NATIONAL UPDATES:
1. Telangana Govt, World Bank to prepare roadmap for an impactful outcome for people of State: The Telangana State government and the World Bank have decided to develop a roadmap enabling partnership between the State government and the World Bank for making a positive, ambitious and highly impactful outcome relating to lives of around four crore people of the State.
The focus of the partnership will be on initiatives for skill development, urban rejuvenation and re-imagination, net zero developments, healthcare, diagnostics and electronic records among others. World Bank backing is expected to give a massive fillip to several projects including the Musi River rejuvenation project, Skill University, Future City, Citizen Healthcare and development of Hyderabad 4.0.
2. Third edition of ‘Har Ghar Tiranga’ campaign set for August 9-15: The third edition of the ‘Har Ghar Tiranga’ campaign, aimed at fostering patriotism and national pride by encouraging citizens to display the national flag at their homes, will run from August 9 to August 15. This initiative has seen significant public participation in the past two years, with Prime Minister Narendra Modi urging citizens to continue the tradition. The campaign was launched in 2022 under the ‘Azadi Ka Amrit Mahotsav’ program. This initiative was a huge hit among the citizens of India. The participants represented diverse communities all over India. In its launching year, more than 23 crores have taken part and around 6 crore selfies along with the flag were uploaded. Next year around 10 crore selfies were uploaded for the campaign.
3. Odisha launches India’s first ‘Rice ATM’: The Odisha government has introduced India’s first round-the-clock grain ATM, also known as the ‘rice ATM,’ to revolutionise the Public Distribution System (PDS) for ration cardholders. This machine, installed at a warehouse in Mancheswar, was launched by Odisha Food Supplies and Consumer Welfare Minister Krushna Chandra Patra. The machine, developed in partnership with the World Food Programme, operates around the clock, providing beneficiaries with consistent access to their entitled food grains. The Annapurti Grain ATM, as it is officially known, is capable of dispensing up to 50 kg grain in just five minutes, with an error rate of only 0.01%. Initially launched in Bhubaneswar, the rice ATM will be introduced in all 30 districts of Odisha. It will potentially be expanded to other states under the One Nation One Ration Card scheme.
4. SEBI approves Praveena Rai as new MD & CEO of MCX: Capital market regulator SEBI approved Praveena Rai’s appointment as the Managing Director and CEO of MCX, the country’s largest commodity exchange. Rai was the COO of NPCI (National Payment Corporation of India) and was in charge of formulating and deploying the marketing, business development, product management, and operations strategy. She was driving product penetration, reach and visibility of NPCI’s offerings through suitable partnerships. With over 20 years of extensive experience, Rai has built expertise in various facets of payments, cards, retail, transaction, wholesale and commercial banking. The former chief of the exchange, PS Reddy, stepped down on May 9 after completing his five-year term. Though eligible, he did not offer himself for the second term.
INTERNATIONAL UPDATES:
1. Ambani family’s wealth 10% of India GDP: Barclays-Hurun India report: According to report released’ 2024 by Barclays Private Clients Hurun India Most Valuable Family Businesses List’ the Ambani family’s combined wealth valuation of Rs 25.75 trillion was equivalent to around 10 per cent of the Indian gross domestic product (GDP). The Ambani family remains the richest business family in India, followed by the Bajaj and Birla families. According to the report, the top three business families -Ambani, Bajaj, and Birlas- are valued at $460 billion, which is equivalent to Singapore’s GDP. The Ambani family is followed by the Bajaj family in the second position with a valuation of Rs 7.13 trillion. The Pune-based automobile business is headed by Niraj Bajaj, a third-generation leader, as per the report. The Birla family ranks third at Rs 5.39 trillion, led by fourth-generation Kumar Mangalam Birla. The business primarily focuses on metals, mining, cement, and financial services.
2. HCLTech unit to acquire French software firm Zeenea for 24 mn euros: HCLSoftware, the software business division of Indian IT services giant HCLTech, will acquire Zeenea, a Paris-based firm providing data catalog and governance solutions, for Euro 24 million (around Rs 218 crore).
The acquisition is expected to close in September 2024. The acquisition will strengthen its data and analytics business called Actian. Actian has seen strong growth in hybrid data management and integration in the last few years. Adding metadata management, data catalog and governance capabilities will help Actian customers.
3. Goritsa Gruncharova-Kozhareva appoints new caretaker PM of Bulgaria: Goritsa Gruncharova-Kozhareva has been sworn in as Bulgaria’s caretaker prime minister, leaving her to oversee an interim government that has held power in the country since the resignation of former prime minister Nikolai Denkov in March. She replaces Dimitar Glavchev, who was appointed on 9 April. Kozhareva was appointed by Bulgaria’s head of state Roumen Radev, who added that he saw 20 October as a suitable date for holding another parliamentary election.
4. 10 August – World Lion Day: World Lion Day is celebrated annually on August 10th. Objective – To raise awareness about these conservation issues and promote efforts to protect lions. The day provides an opportunity to educate people about the challenges lions face and to celebrate their vital role in ecosystems and cultural heritage worldwide World Lion Day was first established in 2013 by Big Cat Rescue, the world’s largest accredited sanctuary dedicated to lions, and was co-founded by Dereck and Beverly Joubert.
5. 9 August – Nagasaki Day: Nagasaki Day is observed every year on 9 August. This year marked the 79th Anniversary of Nagasaki Day. On August 9, 1945, a U.S. B-29 bomber named Bockscar dropped an atomic bomb codenamed “Fat Man” on the city of Nagasaki. This event occurred just three days after the atomic bombing of Hiroshima, making it the second and, to date, the last use of nuclear weapons in warfare. The atomic bomb “Fat Man” dropped by a US B-29 bomber on Nagasaki on August 9, 1945, killed as many as 70,000 people, three days after the bombing of Hiroshima killed more than 140,000. Thousands of people were killed in the next two to four months due to the radiation effects of the bombing. Although the exact number of casualties is unknown, the atomic bombs dropped by the US are estimated to have killed more than 200,000 people.
6. 10 August – World Biofuel Day: World Biofuel Day is observed on August 10 annually. Objective – To create awareness about the importance of biofuels that are made from biological materials like agricultural waste, animal waste, algae, trees, crops, or even grass. Theme 2024 – Sustainable Biofuels: Reducing Waste, Feeding Energy. August 10 was designated as World Biofuel Day because it was on this date in 1893 that German Inventor Sir Rudolf Diesel successfully operated his diesel engine with peanut oil. Later, the Ministry of Petroleum and Natural Gas (MoP&NG) and the Ministry of Environment, Forestry, and Climate Change (MoEFCC) in India started celebrating World Biofuel Day from 2015 onwards. In India, biofuels like biodiesel, bioethanol, and bio-CNG are increasingly being used.
OTHER UPDATES:
DEFENCE
1. GoI constitutes a committee to monitor the current situation on Indo-Bangladesh Border: The Government of India has constituted a committee to monitor the current situation on the Indo-Bangladesh Border (IBB). The committee will maintain communication channels with their counterpart authorities in Bangladesh to ensure the safety of Indian citizens and people belonging to minority communities in Bangladesh. The Committee will be headed by ADG, Border Security Force (BSF), Eastern Command and will have IG, BSF Frontier HQ South Bengal, IG, BSF Frontier HQ Tripura, Member (Planning & Development), Land Ports Authority of India (LPAI), and, Secretary, LPAI, as its members.
SPORTS
1. Aman Sehrawat breaks Sindhu record to be Youngest Medallist at Olympics: Aman Sehrawat became the youngest Indian to win an Olympic medal after he won a bronze medal in the men’s freestyle 57 kg wrestling event at the Paris Olympics. Aman Sehrawat broke the record of PV Sindhu, who won a silver medal at the 2016 Rio Olympics at the age of 21 years, 1 month, and 14 days. The youngest Indian to win an Olympic Medal is wrestler Aman Sehrawat. He won the medal at the age of 21 years and 24 days.
2. Oldest Indian Medal Winner at Summer Olympics: The Oldest Indian to win a medal at the Summer Olympics is Rajyavardhan Singh Rathore. He won a silver medal in the double trap shooting event at the 2004 Athens Olympics at the age of 34 years, 6 months, and 19 days. The Oldest Indian woman to win a medal at the Summer Olympics is boxer Mary Kom. Kom won a bronze medal in the 2012 London Olympics at the age of 29 years, 8 months, and 15 days.
3. Flag bearer at the closing ceremony of the Paris Olympics: The Indian Olympic Association (IOA) has also announced that PR Sreejesh, along with Manu Bhaker, will be the flag bearer of the Indian contingent at the closing ceremony of the 2024 Paris Olympics. Sharath Kamal and PV Sindhu were the Indian flag bearers at the opening ceremony of the Paris Olympics.
BANKING AND FINANCE
1. L& T Finance Achieves NBFC-ICC Status from RBI: L&T Finance Ltd. has officially received its certificate of registration as a Non-Banking Financial Company (Investment and Credit Company) from the Reserve Bank of India (RBI). This transition marks a shift from its previous registration as an NBFC-Core Investment Company (NBFC-CIC), following the merger with its wholly owned subsidiaries, L&T Finance, L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd. The company further stated that this change would not impact its compliance with NBFC-ICC guidelines. L&T Finance Ltd.’s transition to an NBFC-ICC status is a move following its successful merger and consolidation of subsidiaries.
2. India’s Reserve Bank of India ranks 12th around the world: Central banks play a crucial role in maintaining economic stability and growth by implementing stable monetary policy and ensuring financial stability. Globally, they have specialised departments dedicated to regulation and supervision, staffed with experts who monitor compliance with established financial laws and regulations. The total wealth of central banks reflects the economic outlook of their respective countries, which is mainly assessed through the central bank’s assets, with the balance sheet acting as a crucial indicator of the nation’s economic health. India’s Reserve Bank of India ranks 12th around the world. The Reserve Bank of India (RBI) balance sheet grew by 11.08% year on year to Rs 70.47 trillion as of March 31, 2024, owing to its liquidity and foreign currency (forex) activities. Based on data compiled by the Sovereign Wealth Fund Institute (SWFI), here are the top 10 wealthiest central banks in the world by total assets:
3. Pine Labs-owned Setu partners Axis Bank for UPI-focused payments platform: Pine Labs-owned Setu, an application programming interface (API) infrastructure provider, introduced a Unified Payments Interface (UPI)-focused payments platform for businesses and developers in partnership with Axis Bank. The platform, named UPISetu, supports a wide range of UPI products, from basic QR code payments, UPI Autopay, equated monthly instalments (EMIs), and third-party validation service. It also features functionalities like brand and bank offers, advanced dispute resolution, instant cashback and refunds, all provided via APIs.
