known for treating patients for nearly 60 years at Re 1 per visit. In 2020, he was conferred with the Padma Shri for his contribution in the field of medicine. In the same year, his name found a place in the Guinness World Records for treating the maximum number of patients.
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