Daily GK Update- 30th Aug, 2024

 NATIONAL UPDATES:

 

1. ICAR-CIFE and VAMNICOM Sign MoU to Enhance Cooperative Management in Fisheries: In a significant stride towards fostering collaboration in the field of cooperative management within the fisheries sector, the Central Institute of Fisheries Education (ICAR-CIFE) and the Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM) signed a Memorandum of Understanding (MoU). This is an important step forward in realization of the vision of establishment of 2 lakh PACS, Dairy, and Fishery Cooperatives in every Panchayat.Fisheries in India provides livelihood to 14.46 million people and this strategic partnership aims to enhance integration and reach of advanced technology as well as promotion of value addition in fishery cooperatives.VAMNICOM and ICAR-CIFE will together explore new opportunities in the area of Fish, Fish cooperative and Fisheries ecosystem from the perspective of education, research, capacity building and consultancy.

 

2. RINL & IOCL ink MoU towards the supply of hydraulic and lubricating oils & greases to RINL: The corporate entity of Visakhapatnam Steel Plant, RINL has signed an MoU with M/s. IOCL for the supply of hydraulic and lubricating oils & greases for a period of 5 years from 2024 to 2029.

This MoU between RINL & IOCL will stand as a benchmark to show how a progressive collaborative work can be taken by different industries towards Nation building.It may be noted that the 1st MoU was signed in the year 1994-95 between RINL & IOCL.This MOU will benefit VSP by ensuring an uninterrupted and continuous supply of lubricants from IOCL to meet the RINL’s requirements. IOCL will provide technical support to RINL, Visakhapatnam steel plant in the field of lubrication, condition monitoring of critical and large hydraulic and lube systems, total bulk oil handling, and used oil management.

 

3. Government approves 4 Start-Ups in the field of Technical Textiles: Secretary, Ministry of Textiles chaired the 8th Empowered Programme Committee (EPC) meeting under the National Technical Textiles Mission, at Udyog Bhawan, New Delhi.The committee has approved 4 Start-Ups with a grant of approx. INR 50 Lakhs, each, under the ‘Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)’ scheme.The committee has also approved a grant of approx. INR 20 Cr. to 5 Education Institutes to introduce courses in Technical Textiles under the ‘General Guidelines for Enabling of Academic Institutes in Technical Textiles’.

The approved Start-Up projects are focused on key strategic areas of Composites, Sustainable Textiles, and Smart Textiles.

 

4. India’s Bharti Airtel announces content partnership with Apple: Bharti Airtel has partnered with Apple to bring exclusive offers for Apple Music and Apple TV+ to customers in India later this year.Apple TV+ will be included on Airtel’s video-streaming service Xstream with premium wifi and postpaid plans, and users of the company’s music-streaming service,Wynk Premium, will have access to offers on Apple Music.This comes as Disney and Reliance try to secure India antitrust approval for their $8.5 billion merger, aiming to create India’s biggest entertainment player.

 

5. PMJDY completes a decade of successful implementation: The world’s largest financial inclusion programme, Pradhan Mantri Jan Dhan Yojana (PMJDY) completed 10 years on 28 August 2024.The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by the government of India on 28 August 2014 with the aim of bringing the unbanked population within the formal banking system.The scheme launched in 2014, has proven to be the foundation stone in bringing over 80 percent of Indian women under the ambit of financial inclusion.A significant boost in the bank account ownership of women in a decade, it has gone up from just 26 percent in 2011 to 78 percent in 2021.Out of the total 53.13 crore Jan Dhan accounts over 30 crore are women’s accounts. Over 35 crore of the Jan Dhan account hail from rural or semi-urban areas.

 

6. Rajasthan & MP govts to develop ‘Shri Krishna Gaman Path’ connecting Mathura to Ujjain: Rajasthan Chief Minister Bhajan Lal Sharma announced a new religious circuit called ‘Shri Krishna Gaman Path’ which will connect Krishna’s birthplace Mathura with Ujjain in Madhya Pradesh.This new circuit will be built connecting the places where Krishna left his footprints while travelling to Ujjain from his birthplace in Mathura.Both governments will work jointly for the development of this circle while identifying the places where he (Krishna) left his footprints while travelling from Mathura to Ujjain.The development of the Shri Krishna Gaman Path will be a joint effort between the states of Rajasthan and Madhya Pradesh, demonstrating inter-state cooperation in the realm of cultural and religious tourism.

 

7. Maharashtra becomes first state to adopt Unified Pension Scheme: The Maharashtra Cabinet has approved the central government’s Unified Pension Scheme (UPS), becoming the first state to do so.The move by the Maharashtra government comes hours after employee unions demanded states to implement the newly approved scheme by the Modi government, which will take effect from April 1, 2025.The cabinet also cleared the proposal to expand the uninterrupted power supply scheme to more farmers in the state. They would get supply during the day. It cleared the ₹7,000 crore Nar-Par-Girna River linking scheme that would primarily benefit north Maharashtra districts like Nashik and Jalgaon.The project involves lifting 9.19 TMC of water from the Nar, Par, and Auranga rivers, carrying it through a 14.56-kilometre tunnel, and releasing it in the Girna river basin near the Chankapur dam.

 

8. PM Modi chairs 44th PRAGATI Interaction: Prime Minister Narendra Modi has chaired the meeting of the 44th edition of PRAGATI, the ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation, involving Centre and State governments.It was the first meeting of PRAGATI in the third term of the Narendra Modi Government.In the meeting, seven significant projects were reviewed including two projects relating to road connectivity, two rail projects and one project each of the Coal, Power and Water Resources sectors.The cost of these projects totalled more than 76 thousand 500 crore rupees. The projects relate to Uttar Pradesh, Uttarakhand, Jharkhand, Maharashtra, Rajasthan, Gujarat, Odisha, Goa, Karnataka, Chhattisgarh and Delhi.

 

9. Government launches She-Box portal to make workplaces safer for women: The government has launched the She-Box portal to make workplaces safer for women.Women and Child Development Minister Annpurna Devi launched the portal in New Delhi.She-Box portal is a centralized platform for registering and monitoring complaints of sexual harassment of women at the workplace.This platform provides facility to file complaints, track its status and ensure a time-bound processing of complaints by Internal Committees.This initiative is a critical step forward in providing a more efficient and secure platform for addressing workplace-related sexual harassment complaints.

 

10. 30 August – Small Industry Day: Small Industry Day is observed on 30 August every year.This day recognises the contributions of small businesses and industries to the economy. It also highlights the crucial role that small enterprises play in fostering innovation, creating jobs, and driving economic growth.Theme 2024 – Leveraging Power and Resilience of Micro-, Small and Medium-sized Enterprises (MSMEs) to Accelerate Sustainable Development and Eradicate Poverty in Times of Multiple CrisesThe origins of Small Industry Day can be traced back to the year 2000 when the Indian government introduced a comprehensive policy package for small-scale industries (SSI). To mark this significant development, the Ministry of Small-Scale Industries declared August 30 as Small Industries Day.

 

INTERNATIONAL UPDATES:

 

1. Berkshire Hathaway First Non-Tech Company to Hit $1 Trillion:  Buffett’s approach to investing is disciplined and straightforward. He categorizes investment opportunities into three groups: “yes,” “no,” and “too tough to understand.” For a long time, he stayed away from technology stocks, believing they were difficult to predict. However, he later changed his view when he saw the strong market position of companies like Apple, which he now considers to have a strong competitive advantage, or a “moat.” Warren Buffett’s success is built on a combination of value investing, smart diversification, and a long-term vision. These principles have helped make Berkshire Hathaway one of the most valuable companies in the world.

 

2. Global Fintech Fest (GFF) 2024: The Global Fintech Fest is a major conference dedicated to innovations in financial technology. It started in 2020 and brings together industry leaders, startups, and regulators. The event features more than 250 speakers and draws thousands of participants from around the world. Key topics include digital payments, blockchain technology, and financial inclusion. The festival encourages collaboration between fintech companies and traditional financial institutions. It is organized by the Association of Global Fintech and the National Payments Corporation of India, to advance fintech policies and developments globally.

OTHER UPDATES:

DEFENCE

 

1. India Commissions Second Nuclear Submarine, INS Arighaat: India recently commissioned its second nuclear-powered ballistic missile submarine (SSBN) called INS Arighaat. This event took place in Visakhapatnam and was a significant step in strengthening India’s defense capabilities. Defence Minister Rajnath Singh mentioned that this move is crucial for boosting India’s nuclear triad, which is a three-part system that includes land-based missiles, aircraft, and submarines capable of launching nuclear weapons. This makes India more secure against potential threats.

 

2. India, China Commit to Peace in Border Areas: The Working Mechanism for Consultation & Coordination on India-China Border Affairs (WMCC) was set up in 2012 to handle border problems and improve communication. It includes representatives from both countries’ foreign and defense ministries. The WMCC helps with discussions on managing the border, building trust, and resolving disputes in border areas. It meets regularly, especially when tensions are high. The goal is to avoid conflicts and handle crises through talks, showing a commitment to keeping peace and stability along the India-China border.

 

3. B Srinivasan Appointed New NSG Director General: B Srinivasan, a 1992 batch Indian Police Service (IPS) officer from Bihar, will lead the NSG until his retirement on August 31, 2027. The Ministry of Personnel confirmed his appointment. Nalin Prabhat, who was the previous NSG Director General, has been reassigned to the Special DG role in Jammu and Kashmir Police. He is also a 1992 batch IPS officer, but from Andhra Pradesh. Prabhat has had a distinguished career, receiving three Police Gallantry Medals and the Parakram Padak. He has significant experience in counter-insurgency operations and previously led the Greyhounds unit in Andhra Pradesh.

 

SCIENCE AND TECHNOLOGY

 

1. Google DeepMind Launches AI Project for 125 Indian Languages: One big challenge that Manish Gupta, the Director of Google DeepMind, has pointed out is the lack of digital data for many Indian languages. For 73 out of the 125 languages targeted by the project, there is no digital data available at all. This makes it very hard to develop AI that can understand and work with these languages. Even Hindi, which is widely spoken, makes up only 0.1% of all the text available on the internet.

 

BANKING AND FINANCE

 

1. ESAF Small Finance Bank launches Inori RuPay Platinum Credit Card: ESAF Small Finance Bank has launched the Inori RuPay Platinum Credit Card, a premium financial product designed in collaboration with the National Payments Corporation of India (NPCI) to offer cardholders exclusive benefits and privileges.The card’s name “Inori” is derived from the Japanese word for “wish,” symbolising our aspiration to fulfil the desires and expectations of customers.Cardholders can enjoy a range of rewards, including exciting cashback offers on monthly transactions and comprehensive insurance coverage of up to ₹2 lakh.Additionally, the card provides access to exclusive merchant offers and global acceptance. The RuPay Platinum Credit Card also includes personalized concierge services, offering assistance with travel, dining, and lifestyle needs.

 

2. GST taxpayers without valid bank account to be barred from filing GSTR-1 from Sep 1: GST taxpayers who do not furnish bank account details to GST authorities will be barred from filing outward supply return GSTR-1 from September 1, GST Network (GSTN) has said in an advisory.As per GST Rule 10A, a taxpayer is required to furnish details of a valid bank account within 30 days from the date of grant of registration, or before furnishing the details of outward supplies of goods or services or both in Form GSTR-1 or using Invoice Furnishing Facility (IFF), whichever is earlier.The GST Council in its meeting in July last year, had approved an amendment to Rule 10A to strengthen the registration process and to effectively deal with the menace of fake and fraudulent registrations in GST.

 

3. Jana SFB Sweeps 4 Awards at ICC Emerging Asia Banking Conclave: Jana Small Finance Bank has once again cemented its status as a frontrunner in the Indian banking industry.The bank’s commitment to excellence and innovation was recognized at the prestigious 2nd ICC Emerging Asia Banking Conclave & Awards, where it clinched four coveted awards.Jana Small Finance Bank was honoured with the titles of Best Small Finance Bank, India, Best Performance on Profitability (Runners-up), Best Performance on Asset Quality, and Best Performance on Risk Management.This quadruple win underscores the bank’s exceptional performance across key metrics and its dedication to providing innovative financial solutions.

 

 

Daily GK Update- 29th Aug, 2024

 NATIONAL UPDATES:

 

1. C-DAC Inaugurates Model EV Charging Station and Hardware Emulation Facility: The Secretary, Ministry of Electronics and Information Technology (MeitY), S. Krishnan has inaugurated the Model Indigenous Electric Vehicle Charging Station at C-DAC Thiruvananthapuram, Technopark Campus. This center will have various AC and DC fast chargers for vehicles ranging from 2W to Heavy vehicles and, Play a crucial role in catalyzing an ecosystem for the promotion of the charging infrastructure with indigenous EV chargers research, development, commercialization, and manufacturing through industries.Apart from this the Secretary also inaugurated the Hardware Emulation Facility at C-DAC, Thiruvananthapuram for the Start-ups under the C2S program and DLI Scheme of MeitY.This center will have development, testing, and validation of hardware designs, for VLSI and SoC technologies. This facility provides resources for emulating hardware designs on reconfigurable platforms like FPGAs.

 

2. Spices board unveils comprehensive scheme to boost exports and enhance cardamom productivity: The Spices Board, under the Ministry of Commerce and Industry, has launched a new scheme titled ‘Sustainability in Spice Sector through Progressive, Innovative and Collaborative Interventions for Export Development (SPICED).’Scheduled to roll out in the fiscal year 2025-26, the scheme has been approved with a budget of ₹422.30 crore.Its primary objective is to enhance value addition, drive innovation, and promote sustainability in the spice sector.The SPICED scheme introduces several key components, including Mission Value Addition, Mission Clean and Safe Spices, the promotion of Geographical Indication (GI) spices, and support for entrepreneurship through Spice Incubation Centres.

 

3. Himachal Govt. launched Mukhya Mantri Sukh Shiksha Yojana: The Himachal Pradesh Cabinet, in a meeting at Shimla chaired by Chief Minister Sukhvinder Singh Sukhu, has approved a new scheme, “Mukhya Mantri Sukh Shiksha Yojana”.The scheme aims to provide financial support to identified socially and economically vulnerable women and parents of disabled children so as to enable the education and well-being of their children.The state cabinet has approved Rs 53.21 crore for the Mukhya Mantri Sukh Shiksha Yojana for the financial year 2024-25.Parents of children under 18 years will receive monthly financial assistance of Rs 1000 per month from the state government to cover the child’s educational, nutritional, and health expenses.

 

4. Satish Kumar named new Chairman and CEO of Railway Board: Indian Railway Management Service (IRMS) officer Satish Kumar has been appointed as the chairman and chief executive officer (CEO) of the Railway Board.His appointment marks a historic moment as he becomes the first individual from the Scheduled Caste or Dalit community to be selected for this position.Kumar’s tenure is slated to commence on September 1, when he will replace the incumbent chairperson and CEO of the board, Jaya Varma Sinha, who will be retiring on August 31.Kumar, a notable officer from the 1986 batch of the Indian Railway Service of Mechanical Engineers (IRSME), has made remarkable contributions to Indian Railways over a distinguished career spanning more than 34 years, as acknowledged by the Railway Board.

 

5. Subhasri appointed MD & CEO of Shriram Capital: Shriram Capital Pvt Ltd, the holding company of the Shriram Group, has appointed Subhasri as the company’s Managing Director and CEO.Subhasri who has been serving as the joint managing director, will take over the new role with a vision to drive the company towards greater heights of success.Her journey with Shiram Group began in 1991 as an officer in the NBFC business and over the years Subhasri has played a pivotal role in the company’s growth and expansion.Shriram Capital is the holding company of the Shriram Group, which is amongst the largest non-bank financiers in the country.Subhasri is a fellow member of Institute of Company Secretaries of India and Institute of Cost & Works Accountants of India.

 

INTERNATIONAL UPDATES:

 

1. Iran appoints Fatemeh Mohajerani as First Female Government Spokesperson: In Iran, for the first time, a woman will be the government spokesperson.At the suggestion of Iranian President Masoud Pezeshkian and with the approval of the Cabinet of Ministers, Fatemeh Mohajerani was appointed as the first female government spokesperson.Mohajerani, 54, is a Doctor of Business Administration from Edinburgh and has earlier served as the head of the Technical and Vocational Training University of Shariati (for women).This is the latest appointment of a woman to a senior position. Besides her, three women hold high positions in the government including Shina Ansari who was appointed last week as head of the Department of Environment.

 

2. Pakistani Christian becomes first in Goa to get citizenship under CAA: Joseph Francis A. Pereira, a Christian from Pakistan, has become the first person in Goa to receive Indian citizenship under the Citizenship Amendment Act (CAA).Chief Minister Pramod Sawant presented Pereira with his citizenship certificate during a ceremony in Panaji, the state capital.Pereira, who now resides in Cansaulim, South Goa, expressed his gratitude to Prime Minister Narendra Modi and Home Minister Amit Shah for introducing the CAA.Pereira, 78, retired in 2013 after working for 37 years in Bahrain. He settled in Goa with his wife, Martha Pereira, who was already an Indian citizen.The Citizenship Amendment Act allows Hindus, Sikhs, Jains, Christians, Parsis, and Buddhists from neighboring countries—Bangladesh, Pakistan, and Afghanistan—who entered India before December 31, 2014, to apply for citizenship after verification.

 

3. Siemens Healthineers gets India nod for Mpox test kit: German healthcare firm Siemens Healthineers AG received the Indian drug regulator’s approval to manufacture mpox detection kits in the country, a significant step to help screen and prevent the spread of the viral infection.

The kits will be manufactured by the company’s molecular diagnostics manufacturing unit in Vadodara, which has a production capacity of one million tests per annum.With the RT-PCR kits, the test results will be available in 40 minutes, which is significantly faster than traditional methods that take one to two hours. This will help reduce the turnaround time for reporting, leading to quicker responses.The IMDX Monkeypox Detection RT-PCR Assay is a molecular diagnostic test that targets two distinct regions in the viral genome, spanning both clade I and clade II variants of the virus.This ensures thorough detection across various viral strains, providing comprehensive results.

 

4. 25-29 August – World Water Week: The Stockholm International Water Institute (SIWI) is organising the next World Water Week on 25-29 August 2024.World Water Week is the leading conference on global water issues, held every year since 1991, and the theme for this year’s conference is “Bridging Borders: Water for a Peaceful and Sustainable Future “.This powerful theme encapsulates the urgent need for global cooperation in addressing water-related challenges that transcend national boundaries.The role of governance is critical when it comes to defusing tensions and preventing conflicts from escalating. It is important to learn from experiences from different contexts and analyze how governance structures can be more dynamic, flexible, and participatory.”

 

OTHER UPDATES:

DEFENCE

 

1. Senior IPS officer B Srinivasan appointed as DG of NSG: Senior IPS officer B Srinivasan has been appointed as the Director General (DG) of the National Security Guard (NSG).Srinivasan is a 1992 batch Indian Police Service (IPS) officer of Bihar cadre.He will take over as NSG director general after Nalin Prabhat’s departure to being deputed as Jammu and Kashmir’s Special Director General of Police.The Appointments Committee of the Cabinet has approved the appointment of Srinivasan as Director General, NSG, from the date of joining the post and up to August 31, 2027.

 

SPORTS 

 

2. 29 August – National Sports Day: National Sports Day is celebrated every year on 29 August.The day commemorates the birth anniversary of greatest field hockey player Major Dhyan Chand.Theme 2024 – Sports are an enabler to an inclusive and fit society.The Indian government officials announced to celebrate National Sports Day in 2012 marking August 29 as a day to recognise sports excellence. The date was selected to pay tribute to Major Dhyan Chand, also known as the ‘Wizard of Hockey’.Major Dhyan Chand was born on August 29, 1905, in Prayagraj, Uttar Pradesh. His career spanned from 1926 to 1948, when he played 185 matches for India scoring over 400 goals.His excellent performance brought the golden period for Indian hockey as he led India to win three gold medals in 1928, 1932 and 1936.

SCIENCE AND TECHNOLOGY

 

1. Amazon launches AI assistant chatbot ‘Rufus’ in India: Ecommerce major Amazon India has launched its artificial intelligence (AI)-powered shopping assistant ‘Rufus’ in India.Rufus is currently available in beta mode in India, and available only to some customers.The assistant can help shoppers get product recommendations, access shopping list advice, compare productcategories and see what other customers have said in response to their specific questions.The chatbot was first announced in the US in February this year, after which it was rolled out widely to all customers in the US in July.

 

BANKING AND FINANCE

 

1. Tata AIA Life launches ‘Sampoorna Raksha Promise’ product with ₹3 lakh instant payout feature: Tata AIA Life Insurance has unveiled its latest term insurance product, Sampoorna Raksha Promise. This product is designed to enhance financial security.Keeping in mind that the family may have to incur urgent expenses on the demise of the key member, it offers an instant payout of Rs. 3 lakhs on death claim intimation.Sampoorna Raksha Promise allows the policyholder to defer the premium by 12 months in such circumstances. When diagnosed with a terminal illness e.g. cancer, the consumer is paid 50% of the sum assured, even as the future premiums are waived and policy benefits continue to accrue.

 

2. Sampoorna Raksha Promise provides coverage up to the age of 100 with two plan options: Life Promise – Consumers can select a particular sum assured at the time of purchase, which is payable upon the policyholder’s death.Recent Facilities Launched in Banking & Insurance Sector: Bandhan Bank launches Avni Saving Account for Women CustomerKarnataka Bank unveils credit line on UPI in partnership with Navi TechnologiesRBL Bank launched Vijay Fixed Deposits to honor 78th Independence DayAxis Bank launches PRIMUS super-premium credit card with VISA PNB launches PNB ANTAH DRISHTI Braille Debit Card for visually impaired customersDBS Bank India launched “DBS Golden Circle,” a priority banking program for senior citizens.

 

3. YES Bank inks pact with Newtap Finance to offer financing solutions: YES Bank has entered into a co-lending partnership with Newtap Finance Private Limited to provide personalised financing solutions for creditworthy individuals on payments platform CRED.Dreamplug Technologies Private Limited (DTPL), which operates CRED, will serve as the Lending Service Provider (LSP) for YES BANK and Newtap Finance in this partnership.The collaboration aligns YES BANK’s financing expertise with CRED’s affluent member base, where in recognition of their demonstrated financial responsibility, CRED members will benefit from competitive rates and a superior, digital-first experience, designed to be intuitive and frictionless.

 

 

 

 

AWARDS AND HONOURS

 

1. Mother Teresa International Awards Celebrated in Dubai: The 24th International Mother Teresa Awards Ceremony took place at the Millennium Plaza Dubai, commemorating the 114th birth anniversary of the revered humanitarian.This prestigious event, organized by the All-India Minority and Weaker Sections Council, was held outside India for only the second time, with both international ceremonies having taken place in Dubai.The awards, established after Mother Teresa’s passing in 1997, recognized exceptional individuals who have made significant contributions in various fields including education, science, culture, sports, social work, medicine, industry, and politics in India.This year’s ceremony featured a diverse group of awardees from different countries and sectors. Notable recipients included the late João Bernardo Vieira II, from Guinea-Bissau , Sidharth Srivastava and Namit Bajoria from the industry sector, and Mohammed Mahtabur Rahman, Chairman of NRB Bank Limited.

 

 

Daily GK Update- 28th Aug, 2024

 NATIONAL UPDATES:

 

1. Amit Shah chairs seven LWE affected state’s meeting in Raipur: Union Home Minister and Minister of Cooperation, Amit Shah chaired a review meeting on Left-Wing Extremism (LWE) and an inter-state coordination meeting in Raipur, Chhattisgarh.The central government is committed to eradicating Left-Wing Extremism (Naxalislm) from the country before March 2026.

The meeting was attended by seven states- Chhattisgarh, Andhra Pradesh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, and Telangana.

 

2. Samanatham Tank in Madurai to be converted into bird sanctuary: Following Madurai Nature Cultural Foundation recommendations, the Tamil Nadu Forest Department will convert the Samanatham Tank in the Madurai district will be converted into a bird sanctuary.Samanatham Tank, documented 300 rare species of birds including Anhinga Melanogaster, Mycteria Leucocephala, Threskiornis Melanocephalus, Pelecanus Philippensis, Limosa Lapponica, Sterna Aurantia, and Pandion Haliaetus.There are 17 bird sanctuaries in Tamil Nadu, 15 wildlife sanctuaries, and four Tiger reserves.

 

3. Centre to create 5 new districts in Ladakh: The Ministry of Home Affairs has decided to create five new districts in the union territory of Ladakh.The creation of new districts will take the benefits meant for the people to their doorsteps by bolstering governance in every nook and cranny.These districts are – Zanskar, Drass, Sham, Nubra and Changthang.Ladakh currently has only two districts – Leh and Kargil. Both districts have their autonomous district councils which govern them. After the creation of the new districts, Ladakh will have seven districts in total.Until 2019, Ladakh was a part of the erstwhile state of Jammu and Kashmir. However, the BJP-led Central government that year revoked the special status accorded to the state. The government also divided the state into two union territories – Jammu and Kashmir and Ladakh.

 

4. Cabinet approves BioE3 (Biotechnology for Economy, Environment and Employment) Policy: The Union Cabinet, chaired by Prime Minister Narendra Modi approved the proposal ‘BioE3 (Biotechnology for Economy, Environment and Employment) Policy for Fostering High Performance Biomanufacturing’ of the Department of Biotechnology.The salient features of BioE3 policy include innovation-driven support to R&D and entrepreneurship across thematic sectors.This will accelerate technology development and commercialization by establishing Biomanufacturing & Bio-AI hubs and Biofoundry. Along with prioritizing regenerative bioeconomy models of green growth, this policy will facilitate the expansion of India’s skilled workforce and provide a surge in job creation.Overall, this Policy will further strengthen the Government’s initiatives such as ‘Net Zero’ carbon economy & ‘Lifestyle for Environment’ and will steer India on the path of accelerated ‘Green Growth’ by promoting a ‘Circular Bioeconomy’.

 

5. Arun Agarwal appoints as Chairman of Texas Economic Development Corporation: Texas Governor Greg Abbott has appointed Dallas-based Indian-American entrepreneur Arun Agarwal as the chairman of the Texas Economic Development Corporation’s (TEDC) board of directors.A key public-private partnership with the Governor’s Office of Economic Development and Tourism, TEDC is responsible for marketing Texas as the top US state for business, both domestically and globally.This appointment underscores Texas’s commitment to diversity and highlights the growing influence of Indian American leaders in major economic roles.Agarwal’s extensive experience in business, philanthropy, and international relations is expected to further elevate Texas’s standing as a global economic powerhouse.

 

INTERNATIONAL UPDATES:

 

1. North Korean Leader Kim Jong Un Unveils New ‘Suicide Drones’: North Korean leader Kim Jong Un recently unveiled a new type of “suicide drone”.These drones, designed to carry explosives and crash into enemy targets like guided missiles.The test was successful, with all drones accurately identifying and destroying their designated targets after flying along preset routes.Experts suggest that the technology behind these drones may have Russian origins.Suicide drones are explosive-carrying unmanned drones designed to be deliberately crashed into enemy targets, effectively acting as guided missiles.

 

2. SAP Labs India MD Sindhu Gangadharan appointed as NASSCOM chairperson: MD of SAP Labs India, Sindhu Gangadharan has been appointed as the chairperson of the industry body Nasscom.She will succeed President-designate Rajesh Nambiar once his tenure ends.In 2023, Sindhu was appointed as the chair of Nasscom GCC Council. She serves on the boards of Siemens India and Titan Company Ltd and is a member of the Steering Committee of the Indo-German Chamber of Commerce, fostering bilateral trade between India and Germany.

 

3. Jay Shah elected unopposed as new ICC chairman: Jay Shah has been elected as the new chairman of the International Cricket Council (ICC). He will succeed Greg Barclay and will assume charge on December 1.The secretary of the Board of Control for Cricket in India (BCCI) was elected unopposed as no nomination was filed against him.At 36, Shah will be the youngest head of the ICC. He will hold a term of three years with an option to continue for three more years. Shah will now have to relinquish his BCCI post, which he has held since 2019.

 

OTHER UPDATES:

DEFENCE

 

1. Sanjeev Raina appointed as Additional DG of ITBP: A senior officer from the 1987 batch of the Indo-Tibetan Border Police (ITBP), Sanjeev Raina has been appointed as the Additional Director General (ADG) of the ITBP.He will be specifically responsible for overseeing the forces along the India-China Line of Actual Control (LAC).This is a significant event because he is only the second officer who is not from the Indian Police Service (IPS) to reach this high rank in the history of the ITBP.Sanjeev Raina has been with the ITBP for more than 30 years, starting his service in November 1987. Throughout his career, he has played key roles in some of India’s most sensitive and difficult areas, such as Ladakh and Jammu and Kashmir.

 

SPORTS 

 

1. India clinch silver medal at Asian Surfing Championships 2024: India won a silver medal at the Maruhaba Cup, a team event, at the Asian Surfing Championships 2024 at Thulusdhoo, Maldives.

In the final, Japan won the gold medal by a substantial margin, with a score of 58.40 ahead of India, who recorded a score of 24.13. Taipei (23.93) and China (22.10) placed third and fourth, respectively.Earlier, the Indian team, consisting of Kamali P, Ajeesh Ali, Srikanth D and Sanjay Selvamani, secured first place in the Heat 2 semi-final with a total score of 32.16.Taipei followed in second place with a team score of 29.70 while the Republic of Korea finished third with a score of 27.74 in the same semi-final.India won the medal a day after securing their first-ever quota in surfing for the Asian Games.

 

SCIENCE AND TECHNOLOGY

 

1. Centre approves Unified Vigyan Dhara scheme to boost science and technology ecosystem: The Union Cabinet has approved the continuation of three umbrella schemes under a new unified central sector scheme named ‘Vigyan Dhara’ within the Department of Science and Technology (DST).The scheme, which will span from 2021-22 to 2025-26, has been allocated an outlay of Rs 10,579.84 crore.The ‘Vigyan Dhara’ scheme consolidates the following three broad components:

The primary goal of the ‘Vigyan Dhara’ initiative is to enhance the country’s Science, Technology, and Innovation (STI) ecosystem.The ‘Vigyan Dhara’ scheme aims to advance research in several key areas, namely, basic research, to facilitate access to international mega facilities, translational research, to focus on sustainable energy, water, and other critical areas, and collaborative research, to foster international bilateral and multilateral partnerships.

 

BANKING AND FINANCE

 

1. Goldman Sachs Group cuts India’s 2024 and 2025 GDP growth forecasts: Goldman Sachs Group Inc. has lowered India’s growth forecast by 20 basis points each for this year and the next, citing a contraction in central government expenditure.The bank now expects the nation’s economy to expand at 6.7% in calendar 2024, and 6.4% in 2025.The current year’s downgrade factors a 35% year-on-year contraction in government expenditure during the April-June quarter that coincided with the weeks-long general election.

 

2. Piramal Finance and Central Bank of India partner to reach underserved markets: Piramal Capital and Housing Finance Limited (Piramal Finance), a subsidiary of Piramal Enterprises Limited, has partnered with Central Bank of India to expand their co-lending operations.The alliance is focused on providing loans to middle and low-income borrowers, particularly in rural and semi-urban regions.The collaboration combines Central Bank of India’s extensive branch network with Piramal Finance’s technological approach to lending, which emphasizes both digital efficiency and personalized service.Through Piramal Finance’s 500+ branch network across 600 districts and 26 states, the partnership aims to offer competitive interest rates and tailored credit solutions to borrowers who are new to credit or underserved by traditional financial institutions.

 

Daily GK Update- 27th Aug, 2024

 NATIONAL UPDATES:

 

1. Petronet LNG inks MoU with Sri Lanka’s LTL Holdings: Petronet LNG (PLL) has entered into an MoU with LTL Holdings of Sri Lanka, for supply of LNG to LTL’s dual fuelled power plants in Kerawalapitiya, Colombo.Both parties, through this MoU, have agreed for development of LNG supply chain from PLLs LNG terminal, Kochi to LTLs power plant in Kerawalapitiya, Colombo.The proposed supply of LNG from PLL’s Kochi LNG Terminal would be through LNG ISO tank containers involving multi-modal transport system.The initial term of LNG supply would be 5 years, which is extendable subject to mutual agreement.

 

2. What is the Unified Pension Scheme?: The Modi government approved a new pension scheme called the Unified Pension Scheme (UPS). The UPS includes provisions for a fixed pension amount, ensuring retirees receive a guaranteed and predetermined sum regularly after retirement.Under UPS, if you work for 25 years or more, you will receive 50% of your average pay for the preceding 12 months as a pension, adjusted for inflation through dearness allowance.Employee contributions will remain the same under the UPS. However, the government will increase its contribution from 14% to 18.5%.At retirement under UPS, you will receive a lump sum payment at superannuation along with gratuity. This will be 1/10th of your monthly emoluments (pay + DA) on the date of superannuation for every six months of completed service. This payment will not reduce the assured pension amount.

 

INTERNATIONAL UPDATES:

 

1. India-US ink pact for mutual supply of defence goods & services: India and the United States have entered into a bilateral non-binding Security of Supply Arrangements (SOSA) to ensure the mutual supply of defence goods and services and address unanticipated supply chain disruptions to meet respective national security needs.Negotiations for the Reciprocal Defence Procurement Agreement (RDP), are still ongoing between the two countries. Through the RDP, Indian companies will be able to service US Department of Defence (DoD) contracts and vice versa, American businesses will have to honour Indian Ministry of Defence (MoD) deals.The two sides also signed the Memorandum of Agreement regarding the Assignment of Liaison Officers as a follow-up to the earlier mutually agreed decision to enhance information sharing between India and US.

 

2. India and Ukraine sign agreements in agriculture, medicine, and cultural cooperation: India and Ukraine have inked four agreements and resolved to enhance their cooperation in a range of key areas including defence, trade, pharmaceuticals, green energy and education.In the field of medical products regulation, the Central Drugs Standard Control Organisation of India and the State Service of Ukraine on Medicines and Drugs Control signed a Memorandum of Understanding (MoU). This MoU outlines plans for collaboration on improving the safety and quality of medical products through information exchange, capacity building, workshops, training, and mutual visits.Another MoU establishes the framework for Indian humanitarian grant assistance to support high-impact community development projects in Ukraine. These projects will be carried out in partnership with the Ukrainian government, aimed at benefiting the local population.

 

3. India-Denmark Launch Smart Laboratory for Clean Rivers Initiative: The main goal of the SLCR is to improve the health of the river and boost the local economy and social conditions. This will be achieved using advanced technology and a detailed river management plan over the next 2 to 3 years. The SLCR will use special models to study how the river’s water moves and behaves. It will also use real-time monitoring tools and data visualization to help make better decisions about managing the river. Certain parts of the Varuna River will get specific treatments to enhance the river’s health and benefit the local communities economically and socially.

 

OTHER UPDATES:

DEFENCE

 

1. IAF’s Sarang Team Showcases India’s Aviation Prowess at Egypt Airshow: The IAF dispatched its Sarang Helicopter Display Team to participate in the inaugural edition of the Egypt International Airshow.The event is scheduled to take place from September 3 to 5, 2024, at the strategically located Al-Alamein International Airport in Egypt’s El Dabaa.The airport, situated along the Mediterranean, serves as a major hub for global air, commercial, and logistical transport, making it an apt location for an event of this magnitude.The Sarang team, renowned for their precision and impressive aerial displays, will be showcasing the indigenous ‘Dhruv’ Advanced Light Helicopters (ALH Mk-I). These helicopters, built by Hindustan Aeronautics Limited (HAL), are multi-role and multi-mission, featuring a hinge-less composite main rotor, and are designed for both military and civilian applications. The contingent will be carrying five Sarang helicopters, which are being airlifted by C-17 Globemaster aircraft for the event.

 

SPORTS 

 

1. Lando Norris won Dutch Grand Prix: Lando Norris has won the Dutch Grand Prix to beat Max Verstappen in Zandvoort.McLaren’s Norris continued his run of poor starts as he failed to keep the lead on a sixth successive occasion from the front of the Formula 1 grid, but passed Red Bull’s Verstappen at the start of lap 18 before romping home to win by 22 seconds.Ferrari’s Charles Leclerc drove a brilliant race from sixth on the grid to hold off Norris’ McLaren team-mate Oscar Piastri for the final podium spot.

 

 

 

SCIENCE AND TECHNOLOGY

 

1. NCERT and Education Ministry launches e-magazine ‘Sapno ki Udaan’: The Union Ministry of Education released the inaugural edition of the e-magazine ‘Sapno ki Udaan’.The e-magazine was launched on the occasion of the first National Space Day, which was observed across the country on 23 August to commemorate the soft landing of the Vikram lander of the Chandrayaan -3 mission on the south pole of the Moon on 23 August 2023.As an e-magazine, Sapno ki Udaan’s inaugural and forthcoming editions will be available online for all readers on the NCERT portal.

The theme of the inaugural Sapno ki Udaan e-magazine was ‘Space’.All the articles, poems, etc., published in the inaugural edition are related to Space and the Chandrayaan Missions of the Indian Space Research Organisation (ISRO).

 

2. India launches world’s first mobile-launched hybrid rocket, RHUMI-I: The world’s first mobile hybrid rocket, RHUMI-1, was successfully launched. The successful launch of the RHUMI-1 rocket also marks the launch of the first reusable hybrid rocket in India.The rocket was developed by Chennai-based startup Space Zone India in collaboration with Martin Group.The success of RHUMI-1 is expected to improve the efficiency and reduce the operational cost of rocket launches, making space exploration more accessible.The RHUMI-1 rocket is launched from a mobile launcher like a special truck, and the rocket can be used again; hence, it is called a reusable rocket.The RHUMI-1 reusable hybrid rocket was launched from a mobile launcher in Thiruvidandhai, a coastal village in Chennai, Tamil Nadu.

 

3. IISER Pune Developed CsPbBr3: Growing large and high-quality CsPbBr3 crystals has been difficult for scientists. These crystals need to have certain properties, like being able to change their electric polarization (called ferroelectric properties) and having minimal dark current, which is unwanted electrical noise. These challenges have slowed down progress in using these crystals in new technologies.  The research team came up with a new way to grow these crystals using a process called solvothermal synthesis. This method involves dissolving the materials needed to form the crystals in a special solution at almost room temperature. This new approach allows the crystals to form more easily and with higher quality, overcoming some of the previous challenges.

 

4. 1835 Moon Hoax: On September 16, 1835, The Sun finally revealed that the articles were a hoax. Surprisingly, instead of losing readers, the newspaper’s popularity continued to grow. This demonstrated that people were fascinated by sensational stories, even if they weren’t true. This event highlighted the powerful influence that the press and media can have on shaping public perception. Famous writer Edgar Allan Poe criticized the articles for lacking originality and pointed out the irony that so many people believed such fantastical claims without questioning them.

 

5. Mission Rhumi 2024: The ‘Edutech for Space’ programme is an educational initiative designed to involve young students in the field of aerospace. A key participant in this program was 13-year-old Satrajit Samy, who, along with other students, had been preparing for this mission for over a year. The programme’s goal is to engage young minds in learning about space technology, making aerospace education accessible and exciting.

 

BANKING AND FINANCE

 

1. RBI cancels registration of Margdarshak Financial Services over high NPAs: The Reserve Bank of India (RBI) has cancelled the registration of Lucknow-headquartered Margdarshak Financial Services Ltd over high net NPAs and defaults on repayment to lenders.As on March 31, 2021, the company failed to maintain the minimum regulatory net owned fund of Rs 5 crore and minimum capital adequacy ratio of 15 per cent stipulated for NBFC-MFI.As per the statutory audit, as on March 31, 2021, the NBFC was facing cash flow issues and defaulted on repayment of Rs 49.27 crore to its lenders.Meanwhile, the RBI imposed penalties on NDX P2P Pvt Ltd and Innofin Solutions Pvt Ltd for non-compliance with certain provisions of ‘peer-to-peer lending platform’ and guidelines on digital lending.

 

2. Tata Power Solar Systems, ICICI Bank partner to finance solar units: Tata Power Solar Systems Ltd (TPSSL) has signed an agreement with ICICI Bank to provide financing for solar units to residential and corporate customers.As part of the agreement, the customers can avail themselves of loans up to Rs 90 lakh with collateral-free options and tenure extending up to 5 years.They can also get higher loans with collaterals with tenures of up to 20 years, said TPSSL, a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL).The customers can avail themselves of flexible down-payment option at 20-25 per cent of the loan amount, making it easier for them to invest in solar energy.

 

 

 

Daily GK Update- 26th Aug, 2024

 NATIONAL UPDATES:

 

1. Postal Dept launches Deen Dayal SPARSH Yojana to encourage Philately: The Department of Post under the Union Ministry of Communication has launched the Deen Dayal SPARSH Yojana to promote research and scholarship in stamps amongst the country’s students.This scholarship aims to inculcate the hobby of Philately among the children from a young age.This scholarship will be provided at all India level and each Postal circle will provide maximum 40 scholarships to 10 students of class 6, 7, 8, and 9 each. The amount of scholarship will be ₹ 6000/- per annum at the rate of ₹ 500/- per month, which will be payable on quarterly basis.While making selection for the scholarship, it should be kept in mind that the candidate must have secured at least 60 percent marks or equivalent grade/grade points in the last final examination. There will be a relaxation of 5% for SC/ST candidates.

 

2. NCERT and Education Ministry launches e-magazine ‘Sapno ki Udaan’: The Union Ministry of Education released the inaugural edition of the e-magazine ‘Sapno ki Udaan’.The e-magazine was launched on the occasion of the first National Space Day, which was observed across the country on 23 August to commemorate the soft landing of the Vikram lander of the Chandrayaan -3 mission on the south pole of the Moon on 23 August 2023.As an e-magazine, Sapno ki Udaan’s inaugural and forthcoming editions will be available online for all readers on the NCERT portal.

The theme of the inaugural Sapno ki Udaan e-magazine was ‘Space’.All the articles, poems, etc., published in the inaugural edition are related to Space and the Chandrayaan Missions of the Indian Space Research Organisation (ISRO).

 

3. Labour ministry launches centralised portal for construction workers: The government launched a portal where construction workers can register themselves to avail benefits of various schemesThe portal, named Building and other Construction Workers (BoCW) Management Information System (MIS).The portal will function as the centralised data management system for compilation and analysis of the data obtained from BoCW welfare boards of the states.The states and UTs were also requested to expedite the integration of BoC workers’ data with the E-Shram portal of the Ministry to enable access to various schemes as a one-stop-solution for unorganized sector workers.

 

4. Unified Pension Scheme to replace National Pension System in India: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the Unified Pension System (UPS) for its employees. The new scheme will replace the existing National Pension System (NPS).The National Pension System was mandatory for central government employees except for the armed forces, which joined the service on 1 January 2004. Later, many state governments implemented the NPS for their employees.According to the government of India the Unified Pension Scheme is proposed to be implemented from 1 April 2025.

 

INTERNATIONAL UPDATES:

 

1. Petronet LNG inks MoU with Sri Lanka’s LTL Holdings: Petronet LNG (PLL) has entered into an MoU with LTL Holdings of Sri Lanka, for supply of LNG to LTL’s dual fuelled power plants in Kerawalapitiya, Colombo.Both parties, through this MoU, have agreed for development of LNG supply chain from PLLs LNG terminal, Kochi to LTLs power plant in Kerawalapitiya, Colombo.The proposed supply of LNG from PLL’s Kochi LNG Terminal would be through LNG ISO tank containers involving multi-modal transport system. The initial term of LNG supply would be 5 years, which is extendable subject to mutual agreement.

 

2. India-US ink pact for mutual supply of defence goods & services: India and the United States have entered into a bilateral non-binding Security of Supply Arrangements (SOSA) to ensure the mutual supply of defence goods and services and address unanticipated supply chain disruptions to meet respective national security needs.Negotiations for the Reciprocal Defence Procurement Agreement (RDP), are still ongoing between the two countries. Through the RDP, Indian companies will be able to service US Department of Defence (DoD) contracts and vice versa, American businesses will have to honour Indian Ministry of Defence (MoD) deals.The two sides also signed the Memorandum of Agreement regarding the Assignment of Liaison Officers as a follow-up to the earlier mutually agreed decision to enhance information sharing between India and US.Through the SOSA, the United States and India agree to provide reciprocal priority support for goods and services that enhance national defense, said the US Department of Defence in a statement to the media.

 

3. India and Ukraine sign agreements in agriculture, medicine, and cultural cooperation: India and Ukraine have inked four agreements and resolved to enhance their cooperation in a range of key areas including defence, trade, pharmaceuticals, green energy and education.In the field of medical products regulation, the Central Drugs Standard Control Organisation of India and the State Service of Ukraine on Medicines and Drugs Control signed a Memorandum of Understanding (MoU). This MoU outlines plans for collaboration on improving the safety and quality of medical products through information exchange, capacity building, workshops, training, and mutual visits.Another MoU establishes the framework for Indian humanitarian grant assistance to support high-impact community development projects in Ukraine. These projects will be carried out in partnership with the Ukrainian government, aimed at benefiting the local population.

 

4. Mumbai ranks 2nd, New Delhi 3rd in Global Property Price Index; Manila tops the list: Mumbai and New Delhi have recorded an annual increase in their real estate prices at 13% and 10.6% respectively, while Bengaluru has witnessed a modest 3.7% rise.Globally, Manila has topped the Knight Frank’s Prime Global Cities Index with an increase of 26%.The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.Across the 44 cities world-wide surveyed for this report, annual price growth slowed from 4.1% in Q1 to 2.6% in Q2 2024, remaining below the long-term average of 5.3%.Manila topped the charts with a 26% annual rise in Q2 2024. Dubai, after a 124% increase since 2020, saw slight moderation declining by 0.3% YoY, while Miami, up 77% since 2020, climbed 8% in the last year.

 

5. 26 August – International Dog Day: International Dog Day is observed every year on 26 August.

This day is all about recognising the importance of dogs in our lives, showing appreciation for them, and promoting their welfare.Theme 2024 – Every dog deserves a spa dayInternational Dog Day was first celebrated in 2004 by animal welfare activist and pet lifestyle expert Colleen Paige. Ms Paige chose the date of August 26 in particular as it was on this date that the activist’s family adopted their first dog “Sheltie” from the local animal shelter. Ms Colleen was 10 when the family welcomed Sheltie into their fold.

 

OTHER UPDATES:

DEFENCE

 

1. IAF’s Sarang Team Showcases India’s Aviation Prowess at Egypt Airshow: The IAF dispatched its Sarang Helicopter Display Team to participate in the inaugural edition of the Egypt International Airshow.The event is scheduled to take place from September 3 to 5, 2024, at the strategically located Al-Alamein International Airport in Egypt’s El Dabaa.The airport, situated along the Mediterranean, serves as a major hub for global air, commercial, and logistical transport, making it an apt location for an event of this magnitude.The Sarang team, renowned for their precision and impressive aerial displays, will be showcasing the indigenous ‘Dhruv’ Advanced Light Helicopters (ALH Mk-I). These helicopters, built by Hindustan Aeronautics Limited (HAL), are multi-role and multi-mission, featuring a hinge-less composite main rotor, and are designed for both military and civilian applications. The contingent will be carrying five Sarang helicopters, which are being airlifted by C-17 Globemaster aircraft for the event.

 

SPORTS 

 

1. Lando Norris won Dutch Grand Prix: Lando Norris has won the Dutch Grand Prix to beat Max Verstappen in Zandvoort.McLaren’s Norris continued his run of poor starts as he failed to keep the lead on a sixth successive occasion from the front of the Formula 1 grid, but passed Red Bull’s Verstappen at the start of lap 18 before romping home to win by 22 seconds.Ferrari’s Charles Leclerc drove a brilliant race from sixth on the grid to hold off Norris’ McLaren team-mate Oscar Piastri for the final podium spot.

 

SCIENCE AND TECHNOLOGY

 

1. India launches world’s first mobile-launched hybrid rocket, RHUMI-I: The world’s first mobile hybrid rocket, RHUMI-1, was successfully launched. The successful launch of the RHUMI-1 rocket also marks the launch of the first reusable hybrid rocket in India.The rocket was developed by Chennai-based startup Space Zone India in collaboration with Martin Group.The success of RHUMI-1 is expected to improve the efficiency and reduce the operational cost of rocket launches, making space exploration more accessible.The RHUMI-1 rocket is launched from a mobile launcher like a special truck, and the rocket can be used again; hence, it is called a reusable rocket.The RHUMI-1 reusable hybrid rocket was launched from a mobile launcher in Thiruvidandhai, a coastal village in Chennai, Tamil Nadu.

 

BANKING AND FINANCE

 

1. What is the Unified Pension Scheme?: The Modi government approved a new pension scheme called the Unified Pension Scheme (UPS). The UPS includes provisions for a fixed pension amount, ensuring retirees receive a guaranteed and predetermined sum regularly after retirement.Under UPS, if you work for 25 years or more, you will receive 50% of your average pay for the preceding 12 months as a pension, adjusted for inflation through dearness allowance.Employee contributions will remain the same under the UPS. However, the government will increase its contribution from 14% to 18.5%.At retirement under UPS, you will receive a lump sum payment at superannuation along with gratuity. This will be 1/10th of your monthly emoluments (pay + DA) on the date of superannuation for every six months of completed service. This payment will not reduce the assured pension amount.

 

2. BharatPe, OTO Capital and Volt Money bring secured loans to its merchant partners: BharatPe has partnered with OTO Capital, a digital commerce and lending platform, to enable two-wheeler loans.Additionally, the company has partnered with Volt Money to facilitate loans against Mutual Funds to its merchant partners. In the next phase, the company plans to expand this to a multi-product and multi-lender offeringBharatPe’s merchants can now avail two-wheeler loans of up to Rs. 2.5 lacs, at competitive interest rates, for their next two-wheeler purchase from OTO Capital.The loan application process is 100% digital and merchants have the option to choose the repayment period between 12- 48 months.

 

3. RBI cancels registration of Margdarshak Financial Services over high NPAs: The Reserve Bank of India (RBI) has cancelled the registration of Lucknow-headquartered Margdarshak Financial Services Ltd over high net NPAs and defaults on repayment to lenders.As on March 31, 2021, the company failed to maintain the minimum regulatory net owned fund of Rs 5 crore and minimum capital adequacy ratio of 15 per cent stipulated for NBFC-MFI.As per the statutory audit, as on March 31, 2021, the NBFC was facing cash flow issues and defaulted on repayment of Rs 49.27 crore to its lenders.Meanwhile, the RBI imposed penalties on NDX P2P Pvt Ltd and Innofin Solutions Pvt Ltd for non-compliance with certain provisions of ‘peer-to-peer lending platform’ and guidelines on digital lending.