Daily GK Update- 30th July, 2024

 NATIONAL UPDATES:

 

1. Government Setting Up 7 PM MITRA Parks With World Class Infrastructure: The Government has approved setting up of 7 PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks in Greenfield/Brownfield sites (including a Greenfield project in Virudhanagar Tamil Nadu) with world class infrastructure including plug and play facility with an outlay of Rs. 4,445 cr for a period of seven years upto 2027-28. Each park when completed will generate 1 lakh direct and 2 lakh indirect employments. In order to implement the PM MITRA Scheme in Virudhnagar, a Special Purpose Vehicle (SPV) i.e. ‘PM Mega Integrated Textile Regions and Apparel Park, Tamil Nadu Limited’ has been incorporated with Government of Tamil Nadu holding 51% stake in the SPV and remaining 49% being held by the Government of India.

 

2. Bhupender Yadav launches Ideas4LiFE portal for inviting ideas related to products and services: Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav has launched Ideas4LiFE for inviting ideas related to products and services, that induce behavioral changes related to environment-friendly lifestyles in the presence of Minister of State for Environment, Forest and Climate Change, Shri Kirti Vardhan Singh at IIT Delhi. The portal ‘Ideas4Life.nic.in’ will allow participants to submit their ideas and innovations online. This initiative aims to encourage and motivate students, faculty and research scholars to contribute their innovative ideas to the global initiative of Mission LiFE. This is a remarkable opportunity for inspired minds to participate in global movement dedicated to environmental sustainability.

 

3. Manoj Mittal assumes charge as CMD of SIDBI: Manoj Mittal has been appointed as the new Chairman and Managing Director of Small Industries Development Bank of India (SIDBI). Prior to this appointment, Mittal was Managing Director & Chief Executive Officer at government-owned non-banking finance company IFCI. Mittal has replaced S Ramann, who had joined SIDBI in April 2021 for a three-year period. Financial Services Institution Bureau (FSIB) had, in April this year, recommended the name of Manoj Mittal as CMD of SIDBI. Manoj Mittal joined IFCI in June 2021 after serving SIDBI as its Deputy Managing Director between February 2016 and January 2021.

 

4. Nine new governors appointed by President: President Droupadi Murmu has appointed Governors for Rajasthan, Telangana, Maharashtra, Punjab, Sikkim, Meghalaya, Assam, Jharkhand and Chhattisgarh. Article 153 of the constitution provides for a state governor for each state of India. The state governor is the head of the state executive branch. The governors are appointed by the President of India on the advice of the Union Council of Ministers headed by the Prime Minister. The Governor can be transferred from one state to another by the President.

 

 

 

 

INTERNATIONAL UPDATES:

 

1. India assumes chair of Asian Disaster Preparedness Centre: India has assumed the chairmanship of the Asian Disaster Preparedness Center for 2024-25 at the meeting of the Asian Disaster Preparedness Center held in Bangkok, Thailand. India took over the chairmanship from China, which was the chairman of the Asian Disaster Preparedness Center for 2023-24.

 

2. EAM Jaishankar unveils commemorative postage stamp of Ram Lalla in Laos: External Affairs Minister S Jaishankar, during his three-day visit to visit to Laos, unveiled a commemorative postage stamp showcasing the Ram Lalla idol from Ayodhya. The set of stamps is the first dedicated to Lord Ram. Two stamps were launched, one representing Lord Buddha from Luang Prabang, the ancient capital of Laos, while the other is an image of the Ram Lalla statue from Ayodhya. Buddhism has connected India and Laos for centuries. In Laos, the Ramayana (known as Ramakien or the Story of Phra Lak Phra Ram) holds significant cultural value and is performed during important events. The stamp set’s theme is “Celebrating the shared cultural heritage of Lao PDR and India.”

 

3. S Jaishankar unveils bust of Mahatma Gandhi in Tokyo: A bust of Mahatma Gandhi was unveiled in Tokyo’s Edogawa ward by external affairs minister S Jaishankar. Edogawa ward includes the Nishi-Kasai district, which is home to some 3,000 Indians. The area is also known as “Little India”.

Edogawa ward and its mayor Takeshi Saito decided to build a relationship with India by having a statue of Mahatma Gandhi at a park that will be named after him.

 

4. Venezuela’s Nicolas Maduro wins third term as President: Nicolas Maduro was declared the winner in Venezuela’s presidential election. Maduro secured 51% of the vote, overcoming the main Opposition candidate, Edmundo González, who garnered 44%. Venezuela sits atop the world’s largest proven oil reserves and once boasted Latin America’s most advanced economy. But it entered into a free fall after Mr. Maduro took the helm. Plummeting oil prices, widespread shortages and hyperinflation that soared past 130,000% led first to social unrest and then mass emigration.

 

5. 29 July – International Tiger Day: International Tiger Day 2024, also called as the Global Tiger Day 2024, is observed every year on July 29. Objective – To raise awareness about the magnificent but endangered animal. The day was first established in 2010 at the Saint Petersburg Tiger Summit. The summit was conducted to draw the world’s attention towards the drastic decline in tiger populations. This summit brought together governments from tiger-range countries, conservation organizations, and experts to discuss measures to halt the alarming decline in tiger numbers.

 

OTHER UPDATES:

DEFENCE

 

1. India Army off to Mongolia to take part in 21st EX- KHAAN QUEST 2024: A contingent of the Indian Army has departed for Mongolia to participate in the multinational military exercise KHAAN QUEST. The 21st multinational KHAAN QUEST exercise will be held in the Mongolian capital of Ulaanbaatar, Mongolia, from 27 July to 9 August 2024. This year, the Indian Army contingent consists of 40 personnel from the Madras Battalion and personnel from other Arms and Services. Three female personnel – one officer and two soldiers are also part of the Indian contingent. Khaan QUEST is an annual multinational military exercise co-sponsored by the U.S. Indo-Pacific Command and hosted annually by the Mongolian Armed Forces to promote regional peace and security in the region. When the military exercise started in 2003, it was a bilateral military exercise between the United States of American armed forces and the Mongolian defence forces.

 

2. INS Tabar reaches Saint Petersburg for Russian Navy Day celebrations: Indian Navy’s frontline frigate, INS Tabar arrived at Saint Petersburg to participate in the 328th Russian Navy Day celebration. The ship, part of the Indian Navy’s Western Fleet which is based at Mumbai under the Western Naval Command, was given a “warm welcome” by the Russian Federation Navy (RuFN). Around 200 ships and boats of various classes are involved in the Naval Parade being held in St. Petersburg.

 

SPORTS 

 

1. Jiya Rai becomes World’s Youngest & Fastest Female Para Swimmer to Swim Solo Across English Channel: Para swimmer Jiya Rai has become the world’s youngest and fastest female para swimmer to swim solo across the English Channel successfully. The 16-year-old covered the 34 km stretch, from Abbots Cliff in England to Pointe de la Courte-Dune in France, in 17 hours and 25 minutes. She is an international open water para swimmer with a world record in open water swimming. Jiya Rai is a recipient of many international and national awards including the prestigious Pradhan Mantri Rashtriya Bal Puraskar (PMB) – 2022 the highest award for citizens below 18 years of Age.

 

BANKING AND FINANCE

 

1. Karnataka Bank partners with ICICI Lombard General Insurance: Karnataka Bank has partnered with ICICI Lombard General Insurance Co Ltd to offer enhanced insurance solutions and customer benefits to its patrons. This tie-up includes health insurance, motor insurance, travel insurance, home insurance catering to the diverse insurance needs of individuals and businesses alike. Further bank is also embarking on digital insurance initiatives which will empower the bank’s customers to conveniently access and manage their insurance policies through digital platforms. This includes online policy purchase, real-time claims processing, and personalized insurance advisory services, ensuring a hassle-free experience.

 

2. UltraTech acquires 32.7% stake in India Cements for ₹3,945 crore: UltraTech Cement, an Aditya Birla Group flagship, will acquire a 32.72 per cent stake in India Cements for ₹3,945 crore from the company’s promoters and its associates. The country’s largest cement company will make an open offer to India Cements shareholders at ₹390 a share after obtaining all regulatory approvals. The company will soon sign a Share Purchase Agreement with N Srinivasan-led India Cements promoters and their associates before seeking regulatory approvals.

 

AWARDS AND HONOURS

 

1. CSIR-Indian Institute of Chemical Technology scientist Dr. S. Sridhar Inducted as a Fellow of Royal Society of Chemistry, London: Sundergopal Sridhar, a Chemical Engineer and Chief Scientist at CSIR Indian Institute of Chemical Technology, Hyderabad, has been admitted as a Fellow of the prestigious Royal Society of Chemistry (FRSC), London, UK. During his 26 years as a research scientist, Dr. Sridhar has developed and transferred several technologies for chemical & allied industries, besides contributing immensely to societal welfare. Sridhar has published 181 research papers in reputed international journals with an h-index of 53. He is ranked among the Top 2% of Scientists worldwide by Stanford University, USA, and Elsevier Science Publishers in 2021, 2022 & 2023. He has 15 patents, 4 Books, and 50 Book Chapters to his credit.

 

 

Daily GK Update- 29th July, 2024

 NATIONAL UPDATES:

 

1. India, US Sign Cultural Property Agreement to Repatriate Stolen Indian Artifacts: India and the United States of America have signed a Cultural Property Agreement to repatriate stolen Indian artifacts from the USA. Under the agreement, both countries will work together to also prevent and prohibit illicit trade, import, export and trafficking of archaeological and ethnological materials. This is India’s first-ever Cultural Property Agreement with the US.

 

2. Centre clears urban flood management projects worth ₹2,514.36 cr of 5 states: A high-level committee (HLC), chaired by the union home minister, approved six proposals of five states, Telangana, Gujarat, Karnataka, West Bengal and Maharashtra — for urban flood management at a total cost of ₹2,514.36 crore. The funds would be utilized for flood management in six metro cities of Mumbai, Kolkata, Bengaluru, Hyderabad, Ahmedabad and Pune. Earlier in its meeting on November 27, 2023, the HLC approved the project proposal for integrated solutions for flood management in Chennai, Tamil Nadu, at a cost of ₹561.29 crore. The HLC, comprising of Finance Minister, Agriculture Minister and Vice Chairman NITI Aayog as members, overall considered nine proposals for funding from National Disaster Mitigation Fund (NDMF) and National Disaster Response Fund (NDRF) to combat urban flooding in six cities, to mitigate Glacial Lake Outburst Flood (GLOF) in 4 hill states and to strengthen fire services in 3 states.

 

3. Govt sets a target to open 25,000 PMBJKs by 31st March 2027 across India: The government has set a target to open 25,000 Pradhan Mantri Bharatiya Janaushadhi Kendras (PMBJKs) by 31st March 2027 across the country. In a written reply in Lok Sabha, Minister of State for Chemicals and Fertilizers, Anupriya Patel said, 547 PMBJ Kendras have been opened in Primary Agricultural Credit Societies across the country till June last month. Under Pradhan Mantri Bharatiya Janaushadhi Pariyojana, 2047 medicines and 3000 surgical and medical consumables have been brought under the product basket for wider availability.

 

4. India’s 500th Community Radio Station in Aizawl: Community radio gives people in the area a chance to be heard and allows people at the local level to communicate. It encourages participation in politics, artistic expression, and social change, which makes it an important part of the media landscape. The launch of Apna Radio is in line with the government’s Act East strategy, which aims to improve community welfare and connectivity, especially in India’s North East. It shows a dedication to making local problems and stories heard.

 

INTERNATIONAL UPDATES:

 

1. India – US Signed Cultural Property Agreement: India and the US signed a deal on cultural property on July 26, 2024. The goal was to make it easier for them to work together to protect cultural heritage. Both countries have made a larger promise to return stolen artifacts and stop the illegal trade of cultural property, which includes this deal.

 

2. South Africa Passes its First Sweeping Climate Change Law: When carbon budgets are put in place, experts expect big businesses to cut their pollution by a large amount. To make sure responsibility, reporting must be clear and honest. But the law will only work if clear rules for allocating resources are put in place and people are given money to help them switch to green energy sources. This act could mean a change in how the South African government deals with climate change, pointing to a more aggressive approach than in the past. Still, problems like not having enough money and clear plans for switching to green energy are already there.

 

OTHER UPDATES:

DEFENCE

 

1. Ajit Doval Represents India At 4th Annual BIMSTEC Security Chiefs Meeting In Naypyitaw: National Security Advisor NSA Ajit Doval led the Indian delegation at the 4th Annual Meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation BIMSTEC Security Chiefs in Naypyitaw, Myanmar. He met with the Myanmar NSA Admiral Moe Aung and BIMSTEC Security Chiefs called on Prime Minister Senior General Min Aung Hlaing. Delivering India’s national statement at the BIMSTEC meet, Mr Doval spoke on strengthening cooperation in counter-terrorism and combating drug trafficking, arms smuggling and organized crime. He also spoke about BIMSTEC connectivity, holding the 2nd Ports Conclave and water security of Himalayan River systems.

 

2. Exercise KHAAN QUEST 2024: The first KHAAN QUEST took place in 2003 as a partnership between the US and Mongolia. Since then, it has grown into a major Multinational Peacekeeping Exercise. The 21st version will be held in 2024. In July 2023, the last drill took place. The U.S. Indo-Pacific Command is one of the sponsors of the drill, which is being held by the Mongolian Armed Forces. This shows that it involves forces from many countries.

 

3. 25th Kargil Vijay Diwas: India and Pakistan fought a fierce war called the Kargil War from May 8, 1999, to July 26, 1999. The war was a turning point in India’s military history, and it ended with the successful finishing of Operation Vijay. Prime Minister Atal Bihari Vajpayee was in charge of India then, and Nawaz Sharif was in charge of Pakistan.

 

SPORTS 

 

1. 2024 Paris Olympics Opening Parade held on River Seine, Paris: The 33rd Summer Olympics opened with a first-of-its-kind opening ceremony in the French capital city of Paris on 26 July 2024. For the first time in the Summer Olympics’ history, the traditional opening ceremony was not held in a stadium but in the open on the Seine. Out of the 117-strong Indian side, 78 participated in the opening ceremony. The Indian contingent was led by four-time Olympian table tennis player Sharath Kamal and two-time Olympian badminton player P.V. Sindhu. Paris will host the 33rd Summer Olympics from 26 July to 11 August and Paralympics for the physically challenged athletes from 28 August to 8 September 2024. It is the third time Paris is hosting the Summer Olympics, having hosted in 1900,1924 and now in 2024.

 

SCIENCE AND TECHNOLOGY

 

1. India Advances 6G Technology Development with IITs Collaboration: Cell-based design is how most mobile networks work. ‘Cell-Free’ Massive MIMO technology, on the other hand, uses many access points spread out in an area to work together. The following are some good things about this system: Connectivity everywhere, with fewer dead spots; stronger and more reliable signals; and much faster data speeds for users, especially in areas with lots of people. Overall, this project is a big step forward for improving India’s communications and lays the groundwork for the 6G age that is coming soon.

 

2. ISRO Seeks ESA Collaboration for Apophis Asteroid Mission: Somanath, the chairman of ISRO, said that the organization would like to interact with the asteroid during its flyby, but the exact details of the plan are still not clear. Talks with ESA about working together are already going on, to use both groups’ skills. Asteroids are pieces of the Solar System that were left over when it was formed. Asteroids have been ignored in the past, but people are becoming more aware of how dangerous they could be to Earth, especially when you think about how dinosaurs died out because of strikes from asteroids.

 

BANKING AND FINANCE

 

1. RBI introduces PCA framework to improve financial health of UCBs: The Reserve Bank of India (RBI) has prescribed a Prompt Corrective Action (PCA) framework for relatively weak urban co-operative banks (UCBs), with deposits above ₹100 crore (upper tier category), to nurse them back to health. As per the framework, a financially unsound and ill-managed UCB can be brought under PCA if it breaches the risk thresholds of identified indicators pertaining to capital and profitability (net profit). Currently, there are around 1,500 UCBs in the country. RBI classifies UCBs as Tier-I (deposits up to ₹100 crore); Tier-2 (more than ₹100 crore and up to ₹1,000 crore); Tier-3 (deposits more than ₹1,000 crore and up to ₹10,000 crore); and Tier-4 (above ₹10,000 crore). Tiers 2 to 4 come under the upper Tier. The objective of the PCA Framework is to enable supervisory intervention at an appropriate time and require the UCBs to initiate and implement remedial measures in a timely manner, to restore their financial health.

 

2. ADB Approves Support to Improve Urban Mobility in India: The Asian Development Bank (ADB) has approved a $200 million loan to expand metro rail corridors and improve transport connectivity in Nagpur, India. The Nagpur Metro Urban Mobility Project will improve transport connectivity within and to Nagpur’s new and growing urban areas. The project will finance the extension of four metro rail corridors in Nagpur. These are from Automotive Square to Kanhan, Prajapati Nagar to Transport Nagar, Khapri to Maharashtra Industrial Development Corporation ESR, and Lokmanya Nagar to Hingna. The project will construct 43.8 kilometers of elevated metro rail corridors with 32 stations. The project will help the Maha Metro develop a 5-year institutional action plan, including a gender equality and social inclusion-responsive workplace strategy; improve its digital project management platform; and train staff on metro planning and management.

 

3. IndusInd Bank collaborates with Inspire Institute of Sport to launch ‘Wrestle for Glory’: IndusInd Bank has launched the ‘Wrestle for Glory’ program, a CSR initiative of the Bank, continuing the longstanding collaboration with the Inspire Institute of Sport (IIS), a high-performance Olympic training facility headquartered in Vijayanagar, Bellary. This program aims to empower 50 talented female wrestling athletes from across the country. And provide them with coaching at the esteemed IIS facility on fully-funded scholarships. Under the ‘Wrestle for Glory’ CSR program, female wrestlers will benefit with access to top-tier training facilities, expert coaching, comprehensive sports science resources, cutting-edge equipment, nutritional support, educational assistance, and a supportive ecosystem essential for nurturing their potential and propelling them towards success on the global stage.

 

Daily GK Update- 28th July, 2024

 NATIONAL UPDATES:

 

1. Government extends EMPS till September with more outlay of ₹778 crore: The government has extended the duration of Electric Mobility Promotion Scheme (EMPS) 2024 by two months up to September 30, with enhancement of outlay to ₹778 crore. Earlier, the scheme was launched by Ministry of Heavy Industries (MHI) through a gazette notification on March 13, to boost the adoption of electric vehicles (EVs) across the country. The EMPS was originally set to run from April 1 to July 31, 2024, with a total outlay of ₹500 crore. So, the total outlay becomes ₹1,278 crore now for the same scheme. The eligible vehicles include electric two-wheelers (e-2W) and three-wheelers including registered e-rickshaws and e-carts and L5 (e-3W). The scheme now targets to support 5,60,789 EVs, comprising 5,00,080 e-2Ws and 60,709 units of e-3Ws, it said adding that this includes 13,590 rickshaws and e-carts, as well as 47,119 e-3Ws in the L5 category.

 

2. Centre clears urban flood management projects worth ₹2,514.36 cr of 5 states: A high-level committee (HLC), chaired by the union home minister, approved six proposals of five states, Telangana, Gujarat, Karnataka, West Bengal and Maharashtra — for urban flood management at a total cost of ₹2,514.36 crore. The funds would be utilized for flood management in six metro cities of Mumbai, Kolkata, Bengaluru, Hyderabad, Ahmedabad and Pune. Earlier in its meeting on November 27, 2023, the HLC approved the project proposal for integrated solutions for flood management in Chennai, Tamil Nadu, at a cost of ₹561.29 crore. The HLC, comprising of Finance Minister, Agriculture Minister and Vice Chairman NITI Aayog as members, overall considered nine proposals for funding from National Disaster Mitigation Fund (NDMF) and National Disaster Response Fund (NDRF) to combat urban flooding in six cities, to mitigate Glacial Lake Outburst Flood (GLOF) in 4 hill states and to strengthen fire services in 3 states.

 

3. Amit Shah led High-level committee Yuva Aapda Mitra Scheme (YAMS): Amit Shah led High-level committee approved a proposal of Yuva Aapda Mitra Scheme (YAMS) at an outlay of Rs 470.50 crore from NDRF. It will be implemented in 315 most disaster-prone districts of the country for training of 1300 trained Aapda Mitra Volunteers as Master Trainers and 2.37 lakh volunteers exclusively from NCC, NSS, NYKS and BS&G (Bharat Scouts & Guides) in disaster preparedness and response. Earlier, the government implemented “Aapda Mitra” scheme under which around 1 lakh community volunteers have been trained for disaster response in 350 most disaster-prone districts of the country. These skilled and trained ‘Aapda Mitras’ and ‘Aapda Sakhis’ are playing an important role in assisting the local administration in responding to any disaster. During the current financial year, the Centre has released Rs 6348 crore to 14 states under State Disaster Response Fund (SDRF) and Rs 672 crore to six states under State Disaster Mitigation Fund (SDMF).

 

4. Ashwini Vaishnaw inaugurates India’s 500th Community Radio Station- Apna Radio 90.0 FM at IIMC Aizawl: Union Minister of Information and Broadcasting (I&B) Ashwini Vaishnaw announced the winners of 10th National Community Radio Awards. The Minister has also inaugurated India’s 500th Community Radio Station in presence of Union Minister of State for I&B Dr. L. Murugan and Chief Minister of Mizoram Shri Lalduhoma. The station ‘Apna Radio 90.0 FM’ is a station run by Indian Institute of Mass Communication, Aizawl. This initiative will bring a substantive change in the lives of people in the coverage area of Apna Radio station. This launch is also a significant milestone in the Government’s policy of Act East. Winners of 10th National Community Radio Awards

 

5. DK Murali takes charge as CMD of BECIL: Cmde D.K. Murali has taken over as Chairman and Managing Director (CMD) of Broadcast Engineering Consultants India Limited (BECIL), a Mini Ratna Central Public Sector Enterprise (CPSE) under the Ministry of Information & Broadcasting.

Cmde Murali, who served in the Indian Navy for nearly 35 years, expressed his enthusiasm about his new role. The Public Enterprise Selection Board (PESB) has selected Brijesh Dixit for the position of Managing Director at Rajasthan Electronics and Instruments Limited (REIL), a Schedule ‘C’ Central PSU. Dixit, currently the Executive Director (Depot & Machineries) in the Indian Railway Service of Mechanical Engineers, was chosen from 12 candidates. His appointment is subject to requisite clearances and ACC approval, with incumbent MD Rakesh Chopra set to retire on July 31, 2024.

 

INTERNATIONAL UPDATES:

 

1. Ajit Doval Represents India At 4th Annual BIMSTEC Security Chiefs Meeting In Naypyitaw: National Security Advisor NSA Ajit Doval led the Indian delegation at the 4th Annual Meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation BIMSTEC Security Chiefs in Naypyitaw, Myanmar. He met with the Myanmar NSA Admiral Moe Aung and BIMSTEC Security Chiefs called on Prime Minister Senior General Min Aung Hlaing. Delivering India’s national statement at the BIMSTEC meet, Mr Doval spoke on strengthening cooperation in counter-terrorism and combating drug trafficking, arms smuggling and organized crime. He also spoke about BIMSTEC connectivity, holding the 2nd Ports Conclave and water security of Himalayan River systems.

 

2. Assam’s Charaideo Moidams Added to UNESCO World Heritage List: Moidams are tumuli, which are earth mounds built over the graves of Ahom kings. The moidams of the Ahom royal family are in Charaideo, but you can find other buildings like them all over eastern Assam. Each moidam usually has a vault with rooms inside, a hemispherical mound on top, and a tower called the chow chali that is surrounded by an eight-sided wall. The Ahoms, who were related to the Tai people, chose burial over burning, which is different from Hindu customs. Their unique burial rituals, which were based on old Egyptian practices, meant that these moidams often held more than just the dead. They also held things for the afterlife, servants, animals, and even wives.

 

3. UK and India Launch New Technology Security Initiative: The Governments of India and the UK just started the Technology Security Initiative (TSI). The goal is to improve their strategic relationship as technology becomes more important for national security and economic growth. This project shows that people are serious about working together more on important and new technologies.

OTHER UPDATES:

 

SPORTS 

 

1. 2024 Paris Olympics Opening Parade held on River Seine, Paris: The 33rd Summer Olympics opened with a first-of-its-kind opening ceremony in the French capital city of Paris on 26 July 2024. For the first time in the Summer Olympics’ history, the traditional opening ceremony was not held in a stadium but in the open on the Seine. Out of the 117-strong Indian side, 78 participated in the opening ceremony. The Indian contingent was led by four-time Olympian table tennis player Sharath Kamal and two-time Olympian badminton player P.V. Sindhu. Paris will host the 33rd Summer Olympics from 26 July to 11 August and Paralympics for the physically challenged athletes from 28 August to 8 September 2024. It is the third time Paris is hosting the Summer Olympics, having hosted in 1900,1924 and now in 2024.

 

2. Manu Bhaker wins Bronze, becomes 1st Indian woman to clinch shooting medal: Manu Bhaker opened India’s accounts at Paris Olympics with a historic bronze in 10m air pistol event, becoming India’s first woman shooter to win Olympic medal. She became the first Indian woman to win a shooting medal at the Games, ending a 12-year wait for an overall Olympic medal in shooting. Manu became only the fifth shooter after Abhinav Bindra, Rajyavardhan Singh Rathore, Vijay Kumar and Gagan Narang to win an Olympic medal in shooting. The last time India won medals at the Olympics was at the London edition in 2012 when rapid-fire pistol shooter Vijay Kumar won silver and 10m air rifle marksman Gagan Narang clinched bronze. Manu, who became the third Indian woman to enter the final rounds of an individual shooting event at the Olympics by finishing third with 580 in the qualification rounds, shot 221.7 to finish third in the final to claim the bronze medal.

· Gold Medal – Ye Jin (South Korea) with 243.3 points

· Silver Medal – Kim Yeji (South Korea) with 241. Points

 

3. Sri Lanka clinch maiden Women’s Asia Cup title with comprehensive win over India: Sri Lanka secured their first-ever Women’s Asia Cup title, defeating the defending champions India in front of an ecstatic home crowd. In the final of the 9th Women’s Cricket Asia Cup played at the Rangiri Dambulla International Stadium in Dambulla, Sri Lanka the host beat India by 8 wickets with 8 balls to spare. This was also just the second time in their nine final appearances that India failed to win the Women’s Asia Cup. The previous such instance was in 2018, when Bangladesh beat India by three wickets. Samarawickrama was the Player of the Match in the Final, while Chamari Athapaththu was the Player of the Tournament for her 304 runs and three wickets in the event.

 

 

SCIENCE AND TECHNOLOGY

 

1. OpenAI Launches SearchGPT: SearchGPT stands out because it gives you a summary of your search results along with links to the sources. Users can ask follow-up questions to get more contextual answers, which makes their search queries more engaging. SearchGPT is being tested right now with a small group of users and publishers to get their comments. People who want to try out the function can sign up for a waitlist at  chatgpt.com/search.

 

BANKING AND FINANCE

 

1. RBI introduces PCA framework to improve financial health of UCBs: The Reserve Bank of India (RBI) has prescribed a Prompt Corrective Action (PCA) framework for relatively weak urban co-operative banks (UCBs), with deposits above ₹100 crore (upper tier category), to nurse them back to health. As per the framework, a financially unsound and ill-managed UCB can be brought under PCA if it breaches the risk thresholds of identified indicators pertaining to capital and profitability (net profit). Currently, there are around 1,500 UCBs in the country. RBI classifies UCBs as Tier-I (deposits up to ₹100 crore); Tier-2 (more than ₹100 crore and up to ₹1,000 crore); Tier-3 (deposits more than ₹1,000 crore and up to ₹10,000 crore); and Tier-4 (above ₹10,000 crore). Tiers 2 to 4 come under the upper Tier. The objective of the PCA Framework is to enable supervisory intervention at an appropriate time and require the UCBs to initiate and implement remedial measures in a timely manner, to restore their financial health. The provisions of the PCA Framework will be effective from April 1, 2025.

 

2. IndusInd Bank collaborates with Inspire Institute of Sport to launch ‘Wrestle for Glory’: IndusInd Bank has launched the ‘Wrestle for Glory’ program, a CSR initiative of the Bank, continuing the longstanding collaboration with the Inspire Institute of Sport (IIS), a high-performance Olympic training facility headquartered in Vijayanagar, Bellary. This program aims to empower 50 talented female wrestling athletes from across the country. And provide them with coaching at the esteemed IIS facility on fully-funded scholarships. Under the ‘Wrestle for Glory’ CSR program, female wrestlers will benefit with access to top-tier training facilities, expert coaching, comprehensive sports science resources, cutting-edge equipment, nutritional support, educational assistance, and a supportive ecosystem essential for nurturing their potential and propelling them towards success on the global stage. The ‘Wrestle for Glory’ program has been launched as a part of the ‘IndusInd For Sports’ initiative, a non-banking sports vertical of the Bank, established in 2016.

 

AWARDS AND HONOURS

 

1. Sustainability Model Award: First prize: Radio Benziger run by Bishop Benziger Hospital Society, Kollam, Kerala Second Prize: Radio Namskar, Konark, Odisha run by Young India Third Prize: Radio Antarwani, Gulbarga, Karnataka run by Sharanbasbeswara Vidya Vardhak Sangh.

 

2. Promoting Local Culture Award: First prize: Radio Brahmaputra, Dibrugarh, Assam for programme: Igarekun Second Prize: Radio Kotagiri, Nilgiris, Tamil Nadu for programme: En Makkaludan Oru Payanam Third Prize: Radio Active, Bhagalpur Bihar for programme: Ang Pradesh ki Adbut Dharohar Most Innovative Community Engagement Award: First prize: Yerlawani Sangli, Maharashtra for programme: Kahani sunandachi Second Prize: Vaylaga Vanoli, Madurai, Tamil Nadu for programme: Let’s Build a new Norm Third Prize: Salaam Namaste Noida, Uttar Pradesh for programme: Maid Didi

 

3. Rajbhasha Gaurav Samman 2023-24 Award
: The ‘Rajbhasha Gaurav Samman’ is an award initiated by the Indian government to promote Hindi and regional languages. Established in 1986, it recognizes outstanding contributions to the use of Hindi in various sectors including administration. The award is conferred annually on individuals and organizations. It aims to encourage the use of Hindi and improve linguistic diversity. The award features a citation and a cash prize. Recipients include institutions from both public and private sectors.

Daily GK Update- 27th July, 2024

 NATIONAL UPDATES:

 

1. Government extends EMPS till September with more outlay of ₹778 crore: The government has extended the duration of Electric Mobility Promotion Scheme (EMPS) 2024 by two months up to September 30, with enhancement of outlay to ₹778 crore. Earlier, the scheme was launched by Ministry of Heavy Industries (MHI) through a gazette notification on March 13, to boost the adoption of electric vehicles (EVs) across the country. The EMPS was originally set to run from April 1 to July 31, 2024, with a total outlay of ₹500 crore. So, the total outlay becomes ₹1,278 crore now for the same scheme. The eligible vehicles include electric two-wheelers (e-2W) and three-wheelers including registered e-rickshaws and e-carts and L5 (e-3W). The scheme now targets to support 5,60,789 EVs, comprising 5,00,080 e-2Ws and 60,709 units of e-3Ws, it said adding that this includes 13,590 rickshaws and e-carts, as well as 47,119 e-3Ws in the L5 category.

 

2. Amit Shah led High-level committee Yuva Aapda Mitra Scheme (YAMS): Amit Shah led High-level committee approved a proposal of Yuva Aapda Mitra Scheme (YAMS) at an outlay of Rs 470.50 crore from NDRF. It will be implemented in 315 most disaster-prone districts of the country for training of 1300 trained Aapda Mitra Volunteers as Master Trainers and 2.37 lakh volunteers exclusively from NCC, NSS, NYKS and BS&G (Bharat Scouts & Guides) in disaster preparedness and response. Earlier, the government implemented “Aapda Mitra” scheme under which around 1 lakh community volunteers have been trained for disaster response in 350 most disaster-prone districts of the country. These skilled and trained ‘Aapda Mitras’ and ‘Aapda Sakhis’ are playing an important role in assisting the local administration in responding to any disaster.

 

3. Ashwini Vaishnaw inaugurates India’s 500th Community Radio Station- Apna Radio 90.0 FM at IIMC Aizawl: Union Minister of Information and Broadcasting (I&B) Ashwini Vaishnaw announced the winners of 10th National Community Radio Awards. The Minister has also inaugurated India’s 500th Community Radio Station in presence of Union Minister of State for I&B Dr. L. Murugan and Chief Minister of Mizoram Shri Lalduhoma. The station ‘Apna Radio 90.0 FM’ is a station run by Indian Institute of Mass Communication, Aizawl. This initiative will bring a substantive change in the lives of people in the coverage area of Apna Radio station. This launch is also a significant milestone in the Government’s policy of Act East. Winners of 10th National Community Radio Awards

 

4. DK Murali takes charge as CMD of BECIL: Cmde D.K. Murali has taken over as Chairman and Managing Director (CMD) of Broadcast Engineering Consultants India Limited (BECIL), a Mini Ratna Central Public Sector Enterprise (CPSE) under the Ministry of Information & Broadcasting.

Cmde Murali, who served in the Indian Navy for nearly 35 years, expressed his enthusiasm about his new role. The Public Enterprise Selection Board (PESB) has selected Brijesh Dixit for the position of Managing Director at Rajasthan Electronics and Instruments Limited (REIL), a Schedule ‘C’ Central PSU. Dixit, currently the Executive Director (Depot & Machineries) in the Indian Railway Service of Mechanical Engineers, was chosen from 12 candidates. His appointment is subject to requisite clearances and ACC approval, with incumbent MD Rakesh Chopra set to retire on July 31, 2024.

 

INTERNATIONAL UPDATES:

 

1. India, US Sign Cultural Property Agreement to Repatriate Stolen Indian Artifacts: India and the United States of America have signed a Cultural Property Agreement to repatriate stolen Indian artifacts from the USA. Under the agreement, both countries will work together to also prevent and prohibit illicit trade, import, export and trafficking of archaeological and ethnological materials. This is India’s first-ever Cultural Property Agreement with the US.

 

2. 27 July – World Hepatitis Day: World Hepatitis Day is observed annually on July 28th. Objective – To raise awareness about viral hepatitis, a group of infectious diseases that cause inflammation of the liver and can lead to severe liver disease and cancer. Theme 2024 – It’s Time for Action Hepatitis is an inflammation of the liver, often caused by viral infections but also resulting from other factors such as alcohol consumption, certain medications, and autoimmune diseases. The liver, a vital organ responsible for numerous essential functions, becomes compromised when affected by hepatitis, leading to potentially severe health consequences.

 

OTHER UPDATES:

DEFENCE

 

1. Ajit Doval Represents India At 4th Annual BIMSTEC Security Chiefs Meeting In Naypyitaw: National Security Advisor NSA Ajit Doval led the Indian delegation at the 4th Annual Meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation BIMSTEC Security Chiefs in Naypyitaw, Myanmar. He met with the Myanmar NSA Admiral Moe Aung and BIMSTEC Security Chiefs called on Prime Minister Senior General Min Aung Hlaing. Delivering India’s national statement at the BIMSTEC meet, Mr Doval spoke on strengthening cooperation in counter-terrorism and combating drug trafficking, arms smuggling and organized crime. He also spoke about BIMSTEC connectivity, holding the 2nd Ports Conclave and water security of Himalayan River systems.

 

2. 27 July – CRPF Raising Day: The Central Reserve Police Force (CRPF) is observing its Raising Day on 27 July 2024. It was on this day the central government’s largest paramilitary force, CRPF was raised as Crown Representative Police in 1939 by the British rulers of India. CRPF is one of the seven Central Armed Police Forces (CAPF) of the government of India, the others being the Assam Rifles, Border Security Force (BSF), Central Industrial Security Force (CISF), Indo-Tibetan Police Force (ITBP), National Security Guard (NSG), and Sashastra Seema Bal (SSB). CRPF is the largest CAPF and is dedicated to the task of internal security.

SPORTS 

 

1. 2024 Paris Olympics Opening Parade held on River Seine, Paris: The 33rd Summer Olympics opened with a first-of-its-kind opening ceremony in the French capital city of Paris on 26 July 2024. For the first time in the Summer Olympics’ history, the traditional opening ceremony was not held in a stadium but in the open on the Seine. Out of the 117-strong Indian side, 78 participated in the opening ceremony. The Indian contingent was led by four-time Olympian table tennis player Sharath Kamal and two-time Olympian badminton player P.V. Sindhu. Paris will host the 33rd Summer Olympics from 26 July to 11 August and Paralympics for the physically challenged athletes from 28 August to 8 September 2024. It is the third time Paris is hosting the Summer Olympics, having hosted in 1900,1924 and now in 2024.

 

2. Mascot and Motto of the 2024 Paris Olympics: The 2024 Paris Olympics Mascot is Olympic Phryge. It is designed on the traditional French Phyrigian hat that represents the symbols of freedom and the French Republic. It is coloured in blue, white and red, representing the flag of France with the golden Paris 2024 logo emblazoned across its chest. Alone we go faster, but together we go further,” is the motto of the Paris Olympics and the Paralympic Games.

 

3. India to participate in 16 events: Out of the 32 sporting disciplines in the Paris Olympics, India will participate in 16: Men’s Hockey, archery, badminton, boxing, wrestling, equestrian, golf, athletics, tennis, judo, rowing, sailing, shooting, swimming, table tennis, and weightlifting. Maximum 29 athletes will participate in athletics, while 21 will participate in the various shooting events. Breaking, Surfing, sports climbing, and Skateboarding are the four new sports to be included in the 2024 Paris Summer Olympics. The United States, with 640 athletes, has the maximum number of athletes competing in the Paris Olympics, followed by host France, which has 608 athletes.

 

4. Sri Lanka clinch maiden Women’s Asia Cup title with comprehensive win over India: Sri Lanka secured their first-ever Women’s Asia Cup title, defeating the defending champions India in front of an ecstatic home crowd. In the final of the 9th Women’s Cricket Asia Cup played at the Rangiri Dambulla International Stadium in Dambulla, Sri Lanka the host beat India by 8 wickets with 8 balls to spare. This was also just the second time in their nine final appearances that India failed to win the Women’s Asia Cup. The previous such instance was in 2018, when Bangladesh beat India by three wickets. Samarawickrama was the Player of the Match in the Final, while Chamari Athapaththu was the Player of the Tournament for her 304 runs and three wickets in the event.

 

BANKING AND FINANCE

 

1. RBI introduces PCA framework to improve financial health of UCBs: The Reserve Bank of India (RBI) has prescribed a Prompt Corrective Action (PCA) framework for relatively weak urban co-operative banks (UCBs), with deposits above ₹100 crore (upper tier category), to nurse them back to health. As per the framework, a financially unsound and ill-managed UCB can be brought under PCA if it breaches the risk thresholds of identified indicators pertaining to capital and profitability (net profit). Currently, there are around 1,500 UCBs in the country. RBI classifies UCBs as Tier-I (deposits up to ₹100 crore); Tier-2 (more than ₹100 crore and up to ₹1,000 crore); Tier-3 (deposits more than ₹1,000 crore and up to ₹10,000 crore); and Tier-4 (above ₹10,000 crore). Tiers 2 to 4 come under the upper Tier. The objective of the PCA Framework is to enable supervisory intervention at an appropriate time and require the UCBs to initiate and implement remedial measures in a timely manner, to restore their financial health.

 

ADB Approves Support to Improve Urban Mobility in India: The Asian Development Bank (ADB) has approved a $200 million loan to expand metro rail corridors and improve transport connectivity in Nagpur, India. The Nagpur Metro Urban Mobility Project will improve transport connectivity within and to Nagpur’s new and growing urban areas. The project will finance the extension of four metro rail corridors in Nagpur. These are from Automotive Square to Kanhan, Prajapati Nagar to Transport Nagar, Khapri to Maharashtra Industrial Development Corporation ESR, and Lokmanya Nagar to Hingna. The project will construct 43.8 kilometers of elevated metro rail corridors with 32 stations. The project will help the Maha Metro develop a 5-year institutional action plan, including a gender equality and social inclusion-responsive workplace strategy; improve its digital project management platform; and train staff on metro planning and management.

 

Daily GK Update- 26th July, 2024

 NATIONAL UPDATES:

 

1. Government exempts Customs Duty on Cancer Medicines to Enhance Drug Affordability: Government has exempted customs duty on Cancer medicines to improve the affordability of these drugs. Union Finance Minister Nirmala Sitharaman announced the exemption of three additional cancer medicines from customs duty in the proposed Union Budget 2024-25 in Parliament. These medicine are Trastuzumab Deruxtecan for Breast Cancer, Osimertinib for Lung Cancer and Durvalumab for Lung Cancer and Biliary Tract Cancer. Union Health Ministry said, 27 lakh cancer patients in the country will benefit from this decision. Finance Minister also revised the custom duty rates on X-ray tubes and flat panel detectors. These revised rates are expected to positively impact the X-ray machine industry by enhancing component availability at lower costs.

 

2. Indigenously developed Automatic Train Protection (ATP) system Kavach deployed on 1465 Route km: Indigenously developed Automatic Train Protection (ATP) system Kavach deployed on 1465 Route km and 144 locomotives on South Central Railway. Kavach is an indigenously developed Automatic Train Protection (ATP) system and a highly technology-intensive system, which requires safety certification of the highest order. Kavach aids the loco pilot in train running within specified speed limits by automatic application of brakes in case Loco Pilot fails to do so and also helps the train safely run during inclement weather. Kavach has been certified for highest level of Safety Integrity Level -SIL4 by Independent Safety Assessor and reduces the probability of train collisions in block sections.

 

3. Union Budget 2024-25: Govt announces Venture Fund of Rs 1,000 Crore to Expand Space Economy: Finance Minister Nirmala Sitharaman has announced a Rs 1,000 crore venture capital fund to give a push to the space economy in the Union Budget 2024-25. With our continued emphasis on expanding the space economy, by 5 times in the next 10 years, a venture capital fund of Rs 1,000 crore will be set up. This is the government’s vision is to increase India’s share in the global commercial space economy to 10% by 2030. Despite being a major spacefaring nation, India currently accounts for only 2 per cent of the global space market. Sitharaman also reiterated the government’s commitment of setting up a corpus of Rs 1 lakh crore to provide long-term, interest-free loan to encourage research and development by private sector. The Anusandhan National Research Fund will support research and prototype development.

 

4. Parle continues to be the most-chosen in-home FMCG brand: Biscuit brand Parle continues to be the most chosen in-home brand according to the latest edition of the annual Brand Footprint Report released by Kantar. The report ranks brands based on Consumer Reach Points (CRP’s). CRP considers the actual purchase made by consumers and the frequency at which these purchases are made in a calendar year. The report measures CRPS of 445 brands. With a CRP score of 7980 million, Parle holds the top spot as the most chosen in-home brand for a record 12 th year in a row. Other brands in the top five rankings include Britannia, Amul, Clinic Plus and Tata Consumer Products. Seven brands in the top 25 in-home rankings witnessed more than 20 per cent penetration increase in the last decade. This includes Britannia followed by Surf Excel, Sunfeast, Haldiram’s, Patanjali, Brooke Bond and Vim.

 

5. Rashtrapati Bhavan’s Durbar Hall, Ashok Hall renamed: President Droupadi Murmu announced the renaming of two of the important halls of Rashtrapati Bhavan – namely, ‘Durbar Hall’ and ‘Ashok Hall’ – as ‘Ganatantra Mandap’ and ‘Ashok Mandap’ respectively. Earlier, Rashtrapati Bhavan’s Mughal Garden was also renamed as ‘Amrit Udyan.’ The Rashtrapati Bhavan, the office and the residence of the President of India, is a symbol of the nation, and an invaluable heritage of the people.

 

6. Ajinkya Naik elected as the Youngest MCA President: 37 years old, Ajinkya Naik has been elected as the youngest president in the history of the Mumbai Cricket Association (MCA). Naik defeated Sanjay Naik, a candidate supported by Mumbai BJP chief Ashish Shelar, by 107 votes in a one-sided election. Ajinkya Naik secured 221 votes, while Sanjay Naik received 114 votes. The election was held following the passing of the former MCA President Amol Kale. Naik, who was previously the MCA Secretary, cited his extensive experience and committee involvement as factors contributing to his victory.

 

7. Filmmaker Shekhar Kapur appointed IFFI festival director: Veteran filmmaker Shekhar Kapur has been appointed festival director for the International Film Festival of India (IFFI). Kapur will head the festival, held annually in Goa, for the 55th and 56th editions. He has directed films such as “Masoom”, “Mr India” and “Bandit Queen” in India. Kapur served as the head of the chairperson of the international competition Jury at the 54th IFFI. He also served as chairperson of the Pune-based Film and Television Institute of India from 2020-2023

 

INTERNATIONAL UPDATES:

 

1. Global Passport Index: India at 82nd with Visa-Free Access to 58 Countries: India has been ranked 82nd spot on a global passport index, allowing Indians visa-free entry to 58 countries, including popular destinations like Indonesia, Malaysia and Thailand. According to the latest ranking by the UK-based Henley Passport Index, India’s passport now ranks at an improved 82nd spot. The ranking is based on data from the International Air Transport Association (IATA). Singapore occupied the top spot in the Index with its citizens having visa-free entry to 195 countries. It dethroned Japan from the first place, which is now at the second place along with Spain, France, Germany and Italy. The passports of all five countries allow visa-free access to 192 destinations. The Henley Passport Index is a global ranking of countries according to the travel freedom allowed by those countries’ ordinary passports for their citizens.

 

2. India among top 3 countries in most significant forest area gains: FAO: According to a new report by the Food and Agriculture Organisation (FAO), India gained 2,66,000 hectares of forest area annually from 2010 to 2020, securing the third spot among the top 10 countries with the most significant forest area gains during this period. China led the world with the maximum forest area gain of 1,937,000 hectares, followed by Australia with 4,46,000 hectares, and then India. Other countries in the top 10 include Chile, Vietnam, Turkey, the United States, France, Italy and Romania. The report highlighted a significant reduction in deforestation in some countries. For example, Indonesia saw an 8.4 percent decline in deforestation from 2021 to 2022. While Brazil’s Amazon experienced a 50 percent reduction in deforestation in 2023.

 

OTHER UPDATES:

DEFENCE

 

1. 26 July – Kargil Vijay Diwas: Kargil Diwas, also known as Kargil Vijay Diwas, is celebrated annually on July 26 to commemorate India’s victory over Pakistan in the Kargil War. On this day, in the year 1999, India successfully outed Pakistani Forces from their occupied positions on the mountain tops of Northern Kargil District in Ladakh. As the nation approaches the 25th anniversary of this historic victory, Prime Minister Narendra Modi is set to visit the Drass sector in the Union Territory of Ladakh. The Kargil War, a armed conflict between India and Pakistan, took place from May 8, 1999, to July 26, 1999. This period was marked by intense fighting and strategic maneuvers that would shape the future of Indo-Pakistani relations.

 

SPORTS 

 

2. Real Madrid become first football club in world to report €1 billion in revenue: Real Madrid have become the first football club to report revenue generation of over €1 billion ($1.08bn). As per the financial report for 2023-24, the La Liga giants Real Madrid made €1.073bn in revenue, registering a rise of 27% and a total gain of €230 million. The revenue statement did not include player transfers. They also registered after-tax profits of €16m, 32% higher than last season. Real Madrid is valued at $6.07bn by Forbes – the most valuable football club in the world and the 11th most valuable sports team overall. The Dallas Cowboys are the highest-valued sports team in the world as per Forbes with a valuation of $9bn.

 

BANKING AND FINANCE

 

1. Credit guarantee cover extended to ₹7.5 lakh under revamped Model Skill Loan Scheme: Minister of State for Skill Development and Entrepreneurship Jayant Chaudhary has launched the ‘Model Skill Loan Scheme’ in New Delhi. The scheme aims to empower the country’s future-ready workforce. Under the scheme, education and upskilling opportunities will be provided to 25 thousand youth across the country. Under the new scheme, the loan amount limit has been increased to 7.5 lakh rupees which was 1.5 lakh rupees earlier. This scheme had been mentioned by the Union Finance Minister Nirmala Sitharaman in Union Budget 2024-25. The earlier Credit Guarantee Fund Scheme for Skill Development, notified in November 2015 to create a credit guarantee fund for courses aligned to the National Skill Qualification Framework, faced multiple challenges. As on March 31, 2024, loans amounting to ₹115.75 crore had been extended to just 10,077 borrowers.

 

2. Acko acquires healthtech company OneCare in all cash deal: Insurtech company Acko has acquired digital chronic care management company OneCare in an all-cash deal. This is a strategic move to re-emphasise Acko’s broader vision of being a comprehensive healthcare provider to its customers, going beyond the insurance services. Following the move, Rakesh Shivran and Sagar Bhat, co-founders of OneCare, will also be joining the leadership team of Acko, bringing in their substantial learning and experience in building large scale health-tech services. OneCare has developed a unique omnichannel care model that combines advanced wearables, data-driven insights, and the accessibility of both physical clinics and virtual care teams.

 

3. IRDAI revises its guidelines on commission on long-term motor insurance: The Insurance Regulatory and Development Authority of India (IRDAI) has revised its guidelines regarding the commission for long-term motor insurance policies. The recent policy change brings these long-term policies in line with the standard one-year motor insurance policies. Under the updated regulation, insurers are now permitted to provide commissions within the expense management framework for long-term policies. For three-year comprehensive motor insurance policies for four-wheelers, the commission cap was originally set at 15% for the first year, 10% for the second year, and 5% for the third year. The recent guidelines have granted insurers the freedom to tailor commission structures according to their management expenses.