Daily GK Update- 9th Aug, 2021

 

NATIONAL UPDATES:

 

1. India nuclear power capacity is expected to reach 22,480 MW by 2031: India’s nuclear power capacity is expected to reach 22,480 Mega Watts by 2031 from the current 6,780 MegaWatts. There are presently 22 reactors with a total capacity of 6780 MW in operation and one reactor, KAPP-3 (700 MW) has been connected to the grid on January 10, 2021. Ten (10) nuclear power reactors with 8000 MW capacity (including 500 MW PFBR being implemented by BharatiyaNabhikiyaVidyut Nigam Limited {BHAVINI}) are under construction. Additionally, the Government has accorded administrative approval and financial sanction of ten (10) indigenous Pressurized Heavy Water Reactors (PHWRs) of 700 MW each to be set up in fleet mode.

 

2. Power minister launches e-certification programme to provide regulatory training: Power Minister R K Singh has launched an e-certification programme, ‘reform and regulatory knowledge base for power sector’, to provide regulatory training. The Union Minister for Power and New & Renewable Energy R K Singh launched ‘reform and regulatory knowledge base for power sector’, an e-certification programme to provide regulatory training to the practitioners from diverse backgrounds through virtual mode. R K Singh also launched a Regulatory Data Dashboard which is an e-compendium of data containing state-wise details of tariff and power discoms (distribution companies) performance, developed by IIT Kanpur. The Dashboard would assist in benchmarking the sector performance, over time and across the power sector utilities.

 

3. Labhanshu Sharma wins Bharat Kesari Wrestling Dangal for Uttarakhand: Indian Wrestler Labhanshu Sharma won the Bharat Kesari Wrestling Dangal 2021 organised in Tamil Nadu. 20 years since the formation of Uttarakhand, Labhanshu has broken the drought and won the title of Bharat Kesari for the state. With 15 gold medals at the state level and 10 medals at the national level and 2 gold medals and 1 silver medal in the International Wrestling competitions; Labhanshu is already set to bring glory to the nation.

Note: Governor of Uttarakhand: Baby Rani Maurya; The chief minister of Uttarakhand: Pushkar Singh Dhami.

 

4. India’s first Heart Failure Biobank starts at SCTIMST in Kerala: The first Heart Failure Biobank in the country has come up at the National Centre for Advanced Research and Excellence in HF (CARE-HF) at the SreeChitraTirunal Institute for Medical Sciences and Technology (SCTIMST), Kerala. The Biobank is open to study genetic, metabolomics and proteomic markers of health outcomes in heart-failure patients.

About the Biobanks: Biobanks are an important resource of collections of high-quality biological human samples that can be used to understand molecular pathways and to improve the diagnosis, prognosis and treatment of heart failure. The biospecimens include blood, serum and tissue samples obtained during open-heart surgery and peripheral blood mononuclear cells (PBMCs) and genomic DNA collected from heart-failure patients.

Note: Kerala CM: PinarayiVijayan; Kerala Governor: Arif Mohammad Khan.

 

5. 2nd IEEE International Conference on Range Technology by DRDO: The 2nd Institute of Electrical and Electronics Engineers (IEEE) International Conference on Range Technology (ICORT-2021) is being held virtually. The conference has been organised by Integrated Test Range (ITR) Chandipur, a laboratory of Defence Research and Development Organisation (DRDO). It was inaugurated by Secretary, Department of Defence R&D and Chairman DRDO Dr G Satheesh Reddy. The event will host speakers from across the globe, who will present their technological achievements in multiple subjects related to Tests and Evaluation of defence systems.About the conference:

The conference will be a very effective platform for all the Range Technology enthusiasts to interact with each other and stay updated with recent developments in relevant fields.

More than 250 technical articles were submitted by experts on the relevant subjects, out of which 122 articles have been selected by a specialised technical committee.

A virtual industrial exhibition is also being held in which more than 25 industries and organisations from India and abroad will display their products and technologies.

 

INTERNATIONALUPDATES:

 

1. US approves sale of Harpoon Joint Common Test Sets to India worth $82 million: The US has approved the sale of Harpoon Joint Common Test Set (JCTS) and related equipment to India for an estimated cost of $82 million, a decision which it said will help strengthen the bilateral strategic ties and improve the security of a major defensive partner in the Indo-Pacific region. The Pentagon’s Defense Security Cooperation Agency (DSCA) delivered the required certification notifying the US Congress of this possible sale, according to an official statement.

 

2. Nagasaki Day: 9th August: Japan commemorates the 9th of August every year as Nagasaki day. On August 9, 1945, the United States dropped an atomic bomb on Nagasaki, Japan. It was code-named “Fat Man” due to the design of the bomb as it had a wide, round shape. This happened 3 days after dropping an atomic bomb on Hiroshima. An area of about 5 square miles was completely obliterated and around 65,000 people were killed in the bombing. Nagasaki and Hiroshima continue to feel the impact of the destructive bombing even today.

 

3. International Day of the World’s Indigenous Peoples: 9th August: United Nations observes the International Day of the World’s Indigenous Peoples on 09th August every year. The day is being observed to protect the rights of the world’s indigenous population and recognize the achievements and contributions that indigenous people make to improve world issues such as environmental protection. The theme for 2021 is “Leaving no one behind: Indigenous peoples and the call for a new social contract.” The day was recognised by the General Assembly of the United Nations in December 1994. The date to marks the day of the inaugural session of the Working Group on Indigenous Populations at the United Nations in 1982.

 

OTHER UPDATES:

 

SPORTS

 

1. Tokyo Olympics 2020 Closing Ceremony Highlights: The Tokyo Olympics 2020 came to an end on August 08, 2021. The international multi-sport event was held from July 23 to August 08, 2021, in Tokyo, Japan. This was for the fourth time that Japan hosted the Olympic Games, after previously hosting the Tokyo 1964 (Summer), Sapporo 1972 (Winter), and Nagano 1998 (Winter) games. Apart from this, Tokyo is the first Asian city to hold the Summer Games twice. Indian Contingent managed to win 7 medals comprising 1 Gold, 2 Silver and 4 Bronze Medals. The country stood at the 48th position in the medal table out of 86 countries.

Top Five Nations in the Medal Tally:

United States: 113 (Gold: 39, Silver: 41, Bronze: 33)

China: 88 (Gold: 38, Silver: 32, Bronze: 18)

Japan: 58 (Gold: 27, Silver: 14, Bronze: 17)

Great Britain: 65 (Gold: 22, Silver: 21, Bronze: 22)

Team ROC (the Russian Olympic Committee): 71 (Gold: 20, Silver: 28, Bronze: 23)

India in the Tokyo Olympics 2020: India finished the Games with its best-ever Olympic medal tally of 7 in Tokyo Games 2020, surpassing the previous best record of 6 medals at the 2012 London Olympics. MC Mary Kom, and men’s hockey team skipper, Manpreet Singh, were flag-bearers for the Indian contingent at the opening ceremony. Bronze-medalist BajrangPunia was the flag-bearer at the closing ceremony of the event.

Indian Medal Winners List:

(1) Gold: Men’s Javelin Throw: Neeraj Chopra

(2) Silver: Women’s 49kg Weightlifting: MirabaiChanu

Men’s Freestyle 57kg Wrestling: Ravi Dahiya

(3) Bronze: Women’s Welterweight boxing: LovlinaBorgohain

Women’s Singles Badminton: PV Sindhu

Men’s 65kg Freestyle Wrestling: BajrangPunia

Men’s hockey: India men’s hockey team

 

BANKING AND FINANCE

 

1. ICICI Prudential Life ties up with NPCI for UPI Autopay: ICICI Prudential Life Insurance has tied up with the National Payments Corporation of India (NPCI) to provide a Unified Payments Interface Autopay facility to its customers. This tie-up is another step in the company’s digitalisation journey, which provides customers with a hassle-free and seamless experience across the policy lifecycle.About this facility:

(1) While purchasing a life insurance policy, customers can link their bank accounts with UPI Autopay for payment of premium.

(2) The UPI Autopay e-mandate can be activated by customers by using their smartphones to make regular renewal premium payments in a paperless format.

(3) The UPI payment mode is fast becoming a preferred route of payment due to the contactless and frictionless experience it provides.

(4) Customers can set up the e-mandate facility to make their regular renewal premium payments and ensure financial security for self and their families.

(5) Customers can enable the UPI Auotpay feature on their UPI apps. Alternatively, it can be enabled for banks through an e-mandate.

Note: ICICI Prudential Life Insurance CEO: N. S. Kannan; ICICI Prudential Life Insurance Founded: 2000.

 

2. Sebi allows payments banks to act as investment bankers: Sebi has allowed payments banks to carry out the activities of investment bankers to provide easy access to investors to participate in public and rights issues by using various payment avenues, markets regulator. Non-scheduled payments banks, which have prior approval from the Reserve Bank of India (RBI), will be eligible to act as a banker to an issue (BTI).

This is subject to fulfilment of the conditions stipulated in the BTI rules. Further, payments banks registered as a BTI will also be permitted to act as self-certified syndicate banks, subject to the fulfilment of the criteria laid down by the Sebi in this regard from time to time.”The blocking/movement of funds from the investor to the issuer shall only be made through the savings account of the investor held with the payments bank.

Bankers to an issue mean a scheduled bank or such other banking company as may be specified by Sebi carrying activities, including acceptance of application money, acceptance of allotment or call money, refund of application money and payment of dividend or interest warrants.

Note: Securities and Exchange Board of India Founded: 12 April 1992; Securities and Exchange Board of India Headquarters: Mumbai; Securities and Exchange Board of India Agency executive: Ajay Tyagi.

 

BUSINESS AND ECONOMY

 

1. Eurosport India appoints John Abraham as the MotoGP Brand Ambassador: Eurosport India has appointed Bollywood superstar and MotoGP enthusiast, John Abraham, as the India Ambassador for their flagship Motorsport property, MotoGP™.  John will be seen promoting MotoGP to a wider audience base in India as its face through Eurosport’s campaign – “MotoGP, Race Lagate Hai”. Eurosport India currently boasts of an unparalleled depth in global motorsports programming for the Indian motorsports fans with prestigious properties like FIA Formula 2 Championship, W Series, Nascar, Indycar Series and Bennetts British Superbike racing. Prior to the association, the actor has shared the stage with MotoGP legend “The Doctor”-Valentino Rossi and has frequented many MotoGP races.

 

AWARDS AND HONOURS

 

1. Mangdechhu Hydroelectric Project in Bhutan gets Brunel Medal: Bhutan’s India-assisted Mangdechhu Hydroelectric Project was conferred with the Brunel Medal awarded by the London-based Institution of Civil Engineers (ICE). The award was given as a mark of excellence in civil engineering within the industry and was handed over by the Indian envoy to Bhutan Ruchira Kamboj to the Chairman of Mangdechhu Hydroelectric Project Authority, LyonpoLoknath Sharma. One of the reasons the Mangdechhu project was awarded was because of its social and environmental credentials. About the project:

(1) The project will reduce 2.4 million tonnes of greenhouse gas emissions each year.

(2) Bhutan and India in the past have collectively resolved to increase the hydropower energy capacity of Bhutan to 12000 MW.

(3) The Brunel Medal is historically given to major projects and organisations across the world.

(4) The 2020 edition of the prize went to the Mangdechhu Hydroelectric Project – a collaboration between Indian and Bhutanese governments. The award was announced in October 2020.

Note: Bhutan Capital: Thimphu; Bhutan Prime minister: LotayTshering; Bhutan Currency: Bhutanese ngultNATIONAL UPDATES:

 

1. India nuclear power capacity is expected to reach 22,480 MW by 2031: India’s nuclear power capacity is expected to reach 22,480 Mega Watts by 2031 from the current 6,780 MegaWatts. There are presently 22 reactors with a total capacity of 6780 MW in operation and one reactor, KAPP-3 (700 MW) has been connected to the grid on January 10, 2021. Ten (10) nuclear power reactors with 8000 MW capacity (including 500 MW PFBR being implemented by BharatiyaNabhikiyaVidyut Nigam Limited {BHAVINI}) are under construction. Additionally, the Government has accorded administrative approval and financial sanction of ten (10) indigenous Pressurized Heavy Water Reactors (PHWRs) of 700 MW each to be set up in fleet mode.

 

2. Power minister launches e-certification programme to provide regulatory training: Power Minister R K Singh has launched an e-certification programme, ‘reform and regulatory knowledge base for power sector’, to provide regulatory training. The Union Minister for Power and New & Renewable Energy R K Singh launched ‘reform and regulatory knowledge base for power sector’, an e-certification programme to provide regulatory training to the practitioners from diverse backgrounds through virtual mode. R K Singh also launched a Regulatory Data Dashboard which is an e-compendium of data containing state-wise details of tariff and power discoms (distribution companies) performance, developed by IIT Kanpur. The Dashboard would assist in benchmarking the sector performance, over time and across the power sector utilities.

 

3. Labhanshu Sharma wins Bharat Kesari Wrestling Dangal for Uttarakhand: Indian Wrestler Labhanshu Sharma won the Bharat Kesari Wrestling Dangal 2021 organised in Tamil Nadu. 20 years since the formation of Uttarakhand, Labhanshu has broken the drought and won the title of Bharat Kesari for the state. With 15 gold medals at the state level and 10 medals at the national level and 2 gold medals and 1 silver medal in the International Wrestling competitions; Labhanshu is already set to bring glory to the nation.

Note: Governor of Uttarakhand: Baby Rani Maurya; The chief minister of Uttarakhand: Pushkar Singh Dhami.

 

4. India’s first Heart Failure Biobank starts at SCTIMST in Kerala: The first Heart Failure Biobank in the country has come up at the National Centre for Advanced Research and Excellence in HF (CARE-HF) at the SreeChitraTirunal Institute for Medical Sciences and Technology (SCTIMST), Kerala. The Biobank is open to study genetic, metabolomics and proteomic markers of health outcomes in heart-failure patients.

About the Biobanks: Biobanks are an important resource of collections of high-quality biological human samples that can be used to understand molecular pathways and to improve the diagnosis, prognosis and treatment of heart failure. The biospecimens include blood, serum and tissue samples obtained during open-heart surgery and peripheral blood mononuclear cells (PBMCs) and genomic DNA collected from heart-failure patients.

Note: Kerala CM: PinarayiVijayan; Kerala Governor: Arif Mohammad Khan.

 

5. 2nd IEEE International Conference on Range Technology by DRDO: The 2nd Institute of Electrical and Electronics Engineers (IEEE) International Conference on Range Technology (ICORT-2021) is being held virtually. The conference has been organised by Integrated Test Range (ITR) Chandipur, a laboratory of Defence Research and Development Organisation (DRDO). It was inaugurated by Secretary, Department of Defence R&D and Chairman DRDO Dr G Satheesh Reddy. The event will host speakers from across the globe, who will present their technological achievements in multiple subjects related to Tests and Evaluation of defence systems.About the conference:

The conference will be a very effective platform for all the Range Technology enthusiasts to interact with each other and stay updated with recent developments in relevant fields.

More than 250 technical articles were submitted by experts on the relevant subjects, out of which 122 articles have been selected by a specialised technical committee.

A virtual industrial exhibition is also being held in which more than 25 industries and organisations from India and abroad will display their products and technologies.

 

INTERNATIONALUPDATES:

 

1. US approves sale of Harpoon Joint Common Test Sets to India worth $82 million: The US has approved the sale of Harpoon Joint Common Test Set (JCTS) and related equipment to India for an estimated cost of $82 million, a decision which it said will help strengthen the bilateral strategic ties and improve the security of a major defensive partner in the Indo-Pacific region. The Pentagon’s Defense Security Cooperation Agency (DSCA) delivered the required certification notifying the US Congress of this possible sale, according to an official statement.

 

2. Nagasaki Day: 9th August: Japan commemorates the 9th of August every year as Nagasaki day. On August 9, 1945, the United States dropped an atomic bomb on Nagasaki, Japan. It was code-named “Fat Man” due to the design of the bomb as it had a wide, round shape. This happened 3 days after dropping an atomic bomb on Hiroshima. An area of about 5 square miles was completely obliterated and around 65,000 people were killed in the bombing. Nagasaki and Hiroshima continue to feel the impact of the destructive bombing even today.

 

3. International Day of the World’s Indigenous Peoples: 9th August: United Nations observes the International Day of the World’s Indigenous Peoples on 09th August every year. The day is being observed to protect the rights of the world’s indigenous population and recognize the achievements and contributions that indigenous people make to improve world issues such as environmental protection. The theme for 2021 is “Leaving no one behind: Indigenous peoples and the call for a new social contract.” The day was recognised by the General Assembly of the United Nations in December 1994. The date to marks the day of the inaugural session of the Working Group on Indigenous Populations at the United Nations in 1982.

 

OTHER UPDATES:

 

SPORTS

 

1. Tokyo Olympics 2020 Closing Ceremony Highlights: The Tokyo Olympics 2020 came to an end on August 08, 2021. The international multi-sport event was held from July 23 to August 08, 2021, in Tokyo, Japan. This was for the fourth time that Japan hosted the Olympic Games, after previously hosting the Tokyo 1964 (Summer), Sapporo 1972 (Winter), and Nagano 1998 (Winter) games. Apart from this, Tokyo is the first Asian city to hold the Summer Games twice. Indian Contingent managed to win 7 medals comprising 1 Gold, 2 Silver and 4 Bronze Medals. The country stood at the 48th position in the medal table out of 86 countries.

Top Five Nations in the Medal Tally:

United States: 113 (Gold: 39, Silver: 41, Bronze: 33)

China: 88 (Gold: 38, Silver: 32, Bronze: 18)

Japan: 58 (Gold: 27, Silver: 14, Bronze: 17)

Great Britain: 65 (Gold: 22, Silver: 21, Bronze: 22)

Team ROC (the Russian Olympic Committee): 71 (Gold: 20, Silver: 28, Bronze: 23)

India in the Tokyo Olympics 2020: India finished the Games with its best-ever Olympic medal tally of 7 in Tokyo Games 2020, surpassing the previous best record of 6 medals at the 2012 London Olympics. MC Mary Kom, and men’s hockey team skipper, Manpreet Singh, were flag-bearers for the Indian contingent at the opening ceremony. Bronze-medalist BajrangPunia was the flag-bearer at the closing ceremony of the event.

Indian Medal Winners List:

(1) Gold: Men’s Javelin Throw: Neeraj Chopra

(2) Silver: Women’s 49kg Weightlifting: MirabaiChanu

Men’s Freestyle 57kg Wrestling: Ravi Dahiya

(3) Bronze: Women’s Welterweight boxing: LovlinaBorgohain

Women’s Singles Badminton: PV Sindhu

Men’s 65kg Freestyle Wrestling: BajrangPunia

Men’s hockey: India men’s hockey team

 

BANKING AND FINANCE

 

1. ICICI Prudential Life ties up with NPCI for UPI Autopay: ICICI Prudential Life Insurance has tied up with the National Payments Corporation of India (NPCI) to provide a Unified Payments Interface Autopay facility to its customers. This tie-up is another step in the company’s digitalisation journey, which provides customers with a hassle-free and seamless experience across the policy lifecycle.About this facility:

(1) While purchasing a life insurance policy, customers can link their bank accounts with UPI Autopay for payment of premium.

(2) The UPI Autopay e-mandate can be activated by customers by using their smartphones to make regular renewal premium payments in a paperless format.

(3) The UPI payment mode is fast becoming a preferred route of payment due to the contactless and frictionless experience it provides.

(4) Customers can set up the e-mandate facility to make their regular renewal premium payments and ensure financial security for self and their families.

(5) Customers can enable the UPI Auotpay feature on their UPI apps. Alternatively, it can be enabled for banks through an e-mandate.

Note: ICICI Prudential Life Insurance CEO: N. S. Kannan; ICICI Prudential Life Insurance Founded: 2000.

 

2. Sebi allows payments banks to act as investment bankers: Sebi has allowed payments banks to carry out the activities of investment bankers to provide easy access to investors to participate in public and rights issues by using various payment avenues, markets regulator. Non-scheduled payments banks, which have prior approval from the Reserve Bank of India (RBI), will be eligible to act as a banker to an issue (BTI).

This is subject to fulfilment of the conditions stipulated in the BTI rules. Further, payments banks registered as a BTI will also be permitted to act as self-certified syndicate banks, subject to the fulfilment of the criteria laid down by the Sebi in this regard from time to time.”The blocking/movement of funds from the investor to the issuer shall only be made through the savings account of the investor held with the payments bank.

Bankers to an issue mean a scheduled bank or such other banking company as may be specified by Sebi carrying activities, including acceptance of application money, acceptance of allotment or call money, refund of application money and payment of dividend or interest warrants.

Note: Securities and Exchange Board of India Founded: 12 April 1992; Securities and Exchange Board of India Headquarters: Mumbai; Securities and Exchange Board of India Agency executive: Ajay Tyagi.

 

BUSINESS AND ECONOMY

 

1. Eurosport India appoints John Abraham as the MotoGP Brand Ambassador: Eurosport India has appointed Bollywood superstar and MotoGP enthusiast, John Abraham, as the India Ambassador for their flagship Motorsport property, MotoGP™.  John will be seen promoting MotoGP to a wider audience base in India as its face through Eurosport’s campaign – “MotoGP, Race Lagate Hai”. Eurosport India currently boasts of an unparalleled depth in global motorsports programming for the Indian motorsports fans with prestigious properties like FIA Formula 2 Championship, W Series, Nascar, Indycar Series and Bennetts British Superbike racing. Prior to the association, the actor has shared the stage with MotoGP legend “The Doctor”-Valentino Rossi and has frequented many MotoGP races.

 

AWARDS AND HONOURS

 

1. Mangdechhu Hydroelectric Project in Bhutan gets Brunel Medal: Bhutan’s India-assisted Mangdechhu Hydroelectric Project was conferred with the Brunel Medal awarded by the London-based Institution of Civil Engineers (ICE). The award was given as a mark of excellence in civil engineering within the industry and was handed over by the Indian envoy to Bhutan Ruchira Kamboj to the Chairman of Mangdechhu Hydroelectric Project Authority, LyonpoLoknath Sharma. One of the reasons the Mangdechhu project was awarded was because of its social and environmental credentials. About the project:

(1) The project will reduce 2.4 million tonnes of greenhouse gas emissions each year.

(2) Bhutan and India in the past have collectively resolved to increase the hydropower energy capacity of Bhutan to 12000 MW.

(3) The Brunel Medal is historically given to major projects and organisations across the world.

(4) The 2020 edition of the prize went to the Mangdechhu Hydroelectric Project – a collaboration between Indian and Bhutanese governments. The award was announced in October 2020.

Note: Bhutan Capital: Thimphu; Bhutan Prime minister: LotayTshering; Bhutan Currency: Bhutanese ngultrum.

Daily GK Update- 8th Aug, 2021

 

NATIONAL UPDATES:

 

1. Khel Ratna Award renamed as Major Dhyan Chand Khel Ratna Award: Prime Minister Narendra Modi has announced that Rajiv Gandhi Khel Ratna Award will be renamed as Major Dhyan Chand Khel Ratna Award. The Prime Minister said the move was based on the numerous requests he received from across the nation. Dhyan Chand, whose birthday is celebrated as National Sports Day, won three Olympic golds for the country in Hockey.

About the award: The award was inaugurated in 1991-92, the award comprises a medallion, a certificate, and a cash prize of ₹ 25 lakh. The first recipient of the Khel Ratna was chess legend, Viswanathan Anand. Some of the winners in recent years include cricketer Rohit Sharma, wrestler VineshPhogat, women’s hockey team captain Rani Rampal, among others.

 

2. Uttarakhand unveils India’s first earthquake mobile app: Uttarakhand Chief Minister, Pushkar Singh Dhami has launched the first-of-its-kind earthquake early warning mobile application, named ‘Uttarakhand Bhookamp Alert’. The app has been developed by IIT Roorkee, in association with Uttarakhand State Disaster Management Authority (USDMA). Initially, this app was launched as a pilot project only by the Ministry of Earth Sciences, Government of India, for the Garhwal region of Uttarakhand, the project proposal was further extended by the Uttarakhand Government.

About the App: The Uttarakhand Bhookamp Alert is India’s first earthquake early warning’ app for notifying people about earthquake alerts. Earthquake Early Warning (EEW) mobile app can detect the onset of the earthquake and issue warnings regarding an earthquake occurrence in the neighbourhood and the expected time of arrival and intensity at the location to prevent any loss of life.

Note: Governor of Uttarakhand: Baby Rani Maurya; The chief minister of Uttarakhand: Pushkar Singh Dhami.

 

3. BRO builds world’s highest road in Ladakh at 19,300 feet: Border Roads Organisation (BRO) has constructed and black-topped the highest road in the world at Umlingla Pass in Eastern Ladakh. The highest motorable road in the world is situated at an altitude of 19,300 feet. This is higher than the base camps of Mount Everest. The road itself is a 52-km long tarmac stretch through Umlingla Pass, connecting important towns in the Chumar sector of Eastern Ladakh. Infrastructure development in places like Umlingla Pass is difficult due to the harsh and tough terrain coupled with extremely low temperatures. In winters, the temperature dips 40 degrees below zero. The oxygen level at this altitude is almost 50 per cent less than at normal places.

The north base in Tibet is at 16,900 feet, whereas the south base camp in Nepal is 17,598 feet. The summit of Mount Everest is a little over 29,000 feet. The road is constructed much above the altitude of Siachen Glacier which is at 17,700 feet. The Khardung La Pass in Leh is at an altitude of 17,582 feet. With this, India has bettered Bolivia’s record of a road at 18,953 feet.

Note: Director-General of BRO: Lt. Gen. Rajeev Chaudhary; BRO Headquarters: New Delhi; BRO Founded: 7 May 1960.

 

4. CBIC launches Compliance Information Portal (CIP): The Central Board for Indirect Taxes & Customs launched the Indian Customs Compliance Information Portal at www.cip.icegate.gov.in/CIP. This portal providing free access to information on all Customs procedures and regulatory compliance for nearly 12,000 Customs Tariff Items. The portal will provide complete knowledge of all import and export related requirements for all items.

CIP is yet another facilitation tool developed by CBIC to empower our business as well as any interested person with up-to-date information on the legal and procedural requirements of Customs and Partner Government Agencies (FSSAI, AQIS, PQIS, Drug Controller etc.) for carrying out imports and exports. The portal would provide at the click of a button complete knowledge of all import and export related requirements for all items covered under the Customs Tariff thereby improving the ease of doing cross border trade.

Note: Central Board for Indirect Taxes & Customs Chairperson: M. Ajit Kumar; Central Board for Indirect Taxes & Customs Founded: 1 January 1964.

 

5. Zoological Survey of India gets 1st female director in 100 years: The Indian government approved the appointment of DrDhriti Banerjee as the director of the Zoological Survey of India. She is a prolific scientist, conducting research in zoogeography, taxonomy, morphology and molecular systematics. On the occasion of its centenary celebrations in 2016, Banerjee had co-authored the “The Glorious 100 Women’s Scientific Contribution in ZSI”, which chronicled the contributions of women scientists in the domain of animal-related groups.

Zoological Survey of India: Founded in July 1916, the ZSI has its headquarters in Kolkata. It has 16 regional centres under the ministry of environment and forest and climate change. ZSI started hiring women scientists as late as 1949, nearly three decades since its inception.

 

6. Nation observes 79th anniversary of Quit India movement: The 79th anniversary of the August Kranti Din or Quit India Movement, which is considered as one of the important milestones in the history of the freedom struggle of our country, is being observed on 8 August 2021. On 8 Aug 1942, Mahatma Gandhi gave a clarion call to end British rule and launched the Quit India Movement at the session of the All-India Congress Committee in Mumbai. After the failure of Cripps Mission, Gandhiji gave the call to “Do or Die” in his Quit India speech delivered at the Gowalia Tank Maidan in Mumbai. The grateful country is paying homage to the freedom fighters and remembering the supreme sacrifices of the martyrs during the freedom struggle.

 

INTERNATIONALUPDATES:

 

1. India for implementing MoU with Bangladesh in disaster management: India has emphasized the implementation of the recently-signed memorandum of understanding (MoU) with Bangladesh over disaster management, resilience and mitigation on a priority basis. Bangladesh has decided to accept the invitation to join the Coalition for Disaster Resilient Infrastructure (CDRI). CDRI is a coalition of national governments, UN agencies, multilateral development banks and the private sector which aims to promote resilience of new and existing infrastructure to climate and disaster risks. In a letter written to Bangladesh Foreign Minister Dr A K Abdul Momen, Foreign Minister Dr. S. Jaishankar urged Bangladesh to implement the recently concluded MoU in the field of disaster management, resilience and mitigation on a priority basis. He expressed the hope that these mechanisms will help the two countries to remain better prepared to face such challenges in the future.

 

OTHER UPDATES:

 

SPORTS

 

1. Neeraj Chopra wins Olympic gold medal in Javelin throw: Neeraj Chopra has won a Gold medal for India in the javelin throw event at Tokyo Olympics. With a throw of 87.03 metres in his first attempt, Neeraj killed the competition. In his second he improved it to 87.58m and that turned out to be the golden throw. Except for ViteszalavVeslay of the Czech Republic who threw 86.67m none of his rivals including world champion Johannas Vetter fell by wayside. This is India’s 7th medal at Tokyo 2020, the best ever medal haul for India at a single edition of the Games. Neeraj Chopra’s Gold is also India’s second-ever individual Gold medal at the Olympics, after AbhinavBindra in Shooting.

 

BANKING AND FINANCE

 

1. RBI announces its bi-monthly monetary policy: The Reserve Bank of India (RBI) has announced its bi-monthly monetary policy. This is the seventh time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the status quo. RBI had last revised its policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting the interest rate to a historic low.  The meeting was held between August 4 and 6. The remaining will take place in October (6 to 8); December (6 to 8) and February (7 to 9, 2022).The Marginal Standing Facility (MSF) rate and bank rates remain unchanged:

(1) Policy Repo Rate: 4.00%

(2) Reverse Repo Rate: 3.35%

(3) Marginal Standing Facility Rate: 4.25%

(4) Bank Rate: 4.25%

(5) CRR: 4%

(6) SLR: 18.00%

RBI Monetary Policy Highlights & Key Decisions:

(1) RBI keeps the GDP growth forecast for FY22 unchanged at 9.5%.

(2) RBI to conduct two more auctions of ₹25,000 crores each on August 12 and August 26 under the G-sec Acquisition Programme (GSAP).

(3) CPI inflation is projected at 5.7 % during 2021-22 – this consists of 5.9% in Q2, 5.3% in Q3 and 5.8% in Q4 of 2021-22 with risks broadly balanced. CPI inflation for the first quarter of 2022-23 is projected at 5.1%.

The composition of the Monetary Policy Committee is as follows:

(1) Governor of the Reserve Bank of India – Chairperson, ex officio: Shri Shaktikanta Das.

(2) Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy– Member, ex officio: Dr Michael Debabrata Patra.

(3) One officer of the Reserve Bank of India to be nominated by the Central Board – Member, ex officio: DrMridul K. Saggar.

(4) A professor at the Mumbai-based Indira Gandhi Institute of Developmental Research: Prof. Ashima Goyal.

(5) A professor of finance at the Indian Institute of Management in Ahmedabad: Prof. Jayanth R Varma.

(6) An agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi: DrShashankaBhide.

 

2. Axis Bank crosses one million customers on WhatsApp banking: Axis Bank has crossed the milestone of over one million customers on its WhatsApp banking channel with a total request count of 6 million till now. Axis Bank had launched banking services on WhatsApp in January 2021 and has since witnessed robust organic growth in its customer base for WhatsApp banking. After signing up for the service, customers can inquire and get details of products across savings account, credit and debit cards, deposits and personal loans. Non-financial service requests can also be initiated, such as locating ATMs or getting updates on third-party deals available on credit and debit cards.

Note: Axis Bank CEO: Amitabh Chaudhry; Axis Bank Headquarters: Mumbai; Axis Bank Founded: 3 December 1993, Ahmedabad.

 

AWARDS AND HONOURS

 

1. West Bengal receives four SKOCH awards: The government of West Bengal has received four SKOCH awards for its schemes under the Ease of Doing Business initiative. The State scheme ‘Silpasathi’-the online single window portal won the platinum award while the Auto-Renewal of Certificate of Enlistment through the online system for urban areas has received the gold award. Online issuance of trade licences in rural areas and the E-Nathikaran: the online system for registration, preparation and submission of deeds have won two silver awards. The state government will ensure that the ease of doing business in West Bengal continues to be one of the foremost in the country.

Note: Chief Minister of West Bengal: Mamata Banerjee; Governor: JagdeepDhankhar.

 

OBITUARIES

 

1. Olympian footballer S.S. ‘Babu’ Nayaran passes away: Two-times Olympian Shankar Subramaniam, alias “Babu” Nayaran passed away. He was India’s goalkeeper during the 1956 and 1960 Olympics. Besides representing Maharashtra in football and basketball, Narayan emerged as one of the most reliable goalkeepers in India. His decade-long career for the national team also included the stellar effort of India finishing fourth in the 1956 Olympics and representing India in the 1964 Asian Games. Subramaniam was born in Palakkad district in Kerala, Narayan was a star in Mumbai’s local circuit during his appearances for Matunga Students, Matunga Gymkhana, Caltex and Tata Sports Club. He was part of Maharashtra’s Santosh Trophy-winning campaign in 1964. 

Daily GK Update- 7th Aug, 2021

 

NATIONAL UPDATES:

 

1. India & World Bank sign $250 million project to safe dams and resilient: The World Bank has approved a USD 250 million projects in India for a long-term dam safety program and improving the safety and performance of existing dams across various states of India. The Second Dam Rehabilitation and Improvement Project (DRIP-2) agreement was inked on between the World Bank, the Government of India, the Central Water Commission, and government representatives from 10 participating states. The project will be implemented at the national level through the Central Water Commission (CWC). At the state level, approximately 120 dams will be undertaken across the states of Chhattisgarh, Gujarat, Kerala, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Odisha, Rajasthan, and Tamil Nadu. Other states or agencies may be added to the project during project implementation.

Other important measures that DRIP-2 will support include flood forecasting systems and integrated reservoir operations that will contribute to building climate resilience; the preparation and implementation of Emergency Action Plans to enable vulnerable downstream communities to prepare for and enhance resilience against the possible negative impacts and risks of climate change; and the piloting of supplemental revenue generation schemes such as floating solar panels.

Note: World Bank Headquarters: Washington, D.C., United States; World Bank Formation: July 1944; World Bank President: David Malpass.

 

2. Retired Justice V M Kanade appointed Lokayukta in Mumbai: Maharashtra Governor, Bhagat Singh Koshyari has approved the appointment of retired Bombay high court judge Justice V M Kanade as the new Lokayukta of Maharashtra, on the advice of the chief minister Uddhav Thackeray. Maharashtra was without a full-time Lokayukta for almost a year. The previous Lokayukta, (retd) Justice M L Tahaliyani had completed his tenure in August 2020.

About the Lokayukta:

(1) The Lokayukta is an anti-corruption ombudsman. Citizens can make complaints of corruption against any government official or elected representative directly to the Lokayukta, who is tasked with speedy redressal.

(2) The Lokayukta acts like a watchdog and plays a key role in fighting against corruption and bringing transparency. It’s been almost a year since there is no Lokayukta and this shows that the government is not keen on encouraging transparency.

(3) The Lokayukta post is important to keep a check on the government and has become a recourse for the man between 2015 and 2020.

 

3. Governors can pardon prisoners: Supreme Court of India: Supreme Court of India on August 3, 2021, held that the Governor of state can pardon prisoners, including in the death sentence cases. Governor can pardon the prisoners even before they have completed a minimum of 14 years of prison sentence. Court also said that the Governor’s power to pardon overrides a provision given under Section 433A of the Code of Criminal Procedure. Court noted, the sovereign power of the Governor to pardon prisoner under Article 161 is exercised by the State government and not the Governor on his own, in reality. Article 161 of the Indian constitution provides the Governor of a State with the power to grant pardons, reprieves, respites or to remit punishment or to suspend, remit or commute the sentence of any person convicted of any offence against laws.

About the Section 433A: Section 433A mandates that the sentence of the prisoner can be remitted only after 14 years of jail. The court observed that Section 433-A of the Code cannot and does not affect the constitutional power of the President or Governor to grant pardon under Articles 72 or 161 of the Constitution. Such power is in the exercise of the power of the sovereign. However, Governor will have to act on the aid and advice of the State Government.

Note: Supreme Court of India Established: 26 January 1950; Chief Justice of India Justice: NV Ramana.

 

4. A new book on Balakot air strikes 2019 authored by Manan Bhatt: A new book titled “Balakot Air Strike: How India Avenged Pulwama”, published by Garuda Prakashan, is written by Navy veteran Manan Bhatt. According to the publisher, the book, “a racy thriller” with “adrenalin-pushing action”, would make readers’ patriotism brim over, while filling them with a sense of gratitude and pride towards the armed forces. The book, in its detailed account of the “two epochal events”, claims to capture everything “from moments before the ill-fated CRPF bus was hit, to the cockpits from where precision bombs were triggered and what transpired in those 12 momentous, expectation-filled days.

 

5. National Handloom Day: 7th August: India has marked the 7th National Handloom Day to showcase the legacy of the Indian handloom industry. The day is to commemorate the Swadeshi Movement and to celebrate our country’s rich fabrics and colourful weaves. The whole nation will mark the day to showcase the legacy of the Indian handloom industry and to honour the weavers across the country. It was first observed in 2015 by the Govt of India. National Handloom Day seeks to focus on the contribution of handloom to the socio-economic development of the country and also increase the income of weavers.

 

INTERNATIONALUPDATES:

 

1. Germany becomes 5th country to sign ISA Framework Agreement: Germany became the 5th country to sign the International Solar Alliance Framework Agreement after amendments to it entered into force on 8th January 2021, opening its Membership to all Member States of the United Nations. Ambassador of Germany to India Walter J. Lindner deposited signed copies of the International Solar Alliance Framework Agreement with the Ministry of External Affairs, the depositary of the Agreement.

Membership to the ISA was earlier limited to 121 countries, which were partially or entirely located within the tropics. This didn’t allow major solar energy economies such as Germany to join the alliance that is being increasingly seen as a foreign policy tool. The initiative was launched by Prime Minister Narendra Modi at the India Africa Summit and a meeting of member countries ahead of the 2015 United Nations Climate Change Conference in Paris in November 2015. The framework agreement of the International Solar Alliance opened for signatures in Marrakech, Morocco in November 2016.

Note: Germany Capital: Berlin; Germany Currency: Euro; Germany President: Frank-Walter Steinmeier.

 

OTHER UPDATES:

 

SPORTS

 

1. Tokyo Olympics 2020: BajrangPunia wins Olympic wrestling bronze medal: Indian wrestler BajrangPunia has won the Olympic wrestling bronze medal match after 8-0 win over DauletNiyazbekov of Kazakhstan in the men’s freestyle 65kg category. Punia became the sixth Indian wrestler to finish on the Olympic podium after KD Jadhav, Sushil Kumar, YogeshwarDutt, Sakshi Malik and Ravi Kumar Dahiya. This became the second instance after the 2012 London Olympics when two Indian wrestlers won medals in the same Games.

 

BANKING AND FINANCE

 

1. RBI imposes Rs 6 lakh penalty on Hewlett-Packard Financial Services: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 6 lakh on Bengaluru-based Hewlett-Packard Financial Services (India) Private Ltd. RBI said the statutory inspection of the company, concerning its financial position as of March 31, 2019, revealed, inter alia, non-compliance with the statutory directions on (i) submission of credit information to Central Repository of Information on Large Credits and (ii) submission of credit data to Credit Information Companies. The penalty has been imposed in exercise of powers vested in it under the provisions of the Reserve Bank of India Act, 1934 and the Credit Information Companies (Regulation) Act, 2005, taking into account the failure of the company to adhere to the aforesaid directions issued by RBI.

 

BUSINESS AND ECONOMY

 

1. Kumar Mangalam Birla steps down as Non-Executive Chairman of Vi: Aditya Birla Group Chairman Kumar Mangalam Birla has stepped down as the Non-Executive Director and Non-Executive Chairman of the Vodafone Idea (now Vi) Board. The Vi Board of Directors have unanimously elected HimanshuKapania, currently a Non-Executive Director, as the Non-Executive Chairman with effect. Kapania, a nominee of the Aditya Birla Group, is a telecom industry veteran with 25 years of experience. He has also served on the Global GSMA Board for two years and was also the Chairman of the Cellular Operators Association of India (COAI) for two years. He is presently the Chairman of the FICCI Council on Telecom, Electronics and Digital Economy.

Note: Aditya Birla Group Founder: Seth Shiv Narayan Birla; Aditya Birla Group Founded: 1857; Aditya Birla Group Headquarters: Mumbai.

 

AWARDS AND HONOURS

 

1. C.R. Rao Gold Medal award winners announced: The Indian Econometric Society (TIES) Trust has selected two renowned economic scholars for the Prof. C.R. Rao Centenary Gold Medal award. Renowned economists JagdishBhagwati and C Rangarajan have been conferred with the inaugural Prof CR Rao Centenary Gold Medal (CGM). Bhagwati is a professor of economics, law and international relations at Columbia University while C Rangarajan is the former chairman of the Economic Advisory Council of the Prime Minister and former governor of the Reserve Bank of India.

About the award: TIES Trust had constituted a jury to shortlist the awardees. Based on the jury’s recommendations, it announced that inaugural award to two distinguished scholars. The medal is presented once in two years to an Indian or Indian-origin scholar for lifetime contributions to the fields of theoretical and applied aspects of quantitative economics and official statistics.

 

DEFENCE

 

1. INS Khanjar becomes the first INS to call at heritage coastal port: Indian Naval Ship Khanjar becomes the first Indian Navy ship to call at the heritage coastal port of Gopalpur in Odisha. The two-day visit was organised as part of AazadikaAmritMahotsav as well as Swarnim Vijay Varsh celebrations to commemorate the 75th anniversary of Independence and the 50th anniversary of the 1971 War. The visit of the ship was aimed at enhancing ties and spreading awareness with the local populace on aspects of coastal security and maritime operations.

During the visit, ship’s officers interacted with Port Officials and discussed aspects related to berthing facilities for OTR of Naval ships and security overview of port infrastructure. The ship’s team also undertook a cleanup drive at Gopalpur beach and tree plantation in the port premises. In addition, books and dry provisions were distributed to Samarth Orthopedically Handicapped Welfare Association, at Chatrapur in Ganjam district.

 

OBITUARIES

 

1. Padma Shri awardee Padma Sachdev passes away: Padma Shri awardee and noted author Padma Sachdev, the first modern woman poet of Dogri language, passed away. She received the Padma Shri, the country’s fourth-highest civilian award, in 2001 and was awarded the KabirSamman for poetry for 2007-08 by the Madhya Pradesh government. She authored many books in Dogri and Hindi, and her poetry collections, including ‘Meri Kavita Mere Geet’, won her the SahityaAkademi Award in 1971.

 

Daily GK Update- 6th Aug, 2021

 

NATIONAL UPDATES:

 

1. Manipur’s Chandel Tops List of Aspirational Districts in June: NITI Aayog: Chandel district in Manipur has topped the list of aspirational districts ranked by government think tank NITI Aayog for the month of June. Sahibganj (Jharkhand) and Firozpur (Punjab) have been ranked at the second and third positions, respectively, NitiAayog said. Dhubri (Assam) and Kiphire (Nagaland) are at the fourth and fifth places, respectively. The delta rankings took into account incremental progress made by over 112 aspirational districts across six developmental areas in June 2021.

 

2. Government launches digital tools to improve logistics efficiency, sustainability: The government has launched the Secured Logistics Document Exchange (SLDE) along with a Calculator for Green House Gas Emission to improve ease of doing business, logistics efficiency, reduce logistics cost, and promote multi-modality and sustainability. The SLDE platform is a solution to replace the present manual process of generation, exchange and compliance of logistics documents with a digitized, secure and seamless document exchange system. The GHG Calculator is an efficient, user-friendly tool and provides for calculating and comparing GHG emissions across different modes.

 

3. NABARD sanctions Rs 446 crore for drinking water projects in Punjab: National Bank For Agriculture and Rural Development (NABARD) Punjab regional office has sanctioned Rs 445.89 crore under the Rural Infrastructure Development Fund (RIDF) for five large surface based drinking water projects in Ferozpur, Fazilka, Hoshirapur and Rupnagar districts of Punjab. These projects envisage to provide 70 litre per capita per day potable drinking water at the consumer-end through functional household tap connections covering a rural population of 10.39 lakh in 700 villages.

 

4. IIT Madras launches India’s first consortium for Virtual Reality: Indian Institute of Technology Madras has launched the country’s first Consortium for Virtual Reality called ‘Consortium for VR/AR/MR Engineering Mission in India’ (CAVE). As a group of academia, industries, start-ups, and Government bodies, this consortium is being coordinated by IIT Madras. The main objective of this consortium is to enable members to create new advanced technologies and applications in Virtual Reality, Augmented Reality, Mixed Reality (XR) and haptics together. Their research collaboration would be undertaken with industrial sponsors and participants from industry, academia, and Government.

 

5. TRIFED celebrates its 34th Foundation Day: Tribal Co-operative Marketing Federation of India (TRIFED) has celebrated its 34th foundation day on 6th August. TRIFED was founded to drive tribal development through marketing support for tribal products, both, handicrafts and Non-Timber Forest Produce (NTFP). TRIFED will celebrate this day in a special manner, with due publicity, to raise awareness among one and all regarding the issues related to trade in tribal areas, and the need to ensure a fair deal for the tribes in the commerce of their products. The proposed event shall also recognize the achievements and contributions that the tribes and people working for them have made in this regard.

About the TRIFED: TRIFED was established on the 6th of August 1987 as a National level Cooperative body with the major objective of socio-economic development of tribals. TRIFED will be celebrating its 34th Foundation Day on August 6, an event to recognise TRIFEDs achievements and the contribution of Tribes as well as people working with it.

 

INTERNATIONALUPDATES:

 

1. EbrahimRaisi sworn in as new President of Iran: EbrahimRaisi was officially sworn in as the new president of Iran on August 05, 2021. He won the 2021 Iranian presidential election in June, with 62 per cent of the vote. The 60-year-old Raisi succeeds Hassan Rouhani to begin his four-year term. He is also been the Chief Justice of Iran since March 2019. Raisi’s inauguration comes at a pivotal time, with Iran currently in indirect negotiations with the United States over how to revive the 2015 nuclear agreement. Raisi will also face the task of reviving his country’s economy, which has been battered in recent years by the previous US administration’s “maximum pressure” campaign of sanctions. Tensions in the region are also high following a string of maritime provocations blamed by the West on Tehran.

Note: Iran Capital: Tehran; Iran Currency: Iranian toman.

 

2. 7 Indian Companies Feature in Fortune Global 500 list for 2021: Seven Indian companies have found a place in 2021 Fortune’s Global 500 list. The Fortune Global 500 is an annual ranking of the top 500 enterprises globally, as measured by business revenues. MukeshAmbani-led Reliance Industries Ltd is the highest-ranked Indian company on the list in terms of revenue, with revenues of nearly $63 billion. It is placed at 155th spot globally. Globally, Walmart has topped the list in terms of revenue for the eighth consecutive year and the 16th time since 1995. China has dominated this years list for the highest number of companies featuring in the list at 143, including those from Taiwan. This is followed by the U.S. with 122, and Japan with a total of 53, respectively.

 

Indian Companies in the list:		The top 10 Global Companies in the list:
Reliance Industries (155)		Walmart (US)
State Bank of India (205)		State Grid (China)
Indian Oil (212)		Amazon.com (US)
Oil & Natural Gas (243)		China National Petroleum (China)
Rajesh Exports (348)		Sinopec (China)
Tata Motors (357)		Apple (US)
Bharat Petroleum (394)		CVS Health (US)
		UnitedHealth Group (US)
		Toyota Motor (Japan)
		Volkswagen (Germany)

 

3. Hiroshima Day: 6th August: Annually 6th of August marks the anniversary of the atomic bombing in Hiroshima during World War II. The horrific incident took place on August 6, 1945, when the United States dropped an atomic bomb named “Little Boy”, on the town of Hiroshima in Japan. This bomb attack was done with the motive to end the Second World War in 1945. This day is remembered to promote peace and spread awareness about the danger of nuclear energy and nuclear weapons. 2021 marks the 76th anniversary of the world’s first atomic bombing.

History of Hiroshima Day: During the 2nd World War which was active in 1939- 1945, the world’s first deployed atomic bomb with more than 9000 pounds uranium-235 was loaded and US B-29 bomber aircraft, the Enola Gay attacked the Japanese city of Hiroshima on 6th August 1945. The explosion was so huge that it immediately killed 70,000 people wiping 90% of the city and later on around 10,000 people died due to the effect of radiation exposure.

 

OTHER UPDATES:

 

SPORTS

 

1. Ravi Kumar Dahiya wins silver medal at Tokyo Olympics 2020: Indian wrestler Ravi Kumar Dahiya bagged the silver medal after losing in the final of men’s 57kg freestyle category to Russian Olympic Committee’s (ROC) ZavurUguev. This is India’s fifth medal at the Tokyo Olympics and the second silver of the campaign. Ravi Kumar is the fifth Indian wrestler after KD Jadhav, Sushil Kumar, YogeshwarDutt, and Sakshi Malik to finish on the Olympic podium.

 

BANKING AND FINANCE

 

1. RBI’s New Rules on Interchange Fee, 24/7 Bulk Clearing Facility Functional: The Reserve Bank of India’s new directions on raising interchange fee and making available the facility of bulk clearing round the clock have become effective from August 1 onwards. The RBI in June raised the interchange fee for financial transactions from Rs 15 to Rs 17, while for non-financial transactions the increase was done from Rs 5 to Rs 6. These new rates have become applicable from August 1, 2021, as per the RBI’s direction. An interchange fee is a fee charged by banks to the merchant who processes a credit card or debit card payment.

 

2. GyanDhan receives NBFC licence from RBI: GyanDhan, India’s first education financing platform said it has received an NBFC license from the Reserve Bank of India and it aims to disburse Rs 650 crore worth of education loans in FY22. Out of this, Rs 50 crore will be for domestic short-term courses offered by various ed-tech players and coaching institutes. The Delhi-based, digital-first company has already partnered companies including Great learning and various IAS institutions to offer interest-free education loans to prospective students wanting to pursue short-term courses.

 

3. HDFC partners with IFC partner to promote affordable green housing finance: HDFC Ltd has got a loan of $250 million from International Finance Corporation (IFC), the investment arm of the World Bank Group, to be used by India’s largest housing finance company for green housing. Green housing is regarded as a luxury market in the country, but has climate benefits. IFC said its partnership with HDFC would help change perceptions about the market. At least 25 per cent of the funding is for green affordable housing. Green affordable housing can help India on its path to deliver on its commitments under the Paris Agreement, to reduce a third of its carbon emissions by 2030 from 2005 levels.

 

BUSINESS AND ECONOMY

 

1. India possesses 501.83 million tonnes of gold reserves: Union govt: India has an estimated 501.83 million tonnes of gold reserves or resources of gold ore, as per the National Mineral Inventory data. Out of these, 17.22 million tonnes have been placed under the reserves category and the remaining 484.61 million tonnes under remaining resources category, Union Minister of Mines, Coal and Parliamentary Affairs Prahlad Joshi said. The largest resources of gold ore are located in Bihar (44%) followed by Rajasthan (25%), Karnataka (21%), West Bengal (3%), Andhra Pradesh (3%), and Jharkhand (2%). The remaining 2% resources of ore are located in Chhattisgarh, Madhya Pradesh, Kerala, Maharashtra and Tamil Nadu.

 

2. GST collections for July record Rs 1.16 lakh crore: The Goods and Services Tax collection for the month of July rose to Rs 1,16,393 crore, after slipping below the Rs 1 lakh crore mark for the first time in eight months in June, data released by the finance ministry showed. Of the total collection in July, Rs 22,197 crore came from Central GST, while Rs 28,541 crore came from the State GST component. Integrated GST collections amounted for Rs 57,864 crore (including Rs 27,900 crore collected on import of goods) and Cess was Rs 7,790 crore.

 

3. Forex reserves down by USD 1.581 billion to USD 611.149 billion: The country’s foreign exchange reserves declined by USD 1.581 billion to stand at USD 611.149 billion for the week ended July 23, RBI data showed. The reserves had reached a lifetime high of USD 612.730 billion after rising by USD 835 million in the previous week ended July 16, 2021. Gold reserves were down by USD 449 million to USD 36.884 billion in the reporting week.

 

OBITUARIES

 

1. Film critic Rashid Irani passes away: Eminent film critic Rashid Irani, a much-loved figure in the cinema circles of the city, was found dead at his residence here. He was 74. Irani, who had contributed several articles in national dailies like Times of India, Hindustan Times and the website Scroll.in, was “one of the pillars of the Mumbai Press Club Film Society.

 

2. Veteran Odisha Politician ArunDey passes away: Trade union leader, activist and five-time MLA of Odisha, ArunDey, passed away at the age of 75 at a private hospital in Bhubaneswar. He was elected to the Assembly in 1980 and 1990 from Balasore. In 1995 he contested as an independent candidate and won it. In 2004 he was again elected on behalf of the Odisha GanaParishad. Dey had contested the assembly election from Balasore in 2014 on Congress ticket. However, he lost to the Biju Janata Dal’s JibanPradip Das. The veteran leader joined the BJD headed by Chief Minister Patnaik ahead of the 2019 elections.