Daily GK Update- 4th Sept, 2024

 NATIONAL UPDATES:

 

1. Supreme Court sets up panel to amicably resolve farmers’ agitation: The Supreme Court has constituted a high-powered committee chaired by former Punjab and Haryana High Court judge, Justice Nawab Singh, to amicably resolve the grievances of farmers agitating at the Shambhu border between Punjab and Haryana. A Bench of Justices Surya Kant and Ujjal Bhuyan directed the five-member committee to convene its first meeting within a week. The court urged the protesting farmers to distance themselves from political parties and to not politicise the issue. The farmers are agitating over a plethora of demands, including legal guarantee of minimum support price (MSP) for their produce.

 

2. Mastercard collaborates with Gramophone to Boost Credit Access for 2 mn Farmers in India: Mastercard has collaborated with Gramophone, a leading agritech platform, to enable 2 million smallholder farmers on the Mastercard Community Pass platform in India with access to agri inputs. The two entities will work towards powering offline payments for farmers in rural and remote areas through the Community Pass financial inclusion card. Gramophone is also expected to enable their existing five lakh farmers with offline payments and credit. Community Pass offers a digital ecosystem for purchasers seeking sustainable sources of high-quality produce at competitive market pricing and supply chain financing and smallholder farmers seeking reliable markets, fair prices, and credit.

 

3. Razorpay launches DigiPOS – Elevating Apple Resellers In- Store Payment Experience: Razorpay has launched the innovative Point-of-Sale (POS) software, ‘Razorpay DigiPOS’. This industry-first solution is set to revolutionize in-store payments across Apple Premium Reseller outlets in India by leveraging iOS devices such as iPhones and iPads. The integration of DigiPOS ensures a seamless, intuitive, and efficient payment experience, eliminating the need for traditional Android devices and enhancing the overall customer experience. For the first time, Apple Premium Reseller stores can now process payments using their iPads and iPhones, whether for card transactions, no-cost EMIs, or UPI payments. This collaboration with Apple Premium Reseller stores is poised to set a new benchmark in the retail payment landscape, making every transaction seamless.

 

4. Hitachi Payment launches Country’s First Android-Based Cash Recycling Machine: Hitachi Payment Services, India’s leading provider of payments and commerce solutions, announced India’s first Android-based cash recycling machine, which also serves as a Digital Banking Unit, providing one-stop services in a modern digital banking environment. The Android-Based Cash Recycling Machine, HPDx-BU01, is a big step towards improving customer convenience and experience while boosting operational and cost efficiency in banks. The Android-Based Cash Recycling Machine was presented at GFF with the National Payments Corporation of India (NPCI).

Its complete range of capabilities, which combine the benefits of traditional Cash Recycling Machines (CRMs) with the agility and flexibility of the Android platform, may be adapted to various financial needs.

 

5. Y Haragopal appointed MD of NABCONS: Y Haragopal has been appointed Managing Director of NABCONS (NABARD Consultancy Services), a wholly-owned subsidiary of the National Bank for Agriculture and Rural Development. Prior to this elevation, he worked as the Chief Operating Officer of the Delhi-based consultancy firm. It has four Zonal offices in Mumbai, Hyderabad, Jaipur, and Guwahati. Haragopal, who received his doctorate from the Indian Agriculture Research Institute (IARI) in New Delhi, joined NABARD in 1996 as a direct recruit officer and worked in different positions at the Head Office (Mumbai) for 14 years in the Refinance Department and at various regional offices in Punjab, Haryana, Andhra Pradesh, and Telangana.

 

6. 1st – 7th September – National Nutrition Week: National Nutrition Week is observed from 1st September to 7th September every year. Objective – To raise awareness about the importance of nutrition and promote healthy eating habits. Theme 2024 – Nutritious Diets for Everyone This initiative focuses on educating the public, particularly women and children, about the benefits of a balanced diet, good nutrition, and an active lifestyle to improve overall health. National Nutrition Week in India was first observed in 1982 by the Ministry of Women and Child Development.

 

INTERNATIONAL UPDATES:

 

1. Philips appoints Bharat Sesha as new MD for India: Bharath Sesha has been appointed as Managing Director for the Philips Indian subcontinent. In this role, he will spearhead Philips’ growth strategy in India, with a strong focus on enhancing customer satisfaction and driving operational excellence He succeeds Daniel Mazon, who has moved to a global role at the Philips headquarters in the Netherlands. Bharath Sesha brings over 20 years of global experience to his new role, with a deep understanding of the Indian market, particularly in the pharmaceutical and chemical sectors. Before joining Philips, he was the MD at Heubach Colorants India. Bharath holds a Master’s in International Management from Thunderbird School of Global Management and an MBA from ITM.

 

2. 2nd September – World Coconut Day: World Coconut Day is celebrated annually on September 2nd. Objective – To promote the importance of coconuts worldwide. This versatile fruit is crucial in agriculture, nutrition, and the economy in many tropical regions. World Coconut Day was established in 2009 by the Asian and Pacific Coconut Community (APCC), an intergovernmental organization under the United Nations Economic and Social Commission for Asia and the Pacific.

 

3. 3rd September – World Skyscraper Day: World Skyscraper Day is celebrated every year on September 3. It is a tribute to the breathtaking structures that have transformed the cities. These structures are testaments to human creativity, engineering prowess and an unwavering drive to reach for the skies. The World Skyscraper Day has its roots in the history of modern skyscrapers.

The date was decided to commemorate the birthday of Louis H. Sullivan, an American architect also known as the Father of Skyscrapers. His work includes stunning designs and layouts. He designed some of America’s most iconic structures, including the Wainwright Building, Union Trust Building and Prudential Building.

 

OTHER UPDATES:

DEFENCE

 

1. Air Marshal Ashutosh Dixit takes over as AOC-In-C Central Air Command: Air Marshal Ashutosh Dixit took charge as Air Officer Commanding-in-Chief of Central Air Command. Dixit was commissioned into the fighter stream of Indian Air Force (IAF) on December 6, 1986. The Air Officer is an Experimental Test Pilot and a Qualified Flying Instructor with more than 3300 hours of flying experience on a variety of aircraft in the IAF inventory. An alumnus of the prestigious National Defence Academy, Defence Services Staff College (Bangladesh), and National Defence College, Dixit has actively participated in numerous operations and exercises such as Op-Safed Sagar and Op-Rakshak. In recognition of his meritorious services, he has been awarded the Ati Vishisht Seva Medal, Vayu Sena Medal, and Vishisht Seva Medal, by the Hon’ble President of India.

 

2. Cabinet approves ₹26,000 cr deal with HAL for 240 aero-engines for SU-30 MKIs: PM Narendra Modi-headed Cabinet Committee on Security in its meeting approved a proposal for procurement of 240 aero-engines (AL-31FP) for Russian-origin SU-30 MKI fighter aircraft from defence PSU Hindustan Aeronautics Limited (HAL) at a cost of over ₹26,000 crore. Earlier, the MoD had given nod to HAL for major upgrade of SU-30 MKI fleet of aircrafts of the Indian Air Force (IAF) to increase their operational lives which is worth ₹60,000 crore. Through that, the aircraft will have new electronic warfare capabilities, weapon systems, radars and mission control systems. The comprehensive upgrades will add another two to three decades to the lives of aircraft whose body frame otherwise remains flying worthy for 50 years. The Ministry of Defence said the proposal for upgrade of SU-30 MKI has been given nod under Buy (Indian) category and the delivery of these aero-engines would start after one year and complete over a period of eight years.

 

SPORTS 

 

1. Badminton player Nithya Sre Sivan wins Bronze in Paris Paralympics: Para shuttler Nithya Sre Sivan has won the bronze medal at the Paris Paralympics in the Women’s Singles Badminton SH6 event. The ‘SH6’ event has been newly introduced and features short-statured athletes. The 19-year-old Nithya, who entered the tournament as a top seed, dominated her match against Indonesia’s Rina Marlina, winning 21-14, 21-6 in just 23 minutes.

BANKING AND FINANCE

 

1. ClearTax Joins hand with Microsoft to Ease Tax Filing for Over 20 Mn Indian Gig Workers: ClearTax, one of India’s largest tax systems, has partnered with Microsoft to simplify tax filing for over 20 million gig workers in India. This project attempts to improve workers’ accessibility and convenience, particularly in fast-rising economies. ClearTax is a user-friendly solution that allows gig workers to file their taxes over WhatsApp. This innovative, frictionless, and user-friendly technique tackles a major issue for many blue-collar and gig workers in India’s informal sector. This policy has had a significant and immediate impact. In just 5 weeks of its inception, approximately 98,000 gig workers could file their taxes using this new system.

 

2. FSIB recommends Rama Mohan Rao Amara for SBI MD post: The Financial Services Institutions Bureau (FSIB), a head-hunter for State-owned financial services entities, has recommended Rama Mohan Rao Amara for the position of Managing Director of State Bank of India, the country’s largest commercial bank. Amara is currently Deputy Managing Director at SBI. Amara is expected to fill the vacancy created due to elevation of C S Setty as Chairman of SBI. Prior to getting transferred to SBI in July 2023, Amara was MD & CEO at SBI Card, the country’s largest pure play credit card issuer. He was appointed as MD & CEO of SBI Card in January 2021.

 

AWARDS AND HONOURS

 

1. Japanese animator Hayao Miyazaki honoured with 2024 Ramon Magsaysay Award: Japanese animator Hayao Miyazaki has been honored with the prestigious Ramon Magsaysay Award for 2024 for his significant contributions to environmental protection and the promotion of peace through animation. This honor, often referred to as “Asia’s Nobel Prize,” underscores Miyazaki’s profound impact on both the art of animation and global cultural discourse. The announcement was made by Studio Ghibli, the renowned animation studio co-founded by Miyazaki. The global announcement of the 2024 Ramon Magsaysay Awardees was made by the Manila-based Ramon Magsaysay Award Foundation.

 

2. Olympic Order awarded to French President Emmanuel Macron: In recognition of his unstinting support for the success of the Olympic Games Paris 2024 and his attachment to the Olympic ideal dear to Pierre de Coubertin, President Emmanuel Macron was presented with the Olympic Order in gold. This distinction pays tribute to his untiring engagement and vision for the Olympic Games, which made the edition in Paris an unforgettable event. President Macron, in agreement with the Organising Committee and the French authorities, turned into spectacular reality, with a ceremony along the River Seine featuring iconic monuments like Notre-Dame, the Eiffel Tower and the Louvre.

 

Daily GK Update- 3rd Sept, 2024

 NATIONAL UPDATES:

 

1. Panel headed by V K Gupta to simplify decades-old direct tax laws: The revenue department in the finance ministry has formed a panel headed by V K Gupta, chief commissioner of income-tax (I-T), to simplify the decades-old I-T Act. In its preliminary discussions, the panel focused on rationalizing exemptions, raising the computation methods to global standards, and making the appeals system less cumbersome. During discussions over the past few days and supervised by Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal, it emerged that more than 90 Sections of the 1961 law have lost their relevance.

 

2. Seventh Rashtriya Poshan Maah launched with a focus on nutrition and well-being: The 7th Rashtriya Poshan Maah was inaugurated at the Mahatma Mandir in Gandhinagar, Gujarat, with a strong emphasis on enhancing nutrition awareness and overall well-being across the nation. Annpurna Devi, the Union Minister for Women and Child Development, emphasized the need to enhance the health of children and adolescents while combating malnutrition through a lifecycle approach. She outlined the four key pillars of Poshan 2.0 – good governance, convergence, capacity building, and community participation – as essential to the program’s success. The 7th Rashtriya Poshan Maah 2024 will focus on key themes including Anaemia, Growth Monitoring, Complementary Feeding, Poshan Bhi Padhai Bhi, Technology for Better Governance, and Ek Ped Maa Ke Naam.

 

3. Vistara’s last Flight on November 11: Vistara Airlines will cease to operate under its brand name on November 11. The airline’s operations will be fully integrated with Air India starting from November 12, marking the culmination of a merger process initiated nearly two years ago. Vistara is a joint venture between the Tata Group and Singapore Airlines. However, with Tata Group also owning Air India, the decision to unify the two airlines aims to streamline operations and offer passengers an enhanced travel experience. As a part of this merger, Singapore Airlines will acquire a 25.1 per cent stake in the newly consolidated Air India. The transition, approved by Centre, includes the green light for foreign direct investment (FDI) by Singapore Airlines in Air India.

 

4. Rajneesh Narang appoints as Interim CMD of HPCL: Rajneesh Narang has been appointed the interim Chairman and Managing Director of the Hindustan Petroleum Corporation Limited (HPCL) for three months. He succeeded Pushp Kumar Joshi. Narang, a chartered accountant with over thirty years of experience, has managed a wide range of finance-related responsibilities for the company, including corporate finance, treasury, risk management, margin management, marketing finance, SBU commercial, refinery projects, etc.

 

5. V Satish Kumar given additional charge of IOC chairman: V Satish Kumar took over as the Chairman of the Indian Oil Corporation (IOC), the nation’s largest oil firm. He will concurrently serve as chairman while continuing in his role as Director (Marketing), a position he has held since October 2021. He also held the additional charge of Director (Finance) for one year from October 2022, a period characterised by geopolitical tensions due to the Ukraine-Russia conflict. With a career spanning 35 years, Kumar has served in various regions across the country and held key positions, leading IOC’s efforts to maintain its leadership in the marketing of petroleum products.

 

INTERNATIONAL UPDATES:

 

1. India, Sri Lanka, Mauritius, Maldives sign Charter and MoU for establishment of Colombo Security Conclave Secretariat: India, Maldives, Mauritius and Sri Lanka have signed the Charter and an MoU for the establishment of the Colombo Security Conclave (CSC) Secretariat in Colombo to address security and stability challenges in the Indian Ocean Region. The signing ceremony was hosted in Colombo by the Government of Sri Lanka. National Security Advisor Ajit Doval and the representatives of the Maldives, Mauritius and Sri Lanka signed the documents on behalf of the respective Member States. National Security Advisor Ajit Doval emphasized the importance of the Colombo Security Conclave in addressing traditional, non-traditional, and emerging hybrid security challenges. He highlighted the need for sustained regional cooperation across various security pillars.

 

2. Saudi Arabia to host 19th Internet Governance Forum in December: Saudi Arabia will host the 19th Internet Governance Forum (IGF) from December 15-19, 2024, at the King Abdulaziz International Conference Center in Riyadh. The five-day event is expected to gather over 10,000 participants from 160 countries, including more than 1,000 international speakers. The forum aims to reach consensus among governments, private sector, and non-profit organizations on policies for stronger internet governance worldwide. IGF is a global multistakeholder platform. The event, organized by the UN since 2006, fosters discussions on public policy issues related to the internet, facilitates sharing information, exchanging experience, and working to come up with solutions.

OTHER UPDATES:

DEFENCE

 

1. Air Marshal Tejinder Singh appoints Deputy Chief of Air Staff: Air Marshal Tejinder Singh took over as Deputy Chief of the Air Staff of the Indian Air Force in New Delhi. Air Marshal Tejinder is an alumnus of the National Defence Academy and was commissioned in the fighter stream of the IAF on 13 June 1987. He is a Category ‘A’ Qualified Flying Instructor with over 4500 hours of flying, an alumnus of Defence Service Staff College and National Defence College. He has commanded a Fighter Squadron, a Radar Station, a premier Fighter Base and was Air Officer Commanding in Jammu and Kashmir. He was also awarded the Vayu Sena Medal in 2007 and Ati Vishisht Seva Medal in 2022.

 

SPORTS 

 

1. Barinder Sran announces retirement from international cricket: Barinder Sran, the left-arm fast bowler, has called it quits from international and domestic cricket with immediate effect at the age of 31. He made his debut under MS Dhoni’s captaincy in January 2016 and played six ODIs and two T20Is until June 2016 before losing his place in the Indian team. He could never don the blue jersey and eight years later, has decided to step away from the game. Sran picked seven wickets in ODIs and six in T20Is apart from collecting 137 wickets across formats at the domestic level. In the Indian Premier League (IPL), the 31-year-old played for four teams – Rajasthan Royals, Sunrisers Hyderabad, Punjab Kings and Mumbai Indians – featuring in 24 matches and picking 18 wickets.

 

2. Himanshi Tokas clinches silver medal at Asian Cadet Judo Championships: Himanshi Tokas won a silver medal at the Asian Cadet and Junior Judo Championships. The event took place in Mungyeong, South Korea. Himanshi competed in the women’s 63-kilogram weight category. She is 19 years old and part of the Khelo Bharat program. 12 members from India participated in the competition.

 

3. 15-year-old International Master Mayank Chakraborty wins his 2nd Grand Master Norm in Greece: 15-year-old Chess International Master Mayank Chakraborty from Assam has won his second Grand Master Norm in a GM Norm Tournament being conducted in Greece. IM Mayank requires one last norm and to touch the FIDE Rating Point 2500 once to be a Grand Master, in fact the first Grand Master from entire North East India. His present FIDE rating is 2431. He had become International Master this year in April only, and right now he is the player with the highest number of Grand Master Norms and highest rating from the entire North East India.

 

4. Preethi Pal makes history with Bronze and Nishad Kumar wins Silver at Paris Paralympics 2024: At Paris Paralympics 2024, Indian Para Athlete Preethi Pal secured yet another medal for India, clinching a bronze medal in the Women’s 200 meters – T35 Final. She won the medal with a personal best timing of 30.01 seconds. With this win, she became the first track and field Indian Woman Para Athlete to win two medals at the Paralympics. On the other hand, Indian athlete Nishad Kumar also won a silver medal with an effort of 2.04 meter in Men’s High Jump – T47 event.

 

5. Yogesh Kathuniya wins silver in men’s Discus throw F56 final: India’s Yogesh Kathuniya clinched his second consecutive Paralympic silver medal in men’s discus throw F-56 event with a season’s best effort 42.22m at the ongoing Games in Paris. The 27-year-old hurled the discus to the podium-clinching distance in his very first attempt to add to the silver he won in the Tokyo Paralympics three years ago. Brazil’s Claudiney Batista dos Santos registered a hat-trick of Paralympic gold medals, creating a new Games record with an effort of 46.86m in his fifth attempt. Greece’s Konstantinos Tzounis won the bronze with 41.32m.

 

BANKING AND FINANCE

 

1. IndiaFirst Life becomes 1st Indian life insurer to start ops in GIFT City: IndiaFirst Life has become the first Indian life insurer to commence operations in Gujarat International Finance Tec-City (GIFT City). The company inaugurated its IFSC Insurance Office (IIO) at the country’s international financial gateway. IndiaFirst Life’s IIO will have a dedicated team of specialists who will cater to the needs of GIFT City’s global audience. The company offers a specially designed ULIP product for global Indians — IndiaFirst Life Wealth Wise plan.

 

 

Daily GK Update- 2nd Sept, 2024

 NATIONAL UPDATES:

 

1. Railtel, SJVN, NHPC bag ‘Navratna’ status from FinMin: The Ministry of Finance upgraded four public-sector enterprises, SJVN, Solar Energy Corporation, NHPC and RailTel Corporation of India, to the ‘Navratna’ status on August 30. PSUs are given a status, from Maharatna companies, to Navratna companies and Miniratna companies. Navratna status is awarded to government-owned companies that were previously classified under ‘miniratna’ category I, recognizing their strong financial and market performance. Navratna companies can invest up to Rs 1,000 crore without prior government approval. Navratna PSUs also can allocate around 15 percent to a specific project or 30 percent of their net worth over an entire year, as long as it is under the Rs 1,000 crore limit.

 

2. PM inaugurates National Conference of District Judiciary in New Delhi: The Prime Minister, Narendra Modi has inaugurated the National Conference of District Judiciary at Bharat Mandapam in New Delhi. The Prime Minister also unveiled the stamp and coin commemorating 75 years of the establishment of the Supreme Court of India. The two-day Conference, organized by the Supreme Court of India, hosts five working sessions to deliberate and discuss the issues related to the District Judiciary such as Infrastructure and Human Resources, Inclusive Courtrooms for all, Judicial Security and Judicial Wellness, Case Management and Judicial Training. India on the occasion and also conveyed his best wishes to those taking part in the National Conference of District Judiciary.

 

3. PM Modi lays foundation stone of Vadhvan Port in Palghar: PM Narendra Modi laid the foundation stone of Vadhvan Port in the Palghar district of Maharashtra. He also inaugurated various fisheries projects and distributed transponders and Kisan Credit Cards to fishermen. The cost of this project is around 76,000 crore rupees. It aims to establish a world-class maritime gateway that will boost the country’s trade and economic growth by catering to large container vessels, offering deeper drafts, and accommodating ultra-large cargo ships. Vadhvan Port, located near Dahanu town in Palghar district, will be one of India’s largest deep-water ports and will provide direct connectivity to international shipping routes, reducing transit times and costs.

 

4. Visa and the Tourism & Hospitality Skill Council inked a 3-year partnership of up to $1 million USD: The Tourism & Hospitality Skill Council (THSC) under the aegis of Ministry of Skill Development and Entrepreneurship, has signed a Memorandum of Understanding with Visa (NYSE: V), a global leader in digital payments, for a three-year partnership valued at up to $1 million USD. This initiative, designed to up skill at least 20,000 Indian youth in tourism-relevant skills, was formalized in the presence of Shri Jayant Chaudhary, Minister of State (Independent Charge), Ministry of Skill Development & Entrepreneurship (MSDE) and Minister of State, Ministry of Education Government of India. The partnership, which builds upon Visa’s ongoing collaboration with the Ministry of Tourism, aims to train youth across 10 States, including Assam, Gujarat, Himachal Pradesh, and West Bengal to elevate the tourism service experience for tourists.

 

5. TV Somanathan takes over as Cabinet Secretary: T V Somanathan took over as Cabinet Secretary following the superannuation of Rajiv Gauba. TV Somanathan is the 33rd cabinet secretary of the government of India. Gauba had been Cabinet Secretary since 2019 and completed an unprecedented five-year term. Until recently the Finance Secretary, Somanathan was named Cabinet Secretary on August 10 with a two-year tenure. A 1987-batch IAS officer of the Tamil Nadu cadre, Somanathan is a qualified chartered accountant, cost accountant and company secretary. He has held important assignments at the Centre, including as Joint Secretary and later as Additional Secretary in the Prime Minister’s Office.

 

INTERNATIONAL UPDATES:

 

1. 5th Global Fintech Fest held in Mumbai: The 5th Global Fintech Fest was held in Mumbai, Maharashtra. The festival, which started in 2021, aims to establish itself as the premier global conference for the global fintech ecosystem, promote collaboration, and influence the future of the Fintech industry. PM Narendra Modi addressed the 5th Global Fintech Festival. Reserve Bank Governor Shaktikanta Das and Chairman of Global Fintech Fest (GFF) Kris Gopalakrishnan were also present at the occasion. The Global Fintech Fest is organized by the National Payment Corporation of India (NPCI), the Payment Council of India and the Fintech Convergence Council.

The Fintech Convergence Council was established in 2018 and represents the various regulated financial service providers and fintech companies.

 

2. Iran Village May Record World’s Highest Heat Index: On August 28, 2024, a village on Iran’s southern coast may have experienced an extremely high heat index of 82.2°C, the highest ever recorded on Earth. Dayrestan Airport reported this, and it has raised serious concerns among meteorologists. An official investigation is currently underway to confirm whether these readings are accurate. On August 28, the temperature in this area was recorded at 38.9°C (102°F), and the humidity level was 85%. High humidity like this makes the air feel much hotter than the actual temperature because it prevents the body from cooling down effectively through sweating.

 

OTHER UPDATES:

DEFENCE

 

1. Indian Army launches Project NAMAN to Support Veterans & Families: The Indian Army launched the first phase of Project NAMAN, which is designed to provide dedicated support and services to Defence pensioners, veterans, and their families. The importance of the project in ensuring that veterans and their families receive the care and support they deserve. In the first phase of Project NAMAN, 14 Common Services Centres have been established at key locations across India, including New Delhi, Jalandhar, Leh, Dehradun, Lucknow, Jodhpur, Bengdubi, Gorakhpur, Jhansi, Secunderabad, Saugor, Guntur, Ahmedabad, and Bangalore. The project is set to expand significantly and aims to establish approximately 200 centres nationwide over the next 2 to 3 years.

 

2. 3rd Edition of India-U.S. Defence Acceleration Ecosystem (INDUS-X): The INDUS-X Summit is a major event where leaders from India and the United States come together to talk about new ideas and technologies in the defense sector. The third edition of this summit is set to take place on September 9-10, 2024, at Stanford University in California. The goal of the summit is to strengthen the collaboration between the U.S. and India, especially in defense innovation.

 

SPORTS 

 

1. Indian shooter Rubina Francis won bronze in women’s 10-meter air pistol SH1 final at Paralympic Games: In the Paris Paralympic Games, Indian shooter Rubina Francis won bronze in the women’s 10-meter air pistol SH1 final qualification round. Rubina secured India’s fourth medal in shooting at the 17th Summer Paralympic Games. The 25-year-old shooter from Madhya Pradesh scored a total of 211.1 to finish third in the final. On the other hand, Manish Narwal secured a silver medal in the men’s 10-meter air pistol SH1 with a score of 234.9.

 

SCIENCE AND TECHNOLOGY

 

1. Reliance Jio Introduces Jio Brain AI Jio Suit: Brain is a comprehensive set of AI tools developed to enhance efficiency and engagement within Reliance and its various businesses. The goal is to integrate AI technology throughout the company’s operations to make better decisions and understand customers more deeply. Reliance plans to build large, AI-capable data centers in Jamnagar, Gujarat. These centers will use green energy, showing Reliance’s dedication to environmentally friendly practices.

 

BANKING AND FINANCE

 

1. Mastercard launches Global Payment Passkey Service in India: US-based multinational payment card services corporation Mastercard has launched its Payment Passkey Service, with plans to first introduce it to India. It Payment Passkey Service, marking a significant step forward in secure online transactions. Unveiled at the Global Fintech Fest in Mumbai, this innovative service aims to make online shopping more secure and convenient, with India chosen as the debut market for its pilot program. The pilot will involve some of the nation’s leading payment players, including aggregators like Juspay, Razorpay, and PayU, major online merchants like BigBasket, and top financial institutions like Axis Bank. The Payment Passkey Service is designed to address the growing threat of online fraud, which has seen a nearly 300% increase in India over the past two years, according to the Reserve Bank of India.

2. Razorpay unveils Groundbreaking Payment Solutions at GFF 2024: A leader in the fintech industry, Razorpay has launched a series of innovative products and enhancements at the Global Fintech Fest (GFF) 2024 aimed at transforming the payments ecosystem. With a focus on accessibility, inclusivity, and the future of financial transactions, Razorpay continues pushing the boundaries of what’s possible in fintech. Razorpay, in collaboration with Mastercard, has launched India’s first Biometric Authentication system, revolutionizing the checkout process by eliminating the need for OTPs. This advanced system leverages passkey protocols to enhance security and convenience, resulting in a 4% increase in transaction success rates and a 35% reduction in OTP-related errors. This innovation is poised to boost conversion rates for merchants, providing a seamless payment experience for customers.

 

3. RBI imposes Rs 2.68 crore penalty on UCO Bank: Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on UCO Bank for contravention of certain provisions, including on opening of current accounts, interest rate on deposits and frauds classification. The RBI has also imposed a penalty of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance with certain provisions of KYC directions. In both cases, penalties are based on regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

 

4. Indian Oil and RBL Bank launch co-branded credit card: India’s energy major, Indian Oil Corporation Limited (IOCL) has launched a co-branded credit card XTRA in partnership with RBL Bank in Global Fintech Fest (GFF), Mumbai this strategic collaboration aims to provide cardholders with attractive rewards and benefits, enabling them to earn upto 250 litres of free petrol annually. RBL Bank is one of India’s leading private sector banks with an expanding presence across the country. The Bank offers specialized services under five business verticals namely: Corporate Banking, Commercial Banking, Branch Banking & Retail Liabilities, Retail Assets and Treasury & Financial Markets Operations.

 

5. ESAF Small Finance Bank to expand Dabba Savings Accounts campaign: ESAF Small Finance Bank is planning to expand its newly introduced Dabba Savings Accounts campaign across the country. The campaign aims to promote financial inclusion as part of the UN Sustainable Development Goals and the government’s push to bring the unbanked into the formal banking fold. The campaign caters to women in economically backward areas who do not have bank accounts due to fear of banking procedures or lack of accessibility. It is designed to address the financial needs of micro banking customers to promote micro savings accounts, which play a crucial role in fostering a culture of savings among the micro banking community. This scheme is a powerful tool to bring women from economically weaker sections and backward areas into the formal banking system.

 

 

 

 

AWARDS AND HONOURS

 

1. Kerala tourism presented PATA gold award 2024: Kerala Tourism was presented the globally acclaimed Pacific Asia Travel Association (PATA) Gold Award 2024 for its online contest ‘Holiday Heist’ in the Digital Marketing Campaign category, at a function in Bangkok. Tourism Director Sikha Surendran received the award at a function held during PATA Travel Mart 2024, at Queen Sirikit National Convention Centre (QSNCC) in the Thailand capital. The award was presented by Peter Semone, PATA Chair in the presence of Maria Helena de Senna Fernandes, Director, Macao Government Tourism Office and Noor Ahmad Hamid, PATA CEO. Kerala Tourism was the only destination from India to bag the PATA Gold award this year. ‘Holiday Heist’, the month-long ground-breaking campaign was launched in July 2023 to woo tourists through an engaging and thrilling bidding game on the Tourism department’s WhatsApp chatbot Maya.

 

Daily GK Update- 1st Sept, 2024

 NATIONAL UPDATES:

 

1. Union Cabinet approved ‘Agriculture Infrastructure Fund’ for progressive expansion: The Union Cabinet chaired by Prime Minister, Narendra Modi approved the progressive expansion in the Central Sector Scheme of financing facility under ‘Agriculture Infrastructure Fund’ to make it more attractive, impactful, and inclusive. The government has announced a series of measures to expand the scope of Agricultural Infrastructure Fund (AIF) scheme. These initiatives aim to expand the scope of eligible projects and integrate additional supportive measures to foster a robust agricultural infrastructure ecosystem. Since its launch by the Prime Minister in 2020, AIF has been instrumental in supporting the creation of 6623 warehouses, 688 cold stores, and 21 silos projects, resulting in additional storage capacity of about 500 LMT in the country. This includes 465 LMT of dry storage and 35 LMT of cold storage capacity. In addition, infrastructure projects sanctioned under AIF have helped in generating more than 8.19 Lakh rural employment opportunities in the agriculture sector.

 

2. Union Cabinet approves rolling out Private FM Radio to 234 uncovered new cities & towns: Prime Minister Narendra Modi-led Union Cabinet has approved a proposal for e-auctions to set up 730 channels in 234 new cities across the country with an estimated reserve price of ₹784.87 crore, as part of the initiative to expand the reach of private FM Radio channels. The Cabinet decision on the rollout of private FM Radio to 234 cities and towns will enhance access to diverse and local content, thus encouraging creativity and encouraging local languages as well as cultures. Many of these cities and towns are located in aspirational districts and areas affected by Left-Wing Extremism. A maximum of 100 channels are to be provided in 32 cities/towns of Uttar Pradesh, followed by 68 across 22 cities/towns of Andhra Pradesh, 61 in 20 cities/towns of Madhya Pradesh, and 59 in 19 cities/towns of Rajasthan. While 57 channels will be made available in Bihar, 53 channels have been proposed for Karnataka’s 16 cities/towns, 42 in West Bengal, 36 in Maharashtra, 33 in Tamil Nadu, 31 in Telangana, 28 in Punjab, 24 in Gujarat, 27 in Haryana and 19 in Jharkhand.

 

3. Cabinet approves 12 Industrial nodes/cities under NICD Programme: The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved 12 new greenfield industrial smart cities under the National Industrial Corridor Development Programme (NICDP) to transform the country’s industrial landscape. The combined estimated investment in these industrial areas will be 28,602 crore rupees. These projects will create ten lakh direct and up to 30 lakh indirect jobs. The projects span across ten states and are strategically planned along six major corridors. These are Khurpia in Uttrakhand, Gaya in Bihar, Rajpura-Patiala in Punjab, Zaheerabad in Telangana, Dighi in Maharashtra, Orvakal and Kopparthy in Andhra Pradesh, Palakkad in Kerela, Jodhpur-Pali in Rajasthan, and Agra and Prayagraj in Uttar Pradesh.

 

4. Sports Minister launches ‘Retired Sportsperson Empowerment Training’ (RESET) Programme: Union Minister of Youth Affairs and Sports Dr. Mansukh Mandaviya has launched the “Retired Sportsperson Empowerment Training” (RESET) Programme on the occasion of National Sports Day in New Delhi. RESET Programme is aimed at empowering retired sportspersons who have played for the country and brought immense laurels to the nation. The programme will support retired athletes on their career development journey by empowering them with the necessary knowledge and skills and making them more employable. The RESET programme will bridge the gap between generations, allowing the unique skills of our retired athletes to benefit the new generation of aspiring athletes. The applications will be invited through a dedicated portal. Initially, the programmes will be of two levels based on educational qualifications of Class 12th and above and Class 11th and below.

 

5. Gautam Adani replaces Mukesh Ambani as the richest Indian on Hurun list: With a wealth of Rs 11.6 lakh crore, Gautam Adani replaced Mukesh Ambani and clinched the no.1 spot in the 2024 Hurun India rich list. The report says India minted a new billionaire every 5 days last year. Wealth calculations are a snapshot as of 31st July 2024. India is emerging as Asia’s wealth creation engine! While China saw a 25% decline in its number of billionaires, India experienced a 29% increase, reaching a record 334 billionaires. Mukesh Ambani has taken the second top spot in the 2024 Hurun India Rich List, with a wealth of Rs 1,014,700 crore. Shiv Nadar & family of HCL Technologies is in third place this year with a wealth of Rs 314,000 crore. Vaccine maker Cyrus S Poonawalla & family of Serum Institute of India holds the fourth position in the list followed by Dilip Shanghvi of Sun Pharmaceutical Industries.

 

INTERNATIONAL UPDATES:

 

1. India to host inaugural World Audio Visual and Entertainment Summit (WAVES) in Goa: The Government of India will host the inaugural World Audio Visual and Entertainment Summit (WAVES) to bolster India’s media and entertainment industry and extend its global influence. The Summit is being held in Goa from November 20th to November 25th this year. The Union Minister of Information and Broadcasting Ashwini Vaishnaw launched 25 Challenges under the ‘Create in India Challenge – Season 1’ on August 22nd. WAVES is poised to become a significant platform for icons of the media and entertainment fraternity worldwide, focusing on entertainment economics and technology.

 

2. 31 August – International Day for People of African Descent: International Day for People of African Descent i observed every year on 31 August. The International Day for People of African Descent marks a significant milestone in the global recognition of the contributions and challenges faced by individuals of African descent worldwide. On June 19, 2020, the Council adopted a resolution on the “Promotion and protection of the human rights and fundamental freedoms of Africans and people of African descent against excessive use of force and other human rights violations by law enforcement officers.”

 

3. Iran Village May Record World’s Highest Heat Index: When the heat index reaches 40-54°C, it can pose serious health risks, such as heatstroke, which is a life-threatening condition. Prolonged exposure to such high heat can be extremely dangerous, especially in regions already experiencing intense heat. This extreme heat event in Iran is part of a broader heatwave affecting much of West Asia. In recent weeks, temperatures in the region have reached up to 50°C, making the situation even more concerning.

 

4. 3rd Edition of India-U.S. Defence Acceleration Ecosystem (INDUS-X): The INDUS-X Summit is a major event where leaders from India and the United States come together to talk about new ideas and technologies in the defense sector. The third edition of this summit is set to take place on September 9-10, 2024, at Stanford University in California. The goal of the summit is to strengthen the collaboration between the U.S. and India, especially in defense innovation.

 

OTHER UPDATES:

DEFENCE

 

1. Rajesh Dhankhar takes over as DG of Project Seabird: Vice Admiral Rajesh Dhankhar NM, assumed duties of the Director General Project Seabird, with a charter to oversee the largest defence infrastructure project currently progressing at the Karwar Naval Base, from Vice Admiral Tarun Sobti. VAdm Rajesh Dhankhar was commissioned into the Indian Navy on 01 July 1990 and is a specialist in Navigation & Direction. The Flag Officer is an alumnus of the prestigious Naval Academy, Defence Services Staff College, and has undergone the Higher Command Course in Japan. During his illustrious career spanning 34 years, the Flag Officer has tenanted specialist appointments onboard warships Pondicherry, Godavari, Kora, and Mysore. The officer has also done instructional tenures in the erstwhile Project 15 Training Team, Navigation & Direction School and at the MIDS Wing Officer’s Cadet School, Singapore.

 

2. India’s 2nd nuclear missile submarine ‘INS Arighat’ commissioned by Rajnath Singh: India’s second nuclear-powered ballistic missile submarine, the INS Arighaat, was commissioned into service at Visakhapatnam in the presence of Defence Minister Rajnath Singh. It joins the first such submarine, the INS Arihant, which was commissioned into service in 2016. The INS Arihant was quietly commissioned into service in August 2016. It has a displacement of 6,000 tonnes and is powered by an 83 MW pressurised light-water reactor with enriched uranium. INS Arighaat retains the same reactor and dimensions, but has several technological upgrades. The completion of the nuclear triad was announced in November 2018, when Prime Minister Narendra Modi announced on social media that INS Arihant had returned from its first deterrence patrol.

 

 

 

 

SPORTS 

 

1. Shannon Gabriel retires from International Cricket: Shannon Gabriel of the West Indies has announced his retirement from international cricket. Since his West Indies debut in 2012, the right-arm quick played 59 tests, 25 ODIs and two T20 Internationals finishing with 202 wickets across the three formats. Gabriel was more successful in test matches and became a regular member of the West Indies team in 2017. He last played for West Indies in a test match against India in July 2023.

 

2. Avani Lekhara wins gold medal in para shooting at Paris Paralympics: India’s Avani Lekhara and Mona Agarwal won the gold and bronze respectively in the women’s 10m Air Rifle competition.Avani bettered her previous record set in the Tokyo Games to finish at the top. She finished with a total of 249.7 to achieve the new Paralympic record in the category. Her previous best was 249.6 in the Tokyo Paralympics. Mona won the first medal for the country in the Paris Paralympics on her debut in the Games. Manish Narwal clinched a silver medal in the men’s 10-meter Air Pistol with a score of 234.9. The 22-year-old, who bagged a gold in the Mixed 50-meter Pistol event in the Tokyo Paralympics, held the first spot in the final after an initial round of shots in stage 2, but eventually lost his lead to finish second.

 

3. Aarti wins Bronze Medal in Women’s 10000m race walk event at World U20 Athletics Championships: In the World U20 Athletics Championships, Aarti won a Bronze medal in the Women’s 10000m race walk event with the National U20 record time to open India’s medal account at Lima in Peru. She clocked 44 minutes 39.39 seconds to finish third in the gruelling event on the penutimate day of competitions. The 17-year-old Aarti broke her own earlier national record of 47 minutes 21.04 seconds which she had clocked in March this year in the National Federation Cup U20 Championships in Lucknow. Chinese race walkers Zhuoma Baima won the gold while and Meiling Chen clinched silver.

 

4. Women’s Asian Champions Trophy 2024 to begin from 11th Nov at Rajgir: Hockey India has announced that the 8th Women’s Asian Champions Trophy 2024 will begin at Rajgir in Bihar on November 11th this year. The event, a joint effort between Hockey India and the Bihar Government, will take place at the Rajgir Hockey Stadium between 11th November and 20th November. Last year, Hockey Jharkhand hosted the Women’s Asian Champions Trophy in Ranchi, where India emerged as the champion. Besides the defending champions, India, reigning Olympic silver- medallists China, Japan, Korea, Malaysia, and Thailand are expected to participate in this tournament.

 

5. Dawid Malan retires from International Cricket: Dawid Malan, England’s former world No. 1 T20I batter, has announced his retirement from international cricket at the age of 37. The left-handed batter announced his decision in an interview with British Daily ‘The Times’, following his omission from the upcoming white-ball series against Australia. Malan is one of only two England men’s players, alongside Jos Buttler, to have scored centuries in Tests, ODIs, and T20Is. Despite this remarkable achievement, Malan had not featured for England since last year’s 50-over World Cup in India.

 

SCIENCE AND TECHNOLOGY

 

1. Astronomers Discover Brightest Quasar Ever: J0529-4351: J0529-4351 is notable for being exceptionally bright and expanding very quickly. It absorbs mass at a rate of one solar mass (the mass of our Sun) per day and shines more than 500 trillion times brighter than the Sun. According to astronomer Christian Wolf, J0529-4351 is in an extreme environment with high-speed clouds, intense heat, and enormous cosmic lightning storms. This makes it one of the most extreme places known in the universe. Quasars are incredibly bright centers of distant galaxies. They are powered by supermassive black holes at their cores. As gas and dust from the surrounding area fall into these black holes, they produce huge amounts of light and other forms of radiation, making quasars shine extremely brightly.

 

BANKING AND FINANCE

 

1. Berkshire Hathaway First Non-Tech Company to Hit $1 Trillion: Buffett is a strong believer in value investing, a strategy he learned from his mentor, Benjamin Graham. This approach involves finding undervalued stocks, meaning they are priced lower than their true worth. Value investors like Buffett look for opportunities where the market has overlooked the potential of a company, aiming to buy these stocks and hold onto them for long-term gains. Buffett started his career as an investment analyst, first working at his father’s firm and later at Graham-Newman Corp., where he further honed his investment skills. By the age of 30, he had already become a millionaire, showcasing his talent for making smart investment decisions. In 1965, he co-founded Berkshire Hathaway with Charlie Munger, who would become a key partner in his investment journey.

 

 

Daily GK Update- 31st Aug, 2024

 NATIONAL UPDATES:

 

1. Modi Lays Foundation Stone for Vadhvan Port Project: The Vadhvan Port is being designed to handle a massive amount of cargo specifically 23.2 million TEUs, which are standard-sized containers used in shipping. The port will be able to accommodate large container ships and is meant to serve as a top-tier maritime gateway that will boost India’s trade and help the economy grow. The port will be located near Dahanu, a strategic spot because it will be a deep-water port, meaning it can handle very large ships. Its location near major international shipping routes will help reduce the time and cost of shipping goods for businesses in India.

 

2. West Nile Virus – Current Updates (August, 2024): A teenager in Missouri recently got sick with the West Nile virus, leading to very serious health problems. These included paralysis (loss of the ability to move parts of the body) and the need for machines to help him breathe in the intensive care unit (ICU). His situation has made many people more aware of the dangers of the West Nile virus and has caused concern in the community.

 

3. Union Minister Inaugurates ASSOCHAM Environment Conference: Mission Life is an initiative that encourages people to live in more environmentally friendly ways. The idea is that by making small changes in our daily lives, we can contribute to larger environmental goals. This mission is crucial for achieving long-term sustainability. To reach net zero emissions, where the amount of greenhouse gases released into the atmosphere is balanced by the amount removed, we need to consider many different factors. This means looking at how global activities affect local environments and developing a strategy that covers all aspects of sustainable development.

 

4. Assam Assembly Passes Bill Regulating Muslim Marriages and Divorces: The old law, known as the Assam Muslim Marriage and Divorce Registration Act of 1935, allowed some harmful practices. For example, it permitted child marriages and didn’t require the mutual consent of both people involved in the marriage. The government decided to repeal, or cancel, this outdated law because it supported these practices, which are no longer acceptable. The problematic aspects of the old law were mainly found in Sections 8 and 10.

 

INTERNATIONAL UPDATES:

 

1. Iran Village May Record World’s Highest Heat Index: When the heat index reaches 40-54°C, it can pose serious health risks, such as heatstroke, which is a life-threatening condition. Prolonged exposure to such high heat can be extremely dangerous, especially in regions already experiencing intense heat.This extreme heat event in Iran is part of a broader heatwave affecting much of West Asia. In recent weeks, temperatures in the region have reached up to 50°C, making the situation even more concerning. When the air is very humid, sweat doesn’t evaporate as quickly from the skin, which is the body’s natural way of cooling down. As a result, the body feels much hotter than the actual air temperature, which is why the heat index can be so high.

 

2. Vulture Count 2024: World Wide Fund (WWF)-India has started a new project called “Vulture Count 2024,” which will take place from September 7 to October 6, 2024. This initiative is timed to coincide with International Vulture Awareness Day. The goal is to count and evaluate the number of vultures in India, particularly focusing on species that are critically endangered. The project also aims to raise public awareness about the importance of vultures in our ecosystems.

 

3. Baffling Temperature Drop Discovered in Atlantic Ocean: It lies between the Americas on one side and Europe and Africa on the other. The ocean’s average depth is about 12,080 feet, with its deepest point, the Puerto Rico Trench, reaching 27,490 feet. The Atlantic is also home to the Gulf Stream, a powerful warm ocean current. The ocean contains over 1,000 islands, with Greenland being the largest. The Mid-Atlantic Ridge, a large underwater mountain range where tectonic plates meet, runs through it. Because of its busy shipping routes and rich marine life, the Atlantic is the most studied ocean in the world.

 

4. New Study Reveals Dire State of Global Fish Stocks: The study supports using ecosystem-based sustainable fishing practices. This includes allowing fish to reproduce before they are caught, using gear that doesn’t harm the environment, and creating protected marine areas. This approach aims to maintain a balance between fishery productivity and the health of the environment, especially for important species that other marine life depends on.

 

5. 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.

 

OTHER UPDATES:

DEFENCE

 

1. 3rd Edition of India-U.S. Defence Acceleration Ecosystem (INDUS-X): The INDUS-X Summit is a major event where leaders from India and the United States come together to talk about new ideas and technologies in the defense sector. The third edition of this summit is set to take place on September 9-10, 2024, at Stanford University in California. The goal of the summit is to strengthen the collaboration between the U.S. and India, especially in defense innovation.

2. 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.

 

3. 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.

 

SCIENCE AND TECHNOLOGY

 

1. Astronomers Discover Brightest Quasar Ever: J0529-4351: J0529-4351 is notable for being exceptionally bright and expanding very quickly. It absorbs mass at a rate of one solar mass (the mass of our Sun) per day and shines more than 500 trillion times brighter than the Sun.According to astronomer Christian Wolf, J0529-4351 is in an extreme environment with high-speed clouds, intense heat, and enormous cosmic lightning storms. This makes it one of the most extreme places known in the universe.

 

2. Reliance Jio Introduces Jio Brain AI Suite: To boost user engagement, Ambani announced the Jio AI-Cloud service, which will offer up to 100GB of free data storage starting this Diwali. This service is intended to make cloud storage and AI tools more accessible to users. Reliance is also investing in research and development for new technologies like 6G, AI, and the Internet of Things (IoT). The company has filed patents in these areas, showing a strong commitment to innovation. The introduction of Jio Brain and related initiatives highlights Reliance’s ambition to become a leader in AI. This move is expected to drive significant growth by enhancing operations and offering valuable new services to customers. Mukesh Ambani’s vision positions Reliance for major advancements through technology.

 

3. ChatGPT Hits 200 Million Weekly Users: OpenAI is facing more competition from big technology companies that have been around for a long time. These companies are putting more resources into improving their own generative AI products, trying to stay leaders in the market. As AI technology advances, regulators (people who make sure businesses follow the rules) are becoming more worried about issues like fair competition and the safety of AI models. There is a challenge to make sure that as AI gets better, it doesn’t harm users or make the market unfair.