NATIONAL UPDATES:
1. Cabinet approves continuation of schemes of Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA): The Union Cabinet has approved the continuation of the Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) scheme, allocating Rs 35,000 crore for the 15th Finance Commission Cycle up to 2025-26. This significant decision aims to ensure remunerative prices for farmers and manage price volatility of essential commodities for consumers.The PM-AASHA scheme consolidates the Price Support Scheme (PSS) and Price Stabilization Fund (PSF) into a unified program to enhance its effectiveness.The integrated scheme will now include the Price Support Scheme (PSS), Price Stabilization Fund (PSF), Price Deficit Payment Scheme (PDPS), and Market Intervention Scheme (MIS). These components are designed to provide better support for farmers and stabilize prices for consumers.Starting from the 2024-25 season, the procurement of notified pulses, oilseeds, and copra at Minimum Support Price (MSP) will cover 25% of national production.
2. Cabinet approves ‘Bio-RIDE’ scheme to support cutting edge research and development in Biotechnology: The Union Cabinet, chaired by the Prime Minister Narendra Modi approved continuation of the two umbrella schemes of Department of Biotechnology (DBT), merged as one scheme-‘Biotechnology Research Innovation and Entrepreneurship Development (Bio- RIDE)’ with a new component namely Biomanufacturing and Biofoundry.The proposed outlay for the implementation of the unified scheme ‘Bio-RIDE’ is Rs.9197 crore during the 15th Finance Commission period from 2021-22 to 2025-26.Bio-RIDE scheme is designed to foster innovation, promote bio-entrepreneurship, and strengthen India’s position as a global leader in biomanufacturing and biotechnology. It aims to accelerate research, enhance product development, and bridge the gap between academic research and industrial applications.
3. President Murmu attends Safai Mitra Sammelan in Ujjain: President Droupadi Murmu attended the Safai Mitra Sammelan in Ujjain, Madhya Pradesh.The Safai Mitra Sammelan was organised as part of the fortnightly Swachhata Hi Seva—2024 campaign launched by the government of India.This year’s campaign focuses on facilitating and honouring sanitation workers -Safai Mitra’s contribution to the Swacch Bharat Mission.The theme of this year’s Swachhata Hi Seva – 2024 campaign is ‘Swabhav Swachhata – Sanskaar Swachhata’.The Swachhata Hi Seva—2024 campaign will run from 17 September to 2 October 2024.
4. Airtel Payments Bank names Amar Kumar as Chief Compliance Officer: Airtel Payments Bank has appointed Amar Kumar Kakarlapudi as its new Chief Compliance OfficerAmar will be responsible for enhancing the Bank’s compliance framework and ensuring that regulatory and statutory requirements are met seamlessly. As Chief Compliance Officer, Amar will be a vital partner for the Bank in achieving core and non-core compliance standards and a crucial interface between the bank and regulatory agencies, all while developing a solid compliance and regulatory framework.
INTERNATIONAL UPDATES:
1. India, European Union agree to deepen cooperation in Sustainable Water Management: India and the European Union agreed to enhance cooperation in sustainable water management and both sides committed to advance cooperation in river basin management, fostering innovation and technology transfer while promoting sustainable investments.The forum explored trilateral collaboration between East Africa, India, and the EU, to address challenges in East Africa’s water bodies such as Lake Victoria and Lake Tanganyika, leveraging the combined strength of India and the EU.At the 6th EU-India Water Forum held on the sidelines of the 8th India Water Week in New Delhi today, the India-EU Water Partnership (IEWP), established in 2016, aims to enhance technological, scientific, and policy frameworks.Under the IEWP, the EU and India are collaborating on river management in the Tapi and Ramganga River Basins. Under Phase III, the partnership will extend its efforts to other key basins like the Brahmaputra.
2. New Delhi hosts the 3rd World Food India 2024: The 3rd edition of World Food India 2024 is being held in New Delhi. The event is organised by the government of India to promote domestic and foreign investment in the country’s food processing sector and to highlight the country’s rich food culture to the world.Along with the 3rd World Food India 2024 the 2nd edition of the Global Food Regulators Summit hosted is also being held.The Food Safety and Standard Authority of India (FSSAI) also organised the Global Food Regulators Summit in New Delhi.New Delhi hosted the first World Food India in 2017 and the 2nd edition in 2023.
3. India becomes 6th largest market in MSCI ACWI: India has become the sixth largest market in the MSCI All Country World Investable Market Index (ACWI IMI), surpassing China and narrowly behind France.For the first time, India is the largest emerging market (EM) in the gauge that tracks the performance of global capital markets.At the end of August, India’s weight in the MSCI ACWI IMI stood at 2.35 percent, 11 basis points (bps) more than China’s, which is 2.24 percent. France has just 3 bps more weight than India.The MSCI ACWI IMI index encompasses stocks in the large—and mid-cap space. It is a spinoff of the more widely followed MSCI ACWI Index, which has only large—and mid-cap representation.
4. Infosys collaborates with UK’s Metro Bank to Digitize Operations: Indian IT giant Infosys has collaborated with Metro Bank, a UK-based community bank, to drive the digital transformation of its operations.The collaboration will utilise Infosys Topaz, the firm’s AI-first offerings, to enhance Metro Bank’s digital capabilities, improve automation, refine data, and embed further AI capabilities.The bank expects to deliver 80 million pounds of annualised cost savings this year across multiple initiatives, as it progresses towards the target of reaching mid-to-high teen return on tangible equity by 2027.
OTHER UPDATES:
SPORTS
1. India’s Dhanush Loganathan wins Bronze in Men’s 55kg at IWF Junior World Championships 2024: In Weightlifting, India’s Dhanush Loganathan won the bronze medal in the men’s 55kg event at the IWF Junior World Weightlifting Championships 2024 in Leon, Spain.The 17-year-old Indian weightlifter lifted a total of 231kg (107 snatch+124kg clean and jerk) for bronze.Medals at the junior World Weightlifting Championships 2024 are awarded separately in snatch, clean and jerk and total categories.Dhanush also clinched a bronze medal in the snatch and finished 13th in the clean and jerk. Vietnam’s K Duong won the gold medal for lifting 253kg (115kg+140kg) and Japan’s Kotaro Tomari, clinched the silver medal for a total of 247kg (108kg+139kg).
2. Punjab lifts Hockey Junior Men’s National Championship trophy: Punjab defeated Uttar Pradesh to clinch the 14th Hockey India Junior Men’s National Championship 2024 at the Olympian Surjit Singh Hockey Stadium in Jalandhar.After a 3-3 finish, the match was decided in the shootout, with Punjab winning 4-3 to lift the trophy.Haryana defeated Karnataka 5-0 to secure third place on the podium.
BANKING AND FINANCE
1. Razorpay launches integration platform DataSync: Fintech giant Razorpay has launched DataSync, a no-code data integration platform that provides real-time data access, allowing businesses to enhance business intelligence, improve financial reporting, strengthen fraud and security monitoring, and uncover new revenue opportunities.DataSync will allow businesses to safely and conveniently integrate their financial and business data on Razorpay. This allows firms to use their data for deeper business insight, improved financial reporting, fraud and security monitoring, and generating new revenue ideas, transforming payment data into a profit centre.
According to ACI Worldwide’s most recent report, India will account for 49% of all real-time transactions globally in 2023.DataSync, India’s first no-code, seamless data integration platform, will enable organizations to make faster, data-driven choices by providing real-time information on transactions such as settlements, refunds, chargebacks, and reversals with robust security and low latency.
2. ICICI Bank partners with PFRDA to launch NPS Vatsalya, a pension account for minors: ICICI Bank has launched the NPS Vatsalya, a pension program targeted at protecting children’s financial future, at its service location in BKC, Mumbai, Maharashtra.The Union Budget 2024-2025 suggested a new pension program that will be overseen by the Pension Fund Regulatory and Development Authority (PFRDA).It permits parents/guardians to contribute to the minor until they reach adulthood. When the individual reaches the age of 18, they can turn it into a regular NPS account.ICICI Bank marked the start of the scheme by creating accounts for a few children under NPS Vatsalya. They were also given a symbolic Permanent Retirement Account Number (PRAN) card for their NPS Vatsalya account.
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