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Important Monthly Current Affairs Capsule – May 2024
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Important Monthly Current Affairs Capsule – May 2024
S. No Topics Page No
1. IMPORTANT DAYS 03
2. NATIONAL NEWS 09
3. INTERNATIONAL NEWS 23
4. STATE NEWS 32
5. BUSINESS NEWS 35
6. BANKING AND ECONOMY 55
7. AWARDS AND HONOURS 117
8. APPOINTMENTS & RESIGNATIONS 123
9. MOUS AND AGREEMENT 150
10. ACQUISITIONS & MERGERS 164
11. DEFENCE NEWS 170
12. SCIENCE & TECHNOLOGY 177
13. BOOKS AND AUTHORS 190
14. RANKING AND INDEXES 191
15. SPORTS NEWS 196
16. OBITUARIES 210
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Important Monthly Current Affairs Capsule – May 2024
IMPORTANT DAYS
International Labour Day: May 1
• International Labour Day is celebrated every year on May 1. International Labor Day 2024 is also
known as May Day.
• International Labour Day originated in 1889 when a group of socialist parties in Europe decided to
designate May 1 as a special day for workers, which they called International Labour Day or
Workers Day.
Gujarat Day 2024: Observed on 1 May
• Gujarat Day or Gujarat Foundation Day or Gujarat Sthapana Divas is celebrated every year on 1
May.
• Two states, Maharashtra and Gujarat, were formed after the partition of Bombay based on
language in 1960.
• These two states were carved out of Bombay State by the Bombay Reorganization Act in 1960,
due to the demands of the Gujarati and Marathi-speaking people.
Maharashtra Day 2024: May 1
• Maharashtra Day, celebrated on May 1st every year, marks the creation of the state of
Maharashtra in 1960.
• Maharashtra Day celebrates the linguistic and cultural identity of the Marathi people.
• The Samyukta Maharashtra Samiti (United Maharashtra Committee) formed in 1956 became the
driving force behind the movement.
• They advocated for a separate state encompassing Marathi-speaking regions that were then part
of the Bombay State.
World Tuna Day 2024: May 2
• World Tuna Day, observed annually on May 2 is dedicated to raising awareness about the critical
importance of tuna conservation.
• World Tuna Day was initially proposed by the Parties to the Nauru Agreement (PNA) during a
meeting of the Western and Central Pacific Fisheries Commission (WCPFC) in 2011.
World Press Freedom Day 2024: May 3
• World Press Freedom Day is observed on 3 May every year.
• This day is dedicated to the fundamental principles of press freedom and to defending the media
from attacks on their independence.
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Important Monthly Current Affairs Capsule – May 2024
• The Theme of World Press Freedom Day 2024 is "A Press for the Planet: Journalism in the Face
of the environmental crisis".
Coal Miners Day 2024 In India - May 4
• Every year, Coal Miners Day is celebrated on May 4.
• This day is celebrated for the miners who are working in the field.
• The history of Coal Miner's Day dates back to 1952, when the Mines Act, was passed. This
legislation provided for the provision of medical facilities, safety and health measures, and rescue
stations for coal miners.
• The first coal mine in India was opened in 1774 by John Summer and Suetonius Grant Heatly of
the East India Company.
World Laughter Day 2024: May 5
• Every year World Laughter Day is celebrated on the first Sunday of May and this year(2024) World
Laughter Day falls on the 5th of May.
• Every year on the first Sunday of May, World Laughter Day was observed to promote awareness
about laughter and its health benefits.
• World Laughter Day was celebrated in 1998 when Dr. Madan Kataria announced the first
celebration of this day on May 10.
World Asthma Day 2024 - May 7
• Every year World Asthma Day is celebrated on the First Tuesday of May.
• This year(2024), World Asthma Day was celebrated on May 7.
• In celebration of World Asthma Day 2024, the Global Initiative for Asthma (GINA) has selected the
theme of “Asthma Education Empowers”.
• This day is celebrated to raise awareness among people about Asthma.
• The Global Initiative for Asthma (GINA) was established in 1993.
• The first World Asthma Day was observed in the year 1998.
World Red Cross And Red Crescent Day 2024 - May 8
• World Red Cross and Red Crescent Day are celebrated every year on May 8.
• This initiative was studied by an International Commission established at the 14th International
Conference on the Red Cross.
• Immediately after World War I, the world needed peace and stability.
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Important Monthly Current Affairs Capsule – May 2024
• In 1948, the Board of Governors of the League of the Red Cross Societies proposed to celebrate
the birth anniversary of Henry Dunant, the founder of the Red Cross and the International
Committee of the Red Cross (ICRC).
World Thalassaemia Day 2024 - May 8
• World Thalassaemia Day is celebrated every year on May 8.
• This day is celebrated to raise awareness about the struggles of patients suffering from genetic
disorders and raise awareness about Thalassaemia.
• The Theme of World Thalassaemia Day 2024 is "Empowering Lives, Embracing Progress:
Equitable and Accessible Thalassaemia Treatment for All".
• The history of World Thalassemia Day dates back to 1994 when the Thalassemia International
Federation (TIF) first established the day.
National Technology Day 2024 - May 11
• National Technology Day is celebrated every year on May 11.
• This day is observed to commemorate the importance of Scientists, Research, etc.
• This day is celebrated to raise awareness about the Technology that is developed day by day.
• The history of National Technology Day in India dates back to 1998, when the Indian Army
conducted five nuclear bomb tests (Pokhran- II) in Rajasthan under the surveillance of the then
Prime Minister of India Atal Bihari Vajpayee.
• The first National Technology Day was observed on 11 May 1999.
International Nurses Day 2024 - May 12
• International Nurses Day is celebrated every year on May 12.
• The theme for International Nurses Day 2024 is Our Nurses. Our Future. The economic power of
care.
• In 1953, US Department of Health, Education, and Welfare officer Dorothy Sutherland contacted
US President Dwight.D.Elsenhower to celebrate “Nurses Day”.
• Since 1965, the International Council of Nurses (ICN) has celebrated this day.
• From January 1974, May 12 was officially declared “International Nurses Day”.
International Day Of Families 2024 - May 15
● International Day of Families is celebrated every year on May 15.
● This day is celebrated to raise awareness about the importance of Family.
● The theme for International Day of Families 2024 is “Families and Climate Change.”
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Important Monthly Current Affairs Capsule – May 2024
● International Day Of Families was first observed by the United Nations General Assembly (UNGA) in
the year 1994.
● International Day Of Families is celebrated as the 30th anniversary of International Day Of Families
by the United Nations.
● In 1985, the Economic and Social Council invited the General Assembly to conduct the forty-first
session named “Families in the Development Process”.
World Telecommunication And Information Society Day 2024 - May 17
● World Telecommunication And Information Society Day 2024 is celebrated on May 17.
● The United Nations General Assembly(UNGA) declared May 17 as World Telecommunication and
Information Society Day.
● In the year 1865, the International Telecommunication Union was founded, when the first Indian
Telegraph Convention was signed.
● In 2005, the World Summit on the Information Society asked the United Nations to declare May 17
as World Telecommunication Day to be observed every year.
World Hypertension Day 2024 - May 17
● World Hypertension Day 2024 is celebrated on May 17.
● This day is prompted by the World Hypertension League(WHL).
● The Theme of World Hypertension Day 2024 is “Measure Your Blood Pressure Accurately, Control
it, Live Longer!”.
● The World Hypertension League (WHL) established World Hypertension Day to increase public
awareness of hypertension.
● The World Hypertension League sponsored the inaugural World Hypertension Day on May 14, 2005.
● May 17 has been recognized as World Hypertension Day annually since 2006.
International Museum Day 2024 - May 18
● International Museum Day is celebrated every year on May 18 to raise awareness about the
museums in society.
● The theme for International Museum Day 2024 is “Museums for Education and Research”.
● The International Council of Museums(ICOM) has promoted this day every year since 1977.
● The International Council Of Museums (ICOM) conducted a general meeting in Moscow, Russia to
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Important Monthly Current Affairs Capsule – May 2024
adopt the day for museums.
● After that, the first International Day Of Museums was first established in 1977.
● The theme for International Museum Day was first established in 1992.
World AIDS Vaccine Day, or HIV Vaccine Awareness Day, observed on May 18th
● World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on
May 18.
● The day is dedicated to recognising and promoting the need for AIDS vaccines.
What is AIDS?
● AIDS stands for Acquired Immunodeficiency Syndrome, caused by the human immunodeficiency
virus (HIV).
● The disease was first reported in 1981 in the United States.
● If HIV is not treated on time, it can lead to AIDS, which occurs when the body's immune system is
badly damaged and is not able to fight other diseases and infections.
● The day commemorates a speech by then-President Bill Clinton at Morgan State University on
May 18, 1997, emphasizing the importance of creating a vaccine to stop the spread of the
epidemic.
World Metrology Day 2024 - May 20
● World Metrology Day is celebrated on May 20 annually.
● This day is observed to raise the importance of Metrology. Metrology Day is prompted by the
Measurements Standards Laboratory(MSL).
● The first World Metrology Day was held in 1961.
Anti-Terrorism Day 2024 - May 21
● Anti-Terrorism Day is celebrated every year on May 21.
● This day is to commemorate the death anniversary of former Prime Minister Rajiv Gandhi.
● This day is observed on the death anniversary of former Prime Minister Rajiv Gandhi in 1991.
● He was the sixth Prime Minister of India in 1984.
World Day For Cultural Diversity For Dialogue And Development 2024 - May 21
● World Day for Cultural Diversity for Dialogue and Development was observed on May 21.
● UNESCO has adopted this day since 2001.
● UNESCO adopted the World Day for Cultural Diversity in 2001.
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Important Monthly Current Affairs Capsule – May 2024
● In 2002, the United Nations General Assembly declared May 21 as World Day for Cultural
Diversity for Dialogue and Development.
International Day For Biological Diversity 2024 - May 22
● International Day for Biological Diversity 2024 is celebrated on May 22.
● This year(2024), the theme of the International Day for Biological Diversity is "Be Part of the
Plan."
● This day is observed to raise awareness about Biological Diversity.
● The aim of International Day for Biological Diversity is to promote diversity issues.
● On December 20, 2000, the day was first observed on 22nd May.
● Bio means life; Diversity means a range of different things and Biodiversity means Diversity of
life.
International Day Of Action For Women’s Health 2024 - May 28
● Every year, International Day of Action for Women's Health is observed on May 28.
● This year(2024), International Day of Action for Women's Health falls on Tuesday.
● THEME: The International Day of Action for Women’s Health 2024 is yet to be announced.
● HISTORY: In 1987, South Africa was first recognized this day as the International Day of Action
for Women’s Health.
● In 1984, the Women’s Global Network for Reproductive Rights (WGNRR) was created to
organize the International Day of Action for Women’s Health.
International Everest Day 2024 - May 29
● International Everest Day 2024 is observed on May 29.
● This day is in the memory of two persons who climbed Mt. Everest in 1953.
● The Theme allocated for International Everest Day 2024 is yet to be released.
● International Mount Everest Day was celebrated in 2008, and it was the day Edmund Hillary
passed away that Nepal decided May 29 as International Everest Day.
International Day Of United Nations Peacekeepers 2024 - May 29
● The International Day of United Nations Peacekeepers is observed every year on May 29.
● The first United Nations Peacekeeping mission was first established in May 1948.
● This year(2024), the theme of International Day of United Nations Peacekeepers 2024 is “Fit for
the future, building better together”.
● In the first UN Peacekeeping Mission in 1948, 3,800 military, police and other personnel lost their
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Important Monthly Current Affairs Capsule – May 2024
lives in the service of peace.
World No Tobacco Day 2024 - May 31
● World No Tobacco Day is observed every year on May 31.
● This day is also known as World Anti-Tobacco Day.
● World No Tobacco Day is to spread awareness to the people about the harmful effects of
tobacco which causes cancer, lung disease, etc.
● The theme for World No Tobacco Day 2024 is "Protecting children from tobacco industry
interference".
● In 1987, the World Health Assembly passed a resolution called “World No Smoking Day”.
● In 2008, on World No Tobacco Day, the World Health Organization (WHO) called for a ban on all
tobacco products, advertisements, promotions, and sponsorship.
NATIONAL NEWS
Government makes a push for e-commerce exports’
• The government has decided to extend benefits under the Remissions of Duties and Taxes on
Export Products (RoDTEP) scheme for shipments sent abroad via courier or e-commerce channels
from sectors like gems and jewellery, pharma, leather, textiles and handicrafts, Commerce and
Industry Minister Piyush Goyal announced.
• To enable the Micro, Small and Medium Enterprises to get RoDTEP benefits, particularly for
exports through courier and e-commerce route, the government will extend it to certain products,
which could help exports from MSMEs of anywhere between one billion to two billion dollars a
year.
Geneva-based UN-related body to review India’s human rights accreditation status:
• The National Human Rights Commission (NHRC) is preparing to defend the government’s human
rights processes at a meeting in Geneva, where a decision on whether India’s human rights body
will retain its “A status” is expected to be made.
• The NHRC’s ratings were put on hold in 2023 over concerns about its composition procedure, the
presence of police personnel in human rights investigations, and the lack of gender and minority
representation, and the decision over whether the NHRC is given an A rating or a B rating would
affect its ability to vote at the UN Human Rights Council and some UNGA bodies.
Telecom operators group asks government to ban the sale of unlicensed WiFi 6E routers
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Important Monthly Current Affairs Capsule – May 2024
• A group representing telecom operators has sought a ban on the sale of WiFi 6E routers that use
the 6 GHz spectrum band for data transmission, requesting as the government has not yet
determined the utilisation of the frequencies.
• The Cellular Operators Association of India (COAI), whose members include Reliance Jio, Airtel,
and Vodafone Idea, claimed that the routers are being sold on e-commerce platforms such as
Amazon, Flipkart, and Moglix, as well as through offline retailers.
GCMMF’s ‘Manthan’ to be screened at Cannes Film Festival
• Shyam Benegal’s 1976 feature film “Manthan” has been selected for screening at the 77th Cannes
Film Festival, which will be held from May 14
• The Gujarat Cooperative Milk Marketing Federation (GCMMF) and the producer of the film had
joined hands with a not-for-profit organisation --- Film Heritage -- to restore the national award-
winning film in 4K.
• India became the largest milk producer in 1998
• Made with a budget of ₹10 lakh, this is a crowd-funded film.
Government cancels FCRA licences of 6 NGOs over 'violations'
• The Union home ministry has cancelled the Foreign Contribution Registration Act (FCRA) licences
of six non-governmental organisations (NGOs) for their alleged violation of the FCRA rules, misuse
of foreign grants, and religious conversion, among others.
• The cancellation came following a scrutiny by the Centre in March-April this year(2024).
• The NGOs whose registrations have been cancelled are CNI Synodical Board of Social Service,
Voluntary Health Association of India, Indo-Global Social Service Society, Church's Auxiliary for
Social Action, and Evangelical Fellowship of India.
SCOPE’s Art Exhibition cum Painting Competition adds colour to Public Sector Day celebrations
• Encouraging creative minds, artists and upcoming talent, the Standing Conference of Public
Enterprises (SCOPE) organised an Art Exhibition cum Painting Competition at SCOPE Social
Interaction Centre (SSIC), SCOPE Complex, New Delhi, as part of Public Sector Day
celebrations.
• Dr. Vasundhara Upmanyu, Joint Secretary, DPE, Ministry of Finance inaugurated the event in the
presence of Shri Atul Sobti DG, SCOPE, senior officials of PSEs and participants.
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Important Monthly Current Affairs Capsule – May 2024
• The painting competition was held on the themes - ‘My Vision for India of tomorrow’, ‘Nation ‘Go
Green’, ‘Nation Building by Public Sector’ and ‘Unleash your imagination through brushes and
strokes.’
IFFCO gets the nod to launch two more nano-tech fertilisers
• Fertiliser major Iffco, which introduced nano liquid urea and nano liquid DAP, stated the central
government has approved its two new products nano liquid zinc and nano liquid copper for the
launch.
• These two products would help in mitigating deficiencies of zinc and copper in agriculture crops
and boost productivity.
• FCO (Fertiliser Control Order) approval has been granted for both these products.
DGCA deregisters all 54 aircraft leased to Go First after Delhi HC order
• The Directorate General of Civil Aviation (DGCA) has deregistered all 54 aircraft leased to the
now-bankrupt airline Go First, according to officials.
• This move comes in the wake of an order issued by the Delhi High Court on April 26.
• Go First filed for bankruptcy in May 2023.
• The Delhi High Court, on April 26, directed the DGCA to deregister planes leased to Go First
within five working days, providing much-needed relief to the lessors.
India among top 5 developing countries in aviation emissions in 2019: Study
• In 2019, India was among the top five economically developing countries in terms of carbon
dioxide (CO2) emissions from aviation, a new research has found.
• However, among the economically developing countries, India was found to be the third biggest
contributor with close to 3 per cent share in global CO2 emissions from aviation, following China
at 14 per cent and the United Arab Emirates (UAE) at more than 3 per cent.
• The research team at the Norwegian University of Science and Technology also found that
India's share in global CO2 emissions from domestic aviation was the third highest at 1.5 per
cent.
PM Narendra Modi’s photo removed from Covid vaccine certificates
• The Union health ministry has made a notable change to the CoWIN certificates for COVID-19
vaccinations by removing the image of Prime Minister Narendra Modi.
• Previously, these certificates prominently featured Modi's image along with a quote affirming
India's collective resolve to conquer coronavirus.
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Important Monthly Current Affairs Capsule – May 2024
• While the quote – “Together, India will defeat COVID-19” – remains attributed to the prime
minister, his name has been omitted from the certificates, The Hindu reported.
Indian Institute of Astrophysics releases video of moon occulting Antares
• The Bengaluru-based Indian Institute of Astrophysics (IIA) has filmed the passing of the moon in
front of Antares, a bright red star.
• The moon passed in front of Antares on April 27, hiding it for roughly 40 minutes.
• IIA stated that this event was visible only from southern India.
• IIA filmed the event from its Bengaluru campus using a camera on an 8-inch telescope.
• While moving in its orbit roughly once a month, the moon will occasionally occult, or hide, bright
stars that are behind, and sometimes, even planets.
Free hospital care under PM-JAY touches Rs 86,000 crore
• Free hospitalisation benefits worth Rs 86,000 crore have been provided to beneficiaries of the
Pradhan Mantri Jan Arogya Yojana (PM-JAY) since the scheme was rolled out in September
2018.
• More than 65 million people have so far benefited from the PMJAY scheme which offers Rs
5,00,000-a-year free health cover.
• The scheme was made available for 107 million poor households in the country, roughly covering
the bottom 40% of the population.
• The Centre launched the scheme on September 23, 2018, to alleviate the suffering of the people
due to the rising cost of healthcare.
First constitution park was inaugurated in Pune
• Constitution Park, jointly developed by the Indian Army and Punit Balan Group, was inaugurated in
Pune.
• The park was inaugurated by GOC-in-C, Southern Command, Lt Gen Ajai Kumar Singh.
• This Constitution Park is a tribute to the founding leaders of the Constitution.
• This park is a symbol of unity and commitment towards values in the Constitution of India.
Centre may push for 12% GST for health insurance; lower rate is seen to widen cover
• To make health insurance more affordable and attractive, the Centre may push for a lower GST
tax rate to 12%, compared to 18% now, on health insurance premiums up to Rs 30,000.
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Important Monthly Current Affairs Capsule – May 2024
• Going by the current market rates, a premium up to Rs 30,000 could buy health insurance sum
insured around Rs 10 lakh/annum for a family of four members, depending upon various factors
such as type of coverage, age of insured, and so on.
• A reduction in the tax rate could lead to a lowering of premium rates or offering additional health
cover options, depending on the requirements of people,
• After the GST rollout, a person must pay 18% GST when she buys a health insurance policy.
20 firms shortlisted under new EV subsidy scheme
• The Centre has given certification to over 20 vehicle OEMs to take part in the short-term e-mobility
promotion scheme EMPS.
• The process for granting EMPS certificates has been completed.
• The scheme is now expected to fully pick up pace and support EV adoption in the country
• The EMPS, which is valid for only four months (April–July 2024) with an outlay of Rs 500 crore,
aims to subsidise electric two-wheeler, three-wheeler, and e-rickshaw purchases by consumers.
Drone Destination signs pact with IFFCO for spraying agricultural products on 30 lakh acres of farmland
• Drone company Drone Destination has signed an agreement with cooperative major IFFCO for
spraying agricultural products on up to 30 lakh acres of farmland.
• According to company officials, under the agreement Drone Destination could get paid in the range
of Rs 400 to Rs 800 per acre at prevailing market rates, implying that the deal will fetch a revenue
of Rs 120 crore in the lower price band and up to Rs 240 at upper price band.
• The prevailing market rate of such agri spray is Rs 400-800 per acre depending upon the region
and the crop.
PM Vishwakarma: At 68%, women beneficiaries outshine men in skill training
• Under the Pradhan Mantri Vishwakarma Yojana, women surpassed men in participating in skills
training, with over 95 per cent of them choosing tailoring as their preferred trade.
• Introduced by Prime Minister Narendra Modi on September 17, 2023, the initiative has provided
training to 350,000 individuals so far.
• The states with the most beneficiaries under the programme are Karnataka (83,067), Gujarat
(56,221), Jammu and Kashmir (55,856), Andhra Pradesh (44,922), Assam (24,851), Maharashtra
(17,557), Uttar Pradesh (13,026), Madhya Pradesh (10,692), Rajasthan (7,846), and Chhattisgarh
(7,830).
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Important Monthly Current Affairs Capsule – May 2024
• PM Vishwakarma is implemented as a Central Sector Scheme, fully funded by the Government of
India, with an initial outlay of Rs 13,000 crore.
Renewable energy accounted for 71% of India's new power generation in FY 24
• In India during FY 23-24, renewable energy (RE) contributed more than 71 per cent of the 26 GW
(GigaWatt) of new power generated in the country.
• According to the report by CEEW Centre for Energy Finance (CEEW-CEF), India's total installed
energy capacity has now reached 442 GW, with RE comprising approximately 33 per cent (144
GW) and hydro contributing 11 per cent (47 GW).
• The share of Coal in India's total installed capacity fell below the 50 per cent mark for the first time.
Government mulls relief on retrospective GST on e-gaming
• The government is considering granting relief to the online gaming industry by exempting them
from paying the Goods and Services Tax (GST) at the rate of 28% on the full face value of bets for
the pre-October 1, 2023 period.
• This would mean that the highly contentious “retrospective levy” of the tax would be annulled,
irrespective of the outcome of the Supreme Court case in this regard.
• The retrospective tax imposition of 28% on the full face value of bets has created havoc in the
online gaming industry, in view of the sheer magnitude of the tax demands involved.
Arabian Travel Mart 2024: Ministry Of Tourism Launches ‘Cool Summers Of India’ Campaign In Dubai
• The Ministry of Tourism, Government of India is participating in Arabian Travel Mart 2024, is being
held in Dubai.
• The event marks a significant step in strengthening India's presence in the Middle East tourism
market.
• Ministry of Tourism has launched the ‘Cool Summers of India’ campaign at Arabian Travel Mart.
• This digital campaign challenges the notion of India being too hot for summer travel, emphasizing
its offerings in hill resorts, including the Himalayas.
Department of Pharmaceuticals launches Meditech Stackathon 2024 in collaboration with CII
• The Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers launched the
MEDITECH STACKATHON 2024.
• MEDITECH STACKATHON 2024 was launched in New Delhi in collaboration with the
Confederation of Indian Industry (CII).
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Important Monthly Current Affairs Capsule – May 2024
• Its goal is to transform the rapidly expanding MedTech industry in India by carefully examining the
value chain of certain medical products.
• India is the 4th largest market for medical devices in Asia and among the top 20 globally.
• India's MedTech industry holds immense potential, with projections estimating a growth rate of
28% annually, reaching a size of USD 50 billion by 2030.
Kutch Ajrakh, a traditional textile craft, has recently earned a Geographical Indication (GI) tag.
• The traditional artisans of ‘Kutch Ajrakh’ in Gujarat have been awarded the prestigious
Geographical Indication (GI) certificate by the Controller General of Patents, Designs, and
Trademarks (CGPDTM).
• This recognition celebrates the intricate textile craft that has been a part of Kutch's vibrant culture
for centuries.
• Ajrakh, a textile craft that has been deeply rooted in Gujarat's cultural tapestry, holds a revered
place in the regions of Sindh, Barmer, and Kutch, where its legacy spans millennia.
26th ASEAN-India Senior Officials’ Meeting Held In New Delhi
• The 26th ASEAN-India Senior Officials’ Meeting was held in New Delhi
• Shri Jaideep Mazumdar, Secretary (East), co-chaired the 26th ASEAN-India Senior Officials’
Meeting (AISOM), with H.E. Mr. Albert Chua, Permanent Secretary, Ministry of Foreign Affairs of
Singapore, in New Delhi.
• Singapore is the Country Coordinator of India for ASEAN-India Dialogue Relations.
• At the 26th AISOM, the gamut of ASEAN-India relations across the three pillars of engagement,
namely, political-security, economic and socio-cultural, as reflected in the ASEAN-India Plan of
Action (2021-2025), was reviewed.
India contributes $5,00,000 to U.N. Counter-Terrorism Trust Fund
• India has contributed $500,000 to the U.N. Counter-Terrorism Trust Fund, underscoring its
unwavering commitment to support multilateral efforts in the global fight against the scourge of
terrorism.
• India’s Permanent Representative to the United Nations Ambassador Ruchira Kamboj on May 7
handed over to Under Secretary General, United Nations Office of Counter-Terrorism (UNOCT)
Vladimir Voronkov the country's voluntary financial contribution of half a million dollars towards
the U.N. Counter-Terrorism Trust Fund (CTTF).
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Important Monthly Current Affairs Capsule – May 2024
• United Nations Counter-Terrorism Trust Fund was established in 2009 and transferred to the UN
Office of Counter- Terrorism (UNOCT) in 2017
Global biofuel alliance sets up the three-pronged work plan
• Global Biofuel Alliance (GBA) has adopted a work plan focused on assessing country
landscapes, drafting policy frameworks, and conducting biofuel workshops.
• According to the International Energy Agency (IEA), biofuels have the potential to grow by 3.5-5-
times by 2050 due to Net-Zero targets, creating a huge opportunity for India.
Indian AI platform Hanooman launches in 98 global languages
• 3AI Holding Limited and SML India, announced the launch of ‘Hanooman’, India’s homegrown
multilingual GenAI platform in 98 global languages, including 12 Indian languages, to build Gen AI
ecosystem for India by leveraging the country’s diverse linguistic and cultural heritage.
• The AI tool has been developed by generative AI business SML India in partnership with 3AI
Holding, an Abu Dhabi-based investment company.
• The 12 Indian languages that the web version and app are currently available in include Hindi,
Marathi, Gujarati, Bengali, Kannada, Odia, Punjabi, Assamese, Tamil, Telugu, Malayalam and
Sindhi.
4th Meeting of ASEAN-India Trade in Goods Agreement Joint Committee
• The 4th Joint Committee meeting for the review of AITIGA (ASEAN-India Trade in Goods
Agreement) was held in Putrajaya, Malaysia and was co-chaired by Shri Rajesh Agrawal,
Additional Secretary, Department of Commerce, India and Ms. Mastura Ahmad Mustafa, Deputy
Secretary General (Trade), Ministry of Investment, Trade & Industry, Malaysia.
• The delegates from India and all 10 ASEAN countries participated in the discussions.
• The discussions for review of AITIGA, to make it more trade-facilitative and beneficial for
businesses across the region, started in May 2023.
• The Joint Committee undertaking the review work has met four times so far.
India likely to export almost 18 million tonnes of rice in 2024-25: USDA
● India will remain a leading player in the world rice market despite restrictions, according to a recent
projection by the United States Department of Agriculture (USDA).
● It accounts for almost 18 million tonnes of rice exports in 2024-25, which is around two million
tonnes more than the previous year.
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Important Monthly Current Affairs Capsule – May 2024
● The global crop is primarily driven by an increase in production in India, China, Bangladesh, and
Indonesia.
● The global consumption is projected at a record 526.4 million tonnes, on the back of higher use in
India, the Philippines, Indonesia, and Bangladesh, offsetting a reduction for China.
Centre plans a unified portal for all digital public goods
● The government is planning a unified portal to list all its digital public goods (DPGs) such as
Aadhaar, Unified Payments Interface and Open Network for Digital Commerce in one place to
provide easy access to all the apps and services.
● The electronics and information technology is likely to be tasked with creating the portal and
coordinating with all the ministries and their respective departments and agencies to detail the digital
public infrastructure (DPI) created by them.
● The idea is to enable not just easy access for users but also promote ease of doing business as
multinational companies have also been seeking the services of these DPIs.
● According to estimates, the global market size of DPGs is likely to be $100 billion in the next five-six
years.
● As per EY estimates, the total cost per person for developing a DPG in countries with more than 50
million people is as low as 74 cents.
NTPC Talcher launches 'Girl Empowerment Mission' to support girls' education & development
● NTPC Talcher Thermal inaugurates its flagship corporate social responsibility (CSR) initiative, the
"Girl Empowerment Mission 2024".
● This one-month-long initiative aims to support 40 young girls from eight government schools
covering four Gram Panchayats by providing them with access to quality education, health, life skills
training, and mentorship.
14 People Given Citizenship Certificates For The First Time Under CAA
● The first set of citizenship certificates to 14 people was issued under the Citizenship (Amendment)
Act or CAA, nearly two months after the Centre notified it, initiating the process of granting Indian
nationality to persecuted non-Muslim migrants from Pakistan, Afghanistan and Bangladesh.
● Under the CAA, the qualification period for citizenship application has been reduced from 11 to 5
years for undocumented non-Muslim migrants from Pakistan, Bangladesh and Afghanistan who
came to India before December 31, 2014.
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Important Monthly Current Affairs Capsule – May 2024
India records highest number of Internet shutdowns globally in 2023
● India witnessed the highest number of Internet shutdowns in the world in 2023, a record it has held
for the sixth straight year.
● The Internet was snapped 116 times in the country last year, according to the Keep It On coalition, a
grouping of civil society bodies that advocates against Internet blockades.
Indian Air Force tests BHISHM portable hospital for airdrop in Agra
● BHISHM Portable Hospital tested in Agra for airdrop from aircraft by the Indian Air Force.
● This is the first time that the Indian Air Force has tested this portable hospital.
● This test was done so that the portable hospital could be deployed anywhere to deal with
emergencies.
● According to the Ministry of Information and Broadcasting, BHISHM Portable Cubes are a part of a
broader initiative called "Project BHISHM" (Bharat Health Initiative for Sahyog, Hita and Maitri).
● It is designed to treat up to 200 casualties with an emphasis on quick response and comprehensive
care.
GAIL hires LNG ship from CoolCo
● State-owned gas utility GAIL (India) Ltd has hired a liquefied natural gas (LNG) carrier from NYSE-
listed Cool Company for 14 years to augment its transportation capability to meet India's rising gas
needs.
● The time charter for the LNG carrier will commence in early 2025 and GAIL will have the option to
extend it by two additional years beyond the firm 14-year period.
● GAIL presently has four LNG carriers in its fleet and the one coming from CoolCo will be the fifth.
● Last year, GAIL hired an LNG carrier from Japanese shipping company Mitsui OSK Lines.
● This was the second MOL Group LNG carrier serving GAIL.
● The first vessel, named GAIL Bhuwan, was chartered in 2021.
● The second vessel, taken in December 2023, was named GAIL Urja.
About GAIL
● GAIL Limited Headquarters: New Delhi, Sandeep Kumar Gupta; (Chairman & MD).
Cabinet Approves Ambitious IndiaAI Mission to Strengthen the AI Innovation Ecosystem
● The Government of India launched the IndiaAI Mission with a budget outlay of Rs.10,371.92 crore, a
comprehensive national-level program to democratize and catalyze the AI innovation ecosystem in
the country and ensure the global competitiveness of India’s AI startups and researchers.
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Important Monthly Current Affairs Capsule – May 2024
● The IndiaAI mission will establish a comprehensive ecosystem catalyzing AI innovation through
strategic programs and partnerships across the public and private sectors.
● The Mission will be implemented by ‘IndiaAI’ Independent Business Division (IBD) under Digital India
Corporation (DIC).
Pharma PLI scheme gathers steam with investments of Rs 33,000 crore
● In less than three years since its launch, the production-linked incentive (PLI) scheme for the
pharmaceuticals sector seems to have taken off.
● The latest data by the department of pharmaceuticals (DoP) suggests that all three components of
the scheme — pharmaceuticals, bulk drugs and medical devices — have received substantial
interest from the industry.
● For instance, the pharmaceuticals category has seen investments of Rs 28,328 crore and generated
cumulative production of Rs 1.43 trillion as of April 2024.
Mobile PLI may be extended beyond 2026
● Smartphone PLI (production-linked incentive), the most successful of all 14 such schemes, may be
extended by a couple of years beyond 2025-26 when it officially ends
● The five-year PLI scheme, which started in 2020 ends in 2026, and each company has the flexibility
to choose any five consecutive years.
● While Apple has chosen the period of 2021-2026, for Samsung it’s between 2020-2025.
● Therefore, the thinking in the government is that a component scheme should replace the PLI in the
sector.
● The smartphone PLI has seen domestic production of phones rising to Rs 4.1 trillion in FY24 from
Rs 2.14 trillion in FY20, the year before the scheme was announced.
● The government launched PLI schemes for 14 sectors in 2021, such as telecommunication, white
goods, textiles, manufacturing of medical devices, speciality steel, high-efficiency solar PV modules,
automobiles, food products, advanced chemistry cell batteries, drones, and pharma.
Government likely to launch portal to unify insurance claim process
● The government is likely to launch the National Health Claim Exchange (NHCX) — a single portal to
submit and process health insurance claims across hospitals in the country — in the next two-three
months
● The platform is developed by the National Health Authority (NHA), in collaboration with the
Insurance Regulatory and Development Authority of India (Irdai), to ensure interoperability and
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Important Monthly Current Affairs Capsule – May 2024
faster processing of health insurance claims.
● The NHA and Irdai last year joined hands to operationalise the NHCX.
● The Irdai, through a circular in June 2023, had advised all insurers and providers to onboard the
NHCX.
India and China have agreed to cooperate in efforts to pay for imports in local currency: Maldives
● India and China have agreed to cooperate in efforts to pay for imports in their respective currencies
instead of US dollars.
● This move would save the island nation almost 50 per cent of the annual $1.5 million import bill from
the two countries.
● Maldives’ Economic Development Minister Mohamed Saeed met Indian High Commissioner Munu
Mahawar recently to discuss the matter, following which the Indian High Commissioner said New
Delhi would cooperate in arranging for the settlement of import payments in Indian rupee.
● 'Maldives issue with India helping us': Sri Lanka tourism minister on boost in Indian travellers amidst
Maldives boycott calls.
Centre to Restore Support for Some Electric Two-Wheeler Makers, Blacklist Others
● The central government is considering reinstating financial support for electric two-wheeler
manufacturers Revolt Motors, Greaves Electric Mobility, and Amo Mobility under its Electric Mobility
Promotion Scheme 2024 (EMPS 2024).
● However, it plans to exclude Hero Electric, Okinawa Autotech, and Benling India from all future
government schemes,
● An initial investigation into the violation of vehicle localization norms mandated under the Faster
Adoption & Manufacturing of Electric Vehicles in India (FAME India) scheme resulted in notices
being issued for the recovery of Rs. 469 crore in subsidies distributed to these companies for sales
made between 2020 and 2023.
Uttar Pradesh tops in transmission line addition by state utilities
● According to the Central Electricity Authority (CEA), Uttar Pradesh has emerged as the leading state
in terms of adding transmission lines by state transmission utilities in FY24.
● In FY24, the Uttar Pradesh Power Transmission Corporation Ltd (UPPTCL) outperformed other state
utilities by adding 1,460 circuit kilometers (ckm) of transmission lines rated at 220kV or higher.
● The Gujarat Energy Transmission Corporation Ltd (GETCO) followed UPPTCL with an addition of
898 ckm by the end of FY24.
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Important Monthly Current Affairs Capsule – May 2024
● Following Gujarat, Tamil Nadu, Andhra Pradesh, and Bihar ranked next in the addition of
transmission lines.
● The CEA, originally constituted under Section 3(1) of the repealed Electricity (Supply) Act, 1948,
now functions under Section 70 of the Electricity Act, 2003, overseeing and coordinating the
transmission infrastructure across the country.
New plant of Sun Pharma inaugurated in Bangladesh
● India has been a credible partner in the growth story of Bangladesh's pharmaceutical industry.
● A new plant of a leading Indian pharmaceutical company was recently inaugurated in Bangladesh.
● The new plant of Sun Pharma was jointly inaugurated by Salman F Rahman, Private Industry and
Investment Adviser to the Bangladesh Prime Minister, and Pranay Verma, Indian High
Commissioner to Bangladesh.
● The plant is located at the Meghna Industrial Economic Zone in the Sonargaon upazila of
Narayanganj district, near the river Meghna and adjacent to the Dhaka-Chittagong highway.
India Hosts 46th Antarctic Treaty Consultative Meeting
● India welcomes the 46th Antarctic Treaty Consultative Meeting (ATCM 46), dubbed the Antarctic
Parliament, held in Kochi from May 20-30. Organized by the National Centre for Polar and Ocean
Research
● Ministry of Earth Sciences-affiliated National Centre for Polar and Ocean Research, Goa,
orchestrates the gathering, uniting representatives from the treaty's 56 member nations.
● India’s prior hosting of ATCM was in New Delhi in 2007. The historic Antarctic Treaty, signed in 1959
by 12 nations, laid the groundwork for international cooperation in Antarctica, with membership
swelling to 56, including India, by 1983.
● Indian scientific forays into Antarctica trace back to 1981, culminating in the establishment of
Dakshin Gangotri (1983), followed by Maitri (1989) and Bharati (2012) research stations.
● The forthcoming Maitri II station, slated to commence operations by 2029, underscores India's
commitment to Antarctic research.
India Extends financial Support to Papua New Guinea After Devastating Landslide
● India pledges a swift financial aid package of $1 million to assist the victims of a catastrophic
landslide that struck the Enga province of Papua New Guinea, claiming the lives of over 2,000
people and causing widespread devastation.
● This humanitarian gesture underscores the robust ties between India and Papua New Guinea,
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Important Monthly Current Affairs Capsule – May 2024
reflecting India's commitment to standing by its Pacific neighbour in times of need.
About New Guinea
● Capital: Port Moresby
● Currency: Papua New Guinean Kina
National Archives Of India Undertakes First Overseas Digitization Of Diaspora Records In Oman
● The Indian Embassy in Muscat and the National Archives of India (NAI) collaborate on a
groundbreaking project to archive historical documents of the Indian diaspora in Oman, titled "The
Oman Collection – Archival Heritage of the Indian Community in Oman."
● Running from May 19th to 27th, 2024, this project marks a significant milestone in preserving the
rich heritage of the Indian community in Oman.
● The project witnesses active involvement from 32 prominent Indian families from Gujarat, whose
roots in Oman extend back 250 years, showcasing their deep historical connection.
● The initiative receives backing from Oman's National Records and Archives Authority (NRAA),
reflecting a collaborative effort to safeguard historical records and deepen connections with the
Indian diaspora in Oman.
DoT and MHA strike down on SMS scammers
● The Department of Telecom (DoT) and the Ministry of Home Affairs (MHA) have initiated decisive
measures under the Sanchar Saathi program in response to a surge in SMS fraud.
● This comes in the wake of the detection of over 10,000 fraudulent text messages sent in the past
three months.
● The Indian Cyber Crime Coordination Centre (I4C) pinpointed the misuse of eight specific SMS
headers, leading to their immediate prohibition.
● Within the realm of telecommunications, "principal entities" refer to companies or legal bodies
that dispatch commercial SMS messages to telecom subscribers.
● The DoT's response included the blacklisting of the eight principal entities and the blocking of all
73 SMS headers and 1,522 content templates under their control.
Central Council for Research in Ayurvedic Sciences to Launches PRAGATI-2024
● The Central Council for Research in Ayurvedic Sciences (CCRAS) has launched the Pharma
Research in AyurGyan And Techno Innovation (PRAGATI-2024) initiative to foster research and
innovation in Ayurveda.
● PRAGATI-2024 aims to facilitate collaborative research between CCRAS and the Ayurveda drug
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Important Monthly Current Affairs Capsule – May 2024
industry, fostering growth and innovation in the sector.
INTERNATIONAL NEWS
United Kingdom’s new ‘world first’ laws crack down on smart gadget cyber attacks
• The United Kingdom (UK) government has introduced "world first" laws requiring all internet-
connected smart devices to meet minimum security standards to protect consumers and
businesses from hacking and cyber-attacks.
• Under the new regime, manufacturers are prohibited from using weak, easily guessable default
passwords like "admin" or "12345".
• If a common password is used, users will be prompted to change it upon start-up to enhance
security.
United Nations Conference on Trade and Development Rebrands as "UN Trade and Development" to
Commemorate Its Anniversary
• The United Nations Conference on Trade and Development (UNCTAD) has been rebranded as
"UN Trade and Development" to mark its 60th anniversary.
• This rebranding reflects the organization's commitment to enhancing its impact and amplifying its
advocacy for developing countries.
• Significance of Rebranding:The rebranding initiative includes a new visual identity designed to
better reflect the organization's work and values.
About UNCTAD :
• Established : December 30, 1964
• Headquarters: Geneva, Switzerland
• Secretary General : Rebeca Grynspan
• The UNCTAD is a permanent intergovernmental organization that promotes the interests of
developing countries in world trade.
• UNCTAD’s work focuses on trade, development, finance, technology, investment, and sustainable
development.
World Trade Organization Celebrates 30 Years Since the Historic Marrakesh Agreement
• The World Trade Organization (WTO) commemorates the 30th anniversary of the Marrakesh
Agreement, a significant milestone in global trade history.
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Important Monthly Current Affairs Capsule – May 2024
• The Marrakesh Agreement establishing the WTO was signed by 123 countries on 15 April 1994,
leading to the birth of the WTO on 1 January 1995.
• Impact on Global Trade:Over the past 30 years, the WTO has contributed to a significant
expansion in global trade.
• The agreement aimed to raise living standards, increase employment, and promote sustainable
development through trade.
About WTO :
• Founded: 1 January 1995
• Headquarters: Geneva, Switzerland
• Director General : Dr Ngozi Okonjo-Iweala
• Total members: 164 members (160 UN member states, the European Union, Hong Kong, Macao,
and Taiwan)
• The WTO is an intergovernmental organization that regulates and facilitates international trade.
Group of Seven Nations Agree to Phase Out Coal-Fired Power Plants by 2035
• Energy ministers from the Group of Seven (G7) wealthy countries reached a deal to shut down
their coal-fired power plants by 2035 at the latest, in a significant step towards the transition away
from fossil fuels.
• The accord will be included in the G7 energy ministers' final communique to be released at the end
of a two-day meeting in Turin.
• Significance for Climate Transition:The agreement aligns with the objectives set out by the
Conference of the Parties (COP28) United Nations climate summit, emphasizing a global transition
away from fossil fuels, especially coal, which is the most polluting among them.
Dubai Plans World's Largest Airport Terminal at Al Maktoum International
• Dubai has announced plans to build the world's largest airport terminal at Al Maktoum International
Airport, aiming to revolutionize the aviation industry and solidify Dubai's status as a major global
transportation hub.
• The ambitious project has been approved by Sheikh Mohammed bin Rashid Al Maktoum, Vice
President, Prime Minister, and Ruler of Dubai.
Nepal's Population Growth Rate Hits 80-Year Low at 0.92% Per Annum Over Past Decade
• Nepal's population growth rate has dropped to 0.92% per annum over the past decade, the lowest
in the last 80 years.
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Important Monthly Current Affairs Capsule – May 2024
• The National Statistics Office (NSO) revealed this rate is less than 1% per year during the 10-year
review period.
• Population Figures:As per the NSO report, Nepal's population is approximately 29.2 million.
• Between mid-April 2011 and mid-April 2021, Nepal's population increased by 2.7 million.
About Nepal :
• President : Ram Chandra Poudel
• Prime Minister : Pushpa Kamal Dahal
• Capital : Kathmandu
• Currency : Nepalese rupee
Thailand Extends Visa Waiver Program for Indian and Taiwanese Tourists for Another 6 Months
• Thailand's cabinet approved a 6-month extension of the visa exemption program for tourists from
India and Taiwan to boost foreign tourist arrivals and support the country's economy.
• The extended visa waiver will run until November 11, 2024, after the existing program.
• Tourists from India and Taiwan can stay in Thailand without a visa for up to 30 days.
• Background and Impact of Visa Waiver: The extension follows the success of the initial waiver
introduced in November 2023.
• The Thai government under Prime Minister Srettha Thavisin aims to attract 80 million tourists by
2027.
About Thailand :
• Prime Minister : Srettha Thavisin
• Capital : Bangkok
• Currency : Thai baht
India Leads United Nation's Inaugural International Conference on Digital Public Infrastructure in New
Delhi
• The United Nations (UN) First International Conference on Digital Public Infrastructure was held
under India’s leadership to harness the technology to propel Sustainable Development Goals
(SDGs) and foster inclusivity.
• The Conference introduced India’s Digital Public Infrastructure (DPI) framework as a global
standard.
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Important Monthly Current Affairs Capsule – May 2024
• The session was hosted by the Permanent Mission of India and the Ministry of Electronics and
Information Technology, in collaboration with the Indian Software Products Industry Round Table
(iSPIRT).
Ramcharitmanas, Panchatantra, and Sahṛdayāloka-Locana Added to United Nations Educational,
Scientific and Cultural Organization’s Memory of the World Asia-Pacific Regional Register
● The Ramcharitmanas, Sahrdayaloka-Locana, and Panchatantra have been included in the
United Nations Educational, Scientific and Cultural Organization’s (UNESCO) Memory of the
World Asia-Pacific Regional Register, marking a significant achievement for India.
● UNESCO has recognised a total of 20 items from the Asia Pacific region in its Memory of the
World Regional Register for the 2024 cycle.
● These included three each from China and Indonesia, and two each from Malaysia, Mongolia,
the Philippines, and Uzbekistan.
● The decision on the same was taken on May 7-8 in the 10th General Meeting of the Memory of
the World Committee for Asia and the Pacific (MOWCAP) in Ulaanbaatar, the capital of
Mongolia.
● Authors and Works:
➢ Ramcharitmanas: Written by Goswami Tulsidas in the 16th century, a retelling of the
Ramayana in the Awadhi dialect.
➢ Panchatantra: Attributed to Pt. Vishnu Sharma, penned around the 3rd century BCE,
known for its 'story within a story' structure.
➢ Sahrdayaloka-Locana: Written by Acharya Anandvardhan, commented upon by
philosopher Abhinava Gupta, focusing on Indian poetics and aesthetic appreciation.
● Role of IGNCA:
➢ The Indira Gandhi National Centre for the Arts (IGNCA) played a crucial role in securing
the inclusion of these works during the 10th MOWCAP meeting.
● MOWCAP Overview:
➢ In the Asia Pacific region, a specific branch called the Memory of the World Committee for
Asia and the Pacific (MOWCAP) was established in 1998.
➢ MOWCAP covers 43 countries, representing one of UNESCO's five regional programs.
➢ There are 494 inscriptions on the International MoW Register, as of May 2023, according
to the UNESCO website. MOWCAP Regional Register has inscribed 65 items from Asia-
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Important Monthly Current Affairs Capsule – May 2024
Pacific countries.
About UNESCO :
● Formation : 16 November 1945
● Headquarters : Paris, France
● Director General : Audrey Azoulay
● Members : 194 member states and 12 associate members
● UNESCO is a specialized agency of the United Nations (UN) with the aim of promoting world
peace and security through international cooperation in education, arts, sciences and culture.
Venezuela Becomes 1st Country to Lose All Glaciers as Last One Downgraded to 'Ice Field'
● In a grim milestone, Venezuela has become the 1st country in modern history to lose all of its
glaciers after the Latin American country lost its last remaining glacier on the Pico Humboldt peak
which was downgraded by climate scientists as an ice field.
● New research shows that the Humboldt glacier in the Andes, which used to be very big, has
shrunk to less than 2 hectares, which means it is no longer a glacier but an ice field.
● Venezuela had been home to six glaciers in the Sierra Nevada de Mérida mountain range, which
lies at about 5,000m above sea level, but lost five of them by 2011.
About Venezuela :
● President : Nicolás Maduro
● Capital: Caracas
● Currency: Venezuelan bolívar.
● Venezuela is a country on the northern coast of South America with diverse natural attractions.
United Arab Emirates Cabinet Approves 10-Year Blue Visa for Exceptional Environmental Contributions
● The United Arab Emirates (UAE) Cabinet has approved a 10-year Blue Residence visa for
individuals who have made outstanding contributions to environmental protection, reflecting the
country's commitment to sustainability.
● The introduction of the Blue Visa is in line with the UAE's year of sustainability (2023–2024) and
its long-term objectives of promoting environmental protection and sustainable practices.
● Eligibility Criteria:The 10-year visa is specifically designed for individuals who have demonstrated
exceptional contributions and efforts towards environmental protection.
About UAE :
● President : Mohamed bin Zayed Al Nahyan
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Important Monthly Current Affairs Capsule – May 2024
● Prime Minister : Mohammed bin Rashid Al Maktoum
● Capital : Abu Dhabi
● Currency : UAE dirham
South African Government Urges Faster Visa Issuance for Indian Tourists
● The South African government is developing mechanisms for the speedy clearance of visa
applications from India and is working on a proposal to introduce E-Visas for Indian tourists.
● In the first quarter of 2024, 16,000 Indian visitors travelled to South Africa.
● The initiative was announced during an event organised by South Africa Tourism.
● Presidential Directive: South African President Cyril Ramaphosa has requested a joint report
from the Ministers of Tourism, Home Affairs, and State Security on measures to expedite visa
clearance.
● Visa Waiver Proposal: The Tourism Ministry has proposed a 90-day visa waiver for passengers
from both China and India.
About South Africa :
● President : Cyril Ramaphosa
● Capital : Pretoria (executive), Cape Town (legislative), Bloemfontein (judicial)
● Currency : South African rand
World Health Organization Prequalifies Second Dengue Vaccine by Japanese Drugmaker Takeda
Pharmaceuticals
● The World Health Organization (WHO) has prequalified the second dengue vaccine developed
by Japanese drugmaker Takeda Pharmaceuticals.
● This live-attenuated vaccine, known as TAK-003, contains weakened versions of four serotypes
of the virus that cause dengue.
● This means that TAK-003 contains weakened forms of four types of dengue virus, which helps
the body build immunity without causing disease.
● TAK-003 can be given to children aged 6 to 16 years who have more chances of dengue and
intensity of transmission.
● According to WHO, the vaccine should be administered in a 2-dose schedule with an interval of 3
months between doses.
● Prior to TAK-003, WHO had prequalified the CYD-TDV vaccine developed by Sanofi Pasteur for
dengue.
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Important Monthly Current Affairs Capsule – May 2024
Dengue Disease Overview :
● Dengue is a mosquito-borne disease that is life-threatening in many cases.
● It is spread by the bite of an infected mosquito.
● Approximately 3.8 billion people live in dengue-endemic regions, primarily in Asia, Africa, and the
Americas.
● Globally, there are between 100 and 400 million dengue cases reported annually.
About WHO :
● Established : 7 April 1948
● Headquarters : Geneva, Switzerland
● Director General : Tedros Adhanom Ghebreyesus
● Parent Organisation : United Nations Economic and Social Council
● The WHO is a specialized agency of the United Nations responsible for international public
health.
Ibu Volcano Erupts on Indonesia's Remote Halmahera Island
● The Ibu volcano on Indonesia's remote island of Halmahera erupted.
● Hundreds of people living near an erupting volcano in eastern Indonesia have been evacuated
after authorities raised the alert level to the highest level.
● The Ibu volcano spews ash and smoke up to 5,000 meters (16,400 feet) into the sky.
About Indonesia :
● President : Joko Widodo
● Capital : Jakarta
● Currency : Indonesian rupiah
4th Meeting of ASEAN-India Trade in Goods Agreement Joint Committee Held in Putrajaya, Malaysia
● The 4th Joint Committee meeting for the review of AITIGA (ASEAN-India Trade in Goods
Agreement) was held in Putrajaya, Malaysia from 7-9 May 2024 .
● The Committee finalised its Terms of Reference and the Negotiating Structure for the review
negotiations in its first two meetings and initiated the negotiations for review of AITIGA from its
third meeting held from 18-19 February 2024 in New Delhi.
● The delegates from India and all 10 ASEAN countries participated in the discussions.
● Four of these Sub-Committees dealing with ‘National Treatment and Market Access’, ‘Rules of
Origin’, ‘Standards, Technical Regulations and Conformity Assessment Procedures’ and ‘Legal
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Important Monthly Current Affairs Capsule – May 2024
and Institutional Issues’ also met physically in Putrajaya, Malaysia alongside the 4th AITIGA Joint
Committee.
● ASEAN is one of the major trade partners of India with a share of 11% in India’s global trade.
● Both sides would next meet for the 5th Joint Committee meeting from 29-31 July 2024 in Jakarta,
Indonesia.
● The 3rd meeting of AITIGA Joint Committee for undertaking the review of ASEAN-India Trade in
Goods Agreement (AITIGA) was hosted by India in Vanijya Bhawan, New Delhi from 16-19
February 2024.
About ASEAN:
● Association of Southeast Asian Nations (ASEAN) is a political and economic union of 10 states in
Southeast Asia.
● Member countries: Brunei Darussalam, Burma, Cambodia, Indonesia, Laos, Malaysia,
Philippines, Singapore, Thailand, and Vietnam.
Spain Becomes 99th Member Of International Solar Alliance
● Spain has become the 99th member of the International Solar Alliance.
● Spain handed over the International Solar Alliance Instrument of Ratification, during the meeting
of Ambassador José María Ridao Domínguez of Spain with the Head of Depository, Joint
Secretary in the External Affairs Ministry Abhishek Singh in New Delhi.
● India and France jointly launched the International Solar Alliance (ISA) during COP21 in Paris.
About ISA
● The ISA was conceived as a joint effort by India and France to mobilize efforts against climate
change through the deployment of solar energy solutions.
● 119 countries have till date signed the ISA Framework Agreement.
● 99 countries have ratified and submitted the necessary International Solar Alliance Instrument of
Ratification to become a full member.
● Headquarters of ISA: Gurugram, Haryana.
About Spain :
● Prime Minister: Pedro Sánchez
● Capital : Madrid
● Currency : Euro
Severe cyclone Remal to hit Bangladesh and adjoining West Bengal coasts between Sagar Island and
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Important Monthly Current Affairs Capsule – May 2024
Khepupara
● The season's first severe cyclonic storm in the Bay of Bengal, 'Remal,' reached Bangladesh and
adjoining the West Bengal coasts.
● According to the IMD, the cyclone has reached a wind speed of 102 kilometres per hour.
● The Met office has warned of very heavy rainfall in the coastal districts of West Bengal, north
Odisha, Mizoram, Tripura, and south Manipur on May 26-27.
● This is the first cyclone in the Bay of Bengal this pre-monsoon season and will be named Remal,
according to a system of naming cyclones in the Indian Ocean region.
● This name is given by Oman
● A panel of the regional committee approved the list of names of cyclones formed in the Bay of
Bengal and the Arabian Sea.
● Its name is WMO/ESCAP Panel on Tropical Cyclones.
● The 2018 RMSC lists new cyclone names.
● At this time, 13 countries gave 13 names each.
Russia to Construct Central Asia's First Nuclear Power Plant in Uzbekistan
● Russia will build the first nuclear power plant in post-Soviet Central Asia, specifically in
Uzbekistan.
● The announcement was made by Uzbek President Shavkat Mirziyoyev during a meeting with
Russian President Vladimir Putin.
● Russia will contribute $400 million to a joint investment fund totaling $500 million to finance
projects in Uzbekistan.
● None of the five ex-Soviet Central Asian republics (Kazakhstan, Kyrgyzstan, Tajikistan,
Turkmenistan, Uzbekistan) currently have nuclear power plants.
● Both Uzbekistan and Kazakhstan are uranium producers and have expressed the need for
nuclear power to support their growing economies.
About Russia :
● President : Vladimir Putin
● Prime Minister : Mikhail Mishustin
● Capital : Moscow
● Currency : Ruble
About Uzbekistan :
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Important Monthly Current Affairs Capsule – May 2024
● President : Shavkat Mirziyoyev
● Prime Minister : Abdulla Aripov
● Capital : Tashkent
● Currency : Uzbek som
STATE NEWS
Uttarakhand authority informs apex court about suspension of licenses for 14 Patanjali products
• The Uttarakhand State Licensing Authority (SLA) for Ayurvedic and Unani Services informed the
Supreme Court that it had "suspended with immediate effect" the manufacturing licenses for 14
products of Patanjali Ayurved Limited and Divya Pharmacy due to repeated violations under the
Drugs and Cosmetic Rules, 1945.
List of 14 Suspended Products:
1. 'Swasari Gold'
2. 'Swasari Vati'
3. 'Bronchom'
4. 'Swasari Pravahi'
5. 'Swasari Avaleh'
6. 'Mukta Vati Extra Power'
7. 'Lipidom'
8. 'Bp Grit'
9. 'Madhugrit'
10. 'Madhunashini Vati Extra Power'
11. 'Livamrit Advance'
12. 'Livogrit'
13. 'Eyegrit Gold'
14. 'Patanjali Drishti Eye Drop'.
About Uttarakhand:
• Capital: Dehradun
• Chief Minister: Pushkar Singh Dhami
• Governor: Gurmit Singh
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Important Monthly Current Affairs Capsule – May 2024
• National Parks: Govind National Park, Nanda Devi National Park, Gangotri National Park, Rajaji
National Park, Jim Corbett National Park
Ambaji Marble from Gujarat Receives Geographical Indication (GI) Tag from Central Government
● Marble mined in Gujarat's Ambaji has been awarded the Geographical Indication (GI) tag by the
Central Government.
● Ambaji Marble is renowned for its stunning white appearance and unique natural patterns.
● Mined since the early medieval period from Ambaji in Gujarat’s Banaskantha district, it is one of
the most popular marbles in India.
● It’s to be noted that Ambaji is famous for its white marble as it has the maximum whiteness in the
range of 95.80 - 96.30 percent.
About Marble :
● Marble is a metamorphic rock formed from limestone under the heat and pressure of
metamorphism.
● Primarily composed of the mineral calcite (CaCO3) and may contain other minerals like clay
minerals, micas, quartz, pyrite, iron oxides, and graphite.
About GI Tag :
● A GI, a kind of Intellectual Property Rights (IPR), is primarily an agricultural, natural or
manufactured product (handicraft and industrial goods) originating from a definite geographical
territory.
● A GI is a label that is applied to products that have a specific geographical origin and that have
characteristics related to a particular location.
● The tag is valid for a period of 10 years after which it is renewed.
About Gujarat :
● Governor: Acharya Devvrat
● Chief minister: Bhupendrabhai Patel
● Capital: Gandhinagar
● National Park : Vansda National Park, Gir National Park, Marine National Park, Velavadar
National Park
● Wildlife Sanctuaries : Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary,
Shoolpaneshwar Wildlife Sanctuary
Uttarakhand Initiates ‘Pirul Lao-Paise Pao’ Scheme to Tackle Forest Fires
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Important Monthly Current Affairs Capsule – May 2024
● The Uttarakhand government has launched the ‘Pirul Lao-Paise Pao’ campaign to address the
issue of forest fires.
● Chief Minister Pushkar Singh Dhami inaugurated the campaign in Rudraprayag district.
● The campaign encourages active participation from cooperatives, Yuva Mangal Dal, and Van
Panchayat.
● Oversight and Funding : The Uttarakhand Pollution Control Board oversees the campaign,
operating Pirul collection centers, and processing the collected material.
● The state government has allocated Rs 50 crore for the campaign, funding the payments to Pirul
collectors.
● Forest Area Statistics : According to the Indian State of the Forest Report 2021, Uttarakhand's
total recorded forest area is 24,305 square kilometres, covering 45.44% of the state’s
geographical area.
● Pine Tree Abundance : Pine trees, introduced by the British, are abundant in Uttarakhand
districts such as Almora, Bageshwar, Chamoli, Champawat, Dehradun, Garhwal, Nainital,
Pithoragarh, Rudraprayag, Tehri, and Uttarkashi.
About Uttarakhand:
● Capital: Dehradun
● Chief Minister: Pushkar Singh Dhami
● Governor: Gurmit Singh
● National Parks: Govind National Park, Nanda Devi National Park, Gangotri National Park, Rajaji
National Park, Jim Corbett National Park
Telangana Government to Unveil State Emblem on June 2
● Bharat Rashtra Samithi (BRS) working president K.T. Rama Rao opposed the Telangana
government's decision to exclude images of Charminar and Kakatiya Arch from the new state
emblem to be launched on June 2nd, the State formation day.
● The Congress government in Telangana plans to unveil a new state emblem on June 2nd,
arguing that the present emblem featuring Kakatiya Arch and Charminar reflects feudalism and
autocratic rule.
● The new emblem, designed by artist Rudra Rajesham, will reportedly include symbols of tribal
goddesses Sammakka and Sarakka, and the Nagoba festival of the tribals.
About Telangana:
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Important Monthly Current Affairs Capsule – May 2024
● Capital: Hyderabad
● Governor: C.P. Radhakrishnan
● Chief minister: Revanth Reddy
● National Park : Mrugavani National Park, KBR National Park, Nehru Zoological Park
● Wildlife Sanctuary : Kinnerasani Wildlife Sanctuary, Eturnagaram Wildlife Sanctuary.
BUSINESS NEWS
NTPC Group installed capacity crosses 76GW mark; begins operation of 57-MW Rajasthan solar
project
• State-owned power giant NTPC Group's installed power generation capacity has crossed the 76
GW mark with the commissioning of a 57-MW solar power energy capacity in Rajasthan.
• Consequent upon successful commissioning and due approvals, the first part capacity of 57 MW
out of 90 MW Anta Solar PV Project at Anta, Rajasthan, is declared on commercial operation with
effect from April 26, 2024.
• The total installed and commercial capacity of NTPC on a standalone and group basis has reached
59,135 MW and 76,015 MW, respectively.
Kundan Green Energy gets approval for a 42 MW hydropower plant
• Kundan Green Energy has received approval for a 42 MW hydropower project in Okhali,
Uttarakhand.
• This project is part of an agreement with the Uttarakhand government to develop a total of 80 MW
greenfield hydropower capacity in the state, with an investment of ₹1,000 Crore.
• The project is scheduled for completion by 2028 and will increase the company's combined
hydropower capacity to 270 MW from the current 104 MW.
• Kundan Green Energy, a subsidiary of Kundan Group, is dedicated to advancing sustainable
energy solutions for India's energy security and transition to a greener future.
National Stock Exchange to Divest Digital Tech Business to Bahrain's Investcorp for Rs 1,000 Crore to
Focus on Core Operations
• The National Stock Exchange (NSE) announced its plan to sell its digital technology services
business NSEIT to Bahrain's Investcorp for Rs. 1,000 crores.
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Important Monthly Current Affairs Capsule – May 2024
• NSEIT has clocked a compounded annual growth rate of over 50% in the US over the last 4 years
by increasing the number of clients across the financial services sector and will focus on significant
expansion in the country.
• Avendus Capital acted as the exclusive financial advisor to the NSE and NSEIT while Ernst &
Young LLP served as the financial and tax advisor to Investcorp.
About NSE :
• Founded : 1992
• MD and CEO : Ashishkumar Chauhan.
Digital crop survey on cards to fine-tune farm statistics
• India plans to bolster its farm statistics system by undertaking regular digital crop surveys, backed
by advanced analytics and artificial intelligence (AI), throughout the country to assess the precise
acreage.
• The move is expected to help the government firm up more realistic farm production forecasts,
which will enable it to initiate appropriate trade policy measures on time, inaccurate data frequently
prompts impulsive government responses aimed at curbing inflation and may result in trade
disruptions.
India's fossil fuel capacity grows 2.44% in FY24; non-fossil-fuel rises 11%
• India’s fossil fuel-based power generation capacity has increased by 2.44% to 243.22 GW in FY24
from 237.27 GW in March 2023.
• Non-fossil fuel-based capacity has increased by 10.79%.
• It has increased from 172.01 GW in 2022-23 to 190.57 gigawatt (GW) in 2023-24.
• The nuclear power capacity has risen to 8.18 GW from 6.78 GW in the last fiscal year.
• India's total power generation capacity increased by 6.22% to 441.97 GW over 416.06 GW.
Mineral Production in the Country Grows by 8 per cent in February, Compared to Last Year
• The index of mineral production of the mining and quarrying sector for February, 2024 (Base:
2011-12=100) at 139.6 is 8.0% higher as compared to the level in February, 2023.
• As per the provisional statistics of the Indian Bureau of Mines (IBM), the cumulative growth for the
period April-February, 2023-24 over the corresponding period of previous year is 8.2%.
Adani Green Secures USD 400 Million From International Banks For 750 MW Power Projects
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Important Monthly Current Affairs Capsule – May 2024
• Adani Green Energy Ltd (AGEL), India’s largest and one of the world’s leading renewable energy
(RE) companies, announced USD 400 million in financing for its under-construction 750 MW solar
projects in Rajasthan and Gujarat by a consortium of five leading international banks.
• It will provide financing for projects that are expected to come online from November 2024
onwards.
Avaada Energy secures Rs 1,190 crore loan from SBI for solar project
• Avaada Energy has secured Rs 1,190 crore loan for a new solar project in Gujarat from the State
Bank of India.
• The financing, sanctioned and disbursed as a 20-year project loan facility, will support the
development of a 400 MWp utility-scale solar PV power project in the Surendra Nagar district of
Gujarat
• Power generated from the project will be procured by Gujarat Urja Vikas Nigam Limited (GUVNL),
an apex body of the government of Gujarat, engaged in the bulk purchase and sale of electricity.
BSNL should temporarily use Vodafone Idea’s 4G network for its subscribers
• BSNL Employees Union, wrote to the Minister of Communication, suggesting that the public sector
telco must be allowed to use Vodafone Idea’s 4G network temporarily to provide its own 4G
services.
• These statements come after BSNL’s 4G network rollout with Tata Consultancy Services as the
network vendor became inordinately delayed.
• BSNL lost 18 million subscribers in the financial year 2024 ending in March, where 2.3 million
subscribers left in March alone.
• The employees asked the government to consider allowing BSNL to use Vodafone Idea’s 4G
network, especially as it is the largest shareholder in the operator.
Mahindra, Tata Motors receive record patent approvals in FY24
• Domestic automobile majors Mahindra & Mahindra and Tata Motors have received a record
number of patent approvals for a wide spectrum of product and process innovations in the last
financial year.
• Mahindra & Mahindra (M&M) received 674 approvals, its best-ever annual performance, while Tata
Motors also witnessed the grant of 333 patents during the 2023-24 financial year.
• The auto major has so far been conferred 1,185 patents across multiple geographies.
Bharat Sanchar Nigam Limited 's 4G Subscriber Base Reaches 800,000 in North India
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Important Monthly Current Affairs Capsule – May 2024
• Bharat Sanchar Nigam Limited (BSNL), a state-owned telecom service provider, has achieved a
4G subscriber base of 800,000 in its initial launch phase across North Indian regions, including
Punjab, Haryana, Himachal Pradesh, Uttarakhand, and western Uttar Pradesh.
• BSNL's 4G deployment is based on an indigenous network developed in collaboration with Tata
Consultancy Services (TCS) and the government’s Centre for Development of Telematics (C-
DOT).
About BSNL :
• Founded : 15 September 2000
• Headquarters : New Delhi, Delhi, India.
• BSNL is a prominent telecommunications company based in India, owned by the Government of
India.
• It operates as a central public sector undertaking.
• BSNL falls under the jurisdiction of the Department of Telecommunications, which is part of the
Ministry of Communications, Government of India.
BHEL Partners with HIMA West Asia FZE, Dubai, for Railway Signalling Business
• State-owned engineering firm Bharat Heavy Electricals (BHEL) has entered into a strategic
partnership agreement with HIMA West Asia FZE, Dubai (A wholly owned subsidiary of HIMA Paul
Hildebrandt GmbH, Germany) for railway signalling business.
• HIMA West Asia FZE, Dubai, is a wholly owned subsidiary of HIMA Paul Hildebrandt GmbH,
Germany.
• HIMA specializes in safety-related automation solutions for railways and process industries.
About BHEL :
• Founded : 1956
• Headquarters: New Delhi
• Chairman & Managing Director : Koppu Sadashiv Murthy
• The Government of India owns 63.17% of BHEL.
• BHEL is an Indian central public sector undertaking and the largest government-owned power
generation equipment manufacturer.
Fertilizer subsidy in FY24 exceeds Revised Estimates by over ₹6,500 crore
• The fertilizer subsidy in Fiscal Year 2023-24 (FY24) has exceeded Revised Estimates (RE) by
over ₹6,500 crore, the latest government data show.
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Important Monthly Current Affairs Capsule – May 2024
• However, this is unlikely to impact the revised estimate of fiscal deficit.
• One possible reason for increase in subsidy is rise in input cost and operations cost mainly on
account of increase in natural gas prices.
• Data, as analysed by Businessine, showed subsidy on urea went up to over ₹1.30-lakh crore as
against RE of ₹1.29-lakh crore.
• However, it is still lower than the Budget Estimate of over ₹1.35-lakh crore.
GST collection breaches Rs 2 lakh crore milestone in April 2024
• The goods and services tax (GST) collections reached a record-breaking high of Rs 2.10 lakh
crore in April 2024, marking a 12.4% increase from the previous year.
• This unprecedented revenue reflects the country's strong economic momentum and showcases
the efficiency of its tax collection mechanisms.
• The detailed components of the GST revenue include Rs 43,846 crore collected through the
Central GST, Rs 53,538 crore through the State GST, and Rs 99,623 crore through the
Integrated GST, with Rs 37,826 crore coming from levies on imported goods.
FPSB India, IFSCA sign pact to promote GIFT IFSC as 'Global Finance Hub'
• Financial Planning Standards Board India has announced that it has signed a pact with the
International Financial Services Centres Authority (IFSCA), GIFT City, Gandhinagar, to promote
GIFT IFSC as a 'Global Finance Hub'.
• FPSB India and IFSCA aim to enhance the financial market ecosystem and nurture skilled
professionals for GIFT City's expanding financial workforce.
• Both organisations will jointly organise international and domestic events to raise awareness and
establish GIFT IFSC as a 'Global Finance Hub’
India sees incorporation of 185,000 companies in 2023-24
• More than 185,000 companies were registered in the country last fiscal, higher than the count
recorded in the year-ago period, and nearly 16,600 companies were set up in March this
year(2024).
• As per the data, 159,524 companies were registered with a collective paid-up capital of Rs
18,132.16 crore in 2022-23.
• At the end of March 2024, the country had a total number of 2,663,016 companies and out of them,
1,691,495 companies or 64 per cent were active.
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Important Monthly Current Affairs Capsule – May 2024
• As many as 931,644 registered companies were closed, 2,470 were dormant entities, and 10,385
were under liquidation.
Investments through P-note surge to near 6-yr high at Rs 1.5 trillion
• Investments through participatory notes in the Indian capital markets reached Rs 1.5 lakh crore at
the end of February 2024, making it the highest level in nearly six years, driven by a strong
performance of the domestic economy.
• The latest data includes the value of P-note investments in Indian equity, debt, and hybrid
securities.
• Participatory notes (P-notes) are issued by registered foreign portfolio investors (FPIs) to overseas
investors who wish to be part of the Indian stock market without registering themselves directly.
TVS Capital's biggest fund yet could bet on ‘zero-stage’ startups
• TVS Capital has raised ₹1,700 crore in domestic money for its largest fund yet, its fourth, in a sign
of growing interest among Indian investors for private equity as an asset class.
• The fourth fund will have a total corpus of ₹3,000 crore, surpassing the size of TVS Capital’s
₹1,600-crore third fund.
• The fund is expected to focus on financial services firms and B2B startups.
• TVS Capital has previously invested in fintech startups including Digit Insurance, Five Star
Business Finance, and PhonePe.
• The firm plans to announce the first close of the fund next month.
Infosys Receives ISO 42001:2023 Certification for Artificial Intelligence Management System
• Infosys announced that it has been certified with ISO 42001:2023, the world’s first international
standard on AI management systems, by TUV India (part of TUV Nord Group), a leading
independent provider of technical quality and safety services.
• Infosys is among the first IT services companies globally to have earned the certification for
implementing an Artificial Intelligence Management System (AIMS) framework that fosters
responsible AI practices and adherence to regulatory requirements for enhanced efficiency and
accountability in AI initiatives.
• This AIMS framework is a part of Infosys Topaz Responsible AI Suite, a set of 10+ offerings built
around the Scan, Shield, and Steer framework.
About Infosys
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Important Monthly Current Affairs Capsule – May 2024
• Infosys Limited is an Indian multinational information technology company that provides business
consulting, information technology and outsourcing services. The company was founded in Pune
and is headquartered in Bangalore.
• CEO: Salil Parekh .
Amazon unveils first electric seaport trucks amid push to slash tailpipe emissions
• Amazon.com unveiled the first of a dozen Volvo electric big rigs it plans to deploy this year(2024)
to pick up cargo from the nation's busiest container seaport in southern California.
• The e-commerce giant said it already has eight of those semi trucks in use at the Los
Angeles/Long Beach port complex, where every so-called drayage truck must be zero-emissions
by 2035.
• The effort is vital to the company's push to reach net-zero carbon emissions by 2040.
Bajaj to launch the world’s first CNG motorcycle on June 18, 2024
• Bajaj Auto is gearing up for the much-anticipated launch of its CNG-powered motorcycle on June
18, 2024.
• Rajiv Bajaj, Managing Director of Bajaj Auto, confirmed the imminent arrival of the motorcycle
during the launch event of the Pulsar NS400Z.
• With this upcoming model, Bajaj will be aiming to cater to cost-conscious customers amidst rising
fuel prices by introducing a portfolio of CNG-powered motorcycles - the first of which will be
debuting next month.
India's retail inflation eases marginally to an 11-month low of 4.83 per cent in April 2024
● India's retail inflation eased marginally to hit an 11-month low of 4.83 per cent on an annual basis in
April 2024 as against 4.85 per cent in the previous month (March 2024).
● A Reuters poll of 44 economists had estimated the number to come down to 4.80 per cent.
● The number has remained within the Reserve Bank of India's (RBI) tolerance band of 2-6 per cent.
● The Consumer Price Index (CPI)-based retail inflation was 4.85 per cent in March.
● It was 4.7 per cent in April 2023.
Pfizer, AstraZeneca to invest nearly $1 bn in France
● Pfizer and AstraZeneca announced new investments in France worth a total of nearly $1 billion,
ahead of the start of this year(2024)’s annual ‘Choose France’ business summit.
● Pfizer would invest 500 million euros ($538.5 million) in France to build up its research and
development work in the country, while AstraZeneca announced an investment of $388 million for its
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Important Monthly Current Affairs Capsule – May 2024
site at Dunkirk.
● Their investment pledges came as President Emmanuel Macron prepared to kick off the annual
‘Choose France’ event aimed at wooing big overseas businesses and investors.
NFO launches set to hit a new record this year(2024)
● Mutual fund houses launched 10-12 equity new fund offers (NFOs) every month in the last three
years.
● That the flood shows no signs of subsiding is evident from the number in 2024.
● Already, 67 new schemes have been launched so far this year(2024), indicating an increase in
momentum.
● Almost half of these schemes are actively managed.
● For the first time in three decades, that is, ever since the private sector mutual funds started
operations in November 1993, the number of equity and hybrid NFOs crossed the 100-mark every
year between 2021 and 2023, according to data from Value Research.
Hindujas get IRDAI approval for RCap deal
● The Hinduja Group has received the insurance regulator’s approval to conclude the acquisition of
Reliance Capital’s (RCap) three insurance companies, a move that will help it complete the
resolution process of the debt-laden firm by the May 27 deadline.
● However, IndusInd International Holdings (IIHL), a group firm through which the Hinduja Group had
placed bids for RCap, now requires regulatory approvals for a proposed change in holding structure.
Sources said these approvals are expected “anytime now”.
● IRDAI has permitted transfer of RCap’s 26% stake in the insurance firms to Aasia Enterprises, a
private family firm with 90% stake held by Ashok P Hinduja (Hinduja Group chairman), 5% each by
Harsha A Hinduja (Hinduja Foundation trustee) and Shom A Hinduja (president, alternative energy
and sustainability at Hinduja Group).
Nayara Energy to set up two ethanol plants for ₹600 crore
● Russian energy giant Rosneft-backed Nayara Energy is planning to invest ₹600 crore to set up two
ethanol manufacturing plants in the country.
● Each plant will have a production capacity of 200 kilolitres of ethanol per day.
● These will be set up in Andhra Pradesh's Naidupeta and Madhya Pradesh's Balaghat, and are slated
for commissioning by 2026.
● The company will use broken rice and maize for feedstock.
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Important Monthly Current Affairs Capsule – May 2024
● In the long run, the company plans to have five ethanol manufacturing plants.
● Nayara Energy, which runs a 20-million-metric-tonne capacity oil refinery at Vadinar in Gujarat, is set
to open a polypropylene unit in the same facility.
● The company is investing ₹6,000 crore to set up a petrochemical unit with an annual capacity of
450,000 tonnes.
● These investments will be made till 2026.
India's imports from FTA partners up 38% during 2019-24 fiscal years: GTRI
● India's imports of goods from countries with which it has a free trade agreement like the UAE, South
Korea, and Australia grew about 38 per cent during the 2019-24 fiscal year to $187.92 billion.
● From FY'2019 to FY'2024, India's imports increased by 37.97 per cent, from $ 136.20 billion to $
187.92 billion.
● On the other hand, the country's exports to the FTA (free trade agreement) partners rose 14.48 per
cent to $ 122.72 billion in 2023-24 from $ 107.20 billion in 2018-19.
● According to the data, India's exports to the UAE increased by 18.25 per cent to $ 35.63 billion in
2023-24 as against $ 30.13 billion in 2018-19, while imports surged 61.21 per cent, from $ 29.79
billion in FY2019 to $ 48.02 billion in the last fiscal.
● The FTA between India and the UAE came into effect in May 2022.
● Overall, India ranked 17th globally in exports, with a 1.8 per cent share in world trade.
ReNew inks initial pact with Societe Generale for $1 billion debt financing
● Energy firm ReNew announced that it has signed an initial pact with European bank Societe
Generale for up to $1 billion in financing as debt and advisory solutions over the next three years.
● ReNew has signed a Memorandum of Understanding (MoU) with Societe Generale, to support the
financing and development of the company's various strategic energy transition projects both in India
and globally.
● Both parties will leverage their respective expertise to strengthen the collaboration on utility-scale
energy projects including solar, wind, complex renewables, green hydrogen, energy storage and
solar modules manufacturing.
● ReNew has a clean energy portfolio of 15.6 GW on a gross basis as of May 9, 2024.
TVS Motor launches electric two-wheeler iQube in Bengaluru
● TVS Motor Company unveiled its new variant of the electric two-wheeler, TVS iQube with a 2.2 kWh
battery in Bengaluru.
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Important Monthly Current Affairs Capsule – May 2024
● The company also said it is ready to deliver TVS iQube ST to customers in the city.
● According to Saurab Kapoor, vice-president of TVS Motor Company, the new variant launched in
Bengaluru comes with a 950 Watt charger.
● The fastest charging time is two hours and its top speed is 75 km per hour.
● In one charge it can go up to at least 100 km.
● This is the introductory price inclusive of EMPS subsidy and cashback, which is valid up to June 30,
2024.
TVS Motor Company begins operations in Italy
● TVS Motor Company (TVSM) unveiled operations in Italy via its branch office TVS Motor Italia
headed by Giovanni Notarbartolo di Furnari.
● The company will introduce a selection of its advanced, high-quality thermic and electric scooters
and motorcycles, the leading two and three wheeler manufacturer.
● TVS Motor Company is extending its operations in Italy through its branch office, TVS Motor Italia,
headed by Giovanni Notarbartolo di Furnari.
● TVS says Furnari brings comprehensive experience from senior managerial roles in major
automotive companies in Italy, Latin America, the UAE, and Europe.
Infosys Prize gets age limit, now only for researchers up to 40 years old
● The Infosys Science Foundation (ISF) announced changes to the Infosys Prize, shifting it to an
early-career focus.
● Economics is now a separate category, the upper age limit is set at 40, and laureates abroad are
encouraged to spend at least 30 days in India.
● As part of the new structure, ISF has lowered the prize winner age limit to 40 from 50 to spur
"transformative impact" and encourage early-career contributions.
● From 2024, the six categories are: Economics, Engineering & Computer Science, Humanities &
Social Sciences, Life Sciences, Mathematical Sciences, and Physical Sciences.
● Since its inception 15 years ago, ISF has recognised and awarded 92 brilliant minds across
disciplines in a demanding global environment.
● The awards will be announced in November followed by a ceremony that is slated to take place in
January 2025.
● N.R. Narayana Murthy, co-founder of Infosys. Kris Gopalakrishnan, president of I
Thomas Cook India launched TCPay, shares rise 2.26%
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Important Monthly Current Affairs Capsule – May 2024
● Thomas Cook (India) Limited’s shares were up by 2.26 per cent after the company launched TCPay,
it is a service aimed at simplifying international money transfers.
● TCPay aims to change this by offering a digital interface that allows for paperless transactions.
● The service is further enhanced by Thomas Cook’s recently launched Video KYC process, which
enables customers to transfer funds conveniently from their homes.
● Thomas Cook reported that TCPay offers advantages, including 24x7 access, transfers, and a digital
interface accessible through Thomas Cook’s digital tools such as FXNOW (B2C app), Portal, and
Call Center for assistance.
IREDA incorporates a subsidiary in GIFT City, Gujarat
● The Indian Renewable Energy Development Agency Ltd (IREDA) has incorporated a wholly-owned
subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat.
● The subsidiary, “IREDA Global Green Energy Finance IFSC Limited,” was officially incorporated on
May 7, after receiving the No Objection letter from the Reserve Bank of India on February 8.
HP rebrands consumer, commercial PC portfolios, launches new AI logo
● Global personal computer (PC) manufacturer HP has announced the rebranding of its consumer
and commercial PC portfolios to simplify and streamline its product offerings.
● The company has also introduced a new logo for its artificial intelligence (AI) computers.
● Henceforth, HP’s consumer PCs will come with a prefix of ‘Omni’, while its commercial PCs will
be named ‘Elite’, followed by signifiers representing their respective product categories.
● HP has also unveiled a new Helix logo, which it said resembles the structure of deoxyribonucleic
acid to show its commitment to advanced AI capabilities in next-gen AI PCs.
About HP
● HP Inc. is an American multinational information technology company headquartered in Palo
Alto, California, that develops personal computers, printers and related supplies, as well as 3D
printing services.
Market cap of BSE-listed companies hits $5 trillion first time ever
● The market capitalisation of companies listed on BSE crossed $5 trillion for the first time, turning
the spotlight on valuations.
● This makes India the fifth country/region to join the exclusive $5-trillion m-cap club, alongside the
US, China, Japan and Hong Kong.
● The Indian stock market is ranked at the fifth spot in terms of market cap in the world.
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Important Monthly Current Affairs Capsule – May 2024
● United States of America is in first place with a m-cap of $55 trillion.
● China is in second place with a m-cap of $9.4 trillion, Japan is in third place with $6.4 trillion and
Hong Kong's stock market is in fourth place with a m-cap of $5.4 trillion.
About BSE
● Bombay Stock Exchange (BSE) is the oldest and largest stock exchange in India.
● In 1875, eminent businessman Premchand Roychand officially founded the Native Share and
Stock Brokers Association which was later renamed the Bombay Stock Exchange.
● It is located on Dalal Street, Mumbai, and lists over 6000 companies.
● Investors can trade on the BSE share market via a brokerage fir For this, they need to pay a pre-
determined price to the broker.
● Sensex is the benchmark index of the BSE.
● It was launched on January 1, 1986, as a basket of 30 stocks representing the country's largest,
financially-sound companies listed on the BSE.
LinkedIn India, Satya Nadella, Others Fined INR 27 Lakhs For Breaching Beneficial Ownership Norms
● The Ministry of Corporate Affairs (MCA) has imposed fines to the tune of INR 27 Lakh on LinkedIn
India, the professional networking platform owned by Microsoft, and its CEO Satya Nadella, along
with eight other individuals, for violating significant beneficial ownership (SBO) norms under the
Companies Act, 2013.
● The penalties were detailed in a 63-page order issued by the Registrar of Companies (RoC) for the
National Capital Territory of Delhi and Haryana.
● The Registrar of Companies in its order stated that LinkedIn India and the individuals breached the
significant beneficial owner norms under the Companies Act, 2013
● A penalty of INR 7 lakh has been imposed on LinkedIn India, with INR 2 lakh each being slapped on
Nadella and Roslansky, as per the order.
India only nation among the top 5 to see growth in steel production
● India is the only country, among the top five steel-producing nations, to have seen a growth in
production in April, with the others seeing production drop by as much as 7% during the month.
● China, which is the world’s largest producer of steel, has seen its production in April fall more than
7% on year to 85.9 million tonne.
● Its production from January-April this year(2024), at 343.7 million tonne, is 3% lower as compared to
2023.
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Important Monthly Current Affairs Capsule – May 2024
Fintech Infrastructure Provider Decentro Launches fully RBI-Compliant Next-Gen Payment Aggregator
stack for India
● Decentro, a fintech infrastructure provider in India, has launched Flow 2.0, a next-generation
payment stack designed to address comprehensive payment needs for businesses.
● The stack currently powers payments for clients like Shiprocket, Kodo, and Volopay, offering minimal
downtimes, disruptions and maximized business efficiency.
● Rohit Taneja, Co-founder and CEO of Decentro.f
UN upgrades India's expected economic growth rate to 6.9% for 2024 From 6.2%
● The United Nations has updated its growth rate forecast for the Indian economy in 2024 (January-
December) to 6.9 percent.
● This new forecast was included in the World Economic Situation and Prospects mid-2024 report,
released on May 16, 2024.
● This report is published by the United Nations Economic Analysis and Policy Division.
● In its January 2024 report, the UN had predicted a 6.2 percent growth rate for India in 2024.
● The primary reason for the improved outlook is attributed to strong public investment and resilient
private consumption.
● The January 2024 UN World Economic Situation and Prospects (WESP) report had predicted a
6.2 percent growth rate, now revised to 6.9 percent. However, the forecast for 2025 remains
unchanged at 6.6 percent.
● The report anticipates inflation in India to decline from 5.6 percent in 2023 to 4.5 percent in 2024.
The Reserve Bank of India's medium-term inflation target is between two and six percent.
● The UN World Economic Situation and Prospects report forecasts the global economy to grow by
2.7 percent in 2024 and 2.8 percent in 2025.
● The United States, the world's largest economy, is expected to grow by 2.3 percent in 2024,
while China, the second-largest economy, is projected to grow by 4.8 percent in 2024.
● The South Asia region is expected to grow by 5.8 percent in 2024, driven mainly by India's strong
performance and a slight recovery in the Sri Lankan and Pakistani economies. In 2025, the South
Asian economy as a whole is projected to grow by 5.7 percent.
Expected Growth Rate of the Indian Economy (2023-24, 2024-25, 2025-26)
Below are the GDP growth forecasts from various global and Indian financial agencies as of May 18,
2024:
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Important Monthly Current Affairs Capsule – May 2024
Agency / GDP Growth GDP Growth GDP Growth
Organisation Forecast for 2023- Forecast for 2024- Forecast for 2025-
24 25 26
Reserve Bank of 8% 7% -
India
World Bank 7.5% 6.6% 6.5%
International 6.7% 6.5% 6.5%
Monetary Fund
Asian Development 7.6% 7% 7.2%
Bank
Moody's 6.8% (Jan-Dec 6.4% (Jan-Dec -
2024) 2025)
Morgan Stanley 7.9% 6.8% -
S&P Global 7.4% 6.8% 7%
United Nations 6.9% (Jan-Dec 6.6% (Jan-Dec -
2024) 2025)
OECD 6.3% 6.2% 6.5%
Fitch Rating 7.8% 7.0% -
CRISIL 7.6% 6.8% -
Citi Bank - 6.8% -
Standard Chartered - 7.0% -
Bank
India's internet economy likely to reach $1 trillion by 2030
● India's internet economy is on track for substantial expansion, with experts forecasting it to reach $1
trillion by 2030.
● This surge is chiefly steered by the e-commerce sector, projected to grow at a robust annual rate of
25% from $60 billion in FY2023 to $325 billion, positioning it as the third-largest globally.
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Important Monthly Current Affairs Capsule – May 2024
The GST portal has introduced machine registration for pan masala and tobacco manufacturers as a
measure to combat tax evasion.
● In a bid to counter tax evasion within the pan masala and tobacco industries, the GST portal has
introduced new protocols and procedures for manufacturers to register their machinery and report
their monthly inputs and outputs.
● This initiative, stemming from recommendations by the GST Council, seeks to bolster compliance
efforts and curb illicit trade.
● To address evasion concerns, the GST portal has devised two forms specifically tailored for pan
masala and tobacco product manufacturers:
● Form GST SRM-I: Facilitating the registration and disposal of manufacturing machinery.
● Form GST SRM-II: Enabling the monthly reporting of inputs and outputs.
● These forms were introduced via a notification in January, in alignment with GST Council directives.
● Originally slated for implementation on April 1, the launch of this system was postponed to May 15.
● The Finance Act 2024 has amended the GST law to incorporate penalties for manufacturers who
neglect to register their packing machinery. Offenders may incur fines of up to ₹1 lakh, although the
precise penalty provisions have yet to be notified.
India’s merchandise exports to reach US$ 500 billion by FY25: FIEO
● The Federation of Indian Export Organisations (FIEO) anticipates that India's merchandise exports
will rebound to $500-510 billion in FY 25, following a 3% decline in the preceding fiscal period.
● Services exports are projected to add $390-400 billion, resulting in a total export figure of around
$890-910 billion.
● Notable sectors propelling this growth encompass engineering, advertising services, and the
expansion of global capability centers.
Broadening Economic Horizons: DP World Launches Free Trade Warehouse Zone in Chennai
● DP World, a dominant force in global logistics, has unveiled its largest free trade warehouse zone in
Chennai, India, cementing Tamil Nadu’s position as a leading center for economic advancement.
● The inauguration of the Chennai facility marks a significant milestone, demonstrating DP World’s
dedication to India’s burgeoning economic landscape.
● Ranjit Ray highlights Chennai’s strategic importance, citing its strong connections to key global
markets in South Asia, Africa, and Australia through maritime routes. With its proximity to major
ports such as Kattupalli, Ennore, and Chennai, the city emerges as a hub for logistics, enabling
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Important Monthly Current Affairs Capsule – May 2024
smooth cargo transportation and trade facilitation.
● The Integrated Chennai Business Park (ICBP), covering over 6 lakh sq ft with potential for further
expansion, epitomizes DP World’s strategic vision to utilize Chennai’s infrastructure for fostering
economic prosperity.
In April 2024, the DPIIT reported over 7 million transactions on the ONDC platform.
● The Open Network for Digital Commerce (ONDC), initiated in 2021, has experienced significant
growth, with transactions surpassing 70 lakh in April of 2024.
● Led by the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC strives to
democratize digital commerce and establish an equitable environment for businesses of all scales.
● The Department for Promotion of Industry and Internal Trade (DPIIT) disclosed that over 5 lakh
sellers have been integrated into the ONDC platform, with more than 70% representing small or
medium-sized enterprises.
● The ONDC entity, constituted as a not-for-profit organization under Section 8 of the Companies Act
2013, oversees the management and operation of the ONDC Network.
● Tasked with developing and upholding the foundational infrastructure, the entity delineates the
regulations and ethical standards for network participants via the ONDC Network Policy and the
ONDC Network Participant Agreement.
India's Foreign Exchange Reserves Surge by $2.56 Billion to Reach $644.15 Billion
● According to the Reserve Bank of India (RBI), India’s foreign exchange reserves witnessed a rise of
$2.56 billion, reaching a total of $644.15 billion by the week ending on May 10.
● This uptick follows a previous increase of $3.668 billion following three consecutive weeks of
decline.
● The reserves' foreign currency assets, which constitute a substantial portion, escalated by $1.488
billion to $565.648 billion.
● There was a notable increase in gold reserves, surging by $1.072 billion to $55.952 billion during the
mentioned week.
● India’s Special Drawing Rights with the International Monetary Fund (IMF) rose by $5 million,
reaching a total of $18.056 billion.
● India’s reserve position with the IMF experienced a slight decline of $4 million, totaling $4.495 billion
for the reporting week.
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Important Monthly Current Affairs Capsule – May 2024
Ind-RA Projects GDP Growth Rate at 6.7% for Q4, Anticipates Around 7% in FY24
● The Indian economy demonstrated robust growth throughout the first three quarters of the 2023-24
fiscal year, with GDP expanding by 8.2% in the June quarter, 8.1% in the September quarter, and
8.4% in the December quarter.
● According to Sunil Kumar Sinha, principal economist at India Ratings and Research (Ind-RA), the
GDP growth rate is expected to reach 6.7% for the March quarter and approximately 6.9-7% for the
entire fiscal year.
● In its April monetary policy review, the Reserve Bank of India forecasted a GDP growth rate of 7%
for 2023-24.
● Sinha anticipates GDP to expand by 7.1% in the current fiscal year, maintaining the momentum
observed in the first half.
Fusion MicroFinance has successfully secured a $25 million loan from the US International
Development Finance Corporation (DFC).
● Fusion MicroFinance has secured a $25 million loan from the United States International
Development Finance Corporation (DFC) to support its expansion initiatives, with a primary focus on
empowering rural women entrepreneurs.
● The initial disbursement of $20 million, part of an eight-year loan, is intended to bolster business
operations and advance efforts towards financial inclusion.
India in trade deficit with nine of top 10 trading partners in 2023-24
● China emerged as India's largest trading partner with $118.4 billion in two-way commerce in 2023-
24, surpassing the USA.
● Bilateral trade between India and the US stood at $118.28 billion in 2023-24.
● The US had been India's top trading partner during 2021-22 and 2022-23.
● India has a free trade agreement with four of its top trading partners: Singapore, the UAE, Korea,
and Indonesia (as part of the Asian bloc).
● India recorded a trade surplus of $36.74 billion with the US in 2023-24.
● India's total trade deficit narrowed to $238.3 billion in the last fiscal year, compared to $264.9 billion
in the previous fiscal year.
GAIL's 10 MW green hydrogen plant in Madhya Pradesh inaugurated
● GAIL (India) Ltd, the nation's leading natural gas transmission and distribution firm, has achieved a
significant milestone with the commissioning of its first green hydrogen plant. Located in Vijaipur,
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Important Monthly Current Affairs Capsule – May 2024
Madhya Pradesh, this marks the company's entry into the realm of new and alternative energy
sources.
● This innovative Green Hydrogen plant boasts a capacity to produce 4.3 Tons Per Day (TPD) of
hydrogen.
● It achieves this through 10 Megawatt (MW) PEM (Proton Exchange Membrane) Electrolyzer units,
utilizing the process of electrolysis of water powered by renewable energy sources.
The income Tax department sets the Cost Inflation Index at 363 for the financial year 2024-25
● The income tax department has announced the Cost Inflation Index (CII) for the fiscal year beginning
April 2024.
● This index is crucial for calculating long-term capital gains from the sale of immovable property,
securities, and jewellery.
● Purpose of the Cost Inflation Index : Taxpayers use the CII to compute gains from the sale of capital
assets, adjusting for inflation to reflect the true gain.
● The updated CII for 2024-25 shows an increase of 15 points from the previous year, indicating an
annual inflation rate of approximately 4.3%.
● The CII is notified annually under the Income-tax Act, 1961.
Market capitalisation to GDP ratio scales a 15-year high of 140.2%
● The market capitalisation (mcap) of all listed companies on the Bombay Stock Exchange (BSE) has
increased by 61 percent since the end of March 2023.
● This is in stark contrast to the estimated 10 percent growth in India's Gross Domestic Product (GDP)
at current prices for FY24.
● India's mcap-to-GDP ratio has soared to a 15-year high of 140.2 percent, a significant rise from 95.8
percent at the end of March 2023. As of May 21, the total valuation of all BSE-listed companies
reached $5 trillion (over Rs 414.46 trillion), compared to India's GDP at current prices of Rs 296.6
trillion for FY24.
● The current mcap-to-GDP ratio is just below the all-time high of 149.4 percent recorded at the end of
December 2007.
Tata Communications, Cisco to tap ‘$400-mn calling market in India’
● Tata Communications and Cisco join forces to tap into India’s burgeoning calling market, valued
between $300 to $400 million, with a yearly growth rate of 10 to 12%.
● Cisco and Tata Communications introduce Webex Calling solution in India, leveraging cloud-based
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Important Monthly Current Affairs Capsule – May 2024
PSTN, facilitating the transition for businesses from on-premises phone systems to a global cloud
calling infrastructure.
● Integrating Webex Calling with Tata Communications’ Cloud PSTN reach and local regulatory
expertise in India promises enterprises an improved connectivity and collaboration experience,
fostering seamless business operations.
Reliance Industries to begin construction on India’s first multimodal logistics park near Chennai
● India’s first Multimodal Logistics Park, conceptualized 12 years ago and located at Mappedu near
Chennai, will finally see construction commence in June, led by Reliance Industries.
● In 2022, Reliance Industries won the bid for the Rs 1,424 crore project on 184.27 acres of land in
Tiruvallur district, surpassing Adani Group.
● A Memorandum of Understanding was signed in October 2021 among Tamil Nadu Industrial
Development Corporation, National Highways Logistics Management Limited, and Chennai Port
Trust.
LIC reports 2.5% rise in Q4 net profit to ₹13,762 Crore, announces dividend
● The Life Insurance Corporation of India (LIC) has reported a 2.5% year-on-year increase in net profit
for the March quarter of FY24, reaching ₹13,762 crore compared to ₹13,421 crore in the same
period last year.
● LIC, the country’s largest insurer, also announced an interim dividend of ₹6 per share.
● LIC’s overall Profit After Tax (PAT) for FY24 stood at ₹40,676 crore, up from ₹36,397 crore in the
previous fiscal year.
● LIC reported an improvement in its asset quality, with the gross non-performing asset (GNPA) ratio
decreasing to 2.01% in the final quarter of FY24, down from 2.56% in the corresponding period last
year.
● LIC’s total premium income for FY24 was ₹4,75,070 crore, marginally higher than the ₹4,74,005
crore recorded in FY23.
● LIC’s solvency ratio, a key measure of financial stability, improved to 1.98 as of March 31, 2024, up
from 1.87 a year earlier.
TATA AIG General Insurance Introduces Surety Insurance Bonds for Infrastructure Development
● TATA AIG General Insurance, a leading private insurer, launches Surety Insurance Bonds to bolster
infrastructure development, aligning with the government's allocation of 3.3% of GDP in FY 2024.
● These bonds, offered in conditional and unconditional formats, are tailored to streamline the
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Important Monthly Current Affairs Capsule – May 2024
execution of infrastructure projects and commercial contracts in both government and private
sectors, addressing various project requirements effectively.
● A surety bond is a legally binding agreement involving three parties: the obligee, the principal, and
the surety.
Tata AIA Life Insurance introduces an instant Rs 1 lakh loan service, allowing policyholders to get funds
in just 1 minute
● Tata AIA Life Insurance introduces a pioneering service enabling policyholders to secure instant
loans, up to Rs. 1 lakh, via the MyDigiAccount portal, ensuring a hassle-free digital process.
● This initiative aims to furnish swift financial assistance while safeguarding the policy's coverage,
ensuring peace of mind for policyholders.
● Since its inception, the service has processed over 500 requests, disbursing approximately Rs. 5.5
crores, reflecting its growing popularity and utility.
● The new service extends loans up to Rs. 1 lakh without necessitating collateral or credit
assessments, offering competitive interest rates at 8.80% per annum, significantly lower than
conventional personal loan rates.
Reliance to buy Russian oil from Rosneft in roubles
● Reliance Industries Limited enters a pivotal one-year agreement with Russia's Rosneft, committing
to purchase a minimum of 3 million barrels of oil per month, denominated in roubles.
● This term deal empowers Reliance to acquire oil at discounted rates, providing a competitive edge
amidst expectations of extended supply cuts by the OPEC+ consortium.
● Reliance pledges to settle payments for the oil using Russia's rouble currency, facilitated by HDFC
Bank and Russia's Gazprombank.
Reliance-Backed Radisys Enters Telco Infra Business in Africa, Forms Consortium Including Nokia,
Tech Mahindra
● Radisys, backed by Reliance, leads a consortium named Next-Gen Infra Co (NGIC), partnering with
Nokia, Mahindra Tech, Ascend Digital, K-NET, and Mobile Network Operators (MNOs) AT Ghana
and Telecel Ghana to establish a 4G and 5G network for the Government of Ghana.
● The formation of NGIC is pivotal for fostering affordable, high-speed data access, aligning with
Ghana's vision of achieving 100% Digital Ghana by 2030.
● NGIC plans to collaborate with MNO partners to introduce affordable 4G/5G-enabled smartphones in
Ghana by the end of the current year, aiming to democratize access to advanced technology.
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Important Monthly Current Affairs Capsule – May 2024
● The consortium's partnership aims to revolutionize various sectors such as education, healthcare,
and payment transactions, enriching the lives of Ghanaians through digitalization initiatives.
BANKING AND ECONOMY
Dividend from RBI in FY25 Expected the Government to Yield Rs 75,000-85,000 Crore
• The central government is likely to receive a dividend of Rs 75,000-85,000 crore from the Reserve
Bank of India (RBI) in the current financial year.
• This is slightly lower than the Rs 87,416 crore surplus transfer in FY24.
• The Centre has budgeted Rs 1.02 trillion in surplus transfer from the RBI and public sector banks
(PSBs) for FY25, but has not specified the breakup.
• Foreign Exchange Transactions and Impact on Earnings: Earnings on foreign exchange
transactions are expected to be lower due to reduced dollar sales.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
Jammu and Kashmir Bank Reports Record Annual Profit of Rs 1,767 Crore for FY24
• Jammu and Kashmir (J&K) Bank reported a record net profit of Rs 1,767 crore for the fiscal year
2023-24.
• This represents a 48% increase over the previous record of Rs 1,197 crore achieved in the prior
fiscal year.
• Total Income Growth:The bank's total income increased by 10% to Rs 6,029.17 crore, compared to
Rs 5,502.09 crore in the previous fiscal year.
• Improved Asset Quality:The gross non-performing assets (NPAs) decreased to a decadal low of
4.08%.
About Jammu and Kashmir Bank :
• Founded : 1 October 1938
• Headquarters : Srinagar, Jammu and Kashmir, India
• MD & CEO : Baldev Prakash
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Important Monthly Current Affairs Capsule – May 2024
Securities and Exchange Board of India Mandates Portfolio Management Services Providers to
Register with Association of Portfolio Managers in India
• The Securities and Exchange Board of India (SEBI) has made it compulsory for Portfolio
Management Services (PMS) providers to register with the Association of Portfolio Managers in
India (APMI).
• This requirement aims to enhance oversight and streamline operations in the financial sector.
• The new regulation aims to promote collective oversight of PMS distributors, fostering a more
efficient and transparent business environment for portfolio managers.
About SEBI :
• Established: 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters: Mumbai, Maharashtra
• Chairman: Madhabi Puri Buch
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance, GoI.
Top 4 Credit Card Issuers in India Experience Market Share Decline in FY24: RBI Data
• The Reserve Bank of India (RBI) reported that the market share of the top four credit card issuers
in India declined during FY24 in terms of monthly card spends and total cards outstanding.
• The market share of the top 4 issuers-HDFC Bank, SBI Card, ICICI Bank, and Axis Bank dropped
to 71.98% as of March 2024, from 74.79% a year earlier.
• Credit Card Spends and Growth:Credit card spends surged 27% year-on-year (Y-o-Y) to Rs 18.26
trillion in FY24, up from nearly Rs 14 trillion in the year-ago period.
• Total Number of Credit Cards:The total number of credit cards issued by banks in India increased
to 101 million in March 2024, from 100.60 million at the end of February 2024.
RBI's Innovation Hub Collaborates with mysaltapp and FICCI Ladies Organisation to Release White
Paper on Women Entrepreneurs in Middle India
• The Reserve Bank of India’s Innovation Hub (RBIH) subsidiary collaborated with mysaltapp and
the FICCI Ladies Organisation to release a white paper titled "At The Helm: Women Entrepreneurs
Transforming Middle India."
• Main Findings on Funding for Women Entrepreneurs:The white paper revealed that only 3% of
women entrepreneurs in Tier 2 and Tier 3 cities have access to external funding.
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Important Monthly Current Affairs Capsule – May 2024
• This indicates a significant gap in funding availability for women entrepreneurs in smaller cities
compared to major urban areas.
About RBIH :
• The Reserve Bank Innovation Hub is a wholly owned subsidiary of the Reserve Bank of India (RBI)
set-up to promote and facilitate an environment that accelerates innovation across the financial
sector.
Reserve Bank of India Issues Draft Framework for Lenders' Project Financing in Infrastructure and Real
Estate Sectors
• The Reserve Bank of India (RBI) issued a draft harmonised prudential framework for lenders’
financing of projects in infrastructure, non-infrastructure and commercial real estate sectors.
• It prescribed norms for restructuring of their exposure in projects under implementation on account
of change in date of commencement of commercial operations (DCCO).
• Income Recognition, Asset Classification, and Provisioning:The draft framework is titled "Income
Recognition, Asset Classification and Provisioning pertaining to Advances - Projects Under
Implementation (IRACP-PUIMP)."
Reserve Bank of India Proposes Stricter Regulations for Lending to Projects Under Implementation
• The Reserve Bank of India (RBI) proposed tighter rules to govern lending to projects under
implementation.
• The RBI’s draft rules include a classification of the projects as per their phase and higher
provisioning of up to 5% during the construction phase, even if the asset is standard.
• It can be noted that in the last credit cycle, project loans were seen to have led to a build-up of
stress on bank books.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
Reserve Bank of India Permits Standalone Primary Dealers to Access Foreign Currency Borrowing
• The Reserve Bank of India (RBI) has allowed standalone primary dealers (SPDs) to borrow in
foreign currency from their parent companies and entities it has authorised.
• They can also access overdraft facilities in their nostro accounts for operational purposes.
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Important Monthly Current Affairs Capsule – May 2024
• Definition of Nostro Account: A nostro account is a bank account held in a foreign country by a
domestic bank, denominated in the currency of that foreign country.
Foreign portfolio investors Registered with SEBI at GIFT International Financial Services Centre
Permitted to Issue Participatory Notes (P-notes)
• Foreign portfolio investors (FPIs) domiciled at the GIFT International Financial Services Centre
(IFSC) and registered with the Securities and Exchange Board of India (SEBI) are now permitted
to issue offshore derivative instruments (ODIs), commonly known as participatory notes (P-Notes).
• At present, the International Financial Services Centre Authority (IFSCA), the unified regulator for
GIFT City, allows banking units to issue pnotes.
• P-Notes, short for Participatory Notes, are financial instruments that enable foreign investors to
invest indirectly in Indian securities without having to register with the SEBI.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
About GIFT International Financial Services Centre :
• Founded : April 2015
• Headquarters : GIFT City, Gandhinagar in Gujarat
• GIFT IFSC is a financial centre and special economic zone in Gujarat International Finance Tec-
City (GIFT City) covering 106 ha (261 acres).
• It is regulated by the International Financial Services Centres Authority, an independent regulator
exclusive to the zone.
• GIFT City is a joint venture between the Government of Gujarat and IL&FS, a leading
infrastructure development and finance company in India.
Bank Certificate of Deposit (CD) Fundraising Drops by 74% in April 2024 Amid Eased Liquidity and
Reduced Loan Demand
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Important Monthly Current Affairs Capsule – May 2024
• Fundraising by banks through Certificates of Deposit (CDs) declined by 74% in April 2024
compared to March 2024, attributed to eased liquidity tightness in the banking system and
moderated demand for loans.
• In April 2024, banks raised ₹32,860 crore through CDs, down from ₹1.27 trillion in March 2024.
• Nature of CDs: CDs are negotiable, unsecured money market instruments issued by banks as
Usance Promissory Notes against funds deposited at the bank.
Reserve Bank of India Reduces Margin Funding Limits from 50% to 30%
• The Reserve Bank of India (RBI) has issued directives to banks regarding their exposure to the
capital markets, emphasizing compliance with prescribed guidelines.
• The directive, titled "Banks' Exposure to Capital Market - Issue of Irrevocable Payment
Commitments (IPCs)", addresses the issuance of IPCs by custodian banks.
• Shift from T+2 to T+1: The RBI's directive is a response to changes in the stock exchange
settlement cycle, transitioning from T+2 to T+1 for equities.
Reserve Bank of India Revokes Acemoney (India's) Non-Banking Financial Company License for
Breaching Guidelines
• The Reserve Bank of India (RBI) has cancelled the license of Acemoney (India), a Delhi-based
non-banking financial company (NBFC), due to irregular lending practices and violation of RBI
guidelines.
• Violation of RBI Guidelines:
• The cancellation was based on multiple factors, including:
• Charging excessive interest rates.
• Failing to ensure confidentiality of customer information.
• The RBI also cited non-compliance with regulations pertaining to managing risks and code of
conduct in outsourcing financial services in digital lending operations through third-party apps.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : M.D.Patra; M Rajeshwar Rao; J Swaminathan and T Rabi Sankar
Reserve Bank of India Releases Draft Framework for Electronic Trading Platforms
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Important Monthly Current Affairs Capsule – May 2024
• The Reserve Bank of India (RBI) has proposed a revised regulatory framework for Electronic
Trading Platforms (ETPs) due to increased integration of the onshore forex market with offshore
markets.
• Market makers too have been requesting the Reserve Bank to allow access to offshore ETPs
offering Indian Rupee (INR) products.
• An Electronic Trading Platform (ETP) is any electronic system, other than a recognized stock
exchange, on which transactions in eligible instruments are contracted.
• Eligible instruments include securities, money market instruments, foreign exchange instruments,
derivatives, or other instruments of similar nature.
Reserve Bank of India Introduces Two Vital Surveys to Gather Insights for Upcoming Monetary Policy
• The Reserve Bank of India (RBI) announced two key surveys, the 'Inflation Expectations Survey of
Households' and the 'Consumer Confidence Survey', to gather data for the upcoming bi-monthly
monetary policy.
• The next bi-monthly monetary policy meeting is scheduled for June 5-7, 2024.
• This survey captures subjective assessments of price movements and inflation from households
across 19 cities, including Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, and
Thiruvananthapuram.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : M.D.Patra; M Rajeshwar Rao; J Swaminathan and T Rabi Sankar
ICICI Bank's Market Cap Surpasses Rs 8 Trillion, Joins India's Top 5 Companies
• Shares of ICICI Bank surged over 5%, sending its market capitalisation past the `8-trillion mark
and into the league of the top 5 companies by market value.
• The private lender has become the second bank to cross this milestone, after HDFC Bank.
• Top Companies by Market Capitalization:
➢ Reliance Industries leads with a market capitalization of Rs 19.8 trillion.
➢ Tata Consultancy Services (TCS) is second with Rs 14 trillion.
➢ Among banks, HDFC Bank has a market capitalization of Rs 11.6 trillion, ICICI Bank Rs 8.14
trillion, and State Bank of India Rs 7.4 trillion.
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Important Monthly Current Affairs Capsule – May 2024
About ICICI Bank :
• Established : 5 January 1994
• Headquarters : Mumbai , Maharashtra, India
• MD & CEO : Sandeep Bakhshi
Unified Payment Interface Transactions Slightly Decreased to Rs 19.64 Lakh Crore in April 2024 from
Rs 19.78 Lakh Crore in March 2024
• In April 2024, Unified Payment Interface (UPI) transactions decreased by 0.7% in value and 1%
in volume compared to March 2024.
• The value of transactions in April, 2024 stood at Rs 19.64 trillion, down from Rs 19.78 trillion in
March, 2024.
• The volume of transactions was 13.3 billion in April, compared to 13.44 billion in March.
• Year-on-year (Y-o-Y), UPI transactions increased by 50% in volume and 40% in value.
About UPI :
• Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single
mobile application.
• It is developed by the National Payments Corporation of India (NPCI).
• It was introduced in April 2016.
Securities and Exchange Board of India Allows Optional Nomination for Joint Mutual Fund Portfolios
• Capital markets regulator Securities and Exchange Board of India (SEBI) made the nomination
optional for jointly-held mutual fund accounts in a bid to promote ease of doing business.
• Fund houses are now permitted to have a single fund manager to oversee commodity and
foreign investments, which is expected to reduce management costs.
• Deadline for Compliance: Existing individual mutual fund holders have until June 30, 2024, to
nominate or opt out of nomination for their accounts.
About SEBI :
• Established: 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters: Mumbai, Maharashtra
• Chairman: Madhabi Puri Buch
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance, GoI.
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Important Monthly Current Affairs Capsule – May 2024
Groww & Worldline Join India's Expanding Club of Online Payment Aggregators
• Financial services platform Groww and digital payment processing company Worldline
ePayments have secured a Reserve Bank of India (RBI) licence to operate as online payment
aggregators.
• An online payment aggregator licence allows companies to offer payment services for
merchants, typically e-commerce firms, by accepting various payment instruments from
customers.
• Groww has secured the licence for its UPI payments platform Groww Pay.
About Groww :
• Established : 2016 (Started Operations - 2017)
• Headquarters : Bangalore, Karnataka
• CEO : Lalit Keshre
About Worldline :
• Established : 1972
• Headquarters : La Défense, France
• CEO : Gilles Grapinet
• Worldline SA is a French multinational payment and transactional services company.
NPCI International Payments Limited Signs Agreement with Bank of Namibia to Develop Instant
Payment System Similar to UPI
• NPCI International Payments Limited (NIPL) has signed an agreement with the Bank of Namibia
(BoN) to support them in developing an instant payment system like Unified Payment Interface
(UPI) for Namibia.
• Aim : To enhance digital financial services and bolster real-time Person-to-Person (P2P) and
Merchant payment transactions (P2M) in the African nation.
• By leveraging technology and experiences from India's UPI, the partnership seeks to help Namibia
modernise its financial ecosystem.
About NIPL :
• Established : 2020
• Headquarters : Mumbai, Maharashtra
• CEO : Ritesh Shukla
About Bank of Namibia :
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Important Monthly Current Affairs Capsule – May 2024
• Established : July 1990
• Headquarters : Windhoek, Khomas Region, Namibia
• Governor Johannes Gawaxab
Reserve Bank of India Removes Restrictions on Bajaj Finance's 'eCOM' and 'Insta EMI Card' Lending
Products
• The Reserve Bank of India (RBI) has lifted restrictions on Indian non-banking financial company,
Bajaj Finance's 'eCOM' and 'Insta Existing Member Identification card (EMI card)' segments,
allowing the company to resume the sanction and disbursal of new loans in these segments.
• Reason for Restrictions:The RBI had imposed restrictions in November 2023 due to concerns
raised by the regulatory authority regarding these lending segments.
About Bajaj Finance :
• Founded : 25 March 1987
• Headquarters : Pune, Maharashtra, India
• Bajaj Finance, a subsidiary of Bajaj Finserv, is engaged in the lending and acceptance of deposits.
Bajaj Allianz General Insurance Launches 'Prive', a Unique Program Offering Unmatched Coverage and
Service Excellence
• Bajaj Allianz General Insurance, a leading private general insurer in India, has launched Prive, an
exclusive customer experience program designed to offer exceptional customer service and
coverage.
• Prive is an exclusive customer experience program crafted for a special segment of policyholders
Prive provides access to elevated and unmatched customer service at every touchpoint.
About Bajaj Allianz General Insurance :
• Headquarters: Pune, Maharashtra
• MD & CEO : Tapan Singhel
• It is a joint venture between Allianz SE, the world's leading insurer, and Bajaj Finserv Limited.
Reserve Bank of India Plans to Extend Operational Risk Norms to non-banking finance companies and
Cooperative Banks
• The Reserve Bank of India (RBI) released a guidance note on Operational Risk Management and
Operational Resilience in line with the Basel Committee on Banking Supervision (BCBS) for
regulated entities, which included non-banking finance companies and primary urban cooperative
banks, as well as central cooperative banks.
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Important Monthly Current Affairs Capsule – May 2024
• The 2005 guidance on the issue, which will be repealed, was aimed only at commercial banks.
• The guidance note aims to promote and enhance the effectiveness of Operational Risk
Management among regulated entities (REs).
Reserve Bank of India Sets 8% Interest Rate for Floating Rate Savings Bond 2034
• The Reserve Bank of India (RBI) has announced an 8% interest rate on the Floating Rate Savings
Bond (FRSB) 2034.
• This is a variable rate bond, and the interest rate will be reset every six months.
• The Government of India is issuing a special type of bond called a Floating Rate Bond (FRB) that
matures in 2034.
• A floating rate bond is a debt instrument that does not have a fixed coupon rate, but its interest rate
fluctuates based on the benchmark the bond is drawn.
Scheduled Commercial Banks Record 16.3% Growth in Non-Food Bank Credit in FY24, Up from 15.4%
in FY23
• Scheduled commercial banks (SCBs) ended FY24 with a higher non-food bank credit growth of
16.3% against 15.4% in FY23.
• Credit growth in the year gone by was propelled by demand from sectors such as agriculture and
allied activities, industry and services.
• Influence of Risk Weight Changes on Personal Loans:The growth in personal loans moderated
due to the Reserve Bank of India (RBI) increasing the risk weights for consumer credit exposure by
25 percentage points in November 2023.
YES Bank Partners with ANQ to Launch Two Co-Branded Credit Cards, Pi and Phi
• YES Bank has partnered with Bengaluru-based financial services provider ANQ to launch two co-
branded credit cards, Pi and Phi.
• The partnership focuses on bridging the gap between traditional banking and the fintech industry,
offering innovative solutions to meet evolving consumer needs.
• It is a digital-only card designed to offer seamless credit on UPI for domestic transactions.
About Yes Bank :
• Established : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience our expertise
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Important Monthly Current Affairs Capsule – May 2024
About ANQ:
• ANQ is a digital banking platform that uses decentralized finance (DeFi) to deliver next-
generation financial services.
Non-banking financial companies reach a 4-year peak in commercial paper issuances
• Commercial Paper (CP) issuances by non-banking financial companies (NBFCs) reached ₹1.2-
lakh crore during January-March 2024, a four-and-a-half-year high since July-September 2019.
• However, this is still significantly lower than the record high of ₹3.1-lakh crore observed in July-
September 2018.
• The increase in CP issuances is partially driven by the Reserve Bank of India's mandate to
increase risk weights on bank loans given to higher-rated NBFCs, leading to more CP issuance
as an alternative source of funding.
National Pension System (NPS) Assets Surge 27.85% Year-on-Year to Reach ₹11.73 Lakh Crore:
PFRDA Data
• As per the latest Pension Fund Regulatory and Development Authority (PFRDA) data, National
Pension System (NPS) assets under management (AUM) recorded a robust 27.85 per cent y-o-y
growth as of April 20, 2024 at ₹ 11.73 lakh crore (₹ 9.17 lakh crore).
• The overall AUM, including that of Atal Pension Yojana (APY), was flat compared to the end of
March 2024 level of ₹ 11.73 lakh crore.
About PFRDA :
• Established : 2003
• Headquarters : New Delhi, Delhi
• Chairman : Deepak Mohanty
• PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
• It operates under the jurisdiction of the Ministry of Finance in the Government of India.
Pension Fund Regulatory and Development Authority Introduces Measures to Enhance Transparency
in Rule-Making Process
• The Pension Fund Regulatory and Development Authority (PFRDA) has implemented a
mechanism to make and review regulations, aimed at bringing more transparency and certainty to
the rule-making process.
• This mechanism among other things provides that the regulator would be guided by an “economic
analysis” of the proposed regulations before they are accepted and operationalised.
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Important Monthly Current Affairs Capsule – May 2024
• The “economic analysis” would include expected direct and indirect costs and benefits to
subscribers, the economy, and society, due to the proposed regulation.
IIHL Requests Reserve Bank of India Approval to Pledge 100% of RCap's Shares
• IIHL BFSI (India), linked to the Hinduja Group, has sought approval from the banking regulator
Reserve Bank Of India (RBI) to pledge 100% shares of Reliance Capital, which it acquired in a
bankruptcy resolution, to raise ₹8,000 crore.
• IndusInd International Holdings (IIHL), a holding company of IIHL BFSI (India), received approval
from the National Company Law Tribunal (NCLT) to acquire Reliance Capital for ₹9,661 crore.
• Purpose of Fund-Raise : The proposed ₹8,000 crore fund-raise will be used to pay lenders of Anil
Ambani's erstwhile bankrupt financial services company, Reliance Capital.
State Bank of India's Fourth Quarter Net Profit Surges 24% to ₹20,698 Crore
• State Bank of India (SBI) has achieved its highest standalone quarterly net profit of ₹20,698 crore
in the fourth quarter, driven by robust growth in non-interest income, including treasury income,
along with effective cost management strategies and write-back in provisions for standard assets
and other provisions.
• This quarterly net profit surpasses the previous year's figure of ₹16,695 crore, indicating a
substantial growth trajectory for the bank.
• SBI's net profit for the fourth quarter of FY24 (Q4FY24) more than doubled sequentially, witnessing
a remarkable 125% increase from ₹9,163.96 crore reported in the preceding December quarter.
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti
ICICI Prudential Life Insurance Introduces ICICI Pru Platinum, a ULIP Linked to Distributors'
Commission and Customers' Assets Under Management
• ICICI Prudential Life Insurance has launched ICICI Pru Platinum, the company’s first unit-linked
product (ULIP) which aligns distributor payouts to their customers’ fund value.
• The distributor commissions are linked to their customers’ Assets under Management (AUM).
• Aim : To foster the sustained growth of assets under management while offering customers a cost-
and tax-efficient means of wealth accumulation over extended periods.
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Important Monthly Current Affairs Capsule – May 2024
About ICICI Prudential Life Insurance Company Limited :
• Established : 2000 (started its operations in 2001)
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Anup Bagchi
• The life insurance arm was established as a joint venture between ICICI Bank Limited and
Prudential Corporation Holdings Limited.
• In 2016, the company became the first insurance company in India to be listed on the domestic
stock exchanges.
Reserve Bank of India Expected to Transfer Rs 1 Trillion as Dividend to the Centre in FY25
• The Reserve Bank of India (RBI) is anticipated to transfer approximately Rs 1,00,000 crore to the
government in the fiscal year 2024-25, as per a report by the Union Bank of India.
• This projection suggests a slight increase from the Rs 87,400 crore transferred in the previous
fiscal year.
• The government has budgeted the dividend from RBI and PSU banks and financial institutions at
Rs 1,02,000 crore for FY25, compared to Rs 1,04,400 crore in FY24.
• In 2023, there was a positive surprise as the actual dividend exceeded the Budget Estimate,
which was only Rs 48,000 crore.
About RBI :
• Established: 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
15 Non-Banking Financial Companies relinquish their Certificate of Registration to the Reserve Bank of
India
• The Reserve Bank of India (RBI) has announced the cancellation of certificates of registration
(CoR) for 15 Non-Banking Financial Companies (NBFCs), including Tata Capital Financial
Services and Revolving Investments, due to various reasons.
• The cancellation was carried out by the RBI under Section 45-IA (6) of the Reserve Bank of India
Act, 1934.
India and Ghana Agree to Implement Unified Payments Interface on Ghana's Interbank Systems
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Important Monthly Current Affairs Capsule – May 2024
• India and Ghana have agreed to operationalize India's Unified Payment Interface (UPI) of the
National Payments Corporation (NPCI) on Ghana’s Ghana Interbank Payment and Settlement
Systems (GHIPSS) within 6 months.
• This was a key outcome from the fourth session of the India-Ghana Joint Trade Committee (JTC)
held in Accra.
• Bilateral Trade and Collaboration: The meeting also discussed opportunities for a Memorandum of
Understanding (MoU) on digital transformation solutions and Local Currency Settlement System.
About UPI :
• Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single
mobile application.
• It is developed by the National Payments Corporation of India (NPCI).
• It was introduced in April 2016.
About Ghana :
• President : Nana Akufo-Addo
• Capital : Accra
• Currency : Cedi
Indian Bank Q4FY24 Earnings: Net Profit Increases by 55% to Rs 2,247 Crore
• Indian Bank's net profit rose by 55% to Rs 2,247 crore in Q4FY24, compared to Rs 1,447 crore in
the same period of FY23.
• For the entire fiscal year, the bank's net profit increased by 53% to Rs 8,063 crore in FY24, from
Rs 5,282 crore in FY23.
• Growth in Total Income: Total income in Q4FY24 rose by 19% to Rs 16,887 crore, compared to Rs
14,238 crore in Q4FY23.
About Indian Bank :
• Established : 15 August 1907
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Shanti Lal Jain
• Tagline : Your Own Bank/ Apka Apna Bank
RBI Reports Housing Credit Surging by Rs 10 Trillion in the Past 2 Years
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Important Monthly Current Affairs Capsule – May 2024
• According to Reserve Bank of India’s ( RBI's) data on 'Sectoral Deployment of Bank Credit', Credit
outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a
record Rs 27.23 lakh crore in March 2024.
• This represents a significant rise from Rs 19.88 lakh crore in March 2023 and Rs 17.27 lakh crore
in March 2022.
• According to the data of the RBI on sectoral deployment of bank credit for March 2024, the credit
outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March
2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
CareEdge Predicts Bank Credit-to-Deposit Ratio to Exceed 81% in FY25
• The credit-to-deposit (CD) ratio of banks is expected to remain at over 81% in FY25 as credit
growth continues to remain above the growth in deposits.
• Role of Deposit Growth in FY25:Deposit growth is anticipated to play a crucial role in FY25.
• Banks are expected to focus on strengthening their liability franchise to ensure that the slower
growth in deposits does not limit credit expansion.
• Estimations for Deposit and Credit Growth in Current Financial Year:CareEdge Ratings estimates
deposit growth to be in the range of 13-13.5% during the current financial year.
IDBI Bank Faces ₹2.9 Crore GST Order for Excess Input Tax Credit Claims
• IDBI Bank has received a Goods and Services Tax (GST) demand order of ₹2.97 crore along with
interest and penalty for alleged excess availment of input tax credit (ITC).
• Components of the GST Demand:The total demand of ₹2.97 crore comprises:
• Tax demand of ₹1.42 crore.
• Interest amount of ₹1.41 crore.
• Penalty of ₹0.14 crore.
• The Dehradun state tax department has issued an order under the GST rules pertaining to 2018-
19 fiscal for alleged excess availment and utilisation of ITC.
About IDBI Bank :
• Founded : 1 July 1964
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rakesh Sharma
Reserve Bank of India Accepts Only ₹10,513 Crore Worth of Offers for Government Securities Buyback
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Important Monthly Current Affairs Capsule – May 2024
• The Reserve Bank of India (RBI) accepted offers to buy Government Securities (G-Secs) totalling
₹10,513 crore, even though the total bids received were 1.33 times the notified amount of ₹40,000
crore.
• The RBI received bids worth Rs 53,333 crore at the auction. Market participants said that the RBI
accepted bids only at Financial Benchmarks India Private Limited (FBIL) levels.
• FBIL is an organisation in India responsible for administering and publishing various financial
benchmarks, including interest rate benchmarks.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
Small Finance Banks to Request Reserve Bank of India Guidance on Loan Book Diversification
• Small finance banks (SFBs) are likely to seek clarification from the Reserve Bank of India (RBI) on
loan portfolio diversification, as the regulator has not specified the extent of diversification that
should be seen as desirable.
• In the recent guidelines provided by the RBI for the voluntary transition of SFBs to universal banks,
the regulator indicated a preference for eligible SFBs with diversified loan portfolios.
• Current Status of SFBs: Presently, there are 11 SFBs in operation, with AU and Fincare merging
earlier in the year.
RBI Removes Restrictions on Bank of Baroda World App, Allowing Onboarding of New Customers
• The Reserve Bank of India (RBI) has allowed the Bank of Baroda (BoB) to onboard new customers
through the 'Bob World' mobile application, lifting a restriction imposed in October 2023 due to
material supervisory concerns.
• The restriction lasted over 6 months.
• The bank will now resume onboarding new customers on the Bob World application, adding that it
remains committed to ensuring adherence and compliance with regulatory guidelines.
About BoB :
• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
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Important Monthly Current Affairs Capsule – May 2024
• Tagline : India's International Bank
National Payments Corporation of India releases guidelines for onboarding merchants to BHIM Aadhar
Pay
• The National Payments Corporation of India (NPCI) has issued guidelines that put the
responsibility for verifying merchant details on acquiring banks for Bharat Interface for Money
(BHIM) Aadhaar Pay (BAP).
• Merchant Verification: Acquiring member banks are responsible for the merchants they onboard
directly or through aggregators/partners.
• Purpose of BHIM Aadhaar Pay: This service allows merchants to receive digital payments from
customers over the counter through Aadhaar Authentication.
About NPCI :
• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
• It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under
the provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment &
Settlement Infrastructure in India.
SEBI Extends Settlement Scheme Deadline for Stock Option Cases to June 10, 2024
• Capital markets regulator Securities and Exchange Board of India (SEBI) extended the settlement
scheme period till June 10, 2024, for entities involved in reversal trades in the stock options
segment on BSE in 2014 and 2015.
• The settlement scheme commenced on March 11 and was scheduled to conclude on May 10,
2024.
• SEBI introduced the ISO Settlement Scheme 2024 in March, offering a settlement opportunity to
entities involved in trade reversals in the stock options segment of BSE between April 1, 2014, and
September 30, 2015, who face pending adjudication proceedings.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
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• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), Government of India (GoI).
HDFC Life Launched "No Jhanjhat Life Insurance Fatafat Campaign" to Revolutionize Insurance
Purchase Experience
• HDFC Life has launched the "No Jhanjhat Life Insurance Fatafat" campaign to simplify and
expedite the process of purchasing life insurance through its online platform.
• Aim : To address India's low insurance penetration and significant protection gap by promoting a
simple and quick life insurance purchase experience.
• The campaign emphasizes the use of advanced technology to provide accessibility and
convenience to customers, making it easier to understand and buy life insurance online.
About HDFC Life :
• Founded : 2000
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Vibha Padalkar
• Tagline : Sar Utha Ke Jiyo!
Ex-BharatPe COO Bahl's Eternal Capital unveils a Rs 120 crore venture capital fund
• Eternal Capital, founded by former BharatPe Chief Operating Officer (COO) Dhruv Dhanraj Bahl,
has launched its maiden venture capital (VC) fund with a target corpus of Rs 120 crore.
• The fund has a greenshoe option to raise an additional Rs 120 crore, allowing a total capacity of
Rs 240 crore.
• Regulatory Approval : Eternal Capital received approval from the SEBI for a Category-I Alternative
Investment Fund (AIF) in November 2023.
Indian Overseas Bank to Sell Two NPA Portfolios Worth Rs 13,472 Crore
• Indian Overseas Bank (IOB) has published sale notification pertains to the sale of 92 Non-
Performing Assets (NPAs) loans, collectively amounting to an aggregate Book Outstanding of Rs
13,471.68 crores, offered on portfolio basis in 2 lots through e-auction under the open auction
method.
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Important Monthly Current Affairs Capsule – May 2024
• Aim : To enhance the bank's financial health, particularly as its Gross NPA levels have reduced
significantly from 11.69% in March 2021 to 3.90% by December 2023.
• Composition of Portfolios:The first portfolio includes 46 accounts financed under consortium
arrangements, three accounts under multiple banking arrangements, and two sole banking
ventures.
About IOB :
• Founded : 10 February 1937
• Headquarters : Chennai, Tamil Nadu
• MD & CEO : Ajay Kumar Srivastava
• Tagline : Good people to grow with
Green Finance: India Raised ₹20,000 Crore Through Sovereign Green Bonds in FY24 Auction
• India auctioned sovereign green bonds (SGrB) worth ₹20,000 crore in FY24, a significant increase
from ₹16,000 crore in FY23.
• Purpose of these bonds : To mobilize resources for green infrastructure projects, primarily for
expanding renewable energy capacity.
• Reserve Bank of India's Role in Green Bonds:The RBI conducted four sovereign green bond
auctions worth ₹20,000 crore in FY24.
• The proceeds from these bonds may be used to finance or refinance eligible green projects.
ICICI Bank Facilitates Unified Payments Interface Payments for Non-Resident Indians in India Using
International Mobile Numbers
• ICICI Bank has enabled instant payment facility Unified Payments Interface (UPI) for its non-
resident Indian (NRI) customers in India through their international mobile numbers.
• This feature aims to enhance convenience for NRIs in India, allowing them to make everyday
payments with ease.
• Scope of Transactions:With this facility, NRIs can pay for utility bills, merchant transactions, and e-
commerce purchases through their international mobile numbers linked to their Non-Resident
External (NRE) or Non-Resident Ordinary (NRO) bank accounts with ICICI Bank in India.
About ICICI Bank Ltd :
• Founded : 5 January 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sandeep Bakhshi
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Important Monthly Current Affairs Capsule – May 2024
• Tagline : Hum Hai na khayal apka
Agricultural Credit Exceeds Expectations, Surges by 15% to Reach Rs 24.83 Trillion in FY24
• According to the latest data from National Bank for Agriculture and Rural Development (NABARD),
commercial banks, cooperative banks, and Regional Rural Banks (RRBs) disbursed Rs 24.84
trillion in agricultural credit in 2023-24.
• This represents a 15% increase compared to the previous fiscal year (FY23).
• Credit Flow to Agri-Allied Sectors:Out of the total credit, Rs 2.72 trillion was allocated to agri-allied
sectors such as animal husbandry, dairy, poultry, and fisheries.
• Regional Distribution of Agricultural Credit:The 5 southern states-Andhra Pradesh, Telangana,
Karnataka, Tamil Nadu, and Kerala, received over Rs 12.5 trillion, or 50.5% of the total credit
disbursed, despite having only 17% of India's gross cropped area.
About NABARD :
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Shri. Shaji K V
• It was established on the recommendations of B. Sivaraman Committee (by Act 61, 1981 of
Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural
Development Act 1981.
• NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex
cooperative banks in India.
• It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).
Home Loan Outstanding Increases by Rs 10 Lakh Crore Over the Past 2 Years
• According to the Reserve Bank of India’s (RBI's) data on 'Sectoral Deployment of Bank Credit',
Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to
reach a record Rs 27.23 lakh crore in March this year(2024).
• The data also showed that the credit outstanding towards commercial real estate stood at Rs
4,48,145 crore in March 2024. It was at Rs 2,97,231 crore in March 2022.
• Industry experts believe the sector will reach the $1 trillion milestone by 2030.
Reserve Bank of India instructs NBFCs to maintain the Rs 20,000 limit for cash disbursement in gold
loans
• The Reserve Bank of India (RBI) has issued a caution to non-banking finance companies (NBFCs)
that offer gold loans, warning them against exceeding the Rs 20,000 limit for cash loan disbursal.
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Important Monthly Current Affairs Capsule – May 2024
• The advisory refers to Section 269 SS of the Income Tax Act, 1961, which prohibits any individual
from receiving more than Rs 20,000 as a loan amount in cash.
• Reason for Cap: This move by the RBI aims to discourage cash transactions, promoting
transparency and traceability in financial transactions.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
PhonePe Holds Nearly Half of UPI Market Share in April with 49% Domination
• Digital payments platform PhonePe has continued to be the number one player in the unified
payments interface (UPI) ecosystem with a market share of close to 49% in April 2024 across P2M
(person to merchant) and P2P (person to person) transactions.
• PhonePe has maintained the top position in UPI transactions for over 40 months since November
2020.
• UPI Transactions Data for April 2024:According to data issued by the National Payments
Corporation of India (NPCI), PhonePe clocked 6.5 billion transactions through UPI out of the total
13.3 billion transactions. In terms of value, the company clocked transactions worth Rs 10 trillion.
About PhonePe :
• Established : 2015
• Headquarters : Bengaluru, Karnataka, India
• Co Founder & CEO : Sameer Nigam
Setu Launches Sesame, India's First Domain-Specific Large Language Model for the Banking, Financial
Services, and Insurance Sector
• Setu, an Indian fintech company part of the Pine Labs Group, unveiled Sesame, India's first Large
Language Model (LLM) specifically designed for the banking, financial services, and insurance
(BFSI) sector.
• Sesame was developed in collaboration with Sarvam AI, an Indian AI research firm.
• Setu claims that Sesame represents a "ChatGPT moment" for the financial services sector,
indicating a breakthrough in AI technology for BFSI.
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Important Monthly Current Affairs Capsule – May 2024
• The unveiling took place at Adbhut India, an event organised by the non-profit People+ai, in the
presence of Nandan Nilekani (co-founder and director of EkStep Foundation), Shankar Maruwada
(co-founder and chief executive officer of EkStep Foundation), Tanuj Bhojwani (head of
People+ai), and other prominent figures in fintech, AI, and digital public infrastructure.
About Setu :
• Founded : 2018
• Founderd : Sahil Kini and Nikhil Kumar.
• It operates in various fintech areas such as account aggregation, data gateway, identity
verification, embedded finance, Open Network for Digital Commerce (ONDC), WhatsApp
Business, and Bharat Bill Payment Service (BBPS).
• Setu was acquired by Pine Labs for about $70-$75 million in 2022
About Sarvam AI :
• Headquarters : Bengaluru, Karnataka
• Co Founders : Dr.Vivek Raghavan, Dr, Pratyush Kumar
Central Banks Make Significant Investments in Gold Amid Lingering Global Uncertainty
• According to the World Gold Council (WGC), central banks worldwide continued to increase their
gold reserves in March 2024 with significant purchases led by emerging market banks.
• Central banks accounted for 23% of the overall gold demand, totalling 1,238 tonnes in the March
quarter.
• Central banks collectively added 16 tonnes of gold to their reserves in March, matching the
additions seen in February, 2024.
About WGC :
• Established : 1987
• Headquarters : London, United Kingdom
• CEO : David Tait
SoftBank Leads $1 Billion Funding Round for UK Self-Driving Startup Wayve
• Wayve, a British self-driving technology startup, has secured $1.05 billion in a funding round led by
SoftBank Group.
• Nvidia, a new investor, and existing investor Microsoft also contributed to the Series C funding
round.
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Important Monthly Current Affairs Capsule – May 2024
• Purpose of Funding: To accelerate the development and launch of Wayve's Embodied AI
technology, which can learn from and adapt to human behavior.
About Wayve :
• Founded : 2017
• President : Erez Dagan
• CEO : Alex Kendall
• Wayve's autonomous driving technology utilizes AI to enable vehicles to navigate unpredictable
situations, such as unexpected actions by drivers, pedestrians, or environmental elements.
About SoftBank Group :
• Founded : 3 September 1981
• Headquarters : Tokyo, Japan
• Chairman & CEO : Masayoshi Son
• SoftBank Group Corp. is a Japanese multinational investment holding company which focuses on
investment management.
Insurance Regulatory and Development Authority of India imposes a fine of Rs 1 crore on Initial Public
Offering-bound Go Digit Insurance
• The Insurance Regulatory and Development Authority of India (IRDAI) imposed a penalty of Rs 1
crore on Go Digit General Insurance for non-disclosure of a change in the conversion ratio of
compulsorily convertible preference shares (CCPS).
• The insurance regulator had earlier issued a show cause notice after noticing that Go Digit had
changed its conversion ratio of 63,00,000 CCPS issued by Go Digit Infoworks Services Pvt Ltd
(GDISPL), the parent company of the general insurer, to FAL Corporation, owned by Fairfax
Group.
• This was shown in an amendment to the joint venture (JV) agreement dated August 11, 2023.
About IRDAI :
• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries
in India.
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Important Monthly Current Affairs Capsule – May 2024
State Bank of India Becomes Inaugural Bank to Join International Bullion Exchange as Trading and
Clearing Member
● Public sector lender, State Bank of India (SBI), has become the first trading-cum-clearing
member (TCM) at the India International Bullion Exchange (IIBX) – the country’s first bullion
exchange in GIFT City Gandhinagar.
● This enables SBI’s IFSC Banking Unit (IBU) to trade on the IIBX platform.
● The Reserve Bank of India recently permitted IBUs to act as trading members and trading and
clearing members at IIBX as special category clients (SCCs) to import gold through the bullion
exchange.
● SBI's participation is expected to boost trading volumes in gold and silver at the IIBX.
About IIBX :
● IIBX is India’s first bullion exchange established in IFSC Gift City.
● IIBX is a platform that enables trading in bullion with adherence to OECD Due Diligence
Guidance for Responsible Supply Chain of Minerals from Conflict-Affected and High-Risk Areas
for establishing supply chain integrity.
● The following types of entities are eligible to become members of IIBX-
➢ Non-Resident Individual / Proprietorship Firm
➢ Registered Partnership Firm
➢ Private Limited Company and Public Limited Company
➢ Qualified Jewellers
➢ IBU Branches at GIFT City
➢ Foreign Bullion Suppliers who follow OECD guidelines
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti
Piramal Group's Fund Management Arm Injects Rs 600 Crore into Annapurna Finance
● Piramal Alternatives, the fund management arm of the Piramal Group, invested Rs 600 crore in
Annapurna Finance Private Limited.
● This investment comprised Rs 300 crore for acquiring a 9.85% stake in Annapurna Finance and
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Important Monthly Current Affairs Capsule – May 2024
another Rs 300 crore for subscribing to Annapurna’s optionally convertible debenture.
● The deal involved a combination of a secondary purchase of shares and providing Tier-2 capital
to Annapurna Finance.
● Purpose of Investment: The structured capital solution is aimed at fueling the risk-calibrated
growth of Annapurna Finance's assets under management.
About Annapurna Finance :
● Headquarters: Bhubaneswar, Odisha, India.
● MD & CEO: Gobinda Chandra Pattanaik.
● Annapurna Finance is a Non-Banking Financial Company (NBFC) primarily focused on
microfinance.
● It applied for a universal bank license to the Reserve Bank of India last year.
● Unitus Capital acted as the exclusive financial advisor to Annapurna Finance.
● Annapurna Finance offers secured and unsecured loans for the micro, small, and medium-sized
enterprise sector.
● Annapurna Finance is backed by marquee domestic and overseas investors, including Nuveen
Global Impact, Oman India Joint Investment Fund, and the Asian Development Bank.
About Piramal Alternatives :
● CEO : Kalpesh Kikani
Zomato to Relinquish RBI License for Online Payment Aggregator Operations
● Zomato, a prominent food tech company, revealed that its subsidiary Zomato Payments Private
Limited (ZPPL) has chosen to voluntarily surrender the certificate of authorization obtained from
the Reserve Bank of India (RBI) to function as an online payment aggregator under the Payment
and Settlements Systems Act 2007.
● In connection with this decision, Zomato has incurred an impairment loss of Rs 39 crore for its
investment in ZPPL, its fintech subsidiary.
● The firm received the RBI’s nod to carry out business as a payment aggregator and issuer of pre-
paid payment instruments in January, 2024.
What is a payment aggregator?
● A payment aggregator is a third-party service provider that enables customers to make and
businesses to accept payments online.
● Payment aggregators enable their clients to accept various payment methods such as debit
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Important Monthly Current Affairs Capsule – May 2024
cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets, and e-mandates.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
● Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
About Zomato :
● Founded : July 2008
● Headquarters : Gurgaon, Haryana, India
● MD & CEO : Deepinder Goyal
SEBI Mandates Mandatory Certification for Alternative Investment Fund Manager's Investment Team
● Capital markets regulator Securities and Exchange Board of India (SEBI) has amended rules to
make it mandatory for at least one key personnel within an investment team of an Alternative
Investment Fund (AIF) manager to obtain requisite certification.
● The new requirement aims to boost competency and professionalism in the AIF space.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
South Indian Bank collaborates with Northern Arc Capital to establish new standards in the financial
sector
● South Indian Bank has formed an association with Northern Arc Capital aiming to explore and
maximise commercial prospects by combining efforts in loan origination, underwriting,
disbursement, collection, and reconciliation procedures.
● The collaboration will concentrate on co-lending and partnership lending activities, as well as
facilitating smooth loan transfers between banks and originators.
● This collaboration has been formalised with the signing of a Memorandum of Understanding
(MOU), demonstrating both institutions’ commitment to a mutually beneficial partnership.
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Important Monthly Current Affairs Capsule – May 2024
● MD & CEO, Northern Arc Capital Ltd : Ashish Mehrotra
About South Indian Bank :
● Founded : 1929
● Headquarters : Thrissur in Kerala, India
● MD & CEO : P R Seshadri
HDFC Bank Introduces PIXEL Lineup of Digital Credit Cards
● HDFC Bank has launched "PIXEL," an end-to-end, mobile app-based customisable DIY digital
card range.
● PIXEL is aimed at customers characterised by digital fluency, unique preferences, and distinct
financial behaviours.
● PIXEL is a first-of-its- kind range of digital credit card series that offers seamless app-based
issuance, complete digital lifecycle management, user engagement and digital servicing.
● PIXEL will be offered in 2 variants – PIXEL Play and PIXEL Go.
● Both card variants offer up to 50 days credit-free period.
➢ PIXEL Play: A 'Build Your Own Card' variant offering customisable benefits including
merchants for accelerated cashbacks, card colour, and billing date.
● Targeted at users seeking digital customisation and credit card benefits.
➢ PIXEL Go: Designed for beginners entering the credit card world, offering flexibility in
payments through pay-in-parts.
● Banking tech company, Zeta, is the technology provider for Pixel.
About HDFC Bank Limited :
● Founded : August 1994
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sashidhar Jagdishan
● Tagline : We Understand Your World
India Renews $50 Million Budgetary Assistance to Maldives for Another Year
● India has decided to extend its budgetary support to the Maldives government by rolling over a
$50 million treasury bill for another year.
● The State Bank of India (SBI) has subscribed for one more year to the $50 million Government
Treasury Bill, issued by the Ministry of Finance of Maldives, upon maturity of the previous
subscription.
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Important Monthly Current Affairs Capsule – May 2024
● These treasury bills are subscribed by SBI under government-to-government, a unique
arrangement at zero cost (interest-free) to the Government of Maldives.
● The continuation of the subscription has been made at the special request of the Government of
Maldives to secure budgetary support from India.
What are Treasury bills (T-bills)?
● Treasury bills or T-bills are money market instruments.
● These are short term debt instruments issued by the Government of India.
● T-bills are issued in three maturities - 91-day, 182-day, and 364-day, and they are zero coupon
securities, paying no interest.
● They are issued at a discount and redeemed at face value upon maturity.
● The State Governments, eligible provident funds in India, Nepal Rashtra Bank, Royal Monetary
Authority of Bhutan (only in 91 Day T- Bills),Vnesheconom Bank (only in 91 Day TBills) and any
Person or Institution, specified by the RBI, in consultation with the Government, in this regard,
can participate on the non-competitive basis for Participation and Allotment of T-Bills.
● Individuals may also participate on a non-competitive basis as retail investors.
● For retail investors, the allocation will be restricted to a maximum of 5% of the aggregate nominal
amount of the issue, within the notified amount, as specified by the RBI, in consultation with the
Government of India, from time to time.
● Bills will be issued for a minimum amount of 10,000 and in multiples of 10,000 both on a
competitive basis, and on a non-competitive basis.
● The Bills will be issued in the form of Promissory Note/Credit to Subsidiary General Ledger
(S.G.L.) Account with the RBI.
● Treasury bills are issued at a discount to original value and the buyer gets the original value upon
maturity.
About Maldives :
● President : Mohamed Muizzu
● Capital : Malé
● Currency : Maldivian rufiyaa
Reserve Bank of India Data Reveals 40% Increase in Domestic Gold Reserves Over 5 Years
● India's gold reserve, held domestically, increased by 40% between March 2019 and March 2024,
as per the Reserve Bank of India's latest data.
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Important Monthly Current Affairs Capsule – May 2024
● Total gold reserves witnessed a 34% uptick during the same period.
● RBI's Gold Holdings: According to the "Half Yearly Report on Management of Foreign Exchange
Reserves" by RBI, the central bank's gold holding rose by 27.46 metric tonnes in FY24 to reach
822.10 metric tonnes by the end of March 2024.
● In terms of USD value, the share of gold in total foreign exchange reserves increased to around
8.15%, totalling US $ 54.88 billion by March 2024.
● Composition of Gold Reserves: Out of RBI's total gold holdings, 408.31 metric tonnes were held
domestically, while 387.26 metric tonnes were kept in safe custody with the Bank of England and
the Bank for International Settlements (BIS).
● Report Structure: The report is divided into two parts: Part I contains the developments regarding
movement of foreign exchange reserves, information on the external liabilities vis-à-vis the
reserves, adequacy of reserves, etc., during the half-year under review.
● Objectives of reserve management, statutory provisions, risk management practices, information
on transparency and disclosure practices followed by the RBI with regard to reserve
management are covered in Part II.
● Reserve Increase: Reserves grew from USD 587.71 billion as of end-September 2023 to USD
646.42 billion as of end-March 2024 during the reviewed half-year period.
● Composition of Foreign Currency Assets (FCA) : Foreign Currency Assets stands at USD
570.95 billion are maintained as a multi-currency portfolio comprising major currencies, such as,
US dollar, Euro, Pound sterling, Japanese yen, etc. and are valued in terms of US dollars.
● Special Drawing Rights (SDR) and Reserve Tranche Position (RTP):SDR stands at USD 18.13
billion, with values in SDR million indicated in parentheses.
● RTP stands at USD 4.6 billion, representing the Reserve Tranche Position in the International
Monetary Fund (IMF).
● Short-Term Debt Ratio:The ratio of short-term debt (original maturity) to reserves decreased from
22% at end-September 2023 to 20.3% at end-December 2023.
● Investment and Deposit Breakdown:As of end-March 2024, out of the total FCA of USD 570.95
billion:
➢ USD 468.99 billion was invested in securities.
➢ USD 62.17 billion was deposited with other central banks and the Bank for International
Settlements (BIS).
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Important Monthly Current Affairs Capsule – May 2024
➢ The balance of USD 39.79 billion comprised deposits with commercial banks overseas.
● Financial Transaction Plan of the IMF:During the reviewed half-year period, there was one
purchase transaction totalling USD 152.71 million and 8 repurchase transactions totalling USD
574.51 million under the Financial Transaction Plan of the IMF.
Paytm Shifts Focus to UPI Lite Wallet for Low-Value Payments
● One97 Communications, the parent company of Paytm, has launched the UPI Lite wallet to
simplify payments, particularly for low-value transactions.
● Transaction Limits: Users can make instant transactions of up to Rs 500 each using the UPI Lite
wallet.
● Additionally, they can add up to Rs 2,000 to their wallet twice a day, totalling Rs 4,000 daily.
● Leading banks such as Axis Bank, HDFC Bank, State Bank of India, and YES Bank are part of
this collaboration.
● Collaboration: One97 Communications Limited collaborates with prominent Payment System
Providers to establish a robust and reliable framework for the UPI Lite wallet.
● Transaction Limits According to NPCI: The UPI Lite wallet is designed for small transactions, with
transaction limits set by the National Payments Corporation of India (NPCI) at up to Rs 500 per
transaction.
About Paytm :
● Founded : August 2010
● Headquarters : Noida, Uttar Pradesh, India
Insurance Regulatory and Development Authority of India Mandates Insurers to Extend Coverage to
Identified Gram Panchayats
● In a move that can bring insurance down to the grassroots, the Insurance Regulatory and
Development Authority of India (IRDAI) has mandated life and general insurers to extend cover
to certain identified Gram Panchayats.
● Per the master circular issued by the regulator on rural, social and motor third-party obligations,
the Life Insurance Council, in consultation with the Ministry of Panchayat Raj, will indicate the
minimum number of Gram Panchayats to each life insurer on mutually agreed parameters such
as market share, or any other parameter.
● A similar exercise will also be taken up by the General Insurance Council to identify the Gram
Panchayats for extending the health cover, Motor Third Party (MTP) insurance and the dwelling
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Important Monthly Current Affairs Capsule – May 2024
shops.
● The new norms will be applicable from the current financial year.
● The new norms will also augur well for the recently-announced objective of achieving ‘Insurance
for All by 2047’ of IRDAI.
About IRDAI :
● Established : 1999
● Headquarters : Hyderabad, Telangana
● Chairperson : Debasish Panda
● The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.
Public Sector Banks' Aggregate Profit Surges by 35%, Exceeds Rs 1.4 Trillion in FY24
● Public sector banks' cumulative profit crossed Rs 1.4 trillion in the financial year ended March
2024, recording a growth of 35% over the previous year on a high base of Rs 1 trillion.
● The 12 Public Sector Banks (PSBs) together earned a net profit of Rs 1,04,649 crore in 2022-23.
● Out of the total profit of Rs 141,203 crore earned during the FY24, market leader State Bank of
India (SBI) alone contributed over 40% of the total earnings.
● SBI earned a profit of Rs 61,077 crore 22% higher than the previous financial year (Rs 50,232
crore).
● In percentage terms Delhi-based Punjab National Bank had the highest net profit growth with
228% to Rs 8,245 crore, followed by Union Bank of India with a 62% rise to Rs 13,649 crore and
Central Bank of India with a 61% increase to Rs 2,549 crore.
● Among the banks which recorded over 50% jump in net profit included Bank of India with a 57%
growth to Rs 6,318 crore while Bank of Maharashtra with a 56% rise to Rs 4,055 crore and
Chennai-based India Bank recorded a 53% improvement to Rs 8,063 crore.
● During the year, the only public sector bank out of 12 that reported a drop in profit was Punjab &
Sind Bank.
● Punjab & Sind Bank, headquartered in Delhi, reported a 55% decline in annual net profit,
dropping from Rs 1,313 crore in 2022-23 to Rs 595 crore in the fiscal year ending March 2024.
● The government has implemented a comprehensive 4R strategy: Recognising NPAs
transparently, Resolution and recovery, Recapitalising PSBs, and Reforms in the financial
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Important Monthly Current Affairs Capsule – May 2024
ecosystem.
State Bank of India Raises Short-Term Retail Fixed Deposit Rates by 25-75 Basis Points
● State Bank of India (SBI) has raised interest rates on retail domestic term deposits (below ₹2
crore) by 25-75 basis points for deposits of less than 1-year tenor.
● SBI has also increased interest rates on domestic bulk term deposits (₹2 crore and above) by 10-
50 basis points on five out of eight maturity buckets.
● The new interest rates are effective from May 15, 2024.
● Retail Term Deposit Rates: SBI has increased interest rates on retail domestic term deposits
across various maturity buckets. For example:
➢ Deposits of 46 days to 179 days: Increased from 4.75% to 5.50% (75 bps hike)
➢ Deposits of 180 days to 210 days: Increased from 5.75% to 6.00% (25 bps hike)
➢ Deposits of 211 days to less than 1 year: Increased from 6.00% to 6.25% (25 bps hike)
● The bank’s highest interest rate is 7% on deposits of 2 years to less than 3 years.
● Bulk Deposit Rate Changes: The bank has also raised interest rates on domestic bulk term
deposits for various durations. For example:
➢ Deposits of 7 days to 45 days: Increased from 5.00% to 5.25% (25 bps hike)
➢ Deposits of 46 days to 179 days: Increased from 5.75% to 6.25% (50 bps hike)
➢ Deposits of 180 days to 210 days: Increased from 6.50% to 6.60% (10 bps hike)
PhonePe Teams Up with LankaPay to Encourage Unified Payments Interface Payments in Sri Lanka
● PhonePe, a leading fintech company based in Bengaluru, has partnered with Sri Lanka-based
LankaPay to enable Unified Payments Interface (UPI) transactions for PhonePe users in Sri
Lanka.
● PhonePe users travelling to Sri Lanka can now make payments using UPI's rails across
LankaPay's merchants throughout the country.
● Transactions will be conducted in Indian Rupees (INR), with currency exchange rates applied to
such transactions.
● Apart from the National Payments Corporation of India’s (NPCI) UPI, these transactions will be
facilitated by the LankaPay National Payment Network.
● LankaPay is owned by the Central Bank of Sri Lanka.
● The launch event of the payments service in Sri Lanka's capital saw the participation of notable
figures such as Santosh Jha, the High Commissioner of India to Sri Lanka, and Dr. Nandalal
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Important Monthly Current Affairs Capsule – May 2024
Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL).
● In 2023, PhonePe announced its plans to offer UPI services in markets beyond India, including
the United Arab Emirates, Singapore, Mauritius, Nepal, and Bhutan, with NPCI acting as an
enabler in these markets to promote UPI services.
● CEO of LankaPay : Channa de Silva
About PhonePe :
● Founded : 2015
● Headquarters : Bangalore, Karnataka, India
● CEO : Sameer Nigam
About Sri Lanka :
● Capitals: Colombo, Sri Jayawardenepura Kotte
● Currency: Sri Lankan Rupee
● Prime minister: Dinesh Gunawardena
Reserve Bank of India's Investment in IIFC's UK Arm Decreases by 20% in FY24
● According to the latest Half Yearly Report on Management of Foreign Exchange Reserve, the
Reserve Bank of India’s (RBI) investment in the state-owned India Infrastructure Finance
Company (IIFC) UK subsidiary decreased by a 5th from the previous year, reaching $932 million
in FY '2023-24.
● The central bank is required to invest a portion of its foreign exchange reserves, specifically $5
billion, in the company.
● This mandate came from demands by the government to support infrastructure funding.
● The subsidiary company is tasked with borrowing funds from the RBI and lending them to Indian
companies involved in infrastructure projects within India or co-financing their External
Commercial Borrowings for such projects, specifically for capital expenditure outside India.
EaseMyTrip Partners with the Small Industries Development Bank of India and the Uttarakhand
Tourism Development Board
● EaseMyTrip.com partners with the Small Industries Development Bank of India (SIDBI) and the
Uttarakhand Tourism Development Board (UTDB) to introduce a Homestay Entrepreneurship
Training Programme.
● The program aims to empower homestay owners along the Chardham Yatra route by enhancing
their hospitality skills and promoting eco-friendly practices.
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Important Monthly Current Affairs Capsule – May 2024
● Launched in April and continuing through May, the training program targets 150 homestay
owners. It integrates classroom learning with practical sessions.
● Training sessions have been conducted in Joshimath (Badrinath), Guptkashi (Kedarnath), and
Ukhimath (Kedarnath), with pending sessions scheduled in Gangotri (Uttarkashi) and Yamunotri
(Uttarkashi).
● As of now, certificates have been awarded to 31 homestay owners in Joshimath, 25 in
Guptkashi, and 39 in Ukhimath.
About EaseMyTrip :
● Founded : 2008
● Headquarters : New Delhi, Delhi, India
● Co-founder and CEO : Nishant Pitti
About Small Industries Development Bank of India :
● Established : 2 April 1990
● Headquarters : Lucknow, Uttar Pradesh, India
● Chairman & MD : Sivasubramanian Ramann
● The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and
medium enterprise finance companies in India.
● It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
Asian Development Bank Grants $148 Million Loan to Enhance Power Supply in Sikkim
● Asian Development Bank (ADB) has approved a USD 148.5 million loan to help modernise and
enhance the reliability, quality and resilience of electricity supply in Sikkim.
● This project fully supports Sikkim’s Power for All initiative, ensuring round-the-clock uninterrupted
access to quality electricity for households, industries, businesses, and the public.
● The project will modernise Sikkim’s power distribution system by upgrading it with approximately
770 kilometres of climate-resilient medium-voltage underground and/or covered conductors.
● Additionally, it will replace 580 kilometres of ageing and low-capacity bare conductors with new
ones to increase distribution network capacity.
● It will upgrade 26 existing power substations, including the installation of a supervisory control
and data acquisition system, install 15,000 units of public street lighting in remote areas, and
conduct electricity conservation and safety awareness programmes in 28 villages.
About ADB :
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Important Monthly Current Affairs Capsule – May 2024
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Tata AIG General Insurance Collaborates with Aurm for Vault Services
● Aurm, an asset protection firm, has announced a strategic partnership with Tata AIG General
Insurance, to provide comprehensive insurance coverage to its customers for their valuables.
● Under this partnership, Aurm’s vaults will be fully insured for up to INR 25 lakh, courtesy of TATA
AIG, India’s general insurance provider.
● Aurm partners with banks and real estate companies to offer state-of-the-art safe deposit storage
facilities that are fully automated and available 24 hours a day, 365 days a year.
About Tata AIG General Insurance :
● Headquarters: Mumbai, Maharashtra, India
● CEO: Neelesh Garg.
● It is a joint venture company between TATA Group and American International Group (AIG).
TATA AIG Launches India’s First Satellite-based In-Orbit Third-Party Liability Insurance
● General insurance provider Tata AIG launched the ‘Satellite In-Orbit Third-Party Liability
Insurance’ policy to provide critical financial support to satellite manufacturers and operators in
the Indian space industry.
● The new insurance product, claimed to be India’s first, is designed to provide critical financial
protection for satellite manufacturers and operators.
● It is designed to offer comprehensive coverage for third-party bodily injury and property damage
in the event of an incident involving an orbiting satellite.
● With the privatisation of space launches, India aims to quintuple its share in the global launch
market, which is expected to reach $47.3bn (Rs3.95trn) by 2032.
Securities and Exchange Board of India Proposes Framework to Enable Domestic Mutual Funds to
Invest in Overseas Funds
● Market regulator Securities and Exchange Board of India (SEBI) proposed to allow investment by
domestic mutual funds in overseas funds that have limited exposure to Indian securities.
● Current Scenario : At present SEBI registered mutual funds are allowed to invest in overseas
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Important Monthly Current Affairs Capsule – May 2024
securities, including American Depository Receipts (ADRs) / Global Depository Receipts (GDRs)
issued by Indian or foreign companies, equity of overseas companies listed on recognized stock
exchanges overseas.
● Proposed Guidelines:The Indian Mutual Fund schemes may invest in such overseas MF/Unit
Trust (UTs) that have exposure to Indian securities, provided that the total exposure to Indian
securities by such overseas MF/UTs shall not be more than 20% of their net assets.
● In case of a breach of the investment limit, the scheme will enter into an observance period of 6
months to correct the portfolio and no fresh investment or subscription will be allowed during this
period.
● Market Indices Exposure: As of April 30, 2024, the MSCI Emerging Markets Index (MEMI) has an
18.08% weightage to Indian securities.
● JP Morgan's 'Emerging Markets Opportunities Fund' holds approximately 15% of Indian
investments, according to its latest factsheet as of March 31, 2024.
● Current Restrictions:SEBI has imposed a ban on all overseas investments by mutual fund
schemes due to breaching the $7-billion investment limit set by RBI.
● Additionally, mutual funds have exhausted an additional $1-billion cap for exchange-traded funds
(ETFs).
Reserve Bank of India Plans Rs 1.25 Trillion 14-Day Variable Rate Reverse Repo (VRR) Auction
● The Reserve Bank of India (RBI) will conduct a 14-day Variable Rate Repo (VRR) auction for a
notified amount of Rs 1.25 trillion.
● A repo auction is conducted by the central bank to inject liquidity into the banking system.
● Currently, liquidity in the banking system is estimated to be in deficit of around Rs 1.20 lakh
crore, as per the RBI’s Money Market Operations as of May 15, 2024.
RuPay cardholders receive 25% cashback on in-store purchases in 7 countries until July 31
● National Payments Corporation of India’s (NPCI) RuPay card network has announced a limited-
time special cashback offer scheme for both RuPay credit and debit cardholders, from May 15 to
July 31, 2024.
● During the offer period, customers will receive 25% cashback on in-store point-of-sale purchases
made at merchants accepting cards on either ‘Discover’ network or ‘Diners Club International’
within Canada, Japan, Spain, Switzerland, United Arab Emirates (UAE), United Kingdom (UK)
and United States (US).
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Important Monthly Current Affairs Capsule – May 2024
● The maximum cashback amount per transaction for a card during the offer period will be ₹2,500.
About NPCI :
● Founded : 2008
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Dilip Asbe
● The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
● It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment &
Settlement Infrastructure in India.
YES BANK Introduces YES Grandeur for Premium Banking Services Catering to Elite and Emerging
Affluent Segments
● YES BANK has announced the launch of YES Grandeur, an exclusive banking programme
designed to address the unique financial and lifestyle needs of India’s fast-growing Emerging
Affluent segment.
● The Emerging Affluent segment is projected to grow by 2.3 times over the next decade,
according to BCG CCI Proprietary Income Model, indicating a significant shift in consumer
banking preferences driven by increased disposable income and refined consumer behaviours.
● The expansion of the Indian middle class, expected to nearly double to 61% by 2046-47 as per
the PRICE Report, along with rising incomes, will further shape future consumption patterns.
● YES Grandeur is aimed at catering to the evolving market dynamics where the affluent are
increasingly seeking personalised services that complement their lifestyle.
● With an eligibility threshold of Average Monthly Balance (AMB) of ₹5 Lakh or a Net Relationship
Value (NRV) of ₹20 Lakh, with additional consideration given to loan relationships, YES
Grandeur is positioned to enhance the banking experience for this discerning customer base.
About YES Bank :
● Established : 2004
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Prashant Kumar
● Tagline : Experience our expertise
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Important Monthly Current Affairs Capsule – May 2024
India 'sees' its 3rd unicorn of 2024 in logistics services platform Porter
● Homegrown logistics services platform Porter has likely become the 3rd unicorn (with valuation of
$1 billion and above) in India this year(2024) after a fresh internal round.
● The fresh round involved key individual investors who bought stock from the employee stock
ownership plan (ESOP) pool of the logistics provider, taking its valuation at $1 billion.
● Before Porter, India saw the birth of two unicorns -Ola's Krutrim AI and fintech firm Perfios - this
year(2024) amid global slowdown.
About Porter :
● Founded : 2014
● Founders : Pranav Goel, Uttam Digga and Vikas Choudhary
● The company launched an on-demand marketplace for various logistics services, including
trucks, bikes, and packers & movers.
New Point of Sale Deployment Slows to Lowest Growth Rate Since Demonetisation: RBI Data
● The convenience of Unified Payments Interface (UPI) platforms is increasingly favoured by
merchants and consumers, reducing the reliance on debit cards for cashless transactions.
● New PoS Terminal Deployment:The deployment of new point-of-sale (PoS) terminals grew at the
slowest pace in fiscal 2023-24 since demonetisation, according to RBI data.
● New PoS terminal deployment rose by 14% between March 2023 and 2024, compared to 28%
and 29% in the preceding two years.
● The highest growth rate in recent years was 82% in 2016-2017, following demonetisation when
the base was 1.38 million machines.
About UPI :
● Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single
mobile application.
● It is developed by the National Payments Corporation of India (NPCI).
● It was introduced in April 2016.
IFC Provides $500 Million Financing to HDFC Bank to Boost Microloans
● The International Finance Corporation (IFC) has extended $500 million in financing to HDFC
Bank to expand microloans for underserved women borrowers in India.
● Women, particularly microloan borrowers in semi-urban and rural areas, will benefit from
increased access to finance due to IFC's financing of up to $500 million to HDFC Bank.
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Important Monthly Current Affairs Capsule – May 2024
● HDFC Bank will utilize IFC's financing for on-lending as microloans to Self-Help Groups (SHGs)
and Joint Liability Groups (JLGs) enrolled in the Sustainable Livelihoods Initiative (SLI).
About IFC :
● The International Finance Corporation is an international financial institution that offers
investment, advisory, and asset-management services to encourage private-sector development
in less developed countries.
● The IFC is a member of the World Bank Group and is headquartered in Washington, D.C. in the
United States.
SBI General Insurance Partners with CAMS to Launch Bima Central, a Groundbreaking Policyholder
Servicing Platform
● SBI General Insurance Company Limited, one of India’s top general insurance carriers, has
partnered with Bima Central, built by CAMS Insurance Repository, to launch the industry-first
policyholder servicing platform, Bima Central.
● Functionality of Bima Central:The platform allows consumers to aggregate their insurance
portfolios via an electronic Insurance Account (eIA).
● Users can manage their insurance policies effortlessly through a single digital portal, Bima
Central.
● Unique Feature: For the first time in the market, SBI General Insurance customers with an eIA
through CAMS Rep Bima Central will have immediate access to their insurance portfolio via the
SBI General Insurance Mobile App.
About SBI General Insurance Company Limited :
● Founded : 2009 (started operations in 2010)
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Kishore Poludasu
● It is a joint venture between the State Bank of India (SBI) and the Insurance Australia Group
(IAG).
Bank of Maharashtra Leads PSU Lenders in Business Growth for FY24
● State-owned Bank of Maharashtra (BoM) recorded the highest growth rate last fiscal in terms of
total business and deposit mobilisation among public sector lenders at a time when most banks
are facing difficulty in achieving double-digit growth.
● The Pune-headquartered lender has registered a 15.94% rise in the total business (domestic) in
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Important Monthly Current Affairs Capsule – May 2024
FY24, followed by the country's largest lender State Bank of India (SBI) with 13.12% growth.
● However, SBI's total business (deposit and advances) was about 16.7 times higher at Rs
79,52,784 crore compared to Rs 4,74,411 crore of Bank of Maharashtra (BoM) in absolute terms.
● Similarly, BoM continued to maintain its top spot in terms of growth in deposit mobilisation, with a
15.66% rise in FY24.
● It was followed by SBI (11.07%), Bank of India (11.05%) and Canara Bank (10.98%).
● Out of 12 public sector banks, only these four lenders could log a double-digit growth in deposits
in the financial year 2023-24.
● In terms of low-cost CASA deposits, the Bank of Maharashtra continued to top the chart with
52.73% growth, followed by the Central Bank of India with a 50.02% rise at the end of March
2024.
● With regard to loan growth, the Kolkata-based UCO Bank was a tad higher at 16.38%, followed
by BoM at 16.30%.
● SBI also reported 16.26% growth in advances in FY24.
● Loan growth of remaining public sector banks was lower than 16% during the fiscal.
● On the asset quality side, the Bank of Maharashtra and SBI reported the lowest gross non-
performing assets with 1.88% and 2.24%, respectively, as of March 31, 2024.
● In terms of net NPAs, BoM and Indian Bank reported the lowest numbers, with 0.2% and 0.43%,
respectively.
● In terms of capital adequacy ratio, the Bank of Maharashtra was leading PSBs at 17.38%,
followed by Indian Overseas Bank at 17.28% and Punjab & Sind Bank at 17.16 at the end of
FY24.
About BoM :
● Established : 16 September 1935
● Headquarters : Pune, Maharashtra
● MD & CEO : Nidhu Saxena
● Tagline : One Family One Bank
Indian Banking Sector Surpasses IT with Net Profit Exceeding ₹3 Lakh Crore in FY24, Up 39% YoY
● India's banking sector achieved a milestone as its net profit surpassed Rs 3 lakh crore for the first
time in FY24.
● The combined net profit of listed public and private sector banks surged by 39%, reaching Rs 3.1
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Important Monthly Current Affairs Capsule – May 2024
lakh crore compared to Rs 2.2 lakh crore in FY23.
● The Rs 3 lakh crore figure is roughly equivalent to the cumulative quarterly profits of all listed
companies during the initial three quarters of the fiscal year.
● Performance of Public Sector Banks (PSBs):Public sector banks achieved a record net profit of
Rs 1.4 lakh crore, marking a 34% rise from the previous year.
● Performance of Private Sector Banks:Private sector banks saw their net profit increase by 42% to
nearly Rs 1.7 lakh crore, up from Rs 1.2 lakh crore a year ago.
● Individual Bank Performance:Punjab & Sind Bank was the only public sector bank out of 12 to
report a drop in profit during the year.
● Comparison with Other Companies: Reliance Industries still holds the highest annual profit of Rs
79,020 crore on a consolidated basis.
● Among the top 10 listed companies, TCS reported a net profit of Rs 43,559 crore for FY24,
followed by Indian Oil (Rs 39,618 crore), ONGC (Rs 38,828 crore), and Infosys (Rs 27,234
crore).
Securities and Exchange Board of India Overhauls Market Cap Calculation Method for LODR
Compliance
● Market regulator Securities and Exchange Board of India (SEBI) has modified the basis for the
computation of market capitalisation of listed companies under its Listing Obligations and
Disclosure Regulations (LODR) regulations.
● As against an earlier practice of determining the applicability of provisions linked to market
capitalisation on a single day’s market cap (currently calculated on March 31), SEBI has now
introduced a concept of ‘average market capitalisation’ for a defined period.
● Determination of Ranking:The ranking will be based on the average market capitalization figures
of listed entities during the preceding six months (July 1 to December 31).
● Reason for Modification:This modification aligns with the recommendations of a SEBI-appointed
expert committee, chaired by former wholetime member S K Mohanty, aiming to facilitate ease of
doing business.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
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Important Monthly Current Affairs Capsule – May 2024
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Policybazaar Introduces Claim Assurance Program to Expedite Motor Insurance Claims
● Online insurance marketplace Policybazaar has introduced its 'Claim Assurance Program' to
accelerate the motor insurance claims process.
● The program aims to provide swift and efficient claims support across more than 1000 PIN
codes, targeting both metropolitan areas and tier 2 and 3 regions.
● The initiative is part of Policybazaar's broader strategy to enhance its claims assistance across
all insurance verticals.
About Policybazaar :
● Founded : July 2008
● Headquarters : Gurgaon, Haryana, India
● Founders : Yashish Dahiya, Alok Bansal, Avaneesh Nirjar
● Policybazaar is an Indian insurance aggregator and multinational financial technology company.
● Policybazaar is the flagship subsidiary of PB Fintech Limited., which also owns the credit product
aggregator Paisabazaar.
HDFC Bank Offloads Entire 3.20% Stake in Protean eGov Technologies for Rs 150 Crore via Open
Market Transaction
● HDFC Bank, a private sector lender, sold its entire 3.20% stake in Protean eGov Technologies
for Rs 150 crore through an open market transaction.
● This transaction involved the sale of 12,94,326 shares.
● Nippon India Mutual Fund purchased 12.78 lakh shares, equivalent to a 3.16% stake in Protean
eGov Technologies, for Rs 148 crore.
● This acquisition indicates Nippon India Mutual Fund's interest in investing in the company.
About Protean eGov Technologies :
● Incorporated : December 1995
● Protean eGov Technologies, previously known as NSDL e-Governance Infra, is involved in
developing citizen-centric and population-scale e-governance solutions.
● The company's focus on e-governance solutions indicates its involvement in technology-driven
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Important Monthly Current Affairs Capsule – May 2024
initiatives aimed at enhancing government services and citizen engagement.
About HDFC Bank Limited :
● Founded : August 1994
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sashidhar Jagdishan
● Tagline : We Understand Your World
HSBC and Standard Chartered Obtain Stakes in Clearing Corporation of India-IFSC for Real-Time
Foreign Currency Settlement System at GIFT City
● British lenders HSBC and Standard Chartered have acquired stakes in the Clearing Corporation
of India-IFSC (CCIL IFSC), the proposed entity to operate a real-time foreign currency settlement
system at GIFT City.
● Through its branch in GIFT City, HSBC executed transaction documents on May 17, 2024 for the
acquisition of a 6.125% stake in the CCIL IFSC
● HSBC holds similar minority shareholdings in the National Payments Corporation of India and the
Clearing Corporation of India through earlier investments.
● Over the last few months, HSBC, and Standard Chartered Bank - the only two banks to execute
these so far - have been carrying out trades in an offshore derivative instrument (ODI) called
TRS through the GIFT City.
● SBI too acquired a 6.125% stake, while HDFC Bank informed exchanges on May 17 that the
bank has agreed to subscribe to equity shares of face value ₹10 for a consideration aggregating
to ₹ 12.25 crore over two or more tranches.
About HSBC :
● Established : 1865
● Headquarters : London, England, United Kingdom
● Group Chairman : Mark Tucker
RBI Data Reveals 62% Decline in Net foreign direct investment to $10.5 Billion in FY24
● Net foreign direct investment (FDI) flows into India dropped by 62.17% to $10.58 billion in FY24,
the lowest since 2007, compared to $27.98 billion in the previous year.
● The decline was primarily attributed to higher repatriation of capital and Indian companies’
investments abroad.
● Repatriation and Outward FDI:Out of the $70.9 billion gross FDI flows into India in FY24, $44.4
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Important Monthly Current Affairs Capsule – May 2024
billion was repatriated through dividends, share sale, or disinvestment.
● Additionally, Indians invested $15.96 billion overseas during the same period.
● In FY23, gross FDI flows had been $71.3 billion.
● Of this, $29.3 billion had been repatriated, and India’s outward FDI had stood at $14 billion.
● Sector-wise Distribution:More than 60% of FDI equity flows were directed towards sectors such
as manufacturing, electricity, other energy sectors, computer services, financial services, retail,
and wholesale trade.
● Major Investor Countries:Over 80% of the FDI flows originated from countries such as Singapore,
Mauritius, the US, the Netherlands, Japan, and the United Arab Emirates (UAE).
● Global FDI Trends:The share of global FDI capital expenditure from G20 emerging markets
increased to 14.9% in 2023 from 8.2% in 2003.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
● Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
RBI Bulletin Warns of Potential Debt Crisis Threatening Global Economic Stability
● A potential debt crisis casts an ominous shadow over the global economic landscape, per an
article in Reserve Bank of India’s (RBI) latest monthly bulletin.
● The International Monetary Fund’s (IMF) Global Debt Monitor reported that total global debt (both
private and public) has risen to $235 trillion, equivalent to 238% of global GDP.
● The article “State of the Economy” by RBI officials highlights concerns about fiscal prudence
possibly being neglected in 2024, as over half the world’s population will be participating in
elections.
RBI Bulletin: Sustainable Alignment with 4% Inflation Target Likely to Resume Only in H2 FY25
● According to an article in RBI’s latest monthly bulletin, A durable alignment with the 4% headline
inflation target is expected to recommence only in the second half of FY25 and sustain until the
numbers are closer to the target throughout 2025-26.
● Current Inflation Trends: The article "State of the Economy" by RBI officials noted a modest
easing of headline inflation to 4.8% in April 2024, down from 4.9% in March 2024, indicating an
uneven alignment with the target.
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Important Monthly Current Affairs Capsule – May 2024
● Inflation Drivers: The prices of vegetables, cereals, pulses, meat, and fish are likely to keep
headline inflation elevated and closer to 5% in the near term.
● Economic Outlook: According to the OECD's latest economic outlook, India is projected to remain
the fastest growing major economy with a GDP growth of 6.6% in FY25.
● Economic Activity Index (EAI): The EAI indicated a rebound in economic activity in April 2024.
● Early estimates suggest that GDP growth for Q1 (April-June) 2024-25 is likely to be close to
7.5%.
Maldives Plans Launch of RuPay to Enhance Bilateral Ties with India
● Maldives intends to launch India's RuPay service, reflecting the strengthening of ties between the
two nations.
● The specific launch date for the RuPay service has not yet been disclosed.
● The upcoming launch of RuPay in Maldives is expected to enhance the value of the Maldivian
currency, the rufiyaa (MVR).
● The move is likely to help Male save almost 50% of the annual $1.5 million import bill from the
two countries.
● In July 2023, the Government of India declared that Maldives was among the 22 countries that
were permitted by the Reserve Bank of India to open Special Rupee Vostro Accounts (SRVAs)
as part of efforts to promote bilateral trade in local currencies.
About RuPay :
● RuPay, developed by the National Payments Corporation of India (NPCI), is India's first domestic
card payment network.
● It is widely accepted at ATMs, point-of-sale (POS) devices, and e-commerce platforms across
India.
About Maldives :
● President : Mohamed Muizzu
● Capital : Malé
● Currency : Maldivian rufiyaa
SEBI Establishes Guidelines to Manage Pricing Impact Following Company Rumor Verifications
● The Securities and Exchange Board of India (SEBI) has issued guidelines for calculating the
"unaffected price" after a listed entity verifies market rumours.
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Important Monthly Current Affairs Capsule – May 2024
● Listed entities are required to verify market rumours upon observing material price movement in
their equity shares.
● Definition of Unaffected Price:The unaffected price is determined by excluding the effect on the
equity share price caused by the material price movement and the confirmation of the rumour.
● Applicability of Framework:The framework for considering the unaffected price will apply to the
top 100 listed entities starting June 1 and to the top 250 listed entities starting December 1.
● Timing of Rumour Confirmation:The unaffected price will only apply if the listed entity confirms
the rumour related to the transaction within 24 hours of the material price movement trigger.
● Validity Period of Unaffected Price:The unaffected price will be applicable for a period of either 60
days or 180 days, depending on the stage of the transaction.
Reserve Bank of India Board Approves Record Rs 2.11 Lakh Crore Surplus Transfer to Government for
FY24
● The Central Board of the Reserve Bank of India (RBI) approved the highest-ever surplus
transfer/dividend of Rs 2.11 lakh crore to the Central government for the accounting year 2023-
24.
● The decision on the surplus transfer was made during the 608th meeting of the Central Board of
Directors of the Reserve Bank of India, held in Mumbai, Maharashtra.
● Economic Capital Framework (ECF):The transferable surplus for the year 2023-24 was
determined based on the Economic Capital Framework (ECF).
● ECF provides a methodology for determining the appropriate level of risk provisions and profit
distribution as per Section 47 of the RBI Act 1934.
● Expert Committee and Recommendations:The ECF was adopted by the Reserve Bank on
August 26, 2019, based on the recommendations of the Expert Committee chaired by Dr. Bimal
Jalan.
● Contingent Risk Buffer (CRB):The Committee recommended maintaining the CRB within a range
of 6.5% to 5.5% of the RBI’s balance sheet to cover monetary, financial stability, credit, and
operational risks.
● Purpose of Contingent Risk Buffer (CRB):The CRB serves as the country’s savings for a financial
stability crisis, consciously maintained with the RBI due to its role as the Lender of Last Resort
(LoLR).
● It is a component of the RBI’s economic capital required to cover monetary and financial stability,
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Important Monthly Current Affairs Capsule – May 2024
credit, and operational risks.
SEBI Relaxes Minimum Promoter Contribution Rules to Facilitate IPO Process
● The Securities and Exchange Board of India (SEBI) has permitted non-promoter shareholders to
contribute towards the shortfall in minimum promoters’ contribution in an initial public offering
(IPO) without being classified as promoters.
● Previous Minimum Promoter Contribution Norms:Previously, SEBI's norms required at least 20%
of promoters' shares to be locked in for a certain period post-listing after an IPO.
● Eligibility for Contribution:Non-promoter shareholders, excluding individuals holding more than
5% of the post-offer equity share capital, can now contribute towards the shortfall.
RBI Increases Gold Reserves by 24 Tonnes in First Four Months of 2024 as Hedge Against Geopolitical
Volatility
● The Reserve Bank of India (RBI) added 24 tonnes of gold to its stock of reserves in 4 months
from January to April, 2024 as a hedge against volatility amid geopolitical tensions.
● This addition is nearly 1.5 times the volume added throughout the entire year of 2023, which was
16 tonnes.
● Total Gold Reserves:As of April 26, 2024, the RBI held 827.69 tonnes worth of gold as part of its
foreign exchange reserves.
● This represents an increase from 803.6 tonnes held as of the end of December.
● Gold's Share in Foreign Exchange Reserves:The share of gold in the total foreign exchange
reserves rose from 7.75% as of the end of December 2023 to approximately 8.7% as of the end
of April 2024.
Reserve Bank of India Injects Rs 7.75 Trillion Liquidity Through 9 VRR Auctions in May, 2024
● The Reserve Bank of India (RBI) conducted a variable rate repo (VRR) auction of Rs 1.25 trillion,
bringing the total liquidity infused through 9 VRR auctions in May, 2024 to Rs 7.75 trillion.
● Banks placed bids worth Rs 11.4 trillion, which is nearly 47% higher than the RBI's notified
amount.
● Auction Details: During the latest VRR auction, the RBI received bids worth Rs 1.39 trillion
against the notified amount of Rs 1.25 trillion.
● Banks borrowed the amount at a weighted average rate of 6.56%.
● Purpose of Repo Auctions: A repo auction is conducted by the central bank to inject liquidity into
the system, allowing banks to obtain liquidity overnight through RBI’s marginal standing facility
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Important Monthly Current Affairs Capsule – May 2024
when interbank liquidity is insufficient.
What is a Liquidity Adjustment Facility?
● A liquidity adjustment facility (LAF) is a tool used in monetary policy, mainly by the Reserve Bank
of India (RBI), which enables banks to borrow money through repurchase agreements (reposals)
or banks to lend to the RBI using reverse repo contracts.
● It was introduced as a part of the outcome of the Narasimham Committee on Banking Sector
Reforms of 1998.
Unclaimed bank deposits more than doubled during pandemic to over Rs 39,000 crore
● According to the data released by the Reserve Bank of India (RBI), As of December 2022,
unclaimed balances across various accounts, including current, savings, and fixed deposits
(FDs), reached Rs 39,900 crore, marking a substantial increase from Rs 18,379 crore recorded
in December 2019.
● By March 2023, unclaimed monies held solely by these banks amounted to Rs 42,270 crore,
despite concerted efforts through technological initiatives and public awareness campaigns.
What are Unclaimed Deposits?
● Balances in savings / current accounts which are not operated for 10 years, or term deposits not
claimed within 10 years from date of maturity are classified as “Unclaimed Deposits”.
● These amounts are transferred by banks to the “Depositor Education and Awareness” (DEA)
Fund maintained by the Reserve Bank of India.
● The depositors are, however, still entitled to claim the deposits at a later date from the bank(s)
where such deposits were held along with interest, as applicable.
● However, despite public awareness campaigns undertaken by banks as well as RBI from time to
time, the amount of Unclaimed Deposit is showing an increasing trend.
● Public sector banks hold the majority share of unclaimed deposits at Rs 33,303 crore,
representing 83% of the total unclaimed funds as of December 2022.
● State Bank of India (SBI) holds Rs 8,069 crore across 2.16 crore unclaimed accounts.
● Similarly, Punjab National Bank (PNB) has seen its unclaimed deposits surge almost fivefold
from 2019, reaching Rs 5,298 crore.
● Among private banks, ICICI Bank holds 31.8 lakh accounts amounting to Rs 1,074 crore in
unclaimed deposits, while HDFC Bank's unclaimed deposits have doubled since 2019, reaching
₹447 crore.
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Important Monthly Current Affairs Capsule – May 2024
● RBI has also instructed banks to undertake regular reviews of large unclaimed amounts and
reach out to such customers.
Reserve Bank of India Imposes ₹3.1 Lakh Penalty on Hero FinCorp for Violating Fair Practices Code
Provisions
● The Reserve Bank of India (RBI) has levied a penalty of Rs 3.1 lakh on Hero FinCorp Limited for
non-compliance with specific provisions concerning fair practices code.
● RBI clarified that the penalty is not a judgement on the validity of transactions or agreements
made by the company with its customers.
● This penalty has been imposed in exercise of powers conferred on RBI under the provisions of
section 58B of the Reserve Bank of India Act, 1934.
National Payments Corporation of India Releases Guidelines for Merchant Acquisition on BHIM Aadhar
Pay
● The National Payments Corporation of India (NPCI) has published guidelines for acquiring banks
to validate merchant details for BHIM Aadhaar Pay.
● BHIM Aadhaar Pay Functionality:BHIM Aadhaar Pay allows merchants to receive digital
payments from customers through Aadhaar Authentication over the counter.
● Merchant Monitoring:An Acquiring Member Bank must monitor its Merchant activity (viz., on-
boarding criteria, transaction monitoring & control, training, assessment of the portfolio metrics,
etc.) periodically.
What is meant by merchant acquirer?
● A merchant acquirer, also known as an acquirer or acquiring/merchant bank, is a financial
institution authorized by major card networks such as Mastercard or Visa to process credit and
debit card transactions for merchants.
● This bank plays a crucial role in the payment processing system, handling the acceptance and
settlement of card transactions on behalf of the merchants.
About BHIM Aadhaar Pay :
● BHIM Aadhaar Pay was launched by the Government of India (GoI) on April 14, 2017, as a
merchant-based mobile application for accepting payments from customers.
● Service Availability:The BHIM Aadhaar Pay service is currently available only in India and
operates 24x7 through merchants.
● Transaction Fees:NPCI does not charge any fees to merchants or customers for transactions
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Important Monthly Current Affairs Capsule – May 2024
made on BHIM Aadhaar Pay.
● Bank Compatibility:BHIM Aadhaar Pay functions only with banks that are live on the BHIM
Aadhaar Pay service.
● Transaction Limits:For AEPS transactions and BHIM Aadhaar pay banks have put a
standardised limit of 5 cash withdrawal per month.
● There is a cap of INR 50,000 on total transactions per month for everyone.
● The maximum withdrawal limit for AEPS cash withdrawals is Rs. 10,000 per transaction.
● Uniformity and Security:While some banks may allow transactions totaling up to INR 50,000 in a
day, the limit of Rs. 10,000 per AEPS cash withdrawal ensures uniformity and security across
different banks.
"Fincare Small Finance Bank Limited" Removed from Second Schedule to RBI Act, 1934; Ceases
Banking Operations
● The Reserve Bank of India (RBI) informed that "Fincare Small Finance Bank Limited" has been
excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April
01, 2024, as the bank has ceased to carry on banking business with effect from April 01, 2024.
● The RBI approved the merger of Fincare Small Finance Bank Ltd with AU Small Finance Bank
Ltd.
● All branches of Fincare Small Finance Bank started functioning as branches of AU Small Finance
Bank Ltd. from April 1, 2024.
Definition of Scheduled Banks:
● Scheduled banks are listed in the second schedule of the RBI Act, 1934.
● These banks are required to have a minimum paid-up capital of at least Rs 5 lakhs.
Types of Scheduled Banks:
● Scheduled banks include both scheduled cooperative banks and scheduled commercial banks.
● Scheduled commercial banks encompass urban cooperative banks and state cooperative banks
among other non-similar groups.
About Fincare Small Finance Bank Limited :
● Established : 2017
● Headquarters : Bangalore, Karnataka
● MD & CEO : Rajeev Yadav
BharatPe and PhonePe Resolve Long-Standing Trademark Dispute Over 'Pe' Suffix
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Important Monthly Current Affairs Capsule – May 2024
● BharatPe Group and PhonePe Group have amicably settled all long-standing legal disputes
related to the use of the trademark with the suffix 'Pe'.
● The fintechs have been engaged in a legal dispute across multiple courts for the past 5 years.
● Further, both entities will undertake other necessary steps to comply with the obligations under
the settlement agreement in respect of all cases before the Delhi and Bombay High Courts.
Background on BharatPe:
● BharatPe, a brand name of Resilient Innovations, was established in 2018.
● It introduced India’s first UPI interoperable QR code for zero MDR payment acceptance service.
● BharatPe also operates the card acceptance terminal called BharatPe Swipe and has 1.3 crore
registered merchants across over 450 cities.
Background on PhonePe Group:
● PhonePe Group's digital payments app, PhonePe, was launched in August 2016.
● The platform boasts 53.5 crore registered users and a digital payments acceptance network of
3.9 crore merchants..
About BharatPe :
● Founded : 2018
● Headquarters : New Delhi, India
● Chairman : Rajnish Kumar
● CEO : Nalin Negi
● BharatPe is an Indian fintech company that sells digital payment and financial services to small
merchants and Grocery stores.
About Phoepe :
● Headquarters : Bengaluru, Karnataka, India.
● Founder and CEO : Sameer Nigam
Reserve Bank of India Scrutiny Raises Investor Caution in Fintech Sector
● The Reserve Bank of India (RBI) is urging fintech firms towards calibrated growth, leading
investors to adopt a cautious approach.
● In a recent meeting, the RBI instructed lending-focused fintechs to reduce their growth rates.
● Firms growing at over 30% have been advised to limit their growth to 15-20%, as per industry
sources.
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Important Monthly Current Affairs Capsule – May 2024
● Investment Trends:Investment in the fintech segment decreased to $203 million in the first four
months of 2024 from $1572 million a year ago, indicating a more selective investment approach.
● QED Investors' Involvement:QED Investors has invested approximately $150 million in Indian
fintechs, including Jupiter (digital banking platform), FPL Technologies (OneCard credit card
issuer), and OneScore (digital credit score platform).
South African Regulator Imposes Fine on SBI Branch
● The Prudential Authority of the South African Reserve Bank has imposed a financial penalty of
10 million rand (₹4.5 crore) on the State Bank of India's South Africa branch.
● Payment Details:The penalty includes an immediately payable portion of 5.50 million rand, which
has already been paid by the SBI branch in South Africa.
● The remaining 4.50 million rand is suspended for 36 months, conditional on compliance within
this period.
● Reason for Penalty:The penalty was imposed under Section 45C of South Africa's Financial
Intelligence Centre Act 38 of 2001 (FIC Act).
● In 2018, another public sector lender, Bank of Baroda, had wound up its South Africa operations
after being hauled up by authorities for transactions in accounts controlled by the Gupta Brothers.
About South African Reserve Bank (SARB) :
● Established : 30 June 1921
● Headquarters : Pretoria, South Africa
● Governor : Lesetja Kganyago
Burgan Bank Chooses TCS BaNCS for Core Banking Transformation
● Tata Consultancy Services (TCS) has signed a deal to modernize the core banking technology of
Burgan Bank, a leading commercial bank in Kuwait.
● The bank will deploy TCS BaNCS to consolidate multiple standalone legacy applications into a
contemporary universal banking solution that drives innovation and strengthens customer
relationships.
● The TCS BaNCS solution will enable the bank to manage higher transaction volumes, enhance
automation, and improve staff productivity.
● With TCS BaNCS's rich set of APIs, Burgan Bank will provide an integrated solution to its
diversified customer base across corporate, retail, and private banking segments.
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Important Monthly Current Affairs Capsule – May 2024
About Burgan Bank :
● Established : 27 December 1975
● Headquarters : Kuwait City
● CEO : Raed Al Haqhaq
● It is Kuwait's second-largest conventional bank by assets.
About TCS :
● Founded : 1968
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Natarajan Chandrasekaran
● CEO : K. Krithivasan
SEBI Expands Scope of Self-Regulatory Organisations for Social Impact Assessors
● The Securities and Exchange Board of India (SEBI) has identified self-regulatory organizations
(SROs) for social impact assessment of entities listed on the Social Stock Exchange (SSE).
● Under the SSE framework, non-profit organisations can raise funds for social causes.
● Current Certification:Individuals qualified by the National Institute of Securities Market and
registered with SRO under the Institute of Chartered Accountants in India can act as social
impact assessors.
● Newly Identified SROs:SEBI has also identified:
➢ ICMAI Social Auditors Organization (ICMAI SAO) under the Institute of Cost Accountants
of India.
➢ ICSI Institute of Social Auditors (ICSI ISA) under the Institute of Company Secretaries of
India.
What is a Social Impact Assessor?
● An individual registered with a self-regulatory organization (SRO) under the Institute of Chartered
Accountants of India or other approved agencies.
● Must have qualified a certification program conducted by the National Institute of Securities
Market (NISM).
What is the social stock exchange?
● SSE is a novel concept in India and it is a separate segment of the existing stock exchange,
which helps social enterprises to garner funds from the public through the stock exchange
mechanism.
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Important Monthly Current Affairs Capsule – May 2024
Eligible Social Enterprises:
● Entities eligible for participation in SSE include non-profit organizations (NPOs) and for-profit
social enterprises.
● Must have social intent and impact as their primary goal.
What Is a Self-Regulatory Organisation (SRO)?
● A self-regulatory organisation (SRO) is an entity such as a non-governmental organisation, which
can create and enforce stand-alone industry and professional regulations and standards
independently.
● An SRO shall be set up as a not-for-profit company registered under Section 8 of the Companies
Act, 2013.
Reserve Bank of India Fines ICICI Bank ₹1 Crore, YES Bank ₹91 Lakh for Regulatory Violations
● The Reserve Bank of India (RBI) imposed a penalty of ₹1 crore on ICICI Bank and fined Yes
Bank ₹91 lakh for non-compliance with regulatory directions.
● ICICI Bank was penalized for non-compliance with certain directions related to 'Loans and
Advances – Statutory and Other Restrictions'.
● Yes Bank faced a penalty for violating norms concerning 'Customer Service in Banks' and
'Unauthorized Operation of Internal/Office Accounts'.
● The penalties were imposed by RBI under the powers conferred by section 47A read with section
46 of the Banking Regulation Act, 1949
About ICICI Bank :
● Established : 5 January 1994
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sandeep Bakhshi
About Yes Bank :
● Established : 2004
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Prashant Kumar
● Tagline : Experience our expertise
Insurance Regulatory and Development Authority Limits Audit Firms' Engagement with Insurers to 4
Years
● The Insurance Regulatory and Development Authority of India (IRDAI) has reduced the
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Important Monthly Current Affairs Capsule – May 2024
engagement period of statutory auditors with insurance companies from 10 years to 4 years.
● Objective:The updated guidelines are designed to improve corporate governance in the
insurance sector by ensuring regular rotation and independence of audit firms.
● After completing a four-year term, audit firms must observe a mandatory three-year cooling-off
period.
● The new guidelines aim to enhance audit quality by ensuring a fresh review of financial
statements every 4 years, reducing the potential for complacency.
About IRDAI :
● Established : 1999
● Headquarters : Hyderabad, Telangana
● Chairperson : Debasish Panda
● The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.
SEBI fines IOC, GAIL, ONGC for fourth consecutive quarter over director appointment failures
● Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum
Corporation Ltd (BPCL), Oil and Natural Gas Corporation (ONGC), Oil India Ltd (OIL), GAIL
(India) Limited, and Mangalore Refinery and Petrochemicals Ltd (MRPL) have been fined for the
4th consecutive quarter for failing to meet listing requirements regarding the number of directors
on their board.
● Stock exchanges imposed a cumulative fine of Rs 34 lakh on these companies for non-
compliance in the March quarter, as per exchange filings.
● Reason for Fines:The fines were imposed because these companies did not have the requisite
number of independent directors or the mandated women director, as required by listing norms.
● Fine Amounts:Each of the companies, except ONGC, faced a fine of Rs 536,900 for the fourth
quarter.
● ONGC's fine amount was Rs 182,900.
SEBI Reduces Commodity Derivatives Delivery Period to 3 Days
● The Securities and Exchange Board of India (SEBI) has reduced the deliverable period for
commodity derivatives to 3 days from the previous 5 days.
● Objective: To improve liquidity in delivery-based commodity derivatives.
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Important Monthly Current Affairs Capsule – May 2024
● The new regulation will be effective from July 1, 2024, for contracts with staggered delivery
scheduled after this date.
● Reason for Change: The decision was based on representations from market participants and
recommendations from the Commodity Derivatives Advisory Committee.
What is the Staggered Delivery Period?
● Staggered delivery is the period before contract expiry when buyers and sellers with open
positions can indicate their intent to give or take delivery.
● All compulsory delivery commodity futures contracts must include a staggered delivery period.
● The SEBI had fixed a minimum duration for the staggered delivery (now 3 days and earlier 5
days) in 2019 after it noticed that different exchanges were following different delivery schedules.
Reserve Bank of India Launches PRAVAAH Portal, Retail Direct App, and FinTech Repository for G-
Secs
● The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, introduced 3 significant
initiatives, namely the PRAVAAH portal, the retail direct mobile app, and a fintech repository.
About PRAVAAH Portal :
● PRAVAAH (Platform for Regulatory Application, VAlidation and AutHorisation) is a secure and
centralised web-based portal for any individual or entity to seek authorisation, license or
regulatory approval on any reference made by it to the RBI.
● Currently, the portal offers access to 60 application forms across various regulatory and
supervisory departments of the RBI.
About Retail Direct Mobile App :
● The Retail Direct Mobile App will provide retail investors seamless and convenient access to the
retail direct platform and provide ease of transacting in government securities (G-Secs).
● The app will enable investors to buy and sell instruments/government securities (Government
Dated Securities, State Development Loans, Treasury Bills and Sovereign Gold Bonds,) on the
go, at their convenience.
About RBI Retail Direct Scheme :
● Launched in November 2021, the RBI Retail Direct Scheme allows individual investors to
maintain gilt accounts with the RBI and invest in government securities.
● Investors can participate in primary auctions and buy/sell securities through the NDS-OM
platform, ensuring direct access to the government securities market.
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Important Monthly Current Affairs Capsule – May 2024
● Convenience and Safety:The scheme aims to provide a safe, simple, and secure platform for
investors to manage their investments conveniently.
● Payments for investments can be made conveniently using a savings bank account through
internet banking or Unified Payments Interface (UPI).
● Non-resident retail investors are also eligible to invest in government securities under the Foreign
Exchange Management Act, 1999.
● The scheme allows investors to start with a minimum investment of Rs. 10,000, with the flexibility
to invest up to Rs. 2 crores per security.
● The scheme covers a broad range of tenures, from 1 year to 40 years, offering investors flexibility
in aligning their investments with their financial objectives.
Launch of FinTech and EmTech Repositories :
● RBI Governor Shaktikanta Das inaugurated a fintech repository aimed at capturing essential
information about FinTech entities, their activities, and technology uses.
● Simultaneously, a related repository focusing on RBI-regulated entities' adoption of emerging
technologies, called EmTech Repository, was also launched.
● Objective of the Repositories:The FinTech Repository and EmTech Repository aim to gather
crucial data about FinTech entities and regulated entities' adoption of emerging technologies.
● These repositories are secure web-based applications managed by the Reserve Bank Innovation
Hub (RBIH), a wholly-owned subsidiary of the RBI.
Capital Market Regulator Securities and Exchange Board of India Establishes Guidelines on
Subordinate Units within Infrastructure Investment Trusts
● The Securities and Exchange Board of India (SEBI) has introduced amendments to the
Infrastructure Investment Trust (InvIT) regulations to permit the issuance of subordinate units by
privately placed InvITs.
● These subordinate units can only be issued to the sponsors, their associates, and the group
upon acquiring an infrastructure project.
● However, the issuance cannot exceed 10% of the acquisition price of the infrastructure project.
● SEBI has designed a framework incorporating risk mitigation measures for subordinate units
within InvITs.
● The total number of outstanding subordinate units within an InvIT cannot surpass a cap of 10%.
● According to SEBI, the minimum time period between the issuance of subordinate units and the
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Important Monthly Current Affairs Capsule – May 2024
entitlement date for reclassification of the subordinate units to ordinary units would be 3 years.
What is Infrastructure Investment Trusts (InvIT)?
● An Infrastructure Investment Trust (InvITs) is a Collective Investment Scheme similar to a mutual
fund, which enables direct investment of money from individual and institutional investors in
infrastructure projects to earn a small portion of the income as a return.
● The InvIT is designed as a tiered structure with Sponsor setting up the InvIT which in turn invests
into the eligible infrastructure projects either directly or via special purpose vehicles (SPVs).
● The InvITs are regulated by the SEBI (Infrastructure Investment Trusts) Regulations, 2014.
Reserve Bank of India Mandates Full-Fledged Money Changers to Maintain Foreign Currency Note
Value at a Minimum 75% of Purchased Value on a Quarterly Basis
● The Reserve Bank of India (RBI) has instructed full-fledged money changers to ensure that the
value of foreign currency notes sold to the public is not less than 75% of the value of such notes
bought from other money changers on a quarterly basis.
● These directions by the RBI are effective from July 1, 2024.
● Purpose of RBI's Directive:To ensure that foreign currency balances held by full-fledged money
changers remain at reasonable levels and to prevent the accumulation of idle balances.
● The RBI's directions have been issued under Section 10(4) and Section 11(1) of the Foreign
Exchange Management Act, 1999 (42 of 1999).
Poonawalla Fincorp Introduces Co-Branded 'IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum
Credit Card'
● Poonawalla Fincorp Limited, in collaboration with IndusInd Bank, has launched the co-branded
'IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card', a card designed to
redefine and elevate the banking experience of customers.
● With this co-branded credit card launch, Poonawalla Fincorp marks a significant milestone in
their ongoing commitment to providing tailored financial solutions to meet the evolving needs of
their customers.
About Poonawalla Fincorp Limited :
● Founded : 1988
● Headquarters : Pune, Maharashtra, India
● Chairman : Adar Poonawalla
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Important Monthly Current Affairs Capsule – May 2024
● Managing Director : Abhay Bhutada
● Nature of Business:Cyrus Poonawalla Group promoted Non-deposit taking systemically
important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of
India (RBI).
● Listing: Listed on both the BSE Limited (BSE) and the National Stock Exchange of India Limited
(NSE).
● Identity: The letter "P" represents Passion, Principles, Purpose, People, and Possibilities
About IndusInd Bank Limited
● Founded: April 1994
● Headquarters: Mumbai, Maharashtra
● CEO: Sumant Kathpalia
● Tagline: "We care Dil se; we make you feel Richer"
Reserve Bank of India Imposes Business Restrictions on Edelweiss Asset Reconstruction Company
and ECL Finance
● The Reserve Bank of India (RBI) imposed business restrictions on Edelweiss Asset
Reconstruction Company (EARCL) and ECL Finance due to material concerns observed during
supervisory examinations.
● EARCL is barred from acquiring financial assets, and ECL Finance is prohibited from undertaking
structured transactions for its wholesale exposures.
● The action is based on material concerns observed during supervisory examinations, primarily
arising from the group entities’ conduct.
● The structures against the Edelweiss Group companies follow similar measures taken by the RBI
against JM Financial Products and IIFL Finance.
● The RBI also observed that security receipts (SRs) in the case of both ECL and EARCL had
been incorrectly valued.
● The RBI also encountered incorrect reporting to the Central Repository for Information on Large
Credits (CRILC) system.
● Besides, the entities had not adhered to the Know Your Customer (KYC) guidelines by ECL, the
RBI observed.
● In April 2024, Kotak Mahindra Bank was barred from taking on new customers through its online
and mobile banking channels and issuing fresh credit cards due to deficiencies in its IT systems.
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Important Monthly Current Affairs Capsule – May 2024
● Restrictions were also imposed on Bank of Baroda and Paytm Payments Bank.
What is a Security Receipt?
● Security receipts are instruments issued by asset reconstruction companies (ARCs) as
consideration for their purchase of distressed assets from banks/Non-Banking Financial
Companies (NBFCs).
About Edelweiss Asset Reconstruction Company (EARC) :
● EARC is sponsored by Edelweiss, a leading diversified financial services conglomerate in India,
and CDPQ Private Equity Asia Pte Limited (CDPQ).
● EARC specializes in acquiring Non-Performing Assets (NPAs) from banks and financial
institutions.
● The company resolves NPAs through strategies outlined in the Securitization and Reconstruction
of Financial Assets and Enforcement of Security Interests Act, 2002 (SARFAESI).
● EARC operates two distinct business divisions: Wholesale Assets and Retail Assets.
HDFC Bank to Discontinue SMS Alerts for Unified Payments Interface Transactions Below ₹100
● HDFC Bank has informed the customers it will stop sending SMS alerts for any UPI (Unified
Payments Interface) payment spent below Rs 100 or receipt of money less than Rs 500.
● As per the bank, this step will be effective from June 25, 2024.
● From this date, SMS notifications will be pushed only for transactions above Rs 100 (for money
sent/paid) and above Rs 500 (for money received).
● Reason for Change: The decision is due to the high cost of sending bulk messages, which costs
banks a few crores of rupees daily due to the large volume of UPI transactions, averaging around
₹40 crore per day.
What is UPI?
● UPI, or Unified Payments Interface, has become the backbone of digital transactions in India.
● The UPI was introduced in India on April 11, 2016, by Dr Raghuram G Rajan, Governor, RBI at
Mumbai, Maharashtra and developed by the National Payments Corporation of India (NPCI).
● It allows you to instantly transfer money between any two parties’ bank accounts.
● UPI transactions require the authorisation of a Personal Identification Number (PIN), a 4-6 digit
pass code set by the customers as a security measure to ensure safe and approved
transactions.
● For normal UPI the transaction limit is up to Rs 1 Lakh per transaction.
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Important Monthly Current Affairs Capsule – May 2024
● 3 prominent UPI applications are the Walmart-owned PhonePe, Google Pay and Paytm.
● Besides India, the popular digital payment method has spread to seven countries.
● These include Bhutan, France (for e-commerce), Mauritius, Nepal, Singapore, Sri Lanka, and
UAE.
● The share of UPI in digital payments in India has reached close to 80% in 2023.
● India accounts for nearly 46% of the world's digital transactions (as per 2022 data).
About HDFC Bank :
● Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sashidhar Jagdishan
● Tagline : We Understand Your World
Reserve Bank of India Fines HSBC Rs 36.38 Lakh for Foreign Exchange Management Act Regulation
Violations
● The Reserve Bank of India (RBI) imposed a fine of Rs 36.38 lakh on foreign lender HSBC for
Foreign Exchange Management Act (FEMA) violations.
● The violations pertain to the reporting requirements under the Liberalised Remittance Scheme of
FEMA, 1999, which HSBC did not follow.
What is the Foreign Exchange Management Act (FEMA)?
● The Foreign Exchange Management Act, 1999 (FEMA), is an Act of the Parliament of India "to
consolidate and amend the law relating to foreign exchange with the objective of facilitating
external trade and payments and for promoting the orderly development and maintenance of
foreign exchange market in India"
● This new Act is in consonance with the frameworks of the World Trade Organisation (WTO).
● It also paved the way for the Prevention of Money Laundering Act, 2002 which came into effect
on July 1, 2005.
About HSBC :
● Headquarters : London, England, UK
● Group Chairman : Mark Tucker
● Group Chief Executive : Noel Quinn
Asian Development Bank Pledges $2.6 Billion in Sovereign Loans to India
● The Asian Development Bank (ADB) committed $2.6 billion in sovereign lending to India in 2023
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Important Monthly Current Affairs Capsule – May 2024
for projects that aim to strengthen urban development, support industrial corridor development,
promote power sector reforms, build India’s climate resilience, support horticulture, and enhance
connectivity.
● The loans aim to foster India's structural transformation, job creation, infrastructure
enhancement, green growth, and socioeconomic inclusiveness, and integrate smart technologies
and innovations.
● ADB also extended $23.53 million in technical assistance and $4.1 million in grants under the
sovereign portfolio.
What is Sovereign Debt?
● Sovereign debt is the government debt of a country, a sovereign nation.
● It is also referred to as government debt, national debt, public debt, or country debt.
● The sovereign debt of a country consists of all its debt liabilities to both domestic and foreign
creditors.
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Axis Bank Collaborates with Mastercard to Introduce NFC Soundbox
● Axis Bank, in partnership with Mastercard, has introduced the NFC Soundbox, a new payment
solution.
● The NFC Soundbox serves as an all-in-one payment solution, enabling users to accept Bharat
QR, UPI, Tap & Pay, and Tap + Pin payments.
● Axis Bank claims to be the first bank in India to offer a Soundbox capable of accepting Tap + Pin
payments, facilitating transactions exceeding Rs 5000 via card instruments.
About Axis Bank :
● Established : 3 December 1993
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Amitabh Chaudhry
● Tagline : Badhti Ka Naam Zindagi
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Important Monthly Current Affairs Capsule – May 2024
About Mastercard :
● Founded : 1966
● Headquarters : New York, U.S
● CEO : Michael Miebach
AWARDS AND HONOUR
Palestinian journalists covering Gaza awarded 2024 UNESCO/Guillermo Cano World Press Freedom
Prize
• Palestinian journalists covering the Gaza conflict have been named as laureates of the 2024
UNESCO/Guillermo Cano World Press Freedom Prize, following the recommendation of an
international jury of media professionals.
• The ongoing conflict in Gaza is having grave consequences for journalists.
• Since 7 October 2023, UNESCO has condemned and deplored the deaths of 26 journalists and
media workers in the line of work, based on information from its international NGO partners.
Chhattisgarh Activist Alok Shukla to Receive Goldman Prize for Leading Hasdeo Arand Movement
• Alok Shukla, convener of Chhattisgarh Bachao Andolan (CBA), will be awarded the 2024 Goldman
Environmental Prize, also known as the Green Nobel, for his efforts to protect Hasdeo Arand, one
of India's largest contiguous stretches of dense forest spanning 170,000 hectares with 23 coal
blocks.
• Alok Shukla led a successful community campaign that saved 445,000 acres of biodiversity-rich
forests from 21 planned coal mines in the central Indian state of Chhattisgarh.
The Hindu wins three awards at the 6th International Newspaper Design Competition
• The Hindu’s explainer page on Neeraj Chopra’s craft and success, “The science behind Neeraj’s
skills”, published on September 3, 2023, has won three awards at the 6th International Newspaper
Design Competition organised by newspaperdesign.in.
• The Hindu won the ‘Best of show’ award; ‘Gold’ in the ‘Best of Sports Page’ category; and an
award of excellence in the ‘Best of Double Spread’ category.
Author Ruskin Bond receives Sahitya Akademi Fellowship
• Eminent English author Ruskin Bond was awarded the prestigious Sahitya Akademi Fellowship at
Mussoorie.
• Bond was named a recipient of Akademi’s highest honour in September 2021.
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Important Monthly Current Affairs Capsule – May 2024
• However, due to his ill health, he could not be given the honour in person.
• Born on 19 May 1934 in Kasauli, Himachal Pradesh, Bond has been actively writing for more than
50 years and has written in various genres of literature, including short stories, children’s books,
novels, autobiographical works and non-fiction.
Meryl Streep to receive Honorary Palme d’Or at Cannes
• Veteran actor Meryl Streep will receive the honorary Palme d'Or at the opening ceremony of the
77th Cannes Film Festival on 14th May.
• She will also be the guest of honour at the ceremony, which will take place on the stage of the
Grand Theatre Lumiere on 14th May.
• The Hollywood icon, who won the best actress prize at Cannes in 1989, will join the kickoff of the
77th edition at the Grand Theatre Lumiere.
• Meryl is one of the most-feted actors in Hollywood history, with a record 21 Oscar nominations and
three wins.
Pulitzer 2024 winners announced
• The Pulitzer Prizes, administered by Columbia University in New York, garnered attention this
year(2024) amid student demonstrations against the war in Gaza.
• The Pulitzer board conferred awards celebrating excellence in journalism and literary works.
• Among this year(2024)'s winners are publications like The New York Times and ProPublica, along
with authors including Jayne Anne Phillips and Jonathan Eig.
Oxford Bookstore Honors Bhavi Mehta with 9th Book Cover Prize and Reveals Art Book Prize 2024
• Oxford Bookstores announced Bhavi Mehta as the winner of the 9th edition of the Oxford
Bookstore Book Cover Prize at a celebratory event hosted at the India Habitat Centre.
• Mehta won the prize for the book jacket of “The Book Beautiful” published by Hachette India and
authored by Pradeep Sebastian.
• The winner was felicitated with a trophy, certificate and 1 Lakh Indian Rupees cash prize by Dr.
Alka Pande, Museum curator, art historian, author and jury chair; Dr. Shashi Tharoor, well-known
author, politician and Member of Parliament; H.E Ms. May-Elin Stener, Ambassador of Norway to
India, Ms. Anja Riedeberger, Director Information Services South Asia Goethe-Institut / Max
Mueller Bhavan and Mr. Swagat Sengupta, CEO, Apeejay Oxford Bookstores, in the presence of
designers, publishers, artists and literary enthusiasts from the industry.
Assam's Purnima Devi Barman Receives 'Green Oscar' Whitley Gold Award 2024
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Important Monthly Current Affairs Capsule – May 2024
• Dr Purnima Devi Barman won the GBP 1,00,000 Whitley Gold Award from the Whitley Fund for
Nature (WFN), which supports grassroots conservation leaders from around the world, at a Royal
Geographical Society awards ceremony in London
• A wildlife biologist from Assam has been honoured with a leading UK wildlife charity award for her
conservation efforts of the endangered Greater Adjutant Stork and its wetland habitat.
• The Whitley Awards also celebrated six other grassroots conservationists – from Guyana, Papua
New Guinea, Bhutan, Cameroon, Nepal and Brazil – for their
locally-led solutions to the global biodiversity and climate crises.
India to host 'Bharat Parv' at 77th Cannes Film Festival
• India is set to host a 'Bharat Parv' at the 77th Cannes Film Festival for eminent dignitaries and
delegates from around the world to showcase the myriad creative opportunities in the country.
• It will be for the first time that the country will host a “Bharat Parv” at the Cannes Film Festival to
engage with film celebrities, filmmakers, directors, producers, buyers and sales agents from
across the world.
• The official poster and trailer of the 55th India International Film Festival , to be held in Goa on
November 20 to 28, will also be unveiled at the Bharat Parv.
IN-SPACe honoured with Geospatial World Forum Leadership Award
● The Indian National Space Promotion and Authorization Centre (IN-SPACe) has been honoured with
the Geospatial World Forum (GWF) Leadership Award for “Public Policy: Enabling Industry
Development.”
● The award was presented at the 2024 Geospatial World Forum in Rotterdam in a special ceremony.
● The award recognizes IN-SPACe’s contributions to the global geospatial industry through its ground-
breaking work in fostering the growth and development of India’s space sector and support to non-
government entities working in the space economy.
● Dr Pawan Goenka, Chairman, IN-SPACe.
● Since 2007, the awards have celebrated the achievements of over 200 organizations, highlighting
their dedication to advancing geospatial technologies and applications
Pawan Sindhi Honoured With Global Pride Of Sindhi Award 2024
● Pawan Sindhi received the coveted Global Pride of Sindhi Award 2024 on an occasion attended by
renowned saints, Mahatmas, and sadhus.
● The event commemorated Mr. Sindhi's outstanding achievements in society and commitment to
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Important Monthly Current Affairs Capsule – May 2024
serve humanity.
● The Global Pride of Sindhi Award 2024 is a well-deserved distinction for Pawan Sindhi,
acknowledging his remarkable efforts to positively impact society.
Dr Soumya Swaminathan to be awarded honourary doctorate by Canada’s McGill University
● Dr Soumya Swaminathan, most recently WHO’s Chief Scientist, has been named among the 10
exceptional individuals who will receive honorary degrees from Canada's prestigious McGill
University as part of the Spring 2024 Convocation ceremonies.
● In 2017, Swaminathan joined the World Health Organisation (WHO) as Deputy Director General
(Programmes), and, in March 2019, was named its first Chief Scientist, a role she filled through the
Covid-19 pandemic until late 2022.
Chandrakant Satija Honored with Global Excellence Award 2024 for Outstanding Contributions in
Education
● Chandrakant Satija, the Founder and CEO of Chandra Admission Consultants, wins the Global
Excellence Award 2024 for being the “Most Trusted Admission Consultant in Vidarbha Region”.
● Chandrakant Satija, a renowned educationist and the Founder and CEO of Chandra Admission
Consultants was honored with the Global Excellence Award 2024 at a grand event held at Sahara
Star Hotel in Mumbai on May 12th.
● The award was presented to him by the famous Bollywood actress Shilpa Shetty Kundra.
● He was adjudged as the Most Trusted Admissions Consultant in Vidarbha Region.
International Booker Prize 2024 goes to Kairos, a romance amid the fall of the Berlin Wall
● German author Jenny Erpenbeck and translator Michael Hofmann won the International Booker
Prize for fiction for “Kairos,” the story of a tangled love affair during the final years of East
Germany’s existence.
● The International Booker Prize is awarded annually for the finest single work of fiction from
around the world which has been translated into English.
● This prize began life in 2005 as the Man Booker International Prize.
● It was initially a biennial prize for a body of work and there was no stipulation that the work
should be written in a language other than English.
POWERGRID gets global recognition for Learning & Development, receives ATD Best Awards for the
third time
● Power Grid Corporation of India Limited (POWERGRID), a Maharatna Central Public Sector
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Important Monthly Current Affairs Capsule – May 2024
Enterprise under the Ministry of Power, Government of India, has been conferred the prestigious
ATD BEST Awards 2024 for its strategic approach to talent development driving business results.
● The ATD BEST Awards, established by the Association for Talent Development (ATD), USA, is one
of the most esteemed international recognitions in the field of Learning and Development (L&D).
● It honors organizations that leverage talent development as a strategic business tool and
demonstrate enterprise-wide success through effective employee development practices.
● This is the third time POWERGRID has been honoured with the ATD BEST Award, having
previously received it in 2021 and 2023.
● Power Grid Corporation of India Limited is an Indian central public sector undertaking under the
ownership of the Ministry of Power, Government of India. Sh. Ravindra Kumar Tyagi is the Chairman
and Managing Director of Power Grid Corporation of India Limited (POWERGRID)
NTPC gets global recognition for Talent Development, secures 3rd rank at ATD BEST Awards 2024
● NTPC has achieved an impressive milestone by securing the 3rd rank globally at the ATD BEST
Awards 2024, this being the highest ranking among all Indian companies.
● Notably, NTPC is the only PSU to have received this prestigious award seven times in the past eight
years.
● The ATD BEST Awards, established by the Association for Talent Development (ATD), USA, is one
of the most esteemed international recognitions in the field of Learning and Development (L&D).
About NTPC
● NTPC Limited, formerly known as National Thermal Power Corporation, is an Indian central Public
Sector Undertaking under the ownership of the Ministry of Power and the Government of India, who
is engaged in the generation of electricity and other activities.
● CEO: Gurdeep Singh
Sri Sri Ravi Shankar has been awarded the first stamp marking the 200-year anniversary of Indian
Origin Tamils in Sri Lanka.
● Renowned spiritual leader Sri Sri Ravi Shankar received the inaugural stamp commemorating the
200-year anniversary of Indian Origin Tamils (IOT) in Sri Lanka.
● This momentous event took place with the esteemed presence of Governor Senthil Thondaman of
the Eastern Province of Sri Lanka.
India’s Historic Show At Cannes- Payal Kapadia Wins Grand Prix Award For Her Film ‘All We Imagine
As Light’
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Important Monthly Current Affairs Capsule – May 2024
● India’s performance at the 77th Cannes Film Festival has been phenomenal with two filmmakers, an
actress and a cinematographer winning top awards at the world’s leading film festival.
● Palme d'Or Nomination: "All We Imagine as Light" marks the first Indian film nominated in 30 years.
● Grand Prix Win: Kapadia's film secures second place, making history for Indian cinema.
● Alumni Achievement: Payal Kapadia becomes first Indian to win Grand Prix, representing FTII.
● La Cinef Triumph: FTII student Chidananda S Naik wins top prize for "Sunflowers Were the First
Ones to Know."
● Prestigious Tribute: Santosh Sivan honored as first Asian with Pierre Angénieux Tribute award.
● Best Actress Awardee: Anasuya Sengupta makes history with "The Shameless" in 'Un Certain
Regard' category.
● Independent Filmmaker Spotlight: Maisam Ali shines with "In Retreat" screened at ACID Cannes
sidebar.
● Top Honors: Palme d'Or and Grand Prix remain the most coveted prizes at Cannes.
Indian Peacekeeper Major Radhika Sen was Honored with the Military Gender Advocate Award
● Major Radhika Sen, an Indian peacekeeper, receives the prestigious Military Gender Advocate
Award for her exceptional contributions during her deployment with the United Nations Mission in
Congo (MONUSCO).
● UN Secretary-General Antonio Guterres announces the award, lauding Major Sen as "a true role
model" for her outstanding dedication and service.
● Hailing from Himachal Pradesh, Major Radhika Sen served as the commander of the Indian battalion
in the eastern part of the Republic of Congo from March 2023 to April 2024.
● India maintains a significant presence in UN peacekeeping efforts, ranking 11th in contributions of
female military peacekeepers. Major Radhika Sen's recognition adds to India's legacy of
peacekeeping excellence.
● The Military Gender Advocate of the Year Award, presented annually to a peacekeeper nominated
by Force Commanders and Heads of Mission from all peacekeeping operations, highlights Major
Sen's remarkable leadership.
● Major Suman Gawani from India also received this esteemed award in 2019, underscoring India's
enduring commitment to global peacekeeping efforts and bringing honor to the nation.
NHPC receives 'The Economic Times HR World Future Ready Organization Award 2024-25', a
prestigious recognition.
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Important Monthly Current Affairs Capsule – May 2024
● NHPC, India’s premier hydropower company, has been honoured with the esteemed ‘The
Economic Times HR World Future Ready Organization Award 2024-25’.
● This significant accolade underscores NHPC’s steadfast dedication to nurturing a workforce
prepared for the future and its strategic approach to human resource management.
● The award recognizes NHPC’s holistic endeavours in enhancing employee skills, implementing
Environmental, Social, and Governance (ESG) measures, advocating for Diversity, Equity &
Inclusion (DE&I), and embracing continual technological advancements.
APPOINTMENTS & RESIGNATIONS
Raymond Reappoints Gautam Hari Singhania as Managing Director for Another 5 -Year Term
• Raymond's board of directors approved the reappointment of Gautam Hari Singhania as Managing
Director for another 5 years, starting July 1, 2024.
• Singhania took over the reins of Raymond Limited as chairman and managing director in
September 2000.
• Nawaz Modi-Singhania, Gautam Hari Singhania's estranged wife, was removed from the boards of
three privately held companies within the Raymond Group:
• JK Investors (Bombay) Limited (JKI).
• Raymond Consumer Care Limited (RCCL).
• Smart Advisory and Finserve.
About Raymond Limited :
• Founded : 1925
• Headquarters : Mumbai, Maharashtra, India
• Raymond Ltd is the largest integrated manufacturer of fabric in the world.
Sanjaya Kumar Mishra Appointed as Head of GST Appellate Tribunal
• The Appointment Committee of Cabinet (ACC) has approved the appointment of Sanjaya Kumar
Mishra, former Chief Justice of Jharkhand High Court, as the President of the Goods and Services
Tax Appellate Tribunal (GSTAT) for a 4-year term.
• The eligibility criteria was being a judge of the High Court, or serving a retired District Judge or
Additional District Judge with 10 years of combined experience, or Lawyer with 10 years of
experience with substantial experience in litigation in matters relating to indirect taxes.
About Sanjaya Kumar Mishra :
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Important Monthly Current Affairs Capsule – May 2024
• Mishra, 62, is from Odisha and served as a judge in the Uttarakhand High Court and hails from
Odisha.
• He has held positions like District & Sessions Judge in Sundergarh and Dhenkanal, and Special
Judge (CBI) in Bhubaneswar.
• He was also the Registrar General of the Orissa High Court.
• In February 2023, he became the 14th Chief Justice of the Jharkhand High Court.
Subodh Kumar (IAS) Appointed as Director in Ministry of Ayush
• Subodh Kumar (IAS) has been appointed as Director in the Ministry of Ayush.
• The order was issued by the Department of Personnel and Training (DoPT).
• The tenure will continue until October 8, 2024, or until further orders, whichever is earlier.
• He is a 2010-batch Indian Administrative Service (IAS) officer from the Tamil Nadu cadre.
• Prior to this appointment, he was on 'Compulsory wait' in the Ministry of Food Processing
Industries.
About Ministry of Ayush :
• Cabinet Minister : Sarbananda Sonowal
• Minister of State : Mahendra Munjapara
• Secretary : Rajesh Kotecha
RBI Approves Appointment of Sanjeev Nautiyal as Managing Director of Ujjivan Small Finance Bank
• The Reserve Bank of India (RBI) approved the appointment of Sanjeev Nautiyal as Managing
Director (MD) and Chief Executive Officer (CEO) of Ujjivan Small Finance Bank.
• His term will be for three years, effective from 1 July 2024.
• Before taking charge as MD and CEO, Sanjeev Nautiyal will join the bank as President during the
interim period.
• He will succeed Ittira Davis, the current Managing Director and CEO of Ujjivan Small Finance
Bank.
• Sanjeev Nautiyal currently is the independent director of Life Insurance Corporation (LIC) and acts
as an advisory in various organizations.
About Ujjivan Small Finance Bank Limited :
• Founded : 1 February 2017
• Headquarters : Bangalore, Karnataka, India
• Part time Chairman : Banavar Anantharamaiah Prabhakar
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Important Monthly Current Affairs Capsule – May 2024
• Tagline : Building A Better Life
• Ujjivan Financial Services holds an 80% stake in Ujjivan SFB.
• The bank is licensed under Section 22(1) of the Banking Regulation Act, 1949, to conduct small
finance bank business.
• It obtained Scheduled Bank status from the RBI in August 2017.
Ujjivan Small Finance Bank Appoints Carol Furtado as Executive Director
• Ujjivan Small Finance Bank has appointed Carol Furtado as executive director for a 3-year term,
effective from May 1, 2024.
• The Reserve Bank of India (RBI) has approved this appointment.
• Furtado has been with Ujjivan Small Finance Bank since its inception, holding significant roles
such as Chief Human Resource Officer, Head of Operations and Service Quality, and Chief
Business Officer (CBO).
• Before joining Ujjivan, Furtado worked at the ANZ group, Bank Muscat, and Centurion Bank Ltd.
About Ujjivan Small Finance Bank Limited :
• Founded : 1 February 2017
• Headquarters : Bangalore, Karnataka, India
• Ujjivan Financial Services holds an 80% stake in Ujjivan SFB.
• The bank is licensed under Section 22(1) of the Banking Regulation Act, 1949, to conduct small
finance bank business.
• It obtained Scheduled Bank status from the RBI in August 2017.
Atanu Chakraborty Reappointed as HDFC Bank Chairman for a 3-Year Term
• The Reserve Bank of India (RBI) has approved the re-appointment of Atanu Chakraborty as the
Part-Time Chairman of HDFC Bank for a period of 3 years from May 05, 2024 to May 04, 2027
(both days inclusive)
• Chakraborty served the Government of India for 35 years as a member of the Indian
Administrative Service (IAS) in the Gujarat cadre.
• He was the Secretary of the Ministry of Finance, Department of Economic Affairs (DEA) during the
financial year 2019-2020.
About HDFC Bank :
• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
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Important Monthly Current Affairs Capsule – May 2024
• MD & CEO : Sashidhar Jagdishan
Jeremiah Manele Takes Oath as New Prime Minister of Solomon Islands
• Jeremiah Manele, a former foreign minister, was elected as the new Prime Minister of Solomon
Islands by the nation's lawmakers.
• He won with 31 votes, defeating his rival Mathew Cooper Wale, who secured 18 votes.
• Manele is the first member of Parliament from Isabel Province to become Prime Minister of
Solomon Islands.
• Manele replaced Manasseh Sogavare, who served 4 terms as Prime Minister (2000-2001, 2006-
2007, 2014-2017, and 2019-2024).
About Solomon Islands :
• Capital : Honiara
• Currency : Solomon Islands dollar
Paytm Money Appoints Rakesh Singh as Chief Executive Officer, Succeeding Varun Sridhar
• Paytm Money, the wholly-owned subsidiary of One97 Communications, has appointed Rakesh
Singh as the new Chief Executive Officer (CEO) after Varun Sridhar resigned from the role.
• Sridhar served as CEO of Paytm Money since 2020 and has transitioned to a different role within
the company.
• Rakesh Singh joined Paytm Money a month before he was appointed CEO.
About Paytm Money :
• Founded : 20 September 2017
• Headquarters : Bengaluru, Karnataka
Bhushan Singh (IRTS) Appointed as Secretary of the National Jute Board
• The Central Government has approved the appointment of Bhushan Singh Indian Railway Traffic
Service (IRTS) as Secretary (at Director level) of National Jute Board, Kolkata under the Ministry of
Textiles.
• According to an order issued from the Department of Personnel and Training (DoPT), Singh has
been appointed to the post for a period of 5 years or until further orders, whichever is earlier.
About National Jute Board :
• Headquarters : Kolkata, West Bengal
• The NJB was established under the National Jute Board Act, 2008 (Act No. 12 of 2009), with its
operations commencing on April 1, 2010.
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Important Monthly Current Affairs Capsule – May 2024
• This formation led to the consolidation of the former Jute Manufactures Development Council and
the National Centre for Jute Diversification into the National Jute Board (NJB).
Sushil Sharma Assigned Additional Role as Chairman & Managing Director of SJVN Limited
• Sushil Sharma has been given the additional charge as Chairman & Managing Director (CMD) of
SJVN Limited for a period of 3 months or until further orders.
• Presently, he is serving as Director (Projects) in the organisation.
About SJVN Limited :
• Headquarters : Shimla, Himachal Pradesh, India
• SJVN, formerly known as Satluj Jal Vidyut Nigam, is an Indian public sector undertaking involved
in hydroelectric power generation and transmission.
• It was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the
Government of India (59.92%) and the Government of Himachal Pradesh (26.85%).
Bharat Biotech Co-Founder Krishna Ella Appointed as President of Indian Vaccine Manufacturers
Association
• The Indian Vaccine Manufacturers Association (IVMA) announced Dr. Krishna M Ella, Co-Founder
and Executive Chairman of Bharat Biotech, as the association’s new president for two years from
April 2024-2026.
• He takes over from Adar C. Poonawalla, CEO of Serum Institute of India (SII), who served as
IVMA president from 2019 to 2024.
• Leadership Transition:Under Dr Ella's leadership, the IVMA aims to fortify collaboration between
vaccine manufacturers, researchers, and policymakers to accelerate the development of new
vaccines and improve production processes.
About IVMA :
• IVMA is a non-government, not-for-profit, industry-led, and industry-managed organisation.
• It aims to promote and articulate the views and concerns of the vaccine industry, fostering an
environment conducive to vaccine development and immunisation in India.
• The organisation plays a key role in driving collaboration, research, and public-private partnerships
within the vaccine sector.
Air Marshal Nagesh Kapoor Named Chief of Indian Air Force's Training Command
• Air Marshal Nagesh Kapoor was appointed as the Air Officer Commanding-in-Chief (AOC-in-C)
of the Training Command (TC) for the Indian Air Force (IAF).
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Important Monthly Current Affairs Capsule – May 2024
• Kapoor was commissioned into the Fighter stream of the Indian Air Force on December 6, 1986.
• He is a Qualified Flying Instructor and a Fighter Combat Leader with over 3,400 hours of flying
experience.
• He served as Defence Attaché in Pakistan, showcasing his diplomatic skills.
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane
Kotak Mahindra Bank's Joint Managing Director Manian Resigns After 29 Years with the Bank
• KVS Manian, joint Managing Director (MD) at Kotak Mahindra Bank, has stepped down from his
position with immediate effect.
• He had joined Kotak Mahindra Bank in 1995 and had a 29-year-long career with the bank, during
which he led various divisions, including Consumer, Commercial, Wholesale, and Private
Banking businesses.
• Manian, a whole-time director at the bank, was promoted to the position of joint MD effective
March 1, 2024, after the bank appointed new MD and CEO Ashok Vaswani.
About Kotak Mahindra Bank :
• Established : 1985
• Headquarters : Mumbai, Maharashtra, India
Pro-China Leader Sogavare Withdraws from Solomon Islands' Prime Minister Race
• Solomon Islands Prime Minister Manasseh Sogavare has withdrawn from consideration for
another term as leader after his ruling party failed to win a majority in elections, in a potential blow
to China’s growing ties with the Pacific nation.
• Sogavare was replaced by Foreign Minister Jeremiah Manele as the Ownership, Unity and
Responsibility Party’s candidate for prime minister.
• Sogavare's ruling party won only 15 out of a possible 50 seats in the parliamentary elections held
in April.
About Solomon Islands :
• Capital : Honiara
• Currency : Solomon Islands dollar
Justice Dinesh Kumar Assumes Role as Presiding Officer of Securities Appellate Tribunal
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Important Monthly Current Affairs Capsule – May 2024
• Justice (retired) Dinesh Kumar has been appointed as the Presiding Officer of the Securities
Appellate Tribunal (SAT).
• He will serve a 4-year term after retiring as Chief Justice of the Karnataka High Court in February
2024.
• His appointment fills a 4-month vacancy following the retirement of the previous presiding officer,
Justice Tarun Aggarwal, in December 2023.
About SAT :
• SAT is a statutory and autonomous body created as per provisions of section 15K of the Securities
and Exchange Board of India (SEBI) Act, 1992
Jio Financial Appoints Standard Chartered's Head Kusal Roy as Unit Chief Executive Officer
• Mukesh Amabni’s new financial services company, Jio Finance Limited., is in talks to appoint Kusal
Roy, the current country manager of Standard Chartered Plc India, as the Chief Executive Officer
(CEO) of one of its units.
• KV Kamath was appointed as non-executive chairman before the firm separated from Reliance
Industries, Ambani’s flagship company.
• Additionally, Charanjit Attra was hired from State Bank of India to serve as the chief operating
officer.
About Jio Financial Services :
• Headquarters : Mumbai, Maharashtra
• Jio Financial Services is an Indian financial services company that was originally a subsidiary of
Reliance Industries (RIL).
• Its subsidiary Jio Finance holds an NBFC license from the RBI.
• Another subsidiary, Jio Payments Bank, is also a payments bank registered in India.
Reserve Bank of India Names R Lakshmi Kanth Rao as Executive Director
• The Reserve Bank of India (RBI) appointed R Lakshmi Kanth Rao as executive director (ED).
• In his role as Executive Director, Shri Rao will oversee several key departments:
• Deposit Insurance and Credit Guarantee Corporation
• Right to Information Act (RTI)
• Department of Communication
Wipro Names Vinay Firake as Chief Executive Officer for Asia Pacific, India, Middle East & Africa
Strategic Market Unit
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Important Monthly Current Affairs Capsule – May 2024
• Wipro, an IT major, has named Vinay Firake as the Chief Executive Officer (CEO) of the Asia
Pacific, India, Middle East, and Africa (APMEA) strategic market unit (SMU), effective
immediately.
• Mr. Firake will report to Srini Pallia, Wipro's CEO and Managing Director, and will also join
Wipro's executive board.
• Firake succeeds Anis Chenchah, who is stepping down from the role to explore opportunities
outside the organization.
About Wipro :
• Founded : 29 December 1945
• Headquarters : Bangalore, Karnataka
• Executive Chairman : Rishad Premji
Vice Admiral Sanjay Bhalla Assumes Role as Indian Navy's Chief of Personnel
• Vice Admiral Sanjay Bhalla, assumes charge as the Chief of Personnel of the Indian Navy.
• He was commissioned in the Indian Navy on 01 Jan 1989.
• In a career spanning 35 years, he has held a number of specialist, staff and operational
appointments, both afloat and ashore.
• He specialised in Communication and Electronic Warfare.
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane
Visa Names Sujai Raina as the New Country Manager for India
• Digital payments platform Visa has appointed Sujai Raina as the country manager for India.
• In addition to his responsibilities as Country Manager, he will continue to lead business
development for Visa in India.
• Raina joined Visa in 2020 and previously served as Vice President and Head of Business
Development, India.
About Visa Inc :
• Founded : September 18, 1958
• Headquarters : San Francisco, California, United States
• CEO : Ryan McInerney
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Important Monthly Current Affairs Capsule – May 2024
• Visa Inc is an American multinational payment card services corporation.
John Swinney Set to Succeed Humza Yousaf as Scotland's First Minister
• Scottish National Party (SNP) veteran John Swinney was elected as its new leader and is set to
replace Humza Yousaf as Scotland’s first minister after he emerged as the sole contender in the
contest to pick a new premier.
• He has served as an ally to former First Minister Nicola Sturgeon, holding the position of her
deputy for a record 9 years.
• Born in Edinburgh in April 1964, Swinney joined the SNP at a young age, rising through the party's
ranks quickly.
About SNP :
• Founded : 1934
• The SNP is a Scottish nationalist and social democratic political party.
• The SNP currently holds 43 seats in the UK parliament.
Dr. Mallika Nadda Appointed Chairperson of Special Olympics Asia Pacific Advisory Council for a 3-
Year Term
• Dr. Mallika Nadda, President of Special Olympics Bharat, has been appointed as the chairperson
of the Special Olympics Asia Pacific Advisory Council for a three-year term, effective from May 1,
2024, until March 31, 2027.
• Role in Special Olympics Asia Pacific: As the chairperson of APAC, Mallika Nadda will stand to be
a cohesive voice of the entire Special Olympics Asia Pacific region that runs across 34 countries.
• Nadda would serve as the SO Bharat representative on the APAC where Special Olympics Bharat
enjoys a permanent seat.
About Special Olympics Bharat :
• Headquarters : New Delhi, Delhi
• Founder : Denzil Keelor
• Special Olympics Bharat is a National Sports Federation also registered under the Indian Trust Act
1882 in 2001 and is accredited by Special Olympics International to conduct Special Olympics
Programs in India.
Afghan Consul General Zakia Wardak Resigns in Mumbai Following 'Gold Smuggling' Incident at Airport
• Zakia Wardak, the Consul General of Afghanistan in Mumbai, has resigned from her post.
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Important Monthly Current Affairs Capsule – May 2024
• Her move comes within 10 days after being reportedly intercepted by the Directorate of Revenue
Intelligence (DRI) at the Chhatrapati Shivaji Maharaj International Airport, Mumbai on the charge of
smuggling 25 kgs of gold from Dubai.
• Under the Customs Act, 1962, individuals caught smuggling gold worth over ₹1 crore are subject to
arrest and criminal prosecution.
• Gold worth ₹18.60 crore was recovered from Ms. Wardak.
About Afghanistan :
• Prime Minister : Hasan Akhund
• Capital : Kabul
• Currency : Afghani
Chinese President Xi Appoints Senior Diplomat Xu Feihong as New Ambassador to India
• Chinese President Xi Jinping has appointed Xu Feihong as the new Ambassador to India after a
delay of 18 months.
• Xu's appointment coincides with the ongoing Lok Sabha elections in India.
• The appointment was confirmed by the Chinese Foreign Ministry, despite not being formally
announced in Beijing.
• Xu, previously serving as Ambassador to Afghanistan and Romania, is slated to assume his
responsibilities in New Delhi shortly.
About China:
• President: Xi Jinping
• Capital: Beijing
• Currency: Renminbi
Vijay Kumar Goel (IRSME) Appointed as Director at the Ministry of Development of Northeastern
Region
• Vijay Kumar Goel, an officer from the Indian Railway Service of Mechanical Engineers (IRSME),
has been selected for the position of Director in the Ministry of Development of Northeastern
Region (MDoNER).
• The appointment was made under the Central Staffing Scheme by the Department of Personnel &
Training (DoPT).
• The tenure for this position is 5 years from the date of taking over charge or until further orders,
whichever is earlier.
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Important Monthly Current Affairs Capsule – May 2024
About MDoNER :
• Cabinet Minister : G. Kishan Reddy
• Minister of State : B. L. Verma
B Sudarshan Appointed as Executive Director (Refinery) of Mangalore Refinery and Petrochemicals
Limited
• B Sudarshan has been appointed as the Executive Director (Refinery) of Mangalore Refinery and
Petrochemicals Ltd (MRPL).
• Sudarshan hails from Mysore.
• He joined MRPL on December 3, 1993, as a Senior Engineer (Instrumentation Maintenance).
• He has previously held the esteemed position of Group General Manager (Marketing Projects) and
served as the head of MRPL’s Bengaluru office.
About MRPL :
• Founded : 7 March 1988
• Headquarters : Mangalore, India
• MRPL is a schedule ‘A’ Miniratna, Central Public Sector Enterprise (CPSE) under the Ministry of
Petroleum & Natural Gas.
First Woman IPS Officer, R. Chandranathan Nongrang, Appointed as Meghalaya's Police Chief
● Idashisha Nongrang, a 1992 batch Indian Police Service (IPS) officer, has been appointed as the
Director General of Police (DGP) of Meghalaya, making history as the first woman to hold the
position.
● Nongrang will assume office on May 20, 2024, following the retirement of the current DGP, L.R.
Bishnoi, on May 19, 2024.
● Nongrang, a member of the Khasi tribe — one of Meghalaya’s three major tribal communities is
currently serving as the Director General of Meghalaya Civil Defence and Home Guards.
● Appointment Process : The Meghalaya Security Commission, chaired by Chief Minister Conrad
K. Sangma, oversaw the appointment and selected Nongrang from a list of three candidates
approved by the Union Public Service Commission (UPSC).
● India witnessed its first female state DGP in 2004 when Kanchan Chaudhary Bhattacharya, a
1973 batch IPS officer, was appointed as the DGP of Uttarakhand marking a significant
milestone in the nation’s policing history.
About Meghalaya :
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Important Monthly Current Affairs Capsule – May 2024
● Governor : Phagu Chauhan
● Chief Minister : Conrad Sangma
● Capital : Shillong
● National Parks : Balpakram National Park, Nokrek National Park
Ippopay Appoints Former RBI Regional Director as Senior Advisor
● Chennai-based fintech firm Ippopay Technologies has appointed former Reserve Bank of India
(RBI) regional director SMN Swamy as a senior advisor.
● Swamy, who has held leadership roles across RBI offices in Chennai, Thiruvananthapuram,
Bengaluru, Hyderabad, Ahmedabad and Mumbai over a decade-long career, brings deep
regulatory and banking operations experience to Ippopay.
About Ippopay :
● Incorporated : 2020
● Founder & CEO : Mohan Karupaaiah
● The company focuses on facilitating digital payments for small merchants, with an emphasis on
driving UPI-based transactions in tier III and IV cities as well as rural areas.
Ajitkumar V Sontakke (IOFS) Named Chief Vigilance Officer of Nuclear Power Corporation of India
Limited
● The Appointments Committee of the Cabinet (ACC) has approved the appointment of Ajitkumar
Vasantrao Sontakke (IOFS) as the Chief Vigilance Officer (CVO) of Nuclear Power Corporation
of India Limited (NPCIL) .
● The appointment was made under the Department of Atomic Energy, Government of India.
● The appointment is effective for a period up to May 20, 2027, with a maximum admissible tenure
of 7 years away from the cadre at a stretch, from the date of assuming the charge of the post or
until further orders.
● He is currently serving as Deputy Secretary in the Ministry of Home Affairs.
About NPCIL :
● Founded : September 1987
● Headquarters : Mumbai, Maharashtra, India
● The NPCIL is an Indian public sector undertaking.
● It is wholly owned by the Government of India and is responsible for the generation of electricity
from nuclear power.
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Important Monthly Current Affairs Capsule – May 2024
● NPCIL is administered by the Department of Atomic Energy (DAE).
Dilip Sanghani Re-Elected as Indian Farmers Fertiliser Cooperative Chairperson for 2nd Consecutive
Term; Balvir Singh Continues as Vice Chairman
● Senior BJP leader and former cabinet minister Dilip Sanghani has secured his position as the
chairman of the Indian Farmers Fertiliser Cooperative (IFFCO) for the second consecutive term.
● Sanghani's re-election took place during a recent board meeting of IFFCO, where 21 directors
unanimously appointed him as the chairman.
● Dilip Sanghani, hailing from Amreli, has a noteworthy association spanning four decades with
various national and international farmers' organizations.
● Alongside Sanghani's re-election, Balwinder Singh, a farmer leader from Uttar Pradesh, has been
appointed as the vice-chairman of IFFCO.
About IFFCO :
● Founded : 3 November 1967
● Headquarters : New Delhi, Delhi, India.
● MD & CEO : Dr. Udai Shanker Awasthi
● IFFCO, is a multi-state cooperative society engaged in the manufacture and marketing of
fertiliser.
Melinda Gates to Resign as Co-Chair of Bill & Melinda Gates Foundation
● Melinda French Gates, one of the world’s preeminent philanthropists, announced that she would
resign as co-chair of the Bill & Melinda Gates Foundation (BMGF) which she has helped lead
since 2000.
● Since its establishment nearly 25 years ago, the BMGF has disbursed nearly $78 billion in grant
payments, reflecting its substantial influence in philanthropy and global development.
● Her last day of work at the foundation will be June 7,2024.
● As part of her separation agreement from her former husband, Bill Gates, she will receive an
additional $12.5 billion for her charitable endeavors.
About Bill & Melinda Gates Foundation :
● Established : 2000
● Headquarters : Seattle, Washington, United States
● CEO : Mark Suzman
● The BMGF is an American private foundation founded by Bill Gates and Melinda French Gates.
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Important Monthly Current Affairs Capsule – May 2024
● The foundation is one of the most powerful and influential forces in global public health, having
spent more than $50 billion over the past two decades to bring a business approach to
combating poverty and disease.
● Notably, it has played a pivotal role in initiatives to eradicate polio and malaria.
Kanimozhi Re-elected as President of The Hindu Office and National Press Employees' Union for 3rd
Term
● Lok Sabha MP Kanimozhi has been unanimously elected as the president of The Hindu Office
and National Press Employees’ Union for her 3rd consecutive term.
● 5 other office-bearers were also elected unopposed.
● M. Kamalanathan has been elected as the general secretary for the 6th consecutive time.
● Other newly elected office-bearers include R. Arun and S. Vadivel as vice-presidents, C.
Chandran as joint secretary, and N. Balaji as treasurer.
● The following 12 members were unanimously elected executive committee members: B. Rajan
Boopathy, K. Ramesh, J. Kathiresan, V. Aravind Kumar, B. Balavel, R. Girish, M. Sampath
Kumar, K. Gopaal, G. Rajendran, P. Kumaravel, P.S. Venkoba Rao and S.A. Karthikeyan.
● All members will hold their respective offices for a period of 3 years, from 2024 to 2027.
Singapore's Lawrence Wong Takes Oath as New Prime Minister After 2 Decades
● Lawrence Wong has been sworn in as Singapore's new Prime Minister, succeeding Lee Hsien
Loong after his two-decade tenure.
● Lawrence Wong took his oath of office at the Istana government office, officially assuming the
role of Prime Minister.
● The transition of power marks a significant moment in Singapore's political landscape, with
Lawrence Wong becoming only the second person outside of the Lee family to lead the nation.
● Alongside Wong, members of his cabinet were also sworn in, including his predecessor Lee
Hsien Loong, who now serves in the advisory role of senior minister.
● Wong, the 4th prime minister in Singapore's history, must lead the PAP to the next general
elections, which are not due until November 2025 but could be called as early as this year(2024).
About Singapore :
● President : Tharman Shanmugaratnam
● Prime Minister : Lawrence Wong
● Currency : Singapore dollar
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Important Monthly Current Affairs Capsule – May 2024
Corteva Agriscience Names Subroto Geed as New President for South Asia
● Corteva Agriscience, an agriculture solutions company, has appointed Subroto Geed as the
President of South Asia.
● In his role, Geed will lead the South Asia business of Corteva Agriscience, focusing on driving
growth for the company's Seed and Crop Protection businesses.
About Corteva, Inc. (also known as Corteva Agriscience) :
● Founded : 2019
● Headquarters : Indianapolis, Indiana United States
● CEO : Chuck Magro
● It is a major American agricultural chemical and seed company that was the agricultural unit of
DowDuPont prior to being spun off as an independent public company.
Apurva Sahijwani Appointed as Managing Director and Chief Executive Officer of Avendus Wealth
Management
● Avendus Wealth Management announced Apurva Sahijwani as its new Managing Director (MD)
and Chief Executive Officer (CEO).
● Sahijwani brings over 25 years of extensive experience in private banking and wealth
management to his new role.
● Prior to this, he led Burgundy Private, Axis Bank's private banking arm, in his previous position.
About Avendus Group :
● Avendus Group is a prominent financial services firm, focussed on Investment Banking,
Institutional Equities, Wealth Management, Credit Solutions, and Asset Management.
● The company is an advisor to India's Ultra High Net Worth Individuals (UHNIs) and family offices.
● Co-founder & CEO of Avendus : Gaurav Deepak
Senior advocate Kapil Sibal Elected as President of Supreme Court Bar Association
● Senior advocate Kapil Sibal was elected as a president of the Supreme Court Bar Association
(SCBA).
● This is the 4th time Kapil Sibal will serve as the SCBA president.
● His previous terms were during 1995-96, 1997-98, and 2001.
● A total of 2,330 advocates voted out of 2,850 members in the voter list. Sibal received 1,066
votes, Pradeep Rai got 689 votes, and the current president Adish Agarwala received 307 votes.
● Other candidates for the SCBA president post included Priya Hingorani, Tripurari Ray, and
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Important Monthly Current Affairs Capsule – May 2024
Neeraj Srivastava.
● Kapil Sibal will take over from the incumbent president, senior advocate Adish C. Aggarwala.
● Senior advocate Pradeep Rai was the runner-up.
● Advocate Vikrant Yadav was elected SCBA secretary.
About SCBA :
● The SCBA is an Indian bar association, comprising the practising lawyers of the Supreme Court
of India.
Justice Bidisha Banerjee was Designated as Head of Department of NCLT Kolkata Bench by President
Chief Justice Ramalingam Sudhakar
● Justice Bidisha Banerjee has been designated as the Head of the Department (HoD) of the
National Company Law Tribunal (NCLT), Kolkata Bench by the President of NCLT, Chief Justice
Ramalingam Sudhakar.
● Justice Banerjee took charge as HoD after Justice Rohit Kapoor demitted office on May 3, 2024.
● Justice Bidisha Banerjee is the first woman to be appointed as Head of the NCLT Kolkata Bench
and the second woman Judicial Member after Ms. Manorama Kumari.
● She is the 5th HoD of the NCLT Kolkata Bench.
About NCLT :
● The NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
● The tribunal was established under the Companies Act 2013 and was constituted on 1 June 2016
by the government of India and is based on the recommendation of the V. Balakrishna Eradi
committee on law relating to the insolvency and the winding up of companies
Rushabh Gandhi Appointed as New MD & CEO of IndiaFirst Life Insurance
● IndiaFirst Life Insurance’s board has approved the appointment of Rushabh Gandhi as the
managing director (MD) and chief executive officer (CEO) for 5 years effective July 1, 2024, or
the date of regulatory approvals, whichever is earlier.
● The new appointment is subject to the approval of the Insurance Regulatory and Development
Authority of India (IRDAI).
● R M Vishakha, the current MD and CEO of the life insurer, will retire on June 30, 2024.
● He is currently the deputy chief executive officer of the insurer.
About IndiaFirst Life Insurance :
● Headquartered in Mumbai, Maharashtra
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Important Monthly Current Affairs Capsule – May 2024
● IndiaFirst Life Insurance is one of India’s youngest life insurance companies.
David Salvagnini Appointed as National Aeronautics and Space Administration’s 1st Chief Artificial
Intelligence Officer
● The National Aeronautics and Space Administration (NASA) appointed David Salvagnini as the
agency’s first chief artificial intelligence (AI) officer, in an extension of his current role as the chief
data officer.
● Before Salvagnini's appointment, NASA's Chief Scientist Kate Calvin served as the acting
responsible AI official.
Responsibilities :
● Salvagnini will lead NASA's efforts in the responsible use of AI both in space and on Earth,
aiming to benefit all humanity.
● He will align the strategic vision and planning for AI usage across NASA.
● His role includes championing AI innovation, supporting the development, and managing risks
associated with AI tools, platforms, and training.
● In his expanded capacity, Salvagnini will continue NASA’s collaboration with other government
agencies, academic institutions, industry partners, and other experts to ensure the agency is on
the cutting edge of AI technology.
About NASA :
● Founded : July 29, 1958
● Headquarters : Washington, D.C, United States
● Administrator : Bill Nelson
Indian Space Research Organization Chief Somanath Reveals SFO Technologies' Zero Emission
Initiative
● Indian Space Research Organization (ISRO) Chairman and Secretary, Department of Space,
Government of India, S Somanath unveiled the carbon reduction initiative of SFO Technologies,
the flagship company of the NeST Group.
● Besides planting a sapling at the first private SEZ in India, NeST HiTek Park to mark the
occasion, he also unveiled a replica of Chandrayaan at the campus highlighting the cooperation
of SFO Technologies and ISRO.
● The Carbon Reduction initiative of the NeST Group aims to achieve a 50% reduction by 2035
and zero emissions by 2040.
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Important Monthly Current Affairs Capsule – May 2024
● NeST Group Chairman and Managing Director : N. Jehangir
About ISRO :
● Established: 15 August 1969
● Headquarters: Bangalore, Karnataka, India
● Chairman: S. Somanath
ITC Chairman Sanjiv Puri, Assumes Role as Confederation of Indian Industry President, Succeeds R
Dinesh
● Sanjiv Puri, chairman and managing director of consumer goods major ITC Limited., has taken
over as president of the Confederation of Indian Industry (CII) for the 2024-25 period.
● He takes over from R Dinesh, Chairman of TVS Supply Chain Solutions.
● Rajiv Memani, Chairman of the India region of EY, has been appointed as the President-
Designate of CII for the year 2024-25.
● R Mukundan, Managing Director and CEO of Tata Chemicals Limited, has taken over as the Vice
President of CII for the 2024-25 period.
About CII :
● Established : 1895
● Headquarters : New Delhi, India
● Director General : Chandrajit Banerjee
● The CII is a non-governmental trade association and advocacy group.
Taiwan's Ruling DPP's Lai Ching-Te Sworn In As New President
● Lai Ching-te of Taiwan’s ruling Democratic Progressive Party (DPP) has been sworn in as the
self-governing island’s new President.
● Lai succeeds Tsai Ing-wen to lead Taiwan amid increasing threats from China, which claims the
island as its territory.
● Lai Ching-te is the third member of the DPP to assume the office of president.
● He is also the third incumbent ROC (Republic of China) vice president to succeed to the
presidency and the first to assume the office through election instead of immediate succession.
● Taiwan has had an independent government since 1949, separate from the People's Republic of
China.
● Vice President Hsiao Bi-khim was also officially sworn in alongside President Lai.
● She previously served as Taiwan’s de facto ambassador to the US from 2020 to 2023 and held
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Important Monthly Current Affairs Capsule – May 2024
positions as a DPP lawmaker for several terms.
About Taiwan :
● Capital : Taipei
● Currency : New Taiwan dollar
Vedanta Aluminium CEO John Slaven Named Vice-Chairman of International Aluminium Institute
● Vedanta Aluminium announced that its Chief Executive Officer (CEO), John Slaven, has been
appointed as Vice-Chairman of the International Aluminium Institute (IAI).
● In his new role, Slaven will lead global initiatives aimed at promoting the crucial role of aluminium
in enabling the energy transition to zero carbon.
About IAI :
● Established : 1972
● The IAI is the sole organisation representing the global primary aluminium industry.
● Its mission is to increase awareness of the industry’s operations, advocate for responsible
production, and emphasise the significant environmental benefits of aluminium.
● The IAI’s membership includes the world’s leading bauxite, alumina, and aluminium companies
and maintains extensive global data on the industry, with over 40 years of analysis on production,
consumption, energy use, and environmental impact.
About Vedanta Aluminium :
● Vedanta Aluminium is a leading producer of aluminium, manufacturing 2.37 million tonnes in
FY24.
● It also produces value-added aluminium products that are critical in core industries.
Government Appoints Shri Ramesh Babu V as Member of Central Electricity Regulatory Commission
● Shri Ramesh Babu V. has been appointed as a Member of the Central Electricity Regulatory
Commission (CERC).
● He took the oath of office and secrecy, which was administered by the Union Minister for Power
and New & Renewable Energy, Shri R. K. Singh.
About CERC :
● The CERC was established by the Government of India under the provisions of the Electricity
Regulatory Commissions Act, 1998.
● It serves as the Central Commission for the purposes of the Electricity Act, 2003, which has
replaced the ERC Act, 1998.
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● The Commission comprises a Chairperson and three other Members, with the Chairperson of the
Central Electricity Authority serving as an ex-officio Member.
Major Functions of CERC:
● CERC regulates the tariff of generating companies owned or controlled by the Central
Government and other generating companies with composite schemes across multiple states.
● It also regulates inter-state transmission of electricity and determines tariffs for inter-state
transmission.
● Additionally, CERC issues licenses for inter-state transmission and trading, adjudicates disputes,
advises the Central Government on national electricity and tariff policies, promotes competition
and efficiency in the electricity industry, and encourages investment in the sector.
To Lam Elected as the New President of Vietnam
● To Lam, the Minister of Public Security, has been approved by Vietnam’s National Assembly as
the country's next President for the 2021-2026 tenure.
● His appointment follows the resignation of former President Vo Van Thuong amid a corruption
crackdown.
● To Lam is the 3rd President of Vietnam in less than 18 months, indicating a period of political
transition in a country known for its stable politics.
● He is considered the third most powerful figure in Vietnam, following the Party Chief and the
Prime Minister.
● Other Key Appointments:Tran Thanh Man, 61, was nominated as the new Chairman of the
National Assembly, succeeding Vuong Dinh Hue.
● The party also appointed four new politburo members.
● Vietnam's Leadership Structure:Consists of four key positions: the Communist Party General
Secretary, the President, the Prime Minister, and the Head of the National Assembly.
About Vietnam :
● Prime Minister : Phạm Minh Chính
● Capital : Hanoi
● Currency : Vietnamese đồng
Vice Admiral Gurcharan Singh was Appointed as Commandant of the National Defence Academy
● Vice Admiral Gurcharan Singh assumed the appointment of Commandant, National Defence
Academy (NDA) from Vice Admiral Ajay Kocchar.
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Important Monthly Current Affairs Capsule – May 2024
● An alumnus of the National Defence Academy (Khadakwasla), he was commissioned into the
Indian Navy on 01 July 1990.
● As a specialist in Gunnery and Missiles, he has served onboard Indian Naval Ships Ranjit and
Prahar.
About NDA :
● Established : 7 December 1949
● Location : Khadakwasla, Pune, Maharashtra, India
● The NDA is the joint defence service training institute of the Indian Armed Forces, where cadets
of the Indian Army, Indian Navy, and Indian Air Force train together before they go on to their
respective service academy for further pre-commission training.
Air India appoints Sanjay Sharma as chief financial officer
● Air India announced the appointment of Sanjay Sharma as the Chief Financial Officer (CFO) with
effect from June 10, 2024.
● Sharma will succeed Vinod Hejmadi, who is retiring after more than three decades with Air India.
● Sanjay Sharma will report directly to Air India's CEO and MD, Campbell Wilson
About Air India :
● Founded : 15 October 1932 (Commenced operations-29 July 1946)
● Chairman : N. Chandrasekaran
● MD & CEO : Campbell Wilson
● Air India is the flag carrier airline of India.
● It is owned by Air India Limited, a Tata Group enterprise and operates a fleet of Airbus and
Boeing aircraft serving 102 domestic and international destinations.
World Economic Forum Founder Klaus Schwab to Step Back from Executive Role
● Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), will step
down from day-to-day management and take up the role of Chairman of the Board of Trustees by
January 2025 after over 50 years of leadership.
● The leadership transition will be completed before the next Davos gathering in January 2025.
● Purpose of Transition: This move is part of a planned "governance evolution" aimed at
transitioning the WEF from a founder-managed organization to one where the president and the
managing board assume full executive responsibility.
About World Economic Forum :
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Important Monthly Current Affairs Capsule – May 2024
● Headquarters : Cologny, Canton of Geneva, Switzerland
● President : Børge Brende
● Origins: Founded in 1971 by Klaus Schwab as the European Management Forum.
● The WEF is an international advocacy non-governmental organization and think tank.
● The forum is best known for its annual gathering of political and business leaders in Davos,
Switzerland.
● It was initially designed as a place for European business leaders and government officials to
gather and discuss increasing their competitiveness with the UUS.
● WEF's Recent Themes and Initiatives:WEF's theme for 2023 annual conference was
"Cooperation in a Fragmented World," emphasizing the need for global leaders to address
economic, energy, and food crises while fostering sustainability.
Appointments Committee of Cabinet Approves One-Month Extension for Chief of Army Staff General
Manoj Pande Until June 30, 2024
● The Appointments Committee of Cabinet (ACC) approved a one-month extension for Chief of the
Army Staff (COAS) General Manoj C. Pande.
● The extension is beyond his normal age of superannuation (May 31, 2024) and extends his
service up to June 30, 2024, under Rule 16 A (4) of the Army Rules 1954.
● General Pande attained the age of 62 on May 6, 2024 and was originally due to retire on May 31,
2024.
● Extensions of service for Army chiefs are rare.
● An example is the extension of Army chief General G G Bewoor's term in the 1970s, which some
believe prevented Lt General P S Bhagat from becoming the new Army chief.
● General Bewoor was succeeded by General T N Raina.
● Norms for Army Chief Appointment:Typically, the most senior Army commander or the Army vice
chief is appointed as the Army chief upon the retirement of the serving COAS.
● The Army chief retires either after completing 3 years in the appointment or on reaching the age
of 62, whichever comes first.
About Ministry of Defence :
● Defence Minister : Rajnath Singh
● Minister of State : Ajay Bhatt
● Defence Secretary : Giridhar Aramane
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Important Monthly Current Affairs Capsule – May 2024
Saudi Arabia Appoints Faisal bin Saud Al-Mejfel as First Ambassador to Syria Since 2012
● Saudi Arabia appointed Faisal bin Saud Al-Mejfel as its ambassador to Syria, marking the
kingdom's first envoy to Damascus since the closure of the Saudi embassy in 2012 during the
Syrian civil war.
● Riyadh severed ties with Damascus in 2012 during the Syrian civil war.
● Faisal al-Mujfel's appointment comes over a year after Syria was readmitted to the 22-member
Arab League.
About Saudi Arabia :
● Prime Minister : Mohammed bin Salman Al Saud
● Capital : Riyadh
● Currency : Saudi riyal
About Syria :
● President : Bashar al-Assad
● Prime Minister : Hussein Arnous
● Capital : Damascus
● Currency : Syrian pound
Andhra Native Jaya Badiga Appointed as Judge in US County Superior Court
● Indian-American attorney Jaya Badiga, a certified family law specialist, has been appointed as a
Judge in the Sacramento County Superior Court in the US state of California.
● Badiga, born in Vijayawada, Andhra Pradesh, is the first Telugu woman to be appointed as a
judge in the United States.
● Governor Gavin Newsom of California made the appointment, filling the vacancy left by the
retirement of Judge Robert S. Lapham.
Other Appointments :
● Raj Singh Badhesha of Fresno County was also appointed as a Judge in the Fresno County
Superior Court by Governor Newsom.
● Badhesha, a Democrat, fills the vacancy created by the retirement of Judge Jon N. Kapetan.
● Badhesha is the 1st Sikh to be appointed to the Fresno County bench and the 1st Sikh judge in
California who observes the practice of wearing the Sikh headdress known as the dastar or pagri.
About Sacramento County Superior Court :
● Established : 1850
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Important Monthly Current Affairs Capsule – May 2024
● Location : Sacramento
● The Superior Court of California, County of Sacramento, alternatively called the Sacramento
County Superior Court, is the California Superior Court located in Sacramento with jurisdiction
over Sacramento County.
French Automaker Citroen Appoints MS Dhoni as Brand Ambassador in India
● French automaker Citroen has appointed former India cricket captain Mahendra Singh Dhoni as
its brand ambassador in India.
● Dhoni will mark his debut innings with Citroen in a campaign that will soon go live.
About Citroën :
● Citroën is a French automobile brand.
● The "Automobiles Citroën" manufacturing company was founded in 4 June 1919 by André
Citroën.
Reserve Bank of India Approves Appointment of PK Sinha as Part-time Chairman of ICICI Bank
● The Reserve Bank of India (RBI) has granted its approval for the appointment of Pradeep Kumar
Sinha as the Part-time Chairman of ICICI Bank. for a term of 3 years, starting from July 1, 2024.
● Pradeep Kumar Sinha will step into the position vacated by G. C. Chaturvedi, who is due to retire
as Non-Executive Part-time Chairman on June 30, 2024, at the close of business hours.
About ICICI Bank :
● Founded : 5 January 1994
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sandeep Bakhshi
Cabinet Committee Extends Tenure of DRDO Chief Dr Samir V. Kamat by One Year Until May 31, 2025
● The Appointments Committee of Cabinet (ACC) approved a one-year extension in service for Dr.
Samir V Kamat, Secretary of the Department of Defence R&D and Chairman of DRDO, extended
his term to May 31, 2025, beyond his normal retirement date of May 31, 2024.
● Dr. Kamat has been in his current position since August 2022, succeeding Dr. G. Satheesh
Reddy, who became the Scientific Adviser to the Defence Minister.
About ACC :
● Formed : January 26, 1950
● Headquarters : New Delhi, Delhi
● Chairman : Narendra Modi
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Important Monthly Current Affairs Capsule – May 2024
About DRDO :
● Established : 1958
● Headquarters : New Delhi, India
● The DRDO is an agency under the Department of Defence Research and Development in the
Ministry of Defence of the Government of India (GoI).
P K Tripathi Appointed as Secretary of Lokpal & R K Goyal Named as Secretary of Department of
Justice
● Senior bureaucrat Pradip Kumar Tripathi has been appointed as the Lokpal Secretary as part of
a secretary-level reshuffle effected by the Centre.
● Tripathi, a 1987-batch Indian Administrative Service officer (IAS), is currently Secretary
(Coordination) in the Cabinet Secretariat.
● Border Management Secretary Raj Kumar Goyal has been appointed as Secretary, Department
of Justice under the Ministry of Law & Justice.
● Rajendra Kumar, Director General of Employees’ State Insurance Corporation (ESIC), will be the
Border Management Secretary in place of Goyal.
Other Appointments:
● Amit Yadav: New Delhi Municipal Council (NDMC) chairperson Amit Yadav has been named as
Officer on Special Duty in the Department of Social Justice & Empowerment.
● Rakesh Ranjan: Rakesh Ranjan, currently serving as Special Secretary in the Department of
Agriculture and Farmers Welfare, has been appointed as Chairman of the Staff Selection
Commission (SSC).
About Lokpal :
● Established : 19 March 2019
● Headquarters : New Delhi, Delhi, India
● Chairperson : Ajay Manikrao Khanwilkar
● Motto : Do not be greedy for anyone's wealth
● A Lokpal is an anti-corruption authority or body of ombudsman who represents the public interest
in the Republic of India.
● The term "Lokpal" was coined by Dr. L.M.Singhvi in 1963.
Santosh Desai joins Nykaa's Board as Independent Director
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Important Monthly Current Affairs Capsule – May 2024
● FSN E-Commerce Ventures, known as Nykaa, has appointed Santosh Desai as an Independent
Director on its board, effective from July 15, 2024.
● The appointment is for a period of 3 years, subject to shareholder approval.
● Currently, Desai serves on the boards of Think9 Consumer Technologies, Dainik Jagran Group,
and Breakthrough.
About Nykaa :
● Founded : April 2012
● Headquarters : Mumbai, Maharashtra, India
● Executive chairperson, founder, and CEO : Falguni Nayar
● Nykaa is an Indian e-commerce company, sells beauty, wellness and fashion products through
its website, mobile app, and over 100 physical stores.
● Nykaa’s current board of directors comprises 10 members.
National Asset Reconstruction Company Board Recommends P Santhosh for MD & CEO Role
● The board of the National Asset Reconstruction Company (NARCL) has proposed P Santhosh
for the position of managing director (MD) and chief executive officer (CEO) of the state-owned
bad bank.
● Santhosh's recommendation is for a 3-year term.
● Santhosh has been serving as NARCL's acting CEO since January, stepping into the position
after N Sundar's unexpected departure before the end of his term.
● According to media reports, NARCL had acquired 18 accounts with outstanding loans totaling
₹92,500 crore as of March 31, 2024.
● Among the acquired assets is the ₹32,000-crore debt of bankrupt Srei Infrastructure Finance and
Srei Equipment Finance, both acquired under the insolvency and bankruptcy process.
About NARCL :
● Chairman : Mr. Diwakar Gupta
● Formation: Incorporated in July 2021 as a 'bad bank' to address stressed assets of commercial
banks.
● Regulatory Status: Registered with the Reserve Bank of India as an Asset Reconstruction
Company under the Securitisation and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002.
● Scope: Initial focus on handling stressed assets worth Rs 2 lakh crore from commercial banks.
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Important Monthly Current Affairs Capsule – May 2024
● NARCL is the only ARC that makes offers under the 15:85 structure wherein 15% of the
consideration is cash and the balance 85% is security receipts (SR).
● The government provides guarantees for any shortfall in recovery, with SRs worth ₹30,600 crore
guaranteed, accessible if redemption falls short.
Procter & Gamble India Names Mrinalini Srinivasan as Chief Financial Officer
● Procter & Gamble Hygiene and Health Care, one of P&G India’s listed entities that includes
brands like Vicks and Whisper, announced the appointment of Mrinalini Srinivasan as the
company’s chief financial officer (CFO) effective June 29, 2024.
● Srinivasan will succeed Prashant Bhatnagar, who is stepping down after nearly 28 years of
service with the company.
About Procter & Gamble Hygiene :
● Procter & Gamble Hygiene is one of India’s fastest growing Fast-Moving Consumer Goods
(FMCG) companies with a strong presence in the health and personal care sector.
Ministry of Home Affairs Grants 3-Month Extension to Delhi Chief Secretary Naresh Kumar's Tenure
● The Ministry of Home Affairs (MHA) approved the extension of Delhi Chief Secretary Naresh
Kumar's tenure by 3 months.
● Naresh Kumar's retirement, which was originally scheduled for the end of May 2024, has been
postponed until August 31, 2024.
● The extension is granted by invoking Rule 3 of AIS(CS-RM) Rules, 1960, relaxing Rule 16(1) of
AIS (DCRB) Rules, 1958.
About Ministry of Home Affairs :
● Cabinet Minister : Amit Shah
● Minister of State : Nityanand Rai, Nisith Pramanik, Ajay Kumar Mishra
Sony Pictures Networks India Appoints Disney’s Gaurav Banerjee as New Chief Executive Officer,
Succeeding NP Singh
● Sony Corporation appointed Gaurav Banerjee as the new CEO of its India unit, Sony Pictures
Networks India (SPNI), replacing NP Singh, who resigned after 25 years with the company.
● Banerjee previously worked at Disney Star, where he oversaw content for Hindi entertainment
and Disney+ Hotstar, and served as the business head for Star Bharat, as well as Hindi and
English movies, kids & infotainment, and regional (east) channels.
● Sony operates 26 channels in India, covering general entertainment, sports, and movies, and
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Important Monthly Current Affairs Capsule – May 2024
also runs a streaming service.
About Sony Pictures Networks India (SPNI) :
● Founded : 30 September 1995
● Headquarters : Mumbai, Maharashtra, India
● Culver Max Entertainment Private. Limited., trading as Sony Pictures Networks India (SPN or
SPNI), is an Indian media conglomerate owned by Sony Pictures Television.
About Sony Group Corporation :
● Founded : 7 May 1946
● Headquarters : Kōnan, Minato, Tokyo, Japan
● Chairman & CEO : Kenichiro Yoshida
MOUS AND AGREEMENT
THDCIL-UJVNL Joint Venture TUECO Signs MoU with Nagar Nigam Haridwar for Waste to Green
Energy Plant
• In a significant move towards sustainable development, THDCIL-UJVNL Energy Company Limited
(TUECO), a collaboration between THDC India Ltd. & UJVN Ltd., has sealed a Memorandum of
Understanding (MoU) with Nagar Nigam Haridwar to establish a Waste to Green Energy Plant,
valued at Rs. 140 crores.
• This transformative initiative aims to convert 400 Tons Per Day of Municipal Solid Waste into 140
Tons of Green Charcoal.
India-UK logistic exchange agreement fosters historic visit of UK Royal Navy vessels to Chennai
• The UK’s maritime prowess took centre stage as the Littoral Response Group (LRG) made its
inaugural stop in Chennai on March 26, 2024, marking the commencement of its deployment to the
Indian Pacific region.
• Comprising the Royal Fleet Auxiliary (RFA) Argus and RFA Lyme Bay, the LRG engaged in
maritime exercises with the Indian Navy upon entering the Arabian Sea.
• The vessels underwent essential maintenance at the Larsen & Toubro shipyard in Kattupalli near
Chennai.
• Notably, this marks the first instance of a Royal Navy vessel undergoing maintenance at an Indian
shipyard, an outcome of the logistics-sharing agreement inked between the UK and India in 2022.
NHPC Limited to collaborate with a Norwegian company for implementation of Floating Solar Energy
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Important Monthly Current Affairs Capsule – May 2024
Technology in India
• NHPC Limited, the largest organization for hydropower development in India, has signed a
Memorandum of Understanding with M/s Ocean Sun, a Norwegian company operating as a
technology provider to the floating solar industry.
• As per the MoU, NHPC and Ocean Sun will explore key areas of cooperation for the demonstration
of Ocean Sun’s floating solar energy technology based on photovoltaic panels.
• The panels would be mounted on hydro-elastic membranes, at relevant sites to be identified by
NHPC.
• The agreement is in continuation of efforts towards sustainable development and addition of
renewable energy capacity by NHPC, which is engaged not only in hydropower development but
also in various renewable energy projects such as solar, wind and green hydrogen projects.
Tata Motors ties up with South Indian Bank for commercial vehicle finance
• Tata Motors has tied up with South Indian Bank to offer financing solutions to its commercial
vehicle customers and dealerships.
• As part of the Memorandum of Understanding (MoU), South Indian Bank will offer financing
solutions across the auto major's entire commercial vehicle portfolio.
• For our customers, easy access to financing solutions for their commercial vehicles is one of the
key priorities for their operations.
• Our alliance aims to empower fleet owners and dealerships to achieve their business goals.
RailTel signs MoU with tech firm for KAVACH implementation projects
• The railways inked an agreement with a tech firm for "exploring and delivering" train collision
avoidance system KAVACH implementation projects in India as well as other countries,
according to a statement.
• The Memorandum of Understanding (MoU) for this purpose was signed between RailTel
Corporation of India Limited and Quadrant Future Tek Limited.
India, New Zealand look to boost collaboration in pharma, digital trade, payment systems
• India and New Zealand are looking to increase collaboration in goods and services sectors like
pharmaceuticals, digital trade, and cross-border payment systems to promote bilateral trade.
• Issues to promote trade through these collaborations were discussed during the recent visit of
Commerce Secretary Sunil Barthwal to New Zealand from April 26-27.
• Deliberations also included increasing cooperation in kiwi fruit as well as the dairy sector.
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Important Monthly Current Affairs Capsule – May 2024
Tata Power Renewable Energy signs pact with SJVN for 460 MW clean energy project
• Tata Power Renewable Energy Ltd (TPREL) has signed an agreement with state-owned SJVN Ltd
to set up a 460 MW Firm and Dispatchable Renewable Energy (FDRE) project.
• An FDRE plant enables round-the-clock power supply, assisting power distribution companies
(discoms) in fulfilling their Renewable Purchase Obligations (RPOs) and Energy Storage
Obligations (ESOs).
• The plant is expected to generate nearly 3,000 million units (MUs) of power and offset 2,200
million kgs of CO2 emissions annually.
About SJVN
• SJVN, formerly known as Satluj Jal Vidyut Nigam, is an Indian public sector undertaking involved
in hydroelectric power generation and transmission.
• It was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the
Government of India and the Government of Himachal Pradesh.
India, Nigeria to finalise Local Currency Settlement System Agreement
• India and Nigeria have agreed to an early conclusion of a local currency settlement system
agreement to further strengthen economic ties between the two countries.
• According to the Department of commerce, a seven-member delegation from India led by
Additional Secretary in the Commerce Ministry Amardeep Singh Bhatia visited Abuja, Nigeria for
the second session of India-Nigeria Joint Trade Committee (JTC) on April 29-30.
• It was held after a gap of five years.
• These countries include Belarus, Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia,
Mauritius, Myanmar and the United Kingdom.
• Nigeria is India's 2nd largest trading partner in Africa.
India's first Astro Tourism Campaign: Uttarakhand Tourism announces 'Nakshatra Sabha'
• The Uttarakhand Tourism Development Board has joined hands with Starscapes, a leading astro-
tourism company, to introduce Nakshatra Sabha, a new initiative to provide a comprehensive Astro
Tourism experience to people.
• The campaign will offer a range of activities, including stargazing, special solar observations,
astrophotography contests, camping under the stars, and more.
• Scheduled to kick off in early June at George Everest in Mussoorie, Nakshatra Sabha will continue
until mid-2025, featuring a series of immersive events at various locations across Uttarakhand.
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Important Monthly Current Affairs Capsule – May 2024
China signs MOU with Airbus to deepen aviation cooperation
• China's state planner signed a memorandum of understanding (MOU) with Airbus (AIR.PA), opens
new tab on deepening aviation cooperation.
• President Xi Jinping and his French counterpart President Emmanuel Macron released joint
statements and reached interdepartmental agreements on several areas including artificial
intelligence, the Middle East and agriculture during his trip to France.
• China has historically signalled large jet orders timed to coincide with state visits, but the
negotiations between Airbus and China's CASC buying agency are likely to go down to the wire
and are not guaranteed to result in a deal, the people said.
INOX Air Products and Asahi India Glass sign MoU for Green Hydrogen
• INOX Air Products, a manufacturer of industrial and medical gases, has signed a Memorandum of
Understanding (MoU) with Asahi India Glass Limited (AIS) for a 20-year offtake agreement to
supply green hydrogen to AIS’s greenfield float glass facility in Soniyana, Chittorgarh, Rajasthan.
• The company stated that this will be India’s first-ever green hydrogen plant for the float glass
industry.
• The plant will have a capacity to generate up to 190 tonnes of green hydrogen per annum through
the electrolysis process.
Indian Coast Guard Partners With Jindal Steel & Power For Indigenous Marine Steel Supply
• Indian Coast Guard (ICG) and Jindal Steel & Power (JSP) signed a memorandum of
understanding (MoU) in New Delhi for the supply of indigenous marine-grade steel to enhance the
local content in shipbuilding.
• Through this partnership, both entities have committed to fostering indigenisation, enhancing
capabilities to produce and use these items in the nation’s interest.
• The MoU underscores the importance of public-private partnerships in addressing complex
security challenges, emphasising the need for collaboration between government agencies and the
private sector.
About ICG
• The Indian Coast Guard is a coast guard of India with jurisdiction over its territorial waters including
its contiguous zone and exclusive economic zone.
• It was formally established on 1 February 1977 by the Coast Guard Act, 1978 of the Parliament of
India. It operates under the Ministry of Defence.
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Important Monthly Current Affairs Capsule – May 2024
• Rakesh Pal- Director General of the Indian Coast Guard.
India-Moldova Visa Waiver Agreement for holders of diplomatic and official passports
• India and Moldova signed an agreement which after coming into force, will allow diplomatic and
official passport holders of either country to travel to the other without a visa.
• This agreement will add "further momentum" to the friendly and cordial relations between the two
countries.
• Shri Pavan Kapoor, Secretary (West), Ministry of External Affairs of the Republic of India and
H.E. Mrs. Ana Taban, Ambassador Extraordinary and Plenipotentiary of the Republic of Moldova,
on behalf of their respective governments, signed an agreement on visa waiver for diplomatic
and official passports, on 10 May 2024.
About Moldova
• Capital: Chișinău,
• Currency: Moldovan Leu.
Government Inks MoU With Mahindra Group To Skill 500 Women In Drone Operation
• The Ministry of Skill Development and Entrepreneurship (MSDE) signed a Memorandum of
Understanding (MoU) with Mahindra & Mahindra Ltd to conduct two Pilot Projects under the
Drone Didi Yojana.
• Launched earlier this year(2024), the scheme aims to train 15,000 women to operate drones for
agricultural purposes such as fertilising the crop, monitoring crop growth and planting seeds,
thereby creating new livelihood opportunities for women through imparting skills in new
technology areas.
• Under this partnership, MSDE and M&M will conduct two Pilot Projects at the National Skill
Training Institute (NSTI), situated in Hyderabad and Noida, to skill 500 women in exclusive
batches of 20 women each.
ICG signs MoU with private sector for manufacturing & supply of indigenous marine-grade aluminium
for construction of ships
• Indian Coast Guard (ICG) and Hindalco Industries inked a Memorandum of Understanding (MoU)
in New Delhi for the manufacturing and supply of indigenous marine-grade aluminium to Indian
public and private shipyards for the construction of ships.
• The MoU will also provide benefits such as quarterly pricing, priority in supplies and Turnover
discount.
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Important Monthly Current Affairs Capsule – May 2024
• The ICG fleet is presently operating 67 ships with aluminium hull with capability of operating in
shallow waters.
About ICG
• The Indian Coast Guard is a coast guard of India with jurisdiction over its territorial waters
including its contiguous zone and exclusive economic zone.
• It was formally established on 1 February 1977 by the Coast Guard Act, 1978 of the Parliament
of India. It operates under the Ministry of Defence.
• Rakesh Pal - Director General of the Indian Coast Guard.
About Hindalco
• Hindalco Industries Limited an Indian aluminium and copper manufacturing company, is a
subsidiary of the Aditya Birla Group. Its headquarters are at Mumbai, Maharashtra, India.
Uttar Pradesh government plans to promote agri startups, introduce AI in farming
• The Uttar Pradesh government has partnered with the agriculture industry to bolster agri startups
and introduce artificial intelligence (AI) in farming to boost the rural economy and ‘smart farming’
practices.
• The Yogi Adityanath government is also planning to host a global farmers’ summit ‘Krishi Bharat’
in November 2024 in association with the Confederation of Indian Industry (CII).
Krishikalpa in partnership with NABARD launches programme for farmers
• Krishikalpa, a not-for-profit organisation for farmer producer organisations (FPOs) has launched
an accelerator program in collaboration with the National Bank for Agriculture and Rural
Development (Nabarad) with an aim to support 30 FPOs distributed across Karnataka.
• The program comprises two FPOs with revenue exceeding ₹1 crore, ten FPOs generating
between ₹50 lakh to ₹1 crore, another ten FPOs with revenue ranging from ₹10 lakh to ₹50 lakh,
and eight FPOs generating between up to ₹10 lakh, per Krishikalpa.
IFFCO ties up with Marut Drones for DaaS; to service five lakh acres in AP, Telangana
• The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has signed an agreement with Marut
Dronetech Private Limited to launch Drone-as-a- Service (DAAS) operations in Andhra Pradesh
and Telangana.
• One of the key components of this tie-up is the creation of demand for rural entrepreneurs who
have already invested in drone technology.
Kochi Metro Rail Ltd partners with Google Wallet for ticketing ease
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• Google and Kochi Metro Rail Limited have announced their partnership between Google Wallet
and KMRL in enhancing the digital ticketing options for metro users.
• The integration of services between Google Wallet and KMRL is powered by Prudent
Technologies.
• The arrival of Google Wallet in India marks an important milestone in Android’s India journey,
bringing innovative and convenient experiences to simplify peoples’ daily lives.
About Google
• Founders: Larry Page, Sergey Brin
• Parent organization: Alphabet Inc.
• CEO: Sundar Pichai (2 Oct 2015–)
• CMO: Lorraine Twohill
• Founded: 4 September 1998, Menlo Park, California, United States
Greenko firm inks deal with Norwegian co
● Hyderabad-based Greenko has entered into an agreement with Norway’s Yara Clean Ammonia for a
10 year pact to supply renewable ammonia to the Norwegian firm, which is the world’s largest trader
and distributor of ammonia.
● Greenko will supply green ammonia from Phase 1 of its ammonia production facility in Kakinada,
India.
● The company signed the term sheet through its green ammonia production arm AM Green -- earlier
Greenko ZeroC.
● This translates to a supply of 500,000 tonnes of green ammonia over a decade, beginning the fourth
quarter of calendar year 2026.
● Yara Clean Ammonia is headquartered in Oslo, Norway.
● It operates the largest global ammonia network with 15 ships and has, through Yara, access to 18
ammonia terminals and multiple ammonia production and consumption sites across the world.
UAE-India CEPA Council and Indian Chamber of Commerce Forge Strategic Partnership
● To enhance economic and trade relations, the UAE-India CEPA Council (UICC) and the Indian
Chamber of Commerce (ICC) have signed a Memorandum of Understanding (MoU).
● The main aim is to promote awareness of the UAE-India bilateral economic partnership and the
benefits of the UAE-India CEPA.
● The MoU established a comprehensive collaboration between the UICC and the ICC, focusing on
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Important Monthly Current Affairs Capsule – May 2024
public promotion, and increasing awareness.
● This partnership will boost trade volumes and bring the benefits of favourable trade policies to
enterprises.
Bharti Airtel communications and Google Cloud to deliver cloud solutions to India
● Bharti Airtel announced a long-term collaboration with Google Cloud to deliver cloud solutions to
Indian businesses.
● Airtel will also leverage Google Cloud’s generative artificial intelligence capabilities to transform its
customer experiences and interactions across mobile, broadband, and digital television.
● These capabilities will be extended to the telecommunications company's business-to-business
customers in India and globally.
About Bharti Airtel :
● Founded : 7 July 1995
● Headquarters : New Delhi, India
● Chairman : Sunil Bharti Mittal
● MD & CEO : Gopal Vittal
About Google Cloud Platform :
● Launched : April 7, 2008
● CEO : Thomas Kurian
● GCP, offered by Google, is a suite of cloud computing services that provides a series of modular
cloud services including computing, data storage, data analytics, and machine learning,
alongside a set of management tools.
FICCI, IESA sign contract to foster innovation in the semiconductor industry
● The Federation of Indian Chambers of Commerce and Industry (FICCI) and the India Electronics
and Semiconductor Association (IESA) have signed a Memorandum of Understanding to promote
innovation, support the semiconductor and electronics industry, and strengthen supply chains.
● The MoU, signed on April 14, establishes a framework for long-term collaboration between the two
organisations.
● This collaboration will focus on establishing a joint task force on semiconductors and future critical
technologies.
Pine Labs ties up with largest bank in Dubai, set to offer payment solution
● Indian merchant payment company Pine Labs has partnered with Emirates NBD, one of the major
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Important Monthly Current Affairs Capsule – May 2024
banks in the Middle East, North Africa and Turkey (MENAT) region to deploy its payment solutions
to the bank's business clients.
● Emirates NBD will offer Pine Labs' newly launched credit issuing platform to deliver merchant
acquiring solutions for its corporate and institutional clients, initially in the United Arab Emirates, then
across the Kingdom of Saudi Arabia and Egypt.
● These solutions will enable the bank’s clients to improve their digital payment solutions for both
online and in-store payments.
About Pine Labs
● Pine Labs is an Indian company that provides point-of-sales systems and payment systems.
● Founded in 1998.
● B Amrish Rau, CEO, Pine Labs.
India and Zimbabwe agree to extend regulatory cooperation in digital transformation solutions
● The delegates of India and Zimbabwe held the third session of the India-Zimbabwe Joint Trade
Committee (JTC) in Delhi.
● During the session, both sides reviewed the bilateral trade and noted the vast potential that exists
between the two countries.
● India and Zimbabwe have agreed to explore an opportunity to ink a pact for regulatory cooperation in
tele-medicines, rough diamonds, and fast payment systems.
About Zimbabwe
● Zimbabwe is a landlocked country in southern Africa known for its dramatic landscape and diverse
wildlife,
● Capital: Harare,
● Currency: United States Dollar.
Indian Oil signs second long-term LNG deal with France's Total Energies
● Indian Oil Corporation Ltd signed a long-term contract with French energy giant TotalEnergies in
France for supply of LNG (liquefied natural gas).
● Under the contract, TotalEnergies would supply 1 million metric tonne per annum (mmtpa) of LNG to
IOCL for a period of around 10 years.
● This is the second long-term contract between the two companies in the past one year.
● Around the same period last year, the public sector refining and marketing major also signed an
agreement with Abu Dhabi National Oil Company (ADNOC) for the supply of 1.2 mmtpa of LNG
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Important Monthly Current Affairs Capsule – May 2024
starting 2026.
● Chairperson: Shrikant Madhav Vaidya, Headquarters: New Delhi.
DRDO to collaborate with IIT Bhubaneswar for AI-driven surveillance, other projects
● Defence Research and Development Organisation (DRDO) will collaborate with the Indian Institute
of Technology (IIT) Bhubaneswar for artificial intelligence (AI) driven surveillance and other projects .
● A meeting was held between DRDO and IIT Bhubaneswar officials recently.
● During the meeting, nine sanctioned projects of the ECS Cluster of DRDO were handed over to IIT
Bhubaneswar while another 7 projects are in the process to be sanctioned with Rs 18 crore funding.
India inks 10-year deal to operate Iran's Chabahar port
● India signed a 10-year contract with Iran to develop and operate the Iranian port of Chabahar, the
Narendra Modi-led government said, strengthening relations with a strategic Middle Eastern nation.
● India has been developing the port in Chabahar on Iran's south-eastern coast along the Gulf of
Oman as a way to transport goods to Iran, Afghanistan and central Asian countries, bypassing the
port of Karachi and Gwadar in its rival Pakistan.
● U.S. sanctions on Iran, however, slowed the port's development.
● The long-term deal was signed between Indian Ports Global Limited (IPGL) and the Port & Maritime
Organisation of Iran, authorities in both countries said.
● Under the agreement, IPGL will invest about $120 million while there will be an additional $250
million in financing, bringing the contract's value to $370 million, said Iranian Minister of Roads and
Urban Development Mehrdad Bazrpash.
● IPGL first took over operations of the port at the end of 2018 and has since handled container traffic
of more than 90,000 TEUs and bulk and general cargo of more than 8.4 million tonnes
Amazon India to bring tribal artisans from Visakhapatnam on its e-commerce marketplace
● Amazon India announced signing a Memorandum of Understanding (MoU) with Visakhapatnam
Forest Tribals to help tribal artisans from Visakhapatnam sell authentic handcrafted products to a
global audience via its e- commerce platform.
● The key focus of the tie-up is to offer visibility and enable revenue generation through the forest
produce manufactured by the tribals through listing on Amazon, thereby generating job
opportunities.
● Launched in 2017, the Amazon Karigar program enables small businesses and specialized
micro-entrepreneurs like weavers, artisans, and artisans to benefit from e-commerce, grow their
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Important Monthly Current Affairs Capsule – May 2024
businesses.
DAHD and UNDP signs MoU on Digitalization of Vaccine Cold Chain Management, Capacity Building,
and Communication Planning
● The Department of Animal Husbandry & Dairying (DAHD), Ministry of Fisheries, Animal
Husbandry & Dairying signed a memorandum of understanding (MoU) with the United Nations
Development Programme (UNDP) on digitalisation of vaccine cold chain management, capacity
building, and communication planning.
● India is the most populous country in the world with 142.86 Crore people,53.57 Million farm
animals and 85.18 Million poultry.
● The vaccine cold chain management process will be monitored with the help of new age
technology and artificial intelligence through the Animal vaccine Intelligence Network (AVIN)
developed by UNDP.
● Notably, UNDP and DAHD will jointly work on Strengthening Animal Health with One Health
approach at centre.
● The United Nations Development Programme (UNDP) was set up by the United Nations in 1965
by merging the United Nations Expanded Programme of Technical Assistance with the United
Nations Special Fund.
Tata Steel signs grid agreement to make its UK project green
● Tata Steel has signed an agreement with National Grid Plc's Electricity System Operator to build
the power infrastructure required to switch its Port Talbot site to a green steel project.
● The deal will see the British grid operator build the new electrical framework capable of powering
the Indian company's 3.2 million-ton electric arc furnace by the end of 2027.
● Last year, the UK agreed to pay up to £500 million ($635 million) to help Tata Steel overhaul the
country's biggest steelworks and keep it running - one of several hefty subsidies to persuade
companies to stay in Britain.
India, UK agree to deepen counter-terror cooperation
● India and the UK strongly condemned terrorism in all its forms including the cross-border
movement of terrorists and emphasised the need for strengthening international cooperation to
combat the menace comprehensively.
● The challenge of terrorism and ways to deal with it figured prominently at the 16th meeting of the
India-UK joint working group on counter-terrorism that took place in Delhi
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Important Monthly Current Affairs Capsule – May 2024
● The Indian delegation at the talks was headed by KD Dewal, joint secretary for counter terrorism
in the MEA.
● Chris Felton, the head of the counter terrorism network for Asia and Oceania of the UK, led the
British delegation.
Reliance's agreement with Norway's Nel to speed up new energy investments
● Reliance Industries Ltd (RIL) has signed an agreement with Norway's Nel ASA to source
technology for producing green hydrogen.
● This move is part of billionaire Mukesh Ambani's strategic shift toward green energy.
● RIL entered into a technology licensing agreement with Nel ASA.
● This agreement grants RIL an exclusive license to use Nel's alkaline electrolysers in India and
permits RIL to manufacture these electrolysers for its own use globally.
● Nel ASA holds a 10-15 percent global market share in electrolysers, with deliveries of 350MW to
400MW expected in 2023-2024.
New WIPO Treaty on Genetic Resources Disclosure
● Members of the World Intellectual Property Organization (WIPO) have agreed that patent
applicants must disclose the country of origin or source of genetic resources if their inventions
are based on these materials or associated traditional knowledge.
● The treaty will provide additional protection for Indian genetic resources and traditional
knowledge, which are currently vulnerable to misappropriation in countries without disclosure
obligations.
● Presently, only 35 countries have some form of disclosure obligations, often non-mandatory.
● WIPO is a specialized United Nations agency based in Geneva, established in 1967.
NSDC and ILO sign MoU to advance skill development and lifelong learning
● The National Skill Development Corporation (NSDC) and the International Labour Organization
(ILO) join forces under the Ministry of Skill Development & Entrepreneurship (MSDE) to bolster
skill development and lifelong learning initiatives in India and beyond.
● This partnership empowers individuals worldwide by providing them with essential competencies
and qualifications, fostering employability and sustainable economic growth.
● The Memorandum of Understanding (MoU) was inked by Shri Ved Mani Tiwari, CEO and MD of
NSDC, and Mr. Sangheon Lee, Director of the Employment Policy, Job Creation, and Livelihoods
Department at ILO.
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Important Monthly Current Affairs Capsule – May 2024
About the International Labour Organization (ILO)
● Established in October 1919 under the League of Nations, the ILO stands as one of the UN's
oldest and first specialized agencies,
● Headquartered in Geneva, Switzerland.
OpenAI signs content deal with NewsCorp for AI training
● News Corp has partnered with OpenAI to revolutionize news dissemination through AI
technologies.
● This collaboration will allow OpenAI to utilize both current and archived news content from News
Corp’s extensive portfolio over several years.
● Sam Altman-led OpenAI has signed content and product partnerships with The Atlantic and Vox
Media, helping the artificial intelligence firm to boost and train its products.
CET, IIT Madras bag patent for inventing a non-intrusive voltage measuring device
● The Indian Institute of Technology Madras (IIT Madras) and the College of Engineering
Thiruvananthapuram (CET) have achieved a significant breakthrough in electrical measurement
technology.
● Their collaborative efforts have resulted in a patented device capable of measuring voltage
without physical contact, marking a substantial advancement in the field of electrical engineering.
● The Indian Patent Office has granted a patent for the project titled "An instrumentation system
with a fully non-intrusive probe for AC voltage measurement.
What is a Contactless voltage measurement device?
● A contactless voltage measurement device, also known as a non-contact voltage tester (NCVT),
is a tool designed to detect electrical voltage without requiring direct contact with conductors.
● They are capable of distinguishing between alternating current (AC) and direct current (DC)
power and operate by detecting changes in electromagnetic fields. Advanced features in NCVTs
enable users to adjust sensitivity levels for precise detection of electronic devices.
PERSON IN NEWS
Gopi Thotakura Makes History as 1st Indian Space Tourist on Blue Origin’s Private Astronaut Launch
● Indian expatriate Gopi Thotakura made history as he became the first Indian space tourist and
the second Indian to venture into space as part of the crew for Amazon founder Jeff Bezos' Blue
Origin's NS-25 mission.
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Important Monthly Current Affairs Capsule – May 2024
● The Blue Origin successfully completed its 7th human spaceflight and the 25th flight for the New
Shepard program.
● Andhra-born Gopi Thotakura was a part of the crew among five other crew members.
List of other Crew Members :
1. Ed Dwight: Former Air Force aviator, became the oldest person in space at 90 years old.
2. Mason Angel: Founder of Industrious Ventures.
3. Sylvain Chiron: Spearheaded Brasserie Mont Blanc, a craft brewery in France.
4. Kenneth L. Hess: Software engineer and entrepreneur.
5. Carol Schaller: Retired Certified Public Accountant (CPA).
● Note : Wing Commander Rakesh Sharma, a former Indian Air Force pilot, was the first Indian
citizen to fly to space in 1984.
● Blue Origin’s 7th human flight, NS-25, lifted off from Launch Site One in West Texas .
● To date, Blue Origin has facilitated the journey of 31 individuals aboard the New Shepard, a
compact and fully reusable rocket system named in homage to Alan Shepard, the first American
in space.
About New Shepard :
● New Shepard is a fully reusable sub-orbital launch vehicle developed for space tourism by Blue
Origin.
● It is named in homage to Alan Shepard, the first American in space, and is designed to transport
astronauts and research payloads beyond the Karman line.
America's First Black Astronaut Candidate, Ed Dwight, Becomes Oldest Person to Reach Space
● Ed Dwight, a 90-year-old artist and former Air Force test pilot who was denied a chance to
become the first African American astronaut six decades ago, finally rocketed into space, fulfilling
a cherished dream in a brief up-and-down flight out of the lower atmosphere.
● President John F. Kennedy initially chose Ed Dwight, an Air Force pilot, to be the candidate for
NASA's inaugural Astronaut Corps.
● The Soviets launched the first black astronaut, Arnaldo Tamayo Mendez, a Cuban citizen of
African descent, 3 years before NASA selected its first black astronaut.
● Prior to Ed Dwight, "Star Trek" actor William Shatner held the record as the oldest person to go
into space in 2021.
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Important Monthly Current Affairs Capsule – May 2024
● Ed Dwight became the new record holder for the oldest person in space after his quick trip from
West Texas.
ACQUISITION AND MERGERS
State Bank of India Receives Government Approval to Exit YES Bank
• The State Bank of India (SBI) has received government approval to divest its entire 25.02% stake
in YES Bank, following the end of a lock-in period in March 2024.
• SBI is likely to sell its stake in YES Bank via a block deal, a common method for selling large
volumes of shares.
• The block deal could be valued between Rs 5,000 crore and Rs 7,000 crore, with no taxes
applied to the sale.
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti
Carlyle Group Sells 2% Stake in YES Bank for Rs 1,441 Crore through Open Market
• Carlyle Group divested nearly a 2% stake in private sector lender Yes Bank for Rs 1,441 crore
through an open market transaction.
• US-based Carlyle Group, through its affiliate CA Basque Investments, offloaded shares in Yes
Bank through a bulk deal on the National Stock Exchange (NSE).
• CA Basque Investments sold 59.4 crore shares, amounting to a 1.98% stake in Yes Bank.
• After the stake sale, the Carlyle Group’s shareholding in Yes Bank has declined to 7.13% from
9.11%.
About The Carlyle Group Inc :
• Founded : 1987
• Headquarters : Washington, D.C., United States
• CEO : Harvey Schwartz
• The Carlyle Group Inc. is a multinational private equity, alternative asset management and
financial services corporation.
About YES Bank :
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Important Monthly Current Affairs Capsule – May 2024
• Founded : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience Our Expertise
KKR to Acquire India's Healthium Medtech from Apax Partners for Rs 7,000 Crore ($838.60 Million)
• Global investment firm KKR announced acquiring Bengaluru-based medical devices company
Healthium Medtech from an affiliate of funds advised by private equity firm Apax Partners.
• The acquisition is valued between Rs 6,500 crore and Rs 7,000 crore (around $839 million).
• A special-purpose vehicle owned by KKR-managed funds will acquire a controlling interest in
Healthium Medtech.
• Regulatory Approvals and Timeline: The transaction is subject to regulatory approvals and is
expected to close in the third quarter of the calendar year 2024.
About Healthium MedTech :
• Founded in India : 1992
• CEO : Anish Bafna
• Healthium is the 4th-largest surgical suture manufacturer in the world with a market share of about
18% in India.
• It is present in more than 90 countries.
TVS Holdings to Purchase 80.74% Stake in Home Credit India for ₹554 Crore
• TVS Holdings Limited (TVSH), Premji Invest, and other associates will collectively acquire a
100% equity stake in Home Credit India Finance Private Limited for a total consideration of ₹680
crore.
• TVSH will purchase 80.74% stake from Netherlands-based Home Credit India B.V. and Czech
Republic-based Home Credit International A.S. for ₹554 crore, while the remaining 19.26% stake
will be acquired by Premji Invest and other associates.
• Upon signing a sale and purchase Agreement, TVS Holdings and Home Credit will seek
approvals from the Competition Commission of India (CCI) and the Reserve
Bank of India (RBI), respectively.
About TVS Holdings Ltd :
• Founded : 1962
• Headquarters : Chennai, Tamil Nadu, India
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Important Monthly Current Affairs Capsule – May 2024
• MD : Sudarshan Venu
Vedanta to Complete Full Acquisition of Japanese Display Glass Major AvanStrate
• Billionaire Anil Agarwal-led Vedanta Limited has acquired an additional 46.57% stake in
Japanese display major AvanStrate Inc for $78.3 million through its wholly owned subsidiary,
Cairn India Holdings Ltd.
• With this acquisition, Vedanta's total holding in AvanStrate has risen to 98.2%.
• The transaction is expected to be completed by June 2024.
• Vedanta had previously acquired a controlling stake in AvanStrate in 2017 for $158 million.
About AvanStrate Inc :
• Headquarters : Tokyo, Japan
• It is a leading manufacturer of glass substrates primarily used in the production of electronic
devices such as televisions, laptops, smartphones, tablets, wearables, and other electronic
displays.
• It has production facilities in Taiwan and Korea.
Reserve Bank of India Permits Quant Mutual Fund to Increase Stake in RBL Bank to 9.98%
● The Reserve Bank of India (RBI) has allowed Quant Mutual Fund to hike its stake in RBL Bank to
9.98%.
● As of May 10,2024 Quant MF, through its various schemes, owned 4.68% equity share capital in
the private sector lender.
● The approval granted on Monday is subject to certain conditions and provisions under the
Banking Regulation Act, 1949, among others.
● The shareholding has to be increased by May 12, 2025.
About RBL Bank :
● Founded : 1943
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : R. Subramania kumar
● RBL Bank, formerly known as Ratnakar Bank Limited, is an Indian private-sector bank.
India's Khanij Bidesh Set to Procure Lithium Asset in Australia in FY25
● Khanij Bidesh India Limited (KABIL) is in the process of acquiring a lithium block in Australia this
year(2024).
● KABIL is owned by three public sector undertakings - National Aluminium Company Ltd (Nalco),
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Important Monthly Current Affairs Capsule – May 2024
Hindustan Copper Ltd (HCL), and Mineral Exploration and Consultancy Ltd (MECL).
● Recently, the Registered Office of KABIL has been inaugurated in New Delhi.
● Lithium is the most important mineral for the energy transition.
● It is a fundamental part of lithium-ion batteries, which power electric vehicles and battery energy
storage systems.
● Australia is one of the leading producers of Lithium and Cobalt.
About Australia :
● Prime Minister : Anthony Albanese
● Capital : Canberra
● Currency : Australian Dollar
Life Insurance Corporation of India Shares Jump 6% Following SEBI's Extension of Deadline to Meet
Minimum Public Holding Requirements Until May 2027
● The Securities and Exchange Board of India (SEBI) has granted the State-owned Life Insurance
Corporation of India (LIC) an additional 3 years until May 2027 to comply with minimum public
shareholding norms.
● Following the announcement, LIC's shares witnessed a significant surge of more than 6%,
reflecting investor optimism.
● The revised timeline for the Corporation to achieve 10% public shareholding is on or before May
16, 2027.
● Post LIC’s May 2022 IPO, the government of India owns 96.50% of the insurer.
● The decision aligns with Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957,
which mandates achieving 10% public shareholding within 5 years from the date of listing.
● As per SEBI norms, LIC was required to achieve 10% public shareholding within two years of
listing in the capital market.
About LIC:
● Established: 1st September 1956
● Headquarters: Mumbai, Maharashtra, India
● Chairman : Siddhartha Mohanty
Reserve Bank of India Greenlights Appointment of Mr. Pradeep Natarajan as Whole Time Director of
IDFC FIRST Bank Limited
● The Reserve Bank of India (RBI) has granted approval for Pradeep Natarajan to assume the
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Important Monthly Current Affairs Capsule – May 2024
position of Whole Time Director at IDFC FIRST Bank Limited.
● As per the RBI's directive, Natarajan will serve as the bank's Executive Director for the 3-year
tenure in this pivotal role.
About IDFC FIRST Bank :
● Headquarters: Mumbai, Maharashtra
● CEO: V. Vaidyanathan
● IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of
Infrastructure Development Finance Company and Capital First, an Indian non-bank financial
institution.
Shriram Finance to Divest Housing Finance Unit to Warburg Pincus for Rs 4,630 Crore
● Shriram Finance, the largest auto-focused non-bank lender, has agreed to sell its entire 85%
stake in its housing finance subsidiary to Warburg Pincus for Rs 4,630 crore.
● The decision marks Shriram Finance's exit from the housing finance sector after 13 years of
operations.
● The Shriram Group, founded by industry veterans Ramamurthy Thyagarajan, AVS Raja and T
Jayaraman in April 1974, had invested Rs 665 crore so far into the company and is exiting with a
hefty profit.
● The parent Shriram Finance, which is mainly into commercial vehicle financing, owns 84.82% in
the housing finance arm, while 14.94% stake is held by the San Francisco-based private equity
player Valiant, which will also completely exit the group and Warburg will snap them up.
SBI Acquires 6.125% Stake in CCIL IFSC, Enhances Presence in GIFT City
● State Bank of India (SBI) has executed transaction documents to acquire a 6.125% stake in CCIL
IFSC Limited for ₹6.125 crore.
● CCIL IFSC will be incorporated with an authorised capital of ₹200 crore and paid-up capital of
₹100 crore.
● It will operate the foreign currency settlement system and act as a clearing house and system
operator at the International Financial Services Centre (IFSC) within the Gujarat International
Finance Tec City (GIFT City).
● The indicative period for completing the transaction, which involves acquiring 61.25 lakh equity
shares at ₹10 each, is up to six months from the date of execution of transaction documents.
ICICI Bank to Acquire Small Stake in New Entity to be Established in GIFT-IFSC
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Important Monthly Current Affairs Capsule – May 2024
● ICICI Bank has entered into a memorandum of understanding (MoU) in relation to an investment
in the equity shares of a company to be incorporated (Target Entity) as a subsidiary of The
Clearing Corporation of India (CCIL) along with seven (7) other shareholders.
● Post investment, ICICI Bank will hold 6.125% shareholding in the Target Entity through the
acquisition of 6,125,000 equity shares of face value Rs 10 each.
● The Target Entity, to be incorporated in GIFT-IFSC, will set up and operate the Foreign Currency
Settlement System (FCSS) and act as a clearing house and system operator for the same.
About ICICI Bank :
● Founded : 5 January 1994
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sandeep Bakhshi
Disney to Sell 30% Stake in Tata Play to Tata Group, Valuing Company at $1 Billion
● Walt Disney Co has sold its minority stake in Tata Play to Tata Group, indicating a strategic shift
in its focus.
● Disney aims to concentrate on merging its Indian unit with Mukesh Ambani’s media arm,
highlighting the importance of strategic alliances and mergers in the media industry.
● The transaction valued Tata Play Limited. at approximately $1 billion, showcasing the valuation
process involved in corporate transactions.
● As per the deal, Tata Group takes full control of the TV platform after buying the 29.8% stake
from Disney.
About Tata Play :
● Tata Play was incorporated in 2001- a joint venture between Tata Group and TFCF Corp.
● The company provides pay television via set-top boxes and over-the-top video streaming through
its app, as per Tata Sons’s website.
● Tata Group raised its stake in Tata Play to over 70% after buying out Temasek Holding Pte’s
stake earlier this year(2024). .
● Temasek first invested in Tata Sky, as it was known at the time, in 2007.
Google to Acquire Minority Stake in Flipkart in New Funding Round
● Internet major Google has proposed an investment of around $350 million (about Rs 2,900 crore)
to buy a minority stake in e-commerce company Flipkart during a fresh funding round.
● Funding Round Details:Flipkart is raising $1 billion in its ongoing funding round.
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Important Monthly Current Affairs Capsule – May 2024
● Valuation:As of January 31, 2024, Flipkart was valued at $35 billion based on equity transactions
conducted by its parent firm Walmart.
● Walmart's Shareholding:In FY24, Walmart increased its shareholding in Flipkart by 10% to
approximately 85% by investing $3.5 billion.
About Google :
● Founded : September 4, 1998
● Headquarters : California, United States
● CEO : Sundar Pichai
About Flipkart :
● Founded : 2007
● Founders : Binny Bansal and Sachin Bansal
● Headquarters : Bengaluru, Karnataka
● CEO : Kalyan Krishnamurthi
DEFENCE NEWS
India to Collaborate with United Kingdom to Develop Electric Propulsion System for Domestic Warships
• India is planning to develop an electric propulsion system for its domestic warships in partnership
with the United Kingdom (UK).
• Discussions are ongoing between the Indian and UK governments regarding the agreement.
• Letter of Intent and Government-to-Government Agreement:The UK sent a letter of intent last
month for a government-to-government agreement, indicating its willingness to support India in
developing this capability.
About UK :
• Prime Minister: Rishi Sunak
• Capital: London
• Currency: Pound sterling
Defence Research and Development Organisation Successfully Flight-Tests Supersonic Missile-
Assisted Torpedo Release System Off Odisha Coast
• The Defence Research and Development Organisation (DRDO) announced the successful flight
test of the Supersonic Missile-Assisted Release of Torpedo (SMART) system from Dr APJ Abdul
Kalam Island off the coast of Odisha.
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Important Monthly Current Affairs Capsule – May 2024
• SMART is a next-generation missile-based lightweight torpedo delivery system.
• It is designed and developed by DRDO to enhance the anti-submarine warfare capability of the
Indian Navy.
About DRDO :
• Established : 1958
• Headquarters : New Delhi, Delhi
• Chairman : Samir V Kamat
• The DRDO is the premier agency under the Department of Defence Research and Development
in the Ministry of Defence (MoD) of the Government of India (GoI).
India and France Set to Conduct 7th Edition of Exercise 'Shakti' from May 13-26, 2024
• The 7th edition of the India-France Joint Military Exercise “Shakti” is scheduled to commence
from May 13, to 26, 2024 at the Joint Training Node, Umroi in Meghalaya.
• The exercise aims to enhance the joint military capacity of both India and France to undertake
Multi-Domain Operations in a Sub Conventional scenario.
• It also seeks to facilitate the development of interoperability, bonhomie, and camaraderie
between the Armed Forces of both nations.
About France :
• President : Emmanuel Macron
• Prime Minister : Gabriel Attal
• Capital : Paris
• Currency : Euro
Parivartan Chintan II, a Two-Day Conference on Jointness and Integration of Armed Forces, Concludes
in New Delhi
• The two-day “Parivartan Chintan II’ was held in New Delhi under the chairmanship of the Chief of
Defence Staff, Gen Anil Chauhan.
• The event was attended by the officers from the three Services Headquarters, Department of
Military Affairs, Headquarters Integrated Defence Staff and members of various sub-committees
of the Chiefs of Staff Committee (COSC), mandated to oversee the initiatives undertaken and to
generate novel ideas to give impetus to the ongoing process of Theaterisation.
Indian Army's Western Command and the Indian Air Force Collaborated for Joint Exercise Gagan
Strike-II in Punjab
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Important Monthly Current Affairs Capsule – May 2024
• The Indian Army’s Kharga Corps, part of the Army’s Western Command, concluded a 3-day joint
military exercise Gagan Strike-II with the Indian Air Force (IAF) in Punjab.
• Aim : To validate various force multipliers supporting ground offensives by strike corps and
integrated operations between the Army and Air Force.
• Lt-Gen Manoj Kumar Katiyar, General Officer Commanding-in-Chief, Western Command, and the
General Officer Commanding, Kharga Corps, reviewed the exercise.
About Indian Army :
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Army Staff : General Manoj Pande
Indian Army Set to Receive Inaugural Hermes-900 Drone, Enhancing Border Surveillance Along
Pakistan
● The Indian Army is set to receive the first Hermes-900 Starliner drone, also known as the Drishti-
10 drone, on May 18, 2024, enhancing its surveillance capabilities along the Pakistan border.
● The Hermes-900 known as the Drishti-10 drone is being supplied to Indian forces including
Indian Army and Navy by Adani Defence Systems.
● The first of the two drones to be acquired by the Indian Army would be handed over to the force
on May 18, 2024 in Hyderabad.
● The supplies are part of the deal signed under the emergency powers given to forces by the
Defence Ministry.
● The Indian Army has ordered two drones, with the first delivered to the Navy in January.
● The second drone will go to the Army, and the third and fourth will be supplied accordingly.
● The Indian Army is already operating the Heron Mark 1 and Mark 2 drones and has also placed
orders for the Drishti-10 or the Hermes-900 drones under the last tranche of the emergency
procurements approved by the government for the forces.
● Adani Defence had signed a deal with the Israeli firm Elbit for the transfer of technology for the
drones and stated that it has indigenized 70% of the birds and will work to increase it further.
● The Indian Army has also inducted more satellite communication-enabled birds from Israel, as it
has a few Heron Mark 2 birds in direct deals with Israeli Aircraft Industries.
About Indian Army :
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Army Staff : General Manoj Pande
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Important Monthly Current Affairs Capsule – May 2024
Defence Ministry Announces Act for Unified Tri-Service Military Discipline
● The Inter-Services Organisations (Command, Control and Discipline) Act has been notified
through a Gazette Notification to be enforced with effect from May 10, 2024.
● In order to bolster effective command, control and efficient functioning of Inter-Services
Organisations (ISOs), the bill was passed by both Houses of Parliament during the Monsoon
Session of 2023.
● The Bill received the assent of the President on August 15, 2023.
● Purpose and Empowerment:The Act empowers Commanders-in-Chief and Officers-in-Command
of ISOs to exercise control over service personnel under their command for maintaining discipline
and administration effectively.
● Previous Governance:Prior to this Act, service personnel of the Air Force, Army, and Navy were
governed by the Air Force Act, 1950, the Army Act, 1950, and the Navy Act, 1957 (the Service
Acts) respectively.
About Ministry of Defence :
● Defence Minister : Rajnath Singh
● Minister of State : Ajay Bhatt
● Defence Secretary : Giridhar Aramane
India-U.S. Joint Urban Terrorism Counter-Terrorism Exercise Concludes in Kolkata
● The National Security Guard (NSG) is conducting joint counter-terror mock drills with the US
Special Operations Forces (SOF) at multiple locations in Kolkata, to enhance interoperability and
coordination between the two special forces.
● This marks the 7th edition of the annual Indo-US joint counter-terrorism exercise 'Tarkash'.
● The exercise commenced on April 22 at the Kolkata hub of NSG and will conclude on May 15,
2024.
● The 3-week exercise encompassed intense training and mock drills in urban counter-terrorism
scenarios.
Objective of the exercise :
● To enhance interoperability and coordination between the two special forces in conducting
coordinated counter-terror operations in urban environments.
● It aims to improve bilateral cooperation between India and the US in combating terrorism in all its
forms and manifestations.
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Important Monthly Current Affairs Capsule – May 2024
● The previous edition of Tarkash - considered crucial in terms of security challenges being faced
by both countries in the current global scenario - was conducted at Chennai in Jan 2023.
About NSG :
● The National Security Guard, commonly known as Black Cats, is a counter-terrorism unit of India
under the Ministry of Home Affairs.
● It was established on October 16, 1984, following Operation Blue Star, to combat terrorist
activities and protect states against internal disturbances.
● Director-General : Shri Nalin Prabhat
Indian Army Establishes One of the World's Highest Tank Repair Facilities at 14,500 Feet
● The Indian Army has established one of the world's highest tank repair facilities at an altitude of
14,500 feet near the China border in Nyoma.
● Two armoured vehicle maintenance and repair facilities have been set up by the Indian Army in
Nyoma to ensure operational readiness of the combat fleet, especially in rugged terrain and
challenging weather conditions.
● These facilities are crucial for maintaining the combat fleet, which includes around 500 tanks and
infantry combat vehicles in Eastern Ladakh, ensuring they remain operationally ready.
Indian Army to Receive Igla-S Air Defence Systems Partially Assembled in India
● The Indian Army is set to receive Russian Igla-S very short-range air defence systems
(VSHORAD) under the fourth tranche of Emergency Procurements (EP).
● These systems were contracted in 2023, with deliveries beginning by the end of May 2024.
● The Army is also set to receive the first of two Israeli Hermes-900 Medium Altitude Long
Endurance Unmanned Aerial Vehicles (UAV) assembled by Adani Defence Systems and
Technologies Limited (ADSTL) in Hyderabad next month.
About Igla-S :
● The Igla-S systems are being assembled by ADSTL in India under technology transfer from
Rosoboronexport, the Russian defense export agency.
● The Army contracted 48 Igla-S launchers, 100 missiles, 48 night sights, and one missile testing
station under a ₹260 crore contract.
● Igla-S is a man-portable air defence system (MANPADS) developed by Russia.
About Indian Army :
● Chief of Defence Staff : General Anil Chauhan
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Important Monthly Current Affairs Capsule – May 2024
● Chief of the Army Staff : General Manoj Pande
Indo-Russian Joint Venture Delivers 27,000 Ak-203 Assault Rifles to Indian Army
● The Indian Army has received 27,000 Kalashnikov AK-203 assault rifles, produced at the
Russian-Indian joint venture IRRPL (Indo-Russian Rifles Private Limited) in the Indian central
state of Uttar Pradesh (UP).
● An additional 8,000 rifles will be handed over in the next two weeks.
● Currently, the indigenisation level is around 25%.
● Replacement of INSAS: The Indian Army is replacing the indigenous INSAS (Indian National
Small Arms System) rifles with modern rifles.
● Previous Procurement: The Army has already inducted 66,400 of the 72,400 SIG-716 assault
rifles procured from Sig Sauer (U.S.) in February 2019 for ₹700 crore.
● Under an over ₹5,000-crore contract signed in July 2021, over 6.1 lakh AK-203 assault rifles are
to be manufactured in India with technology transfer from Russia, by a joint venture Indo-Russian
Rifles Private Limited (IRRPL).
About IRRPL :
● The IRRPL was set up in 2019 between the erstwhile Ordnance Factory Board [now Advanced
Weapons and Equipment India Limited (AWEIL) and Munitions India Limited (MIL)] from India
and Rosoboronexport (RoE) and Kalashnikov concern of Russia.
About Indian Army :
● Established : 1st April, 1895
● Headquarters : New Delhi, Delhi
● Chief of the Army Staff : General Manoj Pande
Chief of Defence Staff General Anil Chauhan Participates in Exercise Cyber Suraksha – 2024
● Chief of Defence Staff (CDS) Gen Anil Chauhan attended ‘Exercise Cyber Suraksha – 2024’, on
May 22, 2024, and underscored the importance of strengthening India’s cyber defence
capabilities.
● The exercise, conducted by the Defence Cyber Agency, spans from May 20 to May 24, 2024.
● Its primary goal is to enhance the cyber defence capabilities of all cybersecurity organizations
and promote synergy among stakeholders.
● Focus Areas:The exercise aims to develop cyber defence skills, techniques, and capabilities
among participants.
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Important Monthly Current Affairs Capsule – May 2024
● It emphasizes the sharing of best practices and collaboration among various military and national
organizations.
About Ministry of Defence :
● Defence Minister : Rajnath Singh
● Minister of State : Ajay Bhatt
● Defence Secretary : Giridhar Aramane
Indian and French Military Engage in Joint Exercise 'Shakti
● The Indian and French armies are actively participating in the 7th edition of the Joint Exercise
Shakti.
● The exercise focuses on sharing critical skills in jungle survival and mountain operations.
● It is held biennially and takes place from May 13-26 in Umroi, Meghalaya.
● The primary objective of the exercise is to enhance the capabilities of both militaries for multi-
domain operations in semi-conventional scenarios.
● It aims to facilitate the sharing of best practices in tactics, techniques, and procedures for
conducting joint operations.
● Participant Details:The Indian contingent consists of 90 members, primarily from the Rajput
Regiment, along with personnel from other military branches.
● The French side has deployed 90 soldiers, mainly from the 13th Foreign Legion Half-Brigade.
● The last edition was conducted in France in November 2021.
About France :
● President : Emmanuel Macron
● Prime Minister : Gabriel Attal
● Capital : Paris
● Currency : Euro
Defence Research & Development Organisation Successfully Flight-Tests RudraM-II Air-to-Surface
Missile from Su-30 MK-I off Odisha Coast
● The Defence Research & Development Organisation (DRDO) successfully flight-tested the
RudraM-II air-to-surface missile from the Su-30 MK-I platform of the Indian Air Force (IAF) off the
Odisha coast at approximately 1130 hours.
● The flight test met all trial objectives, validating the missile's propulsion system and control &
guidance algorithm.
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Important Monthly Current Affairs Capsule – May 2024
About RudraM-II :
● RudraM-II is an indigenously-developed solid-propelled air-launched missile system meant for
Air-to-Surface role to neutralise many types of enemy assets.
● The RudraM-II missile possesses a range of 300 km and is equipped with precision target-
seeking capabilities.
● It is adaptable for use on multiple platforms, including the Mirage 2000.
● Additionally, it can achieve speeds of up to Mach 5.5 and carry a payload of 200 kg.
SCIENCE & TECHNOLOGY
China Launches Chang'e-6, the World's 1st Mission to Collect Moon Samples
• China launched the Chang'e-6 lunar probe atop the Long March-5 Y8 carrier rocket from the
Wenchang Spacecraft Launch Site in Hainan Province, China.
• Objective:The mission aims to collect samples from the far side of the moon, making it the first of
its kind in human history.
• It is part of China's ambitious space program, which plans to send a crewed lunar mission by 2030
• The Chang'e-6 mission will land in South Pole-Aitken Bason on the far side of the moon.
About China :
• President : Xi Jinping
• Capital : Beijing
• Currency : Renminbi
National Aeronautics and Space Administration Engineers Restore Voyager 1, the Pioneering
Spacecraft Exploring Beyond the Solar System
• Engineers have partially restored a 1970s-era computer on National Aeronautics and Space
Administration’s (NASA’s) Voyager 1 spacecraft after five months of long-distance troubleshooting,
building confidence that humanity's first interstellar probe can eventually resume normal
operations.
• Voyager 1 Spacecraft is a space probe launched by NASA on September 5, 1977, about two
weeks after its twin Voyager 2.
• Launched nearly 47 years ago, Voyager 1 is flying on an outbound trajectory more than 15 billion
miles (24 billion kilometres) from Earth, and it takes 22.5 hours for a radio signal to cover that
distance at the speed of light.
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Important Monthly Current Affairs Capsule – May 2024
About NASA :
• Established : July 29, 1958
• Headquarters : Washington, D.C, United States of America
• Administrator : Bill Nelson
China Launches First of Eight Hangor-Class Submarines Built for Pakistan
• China has launched the first of the eight Hangor-class submarines to be built for its all-weather ally
Pakistan to provide it with state-of-the-art warships, adding a new dimension to their growing
bilateral military cooperation.
• The development comes as part of the agreement between Islamabad and Beijing under which the
latter had agreed to provide the former with 8 state-of-the-art advanced submarines.
• Of the 8 submarines, 4 are being built by WSIG (Wuhan Shipbuilding Industry Group) in China,
and the other 4 at Karachi Shipyard & Engineering Works (KS&EW) in Pakistan under a Transfer
of Technology (ToT) agreement.
About China:
• President: Xi Jinping
• Capital: Beijing
• Currency: Renminbi
Indian-Origin Astronaut Sunita Williams Set to Pilot Boeing's Starliner on Her 3rd Space Mission
• The National Aeronautics and Space Administration’s (NASA’s) Boeing Crew Flight Test will
launch Indian-origin astronaut Sunita Williams and her colleague Butch Wilmore on their third
space mission to the International Space Station (ISS).
• The astronauts will launch aboard Boeing’s Starliner spacecraft atop an Atlas V rocket from Cape
Canaveral’s Space Launch Complex-41 on May 7, 2024.
• This mission marks the first crewed trip on Boeing's Starliner spacecraft and its third orbital flight
test overall.
About NASA :
• Established : July 29, 1958
• Headquarters : Washington, D.C, United States of America
• Administrator : Bill Nelson
China's 3rd Aircraft Carrier, Fujian, Concludes Inaugural 8-Day Sea Trial
• China’s 3rd aircraft carrier, Fujian, has successfully completed its 8-day maiden sea trials.
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Important Monthly Current Affairs Capsule – May 2024
• During the trial, the carrier tested its propulsion, electrical systems, and other equipment, achieving
expected results.
• The carrier set sail from Jiangnan Shipyard in Shanghai on May 01, 2024.
• Fujian is an 80,000-tonne supercarrier equipped with electromagnetic catapults for launching
aircraft, making China the 2nd country after the U.S. to deploy a supercarrier with this technology.
About China:
• President: Xi Jinping
• Capital: Beijing
• Currency: Renminbi
Indian Space Research Organisation Successfully Conducts Hot Testing of Liquid Rocket Engine
• Indian Space Research Organisation (ISRO) has accomplished the significant achievement of
conducting a successful hot test of a liquid rocket engine that was produced using additive
manufacturing (AM) technology.
• The test lasted 665 seconds and involved the utilization of the PS4 engine, which is part of the
PSLV upper stage.
• AM, also known as 3D printing, involves layer-by-layer material addition to create objects from
digital models, allowing for complex designs and efficient material usage.
• PS4 Stage Details : The PS4 stage is the fourth, and topmost, stage of the PSLV rocket, featuring
two liquid engines.
About ISRO :
• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath
Google introduces Google Wallet for Android users in India
• Google announced the launch of the Google Wallet app in India, providing users with a centralized
platform to save travel tickets, gift cards, event passes, and other digital documents.
• It however does not support payment features such as saving credit cards or debit cards in the
wallet for on-tap payments.
• This Wallet app offers fast and secure access to everyday essentials, enabling people to
conveniently store and retrieve important digital documents like boarding passes, loyalty cards,
movie tickets, and more.
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Important Monthly Current Affairs Capsule – May 2024
About Google :
• Founded : September 4, 1998
• Headquarters : California, United States
• CEO : Sundar Pichai
Japan Reveals World’s Inaugural 6G Device, Boasting 20 Times the Speed of 5G
• A Japanese consortium unveiled the world’s first high-speed 6G prototype device.
• The prototype device can transmit data at a remarkable speed of 100 gigabits per second
(Gbps), covering a distance of more than 300 feet.
• This represents a significant advancement over current 5G technology, boasting a 20x
improvement.
• The prototype device was a result of collaboration among Japan’s leading telecom companies,
including DOCOMO, NTT Corporation, NEC Corporation, and Fujitsu.
About Japan :
• Prime Minister: Fumio Kishida
• Capital: Tokyo
• Currency: Japanese yen
Boeing Starliner Launch, Carrying Astronaut Sunita Williams to Space, Postponed
• The launch of the Boeing Starliner, which was set to take astronaut Sunita Williams to space for a
3rd time, has been postponed due to a technical glitch.
• The Boeing Starliner is a partially reusable crew capsule, officially known as CST-100 (Crew
Space Transportation).
• On its first crewed test flight, Boeing’s Starliner spacecraft would be carrying two NASA astronauts
and will be launched on an Atlas V rocket from the Kennedy Space Center to the International
Space Station (ISS).
• The two NASA astronauts are Barry “Butch” Wilmore and Sunita William.
ISRO Completes First Ignition Test of Semi-Cryogenic Engine Pre-Burner Ignition Test Article at
Mahendragiri
• The Indian Space Research Organisation (ISRO) completed the first ignition test on the Semi
Cryogenic Pre-Burner Ignition Test Article (PITA) at the ISRO Propulsion Complex (IPRC) in
Mahendragiri, Tamil Nadu (TN).
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Important Monthly Current Affairs Capsule – May 2024
• Purpose of the Semi-Cryogenic Engine:ISRO is developing a 2000 kN thrust semi-cryogenic
engine that operates on a combination of Liquid Oxygen (LOX) and Kerosene.
• The engine is intended to enhance the payload capability of Launch Vehicle Mark 3 (LVM3) and
future launch vehicles.
About ISRO :
• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath
Micron Tech's India-made semiconductor chips set for global debut in 2025
• The first India-made semiconductor chips will be produced from Micron Technology's packaging
unit in Sanand, Gujarat, in the first half of 2025.
• Export-Oriented Production:Most chips produced at the Sanand facility will be exported, positioning
the plant as a significant contributor to the global semiconductor market.
• The chips are intended for a range of applications, including data centers, smartphones,
notebooks, and Internet of Things (IoT) devices.
About Micron Technology, Inc :
• Founded : October 5, 1978
• Headquarters : Boise, Idaho, United States
• President & CEO : Sanjay Mehrotra
• Micron Technology, Inc. is an American producer of computer memory and computer data storage
including dynamic random-access memory, flash memory, and USB flash drives.
Tata Consultancy Services To Set Up 1st-of-its-Kind Human-Centric Artificial Intelligence Center of
Excellence in France
● Tata Consultancy Services (TCS) , a global leader in IT services, consulting, and business
solutions, has announced the creation of a Global Artificial Intelligence (AI) Center of Excellence
in Paris, during the Choose France Summit, hosted by President Emmanuel Macron.
● The center will focus on designing and evolving AI to address business efficiencies and societal
priorities, particularly in areas like brain-computer interface, empathy in machines, and AI's role in
arts and culture.
● The new AI center will be situated in the upcoming TCS PacePort™ in the La Défense area of
Paris.
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Important Monthly Current Affairs Capsule – May 2024
● Inauguration is scheduled for June 2024, making it the 7th such facility in TCS' global Pace
network, joining locations like Amsterdam, London, New York, Pittsburgh, Toronto, and Tokyo.
About TCS :
● Founded : 1968
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Natarajan Chandrasekaran
● CEO : K. Krithivasan
Extreme Solar Storm Causes Spectacular Aurora Display in Remote Indian Village of Hanle, Ladakh
● An extremely strong solar storm that hit Earth prompted a stunning display of colours in various
parts of the world, including one of the remotest villages in India, Hanle - located in Ladakh.
What are Auroras?
● Auroras are natural lights that appear as bright, swirling curtains in the night sky.
● They manifest in various colors such as blue, red, yellow, green, and orange.
● Geographical Distribution:Auroras primarily occur near the poles of both the northern and
southern hemispheres throughout the year.
● At times, they can expand to lower latitudes, creating spectacular displays visible to more
populated areas.
● Terminology:In the northern hemisphere, auroras are known as aurora borealis, while in the
southern hemisphere, they are called aurora australis.
● Solar Storm Source:The solar storms or coronal mass ejections originated from the AR13664
region of the sun.
● This region produced several high-energy solar flares, some of which are travelling towards Earth
at a speed of 800 km/s.
National Aeronautics and Space Administration Unveils Plans to Construct First Railway System on the
Moon
● The National Aeronautics and Space Administration (NASA) is preparing to send astronauts back
to the moon and has announced its plan to construct the first lunar railway system, known as
FLOAT (Flexible Levitation on a Track).
● Engineers at Nasa 's Jet Propulsion Laboratory (JPL) in California are currently developing the
FLOAT system.
● It will consist of magnetic robots levitating over a three-layer film track to reduce abrasion from
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Important Monthly Current Affairs Capsule – May 2024
dust on the lunar surface.
● Carts will be mounted on these robots and will move at roughly 1.61 kilometres per hour.
● Notably, FLOAT will be part of NASA's Artemis program, which seeks to return astronauts to the
moon for the first time since 1972.
● The space agency has set a target landing date of September 2026 to place astronauts on the
lunar surface.
Google Unveils New Personal AI Assistant at I/O Event, Potential Successor to Google Assistant
● As part of its suite of announcements during its high-profile I/O event, Google announced a brand
new personal AI Assistant that could be the successor to the Google Assistant.
● It’s called “Project Astra” and it’s powered by Gemini AI.
● Project Astra is powered by Gemini AI, Google's advanced artificial intelligence technology.
● Project Astra can see the world around you and answer questions about it.
● It can answer real-time questions fed to it through various modalities: text, video, images, and
speech.
About Google :
● Founded : September 4, 1998
● Headquarters : California, U.S
● CEO : Sundar Pichai
Serum Institute of India ships its inaugural batch of malaria vaccine doses to Africa
● Pune-based Serum Institute of India (SII), has shipped its first batch of malaria vaccines-
R21/Matrix-M to Africa.
● The initial shipment will be sent to the Central African Republic (CAR), followed by other African
countries such as South Sudan and Democratic Republic of Congo in the next coming days.
● Allocation Details:In total, 1,63,800 doses of the R21/Matrix-M malaria vaccine have been
specifically allocated for the CAR region.
● Collaborative Development:The vaccine has been developed in collaboration with the University
of Oxford and Novavax’s Matrix-M adjuvant.
● Authorization and Efficacy:This is the second malaria vaccine authorized for use in children in
malaria-endemic regions.
● The R21/Matrix-M marks the culmination of 30 years of malaria vaccine research at the
University of Oxford's Jenner Institute.
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Important Monthly Current Affairs Capsule – May 2024
● It received support from various organizations including the European and Developing Countries
Clinical Trials Partnership (EDCTP), the Wellcome Trust, and the European Investment Bank
(EIB).
About WHO :
● Established : 7 April 1948
● Headquarters : Geneva, Switzerland
● Director General : Tedros Adhanom Ghebreyesus
● Parent Organisation : United Nations Economic and Social Council
● The WHO is a specialized agency of the United Nations responsible for international public
health.
Astronomers Successfully Identify Rocky Planet with Atmospheric Composition
● Astronomers identified rocky planets beyond our solar system with an atmosphere.
● 55 Cancri e is classified as a super-Earth, meaning it is larger than Earth but smaller than
Neptune.
● It is an exoplanet also known as Janssen and is a super-Earth.
● It is located in our Milky Way galaxy about 41 light-years from Earth, in the constellation Cancer.
● Orbit and Temperature: It orbits its star at one-25th the distance between our solar system's
innermost planet Mercury and the sun. As a result, its surface temperature is about 3,140
degrees Fahrenheit.
● Mass and Diameter : It completes a full orbit every 18 hours or so.55 Cancri e has a mass about
8.8 times that of Earth and a diameter approximately twice the size of our planet.
● Discovery : 55 Cancri e was discovered in 2004.
● NASA’s James Webb Telescope : NASA’s James Webb Telescope: The telescope has been in
the works for years. NASA led its development with the European Space Agency (ESA) and the
Canadian Space Agency.
● It was launched aboard a rocket on December 25, 2021.
● Light-Year Conversion: One light-year equals approximately 9.5 trillion kilometres, serving as a
significant unit of distance measurement in astronomy.
Japan and United States Ink Deal to Collaborate on Hypersonic Missile Interceptor Development
● Japan and the United States (US) are planning to develop interceptors to shoot down hypersonic
missiles by the 2030s under a contract signed by the two countries.
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Important Monthly Current Affairs Capsule – May 2024
● The plan, which will reportedly cost more than $3 billion, was first announced in August when the
nations' leaders met at a summit with South Korea in Camp David outside Washington.
● The Japanese government has already included 75 billion yen ($480 million) in its 2024 budget
for development of the interceptors.
● Hypersonic missiles fly at more than five times the speed of sound and have irregular
trajectories, making them difficult to intercept.
About Japan :
● Prime Minister: Fumio Kishida
● Capital: Tokyo
● Currency: Japanese yen
About United States :
● President : Joe Biden
● Capital : Washington, D.C
● Currency : U.S. dollar
Spacetech Startup GalaxEye Conducts SAR Technology Test on National Aerospace Laboratories
Pseudo Satellite
● Bengaluru-based space technology startup GalaxEye has successfully tested its all-weather, all-
time prolonged aerial surveillance technology, which could enhance India's defense capabilities.
● GalaxEye tested its synthetic aperture radar (SAR) technology on a subscale high altitude
pseudo-satellite (HAPS) developed by the National Aerospace Laboratories (NAL).
● HAPS functions as high-flying drones operating in the stratosphere, providing capabilities for
prolonged aerial surveillance.
● HAPS can be stationed at approximately 18 km above Earth's surface, where the atmosphere
transitions into space. They can be manoeuvred to hover over specific countries or regions.
● HAPS are typically solar-powered and capable of carrying payloads weighing up to 40 kg.
● Unlike conventional aircraft flying at altitudes of 3 to 8 km, electric HAPS platforms have an
endurance of 2 to 3 hours and can remain stationary in one location for up to 7 days.
● Co-founder of Galaxeye : Suyash Singh
National Aeronautics and Space Administration Prepares to Launch PREFIRE Mission to Study Earth's
Polar Regions
● The National Aeronautics and Space Administration (NASA) is gearing up to launch its latest
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Important Monthly Current Affairs Capsule – May 2024
mission, the Polar Radiant Energy in the Far-Infrared Experiment (PREFIRE).
● This mission involves deploying twin shoebox-size climate satellites aimed at studying the Arctic
and Antarctic regions.
● The first cubesat, named "Ready, Aim, PREFIRE," is scheduled for launch on May 22,2024 while
the second, "PREFIRE and ICE," will follow a few days later.
● The primary goal of the PREFIRE mission is to investigate the amount of heat radiated from
Earth's polar regions into space and its impact on the global climate.
● PREFIRE aims to fill this gap by measuring how efficiently far-infrared heat is emitted by snow,
sea ice, and clouds.
● Collaboration and Management: The PREFIRE mission is a collaborative effort between NASA
and the University of Wisconsin-Madison.
● NASA's Jet Propulsion Laboratory manages the mission and provides the spectrometers, while
Blue Canyon Technologies built the CubeSats.
About NASA :
● Established : July 29, 1958
● Headquarters : Washington, D.C, United States of America
● Administrator : Bill Nelson
Elon Musk Introduces SpaceX's Satellite Internet Service in Indonesia
● Elon Musk and Indonesian Health Minister Budi Gunadi Sadikin launched SpaceX's satellite
internet service, Starlink, for Indonesia's health sector.
● The aim is to improve internet access in remote parts of Indonesia.
● Starlink was launched at three Indonesian health centers, including two in Bali and one on the
remote island of Aru in Maluku.
● Indonesia is the 3rd country in Southeast Asia where Starlink will operate.
About Starlink Project Overview :
● Starlink is a satellite network project developed by SpaceX, aimed at providing low-cost internet
to remote locations.
● It consists of a mega-constellation of satellites, with plans to expand up to 42,000 satellites,
currently totaling 5,800 in orbit.
● The satellites operate in Low Earth Orbit (LEO) at altitudes ranging from 350 km to 1,200 km,
reducing latency in internet services.
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Important Monthly Current Affairs Capsule – May 2024
About Indonesia :
● President : Joko Widodo
● Capital : Jakarta
● Currency : Indonesian rupiah (Rp)
Microsoft Unveils 'Copilot+' PCs with Unique 'Recall' AI Functionality
● Microsoft is innovating by introducing a new category of personal computers with AI features,
emphasizing its efforts to integrate emerging technologies into its products.
● The move reflects Microsoft's strategy to compete with tech giants like Alphabet and Apple,
highlighting the importance of innovation and competition in the technology sector.
● Chief Executive Satya Nadella unveiled the new "Copilot+" PCs, showcasing the leadership role
in driving innovation and product development within Microsoft.
About Microsoft :
● Founded : April 4, 1975
● Headquarters : Washington, United States
● Chairman & CEO : Satya Nadella
Google Partners with Foxconn to Manufacture Pixel Smartphones in Tamil Nadu
● Internet major Google will partner with iPhone manufacturer Foxconn to produce its ultra-
premium Pixel smartphones for the first time in Tamil Nadu (TN).
● The move aims to scale up Google's Pixel smartphone business in India to tap into the growing
demand for premium smartphones in the world's second-largest smartphone market.
● Production Targets:Dixon aims to produce 1 lakh Pixel units monthly, intending to export 25-30%
as it endeavors to expand its market presence in India, the second-largest smartphone market
globally.
● Drone Assembly and Delivery:Google's subsidiary, Wing LLC, may commence drone assembly
in Tamil Nadu.
● Wing LLC offers a drone delivery service in the US, Europe, and Australia with a fleet of
lightweight, autonomous drones.
● Announcement and Production Start:In 2023, Google announced plans to start manufacturing
Pixel 8 smartphones in India.
● Tamil Nadu's Electronics Export Leadership:Tamil Nadu leads India in electronics exports,
contributing $9.56 billion, almost a third of the national exports.
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Important Monthly Current Affairs Capsule – May 2024
About Google :
● Founded : September 4, 1998
● Headquarters : California, United States
● CEO : Sundar Pichai
About Tamil Nadu :
● Governor : R. N. Ravi
● Chief Minister : M. K. Stalin
● Capital : Chennai
● National Parks : Mukurthi National Park, Gulf Of Mannar Marine National Park
● Wildlife Sanctuaries : Mudumalai Wildlife Sanctuary, Vallanadu Sanctuary, Mundanthurai
Sanctuary
SpaceX Deploys first batch of satellites for New US Spy Constellation
● SpaceX has launched the first batch of operational spy satellites as part of a new American
intelligence network.
● The Falcon 9 rocket, operated by SpaceX, lifted off from Vandenberg Space Force Base in
Southern California for this launch.
● It marks the first deployment of the NRO's comprehensive system featuring responsive collection
and rapid data delivery.
About SpaceX :
● Founded : March 14, 2002
● Headquarters : Hawthorne, California, United States
● CEO : Elon Musk
● SpaceX, is an American spacecraft manufacturer, launch service provider and satellite
communications company.
Indian Army Collaborates with Indian Oil Corporation Limited for Hydrogen Fuel Cell Bus Technology
Trials
● Indian Army has collaborated with Indian Oil Corporation Limited (IOCL) for demonstration trials
of Hydrogen Fuel Cell Bus technology.
● A Memorandum of Understanding (MoU) was signed between the Indian Army and the IOCL in
the presence of General Manoj Pande, Chief of the Army Staff (COAS) and Mr Shrikant Madhav
Vaidya, Chairman of Indian Oil.
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Important Monthly Current Affairs Capsule – May 2024
● During the event, one Hydrogen Fuel Cell Bus was received by the Indian Army.
● This marks the commencement of a mutually beneficial partnership between the Indian Army and
IOCL.
● The Hydrogen Fuel Cell Bus has a seating capacity of 37 passengers.
● It promises an impressive mileage of 250-300 km on a full 30 kg onboard tank of Hydrogen fuel.
What is a hydrogen fuel cell?
● A hydrogen fuel cell uses the chemical energy of hydrogen to produce electricity.
● It is a clean form of energy with electricity, heat and water being the only products and by-
products.
● Fuel cells offer a variety of applications, from transportation to emergency back-up power, and
can power systems as large as a power plant or as small as a laptop.
● Fuel cells provide advantages over traditional combustion-based technologies, including greater
efficiencies and lower emissions.
About Indian Army :
● Founded : 26 January 1950
● Headquarters : New Delhi, Delhi
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Army Staff : General Manoj Pande
About IOCL :
● Founded : 30 June 1959
● Headquarters : New Delhi, Delhi, India
● Chairman : Shrikant Madhav Vaidya
● Indian Oil Corporation Limited (IOCL or IOC), trading as IndianOil, is an Indian oil and gas
company under the ownership of the Ministry of Petroleum and Natural Gas, Government of
India.
Tata Consultancy Services and Indian Institute of Technology-Bombay Collaborate to Develop India's
First Quantum Diamond Microchip Imager
● Tata Consultancy Services (TCS) has joined forces with the Indian Institute of Technology
Bombay (IIT Bombay) to create India's inaugural Quantum Diamond Microchip Imager.
● This collaboration aims to develop a tool for assessing the quality of semiconductors.
● This collaboration is aligned with the government of India’s National Quantum Mission.
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Important Monthly Current Affairs Capsule – May 2024
● The imager capitalizes on defects within diamond structures, specifically Nitrogen-Vacancy (NV)
centers, to achieve its functionality.
● Notably, IIT Bombay was TCS' inaugural academic partner for its Co-Innovation Network (COIN),
aimed at promoting industry-academia collaboration to pioneer innovative solutions.
What is National Quantum Mission India?
● The National Quantum Mission India is an initiative led by the Department of Science and
Technology, Government of India, aimed at advancing scientific and industrial research in
quantum technologies.
● This mission aligns with the nation's goals under Digital India, Make in India, Skill India, and
sustainable development.
● In a significant move, the Union Cabinet of the Government of India has approved the National
Quantum Mission with a budget of INR 6003.65 crore (approximately $730.3 million) for the
period from 2023-24 to 2030-31.
About TCS :
● Founded : 1968
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Natarajan Chandrasekaran
● CEO : K. Krithivasan
BOOKS AND AUTHOR
First True Copy of 'Indulekha' Painting Unveiled at Kilimanoor Palace on Ravi Varma's 176th Birth
Anniversary
• On the occasion of the 176th birth anniversary of Ravi Varma, the first true copy of the ‘Indulekha’
painting was released at the Kilimanoor Palace.
• Ravi Varma was born in 1848 at Kilimanoor Palace, near Trivandrum.
• A copy of Raja Ravi Varma’s pioneering artwork Indulekha, based on the novel by O. Chandu
Menon has been placed in the art gallery of Kilimanoor Royal Palace.
The Winner’s Mindset: Shane Watson shows ways to combat fear of failure
• Australian all-rounder Shane Watson recently launched the book ‘The Winner’s Mindset’ which
talks about how to get success even in the darkest period of life.
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• According to the book, having a winner’s mindset means believing in yourself, setting goals, and
never giving up, no matter how tough things get.
• Watson notes that in September 2015, he was planning to announce his retirement from cricket
although he was in good shape.
• His form deteriorated following the bouncer incident which took Australian batter Philip Hughes’
life the year before (2014).
RANKING AND INDEX
UAE top destination for Indian migrants hosts 3.47 million:
• The United Arab Emirates (UAE) is the top destination for Indian migrants, according to a report by
a United Nations agency.
• The International Organisation for Migration (IOM), announced that India received over $111 billion
in remittances in 2022, the largest in the world, becoming the first country to reach and even
surpass the $100 billion mark.
• The International Organisation for Migration (IOM), in its World Migration Report 2024: in 2022,
India, Mexico, China, the Philippines and Egypt were the top five remittance recipient countries.
• India was well above the rest, receiving more than $111 billion, the first country to reach and even
surpass the $100 billion mark.
About IOM
• The International Organization for Migration is a United Nations related organization working in the
field of migration.
• Headquarters: Grand-Saconnex, Switzerland,
• IOM Director General :Amy Pope
India ranks below Pakistan at 159 among 180 countries in the World Press Freedom Index: 'Unofficial
state of emergency'
• India ranked 159 among 180 countries in the latest annual World Press Freedom Index released
by Reporters Without Borders (RSF, short for Reporters sans frontières in French), an international
non-profit organization.
• India had ranked 161 in the 2023 list.
• Meanwhile, Pakistan ranked seven spots above India at 152.
• It had ranked 150 in 2023.
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Important Monthly Current Affairs Capsule – May 2024
• Norway topped the ranking, while Denmark was on the second rank in World Press Freedom
Index. Sweden ranked third on the list.
China largest trading partner of India in FY24 with $118.4 bn; the US second with $118.3 bn
• According to the data of economic think tank GTRI, China has emerged as the largest trading
partner of India with $118.4 billion in two-way commerce in 2023-24, slightly edging past the US.
• The bilateral trade between India and the US stood at $118.3 billion in 2023-24. Washington was
the top trading partner of New Delhi during 2021-22 and 2022-23.
• China was India's top trading partner from 2013-14 till 2017-18 and also in 2020-21.
• Before China, the UAE was the country's largest trading partner.
• The US was the largest partner in 2021-22 and 2022-23.
UAE tops global fibre connectivity with 99.3 pc penetration
● The UAE has once again been recognized as the global leader in Fibre to the Home (FTTH)
penetration.
● This marks the eighth consecutive year the country has held this top position with a penetration rate
of 99.3 percent, as reported by the FTTH Council in its latest annual report.
● The report analysed data from 20 countries that have exceeded 50 percent FTTH availability and
compared global statistics on fiber optic network penetration.
● It placed the UAE above Singapore (97.1 percent), Hong Kong (95.3 percent), China (92.9 percent),
and South Korea (91.5 percent).
India losing edge in higher education, 33 institutions' ranking dips: CWUR
● According to the Center for World University Rankings (CWUR), as many as 65 Indian universities
and institutes from India, led by the Indian Institute of Management Ahmedabad, are among the top
2000 globally but the country is losing its competitiveness in higher education on the international
stage.
● In the 2024 edition of the Global 2000 list by the CWUR, 32 Indian institutions moved up the ladder,
while 33 saw a fall.
● IIM-A, the country’s top institute stood at 410th rank globally, as compared to 419 last year.
● It was followed by the Indian Institute of Science (501) and the Indian Institute of Technology
Bombay (568).
● The rankings are based on the analysis of 62 million outcome-based data points on four factors:
Quality of education (25%), Employability (25%), Quality of faculty (10%), Research (40%).
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Important Monthly Current Affairs Capsule – May 2024
● In Asia, the University of Tokyo was the highest-ranked institution, at 13th spot globally.
● Globally, Harvard emerged as the top university for the thirteenth year in a row.
China remains leading import partner for India in FY24 at $101.74 billion
● China retained its spot as top import partner for India in 2023-24 with goods inflows increasing 3.29
percent (year-on-year) to $101.74 billion, opposed to an overall 5.66 per cent decline in the country’s
imports.
● High-tech items such as telecom and smartphone parts, laptop and PCs, as well as industrial inputs
such as plastic, iron and steel and chemicals contributed substantially to the imports.
● Total goods imports by India in 2023-24 fell 5.66 per cent to $675.44 billion.
● Russia vaulted to the second spot amongst India’s top import sources, surpassing the UAE and the
US, in 2023-24.
● India’s import from Russia rose 34 per cent to $61.44 billion during the fiscal comprising mostly oil.
● The UAE slipped one spot to the third place with imports from the country declining 9.8 per cent to
$48.01 billion.
● The US, too, slid a rank to the fourth spot with imports from the country falling 19.83 per cent to
$40.77 billion.
India participated in the 19th Session of the United Nations Forum on Forests in New York
● The 19th Session of the United Nations Forum on Forests (UNFF) was organized from May 6th to
10th May 2024.
● In this session, India highlighted significant advancements in forest conservation and sustainable
forest management.
● Between 2010 and 2020, India ranks third in the net gain in average annual forest area.
● The report on International Forest Governance was launched at the 19th Session of the United
Nations Forum on Forests (UNFF19),has revealed the rising trend of the ‘climatisation’ of forests.
● It is the first global synthesis report on international forest governance in the last 14 years.
● The report analyses developments in international forest governance since 2010, when the IUFRO-
led Global Forest Expert Panel (GFEP) published its last global assessment.
● India also shared information about the ‘Green Credit Program’, which is designed to incentivize
entities to take up tree plantation and restoration of degraded forest lands.
● The recent celebrations marking 50 years of Project Tiger and 30 years of Project Elephant
underscore India’s commitment to species conservation and habitat protection.
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Important Monthly Current Affairs Capsule – May 2024
● India also highlighted the creation of the International Big Cat Alliance at this session.
Mumbai and Delhi feature among the World's Top 50 Wealthiest cities, surpassing Washington DC
● Henley and Partners, a leader in residence and citizenship planning, recently unveiled a list of the
World's Wealthiest Top 10 cities and Rising Wealth Hubs, highlighting cities that attract high-net-
worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more.
● Mumbai and Delhi's inclusion in the top 50 wealthiest cities underscores India's economic progress
and urban development.
● On the list they ranked above, Washington, DC the capital city of the World's richest country.
● Mumbai and Delhi join other global financial hubs, such as New York, London, and Tokyo, in the list
of top 50 wealthiest cities.
● The Bay Area tech hub, Tokyo, Singapore, London, Los Angeles, Paris, Sydney, Hong Kong, and
Beijing complete the top 10. These cities offer diverse opportunities and amenities, attracting affluent
individuals and businesses.
India Climbs To 39th Position In World Economic Forum’s Travel & Tourism Development Index
● India has climbed to the 39th position in the World Economic Forum’s Travel & Tourism
Development Index 2024, while the US topped the list.
● India also ranks the highest in South Asia among the lower-middle-income economies.
● Earlier, India was ranked 54th in the 2021 published index.
● On an overall index score of 7, where 1 is the worst, and 7 the best, India scored 4.25.
● After the US, Spain, Japan, France and Australia figure among the top five in the 2024 list.
● The index, prepared in collaboration with the University of Surrey, showed India is highly price-
competitive (18th) and boasts competitive Air Transport (26th) and Ground and Port (25th)
infrastructure.
● The biennial index analysed the travel and tourism sectors of 119 countries around a range of
factors and policies.
● The index is comprised of five dimensions, 17 pillars and 102 individual indicators, distributed
among the 5 different pillars - Business Environment, Safety and Security, Health and
Hygiene,Health and Hygiene, Human Resources and Labour Market, ICT Readiness.
● In 2024, Japan (3rd) is the top performer in the APAC region, with Australia (5th) and China (8th)
ranking in the global top 10.
● China also has the region’s largest and the world’s second-largest T&T economy, while India
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Important Monthly Current Affairs Capsule – May 2024
(39th) has the largest T&T sector in South Asia and scores as the TTDI’s top lower-middle-
income economy.
Oxford Economics’ Global Cities Index: At 350, Delhi highest ranked Indian city
● Delhi has scored the 350th rank in the Oxford Economics’ Global Cities Index, which has compared
the world's 1000 largest cities on parameters ranging from economics to human capital.
● The list of 1000 largest cities, spread across 163 different countries, also feature several other Indian
cities, including Bengaluru, Mumbai and Chennai.
● However, no Indian city could make the Top 300.
● The national capital is the best performing Indian city on the list.
● The index contains 27 indicators across five categories
⮚ Economics(30%),
⮚ Human Capital(25%),
⮚ Quality of Life(25%),
⮚ Environment(10%),
⮚ and Governance (10%), which are aggregated to create an overall score for each city.
● New York ranks first on the index, followed by London, San Jose, Tokyo, Paris, Seattle, Los
Angeles, San Francisco, Melbourne and Zurich.
● In India, Bengaluru is ranked 411, Mumbai 427, Chennai 472, Kochi 521, Kolkata 528, Pune 534,
Thrissur 550, Hyderabad 564 and Kozhikode 580.
● Sultanpur, also in Uttar Pradesh, holds the lowest position among Indian cities, coming in at the
1,000th spot.
● Ranked 578, Pakistan's Islamabad and Rawalpindi were the best performing cities of the country.
Over 50% of world’s mangroves at risk of collapse, climate change leading factor: IUCN
● More than half of the world's mangrove ecosystems are at risk of collapse, with nearly one in five
facing severe risk, according to the findings of the first global mangrove assessment.
● According to the study done using the International Union for Conservation of Nature's (IUCN) Red
List of Ecosystems -- a global standard for measuring the health of ecosystems, climate change
threatens one-third (33 per cent) of the mangrove ecosystems.
About IUCN
● Founded in 1948, IUCN has become the global authority on the status of the natural world and the
measures needed to safeguard it.
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Important Monthly Current Affairs Capsule – May 2024
● Headquarters: Gland, Switzerland.
World Bank Report - 'Water For Shared Prosperity' Highlights Global Water Access Disparities
● The World Bank report, titled “Water for Shared Prosperity,” was released at the 10th World Water
Forum in Bali, Indonesia.
● It underscores the widening gap in access to water resources and services, exacerbated by factors
like population growth, urbanization, and climate change.
● In 2022, 2.2 billion people lacked access to safely managed drinking water services, while 3.5 billion
lacked access to safely managed sanitation.
● Over 800 million people globally are at high risk of drought, with double that number living in flood-
prone areas.
● The Democratic Republic of the Congo holds over half of Africa’s total water resources.
About World Water Forum
● World Water Forum is a large-scale international event that focuses on the discussion and
development of solutions to global water-related challenges.
● It is held every three years.
● The first forum took place in Marrakesh, Morocco in March 1997.
● It is organized by the World Water Council, an international organization.
SPORTS NEWS
Official Anthem for ICC Men’s T20 World Cup 2024, ‘Out of this World’, released by Sean Paul and Kes
• The International Cricket Council (ICC) released the official anthem for the Men’s T20 World Cup
2024.
• The anthem titled ‘Out Of This World’ features Grammy award winning artist Sean Paul and Soca
superstar Kes.
• The anthem, produced by Michael "Tano" Montano, was launched with a music video.
• It includes eight-time Olympic gold medalist Usain Bolt, cricket stars Chris Gayle, Ali Khan,
Shivnarine Chanderpaul and other Caribbean celebrities.
Iga Swiatek Beats Aryna Sabalenka to Win Madrid Open
• World number one Iga Swiatek edged Aryna Sabalenka 7-5, 4-6, 7-6(7) in a gripping and gruelling
Madrid Open final to win the title for the first time
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Important Monthly Current Affairs Capsule – May 2024
• Top-ranked Iga Swiatek came through “the most intense and crazy final” she has ever contested to
avenge her loss to Aryna Sabalenka in last year’s Madrid final with a gruelling three-hour 11-
minute victory in the Spanish capital.
• Swiatek, who picked up the 20th title of her career, and ninth at the WTA 1000 level, has now won
her last eight consecutive finals and joins Elena Rybakina with a tour-leading 30 victories this
season.
Max Verstappen Takes Pole For Miami GP After Sprint Race Win
• Red Bull's Max Verstappen continued his domination of Formula One, taking pole position for
Miami Grand Prix after clinching the sprint race earlier.
• The reigning world champion and championship leader, who has won four out of five Grand Prix
races this season, secured his seventh straight pole position with another dominant drive.
• Ferrari's Charles Leclerc, whose fastest lap was 0.141 seconds behind Verstappen, will start
second with his teammate Carlos Sainz in third place and Verstappen's Red Bull partner Sergio
Perez fourth.
India to Organize BWF World Junior Badminton Championships 2025 in Guwahati
• The Badminton World Federation (BWF) announced that India will host the 2025 BWF World
Junior Championships at the National Centre of Excellence in Guwahati.
• It will be the first time since 2008 that the prestigious Badminton World Federation (BWF) event will
be held in India.
• India last hosted the event in Pune.
• The exact dates for the 2025 BWF World Junior Championships will be announced later.
About BWF :
• Established : 1934
• Headquarters : Kuala Lumpur, Malaysia
• President : Poul-Erik Høyer Larsen
• The BWF is the international governing body for the sport of badminton recognised by the
International Olympic Committee (IOC).
Asian Carrom Championship: Indian Players Captured Both Men’s And Women’s Doubles Titles At
Male, Maldives
• Rashmi Kumari outplayed Shainy Sebastian to clinch the women's title in the 6th Asian carrom
championship which concluded in Maldives.
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• It was the fourth Asian crown for the three-time World Champion Rashmi, who had recently won
her 12th National title in Gwalior.
• Men Final: Mohd.Ghufran bt K. Srinivas
• Women Final: Rashmi Kumari bt Shainy Sebastian
Red Bull confirms design chief Adrian Newey to leave in 2025
• Adrian Newey, regarded as the greatest F1 designer and a chief architect of Red Bull’s
dominance, is set to end his Red Bull stay in the “first quarter” of 2025.
• Red Bull confirmed that design chief Adrian Newey will leave the Formula 1 team in early 2025
after 19 years.
• It was widely reported last week that the 65-year-old was set to quit following a controversy
involving allegations about team principal Christian Horner.
• The announcement is expected to start a bidding war for Newey’s services, with Ferrari, soon to
be joined by Lewis Hamilton, in pole position.
NADA India organizes #PlayTrue Campaign to create awareness about clean sports
• The National Anti-Doping Agency (NADA), India concluded the #PlayTrue Campaign, with a
turnout of more than 12,133 participants.
• The campaign commemorated WADA’s Play True Day and aimed at fostering awareness about
the importance of clean sports and anti-doping practices in India, received overwhelming
participation and support from athletes, coaches, and sports enthusiasts nationwide.
• The #PlayTrue Campaign highlights NADA India's commitment to equipping athletes, coaches,
and the entire sporting community with a thorough understanding of anti-doping regulations,
empowering them to champion clean play in India.
Manika Batra Stuns World No 2 at WTT Saudi Smash, Claims Career-Best Singles Win
• Top Indian woman paddler Manika Batra claimed the biggest scalp of her career as she accounted
for World No. 2, Wang Manyu of China in four games in a Women's singles Round of 32 clash in
WTT Saudi Smash.
• Manika came back after losing the first game to win the next three to stun the top Chinese player
and win the match 6-11, 11-5, 11-7, 12-10 in the 38-minute encounter played at Infinity Arena in
King Abdullah Sports City.
• The 28-year-old Indian had started her campaign in Saudi Smash with a 3-0 win over Andreea
Dragoman of Spain in the first round.
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Important Monthly Current Affairs Capsule – May 2024
Rublev Battles Illness To Claim Madrid Open Title
• Andrey Rublev won the Madrid Open with a hard-fought 4-6, 7-5, 7-5 victory over Felix Auger-
Aliassime to secure his second title of the year, despite battling with illness.
• The Russian world number eight said he was “almost dead every day” and could barely sleep this
week after securing a career second Masters 1000 victory.
• Rublev had lost four consecutive matches before arriving in the Spanish capital but came from a
set down to beat his Canadian opponent.
Asian Games Test Event: Indian pugilists win five gold medals
• Indian pugilists testing their water for the upcoming Asian Games in August proved their worth and
emerged with a massive tally of ten medals, including five gold, one silver and four bronze medals
at the Asian Games Test Event, here in Jakarta.
• Even though seven of the ten participating Indian pugilists were guaranteed bronze medals at the
start of the tournament, three Indian boxers displayed ruthlessness as they romped past their
opponents in dominating fashion to clinch the gold.
China down Indonesia to claim Thomas and Uber Cup double
• China completed a Thomas and Uber Cup double as both men’s and women’s teams beat
Indonesia to win their respective world team championship finals in Chengdu.
• The men, who won 3-1, lifted China’s first Thomas Cup since they beat Japan in 2018 -- and their
11th in all.
• The 2024 Thomas & Uber Cup was the 33rd edition of the Thomas Cup and the 30th edition of the
Uber Cup, the biennial international badminton championship contested by the men and women's
national teams of the member associations of Badminton World Federation.
ISL final: Mumbai City FC break Mohun Bagan Super Giant hearts with a come-from-behind win at Salt
Lake
• Mumbai City FC beat Mohun Bagan Super Giant 3-1 at the Salt Lake Stadium to emerge as the
Indian Super League (ISL) 2023-24 Cup Winners at the final in Kolkata.
• Indian Super League (ISL) 2023-24 was 10th season of ISL.
• ISL Cup final was played at the Vivekananda Yuba Bharati Krirangan in Kolkata.
• Golden Glove: Phurba Lachenpa (Mumbai City FC), Golden Boot: Dimitrios Diamantakos (Kerala
Blasters FC)
• Emerging Player of the League: Vikram Partap Singh (Mumbai City FC).
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Important Monthly Current Affairs Capsule – May 2024
• Player of the League: Dimitrios Petratos (Mohun Bagan Super Giant).
Dharamshala Cricket Stadium gets India’s first ‘hybrid pitch’
• India’s first-ever “hybrid pitch” was unveiled at the picturesque Himachal Pradesh Cricket
Association (HPCA) stadium in Dharamshala, marking a significant milestone for the sport in the
country.
• The introduction of the SISGrass hybrid pitch is expected to lift the quality of the sport played on
Indian pitches.
• SISGrass designs, constructs and supplies hybrid and synthetic cricket match pitches and practice
net areas for a wide variety of organisations, including international cricket venues, local cricket
clubs, schools, and universities.
Tripura’s First International Cricket Stadium Set To Be Ready By February 2025
• Tripura Cricket Association (TCA) is set to inaugurate the state’s first international cricket stadium
in Narsingarh, located in the West Tripura district, with a one-day international match or an IPL
(Indian Premier League) T20 encounter.
• Subrata Dey, the secretary of TCA, announced that the stadium is expected to be operational for
hosting major cricket events by February 2025.
• It will be the northeastern state’s first stadium.
• It is being constructed with a budget of Rs 200 crore.
• BCCI and Tripura Cricket Association have joined hands to construct this stadium. Its construction
was started in 2017.
Lando Norris wins historic maiden victory at F1 Miami Grand Prix
• The 24-year-old British Formula 1(F1) driver Lando Norris finally won his maiden F1 title by
winning the Miami Grand Prix held at the Miami International Autodrome in Miami, Florida, in the
United States of America.
• He also broke the dominance of the Red Bulls Max Verstappen, who won four out of six races of
the 2024 F1 season.
• Lando Norris, who is currently with McLaren’s team, made his debut in the F1 circuit at the
Australian Grand Prix in 2019.
About F1 :
• The Formula One motor car racing is organised by The Fédération Internationale de l'Automobile
(FIA).
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Important Monthly Current Affairs Capsule – May 2024
• The FIA was set up in 1904.
• The 2024 Formula One season consists of 24 Grand Prix races.
International Chess Federation Awards Grandmaster Title To Indian Chess Prodigy Vaishali Ramesh
Babu
• Indian Chess Prodigy, Vaishali Ramesh Babu has been awarded the title of Grandmaster by FIDE.
• Vaishali is the third Indian female Grandmaster, joining Koneru Humpy and Harika Dronavalli.
• Vaishali's accomplishment, as the 84th Indian grandmaster and 42nd woman from any country to
become a GM, has already been widely recognized.
• In January 2024, she was presented with the Arjuna Award.
West Indies player Devon Thomas banned for five years under an anti-corruption code
• The International Cricket Council imposed five years of ineligibility from all cricket on West Indies
player Devon Thomas after he accepted breaching seven counts of the anti-corruption codes of Sri
Lanka Cricket , the Emirates Cricket Board and the Caribbean Premier League .
• The ICC announced the period of ineligibility in its capacity as the Designated Anti-Corruption
Official under the relevant codes, ruling that the last 18 months of the period of ineligibility would be
suspended.
Japan Triumphs at the AFC U-23 Asian Cup, Secures Olympic Berth
• The Japanese men's under-23 football team made history by winning the AFC U-23 Asian Cup for
the second time.
• They defeated Uzbekistan in a thrilling final match held at the Jassim bin Hamad Stadium in Doha,
Qatar.
• This victory also secured Japan's qualification for the 2024 Paris Olympics.
• The 6th edition of the AFC U-23 Asian Cup took place in Qatar from April 15 to May 3, 2024.
• The top three teams automatically qualified for the upcoming Paris Olympics.
• Japan emerged as the champions, winning the gold medal, while Uzbekistan took home the silver
medal.
New Zealand's Colin Munro retires from international cricket after T20 WC snub
• New Zealand's Colin Munro, announced his retirement from international cricket after he was not
included in the national team for the upcoming T20 World Cup.
• Munro played one Test, 57 ODIs and 65 T20Is for the Kiwis amassing a total of 3010 runs, but it
was in the shortest format the left-hander made a name for himself.
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Doha Diamond League: Neeraj Chopra finishes second with a throw of 88.36m
• Olympic and world champion Neeraj Chopra finished second at the Doha Diamond League
meeting javelin throw event as his big final effort of 88.36m fell short by two centimetres of Jakub
Vadlejch's winning effort.
• The 26-year-old Chopra trailed Czech Republic veteran Vadlejch -- who won the title with his third
round throw of 88.38m -- all through the competition.
• Two-time world champion Anderson Peters took the third sport with a best throw of 86.62m.
Indian Contingent Bags 43 Medals At ASBC Asian U-22 And Youth Boxing Championships In Astana,
Kazakhstan
• The Indian contingent won 43 medals in the ASBC Asian U22 and Youth Boxing Championship in
Astana, Kazakhstan.
• In both categories, the Indian contingent won 12 gold, 14 silver and 17 bronze medals.
• The Indian under-22 team finished with 21 medals including 7 gold, 5 silver and 9 bronze medals.
• The youth category finished with 22 medals including 5 gold, 9 silver and 8 bronze medals.
UWW suspends Bajrang Punia for dope sample refusal to NADA
• The world wrestling governing body United World Wrestling (UWW) has provisionally suspended
Tokyo bronze medallist Bajrang Punia till 31st December 2024.
• The UWW has cited the suspension of Bajrang Punia by the National Anti-Doping Agency (NADA)
of India as the reason for the provisional suspension.
• It puts into jeopardy his participation in the 2024 Paris Summer Olympics.
About UWW
• United World Wrestling is the international governing body for the sport of amateur wrestling; its
duties include overseeing wrestling at the World Championships and Olympic.
• Headquarters: Corsier-sur-Vevey, Switzerland,
• Founded: 1912.
Dominic Thiem, the winner of the US Open, announces his retirement from tennis
• Austrian tennis player Dominic Thiem announced that he will retire at the end of this season.
• The 30-year-old, who won the US Open men’s singles title in 2020, said that recurring problems
due to his wrist injury forced him to arrive at this decision.
• Thiem has won 17 career titles, the most recent being the US Open win in 2020.
• The Austrian achieved a career-highest ranking of 3 in March 2020.
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Important Monthly Current Affairs Capsule – May 2024
• He is currently ranked 117th.
Indian Gymnast Srishti Khandagale Wins Silver medal at Asian Championships
• In Trampoline, India’s Srishti Khandagale scripted history by becoming the first-ever Indian to win a
medal at the Asian Trampoline Gymnastics Championships.
• She clinched the silver medal in the Women’s Individual Age group category at the 6th Asian
Trampoline Gymnastics Championship held in Hong Kong, China.
• However, she did not qualify for the upcoming Paris Olympics, as she was competing in an age
group event.
• Kazakhstan’s Dolgopolova secured the gold medal, while Hong Kong’s S Hung won the bronze.
Legendary Nepal Mountaineer Climbs Mount Everest For Record 29th Time
● Nepal's Kami Rita Sherpa also known as 'Everest Man' broke his record by climbing the world's
highest peak, Mount Everest for the 29th time.
● The 54-year-old Sherpa climber and guide in the last spring season had climbed the 8848.86 meters
tall highest peak two times within a week setting a record for the 28th summit.
● Legendary Nepal Mountaineer Climbs Mount Everest For Record 29th Time the record-setting
climber reached the summit of Everest at 7:25 AM (NST).
T20 World Cup to stream and broadcast with sign language, audio description
● In a first for Indian sports streaming, the ICC Men’s T20 cricket World Cup will be streamed with
Hindi audio description and Indian Sign Language (ISL) for visually and hearing impaired viewers,
Disney+ Hotstar, the streaming service with the rights to stream the tournament this year(2024)
announced.
● Reports peg the tournament’s media value between ₹1,600–2,000 crore.
● This is the first time that the T20 World Cup will be telecast with sign language and descriptive
commentary making cricket more immersive for its deaf, hard-of-hearing and visually-impaired
users.
Puma India signs up as an official kit partner for the Athletics Federation of India , which will equip over
400 Indian athletes
● Puma India has signed up as the official kit sponsor of the sports body, Athletics Federation of India
(AFI).
● Under this multi-year deal, the sports brand will exclusively supply performance kits, speed suits and
travel gear to all athletes under AFI and who represent India in track & field, jumps, throws, cross
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Important Monthly Current Affairs Capsule – May 2024
country running and marathons at both domestic and international tournaments.
● However, this kitting partnership does not include Olympics, Asian Games and Commonwealth
Games.
● Arne Freundt, CEO, PUMA SE.
● Established in 1946, the AFI is the apex body for running and managing athletics in India and is
affiliated with the World Athletics, Asian Athletics Association, and Indian Olympic Association.
Table Tennis, Manika Batra Becomes First Indian Woman To Break Into Top 25 Of World Women’s
Singles Rankings
● India’s women’s table tennis player Manika Batra became the first Indian woman to enter the top 25
of the world women’s singles rankings.
● After the success of the Saudi Smash, Manika Batra rose to her career-best ranking of 24.
● She also equalled G. Sathyan’s five-year-old record for the highest rank achieved by an Indian in
singles table tennis.
● She won three medals at the 2015 Commonwealth Table Tennis Championships.
● Manika Batra won the gold medal at the 2018 Commonwealth Games in individual and team
categories.
● She was awarded the Major Dhyan Chand Khel Ratna in 2020.
Homecoming hero Neeraj Chopra takes the accolade and applause at Federation Cup
● Olympic champion Neeraj Chopra won the gold medal in men's javelin throw at the 27th National
Federation Senior Athletics Competition in Bhubaneswar.
● Neeraj struggled in the early stages of the competition as he stood second after three rounds.
● He took the lead in the fourth round with an effort of 82.27 metres.
● DP Manu, of Karnataka came second with 82.06m effort, while Uttam Balasaheb Patil of
Maharashtra was third with 78.39m.
● Local man and Asian Games silver medallist Kishore Jena finished fifth with a disappointing 75.49m.
● Jena had qualified for the Paris Olympics when he threw 87.54m for the Asian Games silver medal
in Hangzhou, China last year.
Brazil Declared Host Of 2027 Women’s World Cup At FIFA Congress
● Brazil was declared the host of the 2027 Women’s World Cup at the FIFA Congress, beating the
joint bid of Belgium, Netherlands and Germany to become the first South American country to hold
the tournament.
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Important Monthly Current Affairs Capsule – May 2024
● The 74th FIFA congress, making its debut in Premier League-mad Thailand, made its choice by
open vote for the first time as the organisation seeks to move on from the corruption and shady
dealing that dogged it in the past.
● Brazil hosted the men’s football World Cups in 1950 and 2014; now it’s time for women.
● This will be the first Women's World Cup to be held in South America.
● The FIFA Women's World Cup has seen five nations crowned champions, with the 2023 title going
to Spain.
● FIFA President: Gianni Infantino.
Coca-Cola India announces its first-ever partnership with Hockey India, for the National Women's
Hockey League
● The Coca-Cola India Foundation, announces its first-ever partnership with Hockey India, for the
National Women's Hockey League 2024.
● The 1st Phase of the tournament commenced on 30thApril, and it will conclude on 9thMay 2024, in
Ranchi, Jharkhand
● The National Women's Hockey League features teams that secured top-eight positions in Pune's
recently concluded 14th Hockey India Senior Women National Championship 2024.
● The participating athletes represent various states, including Haryana, Maharashtra, Jharkhand,
Madhya Pradesh, Bengal, Mizoram, Manipur, and Odisha.
● In line with Coca-Cola India's commitment to sports, the three-year collaboration underscores its role
in positively shaping the sports and gender equality landscape.
● The partnership also aligns with the company's #SheTheDifference campaign, an initiative to
celebrate, uplift, and support women.
Martín Wins the 2024 French Grand Prix
● Jorge Martin extended his lead in the championship with a thrilling victory in the French MotoGP at
Le Mans
● The Spaniard, who won the sprint, battled the entire race with rival Francesco Bagnaia before Marc
Marquez arrived late to steal second place.
● Pramac Ducati rider Martin heads the standings with 129 points, 38 ahead of Bagnaia who moved
into second spot.
Japanese Men's Hockey Team Etched Its Name In History Books By Clinching Its Maiden Sultan Azlan
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Important Monthly Current Affairs Capsule – May 2024
Shah Trophy Title
● The Japanese men's hockey team made history when it won the Sultan Azlan Shah Trophy for the
first time.
● The match against Pakistan concluded in a 2-2 tie after regulation time, forcing a penalty shootout.
● Japan triumphed, defeating Pakistan 4-1 in a nail-biting shootout at the Azlan Shah Stadium in Ipoh,
Malaysia.
● The 2024 edition of the famous competition featured six teams: Japan, Pakistan, Canada, South
Korea, New Zealand, and Malaysia, who hosted the event. Japan won the championship, with
Pakistan finishing second.
Malaysia came in third, followed by New Zealand, South Korea, and Canada in the final standings.
About The Sultan Azlan Shah Trophy
● The Malaysia Hockey Confederation organizes the Sultan Azlan Shah Trophy, which invites six
countries to compete.
● It began as a biennial competition in 1983 but grew in popularity to become an annual event in 1999.
● The trophy is named after Sultan Azlan Shah, the former Sultan of Perak, Malaysia, who was a
hockey pioneer in Asia and served as president of the Asian Hockey Federation from 1990 to his
death in 2014.
● The competition takes place every year in Ipoh, Malaysia's capital of Perak. Australia is the
competition's most successful team, having won ten times, followed by India with five wins and
Pakistan with three.
Maximus Magnus Carlsen wins ten in-a-row to become a clear champion at Superbet Rapid and Blitz
2024
● Magnus Carlsen won ten games in a row to win the Grand Chess Tour Superbet Rapid and Blitz
2024.
● He scored 26/36, finishing a half point ahead of Wei Yi (CHN).
● Despite being 2.5 points ahead of Carlsen, he scored 1.5/2 in the first two games, then he lost to
Jan-Krzysztof Duda (POL).
● He drew the last two games against Anish Giri (NED) and Arjun Erigaisi to become a clear
champion.
● Duda finished third scoring 19.5/36.
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Important Monthly Current Affairs Capsule – May 2024
● R Praggnanandhaa scored a crucial victory against Wei in the penultimate round.
● He scored 19/36 to finish fourth.
● Arjun fifth 18/36.
Chess: P Shyaamnilkhil becomes India's 85th Grandmaster
● P Shayaamnikhil became India's 85th Grandmaster by completing his third and final GM norm in the
just-concluded Dubai Police Masters chess tournament, ending a 12-year-wait for the player who
took to the sport as an eight-year-old.
● Shyaamnikhil needed just one win and eight draws to complete the long-overdue GM title which he
achieved in the tournament.
● The 31-year-old conjured the requisite 2500 ELO rating points, the minimum requirement to be a
GM, way back in 2012 with two Grandmaster norms but for the third one, he had to wait for 12 years.
UN Proclaims 25th May As World Football Day
● The United Nations General Assembly has proclaimed 25th May as the World Football Day, by
adopting a resolution during the 80th plenary meeting of the General Assembly in New York.
● The year 2024 marks the 100th anniversary of the first international football tournament in history
with the representation of all regions as part of the 1924 Summer Olympic Games, held in Paris.
● The resolution was passed unanimously by the 193-member General Assembly.
● Taher M. El-Sonni, Permanent Representative of the State of Libya to the United Nations,
introduced the draft resolution under Sport for Development and Peace: building a peaceful and
better world through sport and the Olympic ideal during the meeting.
Italian Open: Iga Swiatek wins third title after beating Sabalenka in the final
● Iga Swiatek defeated Belarusian Aryna Sabalenka in the final by 6-2, 6-3 to win her third Italian
Open title.
● After Serena Williams, Swiatek became the first woman to win the Madrid and Rome titles back to
back.
● It is the 21st title of Iga Swiatek’s career.
● Alexander Zverev of Germany won the Men’s title after defeating Chile’s Nicolas Jarry by 6-4, 7-5.
● Marcel Granollers and Horacio Zeballos clinched Men’s doubles while Sara Errani and Jasmine
Paolini won the Women’s doubles title.
● Italian Open, also known as the Rome Masters is a professional tennis tournament.
Para Worlds: Deepthi Jeevanji Smashes World Record, Yogesh Kathuniya Clinches Silver
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Important Monthly Current Affairs Capsule – May 2024
● Para-athlete Deepthi Jeevanji of India created a world record of 55.07 seconds in the category of
women’s 400m T20 at the ongoing Para Athletics World Championship 2024 in Kobe, Japan.
● Jeevanji won the gold medal in the women's 400-meter T20 category with a timing of 55.06 seconds.
Jyoti Ratre, 55, becomes the oldest Indian woman to conquer Mount Everest
● Jyoti Ratre, an entrepreneur and fitness enthusiast from Madhya Pradesh, has become the oldest
Indian woman to conquer Mount Everest.
● Ratre's accomplishment comes precisely six years after Sangeeta Bahl, at 53, earned the title of
‘India’s oldest woman to climb Mount Everest' on May 19, 2018.
● This was Ratre's second attempt to summit the highest peak in the world.
Dipa Karmakar becomes the first ever Indian gymnast to win a gold medal at the Asian Championships
● Dipa Karmakar won the gold medal in the vault event, making her the first Indian gymnast to secure
the continental title at the Asian Women's Artistic Gymnastics Championships in Tashkent.
● The 30-year-old Dipa, who placed eighth with a score of 12.650 in the qualification round, achieved
an identical score of 13.566 in both of her attempts during the final, resulting in an overall score of
13.566.
● Dipa was followed by North Koreans Kim Son Hyang, who scored 13.466 after a 0.100 penalty, and
Jo Kyong Byol, who scored 12.966.
Indian mixed 4x400m team sets National record
● In a remarkable display of athleticism, the Indian mixed 4x400m relay team comprising Muhammed
Ajmal, Jyothika Sri Dandi, Amoj Jacob, and Subha Venkatesan clinched the gold medal at the 2024
Asian Relay Championships held in Bangkok, Thailand.
● The quartet achieved this feat by clocking an impressive time of 3:14.12, thereby surpassing the
previous national record of 3:14.34.
● Notably, this record-breaking performance betters the mark set by Ajmal, Vithya Ramraj, Rajesh
Ramesh, and Subha, who secured a bronze medal at the Asian Games in Hangzhou the preceding
year.
IOC launches ‘Let’s move India’ campaign with Reliance Foundation and Abhinav Bindra
● The International Olympic Committee (IOC) has teamed up with the Reliance Foundation and the
Abhinav Bindra Foundation to introduce the "Let's Move India" campaign, encouraging everyone to
rally behind the Olympians gearing up for the Paris Olympics.
● This initiative aims to inspire the public to show their support for the athletes competing in the
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Important Monthly Current Affairs Capsule – May 2024
upcoming Olympic Games in Paris.
● Abhinav Bindra, India's first individual Olympic gold medalist and a member of the IOC Athletes'
Commission, has joined forces with the IOC for this endeavor.
Women's Tennis Association Multi-Year Partnership with Saudi Arabia’s PIF
● The Women’s Tennis Association (WTA) has agreed to a multi-year partnership with Saudi Arabia’s
Public Investment Fund (PIF).
● This landmark deal marks PIF as the first-ever naming partner of the WTA rankings.
● With this agreement, PIF now becomes the naming partner for both the WTA and ATP rankings,
having entered a strategic partnership with the ATP in February.
● The partnership follows the announcement that Saudi Arabia will host the WTA Finals for the next
three years.
About the Women's Tennis Association
● The Women's Tennis Association is the principal organizing body of women's professional tennis.
● It governs the WTA Tour, the worldwide professional tennis tour for women.
● Founded by Billie Jean King
● The WTA is headquartered in St. Petersburg, Florida, United States.
Charles Leclerc achieves a historic victory at the Monaco Grand Prix.
● Charles Leclerc, the Ferrari driver, has made history by becoming the first Monegasque driver to win
the Monaco Grand Prix since Louis Chiron in 1931, ending a remarkable drought of 92 years.
● McLaren's Oscar Piastri finished second, trailing Leclerc by 7.1 seconds, while Ferrari's Carlos Sainz
secured third place.
2024 Grand prix Winners:
GRAND PRIX WINNER CAR
Bahrain Max Verstappen RED BULL RACING HONDA
RBPT
Saudi Arabia Max Verstappen RED BULL RACING HONDA
RBPT
Australia Carlos Sainz FERRARI
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Important Monthly Current Affairs Capsule – May 2024
Japan Max Verstappen RED BULL RACING HONDA
RBPT
China Max Verstappen RED BULL RACING HONDA
RBPT
Miami Lando Norris MCLAREN MERCEDES
Emilia Romagna Max Verstappen RED BULL RACING HONDA
RBPT
Monaco Charles Leclerc FERRARI
Dipa Karmakar secured a historic gold medal at the Asian Gymnastics Championships.
● Historic Achievement: Dipa Karmakar secures India's first-ever gold at the Asian Championships.
● Dipa scored an average of 13.566 points, clinching gold in the women's vault.
● Silver and bronze medals claimed by North Korean athletes with impressive scores.
Hayley Matthews And Muhammad Waseem Named ICC Players Of The Month For April 2024
● Hayley Matthews, the captain of the West Indies team, has been awarded the ICC Women’s Player
of the Month for her outstanding all-round performances that were instrumental in the West Indies’
triumph in Pakistan across both the ODI and T20I series.
● Matthews clinched her third ICC Women’s Player of the Month title following a series of remarkable
all-round performances in April, amassing 451 runs and claiming 12 wickets across ODIs and T20Is.
Muhammad Waseem: ICC Men’s Player of the Month
● Muhammad Waseem, the captain and opener for the UAE team, has been honoured as the ICC
Men’s Player of the Month for his remarkable batting prowess that propelled the UAE to victory in the
ACC Premier Cup.
● Waseem becomes the first UAE player to claim this accolade, courtesy of a series of powerful
batting performances that led his team to clinch the ACC Premier Cup in Oman.
OBITUARIES
Former Union Minister Sreenivasa Prasad Passes Away
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Important Monthly Current Affairs Capsule – May 2024
• V. Srinivas Prasad, Bharatiya Janata Party (BJP) Member of Parliament (MP) and former Union
Minister, passed away at the age of 76 in Bengaluru, Karnataka.
• Prasad was born on August 6, 1947, in Ashokapuram, Mysore, in the Kingdom of Mysore, India.
• He first contested Assembly elections as an independent in 1974.
• He joined the Janata Party in 1976, then switched to the Congress in 1979.
Renowned U.S. Author of 'The New York Trilogy', Paul Auster, Passed Away
• Paul Auster, the prolific American novelist behind the acclaimed “New York Trilogy," has passed
away at the age of 77.
• Paul Auster was born in Newark, New Jersey.
• Auster wrote more than 30 books and was shortlisted for the Booker Prize and voted into the
American Academy of Arts and Letters.
Titanic' and 'Lord of the Rings' Actor Bernard Hill Passed away
• Bernard Hill, actor known for his roles in "The Lord of the Rings" and "Titanic," passed away at the
age of 79.
• Hill was born in Blackley, Manchester, England.
• Hill portrayed Théoden, King of Rohan, in "The Lord of the Rings" film trilogy.
• He played Captain Edward Smith, the captain of the Titanic, in the 1997 film "Titanic."
• He also played Luther Plunkitt, Warden of San Quentin Prison, in Clint Eastwood's film "True
Crime."
Argentina's World Cup-winning Coach César Luis Menotti Passed Away
• The legendary coach who led Argentina to its first World Cup title in 1978, César Luis Menotti, has
passed away at the age of 85.
• Known as "El Flaco" ("Slim"), Menotti played for several prominent clubs including Rosario Central,
Boca Juniors, and Santos.
• He began his coaching career with Newell’s Old Boys and won the Argentine championship with
Huracan in 1973.
Renowned Hollywood Mentor and 'King of the Bs', Roger Corman, Passed Away
• Roger Corman, the “King of the Bs” who helped turn out such low-budget classics as “Little Shop
of Horrors” and “Attack of the Crab Monsters” and gave many of Hollywood’s most famous actors
and directors early breaks, has passed away at the age of 98.
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Important Monthly Current Affairs Capsule – May 2024
• Roger Corman was born on April 5, 1926, in Detroit, Michigan, United States.
• He was an American film director, producer, and actor.
• Known by various monikers such as "The Pope of Pop Cinema," "The Spiritual Godfather of the
New Hollywood," and "The King of Cult."
Former Deputy Chief Minister of Bihar, Sushil Kumar Modi, Known as 'Bihar's Bhamashah', Passes
Away
● Senior Bharatiya Janata Party (BJP) leader and former Bihar Deputy Chief Minister Sushil Kumar
Modi passed away in New Delhi at the age of 72.
● Sushil Kumar Modi was born on January 5, 1952, in Bihar.
● He served as the Deputy Chief Minister of Bihar from 2005 to 2013 and again between 2017 and
2020.
Former Gujarat Governor and Longtime Congress Leader Kamla Beniwal Passed away
● Veteran Congress leader and former governor of Gujarat Kamla Beniwal passed away at the age
of 97.
● Kamla Beniwal was born on January 12, 1927, in Gorir, Jhunjhunu district, Rajputana Agency,
British India.
● She joined the Indian National Congress at 15 and actively participated in the Quit India
Movement.
● She became Rajasthan's first woman minister in 1954 at the age of 27.
● For a decade, from 1980 to 1990, she was a cabinet minister in the Rajasthan government.
● Beniwal served as a minister in various capacities, including Deputy Chief Minister of Rajasthan
in 2003.
● Kamla Beniwal made history as the first woman governor of any northeastern state.
● Apart from Gujarat, she served as the governor of Tripura and Mizoram.
● Beniwal received the Tamra Patra Award from former Prime Minister Indira Gandhi in recognition
of her significant contribution to the freedom struggle.
Former Indian Newspaper Society President Naresh Mohan passes away
● Distinguished media veteran and former President of the Indian Newspaper Society (INS),
Naresh Mohan, passed away at the age of 82.
● Mohan served as the president of the INS during the term 1990-91.
● He also served as executive president at Hindustan Times, chairman at United News of India and
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Important Monthly Current Affairs Capsule – May 2024
as member of the Press Council of India.
About INS :
● Founded : 1939
● Headquarters : New Delhi
● President : Rakesh Sharma
● INS acts as the central organisation for newspapers in India, and plays a major role in protecting
and promoting freedom of the press in the country.
Nobel Prize-winning author Alice Munro Passed away
● Alice Munro, first Canadian author to win the Nobel Prize in literature, has passed away at the
age of 92 in Ontario.
● Alice Munro was born on July 10, 1931 in Ontario.
● The Nobel committee called Munro a “master of contemporary short stories”.
Awards & Honors :
● She was one of Canada's most renowned writers and received the Nobel Prize in Literature in
2013.
● Her first major break-through came in 1968, when her short story collection, Dance of The Happy
Shades, about life in the suburbs of western Ontario, won Canada’s highest literary honour, the
Governor General’s Award.
● It was the first of three Governor General’s Awards she would win in her lifetime.
● In 2009, Munro won the Man Booker Prize International Prize for lifetime achievement.
Former ICICI Bank Chairman and Legendary Banker N Vaghul Passed Away
● Legendary Indian banker and former chairman of ICICI Bank Narayanan Vaghul passed away in
Chennai at the age of 88.
● Vaghul was born in Madras (present-day Chennai) in British India in 1936.
● Between 1981 and 1985 he headed the development bank ICICI Ltd. as its Chairman & CEO.
● He was a recipient of the Padma Bhushan, India's third highest civilian honour, in 2010.
Iranian President Ebrahim Raisi Passed away in Helicopter Crash
● Iran’s 8th President Ebrahim Raisi tragically died in a helicopter crash in the mountainous
northwestern region of Iran.
● Along with Raisi, his foreign minister Hossein Amirabdollahian was also killed.
● In the aftermath of his death, Mohammad Mokhber, 68, was appointed as the Interim President
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Important Monthly Current Affairs Capsule – May 2024
of Iran for a period of 50 days
● Raisi, who was seen as a prominent figure in Iran's political arena, was often considered a
potential successor to Supreme Leader Ayatollah Ali Khamenei.
● Ebrahim Raisi was born on 14 December 1960 in the Noghan district of Mashhad.
Vicco Chairman Yashwant Pendharkar Passed Away
● Yashwant Pendharkar, chairman of ayurvedic cosmetics giant Vicco Laboratories, passed away
at the age of 85 in Nagpur.
● He became the Chairman of the Vico Company in 2016.
● During his tenure, the company received many export-related awards including the prestigious
'Brand of the Year 2023' award.
About Vicco Group :
● Founded : 1952
● Headquarters : Mumbai, Maharashtra, India
● Vicco Laboratories, initially known as Vishnu Industrial Chemical Company, is renowned for
manufacturing Indian Ayurvedic herbal hygiene, healthcare, and other products such as herbal
toothpaste and herbal tooth powder.
Kabosu, Dog Behind 'Doge' Meme And The Face Of Dogecoin, Passed away
● Kabosu, the famous Shiba Inu dog behind Dogecoin and various meme tokens, has passed
away.
● Atsuko Sato, the owner, announced the death of the 18-year-old dog, who gained internet fame
as the inspiration for the "Doge" meme.
● Kabosu, a Shiba Inu dog, became widely known due to a viral photograph, which originated the
Doge meme.
● This photograph also influenced the creation of cryptocurrencies like Dogecoin, Shiba Inu, and
FLOKI, causing ripples in the cryptocurrency market.
About Doge (meme) :
● Doge is an Internet meme that gained popularity in 2013, featuring a Shiba Inu dog with
multicoloured text in Comic Sans font.
● Kabosu's image is the most frequently used in the meme, though variations with other Shiba Inus
are also popular.
● The Doge meme, based on a 2010 photograph of Kabosu, was named Know Your Meme's "top
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Important Monthly Current Affairs Capsule – May 2024
meme" of 2013 due to its widespread popularity.
Two-Time PGA Tour Champion Grayson Murray Passed away
● Two-time PGA Tour winner Grayson Murray passed away at the age of 30.
● Grayson Colby Murray was an American professional golfer from Raleigh, North Carolina.
● Murray was regarded as one of the world’s best junior players, winning three IMG Junior World
titles in 2006, 2007, and 2008.
● He won two PGA Tour events: the 2017 Barbasol Championship and the 2024 Sony Open in
Hawaii.
About PGA Tour :
● Founded : December 2, 1929 (broke from PGA in 1968)
● Commissioner : Jay Monahan
● The PGA Tour is the organizer of professional golf tours in the United States and North America.
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Important Monthly Current Affairs Capsule – June 2024
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Important Monthly Current Affairs Capsule – June 2024
S. No Topics Page No
1. IMPORTANT DAYS 03
2. NATIONAL NEWS 10
3. INTERNATIONAL NEWS 54
4. STATE NEWS 63
5. BUSINESS NEWS 75
6. BANKING AND ECONOMY 97
7. AWARDS AND HONOURS 175
8. APPOINTMENTS & RESIGNATIONS 180
9. MOUS AND AGREEMENT 203
10. RANKING AND INDEXES 214
11. ACQUISITIONS & MERGERS 221
12. DEFENCE NEWS 228
13. SCIENCE & TECHNOLOGY 239
14. SPORTS NEWS 249
15. BOOKS AND AUTHORS 262
16. OBITUARIES 262
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Important Monthly Current Affairs Capsule – June 2024
IMPORTANT DAYS
World Milk Day 2024: June 1
• Every year on June 1, World Milk Day is commemorated.
• This year’s theme will focus on celebrating the vital role dairy plays in delivering quality nutrition to
nourish the world. Dairy is an accessible, affordable, and nutrient-dense food, and an essential part
of balanced diets across the world.
• In 2001, World Milk Day was established by the Food and Agriculture Organisation of the United
Nations to recognize the importance of milk as a global food, and to celebrate the dairy sector.
Telangana Formation Day 2024: June 2
• On June 2nd, Telangana Formation Day 2024 is observed by the Telangana people.
• It is a national event celebrated annually on June 2nd to celebrate the day when Telangana was
formed from the state of Andhra Pradesh.
• In 2014, the bill was introduced in the Indian Parliament, and the same year, the Andhra Pradesh
Reorganisation Act was passed.
• According to the bill, Telangana would be formed by 10 districts in northwestern Andhra Pradesh.
World Bicycle Day 2024: June 3
• World Bicycle Day is celebrated all over the globe every year on the 3rd of June to recognize the
versatility and uniqueness of the bicycle, as well as its reliability and sustainability as a mode of
transportation.
• The celebration of World Bicycle Day honours the bicycle for providing people with a distinctive,
durable, and sustainable mode of transportation.
• The theme of World Bicycle Day 2024 is “Encouraging good health, fairness, and sustainability
through cycling.
International Day of Innocent Children Victims of Aggression: June 4
• Every year on June 4th, the International Day of Innocent Children Victims of Aggression
acknowledges the pain that children around the world suffer.
• In 1982, the International Day of Innocent Children Victims of Aggression was established on
August 19.
• In 1997, U.N.O.D.C. was established.
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Important Monthly Current Affairs Capsule – June 2024
World Environment Day 2024: June 5
• Every year on June 5th, World Environment Day raises public awareness about various concerns
such as increasing deforestation, which contributes to global warming.
• Organised by: United Nations General Assembly (UNGA)
• Theme: “Land Restoration, Desertification and Drought Resilience”
• The first World Environment Day was celebrated in 1973 with the theme “Only One Earth”.
Russian Language Day is celebrated on 6 June at the UNESCO Headquarters
• The UN Russian Language Day is celebrated on 6 June – the birthday of the great Russian poet
Alexander Pushkin.
• This Day was set by the decision of the UN Department of Public Information in 2010.
• Its celebration, along with the days of the other official UN languages, was welcomed by the UN
General Assembly in 2017 and supported by the UNESCO 215th Executive Board (2022).
• It is the second time (first was in 2023) when the Russian Language Day is celebrated at the
Organization’s Headquarters.
World Food Safety Day 2024: June 7
• Every year on June 7th, World Food Safety Day is commemorated.
• Theme: “Food safety: prepare for the unexpected”
• World Food Safety Day was established by the United Nations General Assembly in December
2018.
• It was first celebrated on June 7, 2019.
• The World Health Organization (WHO) and the Food and Agriculture Organization (FAO) of the
United Nations play a key role in promoting this day and its activities.
World Brain Tumour Day 2024: June 8
• Every year on June 8th, World Brain Tumor Day is commemorated.
• The day raises awareness of brain tumours and educates people about them.
• The theme of World Brain Tumour Day 2024 is 'Brain Health and Prevention'.
• The history of World Brain Tumour Day goes back 24 years when it was first observed in the year
2000 by a Leipzig-based NPO Deutsche Hirntumorhilfe e.V or German Brain Tumour Association.
World Oceans Day 2024: June 8
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Important Monthly Current Affairs Capsule – June 2024
• Every year on June 8th, World Ocean Day is commemorated to raise awareness of the ocean's vital
role in human life and ways to conserve it across the world.
• The theme for World Oceans Day 2024 is “Awaken New Depths”.
• In 1992, during the Earth Summit in Rio de Janeiro, the notion of World Ocean Day was introduced.
• On June 8, 2009, The United Nations General Assembly formally designated the day with Resolution
63/111.
World Day Against Child Labour 2024: June 12
• World Day Against Child Labour 2024 is observed all over the world on June 12th as an awareness
event to protect children against labour.
• The theme for World Day Against Child Labour 2024 is – Let's act on our commitments: End Child
Labour!
• In 1919, The International Labour Organization (ILO) was founded to promote social justice and
establish International Labor Standards. ILO has 137 states as members.
Russia Day: June 12
• Russia Day is a national holiday in Russia observed every year on June 12.
• On December 25, 1991, the country was renamed the Russian Federation.
• The festival to mark this occasion in the world’s largest country, however, has undergone two name
changes since then.
• And although it was not a national holiday, it was initially termed ‘Independence Day.’
International Albinism Awareness Day 2024
• International Albinism Awareness Day is observed on 13 June every year to raise awareness
about albinism, a rare, genetically inherited condition that causes a lack of pigmentation in the
skin, resulting in uncharacteristically light hair, skin, and eyes.
• This year's theme for International Albinism Awareness Day is “10 years of IAAD: A decade of
collective progress.”
World Blood Donor Day 2024: June 14
• Every year, World Blood Donor Day is observed on June 14. This year, World Blood Donor Day
falls on Friday.
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Important Monthly Current Affairs Capsule – June 2024
• In 1940, a scientist called Richard Lower performed a blood transfusion between two dogs
without any ill effects.
• In 2005, The World Health Assembly announced June 14 to be observed as World Blood Donor
Day every year.
• The theme of this year's World Blood Donor Day Is - 20 years of celebrating giving: thank you,
blood donors.
Global Wind Day 2024: June 15
● Global Wind Day, which is observed on 15 June every year, raises awareness about the importance
of wind energy and its power to alter the globe.
● In 2007, The European Wind Energy Association (EWEA) organized the first Wind Day.
● In 2009 the EWEA joined forces with the Global Wind Energy Council (GWEC) and made it a
worldwide event.
World Elder Abuse Awareness Day 2024: June 15
● On June 15th, every year the world commemorates World Elder Abuse Awareness Day.
● This day is marked in order to raise awareness about the plight of the elderly who are abused and
harmed.
● The theme of World Elder Abuse Awareness Day 2024 is 'Spotlight on Older Persons in
Emergencies.'
● In 1978, SAGE was formed and the Advocacy and Services for LGBT elders were created.
● In 1983, The first book on elder abuse, “Abuse and Maltreatment of the Elderly: Causes and
Interventions”, was published.
World Day to Combat Desertification and Drought: June 17
● Every year on June 17th, the World Day to Combat Desertification and Drought is commemorated to
increase public awareness about the critical need to combat desertification and drought.
● The theme of this year's World Day to Combat Desertification and Drought is - 'United for Land. Our
Legacy. Our Future. "
● In 1994, The UN General Assembly established the United Nations Convention to Combat
Desertification (UNCCD) - the legally binding international agreement linking environment,
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Important Monthly Current Affairs Capsule – June 2024
development and sustainable land management.
● In 2007, the UN General Assembly declared the decade of 2010 to 2020 as the United Nations
Decade for Deserts and the fight against Desertification.
Autistic Pride Day 2024: June 18
● Every year on June 18th, the globe celebrates Autistic Pride Day to raise awareness that autism is a
condition, not a disease.
● Aspies for Freedom established Autistic Pride Day in 2005 by Aspies for Freedom to improve public
awareness and celebrate the similarities and differences among persons with autism.
● Aspies For Freedom (AFF) is a grassroots advocacy and solidarity organisation dedicated to
increasing public awareness of the autism rights movement.
● AFF's mission is to inform the public that autism is not necessarily a handicap and that there are
benefits as well as drawbacks
World Sauntering Day 2024: June 19
● On the 19th of June every year, World Sauntering Day is observed each year all over the world to
encourage people to slow down and appreciate the world around them and connect with nature.
● In 1979, W.T. Rabe established World Sauntering Day.
● He was the one who started this holiday in the 1970s.
● This day was created in response to jogging's growing popularity. W.T. Rabe, it appears, has also
devised a few sauntering norms.
● The purpose of commemorating this day is to encourage people to take a break, enjoy life, and
appreciate what they have.
World Sickle Cell Awareness Day 2024: June 19
● Every year on June 19th, World Sickle Cell Day is commemorated to raise awareness of the human
Sickle Cell illness.
● The theme of 2024 is “Hope Through Progress: Advancing Care Globally.”
● The UN declared the day, and it has served to raise awareness of the condition, its organization, the
care and measures that should be taken, and the treatment that should be given to someone who is
suffering from it.
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● The United Nations General Assembly declared World Sickle Cell Day in 2008 to promote
awareness of sickle cell illness.
World Refugee Day 2024: June 20
● Every year on June 20th, World Refugee Day is commemorated to raise awareness of the plight of
refugees and the difficulties they face.
● World Refugee Day traces its origins to Resolution 55/76 of the United Nations General Assembly,
adopted on December 4, 2000.
● This resolution was introduced to raise awareness about the increasing global refugee population
and to commemorate the 50th anniversary of the 1951 Refugee Convention.
● The 1951 Refugee Convention emerged in the aftermath of World War II and established the
foundational legal framework for protecting and ensuring the rights of refugees.
World Hydrography Day 2024: June 21
● Every year on June 21st, World Hydrography Day is commemorated to promote awareness about
the importance of hydrography, safe navigation, and maritime environmental conservation
● The theme of 2024 is “Hydrographic Information - Enhancing Safety, Efficiency and Sustainability in
Marine Activities”.
● The International Hydrographic Bureau was founded in 1921 to provide a forum for states to confer
on issues such as safe navigation, technical standards, and the conservation of the maritime
environment.
● The international commemoration of World Hydrography Day began in 2006.
● The day honors hydrographers' efforts and raises awareness about the vital importance of
hydrography in people's lives.
International Yoga Day 2024: June 21
● Every year on the 21st of June, International Yoga Day is commemorated to create awareness
about the relevance and advantages of yoga in everyone's life.
● The 2024 theme, "Yoga for Self and Society”.
● On December 27, 2014, The Prime Minister proposed that the UN General Assembly commemorate
International Yoga Day with the goal of boosting public awareness about the relevance of yoga
around the world.
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Important Monthly Current Affairs Capsule – June 2024
● On June 21, 2015, the first International Yoga Day was observed all around the world.
World Music Day 2024: June 21
● On 21st June, World Music Day 2024 is celebrated all over the globe to celebrate music among the
public.
● Fête de la Musique was held in Paris in 1982 to commemorate World Music Day. This day was
arranged by two members of the French Minister of Culture, Jack Lang, a French politician, and
Maurice Fleuret, a composer, music journalist, radio producer, and arts administrator.
International Widow’s Day 2024: June 23
● International Widows Day is observed all over the universe each year on the 23rd of June to
draw attention to widows' voices and experiences and galvanize the exceptional support they
need.
● Widows had to immolate themselves on their late husband's funeral pyre before 1827.
● In 2005, the Loomba Foundation established International Widow's Day in honor of Loomba's
mother, who became a widow on June 23, 1954.
● The main aim of International Widow’s day is to provide education to the widows’ children,
provide them with healthcare facilities, and develop various resources and policies to empower
widows.
United Nations Public Service Day 2024: June 23
● The United Nations Public Service Day is celebrated on June 23 of every year to celebrate the
value and virtue of public service to the community; highlight the contribution of public service in
the development process; recognize the work of public servants, and encourage young people to
pursue careers in the public sector.
● Every year on June 23rd, the United Nations Public Service Day is observed to emphasize the
importance and virtue of public service to the community, to acknowledge their commitment to
the development process through public service, and to encourage youngsters to choose a
career in the public sector.
● By approving resolution 57/277 on December 20, 2002, the United Nations General Assembly
declared June 23rd as United Nations Public Service Day.
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Important Monthly Current Affairs Capsule – June 2024
International Olympic Day 2024: June 23
● Olympic Day Run or International Olympic Day is celebrated on June 23 all around the world.
● The day embraces all through pure Olympic values.
● The theme for Olympic Day 2024 is 'Let's Move and Celebrate', aiming to inspire people
worldwide to engage in daily physical activity. Abhinav Bindra, India's first individual gold
medallist at the Olympics, shared his thoughts on his social media handle.
● Venezuela, Belgium, Canada, Switzerland, Portugal, Greece, Austria, the United Kingdom, and
Uruguay commemorated the first Olympic Day on June 23, 1948.
● The National Olympic Committee picked June 23 to commemorate the International Olympic
Committee's (IOC) formation on the same day in 1894.
International Day against Drug Abuse & Illicit Trafficking 2024: June 26
● Every year on June 26th, the International Day Against Drug Abuse and Illicit Trafficking 2024 is
commemorated to raise awareness about the impact and negative consequences that drugs
have on society.
● 2024 THEME: “The evidence is clear: invest in prevention”
● On December 7, 1987, the United Nations General Assembly established June 26 as
International Day Against Drug Abuse and Illicit Trafficking. During the early twentieth century,
the global epidemic of drug usage was already recognized.
World Asteroid Day 2024: June 30
● World Asteroid Day, observed annually on June 30, is a global event aimed at raising awareness
about asteroids and the potential hazards they pose to our planet.
● This day serves as a reminder of the importance of scientific research and international
collaboration in detecting and mitigating asteroid impacts.
NATIONAL NEWS
Global unemployment rate is expected to fall slightly to 4.9% in 2024: ILO
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Important Monthly Current Affairs Capsule – June 2024
• According to the International Labour Organization (ILO), the global unemployment rate is expected
to decrease slightly to 4.9% this year from 5.0% in 2023, despite persistent inequalities in labour
markets.
• In January, the ILO, a United Nations agency, forecasted unemployment to rise to 5.2% due to an
anticipated increase in joblessness in advanced economies.
• However, the latest revision attributes the adjustment to lower-than-expected unemployment rates in
China, India, and high-income countries reported so far this year.
DoT allows separate numbering series exclusively for service and transactional voice calls
• In its ongoing effort to combat Unsolicited Commercial Communication (UCC), the government has
introduced a dedicated numbering series, 160, exclusively for service and transactional voice calls
per the Telecom Commercial Communication Customer Preference Regulation (TCCCPR), 2018.
• Entities such as government (Centre/State) and Regulators will be assigned numbers with a prefix of
1600, while Financial Entities regulated by RBI, Sebi, PFRDA, and IRDA will have a prefix of 1601.
CDRI launches $8 million funding initiative for disaster resilient infrastructure in small island developing
states
• During the UN 4th International Conference on Small Island Developing States (SIDS) in Antigua
and Barbuda, the Coalition for Disaster Resilient Infrastructure (CDRI), headquartered in New Delhi,
announced a Call for Proposals aimed at funding projects to enhance infrastructure resilience in
SIDS.
• The funding appeal, amounting to $8 million, was unveiled at the SIDS4 Conference in Antigua and
Barbuda as part of CDRI's Infrastructure for Resilient Island States Programme (IRIS).
• IRIS has been honoured with the 2024 UN SIDS Partnership Award, acknowledging its role in
fostering sustainable development in SIDS through innovative and impactful partnerships.
India assumes the chair of Colombo Process for 2024-26
• India's assumption of the chairmanship for the regional grouping Colombo Process marks the first
time since its inception in 2003.
• The Colombo Process is a regional consultative forum consisting of 12 member states across Asia.
• India has assumed the Chair of the Colombo Process for the term 2024-26, marking its first tenure in
this position since the establishment of the forum.
BIMSTEC-India Marine Research Network BIMReN Launched
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Important Monthly Current Affairs Capsule – June 2024
• The Government of India has launched BIMReN (BIMSTEC-India Marine Research Network), a
joint initiative of the Ministry of External Affairs (MEA) and the Bay of Bengal Programme-Inter
Governmental Organization (BOBP-IGO).
• The aim is to foster sustainable development of the blue economy by connecting researchers and
research institutions in BIMSTEC countries.
• BIMReN seeks to promote collaborative research and development in the blue economy sector
through the following initiatives:
About BIMSTEC
• The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is
an international organization consisting of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka,
and Thailand.
• Formed on 6 June 1997 through the Bangkok Declaration,
• its headquarters is located in Dhaka, Bangladesh.
After Dearness Allowance, the government hikes the gratuity limit for central govt employees by 25%
• The government has decided to raise the gratuity limit for central government employees by 25%,
effective January 1, 2024.
• The new limit has increased from ₹20 lakhs to ₹25 lakhs.
• Understanding Gratuity
• Gratuity refers to the amount paid by an employer to an employee in recognition of their long and
meritorious service.
• It is provided under the Payment of Gratuity Act, 1972, and is granted to employees who have
completed at least five years of continuous service with the employer.
Centre Launches New Mobile Number Series For Service, Transactional Calls
• The Centre has launched a new numbering series, 160xxxxxxx, specifically for service or
transactional calls.
• This initiative aims to help citizens easily identify legitimate calls and curb unsolicited voice calls
from telemarketers using 10-digit mobile numbers.
• Currently, the 140xxxxxxx series is allocated to telemarketers for promotional, service, and
transactional calls.
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Important Monthly Current Affairs Capsule – June 2024
Supreme Court reconstitutes committee on gender sensitisation
• The Supreme Court of India has reconstituted its Gender Sensitisation and Internal Complaints
Committee in line with the Gender Sensitisation and Sexual Harassment regulations of 2013.
India to Host 81st IATA Annual General Meeting in 2025
• India is set to host the prestigious annual general meeting (AGM) of the International Air Transport
Association (IATA) in 2025, marking a significant milestone after 42 years.
• The IATA AGM is widely regarded as one of the most significant events in the aviation industry's
calendar, bringing together key stakeholders to discuss pressing issues and innovations shaping
the sector.
• IndiGo, India's largest airline by market share, will be the host airline for the AGM and the
accompanying World Air Transport Summit.
• The event is scheduled to take place in Delhi from June 8 to 10, 2025.
Over 1 lakh farmers voluntarily gave up their PM-Kisan benefits last year(2023)
• According to the Union Ministry of Agriculture and Family Welfare, 116,000 farmers have
voluntarily surrendered their benefits under the Pradhan Mantri Kisan Samman Nidhi (PM-
Kisan) scheme from June 2023 to May 2024 period across the country.
• Of the 116,000 farmers who have voluntarily given up the scheme maximum are from Bihar
followed by Uttar Pradesh and Rajasthan.
Following are the top states where farmers have surrendered their PM-Kisan benefit
➢ Bihar -.29176 farmer’s families
➢ Uttar Pradesh -26.593 farmer's families
➢ Rajasthan -10,343 farmer’s families
➢ Maharashtra-7,825 farmer's families
➢ Jharkhand- 6,215 farmer’s families
National Pension System assets surge 28% to ₹12.16 lakh crore
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Important Monthly Current Affairs Capsule – June 2024
• National Pension System’s (NPS) assets under management (AUM) have touched ₹12.16 lakh
crore as of May 25, the latest data from the Pension Fund Regulatory and Development Authority
(PFRDA) showed.
• The AUM is up by 28 per cent from ₹9.52 lakh crore a year ago.
• The overall AUM, including Atal Pension Yojana (APY), was also higher than the March 2024
level of ₹11.73 lakh crore.
• In August last year, the NPS assets had touched ₹10 lakh crore.
NOTA gets over 1.7 lakh votes in Indore LS seat, breaks previous record of Gopalganj
• Following the Congress' appeal to electors in Madhya Pradesh's Indore to select the 'None of the
Above' option, it has so far got more than 1.7 lakh votes in the Lok Sabha seat, breaking the
previous NOTA record of Gopalganj in Bihar.
• NOTA gives an option to voters to reject all candidates in a constituency.
• In the 2019 elections, the Gopalganj Lok Sabha seat in Bihar recorded the maximum NOTA
votes at 51,660, about 5 per cent of the total votes polled in the constituency.
CBIC initiates process to replace 80 years old Central Excise Act
• Ahead of the formation of the new Government, the Central Board of Indirect Taxes and Custom
(CBIC) released a draft of a new Bill to amend the Central Excise Act.
• The proposed Bill, once enacted, will replace 8 decades’ Act - the Central Excise Act.
• The Bill comprises twelve chapters, 114 (one hundred and fourteen) sections and two schedules.
• The existing Act has 11 chapters with over 110 Sections and 4 Schedules.
• Post introduction of GST, Central Excise is levied mainly on petroleum products.
Coal and Lignite PSUs Lead the Way in Land Restoration and Sustainability
• The Ministry of Coal has unveiled a report detailing the strides made by Coal and Lignite Public
Sector Undertakings (PSUs) in land restoration and sustainability.
• According to a press release by the Ministry of Coal, amidst rising energy demands, these PSUs
have ramped up coal production and made notable progress in environmental preservation through
comprehensive land reclamation and greening efforts.
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Important Monthly Current Affairs Capsule – June 2024
• This global focus aligns seamlessly with the Ministry of Coal’s newly released report, “Greening
Initiative in Coal & Lignite PSUs,” which showcases the ambitious efforts of coal and lignite PSUs in
transforming mined-out areas into vibrant green spaces.
DoT to undertake MSME survey to push industry 4.0 applications
• The Department of Telecommunications has launched a comprehensive survey aimed at
understanding and resolving the challenges encountered by Micro, Small, and Medium Enterprises
(MSMEs) in adopting new technologies.
• This initiative seeks to establish a robust ecosystem that harnesses the potential of cutting-edge
technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and the
integration of 5G and 6G networks.
• Over 60 days, the survey will cover five sectors each in North and South India. It is designed to
unveil sector-specific requirements across a minimum of ten industries.
NHAI invites global bids for GNSS-based electronic toll collection
● NHAI has invited expressions of interest (EoIs) from around the world for the implementation of
GNSS-based electronic toll collection (ETC) on National Highways.
● Objective: The aim is to provide a seamless and barrier-free tolling experience for users of National
Highways.
● Technology Description: GNSS-based Electronic Toll Collection (ETC) is a barrier-free method that
utilizes Global Navigation Satellite System (GNSS) technology.
● Functionality: The system tracks vehicles and calculates tolls based on the distance travelled on
tolled highways.
ECI reports 65.79 per cent overall voter turnout: Lok Sabha elections 2024
● The Election Commission reported an overall voter turnout of 65.79 percent in the General Elections
2024 at the polling stations.
● Seven Phases: The elections were conducted in seven phases from April 26 to June 1, with the
counting of votes taking place on June 4.
● Total Voters: A total of 64.2 crore voters exercised their franchise in the 2024 elections.
● Highest Turnout: Lakshadweep recorded the highest voter turnout of 84.16 percent, followed by
Assam with 81.56 percent and Tripura with 80.93 percent.
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Important Monthly Current Affairs Capsule – June 2024
NHRC seeks report on ‘sale of underage girls’ as part of ‘Nata Pratha’
● The National Human Rights Commission (NHRC) has issued a notice to Uttar Pradesh, Madhya
Pradesh, Rajasthan, and Gujarat following a 2020 case where a father sold his daughter for 2.5
lakhs. The girl was later found dead.
● Complaint: The father lodged a complaint with the NHRC upon discovering his daughter's dead
body.
● Details: The incident originated from a marriage deal called 'Nata Pratha' where the girl was
allegedly sold as part of the deal.
About NHRC
• Establishment: NHRC is a statutory body constituted on October 12, 1993, under the Protection of
Human Rights Act, 1993 (PHRA).
• Mandate: NHRC is responsible for protecting and promoting human rights, including rights relating to
life, liberty, equality, and dignity as guaranteed by the Constitution and international covenants.
• NHRC Type: NHRC is a statutory body established in 1993.
• POCSO Act: The Protection of Children from Sexual Offences Act, 2012, is a legislative measure
aimed at safeguarding children from sexual abuse and exploitation.
Shri Narendra Modi Takes Oath As Prime Minister For Record 3rd Time
• Prime Minister Shri Narendra Modi took the oath of office for an unprecedented third consecutive
term as the head of a coalition government.
• Ceremony Details: The swearing-in ceremony included the induction of several leaders from the
National Democratic Alliance (NDA) partners, showcasing the BJP’s commitment to its allies.
• Age and Achievement: At the age of 73, Modi matched the record of India’s first Prime Minister,
Jawaharlal Nehru, who won three consecutive general elections in 1952, 1957, and 1962.
Indian tripartite delegation at the 112th session of International Labour Conference (ILC)
• The Indian tripartite delegation, led by Secretary (Labour & Employment), Ms. Sumita Dawra,
actively participated in the 112th session of the International Labour Conference (ILC) of the
International Labour Organisation (ILO) in Geneva, Switzerland.
• Ms. Dawra, a 1991 Batch IAS officer from Andhra Pradesh Cadre, currently serves as Special
Secretary in the Ministry of Commerce and Industry.
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Important Monthly Current Affairs Capsule – June 2024
• She oversees the Logistics division of DPIIT and is responsible for implementing the Prime
Minister’s flagship programme – PM GatiShakti National Master Plan.
• With a background in serving Andhra Pradesh at both district and state levels, she brings extensive
experience in development and welfare programmes.
Full list of Union government ministers with portfolios
Minister Portfolios
Prime Minister Narendra Modi Prime Minister; Ministry of Personnel, Public
Grievances and Pensions; Department of Atomic
Energy; Department of Space; All important policy
issues; and All other portfolios not allocated to any
Minister.
Nirmala Sitharaman Finance; Corporate Affairs
Amit Shah Home Affairs; Cooperation
S. Jaishankar External Affairs
Rajnath Singh Defence
Nitin Gadkari Road Transport and Highways
Dharmendra Pradhan Education
Piyush Goyal Commerce; Industry
Manohar Lal Khattar Housing; Urban Affairs; Power
H. D. Kumaraswamy Ministry of Heavy Industries and Steel
J.P. Nadda Health and Family Welfare; Minister of Chemicals
and Fertilizers.
Sarbananda Sonowal Ports; Shipping; Waterways
Annpurna Devi Women; Child Development
Kiren Rijiju Parliamentary Affairs; Minority Affairs
Dr. Mansukh Mandaviya Labour; Employment; Youth Affairs; Sports
G. Kishan Reddy Coal; Mines
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Important Monthly Current Affairs Capsule – June 2024
Pralhad Joshi Consumer Affairs; Food and Public Distribution;
New and Renewable Energy
Jual Oram Tribal Affairs
Giriraj Singh Textiles
Jyotiraditya M. Scindia Communications; Development of North Eastern
Region
Dr. Virendra Kumar Social Justice; Empowerment
Chirag Paswan Food Processing Industries.
Bhupender Yadav Environment; Forest; Climate Change
Ashwini Vaishnaw Railways; Information; Broadcasting; Electronics;
Information Technology
Rajiv Ranjan Singh alias Lalan Singh Panchayati Raj; Fisheries; Animal Husbandry;
Dairying
Hardeep Singh Puri Petroleum; Natural Gas
Kinjarapu Rammohan Naidu Civil Aviation
C R Patil Jal Shakti
Gajendra Singh Shekhawat Culture; Tourism
Shivraj Singh Chouhan Agriculture; Farmers Welfare; Rural Development
Jitan Ram Manjhi Micro, Small and Medium Enterprises.
list of Ministers of State (Independent Charge) and their portfolios
Minister Portfolios
Dr. Jitendra Singh Science and Technology; Earth
Sciences; Prime Minister’s Office;
Personnel, Public Grievances and
Pensions; Atomic Energy; and
Department of Space.
Jayant Chaudhary Ministry of Skill Development and
Entrepreneurship; Ministry of Education.
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Important Monthly Current Affairs Capsule – June 2024
Rao Inderjit Singh Ministry of Statistics and Programme
Implementation; Ministry of Planning;
and Culture.
Jadhav Prataprao Ganpatrao Ministry of Ayush; Ministry of Health and
Family Welfare.
Arjun Ram Meghwal Law and Justice; Ministry of
Parliamentary Affairs.
list of Ministers of State and their portfolios:
Minister Portfolios
Ajay Tamta Ministry of Road Transport and Highways
Anupriya Patel Ministry of Health and Family Welfare; Ministry of Chemicals
and Fertilizers
B. L. Verma Ministry of Consumer Affairs, Food and Public Distribution;
Ministry of Social Justice and Empowerment
Bandi Sanjay Kumar Ministry of Home Affairs
Bhagirath Choudhary Ministry of Agriculture and Farmers Welfare
Bhupathi Raju Srinivasa Ministry of Heavy Industries; Ministry of Steel
Varma
Durgadas Uikey Ministry of Tribal Affairs
Dr. Chandra Sekhar Ministry of Rural Development; Ministry of Communications
Pemmasani
George Kurian Ministry of Minority Affairs; Ministry of Fisheries, Animal
Husbandry and Dairying
Harsh Malhotra Ministry of Corporate Affairs; Ministry of Road Transport and
Highways
Jitin Prasada Ministry of Commerce and Industry; Ministry of Electronics and
Information Technology
Kamlesh Paswan Ministry of Rural Development
Kirtivardhan Singh Ministry of Environment, Forest and Climate Change; Ministry
of External Affairs
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Important Monthly Current Affairs Capsule – June 2024
Krishan Pal Cooperation
L. Murugan Ministry of Information and Broadcasting; Ministry of
Parliamentary Affairs
Murlidhar Mohol Ministry of Cooperation; Ministry of Civil Aviation
Nimuben Jayantibhai Ministry of Consumer Affairs, Food and Public Distribution
Bambhaniya
Nityanand Rai Home Affairs
Pabitra Margherita Ministry of External Affairs; Ministry of Textiles
Pankaj Chaudhary Finance
Prof. S. P. Singh Baghel Ministry of Fisheries, Animal Husbandry and Dairying; Ministry
of Panchayati Raj
Ram Nath Thakur Ministry of Agriculture and Farmers Welfare
Ramdas Athawale Ministry of Social Justice and Empowerment
Raksha Nikhil Khadse Ministry of Youth Affairs and Sports
Raj Bhushan Choudhary Ministry of Jal Shakti
Ravneet Singh Ministry of Food Processing Industries; Ministry of Railways
Satish Chandra Dubey Ministry of Coal; Ministry of Mines
Savitri Thakur Ministry of Women and Child Development
Shantanu Thakur Ministry of Ports, Shipping and Waterways
Shripad Yesso Naik Ministry of Power; Ministry of New and Renewable Energy
Sanjay Seth Ministry of Defence
Sukanta Majumdar Ministry of Education; Ministry of Development of North
Eastern Region
Suresh Gopi Ministry of Petroleum and Natural Gas; Ministry of Tourism
Sushri Sobha Karandlaje Ministry of Micro, Small and Medium Enterprises; Ministry of
Labour and Employment
Tokhan Sahu Ministry of Housing and Urban Affairs
V. Somanna Jal Shakti; Ministry of Railways
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Important Monthly Current Affairs Capsule – June 2024
India may sustain 6.5-7% GDP growth between FY26 & FY30, says UBS
• India is expected to sustain a potential growth rate of 6.5 percent -7 percent year-on-year (Y-o-Y)
between 2025-26 and 2029-30, UBS Securities.
• During FY25, India is expected to grow at 7 percent as post-pandemic recovery in the capital
expenditure (capex) cycle, driven by government spending and strong residential real estate
demand is likely to continue, stated Tanvee Gupta Jain, chief India economist at UBS Securities.
PM Awas expansion: Centre to spend Rs 4 trillion
• The construction of 30 million houses in both rural and urban areas under the Pradhan Mantri
Awas Yojana (PMAY) is likely to cost the Central exchequer about Rs 4 trillion, while the state
governments will have to spend another Rs 2.5 trillion, according to official sources.
• The monies would be spent over a period of four-to-five years.
• So far, the PMAY, launched in 2015, has enabled the construction of as many as 26 million
houses.
• The Union Cabinet approved the construction of 20 million more houses under PMAY-Gramin
and 10 million under PMAY-Urban.
It's official: Uttrakhand's Joshimath is now Jyotirmath again
• The mythological city of Joshimath in Uttarakhand has been officially renamed Jyotirmath.
• The decision was announced by the state government after getting approval from the Centre.
• Fulfilling a promise made a year ago, Uttarakhand Chief Minister Pushkar Singh Dhami
announced to change of the official name of Joshimath tehsil in Chamoli district to its historical
title, Jyotirmath.
• The name change was initially proposed by local residents and several organisations during a
ceremony held at Ghat in Chamoli district last year, where the decision to rename the ancient
name of Jyotirmath back to it was formally announced.
MNRE and IREDA host a conference in Bhubaneswar highlighting Odisha's Green Energy Potential
• The Ministry of New & Renewable Energy (MNRE), in collaboration with the Indian Renewable
Energy Development Agency Ltd. (IREDA), organized a pre-event conference for Global Wind
Day at the Welcome Hotel in Bhubaneswar.
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Important Monthly Current Affairs Capsule – June 2024
• According to the National Institute of Wind Energy (NIWE), India’s onshore wind potential is
estimated at 1,164 GW at 150 meters above ground level, with Odisha’s potential of 12 GW.
• In his keynote address, Shri Pradip Kumar Das, CMD, IREDA highlighted Odisha’s significant
green energy potential and the promising opportunities within the state.
BrahMos celebrates 23 years of milestones in missile technology
• BrahMos commemorated the 23rd anniversary of its first successful test launch, a
groundbreaking moment in the history of defence technology.
• It was on 12 June 2001 that the BrahMos supersonic cruise missile soared into the skies from the
Integrated Test Range (ITR) in Chandipur, marking the beginning of a new era in missile
technology.
• The missile was developed by BrahMos Aerospace, a joint venture between India’s Defence
Research and Development Organisation (DRDO) and Russia’s NPO Mashinostroyenia (NPOM).
Government to Launch 21st Livestock Census with Mobile Technology
• The government announced that it will initiate the 21st livestock census from September to
December 2024, utilizing mobile technology for the first time to gather detailed data on a wide
range of animal species across the country.
• This comprehensive enumeration will encompass all villages and urban wards, covering various
species such as cattle, buffalo, Mithun, yak, sheep, goat, pig, horse, pony, mule, donkey, camel,
dog, rabbit, elephant, and poultry birds like fowl and duck, held by households and enterprises.
India Needs Up to USD 215 Billion for 2030 Renewable Energy Goal
● India will need investments between USD 190 to 215 billion to achieve its goal of 500 gigawatts
(GW) of renewable energy capacity by 2030, according to Moody's Ratings.
● This expenditure highlights the significant financial commitment necessary for the nation's
infrastructure companies amid its energy transition driven by robust economic growth.
● Government Policies and Regulatory Stability: Moody's emphasizes that supportive government
policies and a stable regulatory environment will be crucial in maintaining credit quality and
bolstering investor confidence, facilitating the necessary capital influx.
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Important Monthly Current Affairs Capsule – June 2024
India: Second-Largest Emitter of Nitrous Oxide Globally
● India ranks as the second-largest emitter of nitrous oxide (N2O) globally, a greenhouse gas
significantly more potent than carbon dioxide in terms of atmospheric heating.
Key Points from the Study:
Publication: The study was published in the Journal Earth System Science Data, providing a global
assessment of N2O emissions.
Global Ranking: In 2020, India accounted for nearly 11% of global man-made N2O emissions, second
only to China, which contributed 16%.
N2O Concentrations: Atmospheric N2O levels reached 336 parts per billion in 2022, about 25% higher
than pre-industrial levels.
CO2 Comparison: Carbon dioxide levels were 417 parts per million in 2022, highlighting the immediate
focus on CO2 emissions for climate change mitigation.
Top Five Countries Emitting Nitrous Oxide (N2O)
Here are the top five emitter countries of nitrous oxide (N2O), a potent greenhouse gas:
1. China: 16.7%
2. India: 10.9%
3. United States: 5.7%
4. Brazil: 5.3%
5. Russia: 4.6%
Centre extends scheme by another year to digitize patients' health record
● The Centre has extended the scheme for digitizing patients' health records and linking them with the
Ayushman Bharat Digital Health Account (ABHA ID) by one year.
● The scheme aims to promote digital healthcare services and encourage public adoption of the
Ayushman Bharat Digital Mission (ABDM).
● Initially set to conclude on 30th June, the Digital Health Incentive Scheme (DHIS) will now continue
until 30th June 2025 or until funds are available unless discontinued earlier.
● Under DHIS, hospitals receive Rs. 20 per patient for digitizing their health records and linking them
with ABHA IDs.
● Currently, approximately 633 million ABHA IDs have been generated nationwide. The objective is to
expand this voluntary digital health ID initiative to cover every individual in the country.
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Important Monthly Current Affairs Capsule – June 2024
PFRDA selects NEC Corp India as the system integrator
● Pension regulator PFRDA has chosen NEC Corporation India as the System Integrator (SI) for its
digital platform, PFRDA-TRACE, for a period of six years.
● NEC Corporation India is set to play a pivotal role in PFRDA’s journey of digital transformation.
Project Background
● Initiative by PFRDA: In February, PFRDA initiated the selection process for appointing an SI for
PFRDA-TRACE under its Technology Architecture (TARCH) project.
● Shortlisting Process: By April, PFRDA had shortlisted four bidders for technical evaluation, which
included Bahwan Cybertek, Inspira Enterprise India, NEC Corporation India, and Trigyn
Technologies.
PFRDA-TRACE Platform
● Functionality: PFRDA-TRACE, or Tracking, Reporting, Analytics, and Compliance E-platform, aims
to streamline regulatory and supervisory compliance reports from intermediaries.
● It facilitates data sharing with PFRDA, monitors functions, and supports workflow for PFRDA
departments.
● Phase and Integration: PFRDA-TRACE constitutes the second phase of the TARCH project,
focusing on digitization and automation of operational processes.
● The TARCH project will adopt a modular approach with API-based platforms:
o Website Revamp and Chatbot
o PFRDA Online Intermediary Supervision Engine (POISE)
o PFRDA Repository and Information Systems Management: Data and Analytics Platform
(PRISM)
o PFRDA Intranet: Internal Digitalization (PINTRA)
Union Jal Shakti Ministry Unveils Real-Time Ecological Monitoring System
● The Union Jal Shakti Ministry has introduced an innovative e-flow ecological monitoring system for
real-time river quality monitoring of Ganga.
● This system is expected to significantly enhance the planning and oversight of various projects, river
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Important Monthly Current Affairs Capsule – June 2024
water quality, and other essential parameters.
Development and Purpose
● Developed by the National Mission for Clean Ganga, a branch of the Jal Shakti Ministry, the
Environmental Flows (E-Flows) Monitoring System was inaugurated in the presence of Jal Shakti
Minister C.R. Patil.
Key Features and Functions
● Key features include monitoring the performance of Sewage Treatment Plants (STPs) to ensure they
operate at their designated capacity.
● The Namami Gange programme, a flagship initiative of the Ministry, initially focused on cleaning the
Ganga and now extends to its tributaries.
Significance of the Launch
● The introduction of the E-flow Monitoring System represents a major advancement towards
maintaining a continuous and sustainable flow of the Ganga River.
● By utilizing data from quarterly reports by the Central Water Commission, the system will monitor
crucial parameters such as in-flow, out-flow, and mandated E-flow across 11 projects along the
Ganga Main Stream.
47% of urban Indians faced financial fraud in last 3 years:
● According to the survey, 47% of urban Indians reported being victims of financial fraud themselves
or within their families over the past three years.
● A recent survey by LocalCircles reveals alarming statistics about financial frauds in urban India.
Credit Card Fraud: A Common Concern
● Among those affected, 43% experienced fraudulent activities involving their credit cards.
● A significant number, 1 in 2 victims, encountered unauthorized charges from both domestic and
international merchants and websites.
Challenges with UPI Transactions
● Meanwhile, 30% of respondents faced fraud through UPI transactions. Shockingly, 4 in 10 victims
reported that links or QR codes intended for payment acceptance instead resulted in unauthorized
debits from their accounts.
PM Modi to release Rs 20,000 crore of PM-Kisan Samman fund into 9.26 crore bank accounts of
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Important Monthly Current Affairs Capsule – June 2024
farmers
● Prime Minister Narendra Modi is set to release the 17th instalment of the Pradhan Mantri Kisan
Samman Nidhi (PM-KISAN) scheme in Uttar Pradesh.
● This instalment, amounting to over Rs 20,000 crores, will be distributed through Direct Benefit
Transfer to approximately 9.26 crore beneficiary farmers.
PM-KISAN: A Game-Changer for Farmer Welfare
● Since its inception, the PM-KISAN scheme has disbursed a staggering Rs 3.04 lakh crore to more
than 11 crore eligible farmer families, demonstrating its significant impact and extensive reach.
New Initiatives in UP and Bihar
● During his visit to Uttar Pradesh and Bihar on June 18-19, Prime Minister Modi will unveil several
key initiatives.
● Among them, he will confer certificates to over 30,000 women from Self Help Groups (SHGs),
formally recognizing them as Krishi Sakhis.
● These women will play pivotal roles in the Krishi Sakhi Convergence Program (KSCP), empowering
them as Para-extension Workers and advancing rural transformation.
Empowering Women through the "Lakhpati Didi" Program
● The certification aligns with the objectives of the "Lakhpati Didi" Program, aimed at fostering
economic self-sufficiency among rural women.
Inauguration of Nalanda University's New Campus
● Additionally, Prime Minister Modi will inaugurate the new campus of Nalanda University in Rajgir,
Bihar.
● The university, a collaborative endeavour involving India and East Asia Summit (EAS) countries, will
feature state-of-the-art facilities and significant capacity.
About The Pradhan Mantri Kisan Samman Nidhi
● The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), a Central Sector Scheme, aims at providing
financial assistance to all cultivable landholding farmer families across the country, subject to certain
exclusion criteria.
● The PM-KISAN Scheme was launched in Feb. 2019.
● Under the Scheme, an amount of Rs. 6000/- is transferred annually in three equal instalments of
Rs.2000/- directly into the Aadhaar Seeded bank accounts of the farmers.
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Important Monthly Current Affairs Capsule – June 2024
● The Government of India has disbursed over Rs 2.60 Lakhs Crores to more than 11 Cr farmers.
● The state of West Bengal joined the Scheme from the 8th instalment (April-July, 2021) as initially, the
State desired that the funds under the PM-KISAN Scheme be transferred to the State Government
for onward disbursement to the farmers through the State Government.
India Aims for 250 Vande Bharat Sleeper Trains by 2029
● Railways Minister Ashwini Vaishnaw announced that trials for Vande Bharat sleeper trains will
commence within the next two months, with operations expected to begin six months thereafter.
● These self-propelled trains are set to provide enhanced features surpassing those of Rajdhani
Express trains.
Expansion Plans
● The minister outlined plans to introduce approximately 250 Vande Bharat sleeper trains by 2029,
marking a significant expansion in India's rail network.
Government Subsidy and Operational Costs
● Vaishnaw highlighted the financial dynamics of rail ticket pricing, noting that while a product costing
Rs 100 might typically be sold for Rs 105-110, the government subsidizes Rs 55 per rail ticket.
● This results in an annual subsidy burden of Rs 59,000 crore for the government.
Current Rail Operations
● During his address, Vaishnaw mentioned that Indian Railways operated 19,837 trains during the
recent summer season, transporting nearly 40 million passengers nationwide.
Railway officials inspect the world's highest bridge, Chenab Rail Bridge in J&K
● Indian Railway officials has conducted a comprehensive inspection of the newly constructed world's
highest railway bridge over the Chenab River in Jammu and Kashmir.
● This engineering marvel, linking Sangaldan in Ramban district to Reasi, is set to launch train
services soon, according to Northern Railway officials.
● Railway Minister Ashwini Vaishnaw announced the successful trial, highlighting its importance for
the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project.
Project Overview
● Currently, train services operate from Kanyakumari to Katra and from Baramulla to Sangaldan in the
Kashmir Valley.
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Important Monthly Current Affairs Capsule – June 2024
● The USBRL project, including the crucial 48.1 km Banihal-Sangaldan section, is scheduled for
completion by the end of this year.
● Prime Minister Narendra Modi inaugurated the USBRL project on February 20, 2024, underscoring
its strategic significance for regional connectivity and development.
About the Chenab rail bridge project
● Phase I of the project, covering the 118 km long Qazigund-Baramulla section, was inaugurated in
October 2009.
● Subsequent phases saw the inauguration of the 18 km long Banihal-Qazigund section in June 2013
and the 25 km long Udhampur-Katra section in July 2014.
● The Chenab Rail Bridge, constructed 359 metres (around 109 feet) above the Chenab River in the
Jammu and Kashmir region, is some 35 metres taller than the Eiffel Tower.
● The 1,315 metre-long bridge is part of a broader project which aims to make the Kashmir valley
accessible by the Indian Railway network.
Shivraj Singh Chouhan to boost Agri and Rural Development coordination, eyes 90,000 Krishi Sakhis
● Shivraj Singh Chouhan indicated his plan to build a synergy between the two ministries, which the
previous ministers in the NDA government probably missed.
● The initiative involves creating a team of 90,000 Krishi Sakhis, women associates in the agricultural
sector, who will guide farmers in adopting new technologies and modern farming practices.
● Currently, 34,000 Krishi Sakhis have already received training, to reach 90,000.
Collaboration with Self-Help Groups
● Most Krishi Sakhis are recruited from self-help groups overseen by the Rural Development ministry.
● Following a memorandum of understanding (MoU), the Agriculture ministry has been closely
coordinating with the Rural Development ministry.
Financial Empowerment through Training
● Upon completion of their training, Krishi Sakhis are expected to earn an additional income of Rs
60,000-80,000 annually by assisting farmers with various agricultural activities.
Rollout of the Krishi Sakhi Programme
● The Krishi Sakhi programme has been initiated in 12 states: Gujarat, Tamil Nadu, Uttar Pradesh,
Madhya Pradesh, Chhattisgarh, Karnataka, Maharashtra, Rajasthan, Odisha, Jharkhand, Andhra
Pradesh, and Meghalaya.
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Important Monthly Current Affairs Capsule – June 2024
● This initiative not only aims to empower women in agriculture but also promises to enhance
agricultural productivity through the adoption of modern practices facilitated by trained Krishi Sakhis.
Implementation of Three New Criminal Laws Scheduled for July 1
● From July 1,2024, India will witness the enforcement of three new criminal laws: Bharatiya Nyaya
Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya Sakshya Act.
● These laws, replacing the Indian Penal Code, Code of Criminal Procedure, and Evidence Act, bring
innovative ideas to address contemporary challenges.
Key Points:
● Legislative Background: Passed by Parliament in December and granted presidential assent the
same month, these laws were scheduled for implementation from February 25, following a deferred
notification by the Centre.
● Training Initiatives: Preparations for the laws' implementation are underway, focusing on training
stakeholders for effective enforcement.
● Objectives: The new laws aim to modernize criminal justice procedures and enhance citizen security
under the framework of Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and
Bharatiya Sakshya Act.
● This transition marks a significant reform in India's legal framework, aiming to meet contemporary
legal challenges effectively.
Ministry of Heavy Industries Proposes Ambitious Plans for FAME 3.0
● The Ministry of Heavy Industries (MHI) is gearing up to launch the third iteration of the flagship
government scheme, Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME)
3.0, expected to be announced in the Union Budget 2024.
● According to sources familiar with the matter, the new phase aims to significantly boost electric
vehicle (EV) adoption with a budget ranging from Rs 12,600 crore to over Rs 30,000 crore.
Key Proposals:
● Inclusion of Alternative Fuel Vehicles: One proposal seeks to incorporate vehicles powered by
alternative sources such as hydrogen and biofuels, expanding the scope beyond conventional
electric vehicles.
● Budget Allocation: The scheme is anticipated to be allocated a substantial budget, reflecting the
government's commitment to promoting sustainable mobility solutions.
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Important Monthly Current Affairs Capsule – June 2024
● Strategic Objectives: FAME 3.0 aims to accelerate the adoption and manufacturing of EVs, fostering
innovation and infrastructure development in the sector.
About FAME:
● FAME stands for Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India.
● It's a government-backed scheme.
● It seeks to promote the use of electric vehicles in India.
● The scheme was introduced in 2015 and is divided into two phases: FAME India Phase I and
FAME India Phase II.
Government's 100 Days Programme to Launch National Mission on Oilseeds
● The Union government is set to announce its 100 days programme, which is expected to feature the
long-awaited National Mission on Oilseeds.
● This initiative, spearheaded by the Agriculture Ministry, aims to significantly increase domestic
oilseeds production.
● The target is to raise production by an additional 2-3 million tonnes by 2025-26, surpassing the
current output of approximately 40-41 million tonnes.
● This initiative underscores the government's commitment to enhancing agricultural productivity and
achieving greater self-reliance in the crucial sector of edible oils.
Key Objectives:
● Reducing Import Dependency: The primary goal of the National Mission on Oilseeds is to lower
India's dependency on imported edible oils.
● Production Enhancement: By boosting domestic production, the mission aims to enhance India's
self-sufficiency in oilseed cultivation.
● Strategic Timeline: The target timeline for achieving the production increase is set for 2025-26,
aligning with broader agricultural objectives.
Indian Railways Sets Record in Limca Book of Records
● Indian Railways has achieved a significant milestone by entering the prestigious Limca Book of
Records for organizing the largest public service event across multiple venues in India.
● The event, orchestrated by the Ministry of Railways garnered participation from an impressive
40,19,516 people spread across 2,140 venues nationwide.
● This recognition not only celebrates Indian Railways' organizational capabilities but also
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Important Monthly Current Affairs Capsule – June 2024
commemorates its ongoing efforts to enhance connectivity, infrastructure, and public services across
the country under the leadership of Prime Minister Narendra Modi.
Event Details:
● Purpose: The event was convened for the inauguration of road over/road under railway bridges and
for laying the foundation stones of railway stations. It was graced by the presence of Prime Minister
Shri Narendra Modi, underscoring its national importance and scale.
NHAI to Enhance Green Cover Along the National Highways with Miyawaki Plantations
● The National Highways Authority of India (NHAI) has embarked on a pioneering initiative to establish
Miyawaki plantations along various stretches of National Highways, aimed at enhancing ecological
restoration and biodiversity.
Objective and Method:
● Miyawaki Plantation Method: NHAI will implement the Miyawaki method, a Japanese technique
for creating dense, native forests in a short span of time. This approach is renowned for its ability
to foster biodiversity, enhance groundwater recharge, and serve as effective barriers against
sound and dust.
● Benefits: By focusing on indigenous plant species adapted to local climate and soil conditions,
NHAI aims to maximize the environmental benefits of these plantations. These forests are
expected to grow ten times faster than traditional forests, thereby accelerating the restoration
process.
● Locations: NHAI has identified over 53 acres of land adjacent to National Highways in and
around Delhi-NCR for Miyawaki plantations. Key sites include:
o 4.7 acres along the Haryana section of Dwarka Expressway
o 4.1 acres near Sohna on the Delhi – Vadodara section of Delhi-Mumbai Expressway
o Approximately 5 acres each at Chabri and Kharkhara interchanges on NH 152D (Ambala
– Kotputli corridor)
o Over 12 acres at Shamli bypass on NH-709B
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Important Monthly Current Affairs Capsule – June 2024
o 9.2 acres at Duhai interchange on the Eastern Peripheral Expressway near Ghaziabad
o 5.6 acres near the Meerut-Najibabad section of NH-34 in Uttar Pradesh
Centre Approves ₹50 Lakh Grants Each For 7 Startups In Technical Textiles To Boost Innovation And
Sustainability
● The Ministry of Textiles is advancing its agenda in Technical Textiles by endorsing startups to propel
innovation and sustainability, emphasizing transformative developments for the sector's future.
● Rachna Shah, Secretary of the Ministry of Textiles, articulated this during the 7th meeting of the
Empowered Programme Committee of the National Technical Textiles Mission in New Delhi.
Key highlights of the initiative include:
1. National Technical Textiles Mission (NTTM):
o The mission aims to stimulate innovation and entrepreneurship in Technical Textiles.
o It supports young innovators, scientists, technologists, and startup ventures to translate
their ideas into commercial products.
o Focus areas include developing functional prototypes and commercializing technologies to
enhance India's self-reliance in Technical Textiles.
2. GREAT Scheme:
o The Empowered Programme Committee has approved 7 startup proposals under the
GREAT (Grant for Research and Entrepreneurship across Aspiring Innovators in
Technical Textiles) scheme.
o Each startup can receive a maximum fund support of Rs 50 lakhs from the government.
3. Approved Startups and Focus Areas:
o Under the NTTM, a total of 8 startup proposals have been sanctioned.
o These startups are dedicated to various domains such as sustainability, composites, high-
performance textiles, Meditech (medical textiles), and smart textiles.
o The goal is to drive substantial advancements in these critical sectors through innovative
solutions and entrepreneurial initiatives.
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Important Monthly Current Affairs Capsule – June 2024
Union Cabinet Approves MSP Hike for Kharif Crops for 2024-25 Season
● The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved an increase in the
Minimum Support Prices (MSP) for all 14 Kharif crops for the 2024-25 crop season, which spans
from July to June.
● This decision aligns with PM Modi's vision of policy continuity to support farmers and boost their
income during his third term in office.
● Financial Impact:
o Farmers will receive around ₹2 trillion as MSP, which is ₹35,000 crore more than the previous
season, as announced by Union Railways Minister Ashwini Vaishnaw.
● Significant Increases:
o Oilseeds: Nigerseed and sesamum saw the highest MSP increase by ₹983 and ₹632, set at
₹8,717 and ₹9,267 per quintal, respectively.
o Pulses: Tur (arhar) received a substantial hike of ₹550, now standing at ₹7,550 per quintal.
● MSP for Major Crops:
o Paddy: Raised by ₹117 to ₹2,300 per quintal for the common grade variety and to ₹2,320 for
grade A.
o Cereals: Jowar, bajra, ragi, and maize MSPs have been increased to ₹3,371-3,421, ₹2,625,
₹4,290, and ₹2,225 per quintal, respectively.
o Pulses: Moong (green gram) and urad (black gram) MSPs are now ₹8,682 and ₹7,400 per
quintal, increased by ₹124 and ₹450, respectively.
o Oilseeds: Groundnut, sunflower seed, and yellow soybean MSPs are now ₹6,783, ₹7,280,
and ₹4,882 per quintal, increased by ₹406, ₹520, and ₹292, respectively.
o Cotton: MSP for medium staple and long staple varieties increased by ₹501 to ₹7,121 and
₹7,521 per quintal, respectively.
Types of Cropping patterns:
● Rabi crops are those which are grown in the winter season like wheat, gram, mustard, pea, etc.
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Important Monthly Current Affairs Capsule – June 2024
● Kharif crops are sown in the rainy season. These include rice, sugarcane, cotton, etc.
● Zaid crops are the summer crops such as cucumber, watermelon, etc.
Inauguration of New Nalanda University Campus by Prime Minister Narendra Modi
● Prime Minister Shri Narendra Modi inaugurated the new campus of Nalanda University near Rajgir,
Bihar.
● The event was marked by significant dignitaries and symbolic actions, emphasizing the university's
revival and its international significance.
● The inauguration of the new Nalanda University campus marks a significant milestone in India’s
educational landscape, reaffirming its commitment to fostering global collaboration in academia,
research, and cultural heritage.
● Location and Establishment: The modern Nalanda University (NU) is situated near the ancient ruins
of Nalanda, Bihar. It was established by an Act of the Parliament of India with the aim to revive the
historical glory of Nalanda as an international institution for intellectual, philosophical, historical, and
spiritual studies.
● Historical Context: The foundation for NU was laid during the 2nd East Asia Summit (Philippines,
2007) and furthered in the 4th East Asia Summit (Thailand, 2009). The Nalanda University Act was
passed in 2010, with substantial construction efforts initiated under the leadership of Prime Minister
Narendra Modi from 2017 onwards, aligning with India’s ‘Act East’ Policy.
● Participating Countries: Alongside India, 17 other countries are involved in this initiative: Australia,
Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, Indonesia, Laos, Mauritius, Myanmar,
New Zealand, Portugal, Singapore, South Korea, Sri Lanka, Thailand, and Vietnam. Ambassadors
from these nations attended the inaugural ceremony, underscoring the international cooperation and
support for Nalanda University.
MeitY seeks inputs from industry, and think tanks on digital competition bill
● The Ministry of Electronics and Information Technology (MeitY) recently engaged with prominent
think tanks to gather feedback on the draft Digital Competition Bill (DCB) and its potential
implications for India's startup ecosystem.
● Here are the key points from the meeting and the current perspectives on the bill:
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Important Monthly Current Affairs Capsule – June 2024
Meeting with Think Tanks:
1. Participants and Discussions:
o The meeting included representatives from think tanks such as Chase India, CUTS
Institute for Regulation and Competition, Centre for Competition and Law, Centre for
Digital Future, and others.
o MeitY officials, along with members from the Competition Commission of India (CCI),
solicited inputs on how the proposed Digital Competition Bill would impact domestic
startups.
o The ministry sought insights on whether further consultations are necessary and how
evidence selection should be approached under the bill.
India Approves Plan to Invest $9B to Build Mega Port Near Mumbai
● The Indian government has approved the construction of Vadhavan Port, positioned north of
Mumbai on the west coast, with aspirations for it to rank among the top 10 ports globally upon
completion.
● Vadhavan Port represents a major infrastructure initiative by the Indian government to bolster trade
connectivity and operational efficiency on the west coast, thereby positioning itself as a key player in
global maritime trade routes.
● Vadhavan Port will be situated less than 100 miles north of Mumbai, strategically located to serve as
a crucial trade gateway between India, the Middle East, and Europe.
● Vadhavan Port is designed with a natural draft of up to 20 meters (65 feet), enabling it to
accommodate the world's largest ships. This deep draft capability is a significant advantage over
existing ports in the region.
● The cabinet has approved a substantial investment exceeding $9.1 billion for the port's construction,
which will be jointly owned by the port authority and the Maharashtra Maritime Board.
Government Monetises ₹1.56 Lakh Crore in 2023-24 under National Monetisation Pipeline
● In the fiscal year 2023-24, the government monetised assets worth ₹1.56 lakh crore under the
National Monetisation Pipeline (NMP), falling short of the target of ₹1.8 lakh crore.
● The NMP aims to monetise the central government's brownfield infrastructure assets with an
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Important Monthly Current Affairs Capsule – June 2024
estimated potential of ₹6 lakh crore over four years from FY22 to FY25.
Performance Over the Years
● For the first two years, 2021-22 and 2022-23, the NMP had a combined target of around ₹2.5
lakh crore, of which ₹2.30 lakh crore was achieved.
● The target for 2023-24 was the highest among the four years, and the achievement of ₹1.56 lakh
crore represents about 159 per cent of the amount monetised in 2021-22.
Sector-wise Monetisation in FY24
● Road Transport and Highways: ₹40,314 crore
● Coal: ₹56,794 crore
● Power: ₹14,690 crore
● Mines: ₹4,090 crore
● Petroleum and Natural Gas: ₹9,587 crore
● Urban Development: ₹6,480 crore
● Shipping: ₹7,627 crore
● Overall, these ministries achieved 70 per cent of their monetisation targets.
● Union Minister for Finance and Corporate Affairs on 23 August 2021 launched the asset
monetisation pipeline of Central ministries and public sector entities as 'National Monetisation
Pipeline'.
DGCA Advisory Circular on Gender Equality in the Civil Aviation Sector
● The Directorate General of Civil Aviation (DGCA) has issued a comprehensive advisory circular
focused on promoting gender equality within the civil aviation sector in India.
Principles and Objectives
● Constitutional and International Commitments: Aligned with the principles of gender equality
enshrined in the Constitution of India and the vision of the International Civil Aviation
Organisation (ICAO).
● Targeted Representation: Aims to achieve a representation of at least 25% women in various
positions within the aviation industry by 2025.
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Important Monthly Current Affairs Capsule – June 2024
Government of India approves new transmission schemes worth ₹13,595 crore to evacuate 4.5 GW RE
power each from Rajasthan and Karnataka
● The Government of India has sanctioned new Inter State Transmission System (ISTS) schemes
to evacuate 9 GW of renewable energy (RE) power from Rajasthan and Karnataka.
● These projects will be executed through the Tariff Based Competitive Bidding (TBCB) mode.
● These initiatives are part of India's plan to achieve 500 GW of RE capacity by 2030, with 200 GW
already connected.
● These schemes aim to enhance the transmission infrastructure for renewable energy, facilitating
India's goal of significantly expanding its renewable energy capacity by 2030.
Scheme Details
Rajasthan Renewable Energy Zone (REZ) Power Evacuation
● Capacity: 4.5 GW of RE power
● Sources:
o Fatehgarh Complex: 1 GW
o Barmer Complex: 2.5 GW
o Nagaur (Merta) Complex: 1 GW
● Destination: Mainpuri Region, Fatehpur, and Orai in Uttar Pradesh
● Completion Period: 2 years
● Cost: ₹12,241 crore
Karnataka System Strengthening Scheme
● Capacity: 4.5 GW of RE power
● Sources:
o Koppal Area
o Gadag Area
● Completion Date: June 2027
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Important Monthly Current Affairs Capsule – June 2024
● Cost: ₹1,354 crore
A high-level committee led by former ISRO chief to work on reforms in examinations & NTA
● The Union Education Ministry has constituted a high-level committee of experts to ensure the
transparent, smooth, and fair conduct of examinations.
● The committee, led by Dr. K. Radhakrishnan, former Chairman of ISRO, will provide
recommendations on several key areas:
● Reform in Examination Mechanism: The committee will analyze the end-to-end examination
process and suggest measures to improve efficiency and prevent breaches.
The committee comprises seven members, including:
● Dr. K. Radhakrishnan, Former Chairman, ISRO (Chairperson)
● Dr Randeep Guleria, Former Director, AIIMS Delhi
● Govind Jaiswal, Joint Secretary, Ministry of Education
● Prof. B J Rao, Vice Chancellor, Central University of Hyderabad
● Prof. Ramamurthy K, Professor Emeritus, IIT Madras
● Pankaj Bansal, Co-Founder, People Strong, and Board Member, Karmayogi Bharat
● Prof. Aditya Mittal, Dean Student Affairs, IIT Delhi
PFRDA targets ₹15 lakh crore Assets Under Mgmnt in FY25
● The Pension Fund Regulatory and Development Authority (PFRDA) has set ambitious targets for
the growth of Assets under Management (AUM) for the National Pension Scheme (NPS) in the
fiscal year 2024-25.
● PFRDA aims to achieve Rs 15 lakh crore in Assets under Management (AUM) by the end of the
financial year 2024-25.
● Currently, as of the latest update, the AUM stands at Rs 12.3 lakh crore.
1. Growth Factors: Mohanty highlighted that the growth of the AUM depends significantly on
contributions from subscribers and the performance of the financial markets. With normal market
movements expected, PFRDA anticipates reaching the targeted Rs 15 lakh crore mark by March
2025.
2. Subscriber Expansion: In the upcoming fiscal year (FY25), PFRDA plans to onboard 11 lakh new
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Important Monthly Current Affairs Capsule – June 2024
subscribers from the private sector under the NPS. This is an increase from 9.7 lakh private
sector subscribers added in FY24.
3. Current Subscriber Base: As of June 8, 2024, the NPS has approximately 1.5 crore subscribers.
Out of these, 93 lakh are government employees, and 56.5 lakh are from the private sector,
encompassing both corporate and individual subscribers.
The government enhances allocation for the Fertilizer Sector under the SIGHT Programme of the
National Green Hydrogen Mission (NGHM)
● The Ministry of New & Renewable Energy (MNRE) is spearheading the National Green Hydrogen
Mission (NGHM), aiming to achieve a production capacity of 5 million tonnes per annum of Green
Hydrogen by 2030.
● This initiative aligns with India's goal of becoming self-reliant through clean energy and serves as
a significant step towards the global clean energy transition.
National Green Hydrogen Mission (NGHM)
● Objective: To achieve a production capacity of 5 million tonnes per annum of Green Hydrogen by
2030.
● Launch Date: January 4, 2023.
● Financial Outlay: ₹19,744 crores up to FY 2029-30.
● SIGHT Programme - Component II
● Component II: Incentive for Procurement of Green Ammonia Production (under Mode 2A):
● Focus: Primarily caters to the fertilizer sector.
● Initial Allocation: 5,50,000 tonnes per annum of Green Ammonia.
● Amended Allocation: Increased by 2 lakh tonnes per annum to a new total of 7,50,000 tonnes per
annum.
Delhi’s IGI Airport launches fast-track immigration programme for Indian passport holders and OCI
cardholders
● Union Home Minister Amit Shah inaugurated the ‘Fast Track Immigration-Trusted Traveller
Programme (FTI-TTP)’ at Delhi Airport’s Terminal 3, aimed at enhancing the travel experience for
Indian nationals and OCI cardholders.
Overview of FTI-TTP
● Objective: Provide faster, easier, and more secure travel experience for Indian passport holders
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Important Monthly Current Affairs Capsule – June 2024
and OCI cardholders.
● Implemented by: the Ministry of Home Affairs (MHA), Ministry of Civil Aviation, and Bureau of
Immigration.
● Inspiration: Similar to the Global Entry Program of the United States Department of Homeland
Security.
● Benefits:Allows use of dedicated e-gates at Terminal 3 to bypass regular immigration queues.
About FTI-TTP
● Fast Track Immigration - Trusted Travellers' Programme (FTI-TTP) has been initiated to speed
up the Immigration clearance process for eligible persons from the following categories:
● 1. Indian Nationals
● 2. Foreign Nationals holding OCI Card
Less than 2% of taxpayers served CGST notices
● Finance Minister Nirmala Sitharaman recently addressed concerns regarding GST (Goods and
Services Tax) assessments and issued updates following the GST Council meeting.
● Notice Statistics: Only 1.96% of active GST assessees (1,14,939 out of 58,62,882) received
notices from the Central GST administration as of December 31, 2023.
● Interest and Penalty Waiver: Waiver proposed on interest and penalties for demand notices
under Section 73 of the CGST Act for the period from 2017-18 to 2019-20, conditional upon full
remittance by March 2025.
Tribal Affairs Ministry to Review ₹72,000 Crore Great Nicobar Project
● Union Tribal Affairs Minister Jual Oram has announced that his ministry will scrutinize the forest
clearance documentation related to the ₹72,000-crore infrastructure project on Great Nicobar
Island.
● The project, pushed by the NDA government, will undergo a comprehensive assessment to
determine the next course of action.
High-level govt committee flags payment delay concerns in PLI schemes
● A high-level government committee has expressed concerns regarding delays in payments to
companies participating in the Production Linked Incentive (PLI) schemes.
● The committee, chaired by the Cabinet secretary and comprising representatives from DPIIT,
NITI Aayog, the Department of Economic Affairs, and Department of Financial Services, has
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Important Monthly Current Affairs Capsule – June 2024
highlighted the need for corrective actions to ensure smooth implementation of the PLI schemes.
● Financial Allocation and Implementation Status : Three years ago, the government allocated Rs
1.97 trillion across 14 PLI schemes targeting sectors such as mobiles, drones, solar, telecom,
textile, and automobiles.
What is the Production Linked Incentive Scheme (PLI)?
● The PLI scheme was conceived to scale up domestic manufacturing capability, accompanied by
higher import substitution and employment generation.
● Launched in March 2020, the scheme initially targeted three industries:
⮚ Mobile and allied Component Manufacturing
⮚ Electrical Component Manufacturing and
⮚ Medical Devices.
Informal entities in manufacturing lost 5.4 million jobs in 7 years
● According to an analysis of the Annual Survey of Unincorporated Sector Enterprises (ASUSE) by
the National Statistical Office (NSO), unincorporated enterprises in the manufacturing sector
experienced significant declines between July 2015-June 2016 and October 2022-September
2023.
● During this period, the manufacturing sector witnessed a reduction of nearly 1.8 million
unincorporated establishments, marking a decline from 19.7 million to 17.82 million enterprises.
● Correspondingly, the sector shed approximately 5.4 million jobs, with employment falling from
36.04 million to 30.6 million workers.
Centre likely to issue green bonds worth over ₹25,000 crore in FY25
● The upcoming Union budget for FY25 is anticipated to include a proposal to issue sovereign
green bonds amounting to approximately ₹25,000 crore to ₹30,000 crore.
● This issuance is planned as part of the government's borrowing schedule for the fiscal year, with
a significant portion likely to be offered during the second half
● This move underscores the government's commitment to scaling up green finance initiatives,
responding to market demand for sustainable investment opportunities.
● Green bonds serve as fixed-income investments aimed at financing projects with positive
environmental impacts, aligning investor financial goals with environmental sustainability.
Railway capex allocation may touch Rs 2.6 trillion
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Important Monthly Current Affairs Capsule – June 2024
● According to a senior official in the Ministry of Railways, the gross budgetary support (GBS) is
likely to either maintain the same level as announced in the Interim Budget or potentially increase
to Rs 2.6 trillion.
● In the Interim Budget for 2024-25, Finance Minister Nirmala Sitharaman had already allocated Rs
2,52,200 crore as GBS to the railways, supplemented by an additional Rs 10,000 crore from
extra-budgetary resources (EBR).
What is GBS?
● The government’s support to the Central plan is called Gross Budgetary Support.
● The Central plan forms the annual expenditure of the government and is incurred keeping the
objectives of 5-year plans in mind.
● Budgetary Support is earmarked for meeting the planned outlays of the Central government
during the financial year.
What is EBR?
● Extra budgetary resources (EBRs) are those financial liabilities that are raised by Public Sector
Undertakings for which repayment of entire principal and interest is done from Government
budget. Such borrowings are made by state-owned firms to fund government schemes but are
not part of the official budget calculations.
India to host council meeting of International Sugar Organisation in New Delhi
● India, as the Chair of the International Sugar Organisation (ISO), will host the global body's
annual sugar meet in New Delhi from June 25 to June 27.
● The main inauguration event is scheduled for June 25 and will be officiated by Food Minister
Pralhad Joshi.
● Internal meetings of the ISO will follow on June 26-27.
Role of the International Sugar Organisation (ISO)
● The ISO serves as a crucial intergovernmental organization dedicated to enhancing the global
sugar market. It represents:
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Important Monthly Current Affairs Capsule – June 2024
● 87% of world sugar production
● 64% of world sugar consumption With a membership comprising approximately 88 nations,
including India, the ISO facilitates cooperation and dialogue among diverse countries.
Seven years of GST: Households Emerge Top Beneficiaries
● The Goods and Services Tax (GST), introduced on July 1, 2017, replaced 17 local taxes and
fees across India.
● Over nearly seven years since its implementation, GST has led to notable reductions in tax rates
for various products and services crucial to everyday life.
● Tax Reductions: Data from the Central Board of Indirect Taxes and Customs (CBIC) indicates
that post-GST implementation, the tax burden on many household essentials has decreased.
About CBIC:
● Central Board of Indirect Taxes and Customs (erstwhile Central Board of Excise & Customs) is a
part of the Department of Revenue under the Ministry of Finance, Government of India.
● Shri Sanjay Kumar Agarwal is Chairman, Central Board of Indirect Taxes & Customs and Special
Secretary to the Government of India.
Ashwini Vaishnaw reviews the advanced version of Indian Railways’ Kavach, directs officials to ensure
installation in mission mode
● Railway Minister Ashwini Vaishnaw recently reviewed the progress of the enhanced Automatic
Train Protection System (ATP), Kavach 4.0, at Rail Bhawan.
● Kavach 3.2 is currently operational on high-density routes.
● Indian Railways initiated ATP technology adoption in 2016 with the Train Collision Avoidance
System(TCAS).
About KAVACH:
● The KAVACH is an indigenously developed Automatic Train Protection (ATP) system by the
Research Design and Standards Organisation (RDSO) in collaboration with the Indian industry.
Initial development of Kavach started in 2012 under the name Train Collision Avoidance System
(TCAS) and completed development in 2022.
What is TCAS?
● The Train Collision Avoidance System (TCAS) being implemented on Indian Railways has been
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Important Monthly Current Affairs Capsule – June 2024
designed in a manner to prevent Signal Passing at Danger (SPAD) cases, unsafe situations
arising due to overspeed and train collisions in station areas as well as block section.
What is ATS?
● Automatic train stop or ATS is a system on a train that automatically stops a train if certain
situations occur (unresponsive train operator, earthquake, disconnected rail, train running over a
stop signal, etc.) to prevent accidents. In some scenarios, it functions as a type of dead man's
switch.
Centre imposes stock limit on Wheat until 31st March 2025 in all States and UTs
● The Government of India has implemented stock limits on wheat across various entities including
Traders/Wholesalers, Retailers, Big Chain Retailers, and Processors in all States and Union
Territories.
● Purpose : Aims to regulate and stabilise wheat availability and prices across the country.
● Implementation DetailsEffective Date: The Removal of Licensing Requirements, Stock Limits and
Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2024 is effective from June
24, 2024.
● Duration: Applicable until March 31, 2025.
● Stock Limits : Traders/Wholesalers: Limited to 3000 MT.
● Retailers: 10 MT per retail outlet.
● Big Chain Retailers: 10 MT per outlet and 3000 MT at all depots.
● Processors: 70% of Monthly Installed Capacity (MIC) multiplied by remaining FY 2024-25
months.
MEA rendered 16.5 mn passport-related services in 2023
● In 2023, the Ministry of External Affairs (MEA) of India delivered 16.5 million passport-related
services, marking a significant annual growth of nearly 15%.
● External Affairs Minister S Jaishankar praised the efficiency of service delivery during the 12th
Passport Seva Divas, commemorating the Passports Act's enactment on June 24, 1967.
● Passport Seva Kendras (PSKs) and POPSKs: Operates a network of 533 application processing
centers, including 440 post office passport seva kendras (POPSKs) and 93 PSKs across 37
regional Passport Offices (RPOs) nationwide.
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Important Monthly Current Affairs Capsule – June 2024
CAG inaugurates India's first 'Chadwick House: Navigating Audit Heritage' Museum at Shimla
● The Comptroller and Auditor General of India inaugurated the 'Chadwick House: Navigating Audit
Heritage Museum’ in Shimla, marking a significant milestone in preserving and celebrating the
institution's rich legacy and contributions to India's governance.
● Museum Location and Historical Significance : Location: Chadwick House, a historic landmark in
Shimla.
● Historical Significance: Mahatma Gandhi stayed here in 1946 during his visit for the Cabinet
Mission. In 1950, it became a training school for the Indian Audit and Accounts Service.
Critical minerals: first six blocks awarded, 21 more on offer
● Union Mines Minister G. Kishan Reddy initiated a new round of auctions for mining rights in 21
blocks rich in critical and strategic minerals.
● Additionally, winners for six blocks from the previous auction held in November were announced.
● Future Plans : Offshore Minerals: Plans to commence auctions for 10 offshore blocks within the
first 100 days in office.
India is hosting the 64th ISO Council Meeting from 25th-27th June 2024
● India is hosting a significant global event in the sugar sector, the 'ISO Council Meeting,' in New
Delhi from June 25th to 27th, 2024.
● Given its status as the world's largest consumer and the second-largest producer of sugar, India
has been nominated as the Chair of the International Sugar Organization (ISO) for 2024.
● A workshop titled 'Sugar and Biofuels – Emerging Vistas' will be held on June 25, 2024, at Bharat
Mandapam.
About the International Sugar Organization (ISO)
● The International Sugar Organization (ISO) is a UN-affiliated body headquartered in London, with
about 85 member countries accounting for nearly 90% of the world's sugar production.
● The ISO aims to bring together major sugar-producing, consuming, and trading nations to foster
mutual understanding and a progressive approach to sugar sector issues.
● The organization also focuses on biofuels, particularly ethanol, as sugarcane is the second major
feedstock for ethanol production globally.
India Hosts 'India Africa Postal Leaders Meet' to Strengthen Postal Sector Ties
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Important Monthly Current Affairs Capsule – June 2024
● The ‘India Africa Postal Leaders Meet’ took place in India from June 21st to 25th, 2024.
● This event aimed to fortify relationships between postal administrations of African nations and
India.
● Initiative Under Universal Postal Union: This meeting was part of the “South-South and
Triangular Cooperation” program by the Universal Postal Union, supported by India Post and the
United States Postal Service.
● Backdrop of Strategic Initiatives: This significant gathering comes on the heels of India’s strategic
initiatives, such as the 'Voice of Global South Summit,' the India-Africa Forum, and the inclusion
of the African Union in the G20 during India’s 2023 Presidency.
Dr. Jitendra Singh Launches "One Week One Theme" Campaign to Showcase India's Scientific
Achievements
● Union Minister Dr Jitendra Singh, holding multiple significant portfolios, launched the "One Week
One Theme" (OWOT) campaign.
● This initiative highlights India's recent accomplishments across various scientific and
technological domains.
● Campaign Objective: It aims to integrate the efforts of all CSIR labs working on similar projects to
reduce overlap and optimize resources.
● The OWOT initiative under the Council for Scientific and Industrial Research (CSIR) aims to
make innovation inclusive for all.
● Eight Key Themes: The campaign focuses on eight major themes:
1. Energy and Energy Devices
2. Chemicals and Petrochemicals
3. Aerospace, Electronics, and Strategic Sectors
4. Civil Infrastructure and Engineering
5. Agriculture, Nutrition, and Biotech
6. Healthcare
7. Mining, Minerals, Metals, and Materials
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Important Monthly Current Affairs Capsule – June 2024
8. Ecology, Environment, Earth, Ocean Sciences, and Water
Launch of 4th Tranche Auction of Critical Minerals by Union Minister of Coal and Mines
● Union Minister of Coal and Mines, Shri G. Kishan Reddy, along with Minister of State for Coal
and Mines, Shri Satish Chandra Dubey, launched the 4th tranche of the auction of critical and
strategic minerals at Scope Convention Centre, CGO Complex, New Delhi.
● The 4th tranche includes 21 blocks of critical minerals. This comprises 11 fresh blocks across
Arunachal Pradesh, Chhattisgarh, Jharkhand, Karnataka, Rajasthan, and Uttar Pradesh,
featuring minerals like Graphite, Glauconite, Phosphorite, Potash, Nickel, PGE, Phosphate, and
Rare Earth Elements (REE).
● The Ministry of Mines allocated funds for R&D projects in the mining and metallurgy sector,
disbursing grants to 24 R&D institutes and 10 startups, totalling ₹12.37 Cr. and ₹11.26 Cr.,
respectively.
Telecom Act gets partially notified, govt can now intercept, and stop messages
● Certain sections of the Telecommunications Act, of 2023 from 26th June 2024, will be enforced,
focusing on public safety, emergency response, and regulatory enhancements.
● Message Interception: Section 20 (2) grants authority to the government to intercept messages
during public safety emergencies, expanding interception capabilities across government
agencies.
New Rules and Penalties:
● Telecom Infrastructure Rights: Authorities can install telecom infrastructure on private land under
specific conditions, even if the landowner objects.
● Advertisement Consent: Telecom companies must obtain user consent for receiving advertising
messages, with penalties for unauthorized commercial messages potentially leading to telco
suspensions.
● SIM Ownership: Possessing more than 9 SIM cards incurs fines up to Rs 2 lakh.
● Digital Bharat Nidhi: The Universal Service Obligation Fund transitions to Digital Bharat Nidhi,
emphasizing digital connectivity initiatives.
Satellite-Based Toll Collection Initiative on Indian National Highways
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Important Monthly Current Affairs Capsule – June 2024
● The Ministry of Road Transport and Highways aims to implement satellite-based toll collection
across all national highways in India in the coming years.
● By December 2024 , the Global Navigation Satellite System (GNSS) framework will be
operational on 5,000 kilometres of national highways.
● The government plans to establish a case study with the initial 5,000-kilometer pilot by the end of
FY25 to assess feasibility and effectiveness.
● Current Toll Revenue: Presently, 75% of the National Highways Authority of India’s (NHAI) toll
revenue of Rs 54,000 crore is generated from commercial vehicles, with the remaining from
personal vehicles.
What is GNSS?
● Global navigation satellite system (GNSS) is a general term describing any satellite constellation
that provides positioning, navigation, and timing (PNT) services on a global or regional basis.
Revamped Affordable Housing Scheme in Union Budget Focuses on Urban Areas
● Government Initiative: The upcoming Union Budget is expected to introduce a reworked
affordable housing scheme targeting Economically Weaker Sections (EWS), Low Income Group
(LIG), and Middle Income Group (MIG) in urban areas, according to sources from the Housing
and Urban Affairs Ministry.
Expansion of PMAY:
● Cabinet Approval: The Cabinet, under Prime Minister Narendra Modi's leadership, approved an
additional three crore houses under the Pradhan Mantri Awas Yojana (PMAY), with one crore
allocated for urban areas (PMAY-Urban).
● PMAY-U 2.0: The new scheme, tentatively named PMAY-U 2.0, will build upon the experiences
and outcomes of the current PMAY, operational since June 2015 and ending in December 2024.
● The revamped scheme aims for improved targeting of beneficiaries to ensure all eligible
individuals receive housing assistance promptly.
India’s Nuclear Power Capacity To Cross 13 GW By 2029
● India’s nuclear power generation capacity is poised to cross 13 GWe by 2029, according to Dr.
Jitendra Singh, Union Minister of State (Independent Charge), Department of Atomic Energy.
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Important Monthly Current Affairs Capsule – June 2024
● Dr. Jitendra Singh, Union Minister of State (Independent Charge), Department of Atomic Energy,
revealed key developments and projections regarding India's nuclear power capacity during a
recent high-level meeting on June 25, 2024.
● Current Capacity: India's installed nuclear power generation capacity stands at 7.48 GWe.
● Future Projection: Expected to increase to 13.08 GWe by 2029.
Urban Affairs Ministry to revamp affordable housing scheme
● The Pradhan Mantri Awas Yojana (Urban), launched in 2015, is set to be revamped with new
features.
● The scheme aims to provide affordable housing for the urban poor and will continue until
December 2024.
● Three New Categories for Assistance The revamped PMAY-U 2.0 will include three categories:
Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group
(MIG).
● A key focus will be ensuring timely assistance to beneficiaries to avoid past delays.
Trained cops, new apps: Centre readies for the rollout of three criminal laws
● Parliament passed three new laws in its winter session: Bharatiya Nyaya Sanhita (BNS) 2023,
Bharatiya Nagarik Suraksha Sanhita 2023, and Bharatiya Sakshya Adhiniyam 2023.
● These laws, replacing the Indian Penal Code, the Code of Criminal Procedure, and the Indian
Evidence Act respectively, are set to be implemented from July 1, 2024.
● The National Informatics Centre (NIC) has developed three apps — eSakshya, NyayShruti, and
eSummon — to facilitate electronic videography, photography of crime scenes, judicial hearings,
and delivery of court summons.
NHAI lowers construction target by 22% for FY25
● The National Highways Authority of India (NHAI) aims to construct 5,000 km of highways in the
current financial year(2024).
● This target is 22% lower than the 6,444 km constructed last year.
● In the previous financial year, NHAI constructed 6,444 km of highways, a 20% increase from the
5,544 km built in 2022-23.
● So far, NHAI has completed 762.3 km of highways, with a total of 1,288 km constructed in April-
May 2024, compared to 1,465 km in the same period last year.
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Important Monthly Current Affairs Capsule – June 2024
I&B Ministry looking to simplify the self-declaration certificate process for ads
● The Information & Broadcasting Ministry is addressing challenges raised by industry bodies
regarding the mandatory self-declaration certificate (SDC) for advertisements.
● A meeting held recently with industry representatives highlighted difficulties in obtaining SDCs,
including portal glitches and procedural complexities.
CSIR-CIMFR Launches Two-Day Workshop on Gasification Challenges and Opportunities- “CARING-
2024”
● The Central Institute of Mining and Fuel Research (CSIR-CIMFR) has launched its two-day
workshop, CARING-2024, focused on coal gasification.
● This event, hosted at the CSIR-CIMFR Digwadih Campus on June 26-27, 2024, has attracted
over 75 participants from leading organizations such as Coal India Limited (CIL), Steel Authority
of India Limited (SAIL), Jindal Steel and Power Limited (JSPL) Angul, Hindalco Industries, and
Thermax, among others.
73rd meeting of Network Planning Group under PM GatiShakti evaluates eight key infrastructure
projects
● The 73rd meeting of the Network Planning Group (NPG), held in New Delhi and chaired by Shri
Rajeev Singh Thakur, Additional Secretary of DPIIT, focused on evaluating eight significant
infrastructure projects.
● These projects spanned across the Ministry of Railways (MoR) and the National Industrial
Corridor Development Corporation (NICDC), aiming to bolster connectivity, enhance logistics,
and promote industrial growth across various regions of India.
Projects Evaluated:
1. Ministry of Railways Projects:
o Manmad to Jalgaon Railway Line (160 kms)
o Bhusawal to Burhanpur and Khandwa Railway Lines (130.5 kms)
Dr. Chandra Shekhar Kumar, Additional Secretary, represents India at CLGF Annual Board Meeting in
Colombo
● Additional Secretary, Ministry of Panchayati Raj, Dr. Chandra Shekhar Kumar represented India
at the three-day meeting of CLGF Annual Board in Colombo, Sri Lanka during 25th – 27th June
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Important Monthly Current Affairs Capsule – June 2024
2024.
● The conference facilitated regional exchange and priority setting for ongoing initiatives in
Commonwealth Asia.
● Prime Minister of Sri Lanka, Shri Dinesh Gunawardena inaugurated CLGF’s Commonwealth
Women in Local Government Network South Asia Regional Meeting on “Reinforcing Social
Resilience through Women’s Political Representation”.
DG, RPF launches Sangyaan App- A Comprehensive application for legal reference
● The Director General of Railway Protection Force (RPF) Shri Manoj Yadava launched the mobile
application-Sangyaan App, designed and developed by the Tech Team of RPF to provide in-
depth information on three new Criminal Acts: the Bharatiya Nyaya Sanhita (BNS) 2023, the
Bharatiya Nagarik Suraksha Sanhita (BNSS) 2023, and the Bharatiya Sakshya Adhiniyam (BSA)
2023.
● To provide detailed information to personnel, the Director General of the Railway Protection
Force also released a 'Handbook on Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023' in both
e-book and print formats. This handbook addresses the practical application of the Act in the
Force's operations.
Curtain Raiser for Launch of geoportals Bhuvan Panchayat (Ver. 4.0) & National Database for
Emergency Management (NDEM Ver. 5.0) by Union Minister Dr. Jitendra Singh
● Dr Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology,
Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic
Energy, Department of Space, Personnel, Public Grievances and Pensions, will inaugurate two
Geoportals in New Delhi.
● The Indian Space Research Organisation (ISRO) has developed these geospatial databases and
geoportals to support governance, sustainable development, and disaster management across
India.
● Bhuvan Panchayat (version 4.0): This portal is designed for decentralized planning under the
Ministry of Panchayati Raj.
● National Database for Emergency Management (NDEM version 5.0): This portal supports
disaster management efforts under the Ministry of Home Affairs.
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Important Monthly Current Affairs Capsule – June 2024
Seven CSIR labs inaugurated One Week One Theme Campaign on Energy and Energy Devices
theme
● The One Week One Theme (OWOT) Campaign was inaugurated by Hon’ble Union Minister of
State for S&T Dr. Jitendra Singh, alongside DG CSIR Dr. N. Kalaiselvi at India Habitat Centre,
Delhi.
● Following the inauguration, all CSIR labs have begun organizing programs focusing on the
OWOT theme of Energy and Energy Devices within their respective institutes.
● 7 CSIR labs initiated activities aligned with this theme.
1. CSIR-Central Institute of Mining and Fuel Research (CSIR-CIMFR), Dhanbad
2. CSIR-National Geophysical Research Institute (CSIR-NGRI), Hyderabad
3. CSIR- Central Salt and Marine Chemicals Research Institute, (CSIR-CSMCRI) Bhavnagar,
4. CSIR-Central Electrochemical Research Institute, (CSIR-CECRI) Karaikudi,
5. CSIR -Central Mechanical Engineering Research Institute, (CSIR-CMERI) Durgapur,
6. CSIR-Central Glass & Ceramic Research Institute, (CSIR-CGCRI) Kolkata,
7. CSIR-National Chemical Laboratory, (CSIR-NCL) Pune.
● The OWOT campaign spans 8 themes identified by CSIR, with all 37 CSIR labs scheduled to
conduct specific programs corresponding to each theme.
Health Ministry launches dashboard to aid quick monitoring of public health standards compliance
● The Union Health Ministry launched a dashboard that will aid the national, state and district
health facilities in quickly monitoring compliance concerning Indian Public Health Standards
(IPHS) and taking action accordingly.
● It also rolled out a virtual National Quality Assurance Standards (NQAS) assessment for
Ayushman Arogya Mandirs (AAM) and a spot food licence and registration initiative for food
vendors.
● The launch of the spot food licence initiative is a ground-breaking new functionality for the instant
issuance of licenses and registrations through the Food Safety and Compliance System
(FoSCoS).
● FoSCoS is a state-of-the-art, pan-India IT platform designed to address all food safety regulatory
needs.
Central Railway instals first-ever floating solar plant of Indian Railways
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Important Monthly Current Affairs Capsule – June 2024
● The Central Railway has installed a floating solar plant of 10 MWp capacity in the Igatpuri Lake
located in the Western Ghats, a first-of-its-kind initiative by the Indian Railways, senior officials
stated.
● According to the Central Railway officials, the plant is committed to leveraging renewable energy
sources, utilising solar power, installing wind-energy resources, providing adequate passenger
amenities and contributing significantly towards the railways' goal of a "green Earth".
● Besides, the officials stated moving towards its ultimate goal of zero carbon emission by 2030,
the Central Railway has commissioned 12.05-MWp solar plants by utilising the rooftop of railway
stations and buildings, out of which, 4-MWp solar plants were provided last year.
Nearly 2 lakh women benefit from ITC’s ‘Climate Smart Agriculture’ programme
● ITC has extended its ‘Climate Smart Agriculture’ programme to nearly 2 lakh women in the
country.
● The annual report of the company for 2023-24 stated it has launched a comprehensive ‘Climate
Smart Agriculture’ programme across 19 States to enable a transformation journey from ‘low
yield low resilient’ areas to ‘high yield and high resilient’ villages through a package of agronomy
practices, climate resilient varieties, precision farming, water management and appropriate
mechanisation.
● According to the report, 27.94 lakh acres and over 10.5 lakh farmers, including 1.95 lakh women
farmers, have been covered under ITC’s ‘Climate Smart Agriculture’ programme till date.
● In addition to promotion of ‘Climate Smart Agriculture’ practices at scale in core agricultural
catchments, ITC also has a ‘Climate Smart Village’ (CSV) programme.
Government amends the EPS rule to provide withdrawal benefits to members having less than 6
months of service
● The Centre tweaked the Employees’ Pension Scheme (EPS), 1995, to ensure that members with
less than 6 months of contributory service can also withdraw funds.
● Every year, lakhs of EPS members leave the scheme prior to rendering the requisite 10 years of
contributory service for pension.
● These members are given withdrawal benefit as per the provisions of the scheme.
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Important Monthly Current Affairs Capsule – June 2024
● The new amendment will benefit more than 7 lakh EPS members every year who leave the
scheme with less than 6 months of contributory service.
● The Employee's Pension Scheme (EPS) was introduced in the year 1995 with the main aim of
helping employees in the organised sector.
● The Employees' Provident Fund Organisation (EPFO) administers the system, which assures
that employees receive a pension after they reach the age of 58.
● The scheme's benefits are available to both existing and new EPF members.
● Both the employee and the employer contribute 12% of the employee's basic salary
and Dearness Allowance (DA) to the EPF.
INTERNATIONAL NEWS
India's 1st Woman United Nations Representative Ruchira Kamboj Retires After 35 Years of Service
• India's first woman Permanent Representative to the United Nations, Ruchira Kamboj, retired after
35 years of service.
• She served as an Indian envoy in Bhutan, South Africa, and the United Nations Educational,
Scientific and Cultural Organization (UNESCO).
• Kamboj was the All India women’s topper of the 1987 Civil Services batch and the topper of the
1987 Foreign Service batch.
About United Nations :
• Headquarters : New York City, United States
• Membership : 193 member states, 2 observer states
• Secretary General : António Guterres
• The United Nations (UN) is a diplomatic and political international organization whose stated
purposes are to maintain international peace and security, develop friendly relations among
nations, achieve international cooperation, and serve as a centre for harmonizing the actions of
nations.
India,United States, Japan, South Korea, and European Union Unveil Biopharmaceutical Alliance
● South Korea, India, the United States, Japan, and the European Union (EU) have collaborated to
establish an alliance aimed at creating a resilient supply chain in the biopharmaceutical sector.
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Important Monthly Current Affairs Capsule – June 2024
● The inaugural meeting of the Biopharmaceutical Alliance took place in San Diego during the Bio
International Convention 2024.
● Representatives from government officials, as well as bio and pharmaceutical companies from
the participating countries, attended the meeting.
About South Korea :
● President : Yoon Suk Yeol
● Prime Minister : Han Duck-soo
● Capital : Seoul
● Currency : Korean Republic won
About United States :
● President : Joe Biden
● Capital : Washington, D.C.
● Currency : U.S. dollar
About Japan :
● Prime Minister: Fumio Kishida
● Capital: Tokyo
● Currency: Japanese yen
Australia to Introduce Mobility Arrangement for Talented Early-professionals Scheme Migration
Program for Indian Nationals Starting November 1, 2024
• The Australian Federal Budget Document has announced the implementation date for the
Mobility Arrangement for Talented Early-professionals Scheme (MATES) for Indian Nationals.
• The MATES Migration Scheme will come into effect from November 1, 2024 providing a new
mobility pathway for 3,000 Indian graduates and early career professionals.
• Under the MATES scheme Indian graduates and early career professionals (aged 18 to 30
years) with knowledge and skills in targeted fields of study, will be offered a new temporary
mobility pathway, to live and work in Australia for up to 2 years.
About Australia :
• Prime Minister - Anthony Albanese
• Capital - Canberra
• Currency : Australian Dollar
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Important Monthly Current Affairs Capsule – June 2024
World Health Organization Unveils 1st Patient Safety Rights Charter at Global Ministerial Summit
• The World Health Organization (WHO) unveiled its inaugural Patient Safety Rights Charter at the
Global Ministerial Summit on Patient Safety.
• Purpose : The Charter delineates patients' rights within the realm of safety, assisting
stakeholders in crafting legislation, policies, and guidelines to bolster patient safety.
• The Charter emphasizes that every individual deserves safe healthcare, aligning with
international human rights standards irrespective of age, gender, ethnicity, religion, disability, or
socioeconomic status.
About WHO :
• Established : 7 April 1948
• Headquarters : Geneva, Switzerland
• Director General : Tedros Adhanom Ghebreyesus
• Parent organization : United Nations Economic and Social Council
• The WHO is a specialized agency of the United Nations responsible for international public
health.
IUCN launches GSAP SKILLS - the Global Species Action Plan Online Knowledge Platform
• Recently, the GSAP SKILLS Platform was launched at the 4th meeting of the Subsidiary Body on
Implementation, Convention on Biological Diversity.
• Global Species Action Plan(GSAP), the Species Conservation Knowledge, Information, Learning,
Leverage and Sharing (SKILLS) platform brings the GSAP’s content online and allows the
updating of technical tools and resources in real time.
• It aims to facilitate global collaboration and partnership, connecting decision-makers, species
conservation practitioners and experts at all levels.
India to remain fastest-growing among largest economies, says World Bank
• The World Bank retained its growth forecast for India at 6.6 percent for FY25.
• “India will remain the fastest-growing of the world’s largest economies, although its pace of
expansion is expected to moderate. After a high growth rate in FY 2023/24, steady growth of 6.7
percent per year, on average, is projected for the three fiscal years beginning in FY 2024/25,” the
multilateral bank stated in its latest biannual Global Economic Prospects.
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Important Monthly Current Affairs Capsule – June 2024
• For FY26 and FY27, the World Bank projected India’s economy to grow at 6.7 percent and 6.8
percent, respectively.
UN Declares 2025 International Year of Quantum Science, Technology
• A General Assembly meeting of the United Nations (U.N.) has announced that 2025 will be
the International Year of Quantum Science and Technology.
• The year-long global initiative aims to strengthen national basic sciences and science education
capacities and celebrate the impacts of quantum science on technology, culture and
understanding of the natural world.
• 2025 marks 100 years since Erwin Schrödinger developed wave mechanics and Werner
Heisenberg, Max Born and Pascual Jordan developed matrix mechanics, the first way of
expressing quantum physics using a mathematical formula.
PM Modi in Italy for G7 Summit opening Summit Venue
• The G7 summit will take place at the luxury resort of Borgo Egnazia in Italy's Apulia region from
June 13 to 15.
• The discussions are expected to focus on the ongoing war in Ukraine and the conflict in Gaza
• US President Joe Biden, French President Emmanuel Macron, Japanese Prime Minister Fumio
Kishida, and Canadian Prime Minister Justin Trudeau are among the prominent leaders attending
the summit.
India may sign FTA with Oman in the first 100 days of PM Modi's third term
• India may be finalising a Free Trade Agreement (FTA) with Oman within the first 100 days of
Prime Minister Narendra Modi’s third term, according to a report.
• The news comes after Modi announced that the strategic ties between the two nations are ‘set to
reach new heights’, a sentiment echoed during a review meeting chaired by Commerce Minister
Piyush Goyal.
• The Sultan of Oman, Haitham bin Tarik congratulated Modi on his third term.
• The FTA discussions between India and Oman gained momentum following a meeting between
Modi and Sultan bin Tarik in New Delhi on December 16, 2023.
United Nations Lists Hamas and Israel for Violations of Children's Rights
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Important Monthly Current Affairs Capsule – June 2024
● The United Nations has added Israel's military, Hamas and Palestinian Islamic Jihad's armed
wing for the first time to its list of offenders for violating children’s rights.
● These three entities, along with Sudan's warring parties, have been identified for the killing and
maiming of children.
● Report on Children in Armed Conflict:The report titled "Children in Armed Conflict" highlighted
that children were killed and maimed in unprecedented numbers.
● UN Secretary-General's Statement:UN Secretary General António Guterres noted that the
conflict between Israel and Palestinian groups has led to grave violations of children's rights on
an unprecedented scale and intensity, especially in Gaza.
● Increase in Violations:The conflict in Gaza has resulted in a 155% increase in "grave violations"
against children.
● Verified Violations:In 2023, the UN verified more than 8,000 grave violations against 4,247
Palestinian children and 113 Israeli children.
● This list includes entities from various conflicts, such as Myanmar's Kachin Independence Army
and Russia during its war with Ukraine.
About United Nations (UN) :
● Established : 1945
● Headquarters : New York City, USA
● Membership : 193 member states, 2 observer states
China has 500 nuclear warheads according to SIPRI Report
● China has beaten its fellow superpowers when it comes to growing its stockpile of nuclear
warheads, a European think tank stated in a report.
● According to SIPRI, China has increased its nuclear warheads from 410 in 2023 to 500 at the
start of this year.
● North Korea has increased its warheads by two-thirds over the past year, going from 30 in 2023
to 50 this year, per the think tank.
● To be sure, China's and North Korea's growing nuclear stockpiles still cannot compare to what
the US and Russia have.
● In terms of total inventory, the US has 5,044 warheads while Russia has 5,580, and their
combined stockpile makes up almost 90% of the world's nuclear weapons, per SIPRI.
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Important Monthly Current Affairs Capsule – June 2024
● China could have over 1,000 warheads by 2030
● Expanding its nuclear arsenal isn't China's only military goal.
● The country has also been focused on bolstering its naval capabilities.
● According to a 2021 US Navy Institute report, China has the world's largest navy, with over 355
vessels in its fleet.
● In July, leaked US Navy intelligence revealed that China's shipbuilding capacity is 232 times
greater than the US.
Alembic Pharmaceuticals Receives USFDA Approval for Generic Dabigatran Etexilate Capsules
● Alembic Pharmaceuticals Ltd has secured final approval from the US Food & Drug Administration
(USFDA) for its generic Dabigatran Etexilate capsules in 75 mg and 150 mg dosages.
● The company also received tentative approval for the 110 mg dosage.
● These capsules are used to reduce the risk of stroke and blood clots in adults with specific medical
conditions.
● Alembic Pharmaceuticals' approval from the USFDA marks a significant milestone, enhancing its
product portfolio in the US market and providing a cost-effective alternative to the brand-name drug
Pradaxa for patients requiring anticoagulant therapy.
● The approved Abbreviated New Drug Application (ANDA) for Dabigatran Etexilate capsules is
therapeutically equivalent to the Reference Listed Drug (RLD) product, Pradaxa Capsules by
Boehringer Ingelheim Pharmaceuticals, Inc.
● The approved dosages are 75 mg, 110 mg (tentative), and 150 mg.
External Affairs Minister Jaishankar And Sri Lanka President Commission Maritime Rescue
Coordination Centre
● External Affairs Minister (EAM) Jaishankar met Sri Lankan President Wickremesinghe and
commissioned the Maritime Rescue Coordination Centre (MRCC).
● Purpose : To enhance maritime security and coordination in Sri Lanka, funded by a USD 6 million
grant from India.
● This was Jaishankar’s first bilateral visit overseas after being re-appointed in the Cabinet.
● Wickremesinghe was among seven world leaders who attended the swearing-in ceremony of
Prime Minister Narendra Modi on June 9, 2024.
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Important Monthly Current Affairs Capsule – June 2024
● Details of MRCC:The MRCC was commissioned with a $6 million grant from India.
● The MRCC includes a centre at Navy headquarters in Colombo and a sub-centre in Hambantota.
About Sri Lanka :
● President : Ranil Wickremesinghe
● Prime Minister : Dinesh Gunawardena
● Capital : Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
● Currency : Sri Lankan rupee
Srinagar Named 4th Indian 'World Craft City' by World Craft Council, Following UNESCO Creative City
Network Recognition
● Srinagar, a City in Jammu and Kashmir has become the 4th Indian city to be recognised as a
‘World Craft City’ by the World Craft Council (WCC), 3 years after it was designated as part of the
UNESCO Creative City Network (UCCN) for crafts and folk arts.
● The J&K administration applied for this recognition in 2021 alongside the UNESCO designation.
● The WCC tag for Srinagar will help artisans in the long term by enhancing global recognition and
demand for our handicrafts.
Other Recognized Indian Cities :
● Jaipur (City in Rajasthan) Malappuram (City in Kerala) and Mysore (City in Karnataka) are the
other Indian cities that have previously been recognised as World Craft Cities.
About WCC :
● Founded : June 1964.
● Founders : Aileen Osborn Vanderbilt Webb, Margaret M. Patch, and Kamaladevi Chattopadhyay.
● Leadership: The presidency changes every four years, and the current headquarters (2021-2024)
is in Kuwait.
● Current president is Saad al-Qaddumi.
● Mission: WCC is a non-governmental organization working to empower artisans and safeguard
craft heritage globally.
Kerala's Kozhikode Named India's First UNESCO 'City of Literature'
● Kozhikode in north Kerala, known for its rich cultural heritage, was officially declared as India's
first United Nations Educational, Scientific and Cultural Organization (UNESCO) 'City of
Literature'.
● This prestigious recognition, part of the UNESCO Creative Cities Network (UCCN), celebrates
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Important Monthly Current Affairs Capsule – June 2024
cities worldwide for their commitment to creativity as a strategic factor for sustainable urban
development.
● In October 2023, Kozhikode had earned a place in the 'Literature' category of the UCCN.
● The Kerala government also announced that from this coming year(2024), June 23 will be
celebrated as the 'City of Literature' Day of Kozhikode, a place known for literary greats like the
late S K Pottakkad and Vaikom Muhammed Basheer.
● On this day, special awards will be announced in 6 categories.
1. Comprehensive contribution.
2. Women writers.
3. Young writers.
4. Children’s literature.
5. Translations from Malayalam to other languages.
6. Translations from other languages to Malayalam.
Other Indian Cities in UCCN:
● Srinagar and Jaipur: Crafts and Folk Arts.
● Mumbai: Film category.
● Chennai and Varanasi: Music category.
● Hyderabad: Gastronomy category.
About UNESCO :
● Founded : 16 November 1945
● Headquarters : Paris, France
● Director General : Audrey Azoulay
● Members : 194 member states and 12 associate members
● UNESCO is a specialized agency of the United Nations (UN) with the aim of promoting world
peace and security through international cooperation in education, arts, sciences and culture.
About UCCN :
● UCCN is a flagship city programme of UNESCO launched in 2004 to promote cooperation
among cities which have recognized culture and creativity as strategic drivers of sustainable
urban development.
Finland to Launch World's First Bird Flu Vaccinations for Humans
● Finland is the first country to start offering preemptive bird flu vaccinations to certain workers
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Important Monthly Current Affairs Capsule – June 2024
exposed to animals.
● Target Population: Vaccines will be administered to workers at fur and poultry farms, lab
technicians handling bird flu samples, veterinarians working as animal control officers, and
people working in sanctuaries for wild birds, livestock farms, and animal by-product processing
plants.
● Age Group: The vaccine is available to those aged 18 and over who are at higher risk of
contracting avian influenza.
● Number of Vaccines Secured: Finland has secured vaccines for 10,000 people through a joint
EU procurement effort.
● Source of Vaccines: The joint EU procurement effort included up to 40 million doses for 15
nations from CSL Seqirus.
About Finland :
● President : Alexander Stubb
● Prime Minister : Petteri Orpo
● Capital : Helsinki
● Currency : Euro
Apple Becomes 1st Company Charged With Violating EU's Digital Markets Act Rules
● The European Union (EU) has initiated a new investigation into Apple's support for alternative
iOS marketplaces in Europe under the Digital Markets Act (DMA).
● The investigation focuses on Apple's App Store "steering" policies, which allegedly violate the
DMA aimed at promoting competition.
● Apple is the first company to be charged with violating the DMA, a law enacted in 2022 to
empower EU regulators to mandate changes in business practices of major online platforms.
About Apple Inc :
● Founded : April 1, 1976
● Headquarters : California, United States
● Chairman : Arthur Levinson
● CEO : Tim Cook
Paraguay Joins as the 100th Full Member of the International Solar Alliance
● Paraguay has become the 100th country to join as a full member of the International Solar
Alliance (ISA).
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Important Monthly Current Affairs Capsule – June 2024
● Ambassador of Paraguay, H.E. Mr. Fleming Raul Duarte, handed over the Instrument of
Ratification during a meeting with Shri Abhishek Singh, Joint Secretary (ED & MER) and Head of
Depository, in New Delhi.
● Spain became the 99th member of the ISA earlier this year, as it handed over the Instrument of
Ratification on May 21, 2024.
About ISA :
● Launched on 30 November 2015 by Prime Minister Shri Narendra Modi and President of France,
H.E. Mr. Emmanuel Macron during COP21 in Paris.
● Headquarters : Gurugram, Haryana, India
● Director General : Dr. Ajay Mathur
● The ISA aims to accelerate the deployment of solar energy globally in support of Climate Action.
● 119 countries are now signatories to the ISA Framework Agreement.
● Out of these, 100 have finished the ratification process and become full members.
● One of the significant driving philosophies of ISA is "One Sun One World One Grid" (OSOWOG).
About Paraguay :
● President : Santiago Peña
● Capital : Asunción
● Currency : Guaraní
STATE NEWS
Kerala Introduces Artificial Intelligence Learning in School Textbooks
● Kerala has introduced Artificial Intelligence (AI) learning in the Information & Communication
Technology (ICT) textbook of Class 7.
● This initiative aims to familiarise over 4 lakh students with AI in the upcoming academic year.
● AI Program Activity:In the 'Computer Vision' chapter, students will create an AI program that can
recognize up to seven human facial expressions.
About Kerala:
● Capital: Thiruvananthapuram
● Chief Minister: Pinarayi Vijayan
● Governor: Arif Mohammad Khan
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Important Monthly Current Affairs Capsule – June 2024
● National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park,
Silent Valley National Park, Indira Gandhi National Park
Hyderabad No Longer Serves as Joint Capital for Telangana and Andhra Pradesh
• Hyderabad, one of the bustling metropolitan cities of the country, ceased to be the common
capital of Telangana and Andhra Pradesh on June 2, 2024, as per the Andhra Pradesh
Reorganisation Act, 2014.
• Starting from June 2, 2024, Hyderabad is the capital city of Telangana only.
• Hyderabad was made the capital city of both Telangana and Andhra Pradesh for a period of 10
years following the bifurcation of undivided Andhra Pradesh in 2014.
Bihar's Nagi and Nakti Bird Sanctuaries Designated as Ramsar Wetlands
● Bihar's Nagi and Nakti bird sanctuaries have been added to the global list of wetlands of
international importance under the Ramsar Convention.
● With the addition of Nagi and Nakti bird sanctuaries, the total number of Ramsar sites in India has
increased to 82.
● These two wetlands are situated in Bihar's Jamui district, specifically in the Jhajha forest range.
● These two wetlands are man-made reservoirs situated in the Jhajha forest range of Jamui.
● Both sites were declared as Wetlands of International Importance on World Environment Day,
celebrated on June 5, 2024.
About Bihar :
● Governor : Rajendra Arlekar
● Chief Minister : Nitish Kumar
● Capital : Patna
● National Park : Valmiki National Park
● Wildlife Sanctuary : Bhimbandh Sanctuary, Kaimur Wildlife Sanctuary
Himachal Pradesh Government Raises Prize Money for Winners of International Sporting Events
● The Himachal Pradesh (HP) government, under Chief Minister Thakur Sukhvinder Singh Sukhu,
has significantly raised the prize money for medal winners in various international sporting
events.
● The prize money for gold medal winners in the Olympics, Winter Olympics, and Paralympics has
been increased from Rs 3 crore to Rs 5 crore.
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Important Monthly Current Affairs Capsule – June 2024
● Similarly, silver medalists will now receive Rs 3 crore instead of Rs 2 crore, and bronze medalists
will be awarded Rs 2 crore instead of Rs 1 crore.
About Himachal Pradesh :
● Governor : Shiv Pratap Shukla
● Chief Minister : Sukhvinder Singh Sukhu
● National Park : Great Himalayan National Park
● Wildlife Sanctuary : Kalatop Wildlife Sanctuary, Chail Wildlife Sanctuary, Manali Wildlife
Sanctuary
Rajasthan Chief Minister Bhajan Lal Sharma Announces ₹2,000 Increase in Kisan Samman Nidhi
Assistance to Farmers Following BJP’s Poor Performance in Lok Sabha Polls
● The Rajasthan State government, following the BJP's poor performance in the Lok Sabha
election, announced a ₹2,000 increase in the annual honorarium paid to farmers under the Union
government’s Kisan Samman Nidhi.
● With the state government's contribution, the amount given to each farm household has been
raised from ₹6,000 to ₹8,000 per year.
● Government's Commitment to Farmers: Chief Minister Bhajan Lal Sharma emphasized the
government's commitment to 'Annadata Utthan' (farmers' upliftment), indicating a proactive
stance towards supporting agricultural communities.
About Rajasthan :
● Governor: Kalraj Mishra
● Capital: Jaipur
● National Park: Keoladeo National Park, Ranthambore National Park
● Wildlife Sanctuary: Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary
Chief Minister M.K. Stalin Launches 'Chief Minister’s Mannuyir Kaathu Mannuyir Kaappom' Scheme to
Enhance Soil Health in Tamil Nadu
● Chief Minister M.K. Stalin inaugurated the ‘Chief Minister’s Mannuyir Kaathu Mannuyir Kaappom’
scheme to improve soil health across Tamil Nadu (TN).
● Financial Outlay: The scheme is implemented with an initial outlay of ₹206 crore.
● Allocation for Green Manure: ₹20 crore has been allotted specifically for the preservation of soil
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Important Monthly Current Affairs Capsule – June 2024
fertility through the use of green manure.
● Implementation Phase: The scheme will be rolled out in phases.
● The first phase, scheduled for 2024-25, aims to distribute green manure seeds covering about 2
lakh acres.
● Beneficiaries: Over 2 lakh farmers are expected to benefit from the distribution of green manure
seeds in the initial phase.
● Support for Farmers: As part of the scheme, tractors are being made available to farmers at a
nominal cost. 90 tractors and rotavators have been acquired for this purpose at a cost of ₹10.25
crore.
● Youth Training Program: A program organized by the Agricultural Engineering Department
includes training youths in tractor driving skills.
● Tractors were flagged off for this purpose at the event.
About Tamil Nadu :
● Governor: R. N. Ravi
● Chief minister: M. K. Stalin
● Capital: Chennai
● Dance : Bharatnatyam, Karakattam
● National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of
Mannar Marine National Park
● Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird
Sanctuary
● Tiger Reserve: Anamalai Tiger Reserve
● Biosphere Reserve : Agasthyamalai Biosphere Reserve
Assam Introduces Monthly Allowance to Prevent Child Marriage and Promote Education
● Assam Chief Minister Himanta Biswa Sarma announced that his government will provide monthly
stipend to all girl students from class 11 to post-graduation over the next 5 years.
● This move is aimed to prevent child marriages.
● The scheme, 'Nijut Moina', was approved by the cabinet, which estimated that Rs 1,500 crore
would be required in 5 years to give the incentives to around 10 lakh girls.
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Important Monthly Current Affairs Capsule – June 2024
● A married girl will not get the benefit.
● The only exception will be those married girls who are enrolled in PG courses, they will also
benefit.
● All girls studying in classes 11 and 12 will get Rs 1,000 every month, it will be Rs 1,250 for
degree students and Rs 2,500 for girls doing post-graduation.
● Except for daughters of ministers, MLAs and MPs, and those students studying in private
colleges, all girls irrespective of their financial background will be included in the scheme.
● This amount will be received by the students on the 11th of every month and the burden on the
parents will be reduced to a large extent and they will be able to send their daughters to college
and university.
About Assam :
● Governor : Gulab Chand Kataria
● Chief Minister : Himanta Biswa Sarma
● Capital: Guwahati
● National Park: Kaziranga National Park, Manas National Park, Nameri National Park
● Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife
Sanctuary
Jharkhand Government Announces Waiver of Farm Loans Up to ₹2 Lakh
● The Jharkhand government, led by Chief Minister Champai Soren, plans to waive farm loans up
to ₹2 lakh.
● This is an increase from the previous waiver amount of ₹40,000.
● The free electricity quota for households will be raised from the current 125 units to 200 units.
Other Initiatives :
● Support for Unemployed Youth : Financial Support : The government aims to support
unemployed youth by offering loans of ₹25 lakh with a 40% subsidy to facilitate the establishment
of businesses for sustainable livelihoods.
● Education Sector InitiativesTeacher Recruitment:The recruitment process for 40,000 assistant
teachers is underway and expected to be completed by September.
● Recruitment of tribal and regional language teachers is scheduled to begin next month.
● Development Projects and Housing SchemeDevelopment Projects:Inaugurated and laid
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Important Monthly Current Affairs Capsule – June 2024
foundation for 182 development projects valued at ₹152.76 crore.
● Housing Scheme:The state government initiated construction and distribution of houses under
the Abua Awas Yojana for tribal communities.
About Jharkhand :
● Governor : C. P. Radhakrishnan
● Chief Minister : Champai Soren
● Capital : Ranchi
● Tiger Reserve : Palamu Tiger Reserve
● Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake
Bird Wildlife Sanctuary
Madhya Pradesh Finalizes Preparations for Second Cheetah Habitat at Gandhi Sagar Sanctuary
● The Madhya Pradesh (MP) government has completed its preparations for the reintroduction of
the cheetahs in the Gandhi Sagar Wildlife Sanctuary, which will be the second home for
cheetahs in India, after the Kuno National Park (KNP).
● Under the ambitious cheetah reintroduction project, 8 Namibian cheetahs were released into
enclosures at KNP in MP’s Sheopur district on September 17, 2022.
● Later (in February 2023), 12 more cheetahs were brought from South Africa.
Why is Gandhi Sagar an ideal habitat for cheetahs?
● According to MP’s wildlife officials, the sanctuary makes for perfect cheetah habitat, as it looks
like Maasai Mara - a national reserve in Kenya known for its savanna wilderness and wildlife.
About the Gandhi Sagar Wildlife Sanctuary :
● The sanctuary (notified in 1974) is spread across (an area of 368.62 sq km) the districts of
Mandsaur (187.12 sq km) and Neemuch (181.5 sq km) in western MP, right on the border with
Rajasthan.
● The Chambal River cuts the sanctuary into two almost equal halves and the Gandhi Sagar dam
(constructed on the river in 1960) lies within the area of the sanctuary.
● Preparations for the Introduction of Cheetahs in Gandhi Sagar : A 64 sq km area has been
developed for the cheetahs at a cost of Rs. 17.72 crores.
● A soft release enclosure (boma) of 1 sq km, with four equal partitions, has been constructed to
provide a suitable and secure habitat.
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Important Monthly Current Affairs Capsule – June 2024
● The Chairperson of the Cheetah Steering Committee was tasked to oversee and evaluate the
overall readiness of the WLS to “ensure that the sanctuary is adequately equipped and prepared
to support the successful integration and conservation of cheetahs within its natural landscape”.
About MP :
● Governor : Mangubhai C. Patel
● Chief Minister : Mohan Yadav
● Capital : Bhopal
● National Park : Satpura National Park, Kanha National Park, Bandhavgarh National Park
● Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
Karnataka Governor inaugurates National Yoga Olympiad 2024 in Mysuru
● Karnataka Governor inaugurated the ninth National Yoga Olympiad (NYO) 2024, at the
convocation hall of Karnataka State Open University (KSOU), in Mysuru.
● Yoga has been a part of Indian culture and tradition since ancient times.
● The importance of yoga is mentioned in our scriptures and it is a part of the whole world
today. That is why India is considered as 'Guru of Yoga', stated Governor of Karnataka
Thawar Chand Gehlot.
● On September 27, 2014, Prime Minister Narendra Modi called upon all the countries of the
world to adopt yoga and proposed to celebrate Yoga Day every year.
● The proposal was adopted and implemented by the United Nations General Assembly in
90 days.
● Since then, International Yoga Day has been celebrated on June 21, in our country and
the world, Gehlot stated.
● More than 400 students and 100 teachers are participating in the three-day NYO, at the
Regional Institute of Education (RIE) of National Council National Council of Educational
Research and Training (NCERT), Mysuru.
● The theme for NYO 2024 is 'Yoga for Self and Society'.
Maharashtra Budget Announces Major Sops Ahead of Assembly Polls: ₹1,500 Monthly for Women, 3
Free LPG Cylinders Annually
● Maharashtra Deputy Chief Minister Ajit Pawar, who holds the finance portfolio, presented a Rs
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Important Monthly Current Affairs Capsule – June 2024
20,051 crore revenue deficit budget for the current fiscal even as he announced several sops for
women, youths and farmers, among other sections, entailing an expenditure of more than Rs
80,000 crore.
● An outlay of Rs 1.92 lakh crore was proposed under the scheme expenditure in the annual plan
2024-25.
Schemes and Benefits
● Mukhyamantri Majhi Ladki Bahin Yojana
➢ Target Group: Women aged 21 to 60 years.
➢ Benefit: Monthly allowance of Rs 1,500.
➢ Purpose: Ensuring overall development and empowerment of women, including economic
independence, self-reliance, health, and nutrition.
➢ Annual Allocation: Rs 46,000 crore.
➢ Implementation: From July 2024.
● Mukhyamantri Annapurna Yojana
➢ Benefit: Three free LPG cylinders per household per year.
➢ Purpose: Improving women's health by ensuring access to clean cooking fuel.
➢ Beneficiaries: 52,16,412 families.
● Stipend for Youths
➢ Benefit: Rs 10,000 per month.
➢ Purpose: Skill training for youths to enhance employability.
● Punyashlok Ahilyadevi Holkar Mahila Startup Scheme
➢ Objective: Support small women entrepreneurs.
➢ Implementation: Launch scheduled for this year.
● Reimbursement of Tuition and Examination Fees for Professional Courses
➢ Beneficiaries: Girls from OBC communities and economically weaker sections (annual
family income up to Rs 8 lakh).
➢ Courses Covered: Engineering, architecture, pharmacy, medicine, and agriculture.
➢ Benefit: Full reimbursement of fees.
➢ Impact: Benefits 2.05 lakh girls, starting from academic year 2024-25.
➢ Cost: Approximately Rs 2,000 crore from the state exchequer.
● Magel Tyala Scheme
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Important Monthly Current Affairs Capsule – June 2024
➢ Initiative: Providing solar power pumps to 8.5 lakh farmers.
➢ Objective: Solarizing agricultural electricity grids to provide free daytime electricity.
➢ Benefit: Free electricity for agriculture pumps up to 7.5 horse power capacity.
➢ Support: 44.06 lakh cultivators to benefit.
➢ Provision: Rs 14,761 crore subsidy allocated.
● Mukhyamantri Yuva Karyaprashikshan Yojana
➢ Purpose: Skill training program for youths.
➢ Training Scope: Industrial and non-industrial establishments.
➢ Beneficiaries: 10 lakh youths annually.
➢ Stipend: Up to Rs 10,000 per month per trainee.
➢ Cost: Estimated expenditure of Rs 10,000 crore.
● VAT Reduction on Diesel and Petrol
➢ Region: Mumbai, Thane, and Navi Mumbai.
➢ Reduction: VAT reduced from 24% to 21%.
➢ Impact: Decrease in diesel price by around Rs 2 per litre and petrol by 65 paise per litre.
➢ Cost: Rs 200 crore impact on state exchequer.
About Maharashtra :
● Governor: Ramesh Bais
● Chief Minister: Eknath Shinde
● Capital: Mumbai
● National Park: Tadoba National Park, Navegaon National Park
● Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife
Sanctuary
● UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco
Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves
Jharkhand Cabinet Approves Financial Aid Scheme for 4.5 Million Women
● The Jharkhand Cabinet approved the 'Mukhya Mantri Bahan Beti Maiqui Swabalamban
Protsahan Yojana,' a financial assistance scheme for 45 lakh women in the state.
● Under the scheme, each eligible woman will receive Rs 1,000 per month.
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Important Monthly Current Affairs Capsule – June 2024
● The state government will bear Rs 5,500 crore annually for this initiative.
● Eligibility Criteria: The scheme is applicable to women aged 21 to 50 years.
About Jharkhand :
● Governor : C. P. Radhakrishnan
● Chief Minister : Champai Soren
● Capital : Ranchi
● Tiger Reserve : Palamu Tiger Reserve
● Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake
Bird Wildlife Sanctuary
Telangana Chief Minister A Revanth Reddy announces Rs 2 lakh loan waiver for state farmers
● The Telangana state cabinet has approved a proposal to waive up to 2 lakh rupees worth of crop
loans for each farmer in the state by August 15, 2024.
● This fulfils a promise made by the Congress party before the Assembly elections last year.
● Eligibility and Timeline:Crop loans taken between December 12, 2018, and December 9, 2023,
are eligible for the waiver.
● Financial Implications:The estimated cost for the crop loan waiver is Rs 31,000 crore.
● It is expected to benefit around 40 lakh farmers in Telangana.
● Comparison with Previous Schemes:The previous government's crop loan waiver scheme cost
Rs 28,000 crore to the state treasury.
● Previous waivers by the BRS government:
➢ First term: Rs 16,000 crore (cut-off date: March 31, 2014).
➢ Second term: Rs 12,000 crore (cut-off date: December 11, 2018).
● Rythu Bharosa and Committee Formation : The Cabinet also approved setting up a Cabinet sub-
committee headed by Deputy Chief Minister M. Bhatti Vikramarka to prepare guidelines for the
implementation of Rythu Bharosa in place of Rythu Bandhu, with a deadline to submit its report
by July 15.
About Telangana :
● Governor : C. P. Radhakrishnan
● Chief Minister : Anumula Revanth Reddy
● Capital : Hyderabad
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Important Monthly Current Affairs Capsule – June 2024
● National Parks : Mrugavani National Park, KBR Park
● Wildlife Sanctuaries : Pranahita wildlife sanctuary, Shivaram wildlife Sanctuary, Nagarjuna
Sagar-Srisailam Tiger Reserve, Kinnerasani Wildlife Sanctuary
Patna High Court Overturns Bihar Government's Increase in Reservation for Backward Classes from
50% to 65%
● The Patna High Court set aside amendments passed by the Bihar legislature in 2023, which
sought to increase reservation for Backward Classes (BC), Extremely Backward Classes (EBC),
Scheduled Castes (SC), and Scheduled Tribes (ST) from 50% to 65% in educational institutions
and government jobs.
● A Public Interest Litigation (PIL) challenging the increase in reservation was filed on November
27, 2023.
● After hearings, the court reserved its decision on March 11, 2024, and announced its decision on
June 20, 2024, overturning the amendments.
What is meant by Public Interest Litigation (PIL)?
● Public Interest Litigation (PIL) refers to legal action initiated in a court of law to safeguard the
broader interests of the public.
● It addresses issues impacting the public at large, such as environmental pollution, terrorism, road
safety, and construction hazards.
About Bihar :
● Governor : Rajendra Arlekar
● Chief Minister : Nitish Kumar
● Capital : Patna
● Wildlife Sanctuaries : Gautam Budha Wildlife Sanctuary, Pant Wildlife Sanctuary, Kaimur Wildlife
Sanctuary
Kerala Assembly Approves Resolution to Rename State to ‘Keralam’
● The Kerala Legislative Assembly unanimously passed a resolution on June 24 to change the
name of the state from 'Kerala' to 'Keralam'.
● The resolution, moved by Chief Minister Pinarayi Vijayan, called for invoking Article 3 of the
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Important Monthly Current Affairs Capsule – June 2024
Indian Constitution to effectuate this change in the First Schedule.
● Article 3 of the Indian Constitution: The resolution invokes Article 3, which deals with the
formation of new states and the alteration of areas, boundaries, or names of existing states
● Ongoing Name Change Requests:West Bengal has also been seeking a name change to
Bangla, which would move it up in the alphabetical listing of Indian states.
About Kerala:
● Capital: Thiruvananthapuram
● Chief Minister: Pinarayi Vijayan
● Governor: Arif Mohammad Khan
● National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park,
Silent Valley National Park, Indira Gandhi National Park
Hemis Tseschu Festival Commences in Ladakh
● The Hemis Monastic Festival, also known as Hemis Tseschu, is an annual celebration of Tibetan
Buddhism in Ladakh, India.
● In 2024, the festival will be held on June 16th and 17th.
● The festival marks the birth anniversary of Guru Padma Sambhava.
About Ladakh :
● Lieutenant Governor : B. D. Mishra
● Capital : Leh, Kargil
Telangana to Establish Integrated Gurukul Schools in Every Assembly Constituency for Modern
Education
● The Telangana government is planning to set up 'integrated residential campuses', comprising
Scheduled Castes (SC), Scheduled Tribes (ST), Backward Class (BC), and minority residential
schools, in all assembly constituencies.
● The decision to establish integrated campuses instead of separate SC, ST, BC, and minority
residential schools.
● The integrated campuses would be set up as pilot projects in Kodangal (CM's assembly
segment) and Madhira (represented by deputy CM).
About Telangana :
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Important Monthly Current Affairs Capsule – June 2024
● Governor : C. P. Radhakrishnan
● Chief Minister : Anumula Revanth Reddy
● Capital : Hyderabad
● National Park : Mrugavani National Park, KBR Park
● Wildlife Sanctuary : Pranahita wildlife sanctuary, Shivaram wildlife Sanctuary
BUSINESS NEWS
PwC to become OpenAI's largest enterprise customer amid genAI boom
• PwC will become the largest customer and the first reseller of OpenAI's enterprise product as
businesses accelerate their adoption of generative artificial intelligence.
• PwC plans to roll out ChatGPT Enterprise, a version of the Microsoft-backed AI startup's chatbot
designed for large companies.
• The firm will provide ChatGPT Enterprise to its 75,000 U.S. employees and 26,000 UK employees,
enhancing their capabilities with advanced AI tools.
• OpenAI is led by CEO Sam Altman and is headquartered in San Francisco.
Dhaksha uses Dassault’s platform to accelerate the development of new drones
• French tech firm Dassault Systemes announced that Dhaksha Unmanned Systems Pvt Ltd, a
Chennai-based drone manufacturer, has adopted its Modsim modeling and simulation tools on the
3DEXPERIENCE platform to develop and launch next-generation drones at lower costs.
• Dhaksha, a subsidiary of Murugappa Group’s Coromandel International, has already developed
agriculture drones using Modsim and will deliver a new set of drones to its customers next month.
India’s GDP Exceeds Estimates, Grows At 8.2% In FY24 And 7.8% In Q4
• India's real GDP grew by 7.8% in the fourth quarter (January-March) of FY 2023-24, propelling the
full-year growth to an impressive 8.2%.
• Economists' Surprise: Higher-than-Expected Growth
• The Q4 growth rate of 7.8% surpassed economists' highest estimates of 7.3-7.4%, indicating a
stronger-than-anticipated economic performance.
India's fiscal deficit improves to 5.6% of GDP in FY24, lower than target of 5.8%
• India's fiscal deficit stood at Rs 16.54 lakh crore in FY24, below the budgetary target of Rs 17.86
lakh crore, achieving 95.3% of the target.
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Important Monthly Current Affairs Capsule – June 2024
• The central government's fiscal deficit was 5.6% of GDP in FY24, lower than the revised estimate
of 5.8%.
• Total Expenditure: Total expenditure was Rs 44.43 lakh crore, or 99% of the targeted amount for
the year.
• The fiscal deficit for April 2024 stood at Rs 2.1 lakh crore, or 12.5% of the full-year target.
REC board approves raising borrowing limit in foreign currency to $24 bn
• State-owned REC Ltd has approved an increase in its foreign currency borrowing limit to $24
billion from $20 billion.
• Despite the increase in foreign currency borrowing, the overall borrowing limit in Indian rupees
remains at Rs 6 lakh crore.
• The board has also approved raising up to Rs 1,45,000 crore through the private placement of
unsecured/secured non-convertible bonds/debentures.
About REC Ltd
• REC Ltd, operating under the Ministry of Power, is a non-banking finance company, public financial
institution, and infrastructure financing company.
India received the highest FDI from Singapore in 2023-24; Mauritius second biggest investor
• India received the highest foreign direct investment (FDI) from Singapore in 2023-24, even as
overall overseas capital inflows into the country contracted by approximately 3.5% due to global
economic uncertainties.
• Despite a 31.55% decrease in FDI from Singapore to $11.77 billion in 2023-24, India attracted the
maximum inflows from that country, continuing the trend since 2018-19.
• While FDI from Mauritius decreased to $7.97 billion in the last fiscal year, the United States
emerged as the third-largest investor in India in 2023-24 with $4.99 billion.
• Other significant investors include the Netherlands, Japan, the UAE, UK, Cyprus, Germany, and
the Cayman Islands.
Russia Emerges as India's Top Oil Supplier for Second Consecutive Year
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Important Monthly Current Affairs Capsule – June 2024
• Russia has solidified its position as the leading oil supplier to India for the fiscal year 2023/24,
marking the second consecutive year of dominance and reshaping market dynamics by reducing
the market share of Middle Eastern and OPEC producers to historic lows.
• Russian oil constituted approximately 35% of India's total crude imports, amounting to 4.7 million
barrels per day (bpd) during the fiscal year ending on March 31.
• Iraq maintained its position as the second-largest oil supplier to India, with Saudi Arabia, UAE,
Qatar, and the US following suit in the fiscal year 2023/24 ranking.
RIL to build Global Economic Hub in Navi Mumbai
• Reliance Industries Limited (RIL) is set to establish a global economic hub in Navi Mumbai,
having secured sub-leases on approximately 3,750 Acres of land for an estimated INR 13,400
Crore.
• The lease duration is 43 years, following a memorandum of understanding signed with
the Maharashtra Government back in 2018.
• The land, initially allotted to the Navi Mumbai SEZ (NMSEZ) in 2006, will be used to develop an
integrated industrial area.
• RIL aims to create a world-class integrated digital services industrial area through global
partnerships.
Netherlands Becomes India's Third Largest Export Destination In 2023
• The Netherlands has emerged as India's third largest export destination after the US and UAE in
2023-24, with key exports including petroleum products, electrical goods, chemicals, and
pharmaceuticals.
• India’s trade surplus with the Netherlands rose to USD 17.4 billion in the last fiscal year.
• This development comes amid a dip in India's overall merchandise shipments by over 3 per cent,
according to the commerce ministry data.
• Significant exports to the Netherlands included petroleum products valued at USD 14.29 billion,
along with electrical goods, chemicals, and pharmaceuticals.
About Netherlands:
• Capital: Amsterdam
• Currency: Euro
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Important Monthly Current Affairs Capsule – June 2024
• Prime Minister: Mark Rutte
Volvo to issue world's first EV battery passport ahead of EU rules
How green is your green car:
• Even as electric vehicles (EVs) are touted as the best for the planet, the components - especially
in the batteries - may not quite be.
• As such, Volvo is set to issue the world's first EV battery passport that will record the source of
components and raw materials, and list out the carbon footprint of the company's flagship EX90
electric SUV.
• The passport has been worked out by Volvo in partnership with UK-based startup Circulor.
CBDC usage soars 39-fold among retail users, plunges in wholesale
• The outstanding amount for Central Bank Digital Currency (CBDC) in the wholesale segment
crashed while its usage in the retail segment climbed 39 times in the past year.
• In the wholesale segment, the outstanding amount stood at ₹8 lakh in March 2024, down from ₹10.6
crore last year.
• In the retail segment, the amount climbed to ₹234 crore in March 2024, up from ₹6 crore last year.
• India's CBDC, the Digital Rupee (e₹), is a digital form of its official currency, introduced after the
FY23 budget.
NSE creates a world record for handling 1,971 crore transactions in a single day
• The National Stock Exchange of India, the country's largest stock exchange and the world's largest
derivatives exchange, made history by registering the highest-ever transactions in a single day.
• The exchange handled 1,971 crore orders and 28.55 crore trades, marking a significant milestone in
its operational history.
• Earlier, NSE Indices Ltd, a subsidiary of NSE, launched India's first thematic index to track the
electric vehicle and new-age automobiles segment, showcasing the exchange's commitment to
innovation and diversification.
About NSE
• National Stock Exchange of India Limited is one of the leading stock exchanges in India, based in
Mumbai.
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Important Monthly Current Affairs Capsule – June 2024
• NSE is under the ownership of various financial institutions such as banks and insurance
companies.
• Founded: 1992; 32 years ago
• Chairperson: Girish Chandra Chaturvedi
• MD & CEO: Ashishkumar Chauhan
Adani Solar retains Top Performer ranking in Kiwa PVEL’s PV Module Reliability Scorecard for the
seventh year
● Adani Solar, the solar photovoltaic (PV) manufacturing arm of the Adani Group, has been
recognized as a Top Performer in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard.
● Independent Laboratory: Kiwa PVEL is an independent laboratory serving the downstream solar
industry.
● Annual Scorecard: Their annual scorecard highlights manufacturers that have produced PV modules
demonstrating noteworthy results in independent testing.
Coca-Cola Announces Rs 700 Crore Investment in Telangana with New Plant
• The renowned beverage giant, Coca-Cola is set to bolster its manufacturing capacity with a new
greenfield plant in Telangana's Peddapalli district.
• Hindustan Coca Cola Beverages (HCCB), the company's wholly owned bottling arm, will spearhead
the establishment of the plant, having already identified potential sites for the facility.
• During discussions with a delegation including Industries and IT Minister D. Sridhar Babu and R&B
and Cinematography Minister Komatireddy Venkatreddy at Coca Cola's headquarters in Atlanta,
United States, Head of Fiscal Policy Jonathan Rief and other senior executives shared plans for the
new plant.
Ola Electric gets Sebi's nod to launch IPO
• Ola Electric has received approval from the markets regulator Securities and Exchange Board of
India (SEBI) for its initial public offering (IPO).
• The Bhavish Aggarwal-led electric vehicle (EV) company plans to raise Rs 5,500 crore through
the IPO in a combination of a fresh issue of shares and an offer for sale, stated sources aware of
the development.
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Important Monthly Current Affairs Capsule – June 2024
• Ola Electric had filed its Draft Red Herring Prospectus (DRHP) with the SEBI in December 2023.
• If things go as planned, the company will become the first one from the Indian two-wheeler EV
industry to go public.
India to clock highest growth in tech spending in 2024 in APAC: Report
• India’s technology spending this year is estimated to grow by 8 percent – the highest in Asia
Pacific (APAC), stated.
• India’s technology spending will reach around $54.5 billion (around Rs 4.49 trillion), according to
Forrester’s ‘Asia Pacific Tech Market Forecast, 2023 to 2027’.
• Technology spending in APAC will grow at a compound annual growth rate (CAGR) of 6.4
percent to 7.4 percent per year from 2024 to 2027, reaching $876 billion in 2027.
Insurtech startup Kenko Health stares at shutdown
• Insurtech startup Kenko Health is on the verge of shutting its operations due to an ongoing
shareholder battle within the company, according to the public.
• Kenko Health, backed by Peak XV Partners (formerly Sequoia Capital India) and Orios Venture
Partners, is in need of funds to meet requirements put forth by the insurance regulator.
• The startup was close to raising capital from the Hero Group, but a few existing investors who
risked significant stake dilution at the proposed valuation could not agree on a deal, people close
to the development stated.
Nabard may raise Rs 30,000 crore through bonds in FY25, says CRISIL
• National Bank for Agriculture and Rural Development (Nabard) is planning to raise up to Rs
30,000 crore through bonds in the current financial year (FY25) to support lending operations,
according to rating agency CRISIL.
• The money raised through the market covering bonds and money market instruments had about
51.5 percent share in total borrowings by Nabard at the end of March 2024.
• The government-owned development finance institution’s (DFI’s) total borrowings stood at Rs
7.89 trillion as of March 2024, according to CRISIL analysis.
Snapdeal signs MOU with Bhashini to Boost Digital Inclusion in India
• E-commerce platform Snapdeal has signed a Memorandum of Understanding (MOU) with Digital
India Bhashini, an Independent Business Division established by the Ministry of Electronics and
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Important Monthly Current Affairs Capsule – June 2024
Information Technology (MeitY) within Digital India Corporation (DIC) to address the diverse
linguistic landscape of India, the company stated.
• The MOU was signed between Bharat Venishetti of Snapdeal and Amitabh Nag, chief executive
officer of Bhashini.
• The collaboration aims to leverage Artificial Intelligence (AI) to develop products and services
focusing on voice-first technology for nine vernacular languages to enhance language translation
efforts to promote digital inclusion in India.
The Pharma sector will cross $130-bn mark by 2030
• Hyderabad, which is known as the pharma hub of India, is home to 214 USFDA approved
facilities in the city and as the growth of the pharma market is coming from complex molecules, it
will force companies to invest and build future state-of-the art labs, stated Dr Reddy’s
Laboratories Limited’s official.
• The pharmaceutical sector in India is expected to reach $65 billion by 2024, and $130 billion by
2030.
Adani group strengthens hold in defence sector, inks pact with UAE firm Edge Group
• The Gautam Adani-group stepped up its presence in the defence segment by joining hands with
Edge Group, one of the world’s leading advanced technology and defence group. Group arm
Adani Defence & Aerospace signed the milestone agreement with the UAE company.
• A press statement from the conglomerate stated the agreement aims
• to establish a global platform leveraging the defence and aerospace capabilities of both
companies to bring together their respective product portfolios and cater to the requirements of
global and local customers.
Amazon To Invest Billions In Taiwan Cloud Infrastructure, Expanding AWS Presence In Asia
• Amazon Web Services (AWS) announced it will launch an AWS infrastructure Region in Taiwan
by early 2025.
• The new AWS Asia Pacific (Taipei) Region will give developers, startups, entrepreneurs, and
enterprises, as well as education, entertainment, financial services, and nonprofit organizations,
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Important Monthly Current Affairs Capsule – June 2024
greater choice for running their applications and serving end users from data centers located in
Taiwan, ensuring that customers who want to keep their content in Taiwan can do so.
India's CPI inflation eases to a 12-month low of 4.75 per cent in May 2024
• India's consumer price inflation eased to a 12-month low of 4.75 per cent in May 2024, compared
to the same month of the previous year as declining fuel and cooking oil prices helped to bring
down the burden on household budgets, figures released by the Ministry of Statistics.
• CPI inflation had come down to 4.83 per cent in April, which was an 11-month low and the
declining trend is continuing.
• "Spices has shown a considerable decline at sub-group level in year-on-year inflation as
compared to April 2024. Among the groups, inflation corresponding to 'Clothing & Footwear',
'Housing', and 'Miscellaneous' has decreased since last month,” the Ministry stated.
Industrial production declines to a three-month low of 5% in April 2024
• The Index of Industrial Production (IIP) in India slowed to 5 per cent in April 2024, a three-month
low, as against 5.4 per cent in March, revealed the data provided by the Ministry of Statistics and
Programme Implementation (MoSPI).
• The IIP growth rate was recorded at 4.6 per cent in April 2023, the government stated in a press
release.
• The previous high of IIP was recorded at 11.9 per cent in October 2023, which slowed to 2.5 per
cent in November, 4.2 per cent in December and 4.1 per cent in January 2024.
PLI Scheme To Attract Investment Of Rs 3-4 Lakh Crore In 4 Years; Private Sector Capital Expenditure
May Increase: ICRA
● The Production Linked Incentive (PLI) scheme is anticipated to attract investments worth Rs 3-4 lakh
crore over the next four years and create 2 lakh jobs, according to a top executive at ICRA.
● The scheme is poised to launch large-scale projects in sectors such as semiconductor, solar
modules, and pharmaceutical intermediaries.
● Investment Projections: The PLI scheme is expected to draw investments ranging from Rs 3-4 lakh
crore.
● Job Creation: Approximately 2 lakh jobs are forecasted to be generated through upcoming projects.
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Important Monthly Current Affairs Capsule – June 2024
● Tax Breaks for Increased Capex: To stimulate private sector capex to record levels, the government
may consider providing tax breaks to enhance disposable income among individuals.
● This strategy aims to bolster economic growth and industrial expansion across key sectors in India.
Finance Minister Smt. Nirmala Sitharaman-led GST Council to meet on June 22
● The 53rd meeting of the GST Council is set to convene on June 22, 2024, in New Delhi, marking the
first session under the newly re-elected government.
● Led by Finance Minister Nirmala Sitharaman, this meeting comes ahead of the final Budget
presentation for FY25, pivotal for setting the agenda of Modi 3.0 government's priorities for Viksit
Bharat.
● Union Budget 2024 Feedback: Discussion and feedback from state finance ministers on the Union
Budget of 2024.
● New Policy Initiatives: Deliberation on key policy initiatives anticipated under the new government's
tenure.
● This session is crucial for shaping fiscal policies and addressing industry challenges as India
navigates its economic landscape under renewed leadership.
Dassault Systèmes Aims for $1 Billion Revenue from India by 2027
● Dassault Systèmes, the technology arm of the Paris-based Dassault Group, has set an ambitious
target of achieving $1 billion in revenue from India by 2027.
● The company, renowned for its virtual twin technology across various industries, sees India as a
rapidly growing market.
Key Points:
● Revenue Projection: Dassault Systèmes anticipates reaching $1 billion in revenue from India by
2027, leveraging the fast-growing demand for virtual twin solutions.
● Global Perspective: Globally, the company reported revenue close to 7 billion euros in 2023,
highlighting its substantial presence and capabilities.
● Virtual Twin Technology: Dassault Systèmes offers virtual twin technology across industries such as
aerospace, healthcare, automotive/EV manufacturing, and consumer goods.
● This technology enables iterative product development and evaluation in a simulated environment,
minimizing costs and time.
● Post-Pandemic Insights: A joint study by Dassault Systèmes and Nasscom revealed a significant
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Important Monthly Current Affairs Capsule – June 2024
increase in virtual twin implementations among mid-sized enterprises post-pandemic, underscoring
its growing relevance and adoption.
IFC Partners with Brookfield for 550 MW Solar Power Project in Rajasthan
● The International Finance Corporation (IFC) has committed to partially finance a 550 MW solar
power project in Bikaner, Rajasthan, developed by Brookfield Asset Management.
● With an investment of $105 million through long-term non-convertible debentures allocated to the
project’s special purpose vehicles, IFC aims to support India's renewable energy goals and facilitate
competitive tariffs for commercial and industrial (C&I) consumers across the country.
● Project Scope: The solar power project will generate 550 MW and supply electricity to C&I
consumers under long-term power purchase agreements (PPAs) and through the merchant market
via exchanges.
● Green Energy Corridor: The project will be integrated into India's inter-state transmission system,
contributing to the nation's green energy corridor initiative.
● IFC's First Hybrid Offtake Structure in Asia-Pacific: This investment marks IFC's first in the region
using a hybrid offtake structure, combining corporate PPAs with C&I consumers and merchant
market sales.
● India's Renewable Energy Ambitions: India aims to scale up its non-fossil fuel capacity to 500 GW by
2030, fostering a conducive environment for significant investments in renewable energy.
Impact and Outlook:
● With over $10 billion in annual investments attracted between 2017 and 2022, India's renewable
energy sector is poised for continued growth, expecting annual investments to reach $25 billion by
2030.
UK Surpasses China to Become India's 4th Largest Export Market
● In a significant development, the United Kingdom has overtaken China to become India's fourth-
largest export market as of May 2024.
● This shift reflects a notable increase in exports to the UK compared to the previous year.
Key Points:
● Export Growth: India's exports to the UK surged, reaching $1.37 billion in May 2024, marking a one-
third increase.
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Important Monthly Current Affairs Capsule – June 2024
● Comparison with China: While exports to the UK grew significantly, exports to China also increased
but at a slower rate of 3%, totaling $1.33 billion.
● Previous Ranking: The UK was previously ranked sixth in India's export markets, indicating a
substantial rise in its position.
● The United States (US) continued to remain India's largest export destination, with 13 per cent
growth, followed by the United Arab Emirates (UAE), which saw 19 per cent jump.
● Export to the Netherlands, which is also India’s third-largest export market, soared to $2.19 billion
with nearly 44 per cent growth in May 2024.
IFC To Invest $105m In Brookfield’s Bikaner Solar Power Project
● The International Finance Corporation (IFC) has committed $105 million to partially finance a
significant solar power project in Bikaner, Rajasthan.
● This investment by IFC underscores its commitment to fostering sustainable development through
renewable energy projects in India, leveraging innovative financing mechanisms to drive impactful
outcomes in the energy sector.
1. Project Details:
o The solar power project is being developed by Brookfield Asset Management.
o It aims to generate 550 MW of solar power.
o The project's special purpose vehicles, responsible for implementation, will receive funding
through long-term non-convertible debentures from IFC.
2. About International Finance Corporation (IFC):
o Established in 1956, IFC is a member of the World Bank Group.
o It supports private sector development in developing countries by investing in equity and
debt instruments of private enterprises.
o IFC's initiatives contribute to economic growth, job creation, and environmental
sustainability in its member countries.
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Important Monthly Current Affairs Capsule – June 2024
Indian Fintech and Digital Lending Firms See Significant Growth in FY23-24
● The Fintech Association for Consumer Empowerment (FACE) reported substantial growth in the
Indian fintech and digital lending sector for the fiscal year 2023-24.
● These firms processed and sanctioned over 10 crore loans, with disbursements amounting to
₹1,46,517 crore.
● This impressive growth underscores the expanding role of fintech and digital lending firms in
providing accessible financial solutions across India.
● The increase in both the volume and value of loans indicates a robust demand for digital lending
services, reflecting the sector's rising importance in the financial ecosystem
● Overall Growth:
o Loans Processed: Over 10 crore loans were processed and sanctioned.
o Total Disbursements: The total disbursements reached ₹1,46,517 crore.
● Year-on-Year Increase:
o Disbursement Volume: Increased by 35% year-on-year.
o Disbursement Value: Grew by 49% year-on-year.
● Average Loan Size:
o The average ticket size for loans in FY23-24 was ₹12,648, up from ₹11,094 in the previous
fiscal year.
● Quarterly Performance:
o Q4 FY23-24: Member companies disbursed 2.69 crore loans worth ₹40,322 crore.
o Average Ticket Size in Q4: ₹13,418.
o Quarterly Growth Rate: A 3% increase over Q3 FY23-24.
CIL ties up with private sector to revive unviable mines
● Coal India Limited (CIL) has undertaken a significant initiative to monetize 23 discontinued
underground coal mines by awarding them to private sector operators under a revenue-sharing
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Important Monthly Current Affairs Capsule – June 2024
model.
● This decision stems from the recognition that these mines, though possessing good quality coal
reserves, were deemed financially unviable for continued operation by the state-owned company
● This strategic move by CIL not only aims to optimize the utilization of coal reserves but also fosters
private sector participation in the mining sector, leveraging their expertise and investment
capabilities to enhance productivity and operational efficiency in the coal mining industry.
e-WAY Bill Generation Reaches 10.32 Crore in May 2024, Second Highest on Record
● In May 2024, e-WAY bill generation soared to 10.32 crore, marking the second-highest figure
recorded since its introduction.
● This spike, unusual for May, likely stems from increased demand for electronic and cooling
products.
● This surge underscores the evolving landscape of indirect taxation under GST, where digital
integration and enforcement measures enhance transparency and regulatory oversight.
● Previous Peaks: March 2024 saw the highest e-WAY bill generation at 10.35 crore, with the
second-highest recorded in October 2023 at 10.03 crore.
What is an e-Way Bill?
● An e-Way Bill is an electronic document required for the movement of goods worth more than
INR 50,000 across state borders and within states in India. It is generated on the e-Way Bill
portal and serves as a permit for transporting goods.
● The e-Way Bill system is a significant component of India's Goods and Services Tax (GST)
framework, aimed at streamlining the movement of goods and reducing tax evasion.
● It is a critical initiative to modernise and digitise the transportation of goods under the GST
regime, promoting ease of doing business and improving tax compliance in India.
Visakhapatnam Port Leads in Marine Products Shipments
● Visakhapatnam Port has emerged as India's top port for marine products shipments in FY24,
handling 3,14,199 tonnes valued at ₹17,983.99 crore ($2,194 million).
Top Ports and Shipments
● Chennai and Kolkata: Chennai handled 1,01,903 tonnes valued at ₹6,120 crore, while Kolkata
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Important Monthly Current Affairs Capsule – June 2024
managed 94,559 tonnes valued at ₹4,452 crore.
● Overall Contribution: Together, these ports contributed significantly to India's marine products
export sector, as reported by Marine Products Export Development Authority (Mpeda).
● Record Volume: India achieved an all-time high in seafood exports, shipping 17,81,602 tonnes
valued at ₹60,523.89 crore during FY24.
● Major Export Destinations: The US and China were primary importers, with frozen shrimp being
the top export item despite challenges in overseas demand.
Launch of Mirae Asset Nifty EV and New Age Automotive ETF
● Mirae Asset Mutual Fund has introduced India’s first Exchange Traded Fund (ETF) focusing on
the Electric Vehicles (EV) and New Age Automotive segment.
● Mirae Asset’s Nifty EV and New Age Automotive ETF presents investors with an opportunity to
capitalize on the burgeoning electric vehicles and new-age automotive sectors in India.
● By tracking the Nifty EV and New Age Automotive Total Return Index, the ETF aims to provide
exposure to innovative companies driving advancements in the automotive industry.
● This initiative underscores Mirae Asset’s commitment to facilitating long-term capital appreciation
while aligning with future trends in sustainable mobility and technology.
About ETF
● Exchange-traded funds (ETFs) are investment companies that allow investors to pool their
money into a fund that invests in assets like stocks, bonds, or other assets. ETFs are registered
with the SEC and can be traded throughout the day on a national securities exchange. They
combine features of mutual funds with the ability to trade.
NSE’s new theme indices offer fresh investment opportunities
● The National Stock Exchange’s subsidiary, NSE Indices Limited, has launched a new thematic
index called the Nifty India Tourism Index.
● This index is designed to capture the performance of travel and tourism-related stocks within the
Nifty 500 Index.
● According to NSE, the introduction of this index aligns with the Indian government’s ongoing
efforts to bolster tourism, a sector that significantly contributes to the nation's economy,
accounting for approximately $199.6 billion to the GDP.
● The Nifty India Tourism Index will enable the creation of investment products that allow asset
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Important Monthly Current Affairs Capsule – June 2024
managers to invest in the tourism industry.
● In the last six months, NSE has launched nine thematic indices, including:
● Nifty200 Value 30 Index
● Nifty500 LargeMidSmall Equal-Cap Weighted Index
● Nifty500 Multicap India Manufacturing 50:30:20 Index
● Nifty500 Multicap Infrastructure 50:30:20 Index
BIS launches two new safety standards for EVs in India
● The Bureau of Indian Standards (BIS) has introduced new safety guidelines to enhance the
safety and performance of electric vehicles (EVs) in India.
● These guidelines apply to a range of vehicles, including two-wheelers, four-wheelers, goods
trucks, e-rickshaws, and e-karts.
Key Highlights of the New BIS Guidelines:
1. Categories Covered:
o L Category: Two-wheelers.
o M Category: Four-wheelers.
o N Category: Goods trucks.
Recommendations of the 53rd GST Council Meeting
● The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate
Affairs Smt. Nirmala Sitharaman in New Delhi.
Recommendations relating to GST rates on Goods
Changes in GST rates of goods
● A uniform rate of 5% IGST will apply to imports of ‘Parts, components, testing equipment, tools
and tool-kits of aircrafts, irrespective of their HS classification to provide a fillip to MRO activities
subject to specified conditions.
● All milk cans (of steel, iron and aluminium) irrespective of their use will attract 12% GST.
● GST rate on ‘carton, boxes and cases of both corrugated and non-corrugated paper or paper-
board’ (HS 4819 10; 4819 20) to be reduced from 18% to 12%.
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Important Monthly Current Affairs Capsule – June 2024
● All solar cookers whether single or dual energy source, will attract 12% GST.
● To amend existing entry covering Poultry keeping Machinery attracting 12% GST to specifically
incorporate “parts of Poultry keeping Machinery” and to regularise past practice on ‘as is where
is’ basis in view of genuine interpretational issues.
● To clarify that all types of sprinklers including fire water sprinklers will attract 12% GST and to
regularise the past practice on ‘as is where is’ basis in view of genuine interpretational issues.
● To extend IGST exemption on imports of specified items for defence forces for a further period of
five years till 30th June, 2029.
● To extend IGST exemption on imports of research equipment/buoys imported under the
Research Moored Array for African-Asian-Australian Monsoon Analysis and Prediction (RAMA)
programme subject to specified conditions.
● To exempt Compensation Cess on the imports in SEZ by SEZ Unit/developers for authorised
operations w.e.f. 01.07.2017.
● GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many
indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service
Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.
Indian deep tech startups count surges in 2023, funding drops 77%: Nasscom
● In 2023, India experienced a remarkable surge in deep tech startups, solidifying its position as
the third-largest hub globally for such ventures.
● Here are the key highlights and challenges outlined in the report by Nasscom and Zinnov:
● Funding Winter: Despite the growth in numbers, there's a concerning trend of reduced funding. In
2023, Indian deep tech startups raised approximately $850 million, a steep decline of 77% from
$3.7 billion raised in 2022.
India Inc cut back on dividends in FY24 despite record profit
● Despite a significant surge in corporate profitability, listed firms in FY24 experienced a decline in
dividend payouts.
● The total dividend payout decreased by 4.7% year-on-year (Y-o-Y), amounting to Rs 4.03 trillion,
down from the previous year's record high of Rs 4.23 trillion in FY23.
CBIC to issue detailed clarification on GST applicability for corporate guarantees, including distribution
of liability and valuation rules
● The Central Board of Indirect Taxes & Customs (CBIC) is set to issue a comprehensive
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Important Monthly Current Affairs Capsule – June 2024
clarification on the application of GST concerning corporate guarantees provided by related
parties for loans from banks or financial institutions.
● Scope of Circular: The upcoming circular aims to address several key issues, including the
distribution of GST liability when multiple guarantors are involved and the tax responsibility in
cases with foreign guarantors.
● Recommendations by GST Council: Recently recommended amendments to Rule 28(2) of the
CGST Rules will be covered, particularly focusing on retrospective applicability from October 26,
2023.
PLI projects: Steel Min fast-tracks visa approvals for Chinese experts
● India's Steel Ministry is streamlining visa procedures for Chinese technicians and experts
involved in The Production Linked Incentive (PLI) projects for speciality steel.
● The Ministry plans to monitor and report progress on speciality steel-making schemes under the
PLI initiative.
Investment Trends in FY24
● Revised expected investment for FY24 was ₹16,000 crore.
● Actual investments were ₹14,500 crore, 10% lower than anticipated.
● Previous commitments were ₹21,000 crore.
● The Production Linked Incentive (PLI) Scheme is a government program that offers incentives to
companies that manufacture goods in India. The scheme aims to increase domestic
manufacturing, investments, and exports in various sectors
GST Exemption Granted To Platform Tickets And Essential Railway Services
● GST Council proposes exemption for specific services offered by Indian Railways to the general
public and intra-railway transactions.
● GST exemption proposed for:
➢ Platform tickets
➢ Retiring rooms
➢ Waiting rooms
➢ Cloakroom facilities
➢ Battery-operated car services
● Key DecisionsMeasures aimed at easing compliance and providing relief to taxpayers.
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Important Monthly Current Affairs Capsule – June 2024
● Next Meeting : Tentative schedule for mid to late August.
India’s coal consumption surpasses North America & Europe combined in 2023
● India's coal consumption exceeds that of Europe and North America combined, marking a
significant shift in global energy dynamics.
● Statistical Review of World Energy: Released by Energy Institute (EI), in collaboration with
KPMG and Kearney, covering comprehensive global energy data for 2023.
● Global Energy Consumption: Reached a record high of 620 Exajoules (EJ), driven by increased
use of coal and oil, pushing global fossil fuel consumption to 505 EJ.
● Europe: Experienced a 7% decline in gas demand, with LNG imports surpassing piped gas for
the second consecutive year.
● Russia: Reduced its share of EU gas imports from 45% in 2021 to 15% in 2023.
Vedanta mulls first dollar bond sale of $500 million
● Vedanta Ltd., led by billionaire Anil Agarwal, is contemplating its debut overseas bond issuance,
aiming to raise at least $500 million.
● The company is currently discussing the plan with lenders and seeking legal advice on the
potential sale.
● The bond sale could reach up to $1 billion depending on investor interest, as per sources familiar
with the matter.
Upcoming Budget Likely to Revise India's Nominal GDP Growth Forecast
● The finance ministry is poised to revise upwards its nominal gross domestic product (GDP)
growth forecast for 2024-25 in the upcoming Budget, indicating robust economic expansion.
● Originally set at 10.5 per cent in the interim budget, the revised projection may range from 10.5
per cent to 11 per cent, driven by accelerated growth trends.
Adani Green Energy's Ambitious Investment Plans for Renewable Expansion
● Adani Green Energy, a prominent player in renewable power, has announced plans to invest Rs
2 trillion by 2030 to expand its capacity significantly.
● Current Capacity: 10.9 GW
● Targeted Expansion: To increase capacity to 50 GW by 2030
● Funding Details:Equity Contribution: Already secured 25% equity contribution
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Important Monthly Current Affairs Capsule – June 2024
25% share by Indian liners could save $50 billion annually, says FIEO
● Exporters recently met with Finance Minister Nirmala Sitharaman to present their key requests
and priorities ahead of Budget 2024, Aim for a 25% share by an Indian shipping line to potentially
save $50 billion annually by 2030 reported by the Federation of Indian Export
Organisations(FIEO)
● Creation of an Indian Shipping Line: Objective: Address the rising outward remittance on
transport services due to increasing exports.
About FIEO:
● Founded: 1965
● President: Ashvini Kumar
● Vice President: Khalid M Khan
● Director General & CEO: Dr. Ajay Sahai
● Headquarters: New Delhi
Businesses in Tamil Nadu, Uttar Pradesh, Maharashtra lead in GST return filing
● According to the data from GSTN, Uttar Pradesh (UP), Tamil Nadu, and Maharashtra are the top
states in filing GST returns every month, showcasing robust economic activity and compliance
levels:
1. Uttar Pradesh (UP):
a. Reported over 908,900 GST returns in April (GSTR-3B).
b. Demonstrates significant transaction volume and economic activity.
2. Tamil Nadu:
a. Recorded over 880,200 GST returns in the same period.
b. Strong industrial base contributing to regular GST filings.
3. Maharashtra:
a. Positioned third with over 798,600 GST returns filed in April.
b. Leads in filings during the last month of every quarter, including smaller businesses under
special schemes.
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Important Monthly Current Affairs Capsule – June 2024
Visa, Mastercard $30 billion swipe-fee deal blocked by US judge
● A US District Judge, Margo Brodie, has rejected a proposed $30 billion antitrust settlement
involving Visa and Mastercard, aimed at addressing fees charged to merchants who accept their
credit and debit cards.
● The announced decision significantly affects ongoing litigation and negotiations between the card
networks and merchants.
● Antitrust Litigation Background: The settlement was intended to resolve litigation dating back to
2005 concerning interchange fees, also known as swipe fees, paid by merchants to accept Visa
and Mastercard.
Union Minister Dr. Jitendra Singh announced grant of 'Mini RATNA' status (Category-1) for Central
Electronics Limited (CEL)
● Union Minister Dr. Jitendra Singh announced that Central Electronics Limited (CEL) has been
granted "Mini RATNA" status (Category-1).
● The announcement was made during CEL's Golden Jubilee celebration at its Ghaziabad
campus.
● CEL celebrated its 50th year with a net profit of approximately Rs 58 crore, a significant
achievement.
India's remittance growth may slow down 50% in 2024 on lower inflow from Gulf: World Bank
● The World Bank forecasts a significant slowdown in India-bound remittance growth, from 7.5%
last year to 3.7% in 2024.
● This decline is attributed to reduced inflows from Gulf Cooperation Council (GCC) countries,
impacted by declining oil prices and production.
● For 2024, the World Bank estimates $124 billion, with a slight increase to $129 billion in 2025.
● India remains the top global recipient of remittances, surpassing countries like Mexico, China, the
Philippines, and Pakistan.
● The country hosts 18.7 million emigrants, reflecting its significant diaspora worldwide.
Flipkart group launches super. money to re-enter India's fintech space
● Flipkart has introduced a beta version of its fintech app, super. money, available on the Play
Store.
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Important Monthly Current Affairs Capsule – June 2024
● The platform aims to capitalize on India's growing digital financial services sector.
● Apart from Unified Payments Interface (UPI) payments, super. money offers services such as
credit, deposits, and credit cards.
UltraTech picks up 23% in India Cements as sector battle hots up
● UltraTech Cement, led by Kumar Mangalam Birla, has announced the acquisition of a 23% stake
in Chennai-based India Cements Ltd (ICL) for Rs 1,889 crore.
● This move comes amidst a competitive drive to strengthen its position in the cement sector.
● Stake Acquisition: UltraTech Cement acquired 70.56 million shares of India Cements Ltd at an
average price of Rs 268 per share in two block deals.
7 years of GST: Avg monthly mop up surged by 87% despite certain challenges
● The Goods and Services Tax (GST) system in India has shown signs of stability, as evidenced
by consistent growth in tax collections over its seven-year history.
● Average monthly GST collection rose from ₹90,000 crore during the first year of its
implementation-2017-18 to 1.68 trillion during 2023-24, representing an 87 per cent rise.
BHEL bags Rs 13,300 crore order to set up 1600 MW-thermal power project
● Bharat Heavy Electricals Ltd (BHEL), a state-owned engineering firm, has secured a significant
contract worth Rs 13,300 crore from Damodar Valley Corporation (DVC) to establish a 1600 MW
thermal power plant in Koderma, Jharkhand.
● This project aligns with the central government's objective of bolstering the nation's energy
security.
● Project Scope: BHEL will undertake the engineering, procurement, and construction (EPC) for
the Koderma Thermal Power Station (2X800MW) in Jharkhand.
GAIL fast-tracks net zero carbon goal to 2035 from 2040
● GAIL (India) Ltd has revised its target to achieve net zero carbon emissions to 2035, advancing it
by five years from the initially set goal of 2040. The board of directors of GAIL approved this
advancement.
● This decision follows an extensive study undertaken by GAIL to enhance its sustainability goals
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Important Monthly Current Affairs Capsule – June 2024
and align with India’s broader Net Zero commitments, the Maharatna company stated.
● India’s largest gas utility plans to achieve this ambitious goal through a strategic approach
involving electrification of NG-based equipment, renewable energy, battery energy storage
systems (BESS), compressed biogas (CBG), green hydrogen, CO2 valorisation initiatives and
afforestation.
About GAIL:
● The Gas Authority of India Ltd. was incorporated in August 1984 as a Public Sector Undertaking
(PSU) of the Government of India under the Ministry of Petroleum & Natural Gas (MoP&NG) to
build, operate and maintain HVJ gas pipeline.
● Headquartered in New Delhi.
Core sector growth slows to 6.3% in May 2024
● The eight key infrastructure sectors’ growth rose 6.3 per cent in May 2024 on healthy expansion
in the production of coal, natural gas, and electricity, though the growth rate is lower than in April
2024.
● The production of the eight sectors grew 6.7 per cent in April.
● The growth of these core sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel,
cement and electricity — was 5.2 per cent in May 2023.
● The central government’s fiscal deficit was only at 3 per cent of the annual estimates at the end
of May.
Indian government bonds to enter JP Morgan Bond index
● In a significant development for domestic fixed-income markets, Indian government bonds are
now included in JPMorgan Chase & Co’s emerging markets bond index as of June 28, 2024.
● This follows an announcement made in September 2023, paving the way for substantial inflows
of foreign capital into the Indian economy.
● IGBs issued by the Reserve Bank of India (RBI) under the Fully Accessible Route (FAR) will be
included in the global indices.
● According to JPMorgan, the average maturity of the Indian bonds included is seven years, with a
yield-to-maturity (YTM) of 7.09%.
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Important Monthly Current Affairs Capsule – June 2024
● The bonds with the highest weightage in the index (over 0.5%) include 7.18 GS 2033, 7.30 GS
2053, and 7.18 GS 2037.
● India has become the 25th market to be included in the index since its launch in June 2005.
Interest equalisation scheme for exporters extended for 2 months
● The interest equalisation scheme for exporters, which allows access to bank credit at a
subsidised rate, will be extended only for the MSME sector beyond June 30, 2024 for two months
till August, as per a government notification.
● “Claims of non-MSME exporters are not to be entertained beyond June 30, 2024,” a trade notice
issued by the Directorate General of Foreign Trade stated.
● The two-month continuation of the scheme for the MSME sector comes with an outlay cap of
₹750 crore, the notice added. All other terms and conditions remain the same.
Interest equalisation scheme:
● Interest Equalisation scheme was first implemented on 1st April 2015, to provide pre- and post-
shipment export credit to exporters in rupees.
● It was initially valid for 5 years, up to 31.3.2020. The scheme has been continued thereafter,
including a one-year extension during COVID and further extensions and fund allocations.
BANKING AND ECONOMY
PhonePe introduces a secured lending platform in collaboration with multiple NBFCs
● Bengaluru-based fintech firm PhonePe has launched secured loans in partnership with various
non-banking finance companies (NBFCs).
● The Walmart-owned company is offering 6 credit products to its customers to begin with – loan
against mutual funds, gold loan, two-wheeler and four-wheeler loans, home loan, loan against
property and education loan.
● The launch comes at a time when the Reserve Bank of India has asked consumer lending
platforms to go slow on unsecured lending.
About Phonepe :
● Founded : 2015
● Headquarters : Bangalore, Karnataka
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Important Monthly Current Affairs Capsule – June 2024
● CEO : Sameer Nigam
Ministry of Finance Directs State Bank of India to Establish Committee to Address Co-Lending
Challenges
● The Finance Ministry has instructed the State Bank of India (SBI) to establish a six-member
committee to address challenges associated with the co-lending business model.
● Objectives of the Committee : To tackle issues related to co-lending, enhance credit flow to
Micro, Small, and Medium Enterprises (MSMEs), and regulate the rapid growth in consumer
loans.
About Ministry of Finance :
● Cabinet Minister : Nirmala Sitharaman
● Minister of State : Bhagwat Karad, Pankaj Choudhar
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti
Securities and Exchange Board of India Reduces Approval Time for Brokers for Internet-Based Trading
to 7 Days
● Markets regulator Securities and Exchange Board of India (SEBI) significantly reduced the time
taken by stock exchanges to grant approval to stock brokers for internet-based trading to 7 days
from the current 30 days.
● Aim : To enhance the ease of doing business in the securities market.
● The new guidelines will be applicable with immediate effect.
● Application Process:Brokers are required to apply to the respective stock exchange for formal
permission to offer internet-based trading services.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
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Important Monthly Current Affairs Capsule – June 2024
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Capital Small Finance Bank and ICICI Lombard Form Bancassurance Partnership to Offer General
Insurance Products
● Capital Small Finance Bank (CSFB), a small finance bank, has forged a bancassurance tie-up
with ICICI Lombard General Insurance Company Ltd.(ICICI Lombard), a private general insurer.
● Through this collaboration, CSFB will leverage its network and customer base to distribute ICICI
Lombard’s suite of general insurance products, including health, motor, home, travel and rural
insurance.
● This partnership will empower the bank’s customers to be adequately risk covered and access
our wide suite of innovative and tech-driven insurance solutions.
● Currently, CSFB has 177 branches spread over 5 States and 1 Union Territory.
About Capital Small Finance Bank :
● Founded : 2000; licensed in 2016
● Headquarters : Jalandhar, Punjab, India
● Chairman : Madan Gopal Sharma
● MD & CEO : Sarvjit Singh Samra
● Capital Small Finance Bank (formerly Capital Local Area Bank) is an Indian first small finance
bank.
About ICICI Lombard General Insurance Company Limited :
● Founded : 2001
● Headquarters : Mumbai, Maharashtra, India
● Chairman & Managing Director : Sanjeev Mantri
● It is a joint venture between ICICI Bank (64% stake)- India’s second-largest bank, and Fairfax
Financial Holdings Limited (36%)- a financial services company based in Toronto.
4 European Union Banks-Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas,
Request RBI Approval for Third-Party Transaction Model
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Important Monthly Current Affairs Capsule – June 2024
● Four prominent European banks, which also serve critical custodian roles in local sovereign debt
trade, have approached the Reserve Bank of India (RBI) seeking approval for a third-party
transaction model.
● The European banks involved in this initiative are Credit Agricole, Societe Generale, Deutsche
Bank, and BNP Paribas.
● The banks seek RBI's approval due to the absence of established regulations governing such
arrangements.
About Credit Agricole :
● Founded : 5 November 1894
● Headquarters : Montrouge, France
● CEO : Philippe Brassac
About Societe Generale :
● Founded : 4 May 1864
● Headquarters : Paris, France
● CEO : Slawomir Krupa
About Deutsche Bank :
● Founded : 10 March 1870
● Headquarters : Germany
● CEO : Christian Sewing
About BNP Paribas :
● Headquarters : Paris, France
● CEO : Jean-Laurent Bonnafé
JM Financial Asset Reconstruction Companies Capital Adequacy Drops Below Reserve Bank of India
Standards
● JM Financial Asset Reconstruction Companies (JMFARC’s) capital adequacy fell below
regulatory requirements following a provision of Rs 846.86 crore for expected credit loss on
distressed loans in FY24.
● The existing shareholders, including promoter JM Financial, will infuse up to Rs 1,000 crore in
equity to shore up capital.
● This is to meet regulatory norms and support business growth.
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Important Monthly Current Affairs Capsule – June 2024
● The ARC’s capital adequacy ratio (CAR) fell to 2.91% in March 2024 from 24.67% in March
2023.
Reserve Bank of India Cancels 1st-Ever 10-Year Green Bond Auction
• In a first, the Reserve Bank of India (RBI) cancelled the auction of 10-year green bonds as traders
refused to pay greenium.
• This decision highlights the challenges in pricing and trading green bonds in the market.
• Greenium signifies the premium investors are willing to pay for green bonds because of their
sustainability impact.
• It signifies the lower yield investors accept for these securities, which are aimed at financing
environmentally sustainable projects.
Unified Payment Interface Network Sets New Record with 14.04 Billion Transactions Processed in May
2024 Up from 13.3 Billion in April
• The Unified Payments Interface (UPI) network operated by the National Payments Corporation of
India (NPCI) has set a new record by processing 14.04 billion transactions in May,2024 compared
to 13.3 billion in April, 2024.
• By value, UPI transactions totalled ₹20.45 lakh crore in May, compared to ₹19.64 lakh crore in
April.
• These figures represent a 49% increase in volume and a 39% increase in value compared to May
2023.
About UPI :
• Unified Payments Interface (UPI) is an Indian instant payment that powers multiple bank accounts
into a single mobile application.
• It was introduced in April 2016.
Reserve Bank of India Reports 15.3% Growth in Bank Credit for April 2024
• The banking sector observed a notable increase in credit growth during the first month of fiscal
2024, primarily driven by advancements in the agriculture sector, as per the Reserve Bank of India
(RBI).
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Important Monthly Current Affairs Capsule – June 2024
• Non-Food Bank Credit: On a year-on-year (y-o-y) basis, non-food bank credit expanded by 15.3%
in April 2024, slightly lower than the growth rate of 16.2% recorded a year earlier.
Canara Bank to Divest 14.50% Stake in Canara HSBC Life Insurance Through Initial Public Offering
• Canara Bank has approved the initiation of the process to dilute its 14.50% stake in its subsidiary,
Canara HSBC Life Insurance Company Limited., through an initial public offering (IPO).
• IPO Details:The bank intends to list Canara HSBC Life Insurance on stock exchanges
(BSE/NSE) via an IPO.
• The exact size of the issue, timing, and other modalities will be determined later.
• Capital Raising Approval:Canara Bank's Board has also approved raising Rs 8,500 crore through
debt instruments (Additional Tier I / Tier II Bonds) for the financial year 2024-25.
About Canara Bank :
• Established : 1906
• Headquarters : Bengaluru, Karnataka, India
• MD & CEO : K. Satyanarayana Raju
• Tagline : Together We Can
About Canara HSBC Life Insurance :
• Founded : 2008
• Headquarters : Gurgaon, Haryana, India
• MD & CEO : Anuj Mathur
• It was a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings
Limited (26%) and Punjab National Bank (23%).
Reserve Bank of India Transfers 100 Tonnes of Gold from the United Kingdom to Indian Vaults, for 1st
Time Since 1991
• The Reserve Bank of India (RBI) has transferred around 100 tonnes or 1 lakh kilograms of gold
from the United Kingdom to its vaults in India.
• This is the largest gold transfer since early 1991, and the central bank plans to move more gold in
the coming months.
• Domestic Vault Locations:Domestically, gold is stored in vaults located in the RBI’s old office
building on Mumbai’s Mint Road and in Nagpur.
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Important Monthly Current Affairs Capsule – June 2024
Reserve Bank of India Establishes Framework for Self-Regulatory Organizations in Fintech Sector
• The Reserve Bank of India (RBI) released the final framework for recognising self-regulatory
organisations (SROs) in the financial technology sector (SRO-FT), encouraging entities to have a
representative membership from the fintech sector.
• Membership:SRO-FTs can include membership from fintech entities currently regulated by the
RBI, such as non-banking financial companies-account aggregators (NBFC-AA) and NBFC-peer-
to-peer (P2P) lending platforms, excluding banks.
Reserve Bank of India Annual Report Reveals 166% Surge in Bank Frauds to Over 36,000 Cases in
FY24
• In the financial year 2023-24 (FY24), there were 36,075 reported bank frauds, marking a significant
increase of nearly 166% from the 13,564 cases reported in FY23.
• Despite the increase in the number of fraud cases, the amount involved decreased by 46.7% year-
on-year (Y-o-Y) in FY24 to Rs 13,930 crore, compared to Rs 26,127 crore in FY23.
• Fraud Trends:Private sector banks reported more fraud cases overall, but public sector banks
consistently accounted for the highest total fraud amount.
Insurance Regulatory and Development Authority of India Supports 100% Cashless Claim Settlement in
Health Insurance
• The Insurance Regulatory and Development Authority of India (IRDAI) has issued a new health
insurance circular that seeks to improve services for policyholders by reducing settlement times
and ensuring cashless claim processes.
• The regulator wants insurers to achieve 100% cashless claim settlement in a time-bound manner,
minimising the need for reimbursement claims to exceptional
circumstances.
• Master Circular on Health Insurance:IRDAI issued a comprehensive Master Circular on Health
Insurance Products, consolidating 55 previous circulars.
About IRDAI :
• Established : 1999
• Headquarters : Hyderabad, Telangana
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Important Monthly Current Affairs Capsule – June 2024
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries
in India.
Lenders Leverage Lower Infrastructure Defaults to Convince Reserve Bank of India
• Lenders are planning to approach the Reserve Bank of India (RBI) with a proposal to lower
provisioning for infrastructure loans.
• They argue that the probability of default (PD) in the infrastructure sector has consistently fallen
to 2% or even less over the past 5 years.
• The main reason for the PD decreasing to 2% over the past 5 years is the reduction in disputes
related to large infrastructure projects.
• Prior to 2015, many infrastructure project loans turned into NPAs due to court rulings in 2G
spectrum cases and disputes in coal, iron ore mining, and thermal power projects.
Bank of India Introduces 666-Day Fixed Deposit Scheme Offering 7.80% Annual Returns for Senior
Citizens
• Bank of India (BoI) has launched a special fixed deposit plan called '666 Days - Fixed Deposit',
offering attractive returns on deposits for a tenure of 666 days.
• The FD scheme offers very attractive returns on deposits as high as 7.95% per annum for super
senior citizens for 666 days for a deposit amount of less than Rs 2 crore.
• Super senior citizens are those who are 80 years of age or above.
About Bank of India :
• Established : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajneesh Karnatak
• Tagline : Relationship beyond Banking
Jio Financial Services Launches Beta Version of 'JioFinance' App Featuring UPI and Digital Banking
Services
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Important Monthly Current Affairs Capsule – June 2024
• Jio Financial Services, a Non-Banking Financial Company (NBFC), launched its application –
“JioFinance” app (in beta mode), which will offer a range of financial services and will also offer
loans against mutual funds among other services in the future.
• Key features of the application include instant digital account opening and streamlined bank
management with the "Jio Payments Bank Account" feature.
• This app seamlessly integrates digital banking, UPI transactions, bill settlements, insurance
advisory, and offers a consolidated view of accounts and savings, all in one user-friendly
interface.
About Jio Financial Services Limited :
• Founded : 22 July 1999
• Headquarters : Mumbai, Maharashtra
• Independent Director and Non-executive chairman : Mr. Kundapur Vaman Kamath
• Jio Financial Services is an Indian financial services company that was originally a subsidiary of
Reliance Industries.
• It is carved out from Reliance Industries Ltd, is engaged in the business of investing and
financing, insurance broking, payment bank and payment aggregator and payment gateway
services.
• The company is in the process of seeking shareholders' nod for raising the foreign direct
investment limit in the company up to 49%.
• The company is a systemically important non-deposit-taking Non-Banking Financial Company
(NBFC) registered with the Reserve Bank of India (RBI).
L&T Finance Limited Partners with PhonePe to Offer Secured Lending Products
• L&T Finance Limited. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) of
the country, has forged a strategic partnership with PhonePe, India’s leading fintech company
offering a wide range of financial services and products.
• The collaboration amongst both the Companies is aimed at broadening the range of financial
products and offering secured lending to customers across Housing and Two-wheeler Financing.
About L&T Finance :
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Sudipta Roy
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Important Monthly Current Affairs Capsule – June 2024
About Phonepe :
• Established : 2015
• Headquarters : Bangalore, Karnataka
• CEO : Sameer Nigam
Securities and Exchange Board of India Introduces 'Saarthi 2.0' Mobile App for Investor Education on
Personal Finance
• Capital markets regulator Securities and Exchange Board of India (SEBI) has launched a mobile
app, ‘Saarthi 2.0’, focused on personal finance for investors.
• The app provides comprehensive tools to simplify complex financial concepts and enhance
investor education.
• User-Friendly Interface: The updated 'Saarthi' app introduces a user-friendly interface for investors.
• Financial Calculators: The app includes financial calculators to assist users in various financial
calculations.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
State Bank of India Becomes 1st Public Sector Bank and 7th Indian Company to Surpass Rs 8 Trillion
Market Capitalization
• The State Bank of India (SBI) became the 1st public sector bank and the 7th Indian company to
cross the Rs 8 trillion market capitalization (m-cap).
• HDFC Bank and ICICI Bank are the only other lenders with m-cap of over Rs 8 trillion.
• Stock Performance and Rally:Share Surge: SBI's shares surged by 9.5% amid a broad-based rally
in the equity market ahead of election results.
• Recent Growth: In the last year, SBI's stock has increased by nearly 55%, and the Nifty PSU Bank
index has almost doubled.
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Important Monthly Current Affairs Capsule – June 2024
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti
Alternative Investment Fund Welcome Securities and Exchange Board of India’s Proposed
Amendments to Valuation Norms
• The alternative investment fund (AIF) industry has welcomed recent suggestions by the Securities
and Exchange Board of India (SEBI) to change the valuation norms, aiming to resolve valuation
issues and relax guidelines.
• SEBI proposed that the valuation of unlisted securities held by AIFs be carried out according to
guidelines issued by the eligible industry association, rather than Mutual Fund (MF) Regulations.
• The proposal is open for public comment until June 13, 2024.
Over the Past 5 Years, Six PSU Banks Have Issued 1,071 Look-Out Circulars Targeting Defaulters
• In their bid to recover money stuck with absconding wilful defaulters, 6 public sector banks (PSUs)
have issued 1,071 look-out circulars (LOCs) since 2018 to prevent them from fleeing to other
countries.
• The State Bank of India (SBI), the largest commercial bank in India, has issued the highest number
of LOCs among the PSU banks, totalling 583.
• RTI applications were filed with 11 PSU banks, but 3 banks-Canara Bank, UCO Bank, and Bank of
Baroda (BoB)-refused to provide the data.
IRDAI Releases Comprehensive Circular on Corporate Governance for Insurers
• The Insurance Regulatory and Development Authority of India (IRDAI) issued a master circular on
corporate governance for insurers.
• Corporate governance refers to the system of rules, practices, and processes by which a company
is directed and controlled.
• It ensures ethical operation and serves the best interests of all stakeholders.
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Important Monthly Current Affairs Capsule – June 2024
• Objectives of Corporate Governance:The primary goal is to ensure accountability, fairness, and
transparency in the company’s relationship with stakeholders.
About IRDAI :
• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries
in India.
• It has been established for overall supervision and development of the Insurance sector in India.
• The powers and functions of the Authority are laid down in the IRDA Act, 1999 and Insurance Act,
1938.
Axis Bank and Bajaj Allianz General Insurance Form Bancassurance Alliance to Enhance Insurance
Reach and Financial Inclusion
• Axis Bank, a private sector bank, and Bajaj Allianz General Insurance, a private general insurer,
have entered a strategic bancassurance partnership to boost insurance penetration and financial
inclusion in the country.
• Under this Bancassurance tie-up, a comprehensive suite of Bajaj Allianz General Insurance
products will be distributed through Axis Bank’s network of 5,250 plus branches.
• This collaboration will strengthen Bajaj Allianz General Insurance’s distribution reach, enabling it to
cater to a broader customer base and offer varied insurance solutions to diverse demographics.
About Axis Bank :
• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi
About Bajaj Allianz General Insurance :
• Headquarters : Pune, Maharashtra
• MD & CEO : Tapan Singhel
Reserve Bank of India Absorbs ₹44,430 Crore of Surplus Liquidity Through 2 variable rate reverse repo
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Important Monthly Current Affairs Capsule – June 2024
Auctions
• The Reserve Bank of India (RBI) absorbed surplus liquidity aggregating ₹44,430 crores through
two variable rate reverse repo (VRRR) auctions of three days tenor.
• The aforementioned amount was deployed by banks even as the central bank was ready to
absorb a total of ₹1-lakh crore (notified amount).
• First Auction:
• Notified amount: ₹50,000 crore.
• Funds deployed by banks: ₹41,730 crore.
• Weighted Average Rate (WAR): 6.48%.
• Second Auction:
• Notified amount: ₹50,000 crore.
• Funds deployed by banks: ₹2,700 crore.
• WAR: 6.49%.
Punjab National Bank Collaborates with IIFCL to Offer Financing for Infrastructure Projects
• Punjab National Bank (PNB), a public sector bank, and India Infrastructure Finance Company Ltd
(IIFCL), a state-owned entity, signed a Memorandum of Understanding (MoU) to provide long-
term financial support for viable infrastructure projects.
• The MoU represents a milestone in creating new lending opportunities for infrastructure projects
in India.
• The MoU was exchanged between Atul Kumar Goel, MD & CEO of PNB, and Padmanabhan
Raja Jaishankar, Managing Director of IIFCL.
SEBI Establishes Committee to Review Ownership and Economic Structure of Clearing Corporations
• The Capital markets regulator Securities and Exchange Board of India (SEBI) has set up a
committee to review the ownership and economic structure of clearing corporations and suggest
measures to ensure that clearing corporations function as resilient, independent, and neutral risk
managers.
• The ad-hoc committee would be chaired by Usha Thorat, former Deputy Governor of the Reserve
Bank of India (RBI).
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Important Monthly Current Affairs Capsule – June 2024
• The decision has been taken in the wake of the substantial growth of Indian securities markets in
recent years and the importance of clearing corporations as central risk management institutions.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Adani One and ICICI Bank Launched 2 Co-Branded Credit Card Variants
• Adani One,the digital platform of the Adani Group, and ICICI Bank have collaborated to introduce
two new co-branded credit cards in association with Visa.
• This partnership signifies the Adani Group's entry into the retail financial sector.
• The newly launched credit cards come in two variants: Adani One ICICI Bank Signature Credit
Card and Adani One ICICI Bank Platinum Credit Card.
• The Adani One ICICI Bank Signature Credit Card has an annual fee of Rs 5,000 and offers
joining benefits worth Rs 9,000.
• Cardholders can earn up to 7% Adani reward points on purchases made within the Adani Group
ecosystem.
About ICICI Bank Limited :
• Founded : 5 January 1994
• Headquarters : Mumbai, Maharashtra
• MD & CEO: Sandeep Bakhshi.
Securities and Exchange Board of India’s Rumour Verification Rules Now Apply to Top 100 Listed
Companies
• Amid the mayhem over exit poll prediction, market regulator Securities and Exchange Board of
India (SEBI) has implemented the much awaited market rumour verification regulation on top 100
companies.
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Important Monthly Current Affairs Capsule – June 2024
• Rule Requirement: Under the SEBI’s rule, these companies will have to ‘confirm, deny, or clarify
any reported event or information in the mainstream media that is not general in nature and that
indicates that rumours of an impending specific material event’ are circulating among the
investors in 24 hours from the reporting of the information.
Reserve Bank of India Monetary Policy Highlights : RBI Maintains Repo Rate at 6.5% and Boosts FY25
GDP Growth Forecast to 7.2%
● The Reserve Bank of India (RBI) Governor, Shaktikanta Das, announced the second bi-monthly
monetary policy for 2024-25.
● This marks the first RBI policy announcement after the Lok Sabha election results of 2024.
● The RBI Governor-headed 6-member Monetary Policy Committee (MPC) decided to keep the
benchmark repo rate unchanged at 6.5% for the 8th consecutive time by a 4:2 majority.
● The repo rate, which is the rate at which the RBI lends to commercial banks to address shortfalls
in funds, is a key tool the central bank uses to manage liquidity in the economy.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
● Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
Reserve Bank of India Penalties Increase by 88% Over Last 3 Years, Know Your Customer and Anti-
Money Laundering Violations Lead the List
● The Reserve Bank of India (RBI) has increased the number of penalties on financial institutions
by 88% over the past 3 years (from 2021 to January 2024).
● Know Your Customer (KYC) and Anti-Money Laundering (AML) violations are the most common
infractions leading to penalties.
● The RBI has collected Rs 78.6 crore in penalties over 3 years, with 261 penalties imposed in
2023 alone, according to Signzy, a fintech firm specializing in regulatory compliance.
Financial Intelligence Unit Imposes Rs 1.66 Crore Fine on Axis Bank for Failing to Detect Fraudulent
National Security Guard Account
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Important Monthly Current Affairs Capsule – June 2024
• The Financial Intelligence Unit (FIU) has imposed a fine of over Rs 1.66 crore on Axis Bank for
its failure to detect and report suspicious transactions related to a fraudulent account created in
the name of the National Security Guard (NSG).
• The penalty was issued under Section 13 of the Prevention of Money Laundering Act (PMLA).
• This section empowers the Director of FIU to impose monetary penalties on reporting entities,
such as Axis Bank, for non-compliance with obligations under the PMLA.
About Axis Bank :
• Established : 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi ("Progress is the Name of Life")
Securities and Exchange Board of India Imposes Fine on PTC India Financial Services Limited
Chairman & Managing Director, Arm PFS, and Former MD
• Securities and Exchange Board of India (SEBI) restrained PTC India Financial Services Limited's
(PFS) acting chairman Rajib Kumar Mishra from holding the director's post in any listed firm for 6
months and imposed a penalty of Rs 10 lakh on him for corporate governance lapses.
• Mishra is also the chairman and managing director of PTC India Ltd, a promoter firm of PFS.
• SEBI imposed a fine of ₹25 lakh on Pawan Singh.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Reserve Bank of India Grants Mobile Wallet License to Neobanking Startup Jupiter
• Tiger Global and Peak XV Partners-backed neobanking startup Jupiter has secured a prepaid
payments instrument licence from the Reserve Bank of India (RBI).
• With the PPI licence, Jupiter can now offer digital wallets to users. These wallets enable:
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Important Monthly Current Affairs Capsule – June 2024
• UPI payments
• Fund transfers
• Bill payments
Reserve Bank of India May Permit Change in Trusteeship for Asset Reconstruction Companies
● The Reserve Bank of India (RBI) may allow Security Receipts (SR) holders to change the
trusteeship of Asset Reconstruction Companies (ARCs).
● Aim : To enable ARCs to retain stressed assets without necessarily acting as trustees, which is
expected to expedite the resolution process for distressed assets.
● Security Receipt (SR) is an instrument like a pass through certificate which is issued by ARCs to
investors, which represent rights of the investors over realisations from underlying assets.
● Banks, non-banking financial companies (NBFCs) and foreign portfolio investors are the holders
of SRs issued by ARCs.
Muthoot Microfin Forms Strategic Co-Lending Partnership with State Bank of India
● Muthoot Microfin Limited has entered into a partnership with State Bank of India (SBI) for co-
lending to members of joint liability groups (JLGs) engaged in agricultural and allied activities as
well as other income-generating enterprises.
● Under the agreement, Muthoot Microfin and SBI will co-lend to members of Joint Liability Groups
(JLGs) who are engaged in agricultural and allied activities as well as other income-generating
enterprises.
● The loan amounts will range from a minimum of ₹10,000 to a maximum of ₹3 lakh, aimed at
boosting rural women entrepreneurs.
About Muthoot Microfin Limited :
● Founded : 2010
● Headquarters : Kochi, Kerala
● Managing Director : Thomas Muthoot
● CEO : Sadaf Sayeed
● Muthoot Microfin Limited is an Indian microfinance institution, & It is a part of Muthoot Pappachan
Group.
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Important Monthly Current Affairs Capsule – June 2024
Insolvency and Bankruptcy Board of India Releases New Guidelines for Appointing Insolvency
Professionals as Resolution Professionals
● The Insolvency and Bankruptcy Board of India (IBBI) has issued a new set of guidelines to
streamline the process for appointing insolvency professionals (IPs) as interim resolution
professionals, liquidators, and bankruptcy trustees.
● Under the new guidelines, issued on June 5, a panel of IPs will be set up, which will be effective
from July 1, 2024, to December 31, 2024.
● Aim : To enhance the efficiency and effectiveness of the insolvency resolution process by
ensuring a ready pool of qualified professionals available for immediate appointment.
About IBBI :
● Headquarters : New Delhi, Delhi
● Chairperson : Ravi Mittal
● Parent Department : Ministry of Corporate Affairs
● IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency
Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
● It was established on 1 October 2016 and given statutory powers through the Insolvency and
Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.
PhonePe Partners with Sri Lankan Ride-Hailing Service PickMe to Enable Unified Payments Interface
Payments
● Fintech firm PhonePe has partnered with ride-hailing platform PickMe to facilitate Unified
Payments Interface (UPI)-based payments for Indian travellers in Sri Lanka.
● Enhancing Convenience for Indian Travellers:The partnership with PickMe reflects PhonePe's
commitment to providing convenient and trusted payment solutions for Indian travellers visiting
Sri Lanka.
● It eliminates the hassle of navigating payments in a new country by offering the ease and security
of UPI payments for rides.
● Support for Digital Transformation:The collaboration aligns with PhonePe's mission to drive
digital transformation in Sri Lanka's transportation sector by introducing modern payment
methods.
About Phonepe :
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Important Monthly Current Affairs Capsule – June 2024
● Founded : 2015
● Headquarters : Bangalore, Karnataka
● CEO : Sameer Nigam
About PickMe :
● Founded : March 2014
● Headquarters : Colombo, Sri Lanka
● CEO : Jiffry Zulfer
● Chairman : Ajith Gunewardene
● PickMe is a Sri Lankan taxi hailing and delivery app developed by Digital Mobility Solutions (Pvt)
Ltd.
Reserve Bank of India Annual Report: Nearly 80% of Digital Transactions Conducted via UPI
● According to the Reserve Bank of India’s (RBI) annual report, nearly four out of five digital
payments in the country were conducted on the Unified Payments Interface (UPI) in the financial
year 2024 (FY24).
● Growth of UPI:UPI's share of total digital payments increased from 73.4% in FY23 to 79.7% in
FY24.
● In FY20, UPI's share was 36.8% compared to the total volume of digital payments.
● Volume of Digital Transactions:The volume of digital payments in FY24 reached 164.4 billion
transactions, a 44% year-on-year increase from 113.9 billion transactions in FY23.
Securities and Exchange Board of India Honoured with 'Best Conduct of Business Regulator' Award by
The Asian Banker
● The Securities and Exchange Board of India (SEBI) has been awarded the 'Best Conduct of
Business Regulator' in the Asia Pacific region by The Asian Banker.
● This recognition acknowledges SEBI's efforts in enhancing the regulatory framework for securities
markets in India.
● The award was received by SEBI’s Whole Time Member Kamlesh Chandra Varshney in a ceremony
held in Hong Kong.
● Introduction of T+1 Settlement:In 2021, India introduced T+1 settlement in a phased manner, which
was fully implemented from January 2023.
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Important Monthly Current Affairs Capsule – June 2024
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Securities and Exchange Board of India Introduces Penalty Framework for Surveillance Lapses
● The Securities and Exchange Board of India (SEBI) came out with a framework on “financial
disincentives” for market infrastructure institutions that would impose a penalty ranging from ₹1 lakh
to ₹1 crore for each instance of surveillance lapse during the financial year.
● Penalty Structure:
● First Instance:Penalty ranges from ₹1 lakh (annual revenue < ₹300 crore) to ₹25 lakh (annual
revenue > ₹1,000 crore).
● Second Instance:Penalty ranges from ₹2 lakh to ₹50 lakh.
● Third Instance Onwards:Penalty ranges from ₹4 lakh to ₹1 crore.
● The new framework will come into effect from July 1, 2024.
Reserve Bank of India Raises Limit for Bulk Fixed Deposits to Rs 3 Crore from Rs 2 Crore
● The Reserve Bank of India (RBI) hiked the threshold for bulk fixed deposits to Rs 3 crore from
existing Rs 2 crore.
● Bulk fixed deposits typically earn slightly higher interest rates compared to retail term deposits
due to banks offering different rates as part of their liquidity management.
● Retail Fixed Deposits: Single rupee term deposits of up to Rs 2 crore with Scheduled
Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks will now be categorised
as retail fixed deposits.
● The definition of bulk deposits has been revised to include 'Single Rupee term deposit of Rs 3
crore and above' for Scheduled Commercial Banks (excluding Regional Rural Banks) and Small
Finance Banks.
Reserve Bank of India Proposes Simplified Foreign Exchange Management Act Guidelines for Export
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Important Monthly Current Affairs Capsule – June 2024
and Import of Goods and Services
● While changing dynamics of international trade, the Reserve Bank of India (RBI) is planning to
rationalise the Guidelines for Export and Import of Goods and Services under the Foreign Exchange
Management Act (FEMA), 1999.
● The move will further promote ease of doing business and provide greater operational flexibility to
authorised dealer banks.
● According to the Ministry of Commerce and Industry, India’s exports touched a new high of $776.68
billion in FY24, slightly surpassing the $776.40 billion recorded in the preceding fiscal year.
● The country achieved the highest monthly merchandise exports of $41.68 billion in March.
About FEMA :
● FEMA came into force on June 1, 2000, as a successor to the Foreign Exchange Regulation Act,
or FERA, of 1973, with changing economic conditions in a post-liberalisation India.
● Objective : To facilitate external trade and payments and promote the orderly development and
maintenance of the foreign exchange market in India.
● FEMA deals with provisions relating to procedures, formalities, dealings, etc. of foreign exchange
transactions in India.
● FEMA's head office is known as the Enforcement Directorate and is located in Delhi.
● FEMA is applicable throughout India and equally applicable to agencies and offices located
outside India, which are owned or managed by an Indian Citizen.
Securities and Exchange Board of India cautions ICICI Bank regarding its promotional activities for the
scheme of arrangement aimed at delisting I-Sec equity shares
● The Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI
Bank regarding its outreach efforts related to the delisting of ICICI Securities (I-Sec) equity shares.
● SEBI received numerous complaints from I-Sec shareholders, claiming they received multiple calls
and messages from bank officials urging them to vote in favour of the delisting scheme.
● The term "delisting" of securities means permanent removal of securities of a listed company from a
stock exchange.
● As a consequence of delisting, the securities of that company would no longer be traded at that
stock exchange.
About ICICI Bank :
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Important Monthly Current Affairs Capsule – June 2024
● Founded: 5 January 1994
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO Sandeep Bakhshi.
Sundaram Mutual Fund Rolls Out New Business Cycle Fund
● Sundaram Mutual has launched a new fund offer (NFO), Sundaram Business Cycle Fund, an open-
ended equity scheme following a business cycles-based investing theme.
● This scheme focuses on capitalizing on various business cycles that drive economic change.
● By strategically investing across these cycles during their upswings, the fund aims to generate
substantial long-term growth for investors.
● Asset Allocation: At least 80% of the fund's assets will be invested in equity and related instruments
selected based on the current business cycle.
Ashv Finance Collaborates with HDFC Bank for Co-Lending Micro, Small and Medium Enterprises
Loans
● Micro, Small and Medium Enterprises (MSME) focused non-banking financial company Ashv
Finance, a part of the Aavishkaar Group, has entered into a co-lending agreement with HDFC Bank
to offer unsecured business loans to micro and small enterprises (MSEs).
● The co-lending deal is part of Ashv Finance’s focus on growing co-lending partnerships for lending to
MSMEs.
● This tie-up validates our data-led model to underwrite MSME businesses and is yet another bit of
effort towards the country’s “Make in India” initiative, as it percolates more and more towards
MSMEs in India.”
About Ashv Finance :
● MD : Nikesh Kumar Sinha
About HDFC Bank :
● Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sashidhar Jagdishan
● Tagline : We Understand Your World
Reserve Bank of India Permits Investors and Companies to Invest in Overseas Funds
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Important Monthly Current Affairs Capsule – June 2024
● The Reserve Bank of India (RBI) has amended the Foreign Exchange Management (Overseas
Investment) Directions, 2022, facilitating investments in overseas funds.
● The amendment lifts several restrictions, allowing Indian investors and companies to invest in
overseas funds, including those in the United States and Singapore, without any limitations.
● The move follows an amendment by the RBI regarding Overseas Portfolio Investments (OPIs).
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
● Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
Punjab National Bank to Open Representative Office in Dubai, Expanding Overseas Footprint
● State-owned Punjab National Bank (PNB) plans to open a representative office in Dubai, as part
of its plan to expand its global footprint.
● The board of directors of PNB has approved the decision to open a representative office in
Dubai, and the bank is currently in the process of seeking regulatory clearance for this initiative.
● As of March 31, 2024, PNB already has a presence in 6 countries through various subsidiaries,
joint ventures, and representative offices.
About PNB :
● Founded : 19 May 1894
● Headquarters : Dwarka, Delhi, India
● Managing Director : Atul Kumar Goel.
Reserve Bank of India Allows Automatic Replenishment of UPI Lite Wallets for Customers
● The Reserve Bank of India (RBI) has proposed a facility to promote small-value digital payments
by allowing customers to automatically replenish their UPI Lite wallets.
● Currently, the UPI Lite has a daily limit of Rs 2,000, while the upper limit for a single payment is
Rs 500.
● UPI Lite is a simplified version of the Unified Payments Interface (UPI).
Reserve Bank of India to Establish Digital Payments Intelligence Platform to Combat Fraud
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Important Monthly Current Affairs Capsule – June 2024
● The Reserve Bank of India (RBI) announced creating a dedicated platform to address digital
payment frauds in India.
● There has been a significant increase in digital payment frauds in recent years, prompting the
RBI to take proactive measures.
● Statistics on Fraud Cases : According to the annual report by the RBI, as many as 36,075 digital
frauds were reported in banks, marking an increase of nearly 166% from the 13,564 cases
reported in FY23.
Reserve Bank of India Announces Launch of 3rd Global Hackathon – HaRBInger 2024
● The Reserve Bank of India (RBI) is organising its 3rd global hackathon – ‘HaRBInger 2024 –
Innovation for Transformation’.
● Themes: The 3rd edition of the hackathon will focus on two themes: 'Zero Financial Frauds' and
'Being Divyang Friendly'.
● The first two editions of the hackathon were completed in the year 2022 and 2023.
● The first edition, “HARBINGER 2021 - Innovation for Transformation”, centred on 'Smarter Digital
Payments'.
● The second edition, “HARBINGER 2023 - Innovation for Transformation”, launched on February
14, 2023, focused on 'Inclusive Digital Services'.
Securities and Exchange Board of India to Revise Selection Criteria for Futures and Options Stocks
● The market watchdog Securities and Exchange Board of India (SEBI) has come up with a
consultation paper for reviewing the eligibility criteria of stocks that can be included in the futures
and options (F&O) segment.
● SEBI had previously established a framework in 2018 for selecting stocks eligible for trading in
the F&O segment.
● Proposed MWPL Increase: SEBI proposes to increase the Market Wide Position Limit (MWPL) to
Rs 1,250 crore - Rs 1,750 crore, considering the significant rise in overall market capitalization
since 2018.
State Bank of India Grants ₹2,030 Crore in Co-Lending Partnership with Non-Banking Finance
Companies
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Important Monthly Current Affairs Capsule – June 2024
● The State Bank of India (SBI) has established co-lending tie-ups with 23 non-banking finance
companies (NBFCs) and housing finance companies (HFCs) to expand its outreach to the
unserved and under-served populations.
● SBI launched an end-to-end digital platform for credit underwriting, sanction, disbursement, and
collections for NBFC co-lending.
● This platform enables digital processing and management of loans in partnership with NBFCs.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti
SBI Mutual Fund Surpasses Rs 10 Trillion in Assets, Becoming the First Fund House to Achieve This
Milestone
● SBI Mutual Fund, India's largest asset management company (AMC) based on assets under
management (AUM), has become the 1st mutual fund house in the country to surpass Rs 10 lakh
crore in Average Assets Under Management (AAUM).
● Overall Mutual Fund Industry AUM: According to data from the Association of Mutual Funds of
India (AMFI), the total assets under management (AUM) of the mutual fund industry, including
open-ended and closed-end funds, stood at Rs 58.91 lakh crore as of May end, compared to Rs
57.26 lakh crore in April.
About SBI Mutual Fund :
● Founded: June 29, 1987
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Shamsher Singh
● Joint Venture: Between the State Bank of India (SBI) and Amundi, a European asset
management company.
Mutual Fund Equity Inflows Reach Record High Amidst Investor Response to Market Volatility
● Inflows into equity schemes of mutual funds surged by 83% to ₹34,697 crore in the last month,
up from ₹18,917 crore in April.
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Important Monthly Current Affairs Capsule – June 2024
● This marks a new high, surpassing the ₹30,000 crore mark for the first time.
● The thematic HDFC Manufacturing fund collected ₹9,563 crore through a New Fund Offer (NFO)
in May 2024.
● Overall, thematic funds received investments totaling ₹19,213 crore, compared to ₹5,166 crore
previously.
Dubai's Indian Business and Professional Council Partners with National Payments Corporation of India
and Reserve Bank of India to Highlight Advances in Digital Payments and Currency Settlement
Mechanisms
● The Indian Business and Professional Council (IBPC) in Dubai, in collaboration with
representatives from the National Payments Corporation of India (NPCI) and the Reserve Bank
of India (RBI), held a conclave to showcase advancements in digital payments and currency
settlement mechanisms.
● Objective of the Conclave : To enhance economic cooperation and facilitate seamless cross-
border transactions between India and the United Arab Emirates (UAE).
● The conclave was held at the Taj Dubai and highlighted the Local Currency Settlement (LCS)
framework, a significant outcome of Prime Minister Narendra Modi's visit to the UAE earlier in
2024..
About NPCI :
● Founded : 2008
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Dilip Asbe
● The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
● It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.
State Bank of India Introduces 'SME Digital Business Loans' with 45-Minute Sanction Time
• State Bank of India (SBI) has launched 'SME Digital Business Loans' to cater to small and
medium enterprises (SMEs).
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Important Monthly Current Affairs Capsule – June 2024
• The product offers an end-to-end sanction turnaround time of up to 45 minutes, representing a
significant advancement in digitalization.
• SME Digital Business Loans leverages technology and an ecosystem of APIs (application
programming interface) to streamline the lending process.
• SBI has identified the micro, small, and medium enterprise (MSME) sector as a key area for the
bank's growth and profitability over the next 5 years.
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti
Exim Bank Extends USD 23.37 Million Line of Credit to Government of Guyana
• The Export-Import Bank of India (Exim Bank) has provided a Government of India-supported Line
of Credit (LoC) of USD 23.37 million to the Government of the Co-operative Republic of Guyana
(GO-GUY).
• Purpose of the LoC : To facilitate the procurement of two Hindustan 228-201 aircraft from
Hindustan Aeronautics Limited.
• Agreement Details:An agreement was signed on March 15, 2024, between Exim Bank and the
GO-GUY for the implementation of the LoC.
About Export-Import Bank of India (Exim Bank) :
• Founded : 1 January 1982 (under the Export-Import Bank of India Act, 1981)
• Headquarters : Mumbai, Maharashtra
• Chairman & MD : Ms. Harsha Bangari
• The Exim Bank is a specialized financial institution in India.
• The bank's primary function is to finance, facilitate and promote India's international trade.
• It is owned by the Government of India and operates as a statutory corporation.
Union Bank of India Board Approves Rs 10,000 Crore Capital Raise through Equity and Debt
Issuance
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Important Monthly Current Affairs Capsule – June 2024
• Union Bank of India's board of directors, in a meeting held on June 11, 2024, approved a
proposal to raise funds amounting to Rs 10,000 crore.
• Modes of Fundraising:The board approved raising equity capital up to Rs 6,000 crore through
public issue (further public offer), rights issue, private placements including qualified institutions
placements, preferential allotment, or a combination thereof, subject to necessary approvals.
• Additionally, the approval includes raising Basel-III compliant Additional Tier-1 (AT-1) bonds up to
Rs 2,000 crore and Tier-2 bonds up to Rs 2,000 crore, including foreign currency-denominated
AT1/Tier-2 Bonds.
About Union Bank of India :
• Founded : 11 November 1919
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : A. Manimekhalai
• Tagline : Good People to Bank with
SBI Mutual Fund Raises Stake in Kotak Mahindra Bank to Over 5%
• India's largest asset management company (AMC) based on assets under management (AUM),
SBI Mutual Fund has increased its stake in Kotak Mahindra Bank to over 5%.
• Kotak Mahindra Bank disclosed in a regulatory filing that the investment house bought 21.57 lakh
shares in the open market on June 5.
• SBI Mutual Fund claimed that with the new investment, its ownership of Kotak Mahindra Bank
climbed to 5.01%.
About SBI Mutual Fund :
• Founded: June 29, 1987
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Shamsher Singh
• Joint Venture: Between the State Bank of India (SBI) and Amundi, a European asset
management company.
• SBI Mutual Fund is an Indian asset management company introduced by the State Bank of India
(SBI).
About Kotak Mahindra Bank Limited :
• Founded : 1985
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Important Monthly Current Affairs Capsule – June 2024
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Ashok Vaswani
Ministry of Finance Sets ₹10 Crore Cap on Dispute Value for Arbitration
• The Union Finance Ministry has recommended capping arbitration clauses in government
contracts to disputes involving amounts less than ₹10 crore.
• Arbitration is a dispute resolution mechanism between investors and brokers, or between
brokers.
• It is overseen by the Financial Industry Regulatory Authority (FINRA), with decisions that are final
and binding.
• Arbitration differs from mediation, where parties negotiate a voluntary, non-binding settlement
unless agreed upon by all parties.
About Ministry of Finance :
• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary
Export-Import Bank of India (India Exim Bank) Opens East Africa Representative Office in Nairobi to
Boost India's Business Presence in Africa
• Export-Import Bank of India (India Exim Bank) has inaugurated its East Africa Representative
Office in Nairobi.
• The objective is to expand India's business presence in Africa, particularly in resource-rich and
demographically young regions.
• Apart from Nairobi, the Bank has offices in Abidjan, Côte d'Ivoire, and Johannesburg, South
Africa.
Integration of Unified Payment Interface Boosts Distribution of RuPay Credit Cards
● Integration of the Unified Payments Interface (UPI) with RuPay credit cards has significantly
boosted the distribution and issuance of these domestic cards.
● Around 30% of new credit cards issued in the country now are on the RuPay network.
● In comparison, RuPay cards accounted for around 5% of the new credit card issuance in 2022-
23, before the Reserve Bank of India allowed linking UPI with these cards.
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Important Monthly Current Affairs Capsule – June 2024
● American card payment majors Visa and Mastercard dominate the domestic credit card market.
● NPCI announced interchange fees on credit cards for UPI transactions in October 2023, with
exemptions for small merchants.
● Merchant Discount Rate (MDR) applies to UPI-linked RuPay credit card transactions above Rs
2,000, while transactions below Rs 2,000 are exempt.
● Regulatory Impact: In March 2023 directive from RBI directed towards offering multiple network
options to customers at the time of card issuance, benefiting the RuPay card network.
About UPI :
● UPI is a system that powers multiple bank accounts into a single mobile application.
● It is developed by the National Payments Corporation of India (NPCI).
● It was introduced in April 2016.
Moody's Forecasts Commercial Banks' Credit Growth to Slow to 12-14% in FY25
● The pace of credit growth of commercial banks in India is expected to moderate in the current
financial year (FY25) to 12-14% due to challenges in raising resources and regulatory concerns
on unsecured credit.
● The moderation of credit growth will be faced by the non-banking finance companies also,
according to global rating agency Moody's and its Indian Unit ICRA.
● Previous Year's Credit Growth:In FY24, banks reported a credit growth of 16.3%, excluding the
impact of the HDFC merger with HDFC Bank.
● The RBI data highlights a 3.1% gap between credit and deposits growth rates as of May 17,
2024, which widens to 6.2% when considering merger effects.
● NBFC Sector Outlook:NBFCs, excluding housing and infrastructure financing, are projected to
grow their assets under management (AUM) at a relatively muted rate of 17-19% in FY25,
compared to higher growth rates in previous years.
● Asset quality and earnings of NBFCs may weaken, with non-performing assets (NPAs) expected
to increase by up to 30 basis points and earnings declining by 20-40 basis points from FY24
levels.
About Moody's Ratings :
● Founded : 1909
● Headquarters : New York City, United States
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Important Monthly Current Affairs Capsule – June 2024
About ICRA Limited :
● Founded : 1991
● Headquarters : Gurugram, Haryana
● Managing Director & Group CEO : Ramnath Krishnan
State Bank of India Plans to Raise Up to $3 Billion Through Debt in Fiscal Year 2025
● India's largest lender State Bank of India (SBI), announced that its board has approved a plan to
raise to $3 billion through debt in the current financial year.
● The funds will be raised in single or multiple tranches via public offering and/or private placement
of senior unsecured notes.
● These notes will be denominated in US dollars or any other major foreign currency.
● The purpose of the fund utilization was not disclosed in the announcement.
● The fundraising will be conducted under Regulation S (RegS) and Rule 144A, which are
regulations governing securities offerings in international markets.
● Several other state-run banks including Canara Bank, Punjab and Sind Bank, and Punjab
National Bank also have plans to raise funds through debt this fiscal year.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti
Reserve Bank of India's Automated Sweep-In and Sweep-Out System Glitch Disrupts Lending and
Borrowing Operations
● The Automated Sweep-In and Sweep-Out System (ASISO), utilized by banks for managing daily
liquidity requirements with the Reserve Bank of India (RBI), experienced its first malfunction
since its inception nearly four years ago.
● This system is crucial as it allows banks to borrow from RBI's Marginal Standing Facility (MSF)
and deposit funds at its Standing Deposit Facility (SDF).
● The malfunction prompted the RBI to investigate the cause to ensure operational reliability.
● Regulatory Requirements for Banks:Indian banks are mandated to deposit 4.5% of their net
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Important Monthly Current Affairs Capsule – June 2024
deposits with RBI.
● They must maintain at least 90% of this requirement on a daily basis, ensuring liquidity stability in
the banking system.
● The Marginal Standing Facility (MSF) offers banks a way to access funds from the central bank
during liquidity shortfalls.
What is ASISO?
● Introduction of ASISO:ASISO was introduced in 2020 during the Covid-19 pandemic to automate
the process of liquidity management for banks in India.
● Functionality and Importance:ASISO automates the procedure for overseeing banks' liquidity,
playing an essential role in their daily liquidity management.
● It helps maximize the use of human resources by giving qualified participants more flexibility in
handling their cash reserve ratio (CRR) balances at the end of the day.
Reserve Bank of India Imposes ₹1.45 Crore Fine on Central Bank of India, ₹96.4 Lakh Fine on
Bangladesh's Sonali Bank for Violations
● The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,45,50,000 (₹1.45 crore)
on the Central Bank of India (CBI), citing deficiencies in regulatory compliance.
● The penalty follows the findings of the Statutory Inspection for Supervisory Evaluation (ISE 2022)
conducted by the RBI with reference to the bank’s financial position as of March 31, 2022.
● Legal Provisions Invoked:The penalty has been imposed under the provisions of Section
47A(1)(c), read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
● Also RBI has imposed a monetary penalty of ₹96.40 Lakh on Sonali Bank PLC (Public Limited
Company).
● Reason for Penalty: The penalty results from contraventions of regulatory requirements
● Legal Provisions Invoked:The penalty is imposed under Section 47A(1)(c) read with Section
46(4)(i) of the Banking Regulation Act, 1949 (BR Act) and Section 25(1)(iii) read with Section
23(4) of the CIC (R) Act.
About CBI :
● Founded : 21 December 1911
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Matam Venkata Rao
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Important Monthly Current Affairs Capsule – June 2024
About Sonali Bank PLC :
● Founded : 1972
● Headquarters : Motijheel, Dhaka, Bangladesh
● Current Chairman : Ziaul Hasan Siddiqui
● Current MD & CEO : Md Afzal Karim
● First Chairman and Managing Director of Sonali Bank : G.M. Chowdhury
State Bank of India Completes $100 Million Foreign Bond Issuance
● The State Bank Of India (SBI) has concluded the issuance of $100 million foreign bonds which
will be issued through SBI’s London branch on June 20 2024.
● The bonds are senior unsecured floating rate notes (FRN) with a maturity period of 3 years.
● These notes have a coupon rate of SOFR + 95 basis points (bps).
● The reference rate for these particular FRNs is the Secured Overnight Financing Rate (SOFR), a
benchmark interest rate for dollar-denominated loans.
What are Floating Rate Notes?
● Floating Rate Notes (FRNs) are fixed income securities that pay a coupon determined by a
reference rate which resets periodically.
Key Characteristics of FRNs:
● Interest Rate: The rate may change ("float") over time, linked to the reference rate.
● Maturity: Typically, FRNs mature within a short-term period, often around 2 years.
● Interest Payments: Interest is paid periodically, often four times a year.
● Fluctuating Payments: As the reference rate resets, the interest payment received fluctuates over
time.
What Is the Secured Overnight Financing Rate (SOFR)?
● The SOFR is a benchmark interest rate for dollar-denominated derivatives and loans that
replaced the London Interbank Offered Rate (LIBOR).
Insurance Regulatory and Development Authority Issues Master Circular to Ease Compliance Burden
on Insurers
● Insurance regulator Insurance Regulatory and Development Authority (IRDAI) has issued a
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Important Monthly Current Affairs Capsule – June 2024
master circular on submission of returns for insurers, including foreign reinsurance branches
(FRBs), on the 202 regulatory returns to be filed.
● Superseding 10 circulars issued since 2014, the master circular lists the operational guidelines
on the regulations issued post a comprehensive review of regulatory framework for the insurance
sector.
● It consolidates 37 regulations related to returns into 7 and introduces 2 new regulations, effective
from April 1, 2024.
● The move towards principle-based regulations aims to facilitate a favourable environment for
ease of doing business and reduce the compliance burden.
● The circular collates 60 regulatory returns required under the new regulations/operational
guidelines.
● Additionally, 142 returns are required to be filed with IRDAI periodically (quarterly, half-yearly,
and annual).
● The master circular is divided into 3 parts.
1. Part 1: Deals with returns specified in the regulations and corresponding master circulars.
These returns monitor the fulfilment of regulatory objectives and the performance of
insurers.
2. Part 2: Pertains to business statistics collected through a business analytics project or
email. This data helps understand business growth, distribution channels, demography,
product segments, persistence, and renewability.
3. Part 3: Repeals various previous circulars, rendering them inapplicable subsequent to the
new master circular.
About IRDAI :
● Established : 1999
● Headquarters : Hyderabad, Telangana
● Chairperson : Debasish Panda
● The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.
Reserve Bank of India Receives Risk Manager of the Year Award 2024 from London-based Central
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Important Monthly Current Affairs Capsule – June 2024
Banking
● The Reserve Bank of India (RBI) has been awarded the Risk Manager of the Year Award 2024
by London-based Central Banking.
● RBI was recognized for improving its risk culture and awareness and for implementing a new
enterprise-wide risk management (ERM) framework across the organisation.
● Executive Director Shri Manoranjan Mishra received the award on behalf of the RBI.
● Rolling out the new ERM framework was challenging due to RBI’s large size, with over 12,000
staff members.
● The previous ERM framework dated back to 2012, making the update necessary.
What is ERM?
● Enterprise Risk Management (ERM) is the process of planning, organizing, directing, and
controlling the activities of an organization to minimize the harmful effects of risk on its capital
and earnings.
● ERM includes managing financial, strategic, and operational risks, as well as risks associated
with accidental losses.
● ERM is designed to identify and manage risks across an entire organization and its extended
networks, using a holistic, company-wide approach rather than individual business units
managing risk separately.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
● Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
Baroda BNP Paribas Mutual Fund Introduces Baroda BNP Paribas Manufacturing Fund
● Baroda BNP Paribas Mutual Fund has launched the Baroda BNP Paribas Manufacturing Fund,
which is an open-ended equity scheme predominantly investing in manufacturing themes.
● The NFO of the scheme is currently open for subscription and will close on June 24,2024.
● After the initial offer period, the scheme will reopen for continuous sale and repurchase within 5
business days from the date of allotment.
● The scheme will be benchmarked against Nifty India Manufacturing TRI.
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Important Monthly Current Affairs Capsule – June 2024
● It will be managed by Jitendra Sriram.
● Asset Allocation Strategy:The scheme's asset allocation includes:
➢ 80-100% in equity and equity related instruments of companies with a manufacturing
theme.
➢ 0-20% in other equity and equity related instruments.
➢ 0-20% in debt and money market instruments.
➢ 0-10% in units of mutual funds.
➢ 0-10% in units issued by Real estate investment trusts (REITs) and Infrastructure
Investment Trusts (InvITs).
About Baroda BNP Paribas Mutual Fund :
● CEO : Suresh Soni
Reserve Bank of India Broadens Overseas Portfolio Investment Opportunities
● The Reserve Bank of India (RBI) issued a circular regarding overseas investments, permitting
resident individuals and listed companies to invest in offshore funds managed by regulated fund
managers.
● Purpose of Circular : To align India's overseas investment rules with the diverse fund structures
available abroad, thereby facilitating more diverse and efficient investment opportunities for
Indian investors.
● Previously, Indian regulations allowed investments only in foreign funds that were regulated.
● Amendment Details:The amended paragraph reads as follows: “The investment (including
sponsor contribution) in units or any other instrument (by whatever name called) issued by an
investment fund overseas, duly regulated by the regulator for the financial sector in the host
jurisdiction, shall be treated as OPI [overseas portfolio investments].
● Flexibility Introduced:The amendment introduces flexibility in the choice of jurisdiction and the
legal structure of the fund. It allows for investments not only in offshore fund units but also in
various fund structures like limited partnerships, Limited Liability Company (LLCs), Variable
Capital Company (VCCs) and corporations.
Banks to Urge Reserve Bank of India to Offer Incentives for Green Financing
● Banks plan to request the Reserve Bank of India (RBI) to incentivise green financing, including
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Important Monthly Current Affairs Capsule – June 2024
considering this category of lending, irrespective of loan limit, as priority sector lending (PSL) or
excluding infrastructure sector exposure from overall credit for the purpose of arriving at annual
PSL target.
Definition of Green Finance:
● According to the G20 Green Finance Synthesis Report, Green finance is defined as financing of
investments that deliver environmental benefits in the broader context of environmentally
sustainable development.
● Current Cap on Renewable Energy Projects:Currently, there is a cap of ₹30 crore for the
inclusion of renewable energy projects under PSL.
● Challenges for Bigger Banks:Smaller banks can achieve PSL targets more easily as they are
less involved in infrastructure financing.
● Bigger banks, which finance large infrastructure projects, face challenges as their base for the
annual PSL target increases each year.
● Priority Sector Lending (PSL) Guidelines : PSL guidelines specify 8 categories of priority sectors
viz., (i) Agriculture; (ii) MSME; (iii) Export Credit; (iv) Education; (v) Housing; (vi) Social
Infrastructure; (vii) Renewable Energy; and (viii) Others.
● Banks must achieve a PSL target of 40% of the previous year’s Adjusted Net Bank Credit or the
credit equivalent amount of Off-Balance Sheet Exposure, whichever is higher as of the previous
year-end.
CAMS Insurance Repository Services Introduces insurance portfolio management platform - Bima
Central
● CAMSRep (CAMS Insurance Repository Services), a wholly-owned subsidiary of the Company
and a leading Insurance Repository launches Bima Central, a revolutionary one-stop platform for
simplifying insurance portfolio management.
● Aim of Bima Central : To simplify insurance portfolio management by aggregating policy benefits,
ensuring claim-readiness, and providing easy access to policy servicing.
Features of Bima Central :
● Users can manage Life, Health, and Motor policies through their secure eInsurance Account
(eIA) opened with CAMSRep.
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Important Monthly Current Affairs Capsule – June 2024
● Features include simplified policy information, renewals & reminders, profile management
(personal data and nominee information), policy calendar, and more.
● Access and Availability:Policyholders with an existing eInsurance Account (eIA) with CAMSRep
can access Bima Central to manage their policies across various insurers.
● Insurance Partners:SBI General is the anchor insurer partnering with Bima Central.
● Other insurers like ICICI Prudential Life, Star Union Daichi, TATA AIA, and Aditya Birla Health
are also in the process of integrating their services with the platform.
● CEO of CAMSRep : Vivek Bengani
Kotak Mahindra Life Insurance and Mahindra Finance Form Partnership to Provide Life Insurance
Products
● Kotak Mahindra Life Insurance Company Limited (Kotak Life) has partnered with Mahindra &
Mahindra Financial Services Limited (Mahindra Finance) to offer life insurance solutions to
customers.
● The agreement was signed by Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance
Company, and Raul Rebello, Managing Director & CEO, Mahindra Finance.
● The partnership aims to benefit over 10 million customers of Mahindra Finance by providing a
wide range of tailor-made life insurance solutions from Kotak Life.
● These life insurance offerings will be distributed by Mahindra Finance through its extensive
network of more than 1,400 branches spread across all states and Union Territories (UTs).
About Kotak Mahindra Life Insurance Company Limited :
● Founded : 2001
● Headquarters : Mumbai, Maharashtra, India
● Managing Director : Mahesh Balasubramanian
About Mahindra & Mahindra Financial Services Limited (MMFSL) :
● Founded : 1991
● Headquarters : Mumbai, Maharashtra, India
● Vice Chairman & President : Ramesh Iyer
City Union Bank Launches Digital Lending Platform for Micro, Small and Medium Enterprises
● The City Union Bank (CUB) has introduced digital lending processes tailored for Micro, Small,
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Important Monthly Current Affairs Capsule – June 2024
and Medium Enterprises (MSMEs).
● This includes instant loans for MSMEs and retail secured loans such as housing loans, affordable
home loans, loans against property, and auto loans.
● Turnaround Time:Loans ranging from ₹5 crore to ₹7.50 crore are disbursed to MSMEs within a
turnaround time of 24-48 hours, showcasing rapid processing capabilities.
● Loan Book Composition:As of March 2024, MSME and agriculture sectors constitute 56% of
CUB's total loan book, indicating a significant focus on these segments.
● Recruitment and Capability Enhancement:To enhance competitiveness, CUB has hired
approximately 10 executives at the Assistant General Manager (AGM) level and above.
● These recruitments aim to strengthen capabilities in retail banking, analytics, credit management,
and operations.
● Strategic Goals and Customer Segmentation:
➢ Strategy 1: Targeting existing customers who have loans with other financial institutions.
➢ Strategy 2: Focusing on existing depositors and customers seeking new loans.
➢ Strategy 3: Attracting new customers.
What do you mean by digital lending?
● Digital lending in India refers to the provision of loans facilitated through online platforms and
digital channels, bypassing traditional brick-and-mortar institutions.
● It involves the use of technology such as mobile apps, websites, and data analytics to streamline
the lending process, from application to disbursal.
About CUB :
● Founded : 1904
● Headquarters : Kumbakonam, Tamil Nadu, India
● MD & CEO : Dr. N. Kamakodi
Reserve Bank of India Revokes Purvanchal Co-operative Bank's License in Ghazipur
● The Reserve Bank of India (RBI) has cancelled the licence of Purvanchal Co-operative Bank,
Ghazipur, Uttar Pradesh as it does not have adequate capital and earning prospects.
● The Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh, has
been instructed to issue an order for winding up the bank and appoint a liquidator.
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Important Monthly Current Affairs Capsule – June 2024
● Impact on Depositors:Upon liquidation, depositors will be entitled to receive deposit insurance
claim amounts up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation
(DICGC).
● Approximately 99.51% of depositors are expected to receive the full amount of their deposits
from DICGC.
● RBI also informed that DICGC (as on May 30, 2024) has already paid Rs 12.63 crore of the total
insured deposits based on the willingness received from the depositors concerned of the bank.
Public Sector Unit Banks Maintain Dominance in Indian Banking Landscape: SBI Report
● The Public Sector Banks (PSBs) in India hold a dominant position in the banking sector by
accounting for more than 50% of the banking business in terms of market share, branches, and
Automated Teller Machines (ATMs), highlights a report by the State Bank of India.
● The report indicates that public sector banks hold over 63% of the total ATMs in the country,
whereas private banks manage only 35%.
● Deposit Share: Public sector banks hold 59% of total deposits in the country, indicating higher
public trust compared to private banks' 32% share.
● Digital Banking: PSBs are leaders in digital banking with over 54% of credit cards issued,
surpassing private banks' 37.8% share.
● Efficiency: PSBs operate at an efficiency rate of 82.76%, higher than private banks' 79.59%,
demonstrating their operational effectiveness.
● State Bank of India (SBI): SBI stands out as the leading PSB, holding the highest share of
deposits, operating the largest ATM network, and issuing the most credit cards.
● Sector Growth: The banking sector has shown a 6% growth in Total Factor Productivity (TFP),
primarily driven by efficiency improvements rather than technological advancements.
● Role of Private Banks: While PSBs dominate, private banks contribute significantly by offering
diverse services and competing in the market.
● Diversification: Besides PSBs and private banks, the emergence of payment banks, small
finance banks, and Regional Rural Banks (RRBs) has diversified the banking sector, enhancing
financial inclusion.
Mutual Fund Houses Introduce Thematic Funds Focused on Thriving Manufacturing Sector
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Important Monthly Current Affairs Capsule – June 2024
● The mutual fund industry is all set to ride the manufacturing wave as a theme for investment.
● The National Democratic Alliance government, under Prime Minister Narendra Modi, is
continuing incentive policies aimed at boosting corporate investments, particularly in
manufacturing.
● New Fund Offers (NFOs):Motilal Oswal Asset Management and Invesco India MF have filed
papers with SEBI to launch thematic funds focused on manufacturing.
● Mahindra Manulife AMC and Baroda BNP Paribas are also launching new fund offers on
manufacturing by the end of the month.
● Fund Performance and Assets:HDFC AMC raised ₹9,563 crore through its manufacturing fund
launched last month.
● Canara Robeco Manufacturing Fund, launched in March, already has an AUM (Assets Under
Management) of ₹1,374 crore as of May-end.
● Number of Funds:Currently, there are 8 manufacturing funds, with 3 of them being passively
managed.
● Returns:Over the last six months, manufacturing funds have provided an average return of 34%,
with Quant Manufacturing Fund offering the highest return at 36%.
● Passive funds like Mirae Asset Nifty India Manufacturing ETF FoF and Navi Nifty India
Manufacturing Index Fund delivered returns of 60% over the last year.
● Kotak Manufacture in India Fund recorded a 54% return in the same period.
● Government Initiatives:The government aims to increase the manufacturing sector's contribution
to GDP from 17% to 25% through initiatives like 'Make in India' and 'Atmanirbhar Bharat'.
RBI monitoring F&O frenzy in India along with Sebi: Shaktikanta Das
● The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) are
keeping a close watch on the surging volume in the equity derivatives segment whose volumes
have even dwarfed the nominal GDP of the country.
● Options and futures volumes are larger than the nominal GDP of the country stated RBI
Governor Shaktikanta Das.
● He further highlighted the fact that SEBI is actively addressing the issue and will take appropriate
actions if needed. The discussions took place within the framework of the Financial Stability and
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Important Monthly Current Affairs Capsule – June 2024
Development Council (FSDC).
● India's nominal GDP or GDP at Current Prices was estimated to be Rs 295.36 lakh crore in the
year 2023-24, according to the Ministry of Statistics and Programme Implementation website.
● The combined average F&O turnover for BSE and NSE stood at Rs 362 trillion in FY24.
● Data from the Futures Industry Association (FIA), a global trade organisation for the derivatives
market, shows that India’s National Stock Exchange (NSE) occupies the numero uno position in
terms of the number of options contracts traded only to be followed by another Indian bourse –
BSE.
● In April 2024, NSE saw a total of nearly 8,494 million contracts being traded with options
contracts accounting for the bulk of the share. BSE, on the other hand, saw 2,224 million
contracts being traded in April.
Changes in regulations:
● Meanwhile, a recent SEBI discussion paper suggested that the regulator has proposed stricter
eligibility criteria for stocks in the futures and options segment, aiming to update a framework
unchanged since 2016.
● SEBI's discussion paper has further proposed new criteria for selecting stocks in futures and
options trading, aiming to ensure sufficient liquidity and market interest.
● The SEBI discussion paper proposed that stocks must have traded on 75 percent of trading
days, with at least 15 percent participation from active derivatives traders.
● Additional requirements included daily turnover thresholds and limits on open contracts to
mitigate risks like market manipulation and volatility.
What is F&O (Futures and Options)?
● Futures and options are financial derivatives that allow traders to speculate on the price
movements of an underlying asset without actually owning it.
● Futures contracts obligate the buyer to purchase an underlying asset, while the seller must
deliver it at a predetermined price and date.
● In options contracts, the buyer has the right, but not the obligation, to buy or sell the underlying
asset at a predetermined price and date, while the seller must honour the contract if the buyer
chooses to exercise their option.
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Important Monthly Current Affairs Capsule – June 2024
Budget to usher in minimum corporate tax rule under ‘Pillar-2’
● The Central government is likely to announce India’s adoption of the “Pillar-2” tax regime
anchored by the Organisation for Economic Cooperation and Development (OECD) in the
coming Budget, as part of the country’s efforts to support and benefit from the global system
combating tax avoidance.
● The Finance Bill, 2024, passed after the interim Budget presentation, will be amended after the
tabling of the full Budget in the second half of July to this effect, an official said, on condition of
anonymity.
● The Pillar 2-GloBE Rules – which provides for a global minimum tax for “multinational
enterprises” (MNEs), aims to deter profit shifting by ensuring that these firms maintain a minimum
Effective Tax Rate (ETR) of 15% across all jurisdictions in which they operate.
● MNEs, as per the rules, are defined as those entities with a global turnover exceeding 750 million
euros.
● To make Pillar 2 operational in India, the Centre would have to amend the tax laws to include the
rules, namely Qualified Domestic Minimum Top-up Tax (QDMTT), Income Inclusion Rule (IIR),
Undertaxed Profits Rule (UTPR), and Subject to Tax Rule (STTR).
Pillar-2 regime:
● The pillar-2 regime, in simple words, aims to prevent MNEs from shifting profits to low-tax
jurisdictions.
● Since January 1, 2024, over 27 countries (of 130 that signed the multilateral convention) have
incorporated the pillar-2 rules in their domestic laws.
Shivalik Small Finance Bank raises Rs 100 Cr in equity investment
● Noida-based Shivalik Small Finance Bank has raised Rs 100 crore in equity co-led by global
venture capital firm Lightspeed and Sanjay Nayar-founded Sorin Investments, with participation
from existing investors Accel and Quona.
● The bank plans to use the funding to enhance its tech stack, strengthen its team, and further
develop its product proposition to build a digital-first bank for small businesses and underserved
segments.
● In 2022, the bank had raised Rs 111 crore in equity co-led by global venture capital firms Accel
and Quona Capital.
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Important Monthly Current Affairs Capsule – June 2024
● The bank is the first Small Finance Bank in India to have transitioned from an Urban Cooperative
Bank with over 25 years of experience in offering retail banking products and services.
About Shivalik Small Finance Bank:
● Shivalik became the first Small Finance Bank in India to transition from an Urban Co-operative
bank namely Shivalik Mercantile Co-operative Bank (SMCB).
● Founded in 1998 by Mr. Yashvir Kumar Gupta, with Mr. Suveer Kumar Gupta serving as its MD &
CEO, till transition into Shivalik Small Finance Bank (SSFB).
● Mr. Suveer Kumar Gupta, who played a crucial role in this transition, not only served as the first
MD & CEO of SSFB but also continues to contribute as an Advisor to the Board.
● Headquartered in Noida.
SBI to raise up to ₹20000 crores to fund infra projects
● State Bank of India (SBI), the country's largest lender, plans to raise Rs 20,000 crore through
long-term bonds in the current financial year for funding infrastructure projects and affordable
housing units.
● In a filing with stock exchanges, the lender stated its central board had, at its meeting on
Wednesday, approved issuing long-term bonds to raise to Rs 20,000 crore through a public issue
or private placement during 2024-25.
● A senior SBI executive stated that the bank had raised Rs 20,000 crore in two previous financial
years (FY23 and FY24).
● In September 2023, it had placed a 15-year infrastructure bond at a coupon of 7.49 per cent.
● The bank has already announced plans to raise up to $3 billion of long-term funds from the
international market through a public offer and/or private placement of senior unsecured notes in
the US dollar or any other major foreign currency in the current financial year.
● Of this, major exposures were to the power sector (Rs 2.04 trillion), ports and roads (Rs 1.12
trillion) and telecom (Rs 30,376 crore).
● In its annual report for FY24, SBI stated the government had further raised its budgetary
allocation towards capital expenditure from Rs 10 trillion in FY24 to Rs 11.11 trillion for the
current financial year.
● The Government of India has introduced various initiatives to strengthen the economy, such as
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Important Monthly Current Affairs Capsule – June 2024
the National Infrastructure Pipeline (NIP) with targeted investments of $1.4 trillion, the National
Monetisation Pipeline (NMP), and Performance-linked Schemes (PLI).
RBI invites applications for recognition of SROs for NBFCs
● The Reserve Bank of India (RBI) invited applications for recognition of SROs for the NBFC
sector.
● The applications are invited under the aegis of RBI’s ‘Omnibus Framework for recognition of Self-
Regulatory Organisations for Regulated Entities of the Reserve Bank’ dated March 21, 2024.
● According to the RBI, the SRO for NBFC sector is primarily envisaged for NBFCs in the
categories of Investment and Credit Companies (NBFC-ICCs), Housing Finance Companies
(HFCs) and Factors (NBFC-Factors).
● However, the SRO may also have other categories of NBFCs as its members.
● The recognized SRO shall have a good mix of NBFC-ICCs, HFCs and NBFC-Factors as its
members.
● The RBI has also highlighted that the failure to achieve the aforesaid membership, within two
years of the grant of recognition as SRO, would render the SRO liable for revocation of the
recognition granted.
Terms of recognition of SROs:
● As per the details laid down by the RBI, the applicant should achieve a minimum net worth of Rs
2 crore within a period of one year after recognition as an SRO, or before commencement of
operations as an SRO, whichever is earlier.
● A maximum of two SROs for the NBFC sector will be recognised, subject
to the applicants fulfilling the prescribed criteria to the satisfaction of the Reserve Bank.
● The guidelines as given in the omnibus framework for recognition of SRO for REs of the Reserve
Bank, shall be adhered to for application, recognition and functioning of the SRO.
Self-Regulatory Organization (SRO):
● A self-regulatory organization (SRO) is an entity such as a non-governmental organization, which
has the power to create and enforce stand-alone industry and professional regulations and
standards on its own.
● In the case of financial SROs, such as a stock exchange, the priority is to protect investors by
establishing rules, regulations, and setting standards of procedures that promote ethics, equality,
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Important Monthly Current Affairs Capsule – June 2024
and professionalism.
RBI Cancels Licence Of Mumbai-based The City Co-operative Bank
● The Reserve Bank cancelled the licence of The City Co-operative Bank, Maharashtra for lacking
adequate capital and earning prospects.
● The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has
also been asked to issue an order for winding up the bank and appoint a liquidator, RBI stated.
● According to RBI, the cooperative bank ceases to carry on banking operations with effect from
the close of business hours on June 19, 2024.
● On liquidation, every depositor would be entitled to receive a deposit insurance claim amount of
his/her deposits up to a monetary ceiling of Rs 5 lakh only from Deposit Insurance and Credit
Guarantee Corporation (DICGC).
● “As per the data submitted by the bank, about 87 per cent of the depositors are entitled to receive
the full amount of their deposits from DICGC,” RBI stated.
● As of June 14, 2024, DICGC has already paid Rs 230.99 crore of the total insured deposits
based on the willingness received from the depositors concerned of the bank.
Zurich Insurance acquires majority stake in Kotak General Insurance
● Zurich Insurance Company Ltd. (“Zurich”) announced the successful completion of acquiring a
majority stake in Kotak Mahindra General Insurance Company Limited (“Kotak General
Insurance”) from Kotak Mahindra Bank Limited (“Kotak”), following the receipt of all necessary
regulatory approvals.
● Zurich has acquired a 70% stake in Kotak General Insurance for a total consideration of Rs.
5,560 crores (i.e., USD 670 million), through a combination of fresh growth capital and share
purchase.
● The transaction marks the largest foreign investment in India’s general insurance market and is
the first by a foreign insurer since the foreign direct investment (FDI) limit was raised from 49% to
74% in 2021.
● With this entry, Zurich is fully committed to fostering the development and expansion of India’s
insurance sector in keeping with the Insurance Regulatory and Development Authority of India’s
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Important Monthly Current Affairs Capsule – June 2024
(IRDAI) goal of achieving “Insurance for All” by 2047.
● The transaction was announced in November 2023 and was subject to customary conditions
precedent including regulatory approvals from the Reserve Bank of India, Insurance Regulatory
and Development Authority of India, and the Competition Commission of India. All necessary
approvals have been received.
About Zurich Insurance:
● Formation: 1872
● Headquarters: Zurich, Switzerland
● Chairman: Michel Lies
● CEO: Mario Greco
ADB approves $170 mn loan to strengthen health system in India
● Multi-lateral development lender Asian Development Bank (ADB) approved a USD 170 million
(over Rs 1,418 crore) policy-based loan to improve India's health system preparedness and
capacity to respond to future pandemics.
● The Strengthened and Measurable Actions for Resilient and Transformative Health Systems will
support the government's National Health Policy 2017, which aims to provide quality health care
services to all, ADB stated in a statement.
● This policy-based loan will help fill the gaps in policy, legislative, and institutional governance and
structures and contribute to India's goal of providing universal access to quality and affordable
healthcare services to strengthen pandemic preparedness and response, it stated.
● The programme will strengthen disease surveillance systems to effectively respond to public
health threats.
About Asian Development Bank:
● Formation: 19 December 1966
● Headquarters: Manila, Philippines
● Membership: 68 Countries
● President: Masatsugu Asakawa (from 17 January 2020)
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Important Monthly Current Affairs Capsule – June 2024
IPPB ties with Ria Money Transfer to set up 25,000 centres
● India Post Payments Bank (IPPB) announced a partnership with Ria Money Transfer to facilitate
international remittances, particularly for rural customers. The service will include doorstep cash
delivery.
● The collaboration with Ria Money, which is part of Euronet Worldwide Inc., will enable
international inward money transfer services at over 25,000 post offices with immediate effect.
● IPPB plans to expand the services to over 100,000 locations owned by India Post.
● Around 50-60% of the new centres would be set up in top states.
● The move aims to expand IPPB's digital payment channels to serve its 90 million customers.
● Transactions by IPPB customers have increased tenfold to 10 million per day over the past three
and a half years, with 80-90% of these transactions serving its rural customer base, and 5-10%
catering to semi-urban areas.
● According to IPPB data, Singapore and Malaysia are the top countries for remittances to India.
● To ensure paperless doorstep delivery of remittances to customers, Ria Money Transfer and
IPPB are training postmen using modules on biometric systems.
About India Post Payment Bank:
● Formation: 30 January 2017
● Headquarters: New Delhi, India
● Under: India Post, Department of Post, Ministry of Communications, Government of India
● MD & CEO: Shri. R. Viswesvaran
About Ria Money Transfer:
● Formation: 1987
● Headquarters: California, US
● CEO: Juan Bianchi
Securities and Exchange Board of India Strengthens Initial Public Offering Pricing Rules to Prevent
Manipulation
● The Securities and Exchange Board of India (SEBI) has imposed additional measures and
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Important Monthly Current Affairs Capsule – June 2024
surveillance to curb manipulation in the process involved in computing the opening price for a
stock on the day of its listing following an initial public offering (IPO).
● The measures aim to enhance the surveillance mechanism at stock exchanges and ensure fair
and transparent trading practices during the pre-open call auction sessions for IPOs and relisted
stocks.
What is an Initial Public Offering?
● Initial Public Offering (IPO) is the process by which private companies sell their shares to the
public intending to raise equity capital from public investors.
Key Highlights :
● Duration and Structure of New Session:The new pre-auction session lasts 60 minutes from 9 am
to 10 am.
● The session is divided as follows:
➢ 45 minutes: Order entry, order modification, and order cancellation.
➢ 10 minutes: Order matching and trade confirmation.
➢ 5 minutes: Buffer period to transition from pre-open to normal trading session.
● Implementation Timeline:The new rules will take effect after 90 days from the issuance of the
SEBI circular.
● Reason for Changes: Addressing issues related to the cancellation of large orders placed at
higher prices just before the call auction session closes, which could create false demand and
supply, potentially manipulating stock prices.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Tata Communications Secures $250 Million Sustainability Loan from DBS, ANZ, and EDC
● Tata Communications has secured a $250 million sustainability-linked loan (SLL) from ANZ, DBS
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Important Monthly Current Affairs Capsule – June 2024
Bank, and Export Development Canada (EDC).
● The loan has a maturity period of 5 years.
● Purpose and Focus : To support Tata Communications in achieving carbon emission reduction
targets, which are critical for its long-term sustainability performance.
● Coordination and Framework:ANZ acted as the lead sustainability coordinator for the loan.
● DBS Bank and EDC served as joint sustainability coordinators.
● Sustainability-linked loans (SLLs) tie the interest rate to the borrower's achievement of predefined
sustainability targets or performance metrics.
About Tata Communications Limited :
● Founded : March 1986
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Amur Swaminathan Lakshminarayanan
Government Seeks Exemption for Sovereign Funds from Reserve Bank of India's Alternate Investment
Fund Regulations-Sources Report
● The Indian government has requested the Reserve Bank of India (RBI) to exempt sovereign
funds from the recent tightened rules on investments in alternate investment funds (AIFs).
● In December,2023 RBI mandated banks and non-banking financial companies to increase
provisions for AIF investments, including those involving sovereign funds, particularly if they were
lenders to the projects funded by these AIFs.
● These rules were aimed at preventing the evergreening of loans but were partially relaxed in
March.
● The government has written to the RBI seeking special dispensation for sovereign-backed funds
– including a fund called Special Window for Affordable and Mid-Income Housing (SWAMIH) set
up to rescue stressed real estate projects, citing its “socio-economic purpose”.
About SWAMIH :
● SWAMIH, set up in 2019 to provide debt financing for stalled housing projects, is managed by
SBICAP Ventures, a wholly-owned subsidiary of the government-owned State Bank of India
(SBI).
What are the alternative investment funds?
● Alternative Investment Fund or AIF is a privately pooled investment vehicle that invests in
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Important Monthly Current Affairs Capsule – June 2024
alternative asset classes such as private equity, venture capital, hedge funds, real estate,
commodities, and derivatives.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
Indian Deposits in Swiss Banks Drop by 70% to Reach 4-Year Low of ₹9,771 Crore
● Funds parked by Indian individuals and firms in Swiss banks, including through local branches
and other financial institutions, fell sharply by 70% in 2023 to a 4-year low of 1.04 billion Swiss
Francs (₹9,771 crore), annual data from Switzerland's central bank showed .
● This decline marks the second consecutive year of reduction, following a peak of CHF 3.83 billion
in 2021.
● It reflects a downward trend since its peak in 2006, except for intermittent increases in certain
years.
● These are official figures reported by banks to the Swiss National Bank (SNB) and do not
indicate the quantum of the much-debated alleged black money held by Indians in Switzerland.
● Global Rankings and Assets:India ranked 67th in terms of funds held by foreign clients in Swiss
banks, down from 46th place in 2022.
● Assets held by Indian clients in Swiss banks decreased by 63% in 2023, marking the lowest level
in over two decades.
● Comparison with Other Countries:While the United Kingdom (UK) topped the charts for foreign
clients' money in Swiss banks at CHF 254 billion, it was followed by the US (CHF 71 billion) at
the second spot and France (CHF 64 billion) at the third place.
● These three were followed in the top 10 by West Indies, Germany, Hong Kong, Singapore,
Luxembourg and Guernsey.
● Pakistan also saw a dip to CHF 286 million (from CHF 388 million), while Bangladesh witnessed
a sharp plunge from CHF 55 million to CHF 18 million.
Pension Fund Regulatory and Development Authority to Launch New Life Cycle Fund Option by
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Important Monthly Current Affairs Capsule – June 2024
September
● Pension Fund Regulatory and Development Authority (PFRDA) chairman Deepak Mohanty
announced that the regulator would introduce new life cycle fund options with up to 50% equity
by September for NPS (non-government) subscribers.
What Is a Life-Cycle Fund?
● Life-cycle funds are asset-allocation funds in which the share of each asset class is automatically
adjusted to lower risk as the desired retirement date approaches.
● Changes to NPS : The tapering age will be increased to 45 years from the existing 35 years and
some more changes will be adopted to provide greater exposure to equity markets.
● The new scheme will be effective in the next quarter, maybe in August or September.
● Current NPS Choices:Currently, the National Pension System (NPS) offers two choices-active
and auto to subscribers for creating the pension portfolio.
➢ Active Choice: Subscribers decide allocation across equity, corporate bonds, and
government securities.
➢ Auto Choice: Three options: Aggressive fund (75% equity), Moderate fund (50% equity),
Conservative fund (25% equity).
● Equity allocation starts tapering off after age 35, with a maximum of 20% equity at age 50 and
15% by age 55.
● Atal Pension Yojana (APY) Updates : APY saw 1.24 crore new subscribers in 2023-24, with 52%
being women.
● Total APY subscribers now stand at 6.6 crore since inception, gaining popularity among women
and the younger generation.
● It is the highest ever in a fiscal year since the scheme's inception.
About PFRDA :
● Established : 2003
● Headquarters : New Delhi, Delhi
● Chairman : Deepak Mohanty
● PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
● It operates under the jurisdiction of the Ministry of Finance in the Government of India.
● It was established based on the recommendations of the Indian government Old Age Social and
Income Security (OASIS) report and was part of the establishment of the Indian National Pension
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Important Monthly Current Affairs Capsule – June 2024
Scheme.
State Bank of India reports Rs 26 trillion formalised into India's economy during FY16-FY23
● According to a report released by the State Bank of India (SBI), India has formalised Rs 26 trillion
of its economy between FY16 and FY23, as the share of the informal economy fell to 23.7% from
25.9% during the 7-year period.
● The report estimated the share of the informal economy by using the recently released Annual
Survey of Unincorporated Sector Enterprises (ASUSE).
● Assuming manufacturing as a proxy for industry gross value added (GVA) and trade and other
services sector for services GVA, the size of the total informal economy has declined in these 7
years.
● Growth in Informal GVA:Total informal Gross Value Added (GVA) increased significantly from Rs
18.6 trillion in FY16 to Rs 58.4 trillion in FY23.
● Informal agriculture contributed the highest at Rs 43 trillion, followed by informal services (Rs
11.8 trillion) and informal industry (Rs 3.6 trillion) in FY23.
● Share of Informal Sectors in GVA:Informal agriculture's share in total GVA rose to 95.9% in FY23
from 94.8% in FY11.
● Approximately 44% of India's population spends less than $3.65 per day according to World
Bank data.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti
Insurance Regulatory and Development Authority of India Directs Insurance Companies to Cease
Selling ULIPs as Investment Products
● The Insurance Regulatory and Development Authority of India (IRDAI) has instructed life
insurance companies not to market unit-linked Insurance plans (ULIPs) as investment products.
What is the meaning of Unit Linked Insurance Plan?
● A ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term
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Important Monthly Current Affairs Capsule – June 2024
goals, and a life cover` to financially protect your family in case of an unfortunate event.
● According to IRDAI, which has issued the Master Circular on Protection of Policyholders’
Interests, Operations, and Allied Matters of Insurers Regulations, 2024, this data will be available
in one portal along with the individual websites of the insurers.
● Grievance Redressal Mechanism :Insurers must establish a tech-based, robust mechanism for
grievance redressal to achieve efficient and speedy resolutions, aiming for "zero grievances."
About IRDAI :
● Established : 1999
● Headquarters : Hyderabad, Telangana
● Chairperson : Debasish Panda
● The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.
State Bank of India Distributes Rs 6,959 Crore Dividend to Government; Bank of Maharashtra Provides
Rs 857 Crore for FY24
● The country's biggest lender State Bank of India (SBI) paid a dividend of Rs 6,959 crore for the
financial year 2023-24 to the government.
● The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman
Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi.
● SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, higher than Rs
11.30 per equity distributed for the previous year.
● State-owned Bank of Maharashtra (BoM) presented Rs 857 crore dividend cheque to Finance
Minister Nirmala Sitharaman.
● The bank declared a dividend of Rs 1.40 per equity share (14 per cent) for FY24.
● The Government of India holds an 86.46 per cent stake in the Pune-based bank.
About BoM :
● Founded : 16 September 1935
● Headquarters : Pune, Maharashtra India
● MD & CEO : Nidhu Saxena
● Tagline : One Family One Bank
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Important Monthly Current Affairs Capsule – June 2024
SBI Mutual Fund to Launch Silver ETF and Fund-of-Fund; New Fund Offer Begins June 27, 2024
● SBI Mutual Fund announced the launch of the SBI Silver Exchange Traded Fund (ETF) and the
fund of fund route to it- SBI Silver ETF Fund of Fund.
● The NFO for these funds opens on June 27,2024 with a minimum application amount of ₹5,000
per application.
● Investment Strategy:SBI Silver ETF: This ETF will primarily invest between 95-100% in silver and
silver-related instruments.
● SBI Silver ETF Fund of Fund: This fund will invest between 95-100% of its assets in units of SBI
Silver ETF.
● The remaining assets will be invested in Government securities, tri party repo, and units of liquid
mutual funds.
About SBI Mutual Fund :
● Founded : 29 June 1987
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Shamsher Singh
● It is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a
European asset management company.
India and Cambodia Discuss Investment Treaty and UPI Collaboration to Boost Trade and Tourism
● India and South East Asian nation Cambodia are negotiating collaboration in Unified Payment
Interface-based (UPI) digital payment to promote trade and tourism.
● Both sides also deliberated upon diversification of the trade basket by identifying new products,
bilateral investment treaty, recognition of Indian pharmacopoeia and collaboration in the pharma
sector.
● These issues among others were discussed during the second meeting of the India-Cambodia
Joint Working Group on Trade and Investment (JWGTI), in New Delhi on June 19, 2024.
● The meeting was co-chaired by the Joint Secretary, Department of Commerce, Ministry of
Commerce and Industry, Government of India, Siddharth Mahajan and Director General for
International Trade, Ministry of Commerce, Kingdom of Cambodia, Long Kemvichet.
● Pharmacopoeia is a set of standards and quality specifications for ingredients, preparation and
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Important Monthly Current Affairs Capsule – June 2024
dosage forms of medicines manufactured, sold, consumed and exported in a country.
● Indian Pharmacopoeia Commission (IPC) is an autonomous institution under the Ministry of
Health and Family Welfare which sets standards for all drugs that are manufactured, sold and
consumed in India.
● The JWGTI was first held in July 2022 virtually.
● This was the first physical meeting after it was institutionalised.
● Cambodia is a member of the 10-nation Asean bloc.
● Asean (Association of southEast Asian Nations) members include Brunei, Cambodia, Indonesia,
Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
● India has a free trade agreement with Asian and it was implemented in 2009.
About Cambodia :
● Prime Minister : Hun Manet
● President : Hun Sen
● Capital : Phnom Penh
● Currency : Cambodian riel
Banks Bid Rs 1.6 Trillion in Variable Rate Repo Auction Amid Tightening Liquidity
● The Reserve Bank of India (RBI) received bids worth Rs 1.6 trillion from banks against the
notified amount of Rs 1 trillion at the variable rate repo (VRR) auction, showing the high demand
for cash from lenders due to tight liquidity.
● Banks borrowed the amount at a weighted average rate of 6.62%.
● This tightness in liquidity is temporary and the situation will improve in the next couple of weeks.
Reserve Bank of India updates guidelines for priority sector lending
● The Reserve Bank of India (RBI) has revised its priority sector guidelines to encourage banks to
provide small loans in economically disadvantaged districts with low average loan sizes.
● The new norms discourage lending in districts with high average loan sizes.
● Weightage System Implementation:Effective from FY25, fresh priority sector loans in districts
with low loan availability (less than Rs 9,000 per person) will receive a weightage of 125%.
● In districts with high loan availability (more than Rs 42,000 per person), the weightage for loans
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Important Monthly Current Affairs Capsule – June 2024
will be reduced to 90%.
● Majority of districts, except outliers with low or high credit availability, will retain the current
weightage of 100%.
● District Ranking and Incentive Framework:Districts will be ranked based on per capita credit flow
to the priority sector.
● An incentive framework will be established for districts with lower credit flow to the priority sector
to encourage more lending.
● Conversely, a disincentive framework will apply to districts with higher priority sector credit flow to
regulate lending.
China urges Visa and Mastercard to reduce transaction fees
● China is pushing for Visa and Mastercard to lower their bank card transaction fees in the country
to encourage spending by foreign visitors.
● The Payment & Clearing Association of China is proposing lowering the fees charged on foreign
card transactions to 1.5% from between 2% and 3%.
● Currently, merchants bear the transaction fees imposed by Visa and Mastercard, often passing
these costs to customers through higher prices.
● Financial Market Impact:Both Visa and Mastercard stocks have seen positive performance in the
current year, with each gaining over 6%.
About Visa :
● Founded : September 18, 1958
● Headquarters : San Francisco, California, United States
● CEO : Ryan McInerney
About Mastercard :
● Founded : 1966
● Headquarters : New York, United States
● CEO : Michael Miebach
Reserve Bank of India Announces URL Update for 'Database on Indian Economy' Portal
● The Reserve Bank of India (RBI) has announced an update to its 'Database on Indian Economy'
(DBIE) portal.
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Important Monthly Current Affairs Capsule – June 2024
● The domain address for accessing the portal will change to https://data.rbi.org.in, as per an RBI
press release.
● The DBIE portal has been a cornerstone of public access to economic data since its launch on
November 1, 2004.
● It now serves as an expansive repository for a wide range of economic and financial statistics,
including regular and ad hoc statistical publications.
● The portal also hosts the ‘SAARC Finance Database’ and the ‘Banking Outlet Locator’.
● It is an integrated repository of current and historical data, and is frequently accessed by citizens
as well as Indian and global analysts and researchers.
● The introduction of the Centralised Information Management System (CIMS) in June 2023
marked an enhancement to the RBI's data management capabilities.
Government Considers Establishing New Bank to Address Credit Gap for Micro, Small and Medium
Enterprises
● The government is considering a proposal to set up a separate bank for direct lending to the
micro, small and medium enterprises (MSMEs) to deepen credit flows to the under-penetrated
sector and thereby boost economic activity and job creation.
● Large banks don’t understand the requirements of the MSMEs.
● Current Credit Scenario:Currently, the Small Industries Development Bank of India (SIDBI)
largely provides refinancing to banks that lend to MSMEs, which helps reduce the cost of finance
for these units.
SIDBI Background:
➢ Established under an Act of Parliament in 1990.
➢ Majority shareholders include the Government of India (20.85%), State Bank of India (15.65%),
Life Insurance Corporation of India (13.33%), and National Bank for Agriculture and Rural
Development (9.36%).
➢ Accesses low-cost funds provided by banks against shortfalls in meeting their priority sector
lending (PSL) targets.
➢ Micro and small enterprise (MSE) Refinance allocation for FY24 was Rs 84,000 crore.
What do you mean by MSME?
● MSME was introduced by the Government of India in agreement with the MSMED (Micro, Small,
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Important Monthly Current Affairs Capsule – June 2024
and Medium Enterprises Development) Act of 2006.
● As per this act, MSMEs are the enterprises involved in the processing, production, and
preservation of goods and commodities.
Classification of MSMEs?
CLASSIFICATION Micro Small Medium
Manufacturing Investment in Plant Investment in Plant Investment in Plant
Enterprises and and Machinery or and Machinery or and Machinery or
Enterprises Equipment: Equipment: Equipment:
rendering Services
Not more than Rs.1 Not more than Rs.10 Not more than Rs.50
crore and Annual crore and Annual crore and Annual
Turnover ; not more Turnover ; not more Turnover ; not more
than Rs. 5 crore than Rs. 50 crore than Rs. 250 crore
What is Credit Penetration?
● Credit penetration is a metric that assesses the proportion of a population utilizing credit cards or
other credit products.
● It serves as an indicator of financial inclusion and can be evaluated alongside other metrics such
as branch penetration and deposit penetration.
About Small Industries Development Bank of India :
● Headquarters : Lucknow, Uttar Pradesh, India
● Chairman & MD : Sivasubramanian Ramann
● The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and
medium enterprise finance companies in India.
● It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
Reinsurance and Coinsurance Exempt from Taxation
● The Goods and Services Tax (GST) Council has clarified that reinsurance and coinsurance are
not considered as the supply of a service and hence are not liable for GST.
● This spells a significant breather to insurance companies facing thousands of crores in tax
demands.
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Important Monthly Current Affairs Capsule – June 2024
● This decision provides relief to insurance companies facing tax demands amounting to
approximately Rs 12,000 crore.
What is coinsurance and reinsurance?
● Coinsurance, in this instance, refers to insurers sharing insurance-bearing liabilities.
● Reinsurance is the cover an insurer buys to insure itself through the payment of premiums.
● Background and Industry Concerns:The Directorate General of Goods and Services Tax
Intelligence (DGGI) had issued notices to about 20 insurance companies for non-payment of
GST on coinsurance and reinsurance premiums.
● The General Insurance Council had lobbied the government for clarity, arguing that GST should
be levied only once in the insurance chain to avoid double taxation.
● GST Council's Decision:The GST Council clarified that coinsurance premiums apportioned by the
lead insurer to the coinsurer for supplying insurance services are considered "no supply" under
Schedule III of the CGST Act, 2017.
● Exemption of compensation cess on imports at special economic zones for authorized
operations, effective from July 1, 2017.
SBI Chairman Dinesh Kumar Khara Announces Plan to Establish 400 New Branches Nationwide in
FY25
● As a part of the network expansion plan, State Bank of India (SBI) is planning to open 400
branches across the country in the current financial year.
● The country's biggest lender opened 137 branches last fiscal.
● Of the total, 59 new rural branches were launched.
● SBI has a network of 22,542 branches across the country as of March 2024.
● SBI Payment Services Private Limited: SBI Payment Services Private Limited, which is in the
merchant acquiring business, is 74% owned by SBI, while the remaining stake is with Hitachi
Payment Services.
Insolvency and Bankruptcy Board of India to Strengthen Creditors' Rights over Personal Guarantors
● The Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to the
Insolvency Resolution Process for Corporate Process regulations, to enhance efficiency and
reduce costs, and sought stakeholder inputs by July 10, 2024.
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Important Monthly Current Affairs Capsule – June 2024
● These amendments are expected to enhance the efficiency and transparency of the Corporate
Insolvency Resolution Process (CIRP), and benefit creditors and other stakeholders involved in
the CIRP.
● Valuation for Small Entities : For companies with an asset size of up to Rs 1,000 crore and micro,
small and medium enterprises (MSMEs), the board proposes to appoint only one registered
valuer for providing the estimates of the fair value and the liquidation value.
About IBBI :
● Headquarters : New Delhi, Delhi
● Chairman : Ravi Mittal
● Parent Department : Ministry of Corporate Affairs
● The IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency
Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
● It was established on 1 October 2016 and given statutory powers through the Insolvency and
Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.
Five Public Sector Banks Expected to Launch Qualified Institutional Placements (QIPs) in FY25 to Meet
SEBI Requirements
● Five state-owned banks(UCO Bank, Central Bank of India, Punjab & Sind Bank, Bank of
Maharashtra, and Indian Overseas Bank) are planning qualified institutional placements or QIPs
in the second half of FY25 to reduce the government's stake to comply with the Securities and
Exchange Board of India’s (SEBI) mandate of a maximum 75% government holding.
● The quantum of share sale is expected to be between 5% and 10% of the bank's paid-up equity
capital initially, with further sales staggered over the next two years.
● Public Shareholding Compliance:PSBs have sought a two-year extension from SEBI to achieve
the 25% minimum public shareholding requirement, similar to the extension granted to LIC to
achieve 10% public shareholding by May 2027.
● Current Public Shareholding: Public shareholding in the five PSBs (UCO Bank, Central Bank of
India, Punjab & Sind Bank, Bank of Maharashtra, and Indian Overseas Bank) ranges from 1.75%
to 13.54%.
Securities and Exchange Board of India Considers Stricter Scrutiny for Stocks Entering Futures &
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Important Monthly Current Affairs Capsule – June 2024
Options Segment
● The Securities and Exchange Board of India (SEBI) will consider a proposal to tighten rules on
the inclusion of stocks in the derivatives segment at its board meeting on June 27, 2024.
● The focus is on addressing concerns about excessive and risky trading in illiquid equity
derivatives.
● Background and Consultation:In the June 8, 2024 consultation paper, Sebi sought feedback on
revising eligibility criteria for stocks in futures and options (F&O).
● Objective is to ensure stocks in derivatives are liquid and traded widely to mitigate manipulation
risks.
What are F & O (futures and options)?
● Futures and options are the major types of stock derivatives trading in a share market.
● These are contracts signed by two parties for trading a stock asset at a predetermined price on a
later date.
● Such contracts try to hedge market risks involved in stock market trading by locking in the price
beforehand.
Insurer Niva Bupa Plans $360-million Initial Public Offering : Reuters Report
● Indian health insurer Niva Bupa Health Insurance Company Limited (Niva Bupa) plans to raise
$360 million through an Initial Public Offering (IPO).
● The IPO could potentially value Niva Bupa at up to $2.5 billion.
What is an Initial Public Offering?
● Initial Public Offering (IPO) is the process by which private companies sell their shares to the
public intending to raise equity capital from public investors.
● Fund Allocation Use of Funds:
➢ $96 million will be raised by issuing new shares.
➢ $264 million worth of shares will be sold by existing investors.
About Niva Bupa :
● Founded : 2008
● Headquarters : New Delhi, India
● It is a joint venture between Fettle Tone LLP (an affiliate of True North Fund VI LLP), an Indian
private equity firm, and the UK-based healthcare services expert, Bupa Singapore Holdings Pte.
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Important Monthly Current Affairs Capsule – June 2024
Limited.
Kotak Mahindra Bank Plans to Open Up to 200 New Branches in FY25
● Kotak Mahindra Bank plans to open approximately 175 to 200 new branches in the financial year
2024-25.
● This decision comes after the Reserve Bank of India (RBI) restricted the bank from acquiring new
customers through digital channels.
● In April 2024 the RBI barred Kotak Mahindra Bank from adding new customers via its online and
mobile banking platforms.
About Kotak Mahindra Bank :
● Founded : 1985
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Ashok Vaswani
● Tagline : Let's make money simple
Paytm Expands Travel Reach, Forms Partnerships with Skyscanner and Google Flights
● One97 Communications (parent company of Paytm) has partnered with global travel aggregators
including Skyscanner, Google Flights, and Wego to expand its presence in the travel segment.
● These partnerships aim to enhance Paytm's travel booking capabilities and offerings.
● Paytm has onboarded three new international carriers: Cambodia Angkor Air, SalamAir, and
FlyDubai.
● This expansion is in response to a 19% year-on-year increase in flight bookings on Paytm Travel
during Q4FY24.
● The initiative initially included Singapore Airlines and Qatar Airways on the NDCx platform, and
expanded with the recent onboarding of Eva Airways.
About Paytm :
● Founded : August 2010
● Headquarters : Noida, Uttar Pradesh, India
● Founder & CEO : Vijay Shekhar Sharma
Canara Bank's official X account breached, investigation in progress
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Important Monthly Current Affairs Capsule – June 2024
● Canara Bank, one of the country’s prominent public sector banks, has issued a notice confirming
the hacking of their official X handle.
● The concerned teams are investigating the matter and working closely with X to regain access to
Canara Bank's X handle at the earliest.
● X will hand over control of the page to the bank only after completing Standard Operating
Procedure (SOP).
About Canara Bank :
● Established : 1906
● Headquarters : Bengaluru, Karnataka, India
● MD & CEO : K. Satyanarayana Raju
● Tagline : Together We Can
Banks Request Clarity from Reserve Bank of India Regarding Credit Card Network Regulations
● Several banks have sought clarity from the Reserve Bank of India (RBI) regarding the
implementation of guidelines issued on March 6,2024 which mandate offering customers the
option to choose from multiple card networks for credit cards.
● The RBI's directive requires banks and non-banking financial companies (NBFCs) to provide this
choice both at the time of issuance and renewal.
● Objective of the Guidelines: To promote customer choice and eliminate exclusive agreements
between card issuers and networks.
● This directive will take effect from September 6, 2024.
● Applicability:The RBI guidelines will be applicable to only those credit card issuers with a number
of active cards issued greater than 10 lakh and exempt card issuers who issue credit cards on
their own authorised card network.
● Provisions of the Guidelines:Card issuers must allow eligible customers to choose from multiple
card networks (e.g., Diners Club International, MasterCard, NPCI-Rupay, Visa) at the time of
initial issuance.
● Major issuers like HDFC Bank, SBI Card, ICICI Bank, and Axis Bank fall under this category.
ICICI Bank Market Cap Surpasses $100 Billion, Becomes 6th Indian Company to Achieve Milestone
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Important Monthly Current Affairs Capsule – June 2024
● ICICI Bank’s market capitalization crossed the $100 billion mark for the first time.
● It became the 6th Indian company to achieve this milestone.
● ICICI is the second-largest bank in India by market capitalization, after HDFC Bank.
● It is also the fifth-largest entity by market value.
● In December 2020, ICICI Bank's market capitalisation crossed $50 billion, and within 10 months,
it exceeded $75 billion in October 2021.
● Currently, Reliance Industries is leading the list with a market capitalisation of $236 billion,
followed by TCS with a market value of $166 billion.
Other Companies in the $100 Billion Club:
● ICICI Bank joins Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, and
Infosys.
About ICICI Bank :
● Established : 5 January 1994
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sandeep Bakhshi
Reserve Bank of India Reports 2.1 Percentage Point Decline in Short-Term Debt's Share of Total
External Debt
● At the end of March 2024, India’s external debt was US$ 663.8 billion, an increase of US$ 39.7
billion over the end of March 2023.
● Excluding the valuation effect of US$ 8.7 billion due to the appreciation of the US dollar, the
external debt increase would have been US$ 48.4 billion.
● Debt to GDP Ratio:The external debt to GDP ratio declined to 18.7% at the end of March 2024
from 19.0% at the end of March 2023.
● Long-Term Debt:Long-term debt (original maturity above one year) was US$ 541.2 billion at the
end of March 2024, an increase of US$ 45.6 billion over the end of March 2023.
● Short-Term Debt:The share of short-term debt (original maturity up to one year) in total external
debt declined to 18.5% at end-March 2024 from 20.6% at end-March 2023.
● Short-term debt on a residual maturity basis constituted 42.9% of total external debt and 44.1%
of foreign exchange reserves at the end of March 2024, down from 44.0% and 47.4%,
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Important Monthly Current Affairs Capsule – June 2024
respectively, at the end of March 2023.
● Currency Composition:
➢ US dollar-denominated debt: 53.8% of total external debt.
➢ Indian rupee-denominated debt: 31.5%.
➢ Yen-denominated debt: 5.8%.
➢ Special Drawing Rights (SDR): 5.4%.
➢ Euro-denominated debt: 2.8%.
● Debt by Sector:
➢ The share of outstanding debt for non-financial corporations: 37.4%.
➢ Deposit-taking corporations (except the central bank): 28.1%.
➢ General government: 22.4%.
➢ Other financial corporations: 7.3%.
● Debt Components:
➢ Loans: 33.4% of total external debt.
➢ Currency and deposits: 23.3%.
➢ Trade credit and advances: 17.9%.
➢ Debt securities: 17.3%.
● Debt Service:Debt service obligations (principal and interest payments) increased to 6.7% of
current receipts at the end of March 2024 from 5.3% at the end of March 2023.
Ixigo and PhonePe Expand Partnership to Include Flight and Bus Booking Services
● Travel booking platform ixigo has expanded its exclusive partnership with PhonePe to offer flight
and bus bookings on the fintech platform's app.
● Previously, the partnership focused on providing booking services for trains.
● The expanded partnership aims to provide a more comprehensive travel booking experience for
over 54 crore PhonePe users.
About ixigo :
● Founded : June 2007
● Headquarters : Gurugram, Haryana, India
● Chairman, MD & Group CEO : Aloke Bajpai
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Important Monthly Current Affairs Capsule – June 2024
About Phonepe :
● Founded : 2015
● Headquarters : Bengaluru, Karnataka, India
● CEO : Sameer Nigam
Securities and Exchange Board of India Releases Guidelines on Structure and Responsibilities of
Market Infrastructure Institutions Committees
● Markets regulator Securities and Exchange Board of India (SEBI) revised its oversight framework
for stock exchanges and other market infrastructure institutions (MIIs), defining the structure and
responsibilities of various statutory committees to enhance governance.
● These guidelines are on the recommendations of Sebi's Committee on Strengthening
Governance of MIIs.
● Categories of Statutory Committees: Statutory committees of MIIs are categorized into functional,
oversight, and investment committees.
● Functional committees include Member Committee, Nomination and Remuneration Committee,
Oversight Committees, Standing Committee on Technology Regulatory Oversight Committee,
Risk Management Committee, and Investment Committee.
● Composition Guidelines:Committees should include Key Management Personnel (KMP), Non-
Independent Directors (NIDs), Independent External Professionals (IEPs), and Public Interest
Directors (PIDs).
● Implementation Timeline:The new guidelines will be effective within 30 days of the issuance of
the circular by Sebi.
Reserve Bank of India Reports Current Account Balance Records Surplus of 0.6% of GDP in Q4 FY24
● India's current account recorded a surplus of $5.7 billion, equivalent to 0.6% of gross domestic
product (GDP), in the January-March 2024 quarter.
● This marks a significant improvement from a deficit of $1.3 billion (0.2% of GDP) in Q4 FY2023
and a deficit of $8.7 billion (1% of GDP) in Q3 FY24.
What is the meaning of current account deficit?
● The current account deficit is the difference between exports and imports of goods and services.
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Important Monthly Current Affairs Capsule – June 2024
● It is a key indicator of the country’s external sector.
● Full-Year Current Account Deficit (FY24):For the full fiscal year FY24, India's current account
deficit moderated to $23.2 billion, or 0.7% of GDP, down from $67 billion (2% of GDP) in FY23.
● Foreign Exchange Reserves:India's foreign exchange reserves increased by $30.8 billion in Q4
FY24 on a balance of payments basis, reflecting a robust accretion.
Co-Lending Committee Set to Submit Report to Finance Ministry in July 2024
● The Department of Financial Services (DFS) under the finance ministry instructed the State Bank
of India (SBI) to form a committee on co-lending in May 2024.
● The committee aims to encourage co-lending partnerships between commercial banks and non-
banking financial companies (NBFCs) by addressing business model issues.
● Composition and Leadership:The committee is chaired by Surender Rana, Deputy Managing
Director of SBI.
● It includes representatives from Punjab National Bank, Union Bank of India, Central Bank of India
(from the banking sector), and 3 NBFCs.
● NBFCs are required to retain a minimum of 20% share of individual loans on their books as per
regulatory norms.
What is meant by co-lending?
● Co-lending is an arrangement where multiple lenders partner to provide loans to borrowers.
● This helps increase lending capacity and reduces risk for individual lenders.
● Each lender sets their own terms and conditions.
● Co-lending is used in various industries like real estate, small business loans, and personal
loans.
About Ministry of Finance :
● Cabinet Minister : Nirmala Sitharaman
● Minister of State: Pankaj Choudhary
● Finance Secretary : T. V. Somanathan
S&P Maintains India's FY25 GDP Growth Projection at 6.8%, Below RBI Forecast
● S&P Global Ratings retained India's Gross Domestic Product (GDP) growth forecast for the
current financial year (FY 2024-25) at 6.8%.
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Important Monthly Current Affairs Capsule – June 2024
● High interest rates and lower fiscal spur are tempering demand in non-agricultural sectors,
influencing the growth forecast.
● This forecast is lower than the Reserve Bank of India's (RBI) projection of 7.2% growth for the
same period.
● Previous Fiscal Year Performance:India's economy grew by 8.2% in the fiscal year 2023-24,
exceeding expectations.
● Future Projections:For FY 2025-26 and FY 2026-27, S&P projected growth rates of 6.9% and
7%, respectively.
● Comparison with Other Agencies:
➢ Fitch estimates India's growth at 7.2% for FY 2024-25.
➢ The Asian Development Bank (ADB) estimates a 7% growth rate.
➢ Moody's Ratings and Deloitte India project a 6.6% growth rate.
➢ Morgan Stanley forecasts a 6.8% growth rate.
About S&P Global Ratings :
● Headquarters : New York City, New York, United States.
● President : Martina Cheung
● S&P Global Ratings, previously known as Standard & Poor's, is an American credit rating agency
(CRA) and a division of S&P Global.
● It publishes financial research and analysis on stocks, bonds, and commodities.
State Bank of India Secures ₹10,000 Crore Through 15-Year Infrastructure Bonds at 7.36% Interest
Rate
● The State Bank of India (SBI) has raised Rs 10,000 crore through 15-year infrastructure bonds to
fund projects in sectors like power, roads etc.
● The coupon rate for bonds is 7.36%.
● With the current issuance, the total outstanding Long-Term Bonds issued by the country’s largest
bank is at Rs 49,718 crore.
● The issuance will help in developing a long-term bond curve and encourage other banks to issue
bonds of longer tenor.
● Regulatory Exemptions:The funds raised through infrastructure bonds are exempt from
regulatory reserve requirements such as Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio
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Important Monthly Current Affairs Capsule – June 2024
(CRR).
Securities and Exchange Board of India Provides Flexibility, Eases 'Trading Plan' Regulations for
Insiders
● The Securities and Exchange Board of India (Sebi) has made it significantly easier for insiders to
trade in shares of their companies by amending the Prohibition of Insider Trading (PIT)
regulations.
● The amended norms provide flexibility in the ‘trading plan’ of a company’s key managerial
personnel and will come into effect after 3 months.
Definition of Insiders:
● Insiders are individuals within a company who have access to Unpublished Price-Sensitive
Information (UPSI), typically senior management and officials.
Key Amendments:
● Reduction in Cooling-Off Period: The time required for insiders to inform the board about their
buy/sell decision has been reduced from six months to four months.
● Price Limits: Insiders can now set price limits within a range of 20% (both upper and lower) from
the closing price on the day they submit the trading plan.
● Cancellation of Trading Plan: Insiders have the flexibility to cancel the trading plan.
● Execution Flexibility: They can choose not to execute trades if the execution price falls outside
the predetermined limits set in the trading plan.
DBS Group Forecasts India's Gross Domestic Product Growth of 7.1% in 2024
● DBS Group expects India's Gross Domestic Product (GDP) growth to be resilient at 7.4% for the
April-June 2024 quarter.
● This forecast is higher than the RBI's projection of 7.3% for the same period.
● For the entire calendar year 2024, DBS Group forecasts India's GDP growth at 7.1%.
● Current Account Trends : Narrowing Deficit (FY23 vs. FY24): DBS Group notes India's current
account deficit narrowed to -0.7% of GDP (approximately $23 billion) in FY24, an improvement
from -2.0% of GDP (around $67 billion) in FY23.
About DBS Bank Limited :
● Founded : 16 July 1968
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Important Monthly Current Affairs Capsule – June 2024
● Headquarters : Singapore
● Chairman : Peter Seah
● CEO : Piyush Gupta
RBI Introduces 'Finquiry' Initiative for Direct Engagement of Fintechs with Regulator
● The Reserve Bank of India (RBI) has launched an exclusive 2-hour window called 'Finquiry’ for
fintechs to visit the FinTech department of the RBI in Mumbai, Maharashtra.
● Aim : To provide a platform for fintechs to seek clarity and discuss fintech-related queries directly
with RBI officials.
● RBI has opened the window from 26th June and this will be available on the last working
Wednesday of every month from 3 to 5 pm.
Federal Bank Introduces UPI-Enabled RuPay Wave Credit Card
● Federal Bank, in partnership with the National Payments Corporation of India (NPCI), has
launched the RuPay Wave Credit Card, which will allow customers to utilise Unified Payments
Interface (UPI)-powered transactions on the RuPay network.
● This card combines the features of RuPay credit cards with the functionality of UPI payments.
● Cardholders can link the RuPay Wave Credit Card to their UPI applications, enabling
transactions via mobile devices.
● In August 2023, SBI Card announced linking its credit cards on the RuPay platform with UPI, in
collaboration with NPCI.
About Federal Bank :
● Established : 23 April 1931
● Headquarters : Aluva, Kochi, Kerala, India
● MD & CEO : Shyam Srinivasan
● Tagline : Your Perfect Banking Partner
About NPCI :
● Founded : 2008
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Dilip Asbe
● The NPCI is an umbrella organization for operating retail payments and settlement systems in
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Important Monthly Current Affairs Capsule – June 2024
India.
● It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.
ACE Collaborates with Bank of Baroda for Construction Equipment Financing
● Action Construction Equipment Limited. (ACE), a prominent player in India’s construction
equipment manufacturing sector, has entered into a Memorandum of Understanding (MoU) with
Bank of Baroda (BoB) to facilitate financing solutions for construction equipment businesses.
● The MoU was signed by Mr. Manish Handa, VP & Business Head of the Earthmoving Equipment
Division at ACE, and Mr. Dhrubashish Bhattacharya, Head of MSME & Co-Lending at Bank of
Baroda.
What is meant by Equipment Financing?
● Definition: Equipment financing is a credit facility that helps businesses finance equipment and
machinery needs.
● Uses: Funds can be used to buy, lease, upgrade, or repair equipment quickly.
About Action Construction Equipment Limited :
● Founded : 1995
● Headquarters :Faridabad, Haryana, India
● Chairman & MD : Vijay Agarwal
SEBI Constitutes 15-Member Working Group to Review Derivative Trading Norms
● The Securities and Exchange Board of India (Sebi) has formed a working group to review
derivatives trading norms with an aim of enhancing investor protection and risk management.
● The 15-member panel will be headed by G Padmanabhan, former executive director of Reserve
Bank of India (RBI).
● Tasks Assigned : It will be tasked with market development and regulation to enhance risk
architecture of exchange-traded derivatives and investor protection.
Reserve Bank of India Highlights Concerns Over Delinquencies in Non-Banking Finance Companies
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Important Monthly Current Affairs Capsule – June 2024
Consumer Credit
● While there has been an improvement in the overall credit quality of consumer credit, the
Reserve Bank of India's Financial Stability Report highlighted 3 areas of concern regarding
consumer loans from non-banking finance companies (NBFC).
● Delinquency Levels and Borrower Profiles:First, delinquency levels among borrowers with retail
loans below Rs 50,000 remain high.
● The report particularly pointed to NBFC-fintech lenders, which have the highest share in
sanctioned and outstanding amounts and also have the second highest delinquency levels, only
below that of small finance banks.
● Vintage Delinquency in Personal Loans:Second, vintage delinquency, which is a measure of
slippage, remains relatively high in personal loans at 8.2%.
● Borrower Behaviour and Loan Stacking:The third aspect, the report says, is that a little more than
half of the borrowers in this segment have three live loans at the time of origination and more
than one-third of the borrowers have availed more than three loans in the last six months.
What is delinquency in banking?
● If an account is delinquent, it means that payments have not been made on time.
● This can refer to things like credit card bills, loan payments, or utility bills.
AU Small Finance Bank Plans to Raise Rs 11,000 Crore Through Combination of Equity and Debt
● The board of directors of AU Small Finance Bank Limited. approved plans to raise Rs 11,000
crore through equity and debt instruments.
● Rs 5,000 crore will be raised through qualified institutional placement (QIP) and other modes,
subject to regulatory approvals.
● Another Rs 6,000 crore will be raised via debt instruments such as bonds and non-convertible
debentures, approved by the RBI.
About AU Small Finance Bank Limited :
● Founded : 1996
● Headquarters : Jaipur, Rajasthan, India
● MD & CEO : Sanjay Agarwal
● AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank and
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Important Monthly Current Affairs Capsule – June 2024
India’s largest tech-led small finance bank.
Reserve Bank of India Introduces SAARC Currency Swap Framework for 2024-2027
● The Reserve Bank of India (RBI), with the Government of India’s concurrence, has decided to put
in place a revised framework on currency swap arrangement for SAARC (South Asian
Association for Regional Cooperation) countries for the period 2024 to 2027.
● SAARC has 8 member countries (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal,
Pakistan and Sri-Lanka).
● INR Swap Window : Under the Framework for 2024-27, a separate INR Swap Window has been
introduced with various concessions for swap support in Indian Rupee.
● The total corpus of the Rupee support is ₹250 billion.
● USD/Euro Swap Window : The RBI will continue to offer swap arrangements in US$ and Euro
under a separate US Dollar/ Euro Swap Window with an overall corpus of US$ 2 billion.
● Currency Swap: A currency swap is an agreement in which two parties exchange the principal
amount of a loan and the interest in one currency for the principal and interest in another
currency.
About SAARC :
● Established : 8 December 1985
● Headquarters : Kathmandu, Nepal
● Secretary General : Golam Sarwar
Indian Banks' Non-Performing Loan Ratio Hits 12-Year Low: Reserve Bank of India Report
● According to the RBI's Financial Stability Report, the gross non-performing asset (GNPA) ratio of
Indian banks fell to a 12 year low of 2.8% in March 2024 and is expected to reduce further down
to 2.5% by the end of the financial year 2024-25.
What is the gross non-performing asset ratio for banks?
● This ratio refers to the proportion of the total value of bad loans, which are bank loans that are
unlikely to be repaid (also known as gross non-performing assets), to the total assets the bank
has or the total loans it has given.
● A lower GNPA ratio means the number of loans that may go unpaid are less and can be a
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Important Monthly Current Affairs Capsule – June 2024
positive indicator.
● In September, the ratio was 3.2%, highlighting a significant improvement now.
What is the net non-performing asset ratio for banks?
● The net non-performing asset (NNPA) ratio also declined to 0.6% this March, compared to 0.8%
last September.
● The NNPA ratio is the proportion of bad loans which the bank has actually created a provision
for, compared to the total assets of the bank.
● Stress Scenario:Under severe stress scenarios, GNPA ratios may increase:
➢ Public Sector Banks (PSBs): From 3.7% (March 2024) to 4.1% (March 2025).
➢ Private sector banks (PBs): From 1.8% to 2.8%.
➢ Foreign banks (FBs): From 1.2% to 1.3%.
About Financial Stability Report (FSR) :
● Published by RBI, the FSR assesses the resilience of the Indian financial system and identifies
risks to financial stability.
● It reflects the collective assessment of the Financial Stability and Development Council (FSDC)
Sub-Committee.
RBL Bank Plans to Raise ₹6,500 Crore Through Qualified Institutional Placement and Debt Securities
● Indian private lender RBL Bank will raise up to Rs 6,500 crore ($779 million) through a
combination of qualified institutional placement (QIP) of shares and debt sale.
● The bank will raise Rs 3,500 crore through QIP and Rs 3,000 crore through issue of debt
securities via private placement.
● This will be RBL's first share issue via institutional placement since 2021 when the bank saw an
abrupt management transition and the central bank increased scrutiny of the lender by
temporarily appointing a director on its board amid reports of a large share of unsecured
borrowing on its books.
Purpose of Fundraising:
● RBL Bank aims to bolster its capital base to support a targeted 20% growth in its loan book over
the next two financial years.
About RBL Bank :
● Established : August 1943
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Important Monthly Current Affairs Capsule – June 2024
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : R Subramaniakumar
National Council of Applied Economic Research’s Monthly Economic Review Projects FY25 Gross
Domestic Product Growth Near 7.5%
● The National Council of Applied Economic Research’s (NCAER) Monthly Economic Review
suggests that Gross domestic product (GDP) growth for 2024-25 (FY25) could range between
higher than 7% and close to 7.5%.
● This optimism is supported by strong economic activity in the first quarter, focused policy
initiatives on investment and growth, and expectations of a normal monsoon.
About NCAER :
● Established : 1956
● Headquarters : New Delhi
● President : Nandan M. Nilekani
● Director General : Poonam Gupta
● NCAER is India’s oldest and largest independent, non-profit, economic policy research think
tank.
Reserve Bank of India Increases Ways and Means Advances Limits for States/UTs by 28% to ₹60,118
Crore
● The Reserve Bank of India (RBI) increased the Ways and Means Advances (WMAs) limits (or
financial accommodation) of State governments and Union territories (UTs) by 28% to ₹60,118
crore from ₹47,010 crore (fixed in April 2022).
● The revised WMA limit is effective from July 1, 2024.
● Reason for Revision:The limits have been revised based on the recommendations made by the
group constituted by the RBI, consisting of select state finance secretaries to take account of the
expenditure data of states for recent years.
● The last review of WMA, Special Drawing Facility (SDF), and Overdraft (OD) schemes for state
governments/UTs was announced on April 1, 2022.
● SDF availed by state governments/UTs is linked to their investments in marketable securities
issued by the government, including auction treasury bills (ATBs).
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Important Monthly Current Affairs Capsule – June 2024
● A State Government account can be in overdraft for a maximum of 14 consecutive working days
with a limit of 36 days in a quarter.
About WMAs :
● Definition and Purpose : WMA is a mechanism used by Reserve Bank of India (RBI) under its
credit policy to provide to States, banking with it, to help them tide over temporary mismatches in
the cash flow of their receipts and payments.
● Introduction and Legal Framework:The WMA scheme was introduced in 1997.
● Guided by Section 17(5) of the RBI Act, 1934.
● Advances are repayable within three months from the date of making the advance.
● Interest Rates:Interest is charged at the existing repo rate.
● If the WMA exceeds 90 days, it is treated as an overdraft, with an interest rate 2 percentage
points higher than the repo rate.
● Eligibility and Objective:Section 17(5) of the RBI Act allows the RBI to make WMA to both the
Central and State Governments.
● The objective is to bridge the interval between expenditure and receipts.
● Types of WMA:
➢ Normal WMA: Clean advances without any collateral.
➢ Special WMA (Special Drawing Facility (SDF)): Secured advances provided against the
pledge of Government of India dated securities.
Reserve Bank of India Reports Rs 3.4 Lakh Crore Increase in Home Loan Outstanding Over 12 Months
● Housing loan outstanding expanded at a faster pace even as the growth in the personal loan
segment decelerated on a year-on-year basis in May 2024.
● Accelerated Growth in Housing Loans:Housing loan outstanding grew by 16.9% (Rs 3.40 lakh
crore) to Rs 23.49 lakh crore in May 2024, compared to 13.8% (Rs 20.09 lakh crore) in May
2023.
● Moderation in Personal Loans:Growth in personal loans slowed to 17.8% (y-o-y) in May 2024
from 19.1% in May 2023, mainly due to decelerated growth in other personal loans.
● Sector-Specific Credit Growth:Agriculture and Allied Activities:Credit growth to agriculture and
allied activities accelerated to 21.6% (y-o-y) to Rs 21.39 lakh crore in May 2024, from 16.0% in
May 2023.
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Important Monthly Current Affairs Capsule – June 2024
Reserve Bank of India Imposes ₹29.6 Lakh Fine on HSBC for Violating Credit Card Regulations
● The Reserve Bank of India (RBI) imposed a monetary penalty of ₹29.60 lakh on The Hongkong
and Shanghai Banking Corporation Limited (HSBC) for non-compliance with specific RBI
directions.
● Non-Compliance Details:HSBC failed to comply with RBI directions on ‘Credit Card, Debit Card,
and Rupee Denominated Co-branded Prepaid Card operations of Banks’, reiterated in the
‘Reserve Bank of India (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022’.
● Specifically, HSBC did not ensure proper calculation methods to prevent negative amortisation
while computing the Minimum Payment Due in certain credit card accounts.
● Regulatory Provisions:The penalty was imposed under Section 47A(1)(c) read with Section
46(4)(i) of the Banking Regulation Act, 1949.
What is Minimum Payment Due?
● The Minimum Payment Due (MPD) is the least amount that must be paid on a credit card bill
each month to avoid late fees and penalties.
● Typically, it is a percentage of the total outstanding balance on the credit card.
About HSBC :
● Founded: 3 March 1865
● Headquarters: London, United Kingdom
SEBI Increases Basic Demat Account Limit to Rs 10 Lakh to Encourage Participation
● Securities and Exchange Board of India (SEBI) increased the threshold for the Basic Services
Demat Account (BSDA) to Rs 10 lakhs from the current Rs 2 lakhs to boost participation of small
investors in the securities market.
● The new guidelines will come into force from September 1,2024.
● Objective : To encourage small investors to trade in the stock market and ensure their financial
inclusion.
What is meant by BSDA?
● A basic service demat account, or BSDA, is a more basic version of a regular demat account.
● The facility was introduced by markets regulator Sebi in 2012 to reduce the burden of demat
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Important Monthly Current Affairs Capsule – June 2024
charges on investors with small portfolios.
Eligibility Criteria :
● The investor must have only one demat account as the sole or first holder.
● The investor must have only one BSDA across all depositories.
● The value of securities in the BSDA must not exceed Rs 10 lakh for debt and non-debt securities
combined.
World Bank Sanctions $1.5 Billion Loan for India's Green Hydrogen Initiative
● The World Bank has approved a $1.5-billion loan to help India accelerate its low-carbon energy
development.
● The funds will be used to promote a market for green hydrogen, electrolysers, and increased
renewable energy penetration.
● This is the second round of funding from the World Bank towards India's green energy initiatives,
following the $1.5 billion First Low-Carbon Energy Programmatic Development Policy Operation
in June 2023.
● Alignment with Initiatives: This operation aligns with the Government of India’s energy security
and the World Bank’s Hydrogen for Development (H4D) partnership.
● Partnership and Financing: The financing for this operation includes:
➢ $1.46 billion loan from the International Bank for Reconstruction and Development (IBRD).
➢ $31.5 million credit from the International Development Association (IDA).
About World Bank :
● Established : July 7, 1944
● Headquarters : Washington, D.C., United States
● President : Ajay Banga
● The World Bank is an international financial institution that provides loans and grants to the
governments of low- and middle-income countries for the purpose of pursuing capital projects.
AWARDS AND HONOUR
NIMHANS Receives WHO Nelson Mandela Award for Health Promotion 2024
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Important Monthly Current Affairs Capsule – June 2024
• The National Institute of Mental Health and Neuro Sciences (NIMHANS), Bengaluru, India’s
premier mental health institution, has been honoured with the prestigious Nelson Mandela Award
for Health Promotion for 2024 by the World Health Organization (WHO).
• This accolade acknowledges the remarkable contributions of individuals, institutions, and
organizations to health promotion.
Indian-American Bruhat Soma from Florida wins Scripps National Spelling Bee
• Bruhat Soma, a 12-year-old Indian-American seventh-grader from Florida, emerged victorious at
the prestigious Scripps National Spelling Bee.
• Continuing the tradition of excellence within the small ethnic community, Bruhat demonstrated
exceptional spelling prowess by correctly spelling
• 29 words in the tiebreaker round, earning him over $50,000 in cash and prizes.
• The 2024 Scripps National Spelling Bee witnessed a thrilling tiebreaker between Bruhat and
Faizan Zaki.
Nar Singh, Rohini Lokhande win Dilip Bose lifetime achievement award
• The All India Tennis Association (AITA) has announced the Dilip Bose award for lifetime
achievement to coach Nar Singh.
• The award along with a cash prize of Rs.50,000 will be presented during the 11th National
coaches workshop to be held at the PYC Hindu Gymkhana in Pune on June 7 and 8.
• The secretary general of AITA, Anil Dhupar, announced a new lifetime achievement award for
women coaches.
Vellayan Subbiah of TII was named EY World Entrepreneur of the year 2024
● Vellayan Subbiah, Executive Vice-Chairman of Tube Investments of India (TII) and Chairman of
Cholamandalam (Chola) Investment and Finance Co. Ltd., was named the EY World Entrepreneur
Of The Year 2024.
● Event: The award ceremony was held in Monaco’s Salle des Etoiles.
● Competition: Vellayan was selected from nearly 5,000 programme participants, including 51 winners
from 47 countries and jurisdictions.
● Historical Win: He is the fourth winner from India in the award’s 24-year history, making India the
only country among EY regions to win the global entrepreneurship award four times.
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Important Monthly Current Affairs Capsule – June 2024
WisdomNext to push generative AI play for Tata Consultancy Services
● Tata Consultancy Services (TCS) has launched TCS WisdomNext, a platform that consolidates
multiple generative artificial intelligence (GenAI) services into a single interface.
● Objective: The platform allows organizations to adopt next-gen technologies at scale within
regulatory frameworks and at lower costs.
● AI.Cloud Integration: TCS WisdomNext will be part of the newly-formed AI.Cloud unit of TCS.
● SaaS Features: The platform includes software-as-a-service (SaaS) capabilities, enabling customers
to:
Films with Transgender focus win big at KASHISH 2023
• The short film "Mehroon" secured two prestigious awards at the KASHISH International Film Festival
in Mumbai.
• Director: Abu Sohel Khondekar (she/they), a transwoman and queer filmmaker, directed the film and
received significant accolades.
• KASHISH QDrishti Film Grant 2023: Abu Sohel Khondekar won this grant to create "Mehroon."
• Special Jury Mention: After the film's screening on May 19, 2024, at Liberty Cinema, Mumbai,
Khondekar received the Special Jury Mention for the Riyad Wadia Award for Best Emerging Indian
Filmmaker.
MIFF 2024 Launches Inaugural Documentary Film Bazaar
● The 18th Mumbai International Film Festival (MIFF) 2024 witnessed the inauguration of its first-ever
Documentary Film Bazaar, marking a significant milestone for the festival as the leading platform for
non-feature films in South Asia.
● The Documentary Film Bazaar, a pioneering initiative, aims to elevate the documentary film industry
by providing filmmakers with a unique platform to connect with buyers, sponsors, and collaborators.
● Held from June 16 to 18, 2024, at the NFDC complex, this groundbreaking event has attracted
nearly 200 projects from 10 countries, spanning 27 languages.
The Bazaar features three main verticals:
● Co-production Market: Showcasing 16 projects to connect filmmakers with potential collaborators
and financiers globally.
● Work-in-Progress (WIP) Lab: Featuring 6 projects in rough-cut stages, providing crucial feedback
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Important Monthly Current Affairs Capsule – June 2024
and mentorship.
● Viewing Room: Exhibiting 106 completed documentaries, short films, and animations to curated
delegates for distribution and funding opportunities.
● The Bazaar hosts stalls from diverse organizations such as Maharashtra Film, Stage and Cultural
Development Corporation Ltd., and features international representation from countries like Sri
Lanka, Belarus, Iran, and Argentina, facilitated by the Union Ministry of Tourism.
Vinod Ganatra Receives Nelson Mandela Lifetime Achievement Award
● Vinod Ganatra, a distinguished children’s filmmaker from India, has been honoured with South
Africa’s prestigious 'Nelson Mandela Lifetime Achievement Award' for his exceptional contributions
to children’s cinema.
● The award was bestowed upon him at the 7th Nelson Mandela Children’s Film Festival, making him
the first Indian to receive this esteemed recognition.
● Vinod Ganatra’s receipt of the Nelson Mandela Lifetime Achievement Award underscores his
significant impact on children’s cinema and his dedication to storytelling that inspires and educates
young audiences.
● His contributions have not only enriched Indian cinema but also resonated globally, earning him
acclaim and admiration across borders.
About the Nelson Mandela Lifetime Achievement Award:
● Named in honor of Nelson Mandela (1918-2013), the first black President of South Africa.
● Mandela was a pivotal figure in the fight against apartheid, dedicating his life to promoting peace,
equality, and justice.
● He spent 27 years in prison for his activism before becoming South Africa’s President in 1994,
symbolizing the end of apartheid.
● Mandela’s legacy includes his leadership in reconciliation and advocacy for human rights
worldwide.
● The award named after him recognizes individuals who have made profound contributions to
their fields and society at large, embodying Mandela’s spirit of perseverance and dedication to
positive change.
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Important Monthly Current Affairs Capsule – June 2024
RailTel Receives ET Government PSU Leadership & Excellence Award 2024
● RailTel was honoured with the ET Government PSU Leadership & Excellence Award 2024 in the
'Leadership in Digital Transformation' category.
● The award ceremony took place during the 5th ET Govt National PSU Summit 2024, where Dr.
Jitendra Singh presented the prestigious accolade.
● Achievements Recognized: The award acknowledges RailTel's exceptional contributions in digital
transformation within the public sector.
● RailTel was recognized for successfully implementing the Hospital Management Information
System (HMIS) across 709 healthcare facilities of Indian Railways.
GRSE Ltd. Receives Sustainable Governance Champion Award
● Garden Reach Shipbuilders & Engineers (GRSE) Ltd. was honoured with the "Sustainable
Governance Champion Award" at the Outlook Planet Sustainability Summit & Awards 2024.
● Commitment to Sustainability: This accolade underscores GRSE's steadfast dedication to
sustainable practices and governance excellence.
● The award recognizes GRSE's proactive efforts in embedding sustainability into its core
operations, fostering innovation, and promoting environmental stewardship, particularly within the
maritime and defence sectors.
Sanjana Thakur Wins 2024 Commonwealth Short Story Prize
● Sanjana Thakur has been named the overall winner of the 2024 Commonwealth Short Story
Prize.
● The prize, valued at £5,000 (approx. $8,664.38 Cdn), recognises the best piece of unpublished
short fiction from the Commonwealth's 56 member states.
● Thakur’s story, Aishwarya Rai, initially won the Asia category before being selected as the overall
winner.
About the Prize
● The Commonwealth Short Story Prize is awarded annually.
● It selects the best short fiction from five regional winners: Africa, Asia, Canada and Europe,
Caribbean, and Pacific.
Dr Usha Thakur Awarded the 12th Vishwa Hindi Samman In the Hindi Samvad Event
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Important Monthly Current Affairs Capsule – June 2024
● Dr Usha Thakur was awarded the 12th Vishwa Hindi Samman in a Hindi Samvad event
organised by the Embassy of India in Nepal recognising her contribution in development of Hindi
literature.
● She has translated more than 40 literature in Hindi and Nepali and strengthened Hindi language.
● This award is given by the Ministry of External Affairs, Government of India.
● 12th World Hindi Conference was held in Fiji in 2023.
APPOINTMENTS & RESIGNATIONS
PV Sindhu Named Brand Ambassador for Greenday's Better Nutrition, a Biofortified Staples Brand
• PV Sindhu, two-time Olympic medallist and world champion shuttler, has invested in and become
the brand ambassador for Greenday's 'Better Nutrition' brand.
• The collaboration aims to address micronutrient deficiencies in India through biofortified foods,
benefiting both consumer health and farmer livelihoods.
• The partnership between Sindhu and Greenday aims to improve consumer health and enhance
farmer prosperity by promoting the nutritional value of staple crops.
About Greenday :
• Founder & CEO : Prateek Rastogi
• Greenday, founded by Indian Institute of Management Ahmedabad alumni Rastogi and
Aishwarya Bhatnagar, works with farmers to cultivate nutrient-dense crop varieties.
Serie A Champions Inter Appoint Giuseppe Marotta as Club's New President
• Giuseppe Marotta, Inter Milan's current sporting Chief Executive Officer (CEO), is set to become
the club's new president.
• Marotta's appointment follows the nomination by Inter Milan's new owners, Oaktree, a US-based
investment firm.
• Marotta, considered the architect of Inter’s recent return to football’s top table, will replace
outgoing president Steven Zhang following a shareholders’ meeting in Milan in which a new
board will also be appointed.
About Inter Milan :
• Founded : 9 March 1908
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Important Monthly Current Affairs Capsule – June 2024
• Football Club Internazionale Milano, commonly referred to as Internazionale or simply Inter, and
colloquially known as Inter Milan in English-speaking countries,is an Italian professional football
club based in Milan, Lombardy.
• Inter is the only Italian side to have always competed in the top flight of Italian football since its
debut in 1909.
Businesswoman Halla Tomasdottir Elected as New President of Iceland
• Halla Tomasdottir, a businesswoman and Chief Executive Officer (CEO) of B Team, has been
elected as the 7th President of Iceland.
• Tomasdottir will assume office on August 1, 2024, replacing the current President Gudni
Johannesson, who did not seek re-election after two-four-year terms in office.
• She will be the 2nd woman to hold the office after Vigdis Finnbogadottir, who was the first woman
in the world to be democratically elected as president in 1980.
About Iceland :
• Prime Minister : Bjarni Benediktsson
• Capital : Reykjavík
• Currency : Icelandic króna
• According to a World Economic Forum report in 2023, Iceland is the most gender-equal country
in the world.
Dr. Helen Mary Roberts Becomes First minority community Woman to Achieve Brigadier Rank in
Pakistan Army
• Dr Helen Mary Roberts, serving in the Pakistan Army Medical Corps, has made history by
becoming the first woman from the minority community to achieve the rank of brigadier in the
Muslim-majority country.
• Before Brigadier Roberts, Major General Nigar Johar had broken gender barriers in June 2020 by
becoming the country’s first female officer to be promoted to the rank of lieutenant general.
• Pakistan is a Muslim-majority country, with Muslims comprising 96.47% of the population,
followed by Hindus (2.14%), Christians (1.27%), Ahmadi Muslims (0.09%), and others (0.02%),
according to data from the Pakistan Bureau of Statistics in 2021.
Government Appoints Saurabh Garg as Full-Time Secretary of Ministry of Statistics and Programme
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Important Monthly Current Affairs Capsule – June 2024
Implementation
● Saurabh Garg, a 1991-batch Odisha cadre IAS officer, has been appointed as the full-time
Secretary of the Ministry of Statistics and Programme Implementation (MoSPI).
● Prior to this, Garg was holding additional charge as Secretary, MoSPI.
● Before Garg, the MoSPI Secretary was GP Samanta, who held the position until April 15, 2024.
● Garg also currently serves as Secretary, Department of Social Justice & Empowerment, and has
been given charge of Secretary, National Statistical Commission (NSC).
Shah Rukh Khan Named New Brand Ambassador for Muthoot Pappachan Group
● Muthoot Pappachan Group (MPG), popularly known as Muthoot Blue, has roped in Shah Rukh
Khan as its brand ambassador.
● This strategic collaboration represents a significant milestone for MPG, reinforcing its brand
presence, and a new way of connecting with a diverse audience across the country.
About Muthoot Pappachan Group :
● Founded : 1887
● Headquarters : Thiruvananthapuram, Kerala, India
● Chairman : Thomas John Muthoot
● Muthoot Pappachan Group is the promoter of leading Non-Banking Financial Companies
(NBFCs) including Muthoot FinCorp Limited (flagship Company of the Group), Muthoot Microfin
Limited, Muthoot Capital Services Limited and Muthoot Housing Finance Company Limited.
● CEO of Muthoot FinCorp : Shaji Varghese
Airtel Names Sharat Sinha as New Chief Executive Officer of Airtel Business
● Telecommunications services provider Bharti Airtel has appointed Sharat Sinha as the Chief Executive
Officer (CEO) of Airtel Business, effective June 3, 2024, who will be reporting to Gopal Vittal, CEO and
Managing Director, Airtel.
● He will also be a part of the Airtel Management Board.
● Sinha joins Airtel Business from Checkpoint Software Technologies, where he served as President of
Pacific.
About Bharti Airtel :
● Founded : 7 July 1995
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● Headquarters : New Delhi, India
● MD & CEO : Gopal Vittal
About Airtel Business :
● Airtel Business is the business-to-business arm of Bharti Airtel, offering a diverse portfolio of products
services such as data connectivity, voice and messaging, conferencing, cloud, data centre, security,
Internet of things, enterprise mobility and many more.
Claudia Sheinbaum Secures Landslide Victory to Become Mexico's 1st Female President
• A climate scientist and former mayor of Mexico City, Claudia Sheinbaum secured a sweeping win
to become Mexico's first female president.
• She succeeded her mentor and outgoing leader, Andres Manuel Lopez Obrador, whose strong
support among the impoverished contributed to her victory
• Sheinbaum clinched the presidency with an estimated vote share ranging from 58.3% to 60.7%,
according to a swift sample count by Mexico's electoral body.
• This marks a historic high in Mexico's democratic record for vote percentage.
• Sheinbaum is the first woman to win a general election in the United States, Mexico, or Canada.
About Mexico :
• Capital: Mexico City
• Currency: Mexican Peso
• Mexico, officially the United Mexican States, is a country in the southern portion of North America.
Vijaya Bharathi Sayani Appointed as Acting Chairperson of National Human Rights Commission
• Smt. Vijaya Bharathi Sayani, Member of the National Human Rights Commission (NHRC), has
been authorized to act as the Chairperson of NHRC by the President, under Section 7(1) of the
Protection of Human Rights Act, 1993.
• This appointment is effective from June 2, 2024, until the appointment of a new Chairperson to fill
the vacancy.
• Sayani will replace Justice (Retd) Arun Kumar Mishra, who completed his three-year tenure as the
eighth Chairperson of NHRC on June 1, 2024.
About NHRC :
• Establishment: NHRC is a statutory body established on October 12, 1993, under the Protection of
Human Rights Ordinance of September 28, 1993.
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Important Monthly Current Affairs Capsule – June 2024
• Headquarters: New Delhi, Delhi, India.
• Mandate: NHRC is responsible for the protection and promotion of human rights, which are defined
by the act as "Rights Relating To Life, liberty, equality, and dignity of the individual guaranteed by
the constitution or embodied in the international covenants and enforceable by courts in India."
• Composition:
• NHRC consists of:
• Chairperson
• Five members (excluding the ex-officio members)
Indian Railway Service of Mechanical Engineering, Sushil Kumar Singh Appointed as Chairperson of
Deendayal Port Authority
• Appointment of Sushil Kumar Singh as Chairperson of Deendayal Port Authority (DPA), Kandla
approved by the Appointments Committee of the Cabinet.
• Mr. Singh is from the Indian Railway Service of Mechanical Engineering (IRSME) with the batch of
1992.
• The appointment falls under the Ministry of Ports, Shipping, and Waterways.
• Singh's tenure extends until January 31, 2027, or until further orders, whichever is earlier.
• The appointment is significant for the management and development of the Deendayal Port
Authority.
Mohan Charan Majhi Takes Oath as Odisha’s Chief Minister
• Mohan Charan Majhi, a four-time Member of the Legislative Assembly (MLA) and tribal leader,
was sworn in as the first Bharatiya Janata Party (BJP) Chief Minister of Odisha.
• Majhi is the third tribal Chief Minister of Odisha, following Hemanand Biswal and Giridhar
Gamang, since the state was formed in 1936.
• K. V. Singh Deo, a six-time MLA from Patnagarh, and Prabhati Parida, a first-time MLA from
Nimapara, were sworn in as Deputy Chief Ministers.
• The two leaders will serve as Deputy Chief Ministers in the State’s first BJP government.
About Odisha :
• Governor : Raghubar Das
• Chief Minister : Mohan Charan Majhi
• Capital : Bhubaneswar
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Important Monthly Current Affairs Capsule – June 2024
• National Park : Bhitarkanika National Park, Simlipal National Park
• Wildlife Sanctuaries : Gahirmatha Marine Wildlife Sanctuary, Baisipalli Wildlife Sanctuary
• Ramsar Sites : Ansupa Lake, Bhitarkanika Mangroves, Chilika Lake (first Indian wetland of
international importance under the Ramsar Convention), Hirakud Reservoir, Satkosia Gorge,
Tampara Lake
Pema Khandu Poised to Serve 3rd Term as Chief Minister of Arunachal Pradesh
• Bharatiya Janata Party (BJP) leader Pema Khandu has been sworn in as the Chief Minister of
Arunachal Pradesh for his 3rd consecutive term.
• Along with him, BJP's Chowna Mein was sworn in as the deputy chief minister for the second
term.
• The swearing-in ceremony held at DK State Convention Centre in Itanagar was attended by
Union Ministers Amit Shah, JP Nadda, Kiren Rijiju, and Assam Chief Minister Himanta Biswa
Sarma.
• Khandu, 44, became Chief Minister for the first time in 2016.
About Arunachal Pradesh :
• Governor : Kaiwalya Trivikram Parnaik
• Chief Minister : Pema Khandu
• Capital : Itanagar
• National Parks : Mouling National Park, Namdapha National Park
• Wildlife Sanctuaries : Dibang Wildlife Sanctuary, Eagle Nest Wildlife Sanctuary
Chandrababu Naidu Sworn in as Andhra Pradesh Chief Minister for 4th Term
• Nara Chandrababu Naidu, the chief of the Telugu Desam Party (TDP), was sworn in as Chief
Minister of Andhra Pradesh for the 4th time.
• The oath-taking ceremony took place at Kesarapalli IT Park near Vijayawada, in Krishna district,
AP.
• While setting this record, he broke the one set by his father-in-law and party founder NT Rama
Rao, a three-time chief minister of the state.
About AP :
• Capital : Amaravati
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Important Monthly Current Affairs Capsule – June 2024
• National Park : Papikonda National Park, Rajiv Gandhi (Rameshwaram) National Park, Sri
Venkateswara National Park
• Wildlife Sanctuaries : Coringa Wildlife Sanctuary, Kambalakonda Wildlife Sanctuary, Krishna
Wildlife Sanctuary, Gundla Brahmeswaram Wildlife Sanctuary
Prem Prabhakar Appointed as Managing Director and Chief Executive Officer of SBICAP Ventures
Limited
• Prem Prabhakar has been appointed as the new Managing Director and Chief Executive Officer
of SBICAP Ventures Limited (SVL).
• In his new role, Prabhakar will be responsible for overseeing the strategic direction, operational
efficiency and overall growth of the company.
• Prabhakar brings over 24 years of extensive experience in the banking sector.
• Prior to this appointment, he served as General Manager at the State Bank of India (SBI).
Harsh Pati Singhania was Elected as 1st Vice-Chair of the International Chamber of Commerce.
• Harsh Pati Singhania, Chairman and Managing Director (CMD) of JK Paper Limited and Director
of JK Organisation, has been elected as the First Vice-Chair of the International Chamber of
Commerce (ICC), Paris.
• The election took place during the World Council meeting on June 11 in Paris, France.
About the International Chamber of Commerce (ICC):
• Headquarters: Paris, France
• Current Chair: María Fernanda Garza
• The ICC is the largest and most representative business organization in the world.
• Represents over 45 million businesses globally.
• Known as the "voice of world business."
PNB MetLife Names Sameer Bansal as New MD and CEO, Succeeding Ashish Srivastava
● PNB MetLife India Insurance has appointed Sameer Bansal as the Managing Director (MD) and
Chief Executive Officer (CEO) effective from July 1, 2024, subject to regulatory approvals.
● He will succeed Ashish Srivastava, who will become the MD for MetLife Inc.’s Global Shared
Services team in India.
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Important Monthly Current Affairs Capsule – June 2024
● Bansal has over 25 years of experience in financial services, including extensive and successful
experience in leading Distribution through Bancassurance, Agency, Digital, Employee Benefits
and Direct marketing business models.
About PNB MetLife Insurance :
● Founded: 2001
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Ashish Kumar Srivastava
● PNB MetLife Insurance is a joint venture between MetLife International Holdings LLC (46%
stake) and Punjab National Bank (30% stake).
● Product Offerings:PNB MetLife offers various insurance products focusing on Child Education,
Family Protection, Long-Term Saving, and Retirement.
● The company has a wide range of protection and retirement products available through its sales
channel of over 19,500 financial advisors and multiple bank partners.
● Market Presence:PNB MetLife caters to over 590 group relationships in India, demonstrating a
significant presence in the Indian insurance market.
N. Chandrababu Naidu Set to Swear In as Andhra Pradesh Chief Minister on June 12
● N. Chandrababu Naidu, the national president of the Telugu Desam Party (TDP), will take oath as
the Chief Minister of Andhra Pradesh on June 12, 2024, at Kesarapalli IT Park in Gannavaram,
Krishna District, Andhra Pradesh (AP).
● The oath-taking ceremony will be attended by National Democratic Alliance (NDA) Prime Ministerial
candidate Narendra Modi, along with several senior NDA leaders and Chief Ministers from other
states.
● The NDA secured victory in 164 out of the total 175 Assembly constituencies. The TDP won 135
seats, the Jana Sena Party (JSP) secured 21 seats, and the Bharatiya Janata Party (BJP) won 8
seats, while the YSR Congress Party (YSRCP) secured 11 seats.
About Andhra Pradesh
● Capital: Amaravati
● Governor: S. Abdul Nazeer
● National Park : Papikonda National Park, Rajiv Gandhi (Rameswaram) National Park
● Wildlife Sanctuary : Coringa Wildlife Sanctuary, Gundla Brahmeswaram Wildlife Sanctuary,
Koundinya Wildlife Sanctuary
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Important Monthly Current Affairs Capsule – June 2024
Cameroon's Philemon Yang Elected as President of Upcoming General Assembly Session
● Philemon Yang, former Prime Minister of Cameroon, has been elected as the President of the
upcoming 79th session of the UN General Assembly (UNGA), scheduled to begin in September,
2024.
● Yang will succeed Denis Francis of Trinidad and Tobago, the president of the 78th UNGA session.
● Yang served as Cameroon's Prime Minister from 2009 to 2019 and has been serving as the Grand
Chancellor of National Orders at the Presidency of the Republic since 2020.
● He also served as Cameroon's high commissioner to Canada from 1984 to 2004 and has chaired
the Panel of Eminent Africans of the African Union since February 2020.
About United Nations General Assembly :
● Established in 1945 under the Charter of the United Nations, the General Assembly is the main
policy-making organ of the Organisation.
● Headquarters : New York City, United States
● President : Dennis Francis
● It provides a unique forum for multilateral discussion of the full spectrum of international issues
covered by the Charter.
Competition Commission of India Appoints IRS Officer Inder Pal Singh Bindra as Secretary
● The Competition Commission of India (CCI) has appointed an Indian Revenue Service (IRS)
officer, Inder Pal Singh Bindra as its new Secretary.
● Bindra's appointment as CCI Secretary is on a deputation basis for a period of 3 years.
● Bindra will replace Anupama Anand, who has resigned after being appointed in September 2023
for a period of 3 years.
● Prior to his appointment as CCI Secretary, Bindra was posted as an officer in the income tax
department.
About CCI :
● Founded : 14 October 2003
● Headquarters : New Delhi
● Chairman : Ravneet Kaur
● The CCI is the chief national competition regulator in India.
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Important Monthly Current Affairs Capsule – June 2024
● It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the
Competition Act, 2002 to promote competition and prevent activities that have an appreciable
adverse effect on competition in India.
Prem Singh Tamang Sworn in as Sikkim Chief Minister:
● Prem Singh Tamang, the leader of Sikkim Krantikari Morcha (SKM), has taken oath as Chief
Minister of Sikkim for a second consecutive term.
● Governor Lakshman Prasad Acharya administered the oath of office and secrecy during a
ceremony held at Paljor Stadium, where Tamang and his Council of Ministers were sworn in.
● SKM secured an overwhelming victory in the assembly polls, winning 31 out of 32 seats, while
the opposition Sikkim Democratic Front (SDF) managed only one seat.
Kamal Kishore Soan Assumes Role as Director General of Employees’ State Insurance Corporation
● Kamal Kishore Soan, a senior IAS officer from the 1998 Jharkhand Cadre, has taken on the
additional role of Director General of the Employees' State Insurance Corporation (ESIC) while
continuing as Additional Secretary and Director General, Labour Welfare in the Ministry of Labour
& Employment.
● He has extensive experience in governance and management across various departments in
Jharkhand, including Land Revenue Management, District Administration, Agriculture, Health,
Building Construction, Transport, Finance, Energy, Water Resources, and Social Justice &
Empowerment.
About ESIC :
● Formed: 24 February 1952
● Headquarters: New Delhi, Delhi
● ESIC is a significant statutory social security body operating under the Ministry of Labour and
Employment, Government of India, tasked with providing social security to workers.
Vice Chief of the Army Staff Lieutenant General Upendra Dwivedi Named the 30th Chief of Army
Staff
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Important Monthly Current Affairs Capsule – June 2024
• The Government has appointed Lieutenant General Upendra Dwivedi, presently serving as Vice
Chief of the Army Staff, as the 30th Chief of the Army Staff with effect from the afternoon of June
30, 2024.
• The present Chief of the Army Staff Gen Manoj C Pande, demits office on June 30, 2024.
• The term of Chief Pande was extended in a rare move by a month due to ongoing Lok Sabha
polls in the country.
• Gen Pande was to retire from service on May 31, 2024.
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
Jyoti Vij was appointed as the new director general of the Federation of Indian Chambers of Commerce
and Industry
• The Federation of Indian Chambers of Commerce (FICCI) announced the appointment of Jyoti
Vij as FICCI's director general.
• Shailesh Pathak, Secretary General of FICCI, has resigned from his position citing personal
reasons.
• Jyoti Vij is a seasoned industry professional with over 30 years of experience working with
leading Indian industry chambers.
About FICCI :
• Founded : 1927
• Headquarters : New Delhi, Delhi
• President : Dr Anish Shah
• The FICCI is a non-governmental trade association and advocacy group based in India
Ajit Doval Reappointed as National Security Advisor, PK Mishra to Remain Principal Secretary to Prime
Minister
● Ajit Doval has been reappointed as the National Security Advisor and PK Mishra as the Principal
Secretary to the Prime Minister with effect from June 10,2024 in a resounding vote for continuity
under Narendra Modi’s 3rd term as the Prime Minister.
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Important Monthly Current Affairs Capsule – June 2024
● Both Doval and Mishra will be assigned the rank of a cabinet minister in the table of precedence
during their term in office.
● The Appointments Committee of the Cabinet (ACC) has also approved the reappointment of Amit
Khare and Tarun Kapoor as advisors to the PM, in the Prime Minister's Office, for 2 years.
About ACC :
● Established : January 26, 1950
● Headquarters : New Delhi
● Chairperson : Narendra Modi (Prime Minister of India)
Delhi Metro Rail Corporation Appoints Manuj Singhal as New Director of Infrastructure
● Manuj Singhal, an Indian Engineering Service (IES) officer of the 1994 batch, has been
appointed as the new Director (Infrastructure) at Delhi Metro Rail Corporation (DMRC).
● He will oversee maintenance activities related to civil, electrical, signal, AFC (Automatic Fare
Collection), telecom, rolling stock, and solar power systems at DMRC.
About DMRC :
● Founded : 3 May 1995
● Headquarters : New Delhi, Delhi
● Chairman : Manoj Joshi
● The DMRC is a centre-state joint venture that operates the Delhi Metro and Noida Metro.
Cyril Ramaphosa Re-Elected as South African President for 2nd Term
● The South African parliament re-elected Cyril Ramaphosa, the African National Congress’s
(ANC) President, as the President of South Africa during the first sitting of the National Assembly
of the 7th Parliament.
● ANC has reached a broad agreement with the main opposition and other parties to form a
coalition government, aiming to end a political deadlock after the ANC lost its 30-year majority in
an election two weeks ago.
● The election took place on May 29,2024 with 339 ballot papers issued and counted, including 12
invalid ballots.
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Important Monthly Current Affairs Capsule – June 2024
● Ramaphosa secured 283 votes, while Julius Malema, leader of the Economic Freedom Fighters
(EFF), received 44 votes.
● This marks Ramaphosa’s second term as South Africa’s president, having first taken office on
February 15, 2018, and re-elected on May 22, 2019, following the 2019 elections.
About South Africa :
● Capital : Pretoria (executive), Cape Town (legislative), Bloemfontein (judicial)
● Currency : South African rand
BJP's Tesam Pongte Elected as the new Speaker of Arunachal Pradesh Assembly
● Tesam Pongte, Member of the Legislative Assembly (MLA) from Changlang North, has been
elected unanimously as the Speaker of the 8th Arunachal Pradesh Legislative Assembly as there
was no other nomination received for the post.
● The special session of the Assembly started with the election of the Speaker.
● BJP’s Kardo Nyigyor, who was elected from the Likabali Assembly constituency, was also
elected uncontested as the Deputy Speaker of the House.
About Arunachal Pradesh :
● Governor : Kaiwalya Trivikram Parnaik
● Chief Minister : Pema Khandu
● Capital : Itanagar
● National Parks : Mouling National Park, Namdapha National Park
● Wildlife Sanctuaries : Dibang Wildlife Sanctuary, Eagle Nest Wildlife Sanctuary
Paytm Names Former-SEBI Whole-Time Member Rajeev Agarwal as Independent Director
● Rajeev Krishnamuralilal Agarwal has been appointed as Non-Executive Independent Director at
One 97 Communications Limited (OCL), the company that owns the Paytm brand.
● Neeraj Arora has stepped down as Non-Executive Independent Director of One 97
Communications Limited due to other commitments and personal reasons.
About Paytm :
● Founded : August 2010
● Headquarters : Noida, Uttar Pradesh, India
● Founder & CEO : Vijay Shekhar Sharma
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Important Monthly Current Affairs Capsule – June 2024
Global Wind Energy Council India Appoints Girish Tanti from Suzlon Group as New Chairman
● Suzlon Vice Chairman Girish Tanti has been elected as the Chair of Global Wind Energy Council
India (GWEC India).
● He was elected Vice-Chair of GWEC in April, 2024.
● Responsibilities: As Chair of GWEC India, Tanti will play a crucial role in collaborating with
national and state governments to establish policy frameworks and drive momentum in India's
wind energy sector, encompassing both onshore and offshore wind projects.
● India ranks as the world’s 4th-largest wind market with significant onshore wind capacity (46 GW)
and a prominent manufacturing hub for wind energy components.
● Note : Global Wind Day or World Wind Day is a worldwide event that is held on June 15.
● GWEC India Chair : Girish Tanti
About GWEC :
● Established : 2005
● Headquarters : Brussels, Belgium
● CEO : Ben Backwell
● Membership: Represents over 1,500 companies, organizations, and institutions in more than 80
countries, including manufacturers, developers, suppliers, research institutes, and renewable
energy associations.
● GWEC is a member-based organisation that represents the entire wind energy sector.
Sudhakararao Papa going to be the next Director (Enterprise) of BSNL
● Sudhakararao Papa is set to be the next Director (Enterprise) of Bharat Sanchar Nigam Limited
(BSNL).
● He has been recommended for the post by the Public Enterprises Selection Board (PESB) panel
on June 15.
● Presently, he is serving as Chief General Manager (Chennai Telecom District Circle) in the same
organisation.
● As Director (Enterprise) of BSNL, Papa will be a member of the Board of Directors and reports to
the Chairman and Managing Director (CMD).
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Important Monthly Current Affairs Capsule – June 2024
● He will act as head of the Enterprise Business unit and will be responsible for business from big
corporate customers and small & medium enterprises (SMEs).
● He will be responsible for all aspects of the business including product design, product pricing,
sales, marketing, customer service etc.
Dhanlaxmi Bank appoints Ajith Kumar KK as MD and CEO
● Private sector Dhanlaxmi Bank stated it has appointed Ajith Kumar KK as Managing Director
(MD) of the bank.
● He will take charge on June 20, Kerala-based Dhanlaxmi Bank stated in a regulatory filing.
● The board at its meeting approved the appointment of Ajith Kumar KK as Managing Director &
CEO of the bank for a period of three years with effect from June 20, 2024, and on such
remuneration as approved by RBI vide letter dated April 18, it stated.
● The bank will seek approval of the shareholders for the stated appointment within the prescribed
time period in accordance with the applicable provisions of the Companies Act, 2013 and SEBI
regulation.
● He is presently the Chief Human Resources Officer at Federal Bank in the cadre of president
President Appoints Bhartruhari Mahtab, 7-time Member of Parliment, as Pro-Tem Speaker of Lok
Sabha
● President Droupadi Murmu appointed Bhartruhari Mahtab, a 7-term Member of Parliament (MP)
from Cuttack, as the pro-tem Speaker of the 18th Lok Sabha.
● This appointment was made under Article 95(1) of the Constitution to perform the duties of the
Speaker until the election of a Speaker.
Role of Pro-tem Speaker:
● The Speaker is the Presiding Officer of Lok Sabha and thus have some key duties related to the
day-to-day proceedings of the House.
● Since the Speaker has to be elected by a simple majority in the House, until then, a pro-tem
Speaker is chosen to perform the Speaker’s duties, including the oath-taking of MPs.
● The word ‘pro-tem’ means ‘for the time being’ or ‘temporarily’.
Government Appoints Atul Kumar Chaudhary as Secretary of Telecom Regulatory Authority of India
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Important Monthly Current Affairs Capsule – June 2024
● The government has appointed Atul Kumar Chaudhary as the new Secretary of the Telecom
Regulatory Authority of India (TRAI).
● The position was vacant following the superannuation of V Raghunandan on May 31, 2024.
● As the new Secretary of the telecom regulator, Chaudhary would have major responsibilities to
steer some of the guidelines and policies, along with the stakeholders in terms of quality of
services, especially on pesky (unsolicted calls) and new Broadcasting Policy.
About TRAI :
● Established : 20 February 1997
● Headquarters : New Delhi
● Chairperson : Anil Kumar Lahoti
● The TRAI is a regulatory body set up by the Government of India under section 3 of the Telecom
Regulatory Authority of India Act, 1997.
● It is the regulator of the telecommunications sector in India.
Bharat Electronics Names Manoj Jain as New Managing Director and Chairman
● Bharat Electronics Limited (BEL) has appointed Manoj Jain as the new Chairman and Managing
Director of the company.
About BEL :
● Founded: 1954
● Headquarters : Bangalore, Karnataka, India
● BEL is an Indian Government-owned aerospace and defence electronics company.
● It primarily manufactures advanced electronic products for ground and aerospace applications.
● BEL is one of sixteen PSUs under the Ministry of Defence of India.
● It has been granted Navratna status by the Government of India.
● As of 31 March 2024, the Government of India held a 51.14% stake in the company.
GST Rate Rationalisation Panel Reformed with Bihar Deputy CM Chaudhary as Convenor
● Bihar Deputy Chief Minister Samrat Chaudhary has been appointed as the convenor of the
Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalisation.
● Samrat Chaudhary will replace Finance Minister of Uttar Pradesh Suresh Khanna.
Composition of Reconstituted Panel:
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Important Monthly Current Affairs Capsule – June 2024
● Members include:
➢ Uttar Pradesh Finance Minister Suresh Kumar Khanna
➢ Goa Transport Minister Mauvin Godinho
➢ Rajasthan Medical and Health Services Minister Gajendra Singh
➢ West Bengal Finance Minister Chandrima Bhattacharya
➢ Karnataka Revenue Minister Krishna Byre Gowda
➢ Kerala Finance Minister K N Balagopal
● Reason for Reconstitution:The reconstitution was necessary to include Samrat Chaudhary in the
panel after the JD(U)-BJP alliance formed the government in Bihar, and Chaudhary was given
the finance portfolio, replacing Vijay Kumar Chaudhary.
● The primary aim of this reconstituted GoM will be to streamline GST rates, review exemptions,
and boost GST revenues.
● This is the second time that the GST rate rationalisation panel was reconstituted.
● The GoM was originally set up in September 2021, under the Karnataka Chief Minister Basavaraj
Bommai.
● Rate rationalization entails the possibility of reassigning items across different tax slabs.
Bank of Baroda Names Tennis Star Sumit Nagal as Brand Ambassador
● Bank of Baroda (BoB) has appointed Indian tennis player Sumit Nagal as its brand endorser.
● The appointment reflects the bank’s strategy of supporting emerging Indian athletes, especially
on the global stage.
● In January 2024, Nagal made history by becoming the first Indian in 35 years to defeat a seeded
player in a Grand Slam men’s singles match at the Australian Open.
● Bank of Baroda's Other Brand Ambassadors:Sumit Nagal joins other esteemed brand
ambassadors of Bank of Baroda, including PV Sindhu and Shafali Verma.
About Bank of Baroda :
● Founded : 20 July 1908
● Headquarters : Vadodara, Gujarat, India
● MD & CEO : Debadatta Chand
● Tagline : India’s International Bank
National Testing Agency Director General Subodh Kumar Singh Removed, Pradeep Singh Kharola
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Important Monthly Current Affairs Capsule – June 2024
Assumes Additional Charge Of NTA’s DG
● Amid the NEET-UG, UGC NET, and CSIR UGC NET cancellation and postponement, the
Ministry of Education (MoE) has appointed retired Indian Administrative Officer Pradeep Singh
Kharola as the new director general of the National Testing Agency (NTA) till the appointment of
a regular incumbent.
● Subodh Kumar Singh, the previous National Testing Agency (NTA) DG, has been removed and
placed on compulsory wait in the Department of Personnel and Training (DoPT) amid
controversy over exam irregularities.
● The Education Ministry has also set up a 7-member panel headed by former ISRO chief K
Radhakrishnan to review the agency's functioning and recommend exam reforms.
● The other constituent members include Dr. Randeep Guleria, Former Director, AIIMS Delhi, Prof.
B J Rao, Vice Chancellor, Central University of Hyderabad, Prof. Ramamurthy K, Professor
Emeritus, Department of Civil Engineering, IIT Madras, Pankaj Bansal, Co-Founder, People
Strong and Board Member- Karmayogi Bharat, Prof. Aditya Mittal, Dean Student Affairs, IIT
Delhi, Govind Jaiswal, Joint Secretary, Ministry of Education.
New Law to Curb Malpractices:
● The Centre has implemented a stringent law targeting malpractice and irregularities in
competitive exams.
● Offenders could face a maximum jail term of 10 years and a fine of up to ₹1 crore.
About National Testing Agency (NTA) :
● Headquarters : New Delhi, Delhi, India
● The National Testing Agency (NTA), established in November 2017 under the Indian Societies
Registration Act, 1860, is an autonomous body tasked with conducting various entrance
examinations for admissions to higher educational institutions.
● It is an autonomous body under the Ministry of Education of India.
Exams Conducted by NTA:
● NEET: National Eligibility cum Entrance Test for medical courses.
● JEE: Joint Entrance Examination for engineering courses.
● CTET: Central Teacher Eligibility Test.
● GATE: Graduate Aptitude Test in Engineering.
● GPAT: Graduate Pharmacy Aptitude Test.
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Important Monthly Current Affairs Capsule – June 2024
● GMAT: Graduate Management Admission Test.
● CAT: Common Admission Test for management courses.
● UGC-NET: University Grants Commission National Eligibility Test for lectureship and JRF.
● CSIR-UGC NET: Council of Scientific and Industrial Research National Eligibility Test.
ESAF Small Finance Bank Chief Paul Thomas Elected as Chairperson of Sa-Dhan
● Paul Thomas, Managing Director (MD) & Chief Executive Officer (CEO) of ESAF Small Finance
Bank, has been elected as Chairperson of the board of Sa-Dhan.
● He was previously the co-chair of the Association.
What is Sa-Dhan?
● Sa-Dhan is an association of Microfinance and Impact Finance Institutions.
● Sa–Dhan is registered under the Societies Act of 1860.
● Regulatory Role: It is an RBI-appointed Self-Regulatory Organization (SRO) for Microfinance
Institutions.
● Formation and Purpose: Sa-Dhan is the first and largest association of community development
finance institutions in India formed over two decades back for supporting and strengthening the
agenda of fostering Inclusive Impact Finance in India.
Intelligence Bureau Chief Tapan Kumar Deka Receives One-Year Extension
● The Appointments Committee of the Cabinet (ACC) approved a year’s extension in service to
Tapan Kumar Deka, Director, Intelligence Bureau (IB).
● The extension is effective beyond June 30, 2024, or until further orders, whichever is earlier.
● The extension is in relaxation of the provisions of FR 56 (d) and Rule 16 (1A) of All India Services
(Death cum Retirement Benefits) Rule, 1958.
About Intelligence Bureau (IB) :
● Founded : 1887
● Headquarters : New Delhi, Delhi, India
● The Intelligence Bureau (IB) is India's internal security and counterintelligence agency under the
Ministry of Home Affairs.
RBI Appoints Arun Kumar Singh as Additional Director of Bandhan Bank
● The Reserve Bank of India (RBI) has appointed Arun Kumar Singh as an additional director on
the board of Bandhan Bank.
● His appointment is effective from 24 June 2024 for a period of one year, or until further orders,
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Important Monthly Current Affairs Capsule – June 2024
whichever is earlier.
About Bandhan Bank :
● Founded : 2015
● Headquarters : Kolkata, West Bengal, India
● MD & CEO : Chandra Shekhar Ghosh
Sony Pictures Networks India Appoints Gaurav Banerjee from Disney Star as New Managing Director
and Chief Executive Officer
● Sony Pictures Networks India (SPNI) announced the appointment of former Disney executive
Gaurav Banerjee as its Managing Director (MD) and Chief Executive Officer (CEO), effective on
or before August 26,2024 pending regulatory approvals.
● Banerjee will succeed N. P. Singh, who will move into the role of Non-Executive Chairman after a
25-year tenure.
● N. P. Singh will transition to his new role only after Banerjee takes charge, supporting the
transition through the end of the fiscal year.
About Sony Pictures Networks India :
● Founded on September 18, 1995.
● Headquarters: Mumbai, Maharashtra, India.
● Operates as Culver Max Entertainment Pvt. Ltd., trading as Sony Pictures Networks India (SPN
or SPNI).
● Owned by Sony Pictures Television, part of the Indian media conglomerate.
J.P. Nadda Appointed as Leader of the House in Rajya Sabha
● Union Minister for Health and Family Welfare and Bharatiya Janata Party (BJP) president JP
Nadda has been appointed as the Leader of the House in the Rajya Sabha.
● Nadda replaces Union Minister Piyush Goyal, who recently won the Lok Sabha election and took
oath on Monday as a member of the Lower House of Parliament.
● In the Cabinet, Mr. Nadda is also in charge of the Chemicals and Fertilizers portfolio.
● Congress president Mallikarjun Kharge is the Leader of the Opposition in the Rajya Sabha.
● Besides Mr. Nadda, 11 other members of the Upper House of Parliament are in the Union
Council of Ministers.
About Rajya Sabha :
● The Rajya Sabha, also known as the Council of States, is the upper house of the bicameral
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Important Monthly Current Affairs Capsule – June 2024
Parliament of India.
● The total allowed capacity is 250 (238 elected, 12 appointed) according to article 80 of the Indian
Constitution.
● The current potential seating capacity of the Rajya Sabha is 245 (233 elected, 12 appointed),
after the Jammu and Kashmir (Reorganisation) Act.
● Article 84 of the Constitution provides the qualification to be elected as a member of Rajya
Sabha:
➢ He must be a citizen of India.
➢ An individual needs to complete 30 years of age.
S N Subrahmanyan takes over as Chairman of LTIMindtree following A M Naik's resignation
● Global technology consulting and digital solutions company LTIMindtree has appointed veteran S
N Subrahmanyan, (Vice-Chairman) as Chairman with effect from June 27,2024.
● He succeeds A M Naik, who announced his decision to step down at the company's 28th Annual
General Meeting.
About LTIMindtree Limited :
● Founded : 23 December 1996
● Headquarters : Mumbai, Maharashtra
Om Birla, National Democratic Alliance Candidate, Re-elected as Lok Sabha Speaker
● Om Birla, a member of the National Democratic Alliance (NDA) and MP from Kota, has been re-
elected as the Speaker of the Lok Sabha.
● He previously served as the Speaker in the previous Lok Sabha term.
● Om Birla's re-election makes him the first person in 25 years to hold the position for a second
term.
● The motion for his election, moved by Prime Minister Narendra Modi and seconded by Defence
Minister Rajnath Singh, was adopted through voice votes.
About Lok Sabha :
● The Lok Sabha is the lower house of India's bicameral Parliament.
● It represents the people of India and has significant legislative and oversight functions.
● The upper house is known as the Rajya Sabha.
Aditya Birla Sun Life Asset Management Company Reappoints Balasubramanian as Managing Director
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Important Monthly Current Affairs Capsule – June 2024
● A Balasubramanian has been reappointed as Managing Director (MD) and Chief Executive
Officer (CEO) of Aditya Birla Sun Life Asset Management Company (ABSL AMC) for three years,
starting from 25th July, 2024.
About Aditya Birla Sun Life AMC :
● Founded : 1994
● Headquarters : Mumbai, Maharashtra, India
● Ownership: Co-owned by Aditya Birla Capital and Sun Life (India) AMC Investments Inc.
● Primary Role: ABSL AMC functions as the investment manager for Aditya Birla Sun Life Mutual
Fund.
Ministry of Home Affairs Appoints Manish Kumar Gupta as Principal Secretary (Home)
● Manish Kumar Gupta, a senior IAS officer of the 1991-batch AGMUT cadre, has been appointed
as Principal Secretary (Home) by the Ministry of Home Affairs (MHA).
● He succeeds Ashwani Kumar, another AGMUT cadre officer, who has been appointed as the
Commissioner of the Municipal Corporation of Delhi (MCD).
● Principal Secretary (Home) is one of the two posts in addition to the Chief Secretary of Delhi
reserved for Centre-appointed bureaucrats on the three-member National Capital Civil Services
Authority that was created following the enactment of the Government of National Capital
Territory of Delhi (Amendment) Act, 2023.
About MHA :
● Union Minister : Amit Shah
● Minister of State : Nityanand Rai, Bandi Sanjay Kumar
Dutch Prime Minister Mark Rutte Named New North Atlantic Treaty Organization Leader
● Mark Rutte, currently the Dutch Prime Minister, will succeed Jens Stoltenberg as the Secretary
General of the North Atlantic Treaty Organization (NATO).
● He will assume office on October 1, 2024, succeeding Stoltenberg who served for 10 years.
● Rutte will be the 4th Dutchman to head the alliance since it was founded upon the ashes of World
War II to face off against the Soviet Union.
About NATO :
● Established : 4 April 1949
● Headquarters : Brussels, Belgium
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Important Monthly Current Affairs Capsule – June 2024
● Membership : 32 states (30 European and 2 North American)
● NATO is an intergovernmental political and military alliance of North American and European
countries.
European Union Leaders Reappoint von der Leyen for Second Term as Commission Chief
● European Union leaders agreed to nominate Ursula von der Leyen of Germany for a second five-
year term as president of the European Commission.
● At a summit in Brussels, the bloc's 27 national leaders also picked former Portuguese premier
Antonio Costa as the future chair of their European Council meetings and selected Estonian
Prime Minister Kaja Kallas as the next EU foreign policy chief.
About European Commission :
● Established : 16 January 1958
● The European Commission (EC) is part of the executive of the European Union (EU).
● It operates as a cabinet government, with 27 members of the Commission (directorial system,
informally known as "Commissioners").
CURRENT AFFAIRS : PERSON IN NEWS
Maharashtra Farmer Siddhesh Sakore Honoured as Land Hero by United Nations Convention to
Combat Desertification
● Siddhesh Sakore, a farmer and the founder of AGRO RANGERS, from Maharashtra, has been
named Land Hero by the United Nations Convention to Combat Desertification (UNCCD).
● On the occasion of World Desertification and Drought Day, June 17, the UNCCD announced the
names of 10 Land Heroes in a programme in Bonn, Germany.
● Apart from Siddhesh Sakore, other Land Heroes are from Brazil, Costa Rica, Germany, Mali,
Moldova, Morocco, the Philippines, the US, and Zimbabwe.
● Global Context: Land degradation affects up to 40% of the world's land and nearly half the
world's population, with the highest costs borne by indigenous communities, rural households,
smallholder farmers, and especially youth and women.
● Youth Engagement: Engaging youth in land restoration could create an estimated 600 million
jobs over the next 15 years, contributing to economic growth and environmental sustainability.
About UNCCD :
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Important Monthly Current Affairs Capsule – June 2024
● Establishment: June 17, 1994.
● Headquarters: Bonn, Germany.
● Executive Secretary: Ibrahim Thiaw.
● Membership: Comprises 197 parties, including 196 countries and the European Union.
● Rio Conventions: The UNCCD is one of the three Rio Conventions, alongside the United Nations
Convention on Biological Diversity (UNCBD) and the United Nations Framework Convention on
Climate Change (UNFCCC).
● Mandate: The UNCCD aims to combat Desertification, Land Degradation, and Drought (DLDD)
by promoting sustainable land management practices, restoring degraded ecosystems, and
supporting communities affected by these issues.
MOUS AND AGREEMENT
MEA, MeitY and CSC e-Governance Services India Ltd sign MoU to provide eMigrate services through
Common Services Centres
• A Memorandum of Understanding (MoU) has been established between the Ministry of External
Affairs (MEA), Government of India, the Ministry of Electronics and Information Technology (MeitY),
Government of India, and CSC eGovernance Services India Limited.
• This collaboration aims to synchronize the efforts of CSC SPV and MEA to deliver eMigrate services
through Common Service Centers (CSCs) across the country.
L&T Finance partners with PhonePe to offer home & mobility financing solutions
• Leading NBFC L&T Finance has forged a strategic partnership with FinTech major PhonePe to
expand the range of financial products and offer secured lending options to customers.
• The partnership will introduce housing finance and two-wheeler finance solutions, empowering
individuals seeking home and mobility financing options.
• Borrowers will now have the opportunity to explore and choose from a variety of offerings from L&T
Finance, allowing them to optimize their financial strategies.
Armed Forces Medical Services & IIT Hyderabad ink MoU for Collaborative Research and Training
• The Armed Forces Medical Services (AFMS) has signed a memorandum of understanding (MoU)
with the Indian Institute of Technology (IIT) Hyderabad to collaborate on research and training.
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Important Monthly Current Affairs Capsule – June 2024
• The MoU aims to foster innovation and research in developing novel medical devices and
addressing health issues specific to soldiers serving in varied terrains.
• This collaboration marks a significant milestone in leveraging advanced technology and research
to enhance the health and well-being of military personnel.
Japan Airlines and IndiGo Agree on Codeshare Partnership; enables JAL to expand reach to 14 IndiGo
destinations in India
• IndiGo and Japan Airlines (JAL) have entered into a codeshare partnership to provide customers
with increased travel options between Japan and India.
• This collaboration promises to significantly benefit customers by expanding travel options between
the two countries.
• It will facilitate smoother connectivity and more seamless travel experiences.
• Initially, the partnership will focus on strengthening Japan Airlines' connectivity into India.
Nokia, Gati Shakti Vishwavidyalaya ink pact to partner on 5G, 6G research
• Finnish telecom giant Nokia has agreed with Gati Shakti Vishwavidyalaya (GSV) to conduct joint
research focusing on 5G/6G communications within the transportation and logistics domain.
• Under the partnership, Nokia and GSV, a university under the Ministry of Railways, will explore
research opportunities in 5G/6G communications, emphasizing air, land, and sea transportation
applications.
• The collaboration will extend to areas such as standards development, smart factory automation,
and AI/GenAI labs.
The Department of School Education signs MoU with the National Book Trust to develop an institutional
framework for Rashtriya e-Pustakalaya
• The Department of School Education, Ministry of Education, Government of India, has entered into
a Memorandum of Understanding (MoU) with the National Book Trust, operating under the
Department of Higher Education, Ministry of Education, to establish a robust institutional
framework for the Digital Library Platform, Rashtriya e-Pustakalaya.
• 24/7 Accessibility: Rashtriya e-Pustakalaya will be accessible round-the-clock, transcending
geographical barriers and ensuring wider access to books.
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Important Monthly Current Affairs Capsule – June 2024
Air India teams up with Delhi Metro, DIAL
• Air India in its latest collaboration with Delhi Airport and Delhi Metro is all set to offer check-in
services at two metro stations in the national capital for international passengers.
• Flyers can now check in their luggage at the metro stations.
• Passengers will need to check in their luggage at the Shivaji Stadium and New Delhi stations.
• Once they have checked in, baggage will get transferred to the flight through a sophisticated
automated system managed by Delhi International Airport Ltd (DIAL) AND Delhi Metro Rail
Corporation (DMRC).
Ministry of Health & Family Welfare and Ministry of Defence sign MoU to set up dedicated Tele MANAS
cell for armed forces
• A memorandum of understanding (MoU) was signed between the Ministry of Health and Family
Welfare (MoHFW) and the Ministry of Defence (MoD) to collaborate on operating a special cell of
Tele MANAS, the National Telemental Health Helpline, as a pilot project for two years at the Armed
Forces Medical College in Pune.
• The special Tele-MANAS Cell was inaugurated on December 1, 2023, at the Armed Forces Medical
College in Pune by Chief of Defence Staff, General Anil Chauhan.
• The collaboration aims to address the mental health and well-being of Armed Forces personnel and
their families.
• The initiative provides a toll-free number, 14416, in each State and Union Territory (UT) for easy
access to mental health support.
Dubai Conclave Unveils Major Advancements In India-UAE Digital Payments
• The Indian Business and Professional Council (IBPC) in Dubai, in collaboration with representatives
from the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI),
hosted a conclave.
• The event took place at the Taj Dubai.
• Objective: The conclave aimed to enhance economic cooperation and facilitate seamless cross-
border transactions.
• Local Currency Settlement (LCS) Framework: The LCS framework was a significant focus,
stemming from Prime Minister Narendra Modi's visit to the UAE earlier this year.
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Important Monthly Current Affairs Capsule – June 2024
MCL Partners With AIIMS Bhubaneswar To Enhance Health Facilities
• Mahanadi Coalfields Limited (MCL) launched the "Aarogya" initiative, a significant Corporate Social
Responsibility (CSR) endeavor aimed at enhancing healthcare facilities in Odisha.
• MCL solidifies its commitment by signing a Memorandum of Understanding (MoU) with the All India
Institute of Medical Sciences (AIIMS), Bhubaneswar, to implement the "Aarogya" project.
• The "Aarogya" project, valued at Rs 18.22 crore, focuses on improving access to superior
healthcare, particularly in cancer treatment.
HCLTech renews deal with German cooperative apoBank for $278 million
• HCL Technologies (HCLTech) has expanded its partnership with Deutsche Apotheker- und
Ärztebank eG (apoBank), Germany's largest cooperative primary bank, in a deal valued at USD
278 million over 7.5 years, as disclosed in a regulatory filing.
• With this agreement, HCLTech will implement an outcome-oriented managed services model
aimed at delivering resilient, scalable, and high-quality digital foundation services.
• Thomas Runge, apoBank's COO, cited HCLTech's extensive Avaloq expertise and in-depth
understanding of apoBank as key reasons for the partnership.
About ApoBank:
• Industry: Cooperative Banking
• Founded: 1902
• Headquarters: Dusseldorf, Germany
Wadhwani Foundation partners with top institutes to boost innovation hubs in India
• New Delhi, Not-for-profit tech organisation Wadhwani Foundation stated it has signed
agreements with technical education body AICTE as well as four IIT and other premier
institutions to set up a network of innovation hubs across the the country.
• The agreements have been signed with AICTE (All India Council for Technical Education), IIT
Bombay, IIT Delhi, IIT Kanpur, IIT Hyderabad, IISc Bangalore, and C-CAMP to establish
Wadhwani Innovation Network Centers of Excellence (WIN-COEs) to accelerate the
commercialisation of academic innovations.
Oracle partners with Tamil Nadu to empower youth with IT skills
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Important Monthly Current Affairs Capsule – June 2024
● Oracle has collaborated with the Tamil Nadu Skill Development Corporation to provide IT skills and
capabilities to the youth in the state, aiming to improve their employment prospects.
● Oracle’s specialised skills development program will be integrated into the Naan Mudhalvan
initiative, offering employment-linked skills training to over 200,000 students in Tamil Nadu.
● Tamil Nadu is one of India’s top 12 states with a rapidly growing youth population, making this
initiative particularly impactful.
About Oracle Corporation
● Oracle Corporation, an American multinational computer technology company, is headquartered in
Austin, Texas, United States.
Samsung partners with Paytm to bring travel, entertainment services to Samsung Wallet
● Samsung has partnered with One 97 Communications Limited (OCL), the parent company of fintech
firm Paytm, to introduce flight, bus, movie, and event ticket booking services on the Samsung Wallet.
Objective of Collaboration
● The partnership aims to enhance consumer convenience by directly offering a seamless booking
experience through the Samsung Wallet app.
● Users can access these new booking services by updating their Samsung Wallet app via the Galaxy
Store.
About Samsung Wallet
● Since its launch in 2017, Samsung Wallet has become a popular mobile tap-and-pay solution in
India, continuously evolving to meet user needs.
Jammu & Kashmir Elevates Agricultural Partnership With New Zealand
● Jammu & Kashmir has expanded its existing Memorandum of Cooperation (MoC) with New Zealand
into a comprehensive strategic agreement aimed at advancing the agricultural sector.
Utilizing New Zealand's Expertise
● The partnership leverages New Zealand's renowned capabilities in breeding technology, sustainable
farm management, and advanced disease control within the sheep sector on a global scale.
Transformational Impact
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Important Monthly Current Affairs Capsule – June 2024
● This collaboration is poised to revolutionize and rejuvenate the sheep and goat sectors in the Union
Territory through extensive training programs and the adoption of innovative and sustainable farming
practices.
Enhancing Local Farming Practices
● The agreement underscores the adoption of New Zealand’s cutting-edge techniques to elevate local
sheep farming practices in Jammu & Kashmir.
MEA and SBI Join Forces to Enhance Digital Payments for Indian Migrant Workers
● The Ministry of External Affairs (MEA) and the State Bank of India (SBI) have formalized a
Memorandum of Understanding (MoU) to integrate SBI’s payment gateway, SBIePay, with the
eMigrate portal.
● This collaboration aims to strengthen digital payment services for Indian migrant workers, recruiting
agents, and portal users.
Facilitating Safe and Legal Migration
● Launched in 2014, the eMigrate portal facilitates transparent emigration processes by connecting
foreign employers, registered agents, and insurance providers.
● This integration with SBIePay expands payment options for emigration-related fees, including UPI,
credit/debit cards, and NEFT through net banking, with zero transaction charges.
Enhanced Efficiency and Compliance
● The initiative aims to simplify financial transactions associated with overseas employment, promoting
efficiency and compliance with emigration regulations.
● Leveraging SBI’s robust payment infrastructure underscores MEA’s commitment to secure and
lawful migration pathways for Indian workers.
India and Gambia Extend MoU on Personnel Administration and Governance Reforms
● The Department of Administrative Reforms and Public Grievances (DARPG), under the Ministry of
Personnel, Public Grievances and Pensions, Government of India, has extended its Memorandum of
Understanding (MoU) with the Public Service Commission of the Republic of the Gambia.
● The extension, effective from July 8, 2024, continues the collaboration for another five years.
● This extended partnership aims to enhance governance and administrative efficiencies, drawing
from India's policy initiatives and digital transformation strategies.
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Important Monthly Current Affairs Capsule – June 2024
● MoU Extension: Originally signed on July 8, 2021, for three years, the MoU focuses on refurbishing
personnel administration and governance reforms.
● Signing Ceremony: The extension was signed by Shri V. Srinivas, Secretary of DARPG, and H.E.
Mr. Mustapha Jawara, High Commissioner of Gambia, in a ceremonial function held at CSoI, New
Delhi.
● Objectives: The agreement aims to:
⮚ Strengthen bilateral partnership through sharing best practices in administrative reforms and
good governance.
⮚ Conduct webinars, research publications, and capacity building programs.
⮚ Implement good governance practices such as performance management systems,
contributory pension schemes, and e-recruitment in government.
About The Gambia:
● Location: A small West African country, bounded by Senegal, with a narrow Atlantic coastline.
● Capital: Banjul.
● Currency: Gambian Dalasi.
India and U.S. to Finalize Agreement on Critical Minerals Cooperation
● India and the U.S. are set to rapidly conclude a bilateral agreement aimed at enhancing cooperation
on critical minerals.
● This collaboration involves the U.S. Department of Commerce and the Indian Ministry of Commerce
and Industry, along with the Ministry of Mines, focusing on bolstering supply chains for essential
minerals such as graphite, gallium, and germanium.
● This agreement underscores the growing importance of critical minerals in global supply chains and
technological advancements, highlighting India and the U.S.'s commitment to working together
towards a secure and sustainable future.
● The agreement will emphasize India's significant role in the mineral security partnership.
● The initiative, part of the India-U.S. Initiative for Critical and Emerging Technology (iCET) dialogue,
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Important Monthly Current Affairs Capsule – June 2024
covers a wide range of technological fields including artificial intelligence, quantum computing,
semiconductors, and wireless telecommunications.
● Launched in January 2023, iCET is designed to strengthen the strategic partnership between India
and the U.S. in both technological and defense sectors.
● The initiative is led by the National Security Councils of both countries, with National Security
Advisor (NSA) Ajit Doval and his U.S. counterpart Jake Sullivan co-chairing the recent review
meeting.
Russia's Putin and North Korea's Kim sign mutual defence pact
● In a significant development, North Korea and Russia have agreed to a mutual defence pact during
Russian President Vladimir Putin's recent visit to North Korea, marking his first in 24 years.
● Overall, the pact between North Korea and Russia marks a significant development in regional and
international geopolitics, with implications for security dynamics in Northeast Asia and broader global
relations.
EESL ties up with APEPDCL to promote energy efficiency, conservation
● Energy Efficiency Services Ltd (EESL) has entered into a strategic partnership with Andhra
Pradesh Eastern Power Distribution Company Ltd (APEPDCL) to promote energy efficiency
initiatives within the power distribution sector.
● The collaboration between EESL and APEPDCL represents a significant stride towards
promoting energy efficiency in the power distribution sector.
● The partnership aims to implement the 'Energy Efficient Appliance Programme' to enhance
energy efficiency and promote energy conservation among residential and institutional
consumers of APEPDCL.
CERT-In and Mastercard India sign MoU for collaboration in cyber security to enhance India’s cyber-
resilience in Financial Sector
● The Indian Computer Emergency Response Team (CERT-In), under the Ministry of Electronics
and Information Technology, Government of India, has partnered with Mastercard to enhance
cybersecurity within the financial sector through cooperation and information sharing.
● The partnership between CERT-In and Mastercard marks a significant step in fortifying
cybersecurity defences within India's financial sector.
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Important Monthly Current Affairs Capsule – June 2024
● By pooling their expertise and resources, both entities aim to foster a secure digital environment,
protect against evolving cyber threats, and promote confidence in financial transactions
nationwide.
● CERT-In serves as the national agency for incident response under Section 70B of the
Information Technology Act, 2000, operating a 24x7 incident response Help Desk.
Tata Steel, ICAR-NRRI join Odisha government to reclaim acidic soils in the state
● Tata Steel and the Odisha government have embarked on a sustainable agricultural initiative
aimed at reclaiming acidic soils in the state using industrial waste as soil amendments.
● The collaboration between Tata Steel and the Odisha government under the SAFAR initiative
signifies a significant step towards sustainable agriculture and environmental stewardship.
Project Name: SAFAR
● Objective: "Economic and Environment-Friendly Utilisation of Basic Slag and Fly Ash as Soil
Amendments to Reclaim Acid Soils of Odisha (SAFAR)."
● Implementation: Spearheaded by the Indian Council of Agricultural Research (ICAR)-National
Rice Research Institute (ICAR-NRRI) in Cuttack, Odisha.
MSDE partners with the Australian Government to energise the Agriculture Sector of India with
emerging skills
● The Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with the
Australian Government, recently hosted a productive roundtable focusing on the outcomes of the
Australia-India Critical Agriculture Skills Pilot Project.
● Led by Shri Atul Kumar Tiwari, Secretary of MSDE, and Mr. Mathew Johnston, Minister
Counsellor of Education and Research at the Australian High Commission, the roundtable aimed
to discuss the project's achievements and future prospects for scaling and replicating its success
in other sectors.
Tata Electronics and Synopsys Collaborate on Semiconductor Technology
● Tata Electronics has entered into a memorandum of understanding (MoU) with US-based chip
design leader Synopsys to enhance process technology and foundry design capabilities at
India’s first semiconductor fab in Dholera.
Areas of Collaboration:
● Technology CAD Flow: Establishing a robust Technology Computer-Aided Design (TCAD) flow
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Important Monthly Current Affairs Capsule – June 2024
for precise technology transfer.
● Process Design Kits (PDK) and Design Enablement: Developing essential kits and enabling
designs for efficient semiconductor manufacturing.
● Tata Electronics plans India’s first fab in Dholera, Gujarat, with an investment of Rs 91,000 crore.
IIT-Madras and University of Leeds launch Joint Centre of Excellence in Sustainability
● The Indian Institute of Technology Madras (IIT Madras) and the University of Leeds, UK have
signed a Memorandum of Understanding (MoU) to establish the Joint Virtual Centre of
Excellence on Sustainable Development (VCoE-SD).
● This collaborative initiative aims to foster impactful research and innovation towards achieving
sustainable development goals.
Sri Lanka To Sign Debt Restructuring Agreements With India & Japan
● Sri Lanka is set to sign agreements with India and Japan to restructure bilateral debt, marking
significant progress in its economic recovery efforts.
● Sri Lanka’s Foreign Minister, M.U.M. Ali Sabry, was quoted by agencies as saying that Sri Lanka
President Ranil Wickremesinghe had given an update on the progress in the matter to all
members of the Cabinet
● Current Status: Sri Lanka has been in negotiations with the Paris Club, India, and China since
declaring sovereign default in 2022.
● Financial Support: India's substantial assistance of over USD 4 billion was pivotal during Sri
Lanka's economic crisis, addressing forex shortages and essential supply disruptions.
ONGC and IOCL Sign MoU for Small-Scale LNG Plant
● State-run Oil and Natural Gas Corporation Limited (ONGC) has signed a memorandum of
understanding (MoU) with Indian Oil Corporation Limited (IOCL) to establish a small-scale
Liquefied Natural Gas (LNG) plant near the Hatta Gas Field in the Vindhyan Basin.
Upgrading the Vindhyan Basin
● Current Status: Category II Basin
● Post-Plant Status: Upgraded to Category I Basin
o Category I Basins: Proven hydrocarbon resources with established commercial
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Important Monthly Current Affairs Capsule – June 2024
production.
o Category II Basins: Contingent resources yet to be converted to recoverable reserves and
commercial production.
About ONGC
● Founded: August 14, 1956, by the Government of India.
● CEO: Arun Kumar Singh
● Headquarters: Delhi, India
● Ownership: Central public sector undertaking under the Ministry of Petroleum and Natural Gas,
Government of India.
Department of Animal Husbandry and Dairying signed an agreement with the National Dairy
Development Board for execution of works of Upgradation of Biocontainment Facility and associated
repair works
● The Department of Animal Husbandry and Dairying (DAHD), Ministry of Fisheries, Animal
Husbandry, and Dairying has signed an agreement with the National Dairy Development Board
(NDDB) for the upgradation of the Biocontainment Facility and associated repair works at the
Chaudhary Charan Singh National Institute of Animal Health (CCSNAIH), Baghpat.
● Project Title: Upgradation of Biocontainment Facility and Associated Repair Works
● Location: CCSNAIH, Baghpat
● Estimated Budget: ₹160 Crores
● Execution Timeline: 20 months
● CCSNAIH, Baghpat, is an apex laboratory under DAHD, responsible for the quality assessment
of veterinary vaccines and diagnostics in India.
Adani Defence, Thales Tie Up To Make Rockets In India
● Adani Defence & Aerospace has signed an agreement with Thales Group to manufacture rockets
in India.
● This partnership supports the Indian government's "Make in India" initiative.
● Significance of the Partnership : Thales Group highlights the partnership's importance for their
commitment to India and their global partner network.
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Important Monthly Current Affairs Capsule – June 2024
VIT, Nokia sign MoU for collaborative research on 5G
● Vellore Institute of Technology (VIT) signed a memorandum of understanding (MoU) with Nokia
to pursue 5G and next-generation collaborative research with artificial intelligence (AI) and
machine learning applications.
● Through this MoU, VIT and Nokia will focus on key areas like new study areas in 5G, AI-
enhanced communication, digital twin, radio-based sensing, connected aerial vehicles, eHealth,
cloud technologies and automation, zero-touch mobile networks, etc.
RANKING AND REPORTS
Gautam Adani reclaims Asia's richest person tag from Mukesh Ambani, net worth surges to $111 billion
• In a significant development, Gautam Adani, chairman of the Adani Group, has regained the title
of Asia’s richest person, surpassing Mukesh Ambani, head of Reliance Industries.
• This milestone follows a surge in the stock prices of the listed companies within Adani’s diverse
conglomerate.
• Adani’s Wealth and Global Ranking According to the Bloomberg Billionaires Index, Mr. Adani’s
net worth now stands at an impressive $111 billion, making him the 11th richest person in the
world.
• In comparison, Mr. Ambani’s wealth of $109 billion places him at the 12th position globally.
Brihanmumbai Municipal Corporation Announces Climate Budget Report For Financial Year 2024-25
• On the occasion of World Environment Day, the Brihanmumbai Municipal Corporation (BMC)
launched its inaugural Climate Budget Report for 2024-25.
• With this initiative, BMC has emerged as the first municipal corporation in India and the fourth
globally, following Oslo, New York, and London, to release such a comprehensive report.
• BMC has allocated Rs 10,224.24 crores for climate-relevant activities, comprising 32.18% of the
total capital expenditure budget.
Nvidia passes Apple as the world's second-most valuable company
● Nvidia has surpassed Apple in market capitalization, becoming the second-most valuable public
company, behind Microsoft.
Market Values:
1. Microsoft: $3.15 trillion
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Important Monthly Current Affairs Capsule – June 2024
2. Nvidia: $3.019 trillion
3. Apple: $2.99 trillion
● Significance: Nvidia is the world's most valuable semiconductor company and the first computer
chip firm to reach a $3 trillion market capitalization.
About Nvidia Corporation
● Headquarters: Nvidia Corporation is an American multinational corporation headquartered in
Santa Clara, California.
● CEO: Jensen Huang.
Visakhapatnam Port breaks into top 20 rankings in World Bank’s Container Port Performance Index
• Visakhapatnam Port has achieved a noteworthy feat by breaking into the top 20 rankings in the
World Bank’s Container Port Performance Index (CPPI).
• The terminal operator, M/s. Visakhapatnam Container Terminal Private Limited (VCTPL), deserves
commendation for securing the 18th place in this prestigious index.
• The CPPI places exclusive emphasis on quayside performance, assessing the operational efficiency
of ports in receiving and handling container ships.
Infosys is a Top 100 most valuable brand in the world
• Four Indian companies have made it to the list of 100 most valuable global brands this year.
• While Apple has topped the Kantar BrandZ Most Valuable Global Brands Report, Tata
Consultancy Services (TCS), HDFC Bank, Airtel and Infosys from India also made the cut.
• In the 2024 list, TCS has been ranked the 46th most valuable global brand, having a valuation of
around $44.8 billion.
• It is followed by HDFC Bank, in the 47th spot, with a brand value of approximately $43.3 billion.
India is 129th on the Global Gender Gap index
• India slipped two places on the World Economic Forum's Global Gender Gap index to 129th
place as Iceland retained its top position in the rankings.
• In South Asia, India was ranked fifth after Bangladesh, Nepal, Sri Lanka and Bhutan while
Pakistan was ranked last.
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Important Monthly Current Affairs Capsule – June 2024
• In the world, Sudan was ranked last on the index of 146 countries while Pakistan fell three places
to 145th.
India most-represented nation on Times Higher Education Impact Rankings 2024
• With 96 institutions, India is the most-represented nation, followed closely by Turkey and
Pakistan, in Times Higher Education (THE) Impact Rankings 2024.
• Amrita Vishwa Vidyapeetham secured 81st rank followed by JSS Academy of Higher Education
and Research, Lovely Professional University (LPU) in Manipal Academy of Higher Education
(MAHE) and Shoolini University of Biotechnology and Management Sciences in the 101-200
band.
• BS Abdur Rahman Crescent Institute of Science and Technology is in the 201-300 band.
Mumbai, and Delhi record real estate price appreciation in double-digit, ranked 3rd and 5th globally
● According to Knight Frank's 'Prime Global Cities Index Q1 2024', Mumbai and New Delhi have
experienced significant annual increases in real estate prices, driven by robust economic growth in
India.
● Meanwhile, Bengaluru observed a slight decline in ranking despite recording a modest 4.8% yearly
growth in residential prices.
● Mumbai's Rise: Mumbai saw a sharp increase in real estate prices due to strong demand across all
segments, particularly higher-value properties.
● Delhi NCR's Growth: Delhi NCR climbed from 17th to 5th place in the global index with a 10.5%
annual price growth.
● Bengaluru's Performance: Bengaluru, while showing growth, slipped slightly in rank from 16th to
17th place.
● Economic Drivers: India's major cities benefited from GDP growth exceeding 8% in FY 2023-24,
bolstering housing demand.
Global Rankings:
● Manila Leads: Manila, Philippines, topped the index with a 26.2% annual price rise, driven by
strong purchasing power and infrastructure investments.
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Important Monthly Current Affairs Capsule – June 2024
● Tokyo's Surge: Tokyo, Japan, ranked 2nd with a 12.5% yearly price growth, attributed to
sustained population growth fueled by internal migration.
Western Sydney University tops THE Impact Rankings again
● THE's Impact Rankings 2024 evaluates a record 2,152 universities across 125 countries/regions
based on their contributions to all 17 UN Sustainable Development Goals (SDGs) as of June 12,
2024.
● Western Sydney University achieves the highest ranking globally, leading in the overall category for
its comprehensive impact across the SDGs.
Country Achievements
● United Kingdom: Holds the top position in five individual SDGs, surpassing all other countries.
● Australia: Dominates the top 10 with four universities in the overall category, showcasing strong
performance.
● Canada and UK: Each has two universities in the top 10 overall rankings.
● United Kingdom: Leads globally with 25 universities in the top 100 overall rankings.
Indian Representation
● Total Universities: India contributes the most universities to the rankings, with 10 5 institutions
assessed.
● Ranking Categories:
❖ Amrita Vishwa Vidyapeetham: Ranked 81st overall in THE University Impact Rankings 2024.
❖ Beyond Top 100: Several Indian institutions, including JSS Academy of Higher Education, Lovely
Professional University, Manipal Academy of Higher Education, and Shoolini University of
Biotechnology and Management Sciences, are placed in the 101-200 rank bracket.
❖ Lower Ranks: IIM Mumbai is in the 601-800 rank range, while Jawaharlal Nehru University (JNU)
secures a position in the 901-1000 rank segment.
Methodology and Coverage
● Assessment Criteria: The rankings assess universities' commitment to sustainability across
research, stewardship, outreach, and teaching.
● League Tables: Results are presented in 18 league tables, one for each SDG and an overall ranking
table.
● Popular SDGs: SDG 4 (Quality Education) and SDG 3 (Good Health and Well-being) are the most
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Important Monthly Current Affairs Capsule – June 2024
represented, followed by SDG 5 (Gender Equality).
Virat Kohli is the most valued celebrity with a brand value of $227.9 million
● Kroll, a leading global risk and financial advisory solutions firm, has unveiled the ninth edition of its
Celebrity Brand Valuation Study, ‘Brands, Business, Bollywood.’
● The study reveals significant shifts in the brand values of India's top celebrities for 2023.
Top 5 Celebrity Brand Values:
1. Virat Kohli: The Indian cricketer has reclaimed the top spot with a brand value of $227.9 million.
2. Ranveer Singh: Bollywood star Ranveer Singh takes second place with a brand value of $203.1
million.
3. Shah Rukh Khan: The iconic actor secures third place with a brand value of $120.7 million,
boosted by three blockbuster hits in 2023.
4. Akshay Kumar: Dropping to the fourth position, Akshay Kumar has a brand value of $111.7
million.
5. Alia Bhatt: Rising to fifth place, Alia Bhatt's brand value stands at $101.1 million.
● Overall Market Growth: The combined brand value of the top 25 Indian celebrities in 2023 is
estimated at $1.9 billion, an 18% increase from the previous year.
● Top Digital Platform Advertisements:
⮚ Pepsi: Endorsed by Ranveer Singh.
⮚ Livspace: Endorsed by Anushka Sharma and Virat Kohli.
⮚ JioCinema: Endorsed by Alia Bhatt, MS Dhoni, and Sachin Tendulkar.
● Notable Movements:
✔ Kiara Advani: Jumped from rank 16 to rank 12, showcasing a significant rise in brand
value.
✔ Katrina Kaif: Re-entered the list of India’s most valued celebrity brands after a five-year
hiatus.
Sweden leads, while India ranks 63rd on the Global Energy Transition Index according to the World
Economic Forum (WEF).
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Important Monthly Current Affairs Capsule – June 2024
● According to the Global Energy Transition Index 2024, released by the World Economic Forum
(WEF) India has shown improvement by moving up to the 63rd position out of 120 countries
surveyed.
● This marks an improvement of three ranks from its previous position of 67th in 2023.
● The Global Energy Transition Index provides insights into each country's progress towards
sustainable and equitable energy systems.
● India's upward movement in the ranking reflects its ongoing efforts and initiatives to enhance
energy security, sustainability, and equity.
Key Points from the Global Energy Transition Index 2024:
1. Rankings:
o Top Countries: Sweden has retained its top position in the Index, followed by Denmark,
Finland, Switzerland, and France.
o India's Rank: India improved to 63rd place, reflecting progress in energy equity, security,
and sustainability.
o China was ranked 20th.
2. Global Trends:
o Progress: The report highlights that 107 out of 120 countries have made progress in their
energy transition journeys over the past decade.
About the World Economic Forum
● The World Economic Forum (WEF), founded by German economist Klaus Schwab in 1971, is a
non-profit international organization headquartered in Cologny, Switzerland.
● Its primary mission is to provide a platform for global stakeholders to collaborate and address
common global challenges.
● Headquarters of WEF: Cologny, Switzerland
Other Report Released by WEF
● Energy Transition Index
● Global Travel and Tourism Report
● Global IT Report in collaboration with INSEAD and Cornell University
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Important Monthly Current Affairs Capsule – June 2024
● Global Gender Gap Report
● Global Competitiveness Report
● The Sustainable Development Report (SDR) provides an annual review of progress made by UN
member states on the Sustainable Development Goals (SDGs) since their adoption in 2015.
● Global ProgressTarget Achievement: Only 16% of SDG targets are on track globally for
achievement by 2030.
● Top Performers : European Leaders: Nordic countries dominate, with Finland leading, followed
by Sweden, Denmark, Germany, and France.
● Multilateral Commitment: Barbados tops the list for commitment to UN-based multilateralism. the
United States ranks last.
● India's Position : Ranking: India secures the 109th rank with an overall score of 64.0, indicating
progress towards SDGs.
● SDSN: The report is facilitated by the UN Sustainable Development Solutions Network (SDSN),
promoting practical solutions for SDG achievement globally.
SDSN Overview
● Establishment: SDSN was founded in 2012 by the UN to foster practical solutions for SDG
implementation.
● Global Presence: Secretariats located in Paris, France; Kuala Lumpur, Malaysia; and New York,
US.
Tata, Infosys among most valuable Indian brands: Brand Finance 2024 report
● Tata Group and Infosys have topped Brand Finance's annual report on the most valuable Indian
brands for 15 consecutive years.
● Its brand value increased by 9% over 2023, reaching $28.6 billion, nearing the $30-billion
benchmark for the first time.
Overall Rankings
● The India 100 report by Brand Finance evaluated over 250 Indian brands across various sectors,
including IT, hospitality, automotives, and retail.
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Important Monthly Current Affairs Capsule – June 2024
Top 10 Most Valuable Indian Brands
1. Tata Group: $28.6 billion
2. Infosys: $14.2 billion
3. HDFC Group: Notable 38% increase in brand value
4. LIC Group
5. Reliance
6. SBI Group: Second most valuable bank in India
7. Airtel
8. HCL Tech: Jumped from 10th to 8th place
9. Larsen & Toubro: New entrant on the list
10. Mahindra
ACQUISITION AND MERGERS
State Bank of India Begins Sale of Personal Guarantees Provided by Formerr Reliance Naval Promoter
Nikhil Gandhi
● State Bank of India (SBI) has commenced the process of selling personal guarantees provided
by Nikhil Gandhi, the former promoter of Reliance Naval and Engineering Limited (R-Naval).
● Reserve Price and Outstanding Dues:The bank has set a reserve price of ₹3.48 crore for the
sale, which is less than 1% of the ₹1,160 crore principal claim made by the bank on the personal
guarantee.
● As of May 31, 2024, SBI reported principal outstanding dues of Rs 1,160 crore and total dues of
Rs 3,512 crore.
About Reliance Naval and Engineering Limited (R-Naval) :
● Founded : 17 October 1997
● It is an Indian shipbuilding and heavy industry company.
● R-Naval is the first private sector company in India to obtain a license and contract to build
warships.
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Important Monthly Current Affairs Capsule – June 2024
Punjab National Bank Board Approves Selling 10% Stake in Canara HSBC Life Insurance Company
• Punjab National Bank’s (PNB) Board approved the initiation of process for divesting 10%
shareholding in its associate company Canara HSBC Life Insurance through an initial public
offering (IPO) route.
• Currently, PNB holds a 23% stake in Canara HSBC Life Insurance.
• This latest PNB move comes on the heels of the Board of Canara Bank giving its approval for
initiating the process of diluting 14.50 per cent stake in its subsidiary Canara HSBC Life
Insurance.
• Currently, Canara Bank has a 51 per cent stake in the life insurer, while HSBC has a 26 per cent
stake in the joint venture.
About PNB :
• Founded : 19 May 1894
• Headquarters : New Delhi
• MD & CEO : Atul Kumar Goel
About Canara HSBC Life Insurance :
• Founded : 2008
• Headquarters : Gurgaon, Haryana, India
• CEO : Anuj Mathur
CCI approves combination involving acquisition in IRB Infrastructure Trust and MMK Toll Road by
Cintra
• The Competition Commission of India (CCI) has approved the proposed combination involving
acquisition in IRB Infrastructure Trust and MMK Toll Road Private Limited by Cintra.
• Cintra InvIT Investments B.V. (Cintra SPV 1) and Cintra IM Investments B.V. (Cintra SPV 2) are
collectively referred to as “Acquirers” The Acquirers are SPVs (wholly-owned subsidiaries of
Cintra Global S.E.) which have been incorporated in the Netherlands for the purpose of the
Proposed Combination and belong to the Ferrovial group.
About Competition Commission of India:
• The Competition Commission of India (CCI) is the chief national competition regulator in India. It
is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing
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Important Monthly Current Affairs Capsule – June 2024
the Competition Act, 2002 to promote competition and prevent activities that have an appreciable
adverse effect on competition in India.
• Formed: 14 October 2003
• Jurisdiction: Republic of India
• Headquarters: New Delhi
• Chairperson: Ravneet Kaur IAS
E-commerce Giant Amazon to Acquire Select Assets of Streaming Service MX Player
● E-commerce and technology giant Amazon has signed an agreement to acquire some assets
from MX Player, a streaming platform owned by Times Internet.
● The deal reportedly values MX Player at less than $100 million.
● This is a significant decrease from its $500 million valuation when it last raised $111 million in
funding in 2019.
● The deal is expected to give a boost to Amazon’s streaming service miniTV.
● Launched in May 2021, Amazon miniTV is a free, ad-supported video service, which is a part of
Amazon’s shopping app.
About Amazon :
● Founded : July 5, 1994
● Headquarters : Seattle, Washington, United States
● Executive Chairman : Jeff Bezos
● President & CEO : Andy Jassy
National Company Law Tribunal Greenlights Merger of Full-Service Carriers Vistara with Competitor Air
India
● The National Company Law Tribunal (NCLT) has approved the merger of Air India and Vistara.
● The merger has resulted in the creation of one of the world's largest airline conglomerates.
● Under the merger deal, Singapore Airlines will own 25.1 % stake in Air India.
● Vistara is a joint venture between Tata Group and Singapore Airlines.
● Air India plans to finalize the merger by the end of the year, with the merger being announced in
November 2022.
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Important Monthly Current Affairs Capsule – June 2024
● The Chandigarh branch of the NCLT has approved a composite scheme of arrangement, bringing
Air India, Vistara, and Talace under the Tata Group umbrella.
About Air India :
● Founded : 15 October 1932 (Commenced Operations -29 July 1946)
● Headquarters : Gurgaon, Haryana, India
● Chairman : N. Chandrasekaran
● MD & CEO : Campbell Wilson
● The Air India group, which also includes low-cost carrier Air India Express and Air Asia India, has
ordered a staggering 470 jets from Airbus and Boeing, aiming to take on local rivals such as IndiGo and
Middle Eastern carriers that dominate outbound traffic from India.
About Vistara :
● Founded : 2013 (Commenced Operations -9 January 2015)
● Headquarters : Gurgaon, Haryana, India
● Chairman : Bhaskar Bhat
● CEO : Vinod Kannan
Bank of India Acquires 6.125% Stake in Clearing Corporation of India Limited (IFSC) in GIFT SEZ,
Gujarat
• The Bank of India (BoI) has acquired a 6.125% stake in the incorporated Clearing Corporation of
India Limited. (IFSC), listed in the GIFT SEZ (Special Economic Zone) in Gujarat.
• Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to
build and operate a real-time foreign currency settlement system at GIFT City.
• The entity will act as a clearing house and system operator at GIFT City.
About Bank of India :
• Founded : 7 September 1906
• Headquarters : Mumbai,Maharashtra
• MD & CEO : Shri Rajneesh Karnatak
• Bank of India is an Indian public sector bank.
Adani Group's Ambuja Cements to Acquire Penna Cement for Rs 10,422 Crore
● Ambuja Cements, part of the Adani Group, is acquiring Hyderabad-based Penna Cement
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Important Monthly Current Affairs Capsule – June 2024
Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore.
● This marks Ambuja Cement's 3rd acquisition in the cement sector since September 2022.
● The acquisition is expected to be completed within 3 to 4 months.
● In April 2024 the Adani company agreed to acquire MyHome Industries’ grinding unit in Tamil
Nadu.
● Ambuja Cements will acquire 100% of the shares of PCIL from its existing promoter group - P
Pratap Reddy and family.
● The acquisition would add 14 million tonnes per annum (mtpa) to its capacity, taking the total
capacity of Adani group’s cement business (ACC-Ambuja consolidated) to 89 mtpa.
● At present, Penna Cement operates a 10 mtpa capacity and has another 4 mtpa under
construction at Krishnapatnam (2 mtpa) and Jodhpur (2 mtpa), expected to be completed in the
next 6 to 12 months.
● The acquisition will improve Adani group’s market share in India's cement business by 2% to
16%.
About Ambuja Cements Limited :
● Founded : 1983
● Headquarters : Mumbai, Maharashtra, India
● Whole-time Director & CEO : Ajay Kapur
● Ambuja Cements Limited, formerly known as Gujarat Ambuja Cement Limited (GACL), is a major
Indian cement producing company.
Airtel Clears Spectrum Acquisition Dues Worth Rs 7,904 Crore from 2012 and 2015
● Bharti Airtel has prepaid ₹7,904 crore to the telecom department, clearing the remaining part of
the payment relating to spectrum bought in 2012 and 2015 auctions, a move which will lead to
interest cost savings.
● This will help Airtel to save interest costs annually and boost cash flows, as its nationwide 5G
rollout nears completion.
● This comes after India's second largest telecom operator prepaid ₹8,325 crore in January 2024,
clearing a sizable chunk of the deferred liabilities.
● With this, the company has fully prepaid all deferred liabilities pertaining to spectrum acquired in
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Important Monthly Current Affairs Capsule – June 2024
auction of the year 2012 and 2015 which were at the highest interest cost of 9.75% and 10%
respectively.
About Bharti Airtel :
● Founded : 7 July 1995
● Headquarters : New Delhi, India
● Chairman : Sunil Mittal
● MD & CEO : Gopal Vittal
Paytm in Discussions with Zomato to Divest its Movie and Ticketing Business
● Food delivery major Zomato is in advanced talks to acquire fintech player Paytm’s movie and
event ticketing business, a potential deal that is pegged in the range of Rs 1,600 crore-2,000
crore.
● The talks are taking place at a time when Paytm is focusing on its payments and financial
services business.
● Paytm is refocusing on its core payments and financial services, consolidating its movies
business and insider vertical into a single team.
● Zomato's Investment Strategy:Zomato plans to invest Rs 100 crore in its entertainment business,
particularly in live events and ticketing, signaling its commitment to expand in this segment.
● Financial Details:Paytm's broader marketing services segment, which includes ticketing and
movies, recorded annual sales of approximately $208 million for the financial year ending March
2024.
● Strategic Moves by Paytm:Paytm aims to reduce employee costs and anticipates annualized
savings of Rs 400-500 crore, emphasizing profitability and scaling its larger business units.
● Comparative Acquisition:If finalized, this acquisition would be Zomato's second-largest after
acquiring Blinkit in 2022 for $569 million in an all-stock deal.
● Investment Confirmation by Zomato:Zomato reiterated its investment commitment of Rs 100
crore in Zomato Entertainment, underscoring its growth plans in the live events and ticketing
domain.
About Paytm :
● Founded : August 2010
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Important Monthly Current Affairs Capsule – June 2024
● Headquarters : Noida, Uttar Pradesh, India
● Founder & CEO : Vijay Shekhar Sharma
About Zomato :
● Founded : July 2008
● Headquarters : Gurgaon, Haryana, India
● MD & CEO : Deepinder Goyal
Axis Bank to Invest Up to ₹336 Crore for Additional Stake in Max Life Insurance
● Axis Bank has decided to raise its shareholding in Max Life Insurance for an amount of up to
₹336 crore.
● This transaction would lead to the aggregate shareholding of the Axis Entities going up from
19.02% to 19.99%.
● In 2023-24, Max Life Insurance recorded a Gross Written Premium of ₹29,529 crore.
● In April 2021, Axis Bank and its subsidiaries, Axis Securities and Axis Capital, collectively
acquired a 12% stake in Max Life through a secondary transfer from Max Financial.
About Axis Bank :
● Established : 3 December 1993
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Amitabh Chaudhry
● Tagline : Badhti Ka Naam Zindagi
About Max Life Insurance Company Limited :
● Founded : 2001
● Headquarters : New Delhi, India
● MD & CEO : Prashant Tripathy
Vodafone Sells 18% Stake in Indus Towers for ₹15,300 Crore to Settle Bank Dues
● The British telecom operator Vodafone sold 48.47 crore shares or 18% stake in Indus Towers for
1.7 billion euro (about Rs 15,300 crore) through an accelerated book building offering.
● SBI Mutual Fund and Bharti Airtel were two of the buyers of shares of Indus Towers that were
offloaded by Vodafone Group Plc in bulk deals on the NSE.
● SBI Mutual Fund acquired 3.6 crore shares (1.3% stake) at ₹311.40 per share, totaling ₹1,121
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Important Monthly Current Affairs Capsule – June 2024
crore.
● Bharti Airtel acquired 2.7 crore shares (1% stake) for ₹864 crore, increasing its stake in Indus
Towers to nearly 49%.
● Post-Sale Holdings:After the stake sale, Vodafone holds 82.5 million shares, equivalent to a
3.1% shareholding in Indus Towers.
About Vodafone Group :
● Founded : 16 September 1991
● Headquarters : England, United Kingdom
● CEO : Margherita Della Valle
Fairfax India Holdings subsidiary divests 9.7% stake in CSB Bank for $70 million
● Fairfax Group, led by Canadian billionaire Prem Watsa, sold a 9.7% stake in CSB Bank via its
arm FIH Mauritius Investments.
● The transaction took place at an average price of Rs 352.75 per share, amounting to Rs 595.04
crore ($70 million).
About Fairfax Group :
● Founded : 1951
● Headquarters : Ontario, Canada
● Chairman & CEO : V. Prem Watsa
About CSB Bank Limited (erstwhile Catholic Syrian Bank Limited) :
● Founded : 26 November 1920
● Headquarters : Thrissur, Kerala, India
● MD & CEO : Pralay Mondal
DEFENCE NEWS
Indian Air Force Contingent Arrives in Alaska for Multinational Exercise Red Flag 24
• The Indian Air Force (IAF) contingent, comprising eight Rafale fighter jets, one C-17 Globemaster
transport aircraft, and one IL-78 air-refueler, has reached Eielson Air Force Base in Alaska,
United States of America (USA), to participate in Red Flag 24.
• Red Flag 24 is scheduled from May 30 to June 14, 2024, covering an area of approximately
77,000 square miles.
• This year's exercise involves air forces from four countries, including the United States and India.
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Important Monthly Current Affairs Capsule – June 2024
• A total of 100 aircraft and 3100 airmen are participating.
About IAF :
• Established : 1932
• Headquarters : New Delhi, Delhi
• Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari
Sub-Lieutenant Anamika Rajeev Earns 'Golden Wings' as Indian Navy's First Female Helicopter Pilot
● A historic passing-out parade took place at Naval Air Station Indian Naval Ship (INS) Rajali in
Arakkonam, Tamil Nadu, celebrating the graduation of the 102nd Helicopter Conversion Course
(HCC) and the completion of the 4th Basic Helicopter Conversion Course (BHCC).
● The event signifies a significant milestone for the Indian Navy, emphasizing its commitment to
gender inclusivity and expanding career opportunities for women.
● Sub-Lieutenant Anamika B Rajeev made history by becoming the Indian Navy's first woman
naval helicopter pilot among the 21 officers who graduated.
Japan-India Maritime Exercise 24 (JIMEX-24) Begins in Yokosuka, Japan
• The Indian Navy's indigenous Stealth Frigate, Indian Naval Ship (INS) Shivalik, arrived at
Yokosuka, Japan, to participate in the bilateral Japan-India Maritime Exercise 2024 (JIMEX 24).
• This marks the 8th edition of JIMEX since its inception in 2012.
• INS Shivalik was warmly welcomed by VAdm ITO Hiroshi, Commander JMSDF Yokosuka
District, and Ambassador Sibi George, Ambassador of India to Japan.
About Indian Navy :
• Founded : 26 January 1950
• Headquarters : New Delhi, Delhi
• Chief of Defence Staff (CDS) : General Anil Chauhan
• Chief of the Naval Staff : Admiral Dinesh K Tripathi
Indian Army Boosts Modernization with "Vidyut Rakshak" Innovation to Enhance Generator Efficiency
• The Indian Army has taken a significant step towards modernization with the launch of “Vidyut
Rakshak,” an in-house innovation designed to enhance generator efficiency.
• This was developed by Maj Rajprasad R S and was recently displayed during “Exercise Bharat
Shakti,” which was witnessed by Prime Minister Narendra Modi.
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Important Monthly Current Affairs Capsule – June 2024
• The innovation showcases the Indian Army’s dedication to adopting advanced technologies for
operational efficiency.
About Indian Army :
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Army Staff : General Manoj Pande
Indian Army Introduces Indigenous Nagastra-1 Kamikaze Drones Manufactured by Solar Industries
● The Indian Army has inducted Nagastra-1, India's first indigenous loitering munition developed by
Nagpur-based Solar Industries.
● Nagastra-1, operating in a "kamikaze mode," boasts the capability to neutralise hostile threats
with GPS-enabled precision strikes, exhibiting an impressive accuracy of 2 metres.
Specifications:
● Weight: 9 kilograms
● Endurance: 30 minutes
● Man-in-loop range: 15 kilometres
● Autonomous mode range: 30 kilometres
● Electric propulsion system ensures low acoustic signature, undetectable by adversaries at
heights over 200 metres.
● Order and Delivery:The Indian Army placed an order for 480 Loiter Munitions with Economics
Explosives Ltd (EEL), a subsidiary of Solar Industries, under an emergency purchase agreement.
● Economics Explosives Limited (EEL), in collaboration with Z-Motion Autonomous Systems
Private Limited, Bangalore, has spearheaded the development of Nagastra-1, with over 75%
indigenous content.
● This man-portable system, weighing 30 kilograms in two rucksacks, comprises essential
components such as the Ground Control Station, Communication Control, Payload, and
Pneumatic Launcher.
About Indian Army :
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Army Staff : General Manoj Pande
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Important Monthly Current Affairs Capsule – June 2024
India to host its 1st multinational air exercise Tarang Shakti in August 2024
● The Indian Air Force (IAF) will host its first multinational air exercise, Tarang Shakti-2024, in
August 2024.
Participating Countries:
● The exercise will likely see participation from 10 countries, including Australia, France, Germany,
Japan, Spain, the United Arab Emirates, the United Kingdom, and the United States.
● Additional countries will participate as observers.
Purpose and Interoperability:
● To invite friendly foreign countries with which the IAF has regular interactions and a certain
degree of interoperability.
Scheduling and Phases:
● Tarang Shakti-2024 was initially planned for the end of 2023 but got deferred.
● It will be conducted in two phases:
1. The first phase will be in southern India in the first two weeks of August.
2. The second phase will be in the western sector from the end of August to mid-September.
Specific Contributions:
● Germany will deploy fighter jets and an A-400M transport aircraft, which is a contender for the
IAF's tender for medium transport aircraft.
About IAF :
● Established : 1932
● Headquarters : New Delhi, Delhi
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari
Indian Air Force Contingent Participates In Exercise Red Flag 2024 Conducted At Eielson Air Force
Base, Alaska
● An Indian Air Force (IAF) contingent participated in the Exercise Red Flag 2024 conducted at
Eielson Air Force Base, Alaska of the United States Air Force, from 04 June to 14 June 2024.
● This was the 2nd edition of Red Flag 2024, an advanced aerial combat training exercise held 4
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Important Monthly Current Affairs Capsule – June 2024
times a year by the US Air Force (USAF).
Key Highlights :
● International Participants:Participating forces included the IAF, Republic of Singapore Air Force
(RSAF), Royal Air Force (RAF) of the United Kingdom, Royal Netherlands Air Force (RNLAF),
German Luftwaffe, and the USAF.
● IAF Deployment:The IAF contingent participated with the Rafale aircraft and personnel
comprising aircrew, technicians, engineers, controllers and subject matter experts.
● The transatlantic ferry of Rafale fighter aircraft was enabled by the IL-78 Air to Air Refuellers
(AAR), while the transportation of personnel and equipment was undertaken by the C-17
Globemaster aircraft.
● The contingent landed at Eielson, USAF base in Alaska on 29 May 2024.
● Historic Participation:This was the first time IAF Rafale aircraft participated in Exercise Red Flag,
operating alongside RSAF and USAF F-16s, F-15s, and USAF A-10 aircraft.
● Exercise Missions : The missions included Beyond Visual Range (BVR) combat exercises as a
part of Large Force Engagements (LFE), in Offensive Counter Air and Air Defence roles.
About Exercise Red Flag :
● Red Flag is an air combat exercise conducted with multiple scenarios designed to provide
realistic combat settings.
● A demarcation of forces is done for simulating the desired environment, with the Red Force
simulating Air Defence elements, and the Blue Force simulating the Offensive Composite
elements.
Note :
● The first Red Flag exercise was conducted in compliance with General Dixon's schedule on 29
November 1975 and included 37 aircraft, supported by 561 personnel, flying some 552 sorties.
Anil Chauhan releases India’s First Joint Doctrine for Cyberspace Operations
● The Chief of Defence Staff General Anil Chauhan released India’s first joint doctrine for
cyberspace operations, acknowledging that cyberspace has emerged as a crucial and
challenging domain in modern warfare.
What is Cyber Warfare?
● Cyber warfare is actions taken in cyberspace (dynamic and virtual space that connects the
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Important Monthly Current Affairs Capsule – June 2024
different computer systems) by state or non-state actors that
● Are conducted in response to a perceived threat against a nation’s security.
● Unlike territorial limits in the traditional domains of warfare (such as land, sea, and
air), cyberspace is a global common and hence has shared sovereignty.
● Hostile actions in cyberspace can impact the nation’s economy, cohesion, political decision-
making, and the ability to defend itself.
● Cyber Surakshit Bharat: It was launched by the MeitY with the National Electronic Governance
Division (NeGD) to ensure more awareness about the latest cybercrimes and the cybersecurity
challenges of India.
● Cyber Swachhta Kendra: It provides free tools for malware analysis and helps improve the
security of systems and devices.
● National Cybersecurity Policy 2013: It provides a framework for creating a secure cyber
ecosystem and aims to protect information and other critical infrastructure.
● NCIIPC: The National Critical Information Infrastructure Protection Centre (NCIIPC) was
established for the protection of critical information infrastructure in the country.
● Indian Cyber Crime Coordination Centre (I4C): The Central Government has rolled out a scheme
for the establishment of I4C to handle issues related to cybercrime in the country in a
comprehensive and coordinated manner.
Indian Army launches first skin bank for advanced care of personnel and families
● The Indian Army announced the opening of a state-of-the-art skin bank facility at the Army
Hospital (Research & Referral).
● The facility offers the latest modern treatment for severe burn injuries received by armed forces
personnel and their families.
● This will be the first of its kind to be established within the Armed Forces Medical Services to
cater to the three kinds of patients the Army hospitals see: injuries from domestic fire accidents,
electrical incidents, and kerosene warmers jawans and officers use to keep themselves warm at
high altitudes.
● The MoD stated that the facility will adhere to the highest quality control and safety standards,
ensuring the integrity and reliability of the skin grafts.
● The skin bank now completes the organ donation programme the Army is pushing to save the
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Important Monthly Current Affairs Capsule – June 2024
lives of its soldiers and their families.
● The Army Hospital (R&R) already has a set of skin, donated on May 29, in its bank.
● A doctor explained that only a few millimetres from the top layer, not the entire skin, is scalped
through an instrument, ‘electrical dermatomes’.
● To keep the sensitivity of family members of organ donors, the Army doctors take out skin only
from the lower limbs and back and leave hands and other portions of the dead to avoid the body
getting mutilated.
● The skin is then immersed in 85% glycerol solution and kept at a certain desired temperature in a
refrigerator so that it’s alive for grafting or transplant, Army hospital sources pointed out.
Mazagon Dockyard Limited in Advanced Negotiations with Defence Ministry for ₹35,000 Crore Kalvari
Submarine Agreement
● Talks on acquiring additional Kalvari-class (Scorpene) submarines for the Indian Navy have
progressed, with state-owned Mazagaon Dockyard Limited (MDL) in advanced discussions for a
potential ₹35,000-crore deal that will help boost India's underwater strength.
● The new submarines -3 additional Kalvari-class which are under negotiation -- will be larger than
their predecessor and will be packed with modern electronics that will give them better strength
and longer endurance.
● Indigenous Content: At least 60% of the new submarines' content will be indigenous, involving
Indian sub-suppliers and the MSME sector, ensuring significant technology transfer and local job
creation.
● Current Projects:MDL is Currently constructing the Kalvari-class submarines under Project 75
with French assistance.
● The sixth and final submarine of the current batch is likely to be delivered by the end of this year
About Indian Navy :
● Headquarters : New Delhi, Delhi
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Naval Staff : Admiral Dinesh K Tripathi
About Mazagon Dock Shipbuilders Limited (MDL) :
● Founded : 1934
● Headquarters : Mumbai, Maharashtra, India
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Important Monthly Current Affairs Capsule – June 2024
● Chairman & MD : Sanjeev Singhal
● MDL is a public sector undertaking managed by the Ministry of Defence, with the Government of
India holding an 84.83% stake.
Indian Army Constructs 150-Foot Suspension Bridge in 48 Hours
● Indian Army engineers constructed a 150-foot suspension bridge in north Sikkim in less than 48
hours.
● The bridge was built over a river with water flowing at speeds exceeding 20 knots.
● The bridge re-established connectivity to border villages that were cut off due to heavy rains in
parts of Sikkim.
● It provided crucial relief to the local population by restoring access to essential resources.
About Indian Army :
● Founded : 26 January 1950
● Headquarters : New Delhi
● Chief of Defence Staff (CDS) : General Anil Chauhan
● Chief of the Army Staff (COAS) : General Manoj Pande
Defence Services Staff College, Wellington and Defence Services Command and Staff College, Dhaka
Partner in Strategic and Operational Studies
● Defence Services Staff College (DSSC), Wellington,Tamil Nadu (TN) and Defence Services
Command and Staff College (DSCSC), Mirpur, Dhaka,Bangladesh have inked a Memorandum of
Understanding (MoU) for cooperation concerning Military Education in the field of Strategic and
Operational Studies.
● Aim : To enhance bilateral engagements and cooperation between the two military colleges.
● The MoU was signed during the official state visit of PM Sheikh Hasina of Bangladesh to India on
22nd June 2024, highlighting its significance in bilateral relations.
About DSSC :
● Established : 1905
● Location :Wellington Cantonment, Nilgiris district, Tamil Nadu, India
● Commandant : Lieutenant General Virendra Vats
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Important Monthly Current Affairs Capsule – June 2024
About DSCSC :
● Established : 1977
● Location : Mirpur, Dhaka, Bangladesh
● Commandant : . Faizur Rahman
DRDO Transfers Medium Range-Microwave Obscurant Chaff Rocket to Indian Navy
● The Defence Research and Development Organisation (DRDO) handed over the Medium
Range-Microwave Obscurant Chaff Rocket (MR-MOCR) to the Indian Navy at a ceremony held
in New Delhi.
What is meant by Microwave Obscurant Chaff?
● MOC, a niche technology developed by DRDO’s Defence Laboratory in Jodhpur, obscures radar
signals and creates a microwave shield around platforms and assets, thus reducing radar
detection.
● Trials and Demonstrations : The Phase-I trials of MR-MOCR were successfully conducted on
Indian Navy ships, demonstrating the MOC cloud blooming and being persistent in space.
● In Phase-II trials, the Radar Cross-Section (RCS) reduction of an aerial target to the extent of
90% has been demonstrated and cleared by the Indian Navy.
About DRDO :
● Formed : 1958
● Headquarters : New Delhi,India
● Chairman : Sameer V. Kamat
● The DRDO is an agency under the Department of Defence Research and Development in the
Ministry of Defence of the Government of India.
About Indian Navy :
● Headquarters : New Delhi, Delhi
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Naval Staff : Admiral Dinesh K Tripathi
Mazagon Dock Shipbuilders Granted "Navratna" Status by the Department of Public Enterprises
● Mazagon Dock Shipbuilders has been granted "Navratna" status by the Department of Public
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Important Monthly Current Affairs Capsule – June 2024
Enterprises.
● It has become the country's 18th PSU to have been accorded this status.
● Investment Capacity: Authorized to undertake investments up to ₹1,000 crore without requiring
approval from the central government.
● Investment Limitations: Allowed to invest up to 30% of their net worth within a year, provided it
does not exceed ₹1,000 crore.
Criteria for Navratna Status :
● A Navratna company is also allowed to form Joint Ventures, alliances and establish subsidiaries
abroad.
● In order to become a Navratna company, the PSU should first be a Miniratna company.
Performance Criteria:
● Rating Requirement: Must have consistently received an outstanding rating under the
Memorandum of Understanding System for at least three out of the last five years.
● Composite Score: Needs to achieve a composite score of 60 or above across 6 key performance
areas:
1. PBDIT to Capital Employed (15%)
2. Manpower Cost to Cost of Production or Services (15%)
3. Earnings per Share (10%)
4. Net Profit to Net Worth (25%)
5. PBIT to Turnover (15%)
6. Inter-Sectoral Performance (20%)
About Mazagon Dock Shipbuilders Limited (MDL) :
● Founded : 1934
● Headquarters : Mumbai, Maharashtra, India
● Chairman & MD : Sanjeev Singhal
● MDL is a public sector undertaking managed by the Ministry of Defence, with the Government of
India holding an 84.83% stake.
Ministry of Defence Signs 350th iDEX Contract for Miniaturized Satellite
● The 350th contract under the Innovations for Defence Excellence (iDEX), the flagship initiative of
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Important Monthly Current Affairs Capsule – June 2024
the Ministry of Defence (MoD) was signed with SpacePixxel Technologies Private Limited for the
design and development of a ‘miniaturised satellite capable of carrying electro-optical, infrared,
synthetic aperture radar, and hyperspectral payloads up to 150 kgs.
● Signatories: The contract was exchanged between Anurag Bajpai, Additional Secretary (Defence
Production) & CEO, Defence Innovation Organisation (DIO), and Awais Ahmed Nadeem Alduri,
Founder and CEO of SpacePixxel Technologies.
● This challenge is being led by the Indian Air Force (IAF).
● The 150th iDEX contract was signed in December 2022.
● iDEX is the flagship initiative of the Ministry of Defence, launched in 2018.
ABHYAS High-Speed Expendable Aerial Target Successfully Completes Developmental Trials with
Enhanced Booster Configuration
● The Defence Research and Development Organisation (DRDO) has successfully completed six
consecutive developmental trials of High Speed Expendable Aerial Target (HEAT) ‘ABHYAS’
with improved booster configuration from the Integrated Test Range (ITR), Chandipur, Odisha.
● With this, ABHYAS has successfully completed 10 developmental trials demonstrating the
reliability of the system.
About ABHYAS :
● ABHYAS has been designed by DRDO’s Aeronautical Development Establishment, Bengaluru,
and developed through Production Agencies - Hindustan Aeronautics Limited & Larsen & Toubro
(L&T).
● The booster has been designed by Advanced Systems Laboratory and the navigation system by
Research Centre Imarat.
Indian Naval Ship Sunayana arrives at Port Victoria, Seychelles, as part of extended deployment in the
Indian Ocean Region
● Indian Naval Ship (INS) Sunayna entered Port Victoria, Seychelles, on 26 June 2024 as part of
her long-range deployment in the South Western Indian Ocean Region (IOR).
● The ship's visit coincides with the celebration of 48th National Day of Seychelles on 29 June 24.
● The deployment of an Indian Naval ship marks sustained participation of an Indian military
contingent since 1976 reaffirming bonhomie between the two nations.
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Important Monthly Current Affairs Capsule – June 2024
INS Shivalik Arrives at Pearl Harbour to Participate in RIM of the Pacific Exercise (RIMPAC) – 24
● Indian multi-role stealth frigate Indian Navy Ship (INS) Shivalik, mission deployed in the South
China Sea and North Pacific Ocean, has reached Pearl Harbour in Hawaii to take part in the Rim
of the Pacific (RIMPAC) exercise, which is the world's largest naval exercise.
● INS Shivalik sailed into Pearl Harbour on completion of JIMEX 24, a bilateral exercise between
India and Japan.
Exercise Phases :
● The harbour phase of the exercise from 27 June to 07 July 2024 will see participation in multiple
symposiums, exercise planning discussions, sports competitions and reciprocal deck visits.
● The sea phase of RIMPAC – 24, divided into three sub-phases will witness ships undertaking
basic and advanced level integration exercises during the first two sub-phases.
Participants :
● The exercise will witness the participation of an Aircraft Carrier Battle Group, submarines,
maritime reconnaissance aircraft, unmanned aerial vehicles, remotely piloted surface ships and
also an amphibious force landing operations including joint operations with special forces of
multinational navies.
● INS Shivalik's participation in RIMPAC-24, 9000 Nautical Miles away from Indian coast Stands
testimony to the Indian Navy's capability to operate in any part of the world.
● INS Shivalik is an indigenously designed and built 6000 tonnes guided missile stealth frigate.
● Note : The first RIMPAC, held in 1971, involved forces from Australia, Canada, New Zealand, the
United Kingdom (UK), and the United States (US).
SCIENCE & TECHNOLOGY
China Lands Uncrewed Craft on Moon's Far Side, Achieving Milestone in Lunar Sample Retrieval
Mission
• China landed an uncrewed spacecraft on the far side of the moon, overcoming a key hurdle in its
landmark mission to retrieve the world’s first rock and soil samples from the dark lunar
hemisphere.
• The Chang'e-6 spacecraft is equipped with an array of tools and its own launcher.
• This is the 6th mission in the program.
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Important Monthly Current Affairs Capsule – June 2024
• Chang'e-6 was launched on May 3 using China's Long March 5 rocket from the Wenchang
Satellite Launch Center in Hainan, China.
About China:
• President: Xi Jinping
• Capital: Beijing
• Currency: Renminbi
IIT Madras Startup Agnikul Cosmos Launches World's First Rocket Featuring Fully 3D-Printed Engine
• In a remarkable achievement, IIT Madras’ startup, Agnikul Cosmos, has launched the world’s first
rocket with a single-piece three-dimensional (3D) printed engine.
• The rocket Agnibaan SOrTeD (SubOrbital Technological Demonstrator) is also India’s first semi-
cryogenic engine-powered rocket launch that was completely designed and manufactured
indigenously.
• It was launched from India’s first privately developed launchpad called ‘Dhanush’ established by
Agnikul at Sriharikota in Andhra Pradesh.
About Agnikul Cosmos Private Limited :
• Established : 2017
• Headquarters : Chennai, Tamil Nadu
• CEO : Srinath Ravichandran
• It is an Indian aerospace manufacturer based in National Centre for Combustion R&D (NCCRD) of
IIT Madras, Chennai
European Space Agency Launches EarthCARE Mission to Study Clouds and Aerosols in Earth's
Climate
• Earth Cloud Aerosol and Radiation Explorer (EarthCARE) satellite, a joint mission of ESA
(European Space Agency) and JAXA (Japan Aerospace Exploration Agency), has been
successfully launched.
• It aims to examine the role clouds and aerosols play in reflecting incident solar radiation back to
space while trapping the infrared radiation emitted from Earth’s surface.
• The satellite was launched aboard a SpaceX Falcon 9 rocket from the Vandenberg Space Force
Base in California, United States of America (USA) on May 29, 2024.
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Important Monthly Current Affairs Capsule – June 2024
About ESA :
• Established : 30 May 1975
• Headquarters : Paris, France
• Director General : Josef Aschbacher
• The ESA is a 22-member intergovernmental body devoted to space exploration.
About JAXA :
• Established : 1 October 2003
• Headquarters : Chōfu, Tokyo, Japan
• Administrator : Hiroshi Yamakawa
Pakistan Launches Multi-Mission Communication Satellite - PAKSAT MM1 with China's Assistance
• Pakistan launched a multi-mission communication satellite named PAKSAT MM1 for faster
internet connectivity with the help of its all-weather ally China, making it Islamabad’s second
satellite to be sent into orbit within a month.
• The Multi-Mission Communication Satellite,, was launched from the Xichang Satellite Launch
Center in China’s southwestern province of Sichuan.
• The satellite would “provide the best internet facilities across Pakistan” and help improve
television broadcasts, cellular phones and broadband services.
• Pakistan’s Space and Upper Atmosphere Research Commission (Suparco) stated that the
satellite’s launch was a part of the National Space Programme 2047.
About Pakistan:
• President: Asif Ali Zardari
• Prime Minister : Shehbaz Sharif
• Capital: Islamabad
• Currency: Pakistani Rupee
Google Terminates More Than 50 Workers Over Protests Against Israel Cloud Deal
• A significant cloud computing and artificial intelligence initiative undertaken by Google in
collaboration with the Israeli government, aimed at enhancing the latter's technological
capabilities, particularly amidst the ongoing Gaza conflict.
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Important Monthly Current Affairs Capsule – June 2024
• Employees at Google's offices in New York and Sunnyvale, California, organized sit-in protests
against the company's involvement in Project Nimbus.
• These protests were led by the group No Tech For Apartheid.
About Google :
• Founded : September 4, 1998
• Headquarters : Googleplex, Mountain View, California, United States
• CEO : Sundar Pichai
Russian Cosmonaut Oleg Kononenko Sets Record as First Person to Spend 1,000 Days in Space
● Oleg Kononenko, a 59-year-old Russian cosmonaut, has become the first person to spend 1,000
days in space.
● Kononenko achieved this milestone through five journeys to the International Space Station (ISS)
starting from 2008.
● His current trip to the ISS began on September 15, 2023, launching alongside NASA astronaut
Loral O'Hara and compatriot Nikolai Chub.
About Roscosmos :
● Founded : 25 February 1992
● Headquarters : Moscow, Russia
● Administrator : Yury Borisov
● It is a state corporation of the Russian Federation responsible for space flights, cosmonautics
programs, and aerospace research.
Indian-American Astronaut Sunita Williams Becomes First Woman to Pilot New Spacecraft on Its
Maiden Crewed Test Flight
● Sunita Williams and Butch Wilmore became the first people to fly to space in a Boeing Starliner
during its first-ever crewed flight.
● Indian-Origin NASA astronaut Sunita Williams made history by being the first female pilot of a
newly developed human-rated spaceship.
● On June 5, 2024, the crew was launched from Space Launch Complex-41 at the Cape Canaveral
Space Force Station in Florida to board the Atlas V rocket of United Launch Alliance.
Indian Space Research Organisation Unveils Thermal Infra-Red Imaging Satellite for High-resolution
Natural Resource Assessment: Indo-French Infrared Earth Observation Mission for Global Surface
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Important Monthly Current Affairs Capsule – June 2024
Temperature and Water Management
• The Space agency Indian Space Research Organisation (ISRO) has announced a joint Indo-French
infrared earth observation satellite mission, TRISHNA (Thermal Infra-Red Imaging Satellite for High-
Resolution Natural Resource Assessment), to monitor surface temperature and water management
around the world.
• Data Collection: The satellite will provide data on climate impacts through evapotranspiration
monitoring, measuring water evaporation from land and plants.
• Monitoring Parameters: TRISHNA will monitor thermal anomalies, heat emission from land, surface
energy, urban heat islands, and other global parameters related to heat.
About ISRO :
● Established: 15 August 1969
● Headquarters: Bangalore, Karnataka, India
● Chairman: S. Somanath
Indian Space Research Organisation Unveils Aditya-L1 Images of the Sun Captured During May Solar
Storm
● The Indian Space Research Organisation (ISRO) has released stunning images of the Sun
captured by the Aditya L1 satellite during a major geomagnetic storm in May, 2024.
● The mission aims to study the Sun, marking India's first space-based solar observatory.
● The two remote sensing payloads, namely the Solar UltraViolet Imaging Telescope (SUIT) and
the Visible Emission Line Coronagraph (VELC), along with other payloads, captured these
images from the Lagrange point (L1)in space.
About ISRO :
● Established: 15 August 1969
● Headquarters: Bangalore, Karnataka, India
● Chairman: S. Somanath
IISc researchers develop sustainable methods to remove heavy metal contaminants from groundwater
• Researchers at the Centre for Sustainable Technologies (CST), Indian Institute of Science (IISc),
have developed a novel remediation process for removing heavy metal contaminants such as
arsenic from groundwater.
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Important Monthly Current Affairs Capsule – June 2024
• The three-step method, which is patent-pending, also ensures that the removed heavy metals
are disposed of in an environment-friendly and sustainable manner, instead of sending untreated
heavy metal-rich sludge to landfills from where they can potentially re-enter groundwater,
Bengaluru-based IISc stated in a release, stated a report.
Scientists Identify "super fluffy" exoplanet with Density Comparable to Cotton Candy
● Researchers have discovered a "super fluffy" exoplanet, 50% larger than Jupiter and weighing
only a 7th of it, giving it a "cotton candy"-like density.
● The new, "fluffy" planet has been named 'WASP-193b' and was found to be located about 1,200
light years away from Earth, roughly equivalent to 10,800 trillion kilometres.
● The planet is so light that it's difficult to think of an analogous, solid-state material.
● The reason why it's close to cotton candy is because both are pretty much air.
● WASP-193b is the 2nd-lightest planet discovered so far, after the smaller, Neptune-like world,
Kepler 51d.
● The exoplanet was initially spotted by the Wide Angle Search for Planets (WASP), an
international collaboration of academic institutions.
● Astronomers had determined that the star's periodic dips in brightness were consistent with a
planet passing in front of it every 6.25 days.
● In this study, the researchers used data from observatories based in the Atacama Desert, Chile,
to measure the planet's weight.
● Their calculations revealed an "extremely low density" for the planet - 0.059 grams per cubic
centimetre
Scientists from Physical Research Laboratory Discover Three New Craters on Mars
● The scientists of Ahmedabad-based Physical Research Laboratory (PRL) have discovered three
new craters on Mars.
● They have been discovered in the Tharsis volcanic region on Mars.
● On the recommendation of the PRL, the International Astronomical Union (IAU) Working Group
for Planetary System Nomenclature approved naming the three craters on Mars.
Naming of Craters :
● One crater has been named “Lal crater” after Prof. Devendra Lal, a renowned Indian geophysicist
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Important Monthly Current Affairs Capsule – June 2024
and former director of PRL from 1972-1983.
● It is a 65 km wide crater, centred at -20.98° and 209.34°.
● The second crater has been named “Mursan crater” after a town in Uttar Pradesh, India.
● Mursan crater is a ~10 km wide crater superimposed on the eastern side of the rim of the Lal
crater.
● The third crater is “Hilsa crater”.
● It is a ~10 km wide crater superimposed on the western side of the rim of the Lal crater.
● It is named after a town in Bihar, India.
What is a Crater?
● A crater is a depression or hole on the surface of a planetary body.
● Craters are typically formed by the impact of objects (such as meteorites) or by geological
processes like volcanic activity or explosions.
About Physical Research Laboratory (PRL) :
● Established : 1947 by Dr. Vikram Sarabhai, who is considered the father of India’s space
program.
● Location : Ahmedabad, Gujarat, India
● Director : Anil Bhardwaj
● The PRL is a National Research Institute for space and allied sciences, supported mainly by the
Department of Space, Government of India.
About International Astronomical Union :
● Established : 28 July 1919
● Headquarters : Paris, France
● President : Debra Meloy Elmegreen
● General Secretary : Piero Benvenuti (interim)
● The IAU is an international non-governmental organization (INGO) with the objective of
advancing astronomy in all aspects, including promoting astronomical research, outreach,
education, and development through global cooperation.
Woman-Led Start-up Develops 'Divya Drishti', a Cutting-Edge AI Personal Identification Tool Under
Technology Development Fund
● A woman-led start-up, Ingenious Research Solutions Private Limited, developed 'Divya Drishti',
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Important Monthly Current Affairs Capsule – June 2024
an Artificial Intelligence (AI)-based tool combining facial recognition with gait analysis.
● This innovative solution marks a “significant advancement” in biometric authentication
technology, offering “enhanced accuracy and reliability” in identifying individuals.
● The start-up was established by woman entrepreneur Shivani Verma after winning the
prestigious ‘Dare to Dream 2.0’, a pan India theme-based contest organised by the Defence
Research and Development Organisation (DRDO).
Key Highlights :
● Technical Features:'Divya Drishti' integrates face recognition with immutable physiological
parameters like gait and skeleton analysis.
● This dual approach improves identification accuracy, suitable for sectors including defence, law
enforcement, corporate security, and public infrastructure.
● Support and Mentoring : The tool has been developed under the technical guidance and
mentoring of the Centre for Artificial Intelligence & Robotics (CAIR), a laboratory of the DRDO
based in Bengaluru.
● The initiative is supported by the DRDO's Technology Development Fund (TDF), aimed at
promoting start-ups in defence and aerospace sectors for 'Aatmanirbhar Bharat'.
About DRDO :
● Formed : 1958
● Headquarters : New Delhi,India
● Chairman : Sameer V. Kamat
● The DRDO is an agency under the Department of Defence Research and Development in the
Ministry of Defence of the Government of India.
Catalytic boost for cheaper biodiesel production
● A team of scientists from Assam, Odisha, China, and the United Kingdom have developed a
water-repellent catalyst that can cut the cost of producing “environmentally benign” biodiesel
substantially from the current levels.
● The process of arriving at the “spherical superhydrophobic activated carbon catalyst” to withstand
water by-product during the production of biodiesel – pursued as a substitute for diesel, an
exhaustible fossil fuel – has been published in the latest issue of the peer-reviewed Advanced
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Important Monthly Current Affairs Capsule – June 2024
Functional Materials, a high impact journal of the international materials science community.
● The authors of the study are Arpita Das, Kangkana Saikia, and Samuel Lalthazuala Rokhum of
Southern Assam’s Department of Chemistry, National Institute of Technology (NIT) in Silchar,
Chandrakanta Guchhait and Bimalendu Adhikari of NIT Rourkela in Odisha, Da Shi of the
University of Cambridge in the United Kingdom, and Hu Li of the Guizhou University in China.
Google brings Gemini mobile app to India with support for 9 Indian languages
● Google has launched the Gemini app in India, supporting 9 Indian languages.
● The AI chatbot, which was only available in English, now lets users type or talk in Hindi, Bengali,
Gujarati, Kannada, Malayalam, Marathi, Tamil, Telugu and Urdu.
● To get Gemini on Android, users can either download the app from the Play Store or opt-in
using Google Assistant.
● As for iOS, Gemini will be accessible from the Google app in the coming weeks.
● Similar to Google’s previous voice assistant, which appears as an overlay, you can summon
Gemini by saying ‘Hey Google’.
● Just like OpenAI’s ChatGPT, you can use the Gemini app can help you draft messages, help
write emails, analyse images and upload files and ask questions about them.
● The chatbot can also search the internet for information on your behalf and is integrated with
various Google services like Gmail and Maps.
● Powered by Gemini 1.0 Pro, the free-to-use AI chatbot also offers a paid option that gives access
to Gemini Advanced based on Gemini 1.5 Pro, an advanced large language model with a 1
million token context window.
Indian Space Research Organisation Successfully Completes 3rd and Final 'Pushpak' Reusable Launch
Vehicle Landing Test
● The Indian Space Research Organisation (ISRO) successfully conducted the third and final
landing experiment of its Reusable Launch Vehicle (RLV) ‘Pushpak’ at the Aeronautical Test
Range in Chitradurga, Karnataka.
● The RLV LEX-03 which stands for Reusable Launch Vehicle Landing Experiment 3,
demonstrated the autonomous landing capability under more severe wind conditions.
● The Chinook helicopter released the Reusable Launch Vehicle Pushpak at an altitude of 4.5 kms
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Important Monthly Current Affairs Capsule – June 2024
from the runway.
About ISRO :
● Established: 15 August 1969
● Headquarters: Bangalore, Karnataka, India
● Chairman: S. Somanath
Biocon Receives European Medicines Agency Approval to Manufacture Bevacizumab for European
Market
● Biocon Biologics Limited. (BBL), a global, integrated biosimilars company and a subsidiary of
Biocon Limited., has received approval from the European Medicines Agency (EMA) to
manufacture biosimilar Bevacizumab at its new, world-class, multi-product monoclonal antibodies
(mAbs) drug substance facility at Bengaluru, Karnataka.
● This approval would provide significant additional capacity to address patients’ needs across
markets in Europe.
● Bevacizumab Usage : Bevacizumab is used to treat various forms of cancer, including colon and
rectal cancer (cancer that begins in the large intestine), non-small cell lung cancer (NSCLC),
glioblastoma (a type of cancerous brain tumour), and cervical cancer.
● The Bengaluru facility had previously been approved to manufacture biosimilar Trastuzumab in
September 2022.
About Biocon Limited :
● Founded: 1978
● Headquarters: Bangalore, Karnataka, India
● Executive Chairman: Kiran Mazumdar-Shaw
● MD & CEO: Siddharth Mittal
● Subsidiaries: Syngene International Limited (Syngene) is a publicly listed subsidiary, operating in
the contract research and development organization sector.
About European Medicines Agency (EMA) :
● Formed : 1 January 1995
● Headquarters : Amsterdam, Netherlands
● Executive Director : Emer Cooke
● Chairperson : Christa Wirthumer-Hoche
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Important Monthly Current Affairs Capsule – June 2024
● Function and History:EMA is an agency of the European Union (EU) responsible for the
evaluation and supervision of pharmaceutical products.
● Prior to 2004, it was known as the European Agency for the Evaluation of Medicinal Products or
European Medicines Evaluation Agency (EMEA).
SpaceX Falcon Heavy Successfully Deploys New Satellite to Track Solar Storms
● SpaceX’s Falcon Heavy, one of the world’s most powerful operational rockets, blasted off
carrying into orbit a new US satellite designed to help weather forecasters monitor massive solar
storms.
● The rocket, consisting of 3 modified Falcon cores, launched from Florida’s Kennedy Space
Center.
● GOES-U Satellite : GOES-U is the 4th and final satellite in a series from NOAA (National
Oceanic and Atmospheric Administration) and NASA.
About SpaceX:
● Founded on March 14, 2002.
● Headquarters in Hawthorne, California, United States.
● CEO & Chairman: Elon Musk.
● Space Exploration Technologies Corporation (SpaceX) is a spacecraft manufacturer, launch
service provider, and satellite communications company.
SPORTS NEWS
Praggnanandhaa secures the top spot in Norway Chess by defeating Carlsen.
• Indian Grandmaster R Praggnanandhaa secured a historic victory by defeating world number one
Magnus Carlsen in the Classical format, emerging as the sole leader in the Norway Chess
tournament.
• At the conclusion of the third round, Praggnanandhaa's tally stands at 5.5 out of nine points, while
Carlsen has slipped to the fifth position.
• Vaishali R secured her first classical win in the Norway Chess Women’s Tournament by defeating
fellow Indian Koneru Humpy.
Indian Mountaineer Satyadeep Gupta Becomes First Person To Scale Mt. Everest And Mt. Lhotse
Twice In One Season
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Important Monthly Current Affairs Capsule – June 2024
• Indian mountaineer Satyadeep Gupta has etched his name in history by achieving two remarkable
feats: becoming the first person to scale Mt Everest and Mt Lhotse twice in a single season, and the
first Indian to traverse both peaks within a span of 11 hours and 15 minutes.
• Gupta commenced his extraordinary journey by conquering the 8,516-meter-high Mt Lhotse,
followed by scaling the 8,849-meter-high Mt Everest at 12:45 am, midnight.
BFI joins World Boxing but claims it also remains affiliated to IBA
• The Boxing Federation of India (BFI) has agreed to join World Boxing, the International Federation
dedicated to safeguarding boxing within the Olympic Movement.
• The BFI's General Assembly has approved the membership application, which World Boxing's
Executive Board will subsequently ratify.
About World Boxing
• World Boxing, led by President Boris van der Vorst, was launched in April 2023 to preserve
boxing's place within the Olympic movement.
About the Boxing Federation of India
• The Boxing Federation of India serves as the Indian national governing body for amateur boxing
for Olympic purposes and is affiliated with the International Amateur Boxing Association (AIBA).
• Headquartered in New Delhi.
• President Ajay Singh leads it.
Real Madrid Clinches 15th UEFA Champions League Title at Wembley Stadium
• At Wembley Stadium, Real Madrid added another chapter to their illustrious history by securing a
record-extending 15th UEFA Champions League title.
• The Spanish giants displayed their trademark resilience and clinical prowess, clinching a hard-
fought 2-0 victory over a determined Borussia Dortmund side.
• Dortmund dominated proceedings for much of the match, particularly in a one-sided first half,
creating numerous scoring opportunities.
Dinesh Karthik officially announces retirement from all forms of cricket
• Veteran wicketkeeper-batter Dinesh Karthik announced his retirement from all forms of cricket.
• The writing was on the wall following his emotional farewell from the Royal Challengers
Bengaluru (RCB) franchise in the recently concluded Indian Premier League (IPL) season.
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Important Monthly Current Affairs Capsule – June 2024
• Impressive International Career Karthik's international journey spanned 180 games across all
three formats, where he amassed 3463 runs, including a solitary Test hundred and 17 half-
centuries.
England Fast Bowler Brydon Carse Banned for Betting
• England’s versatile allrounder Brydon Carse has received a three-month suspension from all
forms of cricket due to a breach of betting regulations.
• The 28-year-old made a staggering 303 bets on various cricket matches between 2017 and
2019, leading to disciplinary action against him.
• Ban Details and Acceptance of Charges Carse, upon accepting the charges, received an initial
16-month ban, with 13 months suspended.
Devarakeshavi Prakasha Manu Secures Gold Medal in Javelin at Taiwan Athletics Open 2024
• Indian javelin thrower DP Manu secured the gold medal at the Taiwan Athletics Open 2024 with an
impressive throw of 81.58 meters.
• Manu's journey to victory began with a strong throw of 78.32 meters.
• Silver Medal: Chao Tsun Cheng of Chinese Taipei with a throw of 76.21 meters.
• Bronze Medal: Chao-Hong Huang, also from Chinese Taipei, with a throw of 71.24 meters.
GM Erigaisi breaks into top-5 in FIDE rating list
• Grandmaster Arjun Erigaisi’s strong showing in the French Team Chess Championship has
helped him reach the fifth spot in the FIDE standings, making him the highest ranked Indian by
live rating.
• Arjun, with a ELO rating of 2769.7, has so far added 8.7 points to his tally, behind Magnus
Carlsen of Norway, USA’s Hikaru Nakamura and Fabiano Caruana and Ian Nepomniachtchi of
Russia.
French Open: Jannik Sinner becomes first Italian World No. 1 after Djokovic withdrawal
• Jannik Sinner became the first ever Italian player to be crowned the ATP World No. 1 in men's
singles competition.
• Sinner achieved the feat after he beat Grigor Dimitrov in the quarter-final of the competition.
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Important Monthly Current Affairs Capsule – June 2024
• Sinner was aided by the withdrawal of defending champion Novak Djokovic from the French
Open, ahead of his quarter-final match against Casper Ruus.
• The withdrawal ended the Serb's quest for a record-extending 25th Grand Slam trophy and will
result in him losing the world number one ranking to Italian Jannik Sinner later this month.
Seagram’s Royal Stag Renews Partnership with ICC as Official Supporter for Four Years
• Seagram’s Royal Stag has extended its association with the International Cricket Council (ICC) for
four more years, solidifying the brand’s commitment to cricket and the sport’s global community of
fans.
• The partnership, which will run until the end of 2027, extends Royal Stag’s status as an Official
Supporter, kicking off with the ICC Men’s T20 World Cup in the West Indies and the USA.
• This extension follows the brand’s successful five-year partnership with the ICC between 2018 and
2023.
ISSF World Cup 2024 Munich: India’s Sarabjot Singh wins gold medal in 10m air pistol
● Indian shooter Sarabjot Singh secured India’s first medal at the ISSF World Cup in Munich,
Germany.
● Gold Medal: He claimed the gold medal in the men’s 10-meter air pistol event, scoring an impressive
242.7 points in the final.
● Silver Medal: Shuaihang Bu of the People’s Republic of China.
● Bronze Medal: Robin Walter of Germany.
About ISSF World Cup
● Prestigious Event: The ISSF World Cup is one of the most prestigious shooting tournaments
globally, second only to the Olympics.
● Organizer: Hosted by the International Shooting Sports Federation (ISSF), the event attracts top
shooters from across the globe.
● Establishment: Established in 1907, the ISSF is headquartered in Munich, Germany.
● Annual Schedule: Since 1996, four ISSF World Cups are organized annually, except during
Olympic years when three are held.
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Important Monthly Current Affairs Capsule – June 2024
● Event Categories: The ISSF World Cup comprises separate competitions for rifle, pistol, and
shotgun events.
Rohit Sharma Makes History in 9th ICC T20 World Cup Cricket Tournament
● The Indian cricket team, led by captain Rohit Sharma, commenced their journey at the 9th ICC T20
World Cup with a convincing 8-wicket win against Ireland.
● Venue: The match took place at the Nassau County International Cricket Stadium in New York,
USA.
● Bowling Excellence: Jasprit Bumrah showcased a remarkable bowling display, taking 2 wickets for
just 6 runs, earning him the prestigious 'Man of the Match' award.
● Record-breaking Achievement: Rohit Sharma, renowned as the "Hitman" for his extraordinary six-
hitting prowess, created history by becoming the first cricketer in the world to smash 600 sixes in
international cricket.
Iga Swiatek eases past Jasmine Paolini to win third consecutive French Open
• Iga Swiatek won her third consecutive French Open championship, defeating Jasmine Paolini of
Italy 6-2, 6-1 in the final.
• Grand Slam Titles: This victory marks her fourth French Open title in five years and her fifth Grand
Slam title overall.
• Consecutive Titles: Swiatek is the third woman to win three consecutive titles at the French Open,
following Monica Seles (1990-1992) and Justine Henin (2005-2007).
• Previous Achievements: Swiatek won her maiden Grand Slam at the French Open four years ago
and claimed the US Open title in 2022.
Magnus Carlsen wins sixth Norway Chess title
• Magnus Carlsen, the reigning World No. 1, secured his sixth Norway Chess Tournament title in a
thrilling conclusion.
• His victory over Fabiano Caruana in an intense Armageddon match showcased Carlsen's
dominance on the global chess stage.
• Indian prodigy Praggnanandhaa Rameshbabu impressed with his talent, holding Hikaru Nakamura
to a tense draw and securing a remarkable third-place finish.
• His subsequent Armageddon victory highlighted his potential in the world of chess.
Sponsorship for Indian Olympians up 2000% in a decade
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Important Monthly Current Affairs Capsule – June 2024
• Team India's journey to the Paris Olympics has kicked off with a remarkable achievement in
sponsorship.
• The Indian Olympic Association (IOA) has secured approximately Rs 50 crore in sponsorship
revenue from renowned brands and establishments.
• This amount is double the figure attained for the Tokyo Games in 2020 and a staggering 2,000%
increase from the pre-Rio 2016 period.
• Major sponsors and brands supporting the IOA include Reliance Foundation, JSW, Yes Bank, Ebco,
Puma, Adani Sportsline, and Aditya Birla Capital.
Sumit Nagpal Secures Sixth ATP Challenger Tennis Title
• Indian men’s tennis player Sumit Nagpal clinched the men’s singles title at the Heilbronn Neckarcup
2024 ATP Challenger Tennis tournament in Germany.
• This marked his sixth ATP Challenger title, elevating his ranking and making him eligible for the
2024 Summer Paris Olympics.
• In the final showdown on 9 June 2024, Nagpal faced off against Alexander Ritschard of Switzerland
in a thrilling three-set match, emerging victorious with a scoreline of 6-1, 6(5)-7(7), 6-3.
Max Verstappen wins 3rd straight Canadian Grand Prix, completes 60 F1 wins
• Max Verstappen secured victory at the Canadian Grand Prix for the third consecutive year, adding to
his impressive tally of 60 Formula 1 wins and marking his sixth triumph in nine races this season.
• Starting from second position in wet conditions alongside pole-sitter George Russell, Verstappen
showcased his prowess at Circuit Gilles Villeneuve on Ile Notre-Dame, delivering a commanding
performance in the latter stages of the race.
• The 26-year-old Dutchman's victory underscores his remarkable consistency, with an astounding 50
wins in the last 75 Formula 1 races, solidifying his status as a dominant force in the sport.
Lahiri finishes sixth in Liv Houston Golf Series
• India's Anirban Lahiri delivered a commendable performance in the Liv Houston Golf series,
concluding with a solid four-under 68 in the final round, resulting in a total score of 10-under and a
tied sixth finish.
• This marks Lahiri's second top-10 finish, following a similar sixth-place finish in Jeddah earlier in
March.
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Important Monthly Current Affairs Capsule – June 2024
• Lahiri's round showcased a mix of skill and determination, featuring five birdies, an eagle, and three
bogeys, building upon his earlier rounds of 69-69.
Scheffler wins Memorial to claim fifth title of 2024
• Scottie Scheffler reaffirms his dominance on the PGA Tour, claiming his fifth title of the year with a
memorable win at the Memorial.
• In a departure from the norm, Scheffler's victory at the Memorial was anything but ordinary.
• Despite making just one birdie and closing with a 2-over 74, his highest final round in two years,
Scheffler displayed resilience and nerve to clinch the title.
Jose Molina becomes new Mohun Bagan SG head coach, replaces Antonio Habas
• Mohun Bagan Super Giant have appointed former ATK boss Jose Molina as their head coach for
the upcoming Indian Super League (ISL) season. The club announced the Spaniard’s
appointment on their social media.
• Jose Francisco Molina, who also served as the Technical Director of the Spanish Football
Federation (REEF), will replace compatriot Antonio Lopez Habas who took over duties midway
last season and led the club to their maiden ISL League shield.
India to Host 2025 FIH Hockey Men’s Junior World Cup
● The International Hockey Federation (FIH) has announced that India will host the FIH Hockey Men’s
Junior World Cup in December 2025.
● For the first time, the tournament will feature 24 teams, marking the 14th edition of the Junior
Hockey World Cup.
● The host city will be disclosed at a later date.
• This was announced by FIH President Tayyab Ikram.
Previous Tournament in Kuala Lumpur
● The most recent edition of the FIH Hockey Men’s Junior World Cup took place in Kuala Lumpur,
Malaysia, in 2023.
India's Recent Performance
● In the 2023 tournament, India reached the semi-finals but lost 4-1 to eventual champions Germany.
● They then fell 3-1 to Spain in the third-place playoff, finishing fourth overall.
India as Host Country
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Important Monthly Current Affairs Capsule – June 2024
● India will host the Junior Hockey World Cup for the fourth time.
● Previous editions were held in New Delhi in 2013, Lucknow in 2016, and Bhubaneswar in 2021.
Puja Tomar scripts history becomes first Indian to win a bout in the UFC
● Puja Tomar made history as the first mixed martial arts fighter from India to secure a victory at the
Ultimate Fighting Championship (UFC).
● In her debut bout in the straw-weight (52kg) category, Tomar clinched a split- decision win over
Brazil's Rayanne dos Santos, with scores of 30-27, 27-30, and 29-28.
● The 30-year-old, nicknamed "Cyclone," signed with the UFC in October last year, becoming India's
first woman to compete in the prestigious MMA promotion.
About UFC
● Ultimate Fighting Championship (UFC) is a prominent American mixed martial arts promotion
company known worldwide.
IPL business value rises by 6.5% to US$16.4bn
● According to a report by Houlihan Lokey, the business valuation of the Indian Premier League (IPL)
has risen to $16.4 billion, marking a 6.5% increase.
● The 'IPL Valuation Study 2024' report indicates that the standalone brand value of the IPL has
grown by 6.3% to reach $3.4 billion over the past year.
Tata Group's Sponsorship Deal
● The Tata Group secured the IPL title sponsorship for an additional five years (2024-2028) at around
$300 million, marking a 50% increase from the previous agreement.
Franchise Highlights
1. Chennai Super Kings (CSK): Leading the league with a brand value of $231 million, CSK has been
consistent, qualifying for playoffs in 12 out of 15 seasons and securing five titles, largely attributed to
former captain Mahendra Singh Dhoni.
2. Royal Challengers Bangalore (RCB): Following closely with a brand value of $227 million, RCB
benefits significantly from star cricketer Virat Kohli's presence.
3. Kolkata Knight Riders (KKR): After a successful season 17, KKR clinched the championship and
holds a brand value of $216 million, securing the third position.
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Important Monthly Current Affairs Capsule – June 2024
4. Mumbai Indians (MI): Ranked fourth with a brand value of $204 million, MI remains a strong
contender in the league.
Neeru Pathak Sets New U18 National Record in Women's 400m at National Youth Athletics
Championships
● Neeru Pathak delivered a stunning performance at the National Youth Athletics Championships in
Bilaspur, Chhattisgarh, setting a new U18 national record in women's 400m.
● Clocking an impressive 52.85 seconds, she not only secured the gold medal but also surpassed the
qualification mark for the World U20 Championships.
● Her time marks the fourth-best U18 performance globally this year, highlighting her exceptional
sprinting prowess throughout the competition.
● Performance Overview: Neeru Pathak showcased outstanding sprinting skills, dominating Heat 3
with a timing of 54.93s and continuing her strong form in subsequent rounds.
● Men's 400m Champion: Bapi Handsa set a meet-record of 47.12s to clinch gold in the men's 400m,
demonstrating his impressive form despite missing his personal best.
● Women's 100m Victory: Abhinaya Rajarajan claimed the gold in women's 100m with a time of
12.09s, adding to her recent achievements in athletics.
Sumit Nagal Achieves Career-High ATP Singles Ranking of 71
● Sumit Nagal, India's rising tennis star, has reached a career-best ATP singles ranking of 71, marking
a significant milestone in his career trajectory.
● This achievement follows closely on the heels of his previous best ranking of 77, highlighting his
rapid ascent in the ATP rankings.
● Olympic Qualification: With a commendable 777 ATP points, Nagal has secured his place as India's
sole representative in men's singles at the upcoming Paris Olympics.
● 2024 Highlights: His year began with a notable run at the Australian Open, reaching the second
round, and included victories at the Heilbronn Neckarcup in Germany and the Chennai Open.
● Upcoming Events: Nagal is set to compete in the main draw of Wimbledon followed by the
prestigious Paris Olympics at Roland Garros, highlighting his packed schedule on the global stage.
● Top 5 rank are:
Jannik Sinner- Italy
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Important Monthly Current Affairs Capsule – June 2024
Carlos Alcaraz- Spain
Novak Djokovic- Serbia
Alexander Zverev- Germany
Daniil Medvedev- Russia
Neeraj Chopra Wins Gold medal at Paavo Nurmi Games
● India's Olympic and world champion javelin thrower, Neeraj Chopra, claimed his maiden gold medal
at the Paavo Nurmi Games, showcasing his dominance upon returning to competitive action after a
month-long break.
● Gold Medal Performance: Neeraj Chopra secured the gold with a throw of 85.97m in his third
attempt, leading the field for most of the competition.
● Silver and Bronze: Toni Keranen won the silver with a personal best of 84.19m, while 2022 gold-
medallist Oliver Helander took bronze with 83.96m.
● Previous Performances:
⮚ Doha Diamond League: Chopra began his season in May, finishing second with a throw of
88.36m, the ninth-best mark of his career.
⮚ National Federation Cup: He also secured gold at the National Federation Cup Senior
Athletics Championships in Bhubaneswar with a throw of 82.27m.
● Upcoming Events: Chopra will compete next at the Paris Diamond League on July 7.
● Event Background: The Paavo Nurmi Games, held annually since 1957 at the Paavo Nurmi Stadium
in Turku, Finland, became part of the IAAF World Challenge in 2017.
World Athletics Championships 2023: Neeraj Chopra becomes the first-ever Indian world champion to
win gold
● India’s Neeraj Chopra made history again by winning the gold medal in the men’s javelin throw at
the World Athletics Championships 2023 held in Budapest, Hungary.
● With an outstanding throw of 88.17 meters, the Olympic champion became the first Indian athlete
to clinch a gold medal at the senior world championships.
Verstappen wins third Spanish GP in a row
● Max Verstappen notched his third consecutive victory at the Spanish Grand Prix, kicking off the
triple-header race weekends with a dominant performance in Barcelona.
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Important Monthly Current Affairs Capsule – June 2024
Lindblad Makes History as Youngest-Ever F3 Feature Race Winner
● Arvid Lindblad achieved a remarkable milestone by becoming the youngest-ever winner of an F3
Feature race, highlighting his burgeoning talent in motorsport.
Smriti Mandhana becomes the first Indian woman cricketer to score consecutive centuries in ODIs.
● Smriti Mandhana, renowned for her aggressive batting style, created history in Indian cricket
during the recent ODI series against South Africa.
● She became the first Indian woman cricketer to score consecutive centuries in ODIs.
Cummins creates history with second consecutive T20 World Cup hat-trick
● Australia's Pat Cummins has achieved a remarkable milestone in T20 World Cup history by
becoming the first bowler to secure consecutive hat-tricks in the tournament.
Indian recurve mixed team wins bronze medal in Archery World Cup
● India's recurve mixed team of Dhiraj Bommadevara and Bhajan Kaur displayed exceptional skill
to secure a bronze medal in the Archery World Cup Stage 3.
● Medal Tally: This bronze marks India's third medal at the event, with prospects for more as Dhiraj
Bommadevara and Ankita Bhakat advance to their individual semifinals.
● Additional Achievements: Earlier, the Indian women's compound team comprising Jyothi Surekha
Vennam, Aditi Swami, and Parneet Kaur secured a gold medal, while Priyansh claimed a silver in
their respective events.
Jessica Pegula knocks out Coco Gauff in semis, beats Anna Kalinskaya to win Berlin Open
● Jessica Pegula emerged victorious at the Berlin Open after a series of compelling matches,
including a rain-interrupted semi-final against top seed Coco Gauff and a final against Anna
Kalinskaya.
Sinner beats Hurkacz to win first title on grass at Halle Open
● Italian world number one Jannik Sinner secured his first grasscourt title by defeating his doubles
partner Hubert Hurkacz 7-6(8), 7-6(2) in the Halle Open final.
Indian Wrestlers Shine at Under-17 Asian Wrestling Championships
● India concluded their campaign at the Under-17 Asian Wrestling Championships in Amman,
Jordan, with an impressive tally of 11 medals: four gold, two silver, and five bronze.
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Important Monthly Current Affairs Capsule – June 2024
Women Wrestlers Dominate:
● Gold Medalists: Dipanshi (46 kg), Muskan (53 kg), Rajnita (61 kg), and Mansi Lather (69 kg)
showcased exceptional performances in their weight categories, securing gold medals.
● Silver Medalist: Raja Bala displayed determination in the 40 kg category, earning a silver despite
fierce competition.
Men's Achievements:
● Silver Medal: Samarth Gajanan Mhakave demonstrated skill in the 55 kg category, claiming a
silver medal.
● Bronze Medalists: Akash (65 kg), Sachin Kumar (71 kg), Bikash Kacchap (48 kg), Tushar
Tukaram Patil (60 kg), and Ronak (110 kg) exhibited their prowess with bronze medal victories.
Anush Agarwalla to Make Historic Olympic Debut in Dressage for India
● Anush Agarwalla, an Asian Games medallist, has been chosen by the Equestrian Federation of
India (EFI) to represent the nation in the dressage event at the upcoming Paris Olympics.
● His selection came after edging out competitor Shruti Vora with superior average scores.
● Historic Milestone: This decision marks a historic moment for India, as it signifies the country's
inaugural entry into the Olympic dressage competition.
IOA's Enhanced Cash Awards for Paris Olympic Games 2024
● The Indian Olympic Association (IOA) has announced substantial cash awards for Indian athletes
achieving medals at the Paris Olympic Games, scheduled from July 26 to August 11, 2024.
● Silver Medalists: Rs 75 lakh
● Bronze Medalists: Rs 50 lakh
Comparison with Government Awards:
● These awards are in addition to the government's existing scheme:
o Gold Medal: Rs 75 lakh
o Silver Medal: Rs 50 lakh
o Bronze Medal: Rs 30 lakh
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Important Monthly Current Affairs Capsule – June 2024
Travis Head Becomes World No. 1 in ICC T20I Men’s Batting Rankings
● Travis Head, the Australian opener, has ascended to the No. 1 spot in the ICC T20I Men’s
Batting Rankings.
● Head moved up four places following his stellar T20 World Cup 2024 performance.
● Head replaced India’s Suryakumar Yadav, who previously held the top position.
Top Five Batters
1. Travis Head (Australia)
2. Suryakumar Yadav (India)
3. Phil Salt (England)
4. Babar Azam (Pakistan)
5. Mohammad Rizwan (Pakistan)
Carlos Alcaraz: The Youngest Male to Conquer All Three Courts
● In June 2024, Carlos Alcaraz clinched his first French Open title, making him the youngest male
tennis player to win Grand Slam titles on all three surfaces: hard, grass, and clay.
● Alcaraz joins an elite group of six other male players who have achieved this feat: Mats Wilander,
Jimmy Connors, Andre Agassi, Rafael Nadal, Roger Federer, and Novak Djokovic.
Team India clinches its second ICC T20 World Cup title against South Africa
● India clinched its second T20 World Cup title after beating South Africa by seven runs in the final
at the Kensington Oval, Bridgetown, Barbados.
● The title triumph ended India's 11-year ICC trophy drought, dating back to the ICC Champions
Trophy in 2013. This is India’s second T20 World Cup victory after they had won it in 2007 and
first since winning the Champions Trophy in 2013.
● India's ICC trophy cabinet now contains six titles. It has won the ODI World Cup twice (1983,
2011), the T20 World Cup in 2007 and 2024, and the ICC Champions Trophy in 2002 and 2013.
● Virat Kohli was declared the Player of the Match award for his fabulous innings. Pacer Jaspreet
Bumrah was awarded the Player of the Tournament.
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Important Monthly Current Affairs Capsule – June 2024
BOOKS AND AUTHOR
Bill Gates announces release of personal memoir in 2025
• Microsoft co-founder Bill Gates announced the release of his memoir titled Source Code: My
Beginnings, set to hit the shelves on February 4, 2025.
• The book, currently available for pre-order, will chronicle Gates's life from childhood up until the
formation of Microsoft in 1975.
• In a blog post, Gates revealed that his memoir will delve into the more challenging aspects of his
early life, including feeling like a misfit during childhood, clashing with his parents as a teenager,
dealing with the sudden loss of a loved one, and almost being expelled from college.
OBITUARIES
British TV Presenter Michael Mosley Discovered Dead on Greek Island
● British TV presenter and advocate for healthy living, Michael Hugh Mosley, has been discovered
dead on the Greek island of Symi at the age of 67.
● Mosley was born in Calcutta, India, on 22 March 1957.
● He was a prominent British television journalist, producer, presenter, and writer, known for his
work with the BBC starting from 1985, following his medical school education.
Mumbai Cricket Association Honorary President Amol Kale Passed Away in New York
● Amol Kale, aged 47, and the honorary president of the Mumbai Cricket Association (MCA),
passed away due to a cardiac arrest in New York.
● Kale, along with MCA secretary Ajinkya Naik and apex council member Suraj Samat, had
attended India’s thrilling victory against Pakistan in the T20 World Cup from the stadium on June
9, 2024.
● Hailing from Nagpur, Kale was based in Mumbai for well over a decade, setting up a variety of
businesses.
About Mumbai Cricket Association :
● Founded : 1930
● Headquarters : Mumbai, Maharashtra
Malawi Vice President Dr Saulos Chilima Dies in Plane Crash Alongside 9 Others
• Malawi's Vice President Saulos Chilima and 9 others were killed in a plane crash.
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Important Monthly Current Affairs Capsule – June 2024
• President Lazarus Chakwera confirmed there were no survivors.
• The wreckage was found in a mountainous area in northern Malawi.
• The aircraft was en route from the capital city, Lilongwe, to Mzuzu in the north when it
disappeared from radar.
• The plane carried Vice President Chilima and former first lady Shanil Dzimbiri, among others.
About Malawi :
• Capital and Largest city : Lilongwe
• Currency : kwacha
• Malawi is a landlocked country in Southeastern Africa.
• It is bordered by Zambia to the west and Tanzania to the north and northeast
Renowned Sports Journalist Harpal Singh Bedi Passed away
● Veteran sports journalist Harpal Singh Bedi, renowned for his extensive coverage of Indian
sports over a career spanning more than four decades, passed away at the age of 72 in New
Delhi.
● Bedi, the former sports editor of United News of India (UNI), was a towering figure in Indian
sports journalism.
● He served as a consulting editor for the Statesman newspaper.
T. Padmanabha Rao, The Hindu’s former legal correspondent passed away
● T. Padmanabha Rao, The Hindu’s former Legal Correspondent who had a reputation for covering
the Supreme Court with balance and accuracy, passed away at the age of 91 in New Delhi.
● Known as T.P. Rao among his colleagues, he joined The Hindu in November 1962 and served
for nearly 40 years.
● For over two decades on the Supreme Court beat, he was known for his impeccable journalism.
● He retired from service on October 31, 2002.
PT Nair, Kolkata’s famed chronicler, passes away
● Researcher, historian and author Parameswaran Thankappan Nair (91), who spent more than six
decades in Kolkata and was considered an authority on the city’s history, died in Kochi, Kerala.
● Known as the “barefoot historian” of Kolkata.
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Important Monthly Current Affairs Capsule – June 2024
● In Calcutta in the 1950s, Nair’s first job was the role of a typist at a private firm.
● In 1976, he started living in the Kansaripara Road area and in 2018, after six decades, the 86-
year-old eventually gave in to the requests of his family members in Kerala and bid farewell to
Kolkata, a city he lovingly chronicled in more than 60 books.
Canadian Actor Donald Sutherland Passed away
● Donald Sutherland, the Canadian actor whose wry, arresting screen presence spanned more
than half a century of films from M.A.S.H. to The Hunger Games, has passed away at the age of
88.
● Sutherland, who was born in 1935 in Saint John, New Brunswick, Canada.
● He had a more than seven-decade cinematic career, was well-known for his appearances in
Pride and Prejudice, M*A*S*H, The Hunger Games, and Ad Astra, among many more films.
Former Indian Fast Bowler David Johnson Passed away
● Former Indian pacer David Johnson passed away at the age of 52 in a tragic incident where he
fell from the balcony of his fourth-floor apartment in Bengaluru, Karnataka.
● David Johnson hailed from Arasikere, Hassan district, Karnataka, and was known for his fast
bowling prowess.
● His impressive performance, including a notable bowling spell of 10 for 152 against Kerala in the
1995-96 Ranji Trophy season, highlighted his talent.
● Johnson's last competitive appearance came in the Karnataka Premier League in 2015.
Nissar Ahmad, Senior Photojournalist at The Hindu, Passed Away
● Senior photojournalist Nissar Ahmad, who was associated with The Hindu for 25 years, died of
cancer in Srinagar at the age of 59.
● He had joined The Hindu on August 1, 1998.
Frank Duckworth, Co-Inventor of the DLS Method and Renowned English Statistician, Passed Away
● English statistician and one of the inventors of the Duckworth-Lewis-Stern (DLS) method, Frank
Duckworth passed away at the age of 84.
● Duckworth was born in 1939 in Lytham St Annes, Lancashire, England.
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Important Monthly Current Affairs Capsule – June 2024
What is meant by the Duckworth-Lewis-Stern (DLS) method?
● The Duckworth-Lewis method, devised by Duckworth and fellow statistician Tony Lewis, was
introduced to determine results in rain-affected cricket matches.
● The method was first used in international cricket in 1997 and was formally adopted by the ICC
as the standard method for setting revised targets in truncated games in 2001.
● The method was renamed the Duckworth-Lewis-Stern method after the retirement of Duckworth
and Lewis, followed by some modifications by Australian statistician Steven Stern.
● Recognition and Awards : Duckworth and Lewis were both awarded MBEs (Member of the Order
of the British Empire) in June 2010.
● Functionality of the DLS Method : The DLS method is based on a complex statistical analysis
that considers many factors like wickets remaining and overs lost, among others, to set a revised
target for the team batting second.
Former Foreign Secretary Muchkund Dubey, Who Led During Cold War's End, Passed Away
● Former Foreign Secretary Muchkund Dubey, who steered India’s foreign affairs establishment
towards the end of the Cold War and the post-Cold War phase in the early 1990s, passed away.
● Dubey born in 1933 in Jasidih (then part of Santhal Pargana, Bihar, now Jharkhand), joined the
Indian Foreign Service (IFS) in 1957.
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Important Monthly Current Affairs Capsule – July 2024
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Important Monthly Current Affairs Capsule – July 2024
S. No Topics Page No
1. IMPORTANT DAYS 03
2. NATIONAL NEWS 08
3. INTERNATIONAL NEWS 40
4. STATE NEWS 47
5. BUSINESS NEWS 70
6. BANKING AND ECONOMY 75
7. AWARDS AND HONOURS 153
8. APPOINTMENTS & RESIGNATIONS 158
9. MOUS AND AGREEMENT 179
10. RANKING AND INDEXES 186
11. ACQUISITIONS & MERGERS 192
12. DEFENCE NEWS 196
13. SCIENCE & TECHNOLOGY 201
14. SPORTS NEWS 210
15. BOOKS AND AUTHORS 228
16. OBITUARIES 229
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Important Monthly Current Affairs Capsule – July 2024
IMPORTANT DAYS
GST Day - July 1
• GST Day is observed on July 1st each year, commemorating the date when GST was officially
launched in India.
• The first GST Day was observed on July 1, 2018, marking the first anniversary of the adoption of
this transformative tax system.
• The parliament enacted the Constitution (101st Amendment) Act in August 2016 authorising the
central government to charge and collect GST.
• Hence, GST came into effect on July 1, 2017, establishing a single market for easy interstate
trade.
World UFO Day 2024: July 2
• Every year on July 2nd, World UFO Day is commemorated to raise awareness About
Unidentified Flying Objects (UFO) spotted in several parts of the world and alien life forms.
• July 2 is celebrated as World UFO Day to commemorate the supposed UFO crash incident in
Roswell New Mexico in 1947.
World Sports Journalists Day 2024: July 2
• World Sports Journalists Day is observed globally on 2nd July every year to acknowledge the
work of sports journalists & to encourage them to do better at their work.
• In 1924, the International Sports Press Association was founded in Paris, France during the
Olympic Games.
• In 1994, World Sports Journalists Day was created by the A.I.P.S.
International Plastic Bag Free Day 2024: July 3
• International Plastic Bag Free Day 2024 is observed on July 3 every year to motivate people to
avoid using single-use plastic to eliminate plastic pollution.
• Rezero, a member of Zero Waste Europe (ZWE), initiated the first International Plastic Bag Free
Day which was observed on July 3, 2008.
• In 2015, the European Union also passed certain directives to reduce the usage of single-use
plastic bags.
World Zoonoses Day 2024: July 6
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Important Monthly Current Affairs Capsule – July 2024
• Every year on July 6th, World Zoonoses Day is commemorated as the anniversary of the first-
ever vaccine given for any zoonotic disease way back in 1885.
• In 2300 B.C., Rabies was first recorded and the Mosaic Esmuna Code of Babylon showed the
first written account of rabies causing death in humans and dogs.
• On this day on 6th July 1885, a French biologist named Louise Pasteur who is also very known
for his theory of pasteurization successfully administered the first-ever vaccination given for a
zoonotic disease to a man named Joseph Meister who was bitten by a dog with rabies.
World Population Day 2024: July 11
• On July 11th of this current year, World Population Day 2024 is celebrated and observed all over
the world as an awareness program.
• "World Population Day 2024 theme is "To leave no one behind, count everyone."
• In 1989, The United Nations recognized July 11 as World Population Day.
World Malala Day 2024: July 12
• On July 12th, World Malala Day 2024 is celebrated and observed all over the world as an
honouring event.
• In honour of the young campaigner Malala Yousafzai, the UN has declared July 12th to be World
Malala Day.
• On the anniversary of Malala Yousafzai's birth, a day known as Malala Day is commemorated to
recognize women's and children's rights worldwide.
• On July 12, 1997, Malala Yousafzai was born in Mingora, Pakistan.
World Youth Skills Day 2024: July 15
• On July 15th World Youth Skills Day 2024 is celebrated to mention the significance of developing
skills among young people worldwide.
• World Youth Skills Day 2024, the theme “Youth Skills for Peace and Development”
• The United Nations General Assembly (UNGA) proclaimed this day in November 2014 to
highlight the importance of investing in youth skills development.
• World Youth Skills Day was created by the United Nations General Assembly on November 11,
2014, through a resolution initiated by Sri Lanka, and supported by some other countries.
• The first World Youth Skills Day was celebrated on July 15, 2015.
World Day for International Justice 2024: July 17
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Important Monthly Current Affairs Capsule – July 2024
● World Day for International Justice 2024 is celebrated and observed all over the world on July
17th.
● Every year on July 17, the day of many names, also known as International Justice Day, World
Day for International Justice, or Day of International Criminal Justice, is celebrated to
acknowledge the system of international justice.
Nelson Mandela International Day 2024: July 18
● On July 18th, Nelson Mandela International Day 2024 is celebrated and observed worldwide as
an honouring event.
● Nelson Mandela International Day (also known as Mandela Day) is a yearly international
celebration honouring Mandela, which is observed on his birthday, July 18th.
● Theme for 2024: “It's still in our hands to combat poverty and inequity”.
● On July 18, 2009, The first Nelson Mandela International Day was held in New York.
International Moon Day 2024: July 20
● International Moon Day is celebrated every year on July 20th to commemorate the anniversary of
Neil Armstrong’s landing on the Moon as part of the Apollo 11 mission and to promote
international cooperation in space exploration
● The first global celebration of International Moon Day took place on July 20, 2022.
World Chess Day 2024: July 20
● World Chess Day is globally celebrated on July 20th every year to mark the date of the
establishment of the International Chess Federation (FIDE) in Paris in 1924.
● World Chess Day is celebrated on July 20th every year to commemorate the founding of the
International Chess Federation (FIDE) in 1924.
● The purpose of World Chess Day 2024 is to promote chess as a game for everyone, regardless
of age, gender, or background.
● The Global Chess Alliance (FIDE) was established in Paris, France in 1924 by the public chess
organizations of Argentina, Czechoslovakia, France, Poland, Romania, Spain, Switzerland, and
Yugoslavia.
World Brain Day 2024: July 22
● Every year on July 22nd, World Brain Day is celebrated by people worldwide to prevent brain
disabilities and treat and rehabilitate them.
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Important Monthly Current Affairs Capsule – July 2024
● The World Federation of Neurology was the first to establish World Brain Day as a worldwide
commemoration.
● The theme of World Brain Day 2024 is "Brain Health and Prevention".
● World Brain Day 2024 was discovered by the World Federation of Neurology for the first time.
● The World Federation of Neurology (WFN) was founded on July 22, 1957 in Belgium.
National Broadcasting Day 2024: July 23
● Every year National Broadcasting Day is celebrated in India on July 23rd to commemorate the
first-ever radio broadcast that took place in the country on this day in 1927.
● The Indian Broadcasting Company (IBC) was established in 1927 after the success of BIBC. IBC
had to shut down in 1930 due to financial problems.
● The Government of India took over the broadcasting service and created the Indian State
Broadcasting Service (ISBS) in 1930.
National Flag Day 2024: JULY 22
● Every year, India observes National Flag Adoption Day on July 22 to honour the adoption of the
tricolour flag and the Ashoka Chakra, symbols of the country's freedom, unity, and sovereignty.
● This observance commemorates the Constituent Assembly's 1947 adoption of India's tricolour
flag, just weeks before the country's independence from British colonial authorities on August 15.
● Ashoka Chakra: The Ashoka Chakra, which replaced the spinning wheel or 'Charkha' on the flag,
symbolized self-reliance and resistance during India's struggle for freedom. This modification was
proposed by Badr-ud-Din Tyabji and supported by Mahatma Gandhi.
● Flag Code of India: In 2002, amendments to the Flag Code of India expanded citizens' rights
regarding the national flag. Previously restricted to national days, the flag can now be displayed
and used on any day of the year, subject to guidelines ensuring respect and dignity.
Income Tax Day 2024: July 24 Celebrated As Aaykar Diwas
● India’s National Income Tax Day or Rashtriya Aaykar Divas is a significant event in India,
commemorated on July 24th each year.
● It marks the country's commitment to responsible financial citizenship and reflects the importance
of taxation in nation-building.
● The Indian National Income Tax Day is an annual observance held on July 24th to commemorate
the introduction of India's first Income Tax Act in 1860 by Sir James Wilson.
● This year we will witness the 164th National Income Tax Day.
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Important Monthly Current Affairs Capsule – July 2024
● National Income Tax is observed every year to spread the awareness and understanding of the
Taxation System in India.
Kargil Vijay Diwas 2024: July 26
● Kargil Vijay Diwas 2024 is observed on July 26 every year in memory of soldiers who sacrificed their
lives in the Kargil War.
● Kargil Vijay Diwas 2024 celebrates the victory of the Indian Armed Forces over Pakistan during the
Kargil War, which took place between May and July 1999
● The Kargil War was an armed conflict between India and Pakistan in the Kargil district of Jammu and
Kashmir.
World Nature Conservation Day 2024: July 28
● On July 28th, World Nature Conservation Day 2024 is celebrated and observed all over the world as
an awareness program to conserve Nature.
● In 2018, The E.U. completely restricted the outdoor use of three neonicotinoids (a type of pesticide).
● On October 5, 1948, In Fontainebleau, a small town in France, the International Union for
Conservation of Nature was established.
International Tiger Day 2024: July 29
● International Tiger Day is celebrated and observed worldwide as an awareness program on July
29th.
● In 1973, India launched Project Tiger to revive the tiger population.
● In 2010, 13 tiger range countries committed to TX2 to double wild tiger numbers by 2024.
● In 2017, IUCN recognized the continental tiger and the Sunda island tiger as tiger subspecies.
● In 2024, The WWF aims to double the number of wild tigers in 2024.
World Day Against Trafficking in Persons 2024: July 30
● Every year, World Day Against Trafficking in Persons 2024 is observed on 30th July to build
awareness of the anxiety of human trafficking victims and to promote and protect their rights.
● The theme for the 2024 World Day Against Trafficking in Persons is "Leave No Child Behind in the
Fight Against Human Trafficking".
● In 2013, the UN General Assembly arranged a high-level meeting to work on the Global Plan of
Action.
● The member states took on a resolution A/RES/68/192 and designated 30 July as the World Day
against Trafficking in Persons.
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Important Monthly Current Affairs Capsule – July 2024
World Ranger Day: July 31, 2024
● World Ranger Day is celebrated on July 31 each year.
● It commemorates rangers who have been injured or killed while performing their duties.
● The day also acknowledges the essential work rangers do globally to protect cultural heritage and
natural treasures.
● The first World Ranger Day was celebrated in 2007, marking the 15th anniversary of the
International Ranger Federation (IRF).
● The IRF was founded in 1992 through a joint agreement by the Scottish Countryside Rangers
Association (SCRA), the US Association of National Park Rangers (ANPR), and the Countryside
Management Association (CMA) from Wales and England.
NATIONAL NEWS
Union Minister G Kishan Reddy Launches NIRMAN Portal to Support UPSC Aspirants
• Union Minister for Coal and Mines, Shri G Kishan Reddy, inaugurated the "Noble Initiative for
Rewarding Mains Aspirants of National Civil Services Examination (NIRMAN)" portal in New Delhi, a
CSR initiative by Coal India Limited (CIL) to aid meritorious youth from its operating districts who
have qualified for the UPSC Preliminary exams in 2024.
• The NIRMAN portal was launched in alignment with Prime Minister Narendra Modi's "Mission
Karmayogi" vision.
• The initiative aims to support candidates who have cleared the Preliminary round of the UPSC Civil
Services & Forest Service exams in 2024.
Jaishankar to represent India in place of Modi at SCO summit in Kazakhstan
• External Affairs Minister S. Jaishankar arrived in Astana, Kazakhstan to represent India at the
Shanghai Cooperation Organisation (SCO) Council of Heads of State on July 3 and 4, stepping
in for Prime Minister Narendra Modi.
• The summit, hosted by Kazakh President Kassym-Jomart Tokayev, will gather leaders from SCO
member states, including newly added Belarus, as well as observers like Iran (whose President's
attendance is uncertain due to ongoing elections) and dialogue partners.
• Chinese President Xi Jinping arrived earlier for a state visit and bilateral meetings ahead of the
SCO sessions.
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Important Monthly Current Affairs Capsule – July 2024
Air India to Establish South Asia's Largest Flight Training School in Maharashtra
• Air India has announced plans to establish South Asias largest flight training school in
Maharashtras Amravati district, investing over ₹200 crore.
• The initiative is aimed at meeting the airline's demand for 500-700 pilots annually following a
substantial order of 470 Airbus and Boeing aircraft in 2023.
• Located in Maharashtra’s Amravati district, the school will be established with an investment
exceeding ₹200 crore.
• Scheduled to open in the first quarter of the next financial year.
June 2024, PMI signals manufacturing recovery, fresh hires at 19-year high
• In June 2024, India's manufacturing sector rebounded strongly from a slight slowdown in May
2024.
• The HSBC India Manufacturing Purchasing Managers Index (PMI) rose to 58.3, up from 57.5
in May 2024, indicating a sharper improvement in business conditions.
• New orders, output, and input purchases all showed an uptick, reflecting improved business
activity.
• Producers raised prices of goods to the highest extent in over two years due to increased
demand.
National Test House Set to Become Apex Certification Body for Indian Products
• The Indian government plans to elevate the National Test House (NTH), an industrial testing lab
under the Consumer Affairs Ministry, as the apex certification body for all Indian products.
• This initiative aims to address recent export rejections and enhance global acceptance of Indian
goods.
• The NTH will establish a network of labs nationwide to oversee the final certification of all
products, including food, spices, and organic goods, ensuring they meet global standards.
India to Update Base Years for National Accounts and Macro-Indicators
• India is set to update the base years for national accounts and major macro-indicators starting
from January to February 2026, coinciding with the first and second advance estimates of
national income for FY26.
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Important Monthly Current Affairs Capsule – July 2024
• This decision aims to maintain comparability and accuracy in economic data.
• The Advisory Committee on National Accounts Statistics (ACNAS) has been established to
advise on the new base year for GDP and alignment with other macro-indicators.
The Ministry of Statistics and Programme Implementation (MoSPI) Launches eSankhyiki Portal for
Enhanced User Experience and Ease of Data Access
• The Ministry of Statistics and Programme Implementation (MoSPI) is the leading body
responsible for the integrated development of India's national statistical system, aligning it with
global standards and practices.
• MoSPI aims to enhance user experience and data accessibility by leveraging advanced
technologies and adopting international best practices.
• eSankhyiki Portal Overview
• Purpose: To provide real-time data for planners, policy-makers, researchers, and the public,
facilitating a comprehensive data management and sharing system for official statistics.
FATF adopts Mutual Evaluation Report of India in its June 2024 Plenary held in Singapore
• India has achieved remarkable success in the Mutual Evaluation conducted by the Financial
Action Task Force (FATF) during 2023-24.
• The Mutual Evaluation Report, adopted in the FATF plenary in Singapore categorizes India under
the 'regular follow-up' categorya distinction shared by only four other G20 nations. This
achievement marks a significant milestone in India's efforts to combat money laundering (ML)
and terrorist financing (TF).
• FATF Mutual Evaluation: India placed in the 'regular follow-up' category during 2023-24
evaluation.
About FATF:
• Establishment: 1989
• Role: International watchdog against money laundering, terrorist financing, and related threats.
• Membership: India has been a member since 2010.
• Headquarters: Paris, France
Shri Bhupender Yadav urges the BRICS nations to promote the implementation of the Resolution on
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Important Monthly Current Affairs Capsule – July 2024
Sustainable Lifestyles, adopted at the sixth United Nations Environment Assembly
• The 10th Meeting of BRICS Environment Ministers took place on 28th June 2024, chaired by the
Russian Federation in a hybrid format.
• Union Minister of Environment, Forest, and Climate Change, Shri Bhupender Yadav, participated
virtually.
• This marked the first meeting with the inclusion of five new members: Egypt, Ethiopia, Iran, the
United Arab Emirates, and Saudi Arabia.
Union Minister Shri Shivraj Singh Chouhan launched a web portal for faster bank settlements of interest
subvention claims under Agriculture Infrastructure along with the Krishi Katha blog site to amplify the
voice of Indian farmers
• Union Minister for Agriculture and Farmers Welfare and Rural Development, Shri Shivraj Singh
Chouhan, has launched a web portal developed in collaboration with the Department of
Agriculture and Farmers Welfare (DA&FW) and NABARD.
• This portal is designed to automate and expedite the settlement of interest subvention claims
submitted by banks under the Agriculture Infrastructure Fund (AIF).
• The event was also attended by the Minister of State for Agriculture and Farmers Welfare, Shri
Bhagirath Choudhary, the Chairman of NABARD, and senior officers from DA&FW and banks.
Union Ministers of State for Health and Family Welfare, Shri Prataprao Ganpatrao Jadhav and Smt.
Anupriya Singh Patel unveil three initiatives at the Ayushman Bharat Quality Health event
• Union Ministers of State for Health and Family Welfare, Shri Prataprao Ganpatrao Jadhav and
Smt. Anupriya Singh Patel, unveiled three significant initiatives at the आयुष्मानभारत, गुणवत्तस्वास््य
(Ayushman Bharat Quality Health) event.
• These initiatives aim to enhance healthcare service quality and ease of doing business in India.
NITI Aayog to launch Sampoornata Abhiyancampaign
• NITI Aayog is set to launch the Sampoornata Abhiyan campaign on 4th July 2024, running
until 30th September 2024.
• This campaign aims to achieve complete coverage (saturation) of 6 key performance indicators
(KPIs) in 112 Aspirational Districts and 500 Aspirational Blocks nationwide.
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Important Monthly Current Affairs Capsule – July 2024
• The campaign operates under the Aspirational Districts Programme (ADP) and the Aspirational
Blocks Programme (ABP).
Smart Cities Mission extended till March 2025
• The Centre has extended the Smart Cities Mission (SCM) under the Union Urban Development
Ministry till March 31, 2025.
• This is the third extension to the mission.
• The Mission was to end on June 30, 2024.
• The Smart Cities Mission is a pioneering initiative in Indias urban development, launched in
June 2015.
• City Competition: Cities competed to be selected among the 100 smart cities.
• Stakeholder-Driven Projects: Projects were chosen based on stakeholder input.
• Special Purpose Vehicles (SPVs): These were formed for the implementation of smart city
projects.
6th meeting of the GPAI Ministerial Council held at New Delhi
• The 6th meeting of the Global Partnership on Artificial Intelligence (GPAI) Ministerial Council was
held at Bharat Mandapam, New Delhi in a hybrid format.
• Shri Jitin Prasada, the Honble Minister of State for Electronics and Information Technology and
Commerce & Industry, chaired the meeting.
• Key attendees included Shri Hiroshi Yoshida, Honble Vice Minister from Japan (Outgoing
Chair), and Ms. Jelena Begovic, Honble Minister from Serbia (Incoming Chair).
TDF scheme playing a crucial role in promoting Aatmanirbharta in defence; Start-ups & MSMEs
being encouraged to enhance capabilities in cutting-edge technology
• The Technology Development Fund (TDF) scheme is a significant initiative under the 'Make in
India campaign, led by the Ministry of Defence and executed by the Defence Research and
Development Organisation (DRDO).
• The scheme aims to promote ‘Aatmanirbharta (self-reliance) in defence by encouraging
participation from public and private industries, especially start-ups and MSMEs (Micro, Small,
and Medium Enterprises).
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Important Monthly Current Affairs Capsule – July 2024
• Sanctioned Projects: To date, 77 projects have been sanctioned, with a financial commitment
exceeding ₹ 300 crore.
Ayushman Bharat Yojana may extend to cover senior citizens
• Budget 2024 may witness 'Modi 3.0' expanding the Ayushman Bharat Pradhan Mantri Jan
Arogya Yojana (AB PM-JAY) to encompass senior citizens in India, fulfilling the NDA's pledge to
extend healthcare support to those aged 70 and above.
• Expansion of AB PM-JAY: Proposal to include senior citizens in the upcoming Budget.
• Objective: Aligns with NDA's commitment to healthcare for the elderly under the scheme.
The government forms 8 Cabinet committees; security, and appointments panels remain unchanged
• The Union government reconstituted eight Cabinet committees.
• The eight key Cabinet Committees in India include the Cabinet Committee on Economic Affairs
(CCEA), Appointments Committee of the Cabinet(ACC), Cabinet Committee on Security (CCS),
Cabinet Committee on Accommodation, Cabinet Committee on Parliamentary Affairs, Cabinet
Committee on Political Affairs, Cabinet Committee on Investment and Growth, and Cabinet
Committee on Skill, Employment, and Livelihood.
• Committee Leadership: Prime Minister Narendra Modi chairs six committees, excluding the
Cabinet Committee on Accommodation and the Cabinet Committee on Parliamentary Affairs.
Ministry of New and Renewable Energy issues scheme guidelines for implementation of Green
Hydrogen under SIGHT Scheme
• The Ministry of New and Renewable Energy (MNRE) notified the Scheme Guidelines for the
"Strategic Interventions for Green Hydrogen Transition (SIGHT) Programme Component II:
Incentive Scheme for Green Hydrogen Production (under Mode 1)- Tranche-II".
• The scheme will be implemented with a total budgetary outlay of ₹200 crore till FY26.
• The National Institute of Solar Energy (NISE) will be the Scheme Implementation Agency (SIA).
50k villages in 310 districts: Government prepares plan for climate-resilient farming
• The Union government is set to unveil a framework to promote climate-resilient agriculture in
50,000 villages located in climatically-vulnerable districts.
• Selection of Villages:
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Important Monthly Current Affairs Capsule – July 2024
• Officials will select the 50,000 villages from 310 districts already identified as climatically
vulnerable.
• These districts are spread across 27 states, with Uttar Pradesh having the most (48 districts),
followed by Rajasthan (27 districts).
National policy on farmer producer organisations for cheaper loans
• The government has introduced a draft national policy on Farmer Producer Organisations
(FPOs), outlining several measures to aid and benefit millions of farmers across the country.
• Lending Norms: Advocates for a special subset within primary sector lending norms to make it
easier for banks to lend to FPOs.
• Objective: To provide more accessible and affordable financial support for FPOs.
ASSOCHAM Announces Uttar Pradesh MSME Sammelan: MSME Vision for Viksit Bharat
• The Associated Chambers of Commerce and Industry of India (ASSOCHAM), Indias premier
chamber for commerce and industry, is pleased to announce the Uttar Pradesh MSME
Sammelan: MSME Vision for Viksit Bharat, in Lucknow, Uttar Pradesh.
• Focus: To promote the growth and development of Micro, Small, and Medium Enterprises
(MSMEs).
• Objective: Enhance awareness of policies supporting the MSME sector.
DPIIT Recommends Removal of Angel Tax for Startups Ahead of Union Budget
• With the Union Budget expected, the Department for Promotion of Industry and Internal Trade
(DPIIT) has proposed the removal of the contentious angel tax for startups.
• Previous and Current Proposals: DPIIT has consistently recommended the removal of angel tax
based on consultations with the startup ecosystem.
• Input Nature: Recommendations by DPIIT are advisory and not binding on the government.
NBCC Seeks Approval to Demolish Unsafe Towers in Green View Complex, Gurugram
• The National Buildings Construction Corporation Limited (NBCC) has requested permission from
the Gurugram district administration to demolish seven towers at the Green View condominium
complex in Sector 37 D, following their declaration as unsafe for habitation.
• Audit Reports: The IIT Roorkee and Central Building Research Institute conducted a structural
audit, leading to the declaration of the towers as unsafe.
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Important Monthly Current Affairs Capsule – July 2024
• District Administration Action: The district magistrate and chairperson of the District Disaster
Management Authority (DDMA) issued an order on February 17, 2022, highlighting imminent
dangers to life and property due to structural issues.
SEHER Credit Education Program Launched to Empower Women Entrepreneurs
• SEHER, a credit education program launched by the Women Entrepreneurship Platform (WEP)
and TransUnion CIBIL, aims to empower women entrepreneurs in India with essential financial
literacy content and business skills.
• This initiative will facilitate their access to financial tools, driving growth and employment in the
country.
• Organizers: Women Entrepreneurship Platform (WEP) and TransUnion CIBIL
• Objective: To provide financial literacy and business skills to women entrepreneurs in India.
About Women Entrepreneurship Platform (WEP):
o Established: 2018 by NITI Aayog
o Transition: Became a public-private partnership in 2022
o Purpose: To support women entrepreneurs across India by addressing information
asymmetry and providing continuous support across various pillars:
Union Budget to Propose 20 Million More Rural Houses Under PMAY Gramin
• The Union Budget is likely to propose the construction of an additional 20 million rural houses
over the next five years under the Pradhan Mantri Awas Yojana (PMAY) Gramin.
• This initiative is in addition to the 10 June Cabinet decision to build 30 million homes for both
urban and rural poor under PMAY.
• Target: 20 million new rural houses in the next five years.
• Context: Part of the Union Budget proposal.
Government Mandates BIS Standards for Stainless Steel and Aluminium Utensils
• To enhance kitchen safety, quality, and efficiency, the Government of India has mandated
adherence to the Bureau of Indian Standards (BIS) for stainless steel and aluminium utensils.
• Order Issued by: Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of
Commerce and Industry.
• Order Date: March 14, 2024.
• Requirement: All stainless steel and aluminium utensils must have the ISI mark.
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Important Monthly Current Affairs Capsule – July 2024
AI-Powered Translation of Laws by Union Law Ministry
• The Union Law Ministry is advancing efforts to leverage Artificial Intelligence (AI) for translating
Central legislation into Indian languages, potentially operational by December.
• This move aims to reduce dependency on state governments for translating Central laws into
various regional languages.
• AI Translation Development: Initial trials of AI for translating laws showed About 40% success
• Target Languages: While there are 22 Indian languages listed in the Eighth Schedule of the
Constitution, translations will focus on 14 languages, including Bengali, Tamil, Gujarati, Urdu,
Punjabi, and Marathi. This selection is based on the languages predominantly used in courts.
Packaged Food Makers to Review Proposed Nutritional Labelling Changes
• Packaged food manufacturers will review the Food Safety and Standards Authority of India’s
(FSSAI) proposed amendments on nutritional information labelling and plan to submit their
feedback.
• Proposed Changes: The FSSAI approved a proposal requiring key nutritional details such as
total sugars, salt, and saturated fat to be highlighted prominently on packaged food labels. This
move aims to enhance consumer awareness and promote healthier choices.
• Objective: The changes were discussed during the 44th meeting of the FSSAI. The intention
behind the amendment is to make critical nutritional information more visible and comprehensible
to consumers, thereby encouraging better dietary decisions.
India to Finalise Pact with Zambia on Geological Mapping and Mineral Exploration
• India is on the verge of finalising a significant agreement with Zambia to enhance geological
mapping and mineral exploration in the resource-rich African nation.
• This move aims to secure access to valuable minerals and strengthen bilateral relations.
• Objective: Secure access to Zambia’s rich mineral resources, including precious stones, copper,
zinc, nickel, gold, and cobalt.
• Background: Zambia is known for its abundant mineral wealth, making it an attractive partner for
India's resource needs.
Central Government Declares June 25 as "Samvidhaan Hatya Divas" to Commemorate Emergency
Victims
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Important Monthly Current Affairs Capsule – July 2024
• The central government has declared June 25 as “Samvidhaan Hatya Divas” (Constitution
Murder Day) to remember the “inhuman pain” suffered by those jailed during the Emergency
imposed on June 25, 1975.
• The day aims to honour the sacrifices of individuals who endured severe hardships during this
period.
India to Host Inaugural World Audio Visual and Entertainment Summit (WAVES)
• India will host the first World Audio Visual and Entertainment Summit alongside the International
Film Festival of India in Goa, scheduled from November 20-24.
• Information and Broadcasting Minister Ashwini Vaishnaw emphasized strengthening intellectual
property (IP) rights protection in the media and entertainment sector.
• Venue: Goa, coinciding with the International Film Festival of India.
• Objective: Positioning India in the global media and entertainment landscape under Prime
Minister Narendra Modi’s vision.
• The inaugural WAVES summit aims to bolster India's presence in global M&E sectors, fostering
innovation, and ensuring robust IP protection.
The government may hand over MTNL operations to BSNL and not merge them
• The Indian government is evaluating whether to transfer the operations of the public sector
telecom operator MTNL to the larger BSNL instead of pursuing a full merger.
• Both MTNL and BSNL have faced significant financial challenges and have received bailouts,
including one About two years ago.
• Increased Loss: ₹3,303 crore for FY 2023-24, up from ₹2,911 crore in the previous year.
• Revenue Decline: Revenue fell 15% to ₹728 crore from ₹862 crore.
• Debt Increase: Debt rose to ₹25,795 crore from ₹23,500 crore over the past year.
• Interest Payment Issues: Announced inability to make interest payments to bondholders due to
insufficient funds.
Prime Minister Narendra Modi: A Global Icon of Leadership and Recognition
• Prime Minister Narendra Modi has been awarded the Order of St Andrew the Apostle by Russia,
marking the 15th prestigious international accolade of his career.
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Important Monthly Current Affairs Capsule – July 2024
• PM Modi has been recognized globally throughout his ten years as Prime Minister, receiving
numerous high-level awards from various countries.
Latest International Honour
• Award: Order of St Andrew the Apostle
• Country: Russia
• Significance: The Order of St Andrew the Apostle is Russia’s highest civilian honour. PM Modi
received this award during a two-day visit to Russia.
Indian Delegation From DARPG Reached Colombo For Three-Day Visit To Sri Lanka
• A five-member Indian delegation from the Department of Administrative Reforms and Public
Grievances (DARPG) arrived in Colombo, Sri Lanka, for a three-day visit.
• The delegation, led by the Secretary and Director General of the National Centre for Good
Governance, Mr. V. Srinivas, will engage in discussions on capacity-building programmes for Sri
Lankan civil servants and the potential signing of a long-term Memorandum of Understanding for
these initiatives.
• The agenda includes outlining a roadmap for future collaborations and exchanging insights on
effective governance practices.
• The visit also includes an interactive session with NCGG alumni in the Sri Lankan Civil Service.
Government reopens application window for PLI Scheme for White Goods (ACs and LED Lights) for 90
days
• The Production Linked Incentive (PLI) Scheme for White Goods (ACs and LED Lights)
application window is being reopened due to increased industry interest and investment
potential.
• The application window is open from 15th July 2024 to 12th October 2024 on the online portal:
https://pliwhitegoods.ifciltd.com/.
• Applications will follow the terms and conditions of the PLIWG Scheme notified on 16.04.2021
and amended guidelines issued on 04.06.2021.
• Eligibility for New and Existing Applicants:
Digital Bharat Nidhi, the government’s fresh attempt at improving rural telecom connectivity
• The Department of Telecommunications (DoT) released draft rules to operationalise the Digital
Bharat Nidhi, in a fresh attempt by the central government to increase telecom connectivity in
rural areas.
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Important Monthly Current Affairs Capsule – July 2024
• Digital Bharat Nidhi would replace the erstwhile Universal Service Obligation Fund (USOF), a
pool of funds generated by a 5 per cent Universal Service Levy charged upon all the telecom
fund operators on their Adjusted Gross Revenue (AGR).
After Andhra and Telangana, Godrej Agrovet eyes Tamil Nadu to expand oil palm area
• Godrej Agrovet Ltd (GAVL) is aiming to revive oil palm cultivation in Tamil Nadu, where many
farmers had switched to other crops like sugarcane or faced crop destruction due to cyclones
over the past decade.
• The company has inaugurated "Samadhan", a one-stop solution centre, in Echankottai hamlet,
Orathanadu Taluk, Thanjavur district, to support and empower oil palm farmers.
• Aims to triple area in TN to 6,000 hectares in three years; to attract farmers back to oil palm
cultivation with improved variety, package of practices
First Mothership Arrives at Vizhinjam International Seaport
• The container ship 'San Fernando' from China berthed at Kerala's Vizhinjam International
Seaport Limited (VISL), marking the first arrival of such a vessel at India's largest transshipment
port.
• San Fernando, a 300-meter-long cargo ship, received a water salute by four tugs that piloted it to
the dock.
• The ship will offload 1,900 containers on Friday.
Strengthening India's Defence Capabilities: DRDO Awards New Projects
• The Defence Research and Development Organisation (DRDO) is bolstering India's defence
capabilities by awarding seven new projects to private sector companies.
• Technology Development Fund Scheme: These projects are part of the Technology
Development Fund scheme, focusing on nurturing the defence and aerospace industries,
particularly MSMEs and startups.
43rd Foundation Day of NABARD: July 12, 2024
• The 43rd Foundation Day of NABARD commemorates on July 12th, 2024 the dedication to rural
development and agricultural growth in India.
• It recognizes the National Bank for Agriculture and Rural Development’s (NABARD) significant
contributions to improving rural communities and agricultural productivity.
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Important Monthly Current Affairs Capsule – July 2024
• NABARD stands for the National Bank for Agriculture and Rural Development.
• Established on July 12, 1982, following the recommendation of the B. Sivaraman Committee set
up in 1979.
• Its mission is to promote sustainable agricultural and rural development through financial support
and innovative solutions.
About NABARD
• Date: July 12, 2024
• Celebrating: 43rd Foundation Day of NABARD
• Established: July 12, 1982
• Full Form: National Bank For Agriculture And Rural Development
• Headquarters: Mumbai, Maharashtra
• Chairman: Mr. Shaji K. V.
UN Estimates: India's Population to Surpass China’s by 2085
• By 2100, India's population is projected to reach around 1.5 billion, more than twice that of
China's 633 million.
• India is expected to hit an inflection point in 2085 with a population of 1.61 billion, double that of
China's 806 million.
• The gap between India and China’s population will continue to widen post-2085.
• Global Population Rankings in 2100:
o Following India and China, the largest populations will be:
▪ Pakistan: 511 million
▪ Nigeria: 477 million
▪ Democratic Republic of the Congo: 431 million
▪ United States: 421 million
Union Minister to Inaugurate Over 125 Projects in Fisheries Sector at Madurai, Tamilnadu
• Union Minister Rajiv Ranjan Singh will inaugurate more than 125 projects at the Fisheries
Summer Meet in Madurai, Tamil Nadu.
• These initiatives, totaling an investment exceeding Rs 100 crore, are part of the Pradhan Mantri
Matsya Sampada Yojana (PMMSY).
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Important Monthly Current Affairs Capsule – July 2024
• Projects include fish retail kiosks, shrimp hatcheries, brood banks, ornamental fish units, biofloc
units, fish feed mills, and fish value-added enterprises.
• PMMSY, a flagship programme, aims to promote sustainable development in the fisheries sector.
About Pradhan Mantri Matsya Sampada Yojana (PMMSY)
• The scheme was announced by the Finance Minister, Nirmala Sitharaman during her speech in
the parliament of India while presenting the Union budget for 2019–20 on 5 July 2019.
• The main motto of PMMSY is ‘Reform, Perform and Transform’ in the fisheries sector.
• The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, Government
of India is implementing Pradhan Mantri Matsya Sampada Yojana – A scheme to bring About
Blue Revolution through sustainable and responsible development of fisheries sector in India at
an estimated investment of Rs. 20050 crores for holistic development of fisheries sector including
welfare of fishers.
• PMMSY is being implemented in all the States and Union Territories for a period of 5 years from
FY 2020-21 to FY 2024-25.
FSSAI Cancels Licenses of 111 Spice Producers Due to Safety Concerns
• The Food Safety and Standards Authority of India (FSSAI) has revoked the manufacturing
licenses of 111 spice producers across the nation.
• These producers have been ordered to halt production immediately.
• Reason for Action:
o The action follows the collection of spice samples by FSSAI since April.
o The sampling was prompted by bans on Indian spice brands MDH Pvt. Ltd and Everest
Food Products Pvt in Singapore and Hong Kong due to the detection of the carcinogenic
pesticide ethylene oxide.
India and Russia Aim for $100 Billion Bilateral Trade by 2030
• India and Russia target increasing bilateral trade to $100 billion by 2030.
• Efforts will focus on balancing the currently uneven trade relationship and removing non-tariff
trade barriers.
• EAEU-India Free Trade Area:
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Important Monthly Current Affairs Capsule – July 2024
• Both nations are exploring the establishment of a Eurasian Economic Union (EAEU)-India Free
Trade Area to enhance economic cooperation.
• Bilateral Settlement System:
• Plans are underway to create a bilateral settlement system utilizing national currencies.
Indian Gaming Industry Poised for 20% Growth by FY25
• A recent report highlights that the Indian gaming industry is set to achieve a remarkable 20%
growth, reaching a value of Rs 23,100 crore by FY25.
• The report, released by Grant Thornton Bharat and the E-Gaming Federation, provides insights
into the industry's current state and future prospects.
• The Indian gaming industry is expected to grow by 20% and hit Rs 23,100 crore by FY25.
• The growth is driven by a vibrant young demographic and an overall dynamic gaming landscape
in India.
Digital IDs for Farmers: A New Initiative for Efficient Agricultural Support
• The Agriculture Ministry is implementing a new system to create unique digital IDs for farmers.
• This system aims to streamline the delivery of various government benefits and services.
• The unique IDs will include details on farmers’ land holdings, crops grown, and other relevant
information.
• This system will facilitate:
▪ Direct cash benefits (e.g., PM Kisan)
▪ Sanctioning of credits
▪ Crop insurance
▪ Projecting crop yield in advance
Bhoj Wetland faces delisting from the Ramsar Convention list
• Bhoj Wetland in Bhopal is at risk of being delisted from the Ramsar Convention’s list of Wetlands
of International Importance due to potential damage to its ecological character.
• Bhoj Wetland is facing the threat of being delisted from the Ramsar Convention’s list due to
concerns About damage to its ecological character.
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Important Monthly Current Affairs Capsule – July 2024
• Citizens have raised concerns over proposed road construction activities that might impact the
wetland's catchment area.
• The Ramsar Convention Secretariat in Switzerland has requested clarification from India on this
issue.
India Plans $1 Billion Investment for 12 Hydropower Stations in Arunachal Pradesh
• India is set to invest US$1 billion to accelerate the construction of 12 hydropower stations in the
northeastern Himalayan state of Arunachal Pradesh.
• This major move could potentially escalate tensions with China, which claims sovereignty over
the region.
• India plans to spend US$1 billion to speed up the construction of 12 hydropower stations in
Arunachal Pradesh.
• The federal finance ministry, led by Nirmala Sitharaman, has recently approved up to 7.5 billion
rupees (US$89.85 million) in financial support for each hydropower project in the northeastern
region.
Indian Railways And DMRC Join Hands To Promote One India-One Ticket Initiative
• The Indian Railways, Delhi Metro Rail Corporation (DMRC), and the Centre For Railway
Information System (CRIS) have collaborated to launch the One India-One Ticket initiative aimed
at simplifying travel for passengers.
• This initiative will benefit both main railway line passengers and commuters in the Delhi/NCR
area by integrating train and metro ticketing systems.
• Travelers can now book metro tickets from the IRCTC website or app.
Paradip Port Authority Sets New Record with 41.12 Million Metric Tons of Cargo Handling in First 100
Days of FY 2024-25
• Paradip Port Authority (PPA) has achieved a historic milestone in its operational history, handling
an unprecedented 41.12 Million Metric Tons (MMT) of cargo within the first 100 days of the fiscal
year 2024-25.
• This remarkable performance marks a 4.78% growth compared to the 39.25 MMT achieved
during the same period in the previous fiscal year 2023-24.
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Important Monthly Current Affairs Capsule – July 2024
• PPA has set a new record by handling 41.12 MMT of cargo in the initial 100 days of FY 2024-25.
• This achievement reflects a 4.78% growth from the 39.25 MMT handled in the same timeframe in
FY 2023-24.
Union Health Minister JP Nadda Chairs the First Executive Committee Meeting of the National One
Health Mission
• Union Health Minister JP Nadda chaired the inaugural executive committee meeting of the
National One Health Mission.
• The mission aims to achieve integrated disease control and pandemic preparedness by
institutionalizing the 'One Health' approach.
• The One Health approach focuses on the health of humans, animals, plants, and the
environment holistically and sustainably.
• Dr. V K Paul, Member (Health) of NITI Aayog, and Principal Scientific Advisor Dr. Ajay Kumar
Sood were also present at the meeting.
Indian Council of Social Science Research Invites Proposals to Assess Socioeconomic Impact of Jal
Jeevan Mission
● The Indian Council of Social Science Research (ICSSR) has called for study proposals to
evaluate the socioeconomic impact of the central government's Jal Jeevan Mission (JJM).
● The research aims to assess how effectively JJM is achieving its goal of providing tap water to all
rural households, analyze implementation challenges, and explore the role of community
involvement in the scheme's success.
India and South Korea to Hold 11th Round of CEPA Talks in Seoul
● India and South Korea are set to hold the 11th round of talks for reviewing and upgrading their
Comprehensive Economic Partnership Agreement (CEPA) from July 17-19, 2024, in Seoul.
● This round of negotiations will focus on enhancing bilateral economic cooperation and addressing
trade imbalances.
Key Details of the CEPA Review
● Date and Location: July 17-19, 2024, in Seoul, South Korea.
● Purpose: To review and upgrade the CEPA, which was signed in 2009 and came into force in
2010.
● Historical Context:
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Important Monthly Current Affairs Capsule – July 2024
o Agreement Signed: 2009
o Effective Date: 2010
o Review Agreed: 2016
Indian Council of Agricultural Research (ICAR) Launches New Initiatives
● The Indian Council of Agricultural Research (ICAR) is set to launch its new initiative, ‘One
Scientist-One Product’.
● This program aims to enhance research in agriculture and animal husbandry by assigning a
specific product to each scientist.
● Inauguration By Union Agriculture Minister Shivraj Singh Chouhan
● In addition to the programme launch, ICAR will also announce the release of 323 new crop
varieties across 56 crops.
India to Host the Second Asia Pacific Ministerial Conference on Civil Aviation
● India will host the Second Asia Pacific Ministerial Conference on Civil Aviation on September 11-
12, 2024, in New Delhi.
● The conference will bring together representatives from around 40 countries, including China and
Pakistan, to discuss and shape the future of civil aviation in the Asia Pacific region.
● Event Dates: September 11-12, 2024
● Location: National Capital, India
● Participants: Representatives from 40 countries.
● Organizers: Indian Government and International Civil Aviation Organization (ICAO) APAC.
Thane-Borivali Twin Tunnel Project: A Major Infrastructure Milestone for Mumbai
● Indian Prime Minister Narendra Modi led the groundbreaking ceremony for the Thane-Borivali
Twin Tunnel project in Mumbai.
● This ambitious infrastructure initiative is a key part of Mumbai's broader urban development plan,
which aims to enhance connectivity and reduce traffic congestion in the city.
Project Overview
Thane-Borivali Twin Tunnel
● Cost: ₹16,600 crore
● Length: 11.8 km
● Type: Urban Tunnel
About Mumbai Metropolitan Region Development Authority (MMRDA)
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Important Monthly Current Affairs Capsule – July 2024
● Established: 1975
● Initial Project: Bandra-Kurla Complex (now a major business hub).
● Notable Achievements:
o 2014: Initiated the first train services in Mumbai.
o Ongoing Projects: Mumbai Metro expansion, Mumbai Urban Infrastructure Project.
o Upcoming: Mumbai Trans-Harbour Link to connect Mumbai with Navi Mumbai.
India Successfully Concludes Fourth Periodic Review by UN Human Rights Committee
● India has completed its fourth periodic review under the International Covenant on Civil and Political
Rights (ICCPR) at the UN Human Rights Committee session in Geneva.
● This review marks a significant step in assessing the country’s adherence to international human
rights standards.
The Indian delegation was led by:
● Attorney General R. Venkataramani
● Solicitor General Tushar Mehta
● What is ICCPR?
o The ICCPR is an international treaty that aims to protect civil and political rights.
o It is monitored by the Human Rights Committee, which reviews country reports, addresses
concerns, and provides recommendations.
India’s Domestic Technology and Electronics Ecosystem Seeks Up to ₹50,000 Crore in Union Budget
2024
● India’s technology and electronics sector is advocating for up to ₹50,000 crore in incentives in the
upcoming Union Budget 2024.
● This request aims to bolster the local supply chain for technology components and further the ‘Make
in India’ initiative.
● Objective: To create a robust local supply chain for components and support domestic value addition
in the technology and electronics sectors.
Background of ‘Make in India’
● Launched: September 25, 2014
● Objective: To encourage national as well as multinational companies to manufacture their
products in India.
● Vision: To transform India into a global manufacturing hub.
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Important Monthly Current Affairs Capsule – July 2024
India Launches MANAS: National Toll-Free Helpline for Narcotics Crimes
● Union Home Minister Amit Shah will officially launch MANAS, India’s first-ever national toll-free
telephonic helpline dedicated to addressing narcotics crimes and related issues.
● This initiative marks a significant step in the country’s efforts to combat drug trafficking and other
drug-related offences.
● Helpline Number: 1933
About MANAS
● Full Form: Madak Padarth Nisedh Asuchna Kendra (Narcotics Prohibition Intelligence Centre)
● Purpose: To provide a 24x7 platform for citizens to report drug-related activities and crimes.
● The launch of MANAS coincides with the seventh apex-level meeting of the Narco-Coordination
Centre (NCORD), an initiative designed to improve coordination and strategic responses to
narcotics issues in India.
Reconstitution of NITI Aayog by the Narendra Modi-led NDA Government
● The Narendra Modi-led National Democratic Alliance (NDA) government has reconstituted NITI
Aayog, its apex think tank, to include a mix of full-time members and union ministers, enhancing its
capacity to address key policy matters.
Position Name Role
Chairperson Narendra Modi Prime Minister of India
Vice-Chairman Suman Bery Economist
Chief Executive BVR Subrahmanyam Former Commerce Secretary
Officer
Full-Time VK Paul Member, NITI Aayog
Members
VK Saraswat Member, NITI Aayog
Arvind Virmani Economist, former Chief Economic Adviser
Ramesh Chand Member, NITI Aayog
Ex-Officio Shivraj Singh Chouhan Union Minister of Agriculture and Farmers
Members Welfare, Minister of Rural Development
Special Invitees Ram Mohan Naidu Civil Aviation Minister (Telugu Desam Party)
HD Kumaraswamy Minister of Heavy Industries and Steel
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Important Monthly Current Affairs Capsule – July 2024
Jitan Ram Manjhi Leader, Hindustani Awam Morcha, former
Bihar CM
Rajiv Ranjan Singh Leader, Janata Dal United
(Lalan Singh)
Chirag Paswan Leader, Lok Janshakti Party
JP Nadda President, BJP
Jual Oram BJP leader from Odisha, Minister of Tribal
Affairs
Dropped Ashwini Vaishnaw Union Minister for Railways, Electronics and
Members Information Technology
Piyush Goyal Commerce Minister
Mumbai metro: First underground line to start from July 24.
● Mumbai's first underground metro line, the Aqua Line, will begin operations on July 24.
● The 33.5 km line stretches from Aarey Colony to Cuffe Parade.
● The project includes 27 stations, with 26 being underground
● The Aqua Line project cost the Mumbai Metro Rail Corporation (MMRC) ₹37,000 crore.
Centre Plans Launch of PMGSY-IV to Enhance Rural Connectivity
● The Centre is set to launch the fourth phase of its flagship rural road scheme, Pradhan Mantri Gram
Sadak Yojana (PMGSY), aiming to connect 50,000 habitations with all-weather roads.
Key Highlights:
1. Objective and Scope:
o Target: 50,000 habitations.
o Criteria: Population above 250 in plain areas and 100 in special category states.
2. Financial Details:
o Total Budget: Rs 1.9 lakh crore.
o Central Share: Rs 1.3 lakh crore.
o State Contribution: Rs 60,000 crore.
3. Implementation Timeline:
o Part of the 100-day agenda of the Ministry of Rural Development (MoRD).
4. PMGSY Phases:
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Important Monthly Current Affairs Capsule – July 2024
o Phase I: Launched on December 25, 2000, by then PM Atal Bihari Vajpayee-led NDA
government.
o Phase II: Launched in 2013.
o RCPLWEA: Launched in 2016 for Left Wing Extremism Affected Areas.
o Phase III: Launched in 2019.
Next Phase of PM Awas Yojana (Urban) is to Revise the Income Threshold and Subsidy Disbursement
● The government is set to implement significant changes in the next phase of the Pradhan Mantri
Awas Yojna (PMAY) for urban areas, aiming to better target middle-income group (MIG)
beneficiaries and improve subsidy disbursement.
Key Highlights:
1. Income Threshold Adjustment:
o Current Threshold: Rs 18 lakh.
o Proposed Threshold: Rs 10 lakh.
o Objective: To better target the scheme towards deserving beneficiaries.
2. Subsidy Disbursement:
o Current Method: One-shot payment.
o Proposed Method: Spread over five years for better monitoring and control.
3. MIG Categories:
o Previous Categories:
▪ Annual income of Rs 6 lakh to Rs 12 lakh.
▪ Annual income of Rs 12 lakh to Rs 18 lakh.
o Proposed Change: Merge into a single category with an annual income up to Rs 10 lakh.
Prime Minister Narendra Modi Meets Author Dr. R Balasubramaniam: A Convergence of Politics and
Literature
● Prime Minister Narendra Modi met with renowned author and development activist Dr. R
Balasubramaniam.
● Modi signed a copy of Dr. Balasubramaniam’s latest book, “Power Within: The Leadership Legacy
of Narendra Modi.”
● The book provides a unique analytical framework, combining Western and Indic leadership
perspectives.
India aims for $500 bn in electronics manufacturing by 2030: NITI Aayog
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Important Monthly Current Affairs Capsule – July 2024
● NITI Aayog aims to propel India’s domestic electronics manufacturing sector to a value of $500
billion by 2030.
● This goal is expected to significantly boost employment and strengthen India’s position in global
value chains (GVCs).
● Sector Growth: The Electronics sector reached $155 billion in FY23.
● Production Increase: Nearly doubled from $48 billion in FY17 to $101 billion in FY23.
● Mobile Phones: Account for 43% of total electronics production.
● Domestic Manufacturing: India now produces 99% of its smartphones domestically.
Union Minister Jitan Ram Manjhi Highlights Role of Women in MSME Growth
● Union Minister for Micro, Small and Medium Enterprises (MSME), Jitan Ram Manjhi, emphasised
the Prime Minister's vision of transforming India into a developed nation by 2047.
● He highlighted the crucial role of micro, small, and medium industries in this endeavour and
underscored the importance of women's participation in these industries.
46th World Heritage Committee Meeting to be Hosted by India
● For the first time, India will host the 46th World Heritage Committee meeting, a UNESCO event, to
examine proposals for new World Heritage sites and the conservation status of existing ones.
Event Details:
o Dates: July 21 to July 31, 2024.
o Location: Bharat Mandapam, New Delhi.
o Inauguration: By Prime Minister Narendra Modi and UNESCO Director-General Audrey
Azoulay.
Commerce and Industry Minister Piyush Goyal to Attend BRICS Trade Ministers' Meeting in Moscow
● Commerce and Industry Minister Piyush Goyal is set to participate in the BRICS trade ministers'
meeting in Moscow on July 26, focusing on enhancing trade relations and resolving export issues.
● Meeting Details:
o Date: July 26, 2024.
o Location: Moscow, Russia.
o Participants: Trade ministers from BRICS nations (Brazil, Russia, India, China, and South
Africa).
● Trade Issues and Focus:
o Addressing challenges faced by Indian marine and pharma exporters in Russia.
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Important Monthly Current Affairs Capsule – July 2024
o Facilitating smoother shipments and trade relations.
Government sets up 22-member panel for base year revision of price indices
● A 22-member committee has been established by the Centre to revise the base year for various
price indices including consumer, wholesale, retail, and producer price indices.
● The committee will suggest appropriate weighting methods for these indices.
ICSI to launch Stewardship Code for Responsible Investment
● The Institute of Company Secretaries of India (ICSI) is set to introduce a Stewardship Code in
September 2024.
● This initiative aims to foster responsible investment practices among institutional investors by
focusing on compliance with environmental, social, and corporate governance (ESG).
● Focus Areas:
o Environmental Sustainability: Emphasis on sustainable investment practices.
o Social and Governance Factors: Incorporates principles related to social responsibility and
corporate governance.
Interest subvention scheme: Government looks to raise the limit of crop loans from Rs 3 lakh to Rs 5
lakh
● The Centre is considering raising the upper limit for short-term crop loans under the Modified
Interest Subvention Scheme (MISS) from ₹3 lakh to ₹5 lakh.
● This move aims to allow farmers to access larger loans at concessional interest rates.
● Current Limit: ₹3 lakh, unchanged since the launch of the original Interest Subvention Scheme in
2006-07.
● Proposed Limit: ₹5 lakh.
● Interest Rates:
o Standard Rate: 7% per annum.
o Prompt Repayment Rate: 4% per annum.
● Recent Advocacy: On July 10, Uttar Pradesh Agriculture Minister Surya Pratap Shahi requested
Union Agriculture Minister Shivraj Singh Chouhan to raise the limit to ₹5 lakh.
Economic Survey 2024: India is now among the top 25 arms exporter nations
● India has significantly transformed its defence sector, moving from being a major arms importer
to joining the list of the top 25 arms-exporting nations.
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Important Monthly Current Affairs Capsule – July 2024
● The Economic Survey 2024 highlights this substantial progress, showcasing India's growing
capabilities in defence production and exports.
● Substantial Increase: India's defence production has grown from Rs 74,054 crore in FY17 to Rs
108,684 crore in FY23.
Lumbini and Stonehenge Under UNESCO Review for Heritage Conservation
● The 46th session of the World Heritage Committee (WHC) is currently being held in India for the
first time, from July 21 to July 31 at Bharat Mandapam.
● During this session, the Committee will examine Nepal's Lumbini and the UK's Stonehenge, both
UNESCO heritage properties, due to issues that could affect the values of these iconic
landmarks.
● Current List: There are 56 properties currently on the List of World Heritage in Danger.
Current WHC Members
● The WHC comprises representatives from 21 State Parties elected by the General Assembly of
UNESCO.
● Current members include India, Argentina, Belgium, Italy, Ukraine, and Vietnam.
● As of now, 1,199 properties from 168 State Parties are inscribed on the World Heritage List.
Economic Survey suggests use of digital system 'Agri Stack' for better targeting of fertiliser subsidy
● The Economic Survey has called for significant reforms in India's fertiliser administration system,
pointing out that similar reforms have been successfully implemented in various countries.
India to seek licences to scout the Pacific Ocean for critical minerals
● India is preparing to apply for licenses to explore deep-sea minerals in the Pacific Ocean, aiming
to secure critical resources for energy transition technologies.
● This move highlights India's strategic effort to diversify its mineral supply sources amid growing
global competition.
● Current Status: The International Seabed Authority (ISA), a UN-backed body, has issued 31
deep-sea exploration licenses, including two for India in the Indian Ocean. However, mining has
not yet commenced as the ISA is finalizing regulations.
● Target Area: India will focus on the Clarion-Clipperton Zone, a mineral-rich area in the Pacific
Ocean between Hawaii and Mexico. This zone is known for its large volumes of polymetallic
nodules containing manganese, nickel, copper, and cobalt.
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Important Monthly Current Affairs Capsule – July 2024
India features among the world’s fastest-growing 5G networks: Eco Survey
Highlights from the Economic Survey 2023-24 on India's Telecom Sector
1. Rapid Growth in 5G Network
● International Ranking: Post the launch of 5G services, India's international rank for mobile
broadband speed has surged from 118 to 15 as of March 2024.
2. Investment in Telecom Technology
● Patient Capital: Recognizing the need for substantial investment in research, development, and
commercialization, the government has allocated 5% of annual collections from the Universal
Services Obligation Fund (USOF) for telecom R&D.
● Telecom Technology Development Fund: Formulated in 2022, this fund has seen significant
participation from start-ups, MSMEs, academia, and industry.
3. Growth in Teledensity and Mobile Connections
● Teledensity: Increased from 75.2% in March 2014 to 85.7% in March 2024.
● Wireless Telephone Connections: Stood at 116.5 crore at the end of March 2024.
4. Internet Expansion
● Subscriber Base: Jumped from 25.1 crore in March 2014 to 95.4 crore in March 2024, with 91.4
crore accessing the internet via wireless phones.
● Internet Density: Increased to 68.2% in March 2024.
● Data Costs: The cost of data has declined substantially, improving average wireless data usage
per subscriber.
5. BharatNet and Broadband Connectivity
● BharatNet Programme: Amended to provide broadband connectivity to all Gram Panchayats.
● Optical Fibre Cable (OFC): As of March 31, 2024, 6,83,175 kilometres of OFC has been laid,
connecting 2,06,709 Gram Panchayats in BharatNet phases I and II.
6. Policy Reforms and Competition
● Regulatory Reforms: Implemented to promote competition, reduce regulatory burdens, and
protect consumer interests.
o Adjusted Gross Revenue (AGR): Changes in definitions.
o Spectrum Sharing and Trading: New policies to optimize spectrum use.
o Spectrum Usage Charges: Rationalized charges.
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Important Monthly Current Affairs Capsule – July 2024
o Foreign Direct Investment (FDI): Allowed 100% FDI in the telecom sector under specific
safeguards.
Finance Minister Allocates ₹500 Crore for Namo Drone Didi Scheme and Announces Support for
Natural Farming
● Finance Minister Nirmala Sitharaman has introduced the Namo Drone Didi scheme and
announced substantial support for natural farming in the Union Budget 2024.
● Namo Drone Didi Scheme:
o Allocation: ₹500 crore
o Objective: To provide drones to 15,000 selected women self-help groups (SHGs)
o Duration: 2023-24 to 2025-2026
o Purpose: These drones will be used by SHGs to offer rental services to farmers, aiming to
enhance agricultural productivity and efficiency.
Government Revives Interest Subsidy Under Pradhan Mantri Awas Yojana (Urban) 2.0
● The government has reinstated the interest subsidy under the Pradhan Mantri Awas Yojana
(Urban) 2.0 and allocated ₹4,000 crore for the Credit Linked Subsidy Scheme (CLSS).
● The Union Budget 2024-25 has earmarked ₹30,170 crore for PMAY-U, marking a 20.19%
increase from the previous year's allocation.
Khelo India: Major Beneficiary in Union Budget Allocation for Sports Ministry
● Khelo India, the government’s flagship project aimed at promoting sports at the grassroots level,
has once again emerged as the biggest beneficiary in the Union Budget allocation for the Sports
Ministry.
● This project was allocated ₹900 crore from the overall budget of ₹3,442.32 crore announced on
July 23 by Finance Minister Nirmala Sitharaman.
Bhu-Aadhaar: Unique Identification for Land Parcels
● The Union Budget announced by Finance Minister Nirmala Sitharaman includes plans to assign
unique identification numbers for all land parcels in rural areas, termed "Bhu-Aadhaar," and to
digitise urban land records by 2027.
● This initiative is aimed at streamlining land administration, improving property tax collection, and
reducing fraud in land transactions.
Integrated tech platform for insolvency by 2025-end
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Important Monthly Current Affairs Capsule – July 2024
● The government of India is set to launch an "Integrated Technology Platform" under the
Insolvency and Bankruptcy Code (IBC) by the end of 2025.
● This initiative aims to enhance the efficiency and outcomes of the insolvency resolution process.
● The portal aims to improve outcomes under the IBC by ensuring consistency, transparency,
timely processing, and better oversight for all stakeholders.
Impact on Recovery Rates:
o Within 330 Days: Recovery rate stands at 49.2%.
o 330-599 Days: Recovery rate reduces to 36%.
o Beyond 600 Days: Recovery rate drops further to 26.1%.
IndiaAI Mission: IT Ministry to Procure 300-500 GPUs to Enhance Domestic AI Capabilities
● The Indian Ministry of Electronics and Information Technology (IT Ministry) is preparing to release a
tender to procure between 300 to 500 graphics processing units (GPUs) as part of the Indian
Mission.
● This initiative aims to bolster domestic computing capacity for developing and testing artificial
intelligence (AI) systems in India.
● Budget Allocation:
o In the Union Budget 2024, the IndiaAI Mission received an allocation of Rs 551.75 crore for
the fiscal year 2024-25.
● IndiaAI Mission:
o Total Funding: The mission has been allocated a total of Rs 10,372 crore.
o Objective: To establish a computing capacity exceeding 10,000 GPUs and develop
foundational AI models with over 100 billion parameters. These models will be trained on
datasets covering major Indian languages and will focus on priority sectors such as
healthcare, agriculture, and governance.
Sa-Dhan Implements Stricter Guidelines for Microfinance Institutions
● Sa-Dhan, a self-regulatory organisation (SRO) recognised by the Reserve Bank of India (RBI) for
microfinance institutions (MFIs), has introduced stricter guidelines for its over 220 members.
● The new rules prohibit extending new loans to households with MFI exposure exceeding Rs 2 lakhs.
MNRE to Raise Over ₹13,500 Crore via Green Bonds for Renewable Energy Projects
● The Ministry of New & Renewable Energy (MNRE) plans to raise over ₹13,500 crore through green
bonds for renewable energy projects in the financial year ending March 2025.
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Important Monthly Current Affairs Capsule – July 2024
● The budget estimate for FY25 is ₹13,526.35 crore, an 80% increase from FY24's estimate of
₹7,507.46 crore.
● The revised estimate for the last fiscal year was ₹6,116.30 crore.
1. Allocation of Funds:
o ₹10,000 crore for solar energy.
o ₹1,996 crore for PM KUSUM (rural solar scheme).
o ₹930 crore for wind energy.
o ₹600 crore for the national green hydrogen mission
2. Other Ministry Plans:
o Railways: Plans to raise ₹15,000 crore, with ₹12,000 crore allocated for the production of
energy-efficient three-phase electric locos.
o Ministry of Housing and Urban Affairs (MoHUA): Plans to raise ₹3,364.51 crore for equity
investments in metro projects.
o Ministry of Environment, Forests and Climate Change (MoEFCC): Plans to raise ₹170
crore for the National Mission for a Green India.
Renaming Rashtrapati Bhavan's Grand Halls to Reflect Indian Culture
● Rashtrapati Bhavan’s grand Durbar Hall and Ashok Hall, traditionally used for ceremonies and
celebrations, have been renamed Ganatantra Mandap and Ashok Mandap, respectively.
● This renaming is part of ongoing efforts to reflect Indian culture and ethos.
● Renaming of Halls:
o Durbar Hall has been renamed Ganatantra Mandap.
o Ashok Hall has been renamed Ashok Mandap.
PM Modi to Launch World’s Highest Shinku La Tunnel in Ladakh
● Prime Minister Narendra Modi will initiate the first blast for the Shinku La tunnel.
● The tunnel will provide all-weather connectivity from Manali to Leh.
● The tunnel will be 4.1 km long and situated at an elevation of 15,800 feet, making it the world’s
highest, surpassing China’s Mila tunnel.
Revamped Skill Loan Scheme Launched with Increased Loan Limits
● The Union Budget has increased the eligible loan amount for high-end skilling courses under the
Model Skill Loan scheme from ₹1.5 lakh to ₹7.5 lakh.
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Important Monthly Current Affairs Capsule – July 2024
● Skill Development Minister Jayant Chaudhary has launched the revamped scheme to address
previous challenges.
● The earlier Credit Guarantee Fund Scheme for Skill Development, established in November 2015,
faced issues due to its low loan limit and restricted lending network.
● By March 31, 2024, only ₹115.75 crore had been loaned to 10,077 borrowers.
Prime Minister Shri Narendra Modi Commemorates 25th Anniversary of Kargil Vijay Diwas
● Prime Minister Shri Narendra Modi is in Kargil to mark the 25th anniversary of Kargil Vijay Diwas.
● During his visit, PM Modi paid tribute to the bravehearts who made the supreme sacrifice in the
Kargil War.
India to Establish 12 New Industrial Cities to Boost Manufacturing
● India is set to establish 12 new industrial cities across various states to boost domestic
manufacturing.
● DPIIT Secretary Rajesh Kumar Singh announced that these cities will follow the model of Greater
Noida and Dholera.
● Two cities will be developed in Andhra Pradesh and one in Bihar.
● Eight industrial cities are currently in various stages of implementation.
● Trunk infrastructure completed in four cities: Dholera (Gujarat), Auric (Maharashtra), Vikram
Udyogpuri (Madhya Pradesh), and Krishnapatnam (Andhra Pradesh).
India's Anti-Dumping and Tariff Measures in 2023: WTO Report
● India ranked second after the US in initiating and imposing anti-dumping duties among WTO
members in 2023.
● India initiated 45 anti-dumping investigations and imposed duties in 14 cases.
● The US initiated 64 anti-dumping investigations and imposed duties in 14 cases.
● In total, India has 133 anti-dumping measures impacting 418 products.
● In 2022, India was the top initiator with 29 anti-dumping investigations.
India Reports 350 Vape Violations Despite Ban on E-Cigarettes
● The Union Health and Family Ministry's tobacco cell reported 350 vape-related violations since
2022.
● The violations persist despite the ban on e-cigarettes and vapes under the Prohibition of Electronic
Cigarettes Act, 2019.
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Important Monthly Current Affairs Capsule – July 2024
● E-cigarettes, or Electronic Nicotine Delivery Systems (ENDS), are battery-powered devices that
vape a flavoured solution containing nicotine.
India Evaluates New B-READY Framework to Support World Bank's Business Ready Project
● The World Bank’s new B-READY project will replace the Doing Business survey, which was
discontinued due to data irregularities in 2018 and 2020.
● The B-READY project aims to benchmark business environments and investment climates across
various economies in a more balanced and transparent manner.
● Three B-READY pilot reports are scheduled for release from 2024 to 2026.
● The first pilot will cover 54 economies, eventually expanding to include 185 economies.
Prime Minister Narendra Modi's Mann Ki Baat: Highlights on Khadi Startups, Handloom Industry, and
Drug Rehabilitation Initiatives
● Prime Minister Narendra Modi, in his latest "Mann ki Baat" radio address, commended the
emergence of khadi startups and highlighted the vibrant handloom industry spread across India.
● The Khadi Village Industry has achieved a milestone with a turnover exceeding ₹1.5 lakh crore,
marking a 400% increase in sales. This growth is creating numerous employment opportunities,
particularly for women.
Ministry of Textiles Announces PM MITRA Parks: A Major Boost for India's Textile Sector
● The Ministry of Textiles has announced the establishment of seven Mega Integrated Textile Region
and Apparel (PM MITRA) Parks with a total outlay of Rs. 4,445 crore.
● This initiative aims to advance India's textile industry and achieve the United Nations Sustainable
Development Goal 9, focusing on building resilient infrastructure, promoting sustainable
industrialisation, and fostering innovation.
Town Official Language Implementation Committee-TOLIC (PSU) Meeting in Visakhapatnam
● The Town Official Language Implementation Committee-TOLIC (PSU) meeting, hosted by NTPC,
took place in Visakhapatnam.
● Rajbhasha Gaurav Samman for 2023-24 was awarded to PSUs in Visakhapatnam for excellence in
Official Language implementation.
● Nagar Rajbhasha Samman was awarded to Hindi Officers and Coordinators.
● The 8th issue of the ‘Visakha Dhara’ TOLIC Hindi Magazine was released by prominent figures
including Atul Bhatt, Sanjay Kumar Sinha, Anirban Kumar Biswas, Dr. Rita Trivedi, G Gandhi, and
Dr. Lalan Kumar.
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Important Monthly Current Affairs Capsule – July 2024
8.5 million houses delivered under PMAY-U
● The Ministry of Housing and Urban Affairs (MoHUA) has completed 8.5 million houses under the
Pradhan Mantri Awas Yojana-Urban (PMAY-U) over the past nine years, as reported by Minister of
State Tokhan Sahu in the Rajya Sabha.
● Out of the Rs 2 trillion financial assistance sanctioned by the central government under PMAY-U, Rs
1.64 trillion has already been disbursed.
PMAY-U has four key verticals:
o Beneficiary-Led Individual House Construction (BLC): Central assistance of Rs 0.15 million.
o Affordable Housing in Partnership (AHP): Central assistance of Rs 0.15 million.
o "In-Situ" Slum Redevelopment (ISSR): Central assistance of Rs 0.1 million.
o Credit-Linked Subsidy Scheme (CLSS): Offers an interest subsidy of up to Rs 0.27 million per
house for low-income, middle-income, and economically weaker sections.
Punjab Agrees to Implement PM SHRI Scheme After Funds Withheld by Centre
● The Punjab government has decided to implement the Pradhan Mantri Schools for Rising India
(PM SHRI) scheme after initially opting out, following the Centre's decision to withhold funds
under the Samagra Shiksha Abhiyan (SSA).
● The PM SHRI scheme aims to upgrade government schools into exemplary institutions
showcasing the National Education Policy, 2020 (NEP), and promoting Indian heritage,
languages, and values.
● Funding and Financial Implications:
o Punjab expects to receive Rs 515 crore under SSA, which was withheld by the Centre
after the state previously refused to implement the PM SHRI scheme.
India Inaugurates Its First Sunken Museum at Humayun's Tomb Complex
● India's first sunken museum was inaugurated at the Humayun's Tomb Complex in New Delhi.
● The inauguration was led by Union Culture Minister Gajendra Singh Shekhawat, with Prince Rahim
Aga Khan and other dignitaries present.
● Humayun's Tomb complex is a UNESCO World Heritage Site, adding historical and cultural
importance to the museum's location.
● The museum, developed by the Aga Khan Trust in collaboration with the Archaeological Survey of
India, has been built for Rs 250 crore.
● The foundation stone was laid in April 2015.
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Important Monthly Current Affairs Capsule – July 2024
● The museum’s design is inspired by the ancient ‘Baolis’ or step wells of Delhi, reflecting traditional
architectural elements.
● The inauguration coincides with the 46th session of the UNESCO World Heritage Committee
currently being held in New Delhi.
Government to Launch 12 New Airports Under UDAN Scheme This Year(2024)
● The government plans to operationalize 12 new airports across eight states and Union Territories
this year under the UDAN (Ude Desh ka Aam Naagrik) scheme.
● Locations include Shibpur (Car Nicobar), Ambikapur (Chhattisgarh), Rewa and Datia (Madhya
Pradesh), Amravati and Solapur (Maharashtra), Daman (Daman & Diu), Ambala (Haryana),
Moradabad and Saharanpur (Uttar Pradesh), and Vellore and Neyveli (Tamil Nadu).
Financial Allocation:
o Phase I of the scheme allocated Rs 4,500 crore for the development of airports, heliports,
and water aerodromes.
o Phase II has allocated an additional Rs 1,000 crore.
o As of June 30, 2024, Rs 4,073 crore has been spent under Phase I.
INTERNATIONAL NEWS
India Chairs 'Colombo Process' Meeting at Permanent Representative Level in Geneva
• India presided over its first meeting as Chair of the Colombo Process at the Permanent
Representative Level Meeting in Geneva at the International Organisation for Migration (IOM)
Headquarters.
• The Colombo Process is a Regional Consultative Process comprising 12 Member States from
Asia, which primarily serve as countries of origin for migrant workers.
• The forum facilitates the exchange of best practices on managing overseas employment.
• In May 2024, India assumed the chair of the Colombo Process for the first time since its
inception.
About IOM :
• Established : 6 December 1951
• Headquarters : Geneva, Switzerland
• Director General : Amy Pope
• Membership (2023) : 175 member states and 8 observer states
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Important Monthly Current Affairs Capsule – July 2024
• The IOM is a United Nations related organisation working in the field of migration.
United Nations Educational, Scientific and Cultural Organization Announces Designation of 11 New
Biosphere Reserves
• The United Nations Educational, Scientific and Cultural Organization (UNESCO) has approved
the designation of 11 new biosphere reserves in 11 countries.
• This includes the first-time designations in Belgium and Gambia.
• Two of the new reserves are transboundary biosphere reserves.
• Kempen-Broek Transboundary Biosphere Reserve (Belgium, Kingdom of the Netherlands)
• Darién Norte Chocoano Biosphere Reserve (Colombia)
• Madre de las Aguas Biosphere Reserve (Dominican Republic)
• Niumi Biosphere Reserve (Gambia)
• Colli Euganei Biosphere Reserve (Italy)
• Julian Alps Transboundary Biosphere Reserve (Italy, Slovenia)
• Khar Us Lake Biosphere Reserve (Mongolia)
• Apayaos Biosphere Reserve (Philippines)
• Changnyeong Biosphere Reserve (Republic of Korea)
• Val d'Aran Biosphere Reserve (Spain)
• Irati Biosphere Reserve (Spain)
About UNESCO :
• Established : 16 November 1945
• Headquarters : Paris, France
• Director General : Audrey Azoulay
• The UNESCO is a specialised agency of the United Nations (UN) with the aim of promoting world
peace and security through international cooperation in education, arts, sciences and culture
UNESCO Chief Audrey Azoulay Calls on 194 Member States to Enhance Soil Protection as
Degradation Threatens Up to 90% of Earth's Soil by 2050
● United Nations Educational, Scientific and Cultural Organization (UNESCO) Director-General
Audrey Azoulay urged its 194 Member States to improve soil protection and rehabilitation as the
organisation warns that by 2050, up to 90% of the planet's soil could be degraded.
● Current Status of Soil Degradation:According to UNESCO and the World Atlas of Desertification,
75% of soils are already degraded.
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Important Monthly Current Affairs Capsule – July 2024
● This degradation directly impacts approximately 3.2 billion people worldwide.
● Future Projections:The trend indicates that soil degradation may escalate to affect 90% of the
planet's soil by 2050.
Definition of Soil Degradation:
● Soil degradation is defined as a change in soil health status resulting in a diminished capacity of
the ecosystem to provide goods and services for its beneficiaries.
● It involves biological, chemical, and physical decline in soil quality.
About UNESCO :
● Established : 16 November 1945
● Headquarters : Paris, France
● UNESCO is a specialised agency of the United Nations (UN) with the aim of promoting world
peace and security through international cooperation in education, arts, sciences and culture.
India Calls for Revitalization of BIMSTEC with New Energies and Resources
● India has called on the 7-nation Bay of Bengal Initiative for Multi-sectoral Technical and
Economic Cooperation (BIMSTEC) grouping to infuse new energies, resources, and a fresh
commitment to bolster cooperation among the Bay of Bengal countries.
● This call was made by External Affairs Minister S. Jaishankar during a two-day retreat with his
counterparts from the seven BIMSTEC nations: India, Sri Lanka, Bangladesh, Myanmar,
Thailand, Nepal, and Bhutan.
● Jaishankar highlighted that BIMSTEC aligns with India’s 'Neighbourhood First' policy, 'Act East
Policy,' and 'SAGAR' vision, which focuses on the Bay of Bengal region.
● External Affairs Minister Dr. S. Jaishankar hosted the 2nd BIMSTEC Foreign Ministers' Retreat in
New Delhi on 11-12 July 2024.
● The first edition of the BIMSTEC Foreign Ministers' Retreat was held in Bangkok, Thailand on 17
July 2023.
About BIMSTEC :
● Chairmanship : Thailand (since March 2022)
● The BIMSTEC is a regional organization founded in 1997 to promote economic cooperation and
technical collaboration among countries bordering the Bay of Bengal.
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Important Monthly Current Affairs Capsule – July 2024
● The BIMSTEC region is home to more than 1.7 billion people which constitute around 23% of the
global population.
China Reveals Comprehensive 60-Point Policy Plan to Address Economic Challenges
● China has unveiled an extensive 60-point policy document aimed at enhancing various sectors,
including advanced industries and the business environment.
● The document was released after a significant meeting of the Communist Party Central
Committee led by President Xi Jinping.
● The meeting, known as a plenum, occurs roughly every five years and took place from July 15-
18, 2024.
● Key Policy Targets:
➢ Increasing affordable housing availability.
➢ Expanding job opportunities for young people.
➢ Enhancing the standard of living for the elderly.
External Affairs Minister S. Jaishankar Inaugurates India’s First International Jan Aushadi Kendra in
Mauritius
● External Affairs Minister S. Jaishankar inaugurated India's first overseas Jan Aushadi Kendra in
Mauritius.
● The inauguration took place with the presence of Mauritius Prime Minister Pravind Kumar
Jugnauth.
● Purpose of Jan Aushadi Kendra:The Jan Aushadi Kendra is a health partnership project
designed to provide cost-effective, Made-in-India medicines.
● Its goal is to enhance public healthcare and well-being in Mauritius.
● Fulfilment of Promise:The inauguration fulfils a promise made by Prime Minister Narendra Modi
earlier in the year.
About Mauritius :
● President : Prithvirajsing Roopun
● Capital : Port Louis
● Currency : Mauritian rupee
Indian Renewable Energy Development Agency to Invest ₹290 Crore in 900 MW Project in Nepal
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Important Monthly Current Affairs Capsule – July 2024
● The Indian Renewable Energy Development Agency Limited (IREDA) has announced a strategic
investment in a 900 MegaWatt (MW) hydroelectric power project in Nepal.
● Investment Details:The investment amounts to approximately Rs 290 Crore.
● IREDA will secure up to a 10% shareholding in GMR Upper Karnali Hydro Power Limited and
Karnali Transmission Company Pvt. Ltd., both based in Nepal.
About IREDA :
● Founded : 1987
● Headquarters : New Delhi, Delhi,India
● Chairman & MD : Pradip Kumar Das
● IREDA is a Navratna organisation owned by the Government of India and administratively
controlled by the Ministry of New and Renewable Energy (MNRE).
About Nepal :
● President : Ram Chandra Poudel
● Prime Minister : KP Sharma Oli
● Capital : Kathmandu
● Currency : Nepalese rupee
Israel plans to launch an e-visa program for Indians by year's end, targeting 70,000 tourists by 2025
● Israel plans to introduce an e-visa program for Indian travellers, potentially starting later this year.
● This will be the first e-visa program offered by Israel, as currently, no country is eligible for an e-
visa to Israel.
● Pilgrimage tourism constitutes about 48% of the Indian visitor mix to Israel.
● Leisure tourism accounts for around 30%, MICE (Meetings, Incentives, Conferences, and
Exhibitions) for 12%, and other categories for 10%.
About Israel :
● President : Isaac Herzog
● Prime Minister : Benjamin Netanyahu
● Capital : Jerusalem
● Currency : New shekel
Ivory Coast Becomes 10th African Country to Join the United Nations Water Convention
● Ivory Coast joined the United Nations Water Convention, becoming the 53rd party to the 1992
Convention on the Protection and Use of Transboundary Watercourses and International Lakes.
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Important Monthly Current Affairs Capsule – July 2024
● Purpose of Joining: To enhance cooperative water management across borders, addressing
growing water stress and the effects of climate change on shared water resources.
● Ivory Coast is the 10th African nation to join the Convention.
● Other African nations that have joined include Chad, Senegal, Ghana, Guinea-Bissau, Togo,
Cameroon, Nigeria, Namibia, and The Gambia.
● The UN Water Convention, formally known as the Convention on the Protection and Use of
Transboundary Watercourses and International Lakes, was adopted in Helsinki in 1992 and
entered into force in 1996.
About Ivory Coast :
● President : Alassane Ouattara
● Prime Minister : Robert Beugré Mambé
● Capital : Yamoussoukro
● Currency : West African CFA
Nepal, India, and Bangladesh to Sign Tripartite Power Trading Agreement on July 28
● Nepal is set to sign a tripartite power trading deal to export 40 MW of electricity to Bangladesh
via India.
● This will be the first time in history that the Himalayan nation will sell electricity to a third country
other than India.
● The Power Sales Agreement will be signed by officials from the Nepal Electricity Authority (NEA),
the Bangladesh Power Development Board (BPDB) and the NTPC Vidyut Vyapar Nigam Ltd
(NVVN) of India at a function here on July 28,2024.
● As per the agreement, Nepal will get a tariff of USD 0.064 per unit for selling electricity to
Bangladesh.
● In January,2024 Nepal signed a long-term agreement for the export of 10,000 MW of power to
India, and jointly inaugurated three cross-border transmission lines during the two-day visit of
External Affairs Minister S Jaishankar to the Himalayan nation.
About Nepal :
● President : Ram Chandra Poudel
● Prime Minister : KP Sharma Oli
● Capital : Kathmandu
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Important Monthly Current Affairs Capsule – July 2024
● Currency : Nepalese rupee
About Bangladesh :
● President : Mohammed Shahabuddin
● Prime Minister : Sheikh Hasina
● Capital : Dhaka
● Currency : Taka
United Kingdom Foreign Secretary David Lammy Launches UK-India Tech Security Initiative
● British Foreign Secretary David Lammy announced the new United Kingdom (UK)-India
Technology Security Initiative.
● The announcement took place during Lammy's first visit to India, where he met with Prime
Minister Narendra Modi and other senior leaders in New Delhi.
● The initiative aims to boost economic growth and deepen collaboration between the UK and
India.
About UK :
● Prime Minister : Keir Starmer
● Capital : London
● Currency : Pound sterling
Azerbaijan to Host 29th UN Climate Change Conference and Launches 'Climate Finance Action Fund
● Azerbaijan will host the 29th Conference of Parties (COP29) to the United Nations Framework
Convention on Climate Change (UNFCCC).
● Azerbaijan has announced the launch of the 'Climate Finance Action Fund'.
● The fund is part of a package of 14 initiatives introduced during COP29 thematic days.
● Funding Goals:The fund will become operational once it completes an initial fundraising round of
$1 billion and secures commitments from 10 contributing countries as shareholders.
● Capital Allocation:50% of the capital will be directed towards climate projects in developing
countries, covering mitigation, adaptation, and research and development.
● 50% will be used to help member countries meet the next generation of Nationally Determined
Contributions (NDCs) to maintain the 1.5°C temperature target.
About UNFCCC :
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Important Monthly Current Affairs Capsule – July 2024
● Established : 1992
● Headquarters : Bonn, Germany
● Executive Secretary : Simon Stiell
● UNFCCC is the UN process for negotiating an agreement to limit dangerous climate change.
STATE NEWS
Tamil Nadu Forms Committee to Propose State Amendments to Three New Criminal Laws
• Tamil Nadu (TN) Chief Minister (CM) MK Stalin formed a one-man committee to study and
recommend the amendments to be made at the state level in three criminal laws enacted by the
Government of India.
• The Committee will be headed by Madras High Court judge M Satyanarayan (retired) to study
and recommend the amendments, which will also include a change of the name of the laws in
Hindi.
• The three new criminal laws – the Bharatiya Nyaya Sanhita, 2023, the Bharatiya Sakshya
Adhiniyam, 2023 and the Bharatiya Nagarik Suraksha Sanhita, 2023 – came into effect from July
1.
About Tamil Nadu :
• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of
Mannar Marine National Park
• Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird
Sanctuary
• Tiger Reserve: Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve
Maharashtra Announces Free Higher Education for Girls from Economically Weaker Sections (EWS),
Socially and Educationally Backward Classes (SEBC), and Other Backward Classes (OBC)
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Important Monthly Current Affairs Capsule – July 2024
• In a significant move, the Maharashtra government announced that higher education for girls
belonging to the Economically Weaker Section (EWS), Socially and Economically Backward
Classes (SEBC), and Other Backward Classes (OBC) will be made free.
• Aim of this initiative : To promote women's education in Maharashtra.
• Cabinet Decision: The decision was made during a cabinet meeting chaired by Chief Minister
Eknath Shinde.
• Additional Benefits : Additionally, tuition and exam fees for orphaned students of both genders
will be waived, as per a government resolution (GR).
About Maharashtra :
• Governor: Ramesh Bais
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife
Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco
Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves
Chief Minister Yogi Adityanath inaugurates Uttar Pradesh mango festival
• Uttar Pradesh (UP) Chief Minister (CM) Yogi Adityanath announced in Lucknow that the State
would be exporting 40 tonnes of mangoes to Japan and Malaysia.
• For the first time in its 160-year history, Lucknow’s famous Dussehri is to be exported to the
United States.
About Mango Festival 2024:
• The festival is held at Awadh Shilp Gram from July 12–14, 2024.
• Inaugurated by UP CM Yogi Adityanath.
• Features include:
• A mango exhibition with 120 varieties of special mangoes.
About UP :
• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
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Important Monthly Current Affairs Capsule – July 2024
• National Park : Dudhwa National Park
• Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National
Chambal Wildlife Sanctuary
Tamil Nadu Passes Bill to Increase Prison Terms and Fines for Illicit Liquor Offences
• The Tamil Nadu (TN) Legislative Assembly adopted a Bill that makes punishment more stringent
for offences pertaining to prohibited liquor such as denatured spirits and methanol.
• The Bill aims to amend the Tamil Nadu Prohibition Act, 1937, to impose stricter punishments for
offences related to prohibited liquor, particularly in cases where consumption results in death.
• Stringent Punishments:Death due to Consumption: Rigorous imprisonment for life and a fine of
not less than ₹10 lakh for those involved in the sale or distribution of illicit liquor leading to death.
About Tamil Nadu :
• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of
Mannar Marine National Park
• Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird
Sanctuary
• Tiger Reserve: Anamalai Tiger Reserve
• Biosphere Reserve :Agasthyamalai Biosphere Reserve
Tamil Nadu Passes Bill to Raise Age Limit for Chief of Scheduled Castes and Scheduled Tribes Panel
• The Tamil Nadu (TN) Assembly approved an amendment to the State Commission for the
Scheduled Castes and Scheduled Tribes Act, 2021 enhancing the age limit for the Chief of the
Commission from 70 to 75 years.
• Purpose: This change aims to utilize the expertise of experienced former judges of the High
Court for the role.
• Land Reforms Amendment:The Assembly also passed a Bill to amend the Land Reforms
(Fixation of Ceiling on Land) Act,1961.
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Important Monthly Current Affairs Capsule – July 2024
Uttar Pradesh Cabinet Approves Draft of UP NIRMAN (Nodal Investment Region for Manufacturing
(Construction) Area Bill) -2024 to Attract Investors
• The Uttar Pradesh (UP) government has approved the draft Uttar Pradesh Nodal Investment
Region for Manufacturing (Construction) Area Bill (NIRMAN)-2024, aiming to propel the state
towards achieving a one trillion dollar economy.
• This draft of the Bill to make a Special Investment Region (SIR) was approved in the cabinet
meeting held in Lok Bhavan under chairmanship of Chief Minister Yogi Adityanath.
• Special Investment Regions (SIRs):At least 4 SIRs to be created in four geographical areas of
UP.
About UP :
• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National Park
• Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National
Chambal Wildlife Sanctuary
Ezhavas, Nairs Represent 41% of Kerala Government Workforce
• Ezhavas and Nairs, the two major Hindu communities in Kerala, account for About 41% of the
government employees in the state.
• The caste data on employment, prepared by the Kerala State Commission for Backward
Classes, reveal that 1,15,075 Ezhava and 1,08,012 Nair community members are employed in
government service.
• Muslim and Christian Representation:Muslims and Christians have 73,774 and 73,713
employees in government service, respectively.
About Kerala:
• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammad Khan
• National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park,
Silent Valley National Park, Indira Gandhi National Park
Madhya Pradesh Chief Minister Mohan Yadav Unveils Lokpath App for Resolving Road Issues Within 7
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Important Monthly Current Affairs Capsule – July 2024
Days
• Madhya Pradesh (MP) Chief Minister (CM) Mohan Yadav introduced the Lokpath Mobile
App in Bhopal, MP.
• This app aims to resolve road problems within 7 days, ensuring officer accountability.
• The app was developed by Madhya Pradesh State Electronic Development Corporation Limited.
• The app allows the public to report road issues by taking photos and submitting them directly to
concerned officers.
About MP :
• Governor : Mangubhai C. Patel
• Chief Minister : Mohan Yadav
• Capital : Bhopal
• National Park : Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
Thazhakara Becomes the First Grama Panchayat in Alappuzha and One of the First in Kerala to
Publish a Comprehensive People’s Biodiversity Register
● Thazhakara has become the first grama panchayat in Alappuzha and one of the first in Kerala to
update and publish a comprehensive People’s Biodiversity Register (PBR) with the involvement
of local communities.
● The updated PBR includes details on biodiversity, resource identification, discoveries, traditional
knowledge, ongoing changes, and climate change impacts.
● Thazhakara has submitted the 261-page PBR document to the Kerala State Biodiversity Board
(KSBB).
Kerala's PBR Initiative :
● Kerala was the first state to publish the first volume of the PBR across all local bodies.
● Updating Process: Other grama panchayats like Maruthonkara and Kadalundi in Kozhikode and
Sreenarayanapuram in Thrissur have also updated their PBRs and submitted them to KSBB.
About People’s Biodiversity Register (PBR) :
● PBR serves as a comprehensive record of biodiversity, including habitat conservation,
preservation of land races, domesticated stocks, breeds of animals, micro-organisms, and
associated traditional knowledge.
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Important Monthly Current Affairs Capsule – July 2024
● Legal Framework: The Biological Diversity Act (2002) mandates the development of PBRs at the
local level to document and safeguard bioresources and traditional knowledge.
● Biodiversity Management Committees (BMCs): Established by local bodies under the Biological
Diversity Act, BMCs are responsible for preparing PBRs in consultation with local communities.
About Kerala:
● Capital: Thiruvananthapuram
● Chief Minister: Pinarayi Vijayan
● Governor: Arif Mohammad Khan
● National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park,
Silent Valley National Park, Indira Gandhi National Park
Andhra Pradesh Government to Enact New Law to Combat Land-Grabbing: N Chandrababu Naidu
● The Andhra Pradesh (AP) Government, led by Chief Minister N Chandrababu Naidu, will
introduce a new Act aimed at preventing illegal land-grabbing.
● This legislation will be modelled on the Gujarat Act.
● Under the new Act, the burden of establishing ownership will fall on the alleged land-grabbers,
not the original landowners.
● Naidu presented a white paper detailing the state of natural resources and their misuse during
the YSRCP rule.
● The white paper highlighted illegal financial gains amounting to ₹9,750 crore over the last 5
years.
About AP :
● Governor: S. Abdul Nazeer
● Chief minister: N. Chandrababu Naidu
● National Park : Papikonda National Park, Rajiv Gandhi (Rameshwaram) National Park, Sri
Venkateswara National Park
● Wildlife Sanctuaries : Coringa Wildlife Sanctuary, Kambalakonda Wildlife Sanctuary, Krishna
Wildlife Sanctuary, Gundla Brahmeswaram Wildlife Sanctuary
Karnataka Cabinet clears draft bill reserving 50-75% private sector jobs for locals
● The Karnataka government cleared a bill that seeks to reserve 50 per cent of management jobs
and 75 per cent of non-management jobs for locals, according to the report.
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Important Monthly Current Affairs Capsule – July 2024
● The bill is formally called the State Employment of Local Candidates in the Industries, Factories
and Other Establishments Bill, 2024.
● The proposed law in Karnataka does not reserve private jobs for Karnataka residents but for
Kannadigas along linguistic lines.
● The bill reserves private jobs only for those locals who speak Kannada, according to the report.
Criteria for Local Candidates
● The bill defines a local candidate eligible for the reserved jobs as someone who:
● Has been born in Karnataka,
● Has been domiciled in the state for 15 years,
● Is fluent in Kannada,
● Passes a required test by the nodal agency, according to the report.
About Karnataka:
● Capital: Bangalore
● Governor: Thawar Chand Gehlot
● Chief Minister: Siddaramaiah
● National Park & Wildlife Sanctuary: Bandipur National Park, Nagarhole National Park, Dandeli
Wildlife Sanctuary, Bhadra Wildlife Sanctuary, Bhimgad Wildlife Sanctuary
Maharashtra Government Allocates Rs 5,500 Crore for Internship Scheme Providing Stipends to
Unemployed Youth
● The Maharashtra government will spend Rs 5,500 crore on the Mukhyamantri Yuva Karya
Prashikshan Yojana internship scheme for unemployed youth.
● This scheme, which aims to enhance the employability and skill set of the youth and prepare
them for a competitive job market, was announced in Budget 2024-25 presented by Deputy Chief
Minister and Finance Minister Ajit Pawar.
● The announcement was made on Ashadhi Ekadashi Day in Pandharpur.
Key Highlights :
● Stipend Details :
➢ Rs 6,000 for 12th pass candidates.
➢ Rs 8,000 for candidates with ITI and diploma.
➢ Rs 10,000 for candidates with degree and postgraduate.
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Important Monthly Current Affairs Capsule – July 2024
● Stipend duration: 6 months.
● Stipend disbursement: Direct bank transfer.
● Eligibility Criteria for Candidates:
➢ Age: 18 to 35 years.
➢ Residency: Must be residents of Maharashtra.
About Maharashtra :
● Governor: Ramesh Bai
● Chief Minister: Eknath Shinde
● Capital: Mumbai
● National Park: Tadoba National Park, Navegaon National Park
● Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife
Sanctuary
● UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco
Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves
Over 9.27 Lakh Applications Submitted for 'Ladki Bahin' Scheme in 8 Marathwada Districts
● More than 9.27 lakh applications have been received so far by authorities in Maharashtra’s
Marathwada region for availing benefits under the state government’s flagship welfare scheme
for underprivileged women ‘Ladki Bahin’.
● Under the Mukhya Mantri Majhi Ladki Bahin Yojana announced in the state budget last month-
married, divorced, and destitute women aged 21-60 will receive Rs 1,500 per month, with the
annual family income of beneficiaries capped at Rs 2.5 lakh.
● In 8 districts of Marathwada in central Maharashtra, 9,27,280 women have applied for the
scheme so far (till July 18,2024).
District-wise Breakdown:
1. Chhatrapati Sambhajinagar: 2,54,489 applications
2. Dharashiv: 1,53,463 applications
3. Nanded: 1,30,310 applications
4. Beed: 1,28,070 applications
5. Latur: 1,08,656 applications (highest in urban areas)
6. Jalna: 66,835 applications
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Important Monthly Current Affairs Capsule – July 2024
7. Parbhani: 51,549 applications
8. Hingoli: 33,908 applications
Assam's 700-Year-Old Ahom Moidams Nominated for World Heritage Status
● Assam's 'Moidams,' the mound burial system of the Ahom dynasty, will be considered for
inclusion in the World Heritage Sites list at the 46th session of the World Heritage Committee.
● This is the first nomination from the northeastern state in the cultural category.
● Assam already boasts of two world heritage sites in the natural category - Kaziranga National
Park and Manas National Park.
● India will host this session for the first time from July 21 to 31 at Bharat Mandapam in Delhi.
● Currently, 1,199 properties from 168 countries are on UNESCO's World Heritage list.
● India has 42 world heritage sites, including 34 cultural properties, 7 natural properties and 1
mixed site.
● India is the 6th country on the list and 2nd in the Asia Pacific Region based on the numbers of
the World Heritage List.
● India has 57 sites on the world heritage tentative list.
● 12 Sites have been added in the last 10 years that includes last year’s inscriptions of the
Santiniketan (West Bengal) and Sacred ensembles of the Hoysalas (Karnataka) during the
Extended 45th Session of the World Heritage Committee which was held in Riyadh (Saudi
Arabia)
● Italy has the maximum world sites at 59 followed by China (57), Germany (52), France (52) and
Spain (50).
About UNESCO :
● Established : 16 November 1945
● Headquarters : Paris, France
● Director General : Audrey Azoulay
● Membership : 194 member states and 12 associate members
● UNESCO is a specialised agency of the United Nations (UN).
Bihar Government Greenlights First Film Promotion Policy to Support Filmmakers and Cinema
Enthusiasts
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Important Monthly Current Affairs Capsule – July 2024
● The Bihar government has introduced its first film promotion policy to support filmmakers and
cinema enthusiasts.
● The decision was taken during a Cabinet meeting chaired by Chief Minister Nitish Kumar.
● The proposal was initiated by the Art, Culture, and Youth Affairs department of the state
government.
Policy Features:
● Single Window Clearance: The policy provides a single-window clearance for all government
permissions.
● Financial grants up to ₹4 crore are provided for producing films, documentaries, and serials in
regional languages.
● Film Facilitation Cell:A Film Facilitation Cell will be established to provide support for financial
aid, shooting permissions, and other assistance.
About Bihar :
● Governor : Rajendra Arlekar
● Chief Minister : Nitish Kumar
● Capital : Patna
● National Parks : Valmiki National Park
● Wildlife Sanctuaries : Bhimbandh Wildlife Sanctuary, Pant Wildlife Sanctuary, Udaypur Wildlife
Sanctuary
Gujarat Government Introduces 'Shramik Basera' Scheme Offering Rented Accommodation to
Construction Workers for ₹5 Per Day
● Gujarat Chief Minister Bhupendra Patel launched a scheme named 'Shramik Basera' to provide
temporary accommodation to nearly 15,000 construction workers at a nominal rate of Rs 5 per
day.
● The scheme aims to bring a "qualitative change" in the standard of living of workers from the
unorganised sector and construction workers by providing food, health, housing, and financial
support.
● The total cost of the project is ₹1,500 crore.
About Gujarat
● Capital: Gandhinagar
● Chief minister: Bhupendrabhai Patel
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Important Monthly Current Affairs Capsule – July 2024
● Governor: Acharya Devvrat
● NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife
Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga
Wildlife Sanctuary
Telangana Government and Singareni Collieries Introduce ₹1 Lakh Support Scheme for Civil Services
Aspirants
● Telangana Chief Minister A. Revanth Reddy launched the "Rajiv Gandhi Civils Abhayahastam"
scheme.
● The scheme provides financial assistance of ₹1 lakh to civil services aspirants who qualify for the
UPSC Mains exam.
● This is the first time the Telangana government has offered financial support specifically for
UPSC Mains preparation.
● Singareni Collieries Company Limited (SCCL) will provide the assistance as part of its 'Nirmaan'
programme.
Eligibility Criteria :
● Beneficiary Categories:Candidates from SC, ST, OBC, women, and economically weaker
sections (EWS) in the general category are eligible.
● Income Limit:The annual family income should not exceed ₹8 lakh.
● Residency Requirement:Applicants must be permanent residents of Telangana.
● Employment Status:Candidates employed in permanent positions in central, state, or government
sector organizations are ineligible.
About Telangana :
● Governor : C. P. Radhakrishnan
● Chief Minister : Anumula Revanth Reddy
● Capital : Hyderabad
● National Park : Mrugavani National Park, KBR Park
● Wildlife Sanctuary : Pranahita wildlife sanctuary, Shivaram wildlife Sanctuary
Aizawl in Mizoram Set to Become 4th Northeastern State Capital with Rail Link by 2025
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Important Monthly Current Affairs Capsule – July 2024
● Mizoram's Aizawl would be the 4th capital city in the northeast region to come under railway
connectivity by July 2025 as the Northeast Frontier Railway (NFR) is laying the new Broad
Gauge (BG) track up to Sairang, near Aizawl.
● Assam's main city of Guwahati (adjoining capital Dispur), Tripura's capital Agartala, and
Arunachal Pradesh's Naharlagun (adjacent to capital city Itanagar) are already connected with
the railway network.
● The new Broad Gauge line is being laid in the Bairabi (near Assam's Hailakandi District) -
Sairang (52 km) section in Mizoram's Aizawl District.
● The Rs 8,213.72 crore Bairabi-Sairang railway project would be commissioned in July 2025.
● The 52 km new line between Bairabi and Sairang is divided into 4 sections -- Bairabi–Hortoki,
Hortoki–Kawnpui, Kawnpui–Mualkhang, and Mualkhang–Sairang.
About Mizoram :
● Governor : Kambhampati Hari Babu
● Chief Minister : Lalduhoma
● Capital : Aizawl
Kerala to Implement QR Code Registration for Inland Water Vessels Starting August 1, 2024
● The Kerala government has introduced QR code registration for all inland vessels, including
houseboats, operating in the state.
● An electronic portal has been established by the Kerala Maritime Board to facilitate the
registration and survey of inland mechanised vessels.
● From August 1, 2024, registration and surveys of all mechanised inland water vessels in Kerala
will only be possible through this portal.
● Aim : To ensure the safety of all vessels based on the new Inland Vessels Act, 2021, and to
eliminate illegal activities in the sector.
About Kerala:
● Capital: Thiruvananthapuram
● Chief Minister: Pinarayi Vijayan
● Governor: Arif Mohammad Khan
● National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park,
Silent Valley National Park, Indira Gandhi National Park
Kerala Targets Boost in Foreign Student Enrolment in Higher Education Institutions
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Important Monthly Current Affairs Capsule – July 2024
● Kerala is launching the 'Study in Kerala' programme to attract international students to its higher
education institutions.
● The initiative aims to enhance cultural diversity, bolster the higher education sector, and equip
students to work in a global society.
● Government Approval: The Kerala government has granted in-principle sanction to the initiative
proposed by the Kerala State Higher Education Council.
● Phased Rollout:
● First Phase:
➢ Focus on attracting international students for short-term programmes.
➢ Offer two-week to one-month academic courses with cultural immersion activities.
➢ These programmes may or may not include academic credits and will charge reasonable
fees.
● Second Phase:
➢ Target international students for full-time programmes at select universities and colleges.
➢ Strategies tailored to attract self-funded students from regions like Africa and South Asia.
Goa Chief Minister Pramod Sawant Unveils 'Goem Vinamulya Vij Yevjan' Solar Energy Program
● In a significant move towards sustainable energy, Chief Minister Pramod Sawant has launched
the ‘Goem Vinamulya Vij Yevjan’ initiative in Goa.
● This scheme is aligned with the Prime Minister’s Surya Ghar Muft Bijli Yojana and aims to boost
solar energy adoption in Goa.
● The new scheme is designed to enhance solar rooftop capacity and empower residential
households in Goa to generate their own electricity.
● The PM Surya Ghar Muft Bijli Yojana aims to increase the share of solar rooftop capacity and
empower residential households to generate their electricity.
● Financial Details: The scheme has an outlay of Rs 75,021 crore and is to be implemented till FY
2026-27.
● Initial Investment : The government of Goa, under the Goem Vinamulya Vij Yevjan, with an initial
investment of 35 crore, in addition to the Central Financial Assistance, will bear the balance cost
of the rooftop installation up to 5 kW for consumers consuming 400 or fewer units for the last
year.
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Important Monthly Current Affairs Capsule – July 2024
About Goa :
● Governor : P. S. Sreedharan Pillai
● Chief Minister : Pramod Sawant
● Capital : Panaji
● Festivals : Shigmotsav/Gulalotsav Festival, Sao Joao, Goa Carnival
● Airport : Manohar International Airport (Goa Airport)
BUSINESS NEWS
U.S. Awards $176 Million to Moderna for Bird Flu Vaccine Development
• The U.S. government has allocated $176 million to Moderna to advance its development of a bird flu
vaccine amid concerns over a multi-state outbreak of the H5N1 virus in dairy cows and human
infections.
• Moderna received $176 million from the U.S. Biomedical Advanced Research and Development
Authority to complete late-stage development and testing of an mRNA-based vaccine targeting
H5N1 avian influenza.
• The funding is intended to accelerate preparations for a potential pandemic.
IBM to set up AI cluster for BFSI units in GIFT City, Gujarat
• IBM is set to establish an Artificial Intelligence (AI) cluster for Banking, Financial Services, and
Insurance (BFSI) units in GIFT City, Gujarat.
• This initiative aims to enable BFSI units to experiment with and scale AI capabilities.
GST collection at Rs 1.74 trillion in June 2024, but growth slows to 7.7%
• In June 2024, India's GST collection reached Rs 1.74 trillion, marking a 7.7% year-on-year
growth, which is lower than previous months' increases (12.4% in April and 10% in May 2024).
• Cumulative collections for the fiscal year totalled Rs 5.57 trillion.
• This is the slowest rate of growth in GST collections in three years, with the previous slower pace
of growth recorded in June 2021.
• The seventh anniversary of the GST rollout was celebrated under the theme
"SashaktVyaparSamagra Vikas," highlighting reduced tax rates on household goods post-GST
implementation.
Services Purchasing Managers' Index(PMI( rises in June 2024 after May 2024 break on new orders
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Important Monthly Current Affairs Capsule – July 2024
• In June 2024, the services sector in India showed improvement with the HSBC India Services
Business Activity Index (services PMI) rising to 60.5, up from 60.2 in May.
• This increase was driven by a stronger uptick in new orders and an unprecedented expansion in
international sales, according to S&P Global.
Franklin Templeton plans to launch a series of fixed-income schemes
• Following the abrupt cessation of six debt schemes worth ₹20,215 crore in April 2020 due to a
liquidity crisis amid the Covid pandemic, Franklin Templeton Asset Management plans to launch
a series of fixed-income schemes.
• Avinash Satwalekar, President of Franklin Templeton-India, announced that the fund house aims
to enter the fixed-income market within the next three months, with initial preparations already
underway.
• New Initiatives: Franklin Templeton plans to launch new fixed income schemes.
• Background: Six debt schemes worth ₹20,215 crore were halted in April 2020 due to liquidity
issues.
Coal Sector Achieves Remarkable Growth of 10.2 % among Eight Core Industries in May 2024
• The coal sector has shown the highest growth rate of 10.2% (provisional), following the electricity
industry among the eight core industries for May 2024, as per the Index of Eight Core Industries
(ICI) with the base year 2011-12, released by the Ministry of Commerce & Industries.
• The coal industry's index reached 184.7 points in May 2024, up from 167.6 points in the same
month the previous year.
• The cumulative index rose by 8.9% from April to May 2024-25 compared to the corresponding
period last year.
Hindustan Aeronautics Ltd (HAL): Transition to Helicopter Production
• Since the early 1960s, Hindustan Aeronautics Ltd (HAL) has established a robust income
stream from fixed-wing combat aircraft, notably by designing and building the HF-24 Marut and
assembling MiG-21 fighters from Soviet blueprints.
• Key Projects: HF-24 Marut and MiG-21 fighters.
• Current Status: Income from assembling Sukhoi-30MKI fighters is diminishing.
• HAL's Historical Focus: Building HF-24 Marut and assembling MiG-21 fighters.
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Important Monthly Current Affairs Capsule – July 2024
• Current Shift: Transition from fixed-wing aircraft to helicopter production due to diminishing
Sukhoi-30MKI assembly income.
Bajaj Auto Launches World's First CNG-Powered Two-Wheeler
• Bajaj Auto has launched the world's first compressed natural gas (CNG)-powered two-wheeler,
the Freedom 125, in Pune.
• This marks a significant innovation in the motorcycle market under the brand Bajajs bi-fuel
motorcycle.
• The bike will be available at a starting price of Rs 95,000 (ex-showroom) and comes in six colors
and three variants.
• The Freedom 125 boasts a range of 330 km and promises 50% lower maintenance costs
compared to other bikes.
EU slaps Chinese electric cars with tariffs of up to 38%
• The European Union has imposed provisional duties up to 38% on Chinese electric car imports.
• This move is in response to what the EU considers "unfair" state subsidies by China.
• An EU investigation found that Chinese state subsidies for electric vehicle (EV) manufacturers
undercut European competitors unfairly.
• The EU aims to protect its EV industry during its transition from thermal to electric power.
DPIIT close to finalising model to launch Producer Price Index in India
• The Department for Promotion of Industry and Internal Trade (DPIIT) is nearing the finalization of
a model to launch a Producer Price Index (PPI) in India, which may eventually replace the
Wholesale Price Index (WPI).
• Measurement Focus: PPI measures wholesale prices from the perspective of producers of goods
and services.
• Tracking Prices: It tracks prices at different stages of production.
• International Standards: PPI is conceptually in line with the internationally agreed System of
National Accounts (SNA), making it a preferred measure over WPI in most countries.
Farm credit target for FY25 may be set at Rs 24 trillion
• The Indian government is likely to set a target of Rs 24 trillion for agricultural credit by
commercial, cooperative, and regional rural banks for the fiscal year 2024-25.
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Important Monthly Current Affairs Capsule – July 2024
• In the previous year, the credit flows to the priority sector reached Rs 24.84 trillion, surpassing
the target of Rs 20 trillion.
• The government aims to set an agricultural credit target of Rs 24 trillion for 2024-25.
• In 2023-24, credit flows to the priority sector were Rs 24.84 trillion, exceeding the target of Rs 20
trillion.
CPI inflation likely rose to 4-month high of 4.9% in June
• India’s retail inflation, measured by the Consumer Price Index (CPI), likely rose to a four-month
high of 4.9% in June 2024 due to an increase in vegetable prices amidst a delayed monsoon,
according to a median poll of 18 economists.
• The estimates ranged from 4.5% to 5.19%.
• June 2024 CPI inflation is projected at 4.9%, a rise from 4.75% in May and 4.87% in June 2023.
• The National Statistical Office (NSO) data indicates that at 4.9%, the overall index would see a
1.2% month-on-month increase, the fastest pace in 11 months.
GST Application on Corporate Guarantee Fees
• Goods and Services Tax (GST) will be applied to 1% of corporate guarantee fees on an annual
basis, starting from October 23, 2023.
• This decision was made by the Central Board of Indirect Taxes and Customs (CBIC) and notified
following the GST Council meeting on June 22, 2023.
• The application of GST on corporate guarantee fees at 1% annually is intended to provide
financial relief to companies.
• The provision is seen as beneficial for businesses that have been concerned About cash flows.
The budget may retain fiscal deficit target at 5.1%; job creation, social spending, and capex to be key
themes: Morgan Stanley
• US investment bank Morgan Stanley has projected that the Indian central government is likely to
retain its fiscal deficit target at 5.1% of GDP for FY25, consistent with the interim budget.
• The Union Budget will be unveiled on July 23, 2024.
• FY24 Target: The fiscal deficit target was set at 5.6% of GDP.
• FY25 Projection: Morgan Stanley expects the fiscal deficit to remain at 5.1% of GDP.
• FY26 Goal: The target is to reduce the fiscal deficit to 4.5% of GDP by FY26.
Apple Warns Indian iPhone Users of Spyware Attack
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Important Monthly Current Affairs Capsule – July 2024
• Apple notified some iPhone users in India About a potential attack by Pegasus-like “mercenary
spyware” aiming for remote control of their devices.
• This marks the second notification sent to users in India and 98 other countries regarding similar
threats.
• Since 2021, Apple has issued these warnings to users in over 150 countries worldwide.
• The latest threat notification from Apple highlighted that such attacks are expensive, costing
millions of dollars.
• These sophisticated spyware attacks are targeted at a few individuals but are ongoing and have
a global reach.
India's coal import rises 5 pc to 52 MT in April-May 2024
• India's coal imports rose by 5.3% to 52.29 million tonnes (MT) during the first two months of the
current fiscal year compared to the same period last year, which saw imports of 49.62 MT.
• This data was compiled by mjunction services ltd, a B2B e-commerce platform from a joint
venture between Tata Steel and SAIL.
• Monthly Import Figures:
o April-May FY25: 52.29 MT
o April-May FY24: 49.62 MT
o May FY25: 26.19 MT
o May FY24: 26.57 MT (a decrease of 1.43% year-over-year)
ICAI, MeitY will join hands to develop ‘AI Audit Tool’ to oversee India Inc
• The Institute of Chartered Accountants of India (ICAI) has initiated discussions with the Ministry
of Electronics and Information Technology (MeitY) to jointly develop an AI Audit Tool aimed at
enhancing corporate performance tracking and fraud detection in corporate India.
• ICAI President Ranjeet Kumar Agarwal emphasized that this tool will leverage artificial
intelligence to assist companies in maintaining their status as 'going concerns' and to ensure
better compliance and fraud reporting.
• ICAI and MeitY are collaborating on an AI-powered tool to monitor company performance, detect
fraud, and provide guidance to companies.
ONGC's Ambitious Plan for Net-Zero Carbon Emissions by 2038
• ONGC plans to invest ₹2 lakh crore to achieve net-zero carbon emissions by 2038.
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Important Monthly Current Affairs Capsule – July 2024
• Focus areas include renewable energy and green hydrogen initiatives.
• ONGC produces two-thirds of India’s crude oil and 58% of its natural gas.
• In 2023-24, ONGC produced 21.14 million tonnes of oil and 20.648 bcm of gas.
Moody’s 2024 Growth Projection for India and Inflation Expectations
• Moody’s has maintained India’s 2024 growth projection at 6.8%, consistent with its estimate from
March.
• Looking ahead to 2025, the agency anticipates that the Indian economy will grow by 6.4%.
• Moody’s has kept India’s 2024 growth forecast at 6.8%, unchanged from the March estimate.
• For 2025, Moody’s projects a slightly lower growth rate of 6.4% for the Indian economy.
• The Reserve Bank of India (RBI) recently raised its growth forecast to 7.2% for 2024, up from its
previous projection of 7%.
Adani Ports to Invest $1.2 Billion in Vizhinjam Port to Attract World’s Largest Ships
• Adani Ports and Special Economic Zone Ltd. (APSEZ) plans to invest 100 billion rupees ($1.2
billion) to enhance the Vizhinjam port in Kerala.
• This investment marks the second phase of the project, expected to be completed by 2028.
• Vizhinjam port, located near the southernmost tip of India, is strategically positioned close to
international shipping routes and boasts the deepest shipping channels in the region.
• The port aims to attract the world's largest container ships, currently bypassing India for deeper
harbors in Colombo, Dubai, and Singapore.
ICAI to Establish Section 8 Company for Mediation and Arbitration
• The Institute of Chartered Accountants of India (ICAI) is set to establish a Section 8 company
focused on mediation and arbitration activities.
• Section 8 companies are formed for not-for-profit objectives and must apply profits or other
income to promote their objectives.
• This initiative aligns with directives from the Law Ministry, aiming to provide structured support for
mediation and arbitration.
• The announcement was made by ICAI President Ranjeet Kumar Agarwal during the inaugural
session of 'RESOLVE-2024: An International Convention on Insolvency Resolution & Valuation'
in New Delhi.
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Important Monthly Current Affairs Capsule – July 2024
CPI Inflation in June Rises To 4-Month High of 5.08%, IIP Growth Jumps To 5.9%
• Retail Inflation: India's Consumer Price Index (CPI) inflation in June 2024 stood at 5.08%, the
highest in four months.
• IIP Growth: India's Index of Industrial Production (IIP) growth rose to 5.9% in May 2024 from 5%
in April 2024.
• Inflation Details:
• Comparative Inflation Rates:
o May 2024: 4.75%
o February 2024: Last high at 5.09%
o June 2023: 4.87%
• Food Basket Inflation:
o June 2024: 9.36%
o May 2024: 8.69%
o June 2023: 4.55%
Godrej Consumer Products Introduces Patented Mosquito Repellent Molecule
• Godrej Consumer Products (GCPL) has developed 'Renofluthrin', a patented mosquito repellent
molecule.
• Product Integration: Renofluthrin will be integrated into GCPL’s household insecticide products.
• Significant Leap in Mosquito Control: Renofluthrin promises to double the effectiveness of
existing liquid vaporiser solutions.
• Statement from Leadership: Sudhir Sitapati, Managing Director (MD) and Chief Executive Officer
(CEO), emphasized the breakthrough innovation in mosquito control.
India can become the world’s second-largest economy by 2031: RBI Deputy Governor
• Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India, asserts that India can
become the second-largest economy by 2031 and the largest by 2060.
• OECD Projection: The Organisation for Economic Cooperation and Development (OECD)
predicts India will overtake the US by 2048 in purchasing power parity (PPP) terms to become
the second-largest economy.
o 2031: India could become the second-largest economy.
o 2060: India could become the largest economy globally.
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Important Monthly Current Affairs Capsule – July 2024
o 2027: India's $5 trillion GDP milestone translates to $16 trillion in PPP terms.
Forex reserves jump $5.16 billion to $657.16 billion
• India’s foreign exchange reserves rose by $5.158 billion to reach $657.155 billion for the week
ending July 5, 2024.
• Previous Decline: The reserves had decreased by $1.713 billion in the two weeks prior, falling to
$651.997 billion for the week ending June 28, 2024.
• Total Forex Reserves: $657.155 billion (week ending July 5, 2024).
• Previous High: $655.817 billion (all-time high on June 7, 2024).
Spike in food prices pushes WPI inflation to a 16-month high in June 2024
● India's Wholesale Price Index (WPI)-based inflation climbed for the fourth consecutive month in
June 2024, reaching a 16-month high of 3.36 per cent compared to 2.61 per cent in May 2024.
● This increase was primarily driven by adverse base effects and a significant rise in food prices,
according to data released by the Ministry of Commerce and Industry.
Key Points of June 2024 WPI Inflation:
● Overall Inflation: WPI inflation rose to 3.36 per cent in June 2024 from -4.18 percent in June
2023.
● Food Prices: Food inflation surged to 10.87 per cent during the month.
Price Increases in Specific Categories:
● Vegetables: 38.76 percent increase.
● Onion: 93.35 percent increase.
● Potato: 66.37 percent increase.
● Cereals: 9.27 percent increase.
● Fruits: 10.14 percent increase.
● Wheat: 6.25 percent increase.
● Moderating Prices:
● Pulses: While prices decelerated to 21.64 percent, they remained high.
● Protein-Rich Items: Eggs & meat (-3.06 percent) and milk (3.37 percent) saw slight relief.
Cropin Technology Launches Sage: World's First Real-Time Agri-Intelligence Solution
● Agritech firm Cropin Technology has announced the launch of Sage, the planet’s first real-time agri-
intelligence solution powered by Google Gemini.
● Grid-Based Mapping:
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Important Monthly Current Affairs Capsule – July 2024
o Sage converts the agricultural landscape into a proprietary grid-based map.
o Options available: 3x3 meters, 10x10 meters, or 5x5 kilometres.
o Delivers data and intelligence with unprecedented scale, accuracy, and speed.
GRSE Ltd. Secures ₹840 Crore Contract for Ocean Research Vessel
● Garden Reach Shipbuilders and Engineers (GRSE) Ltd. has secured a significant contract worth
₹840 crore from the National Centre for Polar and Ocean Research (NCPOR), part of the
Ministry of Earth Sciences.
● The contract, signed on July 16, involves the construction of an ocean research vessel (ORV)
and is expected to be completed within 42 months.
● This project highlights GRSE's growing role in specialized vessel construction.
● Recent Achievements: One of GRSE’s notable recent accomplishments is the delivery of INS
Sandhayak on December 4, 2023. This vessel is the largest survey ship ever built in India. The
shipyard is also working on several other specialized vessels, further demonstrating its capability
and growth in this sector.
Jawaharlal Nehru Port will be saturated in the next 5 years
● Jawaharlal Nehru Port (JNPA) in Maharashtra aims to become India’s largest container port by
2025.
● The port is expected to reach full capacity by 2029, with expansion efforts underway to manage
growing demand.
Expansion Details:
● Ongoing Projects: Bharat Mumbai Container Terminals Pvt Ltd (BMCT) is expanding its facilities,
with completion expected in April 2025.
● Investment: The BMCT expansion is costing around ₹4,000 crore and will add 2.4 million TEUs
(Twenty-foot Equivalent Units) of capacity.
Pusa scientists develop robotic sprayer for the greenhouse, a boon for labourers
● Dilip Kumar Kushwaha, 42, a young scientist working at the country’s premier Indian Agricultural
Research Institute (IARI) or Pusa, has developed a robotic spraying machine exclusively for
crops grown inside a greenhouse.
● The invention is aimed at protecting farm workers from the harmful effects of insecticides.
Netflix Sees Growth in India: Becomes Second Largest Market for Paid Subscriber Additions
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Important Monthly Current Affairs Capsule – July 2024
● In the second quarter of 2024, India emerged as the second largest market for Netflix regarding
new paid subscriber additions, according to the company’s shareholder letter.
Economic Survey 2023-24: Key Highlights and Analysis
● The Economic Survey 2023-24, presented by Union Minister for Finance and Corporate Affairs Smt.
Nirmala Sitharaman provides a detailed overview of India’s economic performance and future
outlook.
● Here are the key highlights, organised by thematic chapters:
Chapter 1: State of the Economy – Steady as She Goes
● GDP Growth Projection: The Economic Survey projects India's GDP growth at 6.5-7% for FY24.
This conservative estimate accounts for balanced risks despite higher market expectations.
● Real GDP Growth: India's economy saw a significant growth of 8.2% in FY24, maintaining
momentum from FY23.
● GVA Growth: Gross Value Added (GVA) grew by 7.2% in FY24, indicating strong economic
activity.
● Inflation Management: Effective policies reduced retail inflation from 6.7% in FY23 to 5.4% in
FY24.
● Current Account Deficit (CAD): The CAD improved to 0.7% of GDP in FY24 from 2.0% in FY23,
showing better external balance.
● Tax Collection: Direct taxes contributed 55% of total tax collection, while indirect taxes made up
45%.
● Welfare Programs: The government ensured the provision of free food grains to 81.4 crore
people and progressively increased capital expenditure.
Chapter 2: Monetary Management and Financial Intermediation – Stability is the Watchword
● Banking Sector Performance: India's banking sector performed exceptionally well, with stable
growth and improved asset quality.
● Policy Rate: The Reserve Bank of India (RBI) maintained a steady policy repo rate at 6.5%,
ensuring monetary stability.
● Credit Growth: Credit disbursal by Scheduled Commercial Banks (SCBs) grew by 20.2% to
₹164.3 lakh crore by March 2024.
● Non-Performing Assets (NPA): Gross and net NPAs were at multi-year lows, indicating better
health of the banking sector.
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Important Monthly Current Affairs Capsule – July 2024
● Capital Markets: Primary capital markets facilitated capital formation of ₹10.9 lakh crore,
supporting economic growth.
● Financial Inclusion: Digital Financial Inclusion (DFI) remains a key challenge for sustainable
economic growth.
Chapter 3: Prices and Inflation – Under Control
● Retail Inflation: Maintained at 5.4% in FY24, the lowest since the pandemic, due to timely policy
interventions.
● Fuel Prices: The government announced price cuts for LPG, petrol, and diesel to keep retail fuel
inflation low.
● Core and Food Inflation: Core services and goods inflation reached multi-year lows; food inflation
increased due to extreme weather events affecting farm output.
Chapter 4: External Sector – Stability Amid Plenty
● Current Account Deficit (CAD): Improved to 0.7% of GDP in FY24 due to moderated imports and
rising services exports.
● Global Export Share: India’s share in global goods exports was 1.8% in FY24.
● Services Exports and Remittances: Services exports grew by 4.9% to USD 341.1 billion; India
received USD 120 billion in remittances.
Chapter 5: Medium-Term Outlook – A Growth Strategy for New India
● Policy Focus Areas: Job and skill creation, addressing MSME bottlenecks, facilitating green
transition, and managing geopolitical relations.
● Amrit Kaal Strategy: Focuses on private investment, MSMEs, agriculture, green transition,
bridging education-employment gap, and building state capacity.
Chapter 6: Climate Change and Energy Transition: Dealing with Trade-Offs
● Climate Action: India aligned with a 2-degree centigrade warming target.
● Renewable Energy: 45.4% of installed capacity from non-fossil sources.
● Emission Reduction and Energy Savings: Achieved significant emission reductions and annual
energy savings of ₹1,94,320 Crore.
Chapter 7: Social Sector – Benefits that Empower
● Welfare Impact: Digitization has increased the impact per rupee spent.
● Welfare Expenditure Growth: Welfare expenditure grew at a 12.8% CAGR between FY18 and
FY24.
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Important Monthly Current Affairs Capsule – July 2024
● Ayushman Bharat: 34.7 crore cards generated, covering 7.37 crore hospital admissions.
● Early Childhood Education: The ‘Poshan Bhi Padhai Bhi’ program aims to develop a high-quality
preschool network.
Chapter 8: Employment and Skill Development: Towards Quality
● Labour Market Improvement: Unemployment rate declined to 3.2%.
● Urban and Youth Unemployment: Significant declines observed.
● EPFO Membership and Factories Growth: Steady growth in EPFO membership and number of
factories employing over 100 workers.
Chapter 9: Agriculture and Food Management – Plenty of Upside Left If We Get It Right
● Agriculture Growth: Averaged 4.18% annual growth over the last five years.
● Agricultural Credit: Total credit disbursed to agriculture amounted to ₹22.84 lakh crore.
● Micro Irrigation: 90.0 lakh hectares covered under the ‘Per drop more crop’ initiative.
Chapter 10: Industry – Small and Medium Matters
● Industrial Growth: 9.5% growth rate, supporting overall economic growth.
● Manufacturing Sector: Achieved an average annual growth rate of 5.2% over the last decade.
● PLI Schemes: Attracted significant investment and generated employment.
Chapter 11: Services – Fuelling Growth Opportunities
● Services Sector Contribution: 55% of overall GVA.
● Global Services Exports: 4.4% of world’s commercial services exports.
● Aviation Sector Growth: 15% YoY increase in air passengers.
Chapter 12: Infrastructure – Lifting Potential Growth
● Public Sector Investment: Significant in funding large-scale infrastructure projects.
● National Highway and Railway Development: Increased construction and capital expenditure.
● Clean Energy Investment: ₹8.5 lakh crore invested between 2014 and 2023.
Chapter 13: Climate Change and India
● Global Climate Strategies: Emphasizes India’s harmonious relationship with nature.
● Mission LiFE: Focuses on mindful consumption to address global climate change.
Five-year action plan in the works to boost exports to $2 trillion by 2030
● The Department of Commerce is developing a comprehensive five-year action plan to achieve $2
trillion in exports of goods and services by 2030. This plan will build on the current 100-day agenda
and extend beyond it.
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Important Monthly Current Affairs Capsule – July 2024
● $2 Trillion Target: Achieve $1 trillion in goods exports and $1 trillion in services exports by 2030.
● Increase Global Share: Improve India’s current share in global trade (1.8% in goods and 2.8% in
imports, as per WTO).
Exports to top-10 nations grow faster than overall figures in Q1 FY25
● India's top-10 export destinations saw a growth rate of 16.5% during the April-June quarter,
surpassing the overall merchandise export growth of 5.8%.
● Top Export Destinations:
o United States: 10.4% growth
o United Arab Emirates (UAE): 17.6% growth
o Netherlands: 41.3% growth
o United Kingdom (UK): 21.9% growth
o Singapore: 26.55% growth
o Saudi Arabia: 4.9% growth
o Bangladesh: 10.5% growth
o Germany: 3.4% growth
o Malaysia: 81.8% growth
o China: 2.8% contraction
● Contribution: The top 10 countries accounted for 52% of India’s total export value during the first
quarter of this financial year.
● Growth Rate: Imports from the top-10 partner countries grew by 12%, higher than the overall
import growth of 7.6%.
● Top Import Partners:
o United States: 5.4% growth
o UAE: 35.7% growth
o Iraq: 27.6% growth
o Indonesia: 17.9% growth
o South Korea: 7.2% growth
o Russia: 19.7% growth
o China: 8.3% growth
o Singapore, Saudi Arabia, and Switzerland: Limited or negative growth
EPFO adds 19.5 lakh net members in May 2024, the highest since April 2018
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Important Monthly Current Affairs Capsule – July 2024
● In May 2024, the Employees Provident Fund (EPF) scheme added 19.5 lakh net new members.
● This is the highest number of net new additions recorded in a single month since the introduction of
the payroll data in April 2018.
● Compared to May 2023, the number of new EPF members grew by 19.62%. This growth suggests a
positive trend in formal sector employment and increased participation in social security programs.
● The EPF is governed by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
● Top States: Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana had the highest net
additions, contributing to 58.24% of the total new members.
● Maharashtra: Led with a 18.87% share of the new net members.
Hindustan Zinc Launches EcoZen: Asia's First Low-Carbon 'Green' Zinc Brand
● Hindustan Zinc, the world's second-largest integrated zinc producer, has launched a new low-carbon
zinc brand called EcoZen.
● This innovative product is primarily used for galvanising steel to prevent corrosion, with applications
in sectors such as steel, infrastructure, automotive, renewable energy, electronics, high-tech
manufacturing, energy storage, defence, and electric mobility.
LOHUM Announces ₹2,000 Crore Investment for New Battery Materials Plant in Tamil Nadu
● LOHUM will invest ₹2,000 crore over the next six years to build a new plant in Krishnagiri,
western Tamil Nadu.
● The plant will focus on producing cathode active material (CAM) for battery manufacturing.
● The 20 GWh plant is set to begin production within eighteen months.
● The initial phase includes a ₹400 crore investment over the first two years.
● The plant will process 20,000 tons of batteries annually.
● It will recycle and produce cobalt, nickel, and lithium, each at a capacity of 1,000 tons.
● The pilot line for CAM production will start with a capacity of 750 MWh, scaling up to 20 GWh.
BSNL's Ambitious Targets Amid 4G Launch and Revival Efforts
● BSNL aims for a 25% subscriber market share by the end of 2025 as it launches 4G services.
● Current market share is 7.4% with 86.3 million mobile subscribers.
● The government has allocated Rs 3.2 trillion in revival packages to BSNL.
● Rs 83,416 crore is set aside in the 2024-25 Budget for BSNL’s technological upgrades and
restructuring.
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Important Monthly Current Affairs Capsule – July 2024
● BSNL is expediting the rollout of 4G services with contracts worth Rs 19,000 crore awarded to Tata
Consultancy Services (TCS), Tejas Networks, and ITI.
India’s Vision: Achieving a $30 Trillion Economy by 2047
● India aims to become a $30 trillion economy by 2047, with a per capita income of $18,000 annually,
according to the approach paper for the "Vision for Viksit Bharat in 2047".
Current Economic Status:
● GDP: $3.3 trillion
● Per Capita Income: $2,392 per annum
Key Points:
1. Target: $30 trillion economy and $18,000 per capita income by 2047.
2. Current GDP: $3.3 trillion; current per capita income: $2,392.
3. Required Growth: Ninefold GDP increase; eightfold per capita income increase.
4. Growth Rate: Sustained 7-10% annual growth for 20-30 years.
5. Middle-Income Trap: Key challenge; needs strategic planning to overcome.
Gold Jewellery Industry Advocates for 'One Nation, One Rate' Policy
● The gold jewellery industry is pushing for a ‘One Nation, One Rate’ policy.
● The policy will start with a unified gold rate for Eastern India in August.
1. Stakeholder Support:
o Samar Kr. De, President of the Swarna Silpa Bachao Committee, confirms widespread
interest among stakeholders.
o Saiyam Mehra, Chairman of the All India Gem and Jewellery Domestic Council (GJC),
supports the policy to create a level playing field and prevent undercutting.
Aditya Birla Group Launches Indriya to Enter Indian Jewellery Market
● Aditya Birla Group launched its in-house jewellery brand, Indriya.
● The group aims to become one of India's top three jewellery retailers within five years.
● Investment and Expansion:
o The venture is backed by a substantial investment of Rs 5,000 crore.
o Initial launch includes four stores in Delhi, Indore, and Jaipur, with plans to expand to over
10 cities within six months.
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Important Monthly Current Affairs Capsule – July 2024
o Stores will be large, measuring over 7000 sq ft, 30-35% larger than the average national
brand stores.
Insider Trading Regulations for Mutual Funds Set to Commence in November 2024
● Nearly two years after their initial notification, insider trading regulations for mutual funds (MFs) will
finally come into force on November 1, 2024.
● Previously, such rules only applied to securities of listed companies or those proposed to be listed.
● The Securities and Exchange Board of India (SEBI) initiated this process with a consultation paper
in July 2022, followed by a formal notification in November of the same year.
Rapido Achieves Unicorn Status with $120 Million Funding Round
● Rapido has become the latest unicorn by raising $120 million (approximately Rs 1,000 crore) in
primary capital from existing investor WestBridge Capital, achieving a post-money valuation of $1
billion.
● The company's valuation increased from $825 million following a $180 million funding round in
April 2022.
● Previous investors include Swiggy, Nexus Venture Partners, and Integrated Capital.
● Rapido is the fourth unicorn of the year, following Perfios, Ola’s Gen AI platform Krutrim, and
Porter.
● In 2023, only Zepto and InCred Finance achieved unicorn status.
Indian Economy Expected to Grow Above 7% in FY24-25: NCAER
● The Indian economy is projected to grow above 7%, potentially closer to 7.5% in the current
fiscal year, according to the National Council of Applied Economic Research (NCAER).
● The growth outlook is supported by a normal monsoon, reduced electoral uncertainty, and stable
global conditions.
● Real GDP grew by 8.2% in FY2023-24, driven by strong consumption demand and improving
investment demand.
Union Budget 2024-25:
o The fiscal deficit target is set at 4.9% of GDP.
o Capital expenditure is budgeted at 2.4% of GDP.
BANKING AND ECONOMY
Securities and Exchange Board of India Issues New Guidelines to Enhance Credit Rating Agency
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Important Monthly Current Affairs Capsule – July 2024
Operations
• The Markets regulator Securities and Exchange Board of India (SEBI) has issued new
guidelines to streamline operations and enhance the ease of doing business for credit rating
agencies (CRAs).
• The guidelines aim to promote ease of doing business, bring About uniformity in handling
appeals, protect investors, and foster the development and regulation of the securities market.
• These modifications will be applicable, with effect from August 01, 2024.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership
of the Ministry of Finance (MoF), GoI.
Life Insurance Corporation of India Unveils Agency Transformation Initiative 'Jeevan Samarth'
• The Life Insurance Corporation of India (LIC) launched the 'Jeevan Samarth' agency
transformation project to address the evolving needs of customers.
• LIC has partnered with consulting firm A T Kearney to review and transform its existing agency
framework on an end-to-end basis.
• Aim : To future-proof LIC's 14 lakh agent workforce to meet the rapidly changing demands of
customers.
• Project Goals:Transform LIC's agency ecosystem to align with the needs of millions of Indian
families.
About LIC :
• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra
• Chairman : Siddhartha Mohanty
Reserve Bank of India Introduces Quarterly Survey on Manufacturing Sector Order Books
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Important Monthly Current Affairs Capsule – July 2024
• The Reserve Bank of India (RBI) launched a quarterly "order books, inventories and capacity
utilisation" (OBICUS) survey of companies in the manufacturing sector.
• The survey provides key inputs used by the RBI to formulate monetary policy.
• The RBI has been conducting the OBICUS survey quarterly since 2008.
• New Orders: Quantitative data on new orders received during the reference quarter (e.g., April-
June 2024).
• Order Backlog: Orders pending at the beginning and end of the quarter.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D.
Patra
Reserve Bank of India Imposes Rs 10,000 Fine on YES Bank for Failure in Mutilated Note Exchange;
Punjab National Bank Penalised Rs 1.32 Crore for Know Your Customer and Loan Compliance
Violations
Penalty on YES Bank :
• The Reserve Bank of India (RBI) imposed a penalty of ₹10,000 on YES Bank for not exchanging
mutilated notes.
• Reason for Penalty:The penalty was imposed under the "Scheme of Penalties for bank
branches including Currency Chests" based on the bank's performance in customer service,
specifically regarding the exchange of mutilated notes.
• Master Circular on Penalties:According to the RBI's Master Circular, any violation of the
agreement with RBI or deficiency in service, such as refusal to exchange soiled or mutilated
notes, can attract penalties.
About Yes Bank :
• Established : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience our expertise
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Important Monthly Current Affairs Capsule – July 2024
About PNB :
• Founded : 19 May 1894
• Headquarters : Dwarka, Delhi, India
• MD & CEO : Atul Kumar Goel
• Tagline : You Can Bank Upon
Bank of Baroda Plans to Raise Up to Rs 7,500 Crore through additional Tier-I (AT1) and Tier-II bonds
• Public sector lender Bank of Baroda (BoB) plans to raise up to Rs 7,500 crore through additional
Tier-I (AT1) and Tier-II bonds to meet prudential regulator norms and support business growth,
with the bank's board of directors approving the raising of this additional capital in suitable
tranches by March 31, 2025, and beyond if needed.
• The capital can be raised by issuing debt instruments in the domestic or overseas market.
• Stock Performance: BoB's stock price rose 1.35% to Rs 273.7 per share following the
announcement.
About BoB :
• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India's International Bank
Reserve Bank of India Proposes Rationalization of Regulations on Export and Import Transactions
• The Reserve Bank of India (RBI) has proposed rationalisation of norms governing export and
import transactions to promote ease of doing business and empower banks to deliver quicker
and more efficient services to foreign exchange customers.
• Repatriation Timeline: The full export value of goods must be realised and repatriated to India
within 9 months from the date of shipment for goods and the date of invoice for services.
• Draft Regulations under FEMA: The proposed changes were part of draft regulations released by
the RBI under the Foreign Exchange Management Act (FEMA),1999.
Nine Non-Banking Financial Companies Surrender Registration Certificates to Reserve Bank of India
• The Reserve Bank of India (RBI) announced that 9 non-banking financial companies (NBFCs),
including Ujjivan Financial Services, have surrendered their certificates of registration (CoR).
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Important Monthly Current Affairs Capsule – July 2024
• Exit from Business : 5 of these NBFCs exited the non-banking financial institution business,
leading to the surrender of their CoR.
• These companies are:
• Vigfin Holdings
• Strip Commodeal
• Allium Finance
• Eternite Finvest
• Fino Finance
State Bank of India Introduces MSME-Sahaj: Web-Based Digital Business Loan Solution for Micro,
Small and Medium Enterprises Invoice Financing
• State Bank of India (SBI) has launched "MSME Sahaj," a web-based digital business loans
solution focused on invoice financing for MSMEs (micro, small, and medium enterprises) under
the Goods and Service Tax (GST) regime.
• Purpose : To provide "on tap" short-term credit for working capital needs to GST-registered
MSME units.
• MSME Sahaj is a data-driven invoice financing credit assessment engine which will provide an
end-to-end solution from applying for the loan, documentation and disbursement of the
sanctioned loan within 15 minutes, without any manual intervention.
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
Zomato Financial Withdraws Application for Non-Banking Financial Company License
• Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application
for a non-banking financial company (NBFC) license with the Reserve Bank of India (RBI).
• The company announced it does not plan to pursue lending in the future.
• The application for the NBFC license was submitted on April 29, 2022.
• Zomato Financial Services was incorporated in February 2022.
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Important Monthly Current Affairs Capsule – July 2024
• Reason for Withdrawal: The decision to withdraw the application was voluntary and has no
material impact on the revenue or operations of Zomato.
About Zomato :
• Founded : July 2008
• Headquarters : Gurgaon, Haryana, India
• MD & CEO : Deepinder Goyal
Government Maintains Current Interest Rates for Small Savings Schemes unchanged for Q2 FY 2024-
25
• The government has decided to keep the current interest rates for small savings schemes the
same, for the period of 01, July to 30th September 2024, i.e. the second quarter (Q2) for the
financial year (FY) 2024-25.
• This means that the rates have remained unchanged from the first quarter of FY 2024-25.
• Kisan Vikas Patra (KVP): A savings certificate scheme with a maturity period.
• Mahila Samman Savings Certificate: A savings scheme specifically for women.
• Senior Citizen Savings Scheme (SCSS): A scheme for senior citizens with attractive interest
rates.
• Post Office Monthly Income Scheme (POMIS): A monthly income scheme offered by post offices.
Government of India and Asian Development Bank sign $170 Million Loan Deal to Enhance Pandemic
Preparedness and Response
• The Government of India (GoI) and the Asian Development Bank (ADB) have signed a $170
million policy-based loan to consolidate and strengthen India's health system preparedness and
response capacity to future pandemics.
• This loan is a part of the 'Strengthened and Measurable Actions for Resilient and Transformative
Health Systems Programme (Subprogramme 1)'
• The proposed program will help India consolidate and develop its pandemic preparedness and
response (PPR) capability through a multifaceted and cross-sectoral strategy involving both
central and subnational governments.
About ADB :
• Established: 19 December 1966
• Headquarters: Manila, Philippines
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Important Monthly Current Affairs Capsule – July 2024
• Membership: 68 Countries
• President: Masatsugu Asakawa (from 17 January 2020)
Bank of India Plans to Raise Up to Rs 5,000 Crore through Infrastructure Bonds
• Bank of India (BOI) plans to raise up to Rs 5,000 crore through infrastructure bonds.
• The capital raising committee is scheduled to meet soon to finalize the details of the fundraising
plan.
• Rating and Market Conditions:The proposed infra bond offering by BOI has been assigned an
"AA+" rating by India Ratings.
• The actual amount raised and timing will be contingent upon market conditions.
About Bank of India :
• Founded : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajneesh Karnatak
• Tagline : Relationship beyond Banking
Securities and Exchange Board of India Lowers Face Value of Debt Securities to ₹10,000 to Enhance
Retail Participation
• The Markets regulator Securities and Exchange Board of India (SEBI) has reduced the face
value of debt securities from Rs 100,000 to Rs 10,000 to encourage greater participation of retail
investors in the corporate bond market.
• This move aims to enhance liquidity and broaden the investor base in corporate bonds.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Securities and Exchange Board of India Introduces New Mutual Fund Lite Regulations to Streamline
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Important Monthly Current Affairs Capsule – July 2024
Criteria for Passive Fund Managers
• The Securities and Exchanges Board of India (SEBI) has proposed the introduction of Mutual
Fund (MF) Lite Regulations in the Mutual Funds segment to simplify the offering of passive
funds.
• Aim of the framework : To facilitate easier entry for new passive fund players and streamline
operations for existing fund houses.
• Criteria Relaxation:Proposed reduction in net worth and profit track record criteria for fund
houses interested solely in managing passive assets.
• Allows existing and new players to manage passive funds with eased financial eligibility
requirements.
New Banking Malware 'Snowblind' Targets Android Users for Banking Credential Theft
• A new banking malware called Snowblind is targeting Android users to steal banking
credentials.
• Discovered by cybersecurity firm Promon, headquartered in Norway.
• Functionality : This malware can take your banking login details and perform unauthorised
transactions.
• Exploitation of Security Features:Snowblind exploits a built-in Android security feature to bypass
anti-tamper protections in apps that handle sensitive information.
Securities and Exchange Board of India Simplifies Process for Public Issuance of Debt Securities
• The Markets regulator Securities and Exchange Board of India (SEBI) decided to streamline the
process for public issuance of debt securities to provide faster access to funds for such issuers.
• Under this, The period for seeking public comments on draft offer documents reduced:
• From 7 working days to 1 day for issuers with already listed specified securities.
• From 7 working days to 5 days for other issuers.
Hitachi Payment Services Granted Reserve Bank of Indias Final Authorization for Online Payment
Aggregator License
• Hitachi Payment Services, Indias end-to-end payments and commerce solutions provider, has
announced that it has received the final authorisation from the Reserve Bank of India (RBI) to
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Important Monthly Current Affairs Capsule – July 2024
operate as an Online Payment Aggregator, under the Payments and Settlement Systems Act,
2007.
• This authorization allows Hitachi Payment Services to expand its digital solutions and services
stack to include a comprehensive suite of payment options such as UPI, netbanking, cards,
wallets, EMI, Paylater, Buy Now Pay Later (BNPL), Link Based payments, and loyalty solutions
for merchants.
About Hitachi Payment Services:
• Founded: 2008 as Prizm Payment Services.
• Headquarters: Mumbai, Maharashtra.
• MD & CEO: Sumil Vikamsey
Interest Rate on Small Savings Scheme for Q2FY2024-25 :
• Interest Rates Revision History:The last revision of interest rates was in December 2023 for Q4
FY24 (January-March 2024).
• In this revision, rates for certain small savings schemes, such as Sukanya Samriddhi Scheme
and 3-year Time Deposit, were increased by up to 20 basis points (bps).
• Public Provident Fund (PPF) rates have been unchanged for over 3 years, last adjusted in April-
June 2020 from 7.9% to 7.1%.
•
Bandhan Bank Introduces New Service for Online Direct Tax Collection
• Bandhan Bank has launched a facility for online collection of direct taxes, enabling its customers
and others to pay taxes seamlessly across India.
• As an RBI-appointed agency bank, it also accepts offline payments through its 1,700 branches.
• The service is available through internet banking, payment gateway, cash, cheque, or demand
draft.
About Bandhan Bank :
• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
• CEO: Chandra Shekhar Ghosh.
Reserve Bank of India and 4 ASEAN Countries Collaborate on Cross-Border Payments Platform
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Important Monthly Current Affairs Capsule – July 2024
• The Reserve Bank of India (RBI) has joined hands with the Bank for International Settlements
(BIS) and central banks of 4 Asean (Association of Southeast Asian Nations) countries to
collaborate on Project Nexus - a multilateral international initiative to enable retail cross-border
payments.
• The platform, which is expected to go live by 2026, will interlink domestic fast payment systems
(FPS) of countries namely Malaysia, the Philippines, Singapore, Thailand and India.
About BIS :
• Established : 17 May 1930
• Location : Basel, Switzerland
• General Manager : Agustín Carstens
• The BIS is an international financial institution which is owned by member central banks.
• Its primary goal is to foster international monetary and financial cooperation while serving as a
bank for central banks.
Securities and Exchange Board of India Directs Market Infrastructure Institutions to Implement Uniform
Charges Starting October 1, 2024
• The Securities and Exchange Board of India (SEBI) has instructed market infrastructure
institutions (MIIs), including stock exchanges, to charge all their members uniformly from October
1, 2024 without any discounts based on trading volumes.
• MIIs are entities providing essential infrastructure and services for financial markets, including
stock exchanges, clearing corporations, depositories, registries, and payment systems.
• Members of MIIs typically include financial institutions, security issuers, investors, and regulatory
authorities.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF),GoI.
HDFC Bank to Temporarily Limit Services on July 13, 2024 for System Upgrade
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Important Monthly Current Affairs Capsule – July 2024
• HDFC Bank has announced a scheduled system upgrade on July 13, 2024, to enhance its Core
Banking System (CBS) and improve customer experience.
• The upgrade will migrate the CBS to a new platform.
• The system upgrade will start at 3 am on July 13, 2024 and conclude at 4:30 pm on the same
day, spanning 13.5 hours.
About HDFC Bank :
• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• CEO : Sashidhar Jagdishan
Union Bank of India Launches "Union Premier" Branches for High-Value Customers in Rural and Semi-
Urban Areas
• Union Bank of India launched Union Premier branches for high-value customers in rural and
semi-urban (RUSU) markets.
• Aim : To provide personalized banking services for high-value customers in RUSU markets.
• Range of Services:Union Premier branches will offer a wide range of products and services
under one roof.
• Personalized Banking:Each Union Premier customer will have access to a personal Relationship
Manager to address all their banking needs.
About Union Bank of India :
• Founded : 11 November 1919
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : A. Manimekhalai
• Tagline : 'Good People to Bank with'
Securities and Exchange Board of India Permits Up to 100% Non-Resident Indian Contribution for
Foreign Portfolio Investors in GIFT International Financial Services Centre
• Markets regulator Securities and Exchange Board of India (SEBI) has allowed up to 100%
aggregate contribution by non-resident Indians (NRIs), Overseas Citizens of India (OCIs),
Resident Indians (RI) in the corpus of Foreign Portfolio Investors (FPIs) that are based out of
International Financial Services Centre (IFSC).
• The move is expected to enhance investment by FPIs in India.
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Important Monthly Current Affairs Capsule – July 2024
• Registration Requirement:At the time of registration, an FPI applicant must declare to their
Designated Depository Participant (DDP) if they intend to have 50% or more of their corpus
contributed by NRIs, OCIs, and RIs.
TATA AIG General Insurance Issues Record Rs 100 Crore Performance Surety Bond
• Tata AIG General Insurance has issued India's largest Performance Surety Bond, valued at over
Rs 100 crores in Mumbai, Maharashtra, India.
• This issuance follows the company's introduction of Surety Insurance Bond offerings to the
market two months ago.
• Facilitating Infrastructure Projects:TATA AIGs Surety Insurance Bonds aim to facilitate
smoother execution of infrastructure projects and commercial contracts in both government and
private sectors.
About TATA AIG General Insurance :
• Founded: 2001
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Neelesh Garg
• Ownership: Joint venture between the Tata Group and American International Group (AIG).
• Tata Group holds a 51% stake, while AIG holds the remaining 49%.
ICICI Lombard Introduces Surety Insurance for Infrastructure Sector
• ICICI Lombard has introduced Surety Insurance to offer risk mitigation solutions specifically for
India's growing infrastructure sector.
• Purpose of Surety Insurance: Surety insurance serves as a guarantee to a beneficiary (typically a
client or authority) that a principal debtor (usually a contractor) will fulfil their contractual
obligations.
• Financial Compensation: If the contractor fails to meet their contractual commitments, the surety
insurance provider will compensate the beneficiary financially.
About ICICI Lombard General Insurance Company Limited :
• Founded: 2001
• Headquarters: Mumbai, Maharashtra, India
• Chairman & Managing Director: Sanjeev Mantri
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Important Monthly Current Affairs Capsule – July 2024
• Ownership Structure: ICICI Lombard is a joint venture between ICICI Bank, Indias second-
largest bank, and Fairfax Financial Holdings Limited, a financial services company based in
Toronto, Canada.
• ICICI Bank holds a 64% stake in the joint venture, while Fairfax Financial Holdings Limited holds
the remaining 36%.
Reserve Bank of India Data Shows Private Corporate Sector Sales Growth Slows to 4.7% in FY24
• The Reserve Bank of Indias (RBI) data showed the annual sales growth rate of listed private
non-financial companies slowed to 4.7% in FY 2023-24 from 19.8% in FY2023.
• The analysis is based on the financial results of 3,281 listed non-government non-financial
companies.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor :Shaktikanta Das
• Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D.
Patra
Insolvency and Bankruptcy Board of India Introduces Digital Forms for Monitoring Liquidation Processes
• The Insolvency and Bankruptcy Board of India (IBBI) has launched a set of electronic forms
under the Insolvency and Bankruptcy Code (IBC), to ease the compliance burden for insolvency
professionals, and enhance the effectiveness of the liquidation process.
• These forms are crucial for the liquidation process under the IBC, as they facilitate systematic
and transparent record-keeping and seamless reporting.
• The new circular, issued by the IBBI, introduces forms LIQ 1 to LIQ 4, covering different stages of
the liquidation process.
About IBBI :
• Establishment: October 1, 2016.
• Statutory Powers: Granted through the Insolvency and Bankruptcy Code, passed by Lok Sabha
on May 5, 2016.
• Headquarters: New Delhi, India.
• Chairman: Ravi Mittal.
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Important Monthly Current Affairs Capsule – July 2024
• Role: Regulator overseeing insolvency proceedings, Insolvency Professional Agencies (IPA),
Insolvency Professionals (IP), and Information Utilities (IU) in India.
Vietnam's Q2 Gross Domestic Product Growth Accelerates to 6.93% Driven by Export Sector
• Vietnam's Gross Domestic Product (GDP) grew by 6.93% year-on-year in the second quarter of
this year(2024), accelerating from 5.87% in the first quarter.
• The economy expanded by 6.42% in the first half of the year.
• Exports and Industrial Production: Exports increased by 14.5% year-on-year to $190 billion in the
first half of the year. Industrial production also rose by 10.9% compared to the previous year.
• Government Targets: The government aims for GDP growth between 6.0% to 6.5% for the year,
with policies focused on stimulating economic activity.
Bank of Maharashtra and UCO Bank Show Robust Credit Growth in Q1
• Public sector banks (PSBs) seem to have started FY25 on a strong note, clocking robust credit
growth, going by provisional business updates of Bank of Maharashtra (BoM) and UCO Bank for
the first quarter of FY25.
• However, deposit growth of these banks continues to lag credit growth.
• Credit Growth:Reported a strong 19.01% year-on-year growth in gross advances in Q1 FY25.
• Gross loans stood at ₹2,09,065 crore as of June-end 2024, up from ₹1,75,676 crore in June-end
2023.
About BoM :
• Established : 16 September 1935
• Headquarters : Pune, Maharashtra India
• MD & CEO : Nidhu Saxena
• Tagline : One Family One Bank
About UCO Bank (formerly United Commercial Bank) :
• Founded : 6 January 1943
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Ashwani Kumar
Ministry of Finance Notifies 7.1% Interest Rate for Special Deposit Scheme in July-September
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Important Monthly Current Affairs Capsule – July 2024
• The Ministry of Finance (MoF) has announced that deposits made under the Special Deposit
Scheme (SDS) for non-government provident, superannuation and gratuity funds would earn
7.1% interest from July 1 to September 30, 2024.
• The rates remain unchanged from the April-June quarter.
• The interest rate on SDS significantly influences the Employee Provident Fund (EPF) interest
rate declaration since nearly 80% of the EPF corpus is invested in SDS.
About Ministry of Finance :
• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary
State Bank of India Introduces 11 New Measures to Reduce Risks in Agricultural Loan Portfolio
• The country's largest lender State Bank of India (SBI) announced 11 new initiatives including
enhancement of its digital banking features and opening of 35 new Agricultural Centralised
Processing Cells to mitigate risks in its agricultural loan portfolio.
• On the occasion of the 69th Foundation Day (1st July 2024), SBI announced these initiatives to
widen the bank's accessibility to address the banking needs of its potential customers
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
Indiabulls Housing Finance Rebranded and Renamed as 'Sammaan Capital Limited'
• Non-banking finance company (NBFC) Indiabulls Housing Finance has officially changed its
name to Sammaan Capital Limited, following the receipt for Certificate of Incorporation
issued by the Registrar of Companies (RoC), and Certificate of Registration (CoR) as an NBFC-
ICC (Investment and Credit Company) from the Reserve Bank of India (RBI).
• The company had announced its plans to rebrand the company on May 22, 2023 and January
25, 2024.
About Indiabulls Group :
• Founded: January 2000
• Headquarters: Gurgaon, Haryana, India
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Important Monthly Current Affairs Capsule – July 2024
• Founder & Chairman: Sameer Gehlaut
• Businesses: The Indiabulls Group operates primarily in housing finance, consumer finance, and
real estate sectors in India.
DBS Bank India Introduces Pre-Shipment Financing Solution on Trade Receivables Discounting
System (TReDS), Empowering Micro, Small, and Medium Enterprises (MSMEs)
• DBS Bank India has partnered with Receivables Exchange of India Limited (RXIL), a Trade
Receivables Discounting System (TReDS) platform, to offer a pre-shipment financing solution.
• TReDS is an electronic platform for facilitating the financing/discounting of trade receivables of
micro, small and medium enterprises (MSMEs) through multiple financiers.
• Significant Milestone: The first transaction on TReDS in India occurred on January 9, 2017,
through RXIL.
About DBS Bank India:
• Established: 1994
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Surojit Shome
• Tagline: "Live more, Bank less"
National Bank for Agriculture and Rural Development and Online PSB Loans to Integrate Jan Suraksha
Schemes Across 43 Regional Rural Banks
• National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited.
have signed a Memorandum of Understanding (MoU) to smoothen the enrolment and claim
settlement processes under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs).
• Objective: To democratise access to financial protection schemes such as Pradhan Mantri
Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in
remote areas of the country.
• Integration with Jan Suraksha Portal:NABARD's Role: NABARD will integrate all 43 RRBs onto
the Jan Suraksha Portal.
About NABARD :
• Headquarters: Mumbai, Maharashtra, India
• Chairman: Shri Shaji K V
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Important Monthly Current Affairs Capsule – July 2024
• Establishment: Established on July 12, 1982, on the recommendations of the B. Sivaraman
Committee, by Act 61, 1981 of Parliament.
• Role:Apex Regulatory Body: Regulates regional rural banks and apex cooperative banks in India.
• Ministry Jurisdiction: Under the jurisdiction of the Ministry of Finance (MoF), Government of India
(GoI).
About RRBs (Regional Rural Banks):
• Founded: October 2, 1975.
• Ownership Structure:
• Government of India: 50%
• Nationalised Banks: 35%
• State Governments: 15%
• Function: Government-owned scheduled commercial banks operating at a regional level in
different states of India.
• Ministry Jurisdiction: Under the Ministry of Finance (MoF).
State Bank of India Secures Rs 10,000 Crore via Long-Term Infrastructure Bonds
• State Bank of India (SBI) has raised ₹10,000 crore via a 15-year infrastructure bond issue at a
coupon rate of 7.36%.
• This is the bank's 2nd infrastructure bond issuance in About a fortnight, with the previous one
also raising ₹10,000 crore at the same coupon rate.
• The latest bond issue, which is the bank’s 6th infrastructure bond issuance so far, received bids
in excess of ₹18,145 crore and was oversubscribed by around 3.6 times against the base issue
size of ₹5,000 crore.
• Purpose and Utilization:The proceeds from the bonds will be used to enhance long-term
resources for funding infrastructure and the affordable housing segment.
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
Reserve Bank of India Allows Banks to Utilize Brickwork Ratings for Loans Up to ₹250 Crore
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Important Monthly Current Affairs Capsule – July 2024
• The Reserve Bank of India (RBI) has allowed banks to use ratings by Brickwork Ratings India
Private Limited for loans up to ₹250 crore.
• Brickwork Ratings assigns ratings for all limits sanctioned by all banks while undertaking a bank
loan rating exercise.
• The information collected from the borrower includes details of all banking facilities availed and
as such one rating assignment should suffice to meet the requirements.
4 Public Sector Banks Present Dividend Cheques Totalling Rs 6,481 Crore to Government
• 4 public sector banks (PSBs) presented dividend cheques worth Rs 6,481 crore to Finance
Minister Nirmala Sitharaman for the financial year 2023-24.
• Finance Minister Nirmala Sitharaman received dividend cheques from each bank’s managing
directors (MDs) and Chief Executive Officers (CEOs).
• Bank of Baroda (BoB):
• Dividend cheque amount: Rs 2,514.22 crore
• Presented by: Shri Debadatta Chand, Managing Director & CEO.
• Bank of India:
• Dividend cheque amount: Rs 935.44 crore
• Presented by: Rajneesh Karnatak, Managing Director & CEO.
• Indian Bank:
• Dividend cheque amount: Rs 1,193.45 crore
• Presented by: (Managing Director & CEO not specified).
• Canara Bank:
• Dividend cheque amount: Rs 1,838.15 crore
• Presented by: K Satyanarayana Raju, Managing Director & CEO.
• Additional Dividend Presentation:
• EXIM Bank:
• Dividend cheque amount: Rs 252 crore
• Location: Mumbai-based financial institution.
About BoB :
• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
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Important Monthly Current Affairs Capsule – July 2024
• Tagline : India's International Bank
• CEO: Debadatta Chand
About Bank of India :
• Established : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• Tagline : Relationship Beyond Banking
• CEO: Rajneesh Karnatak
About Indian Bank :
• Founded : 15 August 1907
• Headquarters : Chennai, Tamil Nadu
• MD & CEO : Shanti Lal Jain
• Tagline : Your Own Bank/ Apka Apna Bank
About Canara Bank :
• Established : 1906
• Headquarters : Bangalore,Karnataka, India
• MD & CEO: Satyanarayana Raju
• Tagline : Together We Can
Reserve Bank of India Permits Resident Indians to Open Foreign Currency Accounts in Gujarat's
International Financial Services Centre
• The Reserve Bank of India (RBI) in a notification allowed resident individuals to open Foreign
Currency Account (FCA) in International Financial Services Centres (IFSCs) at GIFT City in
Gujarat under the Liberalised Remittance Scheme (LRS).
• Current Scope of Remittances:Previously, remittances under LRS to IFSCs were restricted to:
• Investments in securities issued by entities within IFSCs (excluding those by companies/ entities
resident in India outside IFSC).
Mutual Funds Garner Record Rs 14,370 Crore Through Equity New Fund Offers in June
• In June,2024 India's mutual fund industry achieved a record inflow of Rs 14,370 crore through 11
new fund offers (NFOs), marking the highest ever inflow in new fund offerings.
• This surpassed the previous high recorded in July 2021, where 4 NFOs accumulated Rs 13,709
crore, with ICICI Prudential MF’s flexicap NFO alone mobilising Rs 9,808 crore.
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Important Monthly Current Affairs Capsule – July 2024
• 2024 vs. 2023 NFO Launches: In the first half of 2024, 30 active equity schemes were launched
compared to 51 in the entire year of 2023.
• NFO collections by active equity schemes in 2024 reached Rs 37,885 crore by June, surpassing
the Rs 36,657 crore collected in 2023.
• NFO Collections in 2022: In 2022, 27 equity NFO launches accumulated Rs 29,586 crore.
National Bank for Agriculture and Rural Development Subsidiary Launches ₹750 Crore Agri Fund to
Support Startups and Rural Enterprises
• National Bank for Agriculture and Rural Development (NABARD) informed its arm that it has
launched a Rs 750-crore agri fund for startups and rural enterprises.
• The fund called 'Agri-SURE' is announced by NABVENTURES, a subsidiary of NABARD, with an
initial corpus of Rs 750 crore with Rs 250 crore each from NABARD and the Ministry of
Agriculture, and Rs 250 crore from other institutions.
• Aim of the fund : To promote investment in innovative, technology-driven, high-risk, and high-
impact activities in agriculture and allied areas.
About NABARD :
• Headquarters: Mumbai, Maharashtra, India.
• Chairman: Shri Shaji K V.
• Establishment:
• Recommendation: B. Sivaraman Committee.
• Act: Act 61, 1981 of Parliament.
• Date: 12 July 1982.
• Purpose: Implement the National Bank for Agriculture and Rural Development Act 1981.
• Role: Apex regulatory body for regional rural banks and apex cooperative banks in India.
• Jurisdiction: Ministry of Finance (MoF), Government of India (GoI).
Asian Development Bank Approves $100 Million Loan to Boost Financial Sustainability Reforms in Sri
Lanka's Power Sector
• The Asian Development Bank (ADB) approved a $100 million policy-based loan to support and
facilitate reforms aimed at enhancing the financial sustainability of the power sector in Sri Lanka.
• The loan is part of the "Power Sector Reforms and Financial Sustainability Program."
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Important Monthly Current Affairs Capsule – July 2024
• Support Reforms: To complement the International Monetary Fund’s Extended Fund Facility
arrangement and bolster operational efficiency and competitiveness of the power sector.
About ADB :
• Formation: 19 December 1966
• Headquarters: Manila, Philippines
• Membership: 68 Countries
• President: Masatsugu Asakawa (from 17 January 2020)
Jio Financial Services Receives Reserve Bank of India Approval to Operate as a Core Investment
Company
• Jio Financial Services received approval from the Reserve Bank of India (RBI) to become a Core
Investment Company (CIC) from a Non-Banking Financial Company (NBFC).
• Jio Financial Services applied to the RBI for conversion on November 21, 2023.
• Definition : A Core Investment Company (CIC) is a specialised NBFC with an asset size greater
than ₹100 crore.
• RBI Circular: Based on the RBI circular from December 20, 2016, the primary function of a CIC is
the acquisition of shares and securities.
About Jio Financial Services Limited :
• Founded : 22 July 1999
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Hitesh Kumar Sethia
• It is an Indian financial services company that was originally a subsidiary of Reliance Industries
(RIL).
Micro-finance Industry Network for limiting indebtedness up to Rs 2 lakh per borrower
• Micro-finance Industry Network (MFIN), announced that Micro-credit indebtedness per borrower
should be limited to Rs 2 lakh, while the number of lenders to a debtor should also be restricted
to a maximum of four.
• Impact on Borrowers: Nearly 80% of micro-loans have durations of 18 months or more.
• A Rs 2 lakh limit would reduce the repayment burden on borrowers.
About MFIN :
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Important Monthly Current Affairs Capsule – July 2024
• Founded : 2009
• Location : Gurgaon, Haryana, India
• Chairman : Manoj Kumar Nambiar
• CEO : Alok Misra
India Generates 12.5 Crore Jobs in FY14-23, Compared to 2.9 Crore in FY 04-14: State Bank of India
Report
• According to the State Bank of India (SBI) study based on Reserve Bank of India (RBI) data,
India has created 12.5 crore jobs during FY14-23, compared to only 2.9 crore during FY04-14.
• Employment in MSMEs : Total employment reported by Micro, Small, and Medium Enterprises
(MSMEs) registered with the MSME Ministry has surpassed the 20-crore mark.
• Data from the Udyam registration portal as of July 4 indicates 4.68 crore Udyam-registered
MSMEs reported 20.19 crore jobs.
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
ixigo and AU Small Finance Bank Unveil Travel Credit Card for RuPay Users
• ixigo, India's leading OTA for the next billion users and AU Small Finance Bank, the largest Small
Finance Bank of India, announced the launch of the RuPay variant for its premium co-branded
ixigo-AU Small Finance Bank travel credit card, enabling UPI-based payments and rewards.
About ixigo :
• Founded : June 2007
• Headquarters : Gurugram, Haryana, India
• Chairman, MD & Group CEO : Aloke Bajpai
• Director & Group Co-CEO : Rajnish Kumar
About AU Small Finance Bank Limited :
• Founded : 1996
• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal
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Important Monthly Current Affairs Capsule – July 2024
Gold Comprises 69% of Reserve Bank of India's Reserves Increase in April-June Quarter, Boosted by
Purchases and Valuation Gains
• Gold accounted for 69% of the Reserve Bank of India's (RBI) reserves increase during the April-
June quarter.
• The increase was due to both gold purchases and valuation gains from a rise in gold prices.
• Total Reserves Increase:RBI added $5.6 billion to its stock of reserves in the June quarter.
• Gold value in reserves rose by $3.8 billion.
• Foreign currency assets increased by $1.9 billion during the same period.
• Current Reserves Status:As of June 28,2024 India’s foreign currency reserves stand at $652
billion.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
Kotak Mahindra Mutual Fund Introduces Kotak BSE PSU Index Fund
• Kotak Mahindra Mutual Fund has launched the Kotak BSE PSU Index Fund, an open-ended
scheme that replicates or tracks the BSE PSU Index.
• The BSE PSU Index comprises 56 public sector undertaking (PSU) stocks from various sectors.
• This fund offers investors a chance to be part of that journey through a comparatively cost-
effective and systematically managed investment vehicle.
• Investment Allocation:Equity Allocation: 95-100% of the fund is allocated to equity and equity-
related securities covered by the index.
Equity Fund Inflows Surge 17% to Record Rs 40,608 Crore in June: Association of Mutual Funds of
India Data
• According to the latest data released by the Association of Mutual Funds of India (AMFI), Inflows
into equity mutual funds surged by 17% to Rs 40,608.19 crore (About $5 billion) in June,2024.
• This follows a record high inflow of Rs 34,697 crore in the previous month, marking an 83.42%
increase.
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Important Monthly Current Affairs Capsule – July 2024
• Assets Under Management (AUM):Mutual fund industry AUM reached Rs 61.16 lakh crore in
June,2024 surpassing the Rs 60 lakh crore mark for the first time.
• Debt Mutual Funds:Debt mutual funds witnessed net outflows of Rs 1,07,357.62 crore in June.
About AMFI :
• Established : 22 August 1995
• Location : Mumbai, Maharashtra, India
• CEO : Chalasani Venkat Nageswar
• Role: AMFI is an Indian trade association representing all SEBI-registered asset management
companies (AMCs) managing mutual funds in India.
• Membership: Currently comprises 44 AMCs registered with SEBI.
Securities and Exchange Board of India Committee Increases Requirements for Retail Investors in
Futures and Options Segment
• The Securities and Exchange Board of India’s (SEBI) expert working committee on derivatives
trading has set the bar higher for retail investors.
• The proposals include increasing the lot sizes of futures and options (F&O) contracts, raising
margins around expiry dates, and reducing the number of weekly options contracts.
• The recommendations will be discussed by Sebi’s Secondary Market Advisory Committee
(SMAC) on July 15, 2024.
• SEBI's Expert Working Committee:The committee, led by former RBI executive director G
Padmanabhan, has been deliberating on the mechanisms to protect retail investors in the futures
and options segment.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
SBI Economic Research Urges Government to Address Fault Lines in Insolvency and Bankruptcy
Code, 2016
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Important Monthly Current Affairs Capsule – July 2024
• According to State Bank of India’s (SBI's) economic research department (ERD), the government
needs to address the fault lines in the IBC (Insolvency and Bankruptcy Code, 2016) set-up to
reduce the time taken for the corporate insolvency resolution process.
• Recoveries through IBC in FY24 were only 32% of admitted claims, with financial creditors losing
68% of their claims.
• The time taken to reach a resolution is 863 days, far exceeding the stated 330 days.
Paytm Receives Government Panel Approval to Invest in Its Payments Subsidiary
• Paytm has secured approval from a government panel that oversees investments linked to China
to invest ₹500 million ($6 million) in a key subsidiary, Paytm Payment Services.
• The approval still needs to be vetted by the finance ministry.
• This approval will allow Paytm Payment Services to resume normal business operations, which
had been hindered.
• Revenue Contribution:Paytm Payment Services accounted for a quarter of Paytm's consolidated
revenue in the financial year ended March 2023.
About Paytm :
• Founded : August 2010
• Headquarters : Noida, Uttar Pradesh, India
• CEO : Vijay Shekhar Sharma
Muthoot Finance Chosen for Financial Action Task Force Mutual Evaluation Report 2023-24
• Muthoot Finance is the only Indian Non-Banking Financial Company (NBFC) selected for the
Financial Action Task Force's (FATF) Mutual Evaluation Report 2023-24.
• This selection highlights Muthoot Finance's global trustworthiness and compliance with stringent
financial regulations.
• wszxThe Financial Action Task Force (FATF) is a global agency formed in 1989.
• It develops policies to combat money laundering, terrorism financing, and other significant threats
to the financial system.
About Muthoot Finance :
• Founded : 1939
• Headquarters : Kochi, Kerala, India
• Managing Director : George Alexander Muthoot
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Important Monthly Current Affairs Capsule – July 2024
Asian Development Bank and ENGIE SA Collaborate to Construct 400 MegaWatt Solar Power Plant in
Gujarat, India
• The Asian Development Bank (ADB) and the ENGIE group have signed a long-term local
currency loan agreement to construct and operate a 400-megawatt solar photovoltaic power
plant in Surendranagar District, Gujarat, India.
• The plant aims to generate an average of 805 gigawatt-hours annually over the next 25 years,
contributing significantly to India's renewable energy goals.
• Environmental Impact:The project is expected to avoid nearly 662,441 tons of carbon dioxide
emissions per year, supporting environmental sustainability efforts.
• Financing Arrangement:ADB acted as the mandated lead arranger for the loan, totaling 14.6
billion Indian rupees (~$175.9 million).
About Engie SA :
• Founded : 22 July 2008
• Headquarters : La Défense, Courbevoie, France
• CEO : Catherine MacGregor
About ADB :
• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Greenko secures National Bank for Financing Infrastructure and Development approval for Rs 6,200
crore; plans early repayment of international bonds
• Greenko, a leading renewable energy company in India, is restructuring its overseas liabilities by
prepaying over $1 billion of dollar bonds maturing next year through funds from National Bank for
Financing Infrastructure and Development (NABFID).
• This move aims to reduce overseas debt amid higher interest rates abroad.
• NABFID has sanctioned Rs 6200 crore from which Greenko will use to pay back foreign bond
investors for bonds maturing in January and July, 2025.
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Important Monthly Current Affairs Capsule – July 2024
• The funds will be used to repay foreign bond investors and finance up-and-running projects
across India, aligning with Greenko's mandate.
Reserve Bank of India Revokes Licence of ShimshaSahakara Bank Niyamitha in Maddur, Mandya
District, Karnataka
• The Reserve Bank of India (RBI) cancelled the licence of ShimshaSahakara Bank Niyamitha,
Maddur, Mandya District, Karnataka, due to its worsening financial position.
• As a result, the bank ceased to carry on banking business from the close of business on July 05,
2024.
• The Registrar of Cooperative Societies, Karnataka, has been requested to issue an order for
winding up the bank and to appoint a liquidator.
• Upon liquidation, each depositor is entitled to receive a deposit insurance claim amount of up to
₹5,00,000 (5 Lakhs) from the Deposit Insurance and Credit Guarantee Corporation (DICGC),
subject to the provisions of the DICGC Act, 1961.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D.
Patra
Canara Bank Plans to Raise Rs 10,000 Crore via Infrastructure Bonds in FY25
• Public sector lender Canara Bank plans to raise up to Rs 10,000 crore through infrastructure
bonds for lending to projects in areas like roads, power and ports, among others, this financial
year (FY25).
• Comparison with Other Lenders:It is the 3rd state-owned lender after:
• State Bank of India (SBI) with Rs 20,000 crore planned and Rs 10,000 crore raised in June 2024.
• Bank of India (BoI) with Rs 10,000 crore planned.
About Canara Bank :
• Established : 1906
• Headquarters : Bangalore, Karnataka, India
• MD & CEO : K. Satyanarayana Raju
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Important Monthly Current Affairs Capsule – July 2024
• Tagline : Together We Can
Federal Bank Partners with Bajaj Allianz Life Insurance for Bancassurance Services
• Federal Bank, a private sector bank, has entered into a Bancassurance tie-up with Bajaj Allianz
Life Insurance, a private life insurer.
• This partnership will enable Federal Bank’s customers to seamlessly access Bajaj Allianz Life
Insurance’s products, across the Bank’s extensive network in India.
• It aligns with both the companies’ strategic goals and growth plans and will drive insurance
penetration and market expansion.
About Federal Bank:
• Established: 23 April 1931 (as Travancore Federal Bank), 2 December 1949 (as Federal Bank)
• Headquarters: Aluva, Kochi, Kerala, India
• MD & CEO: Shyam Srinivasan
About Bajaj Allianz Life Insurance:
• Founded: 2001
• Headquarters: Pune, Maharashtra
• MD & CEO: Tarun Chugh
• Ownership: Joint venture between Bajaj Finserv Limited and Allianz SE
Canara Robeco Mutual Fund Launches Balanced Advantage Fund
• Canara Robeco Mutual Fund has launched a Balanced Advantage Fund (BAF), which is an
open-ended dynamic asset allocation fund.
• Aim : To increase upside participation and generate alpha during favourable market conditions
while reducing downside risk during market downturns.
• The new fund offer (NFO) will open and close on July 26, 2024.
• The BAF is an asset allocation product which will dynamically allocate equity based on an in-
house model, to eliminate investor biases.
Punjab National Bank Partners with Steel Authority of India Limited to Provide Loan Facilities
• Punjab National Bank (PNB) has signed a pact with Steel Authority of India Ltd (SAIL) to provide
home loans, car loans, and education loans to SAIL employees at concessional rates.
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Important Monthly Current Affairs Capsule – July 2024
• This strategic partnership aims to enhance the financial well-being of SAIL employees while
expanding PNB's customer base within the steel sector.
• A Memorandum of Understanding (MoU) was signed by PNB General Manager - Business
Acquisition and Relationship Management Division Sudhir Dalal, SAIL General Manager -
Finance Lavika Jain and SAIL General Manager - HR Bikram Uppal.
About PNB :
• Founded : 19 May 1894
• Headquarters : Delhi, India
• MD & CEO : Atul Kumar Goel
About SAIL :
• Founded : 19 January 1954
• Headquarters : New Delhi, India
• Chairman : Amarendu Prakash
• SAIL is a central public sector undertaking (PSU) based in New Delhi, India. It is under the
ownership of the Ministry of Steel, Government of India (GoI).
NPCI International Collaborates with Qatar National Bank to Enable Unified Payments Interface
Payments in Qatar
• NPCI International Payments (NIPL), the international arm of NPCI, signed an agreement with
Qatar National Bank (QNB) to launch QR-code-based UPI payments in Qatar.
• The partnership will power UPI (Unified Payments Interface) payment acceptance in Qatar
through the QNB merchant network, enabling Indian travellers to transact on the payments
service.
• Indian tourists will have the option to transact using UPI across retail stores, tourist attractions,
duty-free shops, and hotels.
• The announcement is significant as Indians are the second largest group of international visitors
to Qatar.
About NPCI :
• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
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Important Monthly Current Affairs Capsule – July 2024
• The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.
About QNB :
• Established : June 6, 1964
• Headquarters : Doha, Qatar
About Qatar
• Prime Minister : Mohammed bin Abdulrahman bin Jassim Al Thani
• Capital : Doha
• Currency : Qatari riyal
Banks' Deposit Growth Slows to 10.6%; Credit Growth Reaches 13.9%
• According to the latest data released by the Reserve Bank of India (RBI), Deposit growth of
commercial banks slowed to 10.64% year-on-year (Y-o-Y) as of June 28, 2024.
• The deposit base expanded to Rs 211.95 trillion.
• Credit Growth:Credit growth declined to 13.88% Y-o-Y, reaching Rs 163.8 trillion.
• Comparison with Previous Fortnight:For the fortnight ending June 14, 2024, deposit growth was
12.1%.
Securities and Exchange Board of India Working Group Proposes Easing Compliance Requirements for
Debenture Trustees
• Securities and Exchange Board of India’s (SEBI's) working group is set to recommend a
reduction in compliance burden for debenture trustees.
• Aim : To speed up the dispute resolution mechanism.
• The group also proposes pruning the number of regulations for listing and post-listing from five to
just one.
• The group will submit its report later this week.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
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Important Monthly Current Affairs Capsule – July 2024
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
State Bank of India Launches Online Loan Facility Using Mutual Fund Units Through Internet Banking
and YONO App
• State Bank of India (SBI) launched an online loan facility against mutual fund (MF) units via
Internet Banking (INB) and the YONO App.
• This digital solution allows consumers to apply for loans from the comfort of their own homes,
with a completely paperless and digital process that is available 24 hours a day, 7 days a week.
• Eligibility : The new loan facility is extended at attractive interest rates to mutual fund schemes of
all Asset Management Companies (AMCs) registered with CAMS.
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
REC Secures ₹1,670 Crore Green Loan from Deutsche Bank's GIFT City Branch
• State-run REC Limited has secured a green loan amounting to JPY 31.96 billion (equivalent to
$200 million) from Deutsche Bank AG, GIFT City branch, marking a significant move towards
financing sustainable development in India.
• Purpose of Loan : To finance projects that adhere to strict environmental standards, promote
renewable energy, and reduce carbon emissions.
• This is the first green loan between an Indian government entity and Deutsche Bank.
• This initiative is also noted as one of the first JPY-denominated green loans executed by
Deutsche Bank AG, GIFT City.
About REC Limited, formerly Rural Electrification Corporation Limited :
• Founded : 25 July 1969
• Headquarters : New Delhi, Delhi, India
• Chairman & Managing Director : Vivek Kumar Dewanga
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Important Monthly Current Affairs Capsule – July 2024
• Status:
• REC is a 'Maharatna' company under the Ministry of Power, Government of India.
• Registered with RBI as a Non-Banking Finance Company (NBFC), Public Financial Institution
(PFI), and Infrastructure Financing Company (IFC).
About Deutsche Bank AG:
• Established: 10 March 1870
• Headquarters: Germany
• CEO: Christian Sewing
Reserve Bank of India's Financial Inclusion Index Shows Significant Growth in Q1 FY 2024
• The Reserve Bank of India (RBI) had constructed a composite Financial Inclusion Index (FI-
Index) to capture the extent of financial inclusion across the country, which was first published in
August 2021 for the Financial Year (FY) ending March 2021.
• The FI-Index for the year ending March 2024 has since been prepared.
• Index Value and Growth:FI-Index for March 2024 stands at 64.2, up from 60.1 in March 2023,
indicating significant growth.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
16th Finance Commission Establishes 5-Member Advisory Council
• The 16th Finance Commission has established an advisory council comprising 5 members to
provide guidance on its Terms of Reference (ToR) and related subjects.
• Members of the Advisory Council:
• Dr. D.K. Srivastava
• Mr. Neelkanth Mishra
• Dr. Poonam Gupta
• Ms. Pranjul Bhandari
• Mr. Rahul Bajoria
• Dr. Poonam Gupta shall be the Convenor of the Advisory Council.
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Important Monthly Current Affairs Capsule – July 2024
About Ministry of Finance :
• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary
Punjab National Bank Introduces 'Safety Ring' for Enhanced Internet and Mobile Banking Security
• State-owned Punjab National Bank (PNB) introduced a new security feature 'Safety Ring' within
its internet banking system and mobile banking system in response to the increasing number of
cyber frauds.
• This mechanism provides an additional safety layer to minimise potential losses in case of
unauthorised access by fraudsters.
• Purpose: The feature adds an additional layer of security to mitigate potential losses from
unauthorized access by fraudsters.
About PNB :
• Founded : 19 May 1894
• Headquarters : Delhi, India
• MD & CEO : Atul Kumar Goel
French Banking Giant BNP Paribas Commences Operations in Gujarat International Finance Tec-City
• BNP Paribas, the European Union’s leading bank and a key player in international banking, has
launched operations at the Gujarat International Finance Tec-City - International Financial
Services Centre (GIFT-IFSC) through a new branch.
• The BNP Paribas GIFT City branch will facilitate a comprehensive product offering to attract new
business opportunities with its onshore and offshore clients.
• Gift City branch will enable to serve global clientele with an expanded range of products and
strategic solutions as cross-border momentum continues to increase.
About BNP Paribas :
• Headquarters : Paris, France
• BNP Paribas (sometimes referred to as BNPP or BNP) is a multinational universal bank and
financial services holding company.
• It was founded in 2000 from the merger of two of France's foremost financial institutions, Banque
Nationale de Paris (BNP) and Paribas.
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Important Monthly Current Affairs Capsule – July 2024
Bandhan Bank Introduces New Products to Support International Trade
• Private lender Bandhan Bank has introduced a range of products aimed at facilitating
international trade.
• Target Audience: These products cater to both importers and exporters, providing tailored
solutions to enhance global transaction efficiency.
• Key Products: The offerings in clude letters of credit (LCs), remittances, bank guarantees, export-
import collection bills, and bill/invoice discounting.
About Bandhan Bank :
• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Chandra Shekhar Ghosh
HDFC Ergo General Insurance Successfully Completes Its Inaugural Claim Processing on National
Health Claims Exchange Platform
• HDFC ERGO General Insurance Company, one of India’s leading private sector general
insurers, has successfully processed its first health claim through the National Health Claims
Exchange (NHCX) platform.
• NHCX is a single-window interface developed by the National Health Authority (NHA).
• It provides a secure platform and efficient exchange of health insurance claims data.
• The platform will strengthen efficiency and transparency in claims processing.
About HDFC ERGO General Insurance Company Limited :
• Headquarters : Mumbai, Maharashtra, India
• Managing Director : Anuj Tyagi
• Ownership: A joint venture (51:49) between HDFC and ERGO International AG, a subsidiary of
Munich Re Group, Germany.
• Operates in the insurance sector under BFSI (Banking, Financial Services, and Insurance).
MobiKwik Claims Top Spot as Leading Digital Wallet by Transaction Value
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Important Monthly Current Affairs Capsule – July 2024
• MobiKwik has emerged as the largest digital financial services platform in terms of Prepaid
Payment Instrument (PPI) Wallet transactions by value for April and May, 2024.
• The company saw its market share by value grow from 11% in March 2024 to 20% in April and
further to 23% in May.
• Introduction of Pocket UPI:Pocket UPI, a new product by MobiKwik, facilitates instant payments
through Wallets across the UPI network.
About MobiKwik :
• Founded : April 2009
• Headquarters : Gurgaon, Haryana, India
• MD & CEO : Bipin Preet Singh
ICICI Prudential Mutual Fund Introduces India's First Oil & Gas Sector Exchange Traded Fund
• ICICI Prudential Mutual Fund has launched the ICICI Prudential Nifty Oil & Gas ETF, India's first
exchange traded fund (ETF) in the oil and gas sector.
• The scheme will track the Nifty Oil & Gas TRI, an index that reflects the performance of listed
sector companies.
• The Nifty Oil & Gas Index comprises a maximum of 15 stocks listed on the National Stock
Exchange.
• The selection ensures that no single company holds more than 33% of the weight and the
combined weight of the top 3 companies does not surpass 62% of the index.
About ICICI Prudential Mutual Fund :
• Founded : 1993
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Nimesh Shah
• It is a joint venture between ICICI Bank and Prudential plc.
• It is the second-largest asset management company in India after the SBI Mutual Fund.
State Bank of India Calls for Expressions of Interest on Stressed Exposure in Amul Industries
• State Bank of India (SBI) has invited expressions of interest (EoIs) from various entities to
acquire its stressed loan exposure of Rs 14.97 crore in Amul Industries through an e-auction
scheduled for August 7, 2024.
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Important Monthly Current Affairs Capsule – July 2024
• Security Details:SBI holds primary security of Rs 43.49 crore and collateral security of Rs 55.78
crore against its exposure.
• Additionally, there is a third-party guarantee of Rs 52.77 crore.
• Entities Eligible: Interested entities such as asset reconstruction companies (ARCs), eligible non-
banking finance companies (NBFCs), banks, and Indian financial institutions can submit EoIs by
July 16, 2024.
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
Reserve Bank of India Cancels Licence of Banaras Mercantile Co-operative Bank Limited, Varanasi,
Uttar Pradesh
• The Reserve Bank of India (RBI) cancelled the licence of Banaras Mercantile Co-operative Bank
Limited, Varanasi, Uttar Pradesh (UP), due to inadequate capital and earning prospects.
• The bank ceased to carry on banking business from the close of business on July 04, 2024.
• The Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh, has
been requested to issue an order for winding up the bank and appoint a liquidator.
ICICI Lombard Introduces AI-Powered Health Insurance Plan 'Elevate
• ICICI Lombard General Insurance Company Limited, a private general insurer in India, has
launched 'Elevate', a new health insurance product equipped with Artificial Intelligence (AI)
technology.
• It aims to provide tailored solutions for diverse healthcare needs, unforeseen medical
emergencies, and rising medical costs.
• Infinite Sum Insured: Ensures policyholders never run out of coverage, addressing concerns of
limited coverage and sum insured.
About ICICI Lombard General Insurance Company Limited :
• Founded: 2001
• Headquarters: Mumbai, Maharashtra, India
• Chairman & Managing Director: Sanjeev Mantri
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Important Monthly Current Affairs Capsule – July 2024
• Ownership Structure:Joint venture between ICICI Bank (64% stake) and Fairfax Financial
Holdings Limited, Financial services company based in Toronto (36% stake)
RBI KLEMS Data Shows Employment Growth Rate Rising to 6% in FY24
• According to the Reserve Bank of India’s (RBI’s) KLEMS [Capital (K), Labour (L), Energy (E),
Material (M) and Services (S)] database, Employment growth rate rose to 6% in FY24 against
3.2% in FY23.
• This increase coincided with India's real Gross domestic product (GDP) growth rate rising to
8.2% in FY24, compared to 7% in the previous fiscal year.
• RBI's Data Release:RBI released an update on "Measuring Productivity at the Industry Level -
The India KLEMS Database," including a Data Manual 2024 and time-series data on productivity
for 27 industries from 1980-81 to 2022-23.
State Bank of India Research Urges Centre to Target 4.9% Fiscal Deficit in 2024, Advocate Continued
Consolidation
• State Bank of India (SBI) Research has urged the Government to strike the right balance
between fiscal consolidation and promoting growth and recommended that fiscal deficit be
brought down at the most to 4.9% for FY25.
• Fiscal deficit is the difference between the total revenue and total expenditure of the government.
• It indicates the total borrowing requirement of the government.
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
Export-Import Bank of India’s Government of India-supported Line of Credit of USD 2.50 Million to the
Government of Co-operative Republic of Guyana for Installation of Solar PhotoVoltaic Power Plant at
Cheddi Jagan International Airport
• Export-Import Bank of India (Exim Bank) has entered into an agreement with the Government of
the Co-operative Republic of Guyana (GO-GUY), for making available to the latter, Government
of India (GoI) supported Line of Credit (LoC) of USD 2.50 million for installation of Solar
PhotoVoltaic Power Plant at Cheddi Jagan International Airport in Guyana.
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Important Monthly Current Affairs Capsule – July 2024
• Export Eligibility:Eligible goods and services from India are defined under the agreement and
must comply with the Foreign Trade Policy of the Government of India.
About Exim Bank :
• Established : 1982 (under the Export-Import Bank of India Act, 1981)
• Headquarters : Mumbai, Maharashtra
• Chairman & Managing Director : Ms. Harsha Bangari
About Guyana :
• President : Irfaan Ali
• Prime Minister : Mark Phillips
• Capital : Georgetown
• Currency : Guyanese dollar
Reserve Bank of India Cancels Registration of 2 Non Banking Finance Companies - Star Finserv India
and Polytex India, Over Irregular Lending Practices
• The Reserve Bank of India (RBI) has cancelled the certificates of registration (CoR) of 2 Non
Banking Finance Companies (NBFCs), Star Finserv India and Polytex India, due to irregular
lending practices.
• Star Finserv India, based in Hyderabad, operated under 'Progcap' by Desiderata Impact
Ventures Private Limited.
• Polytex India, headquartered in Mumbai, operated under the 'Z2P' mobile application by Zaitech
Technologies Private Limited.
Ageas Federal Life Insurance Launches Golden Years Pension Plan with Bluechip Pension Fund
• Ageas Federal Life Insurance has launched a new pension plan named ‘Golden Years Pension
Plan’ that aims to provide a comprehensive solution for securing the financial futures of
policyholders during their retirement years.
• The plan is a Unit Linked, Non-Participating, Individual Pension Plan specifically designed to
provide financial stability during retirement.
• Early Investment Booster: Additional allocations to encourage early retirement planning (ages 18-
35).
About Ageas Federal Life Insurance :
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Important Monthly Current Affairs Capsule – July 2024
• Established : 2007
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Vignesh Shahane
Securities and Exchange Board of India Raises Investment Cap to 25%: Exchange-Traded Funds and
Index Funds Can Invest More in Group Companies
• Market regulator Securities and Exchange Board of India (SEBI) has streamlined norms for
passive funds, including index funds and Exchange Traded Funds (ETFs).
• Aim : To create a level playing field for mutual funds concerning their exposure to securities of
group companies of the sponsor.
• Amended Investment Rules:SEBI has amended mutual fund rules to allow equity-oriented ETFs
and index funds to invest in the listed securities of group companies of the sponsor beyond 25%
of the net assets.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Indian Overseas Bank Introduces Enhanced Features for Savings Scheme
• Public sector Indian Overseas Bank (IOB) has unveiled a slew of upgradation facilities on
savings schemes that offer enhanced features to its customers.
• The initiative was in the backdrop of simplifying banking processes by leveraging digital
technology providing convenience.
• The facility is to be available through the bank's website, the higher variants of savings accounts
like "SB Max" and "SB HNI" offer a host of enhanced facilities and features which includes
concessions and waiver of various charges providing more value and flexibility solutions to
customers.
About IOB :
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Important Monthly Current Affairs Capsule – July 2024
• Founded : 10 February 1937
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Ajay Kumar Srivastava
• Tagline : Good people to grow with
Tata Asset Management Introduces India's First Tourism Index Mutual Fund
• Tata Asset Management has launched India's first-ever tourism index fund – the Tata Nifty India
Tourism Index Fund.
• The Tata Nifty India Tourism Index Fund will track the Nifty India Tourism Index (TRI, i.e., total
returns index).
• Nifty India Tourism Index (TRI) is a stock market index that specifically focuses on companies in
the Indian tourism sector.
Star Health Insurance collaborates with Himachal Pradesh State Cooperative Bank to boost health
insurance coverage in HP
• Star Health and Allied Insurance Company Limited, India's largest retail health insurance
company announced a strategic corporate agency agreement with Himachal Pradesh State
Cooperative Bank (HPSCB), the leading bank of Himachal Pradesh.
• Through this partnership, Star Health Insurance aims to enhance access to health insurance
across the region, particularly in rural areas where the bank holds a significant presence.
• The partnership seeks to increase insurance penetration in rural and Tier 3 regions, aligning with
IRDAI's goal of 'Insurance for all by 2047'.
About HPSCB :
• Managing Director : Sharwan Manta
• The HPSCB is performing a dual function in the state, one of an Apex Co-operative Bank in
Himachal Pradesh to play a leading role in the development of Co-operatives in the State and
second of a Co-operative Bank in 6 districts viz. Bilaspur, Chamba, Kinnaur, Mandi, Shimla and
Sirmour.
About Star Health and Allied Insurance Company Limited :
• Founded : 2006
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Anand Roy
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Important Monthly Current Affairs Capsule – July 2024
Life Insurance Corporation of India invest Rs 14 crore in Sri Lankan subsidiary
• Life Insurance Corporation of India (LIC) has infused additional capital amounting to Sri Lankan
Rupee (LKR) 500 million (approximately Rs 14 crore) into its subsidiary, Life Insurance
Corporation (Lanka).
• Shareholding Increase:Before the allotment of shares, LIC's shareholding in the subsidiary was
90.91%.
• Post allotment, LIC's shareholding will increase to 93.75% in the company.
• Purpose of Infusion:The capital infusion was made to comply with the statutory requirement of
maintaining minimum total available capital as per regulations of the Insurance Regulatory
Commission of Sri Lanka.
About LIC :
• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra
• Chairman : Siddhartha Mohanty
State Bank of India Increases Benchmark Marginal Cost of Funds Based Lending Rate by 5-10 Basis
Points
● State Bank of India (SBI) has increased its benchmark Marginal Cost of Funds Based Lending
Rate (MCLR) by 5 to 10 basis points across most tenures.
● One basis point equals 0.01 percentage point.
● The revised MCLR rates are effective from July 15, 2024.
● New MCLR Rates:
➢ 1 Month MCLR: Increased by 5 basis points to 8.35%.
➢ 3 Month MCLR: Increased by 10 basis points to 8.40%.
➢ 6 Month MCLR: Increased by 10 basis points to 8.75%.
➢ 1 Year MCLR: Increased by 10 basis points to 8.85%.
➢ 2 Years MCLR: Increased by 10 basis points to 8.95%.
➢ 3 Year MCLR: Increased by 5 basis points to 9.00%.
About MCLR :
● MCLR was introduced on April 1, 2016, as a minimum interest rate below which banks cannot
lend.
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Important Monthly Current Affairs Capsule – July 2024
● It reflects the increase in banks’ cost of funds.
● Corporate loans are generally linked to MCLR, while retail loans are mostly linked to external
benchmarks like the repo rate, which has not been altered by the RBI since February 2023.
Securities and Exchange Board of India Designates BSE as Supervisory Authority for Research
Analysts and Investment Advisers
● The Capital markets regulator Securities and Exchange Board of India (SEBI) has recognized
BSE Limited as a supervisory body for Research Analysts (RAs) and Investment Advisers (IAs)
to oversee their management and administration.
● Regulatory Framework:This recognition is granted under Regulation 14 of the Research Analysts
Regulations (RA Regulations) and Investment Advisers Regulations (IA Regulations).
● Duration of Recognition:The recognition is valid for a period of 5 years, starting from July 25,
2024.
● Responsibilities of BSE:BSE will establish bye-laws, standard operating procedures (SOPs), and
frequently asked questions (FAQs) to support and guide RAs and IAs in adopting the RAASB
and IAASB frameworks.
What is BSE SENSEX?
● The BSE SENSEX is a free-float market-weighted stock market index comprising 30 well-
established and financially sound companies listed on the Bombay Stock Exchange.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Bajaj Finserv Asset Management Company Unveils Savings+ Product for Retail Investors
● Bajaj Finserv Asset Management has introduced a new financial product named Finserv
Savings+ for retail investors.
● Objective : To bridge the gap between traditional savings accounts and investment options
offering higher returns.
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Important Monthly Current Affairs Capsule – July 2024
● Investment Options: Savings+ allows investors to invest surplus cash from their savings accounts
into:
➢ Bajaj Finserv AMC Liquid Fund
➢ Bajaj Finserv Overnight Fund
● Bajaj Finserv Liquid Fund:
➢ Type: Open-ended debt mutual fund.
➢ Investment: Primarily in money market and debt securities with maturities of up to 91 days.
➢ Suitability: For investors seeking regular short-term income.
● Bajaj Finserv Overnight Fund:
➢ Type: Open-ended debt scheme.
➢ Investment: In overnight securities with low interest rate and credit risk.
➢ Suitability: For investors seeking regular short-term income in line with overnight call rates.
Only 6% of ₹3.68 Lakh Crore Loans under the Emergency Credit Line Guarantee Scheme are
Classified as Bad Debts
● As per the government’s report, the Non-performing assets (NPA) have been around 6% under
the Emergency Credit Line Guarantee Scheme (ECLGS).
● This means the cost to provide a full guarantee under the scheme will be much less than
anticipated.
● Loan Amount: The total liquidity support provided under ECLGS is over ₹3.68 lakh crore.
● Bad Debts: NPAs reported under ECLGS amount to approximately ₹22,000 crore, which is 6% of
the guaranteed loans.
● NPA Definition: The definition of NPA under ECLGS aligns with the Reserve Bank of India's (RBI)
definition.
● As per RBI, an NPA is a loan where interest and/or instalment of principal remain overdue for
more than 90 days in respect of a term loan.
● Cost of Guarantee: The cost to provide a full guarantee under ECLGS will be much less than
anticipated due to the lower percentage of NPAs.
● Comparison with System Data: According to the latest Financial Stability Report by RBI, the
gross non-performing assets (GNPA) ratio for scheduled commercial banks fell to a multi-year
low of 2.8% at the end of March 2024.
About ECLGS :
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Important Monthly Current Affairs Capsule – July 2024
● Launch and Purpose: ECLGS was launched in May 2020 to provide liquidity support to
businesses adversely impacted by the Covid-19 pandemic lockdown.
● Coverage:The scheme covers loans sanctioned under the 'Guaranteed Emergency Credit Line'
up to March 31, 2023, or until guarantees for an amount of ₹5-lakh crore are issued, whichever is
earlier.
● It provides 100% guarantee coverage to banks and NBFCs on credit extended to business
enterprises/MSMEs based on their loan outstanding as of February 29, 2020.
● Eligibility: Initially targeted at MSMEs, the scheme was later expanded to include borrowers from
26 stressed sectors identified by the Kamath Committee, as well as the healthcare and hospitality
sectors.
Reserve Bank of India Urges Lenders to Listen to Borrowers Before Declaring Account Fraud
● The Reserve Bank of India (RBI) has developed new standards for lenders to follow before
categorising loan accounts as fraudulent.
● Aim of the New Norms : To ensure compliance with natural justice principles, which require that
both parties in a dispute be heard before making a decision.
● The guidelines follow a Supreme Court judgement dated March 27, 2023, which mandates that
borrowers must be given a hearing before their accounts are classified as fraud.
● Detailed Show-Cause Notice (SCN) : The RBI has updated its master direction on “Fraud Risk
Management”, in which it has been mandated that lenders have to issue a detailed show-cause
notice (SCN) to persons, entities, and promoters/whole-time and executive directors against
whom there are allegations of fraud.
● Response Time: Borrowers must be given at least 21 days to respond to the SCN.
● Scope of Applicability: The master direction applies to commercial banks; upper-, middle-, and
base-layer non-banking financial companies; all India financial institutions; and cooperative
banks.
● Fraud Risk Management Policy: Lenders must have a board-approved Fraud Risk Management
Policy stating the roles and responsibilities of the board, board committees, and senior
management.
● Policy Review: The Fraud Risk Management Policy should be reviewed by the board at least
once every three years.
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Important Monthly Current Affairs Capsule – July 2024
● Special Committee:A special committee of the board, known as the Special Committee for
Monitoring and Follow-up of Fraud Cases (SCBMF), must be constituted.
● The SCBMF should consist of at least three board members, including a whole-time director and
two independent/non-executive directors.
Bank of Baroda and Bank of Maharashtra Introduce Deposit Schemes to Support Credit Demand
● Bank of Baroda (BoB) and Bank of Maharashtra (BoM) have introduced special deposit schemes
to address the increasing credit demand highlighted by Reserve Bank of India (RBI) Governor
Shaktikanta Das.
● These schemes are aimed at bridging the gap between deposit and credit growth in the banking
sector.
Bank of Baroda (BoB) Scheme:
● Scheme Name: "Bob Monsoon Dhamaka Deposit Scheme."
● Tenor Buckets:
➢ 399 days at an interest rate of 7.25% per annum.
➢ 333 days at an interest rate of 7.15% per annum.
● Eligibility: Retail deposits below ₹3 crore.
● Additional Benefits:Senior citizens earn an extra 0.50% interest.
● Non-Callable Deposits receive an additional 0.15% interest.
Bank of Maharashtra (BoM) Scheme:
● Tenor Buckets:
➢ 200 days at 6.90% interest.
➢ 400 days at 7.10% interest.
➢ 666 days at 7.15% interest.
➢ 777 days at 7.25% interest.
● Eligibility: Deposits up to ₹10 crore.
SBI's New Scheme:
● SBI is set to launch a 444-day monsoon special retail deposit scheme with an interest rate of
7.25%.
About BoB :
● Established : 20 July 1908
● Headquarters : Vadodara, Gujarat, India
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Important Monthly Current Affairs Capsule – July 2024
● MD & CEO : Debadatta Chand
● Tagline : India's International Bank
About BoM :
● Established : 16 September 1935
● Headquarters : Pune, Maharashtra, India
● MD & CEO : Nidhu Saxena
● Tagline : One Family One Bank
Bank of Baroda Raises Marginal Cost of Funds Based Lending Rate by 5 Basis Points for Select Tenors
● Bank of Baroda (BoB) increased its marginal cost of funds-based lending rates (MCLR) by 5
basis points (bps) on select tenors.
Revised Rates :
● One-year MCLR increased to 8.9% from 8.85%.
● Overnight MCLR increased to 8.15% from 8.10%.
● Six-month MCLR increased to 8.7% from 8.65%.
● UCO Bank MCLR Increase: Another state-run lender, UCO Bank, increased its overnight MCLR
by 5 bps from 8.10% to 8.15%.
● EBLR Introduction:In October 2019, the RBI introduced the external benchmark-based lending
rate (EBLR), linked to the repo rate.
Bandhan Bank Introduces Payment Solution Using Bharat QR Code
● Bandhan Bank has introduced a payment solution using Bharat QR Code for Current and
Savings account customers.
● This solution simplifies payments at merchant outlets and provides instant notifications through a
small speaker for each transaction.
What is Bharat QR?
● Bharat QR is a standardized QR code payment system that allows for seamless transactions
across banks for both cardholders and UPI users.
● It aims to promote digital payments and reduce cash transactions.
About Bandhan Bank :
● Founded : 2015
● Headquarters : Kolkata, West Bengal, India
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Important Monthly Current Affairs Capsule – July 2024
● MD & CEO : Ratan Kumar Kesh
International Monetary Fund Increases India's FY25 Gross Domestic Product Growth Forecast to 7% by
20 Basis Points
● The International Monetary Fund (IMF) raised its projection of growth in India’s gross domestic
product (GDP) for 2024-25 by 20 basis points to 7% amid a boost in private consumption,
especially in rural areas.
● In April 2024, the IMF raised India's GDP forecast by 30 basis points to 6.8% in its World
Economic Outlook.
● India's GDP expanded by 8.2% in 2023-24, higher than the 7% growth in 2022-23.
● The fourth quarter of 2023-24 saw a greater than expected expansion of 7.8%, as per the
National Statistical Office (NSO).
● The IMF upgraded China's growth forecast for calendar year 2024 by 40 bps to 5%, citing a
rebound in private consumption and strong exports in the first quarter.
About IMF :
● Headquarters : Washington, D.C., United States
● Managing Director : Kristalina Georgieva
● Membership : 190 countries (189 UN countries and Kosovo)
Small Industries Development Bank of India Partners with India Post Payments Bank to Provide Rural
Micro-Entrepreneurs with Credit via Postmen Network
● The Small Industries Development Bank of India (SIDBI) has partnered with India Post Payments
Bank (IPPB) to use the extensive network of postmen for providing credit to micro-entrepreneurs
in rural areas.
● Aim : to enhance financial inclusion in underserved regions where traditional banking services
are limited.
● Sudatta Mandal, Deputy Managing Director of SIDBI, unveiled this innovative approach at the CII
Growth Summit in New Delhi.
● This new program will be launched next month, leveraging IPPB's infrastructure of 136,000 post
offices, with over 120,000 in rural areas.
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Important Monthly Current Affairs Capsule – July 2024
● Micro-Enterprise Definition: A micro-enterprise is defined as one with investment in plant and
machinery or equipment not exceeding Rs 1 crore and a turnover not exceeding Rs 5 crore.
About SIDBI :
● Established : 2 April 1990
● Headquarters : Lucknow, Uttar Pradesh, India
● Chairman & MD : Sivasubramanian Ramann
● The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and
medium enterprise finance companies in India.
● It is under the Ministry of Finance, Government of India (GoI) jurisdiction.
Canara Bank raises Rs 10,000 crore through infra bonds at 7.40% coupon
● Canara Bank has successfully raised Rs 10,000 crore by issuing infrastructure bonds.
● This move comes amid a backdrop where bank credit growth is outpacing deposit growth,
pressuring lenders to find alternative ways to mobilize funds.
Here are some key details About the issuance:
● Coupon Rate: The bonds were sold at an interest rate of 7.40%.
● Tenure: These are 10-year bonds with a maturity date of July 19, 2034.
● Issuance Size: The issuance had a base size of Rs 5,000 crore, with an additional Rs 5,000
crore available through a greenshoe option.
● Regulatory Exemptions: Funds raised via these infrastructure bonds are exempt from the
requirements to maintain the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR).
About Canara Bank:
● Founded: 1906; 118 years ago
● Founder: Ammembal Subba Rao Pai
● Headquarters: Bengaluru, India
● MD & CEO: K Satyanarayana Raju
Kotak Mahindra Bank integrates physical and digital branches in new distribution structure
● Kotak Mahindra Bank (KMB) has unveiled a new distribution structure, integrating the physical
branch network, digital branch channel (encompassing mobile banking and net banking
platforms), and voice channel.
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Important Monthly Current Affairs Capsule – July 2024
● As part of the new distribution structure, the private sector lender appointed Pranav Mishra as the
Head of Distribution.
● The new distribution structure is aimed at delivering an omnichannel seamless experience for
customers across all group products and services.
● It added that the new structure will ensure a seamless experience for customers across all
interaction channels by building synergy and improving service delivery.
About KMB:
● Founded: 1985
● Founders: Uday Kotak
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Ashok Vaswani
SBI launches Amrit Vrishti 444-day term deposit with 7.25% interest rate
● The State Bank of India (SBI) has launched a special deposit scheme called “Amrit Vrishti”
offering a 7.25 per cent interest rate on deposits for 444 days. The scheme also offers an
additional 0.50 per cent interest rate to senior citizens.
● SBI’s special deposit scheme, “Amrit Vrishti,” is available for investment until March 31, 2025.
The bank stated that this new variant of a term deposit scheme is designed to meet the
requirements of a diverse range of customers.
About SBI:
● Founded: 1 July 1955
● Headquarters: Mumbai, Maharashtra, India
● Chairman: Dinesh Kumar Khara
● CFO (Chief Financial Officer): Kameshwar Rao Kodavanti
Asian Development Bank Keeps India's FY25 Gross Domestic Product Growth Forecast Unchanged at
7%
● According to the Asian Development Outlook July, 2024 report, India’s Gross Domestic Product
(GDP) growth is expected to be 7% this year with inflation averaging 4.6%.
● ADB Projections:ADB forecasts India's GDP to rise to 7.2% in 2025-26.
● Inflation in India is projected to average 4.5% in the next fiscal year
● China's Economic Outlook:ADB has maintained China's GDP growth projection at 4.5% for 2024.
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Important Monthly Current Affairs Capsule – July 2024
ADB's GDP Growth Projection :
Country 2023 April 2024 July 2024 April 2025 July 2025
People's 5.2 4.8 4.8 4.5 4.5
republic of
China
Hong Kong, 3.2 2.8 2.8 3 3
China
India* 8.2 7 7 7.2 7.2
Singapore 1.1 2.4 2.4 2.6 2.6
Indonesia 5 5 5 5 5
Thailand 1.9 2.6 2.6 3 3
*Year 2024 refers to FY2024-25 ending March 2025.
2025 refers to FY2025-26
Securities and Exchange Board of India Amends REIT and InvIT Rules; Issues Framework for Unit-
Based Employment Benefit Scheme
● Capital markets regulator Securities and Exchange Board of India (SEBI) came out with a
framework for a unit-based employment benefit scheme for investment trusts -Real Estate
Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
● Under the framework, SEBI has prescribed the manner of the implementation of the scheme
through a trust, the manner of receiving units by the employee benefit trust and the manner of
allotment of units to the employee benefit trust by REIT & InvIT.
Asian Development Bank Approves $240.5 Million Loan for Rooftop Solar Systems
● The Asian Development Bank (ADB) has approved $240.5 million in loans to finance rooftop
solar systems in India that will help the government expand using renewable energy.
● The financing will support tranches 2 and 3 of the Multitranche Financing Facility (MFF) Solar
Rooftop Investment Program, initially approved by ADB in 2016.
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Important Monthly Current Affairs Capsule – July 2024
● Objectives and Targets:India aims to achieve 50% of cumulative electric power installed capacity
from non-fossil fuel sources by 2030.
● This aligns with global commitments to reduce carbon emissions.
● Financial Allocation:State Bank of India (SBI) will receive $90.5 million from ADB's Clean
Technology Fund (CTF).
● National Bank for Agriculture and Rural Development (NABARD) will receive $150 million,
including $80 million from ADB's ordinary capital resources and $70 million from the CTF.
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Insurance Regulatory and Development Authority of India Penalizes Bajaj Finance with Rs 2 Crore and
Aegon Life with Rs 1 Crore for Norm Violations
● The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of
Rs 2 crore on Bajaj Finance, citing violations of norms.
● The IRDAI has fined Bajaj Finance Rs 1 crore concerning the reconciliation of commission and
professional fees received and reported to the authority.
● An additional penalty of Rs 1 crore was imposed concerning the maintenance of records of
customer documentation.
● IRDAI has also issued additional directions to the company and advised it to comply with these
directions in a time-bound manner.
● Bajaj Finance added that the decision does not have any material impact on its financial,
operational, or other activities.
● Additionally, IRDAI has imposed a penalty of Rs 1 crore on Aegon Life Insurance (now known as
Bandhan Life) for violating certain provisions under the Anti-Money Laundering (AML) Master
Circular, which shall be remitted within 45 days from the date of the order.
About IRDAI :
● Established : 1999
● Headquarters : Hyderabad, Telangana
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Important Monthly Current Affairs Capsule – July 2024
● Chairperson : Debasish Panda
● The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.
About Bajaj Finance:
● Founded: 25 March 1987
● Headquarters: Pune, Maharashtra, India
● CEO: Rajeev Jain
● Type: Indian non-banking financial company (NBFC)
About Bandhan Life Insurance (formerly Aegon Life):
● Founded: 2008
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Satishwar Balakrishnan
● Type: Indian life insurance company offering individual and group insurance online and offline
Banco Bilbao Vizcaya Argentaria Colombia and International Finance Corporation Launch World's First
Biodiversity Bond in the Financial Sector
● Banco Bilbao Vizcaya Argentaria (BBVA) and the International Finance Corporation (IFC), a
member of the World Bank Group, issued a US$15 million first tranche of the world's first
biodiversity bond that will amount to US$70 million.
● Objective : To finance projects that address the key drivers of biodiversity loss, particularly
focused on reforestation, regeneration of natural forests on degraded lands, climate-smart and
regenerative agriculture, restoration of wildlife habitats, among others.
● Roles and Responsibilities :
➢ BBVA Colombia: Issuing bank.
➢ IFC: Structurer and investor.
➢ BBVA Colombia's 2023 Biodiversity Financing:During 2023, BBVA in Colombia financed
more than 214.8 billion Colombian pesos in areas aligned with biodiversity, such as land
use, terrestrial habitat, ecotourism projects, smart agriculture and conservation of marine
habitats, mammals, and birds.
➢ Climate Change Impact on Colombia : According to data from the World Bank, climate
change could generate up to 10 million refugees in Colombia by 2050.
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Important Monthly Current Affairs Capsule – July 2024
About BBVA Colombia :
● Main foreign investor in the Colombian financial system.
● 5th-largest bank in Colombia.
About IFC :
● Established : July 20, 1956
● Headquarters : Washington, D.C., United States
● Managing Director : Makhtar Diop
● Membership : 186 countries
● IFC provides investment, advisory, and asset-management services to encourage private-sector
development in less developed countries.
Bank of India Secures Rs 5,000 Crore Through 10-Year Infrastructure Bonds
● Bank of India (BoI) has raised Rs 5,000 crore at a coupon rate of 7.54% through 10-year
infrastructure bonds.
● The issue had a base size of Rs 2,000 crore, and a green shoe option of Rs 3,000 crore.
● The bank received 127 bids amounting to Rs 15,318 crore out of which it kept 57 bids worth Rs
5,000 crore.
About Infrastructure Bonds :
● Infrastructure bonds have a tenor of at least 7 years and the proceeds are utilised by banks to
fund long-term infrastructure projects.
● Banks benefit from infrastructure bonds because they do not incur regulatory reserve
requirements such as the statutory liquidity ratio (SLR) and cash reserve ratio (CRR), allowing
them to optimise their liquidity management strategies effectively.
About Bank of India :
● Established : 7 September 1906
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Rajneesh Karnatak
● Tagline : Relationship Beyond Banking
Motilal Oswal Mutual Fund Introduces New Fund Targeting the Current Capex Cycle
● Motilal Oswal Mutual Fund has launched Motilal Oswal Manufacturing Fund, an open-ended
equity scheme following the manufacturing theme.
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Important Monthly Current Affairs Capsule – July 2024
● The new fund offer or NFO of the scheme will open for subscription on July 19 and close on
August 2, 2024.
● Investment objective of the scheme : To achieve long term capital appreciation by predominantly
investing in equity and equity related instruments of companies engaged in the manufacturing
activity.
● The scheme is benchmarked against Nifty India Manufacturing Total Return Index.
● The scheme will be managed by Ajay Khandelwal, Niket Shah, Santosh Singh, Atul Mehra,
Rakesh Shetty, and Sunil Sawant.
Reserve Bank of India Data Reveals $3 Billion Increase in Non-Resident Indian Deposits for April-May
FY25
● According to the data released by the Reserve Bank of India (RBI), Overseas Indians deposited
close to $3 billion in non-resident Indian (NRI) deposit schemes in April-May FY25, which is over
four times higher than the amount deposited in these schemes in the same period last year.
● In April-May FY25, inflows into the NRI schemes stood at $2.72 billion, compared to $623 million
during the same period a year ago.
● With this, the total outstanding NRI deposits as of May stood at $154.72 billion.
FICCI Survey Projects CPI Inflation at 4.5% and GDP Growth at 7% for FY25
● The Federation of Indian Chambers of Commerce & Industry (FICCI) forecasts a median Gross
Domestic Product (GDP) growth of 7.0% for the fiscal year 2024-25.
● The Consumer Price Index (CPI) inflation is projected at a median of 4.5% for the same period.
● Growth Range:GDP:
➢ Expected Range: A minimum growth of 6.6% and a maximum growth of 7.5% are
anticipated.
➢ Quarterly Estimates: Median GDP growth is estimated at 6.8% for Q1 and 7.2% for Q2 of
FY25.
● Sectoral Growth Forecasts:
➢ Agriculture: Median growth forecast at 3.7%, up from 1.4% in 2023-24.
➢ Industry: Anticipated to grow by 6.7%.
➢ Services: Expected to grow by 7.4%.
➢ Previous Year Comparisons: The growth rates for the previous fiscal year were 9.5% for
industry and 7.6% for services.
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Important Monthly Current Affairs Capsule – July 2024
● CPI Inflation Details:
➢ Forecast Range: CPI inflation is projected to range between 4.4% and 5.0%.
➢ Recent Data: Headline retail inflation rose to 5.1% in June 2024.
About FICCI :
● Established : 1927
● Headquarters : New Delhi, Delhi, India
● Secretary General : Shailesh K Pathak
● FICCI is a non-governmental trade association and advocacy group based in India.
IndusInd Bank Partners with Inspire Institute of Sport to Introduce 'Wrestle for Glory'
● IndusInd Bank has launched the ‘Wrestle for Glory’ program as part of its Corporate Social
Responsibility (CSR) initiatives.
● The program continues the bank’s longstanding partnership with the Inspire Institute of Sport
(IIS), a high-performance Olympic training facility in Vijayanagar, Bellary
● Aim : To empower 50 talented female wrestling athletes from across the country and provide
them with coaching at the esteemed IIS facility on fully-funded scholarships.
● The program is part of the 'IndusInd For Sports' initiative, a non-banking sports vertical
established in 2016.
About IndusInd Bank :
● Founded : April 1994
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sumant Kathpalia.
● Tagline : We Make You Feel Richer
About Inspire Institute of Sport :
● Established : 2018
● Headquarters : Bellary district, Karnataka
● CEO : Rushdee Warley
Reserve Bank of India Establishes Committee to Review Fee Structure for White-Label ATMs
● The Reserve Bank of India (RBI) has set up a committee to review the fee structure for white-
label ATMs (WLAs).
● The committee is headed by Indian Banks' Association chief executive Sunil Mehta.
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Important Monthly Current Affairs Capsule – July 2024
● It includes representatives from the National Payments Corporation of India (NPCI), leading
banks, ATM manufacturers, and other stakeholders.
● This committee will evaluate current policies and practices, aiming to recommend a fair and
sustainable model that balances the interests of all stakeholders.
● As per industry estimates, India's ATM market is expected to grow at a CAGR of 9.2% from
2024 to 2032.
What is White Label ATM?
● White Label ATMs are the kinds of ATMs that are managed and operated by some non-banking
entities as per the mandates generated by the Reserve Bank of India (RBI).
Securities and Exchange Board of India Approves Credit Rating Agencies and ERPs to Operate in
IFSCA
● The Securities and Exchange Board of India (SEBI) has authorised Credit Rating Agencies
(CRAs) and Environmental, Social, and Governance (ESG) Rating Providers (ERPs) to operate
under the International Financial Services Centres Authority (IFSCA).
● IFSCA has been added to the list of financial sector regulators to enable CRAs and ERPs to
undertake rating and ESG rating activities, respectively, at IFSC-GIFT City, Gujarat.
● ESG ratings undertaken by an ERP under the guidelines of IFSCA shall be under the purview of
IFSCA.
About ESG rating providers :
● ESG rating providers are regulated under the provisions of the CRA Regulations (as amended
with effect from July 4, 2023) that, inter-alia, prescribe the guidelines for registration of ERPs,
general obligations of ERPs, manner of inspection and code of conduct applicable to ERPs.
Reserve Bank of India Fines Muthoot Finance Limited. ₹1.9 Lakh for Know Your Customer Non-
Compliance
● The Reserve Bank of India (RBI) has levied a penalty of ₹1,90,000 (1.9 lakh) on Muthoot Finance
Limited for non-compliance with the 'Know Your Customer (KYC) Directions, 2016'.
● Legal Basis:The penalty is imposed under:
➢ Clause (b) of sub-section (1) of Section 58G.
➢ Clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.
About Muthoot Finance Limited :
● Founded : 1939
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Important Monthly Current Affairs Capsule – July 2024
● Headquarters : Kochi, Kerala, India
● Chairman : George Jacob Muthoot
● Muthoot Finance Ltd is a non-banking financial company that provides various financial services
to customers.
Securities and Exchange Board of India Proposes New Asset Class to Bridge Gap Between Mutual
Funds and Portfolio Management Services for Investors with Rs 10-50 Lakh
● The Securities and Exchange Board of India (SEBI) has proposed a new asset class aimed at
bridging the gap between mutual funds and portfolio management services (PMS), targeting
investors with investible funds ranging from Rs 10 lakh to Rs 50 lakh.
● This move is designed to provide a regulated product with greater flexibility, higher risk-taking
capability, and higher ticket size to cater to an emerging category of investors.
● Minimum Investment Requirement : The minimum investment for this new asset class is Rs 10
lakh per investor.
● The total invested amount should not drop below Rs 10 lakh due to withdrawals or systematic
transactions.
● Investment Options:Investors can use Systematic Investment Plans (SIP), Systematic
Withdrawal Plans (SWP), and Systematic Transfer Plans (STP) for investing in this new asset
class.
● Eligibility Criteria for Mutual Funds:Mutual funds must have a strong track record, having been
operational for at least three years with an average Asset Under Management (AUM) of at least
Rs 10,000 crore in the preceding 3 years.
● No regulatory action against the sponsor or AMC in the last 3 years.
● Alternative Eligibility Criteria:Mutual funds not meeting the primary criteria can still launch the
new asset class if they:
➢ Appoint a Chief Investment Officer (CIO) with at least 10 years of experience managing
AUM of Rs 5,000 crore.
➢ Have an additional fund manager with at least 7 years of experience managing AUM of Rs
3,000 crore.
India's Fintech Industry Expected to Reach $420 Billion by 2029 with a Cumulative Annual Growth Rate
of 31%
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Important Monthly Current Affairs Capsule – July 2024
● India's fintech industry is projected to grow at a cumulative annual growth rate (CAGR) of 31%,
reaching approximately $420 billion by 2029.
● As of 2024, the fintech industry in India is estimated to be worth About $110 billion.
● The projection was informed by Ajay Kumar Choudhary, Non-Executive Chairman and
Independent Director of NPCI, at the inaugural session of the 2nd India International Fintech
Festival, organised by ASSOCHAM in the capital.
● India ranks 3rd globally in terms of the highest number of fintech entities.
● The fintech sector commands 14% of start-up funding in India.
● The adoption rate of fintech in India is 87%, significantly higher than the global average of 67%.
Reserve Bank of India Sells $406 Million in Indian Bonds Amid Index Inclusion-Driven Inflows:
Bloomberg Report
● According to a Bloomberg report, India’s central bank Reserve Bank of India (RBI) sold ₹34
billion ($406 million) of bonds in the secondary market, likely to absorb excess cash in the
banking system resulting from inflows into the nation’s debt after being included in a global index.
● Foreign investments in local bonds surpassed $1 billion in July following the inclusion.
● The RBI absorbed the inflows to boost its reserves, adding $9.7 billion in a week.
● Liquidity in the Banking System:The banking system liquidity shifted to a surplus after being in
deficit for most of the year.
● Government spending post-elections and the RBI's actions contributed to this shift.
● Excess liquidity deposited by banks with the RBI stood at 1.4 trillion rupees.
● Global Index Inclusion:India became the 25th market to be included in the index since June 2005.
● The inclusion is expected to attract global inflows of $20 billion to $25 billion into the Indian bond
market.
● Government Borrowing:The Indian government plans to borrow 14.1 trillion rupees through
bonds in the financial year starting April 1.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
Navi Mutual Fund Unveils Nifty 500 Multicap 50:25:25 Index Fund
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Important Monthly Current Affairs Capsule – July 2024
● Navi Mutual Fund has launched Navi Nifty 500 Multicap 50:25:25 Index Fund, the first-ever index
fund to track the Nifty 500 Multicap 50:25:25 index.
● The new fund offer will close on July 30, 2024.
● Allocation:
➢ 50% in large-cap companies.
➢ 25% in mid-cap companies.
➢ 25% in small-cap companies.
● Comparison:Versus Nifty 500 Index: The Nifty 500 Multicap has a more balanced allocation
compared to the Nifty 500 Index, which has about 72% allocation in large-cap stocks.
● Investment Details:Minimum Application Amount: ₹10, with subsequent investments in multiples
of ₹1.
About Navi Mutual Fund :
● Established : 2018
● Headquarters : Bangalore, Karnataka
● Founder : Sachin Bansal
Arka Fincap Enters Co-Lending Partnership with Central Bank of India to Offer MSME Loans
● Non-bank financial company Arka Fincap, a part of Kirloskar Group, announced that it had
partnered with the Central Bank of India to offer Micro, Small and Medium Enterprises (MSME)
loans.
● Under the co-lending arrangement, Arka will offer loans to MSMEs at competitive rates and
further expand its reach across India.
● Arka operates in 4 main business segments:
1. MSME & SME Lending
2. Corporate Lending
3. Real Estate and Urban Infrastructure Financing
4. Syndication
What is meant by co-lending?
● Co-lending is an arrangement where multiple lenders partner to provide loans to borrowers.
● This helps increase lending capacity and reduces risk for individual lenders.
About Central Bank of India :
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Important Monthly Current Affairs Capsule – July 2024
● Founded : 21 December 1911
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Matam Venkata Rao
Fintech Startup TechFini Secures National Payments Corporation of India Certification to Operate as
UPI Provider
● Fintech startup TechFini has received final certification from the National Payments Corporation
of India (NPCI) to operate as a Unified Payments Interface (UPI)-based payment infrastructure
provider for banks and fintech companies.
● Additionally, the company has been certified for UPI Unified Dispute and Issue Resolution (UDIR),
making it one of the few platforms capable of addressing the complexities involved in dispute
resolution.
What is UDIR?
● The Unified Dispute and Issue Resolution (UDIR) is a comprehensive framework designed by the
NPCI to tackle the complexities involved in resolving disputes within the realm of UPI payments
About TechFini:
● Founded : 2023.
● Provides payment infrastructure solutions to banks, fintechs, and other financial services
companies.
● Aims to integrate and simplify payment systems.
About NPCI :
● Founded : 2008
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Dilip Asbe
● The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
● It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.
Tata AIG Teams Up with Mahindra Finance to Expand Distribution of Non-Life Insurance Products
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Important Monthly Current Affairs Capsule – July 2024
● Tata AIG General Insurance tied up with Mahindra Finance to distribute non-life insurance
products through Mahindra Finance's customer network.
● Under this partnership, Tata AIG, a joint venture company between Tata Group and American
International Group (AIG) will offer a range of general insurance products, including motor, health,
personal accident, and other non-life insurance solutions to over 10 million customers of
Mahindra Finance.
About TATA AIG General Insurance :
● Founded : 2001
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Neelesh Garg
● It is a joint venture between the Tata Group and American International Group (AIG).
● Tata Group holds a 51% stake in the insurance venture with AIG holding the balance of 49%.
About Mahindra Finance :
● MD & CEO : Raul Rebello
Small Industries Development Bank of India to Establish $1 Billion Green Financing Fund with $215
Million Contribution from Green Climate Fund
● The Small Industries Development Bank of India (SIDBI), which received approval of funding of
$ 215.6 m from the Green Climate Fund, will create a corpus of $1 billion for ‘financing mitigation
and adaptation projects’ (FMAP) of Medium and Small Enterprises (MSMEs).
● The board of the Green Climate Fund, which is an entity set up by the United Nations Framework
Convention on Climate Change (UNFCCC), approved a $200 million loan and $15.6 million grant
for capacity building to SIDBI.
● The Small Industries Development Bank of India (SIDBI), which received approval of funding of
$ 215.6 m from the Green Climate Fund, will create a corpus of $1 billion for ‘financing mitigation
and adaptation projects’ (FMAP) of Medium and Small Enterprises (MSMEs).
● The board of the Green Climate Fund, which is an entity set up by the United Nations Framework
Convention on Climate Change (UNFCCC), approved a $200 million loan and $15.6 million grant
for capacity building to SIDBI.
● GCF is described as “the world’s largest dedicated climate fund.”
About SIDBI :
● Established : 2 April 1990
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Important Monthly Current Affairs Capsule – July 2024
● Headquarters : Lucknow, Uttar Pradesh, India
● The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and
medium enterprise finance companies in India.
● It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
Cashfree Payments Receives Reserve Bank of India Licence for Payment Aggregator and Cross-
Border Transactions
● Cashfree Payments, a Bengaluru-based company, has received approval from the Reserve Bank
of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB).
● The approval comes nearly a year after the RBI issued a circular on the regulation of PAs for
cross-border transactions.
● Categories of PA-CBs:The RBI categorizes PA-CBs into three types:
1. Export only PA-CB (PA-CB-E)
2. Import only PA-CB (PA-CB-I)
3. Export and Import PA-CB (PA-CB-E&I)
● Net Worth Requirements:As per the RBI’s circular issued in October 2023:
➢ Non-banks must have a minimum net worth of Rs 15 crore at the time of application.
➢ This must increase to Rs 25 crore by March 31, 2026.
➢ New non-banks must achieve a minimum net worth of Rs 25 crore by the end of the third
financial year after receiving authorization.
Fusion Microfinance Limited Rebranded as Fusion Finance Limited
● Fusion MicroFinance Limited, one of India’s leading Non-Banking Financial Companies -
MicroFinance Institutions (NBFC-MFIs) in India, has announced the change of its name to Fusion
Finance Limited.
● The company was originally incorporated as Ambience Fincap Pvt Ltd (AFPL) in September
1994.
Kotak Mahindra Bank Engages Grant Thornton Bharat as External Auditor Following Reserve Bank of
India Directive
● Kotak Mahindra Bank (KMB) has appointed Grant Thornton Bharat as an external auditor for its
IT systems.
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Important Monthly Current Affairs Capsule – July 2024
● This appointment comes months after the Reserve Bank of India (RBI) barred the bank from
adding new clients digitally.
About KMB :
● Founded : 1985
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Ashok Vaswani
Bank of Baroda Introduces AI-Driven Virtual Relationship Manager and Credit Line via UPI
● Bank of Baroda (BoB) launched several new digital and technology-driven services aimed at
enhancing the customer banking experience.
● First-of-Its-Kind: This VRM is the first initiative of its kind in the Indian banking sector.
● Foundation Day Launch:
➢ 117th Foundation Day: BoB introduced 11 new products and services to mark its
117th foundation day.
● Integration with RBIH:
➢ Baroda Kisan Credit Card (BKCC): Integrated with the Reserve Bank Innovation
Hub’s (RBIH) Public Tech Platform.
➢ Function: Facilitates frictionless credit by fetching digital land records and farm-
related information.
➢ Digital Process: The BKCC process is fully digital, from customer onboarding to
loan account opening and disbursement.
➢ Pilot Location: Initially implemented in Madhya Pradesh.
About BoB :
● Established : 20 July 1908
● Headquarters : Vadodara, Gujarat, India
● MD & CEO : Debadatta Chand
● Tagline : India's International Bank
Reserve Bank of India Implements Stricter Regulations for Cash Pay-Outs at Banks
● The Reserve Bank of India (RBI) tightened norms related to cash pay-out service at banks,
making it mandatory for lenders to keep a record of recipients.
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Important Monthly Current Affairs Capsule – July 2024
What is meant by Cash Pay-Out?
● Cash pay-out refers to arrangements for amounts being transferred out of bank accounts to
beneficiaries not having a bank account.
● The new guidelines are an update to the RBI's October 2011 framework on 'Domestic Money
Transfer'.
● These revised norms will come into effect from November 1, 2024.
● Transactions must be validated with an additional factor of authentication (AFA).
● Transaction Details:Remitter details should be included as part of the IMPS (Immediate Payment
Service) / NEFT (National Electronic Funds Transfer) transaction message.
● Exclusions:The guidelines do not apply to card-to-card transfer transactions.
HDFC Bank Raises Fixed Deposit Rates by 20 Basis Points, Offering up to 7.9% Interest
● HDFC Bank has increased fixed deposit interest rates by up to 20 basis points (bps) for amounts
below Rs 3 crore.
● The new rates are effective from July 24, 2024.
● The highest interest rate offered by the bank is 7.40% for general citizens and 7.90% for senior
citizens on a tenure of 4 years and 7 months to 55 months.
About HDFC Bank :
● Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sashidhar Jagdishan
● Tagline : We Understand Your World
TerraPay and Swift Collaborate to Facilitate Smooth Global Account-to-Wallet Payments
● TerraPay, a global money movement company, has announced that financial institutions can now
send money directly to over 2.1 billion mobile wallets worldwide using existing Swift connectivity.
● It ensures end-to-end transparency from account to wallet, leveraging Swift's transaction tracking
capabilities.
● TerraPay's Network: TerraPay's network supports payments to more than 2.1 billion mobile
wallets and 7.5 billion bank accounts globally.
About TerraPay :
● Founded : 2014
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Important Monthly Current Affairs Capsule – July 2024
● Headquarters : London
● Co-Founder and CEO: Ambar Sur
Paytm Teams Up with Axis Bank to Provide POS Solutions and EDC Devices to Merchants
● One 97 Communications (OCL), the parent company of fintech firm Paytm, has partnered with
Axis Bank to provide point-of-sale (PoS) solutions and Electronic Data Capture (EDC) devices to
Axis Bank and its merchant network.
About Paytm :
● Founded : August 2010
● Headquarters : Noida, Uttar Pradesh, India
● Founder & CEO : Vijay Shekhar Sharma
About Axis Bank :
● Established : 3 December 1993
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Amitabh Chaudhry
● Tagline : Badhti Ka Naam Zindagi
CRED Launches Unified Financial Data Platform for Comprehensive Finance Tracking
● Fintech app CRED has launched a unified money management dashboard called CRED Money.
● Platform Purpose: The platform aggregates all customer financial data, including payments, on a
single platform.
● Similar apps providing unified platforms for multiple bank accounts and transactions include ICICI
Bank, Axis Bank, and Fi Money.
● CRED Money is built on the Account Aggregator (AA) framework.
What is meant by Account Aggregators?
● Account Aggregators (AAs) act as intermediaries by collecting data from Financial Information
Providers (FIPs) and sharing it with Financial Information Users (FIUs) such as lending banks
and agencies.
● CRED is classified as a Financial Information User (FIU).
About CRED :
● Founded : 2018
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Important Monthly Current Affairs Capsule – July 2024
● Headquarters : Bangalore, Karnataka, India
● CEO : Kunal Shah
Reserve Bank of India to Issue Guidance Notes on Scenario Analysis and Stress Testing for Climate-
Related Financial Risk
● The Reserve Bank of India (RBI) is planning to release guidance notes on scenario analysis,
stress testing, and effective management of climate-related financial risks.
● These notes will be based on the Basel Committee on Banking Supervision (BCBS) principles.
● Funding Requirements for EMDEs:Significant funding gaps exist, with financing requirements
estimated at 2.5% of GDP annually for India and $2 trillion per year by 2030 for EMDEs.
AU Small Finance Bank Board Approves Proposal to Apply to Reserve Bank of India for Universal Bank
Transition
● The Board of Directors of AU Small Finance Bank(SFB) approved a proposal to apply to the
Reserve Bank of India (RBI) for transitioning from a Small Finance Bank (SFB) to a universal
bank.
● Committee of Directors:A Committee of Directors has been constituted to vet the bank’s
application for submission to the RBI.
Committee members:
➢ HR Khan (Chairperson, Part-time Chairman, and Independent Director)
➢ Pushpinder Singh (Independent Director)
➢ MS Sriram (Independent Director)
➢ Sanjay Agarwal (Managing Director & CEO)
RBI Licensing Guidelines:
● RBI issued guidelines for licensing of SFBs in the private sector in November 2014.
● An SFB aiming to become a universal bank must meet the following criteria:
➢ Minimum net worth of Rs 1,000 crore at the end of the previous quarter (audited).
➢ Shares should be listed on a recognized stock exchange.
➢ Net profit in the last two financial years.
➢ Gross NPA (Non-Performing Assets) ≤ 3% and Net NPA ≤ 1% in the last two financial
years.
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Important Monthly Current Affairs Capsule – July 2024
About AU Small Finance Bank :
● Founded : 1996
● Headquarters : Jaipur, Rajasthan, India
● MD & CEO : Sanjay Agarwal
Asian Development Bank Approves $200 Million Loan to Expand Metro Rail and Urban Mobility in
Nagpur
● The Asian Development Bank (ADB) approved a $200 million loan to expand metro rail corridors
and improve transport connectivity in Nagpur, India.
● The Nagpur Metro Urban Mobility Project aims to enhance transport connectivity within and to
Nagpur's new and growing urban areas.
● It focuses on providing efficient, safe, and environment-friendly public transport to ease
commuter travel and improve productivity.
● The project will construct 43.8 kilometres of elevated metro rail corridors with 32 stations.
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Reserve Bank of India Revokes Licence of Uravakonda Co-operative Town Bank Limited. in Andhra
Pradesh's Anantapur District
● The Reserve Bank of India (RBI) cancelled the licence of Uravakonda Co-operative Town Bank
Limited., located in Uravakonda, Anantapur District, Andhra Pradesh (AP).
Reasons for Licence Cancellation:
● The bank lacks adequate capital and earning prospects.
● Non-compliance with the provisions of: Section 11(1) and Section 22(3)(d) read with Section 56
of the Banking Regulation Act, 1949.
● Depositor Protections:Upon liquidation, each depositor is entitled to receive a deposit insurance
claim amount of up to ₹5,00,000 from the Deposit Insurance and Credit Guarantee Corporation
(DICGC), subject to the provisions of the DICGC Act, 1961.
Reserve Bank of India Data Reveals 12.6% Growth in Digital Payments by March 2024
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Important Monthly Current Affairs Capsule – July 2024
● According to the Reserve Bank of India (RBI's) index that measures the adoption of online
transactions, Digital payments across the country registered a 12.6% on-year rise as of March 31,
2024.
● RBI's Digital Payments Index (RBI-DPI) stood at 445.5 at the end of March 2024 compared to
418.77 in September 2023 and 395.57 in March 2023.
● The index series since its inception is as under:
Period RBI - DPI Index
March 2018 (Base) 100
March 2019 153.47
September 2019 173.49
March 2020 207.84
September 2020 217.74
March 2021 270.59
September 2021 304.06
March 2022 349.30
September 2022 377.46
March 2023 395.57
September 2023 418.77
March 2024 445.50
About RBI-DPI index :
● The RBI-DPI index has increased across all parameters driven by significant growth in payment
performance and payment infrastructure across the country over the period.
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Important Monthly Current Affairs Capsule – July 2024
● The RBI announced the construction of a composite RBI-DPI in March 2018 as a base to capture
the extent of digitisation of payments across the country.
● The index comprises 5 broad parameters that enable the measurement of the deepening and
penetration of digital payments in the country over different periods.
● These parameters are
1. Payment Enablers: 25% weightage
2. Payment Infrastructure Demand-side Factors: 10% weightage
3. Payment Infrastructure Supply-side Factors: 15% weightage
4. Payment Performance: 45% weightage
5. Consumer Centricity: 5% weightage
● The index was published on a semi-annual basis from March 2021 onwards with a lag of four
months.
Canara Bank to Open 250 New Branches to Increase Current Account and Savings Account Deposits
● Canara Bank plans to open 250 new branches in the current financial year to mobilize low-cost
deposits (Current Account and Savings Account - CASA).
● The bank opened 200 branches last year.
● Share of CASA deposits decreased from 33% in June 2022 to 30.98% in June 2023.
About Canara Bank :
● Established : 1906
● Headquarters : Bengaluru, Karnataka, India
● MD & CEO : K. Satyanarayana Raju
● Tagline : Together We Can
5 Entities Enter Test Phase in Reserve Bank of India's 5th Regulatory Sandbox Cohort
● The Reserve Bank of India (RBI) announced that 5 entities were selected for the test phase of
the regulatory sandbox’s theme-neutral fifth cohort that it had announced in October, 2023.
● The RBI received 22 applications for this cohort of the regulatory sandbox.
Selected 5 Entities:
1. Connectingdot Consultancy
2. Epifi Technologies
3. Finagg Technologies
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Important Monthly Current Affairs Capsule – July 2024
4. Indian Banks’ Digital Infrastructure Company (IBDIC)
5. Signzy Technologies
Reserve Bank of India Proposes Stricter Liquidity Coverage Ratio Norms for Banks, Releases Draft
Guidelines
● The Reserve Bank of India (RBI) released draft guidelines aimed at bolstering the liquidity
resilience of banks amid the increased usage of technology.
● Run-Off Factor for Retail Deposits: Banks must assign an additional 5% run-off factor for retail
deposits enabled with internet and mobile banking (IMB).
➢ Stable Retail Deposits with IMB: 10% run-off factor.
➢ Less Stable Deposits with IMB: 15% run-off factor.
● Valuation of High-Quality Liquid Assets (HQLA):Level-1 Haircuts on High Quality Liquid Assets
(HQLA) in the form of Government securities shall be valued at an amount not greater than their
current market value, adjusted for applicable haircuts in line with the margin requirements under
the Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF).
● Effective Date: These guidelines will come into effect on April 1, 2025.
About LCR :
● Definition : LCR is a liquidity requirement for banks to maintain at all times a certain proportion of
high-quality liquid assets (HQLA), including cash, reserves with central banks, and federal
government bonds, which can easily be converted into cash.
● Applicability: The circular applies to all Commercial Banks, excluding Payments Banks, Regional
Rural Banks, and Local Area Banks.
● LCR Maintenance Requirement: Banks are required to maintain an LCR (HQLAs/ total cash
outflows * 100) of at least 100%.
Reserve Bank of India Introduces Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-
operative Banks
● The Reserve Bank of India (RBI) has issued a Prompt Corrective Action (PCA) framework to
improve weak Urban Cooperative Banks (UCBs), effective from April 1, 2025.
● The PCA framework will replace the existing Supervisory Action Framework (SAF), which was
last revised on January 6, 2020.
Criteria for Invoking PCA:
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Important Monthly Current Affairs Capsule – July 2024
● Capital Adequacy Ratio (CAR) up to 250 basis points below the required CAR.
● Net Non-Performing Assets (NPAs) above 6.0% but below 9.0%.
● Incurring losses during two consecutive years.
● The breach of any risk threshold may result in invocation of PCA.
● Applicability: The PCA framework will apply to UCBs with deposits above Rs 100 crore.
● Urban Co-operative Banks have been categorised into four tiers.
Categorization of UCBs:
1. Tier 1: UCBs with deposits up to Rs 100 crore.
2. Tier 2: UCBs with deposits above Rs 100 crore and less than Rs 1,000 crore.
3. Tier 3: UCBs with deposits above Rs 1,000 crore and less than Rs 10,000 crore.
4. Tier 4: UCBs with deposits above Rs 10,000 crore.
Reserve Bank of India Imposes Monetary Penalty on 3 Payment System Operators - Visa Worldwide,
Ola Financial Services, Manappuram Finance
● The Reserve Bank of India (RBI) has imposed penalties on payment system operators Visa
Worldwide, Ola Financial Services and Manappuram Finance for deficiencies in regulatory
compliance.
Penalty Amounts:
● Visa Worldwide Private Limited: Rs 2.4 crore.
● Manappuram Finance Limited: Rs 41.5 lakh.
● Ola Financial Services: Rs 87.55 lakh in two cases.
PSU Banks Likely to Receive Additional 2-Year Extension to Meet SEBI's Minimum Public Shareholding
Norms
● Public sector banks (PSBs) are expected to receive another two-year extension to comply with
the Securities and Exchange Board of India’s (SEBI's) minimum public shareholding (MPS)
norms, requiring a minimum public shareholding of 25%.
● This extension follows a special forbearance that allowed state-owned banks until August 2024 to
meet the requirement.
● Current Compliance Status:Out of 12 public sector banks, 5 have not yet complied with the MPS
norms.
● The government’s holding in these banks exceeds 75%.
Banks with High Government Holdings:
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Important Monthly Current Affairs Capsule – July 2024
● Punjab & Sind Bank: Government holding is 98.25%.
● Indian Overseas Bank: Government holding is 96.38%.
● UCO Bank: Government holding is 95.39%.
● Central Bank of India: Government holding is 93.08%.
● Bank of Maharashtra: Government holding is 86.46%, which may fall below 75% during the
current fiscal year.
Shriram Group Receives Reserve Bank of India Approval to Enter Asset Reconstruction Business
● Chennai-based conglomerate Shriram Group is set to enter the asset reconstruction (ARC)
business during the current financial year and has received approval from the Reserve Bank of
India (RBI).
● This move is part of their broader plan announced in November 2023 which includes entering
both the asset reconstruction and wealth management sectors.
About Shriram Group :
● Founded : 5 April 1974
● Headquarters : Chennai, Tamil Nadu, India
● Chairman : R. Thyagarajan
Securities and Exchange Board of India Imposes Three-Year Ban on Vijay Mallya from Indian Markets
● The Securities and Exchange Board of India (SEBI) has barred Vijay Mallya from accessing the
Indian securities market for 3 years.
● Reason for Ban: Mallya was found guilty of illegally routing funds into the Indian stock market
through his UBS bank accounts in London between January 1, 2006, and March 31, 2008.
● Previous Sanctions:SEBI had previously barred Mallya from accessing the securities market for
three years, starting June 1, 2018, due to manipulative activities and improper transactions
related to the shares of USL.
Reserve Bank of India Revokes License of The Mahabhairab Cooperative Urban Bank Limited., Tezpur,
Assam
● The Reserve Bank of India (RBI) has cancelled the license of The Mahabhairab Cooperative
Urban Bank Limited., Tezpur, Assam.
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Important Monthly Current Affairs Capsule – July 2024
● It failed to comply with Section 11(1) and Section 22(3)(d) read with Section 56 of the Banking
Regulation Act, 1949.
● Deposit Insurance:Depositors are entitled to a deposit insurance claim up to ₹5,00,000 from the
Deposit Insurance and Credit Guarantee Corporation (DICGC) under the provisions of the
DICGC Act, 1961.
● Insurance Payment: As of June 13, 2024, DICGC has paid ₹20.03 crore of the total insured
deposits based on the willingness received from the concerned depositors.
Karnataka Bank Partners with ICICI Lombard General Insurance to Offer Enhanced Insurance Solutions
and Benefits to Customers
● Karnataka Bank has partnered with ICICI Lombard General Insurance Company Limited to offer
enhanced insurance solutions and customer benefits to its patrons.
● Through this tie-up, Karnataka Bank customers will have access to a wide range of
comprehensive insurance products and services provided by ICICI Lombard.
● These offerings include health insurance, motor insurance, travel insurance, home insurance,
and more, catering to the diverse insurance needs of individuals and businesses alike.
About Karnataka Bank :
● Founded: February 18, 1924.
● Headquarters: Mangalore, Karnataka, India.
● MD & CEO: Srikrishnan Hari Hara Sarma.
● Tagline: "Your family bank across India."
About ICICI Lombard :
● Founded: 2001.
● Headquarters: Mumbai, Maharashtra, India.
● Chairman & Managing Director: Sanjeev Mantri.
● Ownership Structure: A joint venture between ICICI Bank (holding a 64% stake) and Fairfax
Financial Holdings Limited (holding a 36% stake).
● ICICI Bank is India's second-largest bank, and Fairfax Financial Holdings is based in Toronto.
Tata Power Solar Collaborates with Bank of India to Offer Affordable Financing for Rooftop Solar and
Electric Vehicle Charging Station Installations
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Important Monthly Current Affairs Capsule – July 2024
● Tata Power Solar Systems Limited (TPSSL) has partnered with the Bank of India (BOI) to
provide easy and affordable financing for rooftop solar installations and electric vehicle (EV)
charging stations.
● The partnership is a significant milestone with Tata Power Solar becoming the 1st solar company
to collaborate with BOI for both solar and EV Charging Station financing and strengthening its
leadership as a green energy solutions provider.
● Targeted customers include residential users under the PM Surya Ghar Yojana, housing
societies, and Micro, Small, and Medium Enterprises (MSMEs).
● Loan Details under PM Surya Ghar Yojana:Under the PM Surya Ghar Yojana, Residential
customers can avail up to Rs 2 lakh for solar systems up to 3 KW with a 5% margin money
requirement.
● Loans are offered at an interest rate of 7.10% per annum, collateral-free, with a tenure of up to
10 years.
About Bank of India :
● Established : 7 September 1906
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Rajneesh Karnatak
● Tagline : Relationship Beyond Banking
India to Top Global Labour Supply, Remittances Projected to Reach $160 Billion by 2029: Reserve
Bank of India
● According to the Reserve Bank of India’s (RBI’s) latest Report on Currency and Finance (RCF),
India is poised to be the world’s leading supplier of labour, which will propel remittances to
around $160 billion in 2029 from $115 billion in 2023.
● India is already the country with the highest remittance recipients in the world, accounting for
13.5% of the world total, with its share increasing over time.
● The theme of the Report is “India’s Digital Revolution”.
● The Report reflects the views of the contributors and not of the Reserve Bank.
● Remittances to GDP Ratio:The remittance to GDP ratio in India has increased from 2.8% in 2000
to 3.2% in 2023.
● This ratio is higher than the gross FDI inflows to GDP ratio of 1.9% in 2023.
● Global Remittances:Global remittances in 2023 were estimated at $857.3 billion.
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Important Monthly Current Affairs Capsule – July 2024
● Leading countries in remittances: India ($115.3 billion), Mexico ($66.2 billion), China ($49.5
billion), and the Philippines ($39.1 billion).
Reserve Bank of India Withdraws Unrestricted Access for Foreign Portfolio Investors to New 14-Year
and 30-Year Bonds
● The Reserve Bank of India (RBI) has revoked unrestricted access for Foreign Portfolio Investors
(FPIs) to newly issued Indian government bonds with 14-year and 30-year tenors under the Fully
Accessible Route (FAR), effective immediately.
● Current Holdings: Foreign investors currently hold approximately $1 billion worth of existing 30-
year bonds.
● All FAR-designated central government bonds maturing after December 31, 2026, are eligible.
● Eligibility for Index: Only 29 out of 38 FAR-designated central government bonds meet the
eligibility criteria for the JP Morgan bond index, which requires a face value of over $1 billion and
a remaining maturity of more than 2.5 years.
● Future Inflows: Market participants anticipate that inflows into FAR securities may continue and
could reach Rs 2.5 trillion in the next 5-6 months.
● Regulatory Basis: The directions have been issued under Section 45W of Chapter IIID of the
Reserve Bank of India Act, 1934, and are without prejudice to any other permissions or approvals
required under other laws.
SBI Mutual Fund launches new scheme to invest in ‘innovation-driven’ companies
● SBI Mutual Fund Unveiled the “SBI Innovative New Opportunities Fund” to invest in equity and
related instruments of companies that are expected to adopt innovation.
● The new fund offer (NFO) opened on July 29 and will remain open till August 12,2024.
● The investment objective of the scheme is to provide investors with opportunities for long term
capital appreciation by investing in equity and equity related instruments of companies that seek
to benefit from the adoption of innovative strategies & themes.
● SBI Mutual Fund Unveiled the “SBI Innovative New Opportunities Fund” to invest in equity and
related instruments of companies that are expected to adopt innovation.
● The new fund offer (NFO) opened on July 29 and will remain open till August 12,2024.
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Important Monthly Current Affairs Capsule – July 2024
● The investment objective of the scheme is to provide investors with opportunities for long term
capital appreciation by investing in equity and equity related instruments of companies that seek
to benefit from the adoption of innovative strategies & themes.
About SBI Mutual Fund :
● Founded : 29 June 1987
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Shamsher Singh
● It is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a
European asset management company.
Reserve Bank of India report : Digital payments clock 50% volume growth between FY18 and FY24
● According to the Reserve Bank of India’s (RBI's) latest Report on Currency and Finance (RCF),
digital payments have shown remarkable growth with a compounded annual growth rate (CAGR)
of 50% in terms of transaction volume and 10% in terms of transaction value over the past seven
years (2017-18 to 2023-24).
● Transaction Volume and Value:Digital payments, including NEFT (National Electronic Funds
Transfer), UPI (Unified Payments Interface), credit and debit cards, saw 164 billion transactions
worth ₹2,428 lakh crore in 2023-24.
● Digital vs. Paper-based Transactions:Except for paper-based instruments, all other payment
transactions are classified as digital.
● NEFT and UPI Shares:In value terms, NEFT transactions had the largest share at 49.4% of total
retail payments in 2023-24.
● Currently, the UPI is recording nearly 14 billion transactions a month, buoyed by 424 million
unique users in June 2024.
● Transaction Intensity:Transactions per lakh (₹) of GDP increased from 0.8 in 2005-06 to 56 in
2023-24.
● Transactions per capita rose from 0.2 in 2005-06 to 114 in 2023-24.
● Average Value per Capita:The average value of transactions per capita for total digital payments
increased from ₹0.4 lakh to ₹16.8 lakhs between 2005-06 and 2023-24.
Reserve Bank of India Report: Average Cost of Data Breaches in India Rose to $2.18 Million in 2023,
Up 28% Since 2020
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Important Monthly Current Affairs Capsule – July 2024
● According to the Reserve Bank of India's (RBI) Currency and Finance report for 2023-24,
average cost of data breaches in India reached $2.18 million in 2023, marking a 28% increase
since 2020.
● Global Cybercrime Costs:Global cybercrime costs are projected to reach $13.82 trillion by 2028,
up from $8.15 trillion in 2023.
● Average Global Data Breach Cost:The average cost of a data breach globally rose to $4.45
million in 2023, a 15% increase over three years.
● Digital Economy and Real-Time Payments:India’s digital economy, which currently makes up
about 10% of the country’s GDP, is expected to double to 20% by 2026.
● India leads the world in real-time payments, with a 48.5% share of the global market.
● Global Remittances:Global remittances through mobile money and digital platforms are
estimated to have reached $857.3 billion in 2023, with India contributing $115.3 billion.
Reserve Bank of India Report: Central Bank Digital Currency Retail Pilot Users Reach 5 Million by June
2024
● According to the Reserve Bank of India’s currency and finance report, The number of customers
using the Central Bank Digital Currency (CBDC) retail pilot grew from 1.3 million to 5 million by
June 2024.
● Global Cybercrime Costs:Global cybercrime costs are projected to reach $13.82 trillion by 2028,
up from $8.15 trillion in 2023.
● Average Global Data Breach Cost:The average cost of a data breach globally rose to $4.45
million in 2023, a 15% increase over three years.
● Digital Economy and Real-Time Payments:India’s digital economy, which currently makes up
about 10% of the country’s GDP, is expected to double to 20% by 2026.
● India leads the world in real-time payments, with a 48.5% share of the global market.
● Global Remittances:Global remittances through mobile money and digital platforms are
estimated to have reached $857.3 billion in 2023, with India contributing $115.3 billion.
Reserve Bank of India Report: Central Bank Digital Currency Retail Pilot Users Reach 5 Million by June
2024
● According to the Reserve Bank of India’s currency and finance report, The number of customers
using the Central Bank Digital Currency (CBDC) retail pilot grew from 1.3 million to 5 million by
June 2024.
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Important Monthly Current Affairs Capsule – July 2024
● The number of merchants participating in the CBDC pilot rose from 0.3 million to 0.42 million.
What Is a Central Bank Digital Currency (CBDC)?
● A central bank digital currency (CBDC) is the digital form of a country's fiat currency.
● A nation's monetary authority, or central bank, issues a CBDC, which promotes financial
inclusion and simplifies the implementation of monetary and fiscal policies.
● Types of CBDCs:
➢ CBDC-W (Wholesale): Targets institutional participants in financial markets.
➢ CBDC-R (Retail): Designed for retail consumers, with initial use cases including Person to
Person (P2P) and Person to Merchant (P2M) transactions.
Reserve Bank of India to launch five-episode web series highlighting its 90-year history and functions
● The Reserve Bank of India (RBI) is planning a five-episode web series to present its functions
and 90-year journey.
● Each episode will be 25-30 minutes long, totaling nearly three hours for the entire series.
● Primary objective of this project : To create a comprehensive and engaging series that provides
an in-depth exploration of the RBI functions and operations over its 90-year journey.
● The RBI, established in 1935, completed 90 years in April 2024.
National Payments Corporation of India Launches 'UPI One World' Wallet to Enhance Digital Payments
for International Visitors to India
● National Payments Corporation of India (NPCI) has introduced the ‘UPI One World’ wallet, aimed
at enhancing the digital payment experience for international visitors to India.
● This service simplifies transactions in real-time, empowering tourists to explore India without the
need to carry cash or deal with foreign exchange complexities.
● It allows international visitors to use the Unified Payments Interface (UPI) system, known for its
efficiency and security in digital transactions.
● Collaborative Efforts:The initiative has been made possible through the collaboration of NPCI,
IDFC First Bank, and Transcorp International.
About NPCI :
● Founded : 2008
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Dilip Asbe
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Important Monthly Current Affairs Capsule – July 2024
● The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
● It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.
AWARDS AND HONOUR
Shah Rukh Khan to Receive Career Achievement Award at Locarno Film Festival
• Bollywood megastar Shah Rukh Khan is set to be honoured with the prestigious Pardo alla
Carriera at the 77th edition of the Locarno Film Festival in Locarno, Switzerland.
• The festival will take place from August 7 to 17.
• Shah Rukh Khan will receive the Pardo alla Carriera, celebrating his remarkable career in Indian
cinema.
• The award ceremony will take place on August 10 at the open-air venue Piazza Grande.
President awards 6 CRPF personnel, including 4 posthumously, for gallantry
• President Droupadi Murmu honoured six Central Reserve Police Force (CRPF) personnel,
including four posthumously, with gallantry medals during a Defence Investiture Ceremony.
• The event took place at the Rashtrapati Bhawan, recognizing bravery displayed during an anti-
Naxal operation in Chhattisgarh's Bijapur district on April 3, 2021.
o Posthumous Awards:
▪ Inspector Dilip Kumar Das
▪ Head Constable Raj Kumar Yadav
▪ Constables Bablu Rabha and Shambhu Roy
o Medal: Kirti Chakra (Posthumous)
Dr. C. Narayana Reddy National Literary Award 2024 Conferred on Sivashankari
• Tamil author Sivashankari has been honoured with the prestigious Dr. C. Narayana Reddy
National Literary Award by the Sushila Narayana Reddy Trust for her significant contributions to
Tamil literature.
• Award Details:
o Recipient: Sivashankari, renowned Tamil author.
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Important Monthly Current Affairs Capsule – July 2024
o Prize: ₹5 lakh, a memento, and a shawl.
o Presentation Date: July 29, 2024.
o Venue: Ravindra Bharati, Hyderabad.
o Event: 93rd birth anniversary celebrations of Dr. C. Narayana Reddy.
Andhra Pradesh's Natural Farming Method Gains Global Recognition
• Nagendramma Nettem, a farmer from Anantapur district, and Vijay Kumar, Executive Vice
Chairman of Rythu Sadhikara Samstha (RySS), received the prestigious Gulbenkian Prize for
Humanity in Lisbon, Portugal.
• The award honours significant contributions to climate action and inspiring solutions.
• Motivated by her daughter's vision deficiencies, Nagendramma transitioned to natural farming,
avoiding chemical-based agriculture.
• She now earns over 50% more than the average income of fellow farmers in her village.
• In 2019, she became a Champion Farmer Coach for the Andhra Pradesh Community Managed
Natural Farming (APCNF).
HCLTech chairperson Roshni Nadar Malhotra was awarded France’s highest civilian honour
• HCLTech chairperson Roshni Nadar Malhotra has been awarded France's highest civilian
honour, the Chevalier de la Légion d'Honneur (Knight of the Legion of Honour).
• This prestigious award, given for outstanding service to France, acknowledges her significant
contributions to business and sustainability, as well as her efforts to enhance economic ties
between France and India.
• Recognition: The Chevalier de la Légion d'Honneur recognizes Roshni Nadar Malhotra's
contributions to business, sustainability, and promoting France-India economic relations.
Prime Minister Narendra Modi Awarded 'Order of St. Andrew the Apostle' by Russian President Vladimir
Putin
• Prime Minister Narendra Modi was officially awarded the ‘Order of St. Andrew the Apostle’ by
Russian President Vladimir Putin.
• This award recognizes Modi’s exceptional contributions to strengthening the bilateral relations
between India and Russia.
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Important Monthly Current Affairs Capsule – July 2024
• Prime Minister Narendra Modi received the Order of St. Andrew the Apostle from Russian
President Vladimir Putin.
• The Order of St. Andrew the Apostle is Russia’s highest order of chivalry.
• It was established by Tsar Peter the Great in 1698 to honour Saint Andrew, Russia’s patron saint
and the first apostle of Jesus.
Odisha CM Honors Sudarshan Pattnaik for the Golden Sand Master Award
• Odisha Chief Minister Mohan Charan Majhi honoured sand artist Sudarshan Pattnaik for winning
the Golden Sand Master Award at the International Sand Sculpture Championship in Russia.
• Pattnaik's award-winning sand sculpture depicted Mahaprabhu Jagannath and the devotee
Balaram Das.
• Golden Sand Master Award: Sudarshan Pattnaik received the prestigious Golden Sand Master
Award and a gold medal at the International Sand Sculpture Championship.
• Event Location: St. Petersburg, Russia.
Prince Harry Receives Pat Tillman Honour at ESPY Awards
● Prince Harry received the Pat Tillman Award for Service at the Excellence in Sports Performance
Yearly Awards (ESPY) in Los Angeles.
● He was recognized for founding the Invictus Games, a Paralympic-style competition for wounded
service members.
Invictus Games
● Founding: Prince Harry founded the Invictus Games in 2014.
● Purpose: The Games aim to inspire recovery and support rehabilitation for wounded service
members through the power of sports.
APCNF Wins Prestigious Gulbenkian Prize for Humanity 2024
● The Andhra Pradesh Community Managed Natural Farming (APCNF) program, led by the
Government of Andhra Pradesh, received the Gulbenkian Prize for Humanity 2024.
● Announcement made by Dr. Angela Merkel, former Federal Chancellor of Germany, in Lisbon,
Portugal on July 11th.
● Event attended by dignitaries including the President of Portugal, government officials, and global
experts.
Prize Sharing:
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Important Monthly Current Affairs Capsule – July 2024
o APCNF shares the €1 million prize with Dr. Rattan Lal (USA), a renowned soil scientist, and
SEKEM (Egypt), a network promoting biodynamic farming.
About APCNF
● Launched in 2016 by the Government of Andhra Pradesh.
● Aim: Transition smallholder farmers from chemically intensive agriculture to natural farming
practices.
● Key practices: Use of organic residues, minimal tillage, reintroduction of indigenous seeds, and crop
diversification including trees.
● Implemented by the Rythu Sadhikara Samstha (RySS), also known as the Farmers Empowerment
Corporation.
Honouring Indian Space Scientists: COSPAR Awards Prahlad Chandra Agrawal and Anil Bhardwaj
● Two Indian space scientists, Prahlad Chandra Agrawal and Anil Bhardwaj, were honoured with
prestigious awards by the Committee on Space Research (COSPAR), the world’s first scientific body
dedicated to space science research.
● The event took place during the 45th COSPAR scientific assembly in Busan, South Korea.
About Committee on Space Research (COSPAR):
● Established in 1958 after the launch of the first-ever satellite by the Soviet Union in 1957.
● World's first scientific body dedicated to space science research.
● Holds its scientific assembly every two years, attracting 2,000 to 3,000 scientists globally.
INS Delhi Wins Best Ship Of Eastern Fleet 2024
● INS Delhi was recognised as the Best Ship of the Eastern Fleet for its excellent performance and
operational achievements.
● The Fleet Awards Function, held in Visakhapatnam, honoured the Eastern Fleet’s tactical
successes over the past year.
● Best Ship of the Eastern Fleet: INS Delhi
● Best Ship in the Corvettes, OPVs, and LSTs Category: INS Kavaratti
Top Military and Naval Officers including the Army, and Navy chief, were Honoured with the Param
Vishisht Seva Medal
● President Droupadi Murmu awarded the Param Vishisht Seva Medal (PVSM) to Army Chief General
Upendra Dwivedi and Navy Chief Admiral Dinesh Kumar Tripathi for their exemplary service to the
nation.
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Important Monthly Current Affairs Capsule – July 2024
● This was part of the second phase of a defence investiture ceremony held at Rashtrapati Bhavan.
● 94 distinguished service decorations were presented to armed forces and Indian Coast Guard
personnel.
● PVSM Recipients:
o Army Chief General Upendra Dwivedi
o Navy Chief Admiral Dinesh Kumar Tripathi
o Other PVSM Awardees:
▪ Lt Gen M V Suchindra Kumar
▪ Lt Gen N S Raja Subramani
▪ Lt Gen Johnson P Mathew
▪ Air Marshal Ravi Gopal Krishna Kapoor
▪ Several retired officers from the Army and Indian Air Force
● Awards Conferred:
o Param Vishisht Seva Medal (PVSM): 31 awards
o Uttam Yudh Seva Medal (UYSM): 4 awards
o Bar to Ati Vishisht Seva Medal (Bar to AVSM): 2 awards
o Ati Vishisht Seva Medal (AVSM): 57 awards
Abhinav Bindra awarded a prestigious Olympic Order by the IOC
● Abhinav Bindra, the first Indian to win individual gold at the Olympics, has been honoured with
the Olympic Order for his outstanding contributions to the Olympic movement.
● The Olympic Order is the highest accolade bestowed by the International Olympic Committee
(IOC) for exceptional service.
The Olympic Order Award
● The Olympic Order is the highest award presented by the International Olympic Committee
(IOC).
● Established in 1975, it is awarded to individuals who have rendered distinguished service to the
Olympic Movement.
HSBC awarded Best Int’l Bank in Sri Lanka by Euromoney
● HSBC has been named the World’s Best Bank in three categories – Sustainable Finance,
Payments and Treasury, and Public-Sector Clients – in the Euromoney Awards for Excellence
2024.
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Important Monthly Current Affairs Capsule – July 2024
● These awards recognize the strength of HSBC's international network and the breadth of its
offerings.
● In total, HSBC topped 33 categories in this year’s awards. Notably, HSBC won the Best Bank
award in its two home markets, Hong Kong and the UK. Other significant recognitions include:
● Asia’s Best Bank
● Middle East’s Best Investment Bank
● Western Europe’s Best Bank for Transaction Services
World’s Best Bank in three categories:
● World’s Best Bank for Sustainable Finance
● World’s Best Bank for Payments and Treasury
● World’s Best Bank for Public-Sector Clients
APPOINTMENTS & RESIGNATIONS
Dr. B.N. Gangadhar Named Chairperson of the National Medical Commission
• The Appointment Committee of the Cabinet (ACC) has appointed various individuals to posts of
the National Medical Commission (NMC) and the Autonomous Boards.
• The appointments are for a period of 4 years, until the appointee attains the age of 70 years, or
until further orders, whichever is earliest.
• Dr. B.N. Gangadhar:
• Position: Chairperson of the National Medical Commission (NMC)
• Appointment Details: Appointed under Section 4 of the NMC Act, 2019.
• Previous Role: President of the Medical Assessment and Rating Board
About the Ministry of Health and Family Welfare :
• Cabinet Minister : Jagat Prakash Nadda
• Minister of State : Anupriya Patel, Prataprao Ganpatrao Jadhav
About NMC :
• Established : 25 September 2020
• Headquarters : New Delhi, India
• NMC is a statutory body in India that regulates medical education, medical professionals,
institutes, and research.
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Important Monthly Current Affairs Capsule – July 2024
Former Portuguese Prime Minister Antonio Costa Elected as President of the European Council
• Antonio Costa, former Prime Minister of Portugal (2015-2024), has been elected as the new
President of the European Council.
• He will replace Charles Michel of Belgium.
• The European Council also selected Estonian Prime Minister Kaja Kallas as the next High
Representative for Foreign Affairs and Security Policy.
• The President of the European Council is elected by a secret ballot.
• The European Council consists of the Head of State or Government of the 27 EU members, the
European Council President, and the European Commission President.
About European Union :
• The EU is an international organization created by the Maastricht Treaty, which came into force
on 1 November 1993.
• Headquarters: Brussels, Belgium.
• Members: 27 countries.
• The European Council sets the political agenda of the EU and meets twice a year.
Reserve Bank of India Appoints Charulatha Kar and Arnab Chowdhury as New Executive Directors
• The Reserve Bank of India (RBI) announced the appointment of Arnab Kumar Chowdhury and
Charulatha S. Kar as executive directors (EDs).
• Mr. Chowdhury's appointment is effective from June 3, 2024, while Ms. Kar's appointment is
effective from July 1, 2024.
• Mr. Chowdhury will oversee the Deposit Insurance and Credit Guarantee Corporation (DICGC),
foreign exchange department, and international department.
Justice Sheel Nagu appointed as Chief Justice of Punjab and Haryana High Court
• The President of India, in exercise of the powers conferred by the Constitution of India, appointed
Shri Sheel Nagu, Judge of the High Court of Madhya Pradesh as the Chief Justice of the High
Court of Punjab and Haryana with effect from the date he assumed charge of his office.
• Justice Sanjeev Sachdeva has been appointed as the new Acting Chief Justice of the Madhya
Pradesh High Court, succeeding Justice Sheel Nagu.
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Important Monthly Current Affairs Capsule – July 2024
• This is the second high-profile judicial appointment cleared by the Centre within two days, after a
prolonged pending period of over six months.
Indian Information Service Officer Dhirendra K Ojha Appointed as Government's New Principal
Spokesperson
• Dhirendra K Ojha, a senior Indian Information Service (IIS) officer of the 1990 batch, has been
appointed as the principal spokesperson of the central government.
• He will also assume the role of Principal Director General (DG) of the Press Information Bureau
(PIB).
• Ojha succeeds Sheyphali B Sharan, also a 1990-batch IIS officer, who was appointed as the
Director General of the Publications Division.
Canada Appoints Lieutenant-General Jennie Carignan as Chief of Defence Staff, Marking First Woman
in the Role
• The Canadian government has appointed Lieutenant-General Jennie Carignan chief of the
defence staff - the highest position in the countrys armed forces.
• She will be the first woman to hold the post.
• Carignan was promoted to the rank of General and officially assumed office on July 18,2024
succeeding General Wayne Eyre.
• She currently serving as chief, professional conduct and culture, National Defence, focusing on
combatting sexual harassment and transforming military culture.
About Canada :
• Prime Minister : Justin Trudeau
• Capital : Ottawa
• Currency : Canadian dollar
Financial Services Institutions Bureau Nominates Challa Sreenivasulu Setty as Next State Bank of India
Chairman
• The Financial Services Institutions Bureau (FSIB), has recommended Challa Sreenivasulu Setty,
who is one of the managing directors of State Bank of India (SBI) as the next Chairman of State
• Bank of India (SBI).
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Important Monthly Current Affairs Capsule – July 2024
• Challa Sreenivasulu Setty will be the 27th Chairman of SBI.
• SBI's current Chairman, Dinesh Kumar Khara, will retire on August 28, 2024, upon turning 63.
About FSIB :
• The FSIB is an autonomous body responsible for recommending appointments of senior
executives in public sector financial institutions.
• Established in 2022, it is headed by Bhanu Pratap Sharma, former Secretary of the Department
of Personnel and Training.
Life Insurance Corporation of India Chairman Siddhartha Mohanty Re-designated as Managing Director
and Chief Executive Officer
• Life Insurance Corporation of India (LIC) has re-designated its chairman Siddhartha Mohanty as
managing director (MD) and chief executive officer (CEO), with effect from June 30, 2024.
• Mohanty was appointed as the chairperson of LIC in April 2023 until June 29, 2024.
• Thereafter, he was scheduled to take over the role of MD & CEO of the corporation until June 7,
2025.
About LIC :
• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India
General Upendra Dwivedi Assumes Role as 30th Army Chief, Succeeds Manoj Pande
• General Upendra Dwivedi took over as the 30th Chief of the Army Staff (COAS) of the Indian
Army on June 30, 2024.
• He succeeded General Manoj Pande, who retired after over four decades of service.
• Lieutenant General NS Raja Subramani has assumed the appointment of the Vice Chief of Army
Staff
• Lt. Gen. Dwivedi was commissioned into the Infantry (Jammu & Kashmir Rifles) of the Army on
December 15, 1984.
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
• Defence Secretary : Giridhar Aramane
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Important Monthly Current Affairs Capsule – July 2024
Indian Revenue Service Officer Ravi Agrawal Appointed as Chairman of the Central Board of Direct
Taxes
• Ravi Agrawal, a 1988-batch Indian Revenue Service (IRS) officer, has been appointed as the
new chairman of the Central Board of Direct Taxes (CBDT), the administrative body for the
Income Tax Department.
• Agrawal was appointed as the Chairman from July 1, 2024 till his superannuation on September
30, 2024 and subsequently on contract basis till June 30, 2025.
• Effectively, he will remain the chairman of the body for one year.
• The new CBDT chief is currently working as member (administration) in the board.
• He takes over from Nitin Gupta, a 1986-batch IRS officer, whose extended tenure as the
chairman ends on June 30,2024.
About CBDT :
• Established : 1963
• Headquarters : New Delhi, Delhi
• It is a part of the Department of Revenue, Ministry of Finance (MoF).
• The CBDT is headed by a chairman and can have six members who are in the rank of special
secretary.
• The other serving members in the board are Pragya Sahay Saksena, HBS Gill, Pravin Kumar,
Sanjay Kumar and Sanjay Kumar Verma.
• Verma will retire from service, June 30, 2024.
IAS officer Sujata Saunik appointed as Maharashtra's 1st female Chief Secretary
• Senior Indian Administrative Service (IAS) officer Sujata Saunik took over as Maharashtras
Chief Secretary (CS), becoming the first woman to hold this position in the state's history.
• She will be the 45th CS of Maharashtra since 1960, when the state came into being.
• Saunik succeeds Nitin Kareer, who retired from the position.
Rajinder Khanna was Appointed as Additional National Security Adviser, and TV Ravichandran was
Named Deputy NSA
• National Security Advisor (NSA) Ajit Doval has appointed TV Ravichandran and Pawan Kapoor
as the new deputy NSAs in the National Security Council Secretariat (NSCS) team.
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Important Monthly Current Affairs Capsule – July 2024
• Similarly, Rajendra Khanna, who served as the deputy NSA, has been appointed as the
Additional NSA.
• TV Ravichandran is a 1990 batch IPS officer and is currently the special director in the
Intelligence Bureau.
About National Security Council :
• Established : 19 November 1998
• Headquarters : New Delhi, Delhi
• The National Security Council Secretariat (NSCS), led by Prime Minister Narendra Modi serves
as the apex body for all internal and external security-related matters in India.
SBI General Insurance Names Naveen Chandra Jha as New MD & CEO
• SBI General Insurance announced the appointment of Naveen Chandra Jha as its new Managing
Director (MD) and Chief Executive Officer (CEO).
• He was nominated by the parent company, State Bank of India (SBI).
• He succeeds Kishore Kumar Poludasu.
• Prior to his current role, Naveen Chandra Jha served as Deputy Managing Director of SBI.
About SBI General Insurance Company :
• Founded : 2009 (Started operations in 2010)
• Headquarters : Mumbai, Maharashtra, India
• It is a joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG).
Government Appoints Robert J Ravi as Chairman and Managing Director of Bharat Sanchar Nigam
Limited
• The government has appointed Robert Jerard Ravi as the new Bharat Sanchar Nigam Limited
(BSNL) chairman and managing director (CMD) for a period of 6 months.
• This will be Ravi's second stint at BSNL.
• Earlier, he had served as an additional general manager at the state-run firm for About 6 years.
• Ravi will replace PK Purwar, whose tenure is expiring on July 14. Purwar assumed charge as
BSNL CMD in July 2019.
• Ravi is currently appointed as deputy director general, standards, research and innovation at the
department of telecommunications (DoT).
About BSNL :
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Important Monthly Current Affairs Capsule – July 2024
• Founded : 15 September 2000
• Headquarters : New Delhi, Delhi, India
• BSNL is an Indian central public sector undertaking under the ownership of the Department of
Telecommunications, which is part of the Ministry of Communications, Government of India.
Professor Soumya Swaminathan appointed as the Principal Advisor at the Union Ministry of Health &
Family Welfare for the National Tuberculosis Elimination Programme
• Professor (Dr.) Soumya Swaminathan has been appointed as the Principal Advisor at the Union
Ministry of Health & Family Welfare (MoHFW) for the National Tuberculosis Elimination
Programme (NTEP) on a pro bono basis.
• She will provide technical advice on the overall strategy to achieve program goals, suggest policy
directions and necessary course corrections for optimal outcomes, and advise on research
strategy.
• She will also assist in the formation of expert groups with top talent globally. Additionally, she will
support the Union Health Ministry, state officials, and development partners in assessing the
impact of the programme.
About Ministry of Health and Family Welfare :
• Cabinet Minister : Jagat Prakash Nadda
• Minister of State : Anupriya Patel, Prataprao Ganpatrao Jadhav
Paytm Payments Bank Names Former IDBI Bank Executive Arun Bansal as New Chief Executive
Officer
• Paytm Payments Bank, an associate entity of One97 Communications (OCL), which operates the
Paytm brand, has appointed Arun Kumar Bansal as managing director (MD) and chief executive
officer (CEO).
• Bansal is a former executive at IDBI Bank, where he served as Executive Director and Head of
Treasury.
• Bansal resigned from IDBI Bank to join Paytm Payments Bank, effective before June 25.
• Surinder Chawla, the former MD and CEO of Paytm Payments Bank, resigned for personal
reasons in April and was due to retire on June 26.
About Paytm Payments Bank :
• Established : 28 November 2017
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Important Monthly Current Affairs Capsule – July 2024
• Headquarters : Noida, Uttar Pradesh
• In 2021, the bank received a scheduled bank status from the RBI.
• Vijay Shekhar Sharma holds 51% in the entity with One97 Communications holding 49%.
Government Appoints Sandeep Kumar as Director of Finance at Power Finance Corporation
• The government has appointed Sandeep Kumar as Director (Finance) at Power Finance
Corporation Limited (PFC).
• Prior to this appointment, he served as Executive Director (Finance) at PFC since January 1,
2020, and held the role of Chief Financial Officer (CFO).
• He played a pivotal role in the successful roll-out of the Rs 1.12 trillion Liquidity Infusion Scheme
(LIS) for the power distribution sector, a key initiative under the Government of India’s
Atmanirbhar Bharat programme.
About PFC :
• Founded : July 1986
• Headquarters : New Delhi, India
• Chairman & MD : Parminder Chopra
• The PFC is an Indian central public sector undertaking owned by the Ministry of Power,
Government of India.
Supreme Court Appoints Former CJI Lalit to Lead Search Panels for West Bengal Vice-Chancellors
• The Supreme Court has appointed former Chief Justice of India Uday Umesh Lalit as the
chairperson of the search-cum-selection committees for shortlisting names for Vice-Chancellor
appointments in West Bengal.
• Authority Granted:The Supreme Court bench authorized the chairperson to constitute separate or
joint Search-cum-Selection Committees for one or more universities.
• The chairperson can nominate four persons from the empanelled experts for shortlisting suitable
names for appointment as Vice-Chancellors.
Lieutenant General Shankar Narayan Appointed as Commandant of Army Hospital (Research &
Referral)
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Important Monthly Current Affairs Capsule – July 2024
• Lieutenant General Shankar Narayan, an alumnus of the 1982 class of the Armed Forces
Medical College, has assumed the position of Commandant of the Army Hospital (Research &
Referral).
• Focusing on research and high-quality training.
• The Army Hospital (Research & Referral) is one of the most important healthcare facilities of the
Armed Forces Medical Services.
Reformist Masoud Pezeshkian Secures Victory in Iran's Presidential Runoff Election
• Masoud Pezeshkian, a reformist and former Health Minister of Iran, won the 14th presidential
election.
• He defeated his rival, hardliner Islamist ideology Saeed Jalili.
• Voting Details:Pezeshkian received 16.3 million votes, accounting for 53.6% of the total votes.
• Jalili received 13.5 million votes, accounting for 44.3% of the total votes.
• The total number of votes in the runoff was 30 million.
• Succession:Pezeshkian will succeed Mohammad Mokhber, who has been serving as the interim
president following the death of Ebrahim Raisi.
About Iran :
• Capital : Tehran
• Currency : Iranian rial
Appointments Committee of the Cabinet Approves Appointment of 8 Executive Directors in Public
Sector General Insurance Companies
• The Appointments Committee of the Cabinet (ACC) has approved the appointment of 8
Executive Directors (EDs) in Public Sector General Insurance Companies (PGICs).
• Rashmi Bajpai: Currently General Manager (GM) in Oriental Insurance Company Limited (OICL)
appointed as Executive Director (ED) in OICL.
• Amit Mishra: GM in New India Assurance Company Ltd (NIACL) appointed as ED in OICL.
• Hitesh Ramesh Chandra Joshi: GM in GIC Re appointed as ED in GIC Re.
About ACC :
• Headquarters : New Delhi, Delhi, India
• Chairman : Narendra Modi (Prime Minister of India)
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Important Monthly Current Affairs Capsule – July 2024
Bandhan Bank Appoints Ratan Kumar Kesh as Interim Managing Director & Chief Executive Officer for
3 Months
• Bandhan Bank's board of directors appointed Ratan Kumar Kesh as the interim Managing
Director (MD) and Chief Executive Officer (CEO).
• The appointment is effective from July 10, 2024.
• The appointment will last for 3 months or until a new MD & CEO assumes office.
• This decision follows the retirement of the current MD & CEO, Chandra Shekhar Ghosh, whose
tenure ends on July 9, 2024.
• Kesh’s appointment has been approved by the Reserve Bank of India (RBI).
• He currently holds the position of executive director (ED) and chief operating officer (COO) at the
bank.
About Bandhan Bank :
• Established : 2015
• Headquarters : Kolkata, West Bengal, India
Mahabaleshwara Appointed as Independent Director of Tourism Finance Corporation of India Limited
• Mahabaleshwara MS, has been appointed as Independent Director of Tourism Finance
Corporation of India (TFCI) Limited.
• His appointment is effective from July 6, 2024, for a term of 5 years, pending approval from
shareholders.
• Mahabaleshwara was the Managing Director (MD) and Chief Executive Officer (CEO) of
Karnataka Bank for two consecutive terms of total six years from April 15, 2017 to April 14, 2023.
Reserve Bank of India Approves Govind Singh's Re Appointment as Managing Director and Chief
Executive Officer of Utkarsh Small Finance Bank
• The Reserve Bank of India (RBI) has approved the re-appointment of Govind Singh as the
Managing Director (MD) and Chief Executive Officer (CEO) of Utkarsh Small Finance Bank
(Utkarsh SFB).
• The re-appointment is effective from September 21, 2024, for a period of 3 years.
• Govind Singh's current term as MD and CEO ends on September 20, 2024.
• The re-appointment was approved by the board of Utkarsh SFB during a meeting on January 27,
2024.
About Utkarsh Small Finance Bank :
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Important Monthly Current Affairs Capsule – July 2024
• Founded : 2016
• Headquarters : Varanasi, Uttar Pradesh
Labour Leader Keir Starmer appointed as 58th Prime Minister of the United Kingdom
• Keir Starmer, leader of the Labour Party, has been appointed as the United Kingdom's 58th
Prime Minister, succeeding Rishi Sunak.
• The appointment was made by King Charles III, the UK’s monarch.
• Labour secured a significant victory, winning 412 seats in Parliament, while the Conservatives
garnered 121 seats, their lowest in history.
• The total number of seats in Parliament is 650.
About United Kingdom :
• Capital : London
• Currency : Pound sterling
K Keshava Rao appointed as Advisor to Telangana Government
• Senior politician K. Keshava Rao, who joined the Congress recently from the Bharat Rashtra
Samiti (BRS), has been appointed as Adviser to the Telangana Government (Public Affairs) with
Cabinet status.
• Keshava Rao previously served as a Minister in Congress governments and was the former
president of the AP Congress Committee.
• He left Congress during the Telangana movement to join the BRS (formerly TRS) and served as
its secretary-general.
South African Revenue Services Commissioner Edward Kieswetter Re-elected as World Customs
Organisation Chair for Second Term, 2024-2025
• South African Revenue Services (SARS) Commissioner Edward Kieswetter has been re-elected
as the chairperson of the World Customs Organisation (WCO) for a second one-year term (2024-
2025).
• The re-election occurred during the 143rd/144th Sessions of the WCO Council.
• The sessions took place in Brussels, Belgium, with the participation of directors general of
customs from the WCO’s 186 members.
• At the meeting, the WCO council examined the work carried out by the WCO Secretariat and
working bodies throughout the year in line with the WCO Strategic Plan 2022-2025.
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Important Monthly Current Affairs Capsule – July 2024
About WCO :
• Establishment: January 26, 1953
• Location: Brussels, Belgium
• Secretary General: Ian Saunders
• Membership: 186 customs administrations
K P Sharma Oli Assumes Nepal's Prime Ministerial Role for a 3rd Term
● K P Sharma Oli,72 was appointed Nepal's Prime Minister for the 3rd time to lead the new
coalition government that faces the daunting challenge of providing political stability in the
country.
● He succeeds Pushpa Kamal Dahal Prachanda, who lost a vote of confidence in the House of
Representatives.
● The new government formation follows Article 76 (2) of the Nepalese Constitution.
● K P Sharma Oli previously served as Nepal's Prime Minister from October 11, 2015, to August 3,
2016, and from February 5, 2018, to July 13, 2021.
About Nepal :
● Capital : Kathmandu
● Currency : Nepalese rupee
Lithuanian President Gitanas Nausėda Takes Oath for 2nd Five-Year Term
● Lithuanian President Gitanas Nausėda was sworn in for his second five-year term at a
ceremonial event held at the Lithuanian Parliament, the Seimas.
● He took the presidential oath with his hand on the Constitution.
● Nausėda, a 60-year-old economist, was re-elected in May, 2024.
● He won against Šimonytė in the second round of presidential elections.
About Lithuania :
● Prime Minister : Ingrida Šimonytė
● Capital : Vilnius
● Currency : Euro
SoftBank's Sumer Juneja to Join Board of OYO's Parent Company
● Sumer Juneja, Managing Partner and Head of EMEA & India Investing at SoftBank Vision Fund,
is set to join the board of Oravel Stays Limited (OYO's parent firm) as a non-executive director.
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Important Monthly Current Affairs Capsule – July 2024
● The appointment is subject to shareholders' approval at an Extraordinary General Meeting
(EGM).
● This appointment follows the departure of Munish Varma, the previous SoftBank nominee, who
stepped down in September 2021.
● Board Members: The current board of OYO includes:
➢ Ritesh Agarwal (Founder)
➢ Bejul Somaia (Lightspeed Venture Partners)
➢ Aditya Ghosh (Former Indigo Executive & Co-Founder Akasa Air)
➢ Dr. Deepa Malik (Paralympian)
➢ Troy Alstead (Former COO of Starbucks)
➢ W Steve Albrecht (Former President of the American Accounting Association)
China Expert Vikram Misri Appointed as India's New Foreign Secretary
● Vikram Misri, a seasoned diplomat and expert on China and national security, assumed charge
as India's 35th Foreign Secretary.
● He succeeded Vinay Kwatra
Mamata Banerjee Reappoints Senior IPS Officer Rajeev Kumar as West Bengal Director General of
Police
● Senior Indian Police Service (IPS) officer Rajeev Kumar has been reinstated as the Director
General of Police (DGP) of West Bengal by the state government.
● Rajeev Kumar replaces Sanjoy Mukherjee, who was appointed as DGP by the Election
Commission of India during the Lok Sabha polls.
● Rajeev Kumar will continue to hold his current position as Additional Chief Secretary in the
Department of Information Technology and Electronics.
● Sanjoy Mukherjee has been appointed as the new Director General of the State’s Fire and
Emergency Services.
About West Bengal:
● Capital: Kolkata
● Chief Minister: Mamata Banerjee
● Governor: C V Anantha Bose
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Important Monthly Current Affairs Capsule – July 2024
● National Parks: Neora Valley National Park, Buxa Tiger Reserve, Jaldapara National Park,
Gorumara National Park, Sunderbans National Park
Nallathamby Kalaiselvi's Extension as Director General of CSIR
● Nallathamby Kalaiselvi, the first woman Director General of the Council of Scientific and
Industrial Research (CSIR), was granted a two-year extension in service.
● A government order stated the Appointments Committee of the Cabinet had approved the
extension of tenure of Ms Kalaiselvi "for a period of two years beyond 07.08.2024, or until further
orders, whichever is earlier."
● She will also hold the charge of Secretary, Department of Scientific and Industrial Research.
Wales' First Minister Vaughan Gething resigns
● Wales' First Minister Vaughan Gething has announced his resignation, only four months after
taking the job.
● It comes after three of his Welsh government ministers and his top legal adviser dramatically
released resignation statements calling for him to stand down.
● Cabinet members Mick Antoniw, Lesley Griffiths, Julie James, and Jeremy Miles all resigned
from their positions and called on Mr Gething to quit.
Roberta Metsola Re-Elected As European Parliament Chief
● Roberta Metsola was re-elected as President of the European Parliament until 2027.
● She secured 562 votes out of 699 in the first round of voting, attaining an absolute majority.
● Metsola will lead Parliament for the first two and a half years of the 10th legislative term.
● The European Parliament consists of 720 directly elected Members of the European Parliament
(MEPs) who represent various member states and political affiliations.
Center Nominates Former Foreign Secretary Vinay Kwatra as Ambassador to the United States to
Strengthen Diplomatic Relations
● The Indian government has nominated retired diplomat Vinay Kwatra as the next ambassador to
the United States.
● The position has been vacant since January 31, 2024, after Taranjit Singh Sandhu completed his
tenure.
Pakistan: Justice Aalia Sworn In as Lahore High Court's First Female Chief Justice
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Important Monthly Current Affairs Capsule – July 2024
● Justice Aalia Neelum took oath as the Chief Justice of the Lahore High Court (LHC) of Pakistan
(Lahore), making her the first woman to be elevated as the court’s top judge.
● Punjab Governor Sardar Saleem Haider Khan administered the oath of office to her.
● Punjab province’s first woman Chief Minister Maryam Nawaz was also present in the oath-taking
ceremony.
Deepa Malik Appointed as Asian Paralympic Committee Representative for South Asia
● Deepa Malik, India’s first woman Paralympic medallist, has been appointed as the sub-regional
representative for South Asia by the Asian Paralympic Committee (APC).
● This appointment was confirmed during the 34th Executive Board meeting of the APC,
highlighting gender diversity and athlete-centric leadership in para-sports.
● Role and Responsibilities: Malik will represent South Asian nations and advocate for the
development and promotion of para-sports in the region.
About APC :
● Established : 30 October 2002
● Headquarters : Dubai, United Arab Emirates
● President : Majid Rashed
● CEO : Tarek Souei
● Membership : 45 Members
● It organizes the Asian Para Games and is affiliated to the International Paralympic Committee.
ESAF Small Finance Bank Receives Reserve Bank of India Approval for Kadambelil Paul Thomas's Re-
appointment as MD & CEO
● ESAF Small Finance Bank (SFB) has received approval from the Reserve Bank of India (RBI) for
the re-appointment of K Paul Thomas as Managing Director (MD) & Chief Executive Officer
(CEO) for another 3 years.
● The re-appointment was granted under Section 35B of the Banking Regulation Act, 1949.
● Additionally, Paul Thomas is the Chairman of the Board of Sa-Dhan, the association of
microfinance and impact finance institutions.
About ESAF Small Finance Bank (formerly known as ESAF Microfinance and Investments) :
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Important Monthly Current Affairs Capsule – July 2024
● Founded : 10 March 2017
● Headquarters : Thrissur, Kerala
● Chairman : P R Ravi Mohan
HSBC Names Georges Elhedery as New Group Chief Executive Officer
● HSBC Holdings Plc has appointed Georges Elhedery as the group Chief Executive Officer
(CEO), effective September 2, 2024.
● Elhedery, 50, who becomes HSBC’s third chief executive in less than 8 years, will replace
outgoing head Noel Quinn.
Before his appointment as CEO, Elhedery served as HSBC’s Chief Financial Officer (CFO) from early
2023.
About HSBC Holdings Plc (The Hongkong and Shanghai Banking Corporation) :
● Headquarters : London, England, UK
UPSC Chairman Manoj Soni Resigns, Citing 'Personal Reasons'
● Union Public Service Commission (UPSC) chairman Manoj Soni has tendered his resignation
due to “personal reasons."
About UPSC :
● Established : 1 October 1926
● Headquarers : New Delhi, Delhi,IndiaThe UPSC is headed by a chairman and can have a
maximum of 10 members.
● Currently, there are seven members, three short of its sanctioned strength.
Supreme Court at Full Strength with New Appointments: Justice N Kotiswar Singh, First from Manipur,
and Justice R Mahadevan Take Oath
● Justice N Kotiswar Singh, Chief Justice of Jammu and Kashmir High Court, took oath of office
and became the first judge from Manipur to be elevated to the Supreme Court.
● Acting Chief Justice of Madras High Court R Mahadevan was also sworn in as a Supreme Court
judge.
● With the swearing-in, the number of judges in the apex court, including the Chief Justice of India,
has increased to 34.
Rwanda's Kagame Secures Fourth Term with 99% of the Vote
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Important Monthly Current Affairs Capsule – July 2024
● Rwandan President Paul Kagame has secured a record fourth term in the election.
● Chrysologue Karangwa, President of the Electoral Commission of Rwanda, declared Kagame the
winner after he received 7,099,810 votes, equating to 99.15% of the total 9,071,157 votes cast.
● Kagame, 66, representing the Rwandan Patriotic Front (RPF), defeated his closest rival, Frank
Habineza of the Democratic Green Party, who garnered 38,301 votes (0.53%), and Phillipe
Mpayimana, who received 22,753 votes (0.32%).
● This election marks Rwanda's 4th since the 1994 genocide, with citizens voting for both the
presidential and parliamentary seats.
About Rwanda :
● Prime Minister : Édouard Ngirente
● Capital: Kigali
● Currency: Rwandan franc.
Sanjeev Krishan Reappointed for Second Term as PwC India Chairperson
● PwC India announced that Sanjeev Krishan, 53, has been re-elected for a second term as
Chairperson of PwC in India, for a four-year period beginning on April 1, 2025.
● As Chairperson, Krishan will continue to lead PwC in India, representing them externally and
internally.
● He will also continue to serve on the PwC Global Strategy Council.
● Krishan's first term as chairperson started on January 1, 2021.
Krishnan Venkat Subramanian was Appointed as the New Managing Director and Chief Executive
Officer of the Federal Bank
● The Reserve Bank of India (RBI) has approved the appointment of Krishnan Venkat
Subramanian (KVS Manian) as the next Managing Director and Chief Executive Officer (MD &
CEO) of Federal Bank for three years.
● The appointment will be effective from September 23, 2024.
● KVS Manian will succeed Shyam Srinivasan, whose term expires on September 22, 2024.
About Federal Bank :
● Headquarters : Aluva, Kochi, Kerala, India
● Tagline : Your Perfect Banking Partner
Saloma Yomdo Appointed as Director (E&D) at Oil India Limited
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Important Monthly Current Affairs Capsule – July 2024
● Saloma Yomdo has assumed the position of Director (Exploration & Development) at Oil India
Limited (OIL).
About Oil India Limited :
● Founded : 18 February 1959
● Headquarters : Duliajan, Assam
● Chairman & MD : Dr. Ranjit Rath
● It is the country's oldest oil and gas company and is recognized as the youngest Maharatna
Central Public Sector Enterprise (CPSE) under the Government of India.
Kristen Michal Appointed as Estonia's New Prime Minister
● The Estonian parliament approved Climate Minister Kristen Michal as the Baltic country’s next
prime minister (PM).
● Michal received 64 votes in favour and 27 against in the Estonian parliament.
● He succeeds Kaja Kallas, who resigned on July 15, 2024 to become the European Union's new
chief diplomat.
● Kaja Kallas resigned as Prime Minister to take up a new role as the European Union’s chief
diplomat.
● Political Party:Both Michal and Kallas are from Estonia’s centrist Reform Party.
About Estonia :
● President :Alar Karis
● Capital : Tallinn
● Currency : Euro
Nita Ambani was Unanimously Re-elected as an International Olympic Committee Member for the Paris
Olympics 2024
● Nita Ambani, Founder of Reliance Foundation, has been re-elected unanimously as a member of
the International Olympic Committee (IOC) at the 142nd IOC session in Paris, ahead of the Paris
2024 Olympic Games.
● The Paris 2024 Olympic Games are scheduled to take place in Paris, France, from July 26 to
August 11, 2024.
About IOC :
● Established : 23 June 1894
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Important Monthly Current Affairs Capsule – July 2024
● Headquarters : Lausanne, Switzerland
● President : Thomas Bach
Bibhuti Bhusan Nayak was Elected as the New President of the Institute of Cost Accountants of India
● Bibhuti Bhusan Nayak has been elected as the 67th President of the Institute of Cost
Accountants of India (ICMAI) for the year 2024-2025.
● Nayak is Odisha's 3rd Cost Accountant to be elected to this esteemed position.
● TCA Srinivasa Prasad has been elected as the vice president of the Institute of Cost Accountants
of India for 2024-25
About ICMAI :
● Headquarters : Kolkata, West Bengal
● ICMAI was established as a statutory body on 28 May 1959 under the Cost and Works
Accountants Act, 1959.
Affiliations:
● The Institute comes under the Union Ministry of Corporate Affairs.
● It is a founding member of:
○ International Federation of Accountants (IFAC)
○ Confederation of Asian & Pacific Accountants (CAPA)
○ South Asian Federation of Accountants (SAFA)
Filmmaker Shekhar Kapur Appointed as Director of IFFI Festival
● Veteran filmmaker Shekhar Kapur, known for films such as "Mr India", "Bandit Queen" and
"Elizabeth", has been appointed festival director for the International Film Festival of India (IFFI).
● Mr. Kapur will head the festival, held annually in Goa, for the 55th and 56th editions, as
announced by the Information and Broadcasting Ministry.
Festival Details :
● Establishment and History: The International Film Festival of India (IFFI) was first organized by
the Films Division of the Government of India.
● The inaugural edition took place in Mumbai from January 24 to February 1, 1952.
● The festival was held under the patronage of India's first Prime Minister, Jawaharlal Nehru.
● IFFI 2023:In 2023, IFFI screened approximately 250 films from 78 countries.
● The festival hosted 23 masterclasses and in-conversation events.
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Important Monthly Current Affairs Capsule – July 2024
● Film Bazaar:The Film Bazaar, South Asia’s largest content market, runs alongside the festival,
organized by India’s National Film Development Corporation (NFDC), and will take place from
November 20-24, 2024.
About IFFI :
● Founded : 24 January 1952
● Location : Goa, India
● The IFFI is one of the film festivals in Asia.
● Held annually, currently in the state of Goa, on the western coast of the country.
President Droupadi Murmu Appoints New Governors for 9 States
● President Droupadi Murmu has appointed new Governors in 9 states and a new Lieutenant
Governor in Puducherry.
List of New Governors :
Name Previous Position New Appointment
Haribhau Kisanrao Bagde Former Maharashtra Governor of Rajasthan
Assembly Speaker
Jishnu Dev Varma Former Tripura Deputy Governor of Telangana
Chief Minister
Om Prakash Mathur Former Rajya Sabha MP Governor of Sikkim
Santosh Kumar Gangwar Former Union Minister Governor of Jharkhand
Ramen Deka Former Lok Sabha MP Governor of Chhattisgarh
from Assam
CH Vijayashankar Former Karnataka Governor of Meghalaya
Minister
CP Radhakrishnan Presently Governor of Governor of Maharashtra
Jharkhand
Gulab Chand Kataria Governor of Assam
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Important Monthly Current Affairs Capsule – July 2024
Governor of Punjab and
Administrator of the
Union Territory of
Chandigarh
Lakshman Prasad Governor of Sikkim Governor of Assam and
Acharya additional charge as
Governor of Manipur
K Kailashnathan Former IAS officer Lieutenant Governor of
Puducherry
Wales to Appoint Eluned Morgan as Its First Female First Minister Following Her Selection as Leader of
the Welsh Labour Party
● Wales is set to get its first female First Minister after Eluned Morgan was chosen to lead the
governing Welsh Labour Party.
● Ms Morgan will take charge following a confirmation vote in Wales’ parliament, the Senedd.
● Ms Morgan succeeds First Minister Vaughan Gething, who stepped down last week as party
leader amid acrimony and a campaign donation scandal.
About Wales :
● Capital : Cardiff
● Currency : Pound sterling
● Wales, which has a population of about three million, is one of four parts of the United Kingdom,
along with England, Scotland, and Northern Ireland.
Manoj Mittal Appointed as Chairman and Managing Director of Small Industries Development Bank of
India
● Manoj Mittal has been appointed as the Chairman and Managing Director (CMD) of the Small
Industries Development Bank of India (SIDBI) by the Government of India.
● He succeeds S Ramann, who joined SIDBI in April 2021 for a three-year term.
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Important Monthly Current Affairs Capsule – July 2024
HS Dhaliwal Named New Director General of Police of Andaman and Nicobar Islands
● The Ministry of Home Affairs (MHA) appointed senior IPS officer Hargobinder Singh Dhaliwal as
the new Director General of Police (DGP) of Andaman and Nicobar Islands.
● Before his appointment, he served as the Special Commissioner of Police in New Delhi,
overseeing traffic zone II.
About Ministry of Home Affairs :
● Cabinet Minister : Amit Shah
● Minister of State : Nityanand Rai, Bandi Sanjay Kumar,
About Andaman and Nicobar Islands :
● Lieutenant governor : Devendra Kumar Joshi
● Capital : Port Blair
MOUS AND AGREEMENT
BFI signs seven-year deal with ACG Sports for professional basketball league
• The Basketball Federation of India (BFI) has signed a seven-year deal with ACG Sports Limited,
securing Rs. 216.30 crore to host the National Star Basketball League for both men and women.
• The agreement allocates Rs. 20.6 crore annually for the 5x5 format and Rs. 10.3 crore for the
3x3 format.
• Duration: Seven years
• Total Financial Commitment: Rs. 216.30 crore
Airbus Wins $24 Billion Deal from Cebu Air for Over 150 Jets
• Cebu Pacific Air has announced a preliminary agreement with Airbus to purchase 152 single-
aisle jets, marking the largest jet purchase in Philippine history.
• The deal, valued at US$24 billion at list prices, includes 102 firm orders for Airbus A321neo jets.
• Cebu Pacific also has options for an additional 50 A321neo aircraft, reflecting the airline's growth
ambitions.
TCS Secures Title Partnership Deal with Sydney Marathon
• Tata Consultancy Services Ltd (TCS) shares saw a marginal rise after announcing a five-year
title partnership with the Sydney Marathon in Australia.
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Important Monthly Current Affairs Capsule – July 2024
• TCS has signed a significant deal to become the title partner of the Sydney Marathon, Australia's
largest and most prestigious race.
• The partnership aims to enhance the marathon's use of technology, sustainability, accessibility,
and charitable impact. It also supports running and wellbeing initiatives across Indigenous
Australia.
An MoU between Govt. of Haryana and NFSU, Gandhinagar was signed in Panchkula in the presence
of Union Home Minister Shri Amit Shah
• A Memorandum of Understanding (MoU) was signed between the Government of Haryana and
the National Forensic Science University (NFSU), Gandhinagar, in Panchkula, Haryana.
• The signing ceremony was attended by Union Home Minister and Minister of Cooperation, Shri
Amit Shah, along with other dignitaries including Union Minister Shri Manohar Lal and Chief
Minister of Haryana Shri Nayab Singh.
• This collaboration aims to enhance the criminal justice system in Haryana by leveraging the
expertise of NFSU.
Bangladesh Navy inks deal with Indias GRSE for 800-tonne ocean-going tug
• The Bangladesh Navy has finalized a significant contract with Indias Garden Reach
Shipbuilders and Engineers (GRSE) for an 800-tonne ocean-going tug, under a $500-million line
of credit extended by India for defence equipment purchases.
• The deal, worth approximately $21 million, was signed in Dhaka, facilitated by GRSE and the
Bangladesh Navys directorate general of defence purchases.
MoU Signed Between DPIIT and NCAER for Logistics Cost Assessment in India
• The Department for Promotion of Industry and Internal Trade (DPIIT), the Ministry of Commerce
& Industry, and the National Council of Applied Economic Research (NCAER) signed a
Memorandum of Understanding (MoU) in New Delhi.
• The agreement focuses on the Framework & Assessment of Logistics Costs in India, aiming to
streamline logistics expenses across various sectors.
• Framework Development: Create a detailed framework for assessing logistics costs in
India.Comprehensive Study: Conduct a thorough assessment of logistics costs for the year
2023-24.
BPCL has partnered with the Indian Olympic Association as Principal Sponsor for four years
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Important Monthly Current Affairs Capsule – July 2024
• Bharat Petroleum Corporation Limited (BPCL), a Maharatna and Fortune Global 500 company,
has proudly announced its role as the official Principal Partner of the Indian Olympic Association
(IOA) for four years, from the Paris Olympics in 2024 to the Los Angeles Olympics in 2028.
• Partnership Announcement: BPCL becomes the Principal Partner of the IOA for the Paris 2024
and Los Angeles 2028 Olympics.
• Support for Athletes: The partnership aims to honor and support Indian athletes, particularly
those from underprivileged backgrounds, underscoring BPCLs commitment to nurturing
sporting talent and fostering national unity.
Puma India Partners with the Indian Olympic Association for Paris 2024
• Puma India has been announced as the Official Footwear Partner for the Indian contingent to the
Paris Olympics.
• The partnership includes a large-scale outdoor campaign titled “See the Game Like We Do.”
• Over 100 Indian athletes will receive a range of Puma products, including podium and travel
footwear, trolleys, backpacks, sippers, yoga mats, headbands, wristbands, socks, and towels.
• These items are designed to maximize the athletes' training and comfort during the 2024
Summer Olympics.
AMD and IIT Bombay's SINE Collaborate to Develop Energy-Efficient Neural Network Chips
● AMD has announced a partnership with the Society for Innovation and Entrepreneurship (SINE)
at IIT Bombay.
● The collaboration aims to provide grants to startups incubated at IIT Bombay, focusing on
developing energy-efficient Spiking Neural Network (SNN) chips.
● Numelo Technologies has received the first grant to develop SNN chips using ultralow power
quantum tunnelling on silicon on insulator (SOI) technology.
NLC India plans ₹12,000 crore investment in new coal mine, shares hit record high
● NLC India has officially taken over the Machhakata coal mine in the Angul district of Odisha, a
strategic move set to potentially double the company’s coal and lignite production and Rs. 12,000
crore planned for the development of the coal mine.
● The development was formalized with the signing of a Coal Mine Development and Production
Agreement with the Ministry of Coal.
Financial Performance Overview
● 2023-24 Revenue:
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Important Monthly Current Affairs Capsule – July 2024
o Power Sales: ₹8,363 crore.
o Mining Operations: ₹7,902 crore.
● Profit Contributions:
o Mining Profit: ₹1,550 crore (56% of total net profit).
o Power Profit: ₹907 crore.
● Profit Margins:
o Mining: 19.61% of sales.
o Electricity: 10.8% of sales.
India’s Strategy to Boost Trade with Russia and Achieve $100 Billion Bilateral Trade Target by 2030
● India is focused on addressing non-tariff barriers (NTBs) and enhancing market access to
achieve a significant bilateral trade target with Russia, as outlined in recent high-level
discussions.
● Bilateral Trade Target:
o Goal: Achieve $100 billion in annual trade with Russia by 2030.
o Current Trade Volume: Approximately $65 billion in 2023-24.
o Focus: Increase Indian exports and address trade imbalances.
● Trade Imbalance:
o Issue: India’s exports to Russia amounted to around $4 billion in 2023-24, while imports were
about $61 billion.
NITI Aayog Unveils GearShift Challenge to Accelerate Zero-Emission Truck Adoption in India
● NITI Aayog, in collaboration with IIM Bangalore, Smart Freight Centre India, CALSTART/Drive to
Zero, and WRI India, has announced the launch of the NITI GearShift Challenge as part of the e-
FAST India initiative.
● This innovative hackathon aims to develop creative business models for the adoption of zero-
emission trucks (ZETs) in India, addressing both economic and environmental challenges.
Government Launches Skill India Digital To Revolutionize Skill Development For Indian Youth
● Union Minister Dharmendra Pradhan launched the Skill India Digital (SID) platform, marking a
significant advancement in India's approach to skill development, education, employment, and
entrepreneurship.
● Overview of Skill India Digital (SID)
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Important Monthly Current Affairs Capsule – July 2024
● Date of Launch: September 13, 2024
● Union Minister: Dharmendra Pradhan
● Objective: Enhance access to quality skill development, relevant opportunities, and
entrepreneurial support for every Indian.
● What is Skill India Digital (SID)?
SID is a comprehensive digital platform designed to harmonize and revolutionize the skills
landscape in India. It serves as a central hub for skill development, educational resources, job
opportunities, and entrepreneurial support.
● During the launch event, several Memorandums of Understanding (MoUs) were exchanged with
prominent organizations to advance digital skilling and enhance learner engagement:
Organization Purpose of Collaboration
AICTE Promote quality technical education and training.
CBSE Integrate skilling opportunities with school curricula.
NIELIT Enhance IT skills and digital literacy.
Infosys Provide industry-relevant skilling programs.
Microsoft Offer resources and support for digital skills.
AWS (Amazon) Facilitate cloud computing and digital infrastructure training.
RedHat Promote open-source technologies and training.
Wadhwani Foundation Support entrepreneurial initiatives and skill development.
UNICEF Foster educational and skill development programs for
youth.
Future Skills Prime Provide a range of future-ready skills training.
SAP Deliver enterprise software and business skills training.
Tech Mahindra Foundation Promote tech skills and industry readiness.
FlixBus Partners with Paytm to Expand Distribution Network
● Global travel tech firm FlixBus has entered into a strategic partnership with fintech major Paytm,
aimed at expanding its distribution network and enhancing its reach in the travel industry.
● This collaboration will enable customers to book FlixBus tickets directly through the Paytm app.
● Availability of FlixBus Tickets: Customers can now purchase FlixBus tickets via the Paytm app,
providing a convenient and seamless booking experience.
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Important Monthly Current Affairs Capsule – July 2024
AWS India Supports Tamil Nadu Technology Hub to Launch Generative AI Startup Program
● Amazon Web Services (AWS) India Private Limited announced its support for the Tamil Nadu
Technology (iTNT) Hub to launch a new generative Artificial Intelligence (AI) startup hub program.
● This initiative focuses on accelerating the development of generative AI solutions for public-centric
initiatives through the startup ecosystem in Tamil Nadu.
● The program aims to enable startups to collaborate with the industry to develop public sector-
focused solutions using generative AI.
● It will specifically target sectors such as government, healthcare, education, and non-profit
organizations operating in the AI, generative AI, and deep-tech spaces.
● The initiative was announced during the 'Generative AI Startup–Venture Capital' mixer event held by
AWS and iTNT Hub in Chennai.
Tripartite Agreement on Cross-Border Electricity Trade Among Nepal, India and Bangladesh
● A long-anticipated agreement among Nepal, India, and Bangladesh for cross-border electricity
trade is nearing completion.
● This agreement will facilitate the import of electricity from Nepal to Bangladesh via India
transmission lines.
CBDT Signs Multi-Year Contract with Bharti Airtel for Taxnet-2.0
● The Central Board of Direct Taxes (CBDT) has signed a multi-year agreement with Bharti Airtel
to provide network and connectivity solutions for its Taxnet-2.0 programme.
● This contract extends Bharti Airtel's role as the network partner for CBDT, continuing from its
involvement in the previous Taxnet-1.0 programme, which began in 2008.
● Objective: The Taxnet-2.0 programme aims to modernize the system for collecting, processing,
monitoring, and accounting direct taxes, enhancing efficiency and security.
Ukraine Signs Security Agreements With Slovenia, Czech Republic
● Ukrainian President Volodymyr Zelenskiy and Slovenian Prime Minister Robert Golob signed a
comprehensive agreement on security cooperation and support between their countries.
● The agreement is set for 10 years.
● Slovenia has already delivered 13 packages of military aid to Ukraine and plans to continue this
level of support.
● Ukraine has signed a total of 25 bilateral security agreements with various countries.
MoU Between Rashtriya Raksha University and NSE International Exchange
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Important Monthly Current Affairs Capsule – July 2024
● A memorandum of understanding (MoU) was signed between the Gandhinagar-based Rashtriya
Raksha University (RRU) and the NSE International Exchange (NSE IX) to cooperate in the field
of economic and financial security.
● Signatories:
o National Stock Exchange Chief Executive Officer Ashish Kumar Chauhan
o Managing Director and CEO of NSE IX Bala V
o Pro-Vice Chancellor of RRU Prof Kalpesh H Wandra
o University Registrar Shishir Kumar Gupta
IOA Partners with Bharat Petroleum as Principal Sponsor for Team India
● The Indian Olympic Association (IOA) has announced Bharat Petroleum Corporation Limited
(BPCL) as the principal sponsor for Team India.
● This collaboration, starting with the Paris Olympics and lasting until the 2028 Los Angeles
Olympics, is aimed at supporting Indian athletes in their quest for excellence.
● BPCL, a Maharatna and Fortune Global 500 company, will be the principal sponsor for Team
India for four years.
● The partnership begins with the Paris Olympics and continues to the 2028 Los Angeles
Olympics.
WIPO and AIM Collaborate to Boost Innovation and IP in Global South
● A high-level delegation from the World Intellectual Property Organization (WIPO), including
Executive Director Mr. Sherif Saadallah and Head Ms. Altaye Tedla, visited NITI Aayog to sign a
Joint Letter of Intent (JLoI) with the Atal Innovation Mission (AIM).
● This collaboration aims to build programs for Innovation, Entrepreneurship, and Intellectual
Property (IP) for countries in the Global South.
C-DOT Collaborates with IIT Roorkee and IIT Mandi for the Development of 'Cell-Free' 6G Access
Points
● The Centre for Development of Telematics (C-DOT), a premier Telecom R&D centre under the
Department of Telecommunications (DoT), Government of India, has signed an agreement with the
Indian Institute of Technology Roorkee (IIT Roorkee) and the Indian Institute of Technology Mandi
(IIT Mandi) for the development of ‘Cell-Free’ 6G Access Points.
● This initiative is supported by the Telecom Technology Development Fund (TTDF) scheme.
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Important Monthly Current Affairs Capsule – July 2024
● The collaboration aims to develop 'Cell-Free' Massive MIMO (multiple-input and multiple-output)
technology to enable the upcoming 6G radio access networks.
Philippines and Singapore Sign Defence Pact to Enhance Military Cooperation
● The Philippines and Singapore are set to sign a Defence Cooperation Agreement.
● The agreement aims to broaden military engagement between the two nations.
● The pact includes provisions for joint military exercises.
● Focus areas include preparedness for humanitarian emergencies and other contingencies.
KisanKraft Expands Operations to Tanzania with ₹100 Crore Investment
● KisanKraft Limited, a Bengaluru-based farm equipment manufacturer, is expanding its operations to
Tanzania in East Africa.
● The company signed a Memorandum of Understanding (MoU) with the Ministry of Agriculture of the
United Republic of Tanzania to support agricultural development.
India and U.S. Sign Cultural Property Agreement to Protect Heritage
● India and the U.S. signed a cultural property agreement that aims to enhance cooperation to protect
the cultural heritage of both countries.
● The agreement aims to prevent the illegal trade of cultural property.
● It simplifies the process of returning looted and stolen antiquities to their country of origin.
Key Signatures:
o Signed by U.S. Ambassador to India Eric Garcetti and Union Culture Secretary Govind
Mohan.
o The signing ceremony was attended by Minister of Culture Gajendra Singh Shekhawat.
RANKING AND REPORTS
Hong Kong, and Singapore most expensive cities to live in the world
• Mercer's Cost of Living City rankings for 2024 reveal that Hong Kong, Singapore, and Zurich
remain the world's most expensive cities for expatriates.
• Conversely, cities like Islamabad, Lagos, and Abuja are among the cheapest.
• Mumbai: Highest ranked Indian city at 136th place.
• Delhi: Moved up 4 spots to 165th place.
• Other Indian cities include Chennai (189), Bengaluru (195), Hyderabad (202), Pune (205), and
Kolkata (207).
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Important Monthly Current Affairs Capsule – July 2024
• Most Expensive Cities in the World:
1. Hong Kong
2. Singapore
3. Zurich
4. Geneva
5. Basel
6. Bern
7. New York
8. London
9. Nassau
10. Los Angeles
• Least Expensive Cities in the World:
1. Abuja, Nigeria (226)
2. Lagos, Nigeria (225)
3. Islamabad, Pakistan (224)
4. Bishkek, Kyrgyzstan (223)
5. Karachi, Pakistan (222)
6. Blantyre, Malawi (221)
7. Dushanbe, Tajikistan (220)
8. Durban, South Africa (219)
9. Windhoek, Namibia (218)
10. Havana, Cuba (217)
UP, West Bengal, Maharashtra had highest share of informal sector enterprises in 2022-23
• Uttar Pradesh, West Bengal, and Maharashtra had the highest share of informal sector
enterprises in both rural and urban areas in 2022-23.
• Uttar Pradesh led with a 13.83% share, up from 12.99% the previous year.
• West Bengal was second with a 12.04% share, a slight decrease from 12.31% in 2021-22.
• Maharashtra’s share increased to 9.37% from 8.81% during the same period.
• Post-Pandemic Trends:
• The share of informal sector enterprises decreased in some states such as Gujarat, Haryana,
Karnataka, Kerala, Madhya Pradesh, Tamil Nadu, and West Bengal in 2022-23.
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Important Monthly Current Affairs Capsule – July 2024
Mcap of 8 of top-10 most-valued firms jumps Rs 1.83 lakh crores; TCS, Infosys biggest gainers
• Eight of India's top-10 most valued companies saw a significant increase in their market
valuations, collectively adding Rs 1,83,290.36 crore.
• This surge aligned with a notable rally in equities, where the BSE benchmark index climbed
963.87 points or 1.21%.
• Biggest Gainers:
• Tata Consultancy Services (TCS)
o Added Rs 38,894.44 crore
o New Valuation: Rs 14,51,739.53 crore
• Infosys
o Added Rs 33,320.03 crore
o New Valuation: Rs 6,83,922.13 crore
Current Top Valued Firms:
• Reliance Industries
• TCS
• HDFC Bank
• ICICI Bank
• Bharti Airtel
• State Bank of India
• Infosys
• LIC
• Hindustan Unilever
• ITC
India ranks fifth in GenAI innovations, China leads
• India ranks fifth globally in Generative AI (GenAI) innovations, behind China, the US, the
Republic of Korea, and Japan.
• Despite its position, India has shown the highest annual growth rate in GenAI patent publications,
highlighting significant potential for economic impact.
Global Rankings and Patent Data:
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Important Monthly Current Affairs Capsule – July 2024
• China: 38,210 patents
• United States: 6,276 patents
• Republic of Korea: 4,155 patents
• Japan: 3,409 patents
• India: 1,350 patents (2014-2023)
Kerala Tops NITI Aayog’s SDG India Index 2023-24, Sharing Spot with Uttarakhand
• Kerala and Uttarakhand secured the top spot in the SDG India Index 2023-24 with a composite
score of 79 points.
• Kerala excelled in ‘zero hunger’ and quality education, ranked second in climate action, and third
in gender equality and ‘industry, innovation, and infrastructure.’
• Both states are recognised as ‘achievers’ in affordable and clean energy.
• Top and Bottom States:
o Following Kerala and Uttarakhand, Tamil Nadu (78) and Goa (77) were among the top-
performing states.
o Bihar (57), Jharkhand (62), and Nagaland (63) were the lowest-performing states.
Kantar’s Brand Inclusion Index 2024: Insights on Diversity, Equity, and Inclusion (DEI) in Brand
Perception
● According to Kantar’s Brand Inclusion Index 2024, a significant majority of global consumers are
influenced by a brand’s diversity and inclusion (DEI) reputation when making purchasing decisions.
● The report highlights notable findings on how DEI affects consumer behaviour and identifies leading
brands in promoting these values.
Key Findings from the Report
● Global Perspective on DEI:
o 75% of global consumers consider a brand’s DEI reputation as a crucial factor in their
purchasing decisions.
● DEI Experiences in India:
o 68% of Indians report experiencing discrimination, mostly in commercial settings and
brand interactions.
o This figure is notably higher than the 46% global average.
● Top Inclusive Brands in India
Rank Brand Category
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Important Monthly Current Affairs Capsule – July 2024
1 Google Technology
2 Tata Motors Automotive
3 Amazon E-commerce
4 Jio Telecommunications
5 Apple Technology
● Top Inclusive Brands Globally
Rank Brand Category
1 Google Technology
2 Amazon E-commerce
3 Nike Sportswear
4 Dove Personal Care
5 McDonald’s Fast Food
India's Progress in Forest Protection and Global Context
● According to the Food and Agriculture Organization (FAO), India makes the third country in the
world in terms of forest area growth.
● India has made great progress in protecting forests. From 2010 to 2020, 266,000 hectares of
new forest will be added each year.
● Global Ranking: Third in forest area growth according to the Food and Agriculture Organization
(FAO).
Top Countries for Forest Area Gains:
1. China: 1,937,000 hectares
2. Australia: 446,000 hectares
3. India: 266,000 hectares
4. Others in the Top Ten: Chile, Vietnam, Turkey, United States, France, Italy, Romania.
About the Food and Agriculture Organization (FAO)
● Established: 1945
● Members: 194 countries and the European Union.
● Headquarters: Rome, Italy.
● UN Specialized Agency: Focused on defeating hunger and improving food security.
Parle Tops Kantar's Brand Footprint Report for 12th Consecutive Year
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Important Monthly Current Affairs Capsule – July 2024
● Parle continues to be the most chosen in-home brand according to Kantar's Brand Footprint
Report.
● With a Consumer Reach Points (CRP) score of 7980 million, Parle holds the top spot for the 12th
consecutive year.
1. Top Five In-Home Brands:
o Following Parle, the other top brands include:
▪ Britannia
▪ Amul
▪ Clinic Plus
▪ Tata Consumer Products
2. CRP Increase:
o Overall, Consumer Reach Points (CRPs) have increased by 33% in the last five years.
3. Rising Penetration:
o Seven brands in the top 25 in-home rankings have seen more than 20% penetration increase
over the last decade. These brands are:
▪ Britannia
▪ Surf Excel
▪ Sunfeast
▪ Haldiram’s
▪ Patanjali
▪ Brooke Bond
▪ Vim
o Assessment Criteria: The Index evaluates the performance of states and UTs across 16
SDGs using 113 indicators aligned with national priorities.
o Scoring:
▪ Range: Scores range from 0-100, with higher scores indicating greater progress.
▪ Categories:
1. Aspirant: 0–49
2. Performer: 50–64
3. Front-Runner: 65–99
4. Achiever: 100
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Important Monthly Current Affairs Capsule – July 2024
▪ Top Performers:
1. Kerala and Uttarakhand emerged as the best-performing states, each scoring
79 points.
▪ Lowest Performer:
1. Bihar scored the lowest with 57 points, followed by Jharkhand at 62 points.
▪ Front-Runner States:
1. 32 states and UTs are in the front-runner category.
2. 10 new entrants include Arunachal Pradesh, Assam, Chhattisgarh, and Uttar
Pradesh.
ACQUISITION AND MERGERS
Competition Commission of India Clears Sale of WeWork's Entire 27.5% Stake in Indian Unit to Real
Trustee Advisory Company
• The Competition Commission of India (CCI) approved American co-working space firm
WeWorks entire 27.5% stake in its India unit to be sold to Real Trustee Advisory Company.
• Deal Structure:The deal involves a two-step process where WeWork Inc and Embassy Group will
collectively sell About 40% stake in the Indian co-working unit.
• This transaction will result in WeWork exiting the Indian market.
About CCI:
• Establishment: October 14, 2003.
• Headquarters: New Delhi, India.
• Chairman: Ravneet Kaur.
• Role: Chief national competition regulator, statutory body under the Ministry of Corporate Affairs,
enforces the Competition Act, 2002 to promote competition and prevent anti-competitive
activities.
Life Insurance Corporation of India Increases Stake in IDFC First Bank to 2.68% at
₹80.63/Share Through Private Placement Offer
• The Life Insurance Corporation of India (LIC) shareholding in IDFC First Bank increased after the
insurer acquired 18,60,34,900 shares at ₹80.63 apiece in a private placement offer by the lender.
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Important Monthly Current Affairs Capsule – July 2024
• The shareholding increased from 0.20% of the pre-issue paid-up capital to 2.68% of the post-
issue paid-up capital.
• LIC received the highest allocation of shares in this private placement.
About IDFC FIRST Bank :
• Founded : October 2015
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : V. Vaidyanathan
• It is an Indian private sector bank formed by the merger of the banking arm of Infrastructure
Development Finance Company and Capital First, an Indian non-bank financial institution.
About LIC :
• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Siddhartha Mohanty
Life Insurance Corporation of India Partners with IDFC First Bank for Corporate Agency Arrangement
● Life Insurance Corporation of India (LIC) has entered into a tie-up with IDFC First Bank Limited
under a corporate agency arrangement.
● This arrangement will facilitate over 1 crore customers of IDFC First Bank to buy LIC policies
online via the bank's website.
● Aim : To increase bancassurance contributions and provide life insurance coverage to all by
2047.
● Corporate Agent (Life): A Corporate Agent registered as a Corporate Agent (Life) can have tie-
ups with up to three life insurers.
About IDFC FIRST Bank :
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Mr. V Vaidyanathan
● IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of
Infrastructure Development Finance Company and Capital First, an Indian non-bank financial
institution.
● In 2014, the Reserve Bank of India granted in-principle approval to IDFC Limited to set up a new
bank in the private sector.
About LIC :
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Important Monthly Current Affairs Capsule – July 2024
● Founded : 1 September 1956
● Headquarters : Mumbai, Maharashtra
● Chairperson : Siddhartha Mohanty
ONGC Videsh to Acquire Stake in Azerbaijan's ACG Oil Field
● ONGC Videsh Limited, the overseas investment arm of state-owned Oil and Natural Gas
Corporation (ONGC), has signed a Sale Purchase Agreement (SPA) to acquire:
➢ 0.615% Participating Interest (PI) in the Offshore Azeri Chirag Gunashli (ACG) oil field in
Azerbaijan from Equinor.
➢ 0.737% shares in the Baku-Tbilisi-Ceyhan (BTC) pipeline company through its wholly-
owned subsidiary, ONGC BTC.
● The total investment for these acquisitions is up to USD 60 million.
About ONGC :
● Founded : 14 August 1956
● Headquarters : New Delhi, Delhi, India
● Chairman & CEO : Arun Kumar Singh
● The ONGC is an Indian central public sector undertaking under the ownership of the Ministry of
Petroleum and Natural Gas, Government of India.
Competition Commission of India Approves Dixon Technologies' Acquisition of Up to 56% Stake in
Ismartu India Private Limited
● The Competition Commission of India (CCI) has approved the acquisition of up to 56%
shareholding of Ismartu India Private Limited (Target) by Dixon Technologies (India) Limited
(Acquirer).
About CCI :
● Established : 14 October 2003
● Headquarters : New Delhi, Delhi, India
● Chairman : Ravneet Kaur
● The CCI is the chief national competition regulator in India.
● It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the
Competition Act, 2002.
CCI Approves Platinum Poppy's Acquisition of Ordinary Shares in Berhyanda and Berhyanda MidCo
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Important Monthly Current Affairs Capsule – July 2024
● The Competition Commission of India (CCI) has approved the acquisition, inter alia, of ordinary
shares of Berhyanda Limited (Berhyanda) and Berhyanda MidCo Limited (Berhyanda MidCo) by
Platinum Poppy C 2024 RSC Limited (Platinum Poppy).
● Proposed Combination:Involves acquisition of ordinary shares and extension of shareholder debt
to Berhyanda and Berhyanda MidCo by Platinum Poppy.
● Platinum Poppy will gain an indirect non-voting economic interest in Suven Pharmaceuticals
Limited (Suven) through this acquisition, as Berhyanda holds 50.1% of Suven's shareholding.
CCI Approves Sandur Manganese & Iron Ores and BAG Holdings' Indirect Controlling Acquisition of
Arjas Steel and Arjas Modern Steel
● The Competition Commission of India (CCI) has approved the indirect controlling acquisition of
Arjas Steel Private Limited (ASPL) and Arjas Modern Steel Private Limited (AMSPL) by The
Sandur Manganese & Iron Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL).
EQT Private Capital Asia Sells Full Stake in RBL Bank for ₹1,091 Crore
● EQT Private Capital Asia, formerly known as Baring Private Equity Asia, exited RBL Bank by
selling its entire 7.89% stake in the private sector lender for Rs 1,091 crore through an open
market transaction.
● EQT Private Capital Asia through its vehicle Maple II BV sold shares of RBL Bank through a bulk
deal on the BSE.
● A total of 4,78,40,700 shares were sold at an average price of Rs 228.08 per share, totalling Rs
1,091.15 crore.
About EQT Private Capital Asia :
● Founded : 1997
● Headquarters : Hong Kong
● Founder : Jean Salata
About RBL Bank, formerly known as Ratnakar Bank Limited :
● Founded : August 1943
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : R Subramaniakumar
UltraTech to Acquire Additional 32.72% Stake in India Cements for ₹3,954 Crore
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Important Monthly Current Affairs Capsule – July 2024
● Aditya Birla group-owned UltraTech entered into a share purchase agreement with the promoters
and their associates of India Cements Limited to purchase 10,13,91,231 equity shares or 32.72%
stake for ₹390 apiece totalling to ₹3,954 crore, subject to regulatory approvals.
● In June,2024 UltraTech acquired 7,05,64,656 equity shares (22.77% stake) at ₹268 per share.
● Following this acquisition, UltraTech’s total stake in India Cements will increase to 55.49%.
About UltraTech Cement Limited :
● Founded : 1983
● Headquarters : Mumbai, Maharashtra, India
● Managing Director : K. C. Jhanwar
DEFENCE NEWS
Indian Army Contingent Departs for Joint Military Exercise Maitree with Thailand
• The Indian Army contingent departed for the 13th edition of India- Thailand joint military Exercise
MAITREE.
• The exercise is scheduled to be conducted from 1st to 15th July 2024 at Fort Vachiraprakan in
Tak Province of Thailand.
• Exercise MAITREE is an annual training event which has been conducted alternatively in
Thailand and India since 2006.
• Last edition of the exercise was conducted at Umroi, Meghalaya in September 2019.
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
• Defence Secretary : Giridhar Aramane
About Indian Army :
• Headquarters : New Delhi, Delhi
• Chief of Defence Staff : GeneralAnil Chauhan
• Chief of the Army Staff : GeneralUpendra Dwivedi
• Vice Chief of the Army Staff : Lieutenant GeneralN. S. Raja Subramani
Indian Air Force Chief Air Chief Marshal V R Chaudhari Inaugurates Newly Established Weapon
Systems School in Hyderabad
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Important Monthly Current Affairs Capsule – July 2024
• Indian Air Force (IAF) Chief Air Chief Marshal V.R. Chaudhari inaugurated the newly established
Weapon Systems School (WSS) at Air Force Station Begumpet, Hyderabad.
• This follows the approval for the creation of a new Weapon System (WS) branch in 2022.
• The WS branch comprises 4 streams:
About IAF :
• Headquarters : New Delhi, Delhi, India
• Chief of Defence Staff (CDS) : General Anil Chauhan
• Chief of the Air Staff (CAS) : Air Chief Marshal Vivek Ram Chaudhari
India-Mongolia Joint Military Exercise 'Nomadic Elephant' Commences in Meghalaya
• The 16th edition of India-Mongolia Joint Military Exercise NOMADIC ELEPHANT commenced
today, at Foreign Training Node, Umroi (Meghalaya).
• The Exercise is scheduled to be conducted from 03rd to 16th July 2024.
• Indian contingent: Represented by a Battalion of Sikkim Scouts comprising 45 personnel, along
with personnel from other arms and services.
• Mongolian contingent: Represented by personnel from the 150 Quick Reaction Force Battalion of
the Mongolian Army.
About Mongolia :
• President : Ukhnaagiin Khürelsükh
• Prime Minister : Luvsannamsrain Oyun-Erdene
• Capital : Ulaanbaatar
• Currency : Tögrög
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
• Defence Secretary : Giridhar Aramane
Indo-Russian joint venture delivers 35,000 AK-203 assault rifles to Ministry of Defence: Rostec
• The Indo-Russian Rifles Private Limited (IRRPL), a joint venture (JV) between India & Russia,
has produced and transferred 35,000 Kalashnikov AK-203 assault rifles to the Indian Ministry of
Defence, Rostec state corporation of Russia announced.
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Important Monthly Current Affairs Capsule – July 2024
• Of the delivered rifles, 10,000 have been handed over to units, and inspection of the remaining
25,000 is complete, with delivery to troops imminent.
• Type: The AK-203 is a Russian gas-operated, magazine-fed, select-fire assault rifle.
• Cartridge: It is designed to chamber the 7.62×39mm cartridge.
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
• Defence Secretary : Giridhar Aramane
About Russia :
• President : Vladimir Putin
• Prime Minister : Mikhail Mishustin
• Capital : Moscow
• Currency : Ruble
Annual Defence Production Reaches Record High of Approximately Rs 1.27 Lakh Crore in FY 2023-24
• The Ministry of Defence (MoD) has achieved the highest-ever growth in indigenous defence
production in value terms during Financial Year (FY) 2023-24, on the back of the successful
implementation of the policies and initiatives of the Government, led by Prime Minister Shri
Narendra Modi, focusing on achieving Atma Nirbharta Or self-reliance.
• Growth in Defence Production:As per the data received from all Defence Public Sector
undertakings (DPSUs), other public sector units (PSUs) manufacturing defence items and
private companies, the value of defence production in the country has gone up to a record-high
figure i.e., Rs 1,26,887 crore, reflecting a growth of 16.7% over the defence production of the
previous financial year.
• The value of defence production in FY 2022-23 was Rs 1,08,684 crore.
Defence Research and Development Organisation Introduces Indigenous Light Tank Named Zorawar
• The Defence Research & Development Organization (DRDO) unveiled the "Zorawar" Light Tank
at its facility in Hazira, Gujarat to propel indigenization and modernization efforts of the Indian
armed forces.
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Important Monthly Current Affairs Capsule – July 2024
• Collaboration and Development:The Light Tank was developed as a public-private venture with
DRDO collaborating with Larsen & Toubro (L&T).
• The 25-ton vehicle was designed and developed in a record time of 2 years.
• Strategic Need:The need for light tank platforms was identified during the Galwan Valley standoff
with Chinese military forces.
About DRDO :
• Formed : 1958
• Headquarters : New Delhi,India
• Chairman : Sameer V. Kamat
• The DRDO is an agency under the Department of Defence Research and Development in the
Ministry of Defence of the Government of India.
Indian Air Force Participates in Exercise Pitch Black 2024 in Darwin, Australia
• An Indian Air Force (IAF) contingent landed at the Royal Australian Air Force (RAAF) Base
Darwin, Australia for participating in Exercise Pitch Black 2024.
• The exercise is scheduled to be conducted from 12 July 24 to 02 August 24 (3 Week), and is a
biennial, multi- national exercise hosted by the RAAF.
• Enhance force integration among participating nations.
• Exercise Pitch Black 2022 was hosted by the Royal Australian Air Force (RAAF) and took place
from August 19 to September 8, 2022, in Darwin, Australia.
About Ministry of Defence :
• Cabinet Minister : Rajnath Singh
• Minister of State : Sanjay Seth
India releases fresh ‘positive indigenisation list’ to boost domestic defence manufacturing
● India announced a fresh list of 346 military hardware items, including “strategically important”
systems and weapons, that will only be procured from state-run domestic manufacturers after a
ban on their import kicks in under a staggered timeline.
● The defence ministry stated that over 12,300 items have been indigenised in the last three years
to boost domestic defence industries.
● The fifth positive indigenisation list comprising 346 items has been notified, and these items will
be produced by the defence public sector undertakings (DPSUs).
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Important Monthly Current Affairs Capsule – July 2024
About Ministry of Defence:
● Formed: 15 August 1947
● Jurisdiction: Government of India
● Headquarters: New Delhi
● Minister of Defence: Rajnath Singh
Deputy Minister responsible: Sanjay Seth, Minister of State for Defence
Indian Navy Rescues 9 Crew Members, Including 8 Indians, from Capsized Oil Tanker Off Oman Coast
● The Indian Navy’s warship INS Teg rescued 9 crew members, including 8 Indians, who went
missing after an oil tanker capsized off the coast of Oman.
● The navy warship has been deployed for Search and Rescue assistance for the capsized oil
tanker.
● INS Teg and a P-8I maritime patrol aircraft have been deployed for the search and rescue
operation.
About INS Teg:
● INS Teg (F45) is the first of three guided missile frigates of the modified INS Talwar-class.
● Built by Russian shipyard Yantar under Project-17 A.
● Other frigates in the class are INS Tarkash and INS Trikand.
● Commissioned into the Indian Navy on 27 April 2012.
About Indian Navy :
● Headquarters : New Delhi, Delhi
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Naval Staff : Admiral Dinesh K Tripathi
Indian Army Troops Depart for Multinational Military Exercise Khaan Quest
● The Indian Army contingent departed for the Multinational Military Exercise KHAAN QUEST.
● The exercise is scheduled to be conducted from 27th July to 9th August 2024 at Ulaanbaatar,
Mongolia.
● Aim of Exercise : To prepare the Indian Armed Forces for peacekeeping missions while operating
in a multinational environment, thereby increasing interoperability and military readiness in peace
support operations under Chapter VII of United Nations Charter.
Note :
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Important Monthly Current Affairs Capsule – July 2024
● Last edition of Exercise KHAAN QUEST was conducted in Mongolia from 19th June to 2nd July
2023.
● The exercise first started as a bilateral event between USA and Mongolian Armed Forces in the
year 2003.
About Mongolia :
● President : Ukhnaagiin Khürelsükh
● Prime Minister : Luvsannamsrain Oyun-Erdene
● Capital : Ulaanbaatar
● Currency : Tögrög
Goa Shipyard Unveils 1st Indigenous Advanced Frigate “Triput” For Indian Navy
● Goa Shipyard Limited (GSL) launched the first indigenous P1135.6 Frigate named Triput.
● The launch signifies a step forward for India’s naval capabilities and the 'Aatmanirbhar Bharat'
(self-reliant India) strategy.
● The ship's name, Triput, symbolizes the Indian Navy's indomitable spirit and striking capability
● The contract for building two Triput class Advance Frigates was signed between the Ministry of
Defence and Goa Shipyard Limited on 25 Jan 19.
● The ship’s construction phases include a plate-cutting ceremony on September 20, 2020, and
keel laying on January 29, 2021.
About Goa Shipyard Limited :
● Established : 1957
● Headquarters : Vasco da Gama, Goa
● Chairman & MD : Brajesh Kumar Upadhyay
SCIENCE & TECHNOLOGY
Indian Solar Mission Aditya-L1 Achieves 1st Halo Orbit Around Sun-Earth L1 Point
• Indias first solar mission, the Aditya-L1 spacecraft, completed its first halo orbit around the
Sun-Earth L1 point.
• Indian Space Research Organisation (ISRO) stated its station-keeping (SK) manoeuvre ensured
its seamless transition into the second halo orbit.
• To ensure the satellite remains in its designated orbit, stationkeeping manoeuvres are performed
to make adjustments and compensate for these perturbations.
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Important Monthly Current Affairs Capsule – July 2024
About ISRO :
• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath
Indian Space Research Organisation Selects 2 Gaganyaan Astronauts for International Space Station
Mission Under Axiom-4
• As a part of the Axiom-4 mission, the Indian Space Research Organisation (ISRO) has
shortlisted two of its four trained Gaganyaan astronauts to travel to the International Space
Station (ISS).
• Axiom Mission 4 (or Ax-4) is a private spaceflight to the ISS.
• It is operated by Axiom Space and uses a SpaceX Crew Dragon spacecraft.
• The flight is in collaboration with NASA and will be the 4th flight of Axiom Space after Axiom
Mission 1, Axiom Mission 2 and Axiom Mission 3.
About International Space Station (ISS) :
• The ISS is a modular space station launched in 1998.
• The ISS is the largest space station ever built.
• Its primary purpose is to perform microgravity and space environment experiments.
• It is a collaborative project involving 5 space agencies:
• National Aeronautics and Space Administration (NASA) - USA
• Roscosmos State Corporation for Space Activities - Russia
• Japan Aerospace Exploration Agency (JAXA) - Japan
• European Space Agency (ESA) - Europe
• Canadian Space Agency (CSA) - Canada
Indian Space Research Organisation Selects 2 Gaganyaan Astronauts for International Space Station
Mission Under Axiom-4
• As a part of the Axiom-4 mission, the Indian Space Research Organisation (ISRO) has
shortlisted two of its four trained Gaganyaan astronauts to travel to the International Space
Station (ISS).
• Axiom Mission 4 (or Ax-4) is a private spaceflight to the ISS.
• It is operated by Axiom Space and uses a SpaceX Crew Dragon spacecraft.
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Important Monthly Current Affairs Capsule – July 2024
• The flight is in collaboration with NASA and will be the 4th flight of Axiom Space after Axiom
Mission 1, Axiom Mission 2 and Axiom Mission 3.
About International Space Station (ISS) :
• The ISS is a modular space station launched in 1998.
• The ISS is the largest space station ever built.
• Its primary purpose is to perform microgravity and space environment experiments.
• It is a collaborative project involving 5 space agencies:
• National Aeronautics and Space Administration (NASA) - USA
• Roscosmos State Corporation for Space Activities - Russia
• Japan Aerospace Exploration Agency (JAXA) - Japan
• European Space Agency (ESA) - Europe
• Canadian Space Agency (CSA) - Canada
Chinese Geologists Discover Two New Niobium-Scandium Minerals, Oboniobite and Scandio-fluoro-
eckermannite, in Northern China
• Chinese geologists have discovered two new niobium-scandium minerals named Oboniobite and
Scandio-fluoro-eckermannite.
• The discovery was made at the Bayan Obo deposit in the Inner Mongolia Autonomous Region.
• Institutions Involved:The discovery was announced by the Chinese Academy of Sciences (CAS).
• It was a collaborative effort involving the CAS Institute of Geology and Geophysics, Inner
Mongolia Baotou Steel Union Company., Limited., Baotou Research Institute of Rare Earths, and
Central South University.
About Chinese Academy of Sciences :
• Established : 1 November 1949
• Location : Beijing, China
• President : Hou Jianguo
• The CAS is the national academy for natural sciences and the highest consultancy for science
and technology of the People's Republic of China.
NASA's CHAPEA Mission Completes First Year-Long Mars Simulation with Crew Emerging from 3D-
Printed Habitat
● National Aeronautics and Space Administration's (NASA's) ambitious Crew Health and
Performance Exploration Analog (CHAPEA) mission concluded its first year-long Mars
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Important Monthly Current Affairs Capsule – July 2024
simulation, with four crew members emerging from their 1,700-square-foot 3D-printed habitat at
Johnson Space Center in Houston.
● Primary goal of CHAPEA : To assess human health and performance under conditions that
closely mimic those on Mars.
Habitat Details:
● Size and Construction: The crew lived in a 1,700-square-foot 3D-printed habitat called "Mars
Dune Alpha."
● Location: Situated at Johnson Space Center in Houston, Texas.
● Simulation Environment: Featured simulated Martian soil and a backdrop of red, rocky cliffs for
an immersive experience.
● Crew Members:
➢ Kelly Haston: Team leader and research scientist.
➢ Anca Selariu: US Navy microbiologist.
➢ Ross Brockwell: Structural engineer.
➢ Nathan Jones: Emergency medicine physician.
➢ Future Missions : Two more CHAPEA missions are scheduled for 2025 and 2026.
➢ NASA aims to send astronauts to Mars by the 2030s.
About NASA :
● Established : July 29, 1958
● Headquarters : Washington, D.C, United States of America
● Administrator : Bill Nelson
Indian Scientists Develop Open-Source Tool for Generating Infrared Star Catalogue for Thirty Meter
Telescope
● Indian scientists have created an open-source tool designed to generate an infrared star
catalogue for the Adaptive Optics System (AOS) of the Thirty Meter Telescope (TMT).
● This advancement is crucial for the telescope’s ability to generate sharper astronomical images.
● The Thirty Meter Telescope (TMT) is a revolutionary class of extremely large telescopes that will
enable us to explore deeper into space and observe cosmic objects with unparalleled sensitivity.
● This is an ambitious international project involving India, the United States, Canada, China, and
Japan that aims to significantly advance our understanding of the universe.
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Important Monthly Current Affairs Capsule – July 2024
● It is a next-generation astronomical observatory designed to provide unprecedented resolution
and sensitivity with its massive 30-meter primary mirror, advanced adaptive optics system, and
state-of-the-art instruments.
● The TMT will feature instruments such as the Infrared Imaging Spectrometer (IRIS) and the
Wide-Field Optical Spectrograph (WFOS).
● India’s Contribution:Indian participation includes three key institutes: Indian Institute of
Astrophysics (IIA), Bengaluru; Inter-University Center for Astronomy and Astrophysics (IUCAA),
Pune; and Aryabhatta Research Institute for Observational Sciences (ARIES), Nainital.
Missy Elliott’s ‘The Rain’: NASA beams 1st hip-hop song to Venus in 14 mins
● Lyrics for Missy Elliot’s song “The Rain (Supa Dupa Fly)” were transmitted from the DSN’s
Goldstone complex to Venus, about 158 million miles (254 million kilometers) away.
● The agency’s Jet Propulsion Laboratory in Southern California sent the transmission, July 12.
● As the largest and most sensitive telecommunication service of NASA’s Space Communications
and Navigation (SCaN) program, the DSN has an array of giant radio antennas that allow
missions to track, send commands, and receive scientific data from spacecraft venturing to the
Moon and beyond.
● To date, the system has transmitted only one other song into space, making the transmission of
Elliott’s song a first for hip-hop and NASA.
Institute of Chartered Accountants of India Partners with OpenAI to Create CAGPT, a Secure GPT
Without External Resource Access
● The Institute of Chartered Accountants of India (ICAI) has collaborated with OpenAI to develop
the CAGPT, a fenced GPT that operates without external resources.
● This tool, after successful beta testing, is now officially launched and available to ICAI members.
● To facilitate this, ICAI has launched an 18-hour, three-day certificate course to train members in
using GPT and other AI tools.
● Future Developments : The institute is also in discussions with the Ministry of Electronics and
Information Technology (MeitY) to develop an AI Audit tool aimed at monitoring corporate books
and detecting potential fraud.
About ICAI :
● Established: July 1, 1949.
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● Headquarters: New Delhi, Delhi, India.
● President: Ranjeet Kumar Agarwal.
● Role: ICAI is India's largest professional accounting body under the Ministry of Corporate Affairs,
Government of India, and was established under the Chartered Accountants Act, 1949.
About OpenAI :
● Founded : December 11, 2015
● Headquarters : San Francisco, California, U.S
● Chairman : Bret Taylor
● CEO : Sam Altman
● President : Greg Brockman
European Space Agency Announces Mission to Investigate Apophis Asteroid
● The European Space Agency (ESA) has announced a mission to study the Apophis asteroid
when it passes by Earth at a very close distance in 2029.
● ESA is the second major space agency, after National Aeronautics and Space Administration
(NASA), to commit a space mission for Apophis that was once considered to be on a pathway to
collide with the Earth.
● Apophis will come within 32,000 km of the Earth in 2029, offering space agencies a rare
opportunity to study an asteroid from such close quarters.
● ESA stated that an asteroid of such a large size comes this close to the Earth only once in about
5,000 to 10,000 years.
About European Space Agency :
● Established : 30 May 1975
● Headquarters : Paris, France
● Director General : Josef Aschbacher
● The ESA is a 22-member intergovernmental body devoted to space exploration.
Defence Research & Development Organisation Completes Successful Flight Test of Phase-II Ballistic
Missile Defense System
● The Defence Research & Development Organisation (DRDO) has successfully conducted a flight
test of the Phase-II Ballistic Missile Defence System.
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Important Monthly Current Affairs Capsule – July 2024
● The Target Missile was launched from LC-IV Dhamra at 1620 hrs mimicking adversary Ballistic
Missile, which was detected by weapon system radars deployed on land and sea and activated
the Air Defence (AD) Interceptor system.
● The Phase-II AD Endo-atmospheric missile was launched from LC-III at ITR, Chandipurat 1624
hrs.
● The test demonstrated India’s indigenous capability to defend against ballistic missiles of up to
5000 km range.
● Monitoring and Performance:The missile’s performance was monitored using flight data captured
by Electro-Optical Systems, Radar, and Telemetry Stations deployed by ITR, Chandipur,
including onboard ships.
About DRDO :
● Established : 1958
● Headquarters : New Delhi, Delhi, India
● Chairman : Sameer V. Kamat
National Aeronautics and Space Administration’s Curiosity Rover Discovers Astonishing Yellow Sulphur
Crystals on Mars
● The National Aeronautics and Space Administration’s (NASA) Curiosity rover has stumbled upon
an extraordinary find on Mars: pure sulphur crystals.
● The discovery occurred when the 1-ton rover accidentally cracked open a rock, revealing
yellowish-green sulphur crystals that had never been seen before on the red planet.
● The finding was made in the Gediz Vallis channel, a prominent geological feature on Mount
Sharp.
About NASA :
● Established : July 29, 1958
● Headquarters : Washington, D.C, United States of America
● Administrator : Bill Nelson
Indian Space Research Organisation and National Aeronautics and Space Administration Partner to
Send Indian Astronaut to International Space Station After August 2024
● India is set to send an astronaut to the International Space Station (ISS), marking a significant
milestone in its space exploration efforts.
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Important Monthly Current Affairs Capsule – July 2024
● Space Minister Jitendra Singh announced in Lok Sabha that an Indian astronaut, referred to as a
"gaganyaatri," will soon travel to the ISS.
● This mission is a collaborative effort involving the Indian Space Research Organisation (ISRO),
National Aeronautics and Space Administration (NASA), and private company Axiom Space.
What is ISRO’s Gaganyaan Mission?
● The Gaganyaan project aims to demonstrate human spaceflight capabilities by sending a crew of
three into orbit for a three-day mission, scheduled for launch in 2025.
● Crew Return: The mission will see the crew safely return to Earth, landing in Indian waters.
● Orbital Module: The Gaganyaan spacecraft consists of a service module and a crew module,
known together as the Orbital Module.
● Launch Vehicle: The mission will use the Geosynchronous Satellite Launch Vehicle (GSLV) Mk
III, capable of carrying the required payload.
● Crew Module Specifications: The crew module measures 3.7 metres in diameter and 7 metres in
height and will house three astronauts, including one woman.
About ISRO :
● Established: 15 August 1969
● Headquarters: Bangalore, Karnataka, India
● Chairman: S. Somanath
About NASA :
● Established : July 29, 1958
● Headquarters : Washington, D.C, United States of America
● Administrator : Bill Nelson
International Team of Astronomers, Including IIT Kanpur Professor, Discovers Giant Exoplanet Orbiting
Sun-Like Star
● In a ground-breaking discovery, an international team of astronomers, including Dr. Prashant
Pathak, Assistant Professor at the Department of Space, Planetary & Astronomical Sciences &
Engineering (SPASE), Indian Institute of Technology (IIT) Kanpur, Uttar Pradesh (UP) has
discovered a giant planet orbiting a nearby star similar to the Sun.
● Exoplanet Details:The exoplanet, named Epsilon Indi Ab (or Eps Ind Ab), is classified as a
'super-Jupiter'.
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Important Monthly Current Affairs Capsule – July 2024
● Instrumentation:The discovery was made using the James Webb Space Telescope’s (JWST)
Mid-InfraRed Instrument (MIRI).
● Host Star:The exoplanet orbits the K5V-type star Epsilon Indi A (also known as HD 209100 or
HIP 108870).
● Distance and Temperature:Eps Ind Ab is located 12 light-years away from Earth.
● The planet has a temperature of about -1°C (30°F).
● Orbital Characteristics:The planet's orbit is 28 times greater than the distance between Earth and
the Sun.
GROWTH-India telescope observes building-sized asteroid's nearest pass by Earth: Report
● The GROWTH-India Telescope captured a 116-metre asteroid, known as ‘2011 MW1’, during its
closest approach to Earth.
● The asteroid, classified as a Near-Earth Asteroid, passed by at a speed of 28,946 kilometres per
hour.
● Its closest approach was ten times the distance to the Moon.
● GROWTH-India Telescope is India's first fully robotic optical research telescope.
● Primary Mission: To observe explosive transients and variable sources, including near-Earth
asteroids.
● Location: The telescope is located at the Indian Astronomical Observatory site at Hanle, Ladakh.
● Situated at 4500 metres above mean sea level, this is one of the highest observatory sites in the
world and one of the best telescope locations in the country.
● Other Telescopes at the Site: Himalayan Chandra Telescope (HCT), gamma-ray array telescope
(HAGAR), and imaging Cherenkov telescope (MACE).
● Partnership and Support : It was constructed through a partnership between the Indian Institute
of Astrophysics (IIA) and the Indian Institute of Technology Bombay (IITB), with support from the
Department of Science and Technology (DST) and the Indo-US Science and Technology Forum.
What is an Asteroid?:
● Definition: A small, rocky object orbiting the Sun in the solar system.
● Size: Varies from a few metres to hundreds of kilometres across.
● Location: Most asteroids are in the asteroid belt between Mars and Jupiter, but they can be found
throughout the solar system.
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Important Monthly Current Affairs Capsule – July 2024
CURRENT AFFAIRS : ENVIRONMENT NEWS
Zoological Survey of India Scientist Discovers New Species of Dogfish Shark, Squalus hima, in India
● Scientists from the Zoological Survey of India (ZSI) have discovered a new species of deep-
water dogfish shark, named Squalus hima, from the Sakthikulangara fishing harbour in Kerala,
along the Arabian Sea.
● Genus and Family:Squalus is a genus of dogfish sharks, also known as spurdogs, belonging to
the family Squalidae.
● They are characterized by smooth dorsal fin spines.
● Discovery Details:The discovery was made by a team led by Bineesh K. K., Scientist at the
Marine Biology Regional Centre of ZSI.
● The findings were published in the journal Records of the ZSI.
About ZSI:
● Established: July 1, 1916
● Headquarters: Kolkata, West Bengal, India
● Director: Dhriti Banerjee
● Founded by: Ministry of Environment, Forest and Climate Change, Government of India
● Purpose: To promote the survey, exploration, and research of fauna in India.
SPORTS NEWS
Rohit Sharma joins Kohli in retiring from T20Is after World Cup triumph
• Rohit Sharma has joined Virat Kohli in retiring from T20 internationals following India's victory
over South Africa in the World Cup final in Barbados.
• Despite retiring from T20Is, Rohit confirmed his intention to continue playing ODIs and Tests.
• Highest Scorer: Rohit retires as the highest scorer in T20 internationals with 4231 runs in 159
matches.
• Record Holder: Holds the record for the most centuries (five) in T20 internationals.
Max Verstappen wins Austrian GP sprint
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Important Monthly Current Affairs Capsule – July 2024
• Max Verstappen of Red Bull secured victory in the Austrian Grand Prix sprint race, successfully
defending against an early challenge from McLaren.
• This win, achieved from pole position, extends Verstappen's lead in the Formula One
championship to 71 points.
• Winner: Max Verstappen (Red Bull)
• Lead Extension: 71 points in the championship
• Second Place: Australian Oscar Piastri (McLaren), finished 4.616 seconds behind
• Third Place: Lando Norris (McLaren), Verstappens closest championship rival
BCCI Announces Record Cash Prize for T20 World Cup Champions
• BCCI offers Rs. 125 crore to Indian mens T20 World Cup-winning squad.
• Exceeds threefold the bonus given after Indias 2011 ODI World Cup victory.
• Inclusive Reward: Includes players, coaches, support staff, and selectors.
• Cash Prize Details: BCCI Secretary Jay Shah announced Rs. 125 crores for the T20 World Cup
champions.
• Scope of Reward: Covers players, coaches, support staff, and selectors, recognizing their
contributions.
• Financial Growth: BCCI's financial health significantly grew from Rs. 189.72 crore surplus in
2010-11 to Rs. 5,197.71 crore in 2021-22.
George Russell Secures Victory at Austrian Grand Prix
• George Russell won the Austrian Grand Prix 2024 for Mercedes after a collision between Red
Bulls Max Verstappen and McLarens Lando Norris.
• The clash occurred late in the race while battling for the lead.
• George Russell's win marked Mercedes' first victory since November 2022, when Russell won in
Brazil.
• This victory is the second of Russell's career.
AB de Villiers Invests in D2C Nutrition Startup Supply6
• Former South African cricketer AB de Villiers has made an investment in Bengaluru-based direct-to-
consumer (D2C) nutrition startup Supply6.
• He has also been appointed as the brand ambassador for the company.
• AB de Villiers has joined Supply6 as an investor and brand ambassador.
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Important Monthly Current Affairs Capsule – July 2024
• The financial terms of his investment have not been disclosed.
Hockey India to host first-ever Masters Cup
• Hockey India has unveiled the inaugural Masters Cup, a groundbreaking tournament set to
showcase the prowess of veteran players in both men's and women's categories.
• This event aims to honor seasoned hockey players' enduring passion and skill.
• Participants: The tournament is open to all Hockey India-affiliated state member units. Eligible
players, aged around and above 40 years, are encouraged to register through their respective
member units via the Hockey India Member Unit Portal.
Four Different Venues To Host Durand Cup 2024 Starting July 27
• The Durand Cup, Asias oldest football tournament, will commence its 133rd edition from July
27 to August 31, featuring a lineup of Indian Super League (ISL), I-League, and other invitational
teams.
• The tournament will host 43 matches in a round-robin league-cum-knockout format across four
venues.
• Format: The 24 participating teams will be grouped into six groups. The top teams from each
group and the two best second-placed teams will advance to the knockout stage.
• Schedule: The tournament will feature a total of 43 matches, culminating in the final at VYBK in
Kolkata.
Viswanathan Anand Secures Historic 10th Leon Masters Chess Championship
Viswanathan Anand, former world chess champion from India, achieved a remarkable milestone
by clinching the Leon Masters chess championship for the 10th time.
• In the final match, he defeated Jaime Santos Latasa of Spain with a commanding score of 3-1.
• The Leon Masters is a prestigious chess tournament held annually in Leon, Spain, featuring four
top players.
• Participants in the 2024 edition included
✓ Viswanathan Anand (INDIA)
✓ Arjun Erigaisi (INDIA)
✓ Veselin Topalov (BULGARIA) and
✓ Jaime Santos Latasa (SPAIN)
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Important Monthly Current Affairs Capsule – July 2024
Pankaj Advani Beaten By Dhruv Sitwala To claim 2024 Asian Billiards Championship Title
• Ace Indian cueist Pankaj Advani fell short in his quest to secure a hat-trick of titles, losing 2-5 to
compatriot Dhruv Sitwala in the final of the 2024 Asian Billiards Championship.
• Dhruv Sitwala: Strong start with 103 points, maintained lead with consistent 100-point scores.
• Pankaj Advani: Improved performance in the third frame with 101 points, scored a perfect 100 in
the fourth frame.
• Overall Outcome: Dhruv Sitwala won the championship, denying Pankaj Advani a hat-trick of
titles.
Laura Wolvaardt Makes History with Century in All International Formats
• During South Africa's one-off Test against India in Chennai, Laura Wolvaardt achieved a historic
milestone by becoming the first South African woman to score centuries in all three formats of
international cricket.
• Despite India's dominant first innings total of 603-6 declared, including significant contributions
from multiple Indian players, South Africa faced challenges in their batting innings.
Singapore to Host 2024 FIDE World Chess Championship Match
• FIDE has announced that Singapore will host the 2024 World Championship match between
India's D Gukesh and defending champion Ding Liren from China.
• The event is scheduled to take place from November 20 to December 15.
• Singapore won the bid to host the World Championship match, supported by the Singapore
Chess Federation and the Government of Singapore.
• The decision follows a thorough review of bids and inspections of potential host cities, evaluating
venues, amenities, event programs, and opportunities.
Dinesh Karthik named RCB mens team batting coach and mentor
• Former India wicketkeeper-batter Dinesh Karthik, who recently retired from all forms of cricket,
has been appointed as the batting coach and mentor for Royal Challengers Bengaluru.
• Dinesh Karthik appeared in 257 IPL matches, amassing 4,842 runs across his career with an
average of 26.32.
• He represented various IPL teams including Kolkata Knight Riders, Mumbai Indians, Delhi
Daredevils, Kings XI Punjab, and now Royal Challengers Bengaluru.
Hardik Pandya becomes the first Indian to occupy the top spot in the ICC T20I all-rounders' rankings
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Important Monthly Current Affairs Capsule – July 2024
• Hardik Pandya climbed two places to become the first Indian cricketer to reach the number one
spot in the ICC's T20I all-rounders' rankings, buoyed by India's recent World Cup victory.
• Achievement: Hardik Pandya achieves first-ever number-one ranking for an Indian in ICC's T20I
all-rounders' list.
• Performance: Pandya was pivotal in the T20 World Cup final, taking 3/20 against South Africa.
• Ranking: Pandya shares the top spot with Sri Lanka's Wanindu Hasaranga.
Paris Olympics 2024: Yarraji set to be first Indian 100m hurdler to compete in Games
• Jyothi Yarraji is set to be the first Indian 100m hurdler to compete in the Olympics while shot
putter Abha Khatua made a surprise cut through world rankings for the upcoming Paris Games.
• N. Ramesh, an athletics coach with the Sports Authority of India (SAI), experienced a significant
moment when his trainee, 24-year-old Jyothi Yarraji, became the first Indian woman to qualify for
the 100m hurdles at the Paris Olympics.
• Her achievement places her 34th in the world ranking quota list, with 40 athletes set to compete
in the event in Paris.
Delhi State Kabaddi Association Launches Inaugural Delhi Kabaddi League
• The Delhi State Kabaddi Association has officially announced the launch of the inaugural Delhi
Kabaddi League, aiming to captivate fans across the national capital.
• The announcement was made by the Honourable President of the Delhi State Kabaddi
Association, Ramesh Bidhuri.
• Announcement Event: Ramesh Bidhuri announced the launch, joined by former India kabaddi
player Manjeet Chhillar, Ravindra Bhati (founder and CEO of 100 Sports Management Pvt. Ltd.),
and Rahul Sharma (director of 100 Sports Management Pvt. Ltd.).
Fabiano Caruana Defends Superbet Classic Title in Thrilling Tiebreaker
• World number two Fabiano Caruana successfully defended his Superbet Classic title by winning
all three rapid games in a thrilling four-way tiebreaker.
• The tiebreaker featured Indian Grandmasters D Gukesh and R Praggnanandhaa, alongside
France's Alireza Firouzja, following a rather uneventful tournament.
• Tiebreaker Victory: Fabiano Caruana won all three rapid games in the tiebreaker to secure his
title.
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Important Monthly Current Affairs Capsule – July 2024
• Participants: The tiebreaker included Caruana, Indian Grandmasters D Gukesh and R
Praggnanandhaa, and France's Alireza Firouzja.
Ukraine's Yaroslava Mahuchikh Setting a New High Jump World Record
• Ukraine's Yaroslava Mahuchikh set a new world record in the women's high jump at the Paris
Diamond League, clearing 2.10 meters and breaking a record that had stood since 1987.
• New World Record: Mahuchikh's 2.10-meter jump surpasses the previous world record in the
women's high jump, marking a historic achievement in the sport.
• Event and Location: The record was set at the Paris Diamond League, a prestigious track and
field competition.
Dhruv Sitwala and Anupama Ramachandran win Asian billiards & snooker Championships
• Dhruv Sitwala and Anupama Ramachandran emerged victorious in the men’s billiards and
women’s snooker categories respectively at the Asian championships held in Riyadh, Saudi
Arabia.
• Men's Billiards:
o Dhruv Sitwala defeated Pankaj Advani 5-2.
• Women's Snooker:
o Anupama Ramachandran defeated PanchayaChannoi (Thailand) 3-1.
Lewis Hamilton Wins British Grand Prix for Record Ninth Time
• Lewis Hamilton secured his 104th career victory in an emotional and long-awaited triumph at the
British Grand Prix.
• This victory marked his record ninth win at the event.
• Record Victory: Hamilton's win at the British Grand Prix is his 104th career victory and his ninth
win at this particular event.
• Podium Finishers:
o 1st Place: Lewis Hamilton (Mercedes)
o 2nd Place: Max Verstappen (Red Bull)
o 3rd Place: Lando Norris (McLaren)
• Top Ten Finishers:
o 4th: Oscar Piastri (McLaren)
o 5th: Carlos Sainz (Ferrari)
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Important Monthly Current Affairs Capsule – July 2024
o 6th: Nico Hulkenberg (Haas)
o 7th: Lance Stroll (Aston Martin)
o 8th: Fernando Alonso (Aston Martin)
o 9th: Alex Albon (Williams)
o 10th: Yuki Tsunoda (Red Bull)
Gagan Narang Replaces Mary Kom As India’s Chef-De-Mission; Pv Sindhu-Sharath Kamal To Be Flag-
Bearers
• Shooter Gagan Narang, the 2012 Olympic Games men’s 10m air rifle bronze medallist, has been
chosen to replace M.C. Mary Kom as the chef-de-mission of the Indian contingent for the 2024
Paris Olympic Games, beginning on July 26, 2024.
• Narang steps into this crucial administrative role following Mary Kom's decision to step down due
to personal reasons.
Heimir Hallgrimsson Appointed as New Republic of Ireland Men's Manager
• Heimir Hallgrimsson, the Icelandic coach, is the new manager for the Republic of Ireland men's
national football team.
• FAI Search: This appointment concludes the FAI's eight-month search for Stephen Kenny’s
successor.
• Contenders: Other potential candidates included Lee Carsley, Neil Lennon, Slaven Bilic, Ole
Gunnar Solskjaer, and Roy Keane.
• Hallgrimsson's Coaching Achievements:
• Euro 2016 Success: Hallgrimsson, alongside Lars Lagerbäck, led Iceland to the Euro 2016,
where they famously defeated England.
Sourav Ganguly joins Indian Racing Festival as Kolkata Royal Tigers team owner
• Former India cricket captain and BCCI president Sourav Ganguly has become an owner of the
Kolkata Royal Tigers Racing team ahead of the 2024 season.
• Event Overview: The Indian Racing Festival, conceptualized by Racing Promotions Pvt. Ltd., is
gearing up for its third season as a premier motorsport event in India.
• Main Championships:
o Indian Racing League (IRL)
o Formula 4 Indian Championship (F4IC)
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Important Monthly Current Affairs Capsule – July 2024
133rd Durand Cup Football Tournament Unveiled by President Droupadi Murmu
• President Droupadi Murmu unveiled the Durand Cup, the President's Cup, and the Shimla
Trophy at Rashtrapati Bhavan.
• The event marks the commencement of the 133rd edition of the Durand Cup, the season opener
of Indian football.
• Tournament Schedule:
• The Durand Cup will begin on July 27 and conclude on August 31.
• The tournament was announced by HQ Eastern Command of the Indian Army, representing the
Durand Football Tournament Society (DFTS).
Gautam Gambhir Appointed as New Head Coach of Indian Men’s Cricket Team
• Former Indian cricketer Gautam Gambhir has been named the new head coach of the Indian
men’s cricket team, as announced by BCCI Secretary Jay Shah.
• Gautam Gambhir is appointed as the new head coach of the Indian men’s cricket team.
• The announcement was made by Jay Shah, the Secretary of the Board of Control for Cricket in
India (BCCI).
• Gambhir replaces Rahul Dravid, who previously led the team to significant achievements.
Spain Clinches Euro 2024 with Dramatic Win Over England
● Spain triumphed over England 2-1 in the Euro 2024 final, marking their re-emergence as a
dominant force in international football.
● Substitute Mikel Oyarzabal scored the decisive goal in the 86th minute.
● Historical Achievement: Spain becomes the first country to win the men’s European
Championships four times (1964, 2008, 2012, 2024).
● Six players shared the Golden Boot award, each scoring three goals:
o Harry Kane (England)
o Dani Olmo (Spain)
o Georges Mikautadze (Georgia)
o Cody Gakpo (Netherlands)
o Ivan Schranz (Slovakia)
o Jamal Musiala (Germany)
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Important Monthly Current Affairs Capsule – July 2024
● New Rule: Unlike previous tournaments where assists served as the tiebreaker, this year’s
Golden Boot was decided solely on goals scored.
Argentina Clinches Record 16th Copa America Title
● Argentina secured their 16th Copa America title by defeating Colombia 1-0 in a dramatic extra-
time win.
● Lautaro Martinez scored the decisive goal in the 112th minute.
● The final was delayed over an hour due to thousands of ticketless fans attempting to enter the
stadium.
Saudi Arabia to Host Inaugural Esports Olympics in 2025
● Saudi Arabia will host the first-ever Olympic Esports Games in 2025, marking a significant
milestone in integrating esports with traditional Olympic sports.
● The International Olympic Committee (IOC) and the National Olympic Committee (NOC) of Saudi
Arabia have entered into a 12-year partnership to host the Olympic Esports Games regularly.
● IOC Announcement: The IOC announced the partnership with Saudi Arabia's NOC, outlining
plans to host the inaugural event in the Kingdom.
● IOC Session: The proposal will be presented at the IOC Session scheduled on the eve of the
Olympic Games Paris 2024.
Vasanti Shinde and Leonie Kung Win Doubles Title at $75,000 ITF Tournament in Rome
● Vasanti Shinde and Leonie Kung clinched the doubles title at the $75,000 ITF Women’s Tennis
Tournament in Rome.
● The duo defeated Matilde Paoletti and Beatrice Ricci with a scoreline of 4-6, 6-4, [10-6] in the
final.
Players' Achievements
● Vasanti Shinde:
o Maiden Title: This victory marks Vasanti Shinde’s first professional doubles title.
o Age: 27 years old.
● Leonie Kung:
o Career Title: This is Leonie Kung’s 11th career doubles title.
o Age: 23 years old.
Tournament Details
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Important Monthly Current Affairs Capsule – July 2024
● Event: $75,000 ITF Women’s Tennis Tournament
● Location: Rome, Italy
● Final Date: Recent date of the tournament final.
Carlos Alcaraz Claims Fourth Grand Slam Title, Defeats Novak Djokovic in Wimbledon Final
● Carlos Alcaraz of Spain secured his fourth Grand Slam title by defeating Novak Djokovic 6-2, 6-2,
7-6 (4) in the Wimbledon men’s final.
● At just 21 years old, Alcaraz showcased his dominance on the grass of the All England Club,
repeating his victory over Djokovic from last year's championship match.
● This win follows Alcaraz's recent triumph at the French Open, marking his second consecutive
major title.
● Alcaraz becomes the youngest player to win four Grand Slam titles, having clinched his first at
the 2022 US Open as a teenager.
Five American Women in WTA Top 15 for First Time in Two Decades
● The United States Tennis Association (USTA) announced that five American players are ranked
in the Women’s Tennis Association (WTA) Top 15 for the first time in 20 years.
Top American Players
Player Ranking Notable Achievements
Coco Gauff 2nd World number two, leading the American charge.
Jessica 6th Continued strong performances throughout the season.
Pegula
Danielle 9th Climbed two spots to 9th during her remarkable farewell
Collins season.
Madison Keys 14th Maintaining a strong presence in the top 15 rankings.
Emma 15th Reached a career-high ranking after her first major quarter-final
Navarro at Wimbledon.
Sabeera Haris Wins Bronze medal at ISSF Junior World Cup in Italy
● India’s Sabeera Haris clinched the bronze medal in the women’s trap event at the International
Shooting Sport Federation (ISSF) Junior World Cup held in Porpetto, Italy.
Medal Winners
Medal Shooter Country Targets Hit Total Targets
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Important Monthly Current Affairs Capsule – July 2024
Gold Carey Garrison USA 40 50
Silver Sofia Gori Italy 39 50
Bronze Sabeera Haris India 29 40
Indian Performances
Shooter Position Score
Sabeera Haris Bronze 29/40
Bhavya Tripathi 26th 102
Rajkuwar Ingle 33rd 100
Gareth Southgate Steps Down as England Manager After Eight Years
● Gareth Southgate has announced his departure from the role of England coach after a successful
eight-year tenure.
● The decision comes despite the Football Association’s hope that he would extend his contract
following his leadership to the final of Euro 2024.
Trent Bridge Cricket Stadium to Officially Unveil ‘Stuart Broad End’ Ahead of 2nd Test
● The Pavilion End at Trent Cricket Stadium will be officially renamed the 'Stuart Broad End' during the
second Test match between England and West Indies.
● A plaque will be unveiled at the ‘Stuart Broad End’ to honor his illustrious career.
Yashasvi Jaiswal, Shubman Gill make gains in ICC T20I batting rankings
● India’s Yashasvi Jaiswal rose up 4 places to occupy the 6th place in the latest ICC T20I batters’
rankings.
● His captain for the series Shubman Gill who was the leading run scorer in the Zimbabwe series
moved up 36 places to be ranked 37th.
Batters' Rankings:
● Yashasvi Jaiswal: Rose 4 places to 6th after scoring 141 runs against Zimbabwe.
● Shubman Gill: Climbed 36 places to 37th after being the leading run-scorer with 170 runs in the
Zimbabwe series.
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Important Monthly Current Affairs Capsule – July 2024
● Ruturaj Gaikwad: Dropped one place to 8th.
● Suryakumar Yadav: Retained the 2nd spot behind Australia’s Travis Head.
19th Vedanta Delhi Half Marathon 2024 Set for October
● The 19th edition of the Vedanta Delhi Half Marathon is scheduled to commence in October 2024,
attracting participants from around the world to the national capital.
Shikhar Dhawan Named Brand Ambassador for MotoGP in India
● Star Indian cricketer Shikhar Dhawan has been announced as the brand ambassador for
MotoGP in India, bringing his dynamic energy from the cricket field to the world of racing.
IOA releases list of 117 athletes, 140 support staff for Olympics
● The Indian sports ministry has approved a final contingent of 117 athletes for the upcoming Paris
Olympics.
● The contingent will be supported by 140 support staff and officials, with 72 receiving government
funding.
● Shot putter Abha Khatua, who qualified via the world rankings quota, is missing from the final list.
● Her omission came after World Athletics removed her from the Olympic participant list without an
official explanation.
Leander Paes and Vijay Amritraj were Inducted into the International Tennis Hall of Fame
● Legendary Indian tennis players Leander Paes and Vijay Amritraj became the first Asian tennis
players to be inducted into the International Tennis Hall of Fame.
India's Best Performance Ever at the International Mathematical Olympiad (IMO) 2024
● A six-member student team from India achieved the country’s best-ever performance at the 65th
International Mathematical Olympiad (IMO) held in Bath, United Kingdom.
● Team Achievements:
o Global Rank: 4th place
o Medal Tally:
▪ Gold Medals: 4
▪ Silver Medal: 1
▪ Honourable Mention: 1
● Individual Performances:
o Gold Medalists:
▪ Adhitya Mangudy (Grade 11, Pune)
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Important Monthly Current Affairs Capsule – July 2024
▪ Ananda Bhaduri (Grade 12, Guwahati)
▪ Kanav Talwar (Grade 10, Noida)
▪ Rushil Mathur (Grade 12, Mumbai)
o Silver Medalist:
▪ Arjun Gupta (Grade 12, Delhi)
o Honourable Mention:
▪ Siddharth Choppara (Grade 12, Pune)
● Global Performance:
o Top Three Teams:
▪ 1st Place: USA
▪ 2nd Place: China
▪ 3rd Place: South Korea
o Total Participants: 609 students (528 male, 81 female) from 108 countries
Lallianzuala Chhangte and Indumathi Kathiresan Named AIFF Best Players of the Year at Star-Studded
Award
● In a star-studded event held in New Delhi, Lallianzuala Chhangte and Indumathi Kathiresan were
named the AIFF Best Men's and Women's Players of the Year 2023-24.
● The awards night saw the presence of many distinguished guests, including Union Ministers,
Olympic medalists, and prominent sports personalities.
● Chhangte, who plays for Mumbai City FC, scored 11 goals and assisted seven in all competitions,
becoming the highest-scoring Indian in the ISL.
● Other Award Winners:
o Best Men's Coach: Khalid Jamil
o Best Women's Coach: Sukla Dutta
o Promising Men's Player: David Lalhlansanga
o Promising Women's Player: Neha
o Best Referee: Ramachandran Venkatesh
o Best Assistant Referee: Ujjal Halder
AIFF Appoints Manolo Marquez as Head Coach of Indian Men’s Football Team
● The All India Football Federation (AIFF) has named Manolo Marquez, the coach who led Hyderabad
FC to an Indian Super League (ISL) title, as the new head coach of the Indian men's football team.
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Important Monthly Current Affairs Capsule – July 2024
● Marquez will be replacing Igor Stimac, who was dismissed following India's exit from the FIFA World
Cup qualifiers.
Yuki Bhambri and Albano Olivetti Win ATP Swiss Open Men’s Doubles Title
● Indian tennis player Yuki Bhambri and Frenchman Albano Olivetti secured the men’s doubles title at
the ATP Swiss Open, held in Gstaad.
● The duo defeated the French pair Fabrice Martin and Ugo Humbert with a score of 3-6, 6-3, 10-6.
NBA superstar James named USA's Olympic flagbearer
● Los Angeles Lakers superstar LeBron James has been selected as the male flag bearer for
Team USA at the Olympic Games opening ceremony.
● James, a 39-year-old two-time gold medalist, was nominated by his fellow American Olympians.
ICC forms a three-member committee to review the conduct of the T20 World Cup 2024
● The International Cricket Council (ICC) has established a three-member committee to "review the
delivery" of the T20 World Cup 2024, which was co-hosted by the USA and the West Indies last
month.
Committee Members
The review committee comprises:
● Roger Twose: Former New Zealand batter
● Lawson Naidoo: ICC director
● Imran Khwaja: Deputy chair of the ICC
Nick Dunlap becomes the first player to win as an amateur and a professional in the same year on the
PGA tour
● Nick Dunlap made history for the second time in 2024 with his come-from-behind victory at the
Barracuda Championship.
● The 20-year-old rookie demonstrated remarkable skill and composure, relying heavily on his
Qi10 3-wood, P·7MC irons, and MG4 wedges to secure his win in the Modified Stableford format.
PR Sreejesh To Retire From International Hockey After Paris 2024 Olympics
● Indian hockey goalkeeper PR Sreejesh has announced that the Paris 2024 Olympics will mark
his final appearance with the senior national team.
● The 36-year-old veteran will become a four-time Olympian, closing a distinguished career that
has spanned nearly two decades.
Harmanpreet Kaur Becomes Top Run-Scorer in Women's T20I Cricket for India
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Important Monthly Current Affairs Capsule – July 2024
● Harmanpreet Kaur surpassed Smriti Mandhana to become India's top run-scorer in Women's
T20I cricket.
● Milestone achieved during India’s Women’s Asia Cup T20 match against the UAE on July 21 in
Dambulla.
Iconic Chess Players Confirmed for Global Chess League Season Two
● Hikaru Nakamura and Anish Giri join former world champions Magnus Carlsen and Viswanathan
Anand, along with stars like Maxime Vachier-Lagrave and Ian Nepomniachtchi as “icon players”
in the second season.
● The second season will run from October 3 to 12 at Friends House, London.
● Team Line-ups:
o Hikaru Nakamura will represent the new team American Gambits.
o Anish Giri will debut with PBG Alaskan Knights.
o Magnus Carlsen continues with Alpine SG Pipers.
o Viswanathan Anand returns with Ganges Grandmasters.
o Maxime Vachier-Lagrave will again compete for the Mumba Masters.
o Ian Nepomniachtchi will be the icon player for Triveni Continental Kings.
India Finishes Sixth and Seventh at World Junior Squash Championships in Houston
● At the World Junior Squash Championships held in Houston, USA, India finished sixth in the men’s
category and seventh in the women’s category.
● Men's Section:
o India finished sixth after a 1-2 loss to England in the match for fifth position.
o Match Results:
▪ Shaurya Bawa won against Yusuf Sheikh (3-11, 11-6, 11-8, 11-7).
▪ Yuvraj Wadhwani lost to Bailey Malik (11-5, 9-11, 8-11, 14-16).
▪ Ayaan Vazilalli lost to Dylan Roberts (11-6, 9-11, 9-11, 7-11).
● Women's Section:
o India secured seventh place with a 2-1 victory over New Zealand in the clash for seventh.
o Match Results:
▪ Shameena Riaz lost to Ella Lash (7-11, 12-10, 13-11, 4-11, 4-11).
▪ Nirupama Dubey won against Anabel Gemmell (9-11, 11-6, 11-4, 8-11, 11-9).
▪ Unnati Tripathi won against Ella Hill (11-4, 11-3, 11-6).
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Important Monthly Current Affairs Capsule – July 2024
France Wins First Gold in Men’s Rugby Sevens at the Olympics
● France claimed its first gold medal in men's rugby sevens at the Olympics.
● The victory was a stunning 28-7 win over double-defending champion Fiji at the Stade de France.
Ariarne Titmus Defends 400m Freestyle Title at Paris Olympics
● Ariarne Titmus of Australia won the 400-meter freestyle, defending her Olympic title.
● The race was one of the most highly anticipated events of the Paris Games.
1. Key Competitors:
o Ariarne Titmus ("The Terminator"): Led the race from start to finish, winning in 3 minutes
and 57.49 seconds.
o Katie Ledecky (USA): Defeated by Titmus, Ledecky remains at six individual gold medals,
the most for any female swimmer in Olympic history.
o Summer McIntosh (Canada): Provided the stiffest challenge to Titmus.
Sri Lanka Clinches Maiden Women's Asia Cup Title with Win Over India
● Sri Lanka won their first Women's Asia Cup title by defeating India by 8 wickets.
● The final match was held at the Rangiri Dambulla International Stadium.
Manu Bhaker Ends India’s 12-Year Olympic Shooting Medal Drought with Bronze medal in Paris
● Manu Bhaker won a bronze medal in the 10m air pistol event at the Paris Games.
● She is the first Indian markswoman to secure an Olympic shooting medal.
● India had not won an Olympic shooting medal since the 2012 London Games.
● The last medals were won by Vijay Kumar (rapid-fire pistol) and Gagan Narang (10m air rifle), both
securing bronze.
Notable Indian Women Olympians:
● Karnam Malleswari: First Indian woman to win an Olympic medal (weightlifting bronze in 2000).
● Mary Kom: Bronze in boxing (2012).
● Saina Nehwal: Bronze in badminton (2012).
● P.V. Sindhu: Silver and bronze in badminton (2016, 2020).
● Sakshi Malik: Bronze in wrestling (2016).
● Mirabai Chanu: Silver in weightlifting (2020).
● Lovelina Borgohain: Bronze in boxing (2020).
Lewis Hamilton Wins Dramatic Belgian Grand Prix After George Russell's Disqualification
● Lewis Hamilton secured victory at the 2024 Formula 1 Rolex Belgian Grand Prix.
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Important Monthly Current Affairs Capsule – July 2024
● The win came after his Mercedes team-mate George Russell was disqualified.
● George Russell, who initially finished first, was disqualified because his car was found
underweight in the post-race inspection.
2024 RACE RESULTS
GRAND PRIX WINNER CAR
Bahrain Verstappen Red Bull Racing Honda RBPT
Saudi Arabia Verstappen Red Bull Racing Honda RBPT
Australia Sainz Ferrari
Japan Verstappen Red Bull Racing Honda RBPT
China Verstappen Red Bull Racing Honda RBPT
Miami Norris McLaren Mercedes
Emilia-Romagna Verstappen Red Bull Racing Honda RBPT
Monaco Leclerc Ferrari
Canada Verstappen Red Bull Racing Honda RBPT
Spain Verstappen Red Bull Racing Honda RBPT
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Important Monthly Current Affairs Capsule – July 2024
Austria Russell Mercedes
Great Britain Hamilton Mercedes
Hungary Piastri McLaren Mercedes
Belgium Hamilton Mercedes
Chennai to Host India's First Night Street Racing Event
● Chennai is set to host India's first-ever night street racing event, marking the second round of the
Indian Racing Festival (IRF).
● The event will take place from August 30 to September 1.
● The race will be held on a 3.5-kilometer circuit starting at the Island Grounds in Chennai.
● The event is organized by Racing Promotions Private Limited (RPPL) and conducted in association
with the Sports Development Authority of Tamil Nadu (SDAT).
Americans Huske, Walsh secure 1-2 finish in women's 100m butterfly
● At the Tokyo Olympics, Torri Huske narrowly missed the women's 100m butterfly podium by a mere
hundredth a second.
● Huske's path to victory involved chasing down the world record holder and her American teammate,
Gretchen Walsh.
● Torri Huske clinched the gold in an electrifying final, finishing in 55.59 seconds.
● She beat Gretchen Walsh to the wall by just 0.04 seconds, securing her first individual Olympic gold
medal.
Ban Hyo-jin's Historic Gold Medal in Women's 10m Air Rifle at Paris 2024
● Ban Hyo-jin secured a significant victory for South Korea by winning the gold medal in the women’s
10m air rifle event at the Paris 2024 Olympics.
● This achievement marked South Korea's 100th gold medal in Summer Olympic history and set a
new record in South Korean sports.
● The finals took place at the Chateauroux Shooting Center.
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Important Monthly Current Affairs Capsule – July 2024
● Ban won the gold after a tense shoot-off against Huang Yuting of China, finishing with a score of
251.8 points.
Sheng Lihao Sets New Olympic Record in Men's 10m Air Rifle at Paris 2024
● China's Sheng Lihao made a remarkable mark at the Paris 2024 Olympics, winning his second gold
medal in the men's 10m air rifle event with a new Olympic record.
● Sheng Lihao scored an impressive 252.2, surpassing the previous Olympic record held by American
William Shaner by 0.6 points.
● Podium Finishers:
o Gold: Sheng Lihao (China) - 252.2 points
o Silver: Victor Lindgren (Sweden) - 251.4 points
o Bronze: Miran Maricic (Croatia)
India to Host Men’s Asia Cup in 2025; Bangladesh to Follow in 2027
● India is expected to host the Men’s Asia Cup in 2025.
● Bangladesh is slated to host the tournament in 2027 with the 50-over format.
● The Asian Cricket Council (ACC) released a document for Sponsorship Rights from 2024 to 2027.
● Originally meant to be hosted by Pakistan, the 2023 Men’s Asia Cup was shared with Sri Lanka due
to political tensions.
● India won the 2023 tournament, defeating Sri Lanka by 10 wickets in the final. Mohammed Siraj’s
six-wicket haul was instrumental in that victory.
Manu Bhaker and Sarabjot Singh Secure Bronze in 10m Air Pistol Mixed Team at Paris Olympics
● Manu Bhaker and Sarabjot Singh won the bronze medal in the 10m air pistol mixed team event.
● They defeated the South Korean pair of Oh Ye Jin and Wonho Lee with a score of 16-10.
● Manu Bhaker scored 10.2 on her first shot and consistently scored at least 10 on her first seven
shots.
● Sarabjot Singh initially struggled with an 8.6 but recovered with several 10-plus scores.
BOOKS AND AUTHOR
A book title: Jamsetji Tata: Powerful Learnings for Corporate Success
● The book "The Vision of Jamsetji Tata," co-authored by R. Gopalakrishnan and Harish Bhat,
offers a compelling narrative interwoven with real-life stories and anecdotes about the creation of
some of India's most beloved brands, such as Tata Tea, Tata Motors, Titan, and Tanishq.
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Important Monthly Current Affairs Capsule – July 2024
● It provides valuable insights into the entrepreneurial spirit and vision of Jamsetji Tata, a
pioneering industrialist and nationalist.
OBITUARIES
Senior Sri Lankan Tamil Leader Sampanthan Passed away
• Rajavarothiam Sampanthan, a veteran Sri Lankan politician and a moderate Tamil leader, who
relentlessly pursued a life of peace, justice and dignity for Tamil nationals in the island nation,
passed away at the age of 91.
• Sampanthan, of the Ilankai Tamil Arasu Katchi (ITAK), was a sitting Member of Parliament (MP)
from the eastern Trincomalee district, and led the Tamil National Alliance, the main grouping
representing Tamils of Sri Lankas war-hit north and east.
Former high jump world champion Jacques Freitag found dead in South Africa
• South African former high jump world champion Jacques Freitag found dead with gunshot
wounds in South Africa at the age of 42.
• Birth: Born on 11 June 1982 in Warrenton, Cape Province, South Africa.
• One of only ten athletes to win world championships at youth, junior, and senior levels.
• 2003: Won gold in the high jump at the World Championships in Paris.
Dal Khalsa founder Gajinder Singh Khalsa, hijacker of the 1981 Indian Airlines flight, Passed away in
Pakistan
• 74-year-old Gajinder Singh, the wanted terrorist and hijacker of an Indian Airlines (IA) flight to
Lahore in 1981, has died of a heart attack at a hospital in Pakistan.
• Singh was placed on the list of 20 most-wanted terrorists in 2002.
• On September 29, 1981, Singh, along with four others-Tajinderpal Singh, Satnam Singh, Jasbir
Singh Cheema, and Karan Singhhijacked an Indian Airlines plane carrying 111 passengers
and six crew members.
Veteran Actress Smriti Biswas, Known for Hindi, Bengali, and Marathi Cinema, Passed Away
• Smriti Biswas, a veteran actress known for her roles in Hindi, Bengali, and Marathi cinema,
passed away at the age of 100 in Nashik, Maharashtra.
• Born on February 17, 1924, Biswas celebrated her 100th birthday earlier this year before her
passing.
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Important Monthly Current Affairs Capsule – July 2024
• She began her acting career at the age of 10 as a child actress in the Bengali film 'Sandhya.'
• Her last Hindi film was 'Model Girl' in 1960.
Oscar-winning producer of Titanic and Avatar, Jon Landau, Passed Away
• Jon Landau, an Oscar-winning producer who worked closely with director James Cameron on
three of the biggest blockbusters of all time, Titanic and two Avatar films, has Passed away at the
age of 63.
• Jon was born on July 23, 1960,in New York City, United States (US).
• He began his career in the 1980s as a production manager in the film industry.
• He worked his way up to become a co-producer on films such as "Honey I Shrunk the Kids" and
"Dick Tracy."
Veteran horse trainer S.K. Sunderji passed away
● Sheraz K. Sunderji, a renowned horse trainer, passed away at the age of 64.
Subhash Dandekar, founder of Camlin, is no more
● Subhash Dandekar, chairman emeritus of Kokuyo Camlin, passed away on July 15 in Mumbai.
He was 86.
● Subhash Dandekar took over Camlin from his father, Digambar Dandekar, transforming it from
an ink manufacturer into a leading stationery company.
● Under his leadership, Camlin expanded its product range to include office stationery, art
materials, writing instruments, and more.
Former Sri Lankan U19 Captain Dhammika Niroshana Shot Dead
● Former Sri Lankan cricketer Dhammika Niroshana was shot dead at 41 at his residence in
Ambalangoda.
Prominent Cardiac Surgeon Dr. MS Valiathan Passed away
● Dr Marthanda Varma Sankaran Valiathan, a renowned cardiac surgeon and academic, died in
Manipal at the age of 90.
● Born in 1934 in Kerala.
● He was also the first Vice-Chancellor of Manipal Academy of Higher Education.
Awards & Honors :
● In 2005, Dr. Valiathan was awarded the Padma Vibhushan, India's second-highest civilian award,
for his groundbreaking contributions to health technology.
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Important Monthly Current Affairs Capsule – July 2024
● He was made a Chevalier in the Ordre des Palmes académiques, an honour bestowed by
France, in 1999.
● He received the Dr. Samuel P. Asper International Award from the Johns Hopkins School of
Medicine in 2009 for his contributions to international medical education.
Vietnam's Most Powerful Leader, Communist Party Chief Nguyen Phu Trong, Passed Away
● Nguyen Phu Trong, general secretary of Vietnam's ruling Communist Party and the country's
most powerful politician, passed away at the age of 80.
● He is the first party general secretary to die in office since the death of Le Duan in 1986.
Former Australian IOC Official and Olympian Kevan Gosper Passed away
● The Australian Olympic Committee announced that former high-ranking IOC member and
Australian Olympian Kevan Gosper has passed away at the age of 90.
● Gosper born on 19 December 1933 in Newcastle, New South Wales, Australia.
● He won an Olympic silver medal on Australia's 4-x-400-meter track relay team at the 1956
Melbourne Games and also competed at the Rome Olympics in 1960 before becoming more
well-known as one of the country's and world's top sports administrators.
Ex-PGA Tour champion and golf broadcaster Mark Carnevale Passed away
● Mark Carnevale, former PGA Tour winner and golf broadcaster, passed away at the age of 64.
● Carnevale was born in Annapolis, Maryland, United States (US).
Padma Shri Awardee and Noted Organic Farmer Kamala Pujari Passed Away
● Padma Shri awardee and noted organic farmer Kamala Pujari passed away at the age of 74 in
cuttack, Odisha.
● Kamala Pujari born in Koraput District, Orissa, India
● Koraput Traditional Agriculture is one of the Globally Important Agricultural Heritage Systems
(GIAHS) since 2012 recognised by the Food and Agriculture Organization of the United Nations.
Awards & Honors :
● Padma Shri: Conferred with the Padma Shri in 2019 by President Ramnath Kovind.
● State Planning Board: Served as a member of the Odisha State Planning Board in 2018.
● Best Farmer Award: Received the best farmer award from the Odisha government in 2004.
● Equator Initiative Award: Won the award in Johannesburg, South Africa in 2002.
Renowned British Blues Pioneer, John Mayall Passed Away
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Important Monthly Current Affairs Capsule – July 2024
● John Mayall, the British blues pioneer whose 1960s music collective the Bluesbreakers helped
usher in a fertile period of rock and brought guitarists like Eric Clapton to prominence, passed
away at the age of 90.
● Mayall was born on 29 November 1933 in Macclesfield in Cheshire.
Catholic Priest Father Francis D’Britto, Translator of the Bible into Marathi, Passed Away
● Vasai-based Catholic priest Father Francis D’Britto, writer and environmentalist, who translated
the Bible into Marathi, passed away at the age of 81 in Vasai in Palghar district.
● D'Britto was awarded the Dnyanoba-Tukaram Puraskar for his literary work.
● The Catholic priest was the first to get the award that was constituted in 2007.
● His literary prowess was further recognised when he received the Maharashtra Government’s
literary award for best translation in 2013, followed by the Sahitya Akademi award in April 2014.
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Important Monthly Current Affairs Capsule – August 2024
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Important Monthly Current Affairs Capsule – August 2024
S. No Topics Page No
1. IMPORTANT DAYS 03
2. NATIONAL NEWS 07
3. INTERNATIONAL NEWS 34
4. STATE NEWS 37
5. BUSINESS NEWS 49
6. BANKING AND ECONOMY 75
7. AWARDS AND HONOURS 127
8. APPOINTMENTS & RESIGNATIONS 135
9. MOUS AND AGREEMENT 153
10. RANKING AND INDEXES 160
11. ACQUISITIONS & MERGERS 167
12. DEFENCE NEWS 175
13. SCIENCE & TECHNOLOGY 180
14. BOOKS AND AUTHORS 186
15. SPORTS NEWS 187
16. OBITUARIES 204
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Important Monthly Current Affairs Capsule – August 2024
IMPORTANT DAYS
World Wide Web Day 2024: August 1
• World Wide Web Day is celebrated globally on August 1st each year.
• 1989: Sir Tim Berners-Lee invented the World Wide Web, a revolutionary internet-based
communication system.
• 1991: The World Wide Web browser was made available on the public internet, marking its wider
accessibility.
• 1993: Launch of the graphical browser Mosaic, which significantly enhanced user interaction with
the web.
• 1994: Introduction of Internet Works, which allowed users to open multiple tabs in a browser
window.
• 1996: Integration of Internet Explorer into the Windows operating system, further popularizing
web browsing.
World Breastfeeding Week 2024: August 1-7
• World Breastfeeding Week is an annual global healthcare event celebrated from August 1st to
7th.
• "Closing the Gap: Breastfeeding Support for All"
• World Breastfeeding Week has been celebrated since 1990, following the Innocenti Declaration.
• Since 2016, the event has aligned with the United Nations’ Sustainable Development Goals
(SDGs).
• In 2018, a World Health Assembly resolution endorsed World Breastfeeding Week as a vital
strategy for promoting breastfeeding globally.
Hiroshima Day 2024: August 6
• Every year August 6 is celebrated as Hiroshima Day.
• Hiroshima Day 2024 is observed all over the world to promote peace politics. This day is
observed to raise awareness of the bomb attack on Hiroshima.
• In 1945, the United States (US) deployed a nuclear bomb in the city of Hiroshima which is
located in the country of Japan.
National Handloom Day 2024 - August 7
• National Handloom Day is observed every year on August 7.
• On this day, the Government and other organizations raised awareness to honour the handloom
weaving community.
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Important Monthly Current Affairs Capsule – August 2024
• In 2015, the first National Handloom Day was celebrated which was inaugurated by PM Narendra
Modi
• On August 7, 1905, The Swadeshi movement was launched in Calcutta Town hall.
International Day of World’s Indigenous People - August 9
• International Day of World’s Indigenous People Day is observed annually on August 9.
• The theme for the 2024 International Day of the World's Indigenous Peoples is "Protecting the
Rights of Indigenous Peoples in Voluntary Isolation and Initial Contact".
• This day was first observed by the United Nations General Assembly (UNGA) in December 1994.
Nagasaki Day 2024 - August 9
• Nagasaki Day is observed on August 9 every year.
• On August 9, 1945, during the Second World War, the US dropped a bomb on Nagasaki in the
city of Japan.
• The nuclear bomb that was attacked by the US in Nagasaki called the ‘FAT MAN’.
• This bomb attack suddenly devastated Nagasaki and killed almost 70,000 people during the
attack.
World Lion Day 2024: August 10
• World Lion Day is an international annual event observed on the 10th of August.
• World Lion Day 2024 is celebrated to raise awareness about the conservation and protection of
Lions.
• Lion's scientific name is ‘Panthera Leo’.
• The Big Cat Initiative (BCI) was formed in 2009 and was initiated by Dereck and Beverly Joubert to
protect the lions.
World Biofuel Day 2024: August 10
• Every year World Biofuel Day is observed on the 10th of August.
• The theme for World Biofuel Day 2024 is "Sustainable Biofuels: Reducing Waste, Feeding Energy"
• World Biofuel Day 2024 is celebrated to raise awareness about the importance of biofuels and
features the efforts made by the Government in the biofuel sector.
• World Biofuel Day 2024 is observed to honor Sir Rudolf Diesel for his research experiments.
World Elephant Day 2024: August 12:
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Important Monthly Current Affairs Capsule – August 2024
• World Elephant Day is an international annual event on August 12, Conceived in 2011 by
Canadian filmmakers Patrica Sims and Michael Clark of Canazwest Pictures and Sivaporn
Dardarananda, Secretary General of Elephant Reintroduction Foundation in Thailand.
• The 2024 theme is "Personifying prehistoric beauty, theological relevance, and environmental
importance".
• It was officially launched on August 12, 2012.
• The first World Elephant Day was held on 12 August 2012.
International Youth Day 2024: August 12
• International Youth Day is observed annually all over the world on August 12.
• The theme for 2024 is 'From Clicks to Progress: Youth Digital Pathways for Sustainable
Development.'
• United Nations passed a resolution for creating the International Youth day in 1999 at the United
Nations General Assembly (UNGA).
• The first International Youth Day was observed on 12th August 2000.
World Organ Donation Day 2024: August 13
• Every year,World Organ Donation Day is celebrated on the 13th of August to raise awareness
about the importance of organ donation and encourage people to donate their organs after death.
• In 1954, the first successful organ donation took place in the United States.
• Ronald Lee Herrick donated his kidney to his twin brother Richard J. Herrick and he was the
world’s first organ donor.
International Lefthanders Day 2024: August 13
• International Lefthanders Day 2024 is celebrated on the 13th of August every year worldwide.
• The day is observed to highlight the differences and uniqueness of left-handed people around the
world.
• In 1990, the Left-Handers Club was established to promote research in lefthand usage and the
evolution of new left-handed items.
• The Left-Handers Club launched International Lefthanders Day as an annual event on the 13th of
August, 1992.
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Important Monthly Current Affairs Capsule – August 2024
World Photography Day 2024 - August 19
● World Photography Day is celebrated on August 19 every year.
● The theme for World Photography Day 2024 is "An Entire Day".
● World Photography Day 2024 is a Worldwide celebration of the art, crafts, science, and history of
photography.
● The first World Photography Day was held on August 19, 2010.
● The first digital photograph was created in 1957, two decades before the digital camera was
invented.
World Mosquito Day 2024: August 20
● World Mosquito Day is observed annually on 20 August.
● The World Mosquito Day theme 2024 is “Accelerating the fight against malaria for a more equitable
world”
● World Mosquito Day was established in 1897 by Sir Ronald Ross who discovered that female
mosquitoes transmit malaria to humans.
● Mosquitoes can detect carbon dioxide that you keep breathing out from as far as 75 feet. Sir Ronald
Ross was first observed on 20 August 1897.
International Day For The Remembrance Of Slave Trade And Abolition 2024 - August 23
● International Day for the Remembrance of Slave Trade and Abolition is celebrated on 23
August every year.
● The theme for the 2024 International Day for the Remembrance of the Victims of Slavery and the
Transatlantic Slave Trade is "Creating Global Freedom: Countering Racism with Justice in
Societies and Among Nations"
National Space Day 2024: August 23, 2024
● Date of Celebration:August 23, 2024
● Significance:Marks the first National Space Day in India, commemorating the first anniversary of
the successful Chandrayaan-3 mission.
● Chandrayaan-3 Achievement: On August 23, 2023, India became the fourth nation to
successfully land on the moon. This milestone demonstrated ISRO’s advancing capabilities,
instilling national pride and earning international recognition.
● Theme: “Touching Lives while Touching the Moon”
International Dog Day 2024 - August 26
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Important Monthly Current Affairs Capsule – August 2024
● International Dog Day is celebrated on August 26 every year.
● This day is celebrated worldwide to encourage people to adopt more dogs instead of buying
them from pet shops.
● The first International Dog Day was celebrated on 26 August 2004. Another good way of
celebrating International Dog Day is by making a donation to an animal charity of your own
choice.
Women’s Equality Day 2024 - August 26
● Women’s Equality Day is observed on August 26 every year to commemorate the right of women
to vote in the United States.
World Water Week 2024: August 25-29, 2024
● The Stockholm International Water Institute (SIWI) is organizing the 2024 edition of World Water
Week from August 25-29, 2024.
● This leading conference, held annually since 1991, addresses global water issues with a focus
on fostering international cooperation and sustainable solutions.
● Theme: “Bridging Borders: Water for a Peaceful and Sustainable Future”
National Sports Day 2024 - August 29
● National Sports Day or Rashtriya Khel Divas is celebrated on 29 August every year.
● This day is celebrated on Dhyan Chand’s birthday to honour the hockey legend. The day was
declared India’s National Sports Day.
Small Industry Day 2024 - August 30
● The National Small Industry Day is an annual celebration observed on 30th August.
● The theme for 2024 is “Leveraging Power and Resilience of Micro-, Small and Medium-sized
Enterprises (MSMEs) to Accelerate Sustainable Development and Eradicate Poverty in Times of
Multiple Crises.”
NATIONAL NEWS
Kerala, Andhra Pradesh and Bihar Seek Special Financial Packages from the Centre
• The states of Kerala, Andhra Pradesh, and Bihar have requested special financial packages from
the Central Government, as detailed by Minister of State for Finance Pankaj Chaudhary in a
written reply in the Rajya Sabha.
• These requests span various sectors, including infrastructure development, irrigation projects,
and social welfare.
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Important Monthly Current Affairs Capsule – August 2024
• Special Financial Package: Kerala has sought a ₹24,000 crore package from the Centre.
• Vizhinjam Port: The state also requested ₹5,000 crore in capital investment support for
developing the Vizhinjam Port region.
• Viability Gap Funding (VGF): The Department of Economic Affairs (DEA) has approved a VGF
grant of ₹817.80 crore for the Vizhinjam International Multipurpose Seaport Terminal Project.
With more than 13.35 lakh Indian students pursuing higher studies abroad, Canada top destination
• The Ministry of External Affairs in response to questions regarding students who have embarked
on their study abroad journey has revealed that more than 13.35 lakh students are pursuing
higher studies in countries abroad.
• Key Statistics:
• Total Indian Students Abroad: Over 13.35 lakh (1.335 million) students.
• Top Study Destinations:
o Canada: 427,000 students (slight decrease from 427,085 in 2023).
o USA: 337,630 students.
o UK: 18,500 students.
o Australia: 122,202 students.
o Germany: 42,997 students.
Namami Gange Mission 2.0: Major Projects Completed in Q1 FY 2024-25
• The Government of India has successfully operationalized four major projects under the Namami
Gange Mission 2.0 in the first quarter of FY 2024-25.
• These projects, located in Bihar and Uttar Pradesh, aim to reduce pollution and enhance the
ecological health of the Ganga and its tributaries.
• Investment and Impact:
• Total Cost: ₹920 crore
• Sewage Treatment Capacity Added: 145 MLD
• Focus: Improve sewer networks, intercept numerous drains, and ensure better water quality in
the Ganga.
IIT Mandi Establishes BioNEST-IIT Mandi Catalyst Centre for Biotechnology and Healthcare
• The Indian Institute of Technology (IIT) Mandi has announced the creation of the BioNEST-IIT
Mandi Catalyst Centre, a Biotechnology Industry Research Assistance Council (BIRAC)-
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Important Monthly Current Affairs Capsule – August 2024
sponsored initiative aimed at fostering entrepreneurial ventures in the biotechnology and
healthcare sectors.
• Initial Funding: The initiative is backed by an initial funding of Rs 5 crore, with the goal of
addressing social, economic, and ecological challenges unique to India.
• Strategic Location: Leveraging the geographical advantages of IIT Mandi in the Himalayan
region, the centre aims to utilize the area's diverse biodiversity and traditional medicinal
knowledge.
Prime Minister Narendra Modi Receives "Call of the Gir" Book
• Prime Minister Shri Narendra Modi received the coffee table book "Call of the Gir," dedicated to
Gir and the Asiatic lions, from Rajya Sabha Member Parimal Nathwani.
• The book celebrates the majestic landscapes of Gir, highlighting the urgent need for
conservation.
Details of the Book Presentation:
• Author: Parimal Nathwani
• Book Title: "Call of the Gir"
• Publication: Published by QUIGNOG
Smart Cities Mission faces reality check
• The government's Smart Cities initiative, proudly presented in the Lok Sabha with Pune as a
model for flood monitoring and mitigation, has faced harsh criticism due to the stark contrast
between its promises and the on-ground reality.
• Despite being a flagship city in the Smart Cities Mission (SCM), Pune was overwhelmed by
relentless rains, leaving thousands of citizens in desperate need of relief.
• The local municipal body, known for its pioneering role in the SCM, struggled to manage the
flood disaster, raising questions about the effectiveness of the initiative.
Centre unlikely to extend Mahila Samman Savings Certificate scheme
• The Mahila Samman Savings Certificate Scheme (MSSCS), launched to promote savings among
Indian women, is unlikely to be extended beyond its March 2025 deadline.
• Finance Minister Nirmala Sitharaman introduced the scheme in the FY24 budget to foster a savings
habit among women.
1. Scheme Details:
o Interest Rate: The MSSCS offers a fixed interest rate of 7.5%.
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Important Monthly Current Affairs Capsule – August 2024
o Withdrawal Option: The scheme includes a partial withdrawal option, adding flexibility for
the account holders.
o Launched on: Launched as a part of Budget 2023
ICMR's Royalty from Bharat Biotech for Covaxin Development
• The Indian Council of Medical Research (ICMR) received ₹172 crore in royalty from Bharat Biotech
International Limited (BBIL) for the joint development of Covaxin, a COVID-19 vaccine.
1. Patent and Ownership:
o Patent Rectification: Initially, ICMR was not listed as a co-owner and co-inventor in the patent filing
for Covaxin. After government objection, BBIL rectified this error.
o Co-Ownership: Now, ICMR, the National Institute of Virology (NIV), and three scientists are co-
owners and co-inventors of Covaxin.
7th Indian Coast Guard Subordinate Officers’ Conclave inaugurated
• The 7th Indian Coast Guard (ICG) Subordinate Officers’ Conclave was inaugurated, by Director
General Rakesh Pal at the ICG HQ in New Delhi.
• The Conclave is scheduled for August 01-02, 2024.
1. Theme:
o The Conclave is themed 'Towards an Inclusive Approach'.
2. Key Discussions:
o Future Inductions: Discussions on future inductions in the ICG based on Aatmanirbhar
Bharat principles.
o HR Policies: Refinement of HR policies for inclusive career growth under the ‘Karmyogi’
initiative.
o Operational Capabilities: Enhancement of operational capabilities through advanced
technology integration.
Union Cabinet Approves Development of Eight Major National Highway Projects
• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved eight access-controlled
national highway projects totalling 936 km in length.
• The total cost for these projects is Rs 50,655 crore.
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Important Monthly Current Affairs Capsule – August 2024
• The projects are expected to generate approximately 4.42 crore man-days of direct and indirect
employment.
1. Details of Projects:
o Agra-Gwalior Highway: 6-lane highway.
o Kharagpur - Moregram: 4-lane highway.
o Tharad - Deesa - Mehsana - Ahmedabad: 6-lane highway.
o Pathalgaon to Gumla of Raipur-Ranchi: 4-lane section.
o Kanpur Ring Road: 6-lane.
o Northern Guwahati Bypass and Guwahati Bypass: 4-lane and improvement works.
o Nashik Phata - Khed Corridor: 8-lane elevated.
o Ayodhya Ring Road: 68 km, 4-lane, costing Rs 3,935 crore, aimed at reducing congestion
and improving connectivity for pilgrims and tourists.
"VIRAASAT" Exhibition Celebrates 10th National Handloom Day
• The “VIRAASAT” exhibition, dedicated to celebrating the 10th National Handloom Day, began on
August 3, 2024, at Handloom Haat, Janpath.
• Organized by the National Handloom Development Corporation Ltd (NHDC) under the Ministry of
Textiles, Government of India.
• The exhibition will run until August 16, 2024.
• Name: VIRAASAT - Exclusive Handloom Expo
• Dates: August 3 to August 16, 2024
• Venue: Handloom Haat, Janpath, New Delhi
• Organizer: National Handloom Development Corporation Ltd (NHDC) under the Ministry of Textiles,
Government of India.
Union Government Accelerates Employment-Linked Incentive (ELI) Scheme
• Union Minister of Labour & Employment and Youth Affairs & Sports, Dr Mansukh Mandaviya, has
directed an accelerated implementation of the Employment-Linked Incentive (ELI) Scheme, as
announced in the Union Budget 2024-25.
• The scheme aims to generate over 2 crore jobs over the next two years.
• Review and Planning: Dr. Mandaviya reviewed the ELI Scheme and its implementation plan with
Union Minister of State for Labour & Employment, Smt. Shobha Karandlaje, and senior officials
from the Ministry and EPFO.
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Important Monthly Current Affairs Capsule – August 2024
• The focus was on ensuring the scheme benefits reach the intended recipients effectively.
India Plans Mission CCUS to Advance Carbon Capture and Storage Technologies
• The Indian government is considering launching a new mission to promote Carbon Capture
Utilisation and Storage (CCUS) technologies.
• The initiative aims to collaborate with industry and academia to develop an India-specific CCUS
ecosystem.
• The mission is expected to include subsidies, viability gap funding (VGF), tax rebates, and other
incentives to encourage the development of India-specific technologies and infrastructure for
CCUS.
India’s New Policy Framework for Carbon Capture Technology
• The government is creating a policy for carbon capture, utilization, and storage (CCUS) to help India
meet its net-zero emissions target by 2070.
• Focus: Capture carbon dioxide from major sources like power plants using fossil fuels.
• Incentives: The government will offer financial support, including viability gap funding, to attract
private sector investments.
• Pilot Projects: Support for pilot plants that capture 500 tonnes of CO2 per day.
India Targets 80 Million Tonnes Coking Coal Production for FY25
• India aims to produce 80 million tonnes (mt) of coking coal in FY25, marking a 20% increase
from the previous year's 66.55 mt.
• This goal is part of a strategy to reduce the country's reliance on imports of this critical steel-
making feedstock.
• Washeries Expansion: To support the production increase, Coal India Ltd. plans to commission
two new coking coal washeries and monetize four existing ones. This expansion is crucial for
improving the quality of domestic coking coal.
MCA’s new LLP exit policy takes effect on August 27
• The Ministry of Corporate Affairs (MCA) has announced an extension of services provided by
The Centre for Processing Accelerated Corporate Exit (C-PACE) to include voluntary closures of
Limited Liability Partnerships (LLPs).
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Important Monthly Current Affairs Capsule – August 2024
• This extension is facilitated by amendments to the LLP Rules through the Limited Liability
Partnership (Amendment) Rules 2024.
• Implementation: The new amendments will come into effect from August 27, 2024, as per the
MCA's notification.
• C-PACE Introduction: C-PACE was established in 2023 to streamline and centralize the process
for the strike-off (or closure) of companies. The initiative aims to reduce the timeline for company
exits and enhance entrepreneurial efficiency.
• Launch Date: The C-PACE system went live on May 1, 2023.
IIT Madras receives donation of ₹228 crore from alumni
• IIT Madras has marked a significant milestone by receiving its largest-ever donation of ₹228
Crore from Dr. Krishna Chivukula.
• In honour of this contribution, an academic block at the institute has been named the ‘Krishna
Chivukula Block’.
• This donation is part of a larger increase in funding for the institute, with overall funding rising by
135% and alumni contributions surging by 282% in the 2023-24 financial year.
• Amount: ₹228 Crore.
• Donor: Dr. Krishna Chivukula (MTech, 1970), founder and CEO of Indo-MIM.
• Significance: The largest single donation in the history of IIT Madras.
Lok Sabha Passes Finance Bill, 2024
• The Lok Sabha passed the Finance Bill, 2024, which gives effect to the Central Government's
financial proposals for the fiscal year 2024-2025, marking the completion of the budgetary
exercise.
• Finance Minister Nirmala Sitharaman, in her reply during the discussion, emphasised the
government's focus on simplifying tax laws and procedures to promote growth and employment.
On average, the resolution of cases under IBC took 716 days at NCLT in 2023-24
• The average time for resolving insolvency cases at the National Company Law Tribunal (NCLT)
increased to 716 days.
• Previous Years:
o FY 2022-23: 654 days
o FY 2021-22: 557 days
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Important Monthly Current Affairs Capsule – August 2024
• As per the Insolvency and Bankruptcy Code (IBC), the stipulated time for resolution is 330 days,
which includes time spent on litigations. However, a significant number of cases are exceeding
this timeline.
Launch of "Million Designers, Billion Dreams" Initiative to Empower Rural India
• The Deendayal Antyodaya Yojana–National Rural Livelihoods Mission (DAY-NRLM) has
launched the "Million Designers, Billion Dreams" initiative.
• This program aims to equip individuals across India with systems design knowledge to address
complex societal challenges.
• The initiative is spearheaded by LEAP in collaboration with DAY-NRLM.
• LEAP emerged from multidisciplinary work developed in India by the Design Laboratory at
Harvard T.H. Chan School of Public Health (D-Lab) and the Transform Rural India Foundation
(TRIF), with seed funding from the Bill and Melinda Gates Foundation (BMGF).
Indian Railways to Roll Out Kavach 4.0: Enhancing Train Safety Across Key Routes
• Indian Railways is set to commence the rollout of Kavach 4.0, the latest version of its indigenous
automated train protection system, starting in October.
• This initiative marks a significant step towards enhancing train safety across the country’s
extensive railway network.
• Initial Rollout and Coverage: The first phase of Kavach 4.0 will involve deployment on 10,000
locomotives (engines) and across 9,000 route kilometres (RKMs) over the next few years.
• By the end of this fiscal year, 3,000 RKMs are expected to be under Kavach coverage.
Union Minister Piyush Goyal Introduces Diamond Imprest Licence at IIJS 2024
• Union Minister of Commerce & Industry, Shri Piyush Goyal, announced the introduction of the
Diamond Imprest Licence during an interactive session at the 40th edition of the India
International Jewellery Show (IIJS) 2024.
• The event, organized by the Gem & Jewellery Export Promotion Council (GJEPC), is being held
at the Bombay Exhibition Centre (BEC), NESCO, Goregaon, from August 9 to 13, 2024.
Union Railway Minister Ashwini Vaishnaw Introduces Railways (Amendment) Bill, 2024
• Union Railway Minister Ashwini Vaishnaw introduced the Railways (Amendment) Bill, 2024 in the
Lok Sabha.
• This Bill aims to grant statutory powers to the Railway Board and enhance its functioning and
independence.
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Important Monthly Current Affairs Capsule – August 2024
• The Railways (Amendment) Bill, 2024 seeks to integrate provisions from the Indian Railway
Board Act, 1905 into the Railways Act, 1989, providing statutory powers to the Railway Board.
• The goal is to streamline and enhance the functioning and independence of the Railway Board
by simplifying the legal framework.
Home Ministry Clarifies Document Requirements for Citizenship Amendment Rules
• The Home Ministry has issued a clarification regarding Schedule-IA of the Citizenship
Amendment Rules, which specifies the documents applicants can use to prove their citizenship
status from Bangladesh, Pakistan, or Afghanistan.
• This clarification was communicated to the Directorate of Census via a letter dated July 8.
• Applicants can now use any document issued by the state or central government, or by any
judicial or quasi-judicial authority in India, to prove that they or their ancestors were citizens of
Bangladesh, Pakistan, or Afghanistan.
Union Cabinet Approves PMAY-U-2 and PMAY-G Extension for Enhanced Housing
• The Union Cabinet has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U)-2, which
aims to construct 1 crore houses for urban poor and middle-class families over the next five
years.
• The scheme also includes an extension of the Pradhan Mantri Awas Yojana – Gramin (PMAY-G)
for rural housing.
• Objective: To provide financial assistance for the construction, purchase, or rental of houses for 1
crore urban poor and middle-class families within five years.
• Government Assistance: A total of Rs 2.30 lakh crore will be allocated under PMAY-U-2.
Cabinet Committee on Economic Affairs Approves Major Railway Projects
• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi,
has approved eight railway projects with a total estimated cost of Rs 24,657 crore.
• The projects span across 14 districts in seven states: Odisha, Maharashtra, Andhra Pradesh,
Jharkhand, Bihar, Telangana, and West Bengal.
• Gunupur-Therubali Line and Junagarh-Nabrangpur Line in Odisha
• Malkangiri-Pandurangapuram Line connecting Odisha, Andhra Pradesh, and Telangana
• Buramara-Chakulia Rail Route in Jharkhand, West Bengal, and Odisha
• Bikramshila-Katareah Rail Route in Bihar
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Important Monthly Current Affairs Capsule – August 2024
• Jalna-Jalgaon Project in Maharashtra, which will enhance rail connectivity to the Ajanta Caves (a
UNESCO World Heritage site)
DCGI Establishes Guidelines for Pharmaceutical Product Traceability
• The Drugs Controller General of India (DCGI), the top drug regulator in India, has developed
standard operating procedures and guidelines to ensure traceability of pharmaceutical products
throughout the supply chain, in response to the growing issue of counterfeit and spurious
medicines.
• The new guidelines aim to enhance traceability in the pharmaceutical supply chain to quickly
identify and address issues of adulteration or contamination.
BEML Aims for International Expansion with Vande Bharat and Metro Trains
• BEML, a leading Indian manufacturer of rail coaches and spare parts, aims to enter the
international market with its high-speed Vande Bharat trains and Metro trains, according to
Shantanu Roy, BEML's Chairman.
• This move is part of the company's strategy to diversify its business and enhance its global
footprint.
• BEML has been instrumental in manufacturing Vande Bharat trains, India's first semi-high-speed,
self-propelled trains, and has a significant role in producing Metro trains domestically.
Restoration of Delhi's Historic Barapullah Bridge by ASI
• Delhi's Lieutenant Governor (LG) VK Saxena announced that the Mughal-era Barapullah bridge
in Nizamuddin has been handed over to the Archaeological Survey of India (ASI) for restoration.
• The bridge, built during the reign of Mughal Emperor Jahangir in 1628, will undergo restoration
over the next three months.
• The 400-year-old Barapullah bridge, built by Minar Banu Agha under Emperor Jahangir's rule,
was a key route connecting the Mughal capital with important sites like the Nizamuddin Dargah
and Humayun's Tomb.
India's Defence Export Growth: Aiming for Rs. 50,000 Crore Target by 2029
• India is on a trajectory to meet its ambitious defence export target of ₹50,000 crore within the
next five years, according to officials from the Ministry of Defence.
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Important Monthly Current Affairs Capsule – August 2024
• The latest data for the first quarter of the financial year 2024-25 highlights significant progress
towards this goal, underscoring India's growing presence in the global defence market.
• Exports Achieved: ₹6,915 crore during April-June 2024.
• Growth: This represents a 78% increase compared to ₹3,885 crore during the same period in the
previous fiscal year (FY 2023-24).
World youth unemployment rate lowest for 15 years:
• Global youth unemployment rate dropped to 13% in 2023, the lowest in 15 years.
• This is a decrease from 13.8% in 2019, before the COVID-19 pandemic.
• The total number of unemployed young people (aged 15-24) worldwide is 64.9 million, the lowest
since 2000.
• While some regions have seen improvement, Arab States, East Asia, South-East Asia, and the
Pacific continue to face higher youth unemployment rates compared to 2019 levels.
Prime Minister Narendra Modi Launches 109 New Crop Varieties at India Agricultural Research Institute
• Prime Minister Narendra Modi released 109 new high-yielding, climate-resilient, and biofortified
crop varieties at the India Agricultural Research Institute, New Delhi.
• The event also featured an interaction between the Prime Minister, farmers, and scientists.
• The newly released varieties include 34 field crops and 27 horticultural crops, spanning cereals,
millets, forage crops, oilseeds, pulses, sugarcane, cotton, fruits, vegetables, spices, flowers, and
medicinal crops.
Union Cabinet Approves Modified Pradhan Mantri JI-VAN Yojana to Boost Biofuel Sector
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved significant
modifications to the Pradhan Mantri JI-VAN Yojana, extending its timeline for implementation by
five years, until 2028-29.
• The modified scheme is designed to keep pace with the latest developments in the biofuel sector,
attract more investment, and broaden the scope of eligible biofuels and technologies.
• The timeline for implementing the Pradhan Mantri JI-VAN Yojana has been extended by five
years, up to 2028-29.
GeM Commemorates 8th Foundation Day with Record Growth in Procurement
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Important Monthly Current Affairs Capsule – August 2024
• On its 8th Foundation Day, the Government e-Marketplace (GeM) celebrated remarkable
milestones and growth in public procurement.
• GeM, launched on August 9, 2016, has significantly transformed the procurement landscape in
India, leveraging digital public infrastructure to create a cashless, contactless, and paperless
unified national procurement portal.
• As of August 8, 2024, procurement for FY2024-25 has reached ₹1,92,433 crore, marking a 136%
increase compared to the same period last fiscal year.
• The Gross Value Merchandise (GMV) of services has reached ₹3.91 lakh crore since GeM's
inception, with ₹80,493 crore procured in FY2024-25 alone.
Financial support for pregnant and lactating mothers through Pradhan Mantri Matru Vandana Yojana
• Pradhan Mantri Matru Vandana Yojana (PMMVY) is a financial assistance scheme designed to
provide support to pregnant and lactating mothers, implemented under Section 4 of the National
Food Security Act (NFSA), 2013.
• The scheme aims to improve maternal and child health by offering cash incentives to women
during pregnancy and childbirth.
• For First Child: ₹5,000 is provided directly to the beneficiary's Bank/Post Office account in Direct
Benefit Transfer (DBT) mode.
Government of India issues Operational Guidelines for Implementation of 'Model Solar Village’ under
PM-Surya Ghar: Muft Bijli Yojana
• The Model Solar Village component of the PM-Surya Ghar: Muft Bijli Yojana aims to promote
solar energy adoption at the village level, enhance energy self-reliance and showcase successful
solar integration.
• Financial Allocation:
o Total Outlay: ₹800 crore.
o Per Village Grant: ₹1 crore for selected Model Solar Villages.
• Eligibility Criteria:
o Population Requirements: Villages must have a population of over 5,000 (or 2,000 in
special category states).
PMJDY reaches 53 crore beneficiaries and ₹2.28 lakh crore in deposits
• The Pradhan Mantri Jan Dhan Yojana (PMJDY) is set to complete a decade on August 15, 2024.
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Important Monthly Current Affairs Capsule – August 2024
• The PMJDY has played a crucial role in expanding financial inclusion in India, focusing on
women and rural areas, and making significant strides in integrating underserved populations into
the banking system.
• Total Beneficiaries:
o 52.99 crore account-holders
• Total Balance:
o ₹2,28,362 crore as of July 31, 2024
Indian Railways and NCRTC Launch 'One India - One Ticket' Initiative for Seamless Travel
● The Indian Railways and the National Capital Region Transport Corporation (NCRTC) have
launched the 'One India - One Ticket' initiative to enhance passenger travel experience using
mainline railways and Namo Bharat trains.
● This collaboration aims to offer a unified and seamless travel solution for passengers across both
services.
India is set to host the 3rd Voice of Global South Summit 2024:
● India is set to host the 3rd Voice of Global South Summit on August 17, 2024.
● This Summit is a continuation of Prime Minister Narendra Modi's vision of "Sabka Saath, Sabka
Vikas, Sabka Vishwas aur Sabka Prayas" and is rooted in the philosophy of "Vasudhaiva
Kutumbakam," which envisions the world as one family.
● The initiative aims to bring together countries of the Global South to discuss and share their
perspectives on various global issues.
● The overarching theme is "An Empowered Global South for a Sustainable Future."
● Ministerial Sessions and Themes:
o Foreign Ministers: "Charting a Unique Paradigm for Global South"
o Health Ministers: "One World-One Health"
o Youth Ministers: "Youth Engagement for a Better Future"
o Commerce/Trade Ministers: "Trade for Development- Perspectives from Global South"
o Information & Technology Ministers: "DPIs for Development- A Global South Approach"
o Finance Ministers: "People-Centric Approach to Global Finance"
o Second Foreign Ministers: "Global South and Global Governance"
o Energy Ministers: "Sustainable Energy Solutions for a Sustainable Future"
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Important Monthly Current Affairs Capsule – August 2024
o Education Ministers: "Prioritising Human Resource Development: A Global South
Perspective"
o Environment Ministers: "Pathways for Progress- A Global South Perspective on Mitigating
Climate Change"
India Expands Ramsar Sites: Three New Wetlands Designated Ahead of Independence Day
● The Environment Ministry of India announced the inclusion of three new wetlands into the Ramsar
site network, increasing the total count to 85.
● The newly designated Ramsar sites are the Nanjarayan Bird Sanctuary and Kazhuveli Bird
Sanctuary in Tamil Nadu, and the Tawa Reservoir in Madhya Pradesh.
● This development aligns with India's ongoing efforts to enhance its environmental conservation
initiatives
● India now has 85 Ramsar sites, which collectively cover an area of 1,358,068 hectares.
● The new additions are the Nanjarayan Bird Sanctuary, Kazhuveli Bird Sanctuary, and Tawa
Reservoir.
Prime Minister Narendra Modi’s Independence Day Address: Vision for ‘Viksit Bharat 2047’, Tribute to
Freedom Fighters, and Commitment to Reform
● Prime Minister Narendra Modi outlined the government's plan to achieve the goal of ‘Viksit
Bharat 2047,’ emphasizing a transformative vision to make India a developed nation by its
centenary of independence.
India's Ambition to Host the 2036 Summer Olympics
● Prime Minister Narendra Modi, in his Independence Day address, reiterated India's ambition to
host the 2036 Summer Olympics.
● Demonstrated Capability: PM Modi highlighted India's successful organisation of the G20
Summit, which showcased the country's ability to handle events of significant magnitude.
● This experience has bolstered India's confidence in pursuing the Olympic bid.
● Olympic Aspirations: Hosting the 2036 Olympics is a part of India's vision to establish itself as a
global sporting hub.
● Youth Olympics Bid: In addition to the 2036 Summer Olympics, India is also considering a bid to
host the Youth Olympics in 2030.
Union Government Launches AI-Based National Pest Surveillance System (NPSS) on Independence
Day
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Important Monthly Current Affairs Capsule – August 2024
● The Union Government unveiled the AI-based National Pest Surveillance System (NPSS),
designed to assist farmers by connecting them with agricultural scientists and experts for
effective pest management using their phones.
● The NPSS is part of the government's initiative to integrate advanced technology in agriculture,
aiming to make the latest innovations accessible to farmers.
Digital boost to revive solar power installation programme for farmers
● The ₹34,000-crore Pradhan Mantri-Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-
KUSUM) program, aimed at enhancing solar energy infrastructure in agriculture, is facing delays.
● States are exploring alternative strategies to improve adoption rates amid setbacks.
Program Goals:
● 100 GW of Solar Power Plants: Establish solar power plants on farmer-owned land.
● 14 Lakh Solar Pumps: Install solar-powered water pumps for irrigation.
● 35 Lakh Solarised Grid-Connected Pumps: Solarize existing grid-connected agricultural
pumps.
Current Status (as of June 2024):
● Power Plants Installed: 256 MW
● Solar Pumps Installed: 3.97 lakh
● Solarised Grid-Connected Pumps: 13,500
Prime Minister Narendra Modi to address mega community event in New York’s Long Island
● Prime Minister Narendra Modi will address the Indian-American community in Long Island, New
York, on September 22, 2024.
● Significance: Marks a decade since Modi's previous major address at Madison Square Garden in
September 2014.
● Previous U.S. Event: Modi participated in the 'Howdy Modi' event at NRG Stadium, Houston,
Texas, in 2019.
Western Ghats ESA notification: Panel to finalise the draft soon for three states
● The Centre's expert panel, led by Sanjay Kumar (former Director General of Forests), is
considering the extent of Ecologically Sensitive Areas (ESAs) in the Western Ghats.
● Current Status: Discussions are advanced, and there may be separate notifications for
Gujarat, Maharashtra, and Goa if an agreement is reached soon, rather than waiting for a
consensus from all six states.
PM-JAY Provides Over Rs 90,204 Crore in Free Hospitalisation Benefits to 68.62 Million Beneficiaries
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Important Monthly Current Affairs Capsule – August 2024
● The Pradhan Mantri-Jan Arogya Yojana (PM-JAY) has provided free hospitalization benefits
worth Rs 90,204 crore to beneficiaries since its launch.
● This scheme aims to offer financial protection against healthcare costs to the bottom 40% of
India's population.
● Beneficiaries and Coverage:
o Over 68.62 million people have benefited from PM-JAY, which provides Rs 5,00,000 a year in
free health coverage.
o The scheme covers approximately 107 million poor households, targeting the bottom 40% of
the population.
o The top beneficiary states include Tamil Nadu, Karnataka, Rajasthan, Kerala, Andhra
Pradesh, and Gujarat.
Union Agriculture Minister Launches 'Kisan Ki Baat' Radio Program to Modernize Farming Practices
● Union Agriculture Minister Shivraj Singh Chouhan announced the start of 'Kisan Ki Baat,' a
monthly radio program set to begin in September.
● The program aims to deliver scientific knowledge to farmers, similar to Prime Minister Narendra
Modi's 'Mann Ki Baat.'
● Objective:
o The initiative is designed to modernize agricultural practices by providing farmers with the
latest scientific information and best practices.
o The program will feature contributions from agricultural scientists, department officials, and
the minister himself.
o Focus Areas:
▪ The program will address gaps in farmers' knowledge, including the correct use of
pesticides, which can be misused due to a lack of information.
▪ It seeks to quickly transfer scientific knowledge to farmers to prevent issues related
to pesticide misuse and other agricultural challenges.
Greening in India gets a boost with Green Tug Transition Program (GTTP) SOP launched by Shri
Sarbananda Sonowal
● Union Minister of Port Shipping and Waterways, Shri Sarbananda Sonowal, officially launched the
Standard Operating Procedure (SOP) for the Green Tug Transition Program (GTTP).
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Important Monthly Current Affairs Capsule – August 2024
● This initiative is pivotal in transitioning from conventional fuel-based harbour tugs to more
sustainable alternatives, marking a significant advancement in India’s maritime sector and
environmental sustainability.
● The GTTP was initially announced on May 22, 2023, by Shri Sarbananda Sonowal during the
‘Chintan Shivir’ event.
● It aims to decarbonize maritime operations by replacing conventional tugs with green tugs using
cleaner, sustainable fuels.
Government to Procure 1,000 GPUs to Boost India's AI Capabilities under IndiaAI Mission
● The government has finalized a tender to procure 1,000 Graphics Processing Units (GPUs) as part
of the IndiaAI Mission.
● The initiative aims to offer computing capacity to Indian start-ups, researchers, public sector
agencies, and other approved entities.
● Objective: The procurement of GPUs is part of the broader Rs 10,370 crore IndiaAI Mission, which
aims to establish a computing infrastructure with more than 10,000 GPUs.
Government Launches Krishi-DSS: A Comprehensive Digital Geospatial Platform for Agricultural
Decision-Making
● The Union government has introduced a digital platform called Krishi-Decision Support System
(Krishi-DSS) to provide comprehensive geospatial data for agricultural decision-making.
● Developed by the Ministry of Agriculture and the Department of Space, Krishi-DSS offers seamless
access to all-India data, including satellite images, weather information, water reservoir storage,
groundwater levels, and soil health.
● The platform includes a feature for drought monitoring, enabling the government to anticipate
drought conditions by providing near real-time information on soil moisture, water storage, crop
condition, and dry spells.
Union Cabinet Approves Major Infrastructure Projects Including Airport Expansions and Metro
Extensions
● The Union Cabinet chaired by Prime Minister Narendra Modi approved five infrastructure projects
including the proposal of the Airports Authority of India (AAI) for the development of a new Civil
Enclave at Bagdogra Airport, Siliguri, West Bengal and Bihta, Patna, Bihar at an estimated cost of
₹1,549 crore and ₹1,413 crore, respectively.
● A new Civil Enclave at Bagdogra Airport has been approved with an estimated cost of ₹1,549 crore.
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Important Monthly Current Affairs Capsule – August 2024
● The new Terminal Building will cover 70,390 sqm, designed for 3,000 Peak Hour Passengers (PHP)
with an annual capacity of 10 million passengers.
● Key components include an Apron with 10 parking bays, two link taxiways, and Multi-Level Car
Parking.
New Parliamentary Committee Chairpersons Announced
● Lok Sabha Speaker Om Birla has announced the new chairpersons for six parliamentary
committees, including the Public Accounts Committee (PAC).
Key Appointments:
1. Public Accounts Committee (PAC):
o Chairperson: K.C. Venugopal (Congress MP)
o Role: Examines government expenditure, appropriation accounts for railways, defense
services, P&T department, and reviews CAG reports.
2. Committee on Public Undertakings:
o Chairperson: Baijyant Panda (BJP MP from Kendrapara, Odisha)
o Role: Reviews reports and accounts of Public Sector Undertakings (PSUs), assesses their
performance and impact on the economy and citizens.
3. Committee on Welfare of Scheduled Castes and Scheduled Tribes:
o Chairperson: Faggan Singh Kulaste (BJP MP from Mandla, Madhya Pradesh)
o Role: Focuses on welfare measures and reviews issues concerning Scheduled Castes
and Scheduled Tribes.
4. Committee on Welfare of Other Backward Classes:
o Chairperson: Ganesh Singh (BJP MP from Satna, Madhya Pradesh)
o Role: Considers reports from the National Commission for Backward Classes and reviews
welfare measures for Other Backward Classes.
5. Committee on Estimates:
o Chairperson: Dr. Sanjay Jaiswal (BJP MP)
o Role: Reviews budget estimates for administrative departments and suggests
improvements for efficiency and administrative reform.
Delhi LG Directs the Development of a Mobile App for Traffic Management and Incentives for Parking
● Lieutenant Governor VK Saxena has issued several directives to improve traffic management and
encourage better parking practices in Delhi.
● The directions were part of his third meeting to review the traffic and parking situation in the city.
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Important Monthly Current Affairs Capsule – August 2024
India Set to Extend Key Export Promotion Schemes Amid Global Market Challenges
● To support exporters in maintaining their competitiveness in a challenging global market, the Indian
government is likely to extend two critical export promotion measures: the Remission of Duties and
Taxes on Exported Products (RoDTEP) scheme and the Interest Equalisation Scheme (IES).
● Both schemes have been instrumental in bolstering exports, particularly in the face of global
economic uncertainties.
India's First Ready-to-Drink Fig Juice Exported to Poland, Marking a Global Milestone
● The Agricultural and Processed Food Products Export Development Authority (APEDA) has
successfully facilitated the export of India's first ready-to-drink fig juice, made from GI-tagged
Purandar figs, to Poland.
● This milestone follows a previous export to Germany in 2022, showcasing the global appeal of this
unique agro-product.
India's First Digital Court Inaugurated in Kerala to Handle Cheque Bounce Cases
● India's first fully digital court, named "24*7 ONCOURTS," dedicated to handling cheque bounce
cases, was inaugurated in Kollam, Kerala, by Justice Bhushan Ramkrishna Gavai of the Supreme
Court.
● This pioneering initiative marks a significant leap in the digitalization of India's judiciary, aiming to
streamline court processes and reduce case backlogs.
● The digital court automates the entire lifecycle of a case—from filing, registration, and admission to
appearances, hearings, and the final judgment. This seamless process is expected to significantly
enhance judicial efficiency.
PM Modi's Historic Visit to Ukraine: Aiming for Peaceful Resolution
● In a significant diplomatic move, Prime Minister Narendra Modi is set to visit Kyiv on August 23,
marking the first official visit by an Indian Prime Minister to Ukraine since establishing diplomatic ties
over 30 years ago.
● This visit comes as India expresses its willingness to contribute to finding a peaceful solution to the
ongoing conflict in Ukraine.
Nepal to Export Nearly 1,000 MW of Electricity to India: A New Milestone in Bilateral Cooperation
● Nepal is set to export close to 1,000 MW of electricity to India, marking a new milestone in the
energy collaboration between the two nations.
● This was confirmed by India's External Affairs Minister, S. Jaishankar, following his meeting with
Nepal's Foreign Minister, Arzu Rana Deuba, in New Delhi.
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Important Monthly Current Affairs Capsule – August 2024
● 7th India-Nepal Joint Commission Meeting: Earlier this year, Jaishankar visited Kathmandu to co-
chair the 7th India-Nepal Joint Commission meeting, where discussions on trade, connectivity, and
defence cooperation took place.
Union Food Minister Pralhad Joshi Launches Pilot Project to Transform Fair Price Shops into ‘Jan
Poshan Kendras’
● Union Food Minister Pralhad Joshi has introduced a pilot project aimed at transforming 60 Fair
Price Shops (FPS), commonly known as ration shops, into ‘Jan Poshan Kendras’ across Uttar
Pradesh, Gujarat, Rajasthan, and Telangana.
● This initiative is designed to boost the viability of these shops and improve access to nutrition.
Clarification on Income Tax Clearance Certificate (ITCC) for Indian Nationals Traveling Overseas
● The Ministry of Finance has issued a clarification regarding the necessity of obtaining an Income
Tax Clearance Certificate (ITCC) for Indian nationals travelling abroad.
● This response addresses misinformation circulating in the media, asserting that not all travellers
are required to secure an ITCC before leaving India.
Government Plans to Expand Ayushman Bharat Beneficiaries and Increase Insurance Coverage to ₹10
Lakh
● The Indian government is considering a significant expansion of its flagship Ayushman Bharat
health insurance scheme, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).
● The proposed changes include doubling the number of beneficiaries and increasing the annual
insurance coverage limit from ₹5 lakh to ₹10 lakh per family.
● The government aims to double the beneficiary base under the AB-PMJAY over the next three
years. The initial focus will be on including all individuals aged above 70 years, potentially adding
4-5 crore more beneficiaries.
● The current allocation for AB-PMJAY was increased to ₹7,200 crore in the interim Budget 2024.
The scheme currently provides health coverage of ₹5 lakh per family per year to 12 crore families
for secondary and tertiary care hospitalization.
India Permits Export of Non-Basmati White Rice to Malaysia
● The Indian government has authorized the export of 200,000 tonnes of non-basmati white rice to
Malaysia through National Cooperative Exports Limited (NCEL).
● This decision comes despite a ban on such exports that has been in place since July 20, 2023,
aimed at boosting domestic supply.
165th Anniversary of Income Tax Day Celebrated in New Delhi
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Important Monthly Current Affairs Capsule – August 2024
● The 165th anniversary of Income Tax Day was marked on August 21 by a special event presided
over by the Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, in New
Delhi.
● The ceremony was attended by various dignitaries, including Union Minister of State for Finance,
Shri Pankaj Chaudhary, Shri Sanjay Malhotra, Secretary of Revenue, Shri Ravi Agrawal,
Chairman of the CBDT, members of the CBDT, and other senior officials from the Income Tax
Department.
● Release of "My Stamp": Smt. Sitharaman released a special My Stamp to commemorate the
occasion.
Central Government Plans to Extend Udan Scheme for 10 More Years
● The Central Government is considering extending the Udan (Ude Desh ka Aam Nagrik) scheme
for an additional 10 years.
● The extension aims to build confidence among private sector players to operate more regional
flights across India.
● Udan Scheme Overview:
o Launch Date: October 21, 2016
o Objective: Enhance regional air connectivity and make air travel affordable for the general
population.
Power Finance Corp Commits ₹21,000 Crore for India's Largest Container Port
● State-owned Power Finance Corporation (PFC) has committed approximately ₹21,000 crore for
the development of the Vadhavan Port.
● Vadhavan Port Project:
o Location: Palghar district, Maharashtra, along India's western coast.
o Total Project Cost: ₹76,220 crore.
o Significance: Set to be India's largest container port once completed.
PSA Report Advocates for Electric Trucks in FAME-III Scheme
● Title: Bharat Zero Emission Trucking (ZET) Policy Advisory
● Author: Office of the Principal Scientific Adviser (PSA) to the Government of India
● Recommendation: The report advocates for the inclusion of electric trucks in the third phase of
the Faster Adoption and Manufacturing of Electric Vehicles (FAME-III) scheme.
India’s Ambitious Space Economy Goals
● Current Status: India's space economy is valued at $8 billion.
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Important Monthly Current Affairs Capsule – August 2024
● Future Ambition: Aim to reach $44 billion by 2033.
● Target Market Share: India aspires to capture 8% of the global space market.
● Export Goals: Projected export of $11 billion in space products.
● National Space Day:Significance: Celebrated on August 23, marking the first anniversary of
Chandrayaan III's landing on the moon’s South Pole.
NEHHDC Achieves Oeko-Tex Certification for Eri Silk
● The North-Eastern Handicrafts and Handlooms Development Corporation (NEHHDC) under the
Ministry of Development of North-Eastern Region (DoNER), Govt. of India, has successfully
obtained the prestigious Oeko-Tex certification for its Eri Silk, directly from Germany on the
Nation’s 78th Independence Day.
● Unique Characteristics: Known as the world’s only vegan silk, produced without killing the moth
inside the cocoon.
Cabinet Approves Unified Pension Scheme (UPS)
● The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, approved the Unified Pension
Scheme (UPS).
1. The salient features of the UPS are: Assured Pension:
o Eligibility: 25 years of service.
o Benefit: 50% of the average basic pay drawn in the last 12 months before retirement.
o For Lesser Service Periods: Proportionate pension for service between 10 to 25 years.
2. Assured Family Pension:
o Benefit: 60% of the employee's pension before their death.
3. Minimum Pension:
o Amount: ₹10,000 per month.
o Eligibility: Minimum 10 years of service.
Spices Board Launches SPICED Scheme to Boost Spice Exports and Productivity
● The Spices Board of India has launched a transformative scheme aimed at significantly
enhancing the export of spices and value-added spice products as well as improving the
productivity of cardamom and upgrading the post-harvest quality of spices for exports
● Implementation Period and Budget:
o Duration: Until FY 2025-26, during the remaining period of the 15th Finance Commission
cycle.
o Total Approved Outlay: ₹422.30 crore.
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Important Monthly Current Affairs Capsule – August 2024
● Spices Board of India:
o Role: Regulatory and export promotion agency for Indian spices.
o Headquarters: Kochi, Kerala.
o Chairman: Shri Amardeep Singh (Rank equivalent to Joint Secretary, Government of India).
Union Cabinet Approves BioE3 Policy to Boost Biomanufacturing in India
● The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, approved the proposal ‘BioE3
(Biotechnology for Economy, Environment and Employment) Policy for Fostering High-Performance
Biomanufacturing’ of the Department of Biotechnology.
PM Modi's Visit to Maharashtra and Rajasthan: Key Announcements and Events
1. Lakhpati Didi Sammelan in Jalgaon, Maharashtra:
● Event Participation: Prime Minister Narendra Modi will attend the Lakhpati Didi Sammelan in
Jalgaon, Maharashtra, on 25 August 2024.
● Lakhpati Didi Scheme: The scheme, launched on 15 August 2023, aims to create three crore
‘Lakhpati Didis’—women earning at least Rs 1 lakh annually—by leveraging Women’s Self-Help
Groups (SHGs).
● Achievements: Since its inception, the scheme has already empowered one crore women as
Lakhpati Didis.
Launch of National Medical Register (NMR) Portal to Enhance Digital Healthcare
● The National Medical Register (NMR) portal was launched by Union Minister for Health and
Family Welfare, J.P. Nadda.
● The event occurred in the national capital, with Union Ministers of State (MoS) Anupriya Patel
and Prataprao Jadhav participating virtually.
● The NMR portal is designed to be a comprehensive and dynamic database for allopathic (MBBS)
registered doctors in India.
RailTel Corporation Awarded ISO 14001:2015 Certification for Environmental Management
● RailTel Corporation of India Ltd (RailTel), a Miniratna PSU, has been awarded the ISO
14001:2015 certification.
● This certification is a globally recognised standard for Environmental Management Systems
(EMS).
India’s Solar Power Capacity Surges by 282% in H1 2024, Setting a New Record
● India's solar power capacity surged by 282% in the first half of 2024, adding nearly 15 GW—the
highest-ever half-yearly installation, according to Mercom India Research.
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Important Monthly Current Affairs Capsule – August 2024
● In Q1 2024, 9.9 GW of solar capacity was added, followed by 5 GW in Q2 2024.
● Total Installed Capacity:As of June 2024, India's installed solar capacity reached 87.2 GW,
representing 19.5% of the country’s total energy mix.
Union Home Ministry Creates Five New Districts in Ladakh to Enhance Governance and Public Service
Delivery
● The Ministry of Home Affairs (MHA) has established five new districts in the Union Territory of
Ladakh: Zanskar, Drass, Sham, Nubra, and Changthang.
● This move increases the total number of districts in Ladakh from two to seven, with the existing
districts being Leh and Kargil.
● The Jammu and Kashmir Reorganisation Act of 2019 divided the former state into two Union
Territories: Jammu and Kashmir (with its own legislative assembly) and Ladakh (without a
legislative assembly).
● This move comes ahead of the direct assembly elections in Jammu and Kashmir, scheduled for
September, marking a significant development in the governance of the region.
Union Government Introduces New 2024 Guidelines for Enhanced Public Grievance Redressal
● The Union Government has unveiled new 2024 guidelines aimed at improving the handling of
public grievances with a focus on citizen empowerment and streamlining the redressal process.
● These guidelines introduce a 10-step reform process that incorporates technological
advancements to enhance clarity and efficiency in addressing grievances.
MoEFCC Proposes Remediation of Contaminated Sites Rules, 2024 to Address Environmental Gaps
● The Ministry of Environment, Forest and Climate Change (MoEFCC) has proposed the
Remediation of Contaminated Sites Rules, 2024, to clean up lands contaminated by hazardous
substances.
● The rules target sites contaminated with mining waste, bio-medical waste, or municipal solid
waste, where contamination levels exceed specified thresholds.
Centre Reduces Grievance Redressal Time to 21 Days on CPGRAMS Portal
● The Central government has shortened the grievance redressal time on the Centralised Public
Grievance Redress and Monitoring System (CPGRAMS) portal from 30 days to 21 days.
● This decision was implemented to enhance the responsiveness and efficiency of public grievance
handling.
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Important Monthly Current Affairs Capsule – August 2024
● Revised guidelines issued by the Department of Administrative Reforms and Public Grievances
(DARPG) suggest the appointment of dedicated nodal officers in ministries and departments with
a high volume of grievances.
● The guidelines stress a "whole of the government approach," ensuring grievances are transferred
to the correct authority instead of being closed with statements like “Does not pertain to this
Ministry/Department/Office.”
Uttar Pradesh Targets Rs 50,000 Crore in Farm Exports with Cluster-Based Approach
● The Uttar Pradesh government aims to boost farm exports to Rs 50,000 crore in the next three to
four years.
● Currently, the state's annual farm exports stand at around Rs 20,000 crore.
PMJDY Expansion: 3 Crore New Accounts to be Opened in 2024: Finance Minister
o Finance Minister Nirmala Sitharaman announced that nearly 3 crore new accounts will be opened
under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in the current financial year, aiming to
extend financial inclusion to remaining and newly adult populations.
1. Program Overview and Growth:
o PMJDY, launched by Prime Minister Narendra Modi on August 28, 2014, has shown impressive
growth in financial inclusion.
o The number of bank accounts under PMJDY surged from 14.72 crore in March 2015 to 53.13
crore as of August 16, 2024.
o Total deposits in PMJDY accounts also witnessed significant growth, increasing from Rs 15,670
crore in March 2015 to over Rs 2.31 lakh crore by August 2024.
PM Modi Reviews Progress of Key Projects Worth Rs 76,500 Crore in 44th PRAGATI Meeting
o Prime Minister Narendra Modi chaired the 44th edition of PRAGATI, a multi-modal platform for
Pro-Active Governance and Timely Implementation involving Centre and state governments.
o The meeting, the first in his third term, reviewed the progress of seven key projects across 11
states and Union Territories with a combined worth of around Rs 76,500 crore.
o The projects included two road connectivity projects, two rail projects, and one project each from
the Coal, Power, and Water Resources sectors.
o The projects span across Uttar Pradesh, Uttarakhand, Jharkhand, Maharashtra, Rajasthan,
Gujarat, Odisha, Goa, Karnataka, Chhattisgarh, and Delhi.
CCEA Approves Major Infrastructure Projects Worth ₹35,000 Crore; Expands Support for Agriculture
and Hydro-Electric Projects
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Important Monthly Current Affairs Capsule – August 2024
● The Cabinet Committee on Economic Affairs (CCEA) approved 12 new industrial nodes and
three rail projects, focusing on connectivity between key industrial locations.
● The total investment for these projects is around ₹35,000 crore.
● The new industrial areas will be developed in states including Uttarakhand, Punjab, Maharashtra,
Kerala, Uttar Pradesh, Bihar, Telangana, Andhra Pradesh, and Rajasthan, covering various
sectors such as food processing, IT, textiles, and pharmaceuticals.
PM Modi Celebrates 10 Years of Jan Dhan Yojana: A Milestone in Financial Inclusion
● Prime Minister Narendra Modi commemorated the 10th anniversary of the Jan Dhan Yojana on
August 28, highlighting its transformative impact on financial inclusion in India.
● PM Modi praised the initiative for empowering women, youth, and marginalized communities,
enhancing their financial status.
Ministry of Women and Child Development Launches SHe-Box Portal for Workplace Safety
o The Ministry of Women and Child Development, led by Union Minister Smt. Annapurna Devi has
launched the new SHe-Box portal, a centralised platform for registering and monitoring
complaints of sexual harassment of women at the workplace.
o The launch event took place in New Delhi, with Minister of State Smt. Savitri Thakur, Secretary
Shri Anil Malik, and other ministry officials in attendance.
o The SHe-Box portal serves as a centralized repository of information related to Internal
Committees (ICs) and Local Committees (LCs) formed across the country in both government
and private sectors.
Dr Mansukh Mandaviya Launches "RESET" Programme to Empower Retired Sportspersons
o Union Minister Dr. Mansukh Mandaviya launched the "Retired Sportsperson Empowerment
Training" (RESET) Programme on National Sports Day in New Delhi.
o The programme aims to empower retired athletes by providing them with the necessary
knowledge, skills, and opportunities to enhance their employability and career development.
o Retired sportspersons aged 20-50 years who have won international medals, participated in
international events, or have been national/state medallists in competitions recognized by
National Sports Federations, the Indian Olympic Association, or the Ministry of Youth Affairs and
Sports are eligible to apply.
o The programme will cater to two levels of educational qualifications: Class 12th and above and
Class 11th and below.
DoPPW Launches New Single Simplified Pension Application Form 6-A to Streamline Pension Process
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Important Monthly Current Affairs Capsule – August 2024
o The Department of Pension & Pensioners Welfare (DoPPW) has introduced a New Single
Simplified Pension Application Form 6-A, integrated with Bhavishya and e-HRMS platforms.
o This new form is part of the department's efforts to enhance the Ease of Living for pensioners by
simplifying the pension application process.
o The new Form 6-A will be available to all Central Government Employees retiring from December
2024 onwards.
Union Cabinet Approves Financial Assistance for Hydro Electric Projects in North Eastern Region
o The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Ministry of
Power's proposal to provide Central Financial Assistance (CFA) to State Governments in the
North Eastern Region (NER) for their equity participation in developing Hydro Electric Projects.
o This will be done through Joint Venture (JV) collaborations between State entities and Central
Public Sector Undertakings (CPSUs).
Scheme Outlay and Timeline:
o The scheme has an outlay of Rs. 4136 crore and will be implemented from FY 2024-25 to FY
2031-32.
o It aims to support a cumulative hydro capacity of about 15,000 MW in the NER.
o The scheme will be funded by 10% Gross Budgetary Support (GBS) for the NER from the total
outlay of the Ministry of Power.
Cabinet Approves 12 New Projects Under National Industrial Corridor Development Programme
(NICDP)
o The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has
approved 12 new project proposals under the National Industrial Corridor Development Programme
(NICDP).
o The total estimated investment for these projects is Rs. 28,602 crore, which aims to reshape India's
industrial landscape by creating a robust network of industrial smart cities.
o The projects will span across 10 states, strategically planned along 6 major corridors to enhance
India's manufacturing capabilities and economic growth.
o The new industrial nodes will be located in Khurpia (Uttarakhand), Rajpura-Patiala (Punjab), Dighi
(Maharashtra), Palakkad (Kerala), Agra and Prayagraj (Uttar Pradesh), Gaya (Bihar), Zaheerabad
(Telangana), Orvakal and Kopparthy (Andhra Pradesh), and Jodhpur-Pali (Rajasthan).
Pakistan Invites PM Modi to Upcoming SCO Meeting in Istanbul
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Important Monthly Current Affairs Capsule – August 2024
o Pakistan has officially invited Prime Minister Narendra Modi to the upcoming Shanghai
Cooperation Organisation (SCO) meeting scheduled for October 15-16 in Islamabad.
o The invitation was confirmed by Pakistan's Foreign Office Spokesperson, Mumtaz Zahra Baloch.
o The SCO is a major economic and security bloc comprising India, China, Russia, Pakistan,
Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan.
o Pakistan currently holds the rotating chairmanship of the SCO Council of Heads of Government
and will host the two-day meeting for heads of state.
INTERNATIONAL NEWS
India’s Act East Policy: Vietnam’s Strategic Role in the Indo-Pacific
• Vietnamese Prime Minister Pham Minh Chinh’s visit to India from July 30 to August 1, 2024,
underscores Vietnam’s growing significance in the Indo-Pacific region.
• Accompanied by a high-level delegation, Chinh’s state visit, at the invitation of Indian Prime
Minister Narendra Modi, aims to bolster bilateral ties, particularly in defence cooperation and
economic collaboration.
• Additionally, Chinh is scheduled to meet with President Droupadi Murmu, Vice President
Jagdeep Dhankhar, and External Affairs Minister S. Jaishankar, reflecting the high-level nature of
this diplomatic engagement.
About Vietnam:
• Capital: Hanoi
• Currency: Vietnamese dong (VND)
• Prime Minister: Pham Minh Chinh
• President: To Lam
Zimbabwe Joins UN Water Convention, Signalling Commitment to Cross-Border Water Cooperation
• Zimbabwe, a landlocked country in drought-stricken Southern Africa, has joined the UN Water
Convention in a clear demonstration of political will for water cooperation across borders.
• It is the 54th Party to the 1992 Convention on the Protection and Use of Transboundary
Watercourses and International Lakes (UN Water Convention) and 11th African country to join
this treaty, following closely the accession of Cote d’Ivoire announced.
• The Convention constitutes a unique global legal and intergovernmental framework for the
sustainable management of transboundary water resources serviced by UNECE.
About Zimbabwe :
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Important Monthly Current Affairs Capsule – August 2024
• President : Emmerson Mnangagwa
• Capital : Harare
• Currency : Zimbabwe Gold
India and Vietnam Collaborate on Developing National Maritime Heritage Complex in Lothal, Gujarat
• India and Vietnam, two nations with a rich and intertwined maritime history, are joining forces to
develop the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat.
• This partnership, rooted in centuries-old maritime connections, highlights the enduring bond
between the two countries and their commitment to preserving and celebrating their shared
heritage.
• An MoU was signed at Hyderabad House, New Delhi, in the presence of Prime Minister
Narendra Modi and Vietnam's Prime Minister Pham Minh Chinh.
• This MoU marks a significant step in advancing the NMHC project.
About Vietnam :
• President : Tô Lâm
• Prime Minister : Phạm Minh Chính
• Capital : Hanoi
• Currency : Vietnamese đồng
Curacao Joins CARICOM as Newest Associate Member
• Membership Announcement: The Dutch Caribbean island of Curacao has officially become the
newest associate member of the Caribbean Community (CARICOM).
• Significant Event: The announcement was made during the 47th Regular Meeting of the
Conference of Heads of Government of CARICOM in Grenada.
• Contributions: Curacao aims to contribute to regional trade, climate resilience, and sustainable
development within CARICOM.
New ECOSOC President to focus on safe migration, AI for sustainable development
• Robert Rae, Canada’s Ambassador to the UN, has been appointed as the new President of the
UN Economic and Social Council (ECOSOC).
• Succession: He succeeds Paula Narváez Ojeda of Chile in this role.
• Three Vice-Presidents: The 54-member ECOSOC elected Lok Bahadur Thapa (Nepal), Krzysztof
Szczerski (Poland), and Maritza Chan Valverde (Costa Rica) as new Vice-Presidents.
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Important Monthly Current Affairs Capsule – August 2024
• Regional Representation: They represent the Asia-Pacific, Eastern European, and Latin America
and Caribbean States, respectively.
Germany Joins United Nations Command (UNC) in South Korea as 18th Member State
• New Membership: Germany officially joined the UNC, becoming the 18th member state.
• Historical Context: This is the first expansion of the UNC in over a decade; Italy was the last to
join in 2013.
• Security Ties: German Defense Minister Boris Pistorius stated that Germany's membership
reflects growing security ties between Europe and the Indo-Pacific.
• Commitment to Shared Security: Pistorius emphasized the importance of European and Indo-
Pacific security being interconnected.
Elon Musk's Starlink wins satellite broadband services licence in Sri Lanka
● Sri Lanka’s telecommunications regulator has granted a license to Elon Musk’s Starlink, the
satellite unit of SpaceX, to provide satellite broadband services in the country.
● Sri Lanka’s parliament recently passed a new telecommunications bill, the first amendment in 28
years, enabling Starlink Lanka to enter the market.
● The new legislation paves the way for modernized telecommunications services in the country.
● SpaceX’s Starlink dominates the satellite internet industry, owning around 60% of the
approximately 7,500 satellites orbiting Earth.
About Sri Lanka:
● Capital: Sri Jayawardenepura Kotte (Legislative)
● President: Ranil Wickremesinghe
● Prime Minister: Dinesh Gunawardena
● Chief Justice: Jayantha Jayasuriya
About Starlink:
● Operated by: Starlink Services, LLC (a wholly owned subsidiary of SpaceX)
● Coverage: 102 countries
● Objective: To provide global mobile broadband
● Launch Initiation: SpaceX began launching Starlink satellites in 2019
UAE Joins BRICS Partners to Launch Centre for Industrial Competences
● The UAE Ministry of Industry and Advanced Technology joined its BRICS counterparts on the
launch of a Centre for Industrial Competences in cooperation with the United Nations Industrial
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Important Monthly Current Affairs Capsule – August 2024
Development Organisation (UNIDO) to support the development of Industrial skills and
capabilities.
● The declaration was made at the 8th BRICS Industry Ministers Meeting, bringing industry, trade
and technology ministries together from the UAE, Russia, Brazil, China, Egypt, Ethiopia, India,
Iran, and South Africa.
● The meeting, chaired by Russia, takes place under the theme of "strengthening multilateralism
for equitable global development and security".
Indonesia Celebrates 79th Independence Anniversary with Ceremony in Unfinished Future Capital
Nusantara
● Indonesia marked 79 years of independence on August 17, 2024 with a ceremony in the
unfinished future capital of Nusantara, which was planned to relieve pressure on Jakarta but
whose construction has lagged behind schedule.
● Indonesia’s President Joko Widodo and Cabinet Ministers attended the Independence Day
ceremony at the new Presidential Palace, built in the shape of the mythical eagle-winged
protector figure Garuda.
● The celebration was initially planned to inaugurate Nusantara as the country's new capital, but
with construction behind schedule it's not clear when the transfer will take place.
About Indonesia :
● President : Joko Widodo
● Currency : Indonesian rupiah
STATE NEWS
Wayanad was among Kerala districts that ranked high on ISRO ‘Landslide Atlas’
• Wayanad, Kerala, recently experienced a devastating landslide on July 30, highlighting the
district's vulnerability to such natural disasters.
• The Indian Space Research Organisation (ISRO) had identified Wayanad as a high-risk area for
landslides based on various socio-economic parameters in a 2023 national-level database.
• The Landslide Atlas of India, prepared by the National Remote Sensing Centre (NRSC) of ISRO
in February 2023, ranked Wayanad 13th among 147 districts in 17 States and two Union
Territories based on landslide exposure. Other districts in Kerala also ranked high in this atlas:
• Thrissur: 3rd
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Important Monthly Current Affairs Capsule – August 2024
• Palakkad: 5th
• Malappuram: 7th
• Kozhikode: 10th
About Kerala
• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammed Khan
• National Parks in Kerala: Anamudi Shola National Park, Eravikulam National Park, Mathikettan
National Park, Pampadum Shola National Park, Periyar National Park, Silent Valley National
Park
Centre Approves Parandur Site for Chennai's Second Airport Development
• The Union government has granted its approval for the Parandur site to develop Chennai’s
second airport.
• The approval was granted by the Steering Committee on Greenfield Airports on July 9, 2024.
• The approval followed an application from the Tamil Nadu Industrial Development Corporation
Limited (TIDCO).
• The proposal has been examined in consultation with Airports Authority of India (AAI),
Directorate General of Civil Aviation (DGCA) and Ministry of Defence/Indian Air Force as per
GFA Policy.
About Tamil Nadu :
• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of
Mannar Marine National Park
• Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird
Sanctuary
• Tiger Reserve: Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve
India's First 24/7 Grain ATM Unveiled in Mancheswar, Odisha
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Important Monthly Current Affairs Capsule – August 2024
• India's first round-the-clock, 24/7 grain ATM, named Annapurti, was inaugurated at Mancheswar
in Bhubaneswar, Odisha.
• Krushna Chandra Patra, Odisha Minister for Food Supplies and Consumer Welfare, unveiled the
Grain ATM in the presence of Nozomi Hashimoto, Deputy Country Director, of the World Food
Programme in India.
• The initiative is a collaboration between the Odisha government and the World Food Programme.
• Its goal is to achieve nutritional security in the state of Odisha.
About Odisha :
• Governor : Raghubar Das
• Chief Minister : Mohan Charan Majhi
• Capital : Bhubaneswar
• National Parks : Bhitarkanika National Park, Nandankanan National Park,Simlipal National Park
• Wildlife Sanctuaries : Debrigarh Wildlife Sanctuary, Ushakothi Wildlife Sanctuary, Tikarpada
Wildlife Sanctuary
Chhattisgarh Government to Establish Fourth Tiger Reserve in the State
• The Chhattisgarh government announced that it would establish a new tiger reserve and named
it Guru Ghasidas-Tamor Pingla Tiger Reserve.
• It is located in the northern part of Chhattisgarh, bordering Madhya Pradesh and Jharkhand.
• This will be the 4th Tiger Reserve in Chhattisgarh.
• The existing tiger reserves in the state are:
• Indravati (Bijapur district)
• Udanti-Sitanadi (Gariaband district)
• Achanakmar (Mungeli district
About Chhattisgarh :
• Governor: Ramen Deka
• Chief Minister: Vishnu Deo Sai
• Capital: Raipur
Jharkhand Chief Minister Hemant Soren Launches 'Upasthiti Portal' for Health Department Employees
• Jharkhand Chief Minister Hemant Soren launched the ‘Upasthiti Portal’.
• The portal was launched on behalf of the Health, Medical Education and Family Welfare
Department.
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Important Monthly Current Affairs Capsule – August 2024
• Aim of the portal : To ensure the daily attendance of all doctors, para-medical workers, contract
workers and other workers working under the Health Department.
• Through this portal, cross verification of biometric attendance being recorded by the employees
of the Health Department will be done.
About Jharkhand :
• Governor : Santosh Kumar Gangwar
• Chief Minister : Hemant Soren
• Capital : Ranchi
• Tiger Reserve : Palamu Tiger Reserve
• Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake
Bird Wildlife Sanctuary
Nagaland Leads as 1st Indian State to Launch Disaster Management Insurance
• Nagaland became the first state in India to implement the disaster management insurance
• The state government of Nagaland and SBI General Insurance have signed a Memorandum of
Understanding (MoU) for Disaster Risk Transfer Parametric Insurance Solution (DRTPS).
• The MoU will be effective for three years, from 2024 to 2027.
About Nagaland :
• Governor : La. Ganesan
• Chief Minister : Neiphiu Rio
• Capital : Kohima
• National Park : Ntanki National Park
First-ever Global Women’s Kabaddi League to kick off in Haryana
• Event Launch: Scheduled for September 2024.
• Objective: To promote kabaddi globally and support India’s bid to host the 2036 Olympic Games.
• Organizer: Holistic International Pravasi Sports Association (HIPSA) in collaboration with World
Kabaddi.
• Location: Haryana, India.
Karnataka government orders state departments to close accounts in SBI & PNB
● The Karnataka government has directed all state departments to close their accounts in the State
Bank of India (SBI) and Punjab National Bank (PNB).
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Important Monthly Current Affairs Capsule – August 2024
● This directive includes the recovery of deposits and prohibits further deposits or investments in
these banks.
Reason for Action
The action follows reports of two fraudulent transactions:
Fixed Deposit at PNB:
▪ A fixed deposit of ₹25 crore at PNB’s Rajajinagar branch, initiated by the Karnataka Industrial Area
Development Board on September 14, 2011, was only partially released.
▪ Despite the term ending, PNB allegedly disbursed only ₹13 crore, with unresolved issues over the
past decade.
Fixed Deposit at SBI:
▪ A ₹10 crore fixed deposit with the Karnataka State Pollution Control Board, formerly with the State
Bank of Mysore and now part of SBI, was misused to settle loans of a private company with forged
documents.
▪ Efforts to recover this amount have also been unsuccessful.
About Karnataka:
● Capital: Bangalore
● Governor: Thawar Chand Gehlot
● Chief Minister: Siddaramaiah
● National Parks: Bandipur National Park, Bannerghatta National Park, Anshi National Park,
Kudremukh National Park, Nagarhole National Park
Andhra Pradesh plans 100 industrial parks to promote aqua, food processing sector
● Andhra Pradesh Chief Minister Chandrababu Naidu has directed officials to formulate an action
plan for establishing 100 food processing, aqua, horticulture, and mineral-based industrial
development parks.
● He emphasized that Andhra Pradesh has the "most favourable atmosphere for establishing such
units."
● Naidu chaired a meeting to review the functioning of the Departments of Industries and Micro,
Small and Medium Enterprises (MSME).
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Important Monthly Current Affairs Capsule – August 2024
About Andhra Pradesh:
● Capital: Amaravati
● Governor: Syed Abdul Nazeer
● Chief Minister: N. Chandrababu Naidu
● National Parks: Papikonda National Park, Sri Venkateswara National Park, Rajiv Gandhi National
Park
Himachal Pradesh to launch ₹150 crore HIM-UNNATI scheme to boost natural farming
● The Himachal Pradesh government has launched a new initiative, the HIM-UNNATI scheme,
aimed at promoting natural farming across the state.
● The scheme has an allocation of ₹150 crore and will support approximately 1.92 lakh farmers
who are already practising chemical-free farming on over 32,149 hectares of land.
Objectives and Focus
● HIM-UNNATI will focus on making the agriculture sector economically viable by promoting a
cluster-based development model and natural farming practices.
● The scheme will consolidate smallholding farmers to enable bulk production, ensuring a sufficient
marketable surplus.
● The initiative will integrate various ongoing agricultural schemes and coordinate with departments
such as animal husbandry, horticulture, fisheries, and rural development to maximize the impact.
About Himachal Pradesh:
● Capital: Shimla, Dharamshala (Winter)
● Governor: Shiv Pratap Shukla
● Chief Minister: Sukhvinder Singh Sukhu (INC)
● National Parks: Great Himalayan National Park, Pin Valley National Park, Simbalbara National
Park, Khirganga National Park, Inderkilla National Park
Madhya Pradesh: 1st State to provide cash to girls student to buy sanitary napkins
● Madhya Pradesh has become the first state in India to provide money directly to girl students for
purchasing sanitary napkins.
● Unlike states such as Karnataka, Rajasthan, and Delhi, which offer free sanitary napkins,
Madhya Pradesh is implementing a cash transfer system.
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Important Monthly Current Affairs Capsule – August 2024
● Under the Sanitation and Hygiene Scheme, an amount of ₹300 has been transferred to each
eligible girl student’s account for one year.
● The scheme benefits approximately 19 lakh students from classes seventh to twelfth.
About Madhya Pradesh:
● Capital: Bhopal
● Governor: Mangubhai C. Patel
● Chief Minister: Mohan Yadav
● National Park: Kanha National Park, Madhav National Park, Bandhavgarh National Park, Pench
National Park, Van Vihar National Park, Satpura National Park, Panna National Park, Kuno
National Park
Odisha becomes the 3rd state to implement a one-day menstrual leave policy for women in both public
and private sectors
● The Odisha government has introduced a one-day menstrual leave policy for working women in
both the public and private sectors.
● The announcement was made by Deputy Chief Minister Pravati Parida during Independence Day
celebrations on August 15, 2024, in Cuttack.
● The one-day menstrual leave policy will be effective immediately for women employees eligible to
take leave from work on the first or second day of their menstrual cycle.
● Odisha is the 3rd state after Kerala and Bihar to bring in a menstrual leave policy for working
women amid a nationwide demand for such a paid leave for students and working women.
About Odisha :
● Governor : Raghubar Das
● Chief Minister : Mohan Charan Majhi
● Capital : Bhubaneswar
● National Parks : Bhitarkanika National Park, Simlipal National Park
● Wildlife Sanctuaries : Debrigarh Wildlife Sanctuary, Ushakothi Wildlife Sanctuary
Andhra Pradesh Sets Ambitious 15% GSDP Growth Target: Chief Minister N Chandrababu Naidu
● The Andhra Pradesh (AP) government aims to achieve a 15% annual growth rate in the
State Gross Domestic Product (GSDP).
● This target is part of the broader effort to revive the state's economy and restore "Brand
Andhra Pradesh."
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Important Monthly Current Affairs Capsule – August 2024
Karnataka Cabinet Approves Proposal to Rename Ramanagara District as Bengaluru South District
● The Karnataka Cabinet, led by Chief Minister Siddaramaiah, approved a proposal to
rename Ramanagara district as Bengaluru South district.
● The renaming aims to boost industrial and real estate growth in the region.
● It is expected to attract developers and investors, potentially increasing property prices in
the area.
● Ramanagara district has 5 taluks – Ramanagara, Channapatna, Magadi, Kanakapura and
Harohalli.
Uttar Pradesh Chief Minister Introduces Mukhyamantri Yuva Udyam Vikas Abhiyan Scheme to Foster
Youth Entrepreneurship
● Uttar Pradesh Chief Minister Yogi Adityanath hoisted the national flag at an event to mark the
nation’s 78th Independence Day in front of Vidhan Bhavan in Lucknow, UP.
● During this, Mr. Adityanath announced the launch of a new initiative, the Mukhyamantri Yuva
Udyam Vikas Abhiyan Yojana, aimed at empowering youth.
● Under the scheme, financial support will be provided to young individuals interested in
entrepreneurship, with a target of establishing one million micro, small, and medium enterprises
(MSME) units across the state.
● Over 16.2 million young people have secured employment due to investments in the state.
Maharashtra Government Officially Launches 'Ladki Bahin' Scheme
● The Maharashtra government launched the "Mukhyamantri Majhi Ladki Bahin Yojana," aimed at
providing financial aid to women across the state.
● The scheme was inaugurated by the Chief Minister and Deputy Chief Ministers at an event
coinciding with Rakshabandhan festivities.
● The scheme offers a monthly stipend of ₹1,500 to over one crore women in Maharashtra.
Eligibility Criteria:
● Only women can apply.
● Applicants must be permanent residents of Maharashtra.
● Women must be between 21 and 65 years old.
● The family's annual income must be less than ₹2.5 lakh.
● Initial Payment: Eligible women will receive an initial instalment of ₹3,000 (for two months).
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Important Monthly Current Affairs Capsule – August 2024
● After this, the standard monthly amount of ₹1,500 will be deposited in their bank accounts.
● No Application Fee: There is no fee associated with applying for the scheme.
● Budget Allocation: The scheme was included in the Maharashtra government's supplementary
budget and is expected to cost the state ₹46,000 crore annually.
57 Casual Employees Reinstated at Namdapha National Park and Tiger Reserve After 3-Month
Termination
● 57 casual employees of Namdapha National Park and Tiger Reserve (NNP&TR) have been
reinstated three months after their services were terminated.
● Their reinstatement, effective August 13,2024 under Project Tiger, comes with certain conditions.
● Namdapha National Park and Tiger Reserve is located in the Changlang District of Arunachal
Pradesh, surrounded by Myanmar in the Southeast.
● Namdapha, named after a river meandering through it, was declared Indias 15th Tiger Reserve
in 1983, the very year it was elevated to a national park from a wildlife sanctuary.
● It is the only park in the World to have the four Feline species of big cat namely the Tiger,
Leopard, Snow Leopard, and Clouded Leopard, and numbers of Lesser cats.
Jharkhand Chief Minister Hemant Soren Launches the Highly Anticipated Jharkhand Mukhyamantri
Maiyan Samman Yojna
● Jharkhand Chief Minister Hemant Soren launched the much-hyped Jharkhand Mukhyamantri
Maiyan Samman Yojna (JMMSY).
● Mr. Soren transferred the amount to 81, 000, women with Rakshabandhan around the corner.
● Under this scheme, the state government will send ₹ 1,000 honorarium to the bank accounts of
eligible women between the ages of 21 and 50 by the 15th of every month through DBT.
About Jharkhand :
● Governor :Santosh Kumar Gangwar
● Chief Minister : Hemant Soren
● Capital : Ranchi
● Tiger Reserve : Palamu Tiger Reserve
● Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake
Bird Wildlife Sanctuary
Defence Minister Rajnath Singh Unveils Rs 100 Coin to Honor Birth Centenary of Former DMK
President M. Karunanidhi, Praises Him as a 'Titan' of Indian Politics
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Important Monthly Current Affairs Capsule – August 2024
● Defence Minister Rajnath Singh released a Rs 100 commemorative coin to mark the birth
centenary of late DMK president and former Tamil Nadu Chief Minister M. Karunanidhi. Singh
praised Karunanidhi as a "titan" of Indian politics.
● The coin was released in the presence of Tamil Nadu Chief Minister MK Stalin, who is the son of
M. Karunanidhi.
Coin Specifications:
● Weight: 35 grams.
● Diameter: 44 millimetres.
● Edge: 200 serrations.
● Composition: Made of an alloy with 50% silver, 40% copper, 5% nickel, and 5% zinc.
● Historical Context: India’s first commemorative coin was issued in 1964 after the death of Prime
Minister Jawaharlal Nehru.
About Tamil Nadu :
● Governor: R. N. Ravi
● Chief minister: M. K. Stalin
● Capital: Chennai
● Dance : Bharatnatyam, Karakattam
● National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of
Mannar Marine National Park
● Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird
Sanctuary
● Tiger Reserve: Anamalai Tiger Reserve
● Biosphere Reserve : Agasthyamalai Biosphere Reserve
Chhattisgarh Government Adopts Artificial Intelligence to Enhance School Education and Programs
● The Chhattisgarh government’s education department is using artificial intelligence (AI) to
improve school education and programmes like midday meals.
● Vidya Samiksha Kendra: The state has established the Vidya Samiksha Kendra in Raipur to
implement the AI system for online monitoring and data analysis of various beneficiary-oriented
schemes run by the school education department.
● Toll-free Support: A toll-free phone number will be issued to address problems and provide
support to students, parents, and teachers.
About Chhattisgarh :
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Important Monthly Current Affairs Capsule – August 2024
● Governor : Ramen Deka
● Chief Minister : Vishnu Deo Sai
● Capital : Raipur
● Wildlife Sanctuaries : Badalkhol Wildlife Sanctuary, Barnawapara Wildlife Sanctuary,
Bhairamgarh Wildlife Sanctuary
Odisha Chief Minister Mohan Majhi unveils Subhadra Scheme, providing ₹50,000 to one crore women
aged 21-60 over five years
● The Bharatiya Janata Party Government led by Odisha Chief Minister Mohan Majhi, announced
the implementation of the Subhadra scheme under which ₹50,000 will be provided over five
years to one crore women between the ages of 21 and 60.
About the Scheme :
● Implementation Period: The scheme will be implemented from the financial year 2024-25 to
2028-29.
● Total Outlay: The total budget allocated for the scheme is ₹55,825 crore.
● Annual Assistance: Beneficiaries will receive ₹10,000 per annum in two instalments of ₹5,000
each.
● Women receiving assistance of ₹1,500 or more per month or ₹18,000 or more per year under
other government schemes.
About Odisha :
● Governor : Raghubar Das
● Chief Minister : Mohan Charan Majhi
● Capital : Bhubaneswar
● National Parks : Bhitarkanika National Park
● Wildlife Sanctuaries : Gahirmatha Marine Wildlife Sanctuary, Debrigarh Wildlife Sanctuary,
Sunabeda Wildlife Sanctuary
● Ramsar Sites : Chilika lake, Bhitarkanika mangroves, Satkosia gorge, Hirakud reservoir, Ansupa
lake and Tampara lake
Maharashtra Leads as First State to Implement Unified Pension Scheme for Government Employees
● The Maharashtra cabinet has decided to implement the Unified Pension Scheme (UPS) for state
government employees, making it the first state to adopt the scheme announced by the Union
government.
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Important Monthly Current Affairs Capsule – August 2024
● The decision was announced by the Maharashtra cabinet and will take effect from March 2024.
What is the Unified Pension Scheme?
● The Narendra Modi-led Centre approved the Unified Pension Scheme (UPS) for central
government employees who joined service after January 1, 2004.
● The UPS provides an assured pension of 50% of the average basic pay over the last 12 months
before retirement for eligible employees.
About Maharashtra :
● Governor: C. P. Radhakrishnan
● Chief Minister: Eknath Shinde
● Capital: Mumbai
● National Park: Tadoba National Park, Navegaon National Park
● Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife
Sanctuary
● UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco
Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves
Himachal Pradesh Increases Minimum Marriage Age for Women from 18 to 21 Years
● The Himachal Pradesh (HP) State Assembly passed a Bill increasing the minimum age of
marriage for women from 18 to 21 years in order to support gender equality and higher
education.
● The Prohibition of Child Marriage (Himachal Pradesh Amendment) Bill, 2024 was introduced by
Women Empowerment Minister Dhani Ram Shandil in the State Assembly during its ongoing
monsoon session.
About HP :
● Governor : Shiv Pratap Shukla
● Chief Minister : Sukhvinder Singh Sukhu
Centre proposes ₹26,000 crore allocation for road infrastructure projects in Bihar
● The Centre proposed an outlay of ₹26,000 crore for various road projects in Bihar.
● Finance Minister Nirmala Sitharaman announced the financial outlay in the Budget for 2024-25.
● The Centre will also formulate plan 'Purvodaya' for the all-round development of Bihar,
Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
● The government will support the development of an industrial corridor in the eastern region.
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Important Monthly Current Affairs Capsule – August 2024
● Also, E-vouchers will be provided directly to 1 lakh students annually with an interest subvention
of 3% on the loan amount.
About Bihar :
● Governor : Rajendra Arlekar
● Chief Minister : Nitish Kumar
● Capital : Patna
● National Parks : Valmiki National Park
● Wildlife Sanctuaries : Bhimbandh Wildlife Sanctuary, Pant Wildlife Sanctuary, Udaypur Wildlife
Sanctuary
BUSINESS NEWS
Indian Oil Corporation's New Oil Jetty at Kamarajar Port
• Indian Oil Corporation Ltd (IOCL) is constructing an exclusive oil jetty at Kamarajar Port in
Ennore, Tamil Nadu.
• The project, with an investment of ₹921 crore, is expected to be completed by December 2024.
• Currently, all oil companies, including IOCL, HPCL, BPCL, Reliance, Shell, and Nayara, use a
common oil jetty.
• IOCL will move to its dedicated facility once the new jetty is operational.
Vodafone Idea clears Rs 1,500 crore DoT bill
• Vodafone Idea has paid dues worth Rs 1,500 crore, comprising revenue share licence fee and
spectrum usage charges, to the Department of Telecommunications (DoT).
• Total Payment: ₹1,500 crore paid to the Department of Telecommunications (DoT).
• Breakdown:
o ₹720 crore for January-March quarter dues.
o Full payment for April-June period dues.
Tata Electronics Assam chip plant to be operational in 2025:
• Tata Electronics is set to significantly impact the semiconductor industry in India with its new chip
assembly and testing facility in Jagiroad, Assam.
• With an investment of ₹27,000 crore, the plant is expected to be operational by 2025, creating
substantial employment opportunities and boosting the local economy.
• This facility is part of a broader initiative supported by the Union Cabinet to strengthen India's
semiconductor manufacturing capabilities.
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Important Monthly Current Affairs Capsule – August 2024
• Union Cabinet Approval: In February, the Union Cabinet approved the proposal for Tata’s
semiconductor unit in Morigaon, Assam, along with:
o A fab plant in Dholera by Tatas.
o A CG Power facility in Sanand, Gujarat.
Toyota Kirloskar Motor Announces New Manufacturing Plant in Maharashtra
• Toyota Kirloskar Motor (TKM) will establish a new greenfield manufacturing facility in
Maharashtra, with an investment of approximately Rs 20,000 crore.
• The plant will be located in Chhatrapati Sambhaji Nagar.
• TKM signed a Memorandum of Understanding (MoU) with the Maharashtra government to
explore the establishment of this new facility.
• TKM is headquartered in Karnataka and already operates two manufacturing units in Bidadi, near
Bengaluru.
• In Karnataka, TKM and its group companies have invested over Rs 16,000 crore and created
approximately 86,000 jobs throughout the value chain.
India's Core Sector Output Growth Slows to 4% in June 2024
• India's core sector output growth fell to 4% in June 2024, marking the slowest growth in 20
months.
• This sector accounts for about 40% of the country's industrial production.
• The slowdown is attributed to reduced electricity, steel, and natural gas activities.
• Output in crude oil and refinery products contracted during June.
• Sector-wise Performance in June 2024:
o Coal: Production grew by 14.8%, up from 10.2% in May.
o Fertilizers: Production increased by 2.4%, compared to a 1.7% contraction in May.
o Cement: Output grew by 1.9%, rebounding from a 0.6% contraction in May.
o Electricity: Output expanded by 7.7%, down from 13.7% growth in May.
o Steel: Growth slowed to 2.7%, from 6.8% in May.
o Natural Gas: Growth decreased to 3.3%, from 7.5% in May.
o Crude Oil: Output contracted by 2.6%, after a 1.1% contraction in May.
o Refinery Products: Output contracted by 1.5%, after a 0.5% growth in May.
UPI's Remarkable Growth: July 2024 Transaction Volume Surges to 14.44 Billion
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Important Monthly Current Affairs Capsule – August 2024
• India's Unified Payments Interface (UPI), a cornerstone of the country's digital payment
landscape, has reported a significant year-on-year (Y-o-Y) growth in July 2024.
• UPI's transaction volume reached an impressive 14.44 billion, reflecting a 45% Y-o-Y increase.
• The total value of these transactions also saw a substantial rise, increasing by 35% Y-o-Y to
reach ₹20.64 trillion, according to data released by the National Payments Corporation of India
(NPCI).
Government May Raise At Least ₹10,000 Crore In Next Phase Of Sovereign Green Bonds
• In 2023-24, India issued ₹20,000 crore in sovereign green bonds to support clean energy projects.
• For 2024-25, the government plans to raise ₹20,000-25,000 crore, with a first-half goal of ₹12,000
crore and a second-half potential of up to ₹15,000 crore.
Issuance Details for 2023-24:
• Amount Issued: ₹20,000 crore in sovereign green bonds.
• Budget Mention: Not included in the budget.
• Purpose: Financing clean energy and sustainability projects.
BHEL secures order for demonstration of first of its kind methanol firing in gas turbine of kayamkulam
CCCP
• Bharat Heavy Electricals Limited (BHEL) has received the first ever order for the demonstration of
methanol firing in a Gas Turbine at the 350 MW Kayamkulam Combined Cycle Power Plant (CCPP)
of NTPC installed at Alappuzha district in Kerala.
• This will be the first such demonstration project of its kind in India.
• Project: First-ever methanol firing demonstration in a gas turbine
• Location: 350 MW Kayamkulam Combined Cycle Power Plant (CCPP), Alappuzha district, Kerala
• Client: NTPC
July 2024 GST Collections Surge by 10.3% to Over ₹1.82 Trillion
• In July 2024, India's Goods and Services Tax (GST) collections saw a significant year-on-year
increase of 10.3%, reaching ₹1.82 trillion (US$ 21.74 billion).
• This marks the third-highest monthly collection since the GST regime was implemented on July
1, 2017, primarily driven by robust domestic transactions in goods and services.
• Gross GST Revenue: ₹1,82,075 crore (US$ 21.75 billion).
o Central GST (CGST): ₹32,386 crore (US$ 3.87 billion).
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Important Monthly Current Affairs Capsule – August 2024
o State GST (SGST): ₹40,289 crore (US$ 4.81 billion).
o Integrated GST (IGST): ₹96,447 crore (US$ 11.52 billion).
o Compensation Cess: ₹12,953 crore (US$ 1.55 billion).
Government to decide on Sovereign Gold Bond issuance for next fiscal
• The Finance Ministry and the Reserve Bank of India (RBI) will meet next month to discuss the
potential issuance of Sovereign Gold Bonds(SGB) for the remainder of the fiscal year.
• For FY25, the government may consider issuing a lower quantum of SGBs, around ₹18,500
crore, compared to the ₹29,638 crore estimated in the Interim Budget 2024.
• SGBs are denominated in multiples of gram(s) of gold, with a basic unit of 1 gram and a
maximum investment limit of 4 kg.
• They have an 8-year tenor, with an exit option in the 5th, 6th, and 7th years, and offer a 2.50%
per annum interest rate payable semi-annually.
Ministry issues new notification for GSTAT with provisions for ‘circuit’ and ‘sitting’
• The Finance Ministry's new notification regarding the constitution of the Principal and State
Benches of the GST Appellate Tribunal (GSTAT) brings significant updates and additions.
• This notification, effective from September 1, 2023, supersedes two previous notifications from
September 2023 and December 2024 and introduces new circuits and locations for the Tribunal.
EU approves Hewlett Packard Enterprise’s $14 billion Juniper deal
• The European Commission has approved Hewlett Packard Enterprise's (HPE) $14 billion
acquisition of Juniper Networks, concluding that the merger will not significantly reduce
competition in the relevant markets.
• This deal, announced in January, reflects the growing trend of companies investing in upgrading
their technology to meet the demands of artificial intelligence-driven services.
• EU Commission Decision: Unconditionally approved the acquisition.
Government Introduces Relief Measure for Long-Term Capital Gains Tax on Property
• The Finance Minister, Nirmala Sitharaman, proposed reducing the long-term capital gains
(LTCG) tax on property from 20% to 12.5% while removing the indexation benefit.
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Important Monthly Current Affairs Capsule – August 2024
• The Indian government has proposed an amendment allowing taxpayers to choose between two
methods of calculating long-term capital gains (LTCG) tax on properties acquired before July 23,
2024.
• Choice of Tax Calculation:
o New Scheme: 12.5% LTCG tax without indexation.
o Old Scheme: 20% LTCG tax with indexation.
o Taxpayer Benefit: Taxpayers can choose the method that results in the lower tax liability.
Banks write off loans worth Rs 9.90 trillion in last 5 years:
• Banks have written off loans totalling ₹9.90 trillion over the past five financial years.
• Annual Write-Offs:
▪ 2023-24: ₹1.70 trillion (down from ₹2.08 trillion in 2022-23).
▪ 2019-20: Highest at ₹2.34 trillion.
▪ 2020-21: ₹2.02 trillion.
▪ 2021-22: ₹1.74 trillion.
NSE registered investor base crosses 10 crore unique investors'
• The National Stock Exchange of India (NSE) has announced a significant achievement: its
unique registered investor base has crossed the 10 crore mark.
• This milestone reflects the growing participation of Indian citizens in the equity markets.
• Historical Growth: While it took over 25 years to reach 4 crore investors by March 2021, the next
6 crore additions occurred at an accelerated pace, averaging around 6-7 months per crore.
Flipkart's quick commerce service 'Minutes' goes live in Bengaluru
• Walmart-owned Flipkart has launched its quick-commerce service, Flipkart Minutes, in select
areas of Bengaluru.
• This new service is designed to deliver products quickly, with delivery times ranging from 8 to 16
minutes for groceries, electronics, smartphones, and other items.
• Service Launch: Flipkart Minutes has gone live on the Flipkart app and is currently available in
localities such as Belandur and HSR. Initially, it was offered only to employees at Flipkart’s
headquarters but has now expanded to the public.
Despite PLI push, electronics imports top $20 bn for fifth quarter
• India’s import of electronic goods exceeded $20 billion for the fifth consecutive quarter.
• Q1 FY25: Electronic goods worth $22.8 billion were imported, slightly down from $23.4 billion in
the previous quarter.
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Important Monthly Current Affairs Capsule – August 2024
• Electronic Components and Computer Hardware: Accounted for more than half of the electronic
goods imported in the June quarter of FY25, up from 46% before the pandemic.
o Crude Petroleum: Imports grew by 22.4% in the June quarter, driven by discounted Russian
prices.
o Pharmaceuticals: Imports increased by about 11%.
o Engineering Products: Imports rose by 5.4%.
o Gems and Jewellery: Imports contracted by 0.5%.
Svastha Ecoharvest Set to Export India's First Sona Masoori Brown Rice Consignment to Europe
• Agtech start-up Svastha Ecoharvest is preparing to export India's first Sona Masoori brown rice
consignment to Europe.
• Traditionally, rice exports from India to Europe have been limited to Basmati.
• In response to farmers' prevalent and often unguided use of chemicals, Svastha Ecoharvest has
implemented a technological action plan.
• This plan ensures that the rice meets the Maximum Residue Level (MRL) standards, even
accounting for potential future revisions.
Finance Minister Nirmala Sitharaman’s Announcement: Centre to treat capex loans to states as grants
• The Centre may convert trillions of rupees given to states into grants, rather than loans. Grants do
not need to be repaid.
• Total Given: Rs 2.17 trillion released under the ‘Scheme for Special Assistance to States for Capital
Expenditure’ since its launch.
• Future Assistance: Estimated Rs 1.5 trillion more to be given in FY25, totaling Rs 3.7 trillion from
FY21-FY25.
Insurers to pay 12% penalty for delay in Fasal Bima settlement
• The Pradhan Mantri Fasal Bima Yojana (PMFBY) has introduced a 12% penalty for delayed
claim settlements, directly benefiting farmers.
• The scheme now mandates remote sensing for crop loss assessments and employs a
centralized portal for real-time tracking.
• With significant enrollment and coverage increases, PMFBY aims to enhance its effectiveness
and support farmers better.
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Important Monthly Current Affairs Capsule – August 2024
• The Finance Ministry has allocated Rs 15,000 crore for FY25, reflecting the scheme's importance
in safeguarding agricultural interests.
WPI Inflation for July 2024 Registers at 2.04%, Driven by Rising Food and Energy Prices
● The annual inflation rate based on the All India Wholesale Price Index (WPI) for July 2024 stands at
2.04%, a decrease from 3.36% in June 2024.
● This positive inflation rate is primarily attributed to increases in prices of food articles, mineral oils,
and crude petroleum & natural gas.
● Index Numbers and Inflation Rate:
o All Commodities: Index at 155.2 with inflation at 2.04%.
o Primary Articles: Index at 197.6 with inflation at 3.08%.
o Fuel & Power: Index at 147.9 with inflation at 1.72%.
o Manufactured Products: Index at 141.7 with inflation at 1.58%.
o Food Index: Index at 195.4 with inflation at 3.55%
● Wholesale Price Index: Wholesale Price Index (WPI) represents the price of goods at a
wholesale stage i.e. goods that are sold in bulk and traded between organizations instead of
consumers.
India's Trade Performance in July 2024: Positive Growth in Exports and Imports Amid Widening Trade
Deficit
● India's total exports (merchandise and services combined) for July 2024 were estimated at USD
62.42 billion, reflecting a growth of 2.81% compared to July 2023.
● Imports: Total imports for July 2024 were estimated at USD 72.03 billion, showing a more substantial
growth of 7.14% over the same period in the previous year.
● Trade Deficit: The trade deficit widened to USD 9.61 billion in July 2024, compared to USD 6.52
billion in July 2023.
BPCL Introduces India's First Biofuel Blend HFHSD Bunker at Mumbai Port
● Bharat Petroleum Corporation Limited (BPCL) has launched India's first biofuel blend High Flash
High-Speed Diesel (HFHSD) bunker facility at Mumbai Port.
● This initiative represents a significant leap towards environmental sustainability in the maritime
industry.
● This facility is part of BPCL’s "Project Aspire," which emphasises green energy. The company is
expanding its portfolio of eco-friendly bunker fuels, including LNG, hydrogen, and methanol.
Tamil Nadu CM Inaugurates Rs 706-Crore Residential Facility for Foxconn's Female Workers
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Important Monthly Current Affairs Capsule – August 2024
● Tamil Nadu Chief Minister M. K. Stalin inaugurated an industrial housing facility for Apple contract
manufacturer Foxconn women employees at SIPCOT Industrial Park in Vallam Vadagal near
Sriperumbudur.
Project Details:
● Cost: Rs 706 crore
● Area: 20 acres
● Capacity: 18,720 workers
● Structure: 13 blocks, each with 10 floors
FPIs Surge in Indian Debt Market, Cross ₹1 Lakh Crore Mark in 2024
● Foreign Portfolio Investors (FPIs) have set a new milestone in the Indian debt market, with net
investments exceeding ₹1 lakh crore as of mid-August 2024.
● This significant achievement underscores the growing appeal of India's debt instruments, especially
following the country's inclusion in JP Morgan’s Emerging Market government bond indices earlier
this year.
● FPIs' net inflows into the Indian debt market have reached ₹1,00,100 crore by August 16, 2024, a
substantial increase from ₹28,181 crore during the same period last year.
CSR Spending Falls Short of Mandates: Five-Year High of Unspent Funds in FY23
● In the fiscal year 2022-23 (FY23), listed companies in India have recorded a significant shortfall in
their Corporate Social Responsibility (CSR) spending, with a five-year high of ₹1,475 crore
remaining unspent.
● This amount represents the difference between the required and actual CSR expenditures.
● Total Required vs. Actual Spend: Listed companies were mandated to spend ₹15,787 crore on CSR
activities for FY23, based on their net profits, turnover, and net worth. However, they spent only
₹15,602 crore, falling short by ₹185 crore.
● Unspent Amount: The unspent amount of ₹1,475 crore represents the aggregate CSR shortfall by
companies that spent less than the mandated sum.
Granules India Receives U.S. FDA Approval for Glycopyrrolate Oral Solution
● Granules India has received approval from the U.S. Food and Drug Administration (U.S. FDA) for its
abbreviated new drug application (ANDA) for Glycopyrrolate Oral Solution 1mg/5mL.
● This approval is for a product that is bioequivalent and therapeutically equivalent to Merz
Pharmaceuticals LLC's Cuvposa Oral Solution 1 mg/5 mL.
Decathlon to Invest €100 Million in India Over the Next Five Years
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Important Monthly Current Affairs Capsule – August 2024
● French sports retailer Decathlon announced plans to invest €100 million (approximately ₹933 crore)
in India over the next five years.
● This significant investment underscores the importance of India as one of Decathlon's fastest-
growing markets.
GST Rate Rationalisation Panel Moves Towards 4-Tier Slab Structure
● The ministerial panel on GST rate rationalisation largely agreed to maintain the existing 4-tier
slab structure.
● The panel has tasked the committee of tax officers with analysing the implications of adjusting
rates for specific items and reporting back to the GST Council.
Finance Ministry’s Monthly Economic Report Highlights Resilient Growth and Inflation Outlook
● The finance ministry reaffirms the projection of real GDP growth at 6.5%-7% for FY25, as
outlined in the 2023-24 economic survey.
● The projection remains appropriate due to the ongoing resilience of domestic economic activities.
Dabur to Invest ₹400 Crore in First Manufacturing Plant in South India
● Dabur, one of India’s leading Fast-Moving Consumer Goods (FMCG) giants, will invest Rs 400 crore
to set up a world-class manufacturing plant, its first ever in south India, at the Sipcot Food Park in
Tindivanam in Villupuram district.
NSE to File Fresh Application with SEBI for IPO Approval
● The National Stock Exchange (NSE) board has approved a fresh application to the Securities and
Exchange Board of India (SEBI) for a no-objection certificate (NOC) to launch its long-delayed initial
public offering (IPO).
● The decision was announced during NSE’s Annual General Meeting.
● NSE first sought SEBI's approval for an IPO in 2016, but the application was returned in 2019 amid
investigations into the co-location scam and significant reduction in offer size.
● NSE has since submitted at least three applications for SEBI’s NOC, with the most recent one in
June 2022.
Finance Minister Nirmala Sitharaman Inaugurates GST Bhawan in Udaipur
o Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, inaugurated the GST
Bhawan, the official complex of the CGST Udaipur Commissionerate under the Central Board of
Indirect Taxes and Customs (CBIC), in Udaipur, Rajasthan.
o Key attendees included MPs Manna Lal Rawat and Chunnilal Garasiya, CBIC Chairman Sanjay
Kumar Agarwal, and senior CBIC officials.
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Important Monthly Current Affairs Capsule – August 2024
Oyo Reports Q1 Profit of Rs 132 Crore, Eyes Rs 700 Crore PAT for FY25
o Oyo, the hospitality major heading towards an IPO, reported a profit after tax (PAT) of Rs 132
crore for the first quarter (Q1) of FY25, marking a significant turnaround from a loss of Rs 108
crore in the same period last year.
o The company anticipates its PAT to triple to Rs 700 crore for the full financial year FY25,
reflecting strong growth and strategic management.
Madhya Pradesh Secures Rs 8,000 Crore Investment Proposals at Regional Industrial Conclave
o Madhya Pradesh Chief Minister Mohan Yadav announced that the state received investment
proposals worth Rs 8,000 crore during the Regional Industrial Conclave (RIC) in Gwalior.
o These investments are expected to generate 35,000 jobs across the state, reflecting strong
investor interest and economic potential.
o Adani Port and SEZ Ltd Managing Director Karan Adani disclosed plans to set up a 2-million-
tonne capacity cement grinding unit in Guna and a propellant production facility in Shivpuri.
o These projects will involve a total investment of Rs 3,500 crore and are projected to create 3,500
jobs.
Vedanta Ltd Forms ₹30,000 Crore War Chest for Growth and Deleveraging
o Vedanta Ltd has assembled a war chest of ₹30,000 crore through recent financial manoeuvres,
including:
▪ ₹8,500 crore raised via a Qualified Institutional Placement (QIP).
▪ ₹3,200 crore from the Offer for Sale (OFS) of Hindustan Zinc Ltd (HZL).
▪ ₹5,100 crore from a second interim dividend.
▪ Existing cash reserves of ₹13,000 crore
BANKING AND ECONOMY
Government Extends Minimum Public Shareholding Deadline for PSUs to August 2026
• The government has extended the deadline for central public sector enterprises (CPSEs) and
public sector financial institutions to meet the minimum public shareholding (MPS) norm until
August 2026.
• Exemption Details: According to the Finance Ministry memorandum, CPSEs, public sector banks,
and financial institutions are allowed until August 1, 2026, to increase their public shareholding to
at least 25%.
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Important Monthly Current Affairs Capsule – August 2024
• Authority and Rules:The extension is exercised under sub-rule (6) of Rule 19A of Securities
Contract (Regulation) Rules, 1957 (SCRR).
Reserve Bank of India Revokes Licences of 78 Urban Cooperative Banks Since 2014, Maharashtra
Leads in Numbers
• The Reserve Bank of India (RBI) has cancelled the licences of 78 Urban Cooperative Banks
(UCBs) since 2014.
• Maharashtra has the highest number of cancellations, with 36 UCBs losing their licences.
• Reasons for Cancellation:Cancellations were due to inadequate capital, poor earning prospects,
deteriorating financial position, and operations prejudicial to depositors' and the public's interests.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
SBI General Insurance and HSBC India Form Bancassurance Partnership to Distribute Non-Life
Insurance Products
• SBI General Insurance Company Limited (SBI General Insurance) and Hongkong and Shanghai
Banking Corporation Limited, India (HSBC India) or HSBC Bank India have entered into a
bancassurance partnership for the distribution of non-life insurance products through HSBC
India's network.
• The partnership aims to enhance the accessibility and availability of comprehensive insurance
solutions across India.
• It is expected to help increase insurance penetration in the country.
About SBI General Insurance :
• Founded : 2009
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Naveen Chandra Jha
• It is a joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG).
About HSBC India :
• Founded : 1853
• Headquarters : Mumbai, Maharashtra, India
• CEO : Hitendra Dave
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Important Monthly Current Affairs Capsule – August 2024
• It is a foreign bank under the Banking Regulation Act, 1949 and thus is regulated by the Reserve
Bank of India (RBI).
Unified Payments Interface Transactions Surge 36% to Rs 60 Trillion in April-June Quarter
• Unified Payments Interface (UPI) transactions grew over 36% in the first three months of the
current fiscal year (April-June 2024), reaching Rs 60 lakh crore.
• Transaction Details:In Q1 FY25, there were 41.22 billion UPI transactions worth Rs 60 trillion.
• In the April-June period of 2024, there were 27.62 billion UPI transactions totaling Rs 44 trillion.
• Previous Fiscal Years:Fiscal Year FY 23-24: 131.13 billion UPI transactions with a value of Rs
200 trillion.
New Insider Trading Rules for Mutual Funds Effective November 1, 2024 to Boost Asset Management
Companies Transparency
• The Capital markets regulator Securities and Exchange Board of India (SEBI) has notified
November 1, 2024 as the effective date for the implementation of insider trading rules aimed at
enhancing the integrity and transparency within asset management companies (AMCs).
• Insider trading, or insider dealing, is the unethical practice of buying or selling securities, such as
stocks or bonds, by individuals with privileged access to confidential information about a
company.
• This includes employees, directors, executives, and promoters of the company.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Controller General of Accounts Data Reveals Centre's Fiscal Deficit at 8.4% of FY25 Target for Q1,
Driven by Reduced Capital Expenditure and High RBI Dividends
• According to the data released by the Controller General of Accounts (CGA), a sharp reduction
in capital expenditure (capex) during election months and record-high dividend from the Reserve
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Important Monthly Current Affairs Capsule – August 2024
Bank of India (RBI) led to a decrease in the central government’s fiscal deficit to 8.41% of the full-
year target for the April-June quarter (Q1) of 2024-25 (FY25).
• In absolute terms, the fiscal deficit was ₹1,35,712 crore as of June-end.
• In Q1 FY24, the fiscal deficit was 25.3% of the full-year target, whereas in Q1 FY25, it stood at
8.1%
PNB MetLife Launches Bharat Manufacturing Fund in ULIP Segment
• PNB MetLife India Insurance Company Limited has launched Bharat Manufacturing Fund,
offering policyholders an opportunity to invest in India's manufacturing sector.
• The fund is part of the company's Unit Linked Insurance Plan (ULIP) and will be available at an
initial unit price of Rs 10 during the New Fund Launch period from August 1 to August 15, 2024.
• ULIP Explanation: A ULIP combines life insurance and investment, where part of the premium
provides life insurance and the remainder is invested in equity, debt instruments, or a
combination of both based on the policyholder's risk appetite.
About PNB MetLife India Insurance Company Limited :
• Established : 2001
• Headquarters: Mumbai,Maharashtra
• CEO: Sameer Bansal
ICICI Prudential Mutual Fund Launches Nifty Metal ETF to Track Nifty Metal Index Performance
• ICICI Prudential Mutual Fund has announced the launch of the ICICI Prudential Nifty Metal ETF,
designed to track the performance of the Nifty Metal Index.
• The new fund offer (NFO) provides investors with an opportunity to gain exposure to a diverse
range of companies in the metal sector.
• The ETF aims to provide returns that correspond to the Nifty Metal Index, subject to tracking
errors.
• The index includes a maximum of 15 stocks from the metal sector, encompassing both ferrous
and non-ferrous metals, selected from the Nifty 500 based on market value.
About ICICI Prudential Mutual Fund :
• Founded : 1993
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Nimesh Shah
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Important Monthly Current Affairs Capsule – August 2024
• It is an Indian asset management company founded as a joint venture between ICICI Bank and
Prudential plc.
Reserve Bank of India Reports 97.92% of ₹2,000 Banknotes in Circulation Returned by July 31, 2024
• The Reserve Bank of India (RBI) reported that 97.92% of ₹2,000 banknotes in circulation as of
May 19, 2023, have been returned by July 31, 2024.
• The total value of ₹2,000 notes in circulation reduced from ₹3.56 lakh crore on May 19, 2023, to
₹7,409 crore by July 31, 2024.
• Legal Tender Status:Despite the withdrawal, ₹2,000 banknotes continue to be legal tender.
• Reason for Withdrawal:The withdrawal was due to the infrequent use of ₹2,000 notes for
transactions.
RBL Bank introduces RuPay credit cards featuring Unified Payments Interface and National Common
Mobility Card functionalities
• RBL Bank has announced the integration of Unified Payments Interface (UPI) and National
Common Mobility Card (NCMC) services on RuPay Credit Cards it sells.
• The offering combines multiple payment capabilities into a single card.
• Features:UPI Payments: Users can make seamless and secure payments through UPI.
• NCMC: Facilitates hassle-free travel with the NCMC feature.
• Flexibility: The card combines multiple payment capabilities into one, offering flexibility for daily
expenses and travel.
About RBL Bank (formerly known as Ratnakar Bank Limited) :
• Founded : August 1943
• Headquarters : Mumbai, Maharashtra
• MD & CEO : R Subramaniakumar
Asian Development Bank to Provide $200 Million Loan to India for Solid Waste Management in 100
Cities
• The Asian Development Bank (ADB) and the Government of India have signed a $200 million
(approximately ₹1,700 crore) loan for solid waste management and sanitation improvements in
100 cities across 8 states in India.
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Important Monthly Current Affairs Capsule – August 2024
• Signatories:The loan agreement was signed by Juhi Mukherjee, Joint Secretary, Finance
Ministry, and Mio Oka, Country Director for ADB’s India Resident Mission.
• Programme Name:The initiative is part of the Swachh Bharat Mission 2.0 - Comprehensive
Municipal Waste Management in Indian Cities Program.
• Objectives:Enhancing sanitation and solid waste management infrastructure, including waste
segregation, collection, and disposal.
About ADB :
• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Write-Offs in Scheduled Commercial Banks Drop by Over 27% to ₹1.70 Lakh Crore by FY 2023-24
• As per the data presented in the Lok Sabha showed, write-offs in scheduled commercial banks
have decreased over the last five years to just over ₹1.70 lakh crore at the end of FY 2023-24
from over ₹2.34 lakh crore in FY 2019-20, reflecting a decline of more than 27%.
• In December 2023 the government informed Parliament that, against an aggregate loan write-off
of ₹10.42 lakh crore, PSBs recovered ₹1.61 lakh crore from written-off loans from financial year
2014-15 till 2022-23.
• Figures for recovery under write-offs for FY24 have not been made available so far.
State Bank of India Q1FY25 Net Profit Up 0.9% to ₹17,035 Crore, Net Interest Income Increases by
5.7%
• State Bank of India (SBI), the country’s largest lender, reported a muted growth in its net profit of
0.89% year-on-year (Y-o-Y) for April-June 2024 due to erosion in net interest margins and a dip
in other income and a sharp rise in loan loss provisions.
• The bank posted a net profit of Rs 17,035 crore during the Q1 of FY25 compared to Rs
16,884.29 crore during the previous financial year.
• Sequentially, net profit decreased by 17.70% from ₹20,698 crore in Q4FY24.
• Loan Loss Provisions:Loan loss provisions increased significantly by 70.37% Y-o-Y to ₹4,518
crore in Q1FY25.
About SBI :
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Important Monthly Current Affairs Capsule – August 2024
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
J&K Government Receives ₹7,900 Crore from Central Government to Settle Dues with J&K Bank
• The Union government has granted Rs 7,900 crore to the Union Territory (UT) of Jammu and
Kashmir to clear its outstanding dues with the J&K Bank.
• The allocated funds have been specifically included in the J&K budget to address and clear the
dues of the J&K government with the J&K Bank.
• Overall Budget Allocation: For the financial year 2024-25, the Union government has allocated a
total of Rs 42,277.74 crore for Jammu and Kashmir, which represents a 1.2% increase from the
previous year’s allocation.
About J&K Bank :
• Founded : 1 October 1938
• Headquarters : Srinagar, Jammu and Kashmir, India
• MD & CEO : Baldev Prakash
Insurance Regulatory and Development Authority of India Fines HDFC Life Rs 2 Crore for Regulatory
Violations
• The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of
₹1 crore on HDFC Life Insurance Company for violation of various norms.
• Additionally, a penalty of Rs 1 crore was imposed for irregularities concerning the outsourcing of
services by the company.
• The penalty was levied after an onsite inspection conducted by IRDAI in September 2020,
covering the financial years 2017-18, 2018-19, and 2019-20.
About IRDAI :
• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.
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Important Monthly Current Affairs Capsule – August 2024
Public Sector Banks collected approximately ₹8,500 crore in penalties for minimum balance violations
between FY20 and FY24
• According to the Ministry of Finance, public sector banks (PSBs) have seen greater than a 34%
increase in the amount collected for such penalties over the past five years.
• Total Amount Collected:From FY 2020 to FY 2024, PSBs collected approximately ₹8,500 crore in
penalties for not maintaining minimum balance in accounts.
• Data Source:Information was provided by the Minister of State for Finance, Pankaj Chaudhary, in
a written response to an unstarred question in the Lok Sabha.
• Banks Imposing Penalties:11 PSBs levy penalties for not maintaining the minimum balance. Key
banks include:
• Punjab National Bank (PNB): ₹633 crore in penalties.
• Bank of Baroda: ₹387 crore in penalties.
SWIFT and Axis Bank Launch AI-Driven Pilot to Combat Cross-Border Payments Fraud
• Belgium-headquartered Society for Worldwide Interbank Financial Telecommunications (SWIFT),
the global specialist in financial transactions, is launching an artificial intelligence (AI)-driven pilot
in partnership with Axis Bank to help combat payments fraud occurring in cross-border
payments.
• Along with global banks, including BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo
and Standard Bank, the duo will test the use of secure data collaboration and federated learning
technologies.
• SWIFT is also working towards contributing to the cross-border interoperability of potential
central bank digital currencies (CBDCs).
About SWIFT :
• Founded : 3 May 1973
• Headquarters : La Hulpe, Belgium
• CEO : Javier Perez-Tasso
About Axis Bank :
• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi
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Important Monthly Current Affairs Capsule – August 2024
Reserve Bank of India issues "Master Direction on Handling Wilful and Large Defaulters" to guide loan
default management
• The Reserve Bank of India (RBI) released the "Master Direction on the Treatment of Wilful
Defaulters and Large Defaulters" to establish a framework for handling loan defaults.
• All Commercial Banks (including Small Finance Banks, Local Area Banks, and Regional Rural
Banks)
• All Primary (Urban) Co-operative Banks, State Co-operative Banks, Central Co-operative Banks
• All India Financial Institutions (e.g., Exim Bank, NABARD, NHB, SIDBI, NaBFID)
Reserve Bank of India Issues Notification on Small Value Loans for Primary (Urban) Co-operative
Banks
• The Reserve Bank of India (RBI) issued a notification specifically addressing Small Value Loans
for Primary (Urban) Co-operative Banks (UCBs).
• The timeline to achieve specified targets has been extended by two years.
• Aim : To ensure a significant portion of UCBs' lending is directed towards smaller, more
manageable loans, promoting financial inclusion and risk mitigation.
• Small Value Loans Definition:UCBs must have at least 50% of their aggregate loans and
advances consisting of Small Value Loans.
Securities and Exchange Board of India Considers Measures to Curb Retail Trading Surge in Futures
and Options
• The Securities and Exchange Board of India (SEBI) has proposed a series of near-term
measures to prevent speculative trading, such as gambling in index derivatives, which include
curbing multiple option contract expiries and increasing the size of options contracts.
• SEBI proposed that the minimum contract size for index derivative contracts must be revised in
two phases:
• Phase 1: Minimum value of derivatives contract at the time of introduction to be between ₹15
lakhs to ₹20 lakhs
• Phase 2: After six months, the minimum value of the derivatives contract will be between ₹20
lakhs to ₹30 lakhs.
About SEBI :
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Important Monthly Current Affairs Capsule – August 2024
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Bank of Maharashtra to Raise ₹3,000 Crore Through Infrastructure Bonds
• Bank of Maharashtra (BoM) plans to raise up to ₹3,000 crore (approximately $358.27 million)
through its first issue of infrastructure bonds.
• The issue includes a greenshoe option of ₹2,500 crore and will have a maturity period of 10
years.
• Current Issuance Details:The bank has invited bids for coupon and commitment for this bond
issue.
• Previous Issuance:In July 2024, the bank raised ₹1,000 crore through Basel III compliant Tier II
bonds with a maturity of 10 years and a coupon rate of 7.89%.
About BoM :
• Founded : 16 September 1935
• Headquarters : Pune, Maharashtra India
• MD & CEO : Nidhu Saxena
• Tagline : One Family One Bank
State Bank of India Secures $750 Million Through Offshore Term Loan Facility for Fund Deployment
• State Bank of India (SBI), the largest lender in the country, has raised $750 million through a
Senior Unsecured Syndicated Term Loan Facility.
• The funds are intended for deployment in SBI's lending operations.
• The facility was initially launched for $350 million in May 2024.
• It was oversubscribed 2.2 times due to strong global demand, resulting in the deal being upsized.
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
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Important Monthly Current Affairs Capsule – August 2024
Small Industries Development Bank of India Collaborates with C2treds and UGRO Capital to Boost
Micro, Small and Medium Enterprises Loan Accessibility
• The Small Industries Development Bank of India (SIDBI) has partnered with C2treds and UGRO
Capital to facilitate loans to the Micro, Small and Medium Enterprises (MSME) sector.
• C2treds offers liquidity to MSMEs within 24 hours via an online bidding process.
• C2treds operates under the Trade Receivables Discounting System (TReDS) initiative which
enables the discounting of invoices and is regulated by the Reserve Bank of India (RBI) to
support the MSME sector in India.
About SIDBI:
• Established: April 2, 1990
• Headquarters: Lucknow, Uttar Pradesh, India
• Chairman & MD: Manoj Mittal
• Role: Apex regulatory body for licensing and regulating micro, small, and medium enterprise
finance companies in India.
• Jurisdiction: Under the Ministry of Finance, Government of India.
About UGRO Capital:
• Headquarters: Mumbai, Maharashtra, India
• Founder and Managing Director: Shachindra Nath
• Specialization: Data-driven co-lending is used to provide customized finance solutions to over
78,000 MSMEs in India.
Reserve Bank of India Updates Non-Performing Assets Provision Norms for Co-operative Banks to
Ensure Uniformity
● The Reserve Bank of India (RBI) issued revised instructions on Bad and Doubtful Debt Reserve
(BDDR) for cooperative banks to ensure uniformity in the treatment of this reserve for prudential
purposes.
● Reason for Revision: The current procedure of not recognizing the required provisions for Non-
Performing Assets (NPAs) as an expense in the Profit and Loss (P&L) account is not in line with
existing Accounting Standards (AS).
● The treatment of BDDR for regulatory capital and the calculation of net NPAs varies across
banks and often deviates from regulatory norms.
Reserve Bank of India Penalizes 5 Co-operative Banks for Regulatory Violations
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Important Monthly Current Affairs Capsule – August 2024
● The Reserve Bank of India (RBI) has imposed monetary penalties on 5 urban cooperative banks
for failing to comply with various regulatory directions.
● The penalties were enforced under RBI's powers conferred by Section 47A(1)(c) of the Banking
Regulation Act, 1949, alongside Sections 46(4)(i) and 56.
● Urban Co-operative Bank Limited., Mainpuri, Uttar Pradesh: ₹5 lakh penalty for non-compliance
with investment norms.
● Nagnath Urban Co-operative Bank Limited, Hingoli, Maharashtra: ₹1 lakh penalty for failing to
transfer eligible amounts to the Depositor Education and Awareness Fund as per Section 26A.
● Shrikrishna Co-operative Bank Limited, Umrer, Maharashtra: ₹2.08 lakh penalty for non-
compliance with loan and advance regulations related to directors and their relatives.
● Alibag Co-operative Urban Bank Limited, Alibag, Maharashtra: ₹2 lakh penalty for
mismanagement of advances, including sanctioning gold loans beyond regulatory limits.
● The Hindustan Co-operative Bank Limited, Mumbai, Maharashtra: ₹4 lakh penalty for violations
including exposure norms and KYC requirements.
Reserve Bank of India Grants Cross-Border Payment Aggregator License to BillDesk, Amazon Pay, and
Adyen
● The Reserve Bank of India (RBI) has issued a cross-border payment aggregator (PA-CB) licence
to three companies: BillDesk, Amazon Pay, and Adyen.
● On July 22, 2024, Bengaluru-based Cashfree was the first to receive the PA-CB licence.
● Purpose of PA-CB Licence: The PA-CB licence allows payment companies to offer services
related to cross-border payments for export-import transactions.
● Payment Aggregator Licence Holders: All five PA-CB licence holders are also payment
aggregator licence holders, enabling them to provide domestic merchant payment services.
Reserve Bank of India Issues Directive Adjusting Loan Limits Against Shares and Debentures for Urban
Co-operative Banks
● The Reserve Bank of India (RBI) issued a directive altering the ceiling on loans against shares
and debentures for Urban Co-operative Banks (UCBs).
● Previous Regulation: The previous ceiling was set at 20% of owned funds.
● New Regulation: The new regulation links the ceiling to the Tier I capital of UCBs as of March 31
of the preceding financial year.
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Important Monthly Current Affairs Capsule – August 2024
● This change will be effective from January 1, 2025.
Reserve Bank of India Report: Informal Finance Remains Strong in Rural India
● As per the Reserve Bank of India’s (RBI’s) Report on Currency and Finance (RCF), Informal
finance is still thriving in rural India, despite the penetration of the formal financial sector.
● Among the total outstanding loans of rural households, 31% is sourced from informal lenders.
● The penetration of informal loans is particularly high among the lowest economic strata of
households.
● Kisan Credit Cards (KCCs):As of end-March 2023, the number of operative KCCs stood at 7.4
crore.
Securities & Exchange Board of India Launches Artificial Intelligence Chatbot Service 'Seva' for
Investors
• For investor protection, the Securities & Exchange Board of India (SEBI) has started its Virtual
Assistant (SEVA) – an Artificial Intelligence (AI) based conversation platform for investors.
• The Beta version of the chatbot includes features like citations for generated responses, speech-
to-text and text-to-speech functionality for accessibility and follow-up questions.
New India Assurance Raises Health Insurance Premiums by 10%
• New India Assurance, the country's largest general insurer, has increased premiums on certain
health insurance products by 10%.
• The increase will be effective from November 11, 2024.
• Reason for Increase: The adjustment is in response to rising loss ratios and new regulations from
the Insurance Regulatory and Development Authority of India (IRDAI).
• The premium hike affects approximately 25% of New India Assurance's health insurance
portfolio.
About New India Assurance :
• Founded : 23 July 1919
• Headquarters : Mumbai, Maharashtra, India
• It is an Indian public sector insurance company owned by the Government of India and
administered by the Ministry of Finance.
One 97 Communications Unveils India's First Paytm NFC Card Soundbox
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Important Monthly Current Affairs Capsule – August 2024
• One 97 Communications (OCL), owner of the Paytm brand, has launched India's first Paytm NFC
Card Soundbox.
• Combines NFC technology with mobile QR payments.
• Allows customers to tap a debit or credit card or scan a QR code to make payments.
• Equipped with a 10-day battery life, instant audio confirmation, and a display screen for
transaction amounts.
• Paytm had previously pioneered the Soundbox, which provides audio payment notifications.
Retail credit growth moderates to 16.6% in June 2024, shows RBI data
• Overall Decline: Retail loan growth slowed to 16.6% YoY in June 2024 from 21.3% YoY in June
2023.
• Personal Loans: Growth in unsecured personal loans dropped to 13.2% YoY from 28.4% YoY.
• Housing Loans: Growth in housing loans accelerated to 18.2% YoY from 14.8% YoY.
• Overall Growth: Increased by 13.9% YoY in June 2024, down from 16.3% YoY a year ago.
India Ratings raises India’s GDP growth outlook for FY25 to 7.5%
• India Ratings and Research (Ind-Ra) has recently revised its GDP growth estimate for the fiscal
year 2024-25 (FY25) to 7.5%, up from the previous estimate of 7.1%.
• This forecast surpasses the Reserve Bank of India’s (RBI) prediction of 7.2%.
• Government Capital Expenditure (Capex): Ongoing growth momentum is supported by
government capital expenditure, deleveraged balance sheets of corporations and banks, and a
nascent private corporate capex cycle.
• Union Government Budget: The budget includes measures to bolster agricultural and rural
spending, enhance credit delivery to micro, small, and medium enterprises (MSMEs), and
incentivize employment creation, which are expected to broaden consumption demand and
sustain growth momentum.
SEBI clarifies reports regarding the T+0 settlement cycle
• Sebi's Clarification: The Securities and Exchange Board of India (Sebi) addressed recent media
reports inaccurately claiming that it was considering making the T+0 settlement cycle mandatory
for all transactions.
• Actual Discussion: Sebi's chief, Madhabi Puri Buch, was actually discussing the Application
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Important Monthly Current Affairs Capsule – August 2024
Supported by Blocked Amount (ASBA) facility during a recent NSE event.
• At the event, Madhabi Puri Buch released a report titled "Indian Capital Markets: Transformative
Shifts Achieved through Technology and Reforms."
• The report highlighted that full adoption of the ASBA facility for the secondary market could
potentially save Rs 2,800 crore annually for retail investors.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Ransomware attack cripples payment systems at nearly 300 small Indian banks
• Attack Impact: A ransomware attack on C-Edge Technologies, a major banking technology
provider in India, has led to the temporary shutdown of payment systems at nearly 300 small
local banks.
• Immediate Response: The National Payment Corporation of India (NPCI) has temporarily
isolated C-Edge Technologies from accessing the retail payments system to contain the attack.
As a result, customers of affected banks are unable to complete online transactions, such as
RTGS and UPI payments.
• Affected Banks: The ransomware attack primarily impacts small cooperative and regional banks,
which make up about 0.5% of the country's payment system volumes.
World Bank Approves $1.5 Billion for Ethiopia’s Sustainable Growth
World Bank Financing
• Approval: $1.5 billion for Ethiopia's budget support.
• Components: $1 billion grant + $500 million low-interest credit line.
• Significance: First direct budgetary support facility provided to Ethiopia by the World Bank.
• Debt Restructuring: Financing aligns with Ethiopia’s ongoing debt restructuring efforts.
• Economic Reforms: Support contingent on implementing key reforms, including foreign currency
market liberalization.
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Important Monthly Current Affairs Capsule – August 2024
About the World Bank:
• Headquarters: Washington, D.C., United States
• Founded: July 1944, Bretton Woods, New Hampshire, United States
• President: Ajay Banga
• CFO: Anshula Kant
Small Finance Banks' Net Profit Remains Steady Amidst Over 2x Increase in Provisions
• Listed small finance banks (SFBs) posted a decline in net profit by 0.6% year-on-year (Y-o-Y) to
Rs 1,300 crore during the first quarter of FY25 as provisions and contingencies more than
doubled Y-o-Y to Rs 1,277 crore.
• Sequentially, the decline in net profit of SFBs was more pronounced with a 14.6% fall.
• Y-o-Y Increase: Provisions and contingencies more than doubled Y-o-Y to Rs 1,277 crore, up by
127.9%.
• Sequential Increase: Provisions and contingencies rose by 51.4% from Rs 843 crore.
RBI Directive For Housing Finance Companies, Tightens Norms For HFCs
• Regulatory Alignment: HFCs accepting public deposits will now face the same regulatory
standards as deposit-taking NBFCs.
• Changes: The ceiling on deposits and the maximum deposit period have been halved, and HFCs
must maintain higher liquid assets.
• RBI's Objective: The RBI aims to align the regulatory framework for HFCs with that of NBFCs.
• Uniform Standards: HFCs will now follow the same rules for deposit acceptance as NBFCs.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
RBI says NBFC depositors can prematurely withdraw the entire amount within 3 months
• Full Withdrawal in Emergencies: NBFCs must pay 100% of the deposit amount within the first
three months if the depositor cites an emergency.
• No Interest on Premature Withdrawals: No interest will be paid on these premature withdrawals.
• Effective Date: These changes will be effective from January 1, 2025.
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Important Monthly Current Affairs Capsule – August 2024
• Guidance on "Critical Illness": The definition of "critical illness" by Irdai will determine eligibility for
emergency withdrawals.
India's retail inflation slows to 3.5% in July, falls below RBI's target for the first time in 5 years
• Inflation Rate: Retail inflation in July 2024 eased to 3.54%, a sharp decline after rising in the
previous month.
• RBI Target: This marks the first time inflation has fallen below the RBI's medium-term target of
4%.
• Historical Context: The inflation rate of 3.54% is the lowest in the last 59 months (nearly five
years).
L&T Finance Receives RBI Certificate For NBFC-ICC Status
• New Registration: L&T Finance Ltd. received a certificate of registration as a non-banking
financial company (Investment and Credit Company, NBFC-ICC) from the Reserve Bank of India.
• Effective Date: The registration is dated August 2, 2024.
• Compliance: The company stated that the new registration will have no impact as it continues to
comply with NBFC-ICC guidelines.
RBI sets up 10-member expert committee on benchmarking of its statistics
• Committee Formation: The Reserve Bank of India (RBI) announced the formation of a 10-
member committee to benchmark its statistics against global standards.
• Committee Chair: The committee is chaired by RBI Deputy Governor Michael Debabrata Patra.
• Benchmarking: The committee will regularly benchmark the statistics disseminated by the RBI
against global standards.
Capital Small Finance Bank and Edelweiss Life Insurance enter into bancassurance tie-up
• Capital Small Finance Bank Limited (CSFB), and Edelweiss Life Insurance have entered into a
bancassurance tie-up.
• This strategic partnership will enable CSFB’s customer base to access Edelweiss Life
Insurance’s life insurance products suite, thereby meeting their need for financial security.
• The arrangement aims to enhance the CSFB’s life insurance offerings by providing its customers
with access to Edelweiss Life’s digital platform and service touchpoints.
About Capital Small Finance Bank :
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Important Monthly Current Affairs Capsule – August 2024
• Headquarters : Jalandhar, Punjab
• MD & CEO : Sarvjit Singh Samra
• Capital Small Finance Bank (formerly Capital Local Area Bank) is an Indian first small finance
bank founded in April 2016.
Public Sector Banks' Non-Performing Assets on Mudra Loans Declined to 3.4% in 2023-24 - Finance
Minister Nirmala Sitharaman
• Finance Minister Nirmala Sitharaman announced that Public-sector banks’ non-performing
assets (NPA) associated with the Mudra loan category have declined to 3.4% in 2023-24.
• This marks an improvement from 4.77% in FY21, 4.89% in FY20, and 3.76% in FY19.
• Non-performing assets (NPAs) are loans or advances for which the principal or interest payment
remains overdue for 90 days.
• NPAs are a critical indicator of the health of the banking sector, as high levels of bad loans
indicate a higher risk of default, leading to financial instability.
About Mudra Loan Scheme :
• Launch: The scheme was launched in 2015 under the Pradhan Mantri Mudra Yojana (PMMY).
• Objective: To provide financial support to micro and small enterprises.
IDBI Bank stake sale: Fairfax, Emirates NBD, Kotak Mahindra Bank get RBI’s ‘fit and proper’ certificate
• The Reserve Bank of India (RBI) has granted ‘Fit & Proper’ certificates to three potential suitors
for IDBI Bank, paving the way for their possible acquisition of the bank.
• The candidates include Fairfax Financial Holding Limited (Toronto, Canada), Emirates NBD
(Dubai, United Arab Emirates (UAE), and Kotak Mahindra Bank (Mumbai, Maharashtra).
• Fairfax and Emirates NBD remain strong contenders in the race for IDBI Bank, as they prepare
for the next steps in the acquisition process.
About IDBI Bank :
• Founded : 1 July 1964
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rakesh Sharma
• Owner : Life Insurance Corporation of India (49.24%), Government of India (45.5%)
• It is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India
(LIC) and Government of India.
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Important Monthly Current Affairs Capsule – August 2024
Google Pay, PhonePe, and Amazon Pay Apply for Inclusion in Reserve Bank of India's Digital Rupee
Initiative
• GooglePay, Walmart-backed PhonePe and AmazonPay are among five payment firms seeking
to join the Indian central bank's digital currency (CBDC) pilot by offering transactions via the e-
rupee.
• Indian fintech firms Cred and Mobikwik are the other two that have applied to join the pilot.
• The five payment firms collectively account for over 85% of digital payments via the UPI, which
processes about 13 billion transactions monthly.
Finance Ministry Directs State-Owned General Insurance Companies to Prioritize Profitable Business
Segments
• The finance ministry has asked state-owned general insurance companies to focus on profitable
businesses and not to chase top-line but aim for improving profitability.
• The government has infused Rs 7,250 crore in instalments into three public sector general
insurance companies:
• National Insurance Company Limited
• Oriental Insurance Company Limited
• United India Insurance Company
• These three general insurance companies have improved their financial performance
significantly.
Ageas Federal Life Insurance Teams Up with PhonePe to Provide Instant Term Insurance
• Ageas Federal Life Insurance is joining forces with PhonePe to offer Instant Term insurance to
their wide-ranging customers.
• Eligibility: Users aged 18 to 45 can apply for the 'Ageas Federal Life Insurance Group Term Plan'
directly through the PhonePe app.
• Application Process:No medical tests or lengthy documentation required.
• Simplified application process through the PhonePe platform.
About Ageas Federal Life Insurance :
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Vignesh Shahane
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Important Monthly Current Affairs Capsule – August 2024
About PhonePe :
• Founded : 2015
• Headquarters : Bengaluru, Karnataka, India
• CEO : Sameer Nigam
SEBI Introduces India's 1st Passive Funds Website at National Stock Exchange and Releases Capital
Markets Report
• The Securities and Exchange Board of India (SEBI) launched India’s first website for passive
funds at the National Stock Exchange (NSE), along with unveiling a comprehensive report on the
Indian Capital Markets.
• The website provides a comprehensive platform for retail investors and empowers them to easily
access information and understand the Indian passive funds industry.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
India and World Bank Sign Agreement for $500 Million Loan to Construct 781 km of Green National
Highway Corridors in Four States
• The Government of India (GoI) and the World Bank have signed an agreement for the Green
National Highway Corridors Project (GNHCP).
• The project covers a total length of 781 km across Himachal Pradesh, Rajasthan, Uttar Pradesh,
and Andhra Pradesh.
• The World Bank is providing loan assistance of USD 500 million, while the total project cost is
USD 1288.24 million (Rs. 7,662.47 crore).
• The scheduled completion date for the last package of the GNHCP project is May 2026.
About World Bank :
• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
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Important Monthly Current Affairs Capsule – August 2024
• President : Ajay Banga
HDFC Securities Partners with Vested Finance to Provide Global Investment Opportunities for Indians
and Non-Resident Indians
• HDFC Securities, a leading stock broking company and a wholly-owned subsidiary of HDFC
Bank, has announced a strategic tie-up with Vested Finance, a popular US-based investment
platform, for democratising global investing for Indians and Non-Resident Indians (NRIs).
• Global Investing 2.0:Features: This initiative will offer enhanced protection, innovative features,
and deep portfolio diversification to investors.
About HDFC Securities :
• Founded : 2000
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dhiraj Relli
Reserve Bank of India Monetary Policy Meeting: RBI keeps repo rate unchanged at 6.5%
• The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the third bi-monthly
Monetary Policy for FY25, August 8, 2024.
• The RBI Governor-headed six-member Monetary Policy Committee (MPC) decided to keep the
benchmark repo rate unchanged at 6.5% and maintain the policy stance of ‘withdrawal of
accommodation’.
• The MPC voted by a 4 to 2 majority to keep the policy rate unchanged. RBI retained real GDP
growth estimates for FY25 at 7.2%, and CPI inflation projection at 4.5%.
About RBI :
• Founded : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D.
Patra
Consortium of International Finance Corporation,Asian Development Bank, and Deutsche Investitions-
und Entwicklungsgesellschaft to Inject $275 Million into Fourth Partner Energy
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Important Monthly Current Affairs Capsule – August 2024
• International Finance Corporation (IFC),Asian Development Bank (ADB), and Deutsche
Investitions- und Entwicklungsgesellschaft (DEG) announced an investment of USD 275 million
(about Rs 2,280 crore) into renewable energy solutions platform Fourth Partner Energy Ltd
(FPEL).
• Purpose of Investment:The consortium's investment will infuse capital to fund FPEL's business
expansion plans which include a target portfolio of 3.5 GW of renewable energy assets by 2026.
About FPEL :
• Founded : 2010
• Headquarters : Hyderabad, Telangana
• Founder & Executive Director : Saif Dhorajiwala
About IFC :
• Founded : July 20, 1956
• Headquarters : Washington, D.C., United States
• Managing Director : Makhtar Diop
• Membership : 186 countries
About ADB :
• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
About DEG :
• Founded : 1962
• Headquarters : Cologne, Germany
• CEO : Roland Siller
Reserve Bank of India Extends Interest Subvention Scheme for Agricultural Loans Up to Rs 3 Lakhs via
Kisan Credit Card
• The Reserve Bank of India (RBI) has extended the Modified Interest Subvention Scheme (MISS)
for short-term loans for agriculture and allied activities available through Kisan Credit Card (KCC)
for the financial year 2024-25.
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Important Monthly Current Affairs Capsule – August 2024
• Loan Limit and Interest Rates:Farmers can avail of loans up to Rs 3 lakh at a concessional
interest rate of 7%.
• An additional interest subvention of 3% per annum is provided to farmers who repay loans on
time, reducing the effective interest rate to 4%.
Reserve Bank of India Increases Unified Payments Interface Transaction Limit for Tax Payments to Rs
5 Lakh
● The Reserve Bank of India (RBI) has raised the upper limit for tax payments through the Unified
Payments Interface (UPI) from Rs 1 lakh to Rs 5 lakh per transaction.
● This move is aimed at boosting digital payments and facilitating larger transactions, particularly
for tax payments.
● The decision was made during the 50th meeting of the Monetary Policy Committee (MPC).
About RBI :
● Founded : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
● Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D.
Patra
Reserve Bank of India mandates Fortnightly Credit Information Reporting to Enhance Transparency
● The Reserve Bank of India (RBI) has decided to increase the frequency of reporting of credit
information by lenders, including Banks and Non Banking Finance Companies (NBFCs), to Credit
Information Companies (CICs) from monthly intervals to fortnightly basis or shorter intervals.
● This will be effective from January 1, 2025.
● This is aimed at providing a more up-to-date picture of a borrower’s indebtedness.
India's Forex Reserves Reach Record High of $675 Billion: Reserve Bank of India Governor
Shaktikanta Das
● India's foreign exchange reserves reached an all-time high of $675 billion as of August 2, 2024,
indicating strong external sector performance.
● The previous all-time high was $670.86 billion as of July 19.
● Recent data showed that the reserves dipped by $3.47 billion to $667.39 billion for the week
ending on July 26, 2024.
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Important Monthly Current Affairs Capsule – August 2024
Reserve Bank of India Introduces Continuous Cheque Clearing Under Cheque Truncation System
● The Reserve Bank of India (RBI) has proposed continuous clearing of cheques under the
Cheque Truncation System (CTS) with 'on-realisation-settlement', replacing the current two-
working-day clearing cycle.
● Presently, cheque clearing through CTS operates in a batch processing mode, taking up to T+1
days for settlement.
Bank of Baroda, Canara Bank, and UCO Bank Increase Marginal Cost of Funds
Based Lending Rate by 5 Basis Points
• Bank of Baroda (BoB), Canara Bank, and UCO Bank have increased their Marginal Cost of
Funds Based Lending Rate (MCLR) by 5 basis points across selected tenors following the
Reserve Bank of India’s (RBI’s) monetary policy statement.
• This hike reflects the increase in the cost of funds for these banks.
• UCO Bank, based in Kolkata, also reduced the Treasury bill benchmark-linked rates by 5-15
basis points.
About Bank of Baroda (BoB) :
• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India's International Bank
About Canara Bank :
• Established : 1906
• Headquarters : Bangalore, Karnataka, India
• MD & CEO : K Satyanarayana Raju
• Tagline : Together We Can
About UCO Bank, formerly United Commercial Bank)
• Established : 6 January 1943
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Ashwani Kumar
Life Insurance Corporation of India to Invest Approximately ₹1.30 Lakh Crore in Stock Market in FY25
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Important Monthly Current Affairs Capsule – August 2024
• Life Insurance Corporation of India (LIC) plans to make fresh investments of approximately ₹1.30
trillion in equities during FY25.
• In Q1 FY25 (April-June), LIC invested about ₹38,000 crore in shares, compared to ₹23,300 crore
in the same period last year.
• LIC earned a profit of ₹15,500 crore from its equity investments in Q1 FY25, marking a 13.5%
increase quarter-on-quarter.
About LIC :
• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India
Unified Payments Interface Merchant Transactions in Nepal Exceed 100,000 Milestone
• NPCI International Payments Limited (NIPL), the international arm of National Payments
Corporation of India (NPCI), is pleased to announce a landmark achievement of surpassing
100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions
in Nepal.
• NIPL collaborated with Fonepay, Nepal's largest payment network, to introduce cross-border
P2M UPI acceptance in March 2024.
• UPI is currently accepted in Bhutan, France (Eiffel Tower - Online, Galeries Lafayette), Mauritius,
Nepal, Singapore, Sri Lanka, and UAE.
• It is one of the largest real-time payments platforms globally.
About Nepal :
• President : Ram Chandra Poudel
• Prime Minister : KP Sharma Oli
• Capital : Kathmandu
• Currency : Nepalese rupee
About NIPL :
• NIPL is an international arm of the National Payments Corporation of India (NPCI).
Government Urges State-Run Banks to Help Regional Rural Banks Upgrade Technology and Join
National Payment Corporation of India's Direct Benefit Transfer Platform
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Important Monthly Current Affairs Capsule – August 2024
• The government has instructed state-run banks to assist regional rural banks (RRBs) in
upgrading their technology and onboarding them to the National Payment Corporation of India's
(NPCI) BASE platform, which facilitates the Direct Benefit Transfer (DBT) program.
• Several cooperative banks and RRBs were impacted by a ransomware attack on C-Edge
Technologies, a technology service provider, in the previous week.
About NPCI :
• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.
National Payments Corporation of India Reports Monthly Unified Payments Interface Credit
Disbursements of Nearly ₹10,000 Crore
• The National Payments Corporation of India (NPCI) is seeing significant growth in the use of its
Unified Payments Interface (UPI) credit feature, with monthly transactions now reaching
approximately Rs 10,000 crore.
• The increase is largely due to the integration of credit card features into UPI, allowing users to
link credit cards to the app and consolidate payments into their monthly credit card bills.
Karnataka Bank Enables GST Payments via UPI Mode
• Karnataka Bank has started accepting GST payments through UPI mode.
• Karnataka Bank is one of the first Banks to extend GST payment through UPI mode.
• All the GST-registered users, including Karnataka Bank customers, can make GST payment
under this facility.
• Maximum limit permitted under UPI mode is Rs 1.00 lakh and there is no upper limit in Internet
Banking facility for GST payments.
About Karnataka Bank :
• Founded : 18 February 1924
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Important Monthly Current Affairs Capsule – August 2024
• Headquarters : Mangalore, Karnataka, India
• MD & CEO : Srikrishnan Hari Hara Sarma
Insolvency and Bankruptcy Board of India Issues Guidelines for Committee of Creditors to Ensure
Timely Resolution and Maximise Asset Value
● The Insolvency and Bankruptcy Board of India (IBBI) has issued guidelines for the Committee of
Creditors (CoC) to facilitate timely resolution and maximise the value of the corporate debtor’s
assets.
● Purpose of Guidelines:To address issues that often cause delays and disruptions in the
Corporate Insolvency Resolution Process (CIRP).
● They promote transparency, independence, impartiality, and professionalism among CoC
members.
About IBBI :
● Established : 1 October 2016
● Headquarters : New Delhi, Delhi
● Chairman : Ravi Mittal
● IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency
Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
Reserve Bank of India Proposes Public Repository for Digital Lending Apps to Tackle Unauthorised
Players
• The Reserve Bank of India (RBI) proposed to create a public repository of digital lending apps
(DLAs) in a bid to address the problems arising from mushrooming unauthorised players in the
segment.
• Aim : To help customers verify the legitimacy of DLAs and their association with Regulated
Entities (REs)
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
Reserve Bank of India Releases Draft Guidelines to Streamline Onboarding and Monitoring of Aadhaar
Enabled Payment System (AePS) Operators to Combat Fraud
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Important Monthly Current Affairs Capsule – August 2024
• The Reserve Bank of India (RBI) released draft guidelines for streamlining the onboarding and
monitoring of Aadhaar Enabled Payment System (AePS) operators to counter frauds perpetuated
through the ecosystem.
• Compliance Timeline : Banks and the National Payments Corporation of India (NPCI) are
required to comply with these directions within three months from the date of issue of the
guidelines.
• Due Diligence Requirements : Acquiring banks, which onboard AePS touchpoint operators, will
be required to carry out due diligence in the form of Know Your Customer (KYC) guidelines for all
the operators they take onboard.
Reserve Bank of India Issues Master Directions on Cyber Resilience and Digital Payment Security
Controls for Non-Bank Payment System Operators
• The Reserve Bank of India (RBI) has released Master Directions on ‘Cyber Resilience and Digital
Payment Security Controls’ for non-bank payment system operators (PSOs).
• These Directions aim to improve the safety and security of the payment systems operated by
PSOs by providing a framework for overall information security preparedness with an emphasis
on cyber resilience.
• The provisions of these Directions shall apply to all authorised non-bank PSOs.
Reserve Bank of India Proposes Alternative Authentication Methods for Digital Payments, Including
PIN, Biometrics, and Software Tokens
• The Reserve Bank of India (RBI) proposed alternate methods of additional factor authentication
(AFA) for digital payments including password, PIN, software tokens and biometrics like
fingerprints.
• Traditionally, SMS-based OTP (One-Time Password) has been the primary method for AFA.
• However, advancements in technology now offer alternative methods.
Reserve Bank of India Proposes Guidelines for Managing Model Risks in Credit Regulation
• The Reserve Bank of India (RBI) proposed to lay down principles for management of model risks
in credit for banks and other regulated entities with a view to ensuring prudence and robustness.
• Regulated Entities (REs) generally use various models as part of their credit management,
including for credit appraisal, borrower scoring, pricing, and risk management, among others.
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Important Monthly Current Affairs Capsule – August 2024
Reserve Bank of India Monetary Policy Committee Proposes New Process to Accelerate Cheque
Clearance to a Few Hours
• The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has proposed clearing
cheques in just a few hours, broadening efforts to improve customer service at banks.
• Cheques will be scanned, presented, and passed in a few hours and on a continuous basis
during business hours.
• Currently, Cheque Truncation System (CTS) processes cheques with a clearing cycle of up to
two working days.
Bank Locker Rules: Allowed and Banned Items, Bank Responsibilities, and Locker Usage Guidelines
• Bank lockers provide a secure way to store valuable items, but there are specific guidelines on
what can and cannot be kept inside them.
• The bank is responsible for losses due to its own negligence or fraudulent actions, with
compensation up to one hundred times the annual locker rent in such cases.
• Permitted Items : Under the updated bank locker agreement, you are allowed to store valuable
items such as jewellery, important documents, property papers, birth or marriage certificates,
insurance policies, savings bonds, and other confidential materials in bank lockers.
PSU Banks' Fraud Compensation Surges More Than Threefold to Rs 140 Crore
• Public sector banks' compensation for frauds and electronic frauds increased over three-fold to
Rs 140 crore in FY 2023-24, compared to Rs 42.70 crore in the previous fiscal year.
• Union Bank of India led with Rs 74.96 crore in compensation payments.
• Bank of India paid Rs 20.38 crore.
• Indian Bank paid Rs 16.16 crore.
DBS Bank India Launches 'DBS Golden Circle', a Premium Banking Program for Senior Citizens
• DBS Bank India has announced the launch of ‘DBS Golden Circle’, a comprehensive priority
banking program meticulously designed to cater to the unique needs of senior citizens.
• Senior citizens can earn up to 7% per annum on savings account balances between INR 4 lakhs
and INR 5 lakhs.
• Fixed Deposit Rates:Enhanced interest rates of 0.50% per annum are offered on fixed deposits
with tenures ranging from 376 to 540 days.
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Important Monthly Current Affairs Capsule – August 2024
About DBS Bank India :
• Founded: 1994
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Surojit Shome
• Tagline : Live more, Bank less
Axis Bank and Visa Launch Exclusive Credit Card 'PRIMUS' For India's Elite
● Axis Bank has introduced the Primus Credit Card, a super premium offering designed for ultra-
high-net-worth individuals (UHNW).
● The Primus Credit Card is available by invitation only, and cannot be applied for.
● It was launched at the ‘Axis Bank PRIMUS Soiree’ in New Delhi and Mumbai, attended by elite
corporate leaders and celebrities.
Card Features:
● Annual Fee: ₹1.80 lakh
● Interest Rate: 1% per month (12.68% annually)
● Zero Charges: No cash withdrawal charges, late payment fees, over-limit penalties, or forex
charges.
● Fuel Surcharge Waiver: 1% on transactions between ₹400 and ₹10,000 per statement cycle.
About Axis Bank:
● Founded: 3 December 1993 (originally as UTI Bank)
● Headquarters: Axis House, Mumbai, Maharashtra, India
● MD & CEO: Amitabh Chaudhry
● Chairperson: Shri Rakesh Makhija
NPCI incorporates NPCI BHIM Services Ltd as a wholly-owned subsidiary
● The National Payments Corporation of India (NPCI) has announced the incorporation of NPCI
BHIM Services Ltd (NBSL), formerly known as Bharat Interface for Money (BHIM), as a wholly-
owned subsidiary.
Purpose:
● The move is intended to address the growing demand for digital transactions and evolving
market expectations.
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Important Monthly Current Affairs Capsule – August 2024
● NBSL will focus on promoting financial inclusion and enhancing India's digital payment
ecosystem.
Objectives:
● Strengthen the digital payment infrastructure in India.
● Support innovation and adapt to rapidly changing customer preferences.
● Reflect national pride and contribute to developing a sovereign digital payments framework.
IBBI Mandates Unique ID for Valuation Reports Under IBC
● The Insolvency and Bankruptcy Board of India (IBBI) has introduced a new requirement for
valuation reports under the Insolvency and Bankruptcy Code (IBC), 2016.
● Effective from August 12, 2024, all valuation reports must include a unique Valuation Report
Identification Number (VRIN).
Purpose and Benefits:
● Integrity and Traceability: The VRIN will enhance the authenticity and traceability of valuation
reports, improving the overall integrity of the insolvency resolution process.
● Global Best Practices: This move aligns with international standards in the insolvency and
bankruptcy domain.
VRIN Details:
● A unique identifier is assigned to each valuation report to ensure it can be tracked and verified.
● Generated through an online module on the IBBI's website, using existing credentials.
Mandatory Requirements:
● RVs and RVEs must generate and display the VRIN on the front page of each valuation report.
● The presence of VRIN is required for the report to be considered valid.
About IBBI:
● Formed: 1 October 2016 (7 years ago)
● Jurisdiction: Government of India
● Headquarters: New Delhi
● Chairperson: Ravi Mittal
● Parent Department: Ministry of Corporate Affairs
RBL Bank Announces Vijay Fixed Deposits To Honour 78th Independence Day
● RBL Bank has introduced the Special Edition of ‘Vijay Fixed Deposits,’ designed to honour the
78th year of independence and appreciate service members.
● The ‘Vijay Fixed Deposits’ feature a distinctive 500-day tenor for deposits under ₹3 crore.
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Important Monthly Current Affairs Capsule – August 2024
● This special edition offers competitive interest rates tailored for different customer segments.
Interest Rates:
● Super Senior Citizens: 8.85% p.a.
● Senior Citizens: 8.60% p.a.
● Regular Fixed Deposit: 8.1% p.a.
About RBL Bank:
● Formerly Known: Ratnakar Bank Limited
● Founded: August 1943
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: R Subramaniakumar
Ather Energy turns unicorn after $71 million funding from NIIF
● Ather Energy, an electric two-wheeler manufacturer, has secured $71 million in a new funding
round led by the National Investment and Infrastructure Fund (NIIF), taking its valuation to $1.3
billion, making it a unicorn.
Funding Details:
● The company has been actively raising funds since late 2023.
● In May 2024, Ather raised ₹286 crore ($34 million) through a mix of debt and equity, with major
contributions from Stride Ventures and the company’s co-founders.
● In September 2023, Hero MotoCorp, an existing shareholder, announced a ₹550 crore
investment in Ather.
● In October 2022, Ather raised $50 million in equity funding led by Caladium Investment Pte Ltd
and Herald Square Ventures.
About Unicorn:
● Unicorn is the term used in the venture capital industry to describe a startup company valued at
over $1 billion.
● The term was first coined by venture capitalist Aileen Lee in 2013.
● Some notable unicorns include Uber Technologies Inc. (UBER), Robinhood Markets Inc.
(HOOD), and Maplebear Inc. (CART), better known as Instacart.
● Investing in unicorns involves high risks and potentially high rewards.
● The term is also used in human resources for seeking a person who is overqualified and
underpaid for a position.
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Important Monthly Current Affairs Capsule – August 2024
Finance ministry exempts UIDAI from payment of income tax for 5 years
● The finance ministry has exempted the income of the Unique Identification Authority of India
(UIDAI) from payment of income tax for five years, extending until the fiscal year 2027-28.
Details of the Exemption
The following sources of income for UIDAI are exempt from income tax:
● Grants/subsidies received from the central government.
● Fees/subscriptions, including RTI fee, tender fee, sale of scrap, and PVC card.
● Authentication, enrolment, and updation service charges.
● Term/fixed deposits and interest on bank deposits.
Notification Issued
● The exemption was formalized through a notification issued by the Central Board of Direct Taxes
(CBDT) under the Ministry of Finance.
● The notification will apply for the assessment years 2024-2025, 2025-2026, 2026-2027, 2027-
2028, and 2028-2029.
About UIDAI
● UIDAI is a statutory authority established under the Aadhaar Act, 2016, tasked with ensuring
compliance with the Act and making regulations and rules consistent with it.
SBI Hikes MCLR-based Lending Rates By 10 BPs
● State Bank of India (SBI), India’s largest lender, has increased its marginal cost of funds-based
lending rate (MCLR) by 10 basis points.
● The revised rates are effective from August 14, 2024.
Revised MCLR Rates
● Overnight MCLR: Increased from 8.10% to 8.20%.
● Monthly MCLR: Risen from 8.35% to 8.45%.
● 3-Month MCLR: Increased from 8.40% to 8.50%.
Recent MCLR Adjustments by Other Banks
● In July, SBI had raised its MCLR by 5-10 basis points.
● Recently, Punjab National Bank (PNB) increased its MCLR by 0.05% (5 basis points) across all
tenors, making most consumer loans costlier.
● The new benchmark one-year tenor MCLR is 8.90%, up from 8.85%, and the three-year MCLR
stands at 9.20%.
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Important Monthly Current Affairs Capsule – August 2024
● Rates for one-month, three-month, and six-month tenors range from 8.35% to 8.55%, and the
MCLR on the overnight tenor is 8.30%.
● The new PNB rates became effective from August 1, 2024.
What is MCLR:
● The Reserve Bank of India (RBI) sets a fixed internal reference rate known as the Marginal Cost
of Funds Based Lending Rate (MCLR) for banks.
● This rate serves as the minimum interest rate below which banks and lending institutions under
RBI cannot lend money.
● The MCLR is used by banks to determine the minimum interest rate applicable to various loan
types, ensuring that lending rates are aligned with the current economic conditions
Banks bat for frequent Lok Adalats to settle small-value loans
● Banks have urged the government to organize more frequent Lok Adalats through Debt
Recovery Tribunals (DRTs) to address distressed loans outside of court.
● Public sector banks (PSBs) believe that increasing the frequency of these adalats will accelerate
the process of loan recovery.
● Under existing laws, cases where the loan outstanding does not exceed ₹20 lakh can be taken to
Lok Adalat for amicable resolution.
● In FY23, approximately 14.2 million cases involving ₹1.88 lakh crore were referred to Lok
Adalats, recovering around ₹3,831 crore.
What is Lok Adalat:
● Lok Adalat is meant for conciliated settlement of disputes outside Courts. It is also called
People's Court.
● It provides fair and uncomplicated justice.
● Family disputes like property requisition, financial disputes and matrimonial issues are widely and
effectively solved by the Lok Adalats.
RBL and Tamilnad Mercantile Bank Join Mid-Tier Banks in Competitive Race for New Fixed Deposit
Schemes
● Several mid-tier banks, including RBL Bank, Bank of Maharashtra (BoM), Federal Bank,
and Tamilnad Mercantile Bank (TMB), have introduced special fixed deposit (FD) schemes to
increase deposit growth.
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Important Monthly Current Affairs Capsule – August 2024
Special Fixed Deposit Schemes Offered by Mid-Tier Banks :
Bank Name Scheme Tenor Interest Rate Interest Rate Senior
Name (Callable) (Non- Citizen Rate
Callable)
Federal Special 400 days 7.35% 7.50% +0.50%
Bank Fixed
Deposit (FD)
Scheme
777 days 7.40% 7.55% +0.50%
50 months 7.40% 7.55% +0.50%
RBL Bank Vijay Deposit 500 days 8.10% N/A 8.60%
Scheme
Bank of Special FD 777 days 7.25% N/A
Maharashtra Scheme N/A
Tamilnad Special FD 400 days 7.50% N/A 8.00%
Mercantile Scheme
Bank
Bandhan Special 21 months 8.00% N/A N/A
Bank Scheme
>1 year 9 >1 year 9 N/A N/A
months to <5 months to <5
years years
Note: All interest rates mentioned are for a limited period only.
Reserve Bank of India Approves Tata Capital’s Transition to an NBFC Investment Credit Company
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Important Monthly Current Affairs Capsule – August 2024
● The Reserve Bank of India (RBI) has approved Tata Capital Limited's (TCL) conversion from a
Non-Banking Finance Company (NBFC)–Core Investment Company (CIC) to an NBFC–
Investment Credit Company (ICC).
● The conversion marks Tata Capital's transition from a holding company under the CIC structure
to an operating company, potentially paving the way for its future public listing.
● Tata Capital Limited has merged Tata Cleantech Capital and Tata Capital Financial Services
(TCFS) with itself, consolidating its operations under the new NBFC–ICC structure.
● Net Owned Fund (NOF) Requirements for NBFCs: General Requirement: RBI has specified a
minimum Net Owned Fund (NOF) of ₹10 crores as required for certain categories of NBFCs to
commence or continue business from October 1, 2022.
About Tata Capital Limited :
● Founded : 2007
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Rajiv Sabharwal
RBI Imposes Fines on 5 Entities, Including CSB Bank, Union Bank, and Muthoot Housing Finance for
Regulatory Breaches
● The Reserve Bank of India imposed penalties on 5 entities, including CSB Bank, Union
Bank of India and Muthoot Housing Finance for contravention of various regulatory norms.
Muthoot Housing Finance Company Limited
● Penalty: ₹5,00,000
● Reason: Non-compliance with 'Governance' provisions of the 'Non-Banking Financial
Company - Housing Finance Company (Reserve Bank) Directions, 2021'.
● Specific Issue: Failure to obtain RBI's prior written permission for a change in
management, leading to a change of more than 30% of its directors (excluding independent
directors).
● Legal Basis: Section 52A of the National Housing Bank Act, 1987.
Union Bank of India
● Penalty: ₹1,06,40,000
● Reason: Non-compliance with RBI directions on 'Creation of a Central Repository of Large
Common Exposures-Across Banks’ and ‘Know Your Customer (KYC)’.
● Specific Issues:
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Important Monthly Current Affairs Capsule – August 2024
➢ Failure to ensure data accuracy and integrity in CRILC reporting.
➢ Failure to carry out risk categorization of certain customers.
● Legal Basis: Section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking
Regulation Act, 1949.
CSB Bank Limited.
● Penalty: ₹1,86,80,000
● Reason: Contravention of section 10(1)(b)(ii) of the Banking Regulation Act, 1949, and
non-compliance with RBI's guidelines on outsourcing of financial services and branch
authorization.
● Specific Issues:
➢ Payment of commission to employees for NPA recovery.
➢ Failure to inform the Indian Banks' Association (IBA) about the termination of
service providers.
➢ Payment of commission/fees to business correspondents without a variable
component.
● Legal Basis: Section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act,
1949.
Other Institutions
● Nido Home Finance Limited: Penalty of ₹5 Lakh for non-compliance with norms.
● Ashoka Viniyoga Limited: Penalty of ₹3.1 Lakh for non-compliance with norms.
Punjab National Bank Introduces Braille Debit Card for Visually Impaired Customers
● Punjab National Bank (PNB) has launched the PNB ANTAH DRISHTI Braille Debit Card, a new
debit card specifically designed for visually impaired customers.
● This contactless NCMC (National Common Mobility Card) Debit Card is available on RuPay
network.
● Eligibility : Visually impaired individuals with savings or current accounts in PNB are eligible to
obtain this debit card from any of the nearest PNB branches
● Transaction Limits : .The ATM limit (cash withdrawal) per day is Rs 25,000, and the PoS and
eCom limits (combined) per day are Rs 60,000.
● Braille System : Braille is a system of touch reading and writing for blind persons in which raised
dots represent the letters of the alphabet.
About PNB :
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Important Monthly Current Affairs Capsule – August 2024
● Established : 19 May 1894
● Headquarters : Delhi, India
● MD & CEO : Atul Kumar Goel
Jammu & Kashmir Bank Introduces “Kisan Ka Samman” Program to Recognize Financially Disciplined
Farmers
● Jammu & Kashmir (J&K) Bank launched the "Kisan Ka Samman" program to honour financially
disciplined farmers in Jammu & Kashmir.
● The program will run until September 30, 2024.
● Aim : To empower the farmers of Jammu & Kashmir who have shown exceptional financial
discipline and promptness in their dealings with the Bank.
● Criteria for Recognition:Farmers who have consistently renewed their Kisan Credit Cards (KCCs)
and demonstrated financial discipline will be honoured.
About J&K Bank :
● Founded : 1 October 1938
● Headquarters : Srinagar, Jammu and Kashmir, India
● MD & CEO : Baldev Prakash
Reserve Bank of India Levies Fines on Bank of Maharashtra, Hinduja Leyland Finance, and Poonawalla
Fincorp for Compliance Violations
● The Reserve Bank of India (RBI) imposed monetary penalties on 3 financial institutions for
various lapses.
● The three financial institutions include the Bank of Maharashtra, Hinduja Leyland Finance, and
Poonawalla Fincorp.
Bank of Maharashtra:
● Penalty Amount: ₹1,27,20,000 (₹1.27 crore).
● Reasons: Non-compliance with RBI directions on:
➢ Loan System for Delivery of Bank Credit
➢ Cyber Security Framework in Banks
➢ Know Your Customer (KYC) guidelines
● Regulatory Basis: Section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking
Regulation Act, 1949.
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Important Monthly Current Affairs Capsule – August 2024
Hinduja Leyland Finance:
● Penalty Amount: ₹4.90 lakh.
● Reasons: Non-compliance with provisions of the Reserve Bank of India (Know Your Customer
(KYC)) Directions, 2016.
● Regulatory Basis: Clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-
section (5) of section 58B of the Reserve Bank of India Act, 1934.
Poonawalla Fincorp:
● Penalty Amount: ₹10.00 lakh.
● Reasons: Non-compliance with provisions of the ‘Non-Banking Financial Company - Systemically
Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions,
2016,’ specifically relating to the ‘Fair Practices Code for NBFCs.’
● Regulatory Basis: Clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-
section (5) of section 58B of the Reserve Bank of India Act, 1934.
About Bank of Maharashtra :
● Established : 16 September 1935
● Headquarters : Pune, Maharashtra India
● MD & CEO : Nidhu Saxena
● Tagline : One Family One Bank
About Poonawalla Fincorp Limited :
● Founded : 1988
● Headquarters : Pune, Maharashtra, India
● Chairman : Adar Poonawalla
● MD & CEO : Arvind Kapil
● Poonawalla Fincorp Limited (formerly known as Magma Fincorp) is an Indian non-banking
financial company (NBFC) engaged in consumer and MSME financing.
Bank of Baroda Launches 'Phygital' Branch in Hyderabad
● Sanjay Vinayak Mudaliar, Executive Director of Bank of Baroda (BoB), inaugurated the ‘phygital’
branch at ChandaNagar, Hyderabad.
● The branch integrates self-service and assisted service models to cater to the diverse
requirements of customers.
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Important Monthly Current Affairs Capsule – August 2024
● The first phygital branch was launched on July 20 at Horniman Circle, Mumbai, Maharashtra
coinciding with the bank's 117th foundation day.
● Another programme that was launched by Bank of Baroda is Baroda mDigiNext Mobile App for
Corporate Banking customers, Bank of Baroda is launching an enhanced version of UPI
Payments PSP app – bobइPay.
● Bank of Baroda has signed a Memorandum of Understanding with EaseMyTrip to introduce a co-
branded Travel Debit Card, Bank of Baroda is giving a renewed impetus to Baroda Sun
Technologies, a fully-owned subsidiary of the Bank.
About BoB :
● Founded : 20 July 1908
● Headquarters : Vadodara, Gujarat, India
● MD & CEO : Debadatta Chand
● Tagline : India's International Bank
Reserve Bank of India Publishes July 2024 Bi-Monthly Consumer Confidence Survey Results
● The Reserve Bank of India (RBI) released the results of its bi-monthly Consumer Confidence
Survey (CCS) for July 2024.
About the Survey :
● The survey collects current perceptions (vis-?-vis a year ago) and one year ahead expectations
of households on general economic situation, employment scenario, overall price situation,
income, and spending across 19 major cities.
● The latest round of the survey was conducted during July 2-11, 2024, covering 6,062
respondents.
● Female respondents accounted for 54.4% of this sample.
● RBI noted that consumer confidence for current period declined for the second consecutive
survey round after prolonged rising trend in the post-Covid period; their sentiments on major
parameters, except spending, moderated and, as a result, the current situation index (CSI)
declined to 93.9 in July 2024 from 97.1 two months earlier.
Top 10 Most Wealthy Central Banks Worldwide in 2024
● Central banks play a crucial role in maintaining economic stability and growth by implementing
stable monetary policy and ensuring financial stability.
● Globally, they have specialised departments dedicated to regulation and supervision, staffed with
experts who monitor compliance with established financial laws and regulations.
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Important Monthly Current Affairs Capsule – August 2024
● They are responsible for managing a country’s monetary policy, controlling inflation, regulating
the financial system, and overseeing the stability of the currency.
● According to the Sovereign Wealth Fund Institute (SWFI), the Reserve Bank of India (RBI),
India’s central banking institution, ranks 12th among the world’s central banks by total assets.
● According to the SWFI report, the Federal Reserve System of the United States of America ranks
as the world’s richest central bank, with assets worth $7.84 trillion.
● It is followed by the People's Bank of China, Bank of Japan, Deutsche Bundesbank and Bank of
France.
● Notably, European central banks dominate the list of the world’s richest central banks, occupying
seven of the top ten spots.
● Collectively, these European institutions have a combined worth of $11.09 trillion.
● In the list which comprises names of 100 central banks, the Bank of Ghana and Central Bank of
Paraguay are ranked 99th and 100 respectively.
Top 10 central banks of the world by total assets :
Rank Profile Total Assets Region
1 Federal Reserve System $7,835,559,000,000 North America
2 People’s Bank of China $6,004,919,369,845 Asia
3 Bank of Japan $5,543,058,448,125 Asia
4 Deutsche Bundesbank $2,776,759,343,640 Europe
5 Bank of France $2,011,001,711,400 Europe
6 Norges Bank $1,632,986,563,336 Europe
7 Bank of Italy $1,383,293,987,542 Europe
8 Bank of England $1,288,250,668,160 Europe
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Important Monthly Current Affairs Capsule – August 2024
9 Bank of Spain $1,049,435,626,385 Europe
10 Swiss National Bank $944,013,351,477 Europe
Reserve Bank of India Implements Stricter Regulations for Peer-to-Peer Lending Platforms to Enhance
Transparency
● The Reserve Bank of India (RBI) has cautioned non-banking financial company – peer-to-peer
(NBFC-P2P) lending platforms that they cannot promote P2P lending as an investment product
with features such as tenure-linked assured minimum returns, and liquidity options.
● An NBFC-P2P cannot utilise funds of a lender for replacement of any other lender(s).
● Currently, there are 26 NBFC-P2P lending platforms in India.
● Lending Exposure Cap: The total exposure of a lender to all borrowers across P2P platforms is
capped at ₹50 lakhs, and if a lender’s exposure exceeds ₹10 lakhs, a certificate of minimum ₹50
lakhs net worth from a practising Chartered Accountant is required.
Securities and Exchange Board of India Proposes to Broaden Sustainable Finance Framework in
Securities Market
● The Markets regulator Securities and Exchange Board of India (SEBI) has proposed the
expansion of the sustainable finance framework in the securities market by introducing a new
category of financial instruments.
● The new categories include Green Debt Securities, Social Bonds, Sustainable Bonds, and
Sustainability-Linked Bonds, collectively referred to as ESG Debt Securities.
● The expansion aims to provide issuers with greater flexibility to raise funds for projects that align
with Environmental, Social, and Governance (ESG) objectives.
Top 3 Providers Handled 93% of Unified Payments Interface Transactions in July 2024: National
Payments Corporation of India
● According to data from the National Payments Corporation of India (NPCI), the top three players
on India’s flagship payments platform, Unified Payments Interface (UPI), processed 93% of all
such transactions in July 2024.
UPI Transaction Data for July 2024 :
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Important Monthly Current Affairs Capsule – August 2024
Provider Volume (Mn) Value (Cr) Market share (in %)
PhonePe 6983.97 1028799.39 48.38
Google Pay 5341.23 735159.2 37
Paytm (OCL ) 1128.97 123467.33 7.82
Cred 142.56 48998.89 0.99
Axis Bank 108.57 6335.06 0.75
Apps
Women Hold Just 20.8% of Total Bank Deposits; Rural Women Have Higher Bank Balances than
Urban Women
● According to the latest “Men and Women” report released by the National Statistical Office
(NSO), only 20.8% or around a fifth of the total amount of bank deposits in India belongs to
women account holders.
● This is despite the fact that 36.4% of all bank accounts, adding up to 917.7 million accounts in
India are owned by women.
● The total amount of money held by women account holders amounted to ₹39 trillion, out of the
total ₹187 trillion.
● Deposits by Area : In urban areas, women hold 16.5% of total deposits, equivalent to ₹1.9 trillion.
Fintech Company Navi Partners with Karnataka Bank to Launch Credit Line via UPI
● Private sector lender Karnataka Bank has partnered with Sachin Bansal-founded Navi to launch
credit lines on Unified Payments Interface (UPI)-based transactions.
● Karnataka Bank will provide credit lines to Navi’s users.
● The product is currently offered to a closed group of pre-qualified users, and it will be rolled out to
more users based on customer feedback.
● The announcement comes as credit transactions on India's flagship payments platform, Unified
Payments Interface (UPI), are reaching Rs 10,000 crore each month, out of which about Rs 100
to 200 crore come from the credit line on UPI products.
● The National Payments Corporation of India (NPCI) launched the credit line on UPI last year,
targeting low-ticket, high-volume retail loans for individuals and businesses.
About Karnataka Bank :
● Founded : 18 February 1924
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Important Monthly Current Affairs Capsule – August 2024
● Headquarters : Mangalore, Karnataka, India
● MD & CEO : Srikrishnan Hari Hara Sarma
ICICI Bank Sets Long-Term Goal to Achieve Carbon Neutrality in Scope 1 and 2 Emissions by FY 2032
● ICICI Bank has formulated a long-term vision for enhancing sustainability and becoming carbon
neutral in scope 1 and scope 2 emissions by financial year 2032.
● Emission Categories:
➢ Scope 1 Emissions: Direct emissions owned or controlled by the company.
➢ Scope 2 Emissions: Indirect emissions from the generation of purchased electricity.
➢ Scope 3 Emissions: Indirect emissions that result from the company’s activities but are not
directly owned or controlled by it.
● Tree Plantation : According to the report titled "Being Responsible, Being Sustainable, ICICI
Bank ESG Report 2023-24 ICICI Bank, through its philanthropic arm, the ICICI Foundation for
Inclusive Growth, planted more than 1.1 million trees in the financial year 2024.
About ICICI Bank :
● Founded : 5 January 1994
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Girish Chandra Chaturvedi
● MD & CEO : Sandeep Bakhshi
Unified Payments Interface Transactions Exceed ₹20 Trillion for Third Consecutive Month in July 2024
● India’s flagship payments platform, Unified Payments Interface (UPI), reported a 45% year-on-
year (Y-o-Y) growth in transaction volume to reach 14.44 billion in July, 2024.
● The value of UPI transactions increased by 35% Y-o-Y, totaling ₹20.64 trillion in July.
● This is the third consecutive month where UPI transaction values have exceeded ₹20 trillion.
● Previous values were ₹20.07 trillion in June and ₹20.44 trillion in May.
About UPI :
● UPI is a system that powers multiple bank accounts into a single mobile application.
● It is developed by the National Payments Corporation of India (NPCI).
● It was introduced in April 2016.
Outward remittances under Reserve Bank of India’s Liberalised Remittance Scheme (LRS) declined by
24% to $6.9 billion in Q1 FY25
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Important Monthly Current Affairs Capsule – August 2024
● Outward remittances under the Reserve Bank of India’s (RBI's) Liberalised Remittance Scheme
(LRS) dropped by 24.39% year-on-year to $6.9 billion in Q1 FY25, compared to $9.1 billion in the
same period the previous year.
● June 2024 Remittances: Overall remittances in June 2024 fell by around 44% year-on-year to
$2.18 billion, with declines observed across most categories.
● Surge in Q1 FY24: In Q1 FY24, there was a surge in outward remittances due to changes in tax
collection at source (TCS) norms on LRS, which were set to take effect on July 1, 2023, but later
deferred to October 1, 2023.
● About LRS scheme : The LRS scheme, introduced in 2004, allows resident individuals to remit
up to $250,000 per financial year for permissible current or capital account transactions.
● Category-wise Remittance Declines:International Travel: Dropped by 6% to $3.8 billion in Q1
FY25 from $4.07 billion in Q1 FY24.
● Maintenance of Relatives: Fell by 46% year-on-year to $983.2 million.
● Gifts: Decreased by nearly 41% to $811.9 million.
● Investments in Equity and Debt: Declined to $318.02 million from $503.73 million.
● Deposits: Dropped by 61% year-on-year to $164.7 million.
● Overseas Education: Decreased by nearly 14% to $596.08 million.
● Categories with Increases:Medical Treatment: Rose by 43.5% year-on-year to $24.46 million.
● Donations: Increased by 3.6% to $4.29 million.
Reserve Bank of India Study Forecasts Private Capex to Rise to ₹2.45 Trillion in FY25
● The Reserve Bank of India (RBI) study forecasts that private sector capital expenditure (capex)
could rise to ₹2.45 trillion in FY25, up from ₹1.59 trillion in FY24.
● Record Sanctioned Projects:In FY24, banks and financial institutions sanctioned projects totaling
a record ₹3.90 trillion.
➢ 54% of this amount was planned to be invested by the end of FY23.
➢ 30% is earmarked for FY25.
➢ The remaining 16% is projected for subsequent years.
Union Finance Minister Nirmala Sitharaman Chairs Regional Rural Banks (RRBs) Review Meeting in
New Delhi
● Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired a review
meeting of Regional Rural Banks (RRBs) in New Delhi.
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Important Monthly Current Affairs Capsule – August 2024
● The meeting was also attended by the Secretary-Designate, Department of Financial Services
(DFS), Additional Secretary, other senior officials from the DFS, representatives of RBI, SIDBI,
NABARD, Chairpersons of RRBs and CEOs of sponsor banks.
Key Highlights :
● Meeting Focus:The review meeting included all 43 RRBs and concentrated on:
➢ Business performance
➢ Upgrading digital technology services
➢ Fostering business growth in MSME clusters
● Loan Sanctioning and Beneficiary Identification:The Finance Minister urged RRBs, with support
from their sponsor banks, to focus on clear identification of beneficiaries for loans under schemes
like PM Vishwakarma and PM Surya Ghar Muft Bijli Yojana.
● Financial Performance:43 regional rural banks (RRBs) posted a consolidated net profit of ₹7,796
crore in FY24, up 26% from ₹6,178 crore in FY23, brightening prospects for some to tap the
capital market, including through an initial public offering (IPO).
● RRBs Coverage : As of March-end 2024, there were 43 RRBs (sponsored by 12 scheduled
commercial banks – 11 public sector banks and Jammu & Kashmir Bank) with 22,069 branches
spread across 26 States and three Union Territories (Puducherry, Jammu & Kashmir, and
Ladakh).
Fintechs urged to join financial cyber fraud reporting platform
● The Fintech Association of India (FACE) has asked its members to explore joining the Citizen
Financial Cyber Fraud Reporting and Management System (CFCFRMS) – part of the National
Cybercrime Reporting Portal.
● CFCFRMS provides an integrated platform where all stakeholders, including states and union
territories, major banks and financial intermediaries, payment wallets, crypto exchanges and e-
commerce companies work in tandem for quick, decisive, and system-based effective action to
prevent the flow of money from victims’ account to cyber fraudsters’ account.
ICICI Lombard Forms 7 New Bancassurance Partnerships with Banks and Non-banking Financial
Companies (NBFCs)
● ICICI Lombard General Insurance has teamed up with 7 different financial institutions for
bancassurance partnerships.
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Important Monthly Current Affairs Capsule – August 2024
● The move is expected to expand its distribution network and make insurance more accessible to
customers across the country.
● The 7 financial institutions are
1. Aye Finance
2. Bandhan Bank
3. Karnataka Bank
4. Muthoot Mini
5. Nivara Home Finance Private Limited
6. NSDL Payment Bank
7. The Andhra Pradesh State Co-operative Bank.
8. The regulator had paved the way for corporate agents (banks) to have distribution tie up
with a maximum of 9 life insurers, 9 general insurers and 9 health insurers.
9. Also, insurance marketing firms (IMF) can now enter into tie up with as many as six life,
general and health insurers.
About ICICI Lombard General Insurance :
● Established : 2001
● Headquarters : Mumbai, Maharashtra
● MD & CEO : Sanjeev Mantri
State Bank of India, ICICI Bank, and IDBI Bank Play Crucial Role in Jaiprakash Associates' Insolvency
Resolution with Over ₹51,000 Crore in Claims
● State Bank of India (SBI), ICICI Bank, and IDBI Bank are the primary creditors, holding significant
claims in the Jaiprakash Associates (JAL) insolvency case.
● Total admitted claims amount to over ₹51,000 crore, making it one of the largest insolvency
cases since the Insolvency and Bankruptcy Code (IBC) was enacted in 2016.
● Breakdown of Claims:As of July, financial creditors, including homebuyers, are owed ₹51,510
crore.
● SBI is the largest creditor with claims of approximately ₹15,500 crore, accounting for 30% of the
total debt.
● ICICI Bank holds 18% of the debt, and IDBI Bank holds 11%.
● Together, these three banks hold nearly 60% of the debt.
National Payments Corporation of India Introduces 'UPI Circle' for Secure Payments Among Trusted
Users
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Important Monthly Current Affairs Capsule – August 2024
● The National Payments Corporation of India (NPCI) has launched a new feature called 'UPI
Circle-Delegate Payments' on its Unified Payments Interface (UPI) platform.
● This feature allows primary UPI account holders to share their accounts with secondary users,
enabling delegated transactions
● Transaction Limits:Full Delegation:Maximum monthly limit of approximately ₹15,000 per
delegation.
● Maximum per transaction limit of approximately ₹5,000.
Bank Deposit and Locker Holders to be Allowed to Name Up to 4 Nominees Soon
● The Government introduced the Banking Laws (Amendment) Bill, 2024 which seeks to increase
the option for nominees per bank account to four, from existing one, among others.
Amended Laws:
➢ Reserve Bank of India (RBI) Act, 1934
➢ Banking Regulation Act, 1949
➢ State Bank of India (SBI) Act, 1955
➢ Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
➢ Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
➢ Tenure of Directors in Cooperative Banks : The bill proposes extending the tenure of directors
(excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years,
aligning with the Constitution (Ninety-Seventh Amendment) Act, 2011.
➢ Substantial Interest Definition : Under the Banking Regulation Act, substantial interest in a
company refers to holding shares of over 5 lakh rupees or 10% of the paid-up capital of the
company, whichever is less.
➢ This may be held by an individual, his spouse, or minor child, either individually or collectively.
➢ The Bill amends this to increase the threshold to 2 crore rupees.
Reserve Bank of India Governor Shaktikanta Das Named Top Central Banker for Second Consecutive
Year
● Reserve Bank of India (RBI) Governor Shaktikanta Das has been ranked the top central banker
globally for the second consecutive year by US-based Global Finance magazine.
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Important Monthly Current Affairs Capsule – August 2024
● Das has been placed at the top of the list of three central bank governors, who have been rated
A+.
● Grades are based on a scale from A to F for success in inflation control, economic growth goals,
currency stability and interest rate management.
● An 'A' represents excellent performance, while an 'F' for outright failure.
● Denmark's Christian Kettel Thomsen, India's Shaktikanta Das and Switzerland's Thomas Jordan
have been ranked under the 'A+' category of central bankers.
● The Central Banker Report Cards, published annually by Global Finance since 1994, grade
central bank governors of nearly 100 countries, territories and districts, including the European
Union, Eastern Caribbean Central Bank, Bank of Central African States and Central Bank of
West African States.
About RBI :
● Founded : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
● Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D.
Patra
IDBI Bank Raises Fixed Deposit Interest Rate to 7.85% for 444-Day Term to Attract More Deposits
● IDBI Bank has increased its fixed deposit (FD) rate to 7.85% for a 444-day tenure, aiming to
attract more deposits.
● Offer Validity: The promotional offer is valid until September 30, 2024.
About IDBI Bank :
● Founded : 1 July 1964
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Rakesh Sharma
Reserve Bank of India launches RBI90Quiz for undergraduate college students
● The Reserve Bank of India (RBI) announced the launch of the RBI90Quiz for college students at
the undergraduate level.
● The quiz is a nationwide competition being held as part of the events to commemorate 90 years
of RBI’s functioning.
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Important Monthly Current Affairs Capsule – August 2024
● Eligibility : The RBI90Quiz is open to undergraduate students who are not more than 25 years of
age on September 1, 2024 (i.e., those born on or after September 01, 1999) and pursuing
bachelor’s degree across any stream of study through colleges located in India.
● RBI employees (including contractual employees) and their immediate family members are not
eligible to participate.
● Employees and family members of the agencies associated directly or indirectly with RBI in
organising the quiz are also not eligible to participate.
● The participating teams of this RBI90Quiz program stand to win attractive prizes at various levels,
as detailed below:
Level 1st Prize 2nd Prize 3rd Prize
(₹) (₹) (₹)
Final 10 lakh 8 lakh 6 lakh
Zonal 5 lakh 4 Lakh 3 lakh
State 2 lakh 1.5 lakh 1 lakh
Reserve Bank of India unveils framework for financial market self-regulatory organisations
● The Reserve Bank of India (RBI) issued a framework for recognition of self-regulatory
organisations (SROs) in the financial markets space to help strengthen compliance culture and
provide a consultative platform for policy making.
● It follows the 'Omnibus Framework for recognition of SROs' issued in March 2024.
● The framework specifies the broad parameters, such as objectives, responsibilities, eligibility
criteria, membership, governance standards and application process for the recognition of SROs
in financial markets.
What is an SRO?
● A self-regulatory authority is an institution that can operate independently and with impartiality,
and importantly free from the influence of any single member or group of members.
Key Points on Eligibility Criteria for SROs under RBI Framework:
● Not-for-Profit Status:The entity applying for recognition as an SRO must be a not-for-profit
company registered under Section 8 of the Companies Act, 2013.
● A minimum net worth of ₹10 crore is required.
● Voluntary: The applicant must ensure that the membership of the SRO is voluntary.
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Important Monthly Current Affairs Capsule – August 2024
BharatPe Introduces Secured Loans for Merchants, Expands Credit Services
● Fintech firm BharatPe announced its foray into facilitating secured loans for merchant partners on
its platform.
● The company has launched the facilitation of two-wheeler loans and Loans Against Mutual Funds
(LAMF) for its existing merchant partners in the first phase.
● BharatPe has partnered with OTO Capital, a digital commerce and lending platform, to enable
two-wheeler loans.
● The loan application process is 100% digital and merchants have the option to choose the
repayment period between 12- 48 months.
● With the launch of LAMF in partnership with Volt Money, BharatPe’s merchants can also avail
loans of up to Rs 1 crore against Mutual Funds.
About BharatPe :
● Founded : 2018
● Headquarters : New Delhi, India
● CEO : Nalin Negi
Bank of Baroda Secures ₹5,000 Crore Loan Agreement with Steel Authority of India Limited
● Bank of Baroda (BoB) secured a ₹5,000 crore loan deal with Steel Authority of India Limited
(SAIL), a major state-owned steelmaker.
● BoB won the deal with a competitive bid of 7.49% for a five-year loan, linked to the 364-day
treasury bill.
About BoB :
● Established : 20 July 1908
● Headquarters : Vadodara, Gujarat, India
● MD & CEO : Debadatta Chand
● Tagline : India's International Bank
About SAIL :
● Founded : 19 January 1954
● Headquarters : New Delhi, India
● Chairman : Amarendu Prakash
● SAIL is a central public sector undertaking (PSU) based in New Delhi, India.
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Important Monthly Current Affairs Capsule – August 2024
● It is under the ownership of the Ministry of Steel, Government of India.
Securities and Exchange Board of India Suggests Amendments to Simplify Compliance for Entities with
Listed Non-Convertible Securities
● Capital markets regulator Securities and Exchange Board of India (SEBI) proposed amendments
to ease the compliance requirements for entities with listed non-convertible securities.
● This move will ease the cost of compliance for participants in the financial sector, as announced
by the government in the FY 2023-24 Budget.
● It will also streamline the timeline for notifying the stock exchanges of record date by entities with
listed non-convertible securities may be reduced from 7 to 3 working days.
● The regulator's Corporate Bonds and Securitisation Advisory Committee also proposed
mandating that all disclosures by listed entities with non-convertible securities be filed in the
XBRL (eXtensible Business Reporting Language) format.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Total Project Costs Financed by Lenders Hit Record ₹3.91 Lakh Crore in FY24: RBI Bulletin
● According to an article in Reserve Bank of India’s (RBI’s) latest monthly bulletin, the total
envisaged cost of the projects financed by banks/financial Institutions (FIs) reached a new high of
₹3.91 lakh crore during 2023-24, with 54% planned to be invested by the year-end.
● Project Financing Growth:In FY 2023-24, 944 projects were financed with a total cost of
₹3,90,978 crore.
● This is a significant increase from FY 2022-23, where 547 projects were financed with a total cost
of ₹2,66,546 crore per the article “Private Corporate Investment: Growth in 2023-24 and Outlook
for 2024-25” authored by RBI officials Kamal Gupta, Rajesh B Kavediya, Sukti Khandekar and
Snigdha Yogindran.
● Investment Outlook:The expected capital expenditure (capex) from these projects is set to
increase to ₹2.45 lakh crore in FY 2024-25, up from ₹1.59 lakh crore in FY 2023-24.
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Important Monthly Current Affairs Capsule – August 2024
● The top 5 states-Gujarat, Maharashtra, Karnataka, Andhra Pradesh, and Uttar Pradesh,
accounted for about 55% of the total project costs.
Non-banking finance companies Gross Bad Loans Expected to Increase by 30-50 Bps in FY25: ICRA
● According to the domestic rating agency ICRA report, Non-banking finance companies (NBFCs)
will likely see their gross stage-3 asset ratio or gross bad loans rising by 30-50 basis points (bps)
in the current financial year, from 2.8% in FY24.
● Unsecured Loans: The share of unsecured loans (personal and business) in NBFCs assets
under management (AUM) increased to 11% in March 2024 from 7% in March 2021, raising
concerns about loan quality risk.
● Infrastructure and Housing Loans: Shadow lenders in the infrastructure and housing loan
segments are anticipated to see an improvement in their gross bad loans ratio by 10-20 bps in
the current fiscal year.
● Funding Challenges:Growth: NBFCs are expected to experience slower AUM growth, easing to
13-15% in FY25 compared to 18% in FY24.
● Debt Funding: Estimated incremental debt funding required for AUM expansion is ₹5.6-6 trillion
for FY25.
About ICRA Limited :
● Founded : 1991
● Headquarters : Gurgaon,Haryana
● Managing Director & Group CEO : Ramnath Krishnan
Securities and Exchange Board of India Proposes Amendments to Regulations for Debenture Trustees
● Markets regulator Securities and Exchange Board of India (SEBI) has proposed changes to the
regulations concerning debenture trustees (DTs).
● SEBI issued a consultation paper to clarify the term 'pecuniary relationship' between a Debenture
Trustee and the issuer under existing norms.
● Stakeholders can submit comments on the paper until September 11, 2024.
● Pecuniary Relationship Restrictions:Currently, an entity cannot be appointed as a DT if its
pecuniary relationship with the issuer equals or exceeds 2% of its gross turnover or total income,
or ₹50 lakh, whichever is lower.
Nippon AMC Mutual Fund Introduces Nifty 500 Equal Weight Index Fund
● Nippon Life India Asset Management launched the Nifty 500 Equal Weight Index Fund, a unique
open-ended scheme tracking the Nifty 500 Equal Weight Index.
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Important Monthly Current Affairs Capsule – August 2024
● The fund aims to capitalise on India's growth by providing exposure to a broad market, including
various market capitalizations.
● The fund invests 0.20% across all 500 stocks in the Nifty 500 Equal Weight Index, providing a
diversified portfolio across large-cap, mid-cap, and small-cap companies.
Centre Secures USD 500 Million Loan Package from Asian Development Bank for Health Infrastructure
in Maharashtra
● India has signed a USD 500 million loan package with the Asian Development Bank (ADB) for
the Maharashtra Tertiary Care and Medical Education Sector Development Program.
Signatories:
● Government of India: Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry
of Finance.
● ADB: Mio Oka, Country Director of ADBs India Resident Mission.
● Government of Maharashtra: Dinesh Waghmare, Principal Secretary, Medical Education and
Drugs Department.
Program Objectives:
● Health Care Improvement: Enhance access to quality and affordable tertiary health care and
medical education in Maharashtra.
● Infrastructure Development:
➢ Establish four new medical colleges attached to tertiary care teaching hospitals in under-
served districts.
➢ Incorporate climate-resilient, disaster-resilient, gender-responsive, and socially inclusive
features in these facilities.
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Department of Economic Affairs Revises Foreign Exchange Management Rules, 2019 Following Union
Budget 2024-25 Announcement
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Important Monthly Current Affairs Capsule – August 2024
● The Department of Economic Affairs has amended the Foreign Exchange Management (Non-
debt Instruments) Rules, 2019, to support the global expansion of Indian companies through
cross-border share swaps, mergers, and acquisitions.
● These changes, following the Union Budget's focus on simplifying foreign investment rules, aim
to help Indian companies grow internationally.
● The amendments aim to simplify cross-border share swaps and provide for the issue or transfer
of Indian company equity instruments in exchange for foreign company equity instruments.
About FEMA:
● FEMA (Foreign Exchange Management Act) was introduced in 1999 to replace the Foreign
Exchange Regulation Act (FERA) of 1973, in response to post-liberalization economic conditions.
About Ministry of Finance :
● Cabinet Minister : Nirmala Sitharaman
● Minister of State : Pankaj Choudhary
Reserve Bank of India Expands E-Mandate Framework to Cover Auto Replenishment of FASTag and
National Common Mobility Card
● The Reserve Bank of India (RBI) has incorporated the auto replenishment of Fastags and
national common mobility cards (NCMCs) into the e-mandate framework.
● This inclusion applies when the balance falls below a customer-defined threshold.
● Exemption from Pre-Debit Notification: Issuers of FASTags and NCMCs are exempt from the
requirement to send a pre-debit notification 24 hours before a debit, due to the recurring nature
and lack of fixed periodicity of auto-replenishment payments.
● Effective Date: This circular from the RBI is effective from August 22, 2024.
● E-Mandate Framework Requirements: Under the RBI’s e-mandate framework, issuers are
typically required to send a pre-debit notification to customers at least 24 hours before a debit.
● Transaction Limit without AFA: For e-mandate-based recurring transactions, the limit without
Additional Factor Authentication (AFA) is Rs 2,000 per transaction.
● Transactions exceeding this limit must include an AFA.
What is the e-mandate framework?
● Established in 2019, the e-mandate framework aims to safeguard customers by ensuring they
are informed of upcoming debits to their accounts.
About NCMC :
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Important Monthly Current Affairs Capsule – August 2024
● The NCMC is an inter-operable transport card conceived by the Ministry of Housing and Urban
Affairs of the Government of India.
● It was launched on 4 March 2019.
PGIM India Mutual Fund unveils a multicap fund; Axis Mutual Fund introduces a consumption-focused
fund
● PGIM India Mutual Fund has announced the launch of PGIM India Multi Cap Fund, an open-
ended equity scheme investing across large-cap, mid-cap and small-cap stocks.
● The fund is benchmarked against Nifty 500 Multicap 50:25:25 TRI.
● The New Fund Offer (NFO) opened for subscription on August 22, 2024, and will close on
September 05, 2024.
LIC Housing Finance Secures ₹1,050 Crore via 5-Year Bond Issued at 7.75%
● LIC Housing Finance raised ₹1,050 crore through a bond issue with a 5-year maturity period at a
coupon rate of 7.75%.
● The company aimed to raise up to ₹3,000 crore through the bond issue.
● The initial base size of the issue was ₹1,000 crore, with an additional greenshoe option of ₹2,000
crore.
About LIC Housing Finance Limited (LIC HFL) :
● Founded : 19 June 1989
● Headquarters : Mumbai, Maharashtra
● MD & CEO : Tribhuwan Adhikary
IndusInd Bank Receives Reserve Bank of India Approval for Asset Management Subsidiary
● IndusInd Bank has received approval from the Reserve Bank of India (RBI) to establish a wholly
owned subsidiary focused on asset management in the mutual fund sector.
● The RBI's approval includes the provision for infusion of equity capital into the new subsidiary.
About IndusInd Bank :
● Established : April 1994
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sumant Kathpalia
● Tagline : We Care Dil Se, We Make You Feel Richer
World Bank Issues 1st-Ever Carbon Removal Bond to Finance Amazon Reforestation
● The World Bank (International Bank for Reconstruction and Development, IBRD) has issued a 9-
year, $225 million principal-protected Amazon Reforestation-Linked Bond.
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Important Monthly Current Affairs Capsule – August 2024
● The bond features a fixed guaranteed coupon component and a variable component linked to the
generation of Carbon Removal Units (CRUs) from reforestation projects in the Amazon rainforest
regions of Brazil.
● This is the first bond that links investors’ financial returns to carbon removal from the atmosphere,
as opposed to previous bonds tied to the sale of carbon credits from avoided emissions.
About World Bank :
● Established : July 7, 1944
● Headquarters : Washington, D.C., United States
● President : Ajay Banga
Reserve Bank of India to Begin Redemption of 30 Gold Bonds on October 11, 2024
● The Reserve Bank of India (RBI) has announced the calendar for the premature redemption of
Sovereign Gold Bonds (SGBs) issued between May 2017 and May 2020.
● The RBI plans to redeem 30 tranches of these bonds between October 11, 2024, and February 7,
2025.
What are Sovereign Gold Bonds (SGBs)?
● SGBs are government securities denominated in grams of gold, and they are a substitute for
holding physical gold.
● The bonds are issued in denominations of one gram of gold and in multiples thereof.
● Investment Limits: The minimum investment in SGBs is one gram of gold, with a maximum limit
of 4 kg for individuals and 20 kg for trusts and similar entities per financial year.
● Interest Rate: Sovereign gold bonds currently offer an interest rate of 2.5%, payable semi-
annually.
● Issuing Authority: These bonds are issued by the Government of India under the Government of
India Stock, in accordance with Section 3 of the Government Securities Act, 2006 (GS Act 2006).
PhonePe Introduces Credit Line on UPI for Effortless Merchant Payments
● Walmart backed fintech firm PhonePe launched Credit Line on UPI on its platform to enable
consumers availing credit lines from their banks to seamlessly link them to UPI on PhonePe for
merchant payments.
● The feature will enable consumers to purchase with ease across millions of merchants and avail
the flexibility of short-term credit that helps them manage their monthly expenses better.
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Important Monthly Current Affairs Capsule – August 2024
● This is the second major credit-related feature on UPI, following the success of Rupay Credit
Cards being linked to UPI.
About PhonePe :
● Established : 2015
● Headquarters : Bangalore, Karnataka
● CEO : Sameer Nigam
PayU Teams Up with Amazon Pay Later to Provide Instant Digital Credit for Indian Shoppers
● Naspers-backed fintech firm PayU has partnered with Amazon Pay Later to provide instant digital
credit access to Indian shoppers.
● As part of this partnership, Amazon Pay Later will be integrated into PayU’s checkout
infrastructure, allowing online merchants to offer an instant credit line to their customers, thereby
boosting business revenues.
● PayU reported an 11% increase in its India revenue, reaching $444 million in fiscal year 2024, up
from $399 million the previous year. Payment services contributed 46% to its core revenue from
this segment, accounting for 60% of total payment volumes (TPV).
About PayU :
● Founded : 2002
● CEO : Anirban Mukherjee
● PayU is a Netherlands-based payment service provider to online merchants
About Amazon Pay :
● Founded : 2007
● Headquarters : Seattle, Washington, United States
Bandhan Bank Introduces 'Avni', an Exclusive Savings Account for Women
● Bandhan Bank has introduced 'Avni', a savings account exclusively designed for women.
● Debit Card Benefits: Includes free airport lounge access, personal accident insurance cover of
₹10 lakh, and lost card liability of ₹3.5 lakh.
● Loyalty Program: Bandhan Bank has also launched a loyalty program named Bandhan Bank
Delights, which allows customers to earn reward points called Delight Points that can be
redeemed for purchases.
About Bandhan Bank :
● Founded : 23 August 2015
● Headquarters : Kolkata, West Bengal, India
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Important Monthly Current Affairs Capsule – August 2024
● MD & CEO : Ratan Kumar Kesh.
Aditya Birla Finance and AU Small Finance Bank Launch New Credit Cards on Visa and RuPay
Networks
● Aditya Birla Finance Limited ("ABFL"), a wholly owned subsidiary of Aditya Birla Capital, India's
leading financial services conglomerate and AU Small Finance Bank Limited (SFB), India's
largest small finance bank, has announced the launch of Aditya Birla Finance AU credit cards,
powered by and available on Visa and RuPay payment networks.
● The feature-loaded co-branded credit cards are available in four variants and offer
comprehensive reward benefits to serve the financial needs of different customer segments,
covering both individual customers and business owners.
➢ ABC AU Flex: Affordable option for mass India.
➢ ABC AU Nxt: Millennial-friendly with specialised features.
➢ ABC AU Pro: High-end card for the affluent.
➢ ABC AU Biz: Tailored for entrepreneurs and business owners.
● MD & CEO of Aditya Birla Finance Limited : Rakesh Singh
About AU Small Finance Bank :
● Founded : 1996
● Headquarters : Jaipur, Rajasthan, India
● MD & CEO : Sanjay Agarwal
Axis Bank Overtakes ICICI Bank to Become Top Player in Credit Card Terminals
● Axis Bank has become the leading player in credit card terminals in India, surpassing ICICI Bank.
● The bank achieved this position in just four years.
● The bank aims to further expand its credit card terminal business.
● It plans to use its leading position to increase deposit acquisitions and provide loans to small
businesses.
About Axis Bank :
● Established : 3 December 1993
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Amitabh Chaudhry
Piramal Finance and Central Bank of India Announce Strategic Co-Lending Alliance
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Important Monthly Current Affairs Capsule – August 2024
● Piramal Capital and Housing Finance Limited (referred to as Piramal Finance), a wholly owned
subsidiary of Piramal Enterprises Limited (‘PEL’), and Central Bank of India, have announced a
strategic partnership to expand their co-lending business.
● The collaboration will provide loans to middle and low-income borrowers, focusing on middle and
low-income segment borrowers with focus on rural and semi-urban regions.
What is meant by Co-Lending Alliance?
● A co-lending alliance is a partnership between a bank and a non-banking financial company
(NBFC) to jointly lend money to borrowers.
● This arrangement allows both parties to share risk and benefit, and improve credit flow to
underserved sectors at affordable rates.
About Central Bank of India :
● Established : 21 December 1911
● Headquarters: Mumbai,Maharashtra
● MD & CEO : Matam Venkata Rao
● Tagline : Build a Better Life Around Us./ Central To You Since 1911
About Piramal Finance :
● Founded : 11 April 1984
● Headquarters : Mumbai, Maharashtra
● Managing Director : Jairam Sridharan
Finance Minister Nirmala Sitharaman Requests Reserve Bank of India Assistance to Settle Regional
Rural Banks Dues with States
● Finance Minister (FM) Nirmala Sitharaman sought the Reserve Bank of India’s (RBI’s)
intervention for clearing the pending dues of Regional Rural Banks (RRBs) with state
governments.
● During a review meeting on the performance of 9 RRBs from Gujarat, Maharashtra, Madhya
Pradesh, Chhattisgarh, and Rajasthan, held in Udaipur, Sitharaman directed RRBs to leverage
their healthy Current Account Savings Account (CASA) ratio to provide more credit.
● The FM also directed RRBs to become more customer-friendly and use their local connections to
further improve performance.
● Capital Adequacy and Profitability:
➢ CRAR: The Consolidated Capital to Risk (Weighted) Assets Ratio (CRAR) of RRBs
increased from 7.8% in FY2021 to 13.7% in FY2024.
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Important Monthly Current Affairs Capsule – August 2024
➢ Profitability: RRBs moved from a loss of ₹41 crore in FY2021 to a net profit of ₹2,018
crore in FY2024.
➢ GNPA: The Gross Non-Performing Assets (GNPA) ratio is relatively low at 3.9%.
Reserve Bank of India Levies Financial Penalty on NDX P2P Private Limited ('LiquiLoans') & Innofin
Solutions Private Limited (“LenDen Club”)
● The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,92,00,000 on NDX P2P
Private Limited, also known as 'LiquiLoans'.
● Reason for Penalty: The penalty was imposed for non-compliance with the provisions of the
'Non-Banking Financial Company - Peer to Peer Lending Platform (Reserve Bank) Directions,
2017' and the "Guidelines on Digital Lending" issued by the RBI.
● Legal Basis: The penalty was imposed under the powers conferred by clause (b) of sub-section
(1) of section 58G, read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of
India Act, 1934.
● The RBI also imposed a penalty of ₹1,99,50,000 on Innofin Solutions Private Limited, also known
as 'LenDen Club'.
Tata AIA Life Introduces 'Sampoorna Raksha Promise' Product with ₹3 Lakh Immediate Payout Feature
● Tata AIA Life Insurance has unveiled its latest term insurance product, Sampoorna Raksha
Promise.
● This product is designed to enhance financial security.
● Instant payout: The plan provides an immediate payout of ₹3 lakh upon death claim intimation to
cover urgent expenses.
● Premium deferral: Policyholders can defer their premium payments for up to 12 months once
every five years.
About Tata AIA Life Insurance :
● Founded : 1 April 2001
● Headquarters : Mumbai, Maharashtra
● MD & CEO : Venkatachalam Iyer
Securities and Exchange Board of India Grants In-Principle Approval to Capitalmind to Launch Mutual
Fund Business
● Bengaluru-based investment management firm Capitalmind Financial Services Private Limited
has received in-principle approval from the Securities and Exchange Board of India (SEBI) to
launch a new mutual fund.
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Important Monthly Current Affairs Capsule – August 2024
● Current Operations: Capitalmind currently functions as a portfolio manager, managing over
₹2,200 crore in assets under management (AUM) for more than 1,150 clients.
● The firm maintains a strong annual client retention rate of 98%.
About Capitalmind :
● CEO : Deepak Shenoy
GST filers without a valid bank account will be restricted from submitting GSTR-1 starting September 1,
2024
● GST taxpayers who do not furnish bank account details to GST authorities will be barred from
filing outward supply return GSTR-1 from September 1,2024.
● Filing Restrictions: Taxpayers who do not furnish valid bank account details will be barred from
filing their GSTR-1 (outward supply return) or using the Invoice Furnishing Facility (IFF) for the
tax period August 2024 onwards.
● GST Rule 10A: According to GST Rule 10A, a taxpayer is required to furnish bank account
details:
➢ Within 30 days from the date of grant of registration.
➢ Or before filing the details of outward supplies in Form GSTR-1 or using IFF, whichever is
earlier.
Reserve Bank of India Governor Shaktikanta Das Unveils Unified Lending Interface (ULI)
● The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the launch of the Unified
Lending Interface (ULI) during the Global Conference on Digital Public Infrastructure and
Emerging Technologies in Bengaluru, Karnataka.
● Purpose of ULI:ULI is designed to enhance the credit access and disbursement process in India,
especially benefiting underserved segments.
What is the Unified Lending Interface?
● The ULI platform facilitates seamless and consent-based flow of digital information, including
land records of various states, from multiple data service providers to lenders.
● This cuts down the time taken for credit appraisal, especially for smaller and rural borrowers.
● The ULI is a cutting-edge digital platform designed to streamline the lending process across the
financial ecosystem.
● Integration and Efficiency:ULI connects banks, non-banking financial companies (NBFCs),
fintech firms, and borrowers.
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Important Monthly Current Affairs Capsule – August 2024
● Relation to JAM Trinity:The ULI is seen as part of India's broader digital infrastructure
development, alongside JAM (Jan Dhan, Aadhar, and Mobile) and UPI (Unified Payments
Interface).
● The 'new trinity' of JAM-UPI-ULI represents a significant advancement in India’s digital
infrastructure journey.
About JAM Trinity :
● JAM Trinity- (Jan Dhan, Aadhar, and Mobile) is a tool used by the government to transfer cash
benefits directly to the bank account of the intended beneficiary.
● JAM Trinity is the key enabler of India's transformed and well-developed digital landscape.
Small Savings Schemes Grow 13.8% Driven by Sukanya Samriddhi and Senior Citizens Scheme
● According to the data from the Reserve Bank of India (RBI) indicate that people are continuing to
repose faith in small savings schemes with the corpus clocking a decent annual growth of 13.8%
up to February 2024 reaching ₹18.1 lakh crore.
About Small savings schemes :
● Small savings schemes are savings instruments floated by the Centre with the twin objective of
helping finance its expenditure as well as to inculcate the habit of saving regularly among
investors.
Historical Data:
● February 2015: Outstanding balance was ₹6.2 lakh crore.
● February 2019: Outstanding balance rose to ₹10.4 lakh crore.
● February 2023: Outstanding balance reached ₹15.9 lakh crore, showing a 12.1% year-on-year
growth.
● February 2024: Outstanding balance achieved ₹18.1 lakh crore, reflecting a 13.8% growth.
● Performance of Individual Schemes:Seven of the 20 small savings schemes saw growth between
9% and 11% over the past year. Notable examples include:
➢ Post Office Savings Bank Deposits: 9% growth.
➢ Post Office Recurring Deposits: 11% growth.
● Most schemes have interest rates ranging from 4% to 9%.
● Schemes with Highest Growth:Sukanya Samriddhi Yojana Account (SSA): Grew by 41% from
₹77,472 crore (Feb 2023) to ₹1 lakh crore (Feb 2024).
● Senior Citizens Scheme 2004: Saw a 28% growth from ₹1.3 lakh crore (Feb 2023) to ₹1.7 lakh
crore (Feb 2024).
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Important Monthly Current Affairs Capsule – August 2024
Amazon Pay UPI reaches a significant milestone by surpassing 100 million customers
● Amazon Pay UPI has crossed 100 million customers, with the online platform used mainly for e-
commerce transactions, utility bill payments and mobile recharges.
● The app has become a significant success, streamlining transactions both on Amazon.in
shopping app and across a wide range of external platforms.
● Launch and Usage: Launched in 2019, Amazon Pay UPI is primarily used for e-commerce
transactions, utility bill payments, and mobile recharges.
● It is widely adopted across major states like Maharashtra, Uttar Pradesh, Bihar, West Bengal,
and Karnataka, with growing use in tier II and III cities.
● Primary Users: The app is particularly popular among youth aged 18 to 24 years, indicating
strong adoption among the younger demographic.
Bank of Baroda Secures ₹5,000 Crore Through 10-Year Infrastructure Bonds at 7.3% Interest Rate
● State-owned Bank of Baroda (BoB) raised Rs 5,000 crore through 10-year infrastructure bonds at
a coupon rate of 7.3%.
● The bond offering, rated AAA by CRISIL Ratings, had a base issue size of Rs 2,000 crore and a
greenshoe option of Rs 3,000 crore and was fully subscribed.
About BoB :
● Established : 20 July 1908
● Headquarters : Vadodara, Gujarat, India
● MD & CEO : Debadatta Chand
● Tagline : India's International Bank
Securities and Exchange Board of India bars Anil Ambani and 24 others from securities market for five
years over RHFL loan scandal, imposes ₹25 crore fine
● India's market regulator, the Securities and Exchange Board of India (SEBI), has imposed a five-
year ban on industrialist Anil Ambani and 24 others, including top executives of Reliance Home
Finance Limited. (RHFL), from participating in the securities market.
● This action follows a probe into RHFL, where funds were allegedly diverted through questionable
loans, leading to significant losses and raising concerns among investors.
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Important Monthly Current Affairs Capsule – August 2024
● SEBI has imposed a ₹25 crore penalty on Anil Ambani and has barred him from holding any
directorial or key managerial positions in listed companies or intermediaries registered with SEBI
for 5 years.
UBS AG Added to the Second Schedule of the Reserve Bank of India Act, 1934
● Reserve Bank of India (RBI) announced that “UBS AG” has been included in the Second
Schedule of the Reserve Bank of India Act, 1934.
● Categories of Scheduled Banks : Scheduled commercial banks in India are categorised into five
different groups according to their ownership and/ or nature of operation.
1. State Bank of India and its associates.
2. Nationalised banks.
3. Regional rural banks.
4. Foreign banks.
5. Other Indian scheduled commercial banks (private sector).
● In the RBI Act, 1934, schedule banks are the banks that are listened to in the second schedule.
● Requirements for Scheduled Banks:Banks listed in the Second Schedule of the RBI Act must
have a minimum capital of Rs 5 lakhs.
About UBS Group AG :
● UBS Group AG is a multinational investment bank and financial services company.
● It is headquartered in Zürich and Basel, Switzerland.
● UBS AG is already involved in investment banking and other financial services in India.
Krung Thai Bank Public Company Limited Removed from Second Schedule of the Reserve Bank of
India Act, 1934
● The Reserve Bank of India (RBI) advised that “Krung Thai Bank Public Company Limited” has
been excluded from the Second Schedule of the Reserve Bank of India Act, 1934 .
About Krungthai Bank :
● Krungthai Bank, officially Krungthai Bank Public Company Limited, and sometimes known by its
initials KTB, is a state-owned bank under licence issued by the thailand government.
● Headquarters: Watthana, Bangkok, Thailand.
Credit Suisse AG Removed from the Second Schedule of the Reserve Bank of India Act, 1934
● Reserve Bank of India (RBI) advised that “Credit Suisse AG” has been excluded from the Second
Schedule of the Reserve Bank of India Act, 1934.
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Important Monthly Current Affairs Capsule – August 2024
About Credit Suisse Group AG :
● Credit Suisse Group AG was a global investment bank and financial services company.
● It is based in Switzerland, it was initially an independent entity but is now a subsidiary of UBS.
● Headquarters: Zürich, Switzerland.
Reserve Bank of India Imposes Monetary Fines on Mahoba Urban Co-operative Bank Limited.,
Uttarkashi Zila Sahkari Bank Limited., and U.P. Postal Primary Co-operative Bank Limited
● The Reserve Bank of India (RBI) has imposed a monetary penalty on Mahoba Urban Co-
operative Bank Ltd., Mahoba, Uttar Pradesh, Uttarkashi Zila Sahkari Bank Ltd., Uttarkashi, U. P.
Postal Primary Co-operative Bank Ltd., Lucknow.
Mahoba Urban Co-operative Bank Ltd., Mahoba, Uttar Pradesh:
● Penalty Amount: ₹8.00 lakh
Uttarkashi Zila Sahkari Bank Ltd., Uttarkashi:
● Penalty Amount: ₹2.00 lakh
U. P. Postal Primary Co-operative Bank Ltd., Lucknow
● Penalty Amount: ₹3.00 lakh
ESAF Small Finance Bank Introduces Inori RuPay Platinum Credit Card
● ESAF Small Finance Bank has introduced the Inori RuPay Platinum Credit Card, a premium
financial product developed in collaboration with the National Payments Corporation of India
(NPCI).
● Card Name Significance:The name “Inori” is derived from the Japanese word for “wish,” reflecting
the bank's aspiration to meet the desires and expectations of its customers.
About ESAF Small Finance Bank (formerly known as ESAF Microfinance and Investments) :
● Founded : 10 March 2017
● Headquarters : Thrissur, Kerala
● MD & CEO : K Paul Thomas
Jio Financial Services Receives Approval to Raise Foreign Investment Limit to 49%
● Jio Financial Services Limited has received approval from the Department of Economic Affairs to
raise the aggregate limit of foreign investment (including Foreign Portfolio Investors, FPIs) to 49%
of the paid-up equity share capital on a fully diluted basis.
● The adjustment is aimed at enhancing participation from foreign investors and FPIs.
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Important Monthly Current Affairs Capsule – August 2024
● Current Foreign Investment:Foreign investors currently hold 17.55% of the company's stake,
from a public float of approximately 53%.
About Jio Financial Services Limited :
● Founded : 22 July 1999
● Headquarters : Mumbai, Maharashtra
● MD & CEO : Hitesh Kumar Sethia
Goods and Services Tax Department Imposes ₹24 Lakh Penalty on Yes Bank
● The Goods and Services Tax (GST) department in Maharashtra has imposed a penalty on Yes
Bank amounting to ₹24,92,978.
● This penalty includes disallowance of input tax credit (ITC), interest, and the penalty amount itself.
Legal Basis:
● The penalty is based on:
○ Section 73 of the Central Goods and Services Tax Act, 2017
○ Maharashtra Goods and Services Tax Act, 2017
About Yes Bank :
● Founded : 2004
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Prashant Kumar
Zeta Partners with HDFC Bank to Enhance Credit Line Offerings on UPI (CLOU) Platform
● Zeta, a provider of next-gen banking technology to financial institutions globally, has partnered
with HDFC Bank to support the bank’s credit line offerings on the UPI (CLOU) platform.
● The partnership leverages Zeta’s Digital Credit as a Service (DCaaS) solution, which is designed
for rapid deployment and includes capabilities across origination, processing, lifecycle
management, digital experiences, and data analytics.
● Credit Line on UPI (CLOU):The Credit Line on UPI (CLOU) scheme was announced by NPCI
and allows banks to connect pre-approved credit lines directly to the UPI user base.
● Growth Potential:Zeta’s estimates suggest that the CLOU scheme could grow to a $1 trillion
opportunity for banks by 2030.
About Zeta :
● Founded : 2015
● Headquarters : Mumbai, Maharashtra
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Important Monthly Current Affairs Capsule – August 2024
● CEO : Bhavin Turakhia
Reserve Bank of India Grants Approval to Fintech Association for Consumer Empowerment as a
FinTech Self-Regulatory Organization
● The Reserve Bank of India (RBI) has officially recognized the Fintech Association for Consumer
Empowerment (FACE) as the first Self-Regulatory Organization in the FinTech sector (SRO-FT).
● Purpose of SRO-FT: The SRO-FT framework was finalized by the RBI in May 2024 to promote
"healthy and sustainable development" within the FinTech industry under the central bank's
oversight.
What is an SRO-FT?
● Definition: A Self-Regulatory Organization in FinTech (SRO-FT) must be a registered not-for-
profit company.
● Responsibilities: It is responsible for setting guidelines on consumer protection, data security,
and privacy. SROs also have the authority to investigate and discipline non-compliant members.
● Function: SROs act as intermediaries between industry players and regulatory bodies like the
RBI, advocating for necessary changes and promoting compliance.
Eligibility and Membership Criteria:
● Not-for-Profit Requirement: The SRO-FT must be a not-for-profit company under Section 8 of the
Companies Act, 2013.
● Diversified Shareholding: No entity should hold 10% or more of the paid-up share capital, either
individually or in concert with others.
● Net Worth Requirement: The applicant should have a minimum net worth of INR 2 Crores within
one year of recognition or before commencing operations, whichever is earlier.
● Exclusions: Banks are not included in the membership base of an SRO-FT. Instead, it primarily
covers entities regulated by the RBI, such as NBFC-Account Aggregators and NBFC-Peer to
Peer Lending Platforms.
Department of Economic Affairs Amends Securities Contracts Regulation Rules (SCRR), 1956,
Enabling Direct Listing of Indian Companies' Securities on International Exchanges at GIFT IFSC
● The Department of Economic Affairs, under the Ministry of Finance, has amended the Securities
Contracts Regulation Rules (SCRR), 1956.
● Aim of the Amendments : To streamline listing requirements for Indian companies, facilitating the
direct listing of their securities on international exchanges within International Financial Service
Centres (IFSCs), especially at Gujarat International Finance Tech-City (GIFT City) in Gujarat.
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Important Monthly Current Affairs Capsule – August 2024
● To further facilitate this, the new rules stipulate that:
➢ Minimum Public Offer: For public Indian companies desiring to list solely on international
exchanges in IFSCs, the minimum offer and allotment to the public as per the offer
document shall be at least 10% of the post-issue capital.
➢ Continuous Listing Requirements: The continuous listing requirement for such companies
has also been set at 10%, as outlined under Rules 19 (2)(b) and 19A of the SCRR.
About Ministry of Finance :
● Cabinet Minister : Nirmala Sitharaman
● Minister of State : Pankaj Choudhary
Securities and Exchange Board of India Proposes UPI-Like Blocking Mechanism for Securities Market
● The Securities and Exchange Board of India (SEBI) has proposed that Qualified Stock Brokers
(QSBs) offer a UPI-based block mechanism for trading in the secondary market, similar to the
Application Supported by Blocked Amount (ASBA) facility used in the primary market.
● UPI Block Mechanism:Function: This mechanism allows clients to trade based on funds blocked
in their bank accounts rather than transferring funds upfront to the trading member.
● Alternative Option: SEBI has suggested that QSBs could alternatively offer a "3-in-1 trading
account facility":
● 3-in-1 Trading Accounts: Clients would maintain funds in their bank accounts, earning interest on
cash balances, and use this facility for both cash and derivatives segments without amount
restrictions.
Securities and Exchange Board of India Proposes 8-Year Mandatory Retention of Communication
Records
● Securities and Exchange Board of India (SEBI) proposed to make it mandatory for all entities
regulated by it to maintain communication records, including acknowledgements, for at least 8
years.
● The move is aimed at improving regulatory compliance, increasing transparency, protecting
investors' interest and boosting their confidence in the securities market.
● SEBI-regulated entities must make these records available to SEBI upon request to ensure
transparency and accountability.
Reserve Bank of India Imposes Fine of ₹1.25 lakh on The Valsad Mahila Nagarik Sahakari Bank
Limited., Valsad, Gujarat
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Important Monthly Current Affairs Capsule – August 2024
● The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.25 lakh on The Valsad
Mahila Nagarik Sahakari Bank Ltd., Valsad, Gujarat.
Private Sector and Small Finance Banks Achieve Over 20% Growth in Deposits During FY24
● Analysis of Reserve Bank of India (RBI) data on deposits of scheduled commercial banks
(including regional rural) from FY19 to FY24 showed that deposits grew at 13.4% in FY24
compared to the previous year.
● This is higher than the 10.2% growth in FY23, 10.1% in FY22, 12.3% in FY21 and 8.8% in FY20.
● Deposits as of March 2024 stood at ₹212.5 lakh crore compared to ₹187.4 lakh crore as of
March 2023.
Finance Minister announces new pension scheme 'NPS Vatsalya' under the National Pension Scheme
(NPS)
● Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman made the
announcement of a new pension scheme under the National Pension Scheme (NPS), called NPS
Vatsalya.
About NPS Vatsalya Scheme :
● NPS Vatsalya is a new pension scheme under the National Pension Scheme (NPS).
● Objective: The scheme is designed to help parents and guardians plan for their children's future
financial needs, specifically for their retirement savings.
● Account Opening: Parents or guardians can open an NPS Vatsalya account for their minor
children and make contributions.
● Accumulation Period: The funds contributed will accumulate in the account until the child turns 18.
● Regulating Authority: The Pension Fund Regulatory and Development Authority (PFRDA) is the
governing body overseeing the NPS Vatsalya scheme.
AWARDS AND HONOUR
MRPL Wins Greentech Pollution Control Award for Circular Economy Leadership
• Mangalore Refinery and Petrochemicals Limited (MRPL) has been honoured with the Greentech
Pollution Control Waste Management & Recycling Award in the Circular Economy Leadership
category.
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Important Monthly Current Affairs Capsule – August 2024
• This award recognizes MRPL’s excellence in managing hazardous and various types of waste
through environmentally sustainable practices and emphasizes its commitment to circular
economy principles.
• Award Recognition: MRPL was awarded the prestigious Greentech Pollution Control Waste
Management & Recycling Award in the Circular Economy Leadership category.
Vivek Verma of Spray Engineering Devices Limited Receives National Energy Efficiency Innovation
Award 2021
• Vivek Verma, Managing Director of Spray Engineering Devices Limited (SED), Mohali, Punjab,
was awarded the first prize in the Industries Category for his innovation, "Low Temperature
Evaporation Technology."
• The award was presented during the National Energy Efficiency Innovation Award 2021
ceremony, part of the Azadi ka Amrit Mahotsav celebrations.
• The prestigious award ceremony took place on National Energy Conservation Day at Vigyan
Bhawan, New Delhi.
Inaugural Rashtriya Vigyan Puraskars Announced: Honoring Excellence in Science and Innovation
• In a landmark initiative to recognize and celebrate outstanding contributions to science,
technology, and innovation, the Indian government has introduced the Rashtriya Vigyan
Puraskars.
• This new award system, which consolidates over 300 previous awards from various science
departments, is designed to honour the achievements of academics, technologists, and inventors
across the nation.
NI-MSME Awarded "UTKRISHT" Accreditation for Excellence in Civil Services Training and MSME
Development
● The National Institute for MSME (NI-MSME), under the Ministry of MSME, Government of India, has
been awarded the Accreditation Certificate for successfully meeting the National Standards for Civil
Services Training Institutions (NSCSTI).
● The institute received this prestigious recognition for its outstanding services in promoting and
developing MSMEs.
● NI-MSME received the "UTKRISHT" (3 Star) Accreditation Certificate for excellence in civil services
training.
Government Allocates 18 Coal Mining Projects to Private Firms Under MDO Model to Enhance
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Important Monthly Current Affairs Capsule – August 2024
Production
● The government has identified 28 coal mining projects to be operated through mining
developers-cum-operators (MDOs), with 18 mines already awarded to leading private
companies.
● The initiative aims to boost coal production by enhancing operational efficiency, streamlining
processes, and reducing costs.
● Coal India Limited (CIL) initially selected 15 projects with a capacity of 168 million tonnes (MT)
for MDO implementation, which has now expanded to 28 projects with a total capacity of 257 MT.
WHO declares mpox a global public health emergency for second time in two years
● The World Health Organization (WHO) declared monkeypox a global public health emergency for
the second time in two years.
● This follows an outbreak in the Democratic Republic of Congo that has spread to neighbouring
countries in Africa.
Definition and Impact of PHEIC
● A “public health emergency of international concern” (PHEIC) is the WHO’s highest alert level.
● This designation can accelerate research, funding, and international public health measures and
cooperation to contain the disease.
About WHO:
● Founders: United States, Brazil, France, Mexico, Türkiye, Australia, and more
● Headquarters: Geneva, Switzerland
● Founded: 7 April 1948
● Director-General: Tedros Adhanom Ghebreyesus
● Parent Organization: United Nations Economic and Social Council
President Droupadi Murmu Approves 103 Gallantry Awards:
● President Droupadi Murmu approved 103 Gallantry awards for personnel from the Armed Forces
and Central Armed Police Forces.
● This prestigious recognition includes a variety of honours for bravery and distinguished service.
Key Points:
1. Gallantry Awards:
o Kirti Chakras: Four awards, including three posthumous.
o Shaurya Chakras: Eighteen awards, with four posthumous.
o Bar to Sena Medal (Gallantry): One award.
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Important Monthly Current Affairs Capsule – August 2024
o Sena Medals (Gallantry): Sixty-three awards, including two posthumous.
o Nao Sena Medals (Gallantry): Eleven awards.
o Vayu Sena Medals (Gallantry): Six awards.
2. Additional Honors:
o Mention-in-Despatches: Thirty-nine recognitions, including a posthumous award to Army Dog
Kent, for their exceptional contributions to military operations.
o Indian Coast Guard Awards:
▪ One President’s Tatrakshak Medal (Distinguished Service).
▪ One Tatrakshak Medal (Gallantry).
▪ Two Tatrakshak Medals (Meritorious Service).
3. Police Awards:
o President’s Police Medal for Distinguished Service.
o Police Medal for Meritorious Service.
Highlights from the 70th National Film Awards
● The 70th National Film Awards celebrated significant achievements in Indian cinema, with Southern
films dominating the major categories.
Major Awards:
● Best Feature Film: Aattam: The Play (Malayalam), directed by Anand Ekarshi.
● Best Actor: Rishabh Shetty for Kantara (Kannada).
● Best Actress: Nithya Menen for Thiruchitrambalam (Tamil) and Manasi Parekh for Kutch Express
(Gujarati).
● Best Director: Sooraj R Barjatya for Uunchai (Bollywood).
● Best Supporting Actress: Nina Gupta for Uunchai.
● Best Supporting Actor: Pavan Malhotra for Fouja (Haryanvi).
Southern Cinema's Dominance:
● Malayalam cinema led with eight awards, including Best Child Actor, Best Screenplay, and Best
Editing.
● A total of 20 awards across various categories went to South Indian films, highlighting the
region’s significant contributions to the film industry.
Other Notable Wins:
● Best Popular Film Providing Wholesome Entertainment: Kantara (Kannada).
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Important Monthly Current Affairs Capsule – August 2024
● Best Female Playback Singer: Padma Shri Jayashri Ramnath for “Chaayum Veyil” from Saudi
Vellaka CC 225/2009 (Malayalam).
● Best Music Director (Background Music): A.R. Rahman for Ponniyin Selvan-Part 1 (Tamil).
● Best Music Director (Songs): Pritam for Brahmastra-Part 1 (Hindi).
Special Mentions:
● Fouja also won awards for Best Debut Film by a Director (Pramod Kumar) and Best Lyrics
(Naushad Sadar Khan).
● The awards were announced by the jury members to Union I&B Minister Ashwini Vaishnaw.
Kerala State Film Awards 2023 Highlights
● Blessy directorial Aadujeevitham-The Goat Life bagged nine awards, including that of best popular
film, best director and best actor, at the Kerala State Film Awards 2023.
● Kathal The Core directed by Jeo Baby and produced by Mammootty Kampany, was adjudged the
best film.
Major Winners:
● Best Popular Film: Aadujeevitham - The Goat Life
● Best Director: Blessy (Aadujeevitham - The Goat Life)
● Best Actor: Prithviraj Sukumaran (Aadujeevitham - The Goat Life)
● Best Actress:
o Urvashi (Ullozhukku)
o Beena R. Chandran (Thadav)
● Best Film: Kathal The Core directed by Jeo Baby and produced by Mammootty Kampany
● Second-Best Film: Iratta directed by Rohit M. G. Krishnan
● Best Scriptwriter: Rohit M. G. Krishnan (Iratta)
● Special Jury Mention for Film: Gaganachari
Best Character Roles:
● Best Supporting Actor: Vijayaraghavan (Pookkalam)
● Best Supporting Actress: Sreeshma Chandran (Pembilai Orumai)
Best Article:
● Article Title: Deseeyathaye Azhichedukkunna Cinemakal
● Author: Rajesh M. R.
● Publication: Samakalika Malayalam Varika (a sister publication of TNIE).
Rajiv Gandhi International Airport Recognized as Best Airport in India for Third Consecutive Year
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Important Monthly Current Affairs Capsule – August 2024
● The Rajiv Gandhi International Airport (RGIA) in Hyderabad has been honoured as the Best Airport
at the prestigious India Travel Awards for the third consecutive year.
● This recognition reflects the airport's ongoing commitment to providing exceptional experiences for
travellers.
● Previous Recognition: Last year, RGIA received the Skytrax Best Airport Staff in India & South Asia
2024 award in Frankfurt, further cementing its reputation for delivering world-class service and
customer-focused initiatives.
National Geoscience Awards 2023 Conferred by President Draupadi Murmu
● President of India, Smt. Droupadi Murmu was awarded the National Geoscience Awards (NGA) for
2023 at a ceremony held at the Rashtrapati Bhavan Cultural Centre in New Delhi.
● The event celebrated the contributions of 21 distinguished geoscientists from across India and
highlighted the vital role of geosciences in sustainable development.
● Award Categories and Winners:
o National Geoscience Award for Lifetime Achievement:
▪ Prof. Dhiraj Mohan Banerjee, Emeritus Scientist at the Indian National Science
Academy (INSA), recognized for his pioneering work in phosphorites, isotope geology,
and organic geochemistry, which has significantly advanced global understanding of
the Himalayas and phosphorites.
o National Young Geoscientist Award:
▪ Dr. Ashutosh Pandey, Assistant Professor at the Indian Institute of Science Education
and Research (IISER), Thiruvananthapuram, honored for his innovative research on
the geodynamic evolution of the Eastern Dharwar Craton and his alternative model for
the origin of Paleoproterozoic Lesser Himalayan mafic rocks.
o Other Awards:
▪ A total of 12 awards were presented, including three to teams, recognizing excellence
in various aspects of geosciences.
President Murmu Confers Inaugural Vigyan Ratna Puraskar and Other Science Awards:
● President Droupadi Murmu conferred the first-ever Vigyan Ratna Puraskar -- India's top science
award -- on noted biochemist and former director of the Bangalore-based Indian Institute of Science
Govind Rajan Padmanabhan
● Inaugural Vigyan Ratna Puraskar:
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Important Monthly Current Affairs Capsule – August 2024
o Recipient: Govindrajan Padmanabhan, noted biochemist and former director of the Indian
Institute of Science, Bangalore.
o Significance: India's highest science award.
o Other Awards Conferred:
1. Vigyan Shri Puraskar: 13 awards.
2. Vigyan Yuva-Shanti Swarup Bhatnagar Prizes: 18 awards.
3. Vigyan Team Award: Given to the Chandrayaan-3 mission team, received by Project
Director P Veeramuthuvel.
MAK Lubricants Wins ‘Brand of the Decade Award 2024’
● MAK Lubricants, a premium brand of Bharat Petroleum Corporation Limited (BPCL), has been
honoured with the ‘Brand of the Decade Award 2024’.
● The award was presented by Herald Global and Brand Advertising Research & Consulting Pvt. Ltd.
(BARC).
24th International Mother Teresa Awards Ceremony Held in Dubai on Her 114th Birth Anniversary
● The 24th International Mother Teresa Awards Ceremony took place on August 26, 2024, at
Millennium Plaza Dubai, celebrating the 114th birth anniversary of Mother Teresa.
● Organized by the All-India Minority and Weaker Sections Council, this prestigious event was held
outside India for only the second time, with both international ceremonies occurring in Dubai.
● The awards, established posthumously after Mother Teresa died in 1997, honour individuals
across various sectors including education, science, culture, sports, social work, medicine,
industry, and politics.
Notable Awardees:
● João Bernardo Vieira II (Posthumously, Guinea-Bissau)
● Sidharth Srivastava and Namit Bajoria (Industry)
● Mohammed Mahtabur Rahman (Chairman, NRB Bank Limited)
● Irka Bochenko (Arts)
● MP Rozario (Education)
● Murli Panjabi and Sureandar Singh Khandari (Social Work, UAE)
● Ahmed al Hashemi (Young Musician and Child Prodigy)
Jana Small Finance Bank Recognized for Excellence at ICC Emerging Asia Banking Conclave &
Awards
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Important Monthly Current Affairs Capsule – August 2024
o Jana Small Finance Bank secured four prestigious awards at the 2nd ICC Emerging Asia
Banking Conclave & Awards:
▪ Best Small Finance Bank, India
▪ Best Performance on Profitability (Runners-up)
▪ Best Performance on Asset Quality
▪ Best Performance on Risk Management
o The awards highlight the bank’s commitment to excellence, innovation, and its leading role in the
Indian banking sector.
Highlights from the Goalfest Conclave 2024: Recognitions, Awards, and Visionary Leadership
o The Goalfest Conclave 2024 took place at ITC Maratha, Mumbai, and was inaugurated with a
recognition ceremony led by Mr. Saimik Sen, Editor-In-Chief of Herald Global.
o The conclave featured prominent attendees, including Shri Arvind Sawant (MP for Mumbai
South and Chief Spokesperson of Shiv Sena), Dr. Vijay Kalantri (President of All India
Association of Industries), Dr. Sanjay Mukherjee (Metropolitan MMRDA Commissioner), Lalit
Gandhi (President of MACCIA), and Nitin Thakker (President of the Bombay Bar Association).
o These distinguished individuals were honored with the Pride of India Awards. Shri Arvind
Sawant delivered an inspiring speech that resonated deeply with attendees.
Anubhav Awards 2024: Celebrating Contributions of Retiring Civil Servants
o Launched in March 2015, the Anubhav portal serves as a platform for retiring government officials
to document and share their experiences and insights.
o The initiative aims to create a repository of knowledge that can guide future administrative reforms
and governance practices.
o The portal allows officials to detail their contributions to government policies, enhancing their
effectiveness.
Launch of #एक_पेड़_म _ां के _न म #Plant4Mother Campaign: A National Tree Plantation Initiative
o Union Minister for Agriculture & Farmers’ Welfare, Shri Shivraj Singh Chouhan, planted saplings
at the IARI Campus PUSA as part of the #एक_पेड़_म _ां के _न म #Plant4Mother campaign.
o The Ministry will establish a Matri Van on approximately 1 acre of land.
o Minister of State Shri Ramnath Thakur, Dr Himanshu Pathak (Secretary DARE & DG ICAR), and
about 200 officers/staff from the Ministry, along with school students, participated in the event.
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Important Monthly Current Affairs Capsule – August 2024
APPOINTMENTS & RESIGNATIONS
Daljit Singh Chawdhary Appointed as Additional Border Security Force Director General Following Nitin
Agrawal's Repatriation
• Nitin Agrawal, the Director General (DG) of the Border Security Force (BSF), was repatriated to
his state cadre by the Central government.
• Daljit Singh Chawdhary, the DG of the Sahastra Seema Bal (SSB), has been given the additional
charge of the BSF DG position until a regular appointment is made or further orders are issued.
• Daljit Singh Chawdhary will oversee BSF operations in addition to his current role at SSB.
• Y B Khurania, the Special DG (West) of BSF, was also removed and repatriated to his state
cadre with immediate effect.
About BSF :
• Founded : 1965
• Headquarters : New Delhi, Delhi, India
• Motto : Duty Unto Death
• Role: The BSF is a paramilitary force responsible for guarding India's borders, particularly with
Pakistan and Bangladesh.
• It operates under the Ministry of Home Affairs and was established after the Indo-Pakistani War
of 1965 to secure India's borders and related matters.
Khurania Likely to Be Appointed as New Police Chief of Odisha
• Senior Indian Police Service (IPS) officer Yogesh Bahadur Khurania (Y.B. Khurania) of the 1990
batch is likely to become the next Director General of Police (DGP) of Odisha.
• The Ministry of Home Affairs (MHA) has approved Khurania's premature repatriation to Odisha,
increasing speculation about his appointment as DGP.
• The approval was granted by the Appointment Committee of the Cabinet (ACC).
• Currently, Khurania is posted as Special DG, BSF HeadQuarters in New Delhi.
• Service in Odisha:Khurania has served in various roles in Odisha, including:
Former Union Health Secretary Preeti Sudan, to Assume Role as Union Public Service Commission
Chairman
• Former Union Health Secretary Preeti Sudan will take charge as the Chairperson of the Union
Public Service Commission (UPSC) on August 1, 2024, under Article 316 A of the Constitution.
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Important Monthly Current Affairs Capsule – August 2024
• Ms. Sudan is currently a member of the Commission.
• She will take over from Manoj Soni who resigned a few days ago due to “personal reasons”.
• Her tenure will last until April 2025, when she turns 65.
About UPSC :
• Founded : 1 October 1926
• Headquarters : New Delhi, Delhi, India
• The UPSC is a constitutional body as mandated under Article 315-323 Part XIV Chapter II of the
Constitution of India.
• Functions: Conducts civil services examinations for IAS, Indian Foreign Service (IFS), Indian
Police Service (IPS) and Central Services - Group A and Group B.
• Structure: Headed by a Chairperson and can have a maximum of 10 members.
Lieutenant General Sadhna Saxena Nair Appointed as First Female Director General of Medical
Services (Army)
• Lieutenant General Sadhna Saxena Nair, assumed the office of Director General Medical
Services (Army), becoming the first woman to be appointed to this prestigious position.
• Prior to this, she was the first woman to hold the post of DG Hospital Services (Armed Forces) on
promotion to the rank of Air Marshal.
• Lt Gen Nair graduated from the Armed Forces Medical College, Pune with a distinguished
academic record and was commissioned into the Army Medical Corps in December 1985.
• For her meritorious service, she has been awarded the Air Officer Commanding-in-Chief,
Western Air Command and Chief of the Air Staff Commendations as well as Vishisht Seva Medal
by the President of India.
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
Dr. Grinson George assumes office as the new Director of Central Marine Fisheries Research Institute
● Grinson George, former head of the Marine Biodiversity and Environment Management Division
at the Central Marine Fisheries Research Institute (CMFRI) has assumed charge as Director of
the CMFRI.
● He has also held the position of Senior Programme Specialist at the South Asian Association for
Regional Cooperation (SAARC) in Dhaka.
● Dr. George hails from Chalakudy in Thrissur district, Kerala.
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Important Monthly Current Affairs Capsule – August 2024
● He is a fisheries researcher with over two decades of experience, specializing in fishery resource
management, marine biodiversity, environment management, fisheries oceanography, remote
sensing, and climate change.
About CMFRI :
● Established : 1947
● Headquarters : Kochi, Kerala
● The CMFRI was established under the Ministry of Agriculture and Farmers Welfare and later, in
1967, it joined the Indian Council of Agricultural Research (ICAR) family and emerged as a
leading tropical marine fisheries research institute in the world.
Meesho adds 4 new directors to its board
● E-commerce platform Meesho has appointed four independent directors to its board to enhance
its corporate governance structure.
● Kalpana Morparia: Former chairman of South and South East Asia at JPMorgan, with over 45
years of experience in India’s financial sector. She serves on the boards of several global
companies.
● Hari S Bhartia: Founder and co-chairman of Jubilant Bhartia Group, leading a group with four
listed companies and a combined market cap of around $7.65 billion.
● Surojit Chatterjee: Founder and CEO of AI firm Ema, with previous senior positions at Coinbase
and Google.
● Rohit Bhagat: Non-executive chairman on the board of PhonePe, with leadership roles at
BlackRock and Barclays Global Investors.
About Meesho :
● Founded : December 2015
● Headquarters : Bangalore, Karnataka, India
● Founder and CEO : Vidit Aatrey
RBI Approves Inderjit Camotra's Reappointment as Unity Small Finance Bank Chief Executive Officer
for Two More Years
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Important Monthly Current Affairs Capsule – August 2024
● The Reserve Bank of India (RBI) has approved the re-appointment of Inderjit Camotra as
Managing Director (MD) and Chief Executive Officer (CEO) of Unity Small Finance Bank (SFB)
for two years.
● Under his leadership, the bank has built a deposit base of over ₹8,000 crore, a loan book of over
₹8,500 crore and a network of about 400 banking outlets and offices across 21 States and UTs in
India.
● Prior to being appointed as head of Unity SFB, Camotra was Executive Director with Centrum
Financial Services Limited/CFSL (Promoter Entity of Unity Bank).
About Unity SFB :
● Founded : 2021
● Headquarters : Mumbai, Maharashtra
Air France-KLM Appoints Stefan Gumuseli as General Manager for India and Middle East Markets
• European air carrier Air France-KLM has appointed Stefan Gumuseli as the new General
Manager for the India-Middle East markets, effective August 1, 2024.
• Stefan Gumuseli, who is succeeding Simon Scholte, will be based at the airline’s regional office
in Dubai, UAE.
• Overseeing the passenger business for India and the Middle East.
• Managing operations in diverse and multicultural countries such as India, UAE, Saudi Arabia,
Lebanon, and Egypt, along with additional offline countries.
About Air France-KLM :
• Founded : 5 May 2004
• Headquarters : Paris, France
• Chairwoman : Anne-Marie Couderc
• CEO : Benjamin Smith
Anish Dayal Singh was Assigned an Additional Role as Director General of the Central Industrial
Security Force
• Anish Dayal Singh, the Director General (DG) of the Central Reserve Police Force (CRPF), has
been assigned the additional charge of Director General of the Central Industrial Security Force
(CISF) effective the day before the retirement of Nina Singh.
• Anish Dayal Singh is a 1988 batch IPS officer of Manipur cadre.
• He had served as DG of Indo-Tibetan Border Police (ITBP).
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Important Monthly Current Affairs Capsule – August 2024
About CISF :
• Established: March 10, 1969.
• Headquarters: New Delhi, India.
• Role: A Central Armed Police Force under the Ministry of Home Affairs.
• Primary Mission: To provide security to large institutions, both governmental and private.
Boeing's new CEO is aerospace veteran Robert ‘Kelly’ Ortberg
• Boeing has named aerospace veteran Robert "Kelly" Ortberg as its next CEO.
• Ortberg, who previously led Rockwell Collins's integration into United Technologies (which later
merged with Raytheon to form RTX), will officially take over on August 8.
• His appointment comes at a time when Boeing is grappling with significant operational problems
and financial losses.
• Retirement from RTX: The 64-year-old retired from RTX in 2021.
Sanjay Shukla Takes Over as Managing Director of National Housing Bank
• Sanjay Shukla has officially assumed the role of Managing Director (MD) of the National Housing
Bank (NHB) as of July 30, 2024.
• He Began his career in 1991 as an officer at LIC Housing Finance Limited.
• Previous Positions:Founding Managing Director and CEO of Centrum Housing Finance Limited
(CHFL) from October 2016.
• Managing Director and CEO of Cent Bank Home Finance Ltd (CBHFL), where he improved
assets under management and asset quality.
About National Housing Bank :
• Founded: July 9, 1988, under the National Housing Bank Act, 1987.
• Headquarters: New Delhi, India.
• Role: Apex regulatory body for the regulation and licensing of housing finance companies in
India.
• Jurisdiction: Operates under the Ministry of Finance, Government of India.
Government Panel Approves CS Setty's Appointment as State Bank of India Chairman for 3-Year Term
• The government appointed Challa Sreenivasulu Setty as Chairman of the country's biggest
lender State Bank of India (SBI) for a period of 3 years starting from August 28, 2024.
• He will replace Dinesh Kumar Khara, who is retiring on August 28, 2024, upon reaching the age
of 63, which is the upper age limit for the SBI chairman position.
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Important Monthly Current Affairs Capsule – August 2024
• The appointment was approved by the Appointments Committee of the Cabinet (ACC) based on
the recommendation of the Financial Services Institutions Bureau (FSIB).
About SBI :
• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
Senior IAS Officer T.V. Somanathan Appointed as Cabinet Secretary for a Two-Year Term
• The Appointments Committee of the Union Cabinet appointed senior bureaucrat T V
Somanathan as the cabinet secretary of India.
• He will remain in office for a tenure of two years, starting August 30, 2024.
• He will succeed Rajiv Gauba, who is completing his five-year term in the position.
• Somanathan is a 1987-batch IAS officer of the Tamil Nadu cadre.
• He is currently serving as the Finance Secretary of India.
President Mohammed Shahabuddin Appoints Nobel Laureate Muhammad Yunus as Head of
Bangladesh's Interim Government
• Nobel laureate Muhammad Yunus was appointed as the head of Bangladesh's interim
government by President Mohammed Shahabuddin.
• The appointment followed the resignation of Prime Minister Sheikh Hasina on August 05, 2024,
amid deadly protests over a controversial job quota system.
• Sheikh Hasina Wazed was the longest-serving prime minister in the history of Bangladesh until
her resignation.
DBS Appoints Tan Su Shan as First Female CEO to Succeed Piyush Gupta
• DBS Group announced that Tan Su Shan, its head of institutional banking, will succeed Piyush
Gupta as Chief Executive Officer (CEO) when he retires in March 2025.
• Tan Su Shan will be the first woman to lead Singapore's and Southeast Asia's biggest bank.
• She is also the first internal candidate to be appointed as CEO.
• Tan will be the second female leader of a major Singaporean bank, following Helen Wong, who
was appointed head of Oversea-Chinese Banking Corp in 2021.
About DBS Bank Limited :
• Founded : 16 July 1968
• Headquarters : Singapore
• Chairman : Peter Seah
Swiggy Instamart Names Sairam Krishnamurthy as Chief Operating Officer
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Important Monthly Current Affairs Capsule – August 2024
• Swiggy Instamart, the quick commerce arm of IPO-bound food and grocery delivery firm Swiggy,
has appointed Sairam Krishnamurthy as the firm’s senior vice president and chief operating
officer (COO).
• Role and Responsibilities:
• Overseeing dark store operations.
• Managing infrastructure operations.
• Leading city growth and expansion.
Nandakumar Velayudhan Pillai Assumes Role as Director-Refinery at Mangalore Refinery and
Petrochemicals Limited
● Nandakumar Velayudhan Pillai took charge as Director (Refinery) of Mangalore Refinery and
Petrochemicals Ltd. (MRPL).
● Pillai is a seasoned refining industry expert with over 30 years of experience.
● He was closely associated with all the major milestones in the organisation’s growth having
worked in Production Planning, Process Engineering, Operations, and Project Departments, as
well as in the Refinery Head Office in various capacities.
About MRPL :
● Founded : 7 March 1988
● Headquarters : Mangalore, Karnataka
● Chairman : Arun Kumar Singh
● MRPL, is a division of Oil and Natural Gas Corporation (ONGC) which is under the ownership of
the Ministry of Petroleum and Natural Gas of the Government of India
Vice Admiral Anupam Kapur Takes Over as Director General of Hospital Services (Armed Forces)
● Surgeon Vice Admiral Anupam Kapur has assumed the role of Director General Hospital
Services (Armed Forces) at the office of the Director General Armed Forces Medical Services.
● Vice Admiral Kapur was commissioned into the Indian Navy on June 27, 1987.
● Prior to taking over as the DGHS(Armed Forces), the Flag Officer served as the Command
Medical Officer of the Western Naval Command.
About Ministry of Defence :
● Defence Minister : Rajnath Singh
● Minister of State : Sanjay Seth
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Important Monthly Current Affairs Capsule – August 2024
Securities and Exchange Board of India Approves Praveena Rai as New MD & CEO of Multi
Commodity Exchange
● The Securities and Exchange Board of India (SEBI) has approved Praveena Rai’s appointment
as the Managing Director (MD) and Chief Executive Officer (CEO) of the Multi Commodity
Exchange (MCX), India’s largest commodity exchange.
● The position had been vacant for three months following the conclusion of PS Reddy's five-year
term as CEO on May 9, 2024.
About MCX :
● Founded : November 10, 2003
● Headquarters : Mumbai, Maharashtra, India
Punjab & Sind Bank Appoints Rajeeva as Executive Director
● Shri Rajeeva has been appointed as the Executive Director of Punjab & Sind Bank for a period of
three years, effective immediately or until further orders, whichever is earlier.
● Before his elevation to Executive Director, Shri Rajeeva served as the Chief General Manager of
Punjab National Bank (PNB).
About PNB:
● Founded: 24 June 1908 (116 years ago)
● Headquarters: Rajendra Place, New Delhi, India
● Charan Singh – Non-Executive Chairman
● Swarup Kumar Saha – Managing Director & CEO
PM Modi to be chief guest at The ET World Leaders Forum
● Prime Minister Narendra Modi will be the chief guest at The Economic Times World Leaders
Forum on August 31 in New Delhi.
Forum Theme:
● The inaugural edition of the ET World Leaders Forum will focus on "Leadership for Global
Prosperity," offering a platform for global investors, policymakers, business leaders, and
entrepreneurs to engage in dialogue on opportunities arising from India's rapid economic
progress.
● India's economy grew by 8.2% in FY24, even as the global economy faces stagnation,
geopolitical tensions, and climate crises.
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Important Monthly Current Affairs Capsule – August 2024
Standard Chartered names Aditya Mandloi as Head, Wealth and Retail Banking, India and South Asia
● Standard Chartered Bank has announced the appointment of Aditya Mandloi as Head of Wealth
and Retail Banking (WRB) for India and South Asia.
● His appointment is effective from August 1, 2024.
● Mandloi has been with Standard Chartered for 27 years, beginning as an international graduate
in 1997.
● Mandloi will be responsible for driving the WRB business across India, Bangladesh, Sri Lanka,
and Nepal.
Senior IAS officer Govind Mohan appointed as next Union Home Secretary
● The Centre has appointed Govind Mohan, an Indian Administrative Services (IAS) officer, as the
next Union Home Secretary.
● Mohan, a Sikkim cadre officer of the 1989 batch, is currently serving as the Union Culture
Secretary.
Vinay Mohan Kwatra, India’s new Ambassador to the US.
● Vinay Mohan Kwatra, former Foreign Secretary, has assumed charge as the Ambassador of
India to the United States.
● He succeeds Taranjit Singh Sandhu, India's former envoy to the United States and a BJP leader.
Japan’s Prime Minister Fumio Kishida says he will step down in September
● Japanese Prime Minister Fumio Kishida has announced that he will not seek re-election as the
leader of the ruling Liberal Democratic Party (LDP) in next month’s party polls.
● This decision means Japan will also have a new prime minister.
Acting ED chief Rahul Navin appointed full-time director for two years
● The Centre has appointed Rahul Navin as the full-time Director of the Enforcement Directorate
(ED) for a two-year term, according to a government order.
● Navin, a 1993-batch IRS officer, had previously been serving as the acting director of the ED
since September last year.
Deepak Sood appointed as Insurance Regulatory and Development Authority of India’s Whole-Time
Member (Non-Life)
● Deepak Sood has been appointed as the Whole Time Member (Non-Life) of the Insurance
Regulatory and Development Authority of India (IRDAI) by the Central Government.
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Important Monthly Current Affairs Capsule – August 2024
● The position of Member (Non-Life) became vacant after Thomas Devasia retired on July 12,
2024.
● Sood currently serves as Independent Director at Prudent Corporate Advisory Services Limited
and Non-Executive Director at Gimar Insurance Brokers.
About IRDAI :
● Established : 1999
● Location : Hyderabad, Telangana
● Chairman : Debasish Panda
● The IRDAI is an autonomous and statutory body under the jurisdiction of the Ministry of Finance ,
Government of India.
Government Appoints Rajesh Kumar Singh as New Defence Secretary
● The Appointments Committee of the Cabinet (ACC) announced that Rajesh Kumar Singh will
become the new Defence Secretary succeeding Giridhar Aramane.
● Singh will first serve as Officer on Special Duty in the Ministry of Defence before officially taking
over on October 31, 2024.
● Singh’s tenure as Defence Secretary is extended until October 31, 2026, or until further notice.
● Rajesh Kumar Singh, a 1989-batch IAS officer from the Kerala cadre, is currently the Secretary
at the Department for Promotion of Industry and Internal Trade
Other Appointments :
Sanjeev Kumar:
● New Role: Appointed as Secretary of the Department of Defence Production.
● Current Role: Chairman of the Airports Authority of India (AAI).
Punya Salila Srivastava:
● New Role: Appointed as the new Health Secretary.
Amardeep Bhati:
● New Role: Appointed as Secretary of the Department for Promotion of Industry and Internal
Trade (DPIIT).
Manoj Govil:
● New Role: Appointed as the new Expenditure Secretary in the Finance Ministry.
● Current Role: Corporate Affairs Secretary.
Katikithala Srinivas:
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Important Monthly Current Affairs Capsule – August 2024
● New Role: Appointed as Secretary at the Ministry of Housing and Urban Affairs.
● Current Role: Minority Affairs Secretary.
Paetongtarn Shinawatra Appointed as Thailand's Youngest Prime Minister
● Paetongtarn Shinawatra, a 37-year-old billionaire heiress, is set to become Thailand's youngest-
ever Prime Minister.
● Paetongtarn becomes the kingdom's second female Prime Minister, following her aunt Yingluck
Shinawatra.
● She is the 31st Prime Minister of Thailand and the youngest in the country's history.
About Thailand :
● Capital : Bangkok
● Currency : Thai baht
Reserve Bank of India Approves Salee Sukumaran Nair as New MD & CEO of Tamilnad Mercantile
Bank
● The Reserve Bank of India (RBI) has appointed Salee Sukumaran Nair as Managing Director
(MD) and Chief Executive Officer (CEO) of Tamilnad Mercantile Bank for a period of 3 years from
the date of assuming charge, subject to shareholders approval.
● Prior to this appointment, Salee Sukumaran Nair served as Deputy Managing Director and Chief
Credit Officer of State Bank of India (SBI) until May 2024.
● Tamilnad Mercantile Bank was managed by a three-member Committee of Executives (COEs)
after the resignation of the previous MD and CEO, Krishnan Sankarasubramaniam, in
September, 2023.
About TMB :
● Established : 11 May 1921
● Headquarters : Thoothukudi, Tamil Nadu, India
Boeing Appoints Industry Veteran Kelly Ortberg as New Chief Executive Officer
● Kelly Ortberg, an aerospace industry veteran, has been named as the new President and Chief
Executive Officer (CEO) of Boeing.
● Boeing is facing significant financial difficulties, having reported a $1.4 billion loss.
About Boeing :
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Important Monthly Current Affairs Capsule – August 2024
● Founded : July 15, 1916
● Headquarters : Virginia, United States
● Chair : Steven M. Mollenkopf
Almin Karamehmedovic Appointed as President of ABC News
● Almin Karamehmedovic, previously the executive producer of "World News Tonight," has been
named the President of ABC News.
● He will report to Debra O’Connell, the president of Disney News Group and Networks.
● He succeeds Kim Godwin, who left earlier in the year.
● Responsibilities: Karamehmedovic will manage the daily operations of ABC News and oversee
programming, including "World News Tonight" and "Good Morning America."
Rajesh Nambiar Appointed as NASSCOM President-Designate, Succeeding Debjani Ghosh
● Rajesh Nambiar has stepped down as Cognizant Technology Solutions Corps India chairman
and managing director to become president of information technology (IT) industry body National
Association of Software and Service Companies (Nasscom).
● Nambiar will succeed Debjani Ghosh, who has been the president of NASSCOM since 2018.
About NASSCOM :
● Established : 1 March 1988
● Headquarters : Noida, Uttar Pradesh, India
● NASSCOM is an Indian non-governmental trade association and advocacy group that primarily
serves the Indian technology industry.
Senior IAS officer Amardeep Singh Bhatia assumes role as new Department for Promotion of Industry
and Internal Trade Secretary
● Senior IAS officer Amardeep Singh Bhatia has assumed the charge of Secretary in the
Department for Promotion of Industry and Internal Trade (DPIIT).
● Bhatia assumes charge during a period when India's Foreign Direct Investment (FDI) declined by
3.49% to $44.42 billion in 2023-24, due to global uncertainties
● He has replaced Rajesh Kumar Singh, who has been appointed as Officer on Special Duty,
Department of Defence.
About DPIIT :
● The DPIIT is a central government department under the Ministry of Commerce and Industry in
India.
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Important Monthly Current Affairs Capsule – August 2024
● It is responsible for developing and implementing policies to promote and develop the industrial
sector.
Ashok Kumar Singh Assumes Role as Director General of Employees’ State Insurance Corporation
● Ashok Kumar Singh has been appointed as the Director General of the Employees’ State
Insurance Corporation (ESIC), which operates under the Ministry of Labour & Employment,
Government of India.
About ESIC :
● Established : 24 February 1952
● Headquarters : New Delhi, India
● ESIC is one of the two main statutory social security bodies under the administrative control of
the Ministry of Labour and Employment, the other being the Employees' Provident Fund
Organisation.
Central Government Approves Senior-Level Bureaucratic Reshuffle and New Appointments
● The Appointments Committee of the Cabinet (ACC) approved a series of postings and reshuffle
at senior bureaucratic positions in various departments and ministries.
Appointments :
● Department of Personnel and Training: Vivek Joshi (IAS, Haryana cadre), Secretary of the
Department of Financial Services under the Finance Ministry, is appointed as Secretary, the
Department of Personnel and Training.
● Department of Defence: Rajesh Kumar Singh (IAS, Kerala cadre), currently Secretary,
Department for Promotion of Industry and Internal Trade, appointed as Officer on Special Duty in
the Department of Defence.
● He will assume the role of Secretary of, the Department of Defence, after the tenure of incumbent
Aramane Giridhar ends on October 31, 2024. Singh's tenure has been extended until October 31,
2026.
● Ministry of Housing and Urban Affairs: Katikithala Srinivas (IAS, Gujarat cadre), Secretary
(Minority Affairs), posted as Secretary.
● Department of Expenditure: Manoj Govil (IAS, Madhya Pradesh cadre), currently Secretary in the
Corporate Affairs Ministry, appointed as Secretary.
● Cabinet Secretariat (Coordination): Vandana Gurnani (IAS, Karnataka cadre) appointed as
Secretary (Coordination).
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Important Monthly Current Affairs Capsule – August 2024
● Ministry of Minority Affairs:Chandra Sekhar Kumar (IAS, Odisha cadre), Special Secretary in the
Panchayati Raj Ministry, appointed as Secretary.
● Neelam Shammi Rao (IAS, Madhya Pradesh cadre), former Central Provident Fund
Commissioner, appointed as Secretary, National Commission for Minorities.
● Department of Health and Family Welfare: Punya Salila Srivastava (IAS, AGMUT cadre), Special
Secretary in the Prime Minister’s Office, appointed as Officer on Special Duty. She will take over
as Secretary upon Apurva Chandra's superannuation.
● Corporate Affairs: Deepti Gaur Mukherjee (IAS, Madhya Pradesh cadre), CEO of the National
Health Authority, appointed as Secretary.
● President's Secretariat: Deepti Umashankar (IAS, Haryana cadre), Establishment Officer and
Additional Secretary, DoPT, appointed as Officer on Special Duty to the President of India. She
will assume the role of Secretary to the President upon the superannuation of Rajesh Verma on
August 31.
● National Authority Chemical Weapons Convention: Sukriti Likhi (IAS, Haryana cadre), Additional
Secretary and Financial Adviser, Steel Ministry, appointed as Officer on Special Duty. She will
become Chairman on Mukhmeet Singh Bhatia's retirement on September 30.
● Department of Defence Production: Sanjeev Kumar (IAS, Maharashtra cadre), former Chairman
of Airports Authority of India, appointed as Secretary.
● Department for Promotion of Industry and Internal Trade: Amardeep Singh Bhatia (IAS,
Nagaland cadre), Additional Secretary in the Department of Commerce, appointed as Secretary.
● Ministry of New and Renewable Energy: Prashant Kumar Singh (IAS, Manipur cadre), CEO of
Government e-Marketplace Special Purpose Vehicle, to take over as Secretary upon Bhupinder
Singh Bhalla’s superannuation on September 30.
● Department of Drinking Water and Sanitation: Ashok Kumar Kaluram Meena (IAS, Odisha
cadre), Chairman and Managing Director of the Food Corporation of India, will become Secretary
following Vini Mahajan’s superannuation on October 31.
● Department of Financial Services: Nagaraju Maddirala (IAS, Tripura cadre), Additional Secretary,
Coal, appointed as Secretary.
● Atomic Energy Commission: Pankaj Kumar Mishra (IRS) appointed as Member-Finance.
● National Commission for Backward Classes: A. Neeraja (Indian Forest Service), Special
Secretary, Department of Fertilisers, to take over as Secretary upon Ashish Upadhyaya's
superannuation on September 30.
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Important Monthly Current Affairs Capsule – August 2024
● Special Secretary Upgrades:
➢ Sunil Paliwal (IAS, Tamil Nadu cadre) was promoted in-situ to Chairman, Chennai Port
Trust.
➢ Vikram Dev Dutt (IAS, AGMUT cadre) was promoted in-situ as Director General,
Directorate General of Civil Aviation.
Parvathaneni Harish Named India’s Permanent Representative to the United Nations
● The Ministry of External Affairs appointed seasoned diplomat Parvathaneni Harish as India's next
Permanent Representative to the United Nations in New York.
● The position of India's ambassador or permanent representative to the UN has been lying vacant
after Ruchira Kamboj retired in June.
Apple Appoints Indian-Origin Engineer Kevan Parekh as New Chief Financial Officer
● Apple Inc named Kevan Parekh, an Indian-origin engineer, as its next Chief Financial Officer
(CFO).
● Parekh will assume the role on January 1, 2025, succeeding Luca Maestri, who is reportedly
moving to Corporate Services.
● Parekh is currently serving as Apple’s Vice-President of Financial Planning and Analysis.
About Apple Inc :
● Established : April 1, 1976
● Headquarters : California, United States
● CEO : Tim Cook
EaseMyTrip.com Appoints Bollywood star Jacqueline Fernandez as Brand Ambassador
● Online travel services operator EaseMyTrip.com has roped in Bollywood star Jacqueline
Fernandez as its brand ambassador.
● The strategic partnership is part of its long-term strategy to boost its brand presence and attract
new customers.
About EaseMyTrip :
● Headquarters: New Delhi, India.
● Founded: 2008.
● Founders: Nishant Pitti, Rikant Pitti, and Prashant Pitti
● EaseMyTrip, is an Indian multinational online travel company.
Subhasri Appointed as MD and CEO of Shriram Capital
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Important Monthly Current Affairs Capsule – August 2024
● Shriram Capital Private Limited, the holding company of the Shriram Group, has announced the
appointment of Subhasri as the company’s Managing Director (MD) and Chief Executive Officer
(CEO), effective September 1, 2024.
● She is currently serving as the Joint Managing Director (JMD) of Shriram Capital.
Vice Admiral Rajesh Dhankhar Appointed as Director General of Project Seabird
● Vice Admiral Rajesh Dhankhar, NM assumed the duties of Director General of Project Seabird,
overseeing the largest defence infrastructure project at the Karwar Naval Base.
● He succeeded Vice Admiral Tarun Sobti at the Headquarters, of Project Seabird in New Delhi.
IRMS officer Satish Kumar Becomes 1st Dalit Chairman and Chief Executive Officer of the Railway
Board
● Satish Kumar, an officer from the Indian Railway Management Service (IRMS), has been
appointed as the Chairman and Chief Executive Officer (CEO) of the Railway Board.
● This appointment marks him as the first chairman and CEO from the Scheduled Castes in the
board’s history.
● Jaya Varma Sinha, who is the current chairperson and CEO of the board, is superannuating on
August 31,2024 and Kumar's appointment will be effective from September 1, 2024.
Senior IPS Officer B Srinivasan Appointed as Director General of National Security Guard
● B Srinivasan, a senior IPS officer, has been appointed as the Director General (DG) of the
National Security Guard (NSG).
● His appointment is effective from the date of joining the post and will continue until August 31,
2027, which is his date of superannuation.
● Srinivasan will take over as DG of NSG following the departure of Nalin Prabhat, who is being
deputed as Special Director General of Police in Jammu and Kashmir.
● Nalin Prabhat, a 1992 batch IPS officer of the Andhra Pradesh cadre, will assume the role of
Special DG in Jammu and Kashmir after the retirement of RR Swain on September 30.
About NSG :
● Formed : 16 October 1984
● Headquarters : New Delhi, Delhi,India
● The National Security Guard (NSG), commonly known as Black Cats, is a counter-terrorism unit
of India under the Ministry of Home Affairs.
Fatemeh Mohajerani Appointed as Iran's First Female Government Spokesperson
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Important Monthly Current Affairs Capsule – August 2024
● Fatemeh Mohajerani has been appointed as Iran's first female government spokesperson,
marking a historic first for the country.
● The appointment was made at the suggestion of Iranian President Masoud Pezeshkian and
approved by the Cabinet of Ministers.
Other Notable Appointments:
● Alongside Mohajerani's appointment, Farzaneh Sadeq Malvajard has been approved as the
Minister of Roads and Urban Development, becoming the second woman minister in Iran post
the 1979 Islamic Revolution.
● Elias Hazrati, a former member of the Iranian Parliament, has been appointed as the Chairman
of the Government's Information Council.
About Iran :
● Capital : Tehran
● Currency : Iranian rial
Swiggy appoints ex-Flipkart executive Amitesh Jha as the CEO of Instamart
● Food delivery major Swiggy Announced the appointment of Amitesh Jha as the chief executive
officer (CEO) of its quick commerce arm Swiggy Instamart, effective September 4, 2024.
● Jha replaces Phani Kishan as CEO of Instamart.
● Sairam Krishnamurthy has been appointed as Senior Vice President and Chief Operating Officer
(COO) of Instamart.
About Swiggy :
● Founded : August 2014
● Headquarters : Bangalore, Karnataka, India
● CEO : Sriharsha Majety
Rajwinder Bhatti Appointed as Central Industrial Security Force Chief, Daljit Chaudhary Named New
Border Security Force Director General
● The Centre announced that IPS officer Rajwinder Singh Bhatti will be the new Director General of
the Central Industrial Security Force (CISF), and IPS officer Daljit Singh Chaudhary will be the
Chief of the Border Security Force (BSF).
About CISF :
● Formed : 10 March 1969
● Headquarters : New Delhi, Delhi, India
● The CISF is a Central Armed Police Force in India under the Ministry of Home Affairs.
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Important Monthly Current Affairs Capsule – August 2024
● CISF's primary mission is to provide security to large institutions, be it Governmental or private.
About BSF :
● Formed : 1965
● Headquarters : New Delhi, Delhi, India
● BSF is the Border Service branch of the Central Armed Police Force of India.
Nasscom Names SAP Labs India MD Sindhu Gangadharan as New Chairperson
● Sindhu Gangadharan, Managing Director of SAP Labs India, has been appointed as the
chairperson of Nasscom (National Association of Software and Service Companies), effective
immediately.
● She succeeds Rajesh Nambiar, who has been named president-designate for Nasscom.
About NASSCOM :
● Established : 1 March 1988
● Headquarters : Noida, Uttar Pradesh, India
● NASSCOM is an Indian non-governmental trade association and advocacy group that primarily
serves the Indian technology industry.
Liu Jin Steps Down as President of Bank of China Due to Unspecified Personal Reasons
● Liu Jin has resigned from his roles as Vice Chairman and President of the Bank of China.
● His resignation was due to unspecified "personal reasons" and is unexpected given he has not
yet reached the official retirement age of 60.
● Ge Haijiao, the Chairman and Party Secretary of the Bank of China, will serve as the acting
President until a permanent successor is appointed.
Sanjeev Raina Named Additional Director General of Indo-Tibetan Border Police
● Sanjeev Raina, a 1987-batch ITBP officer, has been appointed as the Additional Director General
(ADG) of the Indo-Tibetan Border Police (ITBP).
● This is only the second time in ITBP history that a cadre officer has been promoted to the ADG
post, the second-highest rank in the force after the Director General (DG).
● Along with Raina, IG Jaspal Singh has also been elevated to the ADG rank for the panel year
2024.
About ITBP :
● ITBP was established in response to Chinese aggression in 1962, initially with four battalions.
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Important Monthly Current Affairs Capsule – August 2024
● Originally designed as a “guerrilla-cum-intelligence-cum-fighting force,” it evolved into a
specialized border guarding force.
● ITBP was initially raised under the CRPF Act, and later, the ITBP Act was enacted in 1992, with
rules framed in 1994.
Chirag Paswan Re-Elected as Lok Janshakti Party President for a Five-Year Term
● Union Minister Chirag Paswan has been re-elected as the national president of the Lok Janshakti
Party (Ram Vilas) for a term of five years.
● The re-election decision was made unanimously during the LJP (RV) national executive meeting
held in Ranchi.
MOUS AND AGREEMENT
RITES Signs MoU with NHAI for Consultancy Services in Infrastructure Projects
• RITES, a leading engineering consultancy firm, has signed a Memorandum of Understanding
(MoU) with the National Highways Authority of India (NHAI), under the Ministry of Road Transport
and Highways, Government of India.
• This collaboration is set to enhance the quality and safety of infrastructure projects across the
country.
• Partnership Focus: The MoU between RITES and NHAI aims to provide consultancy services for
NHAI projects, particularly in the domains of highways, bridges, tunnels, and road safety audits.
India and Vietnam Enhance Strategic Ties with New Action Plan
• India and Vietnam have strengthened their strategic partnership with a new action plan.
• Prime Minister Narendra Modi emphasised both nations' commitment to a free and rules-based
Indo-Pacific region and highlighted New Delhi's focus on development over expansionism.
• Strategic Partnership Expansion: India and Vietnam firmed up a new action plan to enhance their
strategic ties.
MoU on Cooperation in Sports Matters between India and Saint Christopher and Nevis
• Dr Mansukh Mandaviya, Hon’ble Minister of Youth Affairs and Sports of the Government of India,
and Dr. Denzil Douglas, Hon’ble Minister of Foreign Affairs of the Government of the Federation of
Saint Christopher and Nevis, signed a Memorandum of Understanding (MoU) to enhance
cooperation in sports between the two countries.
• Joint training programs and competitions for athletes and athletic teams from both countries.
• Programs to train coaches and provide technical assistance to enhance their skills and knowledge.
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Important Monthly Current Affairs Capsule – August 2024
Landmark Joint Venture Agreement for Coal to Synthetic Natural Gas (SNG) Plant
• The Ministry of Coal, in collaboration with the Ministry of Power & Natural Gas, has facilitated a
significant joint venture agreement between two leading Maharatna Central Public Sector
Enterprises (CPSEs), Coal India Limited (CIL) and GAIL (India) Limited (GAIL).
• This agreement marks a major milestone in setting up a Coal to Synthetic Natural Gas (SNG)
plant using Surface Coal Gasification (SCG) technology.
• Location: Raniganj area, Eastern Coalfields Limited, West Bengal
• Coal Requirement: 1.9 million tonnes (mts) per annum
• Coal Supplier: Coal India Limited (CIL)
POWERGRID's CSR Collaboration with AIIMS for Enhanced Healthcare Services
• R. K. Tyagi, Chairman and Managing Director of Power Grid Corporation of India Limited
(POWERGRID), met with M. Srinivas, Director of AIIMS Delhi, along with senior officials from
both organizations, to discuss potential collaborations in Corporate Social Responsibility (CSR)
initiatives aimed at enhancing healthcare services for the poor and underprivileged.
• VishramSadan Projects: As part of its CSR activities, POWERGRID has established a 300-bed
VishramSadan at AIIMS, Delhi. This facility provides a comfortable and affordable stay for
patients and their relatives during treatment.
Nagaland Signs MoU for Innovative Disaster Risk Insurance Programme
• Nagaland Chief Secretary J Alam has signed a Memorandum of Understanding (MoU) with SBI
General Insurance Company Limited to launch the Disaster Risk Transfer Parametric Insurance
Solutions (DRTPS) programme.
• Financial Resilience: The DRTPS programme aims to enhance financial resilience for Nagaland's
population and safeguard critical infrastructure during disasters.
• Safe Livelihoods: The initiative is designed to ensure economic security and stability in the face
of natural calamities.
NTPC-NPCI JV to start work on Rs 50,000-crore Rajasthan nuclear power plant this fiscal
• NTPC Ltd, in collaboration with NPCIL, is set to develop the Mahi Banswara nuclear power plant
with a capacity of 2.8 GW and is also exploring the development of Bharat Small Reactors.
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Important Monthly Current Affairs Capsule – August 2024
• The company plans to significantly increase its green energy capacity and diversify into other energy
and chemical sectors.
1. Mahi Banswara Nuclear Power Plant:
o Joint Venture: NTPC Ltd and Nuclear Power Corp of India (NPCIL) through Anushakti Vidhyut
Nigam.
o Project Cost: ₹50,000 crore.
o Capacity: 2.8 GW.
o Timeline: Bids to be invited and construction to start before the end of the fiscal year 2024-25.
RailTel and Cylus Partnership: Enhancing Cybersecurity for Indian Railways
• RailTel, a leading public sector entity in telecommunications and ICT solutions, has entered a
strategic partnership with Cylus, a prominent cybersecurity firm specializing in the rail sector.
• This collaboration aims to bolster the cybersecurity framework of Indian Railways' extensive
infrastructure.
• Cybersecurity Enhancement: The primary goal is to enhance the security of railway signalling
systems, including trackside, onboard, and SCADA systems, through the integration of CylusOne,
Cylus' proprietary cybersecurity solution.
India and Nepal Collaborate to Launch Munal Satellite
• The Ministry of External Affairs (MEA) of India and NewSpace India Limited (NSIL), the
commercial arm of ISRO, signed an agreement to assist in launching the Nepal-built Munal
satellite.
• Munal is an indigenous satellite developed in Nepal under the guidance of the Nepal Academy of
Science and Technology (NAST).
• Collaboration for Satellite Launch: The agreement between MEA and NSIL aims to support the
launch of the Monal satellite, developed in Nepal.
GAIL and RRVUNL Sign MoU to Explore Joint Venture for Gas-Based Power Plants and Renewable
Projects
• State-run GAIL has signed a Memorandum of Understanding (MoU) with Rajasthan Rajya Vidyut
Utpadan Nigam (RRVUNL) to explore the transfer of RRVUNL’s gas-based power plants into a
proposed joint venture company (JVC).
• This development is crucial for enhancing power reliability during peak consumption periods.
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Important Monthly Current Affairs Capsule – August 2024
• Gas-Based Power Plants: The MoU aims to explore transferring RRVUNL’s gas-based power
plants in Dholpur and Ramgarh to a JVC between GAIL and RRVUNL.
• Renewable Energy Projects: The partnership will also involve setting up approximately 1,000
megawatts (MW) of solar and wind projects to provide round-the-clock (RTC) power.
MoU Between All India Institute of Ayurveda and Amity University to Boost Education, Research, and
Technology
• A significant Memorandum of Understanding (MoU) was signed between the All India Institute of
Ayurveda (AIIA), New Delhi, and Amity University, Noida.
• The MoU aims to foster collaboration in education, research, and technology.
• The signing ceremony was attended by notable dignitaries and marked the extension of an
ongoing five-year agreement between the two institutions.
• The MoU was signed by Prof. Tanuja Nesari, Director of AIIA, and Asha Premnath, Joint
Registrar of Amity University.
SAMEER Transfers Microwave-Based BRIX Measurement Technology to Industry Partners for Large-
Scale Manufacturing
● The Society for Applied Microwave Electronics Engineering & Research (SAMEER), an R&D
institute under the Ministry of Electronics and Information Technology (MeitY), Government of India,
has signed a significant Transfer of Technology (ToT) agreement with Toshniwal Hyvac Pvt. Ltd.
and Sir Automation Industries.
● This agreement focuses on producing the Microwave-based in-situ BRIX measurement system,
known as the Sugar COntent MeasuREment (SCORE) system.
About SAMEER
● The Society for Applied Microwave Electronics Engineering and Research (SAMEER) is a premier
R&D institution under MeitY, specializing in the research, development, and commercialization of
microwave electronics, electromagnetic technology, and related areas. SAMEER plays a crucial role
in advancing indigenous technologies to support various industries and sectors in India.
India and U.S. Sign MoU to Enhance MSME Participation in Global Markets
● India and the U.S. signed a Memorandum of Understanding (MoU) to enable Micro, Small, and
Medium Enterprises (MSMEs) from both countries to participate more effectively in global markets,
drive innovation, and foster trade.
● The MoU aims to support MSMEs, including women entrepreneurs, in accessing global markets
and expanding their business opportunities.
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Important Monthly Current Affairs Capsule – August 2024
● The MoU provides a platform for discussing issues related to MSMEs and exploring areas of
mutual cooperation, including trade and export finance, technology, digital trade, green economy,
and trade facilitation.
Assam Government Partners with Prasar Bharati for Documentary Series on Lachit Borphukan
● The Assam government has signed a Memorandum of Understanding (MoU) with Prasar Bharati to
produce and broadcast a 52-episode documentary series on the legendary Ahom General Lachit
Borphukan.
● This series will be available on Prasar Bharati's platforms, including Akashwani and Doordarshan, as
well as its digital services, Prasar Bharati News Services (PBNS).
● The documentary series aims to explore the life and achievements of Lachit Borphukan, a general of
the Royal Army of the Ahom Kingdom.
CITI and ILO Unite to Tackle Labor Issues in Indian Cotton Sector
● The Confederation of Indian Textile Industry (CITI) and the International Labour Organisation (ILO)
have launched a joint project to address labor challenges in the Indian cotton industry, focusing on
eliminating child and forced labor.
IIT Bhubaneswar and IG Drones Collaborate to Establish Advanced Drone Excellence Centre for
Disaster Management
● IIT Bhubaneswar has partnered with IG Drones, a leading drone-tech and AI company, to establish
an Advanced Drone Excellence Centre at the IIT Bhubaneswar Research and Entrepreneurship
Park.
● This collaboration aims to enhance research and development in drone technology, specifically for
disaster management applications, marking a significant step forward in addressing the challenges
faced by disaster-prone regions in India.
Objectives and Facilities:
o The partnership aims to develop drone technologies and research methodologies tailored for
disaster management.
o The centre will occupy a 2000 sq ft space equipped with necessary facilities for R&D.
India and UK Initiate Talks to Enhance Critical Minerals Collaboration
● India and the United Kingdom have commenced negotiations to strengthen their partnership in the
critical minerals sector under the newly established UK-India Technology Security Initiative (TSI).
India and the US Explore Collaborative Opportunities in Clean Energy and Manufacturing
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Important Monthly Current Affairs Capsule – August 2024
● The Indian Power Ministry engaged with a US delegation led by John Podesta, Senior Advisor to
the President for International Climate Policy.
● Focus: Exploring technical exchanges and financial support for energy system upgrades.
India-Africa Bilateral Trade Targets and Collaboration Opportunities
● Bilateral trade between India and Africa reached $100 billion in 2022.
● Future Target: The aim is to double this figure to $200 billion by 2030.
● Identified Sectors: The African Continental Free Trade Area (AfCFTA) has highlighted four
sectors for potential growth:
o Automobiles
o Agriculture and Agro-Processing
o Pharmaceuticals
o Transportation and Logistics
India and Australia Hold 10th Round of CECA Negotiations, Focus on Key Areas for Enhanced
Economic Partnership
● The 10th Round of India-Australia Comprehensive Economic Cooperation Agreement (CECA)
negotiations was held in Sydney from 19-22 August 2024.
● Discussions focused on five key areas: Goods, Services, Digital Trade, Government
Procurement, Rules of Origin, and Agri-tech.
● India and Australia are key strategic partners, collaborating in regional initiatives like the Indo-
Pacific Economic Forum for Prosperity (IPEF) and the Trilateral Supply Chain Resilience Initiative
(SCRI).
India and Indonesia Reaffirm Commitment to Combat Terrorism at the 6th Joint Working Group Meeting
● India and Indonesia held the sixth meeting of the India-Indonesia Joint Working Group on
Counter-Terrorism in Jakarta, reaffirming their commitment to combating terrorism.
● Both nations strongly condemned the use of terrorist proxies for cross-border terrorism, with
particular emphasis on Pakistan’s support to terror groups targeting Jammu and Kashmir.
Finance Minister Nirmala Sitharaman Advances Bilateral Ties with Singapore
o Finance Minister Nirmala Sitharaman met with Singapore President Tharman
Shanmugaratnam and Prime Minister Lawrence Wong to further strengthen the bilateral
strategic partnership between India and Singapore.
Sri Lanka and India Collaborate on LNG Infrastructure Development for Power Generation
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Important Monthly Current Affairs Capsule – August 2024
● The Sri Lankan government and India's state-run firm, Petronet LNG Limited, have signed a
Memorandum of Understanding (MoU) to develop critical infrastructure for the storage,
regasification, and supply of Liquefied Natural Gas (LNG) to power plants in Sri Lanka.
● This significant agreement was formalized at a ceremony attended by Sri Lankan Minister of Power
and Energy, Kanchana Wijesekera, and India's Deputy High Commissioner, Satyanjal Pandey.
India and Malaysia Elevate Strategic Partnership and Expand Cooperation
● During the recent state visit of Malaysia’s Prime Minister to India, the two countries announced an
elevation of their bilateral ties from an Enhanced Strategic Partnership, which was established in
2015.
● This move signifies a deeper and broader cooperation between the two nations.
Key Outcomes of the Visit:
1. International Big Cat Alliance (IBCA):
o Malaysia's Participation: Malaysia has agreed to join IBCA as a founding member.
o Purpose: IBCA, headquartered in India, aims to conserve seven big cat species globally,
with 96 countries and organizations involved in the coalition.
GAIL and Petron Sign MoU to Explore Bio-Ethylene Plant Joint Venture
● GAIL (India) Limited and Petron Scientech Inc (Petron) have inked a Memorandum of Understanding
(MoU) to jointly explore setting up of a 500 Kilo Tons per Annum (KTA) bio-ethylene plant along with
its downstream unit(s) in India, based on bio-ethanol produced in the plant in a 50:50 Joint Venture
(JV) mode.
Centre Partners with MicroSave to Optimize Community Investment Support Fund (CIF) Utilization
● The Centre has roped in private consulting firm MicroSave to optimize utilisation of the Community
Investment Support Fund (CIF) a nd enhance the effectiveness and sustainability of organizations
working under the Rural Livelihood Mission.
● Focus: Optimize CIF utilization and enhance effectiveness and sustainability of organizations under
the Rural Livelihood Mission.
KVIC and Department of Posts Sign MoU to Enhance PMEGP Implementation
● Khadi and Village Industries Commission (KVIC), Ministry of Micro, Small and Medium Enterprises
(MSME) signed an important MoU with the Department of Posts working under the Ministry of
Communications at KVIC
Signatories:
o KVIC: Chairman Manoj Kumar, CEO Vatsalya Saxena, and Dy. CEO Rajan Babu.
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Important Monthly Current Affairs Capsule – August 2024
o Department of Posts: General Manager Manisha Bansal Badal and Dy. General Manager
Dr. Amanpreet Singh.
Eligibility and Financing:
● Beneficiaries: Individuals above 18 years of age; no income ceiling.
● Ineligible Costs: Land cost and projects without capital expenditure.
● Financial Institutions: Public Sector Banks, Regional Rural Banks, Co-operative Banks, Private
Sector Banks, and SIDBI.
● Loan Terms:
o Sanction: 90% for general category, 95% for special category.
o Interest: Normal rate; repayment over 3 to 7 years with a moratorium as prescribed by the
bank.
REC Ltd and JNPA Sign MoU for ₹45,000 Crore Financing of Infrastructure Projects
● REC Ltd and Jawaharlal Nehru Port Authority (JNPA) signed a memorandum of understanding
(MoU).
● The agreement involves financing up to ₹45,000 crore for various upcoming infrastructure projects,
including the development of a port at Vadhavan in Maharashtra.
● Rahul Dwivedi, Executive Director of REC, and Unmesh Sharad Wagh, Chairman of JNPA, signed
the MoU in the presence of Sarbananda Sonowal, Union Minister for Ports, Shipping, and
Waterways.
RANKING AND REPORTS
RIL jumps up 2 places in Fortune’s Global 500 list for 2024
• Reliance Industries has improved its ranking in Fortune’s Global 500 list for 2024 to 86 from 88,
maintaining its top position as the highest ranked among Indian corporates.
• The company has gained 69 places in the last three years from 155 in 2021.
Reliance Industries(RIL):
• Ranking: 86 (up from 88 in 2023)
• Total Companies: Nine Indian firms in the Global 500 list
• Public Sector: IOCL, LIC, ONGC, BPCL, SBI
• Private Sector: Reliance Industries, and three others
• Top 5: Walmart, Amazon, State Grid, Saudi Aramco, Sinopec Group
Italy Tops UNESCO World Heritage List with 60 Recognized Sites
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Important Monthly Current Affairs Capsule – August 2024
• Italy is at the top of the UNESCO World Heritage list with 60 sites, the latest being the "Via Appia
Regina Viarum" added during the 46th session of the World Heritage Committee in New Delhi.
• Newly Recognized Sites:
o Italy: Via Appia Regina Viarum
o Germany: Ensemble Schwerin residence
o Malaysia: Niah National Park
o Saudi Arabia: Archaeological area of Al-Faw
o Romania: Constantin Brâncuși's sculptural ensemble in Târgu Jiu and the Frontiers of the
Roman Empire in Dacia
World Bank Study Highlights Challenges for Developing Countries to Escape the Middle-Income Trap
• A new World Bank study reveals that over 100 countries, including China, India, Brazil, and
South Africa, face significant challenges in achieving high-income status in the coming decades.
• The World Development Report 2024: The Middle Income Trap provides a roadmap for
developing countries to overcome these obstacles.
• The 3i Strategy:
o 1i Phase (Investment): Low-income countries should focus on increasing investment.
o 2i Phase (Investment and Infusion): Lower-middle-income countries should adopt foreign
technologies and integrate them into their economies.
o 3i Phase (Investment, Infusion, and Innovation): Upper-middle-income countries should
innovate and push technological frontiers.
India retains eighth position in global agriculture exports in 2023: WTO
• In 2023, India remained a leading global exporter of agricultural products despite a decline in its
export value, maintaining its position as the eighth-largest exporter.
• India's Export Performance:
o Total Exports: $51 billion in 2023, down from $55 billion in 2022.
o Position: Eighth-largest exporter globally.
• Global Export Trends:
o Top Exporters:
▪ European Union: Maintained the top position with $836 billion in exports, up from
$799 billion in 2022.
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Important Monthly Current Affairs Capsule – August 2024
▪ United States: Second-largest exporter with $198 billion, down from $222 billion in
2022.
▪ Brazil: Third place with $157 billion, up from $148 billion in 2022.
▪ China: Fourth place with $95 billion, slightly down from $96 billion in 2022.
o Other Top Exporters: Canada, Mexico, Indonesia, and Australia also featured among the
top ten.
IIT Madras Achievements and NIRF Rankings 2024
• IIT Madras has been ranked as India's number one educational institution for the sixth
consecutive year by the National Institutional Ranking Framework (NIRF) announced by the
Ministry of Education.
• Top Engineering Institute: IIT Madras also secured the top position among engineering institutes,
followed by IIT Delhi, IIT Bombay, IIT Kanpur, and IIT Kharagpur.
• Top 5 Overall Institutes:
o IIT Madras
o Indian Institute of Science (IISc) Bengaluru
o IIT Bombay
o IIT Delhi
o IIT Kanpur
Cancer death among men to increase 93% by 2050
• The study published in the journal Cancer presents alarming projections for cancer among men,
indicating a substantial rise in both cases and deaths by 2050.:
• Projected Cancer Trends for Men
• Overall Increase in Cases:
o 2022: 10.3 million cancer cases
o 2050: Expected to rise to 19 million
o Increase: 84%
Microsoft Named India's Most Attractive Employer Brand in 2024: Randstad Survey
• Microsoft has emerged as India's most attractive employer brand, securing the top position in the
Randstad Employer Brand Research (REBR) 2024.
• The tech giant was highly rated for its financial health, good reputation, and career progression
opportunities—the top three Employee Value Proposition (EVP) drivers identified by the survey.
Top 10 Most Attractive Employer Brands in India:
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Important Monthly Current Affairs Capsule – August 2024
• Microsoft
• Tata Consultancy Services (TCS)
• Amazon
• Tata Power Company
• Tata Motors
• Samsung India
• Infosys
• Larsen & Toubro
• Reliance Industries
• Mercedes-Benz
2024 Barclays Private Clients Hurun India Most Valuable Family Businesses List:
• The Ambani family business, led by Reliance Industries Chairman Mukesh Ambani — the richest
man in Asia, has topped 'The 2024 Barclays Private Clients Hurun India Most Valuable Family
Businesses List', as per a Business Standard report.
Top 5 Family Businesses:
1. Ambani Family (Reliance Industries)
o Valuation: ₹25.75 lakh crore
2. Bajaj Family (Bajaj Group)
o Valuation: ₹7.13 lakh crore
3. Birla Family (Aditya Birla Group)
o Valuation: ₹5.39 lakh crore
o Leader: Kumar Mangalam Birla
4. Jindal Family (JSW Group)
o Valuation: ₹4.71 lakh crore
o Leader: Sajjan Jindal
5. Nadar Family (HCL Technologies)
o Valuation: ₹4.30 lakh crore
o Leader: Roshni Nadar Malhotra
o Note: Roshni Nadar Malhotra is the only woman in the top 10.
Rail Vikas Nigam Ltd. and Six Other Stocks to Join MSCI India Index; Bandhan Bank Excluded
● Rail Vikas Nigam Ltd. (RVNL) Added to the MSCI India Index, part of the MSCI Global Standard
Index.
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Important Monthly Current Affairs Capsule – August 2024
● Other New Additions: Vodafone Idea, Dixon Technologies, Oil India, Prestige Estates, Oracle
Financial, and Zydus Lifesciences.
● Exclusions:
o Bandhan Bank: Removed from the MSCI India Index.
● MSCI India Domestic Index:
o New Additions: Bosch, PB Fintech, alongside the aforementioned stocks.
o Other Inclusions: Inox Wind Energy, Inox Green Energy Services, Shakti Pumps, Aurionpro
Solutions, Gulf Oil Lubricants.
o Exclusions: Cochin Shipyard, IREDA, JP Associates, PB Fintech, Phoenix Mills, and RVNL.
Stock Action Expected Notes
Inflows
Rail Vikas Nigam Added to MSCI $219 million Shares surged 11% on
Ltd. (RVNL) India Index Monday; 220% YTD gain
Vodafone Idea Added to MSCI $278 million
India Index
Dixon Added to MSCI $281 million
Technologies India Index
Oil India Added to MSCI $238 million
India Index
Prestige Estates Added to MSCI $181 million
India Index
Oracle Financial Added to MSCI $170 million
India Index
Zydus Added to MSCI $230 million
Lifesciences India Index
Bandhan Bank Excluded from -
MSCI India
Index
HDFC Bank Weightage $1.8 billion Increase in two phases; first
Increase (expected) post-current review, second
post-November review
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Important Monthly Current Affairs Capsule – August 2024
Amul Named World's Strongest Food Brand in 2024
● Amul has been recognized as the world's strongest food brand in Brand Finance’s Global Food &
Drinks Report 2024, achieving a Brand Strength Index (BSI) score of 91 and a brand valuation of
$3.3 billion.
● This marks an 11% increase in brand value compared to 2023.
Top Food Brands:
● Most Valuable Food Brand: Nestlé remains at the top with a valuation of $20.8 billion, despite a
7% decline.
● Second Place: Lay’s has risen to second position with a valuation of $12 billion.
● Beverage Leaders: In the non-alcoholic sector, Coca-Cola leads the market, followed by Pepsi.
WEF Report: India's Agriculture Sector Faces Severe Impact from Extreme Climate Events
● A recent report by the World Economic Forum (WEF) sheds light on the significant challenges facing
India's agriculture sector due to extreme climate events.
● Between 2015 and 2021, India lost 33.9 million hectares of crops due to excessive rainfall and an
additional 35 million hectares due to drought conditions.
Evolution of Indian Consumer Preferences: Insights from 'The X Index' India Report 2024
● The latest edition of "The X Index" India report by Havas CX India highlights a significant shift in
consumer preferences and expectations, reflecting the changing landscape of customer experience
(CX) in India.
● This sixth annual report, based on a survey of 55,000 consumers across nine global markets,
including India, evaluates the CX performance of 525 brands across 23 metrics.
Top Brands Leading in Customer Experience in India:
The report identifies ten brands that have excelled in delivering superior customer experiences in India:
1. Tata Motors
2. Apple
3. Tata Cliq Luxury
4. Kia
5. Samsung
6. ITC
7. Nexa
8. Zara
9. JBL
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Important Monthly Current Affairs Capsule – August 2024
10. Tata Cliq Palette
Mumbai and Delhi Among Top Global Cities for Prime Residential Price Rise in June Quarter 2024
o Manila ranked first globally with a 26% annual increase in prime residential property prices
during the June quarter of 2024, according to a report by Knight Frank.
o Mumbai and New Delhi secured the second and third positions, respectively, among 44 cities
worldwide, showcasing strong price growth in the luxury residential market.
Performance of Indian Cities:
o Mumbai:
▪ Recorded a 13% annual price rise in prime residences, improving from its 6th position
in the previous year to 2nd place in 2024.
o New Delhi:
▪ Noted a 10.6% year-on-year increase in prime residential property prices, jumping from
26th position a year earlier to 3rd place during the June quarter.
o Bengaluru:
▪ Experienced a 3.7% rise in annual price growth, maintaining its 15th rank from the
previous year.
South Asia Faces Highest Global Impact of Air Pollution on Life Expectancy: AQLI Report
o South Asia remains the world's most polluted region, accounting for 45% of global life years lost
due to high pollution, despite some improvements in air quality compared to previous years.
o The Air Quality Life Index (AQLI) report by the Energy Policy Institute at the University of
Chicago (EPIC) reveals that people in the most polluted regions breathe air six times more
polluted than those in the least polluted areas, shortening lifespans by 2.7 years.
High Pollution Levels in South Asian Countries:
o Bangladesh, India, Nepal, and Pakistanhome to 23.2% of the global populationare among the
most polluted countries worldwide.
About the Air Quality Life Index (AQLI):
o The AQLI translates particulate air pollution data into its impact on life expectancy.
o Developed by Michael Greenstone and his team at EPIC, the AQLI combines research on
human exposure to air pollution with local and global particulate measurements.
o It serves as a tool for policymakers to understand the potential impact of air pollution policies on
increasing life expectancy by aligning with the WHO guidelines or user-defined air quality
standards.
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Important Monthly Current Affairs Capsule – August 2024
Adani Surges to Richest Indian, Ambani's Net Worth Rises in 2024 Hurun India Rich List
o Gautam Adani's net worth surged by 95% to Rs 11.6 lakh crore in the past year, making him the
richest Indian, surpassing Mukesh Ambani.
o This sharp rise in Adani's wealth contrasts with a 57% decline reported in 2023 due to allegations
from Hindenburg Research, which Adani's conglomerate has denied.
o Mukesh Ambani saw a 25% increase in his net worth, reaching Rs 10.14 lakh crore.
o Shiv Nadar and family of HCL moved up to the third richest with a net worth of Rs 3.14 lakh crore.
o Cyrus Poonawalla of Serum Institute slipped to the fourth position with Rs 2.89 lakh crore.
o Dilip Shanghvi of Sun Pharmaceuticals secured the fifth position with a net worth of Rs 2.50 lakh
crore.
ACQUISITION AND MERGERS
Competition Commission of India Approves Merger of Mangalore Chemicals & Fertilizers with Paradeep
Phosphates and Zuari Maroc Phosphates' Acquisition of Mangalore Chemicals & Fertilizers Shares
• The Competition Commission of India (CCI) has approved the amalgamation of Mangalore
Chemicals & Fertilizers Limited (MCFL) with Paradeep Phosphates Limited (PPL).
• CCI has also approved the proposed acquisition of equity shares of MCFL by Zuari Maroc
Phosphates Private Limited (ZMPPL).
• Proposed Combination:Proposed Merger: Amalgamation of MCFL with and into PPL, continuing
as a going concern.
• Proposed Acquisition: ZMPPL acquiring 3,92,06,000 equity shares of MCFL from ZuariAgro
Chemicals Ltd (ZACL).
About CCI :
• Established : 14 October 2003
• Headquarters : New Delhi, Delhi, India
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairsand is responsible for enforcing the
Competition Act, 2002 to promote competition and prevent activities that have an appreciable
adverse effect on competition in India.
Carlyle Group divests 12.8% stake in PNB Housing Finance for ₹2,578 crore; Singapore government
acquires stake
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Important Monthly Current Affairs Capsule – August 2024
● Carlyle Group divested a 12.8% stake in PNB Housing Finance for ₹2,578 crore through open
market transactions.
● The Singapore government and the Monetary Authority of Singapore acquired stakes in PNB
Housing Finance.
● US-based global investment firm Carlyle group through its affiliate Quality Investment Holdings
PCC offloaded 3,32,60,000 shares, amounting to a 12.8% stake in PNB Housing Finance.
● Carlyle's stake in PNB Housing Finance was reduced from 32.68% to 19.88%.
About PNB Housing Finance Limited :
● Founded : 11 November 1988
● Headquarters : New Delhi, Delhi, India
● Managing Director : Girish Kousgi
● PNB Housing Finance Limited is an Indian housing finance company registered with National
Housing Bank.
● PNB Housing is promoted by Punjab National Bank.
About Carlyle Group :
● Founded : 1987
● Headquarters : Washington, D.C., United States
● CEO : Harvey Schwartz
Competition Commission of India approves the acquisition of 100% share capital of Viterra by Bunge
● The Competition Commission of India (CCI) has approved the acquisition of 100% share capital
of Viterra Limited by Bunge Global SA.
● Proposed Combination: Bunge Global SA (Acquirer) is set to acquire 100% of the issued and
outstanding share capital of Viterra Limited (Target).
● Global Activities:Bunge: Mainly active in the sale of oilseed meals, vegetable oils, grains, milled
products, and unprocessed oilseeds.
● Viterra: Focuses on the purchase and sale of unprocessed commodity crops, particularly grains.
● Viterra has limited origination activities in India for commodities such as channa, wheat, maize,
lentils, and cotton.
About CCI :
● Established : 14 October 2003
● Headquarters : New Delhi, Delhi, India
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Important Monthly Current Affairs Capsule – August 2024
● Chairman : Ravneet Kaur
● The CCI is the chief national competition regulator in India.
● It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the
Competition Act, 2002 to promote competition and prevent activities that have an appreciable
adverse effect on competition in India.
IDBI Bank Sells Rs 6,151 Crore Distressed Portfolio to Omkara Asset Reconstruction Company
• IDBI Bank is selling its Rs 6,151 crore legacy stressed asset portfolio to Omkara Asset
Reconstruction Company (ARC) in a move that will help the government fetch an improved
valuation for the proposed stake sale in the lender.
• At inter-se bidding held August 3, 2024, Omkara ARC gave the highest offer of Rs 652 crore,
outbidding government-promoted National Asset Reconstruction Company Limited (NARCL).
• Financial Impact:Recovery Rate: The sale equates to a 10.5% recovery for IDBI Bank.
About IDBI Bank :
• Founded : 1 July 1964
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rakesh Sharma
• Owner : Life Insurance Corporation of India (49.24%), Government of India (45.5%)
• It is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India
(LIC) and Government of India.
Competition Commission of India Approves Full Acquisition of ATC Telecom Infrastructure by Data
Infrastructure Trust Along with Related Transactions
● The Competition Commission of India (CCI) has approved the proposed acquisition of 100% of
the share capital of ATC Telecom Infrastructure Private Limited (ATC India) by Data
Infrastructure Trust (DIT) and certain inter-connected transactions.
● DIT is an infrastructure investment trust registered under the Securities and Exchange Board of
India (Infrastructure Investment Trusts) Regulations, 2014.
● ATC India is an indirect subsidiary of American Tower International, Inc. It is engaged in the
business of provision of passive telecom infrastructure services in India.
About CCI :
● Established : 14 October 2003
● Headquarters : New Delhi, Delhi, India
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Important Monthly Current Affairs Capsule – August 2024
● Chairman : Ravneet Kaur
● The CCI is the chief national competition regulator in India.
● It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the
Competition Act, 2002.
Competition Commission of India Approves Restructuring of Re Sustainability Limited's Business,
Including Demerger of Waste Management and Waste-to-Energy Operations to Ramky Sustainability
Solutions
● The Competition Commission of India (CCI) has approved the restructuring of Re Sustainability
Limited (ReSL), including its subsidiaries and joint ventures.
● The restructuring involves the demerger of ReSL's municipal solid waste (MSW) business and
waste-to-energy (WTE) business to a newly incorporated entity, Ramky Sustainability Solutions
Private Limited (RSSPL).
● Post-restructuring, RSSPL's fully diluted shareholding will reflect ReSL’s existing shareholding
pattern, including the shares held by Metropolis and the Founding Group.
Competition Commission of India Approves Highway Infrastructure Trust's Acquisition of 100% Equity
Stake and Control in 12 special purpose vehicles of PNC Infratech and PNC Infra Holdings
● The Competition Commission of India (CCI) has approved the acquisition of 100% equity stake,
management and control in 12 special purpose vehicles of PNC Infratech Limited and PNC Infra
Holdings (PNC SPVs/Targets) by Highway Infrastructure Trust (Acquirer Trust).
● Acquirer Trust:Highway Infrastructure Trust is an irrevocable trust under the Indian Trusts Act,
1882, and registered as an infrastructure investment trust with the Securities and Exchange
Board of India (SEBI) under the SEBI (Infrastructure Investment Trusts) Regulations, 2014.
Competition Commission of India Approves 360 ONE Private Equity Fund's Acquisition of Stake in
Vastu Housing Finance Corporation Limited
● The Competition Commission of India (CCI) has approved the acquisition by 360 ONE Private
Equity Fund in Vastu Housing Finance Corporation Limited (VHFCL).
● 360 ONE Private Equity Fund (360 Fund) is registered with the Securities and Exchange Board
of India (SEBI) as a Category II Alternativ e Investment Fund.
● The fund is established for investing in various sectors both in India and globally.
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Important Monthly Current Affairs Capsule – August 2024
● 360 ONE Alternates Asset Management Limited (360 AAML) is the investment manager of the
360 Fund.
Adani Group Pledges 51% Stake in Navi Mumbai Airport for ₹12,770 Crore Loan
● The Adani Group-controlled Mumbai International Airport Ltd (MIAL) has pledged a 51% stake in
the upcoming Navi Mumbai International Airport (NMIAL) to the State Bank of India (SBI).
● This move is linked to a substantial loan facility amounting to Rs 12,770 crore, sanctioned by SBI
for the greenfield airport project.
● Previous Financing Arrangement: A previous financing deal with Yes Bank worth ₹8,645 crore
was cancelled, leading to the revised arrangement with SBI.
About MIAL :
● Mumbai International Airport Limited (MIAL) is managed by Adani Airport Holding Limited
(AAHL), a subsidiary of Adani Enterprises, the flagship company of the globally diversified Adani
Group.
National Company Law Tribunal greenlights merger of Slice with North East Small Finance Bank
● Consumer payments and lending company Slice has received approval from the National
Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB).
● The NCLT Guwahati bench has sanctioned a scheme involving multiple entities, including
Garagepreneurs Internet Private Limited, Quadrillion Finance Pvt Ltd, Intergalactory Foundry Pvt
Ltd, RGVN (North East) Microfinance Ltd, and NESFB.
About NCLT :
● Headquarters : New Delhi
● The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates
issues relating to Indian companies.
● The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the
government of India and is based on the recommendation of the V. Balakrishna Eradi committee
on the law relating to the insolvency and the winding up of companies.
Life Insurance Corporation of India Sells 2.09% Stake in Hindustan Copper for ₹447 Crore Through
Open Market
● Life Insurance Corporation of India (LIC) sold a 2.09% stake in state-owned Hindustan Copper
Ltd (HCL) for ₹447 crore through an open market transaction.
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Important Monthly Current Affairs Capsule – August 2024
● LIC sold 2,01,62,682 shares at an average price of ₹221.64 per share, amounting to a total
transaction value of ₹446.8 crore.
● Post-sale, LIC's ownership in Hindustan Copper decreased from 8.17% to 6.09%.
About HCL :
● Hindustan Copper Ltd (HCL) is under the administrative control of the Ministry of Mines.
● It is the only company in the country engaged in the mining of copper ore and owns all the
operating mining leases of Copper ore and also the only integrated producer of refined copper
(vertically integrated company).
About LIC :
● Founded : 1 September 1956
● Headquarters : Mumbai, Maharashtra
● Chairman : Siddhartha Mohanty
Competition Commission of India approves IndusInd International Holdings Limited's stake acquisition
in Invesco Asset Management (India) and Invesco Trustee Private Limited
● The Competition Commission of India (CCI) approved the acquisition of a 60% shareholding in
Invesco Asset Management (India) Private Limited and Invesco Trustee Private Limited by
IndusInd International Holdings Limited (IIHL).
About CCI :
● Established : 14 October 2003
● Headquarters : New Delhi, India
● Chairman : Ravneet Kaur
● The CCI is the chief national competition regulator in India.
● It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the
Competition Act, 2002 to promote competition and prevent activities that have an appreciable
adverse effect on competition in India.
Pine Labs Gets National Company Law Tribunal approval for Merging Its Domestic and Singapore
Operations
● Fintech major Pine Labs has received an initial approval from the National Company Law
Tribunal (NCLT) to merge its entities in India and Singapore.
● The company will file a second motion with the NCLT for final approval after the initial motion has
been approved.
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Important Monthly Current Affairs Capsule – August 2024
About Pine Labs :
● Founded : 1998
● Headquarters : Noida, Uttar Pradesh
● Executive Chairman : Lokvir Kapoor
● CEO : B.Amrish Rau
● Pine Labs is an Indian company that provides point of sales systems and payment systems.
About NCLT :
● The NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
● The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the
government of India and is based on the recommendation of the V. Balakrishna Eradi committee
on law relating to the insolvency and the winding up of companies.
CCI approves Mango Crest Investment Limited's acquisition of stake in Shriram Housing Finance
Limited
● The Competition Commission of India (CCI) has approved the acquisition of shareholding in
Shriram Housing Finance Limited by Mango Crest Investment Limited.
● Mango Crest Investment Ltd. is a company incorporated in the Republic of Mauritius.
● The principal business activity of the Acquirer is undertaking investment holding activities.
● Shriram Housing Finance Limited is a housing finance company registered with the National
Housing Bank.
CCI approves Advent's acquisition of Apollo Healthco via Rasmeli, Apollo Healthco's acquisition of
Keimed, and Keimed's merger into Apollo Healthco
● The Competition Commission of India (CCI) has approved the proposed combination involving
the acquisition by Advent (through Rasmeli) in Apollo Healthco, the acquisition by Apollo
Healthco in Keimed and the Merger of Keimed into Apollo Healthco.
Reserve Bank of India Approves SBI Mutual Fund to Acquire Up to 9.99% Stake in Karur Vysya Bank
● The Reserve Bank of India (RBI) has granted approval to SBI Mutual Fund (SBI MF) to acquire
up to 9.99% of the paid-up share capital or voting rights of Karur Vysya Bank (KVB).
● The approval was communicated through a letter dated August 23, 2024, in line with Regulation
30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure
Requirements (LODR) Regulations, 2015.
About SBI Mutual Fund:
● Established in 1987, SBI Mutual Fund is a significant entity in the mutual fund industry.
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Important Monthly Current Affairs Capsule – August 2024
● It is sponsored by the State Bank of India (SBI) and became a joint venture with AMUNDI Asset
Management in 2011.
● Ownership Structure:SBI holds a 63% majority stake in SBI Funds Management Pvt Ltd
(SBIFMPL).
● AMUNDI Asset Management owns the remaining 37% stake.
Competition Commission of India Approves Merger Involving Reliance Industries, Viacom18, Digital18
Media, Star India, and Star Television Productions
● The Competition Commission of India (CCI) has approved the proposed combination involving
Reliance Industries Limited (RIL), Viacom18 Media Private Limited (Viacom18), Digital18 Media
Limited, Star India Private Limited (SIPL), and Star Television Productions Limited (STPL).
Zomato Finalizes Acquisition of Paytm’s Entertainment and Ticketing Business
● Food delivery major Zomato has completed the acquisition of Paytm’s event ticketing
subsidiaries Wasteland Entertainment Private Limited (WEPL) and Orbgen Technologies Private
Limited (OTPL).
● The acquisition deal was valued at ₹2,048 crore.
Platforms and Subsidiaries:
● OTPL operates the TicketNew platform.
● WEPL operates the Insider platform.
About Zomato :
● Founded : July 2008
● Headquarters : Gurgaon, Haryana, India
● MD & CEO : Deepinder Goyal
Jio Financial Increases Stake in Jio Payments Bank to 82.17% with ₹68 Crore Investment
● Jio Financial Services Limited. (JFS) has raised its stake in Jio Payments Bank Limited. (JPBL)
from 78.95% to 82.17%.
● JFS has invested ₹68 crore by subscribing to 6.8 crore shares of JPBL.
About Jio Payments Bank Limited :
● Founded : 3 April 2018
● Headquarters : Navi Mumbai, India
● Chairman : Vivek Bhandari
● MD & CEO : Vinod Easwaran
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Important Monthly Current Affairs Capsule – August 2024
● Jio Payments Bank Limited is an Indian payments bank, and is currently a subsidiary of Jio
Financial Services, which was initially owned by Reliance Industries but was listed separately on
stock exchanges in 2023.
DEFENCE NEWS
India to host first multinational air exercise ‘Tarang Shakti 2024’ in two phases
• Indian Air Force vice chief Air Marshal AP Singh announced that the air exercise ‘Tarang Shakti’
will be the largest international air exercise ever conducted in India, with invitations extended to
51 countries.
• The exercise will be held in two phases and aims to boost military cooperation and highlight
India’s defence industry, supporting the country’s vision of Atmanirbhar Bharat (self-reliant India).
• The Indian Air Force has received confirmation from ten countries for participation with their
assets and 18 countries as observers for the exercise.
About the Indian Armed Forces
• Headquarters: New Delhi, India
• Founded: 8 October 1932
• Chief of Defence Staff (CDS): General Anil Chauhan
• Commander-in-Chief: President Draupadi Murmu
Defence Acquisition Council Sanctions amendment to MQ-9B UAV deal with U.S
● The Defence Acquisition Council (DAC) chaired by Defence Minister Rajnath Singh reviewed and
approved amendments to the deal for 31 MQ-9B High Altitude Long Endurance (HALE)
Unmanned Aerial Vehicles (UAV) from General Atomics of the US.
● The DAC also gave approval to a proposal regarding the scheduled refit of aircraft carrier INS
Vikramaditya later this year.
● The amendments approved are within the scope of the Acceptance of Necessity (AoN) that was
granted for the MQ-9B deal.
About DAC :
● Established : 2001
● Chairman : Union Minister of Defence (Rajnath Singh)
● It is the highest decision-making body of the defence ministry on procurement.
● Its members include the Chief of Defence Staff (CDS) and chiefs of the Army, Navy, and Air
Force.
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Important Monthly Current Affairs Capsule – August 2024
Indian Navy Submarine INS Shalki Docks in Colombo for Official Visit
• Indian Navy’s submarine INS Shalki is on a two-day visit to Sri Lanka, reflecting the growing
maritime security cooperation between India and Sri Lanka.
• The submarine was given a ceremonial reception by the Sri Lanka Navy on 2nd August 2024.
• Diplomatic Engagements:During the visit, the Commanding Officer of INS Shalki is scheduled to
meet Rear Admiral WDCU Kumarasinghe, the Commander of the Western Naval Area.
• Sri Lanka Navy personnel will receive a briefing onboard INS Shalki.
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
Indian Naval Ship Shivalik Clinches Naval Gunfire Support Competition at RIMPAC 2024
• Indian Naval Ship (INS) Shivalik of the Eastern Fleet emerged victorious in the Naval Gunfire
Support Competition at the Rim of the Pacific Exercise- 2024 (RIMPAC-2024), held in Hawaii and
won the coveted RODEO trophy.
• The event which featured 25 partner nations saw INS Shivalik demonstrate exceptional firepower
and precision in delivering ordnance on target.
• This biennial event, known as the world’s largest international maritime exercise, saw
participation from 29 nations.
• The Indian Navy’s participation in RIMPAC 2024 was marked by the advanced capabilities of the
P-8I and INS Shivalik.
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
Indian Air Force Team Returns After Successfully Participating in Exercise Udara Shakti 2024 in
Malaysia
• The Indian Air Force (IAF) contingent has returned to India following a successful engagement in
Exercise Udara Shakti 2024, a joint air exercise conducted in collaboration with the Royal
Malaysian Air Force (RMAF).
• The exercise took place from August 5th to 9th, 2024, at Kuantan, Malaysia.
• IAF's Participation:The IAF deployed its Su-30MKI fighter jets for the exercise.
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Important Monthly Current Affairs Capsule – August 2024
• These jets flew alongside RMAF's Su-30MKM fighters in various air combat missions.
Army conducts 'Parvat Prahaar' exercise in Ladakh, focuses on high-altitude ops
• Exercise Name: 'Parvat Prahaar' (Mountain Strike)
• Location: Ladakh, India
• Duration: Over a fortnight
• Focus: High-altitude warfare and operations in mountainous and rugged terrains.
• Purpose: To maintain Army readiness and effectiveness in the sensitive region near the India-
China border.
DRDO carries out successful maiden flight test of Long Range Glide Bomb ‘GAURAV’ from Su-30 MK-I
platform off Odisha coast
● DRDO successfully conducted the maiden flight test of the Long Range Glide Bomb (LRGB),
GAURAV, from the Su-30 MK-I platform of the Indian Air Force (IAF).
● Test conducted off the coast of Odisha.
● Air-launched 1,000 kg class glide bomb.
● Capable of hitting targets at long distances.
● Uses a highly accurate hybrid navigation scheme with INS and GPS data.
● Designed and developed by Research Centre Imarat (RCI), Hyderabad.
About DRDO:
● Formed: 1958
● Headquarters: DRDO Bhavan, New Delhi, India
● Minister Responsible: Rajnath Singh, Minister of Defence
● Chairman: Sameer V. Kamat
● Parent Agency: Ministry of Defence
‘Mitra Shakti’: India-Sri Lanka joint military exercise begins
● The 10th edition of the India-Sri Lanka Joint Military Exercise 'Mitra Shakti' commenced on
August 12, 2024, at the Army Training School in Maduru Oya, Sri Lanka.
● The exercise will continue until August 25, 2024.
● The last edition of 'Mitra Shakti' was conducted in Pune, India, in November 2023.
Purpose and Objectives
● The aim of 'Mitra Shakti 2024' is to enhance the joint military capability of both India and Sri
Lanka to undertake counter-insurgency operations in a sub-conventional scenario under Chapter
VII of the United Nations Mandate.
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Important Monthly Current Affairs Capsule – August 2024
● The exercise focuses on operations in a semi-urban environment, improving interoperability, and
sharing best practices between the two nations.
Participants
● The Indian contingent, consisting of 106 personnel, is represented by a Battalion of Rajputana
Rifles, along with personnel from other arms and services.
● The Sri Lankan contingent is represented by personnel from the Gajaba Regiment of the Sri
Lankan Army.
Boeing Collaborates with AI Engineering Services to Support Navy's P-8I Fleet
● United States (US) aerospace giant Boeing has partnered with India’s AI Engineering Services
Limited (AIESL) to enhance local maintenance, repair, and overhaul (MRO) capabilities for the
Indian Navy's fleet of 12 P-8I maritime surveillance aircraft.
● The partnership will provide in-country overhaul services for critical components of the P-8I
Poseidon Long Range Maritime Reconnaissance Anti-Submarine Warfare (LRMR ASW) aircraft.
● The first landing gear overhaul was recently completed at INS Rajali, marking a significant
milestone in India’s MRO capabilities.
Indian Air Force and Army Successfully Execute First-Ever Precision Para-Drop of BHISHM Trauma
Care Cube from 15,000 Feet
● The Indian Air Force (IAF) and Indian Army have jointly carried out a first-of-its-kind precise para-
drop operation of the Aarogya Maitri Health Cube at a high-altitude area close to 15,000 feet.
● These critical trauma care cubes have been indigenously developed under Project BHISHM
(Bharat Health Initiative for Sahyog Hita and Maitri).
● The operation was conducted in line with Prime Minister Shri Narendra Modi's vision of providing
critical supplies to Humanitarian Aid and Disaster Relief (HADR) affected areas.
About IAF :
● Founded : 26 January 1950
● Headquarters : New Delhi
● Chief of Defence Staff : General Anil Chauhan
● Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari
About Indian Army :
● Chief of the Army Staff : General Upendra Dwivedi
● Vice Chief of the Army Staff : Lieutenant General N. S. Raja Subramani
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Important Monthly Current Affairs Capsule – August 2024
Raksha Mantri Rajnath Singh Inaugurates Advanced ICG Maritime Rescue Coordination Centre in
Chennai, and Virtually Launches Regional Marine Pollution Response Centre and Coast Guard Air
Enclave in Puducherry
● Raksha Mantri Shri Rajnath Singh inaugurated the newly-constructed state-of-the-art Indian
Coast Guard (ICG) Maritime Rescue Coordination Centre building in Chennai, Tamil Nadu.
● He also virtually launched the Regional Marine Pollution Response Centre, located at the
Chennai Port premises, and the Coast Guard Air Enclave in Puducherry.
● The buildings have been established to ensure robust maritime security and provide efficient
responses to emergencies, reinforcing the country's commitment to maritime safety and
environmental protection.
Indian naval ship INS Mumbai to make first visit to Sri Lanka
● The Indian Naval Ship (INS) Mumbai will make its maiden visit to Sri Lanka, arriving at the port of
Colombo for a three-day stay.
● This is INS Mumbai’s first visit to a Sri Lankan port and the eighth visit by an Indian Navy ship to
Sri Lanka in 2024.
Purpose of Visit:
● INS Mumbai will deliver essential spare parts for the Dornier maritime patrol aircraft operated by
the Sri Lanka Air Force.
● The Indian Navy also supports the maintenance of these aircraft with technical teams and spare
parts.
● The Dornier aircraft have provided critical surveillance capabilities over Sri Lanka's Sea Area of
Responsibility (AOR) since their induction two years ago.
● INS Mumbai Specifications:INS Mumbai is the third of the Delhi-class destroyers and was
commissioned into the Indian Navy on January 22, 2001.
India's First Indigenous Pollution Control Vessel, 'Samudra Pratap,' Launched by Indian Coast Guard in
Goa with Raksha Rajya Mantri Present
● The first indigenously designed and built Pollution Control Vessel (PCV) for the Indian Coast
Guard (ICG) is named 'Samudra Pratap'.
● The vessel was designed and built by Goa Shipyard Limited (GSL), a defense Public Sector
Undertaking (PSU).
● This is the first time such vessels are being designed and constructed indigenously by GSL.
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Important Monthly Current Affairs Capsule – August 2024
● The ship was launched in Goa and named 'Samudra Pratap' by Smt. Neeta Seth in the presence
of Shri Sanjay Seth, the Raksha Rajya Mantri (Minister of State for Defence).
Indias second nuclear ballistic missile submarine, INS Arighaat commissioned into service
● INS Arighaat, Indias second nuclear-powered ballistic missile submarine, was commissioned into
service in Visakhapatnam in the presence of Defence Minister Rajnath Singh.
● INS Arighaat joins INS Arihant, the first nuclear ballistic missile submarine, which was
commissioned in 2016.
● It has a displacement of 6,000 tonnes and is powered by an 83 MW pressurised light-water
reactor with enriched uranium.
India Secures Repeat Order for 73,000 SIG716 Assault Rifles, Delivery Expected by End of 2025
● India has placed a repeat order for 73,000 SIG716 assault rifles from the U.S. firm SiG Sauer Inc.
● This order adds to the earlier purchase of 72,400 SIG716 rifles, which were procured in February
2019.
● These rifles were distributed among the Army (66,400), Air Force (4,000), and Navy (2,000).
● Purpose: The rifles are intended for infantry battalions deployed along the borders with China
and Pakistan, amid ongoing military tensions, especially along the eastern Ladakh region.
SCIENCE & TECHNOLOGY
IN-SPACe Invites Private Sector Proposals for Building and Launching Telecom Satellites
• The Indian National Space Promotion and Authorization Centre (IN-SPACe) has issued its first
‘Announcement of Opportunity’ (AO) inviting non-government entities (NGEs) to build, launch,
and use a telecommunications satellite.
• Objective of AO: To identify and enable eligible NGEs to utilize unutilized ITU filings, ensuring
efficient use of orbital slots and frequencies to avoid interference.
• Unutilized ITU filing refers to filings made by ISRO to the International Telecommunication Union
(ITU) for registering a satellite or satellite network.
About IN-SPACe :
• Established : 2020
• IN-SPACe, headquartered in Ahmedabad, Gujarat, is promoting space-related activities in India.
• IN–SPACe is a single-window autonomous agency under the Department of Space of the
Government of India.
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Important Monthly Current Affairs Capsule – August 2024
• It recently released an Expression of Interest (EoI) inviting proposals from Indian entities to build
and manage a space-based Earth Observation (EO) system under a Public-Private Partnership
(PPP) model to boost the Earth Observation-based space economy in India.
India Chooses 2 Crew Members for Axiom-4 Mission to the International Space Station
• India has shortlisted two astronaut-designates for the upcoming Axiom-4 mission to the
International Space Station.
• Indian astronauts Group Captain Shubhanshu Shukla and Group Captain Prasanth Balakrishnan
Nair have been shortlisted to go to the U.S. to train for the upcoming Axiom-4 mission to the
International Space Station (ISS).
• A National Mission Assignment Board has recommended two Gaganyatris (astronauts) as prime
and backup Mission Pilot for this mission. Group Captain
• Shukla will be the prime mission pilot and Group Captain Nair will be the back up.
Indian National Space Promotion and Authorization Centre Authorizes Azista BST Aerospace to
Establish and Operate Ground Station
• The Indian National Space Promotion and Authorization Centre (IN-SPACe) has granted
authorisation to Azista BST Aerospace Private Limited, Hyderabad, for the establishment and
operation of a ground station in UHF frequency bands.
• Functions and Services:The ground station will support Azista BST Aerospace's satellites and
offer Ground Station as a Service (GSaaS) for Telemetry, Tracking, and Command (TT&C)
operations.
• Frequency Bands:The ground stations will operate in the UHF frequency band (300 MHz to 3
GHz), primarily used for satellite communications, including data relay for remote sensing,
telemetry, and control of satellites.
NASA’s InSight Uncovers Vast Reservoir of Liquid Water
● Geophysicists using seismic data from NASA’s Insight lander have uncovered a large
underground water reservoir on Mars.
● The reservoir is trapped within the mid-crust of Mars, located between 11.5 and 20 kilometres
below the surface.
● This finding challenges previous theories that most of Mars’ water escaped into space.
● The discovery suggests that Mars’ water was absorbed into its crust, potentially altering the
understanding of the planet's aridity.
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Important Monthly Current Affairs Capsule – August 2024
Indian Space Research Organisation Successfully Launches Earth Observation Satellite EOS-08
● Indian Space Research Organisation (ISRO) launched the Earth Observation Satellite ‘EOS-08’
using the Small Satellite Launch Vehicle (SSLV)-D3 from the Satish Dhawan Space Centre,
Sriharikota, Andhra Pradesh.
● The primary objectives of the EOS-08 mission include designing and developing a microsatellite,
creating payload instruments compatible with the microsatellite bus, and incorporating new
technologies required for future operational satellites.
● EOS-08 is built on the Microsat/IMS-1 bus, weighing approximately 175.5 kg, with a power
generation of around 420 W. It is set to operate in a Circular Low Earth Orbit (LEO) at an altitude
of 475 km with an inclination of 37.4° and has a mission life of 1 year.
● Payloads: The satellite carries three payloads:
1. Electro Optical Infrared Payload (EOIR): Captures images in the Mid-Wave IR (MIR) and Long-
Wave IR (LWIR) bands.
2. Global Navigation Satellite System-Reflectometry payload (GNSS-R): Demonstrates GNSS-R-
based remote sensing for ocean surface wind analysis, soil moisture assessment, cryosphere
studies, flood detection, and inland waterbody detection.
3. SiC UV Dosimeter: Monitors UV irradiance in the Gaganyaan Mission’s Crew Module and serves
as a high-dose alarm sensor for gamma radiation.
About ISRO :
● Founded : 15 August 1969
● Headquarters : Bengaluru, Karnataka
● Chairman : Sreedhara Somanath
Ola Electric Unveils Indigenous 'Bharat' Battery Cell
● Ola Electric, the winner of the Centre's flagship Rs 18,100 crore production-linked incentive (PLI)
scheme for advanced chemical cells (ACC), unveiled the ‘Bharat’ battery cell — an indigenous
4680 cell.
● At the Ola Electric Sankalp 2024 event, Aggarwal detailed the company’s plan to revolutionise
energy in India.
● The phased approach begins with 5 GwH cell manufacturing in 2024, scaling up to 20 GwH by
2026, and aiming for 100 GwH by 2030.
● PLI Scheme Allocation: Ola Electric was awarded 20 GWh of the 50 GWh allocated under the
ACC PLI scheme.
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Important Monthly Current Affairs Capsule – August 2024
● Other recipients include ACC Energy Storage and Reliance New Energy Battery Storage.
● Pilot Production: Ola Electric has completed pilot production of approximately 10,000 cells and
informed the Ministry of Heavy Industries (MHI), the nodal ministry for the ACC PLI.
About Ola Electric :
● Founded : 2017
● Headquarters : Bangalore, Karnataka, India
● CEO : Bhavish Aggarwal
Bhavish Aggarwal's Krutrim Set to Develop and Launch Its First AI Chip by 2026
● Krutrim, the Artificial Intelligence (AI) startup founded by Bhavish Aggarwal, plans to launch its
first AI chip, Bodhi 1, by 2026, followed by a superior Bodhi 2 in 2028.
● Krutrim is developing a family of chips named “Bodhi” for AI, “Sarv” for general computing, and
“Ojas” for Edge computing.
● Strategic Partnerships: The development of Bodhi-II involves strategic partnerships with global
chip-makers Arm and Untether AI.
● Data Centre Expansion: Krutrim aims to scale up its data centre capacity to 1 GW by 2028, from
the current 20 MW.
● Ola Coins Loyalty Program: A loyalty program called Ola Coins has been launched, applicable
across several Ola services.
National Aeronautics and Space Administration Greenhouse Gas-Tracking Instrument Successfully
Launched
● A satellite named Tanager-1, developed by a coalition of companies and organizations including
National Aeronautics and Space Administration’s (NASA's) Jet Propulsion Laboratory, was
launched aboard a SpaceX Falcon 9 rocket from Vandenberg Space Force Base in California.
● Surface Coverage: The satellite can scan 130,000 square kilometers of Earth's surface per day.
● Comparison to MethaneSAT: The launch of Tanager-1 follows the earlier launch of MethaneSAT
in March, which also tracks and measures methane emissions.
About Methane :
● Methane is a potent greenhouse gas, 80 times more effective at warming than carbon dioxide
over a 20-year period, and it is responsible for 30% of global warming since the Industrial
Revolution.
● Methane is the second-largest contributor to global warming after carbon dioxide, making the
monitoring and reduction of its emissions crucial for combating climate change.
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Important Monthly Current Affairs Capsule – August 2024
About NASA :
● Established : July 29, 1958
● Headquarters : Washington, D.C, United States
● Administrator : Bill Nelson
Experian India Launches AI-Driven Tool AiDRIAN for Real-Time Fraud Detection
● Experian India, a leader in data and technology, has unveiled AiDRIAN, an advanced tool that
detects potential fraud.
● AiDRIAN detects potential fraud at its source, preventing the possibility of financial loss in real
time.
● The tool enhances customer experience while reducing the need for manual reviews and
interventions.
Nokia Collaborates with Axiom Space for NASA's Moon Mission's Next-Gen Spacesuit Communication
● Nokia has joined hands with Axiom Space to integrate advanced 4G/LTE communication
capabilities into the next-generation spacesuits that will be used for the Artemis III mission,
NASA's ambitious plans to land humans at the south pole of the moon.
● The Artemis-III mission is likely to be launched in 2026 and Nokia plans to build the first cellular
network on the moon, which would be in-built in the space suits used by astronauts.
● Nokia and Axiom Space will incorporate high-speed cellular-network capabilities in the Axiom
Extravehicular Mobility Unit (AxEMU), supporting HD video, telemetry data and voice
transmission over multiple kilometres on the Moon.
India's National Aerospace Laboratories Unveils 'Kamikaze' Drone with 1000 km Range
● India's National Aerospace Laboratories (NAL) developed the 'Kamikaze' drone, featuring an
indigenously built engine and a range of 1,000 kilometres.
● Drone Specifications: The drone measures approximately 2.8 metres in length with a 3.5-meter
wingspan and weighs about 120 kilograms.
● Engine and Speed: It is powered by a 30-horsepower Wankel Engine, enabling speeds of up to
180 kilometers per hour.
● Payload and Range: It is Capable of carrying a 25-kilogram explosive payload, the drone is
designed for extended combat scenarios.
About National Aerospace Laboratories :
● Established : 1 June 1959
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Important Monthly Current Affairs Capsule – August 2024
● Location : Bangalore, Karnataka, India
● Director : Abhay Pashilkar
● The NAL is India's first and largest aerospace research company established by the Council of
Scientific and Industrial Research (CSIR) in Delhi
India Unveils World's First Mobile Hybrid Rocket: RHUMI-1
● India launched its first reusable hybrid rocket, named RHUMI-1.
● The rocket was developed by the Tamil Nadu-based start-up Space Zone India in collaboration
with the Martin Group.
● The rocket was launched from Thiruvidandhai in Chennai, India.
● Payload and Purpose:RHUMI-1 carried three Cube satellites to monitor and collect data on
atmospheric conditions, including cosmic radiation intensity, UV radiation intensity, and air
quality.
● It also deployed 50 Pico satellites to study various atmospheric parameters such as vibration,
accelerometer readings, altitude, ozone levels, and toxic content.
● These satellites will collect data to support research on global warming and climate change.
● Technical Specifications:RHUMI-1 is equipped with a generic-fuel-based hybrid motor and an
electrically triggered parachute deployer.
● It is 100% pyrotechnic-free, with 0% TNT.
● Mission Leadership:The mission, known as Mission RHUMI 2024, is led by Anand Megalingam,
the founder of Space Zone India.
● The project is mentored by Dr. Mylswamy Annadurai, former Director of the ISRO Satellite
Centre (ISAC) and project director of India's Moon Mission “Chandrayaan”.
● Space Zone India, an aero-technology company based in Chennai, aims to provide low-cost,
long-term solutions in the space industry.
Finance Minister Nirmala Sitharaman unveils ₹1,000 crore venture capital fund to boost the space
economy
● Finance Minister Nirmala Sitharaman announced the creation of a ₹1,000 crore venture capital
fund to enhance the space economy.
● The fund aims to significantly boost Indias space economy and increase its global market share.
● Government Vision: The goal is to expand India's space economy fivefold over the next 10 years
and to increase India's share in the global commercial space economy to 10% by 2030.
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Important Monthly Current Affairs Capsule – August 2024
● Current Market Share: India currently holds only 2% of the global space market, despite being a
major spacefaring nation.
CURRENT AFFAIRS : ENVIRONMENT
New Flowering Plant Species-Ceropegia Shivarayina, Discovered at Vishalgarh Fort in Maharashtra's
Kolhapur District
● A new flowering plant species named Ceropegia Shivarayina was discovered at Vishalgarh Fort
in Kolhapur district, Maharashtra.
● The species belongs to the Ceropegia genus and the Apocynaceae family.
● It is part of the Kandil Pushpa class.
● The species is named in honour of Chhatrapati Shivaji Maharaj, the founder of the Maratha
Empire.
● So far, 6 new species have been discovered within this class.
CURRENT AFFAIRS: SUMMITS AND CONFERENCE
South Korea, Japan, and U.S. Reaffirm Trilateral Cooperation on Camp David Summit Anniversary
● The leaders of South Korea, Japan, and the United States issued a joint statement, commemorating
the anniversary of their summit at Camp David.
● The statement, released by South Korea's presidential office, reaffirmed the countries' commitment
to jointly address regional challenges.
● The statement marks one year since the Camp David summit when the leaders of South Korea,
Japan, and the U.S. established principles for trilateral cooperation.
Telangana to Host First Global AI Summit and Unveil AI City Plans
o Telangana is set to host its first Global AI Summit on September 5-6, 2024.
o The summit aims to bring together industry leaders, policymakers, and innovators to explore
AI's potential societal impact.
BOOKS AND AUTHOR
A Fly on the RBI Wall: An Insider’s View of the Central Bank by Alpana Killawala
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Important Monthly Current Affairs Capsule – August 2024
● Alpana Killawala’s book, A Fly on the RBI Wall: An Insider’s View of the Central Bank , provides an
in-depth look at her 25-year career with the Reserve Bank of India (RBI) and the evolution of its
communication strategies.
● The book offers a candid and insightful account of her journey and the transformation of the RBI
over more than two decades.
● Publisher: Rupa Publications India
Dr. Kalpana Sankar's Autobiography "The Scientist Entrepreneur: Empowering Millions of Women"
Launched
● Dr. Kalpana Sankar's autobiography, “The Scientist Entrepreneur: Empowering Millions of Women,”
was unveiled at Cathedral Road.
● The event celebrated women's empowerment and social entrepreneurship, bringing together
influential figures from diverse fields
SPORTS NEWS
National Basketball Academy in Collaboration with Corvuss American Academy
• The Basketball Federation of India (BFI) has partnered with Corvuss American Academy to set
up the National Basketball Academy in Mumbai.
• The academy is located 95 km away from both Pune and Mumbai at Corvuss, India's first
international residential school for student-athletes.
o The academy will start with 30 boys and 30 girls.
o A nationwide talent hunt will be conducted to select the students.
Indian Shooter Swapnil Kusale Wins Historic Bronze in Men’s 50m Rifle 3 Positions at Paris 2024
Olympics
• Indian shooter Swapnil Kusale achieved a remarkable milestone by winning the bronze medal in
the men’s 50m rifle 3 positions final at the Paris 2024 Olympics.
• This victory marks India's first-ever Olympic medal in this event and the third overall in rifle
shooting, following Abhinav Bindra's gold in men’s 10m air rifle at Beijing 2008 and Gagan
Narang's bronze in the same event at London 2012.
• Medal Winners:
o Gold: Liu Yukun (China) - 463.6 points
o Silver: Serhiy Kulish (Ukraine) - 461.3 points
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Important Monthly Current Affairs Capsule – August 2024
o Bronze: Swapnil Kusale (India) - 451.4 points
Tatjana Smith Wins Gold Medal in Women's 100m Breaststroke at Paris Olympics
• South Africa's Tatjana Smith clinched gold in the women's 100m breaststroke at the Paris
Olympics, making a stunning late surge to secure the victory.
• Smith, who previously won silver in the same event at the Tokyo Olympics, overtook China's
Tang Qianting in the final 10 meters, finishing with a time of 1:05.28 at La Defense Arena.
• Gold Medal Performance: Tatjana Smith touched the wall in 1:05.28, claiming the gold medal.
• Silver and Bronze: China's Tang Qianting took the silver with a time of 1:05.54, while Ireland's
Mona McSharry earned the bronze in 1:05.59.
Leon Marchand Secures Second Gold Medal at Paris Olympics, Eyes Historic Same-Day Double
• Leon Marchand from France won his second gold medal at the Paris 2024 Olympics.
• He set an Olympic record in the 200-metre butterfly event.
• Marchand is aiming for an unprecedented same-day double in the 200-metre butterfly and
breaststroke events.
• Marchand triumphed in the 200-metre butterfly, setting an Olympic record.
• He defeated Hungary's world record holder and reigning champion Kristof Milak.
• Canada's Ilya Kharun secured the bronze medal.
63rd Subroto Cup Football Tournament Kicks Off with Junior Girls Event
• The 63rd Subroto Cup football tournament will commence with the Junior girls' event.
• The tournament will be held in the National Capital Region (NCR) from August 5 to 14.
• Four grounds, including the iconic Ambedkar Stadium, will host the matches.
• The sub-junior boys competition will take place in Bengaluru from August 19 to 28.
Sarah Sjostrom Claims Women's 100m Freestyle Gold at Paris Olympics
• Sarah Sjostrom of Sweden won the women’s 100-metre freestyle gold at the Paris Olympics.
• The victory came as a surprise, as Sjostrom only decided to race the 100m freestyle shortly
before the Games.
• Sjostrom clocked 52.16 seconds, winning by 0.13 seconds.
• She made a strong comeback in the final 50 metres to secure the gold medal.
Podium Finishers:
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Important Monthly Current Affairs Capsule – August 2024
o Gold: Sarah Sjostrom (Sweden)
o Silver: Torri Huske (USA)
o Bronze: Siobhan Haughey (Hong Kong)
Daniel Wiffen's Historic Win in the 800m Freestyle - Paris 2024 Olympics
• Wiffen became the first athlete from Northern Ireland to win an Olympic gold medal in 36 years.
• He triumphed in the 800m freestyle final at 7:38.19, setting an Olympic record.
• His stunning finish over the last 50 meters allowed him to edge out American Bobby Finke by
0.56 seconds.
• Finke, a formidable competitor, was narrowly defeated by Wiffen's remarkable final surge.
Cassandre Beaugrand's Triumphant Win in the Women's Triathlon - Paris 2024 Olympics
• Gold: Cassandre Beaugrand (France)
• Beaugrand claimed France's first individual Olympic medal in triathlon, delivering an impressive
performance.
• She was among the leaders from the start and surged ahead in the final kilometre of the 10km
run to secure the gold medal.
• Silver: Julie Derron (Switzerland)
• Bronze: Beth Potter (Great Britain)
Alex Yee's Dramatic Victory in Men's Olympic Triathlon - Paris 2024
• Gold: Alex Yee (Great Britain)
o Yee ran a perfectly paced 10km, overtaking New Zealand’s Hayden Wilde in the final 300
meters.
• Silver: Hayden Wilde (New Zealand)
o Wilde, the bronze medalist from Tokyo, took an early lead in the run but could not maintain
his pace under the harsh conditions, ultimately finishing second.
• Bronze: Leo Bergere (France)
o Bergere secured the bronze, contributing to a successful day for the host nation, following
Cassandre Beaugrand’s victory in the women's race.
David Popovici Claims Gold in Men's 200m Freestyle at Paris Olympics
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Important Monthly Current Affairs Capsule – August 2024
• Romania's David Popovici secured the gold medal in the men's 200m freestyle at the Paris
Olympics, narrowly defeating Britain's Matt Richards by just 0.02 seconds.
• In a thrilling race at La Defense Arena, Popovici, the 2022 world champion, finished with a time of
1:44.72.
• Gold Medal Victory: David Popovici won the gold with a time of 1:44.72, overtaking competitors in
the final stretch.
• Close Finish: Britain's Matt Richards claimed silver, finishing only 0.02 seconds behind Popovici.
• Bronze Medal: Luke Hobson of the United States took bronze, just 0.07 seconds behind the
winner.
Takanori Nagase Retains Olympic Judo Title, Andreja Leski Wins Slovenia's First Gold in Paris
• Japan's Takanori Nagase successfully defended his Olympic under 81kg judo title at the Paris
Olympics, securing victory by ippon against Georgia's three-time world champion, Tato
Grigalashvili.
• Meanwhile, Slovenia's Andreja Leski triumphed in the women's under 63kg final, earning her
country its first gold medal of the Games.
• Leski secured Slovenia's first gold medal of the Paris Games in the women's under 63kg judo
final.
China's Sun Yingsha and Wang Chuqin Win Mixed Doubles Table Tennis Gold at Paris Olympics
• China's top-ranked table tennis duo, Sun Yingsha and Wang Chuqin claimed the gold medal in
the mixed doubles event at the Paris Olympics.
• The pair secured a 4-2 victory over Democratic People's Republic of Korea's Ri Jong-sik and Kim
Kum-yong in a thrilling final at South Paris Arena 4.
• Sun Yingsha and Wang Chuqin, the world number one pair, won the mixed doubles gold with a
4-2 scoreline.
• South Korea's Lim Jong-hoon and Shin Yu-bin dominated their match against Hong Kong's
Wong Chun Ting and Doo Hoi Kem, winning 4-0 to take the bronze medal.
France's Teddy Riner wins 100+kg judo for record fourth gold medal
• French judoka Teddy Riner claimed his fourth Olympic gold medal in the 100+kg category at the
Paris 2024 Olympics.
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Important Monthly Current Affairs Capsule – August 2024
• Total Medals: Riner now holds six Olympic medals, surpassing Japanese judoka Ryoko Tani’s
record of five Olympic judo medals.
• Previous Titles: Riner won individual golds at the London 2012 and Rio 2016 Games and a team
gold at Tokyo 2021.
• Olympic Record: With four golds, Riner now holds the French Summer Olympics record for the most
titles.
Toni Kroos is Germany’s player of the year, Xabi Alonso wins coaching accolade
• Toni Kroos capped his illustrious career by being named Germany’s Player of the Year for the
2023-24 season.
• Xabi Alonso, having masterminded Bayer Leverkusen's unbeaten Bundesliga campaign and
German Cup victory, was honoured as Germany's Coach of the Year.
• Player of the Year: Toni Kroos
• Winner: Toni Kroos
• Recognition: Voted Germany’s Player of the Year for the second time (previously won in 2018).
• Coach of the Year: Xabi Alonso:
Kaylia Nemour Makes History with Olympic Gold in Gymnastics
• Kaylia Nemour, the 17-year-old Algerian gymnast, made history by becoming the first African to
win an Olympic gymnastics medal, capturing gold on the uneven bars.
Competitors:
o Silver: Shanieka Ricketts (Jamaica).
o Bronze: Jasmine Moore (USA).
Katie Ledecky Triumphs Again in 800-Meter Freestyle at Paris Olympics
• Katie Ledecky showcased her legendary prowess by winning the gold medal in the grueling 800-
meter freestyle final at the Paris Olympics, fending off a strong challenge from Australian star
Ariarne Titmus, who secured the silver medal.
• Medalists:
• Gold: Katie Ledecky (USA) - 8:11.04
• Silver: Ariarne Titmus (Australia) - Close behind Ledecky
• Bronze: Paige Madden (USA) - Fought her way to third place
United States Sets World Record in Mixed 4x100m Medley Relay at Paris Olympics
• Caeleb Dressel made history from the sidelines as the United States shattered the world record
in the mixed 4x100m medley relay, securing a gold medal at the Paris Olympics.
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Important Monthly Current Affairs Capsule – August 2024
• Medalists:
o Gold: United States
o Silver: China
o Bronze: Australia
Novak Djokovic Wins Olympic Gold, Completes Career Achievements
• Novak Djokovic defeated Carlos Alcaraz 7-6 (3) and 7-6 (2) in the Olympic men’s tennis singles
final.
• Rankings Record: He has spent the most weeks at No. 1 in the ATP rankings, surpassing all
male and female players.
• The podium is complete in men's singles tennis at the 2024 Paris Olympics
• GOLD: Novak Djokovic of Serbia
• SILVER: Carlos Alcaraz of Spain
• BRONZE: Lorenzo Musetti of Italy
Dinesh Karthik joins Paarl Royals, becomes first Indian player to sign up for SA20
• Former India wicketkeeper-batter Dinesh Karthik is set to become the first Indian player to
participate in SA20 league after signing with the Paarl Royals for the 2025 edition of the
tournament.
• This move comes shortly after Karthik was appointed as the league ambassador alongside AB
de Villiers.
• Team: Paarl Royals
• Other Overseas Signing: Joe Root
Paris 2024 Olympics:
China’s Li claims 25m rapid fire pistol gold, Italy wins mixed team skeet
• In a remarkable display at the Paris Olympics, China's Li Yuehong clinched the gold medal in the
men's 25 meters rapid fire pistol event.
• Li's performance was dominant, securing a comfortable 32-25 victory over South Korea's Cho
Yeong-jae, who took home the silver.
Men’s 25 Meters Rapid Fire Pistol:
• Gold: Li Yuehong (China) - 32 points
• Silver: Cho Yeong-jae (South Korea) - 25 points
• Bronze: Wang Xinjie (China)
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Important Monthly Current Affairs Capsule – August 2024
Mixed Team Skeet Final:
• Gold: Italy (Gabriele Rossetti and Diana Bacosi) - 45 points
• Silver: USA (Vincent Hancock and Austen Smith) - 44 points
• Bronze: China (Jiang Yiting and Lyu Jianlin) - 44 points
• Fourth Place: India (Maheshwari Chauhan and Anant Jeet Singh Naruka) - 43 points
Paris Olympics Badminton Results
• Men’s Singles
• Gold: Viktor Axelsen (Denmark)
• Silver: Kunlavut Vitidsarn (Thailand)
o This was Thailand’s first-ever Olympic medal in badminton.
• Bronze: Lee Zii Jia (Malaysia)
o Defeated Lakshya Sen (India) 13-21, 21-16, 21-11
Mixed Doubles
• Gold: China
Women’s Doubles
• Gold: China
Men’s Doubles
• Gold: Taiwan
Women’s Singles
• Gold: An Se-young (South Korea)
Paris Olympics Badminton Women’s Singles
• Gold: An Se-young (South Korea)
• Silver: He Bingjiao (China)
• Bronze: Gregoria Mariska Tunjung (Indonesia)
MiltiadisTentoglou Retains Olympic Long Jump Title at Paris 2024
• MiltiadisTentoglou of Greece achieved a historic feat at the Paris 2024 Olympics by becoming
the first man since Carl Lewis in 1996 to retain the Olympic long jump title.
• Tentoglou secured gold with a leap of 8.48 meters, continuing his dominance in the sport.
Key Results:
• Gold: MiltiadisTentoglou (Greece) - 8.48m
• Silver: Wayne Pinnock (Jamaica) - 8.36m
• Bronze: Mattia Furlani (Italy) - 8.34m
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Important Monthly Current Affairs Capsule – August 2024
Vinesh Phogat Announces Retirement Following Olympic Disqualification
• Vinesh Phogat, a 29-year-old Indian wrestler, has announced her retirement after being
disqualified from the Olympics.
• She was disqualified for being 100gm overweight before her 50kg category gold medal bout.
India to Host ISSF World Cup Final at Karni Singh Ranges in October
• India will host the ISSF World Cup Final (WCF) at the Karni Singh Ranges in October 2024,
bringing together the world's top shooters.
• The ISSF World Cup Final in India was announced during the Paris Olympics by ISSF President
Luciano Rossi in Châteauroux.
• This marks the 10th international shooting competition hosted by India since the 10th Asian Air
Gun Championship in 2015, and the second ISSF World Cup Final, with the first held in 2017.
• In 2023, Bhopal hosted its first ISSF World Cup.
Comprehensive Overview of Paris Olympics 2024
• The Paris Olympics 2024 marks the 33rd edition of the Summer Olympic Games and the third
time Paris will host, previously hosted in 1900 and 1924.
• This year's theme, "Let’s Move and Celebrate," emphasizes the joy of movement,
commemorating a century since the last Paris Olympics.
• The Phryges: Official mascots symbolizing the spirit and history of the Games.
• Indian Athletes: A total of 117 athletes represented India, competing from July 26 to August 11.
• Medals Won: India secured six medals - one silver and five bronze.
Thomas Bach to Step Down as IOC President After Second Term Ends in 2025
• Thomas Bach, President of the International Olympic Committee (IOC), announced he will not
seek an extension after his second term ends in 2025.
• Bach, who has led the IOC since 2013, will conclude his presidency as per the Olympic charter's
12-year term limit.
• The Olympic charter, which Bach helped draft, restricts the IOC president to a maximum of 12
years: an eight-year first term followed by a four-year second term.
Arshad Nadeem to Receive Hilal-e-Imtiaz for Historic Olympic Gold in Javelin Throw
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Important Monthly Current Affairs Capsule – August 2024
• The Javelin Throw gold medallist in the ongoing Paris Olympics 2024, Pakistan's Arshad
Nadeem, is set to be honoured with Hilal-e-Imtiaz by the country's government.
• Hilal-e-Imtiaz is the second-highest civilian award given by the Government of Pakistan and
Nadeem will get this award following his brilliant performance in the final of the competition
• Pakistan's Arshad Nadeem won the gold medal in the Javelin Throw at the Paris 2024 Olympics,
setting a new Olympic record with a throw of 92.97 meters.
Neeraj Chopra Claims Silver at Paris 2024 Olympics Javelin Event
• Neeraj Chopra achieved his season-best throw of 89.45 meters on his second attempt at the Paris
2024 Olympics held at the Stade de France.
• After an initial foul, Neeraj's impressive second throw positioned him in second place behind
Pakistan's Arshad Nadeem.
• Arshad Nadeem set a new Olympic record with a throw of 92.97 meters on his second attempt,
leading the competition.
• Following the first two throws, Neeraj was in second place with Nadeem leading.
India Wins Olympic Bronze in Field Hockey at Paris 2024
• India clinched the bronze medal in men's field hockey at the Paris 2024 Olympics, marking their
second consecutive Olympic bronze.
• Harmanpreet Singh played a pivotal role, scoring both goals in a tense 2-1 victory over Spain.
• India’s men’s hockey team won the bronze medal at the Paris 2024 Olympics.
• Star Player: Harmanpreet Singh scored two key goals for India.
PARIS OLYMPICS 2024:
Aman Sehrawat clinches 57kg wrestling bronze at Paris Olympics
• Indian wrestler Aman Sehrawat showcased his potential by clinching the men's 57kg freestyle
bronze medal at the Paris Olympics.
• His decisive 13-5 victory over Darian Toi Cruz in the bronze play-off injected hope into the Indian
wrestling team, facing recent controversies.
• The 21-year-old U-23 world champion was the only male wrestler from India to qualify for the
Paris Games, and he rose to the occasion with a stellar performance at the Champ de Mars
Arena.
• Bronze Medal Victory: Aman Sehrawat won the bronze medal in the men's 57kg freestyle
category with a commanding 13-5 win over Darian Toi Cruz.
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Important Monthly Current Affairs Capsule – August 2024
Karlos Nasar Sets New World Record in Men's 89kg Weightlifting at Paris Olympics
• Bulgaria’s Karlos Nasar electrified the Paris Expo with a world-record-breaking performance to
claim the men's 89kg Olympic weightlifting title at the Paris Games.
• The 20-year-old lifter achieved a total lift of 404kg, surpassing his previous clean and jerk record
with a final lift of 224kg, breaking the 223kg record set at the Qatar Grand Prix in Doha in 2023.
• Added to his best snatch result of 180kg, Nasar shattered China’s Li Dajin’s total record of
396kg.
PR Sreejesh and Manu Bhaker Announced as Flag-Bearers for Closing Ceremony of Paris 2024
Olympics
• Hockey goalkeeper PR Sreejesh and pistol shooter Manu Bhaker have been named as the joint
flag-bearers for the Indian contingent at the closing ceremony of the Paris 2024 Olympic Games.
• This announcement was confirmed by the Indian Olympic Association (IOA).
• PR Sreejesh, the renowned hockey goalkeeper, will join Manu Bhaker, a star pistol shooter, as
the flag-bearer for India at the closing ceremony of the Paris 2024 Olympics.
Sydney McLaughlin-Levrone Sets New World Record to Defend Olympic Title
• Sydney McLaughlin-Levrone solidified her dominance in the 400-meter hurdles by breaking her
world record with a time of 50.37 seconds, successfully defending her Olympic title.
o Gold: Sydney McLaughlin-Levrone (USA) – 50.37 seconds
o Silver: Anna Cockrell (USA) – 51.87 seconds (personal best)
o Bronze: Femke Bol (Netherlands) – 52.15 seconds
Sachin Tendulkar Ventures into Entrepreneurship with New Athleisure Brand
● Sachin Tendulkar, the iconic cricketer, is stepping into the world of entrepreneurship by launching a
new sports athleisure brand.
● This venture is a joint effort with Karthik Gurumurthy, the former head of Swiggy Instamart, and
former Swiggy executive Karan Arora, who will be the third co-founder.
Rohit Sharma Rises to Second in ICC ODI Batting Rankings; India Tops Team Rankings
● In the latest ICC ODI rankings, Indian skipper Rohit Sharma has moved up to second place among
batters following his impressive performance in the recent series against Sri Lanka.
● Despite India losing the three-match series 0-2, Rohit accumulated 157 runs, including two half-
centuries, with an average of 52.33.
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Important Monthly Current Affairs Capsule – August 2024
● The series opener ended in a tie.
● Batting Rankings:
o Rohit Sharma: 2nd place with 765 rating points.
o Shubman Gill: 3rd place (dropped one spot).
o Virat Kohli: 4th place (unchanged).
o Shreyas Iyer: 16th place.
o KL Rahul: 21st place (dropped one spot).
● Bowling Rankings:
o Kuldeep Yadav: 4th place (highest-ranked Indian bowler).
o Jasprit Bumrah: 8th place (unchanged).
o Mohammed Siraj: 9th place (dropped five spots, tied with Trent Boult).
o Mohammed Shami: 12th place (currently recovering from ankle surgery).
● All-Rounders Rankings:
o Ravindra Jadeja: 16th place (highest-placed Indian all-rounder).
o Hardik Pandya: 26th place (dropped four spots).
Team Rankings:
● India: 1st place with 118 rating points.
● Australia: 2nd place with 116 rating points.
● South Africa: 3rd place with 112 rating points.
Former Indian Cricketer Dodda Ganesh Appointed Head Coach of Kenya’s Men’s Cricket Team
● Former Indian all-rounder Dodda Ganesh has been appointed the head coach of Kenya’s men’s
cricket team.
● Ganesh, 51, who played four Tests and one ODI for India and had a successful first-class career
with Karnataka, will aim to revitalise Kenyan cricket as the team prepares for the Africa Qualifiers for
the 2026 T20 World Cup.
Zeeshan Ali Resigns as Coach of the Indian Davis Cup Team
● Zeeshan Ali announced his resignation as the coach of the Indian Davis Cup team, a month before
the team's upcoming match against Sweden in Stockholm.
● Ali, 54, who took over as coach in 2013, has served the team for 11 years and was instrumental in
various roles, including serving as captain during the historic tie against Pakistan earlier this year.
PR Sreejesh Retires and is Appointed Coach of the Indian Junior Hockey Team
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Important Monthly Current Affairs Capsule – August 2024
● Following his historic bronze medal at the Paris Olympics, Indian hockey legend PR Sreejesh has
announced his retirement.
● Hockey India's General Secretary, Bhola Nath Singh, declared that Sreejesh’s jersey number will be
retired, and he will take on the role of coach for the Indian Junior Hockey team.
● This marks a new chapter in Sreejesh's illustrious 18-year career, during which he has become an
icon of Indian hockey.
VVS Laxman to Continue Leading the National Cricket Academy: A Key Role in Indian Cricket's Future
● VVS Laxman, the former Indian batting great, is set to extend his tenure as the head of the
National Cricket Academy (NCA) in Bengaluru for at least another year, according to a report by
ESPNcricinfo.
● His initial three-year contract, which began in December 2021, was due to end in September
2023.
Kylian Mbappe Shines in Real Madrid Debut, Secures UEFA Super Cup Victory
● Kylian Mbappe made an impactful debut for Real Madrid, scoring a crucial goal to help his team
win the UEFA Super Cup with a 2-0 victory over Atalanta in Warsaw.
● This victory marked a record sixth Super Cup win for Real Madrid.
● With this victory, Real Madrid's coach Carlo Ancelotti matched a club record by winning his 14th
title as the team's coach, tying with former coach Miguel Munoz.
Niroshan Dickwella Suspended by Sri Lanka Cricket for Alleged Anti-Doping Violation
● Sri Lanka Cricket (SLC) announced the immediate suspension of wicketkeeper-batter Niroshan
Dickwella following allegations of an anti-doping violation.
● The alleged incident took place during the recently concluded Lanka Premier League (LPL) 2024,
where Dickwella captained the Galle Marvels.
Sumit Antil and Bhagyashri Jadhav Named Joint Flag-Bearers for Paris 2024 Paralympics
● Indian para-athletes Sumit Antil and Bhagyashri Jadhav have been named joint flag-bearers for
the Paris 2024 Paralympics Opening Ceremony, scheduled for August 28.
Ashutosh Singh to coach Indian Davis Cup team former national champion
● Ashutosh Singh will serve as the new national coach for India’s Davis Cup team.
● He replaces long-time coach Zeeshan Ali, who recently stepped down from the position.
● Sumit Nagal is set to lead the five-member Indian tennis team for the Davis Cup 2024 World Group I
tie against Sweden.
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Important Monthly Current Affairs Capsule – August 2024
● The tie will be held on the indoor hard courts at the Royal Tennis Hall in Stockholm on September 14
and 15.
Lauren Coughlin Secures Victory at Women’s Scottish Open and Solheim Cup Spot
● Event: Women’s Scottish Open
● Location: Dundonald Links, Ayrshire Coast
Winner: Lauren Coughlin
● Final Score: 15-under 273
Runner-Up: Esther Henseleit
● Score: 11-under 277
● Final Round: 2-under 70
Other Contenders:
● Megan Khang (USA): Finished tied for third after a 74 in the final round.
● Ayaka Furue (Japan): Also tied for third with a final round of 68.
● Charley Hull (England): Finished fifth with a final round of 73.
Significance of the Win:
● LPGA Titles: This is Coughlin’s second LPGA victory this summer, following her win at the CPKC
Women’s Open in Canada.
● Solheim Cup Qualification: With this win, Coughlin secured enough points to earn an automatic
spot on the U.S. Solheim Cup team, marking her debut in the event.
Pankaj Advani Clinches Western India Billiards and Snooker Championship Title
● Event: Western India Billiards and Snooker Championship
● Location: Mumbai
Final Match:
● Winner: Pankaj Advani (ONGC)
o Final Score: 822-520
o Opponent: S Shrikrishna (BPCL)
Money:
● Winner: Pankaj Advani - ₹2 lakh
● Runner-up: S Shrikrishna - ₹1.2 lakh
● Semi-finalists: Dhvaj Haria and Shahyan Razmi - ₹60,000 each
● Match Summary: Both Advani and Shrikrishna started the final match tentatively, struggling to put
together big breaks initially. However, Advani's experience and skill allowed him to gradually pull
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Important Monthly Current Affairs Capsule – August 2024
ahead, securing the title in a contest that saw only a handful of substantial breaks over its three-
hour duration.
Francesco Bagnaia Secures Victory at Austrian MotoGP, Extends Championship Lead
● Race Winner: Francesco Bagnaia (Ducati)
o Achievement: Bagnaia clinched the Austrian Grand Prix, completing a weekend double
and extending his lead in the MotoGP World Championship.
o Championship Points: 275, 5 points ahead of rival Jorge Martin.
● Second Place: Jorge Martin (Prima Pramac Racing)
o Qualifying: Martin started from pole position but was overtaken by Bagnaia on the second
lap.
o Championship Points: 270
● Third Place: Enea Bastianini (Ducati)
o Race Outcome: Bastianini completed a Ducati sweep of the podium.
Australia to Host Special Test Match Celebrating 150 Years of Test Cricket at MCG in 2027
Summary:
● Event: Stand-alone celebratory Test match
● Teams: Australia vs. England
● Venue: Melbourne Cricket Ground (MCG)
● Date: 2027
● Occasion: Celebrating 150 years of Test cricket since its inception in March 1877.
Brooks Koepka Wins LIV Golf Greenbrier Title in Playoff Against Jon Rahm
● Brooks Koepka secured his fifth career LIV Golf title, defeating Jon Rahm in a playoff at the LIV Golf
Greenbrier.
● This win, which marked Koepka's first LIV victory since May, was achieved after a dramatic finish at
the Old White course in White Sulphur Springs, West Virginia.
Ilkay Gündoğan Announces Retirement from International Football
● Ilkay Gündoğan, who captained Germany during Euro 2024 on home soil, officially retired from
international football at 33.
Satya Prakash Sangwan Named Chef de Mission for India's Largest-Ever Contingent at Paris
Paralympics 2024
● Chef de Mission: Satya Prakash Sangwan, Vice-President of the Paralympic Committee of India
(PCI), was appointed chef de mission for the Indian team.
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Important Monthly Current Affairs Capsule – August 2024
● Indian Contingent: 84 athletes to participate in the Paris Paralympics 2024, the largest-ever from
India, surpassing the 54 athletes who competed in Tokyo.
● Flagbearers: Bhagyashree Jadhav and Sumit Antil have been named as India's flagbearers for the
event.
ICC Confirms Venue Change for 2024 Women's T20 World Cup from Bangladesh to UAE
● The International Cricket Council (ICC) has officially confirmed that the 2024 Women's T20 World
Cup will be relocated from Bangladesh to the United Arab Emirates (UAE).
● The tournament will proceed as planned, starting on October 3, and will be hosted at two venues in
Dubai and Sharjah, concluding on October 20.
Jay Shah Poised to Become ICC Chair, Succeeding Greg Barclay
● Jay Shah, the current secretary of the Board of Control for Cricket in India (BCCI), is expected to
succeed Greg Barclay as the next chair of the International Cricket Council (ICC).
Manuel Neuer Retires from International Football After 15 Years
● Germany's legendary goalkeeper, Manuel Neuer, announced his retirement from international
football after an illustrious 15-year career and 124 caps for the national team.
● Although Neuer will continue playing club football with Bayern Munich, his decision marks the end of
an era for Germany.
First Women’s Test Match at Lord's in 2026
● The England and Wales Cricket Board (ECB) announced that Lord's, often called the 'home of
cricket,' will host its first-ever women’s Test match in 2026.
● The historic match will feature the national teams of India and England, marking a significant
moment in women's cricket.
● Schedule: The Test match is scheduled to follow a three-match ODI series between India and
England in July 2025, as per the ECB's official announcement.
ICC Undergoes Leadership Transition with Departure of Indra Nooyi and Search for New Chairman
● The International Cricket Council (ICC) is undergoing a significant leadership transition following
the completion of Indra Nooyi's six-year term as the first female independent director and the
upcoming election for a new chairman.
● Indra Nooyi, former CEO of PepsiCo, made history in 2018 as the first female independent
director of the ICC, marking a pivotal moment for the organization in promoting diversity and
inclusion at the leadership level.
Shikhar Dhawan Announces Retirement from All Forms of Cricket
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Important Monthly Current Affairs Capsule – August 2024
● Indian cricketer Shikhar Dhawan announced his retirement from all forms of cricket.
● The 38-year-old shared this heartfelt decision on social media, marking the end of an illustrious
career that spanned over 12 years.
India Wins Silver at Maruhaba Cup and Secures Asian Games Surfing Quota
● India won the silver medal at the Maruhaba Cup during the Asian Surfing Championships 2024, held
in Thulusdhoo, Maldives.
● The Indian team comprised Kamali P, Ajeesh Ali, Srikanth D, and Sanjay Selvamani.
● Japan claimed the gold medal with a score of 58.40, while India scored 24.13 to secure second
place.
● Taipei won the bronze with 23.93, and China finished fourth with 22.10.
Tanvi Patri Wins Under-15 Girls Singles Title at Badminton Asia Junior Championships
● Tanvi Patri won the under-15 girls singles title at the Badminton Asia U-17 & U-15 Junior
Championships.
● The event was held in Chengdu, China.
● Patri, seeded No. 1, defeated Thi Thu Huyen Nguyen of Vietnam in straight games.
● The final score was 22-20, 21-11, with the match concluding in just 34 minutes.
Lando Norris Takes Pole Position at Dutch Grand Prix Qualifying
● Lando Norris secured pole position for the Dutch Grand Prix with a standout qualifying performance.
● Norris’ final lap was significantly faster, placing him 0.356 seconds ahead of second-place Max
Verstappen.
India Secures Silver at Maruhaba Cup, Marks Milestone in Asian Surfing Championships 2024
● The Indian national surfing team clinched a silver medal at the Maruhaba Cup, a prestigious
team event at the Asian Surfing Championships 2024.
● The competition took place in Thulusdhoo, Maldives, and concluded.
● Final Results:
○ Japan won the gold medal with a score of 58.40.
○ India secured the silver medal with a score of 24.13.
○ Taipei took the bronze medal with 23.93.
○ China finished in fourth place with 22.10.
14-Year-Old Tanvi Patri Makes History at Asian U-15 Badminton Championships 2024
● In a significant achievement for Indian badminton, Tanvi Patri, a 14-year-old from Odisha, India,
won the women’s singles title at the Asian U-15 Junior Championships 2024 held in Chengdu,
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Important Monthly Current Affairs Capsule – August 2024
China.
● This victory marks Patri as the third Indian to claim this prestigious title.
Championship Results
U-15 Competition
● Women’s Singles: India (Tanvi Patri)
● Men’s Singles: China
● Women’s Doubles: South Korea
● Men’s Doubles: Chinese Taipei (Taiwan)
● Mixed Doubles: South Korea
U-17 Tournament
● Men’s Singles: Indonesia
● Men’s Doubles: Indonesia
● Women’s Singles: China
● Women’s Doubles: China
● Mixed Doubles: Chinese Taipei
About Badminton Asia
● Role: Governing body for badminton in Asia, under the Badminton World Federation (BWF)
● Membership: 43 national badminton associations
● Headquarters: Petaling Jaya, Selangor, Malaysia
● Current President: Kim Jong Soo
Jay Shah Elected as ICC Chairman: Youngest Ever to Lead Global Cricket
o Jay Shah was elected unopposed as the next ICC Chairman.
o He is 35 and the youngest to lead global cricket administration.
o Shah is set to take over from Greg Barclay on December 1, 2024.
ILT20 Organizers Consider New Schedule to Avoid Clashes with Global Tournaments
● The International League T20 (ILT20) organizers are considering a new window for future editions to
avoid scheduling conflicts with other major leagues like the Big Bash League (BBL) and SA20.
● The third edition of ILT20 is scheduled from January 11 to February 9, 2024, but overlaps with other
global leagues may prompt a reconsideration of the dates.
Dawid Malan Announces Retirement from International Cricket
o Dawid Malan, the England star and former World No.1 T20I batter, has officially announced his
retirement from international cricket.
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Important Monthly Current Affairs Capsule – August 2024
o His last appearance for England was during the ICC Mens Cricket World Cup 2023.
Caroline Groot Wins First Gold Medal of the Paralympic Games
● Caroline Groot of the Netherlands claimed the first gold medal of the Paralympic Games by winning
the 500-meter time trial in women's track cycling for the C4 and C5 classifications.
● Groot set a world record in the C5 classification with a time of 35.390 seconds.
Medalists in Women's 500m Time Trial:
o Gold: Caroline Groot (Netherlands, C5)
o Silver: Marie Patouillet (France, C5) France's first medal of the Games.
o Bronze: Kate OBrien (Canada, C4)
OBITUARIES
Legendary cricketer Anshuman Gaekwad dies at 71 after battling cancer
Early Career and Playing Achievements
• Former Indian cricketer Anshuman Gaekwad passed away at the age of 71 after a prolonged
battle with blood cancer.
• In a career that spanned 12 years, Gaekwad played 40 Tests and 15 ODIs, scoring a total of
2254 runs.
• He achieved two centuries, with his highest score being 201 against Pakistan in Jalandhar in
1983.
Renowned Bharatanatyam Dancer Yamini Krishnamurthy Passed Away
• Bharatanatyam and Kuchipudi veteran Yamini Krishnamurthy passed away in New Delhi at the
age of 83.
• Born on December 20, 1940 in Madanapalli in Andhra Pradesh’s Chittoor district to Sanskrit
scholar M. Krishnamurti.
• She began dancing at the tender age of five at the Kalakshetra School of Dance in Chennai
under the tutelage of legendary Bharatanatyam dancer Rukmini Devi Arundale.
Former Chairman and Managing Director of GAIL, CR Prasad passed away
• CR Prasad, former Chairman and Managing Director (CMD) of GAIL (India) Limited, has passed
away at the age of 83.
• Dr CR Prasad joined GAIL as Director (Planning) in 1994 and rose to the position of CMD in
1996.
• He was chairman and managing director (CMD) of the company till his superannuation in 2001.
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Important Monthly Current Affairs Capsule – August 2024
Founder of Camlin Subhash Dandekar Passed away
• Subhash Dandekar, the founder of stationery brand Camlin, has passed away at the age of 86.
• Dandekar served as the President of the Maharashtra Chamber of Commerce and Industries
from 1990 to 1992, contributing to the development of the industrial sector in Maharashtra.
Economist and Former Madras Christian College Professor C.T. Kurien Passed Away
• The world of economics lost a brilliant mind and compassionate soul. Christopher Thomas Kurien
(C.T. Kurien), a distinguished economist and former professor of Madras Christian College,
passed away at the age of 93 due to age-related ailments.
• Kurien received a Master’s degree in Economics from the Madras Christian College (MCC) in
1953.
• He was a Visiting Fellow at Yale University in 1968-69.
Albania's Renowned Novelist Ismail Kadare Passed away
• Albanian novelist and poet Ismail Kadare, whose irreverent works from inside communist Albania
earned him international renown and repression from the country's dictatorship, has passed away
at the age of 83 in Tirana.
• Ismail Kadare born on 28 January 1936 in Gjirokastër, Albania.
• He became internationally recognized after his novel “The General of the Dead Army” — which
later inspired a film starring Marcello Mastroianni and Anouk Aimee was published in 1963.
Nobel Prize-winning physicist Tsung-Dao Lee Passed away
• Chinese-American physicist Tsung-Dao Lee, who in 1957 became the second-youngest scientist
to receive a Nobel Prize, Passed away at the age of 97 in San Francisco, California, the United
States of America (USA).
• Lee was born in Shanghai, China.
• He was a Chinese-American physicist, known for his work on parity violation, the Lee–Yang
theorem, particle physics, relativistic heavy ion (RHIC) physics, nontopological solitons, and
soliton stars.
Veteran Communist Leader and Former West Bengal Chief Minister Buddhadeb Bhattacharjee Passed
away
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Important Monthly Current Affairs Capsule – August 2024
• Former West Bengal Chief Minister and veteran Communist leader Buddhadeb Bhattacharjee
passed away at the age of 80 in Kolkata, West Bengal.
• Bhattacharya was born on 1 March 1944 in North Kolkata.
• He was an Indian communist politician and a former member of the Politburo of the Communist
Party of India (Marxist), who served as the 7th Chief Minister of West Bengal from 2000 to 2011.
Former External Affairs Minister and Padma Vibhushan Honoree K Natwar Singh Passed Away
• Veteran Congress leader and former External Affairs Minister K Natwar Singh passed away at
the age of 93 in Gurugram, near Delhi.
• Born in 1931 in Bharatpur district, Rajasthan.
• In 1953, he served as India’s Deputy High Commissioner to the UK (1973-77) and then became
India’s High Commissioner to Zambia in 1977.
Renowned Indian Missile Scientist & Key Figure in Agni Missile Development RN Agarwal Passes Away
● Dr. RN Agarwal, an acclaimed aerospace scientist and a key figure in India's missile technology,
passed away at the age of 84 in Hyderabad.
● He made significant contributions to the Agni missile program, launched in 1983, and served as
its first program director.
● Known as the "Father of Agni Missiles," he was instrumental in the development of India's long-
range Agni missile program.
● He led the first successful launch of the Agni missile on May 22, 1989, and was pivotal in
developing various versions of the Intercontinental Ballistic Missile (ICBM).
● Agni V, developed under his guidance, has a range of over 5,000 km, placing India among the
top nations in missile technology.
Awards and Recognition:
● Dr. Agarwal was awarded the Padma Shri in 1990 and the Padma Bhushan in 2000 for his
contributions to missile technology.
● He received the Lifetime Achievement Award in 2004 for his work in aerospace and the Agni
program, as well as the DRDO Technology Leadership Award and Chandrasekhara Saraswati
National Eminence Award.
IGMDP and India's Missile Development:
● The Agni missile was developed under the Integrated Guided Missile Development Programme
(IGMDP), which was led by Dr. APJ Abdul Kalam.
● IGMDP also developed four other missiles: Prithvi, Akash, Nag, and Trishul.
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Important Monthly Current Affairs Capsule – August 2024
Renowned Award-Winning U.S. Actor Gena Rowlands Passes Away
● Actor Gena Rowlands, who was in the entertainment industry for over six decades, died at the
age of 94.
● Gena Rowlands, born Virginia Cathryn Rowlands on June 19, 1930, in Madison, Wisconsin, was
a prominent American actress with a career spanning over six decades.
● She appeared in popular films such as "The Notebook" (2004), directed by her son Nick
Cassavetes, and "The Skeleton Key" (2005).
Awards and Honors :
● Rowlands won the Golden Globe for Best Actress for “A Woman Under the Influence.”
● In 1987, she won an Emmy and a Golden Globe for her performance as Betty Ford in “The Betty
Ford Story.”
● She also won Emmys for “Face of a Stranger” (1991) and “Hysterical Blindness” (2003), and a
Daytime Emmy for “The Incredible Mrs. Ritchie” (2004).
● Throughout her career, Rowlands received numerous accolades, including three Primetime
Emmy Awards, one Daytime Emmy, and two Golden Globes.
● In 2015, She received an Honorary Academy Award at the Governors Awards.
Veteran Gandhian & Padma Bhushan Awardee Shobhana Ranade Passed Away
● Veteran Gandhian and social worker Shobhana Ranade passed away in Pune, Maharashtra at
the age of 99.
● Ranade was born on 26 October 1924,in Pune, Maharashtra.
● The Government of India (GoI) honoured her in 2011, with the Padma Bhushan-the third highest
civilian award for her services to the society.
Indian Coast Guard's Director General Rakesh Pal Passed Away
● Director General of Indian Coast Guard Rakesh Pal Passed away in Chennai, Tamil Nadu (TN).
● Pal took charge as the 25th Director General of the Indian Coast Guard on July 19, 2023.
● Pal hailed from Uttar Pradesh.
● For his illustrious service, he was conferred the Ati Vishisht Seva Medal, President Tatrakshak
Medal and Tatrakshak Medal for distinguished service.
Former Council of Scientific and Industrial Research Director General Girish Sahni Passed away
● Former director-general of the Council of Scientific and Industrial Research (CSIR), Girish Sahni,
known for developing clot busters for the treatment of cardiovascular diseases passed away at
the age of 68.
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Important Monthly Current Affairs Capsule – August 2024
● Dr. Sahni joined the Institute of Microbial Technology (IMTECH), a CSIR laboratory in
Chandigarh, in 1991.
● He became its director in 2005, a position he held until he was appointed the CSIR director-
general in 2015.
General S. Padmanabhan, former Army Chief who led during Operation Parakram, passed away
● India’s 20th Chief of Army Staff (COAS) General Sundararajan Padmanabhan, a highly
decorated officer under whose leadership the Indian Army made big gains over armed militants in
Jammu and Kashmir in the early 1990s, passed away at the age of 83.
● Born on December 5, 1940, in Thiruvananthapuram, Kerala.
Graham Thorpe, former England cricketer, dies after being hit by a train at Surrey railway station
● Graham Thorpe (England) passed away after being struck by a train at a railway station in
Surrey.
Sara Abraham, a leading figure in contemporary Indian art passed away
● Sara Abraham, the doyenne of contemporary Indian Art in the early Seventies, passed away at
Chennai, Tamil Nadu (TN).
● Sara Abraham tooks art to greater heights by reaching out to the people through the ‘Kala Yatra’
— a “travelling art gallery” that took the form of exhibitions in different cities.
World's Oldest Person, Maria Branyas Morera, Passed away in Spain
● The world's oldest person, Spain's Maria Branyas Morera, who was born in the United States,
passed away at the age of 117.
● Branyas was officially recognized as the world's oldest person by Guinness World Records in
January 2023, following the death of French nun Lucile Randon aged 118.
● Historical Ranking : Branyas was the 8th oldest verified person in history at the age of 117.
● Jeanne Calment, a Frenchwoman, was the oldest person ever recorded, living to 122 years and
164 days.
● Current Oldest Living Person: Japan's Tomiko Itooka, born on May 23, 1908, currently holds the
title of the oldest living person, according to the US Gerontology Research Group.
Former Player and Ex-Coach of Federer, Peter Lundgren, Passed Away
● Former Swedish tennis player Peter Lundgren, who also coached Roger Federer early in the
Swiss player's career, has passed away at the age of 59.
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Important Monthly Current Affairs Capsule – August 2024
5-Time Venezuelan Olympic Cyclist Daniela Chirinos Passed Away
● Daniela Larreal Chirinos, a five-time Olympic cyclist who competed for Venezuela over the
course of a decade, has passed away at the age of 51.
● Daniela Greluis Larreal Chirinos was born on 2 October 1973 in Maracaibo,Venezuela.
Former Five-Time Lebanese Prime Minister Salim Hoss Passed Away
● Five-time former Lebanese Prime Minister Salim Hoss, who served during some of the most
tumultuous years of his country’s modern history, passed away at the age of 94.
● Salim al-Huss was born in Beirut, Lebanon on 20 December 1929.
About Lebanese :
● Prime Minister : Najib Mikati
● Capital : Beirut
● Currency : Lebanese pound
Veteran Congress Leader and Nanded MP Vasantrao Chavan Passed Away
● Veteran Congress leader and recently elected Member of Parliament representing Nanded
constituency, Vasantrao Chavan, passed away at the age of 70.Swedish Coach Sven-Goran
Eriksson, First Foreigner to Lead England Team, Passed Away
● Sven-Goran Eriksson, the Swedish football manager who spent five years as England’s first ever
foreign-born coach after making his name winning trophies at club level in Italy, Portugal and
Sweden, passed away at the age of 76.
● Sven-Göran Eriksson was born on 5 February 1948 in Sunne, Sweden.
● He was known as “Svennis” in Sweden & had a nine-year playing career as a right-back, retiring
at 27.
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Important Monthly Current Affairs Capsule – September 2024
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Important Monthly Current Affairs Capsule – September 2024
S. No Topics Page No
1. IMPORTANT DAYS 03
2. NATIONAL NEWS 10
3. INTERNATIONAL NEWS 42
4. STATE NEWS 50
5. BUSINESS NEWS 63
6. BANKING AND ECONOMY 74
7. AWARDS AND HONOURS 138
8. APPOINTMENTS & RESIGNATIONS 141
9. MOUS AND AGREEMENT 158
10. RANKING AND INDEXES 165
11. ACQUISITIONS & MERGERS 171
12. DEFENCE NEWS 174
13. SCIENCE & TECHNOLOGY 183
14. SPORTS NEWS 193
15. BOOKS AND AUTHORS 203
16. OBITUARIES 204
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Important Monthly Current Affairs Capsule – September 2024
IMPORTANT DAYS
National Nutrition Week: 1st to 7th September,2024
o National Nutrition Week is observed annually in India from 1st to 7th September to highlight the
importance of proper nutrition and its impact on a healthy lifestyle.
o National Nutrition Week was first initiated in March 1973 by the American Dietetic Association (now
the Academy of Nutrition and Dietetics) to promote nutrition education and the profession of
dietitians.
World Coconut Day: September 2, 2024
• Celebrated annually on September 2, World Coconut Day aims to highlight the benefits of coconuts
and promote awareness about their importance.
• Major coconut-producing states in India include Tamil Nadu, Karnataka, Kerala, West Bengal, and
Andhra Pradesh.
o Asian and Pacific Coconut Community (APCC), established in 1969 and headquartered in
Jakarta, Indonesia, supports the growth, production, sale, and export of coconuts in Asian
countries.
o In 2009, APCC initiated World Coconut Day to recognise and celebrate the fruit's significance.
Skyscraper Day 2024: September 3
• Date and Significance:
o Skyscraper Day is celebrated on September 3 every year.
o The day marks the birth anniversary of Louis H. Sullivan, known as the 'father of modern
skyscrapers'.
o The world's first skyscraper was the Home Insurance Building in Chicago, completed in 1885.
National Teachers Day 2024: September 5
• In India, every year 5th of September is celebrated as National Teachers Day to contribute to our
teachers.
• The theme for Teacher's Day 2024 is "Empowering Educators for a Sustainable Future,"
• Fifth September is the birth anniversary of Dr. Sarevepalli Radhakrishnan, the former president of
India who was a well-known Teacher, Scholar, and Philosopher.
• Since 1962 every year 5th of September is celebrated as National Teachers Day in India.
International Day Of Charity 2024: September 5
• International Day of Charity is observed on September 5th to promote and encourage charitable
activities around the globe.
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Important Monthly Current Affairs Capsule – September 2024
• In 2012, the United Nations General Assembly declared the International Day of Charity was
observed on the 5th of September.
• They declared September 5 as an International Day of Charity in order to remember the death
anniversary of Mother Theresa who was awarded the Nobel Prize for Peace in 1979.
International Vulture Awareness Day (IVAD) 2024:
• International Vulture Awareness Day (IVAD) is observed annually on the first Saturday of
September to spotlight the world’s most endangered group of birds—vultures.
• Initiated in South Africa and the United Kingdom, IVAD has been commemorated since
September 2009.
• Vultures, often misunderstood due to their association with death, play a crucial role in
maintaining ecological balance.
International Day of Police Cooperation: September 7
• On September 7, the world observes the International Day of Police Cooperation, honouring the
critical role law enforcement plays in global security.
• The date aligns with the centenary of INTERPOL (International Criminal Police Organization).
INTERPOL, originally known as the International Criminal Police Commission (ICPC), was
founded on September 7, 1923.
• The United Nations General Assembly officially designated this observance on December 16,
2022, and the first celebration took place in 2023, coinciding with INTERPOL’s 100th
anniversary.
World Duchenne Muscular Dystrophy Day: 7th September
• Every year on 7th September, the world observes World Duchenne Muscular Dystrophy Day to
raise awareness about Duchenne muscular dystrophy (DMD), a rare degenerative disease that
progressively weakens muscles, eventually impacting the entire body.
• Duchenne Muscular Dystrophy (DMD) is a genetic disorder caused by a mutation on the X-
chromosome, affecting 1 in 5,000 boys.
• Theme for 2023: "Duchenne: Breaking Barriers"
World Physical Therapy Day 2024: September 8
• Every year 8th of September is observed as World Physical Therapy Day.
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Important Monthly Current Affairs Capsule – September 2024
• The theme for World Physical Therapy Day 2024 is "Low back pain (LBP) and the role of
physiotherapy in its management and prevention."
• In India, physiotherapy was first started in the year of 1952.
• The first physiotherapy centre was started in Mumbai with the support of the Government and the
support of the World Health Organisation(WHO).
World Literacy Day 2024: September 8
• Since 1967, World Literacy Day or International Literacy Day is observed each year on the 8th of
September.
• The theme for International Literacy Day 2024 is 'Promoting multilingual education: Literacy for
mutual understanding and peace.”
• This day was declared by The United Nations Educational, Scientific, and Cultural Organisation
or UNESCO on 26th October 1966.
World Suicide Prevention Day: 10 September
• World Suicide Prevention Day (WSPD): Observed annually on September 10 since 2003, WSPD
was established by the International Association for Suicide Prevention (IASP) in collaboration
with the World Health Organization (WHO).
• To focus global attention on the issue of suicide, reduce stigma, and raise awareness among
organizations, governments, and the public about suicide prevention.
National Forest Martyrs Day 2024: September 11
• National Forest Martyrs Day is observed annually on September 11th.
• The day honours individuals who sacrificed their lives in the protection of India's forests and
wildlife.
• It aims to raise awareness about forest conservation and recognize the efforts of forest guards,
rangers, and officers.
Hindi Diwas 2024: September 14
• Every year of 14th September is celebrated as a Hindi Diwas or Hindi day.
• After India got its independence, in the year of 1949 there were a lot of discussions to make Hindi
the official language of India.
• In the year of 1953, the first Hindi Diwas was celebrated.
Engineers Day in India 2024: September 15
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Important Monthly Current Affairs Capsule – September 2024
• Every year 15th September is celebrated as National Engineers Day in India.
• National Engineers Day is celebrated on 15th September in India, in order to pay tribute to our
Indian engineer and Bharat Ratna Sir Mokshagundam Viswesvaraya on his birthday.
• In the year of 1968, the Government of India announced that Sir M. Visvesvaraya’s birth
anniversary was celebrated as Engineers Day in India.
International Day of Democracy 2024: September 15
• The International Day of Democracy is observed every year on the 15th of September.
• The first International Day of Democracy was observed in the year of 2008.
• The first International Conference on Democracy was held by the UN.
World Ozone Day 2024: September 16
• Every year World Ozone Day is observed on 16 September.
• The theme for this year is “Montreal Protocol: Advancing Climate Actions”.
• In 1994, the United Nations General Assembly decided to organize World Ozone Day on the 16th
of September.
World Patient Safety Day 2024: September 17
• Every year September 17 is observed as World Patient Safety Day.
• The World Patient Safety Day Theme in 2024 is "Improving diagnosis for patient safety", to
recognize the crucial role patients, families, and caregivers play in health care safety.
• Though this day was established in 2019, this day was first observed in the year 2021.
World Bamboo Day 2024: September 18
• Every year 18th of September is celebrated as World Bamboo Day.
• the World Bamboo Organization recognized World Bamboo Day in the year of 2009.
• World Bamboo Day was founded by Kamesh Salam, the former president of the World Bamboo
Organization.
• The World Bamboo Organization Headquarters was located in Antwerp, Belgium.
• The 8th World Bamboo Congress was held in Bangkok on 18 September 2009.
World Alzheimers Day 2024: September 21
• Every year World Alzheimers Day is observed on 21st September.
• The theme for World Alzheimer's Day 2024 is "Time to act on dementia, Time to act on
Alzheimer's."
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Important Monthly Current Affairs Capsule – September 2024
• Alzheimer's disease was first diagnosed in an old German lady in 1901 by Alois Alzheimer, a
German Psychiatrist. This illness was named after the German Psychiatrist.
International Day of Peace 2024: September 21
• International Day of Peace is celebrated on 21st September of every year.
• The International Day of Peace 2024 Theme is “Cultivating a Culture of Peace”.
• The United Nations General Assembly declared the International Day of Peace to strengthen the
ideas of peace.
World Rose Day: September 22
● World Rose Day is observed every year on September 22, dedicated to honouring and
supporting cancer patients globally.
● This day serves as a reminder of the courage and bravery shown by those battling cancer and
their caregivers.
International Day of Sign Languages: September 23
● The International Day of Sign Languages is celebrated annually on September 23 to promote
awareness of sign languages and the rights of deaf individuals.
● This year’s theme is “Sign up for Sign Language Rights.”
● The first celebration took place in 2018, marking a significant step towards recognizing the
linguistic rights of deaf people.
● September 23 was chosen because it commemorates the founding of the World Federation of
the Deaf (WFD) in 1951.
World Rivers Day 2024: September 22
● World Rivers Day is celebrated on the fourth Sunday of September of every year.
● This year World Rivers Day falls on the 22nd of September.
● Theme: ‘Waterways of Life’ ; The theme for World Rivers Day 2024 is ‘Waterways of Life,’
emphasising the essential role rivers play in ecosystems, wildlife, agriculture, and communities.
● This year’s theme highlights the crucial role rivers play in supporting ecosystems, wildlife,
agriculture, and communities.
● The first World Rivers Day was celebrated in 2005, marking a significant global event.
World Pharmacists Day 2024: September 25
● Every year we observe 25th September as World Pharmacists Day.
● This year, the theme of World Pharmacy Day is “Pharmacists: Meeting Global Health Needs”.
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Important Monthly Current Affairs Capsule – September 2024
● In 2009, at Turkey’s Istanbul, The International Pharmaceutical Federation Council announced
that World Pharmacists Day would be celebrated on 25th September.
● In the year of 1912, the International Pharmaceutical Federation was established on September
25.
Antyodaya Diwas 2024: September 25
● The Antyodaya Diwas is observed every year on 25th September in India.
● The theme of 2024 is “Empowering the Last Person.”
● This day is celebrated on September 25 to mark the birth anniversary of Pandit Deendayal
Upadhyaya.
● Pandit Deendayal Upadhyaya was born on 25th September 1916 in Mathura.
World Contraception Day 2024: September 26
● The World Contraception Day is observed on 26th September of every year.
● This day is observed to spread awareness about the available contraceptive methods.
● This year, 2024, the theme of World Contraception Day is "A choice for all. Freedom to plan,
power to choose."
● The ten international family planning organizations observed World Contraception Day on 26
September 2007 to raise awareness about contraception.
World Environmental Health Day 2024: September 26
● World Environmental Health Day is observed on the 26th of September of every year.
● This day is observed in order to spread awareness about environmental health worldwide.
● World Environmental Health Day was established by the International Federation of
Environmental Health(IFEH) on 26th September 2011.
International Day for the Total Elimination of Nuclear Weapons: September 26
● The International Day for the Total Elimination of Nuclear Weapons is celebrated on September
26th every year to raise awareness about the threat of nuclear weapons and to promote their
elimination.
● Purpose: To raise awareness about the threat posed by nuclear weapons and promote their
elimination.
● Established: Declared by the UN General Assembly (UNGA) in 2013.
World Maritime Day 2024: September 26, 2024
● World Maritime Day, observed annually on the last Thursday of September, This year, the World
Maritime Day is taking place on September 26
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Important Monthly Current Affairs Capsule – September 2024
● Recognize and honour the contributions of those in the maritime industry, including seafarers,
marine officials, and service agents.
● Theme for 2024 “Navigating the Future: Safety First!”
World Tourism Day 2024: September 27
● World Tourism Day is celebrated annually on 27th September. For 2024, the host country is
Tbilisi, Georgia, and the theme is "Tourism and Peace".
● First Observance: World Tourism Day was first celebrated as an international observance on
27th September 1980 by the United Nations World Tourism Organization (UNWTO).
● World Tourism Day Symbolism : The colour associated with World Tourism Day is blue,
symbolizing peace, the sea, and the sky, which are closely linked with travel and tourism.
World Rabies Day 2024: September 28
● World Rabies Day is celebrated on 28th September of every year.
● This year's World Rabies Day theme is: “Breaking Rabies Boundaries”
● The Global Alliance for Rabies Control (GARC) established World Rabies Day in 2007.
● This day was recognized by the World Health Organization(WHO).
World Heart Day 2024: September 29
● Every year World Heart Day is celebrated on 29th September.
● The heart is the primary organ of the circulatory system. It is located between the lungs, in the
middle compartment of the chest.
● The World Heart Federation (WHF) has announced a powerful theme for the years 2024 to
2026: “Use Heart for Action.”
● In 1999, The World Heart Federation (WFH) along with the World Health Organization (WHO)
established World Heart Day.
● The first celebration of this day took place on 24th September 2000.
International Translation Day 2024: September 30
● International Translation Day is celebrated on 30th September of every year.
● The theme for International Translation Day (ITD) in 2024 is "Translation, an art worth
protecting".
● On 24 May 2017, the General Assembly approved resolution 71/288 and declared September 30
as International Translation Day in order to identify the role of Translators in interconnecting
nations.
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Important Monthly Current Affairs Capsule – September 2024
● The celebration has been promoted by the International Federation of Translators (FIT) which
was started in the year of 1953.
NATIONAL NEWS
Indian Government Launches 'AgriSure' Fund to Support Agritech Startups
The Indian government has introduced a ₹750 crore (approximately $90 million) fund named 'AgriSure'
to support agritech startups.
The fund aims to provide financial assistance in the form of both equity and debt capital to startups and
agripreneurs in the agriculture sector.
Union Government Sets Up the 23rd Law Commission (2024-2027)
o The Union government has established the 23rd Law Commission for a period of three years, from
September 1, 2024, to August 31, 2027.
o The commission's main responsibilities include identifying obsolete laws for repeal, auditing laws
that impact the poor, and providing recommendations on laws referred by the Law and Justice
Ministry.
o The commission will have a full-time chairperson, four full-time members, Secretaries of the Legal
Affairs and Legislative departments as ex-officio members, and up to five part-time members.
Vishanu Yuddh Abhyas: India's First Comprehensive Pandemic Preparedness Mock Drill
o Under the National One Health Mission (NOHM), a national mock drill named "Vishanu Yuddh
Abhyas" (Virus War Exercise) was conducted from August 27 to August 31, 2024, in Ajmer district,
Rajasthan.
o The exercise aimed to assess pandemic preparedness by evaluating the readiness and response of
the National Joint Outbreak Response Team (NJORT), which includes experts from human health,
animal husbandry, and wildlife sectors.
o A mock zoonotic disease outbreak scenario was created to simulate a real-world outbreak, allowing
stakeholders to test their response capabilities.
Government Extends Interest Equalisation Scheme for Exporters till September 30, 2024
• The government has extended the Interest Equalisation Scheme on pre- and post-shipment
rupee export credit by one more month, now valid until September 30, 2024.
• This extension aims to support the country's outbound shipments.
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Important Monthly Current Affairs Capsule – September 2024
• The scheme, which offers interest benefits to exporters, was initially set to expire on August 31,
2024.
• It had already been extended for two additional months in June.
Government Poised to Approve Third Phase of FAME Scheme
• The Centre is anticipated to approve the third phase of the Faster Adoption and Manufacturing of
(Hybrid and) Electric Vehicles (FAME) scheme within the next one to two months, according to
Heavy Industries Minister H.D. Kumaraswamy.
• Current Status: The Electric Mobility Promotion Scheme (EMPS) 2024, set to expire at the end of
the month, is being reviewed. An inter-ministerial group is working to address issues identified in
the earlier phases of the FAME scheme.
• Minister’s Statement: Kumaraswamy indicated that the government is addressing suggestions
and issues from FAME-I and FAME-II, with input from the PMO. He expects the new phase to be
cleared within one to two months.
Union Minister Shri Jyotiraditya M Scindia inaugurates Department of Posts Officers’ Conclave 2024
• The Officers’ Conclave 2024, organized by the Department of Posts, was a crucial event to drive
transformation and foster innovation within India’s vast postal network.
• With a rich legacy spanning over 150 years, India Post remains the backbone of communication
in the country.
• The conclave represents a significant step towards redefining its role in the digital era.
NPS Vatsalya Scheme: A New Financial Initiative for Minors
• The NPS Vatsalya scheme, a long-anticipated initiative designed to secure the financial futures
of minors, is set to launch within the next two weeks.
• This new scheme, introduced in the 2024-25 Budget, will be officially unveiled by Finance
Minister Nirmala Sitharaman.
• Key Details of NPS Vatsalya:
o NPS Vatsalya is a tailored version of the National Pension System (NPS) specifically for
minors.
o Parents or guardians can open an NPS account for their children and make regular
contributions until the child turns 18.
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Important Monthly Current Affairs Capsule – September 2024
Key Differences Between ICAI and NFRA on ISA 600 Adoption
• Discrepancies between the Institute of Chartered Accountants of India (ICAI) and the National
Financial Reporting Authority (NFRA) regarding the adoption of the revised International
Standard on Auditing (ISA) 600.
• Cause: The differences are attributed to a communication gap between the two organizations.
• Resolution: The issue is expected to be resolved through dialogue between ICAI and NFRA.
Government Launches Simplified Pension Application Form 'Bhavishya' for Central Government
Employees
• The government introduced a new, simplified pension application form named ‘Bhavishya’ to
streamline the retirement process for central government employees.
• Launched by Union Minister Jitendra Singh via video conference, the new form, Form 6A,
consolidates nine separate forms into a single, unified document.
1. Availability and Applicability:
o The new form will be available on the Bhavishya and e-HRMS portals.
o It will be accessible to all central government employees retiring from December 2024
onwards.
HAL and SAFHAL to Develop 'Aravalli' Engine for India's Future Multi-Role Helicopters
• Hindustan Aeronautics Limited (HAL), based in Bengaluru, has signed a contract with SAFHAL
Helicopter Engines to jointly design, develop, and produce a new engine named 'Aravalli'.
• The engine will be used in the future 13-tonne Indian Multi-Role Helicopter (IMRH) and its deck-
based version, the 12.5-tonne Deck-Based Multi-Role Helicopter (DBMRH).
o SAFHAL is a joint venture between HAL and the French firm Safran Helicopter Engines.
o The partnership with SAFHAL marks a critical step towards technological self-reliance in India’s
aerospace and defence sector, according to HAL chief C.B. Ananthakrishnan.
Labour Ministry to Launch Revamped Shram Suvidha Portal with AI and ML Integration
o The Labour Ministry is set to launch a revamped, user-friendly version of the Shram Suvidha
Portal by the end of the year.
o The new portal aims to enhance the ease of doing business by simplifying processes for
businesses.
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Important Monthly Current Affairs Capsule – September 2024
o The upgraded portal will incorporate Artificial Intelligence (AI) and Machine Learning (ML)
technologies to streamline various operations.
o This will facilitate easier filing of registrations and submission of returns required under different
labour laws.
India Joins Indo-Pacific Economic Framework for Prosperity (IPEF) Agreements on Clean and Fair
Economy
• The Union Cabinet has approved India's participation in the Indo-Pacific Economic Framework
for Prosperity (IPEF) agreements focused on creating a clean and fair economy.
• This decision follows the commerce ministry's proposal and marks India's entry into collaborative
efforts on key issues like energy security, climate resilience, and anti-corruption.
• The Union Cabinet has approved India's decision to join two agreements under the IPEF: a clean
economy and a fair economy. This decision comes after India's earlier reservation, which
required domestic approval before joining.
Union Cabinet Approves Semiconductor Unit in Sanand, Gujarat
• The Union Cabinet approved establishing a semiconductor manufacturing unit in Sanand,
Gujarat, by Kaynes Semicon Pvt Ltd.
• This approval aligns with the India Semiconductor Mission under the government’s modified
scheme to boost semiconductor manufacturing in India.
• The project approval comes under the India Semiconductor Mission's modified scheme, which
provides 50% fiscal support for capital investment in setting up semiconductor fabs. The scheme
has a total outlay of ₹76,000 crore.
• The Sanand plant by Kaynes Semicon Pvt Ltd will involve an initial investment of ₹3,300 crore.
Nitin Gadkari Urges GST Reduction on Flex-Fuel Vehicles
• Union Minister Nitin Gadkari suggested that state finance ministers consider reducing the Goods
and Services Tax (GST) on flex-fuel vehicles to 12% during the upcoming GST Council meeting.
• His remarks came during his address at the India Bio-Energy & Tech Expo organised by the
Indian Federation of Green Energy (IFGE).
• Call for Lower GST on Flex-Fuel Vehicles: Gadkari proposed reducing GST on flex-engine
vehicles, cars, and scooters to 12% to encourage the adoption of these eco-friendly alternatives.
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Important Monthly Current Affairs Capsule – September 2024
Union Cabinet Approves ₹13,966 Crore Schemes for Agriculture and Semiconductor Sector
o The Union Cabinet approved seven schemes worth nearly ₹13,966 crore aimed at enhancing
farmer incomes through technological advancements and modernising existing agricultural
practices.
• Digital Agriculture Mission:
o Outlay: ₹2,817 crore.
o Purpose: To build Digital Public Infrastructure (DPI) for farmers, which includes:
• Other Approved Schemes:
o Crop Science for Food and Nutritional Security:
▪ Outlay: ₹3,979 crore.
▪ Focus: Research and development in plant genetics, improving food and fodder crops, pulses,
oilseeds, and commercial crops.
Cabinet Committee on Economic Affairs Approves Major Railway Projects
o The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi,
has approved three major railway projects with a total estimated cost of ₹6,456 crore.
o The projects will span seven districts across Odisha, Jharkhand, West Bengal, and
Chhattisgarh.
o They will expand the Indian Railways network by approximately 300 kilometers.
Union Cabinet Approves Expansion of Agriculture Infrastructure Fund Scheme
• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved expanding the
Agriculture Infrastructure Fund (AIF) scheme to enhance agricultural infrastructure and support
the farming community.
• The expansion aims to make the AIF scheme more attractive, impactful, and inclusive by
broadening the scope of eligible projects and integrating supportive measures.
▪ Extension of AIF credit guarantee coverage for FPOs through NABSanrakshan Trustee
Company Pvt. Ltd., enhancing financial security and encouraging investments in agricultural
infrastructure.
Centre Plans to Increase Insurance Cover Under PMJJBY and PMSBY Schemes
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Important Monthly Current Affairs Capsule – September 2024
o The central government is planning to increase the insurance coverage amount under its
flagship schemes—Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri
Suraksha Bima Yojana (PMSBY).
o The proposed increase will raise the coverage from the current ₹2 lakh to ₹5 lakh under both
schemes.
o The increase in coverage aligns with the government’s goal of achieving “insurance for all by
2047.”
o PMJJBY has over 200 million subscribers, while PMSBY enrolments stand at 453.6 million.
Government to Revise 2016 Guidelines on Dividend, Bonus Issues, and Share Buyback by CPSEs
o The Indian government is working to amend its 2016 guidelines regarding dividend payments,
bonus issues, and share buybacks by Central Public Sector Enterprises (CPSEs).
o The revised guidelines are expected to be issued by the finance ministry this month.
o The existing guidelines, titled ‘Capital Restructuring of Central Public Sector Enterprises
(CPSEs),’ were issued by the finance ministry in May 2016 to ensure efficient management of
government investments in CPSEs.
Samunnati to Host 4th FPO Conclave on Sustainable Agriculture in Hyderabad
o Samunnati, a prominent agri-value chain enabler, will host the 4th edition of the Farmer
Producer Organization (FPO) Conclave on September 3-4, 2024, in Hyderabad, Telangana.
o The conclave will focus on 'Sustainable Agriculture Solutions', aiming to empower small-holder
farmers and agribusinesses across over 20 states in India.
o The event will feature over 500 FPO representatives, industry experts, and policymakers who
will discuss and explore innovative, eco-friendly agricultural solutions.
Government Plans National Brand for FPO Products Amid Policy Finalization
• The Union government is finalizing a national policy for Farmer Producer Organisations (FPOs)
and is considering the creation of a national brand for products emerging from the FPO
ecosystem.
• As part of the 10,000 FPO Programme launched in 2020, approximately 9,000 FPOs have
already been formed, involving 20 lakh farmers.
• Over the next two years, the program aims to increase the FPO membership base to 50 lakh
farmers with plans to boost equity infusion to over ₹800 crore.
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Important Monthly Current Affairs Capsule – September 2024
Defence Acquisition Council (DAC) Approves Rs 1.44 Lakh Crore for Defence Proposals to Boost
Indigenous Manufacturing
• The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, approved
the Acceptance of Necessity (AoN) for 10 capital acquisition proposals worth Rs 1,44,716 crore.
• 99% of the acquisitions will be sourced from indigenous origins under the Buy (Indian) and Buy
(Indian-Indigenously Designed Developed and Manufactured) categories.
• This decision aligns with the government’s vision of boosting local manufacturing and reducing
dependency on foreign imports.
Maharashtra CM Eknath Shinde Praises National e-Governance Award Winners
• Maharashtra Chief Minister Eknath Shinde commended the winners of the National e-
Governance Awards, referring to them as revolutionaries making lives easier for citizens across
the country.
• He announced at the inauguration of the 27th National Conference on e-Governance in Mumbai.
• Conference Theme: The theme for the two-day event is "Viksit Bharat: Secure and Sustainable
e-Service Delivery."
International Conference "Spectrum of Literacy" Chaired by Shri Sanjay Kumar Ahead of International
Literacy Day 2024
• An international conference titled “Spectrum of Literacy” was chaired by Shri Sanjay Kumar,
Secretary of the Department of School Education and Literacy (DoSEL), at the CIET, NCERT,
New Delhi.
• Organized by the Ministry of Education, this virtual event served as a prelude to International
Literacy Day 2024, which will be celebrated at Vigyan Bhawan, New Delhi.
• The conference brought together global and national experts, educators, policymakers, and
literacy advocates to discuss the evolving dimensions of literacy.
Extension of EV Subsidies and Upcoming FAME-III Program
• Union Heavy Industries Minister H.D. Kumaraswamy has announced that the third phase of the
Faster Adoption and Manufacturing of Electric (and Hybrid) Vehicles (FAME-III) will be introduced
in approximately two months.
• Objective: The new phase aims to continue providing subsidies to support India's electric vehicle
(EV) sector's growth.
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Important Monthly Current Affairs Capsule – September 2024
Key Initiatives Launched on the Foundation Day of Indian Cyber Crime Coordination Centre (I4C)
• The first Foundation Day of the Indian Cyber Crime Coordination Centre (I4C) was held at Vigyan
Bhavan, New Delhi.
• Union Home Minister Amit Shah was the Chief Guest and launched several key initiatives for the
prevention of cybercrime
• Cyber Fraud Mitigation Centre (CFMC): Aimed at bringing banks, financial institutions, telecom
companies, ISPs, and police on a single platform to prevent cyber fraud. It focuses on identifying
the modus operandi of cybercriminals and preventing online financial crimes through cooperative
federalism in law enforcement.
Cabinet Approves Rs 14,335-Crore Scheme to Boost Electric Mobility in India
• The Indian government has taken a significant step to promote green mobility with the approval
of a new Rs 14,335-crore incentive scheme for the electric vehicle (EV) sector.
• The scheme aims to enhance electric mobility by subsidising electric two-wheelers, three-
wheelers, ambulances, trucks, buses, and charging infrastructure.
• Replacement of FAME: The new PM E-DRIVE scheme replaces the previous FAME (Faster
Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme.
• Budget Allocation: Rs 10,900 crore has been allocated for the PM E-DRIVE scheme, which will
be in effect for two years.
Rural Development Ministry Approves Road Construction Projects in Three States
• The Ministry of Rural Development, under the leadership of Minister Shivraj Singh Chouhan, has
approved a series of road construction projects across three Indian states—Madhya Pradesh,
Maharashtra, and Kerala.
• Madhya Pradesh:
o Roads Approved: 60 roads spanning a total of 152.44 km.
o Scheme: The construction in Madhya Pradesh will be carried out under the Pradhan
Mantri Janjati Adivasi Nyaya Maha Abhiyan.
o Budget Allocation: The total cost for these roads is estimated at Rs 113.58 crore.
• Maharashtra:
o Roads Approved: 117 roads with a total length of 745.286 km.
o Scheme: The roads will be constructed under the Pradhan Mantri Gram Sadak Yojana
(PMGSY).
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Important Monthly Current Affairs Capsule – September 2024
o Budget Allocation: The estimated cost for these road projects in Maharashtra is Rs 655.66
crore.
• Kerala:
o Infrastructure Approved: 11 bridges.
o Scheme: The construction of these bridges will also be under the Pradhan Mantri Gram
Sadak Yojana (PMGSY).
o Budget Allocation: The project will be carried out at an estimated cost of Rs 55.28 crore.
Union Cabinet Approves Fourth Phase of Pradhan Mantri Gram Sadak Yojana (PMGSY)
• The Union Cabinet has approved the fourth phase of the Pradhan Mantri Gram Sadak Yojana
(PMGSY), the flagship rural roads programme, with a significant outlay of Rs 70,125 crore over
the next five years.
• This phase continues the government's commitment to enhancing rural connectivity across India.
• Total Length of Roads:62,500 kilometers of rural roads will be constructed.
• New Connectivity: This phase aims to connect 25,000 unconnected habitations.
Union Cabinet Approves Modified Scheme for Hydro Electric Projects (HEP) Infrastructure Development
• The Union Cabinet, led by Prime Minister Narendra Modi, has approved a proposal by the
Ministry of Power to modify the scheme for budgetary support for the Enabling Infrastructure for
Hydro Electric Projects (HEP).
• This initiative aims to accelerate the development of hydropower projects across India,
particularly in remote and hilly regions and is part of India's broader goal to achieve 500 GW of
renewable energy capacity by 2030.
Union Cabinet Expands Ayushman Bharat Health Coverage to All Senior Citizens Aged 70 and Above
• In a significant step towards enhancing healthcare access for the elderly, the Union Cabinet has
approved the expansion of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-
PMJAY) to cover all senior citizens aged 70 years or above.
• This move is set to benefit approximately 45 million families, encompassing around 60 million
senior citizens, providing them with free health insurance coverage of ₹5 lakh on a family basis.
India's Push for Semiconductor Manufacturing Gains Momentum with Over $15 Billion in Investments
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Important Monthly Current Affairs Capsule – September 2024
• India is making significant strides in becoming a global hub for semiconductor manufacturing,
with the government approving investments exceeding $15 billion in the sector.
• This move aligns with Prime Minister Narendra Modi's ambitious goal to expand the country's
electronics sector to$500 billion by the end of the decade.
India Aims for Full Telecom Coverage by Mid-2025 with Expanded BSNL 4G Network Rollout
• Telecom Minister Jyotiraditya Scindia announced that 25,000 villages currently lacking telecom
and mobile internet connectivity will be connected by mid-2025 as part of India's efforts to
achieve "full saturation" in telecom coverage.
• Bharat Sanchar Nigam Limited (BSNL), the state-run telecom operator, is set to roll out its 4G
network across India with the installation of 100,000 telecom towers by mid-2025.
Union Cabinet Approves "Mission Mausam" to Enhance Weather and Climate Prediction
• The Union Cabinet, led by Prime Minister Narendra Modi, has approved"Mission Mausam" with a
significant budget of Rs 2,000 crore over the next two years.
• This ambitious initiative aims to strengthen India’s capabilities in predicting and responding to
extreme weather events and the impacts of climate change.
• Enhance India's ability to predict and manage extreme weather events, including monsoon
variability, cyclones, and other climate impacts.
India's ₹30 Trillion Renewable Energy Investment Strategy: Financial Institutions to Pledge Support
• The Ministry of New and Renewable Energy (MNRE) is actively engaging with financial
institutions, including public and private sector banks, to secure funding for India’s ambitious goal
of installing 500 GW of non-fossil fuel capacity by 2030.
• To meet the substantial funding requirements estimated at ₹30 trillion, these institutions are
being encouraged to commit a portion of their loans to renewable energy projects.
• Funding Goal:
o Total Required: ₹30 trillion
o Target Capacity: 500 GW of non-fossil fuel energy by 2030
Government to Launch Farmers' Registration for Unique ID:
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Important Monthly Current Affairs Capsule – September 2024
o The Indian government is set to begin the registration of farmers across the country to provide them
with a unique ID similar to Aadhaar.
o Agriculture Secretary Devesh Chaturvedi announced the initiative at the Outlook Agri-Tech Summit
and Swaraj Awards.
o Guidelines for the registration process will be issued soon.
o The registration is set to begin in the first week of October.
o The target is to register five crore farmers by March next year.
o The registration initiative is a part of the government's Rs 2,817-crore Digital
PM Modi to Inaugurate Global RE-INVEST 2024 in Gujarat:
o Prime Minister Narendra Modi will inaugurate the fourth edition of the Global RE-INVEST Renewable
Energy Investors Meet and Expo.
o The event will be held at Mahatma Mandir in Gandhinagar, Gujarat, from September 16 to 18, 2024.
o Organized by the Union Ministry of New and Renewable Energy, the event aims to promote
international cooperation and innovation in the renewable energy sector.
o It serves as a platform for global investors and stakeholders to explore opportunities in the field of
renewable energy.
Information and Broadcasting Ministry organised Khel Utsav 2024
• In honor of National Sports Day 2024, coinciding with the birth anniversary of hockey legend
Major Dhyan Chand, the Ministry of Information and Broadcasting hosted the inaugural “Khel
Utsav 2024” from August 27 to August 30, 2024.
• The event was held at two prominent venues in New Delhi: Major Dhyan Chand Stadium and
Jawaharlal Nehru Stadium.
• Event Highlights
• Dates: August 27 to August 30, 2024
• Locations: Major Dhyan Chand Stadium and Jawaharlal Nehru Stadium, New Delhi
Introduction of BPaLM Regimen for MDR-TB under India's National TB Elimination Program
• In alignment with the Hon’ble Prime Minister’s vision to eliminate tuberculosis (TB) from India by
2025—five years ahead of the global Sustainable Development Goals—the Union Ministry of
Health & Family Welfare has approved the introduction of the BPaLM regimen for treating Multi-
Drug-Resistant Tuberculosis (MDR-TB).
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Important Monthly Current Affairs Capsule – September 2024
• This novel treatment option is a significant advancement under the National TB Elimination
Program (NTEP).
Amit Shah releases documentary on Mumbai Samachar’s 200-year journey
• Event: Release of the "200 Not Out" documentary celebrating 200 years of the newspaper
Mumbai Samachar.
• Date: September 8, 2024
• Location: Mumbai, Maharashtra
• Chief Guest: Union Home Minister and Minister of Cooperation, Shri Amit Shah
• Other Dignitaries: Chief Minister of Maharashtra, Shri Eknath Shinde
India’s Pioneering Fashion Forecasting Initiative VisioNxt Launched by Textile Ministry
• The Union Ministry of Textiles has launched the VisioNxt web portal to establish India as a global
fashion leader.
• The web portal will use information technology to provide India-specific real-time trend insights
for the Indian fashion industry.
• This service is expected to benefit India's textile and apparel industry greatly.
• It will help establish India as a leader in the global fashion sector and reduce its dependence on
foreign fashion forecasting agencies.
• The VisioNxt web portal was launched by the Union Minister of Textiles, Giriraj Singh, at a
function in New Delhi on 5 September 2024.
Draft Proposal for the Green Hydrogen Certification Scheme of India
• The Ministry of New and Renewable Energy (MNRE) has released a draft proposal for India's Green
Hydrogen Certification Scheme.
• The scheme aims to enhance transparency and accountability in the green hydrogen sector.
• The Bureau of Energy Efficiency (BEE) will serve as the nodal authority.
• BEE will be responsible for accrediting agencies for monitoring, verifying, and certifying green
hydrogen projects.
Prime Minister Modi Chairs First Meeting of Governing Board of Anusandhan National Research
Foundation (ANRF)
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Important Monthly Current Affairs Capsule – September 2024
• Prime Minister Narendra Modi chaired the first meeting of the Governing Board of the Anusandhan
National Research Foundation (ANRF) at his residence.
• The meeting focused on India's Science and Technology landscape and redesigning research and
development (R&D) programmes.
• The Governing Board decided to launch a hub and spoke programme, pairing universities with
nascent research capabilities with top-tier institutions for mentorship.
First Foundation Day Celebration of Indian Cybercrime Coordination Centre (I4C) and Launch of Key
Initiatives by Union Home Minister Amit Shah
• Union Home Minister and Minister of Cooperation, Shri Amit Shah, will address the first foundation
day celebration of the Indian Cybercrime Coordination Centre (I4C) on September 10, 2024, in New
Delhi.
• The event will focus on launching key initiatives for the prevention of cybercrime in India.
• The Cyber Fraud Mitigation Centre (CFMC) will be dedicated to the nation by Shri Amit Shah.
India’s Achievement in Financial Action Task Force (FATF) Mutual Evaluation
• India will join the Financial Action Task Force’s (FATF) top performers club on September 19,
2024.
• This significant milestone reflects India's strong commitment to curbing money laundering and
terror financing.
• India surpassed major economies like the US, China, Germany, Japan, and Canada by
maintaining higher standards in combating financial crimes.
• India received positive ratings on 37 out of 40 stringent evaluation parameters, a feat achieved
by only three G20 members – the United Kingdom, France, and Italy.
About FATF:
• Established in 1989, FATF is the global watchdog for money laundering and terrorist financing.
• It has 38 member countries and two regional bodies (European Union and Gulf Cooperation
Council), with other countries associated through nine regional groups.
• Multilateral institutions like the World Bank and the United Nations have observer status in FATF.
Union Government's plans to unveil social security plan for gig workers
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Important Monthly Current Affairs Capsule – September 2024
• The Union government is poised to introduce a social safety net for India’s estimated 7.7 million gig
economy workers.
• This initiative may be unveiled on September 17, coinciding with the completion of 100 days of the
Narendra Modi government’s third term and the Prime Minister’s 74th birthday.
• Revenue Contribution: Aggregators might be required to contribute 1-2% of their revenue to a social
security fund.
• Benefits: The fund will likely provide health insurance and other benefits to gig workers.
Messe Muenchen India’s Major Electronics Event: electronica India & productronica India 2024
• Messe Muenchen India (MMI) is hosting its largest-ever edition of Electronica India and
Productronica India in 2024.
• This event is pivotal for the Indian electronics sector, given the significance of global value chains
(GVCs) in modern manufacturing.
• Global Trade: GVCs account for 70% of global trade.
• India’s Electronics Sector: 75% of India’s electronics exports are reliant on GVCs.
NaBFID Notified as a Public Financial Institution
• The government has designated the National Bank for Financing Infrastructure and Development
(NaBFID) as a "public financial institution" under the Companies Act, 2013.
• This move aims to strengthen the country's infrastructure finance framework and enhance
NaBFID's role in funding large-scale projects.
• The Ministry of Corporate Affairs issued a notification on September 10, 2024, in consultation
with the Reserve Bank of India (RBI), designating NaBFID as a public financial institution under
Section 2 of the Companies Act, 2013.
About NaBFID:
• Establishment: NaBFID is a specialized Development Finance Institution (DFI) set up in 2021
under The National Bank for Financing Infrastructure and Development Act, 2021.
• Objectives: Its key goals include bridging gaps in long-term non-recourse financing for
infrastructure, fostering the development of bonds and derivatives markets, and driving
sustainable economic growth.
ONDC Launches New App to Raise Awareness and Ease Shopping Experience
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Important Monthly Current Affairs Capsule – September 2024
• The Open Network for Digital Commerce (ONDC) has launched an app named ‘ONDC Network:
How to Shop’ to raise awareness among consumers on utilising the network for shopping.
• Available on Playstore and iOS, this app is a gateway for consumers to discover and access
various shopping applications, also known as ‘buyer apps’.
• The move aligns with ONDC’s goal to achieve 0-40 million monthly transactions by the end of
FY25.
Government Aims to Boost Seafood Exports to ₹1 Trillion and Strengthen Fishery Sector
• Union Minister Rajiv Ranjan Singh announced the goal to increase annual seafood exports from
around ₹60,000 crore to ₹1 trillion.
• No specific timeline was provided for achieving this target.
• Pradhan Mantri Matsya Kisan Samridhi Sah-Yojna was launched.
• The sector supports over 30 million fishers and fish farmers.
• Fish production has risen to 17.545 million tonnes in 2023-24, up from 9.579 million tonnes in
2013-14.
PM Modi to Distribute Financial Assistance for 20 Million Rural Homes Under PMAY-Grameen
• Prime Minister Narendra Modi will initiate the release of the first instalment of central financial
assistance under the Pradhan Mantri Awas Yojana – Grameen (PMAY-G) over the coming days.
• The scheme aims to build 20 million new houses in rural areas over the next five years, in
addition to the 26 million homes already constructed in the last decade.
• The events will commence in Jharkhand on September 15, where PM Modi will distribute
approval letters to 20,000 beneficiaries.
• The functions will culminate on PM Modi's birthday, September 17, marking a significant event in
his tenure.
Commerce Minister Piyush Goyal Launches Two Portals to Enhance Digital Services and Export Credit
Insurance
• Union Commerce and Industry Minister Piyush Goyal introduced two new online portals during the
third Board of Trade meeting.
• These portals aim to ensure timely and transparent service delivery and reduce the need for physical
visits to Commerce Ministry offices.
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Important Monthly Current Affairs Capsule – September 2024
• Jan Sunwai Portal: An online platform designed to provide information and services, including
grievance redressal.
• This portal features an on-demand videoconferencing facility for addressing trade and industry
issues. Scheduled interactions will also be available, allowing stakeholders to connect with Ministry
offices without physical visits.
PM Modi's Government Approves ₹3 Lakh Crore Infrastructure Projects in 100 Days
• The Prime Minister Narendra Modi-led government has approved infrastructure projects worth ₹3
lakh crore in the first 100 days of its third term.
• The overarching goal is to bolster connectivity, stimulate economic growth, and create job
opportunities.
• The government aims to invest ₹15 lakh crore in infrastructure to drive progress and
development, with a vision for India to become a developed nation by 2047.
• PM Modi laid the foundation stone for the Vadhvan Port project in Maharashtra’s Palghar district,
valued at ₹76,000 crore.
Union Cabinet Approves Rs 10,900 Crore for PM E-DRIVE Scheme to Boost Electric Mobility
• In a boost to green mobility, the Cabinet approved a Rs 10,900-crore incentive for promotion of
electric mobility, including 25 lakh two-wheelers, and another Rs 3,435 crore for uninterrupted
operation of more than 38,000 electric buses across cities and towns.
• PM E-DRIVE Scheme:
o Outlay: ₹10,900 crore
o Duration: 2 years (replacing the FAME scheme)
o Objective: Promote electric mobility by incentivizing electric vehicles (EVs), including two-
wheelers, three-wheelers, e-buses, e-ambulances, and e-trucks.
Spices Board launch ‘CardsApp’ to boost cardamom production
• The Spices Board India has introduced a new mobile application called ‘CardsApp’, aimed at
enhancing cardamom production.
• The launch took place during the Spices Conclave and Buyer-Seller Meet held at the Indian
Cardamom Research Institute in Myladumpara, Idukki.
• The event was inaugurated by K.G. Jagadeesha, Secretary of the Spices Board.
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Important Monthly Current Affairs Capsule – September 2024
• The Spices Board aims to empower farmers by leveraging technological advancements like
‘CardsApp’ to boost productivity and promote sustainable growth in India’s cardamom production
industry.
India's New Criminal Laws to be Implemented Nationwide in Two Years
• The three new criminal laws will be implemented across the country in two years, said a top
government official, listing the achievements of 100 days of the NDA government.
• New Criminal Laws:
o Bharatiya Nyaya Sanhita: Replaces the Indian Penal Code (IPC) of 1860.
o Bharatiya Nagarik Suraksha Sanhita: Replaces the Code of Criminal Procedure (CrPC) of
1973.
o Bharatiya Saksha Sanhita: Replaces the Indian Evidence Act of 1872.
Prime Minister Narendra Modi Launches Six Vande Bharat Express Trains
• Prime Minister Narendra Modi inaugurated six Vande Bharat Express trains via video conference
from Ranchi.
• Bihar received four of these trains, enhancing connectivity within the state and beyond.
• Train Routes:
o Tatanagar-Patna: Covers 451 km in 7 hours and 15 minutes, excluding Mondays. Stops at
Chandil, Muri, Bokaro Steel City, Gomoh, Parasnath, Koderma, and Gaya.
o Gaya-Howrah: Semi-high-speed service with stops at Koderma, Dhanbad, Asansol, and
Durgapur.
o Varanasi-Deoghar: Connects important pilgrimage sites.
o Bhagalpur-Howrah: Provides Bhagalpur with its first direct link to Howrah, enhancing
connectivity under the Malda division of Eastern Railway.
Launch of Bharat Startup Knowledge Access Registry (BHASKAR): Commerce and Industry Minister
Piyush Goyal
• Commerce and Industry Minister Piyush Goyal launched the Bharat Startup Knowledge Access
Registry (BHASKAR) in New Delhi.
• This interactive online platform aims to centralize and enhance collaboration among key
stakeholders in the entrepreneurial ecosystem.
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Important Monthly Current Affairs Capsule – September 2024
• Serve as a central hub for startups, investors, service providers, and government bodies to
collaborate and exchange ideas.
• Build the world's largest digital registry for stakeholders within the startup ecosystem.
Government to Cover MTNL’s Bond Interest Payment Due to Financial Shortfall
• The Department of Telecommunications (DoT) has confirmed that the government will once
again cover Mahanagar Telephone Nigam Limited’s (MTNL) upcoming interest payment on
bonds
• The government will cover Mahanagar Telephone Nigam Limited's (MTNL) bond interest
payment due to financial shortfalls.
• This marks the second consecutive instance of government support for MTNL's interest
payments.
• The first occurred in July 2023.
Statistics Ministry to Leverage AI for the Eighth Economic Census in 2025
• The Statistics Ministry plans to use Artificial Intelligence (AI) in the Eighth Economic Census
(EC), scheduled from January to December 2025.
• AI will be used to pre-fill data in survey forms, reducing errors and the time required to complete
the process.
• AI is expected to become a key tool in future government surveys, helping streamline data
collection and analysis.
Indian Government's Rs 6,000-Crore Scheme to Promote Precision Farming
• The Indian government has proposed a Rs 6,000-crore initiative to promote precision farming
through smart technologies like AI, IoT, and drones.
• The Smart Precision Horticulture Programme, under the Mission for Integrated Development of
Horticulture (MIDH), aims to revolutionise Indian agriculture with technology-driven solutions.
• Precision farming, also known as precision agriculture, leverages modern technologies such as
GPS, sensors, drones, AI, and IoT to monitor and optimize crop production.
8th India Water Week 2024: A Global Event for Inclusive Water Development and Management
• President of India, Smt. Droupadi Murmu, will inaugurate the 8th India Water Week (IWW) 2024
on 17th September in New Delhi.
• Union Minister of Jal Shakti, Shri C. R. Paatil, and Minister of State, Shri Raj Bhushan
Choudhary, will also be present.
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Important Monthly Current Affairs Capsule – September 2024
• The event will witness participation from international water experts, Central and State
Government leaders, academics, NGOs, and civil society representatives.
• The theme of IWW 2024
The theme is “Partnerships and Cooperation for Inclusive Water Development and
Management”, emphasizing the need for cross-sectoral collaboration to achieve sustainable
water management.
ICAR-Central Institute of Fisheries Technology Designated as a Fisheries Incubation Centre
• During the 4th Anniversary Celebrations of the Pradhan Mantri Matsya Sampada Yojana
(PMMSY) in New Delhi, the ICAR-Central Institute of Fisheries Technology (ICAR-CIFT) was
officially designated as a Fisheries Incubation Centre under PMMSY.
• The announcement was made in the presence of key dignitaries, including:
• Shri Rajiv Ranjan Singh, Union Minister of Fisheries, Animal Husbandry & Dairying, and Minister
of Panchayati Raj
• Prof S. P. Singh Baghel and Shri George Kurian, Union Ministers of State for Fisheries and
related ministries.
ICAI Approves AQMM 2.0 for Enhanced Audit Quality
• The Institute of Chartered Accountants of India (ICAI) has officially approved the second version
of its Audit Quality Maturity Model (AQMM 2.0).
• This updated model will be mandatory for audit firms engaged with specific public interest
entities, including listed companies, banks, and insurance companies.
• Applicability: AQMM 2.0 will apply to audit firms auditing listed entities, banks, and insurance
companies. Co-operative and multi-state co-operative banks are excluded.
• Purpose: The AQMM 2.0 is part of a broader initiative to enhance audit quality in response to
recent corporate fraud incidents and the role of statutory auditors in detecting malpractices.
India to Host Second Edition of Global Food Regulators Summit
• India is set to host the second edition of the Global Food Regulators Summit from September 19-21,
2024, in New Delhi.
• Organized by the Food Safety and Standards Authority of India (FSSAI) under the Union Ministry of
Health and Family Welfare, the event aims to bring together international experts and regulators to
discuss critical food safety regulations.
• The summit will focus on fostering international cooperation on food safety regulations.
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Important Monthly Current Affairs Capsule – September 2024
Enhanced Credit Guarantee for Women-Owned MSMEs Under CGTMSE Scheme
• Union Minister Jitan Ram Manjhi announced a significant policy change that will benefit women-
owned micro and small enterprises (MSMEs) by providing enhanced credit guarantee coverage
under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme.
• This adjustment was approved by the CGTMSE Board.
• Enhanced Credit Guarantee Coverage:
o New Coverage: 90%
o Previous Coverage: 85%
o Beneficiaries: Expected to impact 27 lakh women-led MSMEs.
Union Cabinet Approves National Centre of Excellence (NCoE) for AVGC-XR in Mumbai
• The Union Cabinet has approved the establishment of the National Centre of Excellence (NCoE)
for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) in Mumbai.
• This project aims to promote India's AVGC sector and position the country as a global content
hub.
• The centre will be formed as a Section 8 Company under the Companies Act, 2013.
• The Federation of Indian Chambers of Commerce & Industry (FICCI) and the Confederation of
Indian Industry (CII) will partner with the Government of India for this initiative.
Union Cabinet Approves One Nation One Election Proposal
• The Union Cabinet has taken a significant step towards implementing One Nation One Election by
clearing the proposal for simultaneous elections to the Lok Sabha and state Assemblies.
• This development follows the recommendations of a high-level committee chaired by former
president Ram Nath Kovind, whose report was presented to the Cabinet.
Amit Shah to Launch Key Dairy Sector Initiatives, Including White Revolution 2.0
• Union Cooperation Minister Amit Shah is set to unveil three significant initiatives to transform the
Indian dairy sector.
• These include White Revolution 2.0, and measures to improve financial access for dairy farmers
through micro-ATMs and Rupay-Kisan Credit Cards.
• NDDB will initially fund the White Revolution 2.0, with further support expected from the National
Programme for Dairy Development 2.0.
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Important Monthly Current Affairs Capsule – September 2024
• Additionally, the government has signed MoUs for related projects such as organic produce
procurement and maize hybrid development for ethanol production.
Union Cabinet Approves Pradhan Mantri Janjatiya Unnat Gram Abhiyan for Tribal Upliftment
• The Union Cabinet has given the green light to the Pradhan Mantri Janjatiya Unnat Gram
Abhiyan, a scheme aimed at improving the socio-economic conditions of tribal communities in
India.
• This initiative will cover approximately 63,000 villages across tribal-majority areas and aspirational
districts, benefiting over 5 crore tribal people.
Total Outlay and Funding:
• Total Outlay: ₹79,156 crore.
• Central Share: ₹56,333 crore.
• State Share: ₹22,823 crore.
Union Cabinet approves Rs. 35,000 crore continuation of PM-AASHA schemes to support farmers and
control price volatility
• The Union Cabinet has approved the continuation of the Pradhan Mantri Annadata Aay
Sanrakshan Abhiyan (PM-AASHA) scheme, with a financial allocation of ₹35,000 crore for the
15th Finance Commission cycle, which extends until 2025-26.
• The scheme now consolidates the Price Support Scheme (PSS) and the Price Stabilization Fund
(PSF), along with other components, to create a unified program for better price stabilization and
farmer support.
Union Cabinet Approves Chandrayaan-4 and Venus Orbiter Mission (VOM)
• The Union Cabinet cleared the new moon mission Chandrayaan-4 and approved the
development of the Venus Orbiter Mission (VOM) as part of the government’s vision to explore
and study the Earth’s closest planet.
o Objective: To develop and demonstrate technologies for a lunar return mission, including landing
on the moon, collecting lunar samples, and returning them to Earth.
o Cost: Rs 2,104.06 crore.
Government Approves ₹24,474.53 Crore Subsidy for Phosphatic and Potassic (P&K) Fertilizers for Rabi
2024-25
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Important Monthly Current Affairs Capsule – September 2024
• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved a subsidy of ₹24,474.53
crore on Phosphatic and Potassic (P&K) fertilisers for the Rabi season 2024-25 (October 2024 to
March 2025).
• This decision ensures the availability of fertilisers at affordable and subsidized prices to farmers.
• The subsidy falls under the Nutrient Based Subsidy (NBS) scheme, operational since April 1,
2010.
Ministry of Labour & Employment Directs Registration of Gig Workers on e-Shram Portal
• In a significant step toward ensuring social security for gig and platform workers, the Ministry of
Labour & Employment (MoLE) has directed platform aggregators to register their workers on the
e-Shram portal.
• This initiative aims to provide essential social security protections tailored to the unique needs of
this workforce.
• Union Labour Minister Mansukh Mandaviya has set a target for onboarding workers on the e-
Shram portal within the next three months. This registration is vital for accessing various
government benefits.
First Anniversary of PM Vishwakarma Scheme:
● The Ministry of Skill Development and Entrepreneurship (MSDE) will be celebrating the 1st
Anniversary of the PM Vishwakarma Scheme on September 20, 2024.
● The scheme, launched by Prime Minister Narendra Modi on September 17, 2023, focuses on
enhancing traditional artisans' skills (Vishwakarmas) by providing them with modern tools,
techniques, and credit support for expanding their businesses.
● The ultimate goal is to bring Samman (respect), Samarthya (capability), and Samriddhi
(prosperity) to the Vishwakarmas.
● Objective: To instil a culture of disciplined saving and secure long-term financial stability for
minors.
● Target Audience: Minors up to the age of 18.
● Administration: Regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
● Minimum Investment: ₹1,000 per month with no upper limit.
Prime Minister Narendra Modi's Upcoming Visit for the Quad Summit:
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Important Monthly Current Affairs Capsule – September 2024
● Prime Minister Narendra Modi is set to attend the Quad Leaders’ Summit in Wilmington,
Delaware, from September 21 to 23, 2024.
● The visit underscores critical themes such as the development of the Indo-Pacific region and the
pursuit of sustainable development goals, as stated by Foreign Secretary Vikram Misri.
● India and the US will sign two agreements during the bilateral meeting between PM Modi and
President Joe Biden on the sidelines of the summit.
● The agenda includes a review of the Comprehensive Global Strategic Partnership and
discussions on the Indo-Pacific Economic Framework (IPEF) and the India-US Drug Framework.
● After the Quad Summit, PM Modi will attend the Summit of the Future at the United Nations,
themed ‘Multilateral Solutions for a Better Tomorrow’. India will advocate for inclusive and
equitable sustainable development, focusing on the Global South's aspirations.
Launch of Expanded Ayushman Bharat-PMJAY and U-Win Portal
● Prime Minister Narendra Modi is set to officially launch the expanded Ayushman Bharat-Pradhan
Mantri Jan Arogya Yojana (AB-PMJAY) scheme and the vaccination tracking portal U-Win, as
announced by Health Minister J.P. Nadda.
● AB-PMJAY Expansion:
o The scheme will benefit approximately 60 million eligible citizens aged 70 and above across
45 million families.
o It has been expanded to cover all senior citizens aged 70 and above, with no income cap.
o Provides a cashless and paperless benefit of Rs 5 lakh per annum per family for
hospitalization in empanelled hospitals across India.
● Current Coverage:
o Over 354 million citizens have been covered under the scheme, receiving PMJAY cards for
health insurance.
● U-Win Portal:
o The U-Win vaccination management portal is currently operational on a pilot basis, with 64.6
million beneficiaries registered.
o The expanded AB-PMJAY will be implemented in October 2024.
Government Advisory on Tobacco-Free Educational Institutions
● In a significant initiative to curb tobacco use among youth, the Secretaries of the Union Ministry
of Education and the Ministry of Health & Family Welfare have jointly issued an advisory to all
States and Union Territories.
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Important Monthly Current Affairs Capsule – September 2024
● This advisory calls for the rigorous implementation of the Tobacco-Free Educational Institution
(ToFEI) manual, under the Cigarettes and Other Tobacco Products Act (COTPA), 2003.
● Focus on Youth: It highlights alarming statistics from the Global Youth Tobacco Survey (GYTS)
2019, revealing that 8.5% of school students aged 13 to 15 in India consume tobacco. Notably,
over 5,500 children start using tobacco daily, and 55% of lifelong users initiate the habit before
the age of 20.
.
Integration of EPFO and e-Shram Databases to Track Workforce Formalisation
● The Union Labour Ministry is set to integrate the databases of the e-Shram portal and the
Employees Provident Fund Organisation (EPFO) to monitor better and understand the trends in
workforce formalisation.
● This move is a crucial step in tracking the transition of workers from the unorganised sector to the
formal sector and vice versa.
● By linking these databases, the government aims to collect real-time data that will assist in the
design of more targeted welfare policies.
● Objective: To observe real-time movements between the unorganised and formal sectors and to
shape welfare policies accordingly.
● The e-Shram database, which includes 300 million unorganised workers, is being integrated with
various central and state welfare schemes.
● Ten central schemes have already been integrated, including:
o PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi)
o Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)
o Pradhan Mantri Awas Yojana (PMAY) Gramin and Urban
o National Career Service portal
o Pradhan Mantri Shram Yogi Maandhan
o National Disability and Widow Pension Schemes
o PM Matisya Sampada Yojana (PMMSY)
o Skill India Digital Hub (SIDH)
Monthly Labour Force Surveys (PLFS) to be Launched by MoSPI from January
● In response to the increasing demand for more frequent labour market data, the Ministry of Statistics
and Programme Implementation (MoSPI) will introduce monthly Periodic Labour Force Surveys
(PLFS) for both rural and urban areas starting January 2025.
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Important Monthly Current Affairs Capsule – September 2024
● This development aims to provide more timely and frequent insights into the labour force across
India.
● The PLFS was launched in April 2017 by the NSSO under MoSPI to provide details on labour force
indicators such as Labour Force Participation Rate (LFPR), Worker Population Ratio (WPR), and
Unemployment Rate (UR).
● Currently, PLFS rural data is released annually, while urban PLFS data is released quarterly with an
annual report
India Announces $7.5 Million Support Package for Cervical Cancer
● During the Quad Cancer Moonshot event, Prime Minister Narendra Modi announced a $7.5 million
support package for sampling kits, detection kits, and vaccines to aid countries in their fight against
cervical cancer.
● This announcement was made at the Quad Leaders’ Summit in Wilmington, Delaware, hosted by
U.S. President Joe Biden.
Key Highlights:
1. Support Package Details:
o $7.5 million allocated for sampling kits, detection kits, and vaccines.
o Emphasis on India’s experience and expertise in cancer care.
2. The U.S. Embassy in New Delhi facilitated the inaugural U.S.-India Cancer Moonshot Dialogue,
focusing on enhancing biomedical research cooperation and developing global health solutions.
Mumbai's Road Network Transformation: A ₹58,000 Crore Ring Road Project
● The Mumbai Metropolitan Region Development Authority (MMRDA) has initiated a transformative
plan to enhance Mumbai's road network through a ₹58,000 crore project that aims to construct a
series of ring roads.
● This initiative is designed to alleviate the city’s notorious traffic congestion and improve travel times,
ultimately reshaping Mumbai's transport landscape over the next five years.
● Construction of over 90 kilometres of new roads, bridges, and tunnels to create a comprehensive
network around Mumbai.
● The project involves collaboration between MMRDA, Brihanmumbai Municipal Corporation (BMC),
Maharashtra State Road Development Corporation (MSRDC), and National Highways Authority of
India (NHAI).
● Key Projects Included:
o Versova-Bandra Sea Link
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Important Monthly Current Affairs Capsule – September 2024
o Versova-Dahisar and Mira Bhayander-Dahisar Link Road
o Alibaug-Virar Multi Modal Corridor
o Vadodara-Mumbai Expressway
Cabinet Approves Centrally Sponsored Wildlife Conservation Scheme
● The Cabinet, during its meeting, approved a significant centrally sponsored scheme focused on
wildlife conservation, as announced by the Environment Ministry.
● This initiative includes critical components like Project Tiger, Project Elephant, and Development of
Wildlife Habitat.
Key Components of the Scheme:
● Project Tiger: ₹1,575 crore allocated
● Project Elephant: ₹182.58 crore allocated
● Development of Wildlife Habitat: ₹845.4 crore allocated
Objectives:
● To boost technological interventions in wildlife habitats over the current and next financial year.
● To ensure the dual growth of economy and ecology, emphasizing government commitment to
wildlife conservation.
ANIMATE 2024: Fostering Creativity Through 2D Animation Hackathon
● ANIMATE 2024, a 2D animation hackathon organised by FOSSEE, IIT Bombay, in partnership with
Whistling Woods International, concluded with an award ceremony at the Whistling Woods campus.
● Participants from across the country, including rural areas, participated in the hackathon.
● Organizer: FOSSEE, IIT Bombay in collaboration with Whistling Woods International
● Concluded on: September 20, 2024
● Location: Whistling Woods Campus, Mumbai
Key Highlights:
● Theme: "Celebrating India's Innovation"
● Participation: Over 5,000 students from across India, including rural areas, took part in the 2D
animation hackathon.
Prime Minister Address at the UN Summit of the Future
● Prime Minister Narendra Modi is set to address the UN Summit of the Future in New York, marking
the final day of his three-day visit to the U.S.
● This comes a day after the UN General Assembly approved a 42-page plan to address global issues
like climate change, AI, war, inequality, and poverty.
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Important Monthly Current Affairs Capsule – September 2024
Summit Highlights:
● Theme: “Multilateral Solutions for a Better Tomorrow”
● Key Attendees: World leaders such as Iran’s Masoud Pezeshkian, Ukraine’s Volodymyr
Zelenskyy, U.S. Secretary of State Antony Blinken, and Russian Deputy Foreign Minister Sergey
Vershinin.
MGNREGS Allocation for FY25: Current Status and Future Outlook
● The national rural job guarantee scheme that gives millions of the poorest Indians employment is
unlikely to see a higher allocation in FY25, citing government hopes of improving the rural economy
this year on the back of better rains.
● Scheme: Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)
● Purpose: Provides guaranteed wage employment for the poorest households in rural India.
Key Points:
● Current Allocation: The budget for FY25 allocates ₹86,000 crore for MGNREGS.
Employment Trends:
● Current Data (April 1 - September 23, 2024):
o Average days of employment per household: 33.93 days (compared to 52.08 days in
FY24).
o Total households employed under MGNREGS: 44.3 million (compared to 60 million in
FY24).
India's 100-Day Power Plan: Thermal Capacity Expansion and Future Energy Goals
● A total of 12.8 GW of thermal power capacity has been awarded during the first 100 days of the
new National Democratic Alliance (NDA), according to Pankaj Agarwal, secretary to the Union
Ministry of power.
● Thermal Power Capacity Expansion:
o A total of 12.8 GW of new thermal power capacity has been awarded for construction
within the first 100 days of the new National Democratic Alliance (NDA) government.
o 28.4 GW of the targeted 80 GW additional capacity by FY32 is already under construction.
● Future Targets:
o The government is committed to adding 80,000 MW of power capacity, with 28,400 MW
already under construction and 12,800 MW awarded recently.
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Important Monthly Current Affairs Capsule – September 2024
o The plan, to be launched soon, will outline a strategy to meet a peak power demand of
425 GW by 2030 and 458 GW by 2032.
o The transmission network will need to expand from 4.85 lakh circuit kilometers (ckm) in
2024 to 6.48 lakh ckm by 2032.
● Financial Commitment:
o The cost of implementing the National Electricity Plan is estimated at Rs 9.15 lakh crore.
This will help meet rising electricity demand and integrate renewable energy and green
hydrogen into the grid.
President Droupadi Murmu to Inaugurate the 16th ASOSAI Assembly in New Delhi
● President Droupadi Murmu will inaugurate the 16th Assembly of the Asian Organization of Supreme
Audit Institutions (ASOSAI) in New Delhi.
● The assembly will focus on the evolving role of Supreme Audit Institutions (SAIs) in promoting
transparency and accountability.
1. Chairmanship of ASOSAI:
o Girish Chandra Murmu, the Comptroller and Auditor General (CAG) of India, will assume
the ASOSAI chair for the term 2024-2027.
o His leadership is expected to drive advancements in public auditing and strengthen
governance frameworks across Asia.
o The assembly, hosted by the CAG of India, will be held from September 24-27, 2024, with
over 200 delegates from 42 countries and international organizations participating.
1. A one-day symposium will address the theme: “Digital Public Infrastructure and
Gender Divide – Issues of Inclusion and Accessibility”, exploring how technology
can reduce gender disparities in accessing public services.
o Historical Significance of ASOSAI:
1. ASOSAI was founded in 1979 with 11 member institutions and has grown to include
48 Supreme Audit Institutions (SAIs).
2. ASOSAI is a regional group within the International Organization of Supreme Audit
Institutions (INTOSAI).
3. The first ASOSAI Assembly took place in New Delhi in May 1979; this year's event
continues the legacy.
FCRA Licence Cancellation of International Cooperative Alliance and Related NGOs
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Important Monthly Current Affairs Capsule – September 2024
● The Union Home Ministry has cancelled the FCRA licence of the International Cooperative Alliance
(ICA) due to alleged violations of rules.
● ICA, established in 1895, represents over 1 billion members worldwide in the cooperative sector.
● 10 foreign donors from Australia, America, and Europe working in fields like climate change,
environment, and child rights have been placed on the MHA's watchlist.
● The Reserve Bank of India (RBI) instructed banks to seek MHA permission before clearing funds
from these donors.
FCRA Amendment Act, 2020
Key Amendments:
1. Public Servants Restriction:
o Public servants are prohibited from receiving foreign contributions.
2. Designated Accounts:
o All foreign contributions must be deposited in designated State Bank of India accounts in
New Delhi.
3. Administrative Expenses Cap:
o NGOs' administrative expenses must not exceed 20% of total foreign funds (previously
50%).
India Joins US-Led Minerals Security Finance Network to Strengthen Critical Mineral Supply Chains
● India has joined the Minerals Security Finance Network initiated by the United States.
● The network promotes cooperation, information exchange, and co-financing among participating
institutions from the Indo-Pacific and Europe.
Objective of the Network:
o It aims to advance secure, diverse, and sustainable supply chains for critical minerals essential
to global industries.
o The network is a part of the Minerals Security Partnership, which was established in 2022 with
13 countries and the European Commission.
Delhi Government Plans to Extend EV Policy Till March 2025
● Delhi’s Electric Vehicle (EV) policy is set to be extended until March 2025 as directed by Transport
Minister Kailash Gahlot.
● The proposal will be submitted for Cabinet approval, ensuring the continuation of subsidies and
perks like road tax exemption for EV buyers.
● Development of EV Policy 2.0:
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Important Monthly Current Affairs Capsule – September 2024
o A new version, EV Policy 2.0, is currently being drafted and is expected to be finalized within
2-3 months.
o The existing policy, initially set to expire in August 2023, has already been extended and will
remain active to avoid disruption for EV buyers.
Ship-Building and Repair Clusters in Five States, Major Maritime Developments Announced
● The Ministry of Ports, Shipping and Waterways (MoPSW) announced the establishment of ship-
building and repair clusters in five states: Gujarat, Andhra Pradesh, Maharashtra, Kerala, and
Odisha.
● These clusters aim to enhance the strategic importance of India's shipbuilding and ship repair
industry.
Container Handling Projections:
o Over the next five years, container handling capacity across Indian ports is expected to reach
40 million TEUs (Twenty-foot Equivalent Units).
o This expansion is projected to create 2 million job opportunities.
o Jawaharlal Nehru Port Authority (JNPA) will increase its capacity from 6.6 million TEUs to 10
million TEUs, becoming the first Indian port to reach this milestone.
Prime Minister Narendra Modi's Visit to Pune, Maharashtra
● Prime Minister Narendra Modi visit Pune in Maharashtra.
● He will inaugurate, lay the foundation stone, and dedicate to the nation various projects worth over
22 thousand 600 crore rupees
Ministry of Textiles introduces Quality Control Order for Medical Textiles to enhance Public Health and
Safety
● The Ministry of Textiles has announced the Medical Textiles (Quality Control) Order, 2023, which will
come into effect on October 1, 2024.
● This landmark initiative aims to establish stringent quality standards for critical medical textile
products.
Prime Minister Narendra Modi unveiled three advanced supercomputers named Param Rudra
● Prime Minister Narendra Modi unveiled three advanced supercomputers named Param Rudra as
part of India's National Supercomputing Mission.
Government to Launch Digital Portal for Unclaimed Shares and Dividends by 2025
● To expedite the refund process for unclaimed shares and dividends, the government is developing
an integrated digital portal, expected to be operational by early 2025.
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Important Monthly Current Affairs Capsule – September 2024
● This initiative aims to simplify searching for and claiming lost shares, improving efficiency and
accessibility for rightful claimants.
Launch of India-Specific Fashion Initiatives: "Paridhi 24×25" and VisioNxt
● Union Minister of Textiles, Shri Giriraj Singh, and Union Minister of State for External Affairs &
Textiles, Pabitra Margherita, launched several significant initiatives to enhance India’s fashion and
textile sectors, including:
● "Paridhi 24×25" Fashion Trend Book
● VisioNxt Bilingual Web Portal
● AI Taxonomy E-Book
● The event attracted over 150 industry leaders from fashion, textiles, and retail, along with
prominent craftsmen and weavers.
Government’s Borrowing Plan for H2 FY 2024-25
● The central government has set a borrowing target of Rs 6.61 lakh crore for the second half (H2) of
the financial year 2024-25.
● This borrowing strategy aims to address revenue gaps and stimulate economic growth.
Ministry of Tourism Announces Winners of the Best Tourism Villages Competition 2024
● On 27th September 2024, in celebration of World Tourism Day, the Ministry of Tourism,
Government of India revealed the Best Tourism Villages Competition 2024 winners.
● Launched in 2023, this competition highlights villages that exemplify cultural and natural
preservation, community-based values, and sustainability.
Inauguration of Oxygen Bird Park (Amrit Mahotsav Park) by Union Minister Nitin Gadkari
● Union Minister for Road, Transport and Highways, Shri Nitin Gadkari, is set to inaugurate the
Oxygen Bird Park (Amrit Mahotsav Park) located on the Nagpur-Hyderabad National Highway 44
in Nagpur, Maharashtra.
● Area: Total area of 8.23 hectares, with 2.5 hectares dedicated to social forestry.
● Initiative by: National Highway Authority of India (NHAI), situated at Jamtha Clover Leaf along the
Nagpur-Hyderabad Highway.
Union Textiles Minister Shri Giriraj Singh says the roadmap set for the textiles industry to grow to
US$350 bn by 2030
● India aims to grow its textile industry to $350 billion by 2030, up from approximately $164 billion
currently, with an expected creation of 4.5 to 6 crore jobs.
● Textile Minister Giriraj Singh made this announcement during the ministry’s 100-day program.
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Important Monthly Current Affairs Capsule – September 2024
57th Executive Committee Meeting of NMCG approves Projects worth ₹1,062 Crore
● The 57th Executive Committee (EC) meeting of the National Mission for Clean Ganga (NMCG),
chaired by Shri Rajeev Kumar Mital, approved various projects totalling ₹1,062 crore aimed at
conserving and cleaning the Ganga River, alongside initiatives for Mahakumbh 2025.
Key Approved Projects
1. Katihar, Bihar
o Project Cost: ₹350 crore
o Focus: Improvement of drainage and sewage management.
o Components:
▪ 35 MLD STP in Rojitpur with structures to tap four drains.
▪ 20.5 MLD STP in Sharifganj, tapping five drains.
o Model: DBOT (Design, Build, Operate, and Transfer) with a 15-year operation and
maintenance commitment.
2. Aligarh, Uttar Pradesh
o Project Cost: ₹488 crore
o Focus: Interception, diversion, and sewage treatment.
o Components:
▪ Two STPs: 65 MLD and 48 MLD capacities.
▪ 30 KLD septage co-treatment facility.
▪ Three interception and diversion structures.
o Timeline: Completion within 24 months, with 15 years of operation and
maintenance.
3. Supaul, Bihar
o Project Cost: ₹76.69 crore
o Focus: Construction of STPs and diversion structures
Government's Initiative on PLI Scheme for Speciality Steel
● The Indian government is planning a second round of the Production-Linked Incentive (PLI)
scheme for speciality steel, as the initial response to the first round did not meet expectations.
● This announcement was made by Steel Secretary Sandeep Poundrik during the CII Steel
Summit 2024 in New Delhi.
Indian Economy To Grow At 6.5-7 Percent In FY 2024-25: CEA Nageswaran
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Important Monthly Current Affairs Capsule – September 2024
● Chief Economic Advisor (CEA) V. Anantha Nageswaran estimates the Indian economy will grow
at 6.5-7% in the current financial year on a steady-state basis.
● The nominal growth rate, which accounts for inflation, is expected to be around 11%.
● Real GDP Growth: Expected at 6.5-7% for the current financial year.
INTERNATIONAL NEWS
2nd Joint Russian-Indian Commission Meeting on Emergency Management Held in Moscow
• The Second Meeting of the Joint Russian- Indian Commission on the Cooperation in the Field of
Emergency Management was held in Moscow, Russia.
• Shri Nityanand Rai, Minister of State for Home Affairs, India is leading the Indian delegation.
• The working plan of the Joint Russian-Indian Commission on Cooperation in the Field of
Emergency Management for 2025-2026 was signed by Mr. Rai and Minister of the Russian
Federation for Civil Defence, Emergencies, and Elimination of Consequences of Natural
Disasters, Kurenkov Aleksandr Vyacheslavovich.
About Russia :
• President : Vladimir Putin
• Prime Minister : Mikhail Mishustin
• Capital : Moscow
• Currency : Ruble
World Health Organization Designates Monkeypox a Global Public Health Emergency
• The World Health Organization (WHO) has declared monkeypox, which has badly affected the
Democratic Republic of the Congo (DRC) and a growing number of countries in Africa, to be a
public health emergency of international concern.
• This is the second time the viral infection has been designated such.
About WHO :
• Formation : 7 April 1948
• Headquarters : Geneva, Switzerland
• Director General : Tedros Adhanom Ghebreyesus
• The WHO is a specialized agency of the United Nations responsible for international public
health.
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Important Monthly Current Affairs Capsule – September 2024
India and Poland Elevate Bilateral Ties to 'Strategic Partnership' During PM Modi's Historic Visit,
Announce 5-Year Implementation Program
• During Prime Minister (PM) Narendra Modi’s visit to Poland, India and Poland elevated their
bilateral relationship to a "strategic partnership" and announced a five-year Action Plan for 2024-
2028.
• Both countries will maintain regular contacts between their foreign ministers, utilizing both
bilateral and multilateral fora for interactions.
• Multilateral Cooperation: India and Poland will support each other's aspirations on a case-by-
case basis to enhance multilateral cooperation, aligning with the spirit of the United Nations
Charter.
About Poland :
• President : Andrzej Sebastian Duda
• Prime Minister : Donald Tusk
• Capital and largest city : Warsaw
• Currency : Zloty
United States, European Union, and United Kingdom to Sign 1st International Artificial Intelligence
Treaty with Legal Binding
• The Council of Europe Framework Convention on Artificial Intelligence and Human Rights,
Democracy, and the Rule of Law is the first international treaty establishing legal rules for AI
technology development and use.
• The treaty ensures that AI systems respect human rights and democratic values.
• The treaty was opened for signature at a Council of Europe justice ministers' conference in
Vilnius, Lithuania.
• Initial signatories include major global players: the United States (US), European Union (EU),
United Kingdom (UK), and other countries like Andorra, Georgia, Iceland, Norway, Moldova, San
Marino, and Israel.
About US :
• President : Joe Biden
• Capital : Washington, D.C
• Currency : U.S. dollar
About EU :
• President of the European Council : Charles Michel
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Important Monthly Current Affairs Capsule – September 2024
• President of the Commission : Ursula von der Leyen
• Membership : 27 Members
About UK :
• Prime Minister : Keir Starmer
• Capital : London
• Currency : Pound sterling
2024 Edition of the Chief Science Advisers’ Roundtable (CSAR) to Be Held at UNESCO Headquarters
in Paris, France
• The 2024 Edition of the Chief Science Advisers’ Roundtable (CSAR) is scheduled to be
organised at the headquarters of the United Nations Educational, Scientific and Cultural
Organization (UNESCO) in Paris, France.
• This roundtable is co-organised by the Office of Principal Scientific Adviser to the Indian
Government and the Natural Sciences Sector of UNESCO.
• CSAR was conceptualised and launched as a Sherpa-track initiative during the Indian G20
Presidency last year.
About UNESCO :
• Founded: 16 November 194
• Headquarters: Paris, France
• Director General : Audrey Azoulay
• UNESCO is a specialised agency of the United Nations aimed at promoting world peace and
security through international cooperation in education, arts, sciences and culture.
External Affairs Minister S. Jaishankar to Participate in Inaugural India-Gulf Cooperation Council
Foreign Ministers’ Meeting in Riyadh
• External Affairs Minister S. Jaishankar attended the first India-Gulf Cooperation Council (GCC)
Foreign Ministers' Meeting in Riyadh on September 08 & 09, 2024 to strengthen ties between
India and the Gulf nations.
• The meeting will focus on enhancing cooperation in various sectors, including trade, investment,
and energy.
• India-GCC Trade:The total trade volume between India and GCC countries stood at USD 184.46
billion in FY 2022-23, highlighting the economic significance of the partnership.
About GCC :
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Important Monthly Current Affairs Capsule – September 2024
• Established in 1981, the GCC promotes economic, security, cultural and social cooperation
between the six states.
• The GCC is an influential grouping comprising the United Arab Emirates, Bahrain, Saudi Arabia,
Oman, Qatar and Kuwait.
• It holds a summit every year to discuss cooperation and regional affairs.
Mexico Becomes the 1st Country to Approve Popular Election of Judges
• Mexico became the first country to allow voters to elect judges at all levels.
• The reform was driven by outgoing President Andrés Manuel López Obrador, who criticised the
judiciary for favouring political and economic elites.
• Constitutional Amendment: The reform was passed with 86 votes in favour and 41 against,
surpassing the two-thirds majority required to amend the constitution.
About Mexico :
• Capital : Mexico City
• Currency : Mexican peso
International Cooperative Alliance (ICA) General Assembly and Global Cooperative Conference 2024
Set for November 25-30, 2024 in New Delhi
• The International Cooperative Alliance (ICA) General Assembly and the Global Cooperative
Conference 2024 are scheduled to take place from November 25th to November 30th, 2024, at
Bharat Mandapam, Pragati Maidan, New Delhi.
• The theme for this year’s conference is “Cooperatives Build Prosperity for All,” which is in line
with Prime Minister Shri Narendra Modi’s vision of ‘Sahkar se Samriddhi’.
• The conference will mark the official launch of the UN International Year of Cooperatives – 2025.
• A commemorative stamp celebrating the International Year of Cooperatives – 2025 will be
unveiled during the event.
About ICA :
• Established: 1895
• Headquarters : Brussels, Belgium
• President : Ariel Guarco
• Director General : Jeroen Douglas
World Health Organisation approves first mpox vaccine to strengthen response efforts in Africa
• The World Health Organization (WHO) granted its first authorisation for a mpox vaccine for use in
adults, marking a critical step in combating the disease, particularly in Africa.
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Important Monthly Current Affairs Capsule – September 2024
• The vaccine is produced by Bavarian Nordic A/S, and its pre-qualification allows global health
agencies like GAVI and UNICEF to purchase it.
• Current Situation: The Africa Centre for Disease Control and Prevention (Africa CDC) reported
that nearly 70% of mpox cases in Congo, the country most affected, are among children under
15 years old, who also account for 85% of deaths.
About WHO :
• Founded : 7 April 1948
• Headquarters : Geneva, Switzerland
• Director General : Tedros Adhanom Ghebreyesus
Former United States President Donald Trump Unveils Cryptocurrency Venture 'World Liberty Financial'
● Former President Donald Trump launched a new cryptocurrency venture called World Liberty
Financial just 50 days before Election Day.
● World Liberty Financial is designed to be a crypto banking service that allows users to borrow,
lend, and invest in digital currencies.
● World Liberty Financial is Donald Trump's new cryptocurrency venture, aiming to offer
decentralized finance (DeFi) services.
55th International Film Festival of India (IFFI) 2024 to Take Place in Goa from November 20-28, 2024
● The 55th International Film Festival of India (IFFI) 2024 is slated to be held in Goa from 20th to
28th November 2024.
● The Ministry of Information and Broadcasting has instituted a new section as part of IFFI, 2024
for the Indian young filmmaker called "Best Debut Indian Film Section 2024".
● Best Debut Indian Film Section 2024 will focus on Indian debut films, which will showcase a
diverse range of narratives and cinematic styles from across the country.
Ukraine, Gaza, key pacts on agenda during Indian Prime Minister’s US visit
Quad Initiatives
• Discussions on peace and stability in the Indo-Pacific.
• Reform of global governance structures.
• Addressing pressing conflicts in Ukraine and Gaza.
• September 21: Participation in the Quad Summit in Wilmington, Delaware, with President Biden,
Australian PM Anthony Albanese, and Japan's PM Fumio Kishida.
• September 22: Interaction with the Indian diaspora at Long Island.
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Important Monthly Current Affairs Capsule – September 2024
• September 23: Participation in the Summit of the Future at the UN General Assembly, along with
bilateral meetings and a roundtable with CEOs of American firms.
Cambodia’s Angkor Wat, the most photogenic UNESCO World Heritage site in Asia
• Cambodian Prime Minister Hun Manet announced that Angkor Wat has been recognized as the
most photogenic UNESCO World Heritage site in Asia by Times Travel.
Top Photogenic UNESCO Sites in Asia
• Angkor Wat (Cambodia)
• Taj Mahal (India)
• Great Wall (China)
• Bagan (Myanmar)
• Borobudur (Indonesia)
• Halong Bay (Vietnam)
• Kyoto’s Historical Monuments (Japan)
• Petra (Jordan)
• Rice Terraces of the Philippines Cordilleras
• Hampi (India)
Jordan becomes first country to eliminate leprosy, receives WHO verification
• The World Health Organization (WHO) has congratulated Jordan for becoming the first country in
the world to be officially verified as having eliminated leprosy.
• This achievement represents a major milestone in global public health efforts.
• WHO Director-General Tedros Adhanom Ghebreyesus praised Jordan, saying the country has
successfully stopped the transmission of leprosy, freeing individuals and communities from the
disease's suffering and stigma.
About World Health Organization (WHO):
• Headquarters: Geneva, Switzerland
• Founded: 7 April 1948
• Director-General: Tedros Adhanom Ghebreyesus
• Deputy Director-General: Michael Ryan
European Union proposes €35 billion loan for Ukraine, secured by Russian assets
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Important Monthly Current Affairs Capsule – September 2024
● European Commission President Ursula von der Leyen announced a €35 billion loan to Ukraine,
backed by profits from immobilized Russian central bank assets.
● The plan was revealed after a meeting with Ukrainian President Volodymyr Zelenskyy in Kyiv.
● Broader Financial Package:This loan is part of a larger $50 billion support package developed in
coordination with the U.S. and G7 countries.
● Use of Russian Assets:The repayments for the loan will come from the profits of $280 billion in
frozen Russian Central Bank funds, mostly held in Europe.
About European Commission :
● Established :16 January 1958
● Headquarters : Brussels, Belgium
● President : Ursula von der Leyen
● Member States : 27
About Ukraine :
● President : Volodymyr Zelenskyy
● Prime Minister : Denys Shmyhal
● Capital : Kyiv
● Currency : Hryvnia
France Commits Comprehensive Support for Nuclear Submarines, Jet Engines, and Underwater
Drones to India
● The India-France strategic defence partnership is poised for significant advancements,
particularly in the construction of nuclear attack submarines and the transfer of technology for
aircraft engines and underwater drones.
● Discussions between Indian National Security Advisor Ajit Doval and French diplomatic advisor
Emmanuel Bonne will take place in Paris from September 30 to October 1, 2024.
● France is prepared to offer a 100% transfer of technology for 110 kilo-Newton thrust aircraft
engines and advanced underwater drones to India.
● This meeting marks the first bilateral strategic engagement following French President
Emmanuel Macron's visit to India in January 2024.
About France :
● President : Emmanuel Macron
● Prime Minister : Michel Barnier
● Capital : Paris
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Important Monthly Current Affairs Capsule – September 2024
● Currency : Euro
India and South Korea Engage in Talks to Enhance Trade Agreement and Boost Investments
● India and South Korea discussed addressing non-tariff barriers affecting Indian exporters in the
Korean market to promote more balanced trade.
● The meeting involved discussions on upgrading the existing Comprehensive Economic
Partnership Agreement (CEPA), originally signed in 2009 and effective from 2010.
● The meeting was held at Vientiane in Laos on the sidelines of the ASEAN-India Economic
Ministers’ meeting and the East Asia Summit Economic Ministers’ Meeting.
About South Korea :
● President : Yoon Suk Yeol
● Prime Minister : Han Duck-soo
● Capital : Seoul
● Currency : Korean Republic won
Prime Minister Shri Narendra Modi Presents US President Mr. Joe Biden with Antique Silver Hand-
Engraved Train Model
● Prime Minister Shri Narendra Modi presented gifts to United States (US) President Mr Joe Biden
and First Lady Jill Biden, symbolizing India's rich cultural heritage.
● President Biden received an antique silver, hand-engraved train model with "Delhi-Delaware"
inscribed on the main carriage, signifying strong India-US ties.
● First Lady Jill Biden was gifted a Pashmina shawl in an intricately designed Papier Mache box.
About Antique Silver Train Model:
● Crafted by artisans from Maharashtra, known for its heritage in silver craftsmanship.
● Made of 92.5% silver with intricate detailing achieved through techniques like engraving,
repousse, and filigree work.
● Inscribed with "Delhi-Delaware" on the carriage and "Indian Railways" on the engine in both
English and Hindi, reflecting standard passenger train formats in India.
About Pashmina Shawl:
● A Pashmina shawl, known for its high quality, was gifted to First Lady Jill Biden.
● The shawl is sourced from Jammu and Kashmir and features vibrant hues from natural dyes
derived from plants and minerals.
About US :
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Important Monthly Current Affairs Capsule – September 2024
● President : Joe Biden
● Vice President : Kamala Harris
● Capital : Washington, D.C
● Currency : U.S. dollar ($)
Commerce and Industry Minister Piyush Goyal Wraps Up Three-Day Visit to Australia
● Union Minister for Commerce and Industry, Shri Piyush Goyal, concluded a 3-day visit to
Australia from September 23 to 26, 2024.
● The Minister co-chaired the 19th Joint Ministerial Commission meeting with Senator Don Farrell,
Minister for Trade and Tourism of Australia, on September 25, 2024, at Government House in
Adelaide.
About Australia :
● Prime Minister : Anthony Albanese
● Capital : Canberra
● Currency : Australian dollar
STATE NEWS
India Meteorological Department Warns Cyclone 'Asna' to Bring Heavy Rains in Gujarat as it Moves
West-Northwest Over Northeast Arabian Sea
● The Indian Meteorological Department (IMD) issued a warning for Cyclone Asna, which is a deep
depression over the Arabian Sea.
● The cyclone is expected to move West-Northwest over the Northeast Arabian Sea and away
from the Indian coast within the next 24 hours.
● Current Position and Movement:As of the latest update, Cyclone Asna is moving at a speed of 14
km per hour.
● Its coordinates are approximately 23.6° N latitude and 66.4° E longitude.
Maharashtra Chief Minister Eknath Shinde Unveils Solar Village Scheme, With Manyachiwadi as the
First 100% Solar-Powered Village
• Maharashtra Chief Minister Eknath Shinde launched the Solar Village Scheme, an initiative
aimed at providing 100% solar-powered electricity to 100 villages, at a function held in Satara.
• Manyachiwadi, a village in Satara district, has become the 1st village in the state to be electrified
100% by solar power.
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Important Monthly Current Affairs Capsule – September 2024
• The scheme aims to achieve zero electricity bills for households under the PM SuryagarhMuft
Bijali Yojana.
• It also aims to provide free electricity to farmers.
About Maharashtra :
• Governor: C. P. Radhakrishnan
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife
Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco
Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves
Maharashtra Government Declares Ratnagiri Geoglyphs and Petroglyphs as Protected Monuments
Under 1960 Act
• The Maharashtra government has declared the geoglyphs and petroglyphs in Ratnagiri as
'protected monuments' under the Maharashtra Ancient Monuments and Archaeological Sites and
Remains Act, 1960.
• According to a notification issued by the Culture Department, the group of petroglyphs at Deud in
Ratnagiri dates back to the Mesolithic Age (about 20,000–10,000 years ago).
About Maharashtra :
• Governor: C. P. Radhakrishnan
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife
Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco
Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves
TANGEDCO Launches ₹10,000 Crore Project to Upgrade Low Tension Lines to High Tension to
Reduce Transmission Losses
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Important Monthly Current Affairs Capsule – September 2024
• Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) is undertaking a
₹10,000 crore project to convert low tension (LT) lines to high tension (HT) lines in its
transmission system.
• Primary goal of the project : To reduce transmission losses. HT lines are preferred for long-
distance transmission due to their higher voltage (11kV and above), which minimises
transmission losses compared to LT lines (220V) used for shorter distances.
About Tangedco :
• Founded : 1 November 2010
• Headquarters : Chennai, Tamil Nadu, India
• Chairman and Managing Director : Rajesh Lakhoni
• TANGEDCO is an electrical power generation and distribution public sector undertaking owned
by the Government of Tamil Nadu.
Centre Sanctions 8 Lakh Pradhan Mantri Awas Yojana Houses in Chhattisgarh
• The Centre has sanctioned the construction of more than 8 lakh houses under the Pradhan
Mantri Awas Yojana (PMAY) in rural areas of Chhattisgarh.
• The newly-elected BJP government approved the sanctioning of 18 lakh houses for beneficiaries
in rural areas as a key promise made ahead of the 2023 assembly elections.
• The state government has also launched the ‘Niyad Nellanar’ (your good village) scheme for
development in villages within a 5-km radius of security camps.
About PMAY:
• Pradhan Mantri Awas Yojana (Urban) (PMAY-U) was launched by the Government of India in
June 2015.
• Objective: To provide affordable housing to the urban poor, with a target of constructing 2 crore
(20 million) housing units by 31 March 2022.
About Chhattisgarh :
• Governor : Ramen Deka
• Chief Minister : Vishnu Deo Sai
• Capital : Raipur
Uttar Pradesh Government to Construct 3D Vedic Museum in Varanasi
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Important Monthly Current Affairs Capsule – September 2024
• The Uttar Pradesh (UP) government will build the Vedic-3D museum in Varanasi, Prime Minister
Narendra Modi’s parliamentary constituency.
• The museum will be situated in the main building of Sampurnanand Sanskrit University.
• Museum Focus:The museum will be dedicated to Indian astrology, astronomy, and Vedic
literature.
About UP :
• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National Park
• Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National
Chambal Wildlife Sanctuary
Andhra Pradesh Chief Minister Unveils India's First Homegrown RT-PCR Kit for Monkeypox Detection
• Andhra Pradesh (AP) Chief Minister (CM), Nara Chandrababu Naidu launched India’s first
indigenous Monkeypox RT-PCR Kit at the AP Medtech Zone (AMTZ) in Visakhapatnam.
• The kit was developed at AMTZ in collaboration with Transasia Diagnostics.
• It has been validated by the Indian Council of Medical Research (ICMR) and the Central Drugs
Standard Control Organization (CDSCO).
About AP :
• Governor : Syed Abdul Nazeer
• Chief Minister : N. Chandrababu Naidu
• Capital : Amaravati
• Wildlife Sanctuaries : Coringa Wildlife Sanctuary, Kambalakonda Wildlife Sanctuary, Rollapadu
Wildlife Sanctuary,Koundinya Wildlife Sanctuary & Gundla Brahmeswaram Wildlife Sanctuary
West Bengal Assembly Unanimously Approves Landmark ‘Aparajita’ Anti-Rape Bill Amidst Political
Tensions
• The West Bengal Assembly unanimously passed the 'Aparajita Woman and Child Bill (West
Bengal Criminal Laws and Amendment) Bill 2024'.
• The bill seeks capital punishment for rape convicts if their actions result in the victim’s death or
leave her in a vegetative state.
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Important Monthly Current Affairs Capsule – September 2024
• The bill proposes to amend the Bharatiya Nyay Sanhita 2023, Bharatiya Nagarik Suraksha
Sanhita 2023, and the Protection of Children from Sexual Offences (POCSO) Act 2012 within the
state.
• West Bengal becomes the first state to amend central laws relating to rape, gang-rape, and
sexual crimes against children.
About West Bengal :
• Governor : C. V. Ananda Bose
• Chief Minister : Mamata Banerjee
• Capital : Kolkata
• Wildlife Sanctuaries : Ballabhpur Wildlife Sanctuary, Bethuadahari Wildlife Sanctuary,
Bibhutibhushan Wildlife Sanctuary.
United Nations World Food Programme and Odisha Government Introduce India's
First 'Grain ATM' to Enhance Food Security
• The United Nations World Food Programme (WFP) and the Government of Odisha launched
India’s first around-the-clock grain dispensing machine, the 'Grain ATM,' also known as
'Annapurti' (Hindi for fulfiller of food), in the state capital Bhubaneswar.
• The machine was inaugurated by Krushna Chandra Patra, Odisha Minister of Food Supplies,
Consumer Welfare, Science and Technology, with Nozomi Hashimoto, Deputy Country Director
for WFP in India, present.
• Odisha is the first state in India to provide round-the-clock access to the PDS, enhancing
convenience and efficiency.
About World Food Programme :
• Established : 19 December 1961
• Headquarters : Rome, Italy
• Executive Director : Cindy McCain
• WFP is an international organisation within the United Nations that provides food assistance
worldwide.
• It is the world's largest humanitarian organization and the leading provider of school meals.
Odisha Chief Minister Mohan Charan Majhi Launches CM Kisan Yojana
• Odisha Chief Minister Mohan Charan Majhi launched the CM Kisan Yojana by releasing the first
instalment of ₹925 crore to benefit nearly 46 lakh farmers.
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Important Monthly Current Affairs Capsule – September 2024
• The program was launched at Gangadhar Meher University, Sambalpur, coinciding with Western
Odisha's major agricultural festival, Nuakhai.
• The BJP government implemented the CM Kisan Yojana, replacing the previous BJD government's
Krushak Assistance for Livelihood and Income Augmentation (KALIA) scheme.
India's 1st Silicon Carbide manufacturing facility to be set up in Odisha
• Odisha Chief Minister Mohan Charan Majhi attended the ground-breaking ceremony for India’s first
silicon carbide manufacturing facility in Odisha, with an investment of ₹620 crore.
• The facility will be developed by RIR Power Electronics Limited, a leading company in India’s
semiconductor power electronics sector.
• The facility will be set up at EMC Park, Info valley, Bhubaneswar, Odisha.
About Odisha :
• Governor : Raghubar Das
• Chief Minister : Mohan Charan Majhi
• Capital : Bhubaneswar
Madhya Pradesh Government Approves Transfer of State Cooperative Dairy Operations to National
Dairy Development Board for 5 Years
• The Madhya Pradesh government has approved the transfer of operations of the State
Cooperative Dairy Federation and affiliated milk unions to the National Dairy Development Board
(NDDB) for the next five years.
• The opposition Congress views this decision as a potential "backdoor" entry for Gujarat’s Amul to
take over MP's state-run milk brand Sanchi since Amul is a major shareholder in NDDB.
About MP :
• Governor: Mangubhai C. Patel
• Chief Minister: Mohan Yadav
• Capital: Bhopal
• National Park: Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary: Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
Government to rename Andaman & Nicobar Islands' capital Port Blair as "Sri Vijaya Puram"
• Union Home Minister Amit Shah announced the renaming of Port Blair, the capital of Andaman &
Nicobar Islands to “Sri Vijaya Puram” as a move to “free the nation from colonial imprints.”
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Important Monthly Current Affairs Capsule – September 2024
• The renaming is aimed at removing colonial legacies associated with the original name, Port
Blair, which was named after British naval surveyor Archibald Blair.
• Previous Renaming Initiatives:In a move to honor Netaji Subhash Chandra Bose, three islands in
the Andaman and Nicobar Islands were renamed: Ross Island to Subhash Chandra Bose
Dweep, Neil Island to Shaheed Dweep, and Havelock Island to Swaraj Dweep.
About Andaman & Nicobar Islands :
• Lieutenant governor : Devendra Kumar Joshi
Gujarat Government Establishes GRIT as Policy Think Tank Led by CM Bhupendra Patel
• The Gujarat government has set up the Gujarat State Institution for Transformation-GRIT under
Chief Minister Bhupendra Patel’s chairmanship.
• The body will act as a policy think tank on the lines of NITI Ayog.
• A 10-member executive committee will be in place for the day-to-day operations of GRIT.
About Gujarat
• Capital: Gandhinagar
• Chief minister: Bhupendrabhai Patel
• Governor: Acharya Devvrat
• NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife
Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga
Wildlife Sanctuary
Uttar Pradesh's First Semiconductor Park to be Established in Greater Noida, State Allocates 225 Acres
of Land for Three Companies
● The first semiconductor park in Uttar Pradesh will be established in Greater Noida, near the
upcoming Noida International Airport.
● The Uttar Pradesh government has allocated 225 acres of land in Sector 10 and Sector 28 for
semiconductor manufacturing projects by three companies.
● Companies and Land Allocation : Arun Vir Singh, chief executive officer, Yamuna Development
Authority (YEIDA), stated that 50 acres of land in Sector-10 have been allocated to Kaynes
Semicon Private Limited and Vama Sundari Investments for setting up semiconductor units.
About UP :
● Governor : Anandiben Patel
● Chief Minister : Yogi Adityanath
● Capital : Lucknow
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Important Monthly Current Affairs Capsule – September 2024
● National Park : Dudhwa National Park
● Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National
Chambal Wildlife Sanctuary
Uttar Pradesh Chief Minister Yogi Adityanath Opens Jatayu Conservation and Breeding Centre in
Gorakhpur Forest Division
• Uttar Pradesh Chief Minister Yogi Adityanath inaugurated the Jatayu Conservation and Breeding
Centre in the Bharivaisi, Campierganj Range of the Gorakhpur Forest Division.
• The centre is the world's first conservation and breeding centre specifically for the Asian King
Vulture (red-headed vulture).
• The Uttar Pradesh Forest Department, in collaboration with the Bombay Natural History Society
(BNHS), established the centre.
• The centre is spread over 1.5 hectares in the Gorakhpur Forest Division and was constructed at a
cost of Rs 2.8 crore.
About UP :
• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National ParkWildlife Sanctuary : Bakhira Wildlife Sanctuary,
Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary
Zanskar Hosts 9th Edition of Ladakh Zanskar Festival 2024
• The 9th Ladakh Zanskar Festival 2024 began with remarkable grandeur in the picturesque village
of Sani, signifying a landmark event for the region.
• The festival was inaugurated by Lieutenant Governor Brigadier (Dr) BD Mishra.
• This year’s Zanskar Festival is especially significant as it marks the first celebration since Zanskar
was officially declared a district.
About Ladakh :
• Lieutenant Governor : B. D. Mishra
• Capitals : Leh, Kargil
• Current Districts : 7
Assam rolls Orunodoi 3.0 scheme with annual budget of Rs 5,604 crore
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Important Monthly Current Affairs Capsule – September 2024
• The Assam government has launched Orunodoi 3.0, a women-centric financial assistance
scheme aimed at providing monthly financial support to economically disadvantaged families in
the state.
• This is part of the broader efforts by the Assam government to uplift marginalised communities
and ensure financial stability for vulnerable households.
• Initially targets 12 lakh additional beneficiaries, aiming to cover a total of 37 lakh women by early
2025.
About: Assam
• Capital: Dispur
• Chief Minister: Himanta Biswa Sarma
• Governor: Lakshman Acharya
• National Parks: Kaziranga National Park, Manas National Park, Dibru-Saikhowa National Park,
Nameri National Park, Rajiv Gandhi Orang National Park
Gujarat wins most awards at renewable energy meet
• At the 4th Global Renewable Energy Investors Meet and Expo, hosted for the first time outside
Delhi, Gujarat emerged as the top performer, winning the maximum number of awards.
• This three-day event highlighted the state’s leadership in renewable energy, with Chief Minister
Bhupendra Patel emphasizing Gujarat’s commitment to transitioning towards a cleaner energy
future.
About: Gujarat
• Capital: Gandhinagar
• Chief Minister: Bhupendrabhai Patel
• Governor: Acharya Devvrat
Prime Minister Narendra Modi Unveils ‘SUBHADRA’ - Odisha’s Largest Women-Centric Scheme in
Bhubaneswar
● The Prime Minister, Shri Narendra Modi launched ‘SUBHADRA’, the flagship Scheme of
Government of Odisha, in Bhubaneswar, Odisha.
● It is the largest, single women-centric scheme and is expected to cover more than 1 crore
women.
● Financial Assistance:The scheme provides ₹50,000 to each eligible beneficiary over a period of 5
years (2024-25 to 2028-29).
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Important Monthly Current Affairs Capsule – September 2024
● Beneficiaries will receive ₹10,000 annually in two equal installments, directly credited to their
Aadhaar-enabled and DBT-enabled bank accounts.
● Eligibility:The scheme is targeted at women aged 21-60 years.
● PMAY-G Fund Release:The Prime Minister released the first instalment of assistance to nearly
10 lakh beneficiaries under PMAY-G (Pradhan Mantri Awaas Yojana-Gramin) across 14 states.
About Odisha :
● Governor : Raghubar Das
● Chief Minister : Mohan Charan Majhi
● Capital : Bhubaneswar
Prime Minister Narendra Modi inaugurates 4th Global Renewable Energy Investor’s Meet and Expo
(RE-INVEST) in Gandhinagar, Gujarat
● The Prime Minister, Shri Narendra Modi inaugurated the 4th Global Renewable Energy Investors
Meet and Expo (RE-INVEST) at Mahatma Mandir, Gandhinagar in Gujarat.
● The 3-day summit honours the important contributors to India's remarkable achievement of over
200 GW of installed non-fossil fuel capacity.
● The 4th Global Renewable Energy Investor’s Meet and Expo (RE-INVEST) is poised to highlight
India's impressive progress in renewable energy manufacturing and deployment.
● Germany, Australia, Denmark and Norway are taking part in the event as partner countries.
● Gujarat is the host state and Andhra Pradesh, Karnataka, Madhya Pradesh, Maharashtra,
Rajasthan, Telangana and Uttar Pradesh are participating as Partner States.
About Gujarat :
● Capital: Gandhinagar
● Chief Minister: Bhupendrabhai Patel
● Governor: Acharya Devvrat
● National Parks: Gir National Park, Blackbuck (Velavadar) National Park, Marine National Park
(Gulf of Kachchh), Vansda (Bansda) National Park
● Wildlife Sanctuaries: Barda Wildlife Sanctuary, Girnar Wildlife Sanctuary, Kutch Desert Wildlife
Sanctuary, Purna Wildlife Sanctuary, Thol Lake Wildlife Sanctuary, Wild Ass Wildlife Sanctuary
Union Minister Jitan Ram Manjhi Virtually Inaugurates Centre for Rural Enterprise Acceleration through
Technology (CREATE) in Leh
● Union Minister for MSME, Shri Jitan Ram Manjhi, inaugurated the CREATE facility in Leh through
virtual mode.
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Important Monthly Current Affairs Capsule – September 2024
● The Centre aims to enhance local productivity, improve product quality, boost economic
potential, and improve livelihoods for local communities.
Odisha prepares to join the Centre’s Ayushman Bharat health insurance scheme
● Odisha is set to join the Ayushman Bharat Pradhan Mantri - Jan Arogya Yojana (AB PM-JAY),
which offers health coverage of ₹5 lakh per family annually for secondary and tertiary
hospitalization.
● National Participation: Currently, 18 states have integrated their health schemes with AB PM-
JAY. States like Punjab are being engaged for compliance, while Bihar has recently joined.
● Beneficiary Demographics: 49% of Ayushman cards are issued to women, and of the 7.79 crore
hospital admissions, approximately 3.61 crore are utilized by women.
About Ayushman Bharat Pradhan Mantri - Jan Arogya Yojana (AB PM-JAY) :
● Established : 23 September 2018
● It is a national public health insurance scheme of the Government of India that aims to provide
free access to health insurance coverage for low income earners in the country.
Uttar Pradesh International Trade Show-2024: Yogi Adityanath announces Uttar Pradesh as the state
with the largest Micro, Small, and Medium Enterprises base in India
● Uttar Pradesh (U.P.) has the largest base of Micro, Small, and Medium Enterprises (MSMEs) in
India, with 96 lakh MSME units spread across 75 districts.
● MSMEs are the second-largest job creators in the U.P. after agriculture, playing a major role in
the state's industrial transformation
About UP :
● Governor : Anandiben Patel
● Chief Minister : Yogi Adityanath
● Capital : Lucknow
● National Park : Dudhwa National ParkWildlife Sanctuary : Bakhira Wildlife Sanctuary,
Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary
Delhi Chief Minister Atishi Updates Minimum Monthly Salaries for Unskilled, Semi-Skilled, and Skilled
Laborers
● Atishi announced a revision in the minimum monthly wages for unskilled, semi-skilled, and skilled
workers in her first decision as Chief Minister.
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Important Monthly Current Affairs Capsule – September 2024
Revised Wage Details:
○ Unskilled Workers:
■ Previous Wage: ₹17,494
■ Revised Wage: ₹18,066
■ Percentage Increase: 3.2%
○ Semi-Skilled Workers:
■ Previous Wage: ₹19,279
■ Revised Wage: ₹19,929
■ Percentage Increase: 3.6%
○ Skilled Workers:
■ Previous Wage: ₹21,215
■ Revised Wage: ₹21,917
■ Percentage Increase: 3.3%
● Additional Wage Increases:
○ Non-Matriculate Workers: Minimum wage increased by 3.6%.
○ Matriculate Workers: Wage increased from ₹20,903 by 4.85%.
○ Graduate Workers: Wage increased from ₹23,082 by 3.26%.
● Launch of the Action Plan: The Delhi government introduced a comprehensive 21-point Winter
Action Plan to combat air pollution.
About Delhi :
● Lt. Governor : Vinai Kumar Saxena
● Chief Minister : Atishi Marlena Singh
Tripura Government Introduces CM-SATH Scheme to Support Meritorious Students in Pursuing Higher
Education
● The Chief Minister of Tripura, Manik Saha, launched the CM-SATH scheme to support
meritorious students in higher education, fulfilling a pre-poll promise.
● The scheme offers financial aid of ₹60,000 (₹5,000 monthly) for a duration of two to three years
to 200 selected students based on merit.
About Tripura :
● Governor : Indrasena Reddy
● Chief Minister : Manik Saha
● Capital : Agartala
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Important Monthly Current Affairs Capsule – September 2024
● National Park : Bison (Rajbari) National Park, Clouded Leopard National Park
● Ramsar Site : Rudrasagar Lake
6th Session of the India-Egypt Joint Trade Committee (JTC) held successfully in New Delhi
● The 6th Session of the India-Egypt JTC was held in New Delhi on 16th-17th September 2024.
● The session Co-chaired by Ms. Priya P. Nair, Economic Adviser, Department of Commerce,
Government of India, and Mr. Yahya Elwathik Bellah, Deputy Minister of Investment & Foreign
Trade of Egypt.
● The Egyptian delegation included the Ambassador to India, H.E. Mr. Wael Mohamed Awad
Hamed, and eight delegates from relevant ministries.
● India secured necessary approvals to sign a Memorandum of Understanding (MoU) between the
National Small Industries Corporation (NSIC) of India and the MSME Development Agency
(MSMEDA) of Egypt, aiming for early signing and operationalization.
Uttar Pradesh introduces Krishi Sakhi scheme to empower women in agriculture
● The "Krishi Sakhi" scheme was launched in Uttar Pradesh (UP) to empower women in
agriculture.
● The scheme aims to promote self-reliance and improve economic status through modern
agricultural practices.
About the Scheme :
● Training and Participation:A total of 7,634 women have been trained through 269 training
programs under this initiative.
● Krishi Sakhis are selected from self-help groups (SHGs) established under the Uttar Pradesh
State Rural Livelihood Mission.
● Coordination and Support:The state government coordinates efforts between Krishi Sakhis and
various government departments to enhance financial stability.
● Training includes initiatives from the Department of Agriculture, Horticulture Department, Silk
Directorate, and Ground Water Department.
● Selection Criteria:Women aged between 21 to 45 years with an interest and experience in
agriculture are eligible for selection.
● Training Body:The National Institute of Agricultural Extension Management (MANAGE) is
responsible for training Krishi Sakhis.
● Training focuses on natural, organic, and agroecology-based farming practices.
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Important Monthly Current Affairs Capsule – September 2024
● Role in Community:Krishi Sakhis are actively involved in the "Lakhpati Mahil Program,"
organizing agricultural and animal husbandry schools for women farmers.
Karnataka Unveils Draft Policy for Global Capability Centres, Targeting 500 New Centres and 350,000
Jobs by 2029
● Karnataka is set to strengthen its position in the global outsourcing landscape by targeting a
doubling of its Global Capability Centres (GCCs) to 1,000 and generating 350,000 new jobs by
2029.
● Incentives Offered:The draft policy includes various incentives for attracting foreign firms, such
as:
➢ Reimbursement of rental costs.
➢ Assistance with patent fees.
➢ Exemptions from electricity duties, based on employee numbers at GCCs.
● Additionally, the Karnataka government aims to achieve an economic output of $50 billion
through these new offices by 2029.
BUSINESS NEWS
PM Modi Lays Foundation Stone for Vadhvan Port, India's Largest Deep-Water Port
• Prime Minister Narendra Modi laid the foundation for the Vadhvan Port project on August 30.
• The Vadhvan Port is situated in the Palghar district of Maharashtra, approximately 150 km from
Mumbai. It is set to be India's largest deep-water port with an investment of ₹76,220 crore.
o The port will have a capacity of 300 million tonnes annually (mta), featuring 9 container
terminals and 4 multipurpose berths.
o The Jawaharlal Nehru Port Authority and Maharashtra Maritime Board will share the
construction costs in a 74:26 ratio.
Indian Economy Projected to Grow 7% in FY25 Despite Q1 Slowdown
• The Indian economy is forecasted to grow at 7% in FY25, according to HSBC Global Research,
despite experiencing a slowdown to 6.7% in the first quarter of FY25.
• This marks the lowest growth rate in five quarters.
• The positive outlook is supported by robust underlying growth momentum and a reduction in key
economic data gaps.
Finance Ministry Eases Cash Management Guidelines to Enhance Fiscal Spending
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Important Monthly Current Affairs Capsule – September 2024
• The Finance Ministry has relaxed cash management guidelines to boost spending in the
remaining months of the current fiscal year.
• This change aims to address the impact of low government spending due to the general elections
on economic growth during the April-June quarter.
• The government has set a target of exceeding ₹11 lakh crore in capital expenditure for the
ongoing fiscal year.
• This target underscores the need for increased spending to drive economic growth.
World Bank and IMF Boost India's Growth Forecast for FY 2024-25
• The World Bank has increased India's GDP growth forecast for the Financial Year 2024-25 to
7%, up from 6.6%.
• This change reflects strong economic momentum driven by private consumption and investment.
• IMF Projection: The International Monetary Fund (IMF) has similarly revised its growth projection
for India to 7%, an increase of 20 basis points. This adjustment aligns with the World Bank’s
optimistic outlook.
India's Decision to Retain Current Tax Structure for Electric and Hybrid Vehicles
o The Indian government has decided to retain the current tax structure for electric and hybrid vehicles
for an extended period.
o Electric cars will continue to be taxed at a lower rate of 5%, whereas hybrid cars will face a higher
tax rate of 48%.
o The decision comes amid growing pressure from major car manufacturers like Maruti Suzuki India
and Toyota Kirloskar Motor to lower the tax burden on hybrid cars.
o Despite these demands, the government remains focused on promoting electric mobility and battery
manufacturing in India.
BPCL to Invest ₹2,500 Crore in Expanding City Gas Distribution Network by March 2025
• Bharat Petroleum Corporation Ltd (BPCL), India's second-largest state-controlled oil marketing
company, announced plans to invest ₹2,500 crore in the financial year ending March 2025.
• The investment aims to expand BPCL's city gas distribution (CGD) network, enhancing its presence
in the natural gas sector.
• BPCL holds authorization to establish CGD networks in 26 geographical areas (GAs), of which 25
GAs have been commissioned.
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Important Monthly Current Affairs Capsule – September 2024
• Including joint ventures, BPCL is authorized for 52 GAs covering 154 districts across India.
Top-10 Valued Indian Firms See Market Valuation Surge by ₹1.53 Lakh Crore
o Eight of the top 10 most valued Indian companies saw their combined market valuation surge by
₹1,53,019.32 crore last week.
o The biggest gainers were Bharti Airtel, Infosys, and Tata Consultancy Services (TCS).
o The gains aligned with a record rally in the equity markets, with the BSE Sensex climbing
1,279.56 points (1.57%) last week.
GST Collections Rise 10% in August 2024, Indicating Robust Economic Activity
o The gross Goods and Services Tax (GST) collections for August 2024 (reflecting transactions
from July) rose 10% year-on-year (YoY) to ₹1.75 lakh crore, according to data from the finance
ministry.
o In contrast, GST collections for July 2024 (transactions from June) were ₹1.82 lakh crore, up
10.3% YoY.
o With refunds amounting to ₹24,460 crore issued during August, the net GST collections stood at
₹1.5 lakh crore, reflecting a 6% increase from the same period last year.
EV Registrations in India Drop to 14-Month Low in August 2024
o The total electric vehicle (EV) registrations in India fell to a 14-month low in August 2024,
showing a decline both month-on-month (MoM) and year-on-year (YoY).
o The total EV registrations across all categories stood at approximately 1.06 lakh units in August,
a 17% decline from 1.28 lakh units in July.
o Registrations of electric two-wheelers dropped significantly to 46,085 units in August, down from
61,498 units in July and 62,646 units in August 2023.
o Electric three-wheelers recorded higher volumes than two-wheelers, with 54,861 units sold in
August, though this was still lower than 59,151 units in July and 56,581 units in August 2023.
CoinSwitch Expands Services to Cater to High-Net-Worth Individuals and Institutional Investors
• India’s crypto exchange, CoinSwitch, has announced a strategic expansion of its services to
focus on High Net Worth Individuals (HNIs) and institutional investors.
• Mumbai-based exchange introduced a new service to provide these clients with personalized
investment advice, risk management solutions, and other financial services.
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Important Monthly Current Affairs Capsule – September 2024
• This initiative comes at a time when crypto-related activities such as trading, investing, and
holding are permitted in India under the government’s tax regime.
India Overtakes China in MSCI Emerging Markets IMI: Implications for Equity Inflows
• India has recently surpassed China in the MSCI Emerging Markets Investable Market Index
(MSCI EM IMI), according to an announcement by Morgan Stanley.
• This shift in weightage is expected to have significant impacts on the Indian equity market.
• New Weightage:
o India: 22.27%
o China: 21.58%
Swiggy partners with the Indian government to offer skilling and employment opportunities
• Swiggy, India’s leading on-demand convenience platform, has partnered with the Ministry of Skill
Development and Entrepreneurship (MSDE) to launch "Swiggy Skills."
• The initiative aims to provide skilling and employment opportunities within Swiggy's expansive
food delivery and quick commerce network.
• "Swiggy Skills" was formally launched by Shri Jayant Chaudhary, Hon'ble Minister of State
(Independent Charge), Ministry of Skill Development and Entrepreneurship, and Minister of State
for Education.
India's Global Capability Centres (GCCs) Poised for Significant Growth by 2030
• India's global capability centres (GCCs) have dramatically transformed the tech landscape over
the past five years.
• According to a report, 70 per cent of Fortune 500 companies will expand their presence to India
by 2030.
• According to a report by Nasscom and Zinnov, titled ‘India GCC Landscape Report: The 5-year
Journey’, the expansion of GCCs in India is set to continue at a robust pace, driven by increasing
global roles, advancements in AI, and a focus on engineering and R&D.
Launch of "Trade Connect e-Platform" to Boost Indian Exports
• The Ministry of Commerce and Industry has introduced the “Trade Connect e-Platform”, a new
online tool designed to streamline and enhance foreign trade for existing and aspiring exporters.
• This platform aims to provide comprehensive, real-time trade information and facilitate
connections between exporters and key government entities.
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Important Monthly Current Affairs Capsule – September 2024
• Offers access to critical trade-related data, including global demand, country-specific trade
information, international standards, market access conditions, and compliance requirements.
IREDA's New Subsidiary Receives Provisional Registration
• IREDA Global Green Energy Finance IFSC Limited, a wholly-owned subsidiary of the Indian
Renewable Energy Development Agency (IREDA), has secured provisional registration from the
International Financial Services Centre Authority (IFSCA) to operate as a finance company in
GIFT City.
• IREDA Global Green Energy Finance IFSC Limited has been granted provisional registration to
operate within the GIFT City, Gujarat.
• S&P Global Ratings recently assigned a ‘BBB-’ long-term and ‘A-3’ short-term issuer credit rating
to IREDA with a ‘Stable’ outlook.
Quick Estimates of Index of Industrial Production (IIP) for July 2024
• The Index of Industrial Production (IIP) for July 2024 shows a growth rate of 4.8%, a slight
increase from 4.7% in June 2024.
• The sectoral growth rates for July are 3.7% for Mining, 4.6% for Manufacturing, and a strong
7.9% for Electricity.
• The overall IIP for July 2024 stands at 149.6, up from 142.7 in July 2023.
• Sectoral Indices:
o Mining: 116.0
o Manufacturing: 148.6
o Electricity: 220.2
Updated Foreign Exchange (Compounding Proceedings) Rules, 2024
• The Finance Ministry has introduced significant modifications to the compounding rules under the
Foreign Exchange Management Act (FEMA), aimed at simplifying processes and enhancing
efficiency in adjudications.
• Compounding Application Fees: Doubled to Rs 10,000 plus GST.
• Assistant General Manager: Empowered to decide on applications up to Rs 60 lakh (increased
from Rs 10 lakh).
• Deputy General Manager: Authorized for cases up to Rs 2.5 crore.
• General Manager: Can adjudicate cases up to Rs 5 crore.
• Chief General Manager: Authorized for cases exceeding Rs 5 crore.
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Important Monthly Current Affairs Capsule – September 2024
Retail Inflation in August 2024 Increases to 3.65% Amid Rising Food Prices
• Retail inflation for August 2024 inched up to 3.65%, slightly above the July figure of 3.6%, which
was a five-year low.
• The inflation rate remains below the Reserve Bank of India’s (RBI) median target of 4% for the
second consecutive month.
• Year-on-Year Inflation in August 2023 was significantly higher at 6.83%.
• Vegetables saw inflation rise to 10.71%, while pulses and products surged by 13.6%.
Retail Food Inflation Marginally Rises to 5.66% in August 2024 Amid Elevated Prices of Pulses and
Vegetables
• Retail food inflation increased to 5.66% in August 2024 from 5.42% in July 2024 due to elevated
prices of pulses, cereals, and vegetables.
• On a month-on-month basis, the Consumer Food Price Index (CFPI) decreased by 0.44% in
August compared to July.
• In August 2023, food inflation was 9.94%, and in July 2023, it was 11.51%.
• Pulses had the highest inflation in the food basket, rising to 13.6% in August.
• Cereals, eggs, fruits, and vegetables all saw inflation above 6%.
HAL Shares Rise with Prospects of Achieving Maharatna Status
• Reports suggest HAL may be upgraded from Navratna to Maharatna by the end of this year.
• Hindustan Aeronautics Ltd. (HAL) shares rose by over 1%.
• HAL shares were quoted at ₹4,649.75, reflecting a 0.17% increase compared to the previous
trading session.
• Reports suggest HAL may be upgraded from Navratna to Maharatna by the end of this year.
Agilitas Sports Secures Strategic Investment from Spring Marketing Capital to Propel Growth
• Bengaluru-based athleisure sportswear start-up Agilitas Sports has received an undisclosed
strategic investment from Spring Marketing Capital.
• The investment aims to help Agilitas Sports scale its operations and become a category-defining
leader in the sportswear industry.
• Agilitas Sports was founded in 2023 by former Puma India managing director Ganguly, alongside
Atul Bajaj and Amit Prabhu.
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Important Monthly Current Affairs Capsule – September 2024
• The company has already raised over Rs 530 crore across two funding rounds from Convergent
Finance LLP, Nexus Venture Partners, and individual investors.
DGGI Detects Record GST Evasion in FY24, Focus on Online Gaming Industry
• The Directorate General of GST Intelligence (DGGI) identified the highest-ever GST evasion in
FY24, totalling Rs 81,875 crore across 78 cases in the online money gaming industry.
• Overall, DGGI uncovered 6,084 cases of tax evasion involving Rs 2.01 trillion in GST during
2023-24, a significant increase from FY23’s Rs 1.01 trillion.
• 46% of evasion cases were linked to non-payment of taxes, including clandestine supply and
undervaluation.
Government increases PF withdrawal limit to ₹1 lakh, likely to hike salary ceiling
• Union Labour Minister Mansukh Mandaviya announced significant updates regarding the
Employees' Provident Fund Organisation (EPFO), a government-managed retirement savings fund,
introducing enhanced flexibility for subscribers and changes to withdrawal limits and eligibility
criteria.
• New Limit: Subscribers can now withdraw up to ₹1 lakh from their EPFO accounts for personal
financial needs.
• Previous Limit: The withdrawal limit was ₹50,000, but it was deemed insufficient due to rising
living and consumption costs.
India's Trade Deficit Surges to a 10-Month High in August 2024
• India’s trade deficit soared to a 10-month high of $29.7 billion in August 2024, driven by record
imports of $64.4 billion and a contraction in exports for the second consecutive month.
• The widening gap between imports and exports is attributed to factors such as a doubling of gold
imports, weakening global demand, and softening oil prices.
1. Merchandise Exports:
o Decline: Exports shrank 9.3%, amounting to $34.7 billion in August.
o Factors: The contraction was driven by:
India's Wholesale Price Index (WPI) Inflation Falls to Four-Month Low in August
• India’s wholesale price index (WPI)-based inflation dropped to a four-month low of 1.31% in August
2024, down from 2.04% in July 2024.
• According to data from the Ministry of Commerce and Industry, this decline is attributed to reduced
prices in manufactured goods and food items.
• Food Prices Inflation:
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Important Monthly Current Affairs Capsule – September 2024
o August: 3.11%
o July: 3.45%
India’s Exports Plunge and Trade Deficit Soars in August
• India’s exports experienced their sharpest decline in 13 months, falling by 9.3% in August 2024 to
₹2.91 lakh crores ($34.71 billion).
• This decline, coupled with a record high in imports, resulted in a substantial increase in the trade
deficit, which soared to a 10-month high of $29.65 billion.
Government relief on PDS wheat quota, to launch Rs 1K crore credit guarantee fund
• The Centre has announced a partial restoration of wheat allocation for beneficiaries of the
Pradhan Mantri Gareeb Kalyan Ann Yojana (PMGKAY), a major social welfare scheme providing
free food grains to over 800 million poor individuals.
• This decision comes after a reduction in wheat quota due to lower crop yields.
• Starting next month, an additional 3.5 million tonnes of wheat will be allocated under PMGKAY,
continuing until March 2025.
Navi Becomes India's Sixth-Largest UPI Player
• Navi, a fintech company founded by Flipkart co-founder Sachin Bansal, has emerged as India's
sixth-largest player on the Unified Payments Interface (UPI), surpassing Amazon Pay just one
year after launching its UPI services.
• In August, Navi processed 88.71 million UPI transactions worth Rs 4,651.32 crore.
• This marks a 29.56% increase in transaction volume from July, when it handled 68.47 million
transactions valued at Rs 3,574.61 crore.
Review of Integrated Goods and Service Tax (I-GST) Settlement Mechanism
● The government has initiated a review of the integrated goods and service tax (I-GST) settlement
mechanism following numerous complaints from various state governments about being deprived
of their rightful I-GST shares, leading to significant revenue losses.
● A committee consisting of central and state officials has been established to address the issue of
“negative balance” in the I-GST floating pool.
● The committee includes representatives from around 10 states, notably Tamil Nadu and Kerala,
which have consistently reported inadequate IGST transfers from the Centre.
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Important Monthly Current Affairs Capsule – September 2024
● According to the Controller General of Accounts, the Centre's IGST collections from April to July
FY25 were Rs (-)10,659 crore, compared to Rs (-)9,144 crore in the same period last year. In
FY24, the total IGST mop-up was Rs (-)5,026 crore.
● States like Tamil Nadu and Kerala have received lower IGST transfers than expected. The State
Fiscal Review Committee of Kerala estimated a Rs 35,000 crore loss in IGST settlements since
the GST regime began in 2017.
CARE Ratings Downgrades IIFL Finance Ltd’s Long-Term Instruments
● CARE Ratings has downgraded the long-term instruments rating of IIFL Finance Ltd (IFL) from
“AA” to “AA-” due to a significant decline in the company's gold loan book, following restrictions
imposed by the Reserve Bank of India (RBI).
● This rating action occurred shortly after the RBI lifted these restrictions on March 4, 2024.
Ministry of Corporate Affairs to Launch Internship Scheme for Skill Development
● The Ministry of Corporate Affairs (MCA) is preparing to release a list of 500 companies eligible to
participate in the Centre's internship scheme, based on the average annual corporate social
responsibility (CSR) expenditure over the past three years.
● Union Finance Minister Nirmala Sitharaman announced this initiative during the Budget 2024-25.
o The government aims to skill 10 million youths (aged 21-24) in India’s top companies over the
next five years.
o Internships will provide exposure to a real-life business environment for a duration of 12
months.
● Financial Support:
o The Centre will offer an internship allowance of Rs 5,000 per month and a one-time
assistance of Rs 6,000.
o Companies will be expected to cover training costs and 10% of the internship costs from their
CSR funds.
o Between FY19 and FY22, Reliance Industries was the top CSR spender, but in 2022-23, it
ranked third with an expenditure of Rs 743.4 crore, following HDFC Bank and Tata
Consultancy Services. Other notable CSR spenders include ICICI Bank and Tata Steel.
India's Economic Growth in FY25 Projected to Reach 7.2%: MoSPI
● India's economy is projected to achieve a growth rate of 7.2% in FY25, with potential to surpass this
estimate, as reported by a senior official from the Ministry of Statistics and Programme
Implementation (MoSPI).
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Important Monthly Current Affairs Capsule – September 2024
● Although the Q1FY25 growth was recorded at 6.7%, it is expected that higher growth rates in the
following quarters will compensate for the initial slowdown, possibly leading to upward revisions in
Q1 data.
Unemployment and Labour Force Report: July 2023 - June 2024
● Unemployment rate for persons aged 15 years and above has remained unchanged at 3.2 per cent
in July 2023 to June 2024, according to the labour force survey annual report released.
● Unemployment Rate (UR):
o Remained unchanged at 3.2% for persons aged 15 and above.
o Male UR: Slight decline from 3.3% (2022-23) to 3.2% (2023-24).
o Female UR: Increased from 2.9% to 3.2% during the same period.
● Labour Force Participation Rate (LFPR):
o Overall LFPR for persons aged 15+ rose to 60.1% from 57.9% (2022-23).
o Male LFPR: Increased slightly from 78.5% to 78.8%.
o Female LFPR: Notable rise from 37.0% to 41.7%.
● Worker Population Ratio (WPR):
o Overall WPR increased to 58.2% from 56.0%.
o Male WPR: 76.3%.
o Female WPR: Significant rise from 35.9% to 40.3%.
Definitions:
● Unemployment Rate (UR): Percentage of unemployed persons in the labour force.
● Labour Force Participation Rate (LFPR): Percentage of people working or seeking work in the
total population.
● Worker Population Ratio (WPR): Percentage of employed persons in the total population.
PLFS Overview:
● Periodic Labour Force Survey (PLFS) was launched in April 2017 to provide regular updates on
employment and unemployment.
NHPC Pays Final Dividend of Rs 338.51 Crore to Government of India for FY 2023-24
● State-owned hydro power giant NHPC has paid a final dividend of Rs 338.51 crore to the
Government of India for 2023-24.
Key Points:
1. Final Dividend Payment:
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Important Monthly Current Affairs Capsule – September 2024
o NHPC, a state-owned hydro power giant, has paid a final dividend of Rs 338.51 crore to
the Government of India for the financial year 2023-24.
2. Total Dividend for 2023-24:
o In addition to the final dividend, an interim dividend of Rs 947.82 crore was paid on March
5, 2024.
o This brings the total dividend for FY 2023-24 to Rs 1,286.33 crore
SEBI Introduces UPI Rules for Public Issues of Debt Securities to Simplify Investment Process
● Effective from November 1, 2024, the Securities and Exchange Board of India (SEBI) will mandate
the use of the Unified Payments Interface (UPI) for individual investors applying for amounts up to
₹5 lakh through intermediaries.
● The new rule simplifies the application process for public issues of debt securities, aligning it with the
process for public issues of equity shares and convertibles.
● Mandatory UPI for Retail Investors:
o Retail investors applying through intermediaries like stock brokers, registrars, syndicate
members, or depository participants must provide their UPI ID linked to their bank accounts in
the bid-cum-application form.
● Reduced Time for Issuers to Access Funds:
o SEBI has shortened the minimum subscription period for public issues of debt securities from
three to two working days.
GoM Favours Reducing GST on Education Materials, Considers Raising Tax on Textiles
● The Group of Ministers (GoM) on GST rate rationalisation is leaning towards reducing the GST on
education materials from 12% to 5%. This move is intended to provide relief to a large section of
people.
● Increase in GST on Textiles and Apparel:
o The GoM is also considering raising the GST rate on textiles and apparel priced above
₹1,000 from the current 5% to either 12% or 18%.
o The goal is to achieve revenue neutrality, raising the weighted average GST rate closer to its
original target of 15.5%, as it had fallen below 11% due to various rate reductions since the
introduction of GST in July 2017.
Airtel Launches India’s First AI-Powered Spam Detection Solution
● In a groundbreaking initiative to tackle the growing issue of spam calls and messages in India, Bharti
Airtel has launched the country’s first network-based, AI-powered spam detection solution.
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Important Monthly Current Affairs Capsule – September 2024
● This pioneering tool aims to reduce spam communication for its customers significantly.
BANKING AND ECONOMY
Star Health Introduces Insurance Policy in Braille
• Star Health and Allied Insurance Company Limited has introduced an insurance policy in Braille
named ‘Special Care Gold’.
• The policy is designed for individuals with 40% or more disability and offers comprehensive
protection tailored to persons with disabilities (PWD), including those with physical, sensory, or
cognitive impairments.
• Collaboration: The Braille version was produced in collaboration with the National Association of
the Blind (NAB).
About Star Health and Allied Insurance Co Ltd :
• Founded : 2006
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Mr. Anand Roy
India's Foreign Direct Investment Inflows Surge 47.8% to $16.17 Billion in April-June FY25, Boosted by
Services, Telecom, and Pharma Sectors
• According to government data, Foreign direct investment (FDI) in India jumped 47.8% to $ 16.17
billion in April-June this fiscal on healthy inflows in services, computer, telecom and pharma
sectors.
• FDI inflows were at $ 10.94 billion in April-June 2023-24.
• Monthly FDI Data:May: Inflows rose to $5.85 billion (from $2.67 billion in May FY24).
Association of Mutual Funds in India Sets Out Plan to Address Front Running at Asset Management
Companies
• The Association of Mutual Funds in India (AMFI) has established minimum standards to prevent
front running and market abuse by Asset Management Companies (AMCs).
• In August 2024, SEBI issued a circular directing AMCs to implement an institutional mechanism
to deter front running and market abuse.
• Implementation Timeline:Phase-wise Implementation:
About AMFI :
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Important Monthly Current Affairs Capsule – September 2024
• Founded : 22 August 1995
• Location : Mumbai, Maharashtra, India
• CEO : Venkat Nageswar Chalasani
• AMFI is an Indian trade association for all the asset management companies of SEBI registered
mutual funds in India.
Securities and Exchange Board of India Updates Rules to Regulate Unregistered Financial Influencers
Amid Growing Concerns
• Markets watchdog, Securities and Exchange Board of India (SEBI) has amended norms in a bid
to regulate unregistered financial influencers or finfluencers amid growing concerns about
potential risk associated with such unregistered persons.
• The regulator has restricted associations between its regulated entities and unregistered
individuals.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
National Company Law Tribunal approves ICICI Securities de-listing scheme
• The Mumbai bench of the National Company Law Tribunal (NCLT) has approved ICICI Securities
Limited’s application for delisting from the stock exchanges.
• Under the approved scheme, ICICI Securities shareholders will receive 67 ICICI Bank Ltd shares
for every 100 shares they hold in ICICI Securities.
• The delisting proposal was approved by 93.82% of ICICI Securities' equity shareholders in terms
of value.
About NCLT :
• Headquarters : New Delhi
• The NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
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Important Monthly Current Affairs Capsule – September 2024
• The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the
government of India and is based on the recommendation of the V. Balakrishna Eradi committee
on the law relating to the insolvency and the winding up of companies.
Insurance Regulatory and Development Authority of India Issues Master Circular to Simplify
Policyholder Protection Norms
• The Insurance Regulatory and Development Authority of India (IRDAI) has issued a Master
Circular to streamline norms on policyholder protection.
• The Master Circular replaces 30 previous circulars and consolidates them into a comprehensive
document.
• The Master Circular on Protection of Policyholders’ Interests under the IRDAI (protection of
policyholders’ interests, operations, and allied matters of insurers) Regulations, combines
policyholder entitlements into a comprehensive reference document.
About IRDAI :
• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.
PNB Housing Finance to Raise ₹2,500 Crore Through Non-Convertible Debentures
• PNB Housing Finance Limited’s (PNBHFL) Board of Directors will meet to approve the plan to
raise up to ₹2,500 crore through Non-Convertible Debentures (NCDs).
• The NCDs will be issued on a private placement basis and in tranches over the next 6 months.
• Non-Convertible Debentures (NCDs) are a type of debt instrument used by companies to raise
funds from the public or institutional investors.
About PNB Housing Finance :
• Founded : 11 November 1988
• Headquarters : New Delhi, Delhi, India
• MD & CEO : Girish Kousgi
• PNB Housing Finance, promoted by Punjab National Bank, is among the leading providers of
housing and non-housing loans in India.
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Important Monthly Current Affairs Capsule – September 2024
Canara Bank Raises $300 Million by Issuing 5-Year Bonds via IFSC Banking Unit
• Canara Bank has issued $300 million in 5-year bonds.
• The bonds were issued under the bank's USD 3 billion Medium-Term Note (MTN) program
through its IFSC Banking Unit.
• The 5-year bond is priced at T+125 basis points, with a semi-annual coupon rate of 4.896% and
a maturity date of September 11, 2029.
• The proceeds from the bonds will be used by the issuer’s IFSC/GIFT banking unit for general
corporate purposes.
About Canara Bank :
• Founded : 1906
• Headquarters : Bangalore, Karnataka, India
• MD & CEO : K Satyanarayana Raju
• Tagline : Together We Can
Bandhan Bank Teams Up with Ashok Leyland to Offer Vehicle Finance Solutions
• Ashok Leyland, a commercial vehicle manufacturer, has signed a Memorandum of
Understanding (MoU) with Bandhan Bank.
• The partnership aims to provide customized financial solutions to Ashok Leyland customers.
• Bandhan Bank will offer end-to-end financial solutions, including vehicle loans.
• The loans will feature convenient monthly repayment plans tailored to customer preferences.
About Ashok Leyland :
• Founded : 7 September 1948
• Headquarters : Chennai, Tamil Nadu, India
About Bandhan Bank :
• Founded : 23 August 2015
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Ratan Kumar Kesh
• Tagline : 'Aapka Bhala. Sabki Bhalai. ', (Your benefit. Everyone's welfare.)
Finance Ministry Eases Rules for Expenditures Over ₹500 Crore to Speed Up Capex
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Important Monthly Current Affairs Capsule – September 2024
• The Finance Ministry has relaxed norms for expenditures exceeding ₹500 crore to expedite
capital expenditure (capex) for the current fiscal year.
• The capital expenditure target for the fiscal year is set at a record ₹11.11 lakh crore, reflecting an
11.1% increase from the previous target.
• The relaxation aims to boost government spending, which had slowed down due to the general
elections.
About Ministry of Finance :
• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary
Bank of India Introduces Special Fixed Deposit with Interest Rates Up to 7.9% for Limited Tenure
• Public sector lender Bank of India has launched a special tenure fixed deposit scheme Star Dhan
Vriddhi, offering an interest rate of up to 7.9% to senior citizens.
• Bank of India has revised its FD interest rates for amounts less than Rs 3 crore and also
introduced a new special FD tenure of 333 days with higher rates.
• These rates are effective from September 1, 2024.
• Following the revision, the bank will offer FD interest rates ranging from 3% to 7.25% for tenures
between 7 days and 10 years for general customers.
About BoI :
• Founded : 7 September 1906
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Rajneesh Karnatak
• Tagline : Relationship beyond banking
57% of Women Micro-Business Owners Unaware of UPI-Based Services: Report
• The ‘UPI for Her’ initiative, a collaboration between the National Payments Corporation of India
(NPCI) and Women’s World Banking (WWB), released its first report.
• The report highlights that women’s micro businesses are largely undiscovered by merchant
aggregators.
• These micro businesses are often mature but operate in semi-urban and rural areas, making
them less visible to merchant aggregators.
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Important Monthly Current Affairs Capsule – September 2024
Nepal to introduce banknotes featuring disputed territories with India
• Nepal's central bank, Nepal Rastra Bank, is set to introduce new banknotes featuring a revised
map that includes disputed territories with India.
• The updated banknotes will display the areas of Kalapani, Lipulekh, and Limpiyadhura as part of
Nepal's territory.
• Printing Timeline:The process for printing the updated banknotes has been initiated, and the
entire procedure is expected to be completed within 6 months to a year.
• Nepal-India Border:Nepal shares a border of over 1,850 km with five Indian states: Sikkim, West
Bengal, Bihar, Uttar Pradesh, and Uttarakhand.
IndianOil and RBL Bank Introduce Co-Branded Credit Card
• Indian Oil Corporation Limited (IndianOil) has launched a co-branded credit card in partnership
with RBL Bank at the Global Fintech Fest (GFF) in Mumbai, Maharashtra.
• The credit card offers attractive rewards and benefits, including the ability to earn up to 250 litres
of free petrol annually.
About RBL Bank (formerly known as Ratnakar Bank Limited) :
• Founded : 1943
• Headquarters : Mumbai, Maharashtra
• MD & CEO : R Subramaniakumar
Securities and Exchange Board of India Revises Alternative Investment Funds Regulations to Set
Maximum Tenure Extension Limits for Large Value Funds
• Markets regulator Securities and Exchange Board of India (SEBI) has amended alternative
investment funds (AIF) norms specifying maximum permissible limit for extension of tenure by
'Large Value Funds'.
• Extension of Tenure for Large Value Funds:Large Value Funds for accredited investors can
extend their tenure by up to 5 years.
• This extension is subject to the approval of two-thirds of the unit holders by the value of their
investment in the fund.
• Purpose of the Amendment:The amendment aims to provide clarity to investors in Large Value
Funds for Accredited Investors (LVFs) about their investment horizon.
About SEBI :
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Important Monthly Current Affairs Capsule – September 2024
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Visa partners with Pine Labs to expand digital payment acceptance nationwide
• Visa, a global leader in digital payments, has partnered with fintech company Pine Labs to
expand digital payment acceptance across India.
• The collaboration aims to improve the in-store payment experience for millions of merchants
currently using printed QR codes or other low-tech solutions.
• The two companies have jointly unveiled Pine Labs Mini, a soundbox-enabled device for QR,
near-field communication (NFC) and card payments.
About Pine Labs :
• Founded : 1998
• Headquarters : Noida, Uttar Pradesh
• CEO : B Amrish Rau
Reserve Bank of India Imposes ₹2.68 Crore Penalty on UCO Bank and ₹2.1 Lakh Penalty on Cent
Bank Home Finance Limited
● The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.68 crore on UCO Bank.
● Contravention of provisions under Section 26A of the Banking Regulation Act, 1949 (BR Act).
○ Non-compliance with RBI directions related to:
■ Interest Rate on Advances
■ Opening of Current Accounts by Banks (Need for Discipline)
■ Interest Rate on Deposits
■ Classification and Reporting of Frauds by Commercial Banks and Select Financial
Institutions (FIs).
About RBI :
● Founded : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
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Important Monthly Current Affairs Capsule – September 2024
● Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D.
Patra
Finance Minister Nirmala Sitharaman Grants 'Navratna' Status to 4 Central Public Sector Enterprises
● Union Finance Minister Nirmala Sitharaman approved the upgradation of 4 Central Public Sector
Enterprises (CPSEs) to Navratna status.
● These CPSEs are:
1. Railtel Corporation of India (RCIL)
2. Solar Energy Corporation of India (SECI) Limited
3. Satluj Jal Vidyut Nigam (SJVN) Limited
4. National Hydroelectric Power Corporation (NHPC)
● With this approval, the total number of Navratna CPSEs in India has increased to 25.
Reserve Bank of India Data Shows Increase in Private Sector Banks' Credit Share in June 2024, While
Public Sector Banks' Share Declines
● According to the Reserve Bank of India’s (RBI’s) quarterly BSR data, the share of public sector
banks (PSBs) in total credit continued to decline and stood at 53.1% in June 2024 (55.8% a year
ago) with concomitant rise for private sector banks (PvBs).
● The share of PvBs in total credit increased to 46.9% in June 2024, up from 36.5% in March 2021,
highlighting their growing market share.
AU Small Finance Bank Seeks Reserve Bank of India Green Light for Transition to Universal Bank
• AU Small Finance Bank has formally applied to the Reserve Bank of India (RBI) for approval to
transition from a small finance bank to a universal bank.
• The RBI's invitation for applications from small finance banks (SFBs) to become universal banks
was issued on April 26, 2024.
• Net Worth: Minimum net worth of ₹1,000 crore at the end of the previous quarter.
• Listing: Shares of the bank should be listed on a recognized stock exchange.
• Profitability: Net profit in the last two financial years.
About AU Small Finance Bank :
• Founded : 1996
• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal
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Important Monthly Current Affairs Capsule – September 2024
• Tagline : Badlaav Humse Hai
National Payments Corporation of India Unveils New ATM Products and Renames BBPS to Bharat
Connect
• The National Payments Corporation of India (NPCI) unveiled products aimed at transforming
ATM infrastructure in the country.
• These new offerings include Bharat BillPay (BBPS) for Business, designed to streamline
business-to-business (B2B) transactions across different ERPs and accounting platforms, and
UPI Circle, which enables delegate payments to users.
• NPCI's launches at the Global Fintech Fest included UPI Interoperable Cash Deposit and banks
showcasing digital banking units.
About NPCI :
• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.
Securities and Exchange Board of India seeks Reserve Bank of India's assistance to enhance
participation in the corporate bond repo market
• The Securities and Exchange Board of India (SEBI) has requested the Reserve Bank of India
(RBI) to provide certain approvals to AMC Repo Clearing (ARCL) to facilitate the participation
from banks and primary dealers (PDs).
• ARCL Launch: ARCL was launched in July, 2023 by Finance Minister Nirmala Sitharaman to
enhance liquidity in the corporate bond repo market.
• Market Growth: The corporate bond repo market volume has surpassed ₹1 trillion within a year,
with monthly transactions ranging between ₹10,000 crore and ₹15,000 crore.
About ARCL :
• Chairman & Public Interest Director : Mr. Srinivasan Varadarajan
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Important Monthly Current Affairs Capsule – September 2024
• ARCL is promoted by all Asset Management Companies (AMCs).
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
SEBI Proposes Measures to Enhance Appeal of Rights Issues for Fundraising
• The Securities and Exchange Board of India (SEBI) has proposed a number of steps to increase
the attractiveness of rights issues as a mode of fundraising.
• The measures include doing away with the requirement of filing a draft letter of offer (DLoF) with
SEBI, rationalising the content of the letter of offer (LoF) by reducing the number of disclosures,
reviewing the role of intermediaries, reducing the timelines and enabling allotment to select
investors.
• Merchant Banker Requirement : The requirement of appointing a merchant banker may be done
away with and their activities may be outsourced to the issuer, registrar to the issue, and stock
exchanges.
India's Account Aggregator Framework Reaches 100 Million Consents in 3 Years
• India’s Account Aggregator (AA) framework has surpassed 100 million consents in three years.
• Approximately 80-90 million individuals, or about 8% of the adult population in India, are utilising
the AA system.
• Function of AAs : In India, account aggregators act as consent managers independent of
Financial Information Users (FIUs), that enable individuals and businesses to share their financial
data with their consent and manage their consents at one place.
International Financial Services Centres Authority Announces Final Rules for Gift City Listings and Sets
Initial Public Offering Eligibility Criteria
● The International Financial Services Centres Authority (IFSCA) issued the final norms specifying
eligibility conditions and norms for direct listing on the exchanges in the GIFT City.
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Important Monthly Current Affairs Capsule – September 2024
● With the final notification in place, the gates of IFSCA will be open for foreign entities and
domestic unlisted companies, especially startups eyeing offshore investors, to explore listing on
the two exchanges in the financial hub.
➢ Revenue: Minimum operating revenue of $20 million in the previous financial year.
➢ Profit: Minimum pre-tax profit of $1 million.
➢ Market Capitalisation: Post-issue market capitalisation must be at least $25 million.
Public Sector Banks Reduce Government Securities Holdings Under Held-to-Maturity by 50%
• Public sector banks have cut their holdings of government securities (G-Secs) under the Held-to-
Maturity (HTM) category by over 50%.
• This reduction follows revised investment norms issued by the Reserve Bank of India (RBI).
• The new guidelines came into effect on April 1, 2024.
• New RBI Guidelines : Categories: Investments must now be classified into HTM, Available-for-
Sale (AFS), and Fair Value through Profit and Loss.
Unified Payment Interface Transactions Reach New High in August; Volume Increases, Value Slightly
Decreases
• Unified Payment Interface (UPI) transactions saw a 3% rise in volume in August to 14.96 billion,
compared to 14.44 billion in July, the highest ever since the digital payment platform turned
operational in April 2016.
• The total value of UPI transactions slightly decreased to Rs 20.61 trillion in August, compared to
Rs 20.64 trillion in July.
• According to the data shared by the National Payments Corporation of India (NPCI) in August,
UPI volume posted a 41% year-on-year (Y-o-Y) growth and 31% Y-o-Y growth in value.
Securities and Exchange Board of India Suggests Comprehensive Revision of Merchant Bankers’
Regulations
• The Securities and Exchange Board of India (SEBI) proposed an overhaul of merchant bankers’
regulations amid a boom in the equity capital market.
• Merchant bankers play an imperative role in the primary market and have been entrusted with
the responsibility to ensure appropriate due diligence, maintain integrity of the primary market
and ensure compliance with the relevant laws on their own account and on behalf of the issuers.
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Important Monthly Current Affairs Capsule – September 2024
• Net Worth Requirements: The current net worth requirement for merchant bankers is ₹5 crore,
which was last hiked in 1995 from ₹1 crore, said SEBI.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
BharatPe Collaborates with Unity Bank to Introduce Third-Party App for Simplified Payments
• BharatPe has partnered with Unity Bank to launch its UPI Third Party Application Provider
(TPAP) service.
• The "postpe" app has been rebranded as "BharatPe," now available for UPI payments.
• UPI Features: Customers can create UPI IDs on the BharatPe app to make payments to
individuals, merchants, and pay various bills directly through the app.
• Platform Availability: The BharatPe UPI app is currently available for Android users, with a launch
on Apple's App Store planned in the coming months.
• App Variants: BharatPe now offers two apps - "BharatPe" for general users and "BharatPe for
Business" for merchants.
About BharatPe :
• Founded : 2018
• Headquarters : New Delhi, India
• CEO : Nalin Negi
• BharatPe is an Indian fintech company that sells digital payment and financial services to small
merchants and Grocery stores.
About Unity Bank :
• Founded : 2006
• Headquarters : Lagos, Nigeria
• Managing Director : Tomi Somefun
Reserve Bank of India Permits Foreign Investors in International Financial Services Centre to Invest in
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Important Monthly Current Affairs Capsule – September 2024
Sovereign Green Bonds
• The Reserve Bank of India (RBI) has introduced a scheme to allow foreign investors in the
International Financial Services Centre (IFSC) to invest in sovereign green bonds (SGrBs),
aiming to facilitate wider non-resident participation.
• The Government of India issued sovereign green bonds in January 2023.
Karnataka Bank to Provide Personal Loans through Open Network for Digital Commerce
• Karnataka Bank will offer personal loans through the Open Network for Digital Commerce
(ONDC), becoming the first bank to do so.
• The personal loans will be available through buyer apps on the ONDC network.
• Initially, this service will be available to the bank’s existing customers.
About Karnataka Bank :
• Founded : 18 February 1924
• Headquarters : Mangalore, Karnataka, India
• MD & CEO : Srikrishnan Hari Hara Sarma
• Executive Director : Sekhar Rao
Securities and Exchange Board of India Considers Broadening Informal Guidance Scheme Scope and
Increases Fees
● Capital markets regulator Securities and Exchange Board of India (SEBI) proposed changes to
the informal guidance scheme to expand the list of applicants who can seek guidance under the
plan and enhance the fee for applying.
● New entities that will be allowed to seek IG mechanisms are stock exchanges, clearing
corporations and depositories, managers of pooled investment vehicles such as alternative
investment funds, Real Estate Investment Trust (ReiT), Infrastructure Investment Trust (InVIT)
and Collective Investment Scheme (CIS).
● Fee Structure Changes : On rationalising fees, Sebi has proposed to raise the fees to Rs 75,000
from the current Rs 25,000 from an applicant while making an application under the IG scheme.
Securities and Exchange Board of India Updates Criteria for Inclusion and Removal of Stocks in
Futures and Options (F&O) Segment
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Important Monthly Current Affairs Capsule – September 2024
● The Securities and Exchange Board of India (SEBI) has revised the eligibility criteria for the entry
and exit of stocks in the derivatives (F&O) segment to ensure only high-quality stocks with
sufficient market liquidity are allowed to trade.
● Performance Criteria for Entry : To be eligible for entry into the derivatives segment, stocks must
meet certain criteria based on their performance in the cash market over the previous six months
on a rolling basis.
HDFC Bank Unveils DigiPassBook to Streamline Investments in a Single Platform
● HDFC Bank has launched DigiPassBook, a new feature on its SmartWealth app which allows
users to consolidate all their investments under one roof.
● It allows users to manage and view all their equity investments, ETFs and demat accounts in the
app.
● DigiPassBook is supported by the account aggregator framework, which allows users to
consolidate financial assets from different institutions.
● In the future, HDFC Bank plans to expand the DigiPassBook to include investments in insurance
and bonds, marking a significant enhancement for the SmartWealth app.
About HDFC Bank :
● Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sashidhar Jagdishan
● Tagline : We Understand Your World
Aditya Birla and Policybazaar Introduce Lifetime Family Income Protection Plan
● Aditya Birla Sun Life Insurance (ABSLI) and Policybazaar have jointly launched a new term
insurance plan called ‘Income Suraksha Plan’.
● The plan provides a guaranteed monthly income for life in the "unfortunate event" of the
policyholder's death.
● Increasing Income Protection Option: Offers a 5% annual increment in the monthly income,
capped at 1.5 times the initial amount.
● Premium Discount: Up to a 9% one-time discount on the first-year premium.
● Eligibility Criteria:
➢ Age at Entry: 21 to 55 years.
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Important Monthly Current Affairs Capsule – September 2024
➢ Maturity Age: 31 to 70 years.
About Aditya Birla Sun Life Insurance :
● Incorporated : August 4, 2000 (Commenced Operations-January 17th, 2001)
● Headquarters : Mumbai, Maharashtra
● MD & CEO : Kamlesh Rao
● ABSLI is a 51:49 joint venture between the Aditya Birla Group and Sun Life Financial Inc., an
international financial services organization in Canada.
HDFC Bank Introduces GIGA, Financial Product Tailored for India's Gig Workers
● HDFC Bank has introduced GIGA, a financial suite designed for gig workers and freelancers.
● The programme aims to address the financial needs of India's burgeoning gig economy.
● The gig economy is estimated to employ 30-50 million workers: Fom management consultants
and software programmers to delivery partners.
● GIGA will cater to this diverse group's financial requirements.
Reserve Bank of India Initiates September 2024 Consumer Confidence Survey Round
● The Reserve Bank of India (RBI) regularly conducts the Consumer Confidence Survey (CCS) to
gauge public sentiment on economic conditions.
● The September 2024 round of the CCS has been launched.
● Survey Objectives:The survey collects qualitative responses from households regarding:
➢ General economic situation
➢ Employment scenario
➢ Price levels
➢ Household income
➢ Spending patterns
Securities and Exchange Board of India to Revise Criteria for Stock Inclusion and Exclusion in Futures
and Options (F&O) Market
• The markets regulator Securities and Exchange Board of India (SEBI) is revising the criteria for
the entry and exit of stocks in the futures and options (F&O) market.
• This revision may impact 79 popular stocks, including Life Insurance Corporation of India, Paytm,
DMart, Jio Financial Services, and Zomato.
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Important Monthly Current Affairs Capsule – September 2024
• Potential Exclusions:18 stocks could be dropped from the current F&O list of 182 if they do not
meet the new criteria within the next three months.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Bank Credit to Commercial Real Estate Surges in July 2024 Due to Increased Office Space Demand
• Bank credit to the commercial real estate sector rose to ₹4.85 lakh crore outstanding as of July
26, 2024, from ₹4.38 lakh crore on July 28, 2023.
• Growth Drivers:Office Leasing: Significant growth in office leasing activity, with expected leasing
between 50 and 60 million square feet in 2024.
• The first half of 2024 saw office leasing surpass 29 million square feet, a 19% year-over-year
increase.
• The June quarter saw a 50% rise in leasing across major office markets like Mumbai, Delhi-NCR,
and Bengaluru.
Reserve Bank of India manages liquidity to align inflation with 4% target while supporting economic
growth
• With the July retail inflation easing to a five-year low of 3.54% and the first quarter GDP growth
decelerating to a five-quarter low of 6.7%, the RBI is focusing on maintaining adequate liquidity in
the banking system.
• This approach is aimed at balancing its dual objectives of steering inflation towards a sustainable
4% and supporting economic growth, according to market experts.
• RBI's Monetary Policy Statement:Retail Inflation: RBI Governor Shaktikanta Das indicated that
the expected moderation in retail inflation during Q2 of 2024-25 might reverse in Q3 due to base
effects.
Life Insurance Corporation of India Receives ₹606 Crore GST Demand and Penalty Notice
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Important Monthly Current Affairs Capsule – September 2024
• Life Insurance Corporation of India (LIC) received a GST tax demand, interest, and penalty order
amounting to ₹605.58 crore.
• The order was issued by the Deputy Commissioner of State Tax, Mumbai, Maharashtra.
• Breakdown of the Demand:
• The total demand for the Financial Year 2020 is divided as follows:
• GST: ₹294.43 crore
• Interest: ₹281.70 crore
• Penalty: ₹29.44 crore
About LIC :
• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Siddhartha Mohanty
State Bank of India Secures ₹7,500 Crore Through Tier 2 Bond Issuance
• State Bank of India (SBI) raised ₹7,500 crore through its first Basel III compliant Tier 2 bond
issuance for the current financial year.
• The bonds were issued at a coupon rate of 7.42%.
• The bonds have a tenure of 15 years, with a call option after 10 years and on each anniversary
date thereafter.
• SBI received 70 bids amounting to over ₹8,800 crore, against a base issue size of ₹5,000 crore,
indicating oversubscription and strong investor interest.
About SBI :
• Headquarters : Mumbai, Maharashtra, India
• Chairman :Challa Sreenivasulu Setty
Union Bank of India freezes accounts of telecom firm MTNL over non-payment of dues
• Union Bank of India has frozen all accounts of the telecom company MTNL due to non-payment
of dues.
• In Aug 2024, MTNL reported to stock exchanges that it defaulted on bank loan payments
amounting to Rs 422.05 crore.
Breakdown of Loan Defaults:
• Union Bank of India: Rs 155.76 crore
• State Bank of India (SBI): Rs 140.37 crore
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Important Monthly Current Affairs Capsule – September 2024
• Bank of India: Rs 40.33 crore
• Punjab & Sind Bank: Rs 40.01 crore
• Punjab National Bank (PNB): Rs 41.54 crore
• UCO Bank: Rs 4.04 crore
About Union Bank of India :
• Founded : 11 November 1919
• Headquarters : Mumbai, Maharashtra, India
• MD &CEO : A. Manimekhalai
• Tagline : Good people to bank with
IndiaFirst Life Becomes the First Indian Life Insurer to Launch Operations in GIFT City
• IndiaFirst Life Insurance Company Limited (IndiaFirstLife ) has become the first Indian life insurer
to commence operations in Gujarat International Finance Tec City (GIFT City), Gandhinagar,
Gujarat.
• The company inaugurated its IFSC Insurance Office (IIO) at the country's international financial
gateway.
• IndiaFirst Life's IIO will have a dedicated team involving specialists who will cater to the needs of
GIFT City's global audience.
About IndiaFirst Life Insurance Company Ltd :
• Established: 2009
• MD & CEO: Rushabh Gandhi
• Headquarters: Mumbai, Maharashtra
• Paid-Up Share Capital: ₹754 crore
• Shareholders: Bank of Baroda, Union Bank of India, and Carmel Point Investments India Pvt Ltd
Amazon Pay ICICI Bank Credit Card: India's Top Co-Branded Card with 5 Million Users
• The Amazon Pay ICICI Bank credit card, powered by VISA, has achieved a significant milestone
becoming the first co-branded credit card in India to onboard over 5 million customers
nationwide.
• Offers a straightforward rewards program with unlimited cashback.
• Lifetime free credit card.
• Instant issuance within 30 minutes through a digital process.
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Important Monthly Current Affairs Capsule – September 2024
Max Life Forms Bancassurance Partnership with CSB Bank
• Max Life Insurance Company Limited has entered into a bancassurance partnership with CSB
Bank, a private sector bank in India.
• The partnership aims to offer a range of savings, protection, retirement, and group life insurance
plans to over 2.5 million CSB Bank customers.
• Benefits of the Partnership:Max Life will provide its diverse insurance solutions to CSB Bank’s
customers, helping them to achieve their aspirations and protect their loved ones at different life
stages.
About Max Life Insurance Company Limited :
• Established : 2001
• Headquarters : New Delhi, Delhi, India
• MD & CEO : Prashant Tripathy
• It is an 80:20 joint venture between Max Financial Services and Axis Bank. The company is a
subsidiary of the publicly-listed Max Financial Services.
About CSB Bank :
• Established : 26 November 1920
• Headquarters : Thrissur, Kerala, India
• MD & CEO : Pralay Mondal
National Bank for Agriculture and Rural Development Plans to Collaborate with Global Agencies to
Establish Carbon Fund: Chairman Shaji K V
• The National Bank for Agriculture and Rural Development (NABARD) is in discussions with
international agencies to establish a carbon fund aimed at addressing challenges posed by
climate risk, according to Chairman Shaji K V at the FIBAC conference in Mumbai, Maharashtra.
• NABARD's Climate Change Fund:NABARD has set up a Rs 100 crore Climate Change Fund to
enhance the capacities of institutions working in rural areas.
• This fund will be utilized to develop innovative products that mitigate climate change challenges.
About NABARD :
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Shri. Shaji K V
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Important Monthly Current Affairs Capsule – September 2024
• It was established on the recommendations of B. Sivaraman Committee (by Act 61, 1981 of
Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural
Development Act 1981.
• NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex
cooperative banks in India.
• It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).
Chennai-Based Fintech Paysharp Gets Final Reserve Bank of India Authorization as Payment
Aggregator
• Chennai-based fintech startup, Paysharp has received final authorisation from the Reserve Bank
of India (RBI) to operate as an online payment aggregator (PA).
• It was granted an in-principle license in December 2022 and received final approval in 2023.
• Paysharp is now authorized to onboard merchants and process payments as part of India’s
payment system.
• Paysharp is one of authorised Payment Aggregators from Tamil Nadu. As on date RBI has
authorized 36 payment aggregators including Razorpay, Cashfree and Stripe.
About Paysharp :
• Founded : 2019
• Founder and CEO : Krishna Kumar Mani
• It caters to various sectors, including government, B2B, NBFC and SMBs and is now expanding
into the ecommerce segment.
• The company focuses on non-card-based payments, including UPI and virtual account-based
solutions for NEFT, IMPS, and RTGS collections.
• Its product portfolio includes Link Payment and Payment Pages powered by UPI.
International Solar Alliance and Multilateral Investment Guarantee Agency Launch Multi-Donor Trust
Fund to Promote Solar Projects
• The Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, and the
International Solar Alliance (ISA) have established the MIGA-ISA Solar Facility, a multi-donor
trust fund.
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Important Monthly Current Affairs Capsule – September 2024
• Aim : To accelerate global adoption of solar energy, offering concessional financing tools,
including first-loss instruments and reinsurance capacity, to enhance project bankability and
lower MIGA guarantee costs.
• Partnership Goal: The World Bank Group and the African Development Bank Group aim to
provide at least 300 million people in Africa with electricity access by 2030.
About MIGA :
• Established : 12 April 1988
• Headquarters : Washington, D.C., United States
• MIGA is an international financial institution which offers political risk insurance and credit
enhancement guarantees.
• It is a member of the World Bank Group .
About ISA :
• Founded : 30 November 2015
• Headquarters : Gurugram, Haryana, India
• Director General : Dr. Ajay Mathur
RBI rejects Canara Bank's bid for credit card subsidiary amid concerns
• Current Operations: Canara Bank currently issues credit cards under its own name.
• Proposal: The bank approached the Reserve Bank of India (RBI) to set up a non-banking
financial company (NBFC) to manage its credit card business.
• Objective: Canara Bank aimed to bring more focus and specialization to its credit card offerings,
enhancing its competitiveness in the market.
About Canara Bank:
• Founded: 1906
• Headquarters: Bengaluru, Karnataka, India
• MD & CEO: K. Satyanarayana Raju
• Tagline: "Together We Can"
The 54th meeting of the Goods and Services Tax Council chaired by Finance Minister Nirmala
Sitharaman concluded in New Delhi
• Key Decisions from the 54th GST Council Meeting:
• Reverse Charge Mechanism (RCM) for Commercial Property:
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Important Monthly Current Affairs Capsule – September 2024
• Renting of commercial property by an unregistered person to a registered person will now fall under
the Reverse Charge Mechanism (RCM) to prevent revenue leakage.
• Under the RCM, the GST liability shifts from the supplier (landlord) to the recipient (tenant) of
commercial rental services.
Bank of Baroda receives a 2.8X subscription for its ₹5,000 cr infra bond issuance
• Bond Issuance Details:
o Date: September 9, 2024.
o Amount Raised: Rs 5,000 crore.
o Coupon Rate: 7.26% per annum.
o Type: Long-term, 10-year infrastructure bonds.
• Investor Response:
o Total Demand: Rs 14,215 crore from 105 bids.
o Strong demand allowed pricing at a competitive rate of 7.26% per annum.
About Bank of Baroda:
• Founded: July 20, 1908
• Headquarters: Vadodara, Gujarat, India
• MD & CEO: Debadatta Chand
• Tagline: "India’s International Bank"
Union Bank of India becomes first major Indian Bank to sign Partnership for Carbon Accounting
Financials (PCAF)
• Union Bank of India has announced its decision to join the Partnership for Carbon Accounting
Financials (PCAF), an international alliance of financial institutions dedicated to standardizing the
measurement and disclosure of greenhouse gas emissions related to loans and investments.
• Commitment to Climate Risk Management: By joining PCAF, Union Bank of India aligns itself
with global efforts to measure and manage financed emissions, which are crucial for
understanding and mitigating climate risks in banking.
About Union Bank of India:
• Founded: November 11, 1919
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: A. Manimekhalai
• Tagline: "Good People to Bank With"
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Important Monthly Current Affairs Capsule – September 2024
Securities and Exchange Board of India Forms 22-Member Expert Committee on Listing Obligations
• The Securities and Exchange Board of India (SEBI) has set up a 22-member advisory committee
to streamline the rules for listing obligations and disclosures.
• The committee is chaired by R Gandhi, former Deputy Governor of the Reserve Bank of India
(RBI).
• It was formed on August 28, 2024.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Airtel Payments Bank Teams Up with Noise and National Payments Corporation of India to Launch
National Common Mobility Card -Enabled Smartwatch
• Airtel Payments Bank has collaborated with wearables maker Noise and the National Payments
Corporation of India (NPCI) to launch a National Common Mobility Card (NCMC)-enabled
smartwatch integrated with the RuPay chip.
• The smartwatch, developed by Noise, allows users to perform NCMC-enabled tap and pay
transactions, bringing payment capabilities directly to the user's wrist.
About Airtel Payments Bank :
• Founded : 23 November 2016
• Headquarters : New Delhi, Delhi, India
• MD & CEO : Anubrata Biswas
• The company is a subsidiary of Bharti Airtel.
• On 5 January 2022, it was granted the scheduled bank status by the Reserve Bank of India
under the second schedule of RBI Act, 1934.
SBI Life Insurance Launches Digital Film to Support Indian Athletes for Paralympic Games Paris 2024
• SBI Life Insurance has unveiled a new digital film to support the Indian contingent for the
Paralympic Games Paris 2024.
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Important Monthly Current Affairs Capsule – September 2024
• The film aims to highlight the inspiring stories of para athletes: Simran Sharma (runner), Ashok
Malik (powerlifter), and Mona Agarwal (shooter), showcasing their indomitable resolve.
• The digital film embodies the theme of 'IRADDE', reflecting the athletes' determination and aligns
with SBI Life’s philosophy, 'Apne Liye, Apno Ke Liye'.
About SBI Life Insurance :
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Mr. Amit Jhigran
• It was incorporated in October 2000 and was registered with the Insurance Regulatory and
Development Authority of India (IRDAI) in March 2001.
• It is a joint venture between State Bank of India (SBI) and French financial institution BNP
Paribas Cardif.
Federal Bank Unveils India's First Facial Recognition Payment System, SmilePay™
• India’s Federal Bank has launched SmilePay™, a facial authentication technology that will
enable customers to complete transactions using only their faces.
• It is a first-of-its-kind payment solution in India, utilising advanced facial authentication technology
and built on UIDAI’s BHIM Aadhaar Pay.
• The product eliminates the need for traditional payment methods, offering unmatched
convenience for customers and enhanced efficiency for merchants.
About Federal Bank :
• Headquarters : Aluva, Kochi, Kerala, India
• MD & CEO : Shyam Srinivasan
Aditya Birla Capital Digital Unveils DigiGold Gifting, Family Health Scan, and SIMPLiNVEST at GFF
2024
• Aditya Birla Capital Digital Limited ("ABCDL"), the digital-first arm of India's leading financial
services conglomerate, Aditya Birla Capital, announced the launch of a suite of three new
product offerings - DigiGold Gifting, Family Health Scan and SIMPLiNVEST on ABCD,
omnichannel D2C platform at the Global Fintech Festival.
• These new offerings are aimed at providing users with a more personalized and convenient
digital financial experience, making "Everything Finance as Simple as ABCD".
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Important Monthly Current Affairs Capsule – September 2024
State Bank of India launches 3 new services for daily commuters
• The State Bank of India (SBI) introduced three new offerings targeting the daily commuters.
• These include the India's first MTS card -MTS RuPay NCMC prepaid card, which provides an
offline payment solution; the One View mobile app, a one-stop solution to manage all SBI NCMC
prepaid cards; and an advanced design for SBI FASTag that reduces travel time for commuters.
• The MTS RuPay NCMC prepaid card is designed to offer a seamless, offline payment solution
for all NCMC-enabled transit projects, including metro rails, buses, ferries, tolls, and parking.
About SBI :
• Headquarters : Mumbai, Maharashtra
• Chairman : Challa Sreenivasulu Setty
India Post Payments Bank celebrates 7th Foundation Day
• India Post Payments Bank (IPPB), a key player in driving financial inclusion across the country,
celebrated its 7th Foundation Day (IPPB Day) on 1st September, 2024.
• Since its nation-wide roll-out in 2018 by Prime Minister Narendra Modi, the IPPB has been at the
forefront of transforming India's financial landscape by providing accessible, affordable and
trusted digital banking services to underserved and unbanked families at their doorstep.
About India Post Payment Bank :
• Established : September 01, 2018
• Headquarters : New Delhi, India
• Chairman : Smt. Vandita Kaul
• MD & CEO : Shri R. Viswesvaran
• India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry
of Communication with 100% equity owned by the Government of India.
HDB Financial Services Becomes First Non-Banking Financial Company to Integrate NPCI's e-KYC
Setu System
• HDB Financial Services (HDBFS), is the first non-banking financial company (NBFC) to integrate
the National Payments Corporation of India (NPCI)'s e-KYC Setu System.
• This integration sets a new industry benchmark for the NBFC sector.
About HDBFS :
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Important Monthly Current Affairs Capsule – September 2024
• HDB Financial Services, a subsidiary company of HDFC Bank, is one of the biggest NBFC in the
country who provides a variety of loans and finance to the people.
South Indian Bank Partners with Sohan Lal Commodity Management to Launch ‘Unified Collateral
Management Solutions
• South Indian Bank and Sohan Lal Commodity Management (SLCM) have announced a
collaboration to deliver “Unified Collateral Management Solutions,” aimed at supporting farmers
and other stakeholders within the agricultural ecosystem.
• This collaboration will facilitate access to post-harvest credit at competitive interest rates, while
also providing scientific storage services and ensuring fair commodity pricing at marketplaces
(mandis).
• The partnership is aimed to tackle key challenges in the agricultural sector, particularly in post-
harvest storage and financing.
About South Indian Bank :
• Founded : 1929
• Headquarters : Thrissur, Kerala, India
• MD & CEO : P R Seshadri
Indian Rupee Second-Worst Performing Asian Currency in August 2024 Due to High Dollar Demand
and Equity Outflows
• The Indian rupee was the second-worst-performing Asian currency in August 2024 after the
Bangladeshi taka due to strong dollar demand and outflows from domestic equities.
• It depreciated by 0.2% during the month.
• The two were the only Asian currencies that experienced a decline against the US dollar over the
month.
World Bank advises India to reassess RCEP decision to achieve $1 trillion export target
• The World Bank, urged India to re-evaluate its regional integration strategy, including its decision
not to join the Regional Comprehensive Economic Partnership (RCEP), as part of its plan to
achieve the $1 trillion export target by 2030.
• India has opted out of major trade agreements like RCEP, while neighbouring countries like
Bangladesh and Sri Lanka have shown interest in joining this East Asian trade and global value
chain (GVC) hub
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Important Monthly Current Affairs Capsule – September 2024
• Re-evaluating Trade Strategy: As other South Asian economies explore trade agreements
outside the region, India may need to reassess its position on regional integration, particularly
regarding RCEP.
About World Bank :
• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga
UPI Sees 37% Surge in Transactions, Reaching ₹80.8 Lakh Crore ($964 Billion) from April-July 2024
• Unified Payments Interface (UPI), which has emerged as the world's most popular alternative
payments method (APM), processed transactions to the tune of ₹80.8 lakh crore ($964 billion) in
April-July 2024, a sharp 37% year-on-year (y-o-y) surge compared to the same timeframe the
previous year.
• Transactions on UPI totalled Rs 20.64 lakh crore in July this year or about $247 billion.
• Skrill has emerged as the second-most popular alternative payment method in the world.
About UPI :
• UPI, developed by the National Payments Corporation of India (NPCI) and regulated by the
Reserve Bank of India (RBI), has enhanced financial accessibility since its launch in 2016.
Tata AIA Life Insurance Launches USD Life Insurance Solutions for Non-Resident Indians
• Tata AIA Life Insurance Company Limited, one of India’s leading life insurance agencies, has
launched its offshore branch at Gujarat International Finance Tech-City (GIFT City), India’s first
International Financial Services Centre (IFSC).
• The branch aims to provide non-resident Indians (NRIs) with US dollar-denominated life
insurance through its website.
About Tata AIA Life Insurance Company Limited :
• Founded : 1 April 2001
• Headquarters : Mumbai, Maharashtra, India
• CEO : Venkatachalam Iyer
• Tata AIA is a joint venture by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA).
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Important Monthly Current Affairs Capsule – September 2024
Mastercard Launches Global Payment Passkey Service to Enhance Security and Ease of Online
Shopping
• Mastercard has announced the worldwide launch of its new Payment Passkey Service to
enhance the security and convenience of online shopping.
• The service has been introduced in India as a pilot program with major payment players,
including payment aggregators Juspay, Razorpay, and PayU, as well as online merchants like
Bigbasket and banks such as Axis Bank.
• Payment passkeys use device-based biometric authentication methods, such as fingerprints or
facial scans, to streamline online shopping experiences.
About Mastercard :
• Founded : 1966
• Headquarters : New York, United States
• CEO : Michael Miebach
POP Introduces India’s First Multi-Brand Co-Branded Card in Collaboration with RuPay and Yes Bank
• POP, a fintech enabler for direct-to-consumer brands started by former Flipkart employees, has
introduced India’s first multi-brand co-branded credit card developed in collaboration with RuPay
and Yes Bank.
• This launch coincides with POP surpassing one million UPI transactions and aims to leverage the
power of the RuPay network to make credit on UPI easier for its network of users.
• The credit card was launched at the Global Fintech Festival (GFF) in the presence of Mr. Nalin
Bansal- Chief of Corporate and Fintech Relationships at NPCI and Mr. Amit Sinha- Head of credit
card sales and partnerships at Yes Bank.
RBL Bank Partners with Indian Oil Corporation Limited to Launch New Fuel Credit Card
• RBL Bank has launched the 'Xtra Credit Card' in partnership with Indian Oil Corporation (IOCL),
providing customers with fuel savings.
• The Card offers customers 8.5% savings on fuel purchases, the highest in the segment
compared to other co-branded fuel credit cards.
• Earning Fuel Points: Customers can earn 15 fuel points for every ₹100 spent, with a cap of 2,000
points per month.
• Expected Portfolio Growth: After partnering with IOCL, RBL Bank expects its credit card portfolio
to grow by 12-15% in the current fiscal year, lower than the industry growth of 20-25%.
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Important Monthly Current Affairs Capsule – September 2024
About RBL Bank :
• Founded : August 1943
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : R Subramaniakumar
State Bank of India Plans to Raise Up to ₹7,500 Crore Through Tier-2 Bonds
• State Bank of India (SBI) is expected to raise up to ₹7,500 crore through the issuance of tier-2
bonds.
• The funds raised will be used to meet regulatory requirements and support business growth,
addressing the gap between credit demand and deposit accretion.
• September 19.
• Base Size: The base size of the bond issuance is expected to be between ₹3,500 crore and
₹4,000 crore.
About SBI :
• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty
Reserve Bank of India Imposes ₹1.91 Crore Fine on Axis Bank and ₹1 Crore Penalty on HDFC Bank
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.91 crore on Axis Bank
Limited.
• The penalty is for contravention of provisions under Section 19 (1) (a) of the Banking Regulation
Act, 1949 (BR Act), and non-compliance with RBI directions on:
• Interest Rate on Deposits
• Know Your Customer (KYC)
• Credit Flow to Agriculture - Collateral-Free Agricultural Loans
• The penalty is imposed under Section 47 A (1) (c) read with Section 46 (4) (i) of the BR Act.
Reserve Bank of India Announces Loan Eligibility for Resident Overseas Citizens of India Cardholders
for Overseas Education
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Important Monthly Current Affairs Capsule – September 2024
• The Reserve Bank of India (RBI) has clarified to banks that Overseas Citizens of India (OCI)
cardholders are eligible for education loans for studies abroad, provided they are residing in
India.
• The Reserve Bank of India (RBI) defines an Overseas Citizen of India (OCI) as a foreign national
of Indian origin who is registered as an OCI cardholder under Section 7(A) of the Citizenship Act,
1955.
• The OCI scheme was introduced in 2005 to address the demand for dual citizenship for
individuals of Indian origin.
Deposit Insurance and Credit Guarantee Corporation Introduces Daava Soochak Tool to Help
Depositors Monitor Claim Status
• The Deposit Insurance and Credit Guarantee Corporation (DICGC) has introduced an online tool
named Daava Soochak, designed for depositors to track the status of their insurance claims.
• Since its inception, DICGC has been responsible for reimbursing insured amounts to depositors
of banks that have failed.
• Daava Soochak, a user-friendly online tool, is part of DICGC's ongoing commitment to improving
the services provided for depositors.
About DICGC :
• Formed : 1978
• Headquarters : Mumbai, Maharashtra, India
• DICGC is a specialised division of the Reserve Bank of India which is under the jurisdiction of the
Ministry of Finance, Government of India.
• It was established under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 for
the purpose of providing insurance of deposits and guaranteeing of credit facilities.
RBI Fines 3 Housing Finance Companies ₹13.50 Lakh, Including Godrej Housing Finance, Aadhar
Housing Finance, and Housing and Urban Development Corporation Limited
• The Reserve Bank of India (RBI) has imposed monetary penalties on three Non-Banking
Financial Companies (NBFCs) for non-compliance with RBI directions related to housing finance
companies.
• Godrej Housing Finance Limited: Penalized ₹5,00,000 for non-compliance with the ‘Non-Banking
Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021’.
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Important Monthly Current Affairs Capsule – September 2024
• Aadhar Housing Finance Limited: Penalized ₹5,00,000 for non-compliance with the ‘Non-Banking
Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021’.
PayMate Teams Up with NPCI Bharat BillPay Limited to Introduce BBPS-B2B Platform for
Revolutionising Business Payments and Financing in Digital India
• PayMate, India's leading digital B2B payments company, has announced its partnership with
NPCI Bharat BillPay Limited. (NBBL) to launch the innovative PayMate BBPS-B2B platform.
• The BBPS-B2B platform aims to standardise and digitize commercial processes related to
invoicing, payments, and collections on a large scale across the nation.
About PayMate :
• Founded : May 2006
• Headquarters : Mumbai, Maharashtra, India
• Founder, MD & CEO : Ajay Adiseshann
AU Small Finance Bank and United India Insurance Sign Agreement to Offerr Insurance Products
• AU Small Finance Bank (AU SFB) and state-owned United India Insurance Company (UIIC)
announced a strategic partnership to distribute general insurance solutions to the bank's
customers.
• Insurance Products Offered:The partnership will provide a range of insurance products including
motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper
insurance, and cyber incident insurance.
About AU Small Finance Bank :
• Established : 1996
• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal
About UIIC :
• Founded : 18 February 1938
• Headquarters : Chennai, Tamil Nadu, India
• Chairman & MD : Bhupesh Sushil Rahul
Securities and Exchange Board of India Revises Margin Trading Framework to Ease Collateral
Requirements
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Important Monthly Current Affairs Capsule – September 2024
• The Securities and Exchange Board of India (SEBI) has revised the framework for margin trading
facilities (MTF) to reduce the burden of additional collateral.
• Cash Collateral as Maintenance Margin:Securities funded through cash collateral can now be
considered as maintenance margin for MTF.
• If a broker uses cash collateral received from a client to meet settlement obligations with the
clearing corporation (CC), this collateral can be treated as a maintenance margin.
• Effective Date:The new rules will come into effect from October 1, 2024.
•
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Small Finance Banks Increasing Focus on High Deposit Rates
• More than seven small finance banks (SFBs) have increased their fixed deposit (FD) rates to
above 8% for two-year tenures in competition with major banks like State Bank of India (SBI) and
HDFC Bank.
• SFBs are offering 100-125 basis points higher on FDs than they did a year ago and
approximately 120 basis points more than what big banks like SBI and HDFC Bank currently
offer.
• Current Offers:Utkarsh SFB and Suryoday SFB: Offering 8.5% on two to three-year tenures.
Bank of Baroda Approves Resolution Plan for Supertech's Dehradun Project
• Bank of Baroda, one of the lenders in Supertech Group has approved and sanctioned the
resolution plan for company’s Dehradun project paving way for delivery of over 600 homebuyers.
• Supertech submitted a project-wise resolution plan to the National Company Law Appellate
Tribunal (NCLAT), and this is the first project to receive lender approval.
• The bank has consented to the inclusion of a co-developer in the Dehradun project.
• Kotak Investment Advisors Ltd (KIAL) is investing ₹450 crore into Supertech’s stalled Noida
project, providing significant financial support.
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Important Monthly Current Affairs Capsule – September 2024
About Bank of Baroda :
• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India's International Bank
Finance Ministry Revises Compounding Rules for Foreign Exchange Management Act Offences
• The Finance Ministry has come out with new rules for processing of compounding applications
under the Foreign Exchange Management Act (FEMA).
• The new rules aim to further promote ease of investment.
• The rules follow Finance Minister Nirmala Sitharaman’s Budget announcement to streamline
Foreign Direct Investments (FDIs) and overseas investments.
• The new rules will replace the Foreign Exchange (Compounding Proceedings) Rules, 2000,
which had been in effect for nearly 24 years.
About Ministry of Finance :
• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary
Reserve Bank of India to Maintain Higher Requirement for Digitally-Linked Deposit Buffer
• The Reserve Bank of India (RBI) proposed that banks hold an additional 5% "run-off factor" on
digitally accessible retail deposits to manage risks of mass withdrawals via digital platforms like
internet or mobile banking.
• The new rules are scheduled to take effect in April 2025.
• Impact on Banks' Liquidity Coverage Ratio (LCR):The additional buffer is expected to impact
banks' Liquidity Coverage Ratios (LCR), which represent the amount of highly liquid assets
available to meet short-term obligations.
HDFC Bank in Discussions with Global Lenders to Offload $1 Billion in Loans
• HDFC Bank Ltd., India’s largest private sector lender, is in talks with several global banks to
offload as much as Rs 8,400 crore ($1 billion) in loans to reduce its credit book and bring it more
in line with deposits.
• The bank is in discussions with several global lenders, including Barclays Plc, JPMorgan Chase
& Co., and ICICI Bank.
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Important Monthly Current Affairs Capsule – September 2024
• Sale Terms:The loan portfolio sale is planned to be executed through a pass-through certificate,
a type of debt instrument. The final terms of the sale are yet to be decided.
About HDFC Bank :
• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World
Reserve Bank of India Cancels Treasury Bill Auction for the Remainder of September 2024
• According to the Calendar for Auction of Government of India Treasury Bills for the Quarter
ending September 2024, the auctions were initially scheduled for September 18, 2024, and
September 25, 2024.
• The Reserve Bank of India (RBI), in consultation with the Government of India, has decided to
cancel the T-bill auctions scheduled for September 18, 2024, and September 25, 2024.
• The Government of India has reduced its borrowings via Treasury Bills by approximately ₹50,000
crore for the current fiscal year.
About RBI :
• Founded : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D.
Patra
State Bank of India Approves ₹10,050 Crore Loan for Damodar Valley Corporation’s Proposed 1600
MW Ultra Super Critical Thermal Power Project in Jharkhand
• State Bank of India (SBI) has sanctioned ₹10,050 crore to Damodar Valley Corporation (DVC) for
its ultra-supercritical thermal power project.
• The project involves the construction of a 1600 MW (800 MW * 2) ultra-supercritical thermal
power plant located at Koderma, Jharkhand.
• DVC is India's first multipurpose river valley project, established by the Damodar Valley
Corporation Act, 1948.
About SBI :
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Important Monthly Current Affairs Capsule – September 2024
• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
Insurance Regulatory and Development Authority of India Fines SBI Life Insurance ₹1 Crore for
Breaching Regulations on Web Aggregators and Outsourcing Activities
• The Insurance Regulatory and Development Authority of India (IRDAI) has fined SBI Life
Insurance ₹1 crore for regulatory violations.
• The violations pertain to SBI Life Insurance's dealings with insurance web aggregators and its
outsourcing activities.
• IRDAI has issued an advisory to SBI Life Insurance regarding the repudiation of multiple
insurance claims.
About IRDAI :
• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.
About SBI Life Insurance :
• Founded : March 2001
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Amit Jhigran
State Bank of India plans to raise up to ₹7,500 crore through second tranche of Tier-II bonds
• The State Bank of India (SBI) plans to raise up to ₹7,500 crore through the issuance of a second
tranche of Tier-II bonds.
• Bond Details: The bonds have a maturity period of 15 years.
• The issuance includes a base size of ₹4,000 crore with an additional greenshoe option of ₹3,500
crore.
• Credit Rating: The bonds are rated "AAA" by ICRA and India Ratings and Research, indicating
high credit quality.
About SBI :
• Founded : 1 July 1955
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Important Monthly Current Affairs Capsule – September 2024
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty
Bank of Baroda to roll out 7 phygital branches as a pilot project
• Bank of Baroda (BoB) is planning to launch 7 phygital branches as a pilot project across the
country.
• These branches integrate self-service and assisted service models.
• The first phygital branch was opened at Horniman Circle, Mumbai in July.
• The second branch was inaugurated at Vile Parle, Mumbai, and another branch at Chanda
Nagar, Hyderabad.
About BoB :
• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India's International Bank
S&P Global Ratings predicts SBI's cost-to-income ratio will drop to 54-55% in the next two years
• State Bank of India’s (SBI’s) cost-to-income (C/I) ratio sharply increased to 60% in FY24 from
56.2% in FY23 due to higher employee expenses.
• S&P Global Ratings forecasts that SBI’s C/I ratio will normalize to 54-55% over the next two
years as the bank improves operating efficiency and leverages digital platforms.
• The risk-adjusted capital (RAC) ratio is expected to stay moderate at 5.5-6.0% over the next two
years, compared to 5.9% as of March 31, 2024.
• SBI's credit cost is expected to remain under 1% due to low asset quality risks.
• Credit Rating:S&P Global has affirmed SBI’s issuer credit rating at “BBB-/Positive.”
Outward FDI Increases by $1 Billion in August, 2024: RBI Data
• According to Reserve Bank of India (RBI) data, India's outward foreign direct investment (FDI)
commitments rose by $1 billion to $3.21 billion in August 2024, up from $2.29 billion in August
2023.
• Sequential Growth: Outbound FDI commitments increased from $3 billion in July 2024.
• Three Components: Outward FDI commitments are classified into three categories: equity, loans,
and guarantees.
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Important Monthly Current Affairs Capsule – September 2024
Life Insurance Corporation of India Increases Its Stake in Indian Railway Catering and Tourism
Corporation to Approximately 9.3%
• Life Insurance Corporation of India (LIC) increased its stake in Indian Railway Catering and
Tourism Corporation (IRCTC) to approximately 9.3%.
• LIC's stake in IRCTC grew by 2.02% between December 16, 2022, and September 11, 2024,
through open market purchases.
About IRCTC :
• Headquarters : New Delhi, India
• Chairman & MD : Sanjay Kumar Jain
• IRCTC was established in 1999 by the Government of India and operates under the Ministry of
Railways.
• IRCTC is a 'Miniratna' public sector undertaking (PSU) that provides services such as ticketing,
catering, and tourism for Indian Railways.
Reserve Bank of India Fines BNP Paribas and Three Other Banks for Compliance Failures
• The Reserve Bank of India has imposed a penalty of Rs 31.8 lakh on BNP Paribas for non-
compliance with certain directions issued by RBI on ‘Interest Rate on Advances’.
• This penalty has been imposed in the exercise of powers conferred on RBI under the provisions
of Section 47 A (1) (c) read with Sections 46 (4) (i) of the Banking Regulation Act, 1949.
Penalty on Hewlett Packard Financial Services (India) Private Limited:
• Amount: ₹10.4 lakh
• Reason: Non-compliance with RBI's 'Know Your Customer (KYC) Directions, 2016,' 'Non-
Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit
taking Company (Reserve Bank) Directions, 2016,' and 'Master Direction - Information
Technology Framework for the NBFC Sector.'
Penalty on Muthoot Vehicle & Asset Finance Limited:
• Amount: ₹7.9 lakh
• Reason: Non-compliance with RBI's 'Liquidity Risk Management Framework for Non-Banking
Financial Companies and Core Investment Companies' and 'Non-Banking Financial Company -
Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve
Bank) Directions, 2016.'
Penalty on SMFG India Credit Company Limited (formerly Fullerton India Credit Company Limited):
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Important Monthly Current Affairs Capsule – September 2024
• Amount: ₹23.1 lakh
• Reason: Non-compliance with 'Master Direction - Information Technology Framework for the
NBFC Sector' and directions relating to cyber security measures.
Reserve Bank of India to Overhaul Currency Management Infrastructure to Meet Future Cash Demands
• The Reserve Bank of India (RBI) plans to comprehensively revamp its currency management
infrastructure over the next 4-5 years to meet future cash demands of the growing economy.
• Project Timeline: The entire project is expected to be completed within 4-5 years, as per RBI's
expression of interest (EoI) document.
• CIC Growth:Coins in Circulation (CIC) volume also increased to 132.35 bpcs by March 31, 2024,
from 127.92 bpcs a year earlier.
National Payments Corporation of India Raises Unified Payments Interface Transaction Limit for Tax
Payments to ₹5 Lakh per Transaction
• The National Payments Corporation of India (NPCI) has increased transaction limits for tax
payments using the Unified Payments Interface (UPI), allowing people to transfer Rs 5 lakh in a
single transaction.
• This service is only applicable for tax payments only.
• The increase in the transaction limit aims to facilitate smoother and larger tax payments through
UPI, addressing the growing use of UPI as a payment method.
• Applicability: The Rs 5 lakh limit applies exclusively to tax payments.
PhonePe and Liquid Group Partner to Expand UPI QR Payment Services in Singapore
• PhonePe, a Walmart group fintech firm, partnered with Liquid Group, a cross-border payment
solutions provider, to expand its merchant acceptance network in Singapore.
• The partnership enables PhonePe users traveling to Singapore to scan and pay using the app at
Liquid Group's merchants.
• QR codes will be available at tourist-centric locations, such as Changi Airport, duty-free shops,
restaurants, bars, retailers (e.g., The Cocoa Trees, Hard Rock Cafe), sightseeing spots, and
transportation services.
About Phonepe :
• Founded : 2015
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Important Monthly Current Affairs Capsule – September 2024
• Headquarters : Bangalore, Karnataka
• CEO : Sameer Nigam
Union Finance Minister Smt. Nirmala Sitharaman to Unveil NPS Vatsalya Scheme on September 18,
2024
• In pursuance of the announcement in the Union Budget 2024-25, Union Minister for Finance and
Corporate Affairs Smt. Nirmala Sitharaman will launch the NPS Vatsalya scheme on September
18, 2024, in New Delhi.
• Online Platform: An online platform will be introduced for subscribing to NPS Vatsalya.
• Scheme Brochure: The brochure of the scheme will be released.
• PRAN Cards: Permanent Retirement Account Number (PRAN) cards will be distributed to new
minor subscribers.
About Ministry of Finance :
• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary
• Finance Secretary : Tuhin Kanta Pandey
Money view Becomes 2024's Sixth Unicorn After Securing $4.6 Million in Funding
• Fintech start-up Moneyview became the sixth unicorn in 2024 after raising $4.6 million (INR 38.6
Cr) from Accel India and Nexus Ventures.
• After approval from the company's board, 60.23 lakh equity shares were allotted to Accel India
and Nexus Ventures.
• Compared to 2023, there has been an increase in the number of unicorns in 2024.
• In 2023, only two unicorns were created, which include quick commerce start-up Zepto and
fintech start-up InCred Finance.
About Moneyview :
• Founded : 2014
• Headquarters : Bangalore, Karnataka, India
• Founders : Puneet Agarwal and Sanjay Aggarwal.
Securities and Exchange Board of India fast-tracks credit, trading of bonus shares to T+2 days
• The Securities and Exchange Board of India (SEBI) has decided to shorten the time taken for
credit of bonus shares and their subsequent trading to two days from the record date.
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Important Monthly Current Affairs Capsule – September 2024
• This new rule will apply to all bonus issues announced from October 1.
• Timeline Details:Credit of Bonus Shares: Bonus shares will be credited to investor accounts one
working day after the record date (T+1).
About SEBI :
• Established: 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters: Mumbai, Maharashtra
• Chairman: Madhabi Puri Buch
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance, GoI
Axis Bank Expands Wealth Management Services to 15 Additional Cities
• Axis Bank is expanding its private banking business, Burgundy Private, to 15 new cities.
• This expansion will increase Burgundy Private's presence to 42 locations across India.
• Purpose and Focus:The expansion aims to provide bespoke wealth management services to
clients in India's Tier 2 markets.
• New Locations:The new cities include Bhubaneswar, Patna, Raipur, Agra, Ghaziabad, Jodhpur,
Udaipur, Jalandhar, Meerut, Belgaum, Kozhikode, Thiruvananthapuram, Aurangabad, Nagpur,
and Gandhidham.
About Axis Bank :
• Established : 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
HDFC Bank Aims to Increase Income for 5 Lakh Marginal Farmers by 2025 Through Parivartan CSR
Initiative
• The country's biggest private sector lender, HDFC Bank, looks to increase the income of 5 lakh
marginal farmers earning less than Rs 60,000 annually by 2025 as part of its corporate social
responsibility (CSR) initiative, Parivartan.
• Parivartan Overview: Launched in 2014, Parivartan is one of India's largest CSR programs,
active in 28 states and 8 Union Territories, with a focus on rural development and sustainable
livelihoods.
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Important Monthly Current Affairs Capsule – September 2024
• CSR Expenditure: HDFC Bank has spent ₹5,100 crore on CSR activities over the last decade,
and reported a CSR spend of ₹945.31 crore for FY 2023-24.
About HDFC Bank :
• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World
Life Insurance Corporation of India Chooses Infosys for Advanced Digital Insurance Platform
Development
• The Life Insurance Corporation of India (LIC) has selected IT major Infosys to develop its
NextGen digital platform.
• This platform will be a comprehensive end-to-end digital insurance solution aimed at providing
excellent customer services, sales lifecycle management, and operational support for employees
and intermediaries.
• The NextGen Digital Platform will be modular, flexible, cloud-native, and have platform driven
architecture which will be capable of quickly adopting innovative technologies, new products and
features.
About LIC :
• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India
• CEO and MD : Siddhartha Mohanty
Securities and Exchange Board of India Approves Tenfold Increase in NSE's Share Capital
• The Securities and Exchange Board of India (SEBI) has approved amendments to the National
Stock Exchange (NSE) memorandum of association, allowing a 10-fold increase in authorised
share capital to ₹500 crore.
• This move will pave the way for the bourse's proposed bonus issue.
• This increase also provides flexibility if the exchange decides to issue fresh shares during its
public offering.
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Important Monthly Current Affairs Capsule – September 2024
• On August 27, the NSE board also sought a no-objection certificate (NOC) from Sebi to move
forward with its IPO, which has been delayed due to ongoing regulatory matters, including the co-
location case.
About NSE :
• Founded : 1992
• Location : Mumbai, Maharashtra, India
• Chairman : Girish Chandra Chaturvedi
• MD & CEO : Ashishkumar Chauhan
• NSE is under the ownership of various financial institutions such as banks and insurance
companies.
ICRA ESG Ratings Issues First Rating to InCred Financial Services
• ICRA ESG Ratings Limited has assigned its first Environmental, Social, and Governance (ESG)
rating to InCred Financial Services, a Non-Banking Financial Company (NBFC).
• ICRA ESG Registration:ICRA ESG received registration as a Category-I ESG Rating Provider
(ERP) from the Securities and Exchange Board of India (SEBI) earlier this fiscal year.
• ICRA ESG was previously known as Pragati Development Consulting Services Limited (PDCSL).
About ICRA Limited :
• Founded : 1991
• Headquarters : Gurgaon, India
• MD & Group CEO : Ramnath Krishnan
Star Health and Policybazaar Introduce 'SUPER STAR': A Modular Long-Term Health Insurance Plan
• Star Health and Allied Insurance Company Limited (Star Health Insurance) and Policybazaar
announced the launch of 'SUPER STAR', a personalised long-term health insurance plan which
is customer-centric in nature with an objective of delivering greater customer value.
About Policybazaar :
• Founded : July 2008
• Headquarters : Gurgaon, Haryana
About Star Health and Allied Insurance Co Ltd :
• Founded : 2006
• MD & CEO : Mr. Anand Roy
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Important Monthly Current Affairs Capsule – September 2024
AU Small Finance Bank and Kotak Life Partner to Provide Life Insurance and Financial Security
Solutions
• AU Small Finance Bank (AU SFB) and Kotak Life announced a partnership to offer life insurance
and financial security solutions.
• This collaboration is a continuation of Kotak Life’s previous relationship with the former Fincare
Small Finance Bank, which is now merged with AU SFB.
• This partnership enables AU SFB’s new and existing customers, including those from former
Fincare SFB branches, to access Kotak Life’s full range of life insurance products, such as term,
retirement, savings, and select investment plans.
About AU SFB :
• Founded : 1996
• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal
• AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and has established
itself as the largest SFB in India since starting its banking journey in April 2017.
About Kotak Mahindra Life Insurance Company Limited :
• Founded : 2001
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Uday Kotak
• MD : Mahesh Balasubramanian
• Kotak Mahindra Life Insurance Company Limited (Kotak Life) is a 100% owned subsidiary of
Kotak Mahindra Bank Limited (Kotak). Kotak Life provides insurance products with high customer
empathy.
Asian Development Bank Pledges $2 Billion in Annual Loans to Support Cash-Strapped Pakistan:
Report
● The Asian Development Bank (ADB) has assured Pakistan of providing $2 billion annually in new
loans from 2024 to 2027, totalling $8 billion over four years.
● ADB President Masatsugu Asakawa gave the assurance during his visit and interaction with
Pakistani authorities.
● Loan Terms:Out of the $2 billion annual loan, $1 billion will be provided at a fixed 2% interest rate
under ADB’s concessional window.
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Important Monthly Current Affairs Capsule – September 2024
About ADB :
● Established: 1966
● Headquarters: Manila, Philippines
● President : Masatsugu Asakawa
● Membership: 68 members, including 49 regional members (countries in Asia and the Pacific) and
19 non-regional members (countries outside the region)
World Bank Commits Additional USD 2 Billion to Support Key Reforms in Bangladesh
● The World Bank pledged an additional $2 billion in financing to Bangladesh during this fiscal year
to support critical reforms, flood response, air quality improvement, and healthcare.
● Abdoulaye Seck, World Bank Country Director, made the pledge during his meeting with Chief
Adviser Muhammad Yunus at the State Guest House Jamuna in Dhaka.
● World Bank Commitment:The World Bank is committed to increasing lending to Bangladesh to
support the reform agenda of the Interim Government.
About World Bank :
● Established : July 7, 1944
● Headquarters : Washington, D.C., United States
● President : Ajay Banga
State Bank of India secures ₹7,500 crore through Tier-2 bonds at a 7.33% interest rate
• The State Bank of India (SBI) raised ₹7,500 crore through its second Basel III-compliant Tier-2
bond issuance of the current fiscal year.
• The bonds have a coupon rate of 7.33% and a 15-year maturity with a call option after 10 years
and on each anniversary thereafter.
• It attracted bids more than three times the base issue size of ₹4,000 crore.
• This earlier issuance also carried a AAA rating with a stable outlook from CRISIL Ratings and
CARE Ratings.
• Total Fundraising for FY:For the current financial year, SBI has raised a total of ₹15,000 crore
through Basel III-compliant Tier-2 bonds.
About SBI :
• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty
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Important Monthly Current Affairs Capsule – September 2024
Bank of Baroda Launches GenAI-Powered Virtual Relationship Manager for Conversational Banking
• Bank of Baroda (BoB) has introduced ‘Aditi’, a GenAI-powered virtual relationship manager, to
enhance the digital customer service experience.
• Aditi offers conversational banking through digital avatars with human-like interfaces.
• Available on BoB’s web portal, Aditi supports audio, video, and chat-based assistance, providing
24x7 banking services with multilingual support.
• 'GyanSahay.AI' Knowledge Management Platform:BoB also launched a GenAI-enabled
knowledge management platform called ‘GyanSahay.AI’ for its employees.
About BoB :
• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India's International Bank
Finance ministry plans 'One State, One RRB' policy to boost efficiency
• The "One State, One RRB" policy, aimed at consolidating Regional Rural Banks (RRBs) for
operational efficiency, is in the drafting phase.
• As per the Department of Financial Services (DFS), draft rules for the policy will be completed by
the end of September 2024.
• S. Venkateshwar Reddy, Secretary General of the AIRRBEA, stated that the policy may
eventually lead to the creation of the National Rural Bank of India, reducing the number of
sponsor banks.
Jana Small Finance Bank launches “Liquid Plus” FD at 6.75% interest rate
• Jana Small Finance Bank has launched a new "Liquid Plus" fixed deposit offering, providing an
interest rate of 6.75% per annum for tenures ranging from 7 to 180 days.
• This rate applies to a minimum deposit of ₹10 lakhs for retail deposits up to ₹3 crores, and for
bulk deposits between ₹3 crores and ₹200 crores per customer.
About Jana Small Finance Bank
• Founded: 2008, Bengaluru
• CEO: Ajay Kanwal (since August 1, 2017)
• President: Buvanesh Tharashankar
• Headquarters: India
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Important Monthly Current Affairs Capsule – September 2024
Reserve Bank of India Report: Credit and Deposit Growth Gap Narrowing, but Challenges Persist
● According to the latest State of the Economy report released by the Central Bank (RBI), the gap
between credit and deposit growth in banks, which has been a major concern for the Reserve
Bank of India (RBI) over the past two years, is finally narrowing.
● Narrowing Gap Between Credit and Deposit Growth:As of September 6, 2024, the gap between
credit growth and deposit growth in banks has reduced to just over 200 basis points (bps), down
from over 700 bps earlier in 2024.
● Loan growth has moderated to 13.3%, while deposit growth has risen to over 11%.
● Private Credit Market Concerns:Private credit assets under management are estimated to be
around $15 billion.
● Fintech lenders now hold over 52% of the market share in personal loans and are increasingly
turning to private credit for funding.
● Inflation Developments:Headline retail inflation remained below the RBI’s 4% target.
Deadline Approaches for Special Fixed Deposits at SBI, IDBI, and Indian Bank on September 30, 2024
● The deadline for special fixed deposits (FDs) by the State Bank of India (SBI), IDBI, and Indian
Bank is nearing on September 30, 2024 .
● These FDs offer higher interest rates compared to regular FDs.
● Interest Rates:Special FDs are offering 7.05%-7.35% interest for 300-444-day tenures.
● Senior citizens get an additional 50 basis points over the standard interest rate.
● SBI’s Special FDs:Amrit Kalash offers 7.1% interest for a 400-day tenure, with senior citizens
receiving 7.60%.
● Amrit Vrishti offers 7.25% for the general public and 7.75% for senior citizens for a 444-day
tenure. The deadline for this scheme is March 31, 2025.
● IDBI Bank’s Special FDs:The UTSAV Special Deposits offer 7.2%-7.35% interest for 300-700-
day tenures.
Central Board of Direct Taxes issues Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV)
Scheme, 2024
● In pursuance of the announcement in Union Budget 2024-25 by Union Minister for Finance and
Corporate Affairs Smt. Nirmala Sitharaman, the Central Board of Direct Taxes (CBDT) has
notified the Direct Tax Vivad Se Vishwas Scheme, 2024 (referred as DTVSV, 2024) to resolve
pending appeals in the case of income tax disputes.
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Important Monthly Current Affairs Capsule – September 2024
● The Scheme will come into effect from October 1, 2024.
● The scheme aims to resolve pending income tax disputes and appeals.
● The initiative aims to improve litigation management and reduce the backlog of income tax
disputes.
Department of Financial Services Secretary M. Nagaraju chairs the Conference of Debt Recovery
Appellate Tribunals Chairpersons and Debt Recovery of Tribunals Presiding Officers in New Delhi
● Shri M. Nagaraju, Secretary of the Department of Financial Services (DFS), chaired a conference
of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt
Recovery Tribunals (DRTs) in New Delhi.
● Participants: The meeting was attended by senior officers from public and private sector banks,
the Deputy CEO of the Indian Bank Association (IBA), and senior Ministry of Finance officials.
● DRT Regulations 2024: Introduction of the DRT Regulations 2024, which improve upon the 2015
regulations, aiming to make the recovery process more effective and time-efficient.
Finance Minister Nirmala Sitharaman Unveils NPS Vatsalya Scheme in New Delhi
● Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman launched the National
Pension System Vatsalya (NPS Vatsalya) scheme, ‘a pension scheme for minors’ at New Delhi.
● The NPS Vatsalya was announced by the Union Finance Minister in the Union Budget 2024-25
on 23rd July, 2024.
● The launch of NPS Vatsalya was simultaneously organised at 75 locations throughout the
country, with distribution of over 250 PRAN to minor subscribers.
● Eligibility Criteria:The scheme is available for all minor citizens (under 18 years).
● Both the child and the parent must be Indian citizens, and all parties must meet Know Your
Customer (KYC) requirements.
● Opening Process:Accounts can be established through various Points of Presence regulated by
the Pension Fund Regulatory Authority of India (PFRDA), including major banks, India Post,
pension funds, and online platforms (e-NPS).
● Contribution Details:A minimum annual contribution of ₹1,000 is required, with no maximum
contribution limit.
About Ministry of Finance :
● Cabinet Minister : Nirmala Sitharaman
● Minister of State : Pankaj Choudhar
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Important Monthly Current Affairs Capsule – September 2024
● Finance Secretary : Tuhin Kanta Pandey
Bajaj Becomes Third Most Valued Financial Group
● India's financial sector is primarily controlled by large government-owned and private-sector
banks like State Bank of India (SBI), HDFC Bank, and ICICI Bank.
● These institutions dominate across areas like lending, insurance, and asset management.
● Bajaj Group's Rise:Bajaj Group has emerged as the third-largest financial group in India by
market capitalization (mcap), surpassing the SBI Group.
● The high profitability of Bajaj Group's financial arms (Bajaj Finserv, Bajaj Finance, Bajaj Housing
Finance) has fueled its rise.
● Bajaj Housing Finance IPO:Bajaj Housing Finance, listed, more than doubled its market
capitalisation on its IPO day.
● Its stock price surged from the IPO price of ₹825 to ₹1,637.4 on the BSE.
● This added ₹1.36 trillion to the Bajaj Group's total market capitalisation.
● Market Capitalisation (Mcap):The four listed financial entities of Bajaj Group (Bajaj Holdings,
Bajaj Finserv, Bajaj Finance, Bajaj Housing Finance) have a combined mcap of ₹10.36 trillion.
Top 5 Financial Groups by Mcap:
1. HDFC Group: ₹15.75 trillion
2. ICICI Group: ₹11.95 trillion
3. Bajaj Group: ₹10.36 trillion
4. SBI Group: ₹9.60 trillion
5. Axis Bank: ₹3.85 trillion
Punjab & Sind Bank to Raise Up to ₹3,000 Crore Through Infrastructure Bonds, Appoints Bankers
● Public sector lender, Punjab & Sind Bank plans to raise up to ₹3,000 crore through infrastructure
bonds as a cost-effective option amid increasing competition for deposits.
● Other banks:State Bank of India (SBI) raised ₹20,000 crore in two tranches through 15-year infra
bonds.
● Canara Bank raised ₹10,000 crore via 10-year infra bonds at a 7.4% rate.
● Bank of India raised ₹5,000 crore through 10-year bonds at 7.54%.
● Bond Rating:CRISIL has assigned a "AA/Stable" rating to the proposed infrastructure bonds of
Punjab & Sind Bank.
● Domestic Bond Yields:Bond yields softened in August and September 2024, with the 10-year
Indian government security (G-sec) yield ranging between 6.76% and 6.87%.
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Important Monthly Current Affairs Capsule – September 2024
About Punjab and Sind Bank :
● Established : 24 June 1908
● Headquarters : New Delhi, India
● MD & CEO : Swarup Kumar Saha
Jan-Dhan: A New Avenue for Public Sector Banks to Attract Deposits
● State-owned banks are targeting Jan-Dhan accounts to enhance deposit mobilization amid rising
credit growth and the shift of household savings to higher-yielding instruments.
● The Reserve Bank of India (RBI) and the Finance Ministry have raised concerns about sluggish
deposit growth (11.3%) compared to credit growth (15%) as of August 23, 2024, which may lead
to asset-liability management issues for banks.
● Banks are exploring untapped areas to mobilize deposits without engaging in an interest rate war.
● This includes targeting low-value segments within Jan-Dhan accounts.
Untapped Potential (Jan-Dhan Accounts)
Category Beneficiaries (mn) Deposits (₹ cr) RuPay debit cards
(mn)
Public sector 416 1,77,179.26 314.9
banks
Regional rural 99.3 44,923.22 35.1
banks
Private sector 16.5 6,026.14 13.6
banks
Rural cooperative 1.9 0.01 0
banks
Total 533.7 2,28,994.32 363.6
Jan-Dhan Scheme Overview:
● Launched to provide banking access to unbanked segments through basic savings accounts.
● Features include no minimum balance requirement, interest on deposits, and the issuance of a
RuPay debit card.
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Important Monthly Current Affairs Capsule – September 2024
Asian Development Bank Recommends Pakistan Implement Indian ULLAS Scheme to Improve
Education System
● The Asian Development Bank (ADB) advised Pakistan to adopt India's ULLAS (Understanding of
Lifelong Learning for All in Society) scheme to address its dysfunctional education system and
provide quality training to its citizens.
● Pakistan requested financial support from the ADB to improve its education system and address
the issue of educating 26 million out-of-school children.
About India's ULLAS Scheme:
● ULLAS was launched by the Government of India in July 2023 to assist non-literates and adults
who missed formal schooling.
● The scheme aims to provide foundational literacy and numeracy, along with critical life skills such
as financial literacy, digital literacy, healthcare awareness, and family welfare.
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Indian Overseas Bank Wins Rajbhasha Kirti Puraskar for Second Consecutive YearIndian Overseas
Bank Wins Rajbhasha Kirti Puraskar for Second Consecutive Year
● Indian Overseas Bank (IOB) won the Rajbhasha Kirti Pratham Puraskar for the second
consecutive year in the Official Language Implementation category for 2023-24.
● The award is presented by the Ministry of Home Affairs to recognize efforts in promoting the
Hindi language and official language policies.
● The award was presented by Union Home Minister Amit Shah to IOB's Managing Director and
CEO, Ajay Kumar Srivastava, in New Delhi.
● The recognition highlights IOB's commitment to enhancing the use of the Hindi language and
improving the implementation of official language policies across its operations
● The Rajbhasha Kirti Puraskar scheme was introduced by the Ministry of Home Affairs to
encourage the implementation of official language policies among various entities, including
ministries, departments, public sector undertakings, and nationalized banks.
About IOB :
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Important Monthly Current Affairs Capsule – September 2024
● Established : 10 February 1937
● Headquarters : Chennai, Tamil Nadu, India
● MD & CEO : Ajay Kumar Srivastava
● Tagline : Good people to grow with
Banks submit bids exceeding ₹1 lakh crore to access funds through a 1-day Variable Rate Reverse
Repo from the Reserve Bank of India
● Banks placed bids totalling ₹1,02,655 crore to draw liquidity from the Reserve Bank of India (RBI)
through the 1-day Variable Rate Repo (VRR) auction.
● The notified amount for the auction was ₹50,000 crore, and the RBI accepted bids worth ₹50,007
crore at a weighted average rate of 6.66%.
● Liquidity Deficit and Surplus:The banking system’s liquidity shifted from a surplus of ₹2.55 lakh
crore on September 5, 2024 to a deficit of ₹5,000 crore on September 18 due to monthly GST
and quarterly advance tax outflows.
● Liquidity returned to a mild surplus of around ₹25,000 crore post these outflows.
● RBI’s Liquidity Management:The RBI conducts liquidity management operations to ensure the
weighted average call rate remains within the 6.40% to 6.60% range.
Digitisation of land records poses a major challenge to implementing the Unique Land Parcel
Identification Number (ULI) system
● The Reserve Bank of India (RBI) plans to launch the Unified Lending Interface (ULI) at a national
level to transform the lending sector.
● ULI is part of the digital public infrastructure aimed at streamlining the lending process for Micro,
Small, and Medium Enterprises (MSMEs) and farmers.
● Purpose of ULI: ULI will facilitate the seamless flow of financial and non-financial data from
multiple platforms, providing customised data to lenders.
● Lenders will gain access to customer data from various silos, such as land records, government
databases, and satellite imagery.
Non-Banking Financial Companies sector demonstrates resilience with robust credit growth and
declining Non-Performing Asset under Reserve Bank of India's scale-based regulatory framework:
Report
● The non-banking financial companies sector continues to demonstrate resilience within the
Scale-Based Regulations framework.
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Important Monthly Current Affairs Capsule – September 2024
● According to the RBI report ‘Peeling the Layers: A Review of the NBFC Sector in Recent Times’,
The sector maintained double-digit credit growth, adequate capital levels and a low delinquency
ratio by December, 2023.
● Improved Asset Quality : Since the introduction of SBR in October 2022, the gross non-
performing asset (NPA) ratio has decreased markedly, falling from a range of 4.4% to 10.6% in
December 2021 to 2.4% to 6.3% by December 2023.
● Extension of PCA Norms:The introduction of Prompt Corrective Action (PCA) norms for
government-owned NBFCs is expected to strengthen the sector further.
● Upper Layer NBFCs:The RBI has identified several major NBFCs as part of the Upper Layer
under the SBR framework, including:
➢ LIC Housing Finance
➢ Bajaj Finance
➢ Shriram Finance
➢ Tata Sons
➢ L&T Finance
➢ Indiabulls Housing Finance
➢ Piramal Capital & Housing Finance
➢ Cholamandalam Investment and Finance
➢ Mahindra & Mahindra Financial Services
➢ PNB Housing Finance
➢ Tata Capital Financial Services
➢ Aditya Birla Finance
➢ HDB Financial Services
➢ Muthoot Finance
➢ Bajaj Housing Finance
● Compliance with Listing Requirements:
● All companies in the Upper Layer List, except Tata Sons, have complied or are initiating steps to
meet listing requirements.
Reserve Bank of India's Proposed Liquidity Coverage Ratio Norms to Further Restrict Bank Lending to
Non-Banking Financial Companies
● The Reserve Bank of India’s (RBI's) proposed draft guidelines on the Liquidity Coverage Ratio
(LCR) are under the Basel-III norms and are set to take effect in April 2025.
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Important Monthly Current Affairs Capsule – September 2024
● Bank Lending Bias:The draft guidelines are expected to skew bank lending towards higher-rated
NBFCs, specifically those with AAA or AA ratings, making it harder for smaller or low-rated
NBFCs to compete.
● Tighter Lending Norms:Due to existing tighter lending norms, bank credit to NBFCs has already
fallen significantly, dropping from a year-on-year growth rate of 36% in October 2022 to just 8.5%
as of June 2024.
● Increased Risk Weightage:Earlier in 2024, the RBI increased the risk weightage on loans to
NBFCs by 25 basis points to 125%, further discouraging banks from lending to these institutions.
Finance Ministry establishes a ₹27.5 lakh crore target for agricultural credit in FY25
● The government has set an agriculture credit disbursement target of ₹27.5 lakh crore for the
fiscal year 2024-25.
● This target represents an 11% increase compared to actual loans disbursed in FY24.
● Credit Approval Alignment:The finance ministry has instructed lenders to align credit approvals
with the Gross Value Added (GVA) of crops for respective states to address regional imbalances
in loan availability.
● Loan Distribution Plans
➢ ₹16 lakh crore is earmarked for short-term crop loans.
➢ ₹11.5 lakh crore is allocated for term loans for the fiscal year 2024-25.
➢ State-Specific Disbursal:
➢ The highest credit disbursal was to Tamil Nadu (₹4.39 trillion, 17.6% of total disbursal),
followed by Andhra Pradesh (₹2.96 trillion, 12%).
➢ Over ₹12.5 trillion (50.5%) was disbursed to five southern states: Andhra Pradesh,
Telangana, Karnataka, Tamil Nadu, and Kerala.
● RBI Initiatives:The RBI has ranked districts based on per capita credit flow and is developing an
incentive framework for districts with lower credit flow.
● Interest Subvention Scheme : Modified Interest Subvention Scheme (MISS):
➢ Farmers with Kisan Credit Cards (KCCs) can borrow up to ₹3 lakh at 7% interest per
annum for working capital.
➢ An additional 3% interest subvention is provided for prompt repayment, effectively
lowering the interest rate to 4%.
About Ministry of Finance :
● Cabinet Minister : Nirmala Sitharaman
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Important Monthly Current Affairs Capsule – September 2024
● Minister of State : Pankaj Choudhary
State Bank of India to invest in defaulter Supreme Infrastructure India Limited after agreeing to a haircut
● After taking a substantial haircut in a debt restructuring proposal of Supreme Infrastructure India
Ltd (SIIL), the State Bank of India (SBI) has proposed to invest in the preferential share issue of
the defaulting company.
● State Bank of India (SBI) proposed to invest ₹24.33 crore in the preferential share issue of
Supreme Infrastructure India Ltd (SIIL).
● SBI will acquire 28.55 lakh shares at ₹85.23 per share, giving it a 2.08% equity stake in the
company.
● Debt Restructuring and Haircut:The debt restructuring proposal resulted in a 79% haircut for the
creditors, reducing outstanding debt from ₹2,200 crore to ₹464 crore.
● SBI had an outstanding debt of ₹1,023 crore in SIIL prior to restructuring.
● Key Financial Creditors:Other banks involved in the debt exposure include:
➢ Union Bank: ₹238 crore
➢ PNB (Punjab National Bank): ₹296 crore
➢ Bank of India: ₹148 crore
➢ Central Bank of India: ₹115 crore
➢ Canara Bank: ₹197 crore
➢ ICICI Bank: ₹122 crore
➢ SREI: ₹130 crore
ICRA Forecasts Bank Borrowings via Bonds to Hit Rs 1.2-1.3 Trillion in FY25 Due to Tight Liquidity and
Rising Credit Demand
● According to rating agency ICRA, Banks' borrowings through bonds are expected to reach Rs
1.2-1.3 trillion in this financial year (FY25) amid tight liquidity conditions and credit outpacing
deposit growth.
● Historical Context:Bond issuances in FY25 may exceed the previous peak of Rs 1.1 trillion
recorded in FY23.
● In FY24, banks issued bonds worth Rs 1 trillion.
● Public Sector Banks' Dominance:Public sector banks are projected to account for 82-85% of total
bank bond issuances in FY25.
● Infrastructure bonds have been issued with tenures of 10 to 15 years, exceeding the minimum
regulatory requirement of 7 years.
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Important Monthly Current Affairs Capsule – September 2024
About ICRA :
● Founded : 1991
● Headquarters : Gurgaon, Haryana, India
● Managing Director : Ramnath Krishnan
S&P maintains India's FY25 growth forecast at 6.8%, anticipates rate cut in October 2024
● The global credit ratings agency S&P Global, in its report, titled ‘Economic Outlook Asia-Pacific
Q4 2024 retained India's growth forecast at 6.8% for the current financial year 2024-2025 and
expressed optimism that the Reserve Bank of India (RBI) would start cutting interest rates in its
October, 2024 monetary policy review.
● The agency has projected growth at 6.9% for fiscal year 2025-26 and 7%for fiscal years 2026-27
and 2027-28.
India's Growth Forecast by Other Agencies:
Agency GDP Growth Forecast
Moody's Analytics (2024) 7.1%
Moody's Analytics (2025) 6.5%
Moody's Analytics (2026) 6.6%
International Monetary Fund (FY25) 7.0%
World Bank (FY25) 7.0%
Reserve Bank of India (FY25) 7.2%
● Economic Context:India's post-pandemic economic recovery saw a 7.8% growth rate in 2023,
driven by strong demand, which is expected to moderate in 2024 to 7.1%, according to Moody's
Analytics.
● For the next few years, growth is expected to stabilize, with 6.5% growth in 2025 and 6.6% in
2026.
UCO Bank unveils "Project Parivartan" to enhance the bank's digital banking services
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Important Monthly Current Affairs Capsule – September 2024
● Ashwani Kumar, Managing Director (MD) & Chief Executive Officer (CEO),UCO Bank launched
“Project Parivartan”, a major transformation initiative in the existing digital banking facilities
offered by the Bank.
● Key points of Project Parivartan include close collaboration with Fintechs and technology
providers, customer engagement through personalization, analytics-driven campaigns, and the
enhancement of digital journeys for both asset as well as liability products.
About UCO Bank :
● Founded : 6 January 1943
● Headquarters : Kolkata, West Bengal, India
Piramal Finance Collaborates with Digital India's Common Service Centers to Improve Credit Access for
Budget Customers in Bharat
● Piramal Capital & Housing Finance Ltd (Piramal Finance), a wholly-owned subsidiary of Piramal
Enterprises Ltd, has partnered with Digital India's Common Service Centers (CSCs) to meet the
lending needs of Bharat by improving access to formal credit for underserved individuals and
MSMEs (micro, small and medium enterprises).
● Through this collaboration, over Rs 100 crore has been successfully disbursed in August 2024 to
boost credit availability in semi-urban areas, providing essential financial products such as home
and business loans.
About Piramal Capital & Housing Finance Limited :
● Founded : 11 April 1984
● Headquarters : Mumbai, Maharashtra, India
● Managing Director : Jairam Sridharan
About Common Service Centers :
● Founded : 16 July 2009
● Headquarters : Delhi, India
● MD & CEO : Sanjay Rakesh
● CSCs are a key component of the Digital India initiative launched by the Government of India.
● These centers aim to provide essential government and non-government services to citizens,
particularly in rural and remote areas, through digital means.
Financial Action Task Force Commends India's Initiatives to Combat Illicit Finance, Money Laundering,
and Terror Funding
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Important Monthly Current Affairs Capsule – September 2024
● The Financial Action Task Force (FATF) released its mutual evaluation report on India,
highlighting the country’s significant progress in tackling illicit finance.
● The report commended India for achieving a high level of technical compliance across FATF
recommendations and for its substantial measures in addressing financial crime.
● India has been placed in the “regular follow-up” category by FATF, a distinction awarded to
countries that demonstrate significant compliance with FATF standards.
● Compliance with FATF Recommendations : India achieved a high level of technical compliance,
being compliant or largely compliant with 37 out of 40 FATF recommendations.
● The threshold to qualify for the "regular follow-up" category is compliance with at least 32 out of
40 recommendations.
● India met this threshold, further receiving five 'substantially effective' or 'highly effective' ratings in
Immediate Outcomes (IOs), with no low effectiveness ratings.
● Jan Dhan-Aadhaar-Mobile (JAM) Initiative:FATF praised India's Jan Dhan-Aadhaar-Mobile (JAM)
initiative, which has significantly improved financial inclusion and reduced dependency on cash
transactions.
About FATF :
● Established : 1989
● Headquarters : Paris
● President : Elisa de Anda Modrazo
● Membership : 40
OLX teams up with IDFC FIRST Bank to offer innovative financing solutions for used vehicles
● OLX has launched a comprehensive used-vehicle financing solution in collaboration with IDFC
FIRST Bank.
● This new service simplifies the purchasing process for pre-owned cars and bikes by offering
quick and easy financing directly through the OLX platform, eliminating the need for multiple site
visits.
About IDFC FIRST Bank :
● Founded : October 2015
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : V. Vaidyanathan
Reserve Bank of India Lifts Restrictions on IIFL Finance's Gold Loan Operations
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Important Monthly Current Affairs Capsule – September 2024
● The Reserve Bank of India (RBI) has removed restrictions on IIFL Finance's gold loan operations.
● Timeline of Restrictions: The restrictions were imposed on March 4, 2024, prohibiting IIFL
Finance from sanctioning, disbursing, or selling any gold loans during this period.
About IIFL Finance Limited :
● Founded : 1995
● Headquarters : Mumbai, Maharashtra
● Chairman : Nirmal Jain
Securities and Exchange Board of India Introduces New Rules: Unified Payments Interface Required for
Bids Up to ₹5 Lakh in Public Debt Issues Starting November 1, 2024
● The Securities and Exchange Board of India (SEBI) has introduced new guidelines to streamline
the application process for public issues of debt securities.
● Retail investors applying for public issues of debt securities through stock brokers for amounts up
to Rs 5 lakh should only use UPI to block funds.
● Individual investors would continue to have the choice of availing other modes through the stock
exchange platform for making an application in the public issue.
● The new rules apply to:
➢ Public issues of debt securities
➢ Non-convertible redeemable preference shares
➢ Municipal debt securities
➢ Securitised debt instruments
● The new rules will come into effect on November 1, 2024.
● Shorter Review Periods: SEBI reduced the period for seeking public comments on the draft offer
documents from 7 working days to 1 day for issuers whose specified securities are already listed
and 5 days for other issuers.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
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Important Monthly Current Affairs Capsule – September 2024
Bank of India secures ₹2,500 crore through tier-II bonds at 7.49%
● Bank of India (BoI) raised Rs 2,500 crore through tier-II bonds at a coupon rate of 7.49%.
● Previous Fundraising:In July,2024 BoI raised ₹5,000 crore through 10-year infrastructure bonds
at a 7.54% coupon rate.
● The coupon rate for the recent Tier-II bonds was lower than a previous issuance, where the rate
was 7.88%.
● Comparison with SBI:In Sep 2024, State Bank of India (SBI) raised ₹7,500 crore at a coupon rate
of 7.33% via Tier-II bonds, part of its ₹15,000 crore fundraising through Basel III-compliant bonds
in FY25.
About Bank of India :
● Established : 7 September 1906
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Rajneesh Karnatak
National Payments Corporation of India Plans to Expand Unified Payments Interface Digital Payments
to Africa and South America
● India is in discussions with several countries in Africa and South America to help them build
digital payment systems using the Unified Payments Interface (UPI) as a model.
● Two UPI-like systems are expected to launch by late 2026 or early 2027.
● The National Payments Corporation of India (NPCI) oversees retail payment systems in India
and operates UPI, the most popular digital payment method in the country.
● UPI's monthly transaction volume surged by 41% to nearly 15 billion in August, 2024.
● NIPL Team Expansion:NIPL plans to double its current 60-member team by March 2025,
expanding its overseas operations beyond Singapore and the Middle East.
● CEO of NPCI International Payments Ltd (NIPL) : Ritesh Shukla
About NPCI :
● Founded : 2008
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Dilip Asbe
● The NPCI is an umbrella organization that operates retail payments and settlement systems in
India.
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Important Monthly Current Affairs Capsule – September 2024
● It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment &
Settlement Infrastructure in India.
ICRA predicts organised gold loan market to surpass ₹10 lakh crore in FY25
● According to an assessment by ICRA, the organised gold loan market, comprising banks and
non-banking financial companies (NBFCs), is set to cross the ₹10-lakh-crore mark in the current
fiscal from ₹9.2 lakh crore in FY24 and touch ₹15 lakh crore by March 2027.
● Banks are the dominant players in the gold loan segment, primarily driven by gold jewellery-
backed agricultural loans.
● NBFC Growth:Non-banking financial companies (NBFCs) are positioned to lead in retail gold
loans, with an expected growth rate of 17-19% in FY25 and a compound annual growth rate
(CAGR) of 14-15% during FY26-27.
Banks Shift Focus to Certificates of Deposit Issuances in September 2024 Due to Slow Deposit Growth
● According to data from the Clearing Corporation of India, Banks issued ₹1.35 trillion worth of
Certificates of Deposit (CDs) in September 2024, a 65% increase compared to August.
● Highest Issuance in FY25: The issuance in September is the second-highest monthly CD
issuance for FY25, after ₹1.45 trillion in June.
● Year-on-Year Growth: Banks issued ₹7.78 trillion in CDs between January and August 2024,
compared to ₹4.9 trillion in the same period of 2023, reflecting a 59% growth.
● Significant Contributors: Canara Bank was the largest issuer with Rs 68,250 crore, followed by
Bank of Baroda (Rs 63,325 crore) and HDFC Bank (Rs 60,230 crore).
● Dominance of State-Owned Banks: The top five issuers included four state-owned banks and
HDFC Bank, which collectively accounted for 61% of total CD issuances, with state-owned banks
making up 68% of the total amount raised.
Private Capex Set to Rise with ₹4 Lakh Crore Credit Demand Pipeline from Indian Corporates: SBI
Chairman
● State Bank of India (SBI) Chairman C. S. Setty announced that the bank has secured a strong
credit pipeline of ₹4 lakh crore from Indian corporates.
● Key sectors for infrastructure financing include:
➢ Roads
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Important Monthly Current Affairs Capsule – September 2024
➢ Renewable energy
➢ Refineries
● Government Capital Expenditure:Finance Minister Nirmala Sitharaman proposed an 11.1%
increase in capital expenditure to ₹11.11 lakh crore for the fiscal year 2024-25.
● This proposed expenditure represents 3.4% of India's GDP.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Challa Sreenivasulu Setty
Finance Ministry calls on Debt Recovery Tribunals and banks to accelerate loan recovery efforts
● The Finance Ministry has urged banks to establish a clearly defined policy for handling small and
high-value cases pending in Debt Recovery Tribunals (DRTs).
● It has been emphasised that some of the best practices can be adopted across DRTs for better
outcomes.
● SARFAESI Act: The Securitisation and Reconstruction of Financial Assets & Enforcement of
Security Interest Act, 2002 (SARFAESI Act) allows banks and financial institutions to recover
secured debts without court intervention at the initial stage.
● Current Infrastructure: There are currently 39 DRTs and 5 Debt Recovery Appellate Tribunals
(DRATs) operating across India, each led by a Presiding Officer and a Chairperson, respectively.
● Debt Recovery Importance: The effectiveness of DRTs is crucial for maintaining creditor
confidence and improving the overall financial health of banks and financial institutions in India.
Asian Development Bank maintains India's growth forecast at 7%
● The Asian Development Bank (ADB) retained India's growth forecast for FY 2024-2025 at 7%,
attributing this to improved agricultural output and increased government spending.
● Economic Drivers: Key drivers of economic activity identified include:
➢ Enhanced agricultural productivity.
➢ Increased government expenditure.
➢ Previous Fiscal Performance: India’s economy grew at an impressive 8.2% in the previous
fiscal year (2023-24).
Government’s Borrowing Strategy for the Second Half of FY 2024-25
● The Government of India, in consultation with the Reserve Bank of India (RBI), has outlined its
borrowing program for the second half (H2) of FY 2024-25.
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Important Monthly Current Affairs Capsule – September 2024
● Total Gross Market Borrowing: For FY 2024-25, the total gross market borrowing is set at ₹14.01
lakh crore, of which ₹6.61 lakh crore (47.2%) will be raised in H2.
● Sovereign Green Bonds: This borrowing plan includes ₹20,000 crore specifically allocated for
Sovereign Green Bonds (SGrBs).
● Maturities of Securities: The borrowing will be diversified across various maturities: The share of
borrowing (including SGrBs) under different maturities will be: 3-year (5.3%), 5-year (10.6%), 7-
year (7.6%), 10-year (24.8%), 15-year (13.2%), 30-year (12.1%), 40-year (15.9%) and 50-year
(10.6%).
Axis Bank and Mastercard Partner to Introduce Credit Card for Small Business Owners
● Axis Bank, and Mastercard, a global technology company in the payments industry, announced
their collaboration to launch MyBiz, a business credit card designed exclusively for sole
proprietors and small business owners.
● The new card, part of the World Mastercard category, combines a wide range of business and
travel benefits to meet the diverse needs of small and medium-sized enterprises (SMEs) owners.
PayU Launches First-Ever Biometric Authentication Solution for Card Payments in the Industry
● PayU, one of India's leading digital financial services providers, has introduced an industry-first
biometric authentication solution for card payments - Flash Pay.
● The solution aims to simplify the payment experience, improve transaction success rates, and
significantly enhance security for users.
● Flash Pay was unveiled at the Global Fintech Festival (GFF) 2024, a prestigious event in the
fintech sector.
About PayU :
● Established : 2002
● Headquarters : Hoofddorp, Netherlands
● CEO : Anirban Mukherjee
India's Net Foreign Direct Investment (FDI) Increases to $5.5 Billion from $3.8 Billion in April-July FY24
- RBI Report
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Important Monthly Current Affairs Capsule – September 2024
● According to the latest report by the Reserve Bank of India (RBI), India's net foreign direct
investment (FDI) during the April-July period of the current financial year (FY25) rose to $5.5
billion compared to $3.8 billion in the year-ago period.
● The increase was due to an improvement in gross inward FDI, which grew by 23.6 per cent year-
on-year (Y-o-Y) to $27.7 billion during the four months of FY25.
● The major source countries were Singapore, Mauritius, the Netherlands, the US, Belgium, and
Japan.
● FDI has three components: equity capital, reinvested earnings and other capital.
● Equity capital is the foreign direct investor's purchase of shares of an enterprise in a country
other than its own.
● Reinvested earnings comprise the direct investor’s share (in proportion to direct equity
participation) of earnings not distributed as dividends by affiliates, or earnings not remitted to
the direct investor.
● Such retained profits by affiliates are reinvested.
HDFC Life forms a tri-party partnership with Metropolis and CallHealth
● HDFC Life, one of India's leading life insurers, has entered into a bespoke agreement with
Metropolis Healthcare Limited, a leading Indian diagnostic company, and CallHealth, an
integrated healthcare platform respectively.
About HDFC Life :
● Founded : 2000
● Headquarters : Mumbai, Maharashtra
● MD & CEO : Vibha Padalkar
● Non-Executive Director & Chairman : Mr. Keki M Mistry
● It is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of
India's leading housing finance institutions and Abrdn, a global investment company.
Mahindra Finance collaborates with UGRO Capital to offer affordable loans to Micro, Small & Medium
Enterprises
● Mahindra Finance has entered into a co-origination partnership with UGRO Capital to provide
affordable loans to MSMEs (Micro, Small & Medium Enterprises).
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Important Monthly Current Affairs Capsule – September 2024
● The collaboration aims to provide secured business and affordable loans against properties (LAP)
to the Micro, Small & Medium Enterprise (MSME) sector, supporting their business growth.
Employees’ Provident Fund Organisation Enhances Efficiency: Claims Settlement Now 30% Faster
● The Centre for Development of Advanced Computing (C-DAC), under the Ministry of Electronics
and Information Technology (MeitY), developed new software for Employee Provident Fund
Organisation (EPFO), reducing claim rejections and improving settlement efficiency.
● The new software has made claim settlements 30% faster.
● Rejection rates, which had increased from 13% in 2017-18 to 34% in 2022-23, have now
decreased significantly after the upgrade.
About EPFO :
● Formed : 4 March 1952
● Headquarters : New Delhi, Delhi
● Central Provident Fund Commissioner : Neelam Shami Rao
Reserve Bank of India Greenlights Voluntary Amalgamation of Rajapur Sahakari Bank and Malad
Sahakari Bank in Mumbai, Maharashtra
● The Reserve Bank of India (RBI) has sanctioned the Scheme of Amalgamation of The Rajapur
Sahakari Bank Limited., Mumbai, Maharashtra with The Malad Sahakari Bank Limited., Mumbai,
Maharashtra.
● The sanction has been made under Sub-Section (4) of Section 44A read with Section 56 of the
Banking Regulation Act, 1949.
Reserve Bank of India Imposes ₹61.60 Lakh Penalty on Surat People’s Co-operative Bank and ₹1.50
Lakh on Bihar Awami Co-operative Bank for Regulatory Violations
● The Reserve Bank of India (RBI) has, imposed a monetary penalty of ₹61.60 lakh on The Surat
People’s Co-operative Bank Limited, Surat, for non-compliance with certain directions issued by
RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters’,
‘Loans and advances to directors and their relatives, and firms/concerns in which they are
interested’, ‘Maintenance of Deposit Accounts’ and ‘Customer Service’.
● This penalty has been imposed in exercise of powers conferred on RBI under the provisions of
section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
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Important Monthly Current Affairs Capsule – September 2024
● This action is based on deficiencies in regulatory compliance and is not intended to pronounce
upon the validity of any transaction or agreement entered into by the bank with its customers.
● The RBI also has, imposed a monetary penalty of ₹1.50 lakh on The Bihar Awami Co-operative
Bank Ltd., Patna for contravention of the provisions of section 26A read with section 56 of the
Banking Regulation Act, 1949 (BR Act) and for non-compliance with certain directions issued by
RBI on ‘Know Your Customer (KYC)’.
AWARDS AND HONOUR
Accolades for The Hindu: Maitri Porecha's Article Wins at Laadli Media & Advertising Awards for
Gender Sensitivity 2024
• The Hindu and thehindu.com received accolades at the 14th Laadli Media & Advertising Awards
for Gender Sensitivity 2024.
• Award Category: Print/Feature/English (Northern Region)
• Recipient: Senior Assistant Editor Maitri Porecha
• Article Title: “Talking Therapy: Asha Workers Offer Hope in Rural Madhya Pradesh”
Professor Bantval Jayant Baliga was Awarded 2024 Millennium Technology Prize
• Recipient: Professor Bantval Jayant Baliga, a 76-year-old Indian-American electrical engineer
born in Chennai, Tamil Nadu.
• Award: 2024 Millennium Technology Prize, given by Technology Academy Finland.
• Prize Value: €1 million (approximately $1.1 million).
• Recognition: Awarded for his invention of the Insulated Gate Bipolar Transistor (IGBT).
Dr. Dasari Radhika Honored with Prestigious ‘Gender Diversity’ Award
• Award: Dr. Dasari Radhika, Deputy General Manager (HR) at Rashtriya Ispat Nigam Limited
(RINL), was conferred with the ‘Gender Diversity’ award by the Indian Steel Association.
• Contribution: Recognized for her exemplary leadership in the steel industry, a traditionally male-
dominated sector, Dr. Radhika has been instrumental in promoting gender equity, fostering an
inclusive workplace, and creating a culture of belongingness.
National Teachers' Awards 2024: Honoring Excellence in Education
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Important Monthly Current Affairs Capsule – September 2024
• On September 5, 2024, in New Delhi, President Smt. Droupadi Murmu conferred the National
Teachers’ Award 2024 to 82 exceptional educators across the country during the Teachers' Day
celebration.
• About the National Teachers’ Award:
• Date of Ceremony: September 5, 2024
• Honoring: 82 teachers
• Purpose: To recognize and celebrate the significant contributions of teachers who have
enhanced the quality of education and positively impacted their students’ lives.
• Award Details: Each recipient receives a certificate of merit, a cash award of ₹50,000, and a
silver medal.
REC Ltd. Honored as “Nodal Agency of the Year” at Bharat Electricity – Powering India Awards 2024
• REC Ltd has been awarded the prestigious “Nodal Agency of the Year” title at the Bharat
Electricity – Powering India Awards 2024.
• This accolade highlights REC’s significant contributions and leadership in the energy sector,
particularly in advancing India’s power infrastructure.
• Award Presentation: The award was presented during the PowerGen India & Indian Utility Week
2024, a premier event that gathers industry leaders, policymakers, and energy experts.
Union Environment Minister Bhupender Yadav and Chief Minister of Rajasthan Bhajan Lal Sharma
presented the Swachh Vayu Survekshan Award, 2024
• The International Day of Clean Air for Blue Skies, also known as Swachh Vayu Diwas, was
observed on September 7, 2024, in Jaipur.
• Host: Rajasthan State Pollution Control Boar
• Union Minister of Environment, Forest & Climate Change, Shri Bhupender Yadav
• Chief Minister of Rajasthan, Shri Bhajan Lal Sharma
• Minister of State for Forest, Environment & Climate Change, Shri Sanjay Sharma
• Union Minister of State Urban Development and Local Self Government, Shri Jhabar Singh
Kharra
Sanjukta Sethi Receives National Florence Nightingale Award-2024
• Sanjukta Sethi, a dedicated nursing officer at the Malkangiri district headquarters hospital (DHH),
was honoured with the prestigious National Florence Nightingale Award-2024 by President
Droupadi Murmu at Rashtrapati Bhawan.
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Important Monthly Current Affairs Capsule – September 2024
• National Florence Nightingale Award-2024 is presented by the Ministry of Health and Family
Welfare to recognize exemplary service by nurses.
• Sanjukta Sethi has served as a nurse for 30 years, currently holding the position of nursing
officer and OT in-charge at Malkangiri DHH.
Dommaraju Gukesh Receives Young Changemaker Award
• Dommaraju Gukesh, an 18-year-old chess prodigy, was awarded Businessline’s Young
Changemaker Award.
• The award was accepted by his grandparents, Usha and Shankar Raju, as Gukesh was
participating in the 45th Chess Olympiad in Budapest, Hungary.
• Gukesh made history by becoming the youngest chess world championship challenger ever.
Bezan Chenoy Honored for 50 Years as a Professional Trainer by RWITC
• The Royal Western India Turf Club (RWITC) honoured Bezan Chenoy for completing 50 years as
a professional horse trainer.
• The recognition took place at the Pune race course.
• The RWITC chairman and managing committee felicitated Chenoy, acknowledging his dedication
and contributions to Indian horse racing.
• Chenoy remarked, “Fifty years have flown by, but it’s been a great ride.”
2024 Primetime Emmy Awards:
• The 2024 76th Emmy Awards were held at the Peacock Theatre and broadcast live on Lionsgate
Play in India, celebrating exceptional television performances and productions.
• Best Comedy Series: Hacks – WINNER
• The Bear set a record with 11 Emmy wins, including:
o Best Lead Actor in a Comedy Series: Jeremy Allen White
o Best Supporting Actress: Liza Colón-Zayas (first Latina winner)
o Best Supporting Actor: Ebon Moss-Bachrach
o Best Directing: Christopher Storer
Bharat Heavy Electricals Limited (BHEL) Receives Rajbhasha Kirti Puraskar
• Bharat Heavy Electricals Limited (BHEL) has been honored with the prestigious Rajbhasha Kirti
Puraskar by the Department of Official Language, Ministry of Home Affairs, Government of India.
• This award is presented for excellence in implementing the Official Language policy.
Key Details:
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Important Monthly Current Affairs Capsule – September 2024
• Award: Rajbhasha Kirti Puraskar
• Awarding Body: Department of Official Language, Ministry of Home Affairs, Government of India
DIG Subrato Ghosh Honored with ‘CHRO of the Year Award’ at HRMC Awards 2024
● Garden Reach Shipbuilders & Engineers Limited (GRSE) Director (Personnel), DIG Subrato Ghosh
(ICG Retd.), received the prestigious ‘CHRO of the Year Award’ at the 23rd Edition of the Asia
Pacific HRMC Awards 2024, held at Taj MG Road, Bengaluru
Kiran Rao’s Laapataa Ladies Selected as India’s Official Entry for Oscars 2025
● Filmmaker Kiran Rao’s comedy-drama “Laapataa Ladies” has been chosen and submitted as India's
official entry in the Best Foreign Film Category for the Oscars 2025 by the Film Federation of India.
Overview
● Film: Laapataa Ladies
● Director: Kiran Rao
● Category: Best Foreign Film
● Submitted by: Film Federation of India (FFI)
● Oscars Date: March 2025
APPOINTMENTS & RESIGNATIONS
French President Macron appoints former EU Brexit negotiator Michel Barnier as France's new Prime
Minister
• Michel Barnier, former EU Brexit negotiator, was named by President Emmanuel Macron as
France's new Prime Minister.
• Barnier replaced Gabriel Attal, who resigned on July 16, 2024 after legislative elections left
France with a hung parliament, causing political instability.
• Michel Barnier, aged 73, has had a political career spanning over 50 years, holding various
ministerial positions, including:
About France :
• Capital : Paris
• Currency : Euro
L'Oreal Paris Appoints Actor Alia Bhatt as New Global Brand Ambassador
• Leading French cosmetic maker L'Oreal Paris has roped in Bollywood actress Alia Bhatt as its
new global brand ambassador.
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Important Monthly Current Affairs Capsule – September 2024
• With this, Bhatt joins the brand's diverse roster of L'Oreal brand ambassadors like Viola Davis,
Jane Fonda, Eva Longoria, Kendall Jenner, Elle Fanning, Camila Cabello, and many others.
• Bhatt will feature in the French beauty brand's campaigns starting in September 2024.
About L'Oreal Paris :
• Founded : 30 July 1909
• Headquarters : Clichy, France
• Chairman : Jean-Paul Agon
• CEO : Nicolas Hieronimus
Air Marshal Tejinder Singh Assumes Role as Deputy Chief of the Air Staff
• Air Marshal Tejinder Singh has taken over as the Deputy Chief of the Air Staff (DCAS) of the
Indian Air Force at Air Headquarters (Vayu Bhawan).
• After assuming his new role, he paid homage to the fallen soldiers by laying a wreath at the
National War Memorial in New Delhi.
• He is an alumnus of the National Defence Academy and was commissioned into the fighter
stream of the IAF on 13 June 1987.
About Ministry of Defence :
• Cabinet Minister :Rajnath Singh
• Minister of State :Sanjay Seth
Philips Names Bharath Sesha as New Managing Director for India
• Dutch multinational conglomerate Philips has appointed Bharath Sesha as Managing Director for
India, starting September 1, 2024.
• Responsibilities: He will lead Philips' growth strategy in India, oversee the healthcare business
based in Gurugram, and manage operations across key locations in India.
• Sesha succeeds Daniel Mazon, who has transitioned to a global role at Philips' headquarters in
the Netherlands.
About Philips :
• Founded : 15 May 1891
• Headquarters : Amsterdam, Netherlands
• CEO : Roy Jakobs
V Satish Kumar Assumes Additional Charge as Chairman of Indian Oil Corporation
• V. Satish Kumar, Director (Marketing) of Indian Oil Corporation Limited (IOCL), has taken over as
the interim Chairman after Shrikant Madhav Vaidya completed his tenure.
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Important Monthly Current Affairs Capsule – September 2024
• V. Satish Kumar has been the Director (Marketing) since October 2021.
• He also held additional charge as Director (Finance) from October 2022 for one year.
About IOCL :
• Founded : 30 June 1959
• Headquarters : New Delhi, India
• IndianOil, is an Indian multinational oil and gas company under the ownership of the Ministry of
Petroleum and Natural Gas, Government of India.
Financial Services Institutions Bureau Recommends Rama Mohan Rao Amara for State Bank of India
Managing Director
• The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned
banks and financial institutions, recommended Rama Mohan Rao Amara for the position of
managing director (MD) of State Bank of India (SBI).
• Amara is currently Deputy Managing Director of the bank.
• The vacancy arose following the elevation of C S Setty to the position of Chairman of SBI.
About FSIB :
• FSIB is headed by Bhanu Pratap Sharma, former Secretary, Department of Personnel and
Training (DoPT).
• Other members include Animesh Chauhan (former Chairman and MD of Oriental Bank of
Commerce), Deepak Singhal (former RBI Executive Director), and Shailendra Bhandari (former
MD of ING Vysya Bank).
• The final decision on FSIB's recommendation would be taken by the Appointments Committee of
the Cabinet headed by Prime Minister Narendra Modi.
Meesho Appoints Mohit Rajani as Chief Product Officer
• E-commerce major Meesho has appointed Mohit Rajani as Chief Product Officer (CPO).
• In his role as CPO, Mohit will lead Meesho’s product organisation, overseeing the product
management, design, and analytics teams.
• Rajani has previously been associated with Meta, Google, and Carta.
About Meesho :
• Founded : December 2015
• Headquarters : Bangalore, Karnataka, India
• CEO : Vidit Aatrey
Government Appoints Deepti Gaur Mukherjee as SEBI Board Member
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Important Monthly Current Affairs Capsule – September 2024
• The Centre has appointed Deepti Gaur Mukherjee, Secretary of the Ministry of Corporate Affairs
(MCA), as a Member of the SEBI Board.
• The Centre has nominated Deepti Gaur Mukherjee, Secretary of the Corporate Affairs Ministry
(MCA), as a Member of the Board of market regulator SEBI.
• The Financial Markets division in the Department of Economic Affairs of the Finance Ministry
issued the notification for this appointment.
• Deepti Gaur Mukherjee replaces Manoj Govil, the former MCA Secretary, who has been posted
as Expenditure Secretary in the Finance Ministry.
Senior IAS Officer T.V. Somanathan Assumes Role as Cabinet Secretary
• Dr. T.V. Somanathan took over as the new Cabinet Secretary in the Government of India after
the superannuation of Shri Rajiv Gauba.
• Dr. Somanathan is an IAS officer of Tamil Nadu cadre (1987 batch). He holds a Ph.D. in
Economics from Calcutta University.
• He has held important assignments at the Centre like Joint Secretary and Additional Secretary in
the Prime Minister’s Office.
Rajneesh Narang, HPCL Director (Finance), appointed as Chairman and Managing Director
• Rajneesh Narang, Director (Finance) of Hindustan Petroleum Corporation Limited (HPCL), will
take on the roles of Chairman and Managing Director for a period of three months starting from
September 1, 2024.
• He succeeds Pushp Kumar Joshi, who retired after reaching the age of 60 on August 31, 2024.
• HPCL is an Indian oil and gas company with corporate headquarters in Mumbai, Maharashtra.
Federation of Automobile Dealers Associations Names C S Vigneshwar as New President for 2024-26
Term
• The Federation of Automobile Dealers Associations (FADA) appointed C S Vigneshwar as its
37th President for the 2024-26 term.
• Vigneshwar succeeds Manish Raj Singhania.
• The decision was made at FADA's 315th governing council meeting, which followed its 60th
Annual General Meeting.
• Vigneshwar is the Managing Director of Anaamalais Toyota in Coimbatore, Tamil Nadu.
About FADA :
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Important Monthly Current Affairs Capsule – September 2024
• Founded : 1964
• FADA, is the apex national body of Automobile Retail Industry in India engaged in the sale,
service and spares of 2 & 3 Wheelers, Passenger Cars, UVs, Commercial Vehicles (including
buses and trucks) and Tractors.
Suresh Prabhu nominated to World Agriculture Forum Board
• Former Union Minister and Rajya Sabha member Suresh Prabhu has been nominated to the
World Agriculture Forum (WAF) Board.
• Rudy Rabbinge, Chairman of the WAF Board, stated that Prabhu's expertise will be invaluable in
shaping discussions about the future of the agricultural sector.
Y Haragopal appointed as Managing Director 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.
• He was previously the Chief Operating Officer (COO) at NABCONS.
• NABCONS has four Zonal offices in Mumbai, Hyderabad, Jaipur, and Guwahati.
Algerian President Tebboune Re-elected for Second Term with 95% of the Vote
• Algeria's incumbent President Abdelmadjid Tebboune has been re-elected with almost 95% of
the vote.
• More than 5.3 million people voted for Tebboune.
• Official preliminary results gave Tebboune 95% of the vote, enough to avoid a second round run-
off, with Abdelaali Hassani Cherif getting 3% and Youcef Aouchiche 2%.
• Turnout was 48%.
• Tebboune, backed by the military, was facing only nominal opposition from Hassani Cherif, a
moderate Islamist, and Aouchiche, a moderate secularist.
About Algeria :
• Prime Minister : Nadir Larbaoui
• Capital : Algiers
• Currency : Algerian dinar
• Algeria is Africa's largest country by area and, with almost 45 million people, it's the continent's
second most populous after South Africa to hold presidential elections in 2024.
Former Election Commissioner,Arun Goel Appointed as India’s New Ambassador to Croatia
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Important Monthly Current Affairs Capsule – September 2024
• Arun Goel has been appointed as India's next ambassador to Croatia, according to the Ministry
of External Affairs.
• Arun Goel is a retired bureaucrat who previously served as the Election Commissioner of India.
• He was appointed as Election Commissioner in November 2022 and resigned in March 2024.
• Before his role as EC, he retired voluntarily from the Indian Administrative Service (IAS) as a
1985-batch officer of the Punjab cadre.
• Diplomatic relations between India and Croatia were established on July 9, 1992, following
Croatia’s independence from Yugoslavia.
About Croatia :
• President : Zoran Milanović
• Prime Minister : Andrej Plenković
• Capital : Zagreb
• Currency : Euro
DIPAM Secretary Tuhin Kanta Pandey appointed as Finance Secretary
• Tuhin Kanta Pandey, a senior bureaucrat and 1987-batch Indian Administrative Service (IAS)
officer of the Odisha cadre, has been designated as the new finance secretary, according to an
official order issued by the personnel ministry.
• Pandey is presently serving as the Secretary of the Department of Investment and Public Asset
Management (DIPAM).
• The Appointments Committee of the Cabinet approved Pandey's designation as finance
secretary.
• The position became vacant following the appointment of TV Somanathan as the Cabinet
Secretary last month.
Randhir Singh becomes Olympic Council of Asia (OCA) president
• Position: Randhir Singh, a five-time Olympian and sports administrator, has been elected as the
President of the OCA.
• Event: 44th OCA General Assembly in New Delhi.
• Age: 77 years old.
• Previous Role: Acting President of the OCA since 2021, filling in for Kuwait’s Sheikh Ahmad Al-
Fahad Al-Sabah, who was banned from sports administration in May 2024.
Tata Motors Managing Director Shailesh Chandra was Appointed as the New President of the Society
of Indian Automobile Manufacturers
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Important Monthly Current Affairs Capsule – September 2024
• The Society of Indian Automobile Manufacturers (Siam), the apex body representing India’s leading
automobile manufacturers, announced the election of Shailesh Chandra, Managing Director of Tata
Motors Passenger Vehicles, as its new president for the term 2024-25.
• Chandra succeeds Vinod Aggarwal, Managing Director & CEO of Volvo Eicher Commercial Vehicles
(VECV).
Partha Sinha was Appointed as the New Chairman of the Advertising Standards Council of India
• Partha Sinha, President & Chief Brand Officer of BCCL, has been appointed as the Chairman of
Advertising Standards Council of India’s (ASCI) Board of Governors for 2024-25, succeeding
Saugata Gupta, MD & CEO of Marico Limited.
• Partha Sinha has previously worked with prominent companies such as Ogilvy, Publicis, BBH, McCann, a
Citibank.
• Vice-Chairman: Sudhanshu Vats, Deputy Managing Director, Pidilite Industries.
• Hon. Treasurer: S. Subramanyeswar, Group CEO & Chief Strategy Officer-APAC, Lintas India.
About ASCI :
• Established : 1985
• The ASCI is a voluntary self-regulatory organisation of the advertising industry in India.
• ASCI is registered as a non-profit company under section 8 of the Company Act.
Nehal Vora reappointed as Managing Director and CEO of Central Depository Services India
• Nehal Vora has been reappointed as the Managing Director (MD) and Chief Executive Officer
(CEO) of Central Depository Services India (CDSL) for a second five-year term, from September
18, 2024, to September 17, 2029.
• Nehal Vora has over 25 years of experience in the Indian capital markets, having held significant
roles at organizations like BSE, DSP Merrill Lynch, and SEBI.
About CDSL :
• Founded : February 1999
• Headquarters : Mumbai, Maharashtra, India
• CDSL manages more than 130 million demat accounts, making it a leading player in India's
depository system.
• CDSL is India’s only listed depository and aims to provide secure, reliable, and affordable
depository services to market participants.
• It maintains and services over 11.56 crore demat accounts across India.
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Important Monthly Current Affairs Capsule – September 2024
• In February,2024 CDSL became the first depository in India to open 60 million active demat
accounts.
Government appoints Arunangshu Sarkar as Oil and Natural Gas Corporation’s 1st Director of Strategy
• Arunangshu Sarkar has been appointed as the Director (Strategy and Corporate Affairs) at Oil
and Natural Gas Corporation (ONGC), making him the first to hold this position
• The appointment is part of the government’s efforts to revamp and innovate within ONGC, aiming
to bring fresh perspectives to the public sector company.
• Role and Responsibilities: As Director (Strategy), Sarkar will be responsible for overseeing
strategic and corporate affairs, contributing to the company's strategic direction and corporate
planning.
About ONGC :
• Founded : 14 August 1956
• Headquarters : Delhi, India
• Chairman & CEO : Arun Kumar Singh
• ONGC is an Indian central public sector undertaking under the ownership of the Ministry of
Petroleum and Natural Gas, Government of India.
World Trade Organization Chief Ngozi Okonjo-Iweala to Pursue Second Term
• Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), is seeking a
second term.
• Her current term expires on August 31, 2024.
• Okonjo-Iweala made history in 2021 by becoming the first female and first African Director-
General of the WTO.
• The WTO is facing rising protectionism from some of its founding members, impacting its role as
a rule-setting body for international commerce.
About WTO :
• Established : 1 January 1995
• Headquarters : Geneva, Switzerland
• Membership : 166 members (162 UN member states, the European Union, Hong Kong, Macao,
and Taiwan
RS Sharma appointed as Non-Executive Chairperson of Open Network for Digital Commerce
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Important Monthly Current Affairs Capsule – September 2024
• The Open Network for Digital Commerce (ONDC) announced the appointment of RS Sharma as
the Non-Executive Chairperson of ONDC.
• In his career in the Indian Administrative Service (IAS), he has held many key positions, including
Director General and Mission Director of UIDAI, Chairman of TRAI, and CEO of the National
Health Authority.
• He has been a member of the ONDC Advisory Council and the ONDC Technology & Strategy
Review Council.
About ONDC :
• Founded : 31 December 2021
• CEO: Thampy Koshy
• ONDC, is a private non-profit Section 8 company established by the Department for Promotion of
Industry and Internal Trade of Government of India to develop open e-commerce.
Arvind Kejriwal Steps Down as Delhi Chief Minister; Atishi Seeks to Form New Government
● Arvind Kejriwal, the Aam Aadmi Party (AAP) convenor, resigned as the Delhi Chief Minister on
17 September 2024.
● He submitted his resignation to Lieutenant Governor Vinai Kumar Saxena.
● Arvind Kejriwal proposed the name of Atishi Marlena, Delhi Minister, as his successor for the
position of Chief Minister.
● Atishi will be the third woman Chief Minister of Delhi after Sheila Dikshit and Sushma Swaraj.
Supreme Court Collegium Recommends Appointment of Four New High Court Chief Justices
The Supreme Court Collegium recommended afresh to the Centre the appointment of Chief Justices of
the High Courts of Meghalaya, Jammu and Kashmir and Ladakh, Madhya Pradesh, and Himachal
Pradesh.
● The SC Collegium, headed by the Chief Justice of India D.Y. Chandrachud.
Position Recommended Current Position Details
Appointee
Chief Justice, Justice Indra Senior-most Appointed as a
Meghalaya High Prasanna Mukerji Puisne Judge of judge in May 2009
Court Calcutta High
Court
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Important Monthly Current Affairs Capsule – September 2024
Chief Justice, Justice Tashi Senior-most Appointed as a
Jammu and Rabstan Puisne Judge of judge in March
Kashmir and Jammu and 2013
Ladakh High Court Kashmir and
Ladakh High Court
Chief Justice, Justice Suresh Senior Puisne Appointed as a
Madhya Pradesh Kumar Kait Judge of Delhi judge in
High Court High Court September 2008
Chief Justice, Justice G.S. Senior-most Appointed as a
Himachal Pradesh Sandhawalia Puisne Judge of judge in
High Court Punjab and September 2011
Haryana High
Court
RBI approves re-appointment of V Vaidyanathan as IDFC First Bank's MD & CEO
• The Reserve Bank of India (RBI) has approved the re-appointment of V Vaidyanathan as the
Managing Director (MD) and Chief Executive Officer (CEO) of IDFC First Bank.
• His new term will begin on December 19, 2024, as confirmed in an exchange filing by the lender.
• Sindhu Gangadharan, MD of SAP Labs India, was recently appointed as the chairperson of
Nasscom.
Manu Bhaker appointed brand ambassador for the Ministry of Ports, Shipping and Waterways
• India's Ministry of Ports, Shipping, and Waterways (MoPSW) has appointed Manu Bhaker, the
double Olympic medal-winning shooter, as its brand ambassador.
• This decision reflects the ministry's commitment to promoting the marine sector by associating it
with a celebrated sports figure like Bhaker.
• Manu Bhaker: A renowned shooter who recently won medals at the Paris Summer Olympics.
She is also the daughter of a marine engineer, making her an ideal candidate to promote India's
maritime sector.
Vice Chief of the Air Staff Air Marshal Amar Preet Singh named as the next Chief of the Air Staff
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Important Monthly Current Affairs Capsule – September 2024
● Air Marshal Amar Preet Singh, currently Vice Chief of the Air Staff, appointed as the next Chief of
the Air Staff (CAS).
● He will assume the position in the rank of Air Chief Marshal effective from September 30, 2024.
● He succeeds Air Chief Marshal Vivek Ram Chaudhari, who retires on the same day.
Magnus Carlsen and Judit Polgar were Honoured at the FIDE 100 Awards
● At the FIDE 100 Awards ceremony in Hungary, Magnus Carlsen and Judit Polgar were
recognized as the best male and female players, respectively.
● This event celebrated the centenary of the International Chess Federation, honouring exceptional
contributions to the chess community over the past century.
FIDE 100 Event Overview
● The FIDE 100 event marked a significant milestone, celebrating the evolution and impact of
chess while recognizing individuals, groups, and organizations that have made remarkable
contributions to the game.
● The awards were given in 18 categories.
Marxist leader Anura Dissanayake elected as Sri Lanka's president
● Anura Kumara Dissanayake, leader of the Marxist Janatha Vimukthi Peramuna (JVP) and
National People's Power (NPP), won the Sri Lankan presidential election.
● He was declared the winner after an unprecedented second round of counting by the Election
Commission.
● He is Sri Lanka's 9th president and the first Marxist to hold the position.
● The NPP's popularity surged after securing only 3% of the vote in the 2019 presidential election.
● The party rebranded itself in 2019, distancing from its violent past and broadening its appeal.
About Sri Lanka :
● Capital : Sri Jayawardenepura KotteColombo
● Currency : Sri Lankan rupee
Centre Announces Appointments of Chief Justices in 8 High Courts
● The Centre notified the appointment of Chief Justices in eight High Courts.
● These include the High Courts of Delhi, Himachal Pradesh, Kerala, Jammu and Kashmir,
Madhya Pradesh, Meghalaya, Madras (Tamil Nadu) and Jharkhand.
● The appointments came after the Supreme Court Collegium (September 17, 2024) amended
some of its July 11, 2024 recommendations.
List of 8 New Appointments :
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Important Monthly Current Affairs Capsule – September 2024
Judge Current Position New Appointment
Justice K.R. Shriram Judge, Bombay High Chief Justice, Madras
Court High Court
Justice Nitin Madhukar Judge, Bombay High Chief Justice, Kerala High
Jamdar Court Court
Justice Manmohan Acting Chief Justice, Delhi Chief Justice, Delhi High
High Court Court
Justice Rajiv Shakdher Judge, Delhi High Court Chief Justice, Himachal
Pradesh High Court
Justice M.S. Chief Justice, Himachal Chief Justice, Jharkhand
Ramachandra Rao Pradesh High Court High Court
Justice Suresh Kumar Judge, Delhi High Court Chief Justice, Madhya
Kait Pradesh High Court
Justice Tashi Rabstan Judge, Jammu and Chief Justice, Jammu and
Kashmir and Ladakh High Kashmir and Ladakh High
Court Court
Justice Indra Prasanna Judge, Calcutta High Chief Justice, Meghalaya
Mukerji Court High Court
Lieutenant General Muhammad Asim Malik appointed as the new Director General of Pakistan's Inter-
Services Intelligence agency
● Lieutenant General Muhammad Asim Malik has been appointed as the new Director General of
Pakistan’s spy agency – Inter-Services Intelligence (ISI).
● He will assume office on September 30, 2024, replacing the current DG, Lt Gen Nadeem Anjum.
● The ISI chief is appointed by the Prime Minister of Pakistan, but traditionally this is done in
consultation with the Army Chief.
About Inter-Services Intelligence :
● Formed : 1 January 1948
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Important Monthly Current Affairs Capsule – September 2024
● Headquarters : Islamabad, Pakistan
● The ISI is the largest and best-known component of the Pakistani intelligence community.
First-Time Lawmaker Harini Amarasuriya Sworn in as Sri Lanka's First Woman Prime Minister in 24
Years
● Harini Amarasuriya, a 54-year-old lawmaker and university professor, has been sworn in as Sri
Lanka's 16th Prime Minister.
● Amarasuriya is the leader of the National People's Power (NPP) party.
● Harini is the first woman prime minister of Sri Lanka since the late Sirimavo Bandaranaike took
up office in 1994 and the third female prime minister in Sri Lanka’s history.
● She replaces Dinesh Gunawardena, who resigned following the recent presidential election.
● Sirimavo Bandaranaike, who served as Prime Minister from 1960 to 2000, was the world’s first
female head of government.
● Her daughter, Chandrika Kumaratunga, later served as Sri Lanka’s first and only female
president from 1994 to 2005.
KVS Manian Takes Charge as Chief Executive Officer of Federal Bank
● K.V.S. Manian has taken over as Managing Director (MD) and Chief Executive Officer (CEO) of
Federal Bank.
● He replaces Shyam Srinivasan, who retired after leading the bank since September 2010.
About Federal Bank :
● Established : 23 April 1931
● Headquarters : Aluva, Kochi, Kerala, India
● Tagline : Your Perfect Banking Partner
UN Climate Change Appoints Ibrahima Cheikh Diong as First Director of Fund for Climate Disaster
Relief
● Ibrahima Cheikh Diong, a Senegalese finance specialist, has been appointed as the first director
of the Fund for Responding to Loss and Damage, as announced by the UN Framework
Convention on Climate Change.
● This appointment is a significant milestone in the operationalization of the new fund, which is
administered by the World Bank.
● The fund was created in 2022 to assist countries affected by climate-driven disasters.
Alok Ranjan named National Crime Records Bureau Director, Amit Garg appointed as National Police
Academy Chief
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Important Monthly Current Affairs Capsule – September 2024
● Alok Ranjan, a 1991-batch Indian Police Service (IPS) officer of Madhya Pradesh cadre, has
been appointed as the Director, National Crime Records Bureau (NCRB) for a tenure up to his
superannuation on June 30, 2026.
● Ranjan succeeds his service and batchmate Vivek Gogia, who has been repatriated to AGMUT
(Arunachal Pradesh-Goa-Mizoram and Union Territory) cadre.
● Garg, a 1993-batch IPS officer of Andhra Pradesh cadre, has been appointed as the Director,
Sardar Vallabhbhai Patel National Police Academy (SVPNPA) for a term up to his retirement on
October 31, 2027.
Other Appointments :
● The Appointments Committee of the Cabinet (ACC) has approved the appointments of four
senior IPS officers, all from 1993 batch - Rithwik Rudra (Himachal Pradesh cadre) , Mahesh Dixit
(Andhra Pradesh cadre), Praveen Kumar (West Bengal cadre) and Arvind Kumar (Bihar cadre)
as Special Director in the Intelligence Bureau (IB).
● All these officers were working as the Additional Director in the IB.
● Besides them, Praveer Ranjan has been appointed as Special Director General in Central
Industrial Security Force (CISF) for a tenure of two years.
● Praveer Ranjan, a 1993-batch IPS officer of AGMUT cadre, is currently Additional Director
General (ADG), CISF.
● Vitul Kumar, currently ADG in the Central Reserve Police Force (CRPF), has been appointed as
Special DG in the same force, till the date of his superannuation on August 31, 2028.
● R Prasad Meena, at present ADG in the Border Security Force (BSF), has been appointed as
Special DG in the force, till the date of his retirement, that is July 31, 2025.
About NCRB :
● Formed : 11 March 1986
● Headquarters : Delhi, India
● Parent Department : Ministry of Home Affairs
● NCRB is an Indian government agency responsible for collecting and analyzing crime data as
defined by the Indian Penal Code (IPC) and Special and Local Laws (SLL).
IndiGo Appoints Isidro Porqueras as Chief Operating Officer
● IndiGo has nominated Isidro Porqueras as its new Chief Operating Officer (COO), effective from
November 1, 2024 (subject to regulatory approvals).
● He will succeed Wolfgang Prock-Schauer, who is retiring after over seven years in the role.
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Important Monthly Current Affairs Capsule – September 2024
About IndiGo :
● Founded : 2006 (Commenced Operations - 4 August 2006)
● Headquarters : Gurgaon, Haryana, India
● CEO : Pieter Elbers
Shigeru Ishiba Wins Ruling Party Leadership Election, Poised to Become Japan’s Next Prime Minister
● Shigeru Ishiba, a veteran lawmaker and former Defence Minister, won the ruling Liberal
Democratic Party (LDP) leadership election to become Japan’s next Prime Minister.
● This marks his fifth and final attempt to lead the LDP, succeeding after a closely fought contest.
● Ishiba defeated Sanae Takaichi, the economic security minister, in a run-off election. Takaichi
was aiming to become Japan’s first female prime minister.
● The election featured a crowded field of nine candidates, one of the most unpredictable
leadership contests in decades.
● Ishiba won 215 votes in the run-off, while Takaichi garnered 194 votes.
● Ishiba is set to succeed Prime Minister Fumio Kishida, who decided not to run for re-election in
August, ending his three-year term.
About Japan :
● Capital : Tokyo
● Currency : Japanese yen (¥)
IndusInd Bank extends Sumant Kathpalia's term as Managing Director and Chief Executive Officer for
an additional 3 years
● The board of directors of private sector lender IndusInd Bank has approved the re-appointment of
Sumant Kathpalia as the managing director and chief executive officer (MD & CEO) of the bank
for a period of three years.
● The re-appointment will be effective March 24, 2025 upto March 23, 2028.
● The re-appointment of Kathpalia is, however, subject to Reserve Bank of India’s (RBI) approval
and shareholders approval.
About IndusInd Bank :
● Established : April 1994
● Headquarters : Mumbai, Maharashtra, India
● Tagline : We Care Dil Se, We Make You Feel Richer
M V Shreyams Kumar elected as Indian Newspaper Society president, taking over from Rakesh
Sharma
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Important Monthly Current Affairs Capsule – September 2024
● M V Shreyams Kumar was elected as the president of the Indian Newspaper Society (INS)
during the 85th annual general meeting held via video conferencing.
● He succeeds Rakesh Sharma from Aaj Samaj newspaper.
Other Appointments :
● Vivek Gupta from Sanmarg was elected as the deputy president.
● Karan Rajendra Darda from Lokmat became the vice president.
● Tanmay Maheshwari from Amar Ujala was elected as the honorary treasurer.
About Indian Newspaper Society :
● Established : 27 February 1939
● Headquarters : New Delhi, Delhi, India
● The INS acts as the central organization of the Press of India, an independent body
authenticating circulation figures of newspapers and periodicals in India.
Tamil Nadu Cabinet Reshuffle: Udhayanidhi Stalin Appointed as Deputy Chief Minister, Senthil Balaji
Rejoins Cabinet
● Udhayanidhi Stalin, the 45-year-old son of Chief Minister M K Stalin, was elevated to the post of
Deputy Chief Minister of Tamil Nadu.
● Udhayanidhi is a first-time MLA from Chepauk and previously served as the Minister for Youth
Welfare and Sports Development.
● Dr. Govi Chezhiaan was appointed as the Higher Education Minister, making him the fourth Dalit
minister in the Tamil Nadu cabinet.
About Tamil Nadu :
● Governor: R. N. Ravi
● Chief minister: M. K. Stalin
● Capital: Chennai
● Dance : Bharatnatyam, Karakattam
● National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of
Mannar Marine National Park
● Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird
Sanctuary
● Tiger Reserve: Anamalai Tiger Reserve
● Biosphere Reserve : Agasthyamalai Biosphere Reserve
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Important Monthly Current Affairs Capsule – September 2024
Zomato Co-Founder and Chief People Officer Akriti Chopra Steps Down from Her Position
● Online food ordering and delivery platform Zomato announced its co-founder and Chief People
Officer Akriti Chopra has resigned to pursue other interests.
● Designated as senior management personnel, Chopra has tendered her resignation, with effect
from September 27, 2024.
● She has been with the company for 13 years and played a key role in setting up and scaling
Zomato's legal and finance teams in her previous role as Chief Financial Officer (CFO).
● Prior to joining Zomato, she worked at PwC for three years, focusing on tax and regulatory
practice.
About Zomato :
● Founded : July 2008
● Headquarters : Gurgaon, Haryana, India
● CEO : Deepinder Singh
Jitendra Jadhav named Director General of Aeronautical Development Agency
● Jitendra J. Jadhav was appointed as Director General (DG) of the Aeronautical Development
Agency (ADA).
● He also holds additional charge as Programme Director (Combat Aircraft) and Director ADA.
About ADA :
● Headquarters : Bengaluru, Karnataka, India
● ADA is an autonomous body under the Ministry of Defence, established in 1984 to manage the
LCA program.
● ADA has designed the Tejas and is now developing its advanced versions like Mark 2, AMCA,
and TEDBF.
Kalikesh Singh was elected as the new president of National Rifle Association of India
● Kalikesh Narayan Singh Deo was elected as the new president of the National Rifle Association
of India (NRAI), defeating VK Dhall with a vote count of 36 to 21.
● Kalikesh will serve as president of the NRAI until 2025, when the next general body meeting is
scheduled to take place.
About National Rifle Association of India :
● Founded : 1951
● Headquarters : New Delhi, Delhi
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Important Monthly Current Affairs Capsule – September 2024
R. Ravindra named as India's new Ambassador to Iceland
● R. Ravindra has been appointed as India's next Ambassador to Iceland by the Ministry of
External Affairs.
● Prior to this appointment, he served as the Deputy Permanent Representative of India to the
United Nations in New York.
● R. Ravindra succeeds Mr. B. Shyam as the ambassador to Iceland.
About Iceland :
● President : Halla Tómasdóttir
● Prime Minister : Bjarni Benediktsson
● Capital : Reykjavík
● Currency : Icelandic króna
MOUS AND AGREEMENT
Tamil Nadu Urged to Sign MoU for PM-SHRI Scheme for Fund Release under Samagra Shiksha
• Tamil Nadu Chief Minister M.K. Stalin has requested the release of funds for the Samagra
Shiksha Scheme for the financial year 2024-25.
• Union Education Minister Dharmendra Pradhan responded, stating that Tamil Nadu is required to
sign a Memorandum of Understanding (MoU) under the PM-SHRI scheme to develop exemplar
model schools.
o The Central government has approved ₹4,305.66 crore for Tamil Nadu under the Samagra
Shiksha Scheme for 2024-25.
National Test House (NTH) and BEE Collaborate to Promote Energy Efficiency in India
• The National Test House (NTH) under the Department of Consumer Affairs signed a
Memorandum of Understanding (MoU) with the Bureau of Energy Efficiency (BEE) to strengthen
India's energy efficiency initiatives.
• The MoU aims to enhance the Standards & Labelling (S&L) Programme, a vital initiative that
promotes energy efficiency across the country.
• Under this agreement, NTH will be recognized as a referral laboratory by BEE, handling cases
related to technical disputes regarding test results.
CAG of India Signs MoU with UAE Accountability Authority to Enhance Public Sector Audit Cooperation
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Important Monthly Current Affairs Capsule – September 2024
• The Comptroller and Auditor General of India (CAG) has signed a Memorandum of
Understanding (MoU) with the Accountability Authority of the United Arab Emirates (UAE) during
a bilateral meeting in Abu Dhabi.
• The MoU aims to promote and develop cooperation between the two Supreme Audit Institutions
(SAIs), enhancing their professional capacity and improving methodologies in public sector
auditing.
• Areas of Cooperation:
o The agreement encompasses various areas, including:
▪ Exchange of Knowledge and Experiences: Facilitating the sharing of expertise in
public auditing.
▪ Capacity Development Programmes: Conducting training programs at SAI India or
SAI UAE based on identified needs.
India-UK Free Trade Agreement (FTA) Negotiations Near Completion
• The Free Trade Agreement (FTA) between India and the UK is in its final stages of negotiation.
• Statement: B.V.R. Subrahmanyam, CEO of NITI Aayog, indicated that both sides are very close
to finalizing the agreement.
• Negotiation Timeline: FTA negotiations began in January 2022 but were temporarily stalled due
to general elections in both countries.
• Objective: The agreement aims to significantly enhance the current GBP 38.1 billion annual
bilateral trading partnership.
Historic Memorandum of Settlement Signed Between Government of India, Tripura, NLFT, and ATTF
• A significant Memorandum of Settlement was signed between the Government of India, the
Government of Tripura, the National Liberation Front of Tripura (NLFT), and All Tripura Tiger
Force (ATTF) in the presence of Union Home Minister Shri Amit Shah in New Delhi.
• This agreement marks a critical step toward achieving Prime Minister Narendra Modi’s vision of a
peaceful, prosperous, and insurgency-free Northeast.
• Tripura Chief Minister Prof. (Dr.) Manik Saha and senior officials from the Ministry of Home
Affairs and the Government of Tripura were present at the signing.
India and Singapore Strengthen Ties with Four New Memorandums of Understanding
• India and Singapore have signed four significant Memorandums of Understanding (MoUs) aimed
at enhancing cooperation in digital technologies, semiconductors, health, and skill development.
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Important Monthly Current Affairs Capsule – September 2024
• The agreements were finalized during Prime Minister Narendra Modi’s visit to Singapore.
o Signed by: India's Ministry of Electronics and Information Technology and Singapore's
Ministry of Digital Development and Information.
o Focus Areas: Cooperation in digital technologies, including DPI, cybersecurity, 5G, super-
computing, quantum computing, and artificial intelligence.
Meta Partners with Telangana Government to Drive AI Innovation in e-Governance
• Meta has announced a two-year strategic partnership with the Department of Information
Technology, Electronics, and Communications (IT, E&C) of the Government of Telangana.
• This collaboration aims to leverage the latest advancements in Artificial Intelligence (AI) to
enhance e-governance and citizen services in the state.
• Objective: The partnership focuses on empowering public officials and citizens with emerging AI
technologies to transform public service delivery and improve e-governance.
India-Japan Finance Dialogue 2024: Enhancing Bilateral Financial Cooperation
• The second India-Japan Finance Dialogue was held in Tokyo on September 6, 2024.
• The primary aim was to enhance financial cooperation and strengthen bilateral relations between
India and Japan.
• Indian Delegation: Led by Ajay Seth, Economic Affairs Secretary. Other participants included
representatives from the Ministry of Finance, RBI, SEBI, PFRDA, IRDAI, and IFSCA.
• Japanese Delegation: Led by Atsushi Mimura, Vice Minister of Finance for International Affairs.
The team included Ministry of Finance and the Financial Services Agency (FSA) members.
US and India Partner to Strengthen Semiconductor Ecosystem:
• The US Department of State will collaborate with the India Semiconductor Mission and the
Ministry of Electronics and IT of the Government of India.
• The collaboration aims to enhance and diversify the global semiconductor ecosystem under the
International Technology Security and Innovation (ITSI) Fund, established by the CHIPS Act of
2022.
• Create a resilient, secure, and sustainable global semiconductor value chain.
India and UAE Sign Key Agreements to Boost Energy Cooperation
• India and the United Arab Emirates (UAE) signed five agreements to enhance cooperation in the
energy sector and other areas.
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Important Monthly Current Affairs Capsule – September 2024
• The agreements were finalized during the three-day visit of Abu Dhabi Crown Prince Sheikh
Khaled bin Mohamed bin Zayed Al Nahyan to India.
• Liquefied Natural Gas (LNG) Supply: An agreement between Abu Dhabi National Oil Company
(ADNOC) and Indian Oil Corporation (IOC) for the long-term supply of LNG. ADNOC will deliver
1 million tonnes of LNG annually for 15 years from its Ruwais natural gas project.
Government Approves Anushakti Vidhyut Nigam Ltd. (ASHVINI) for Nuclear Power Development
• The Indian government has approved Anushakti Vidhyut Nigam Ltd. (ASHVINI), a joint venture
between Nuclear Power Corporation of India Limited (NPCIL) (51%) and NTPC Ltd (49%), to
build, own, and operate nuclear power plants across India.
• This move is aimed at accelerating the country’s nuclear power capacity expansion to meet long-
term energy goals, including the net zero target by 2070.
• The joint venture will focus on the rapid expansion of nuclear power in India, pooling resources
from both NPCIL and NTPC, including finances, technology, and project management expertise.
MoU Signed Between the Cotton Association of India and the International Cotton Association
• The Cotton Association of India (CAI) and the Liverpool-based International Cotton Association
Ltd (ICA) have signed a Memorandum of Understanding (MoU) to enhance cooperation and
promote fair business practices in the cotton industry.
• The agreement aims to combine efforts for promoting contract sanctity and fair business
practices in cotton trading.
Food Ministry and FCI Sign MoU for Enhanced Foodgrain Procurement and Distribution Efficiency
• The Food Ministry and the Food Corporation of India (FCI) signed a Memorandum of
Understanding (MoU) for the 2024-25 fiscal year, focused on enhancing the efficiency and
accountability of foodgrain procurement and distribution operations.
• The MoU outlines specific performance metrics for FCI depots, such as capacity utilization,
operational losses, and security measures.
• It also emphasizes the modernisation of processes and better management of public funds in
food security operations.
India and US Sign MoU to Boost Defence Innovation Cooperation at INDUS-X Summit
• A Memorandum of Understanding (MoU) was signed between the US Department of Defence’s
Defence Innovation Unit (DIU) and India’s iDEX (Innovations for Defence Excellence) of the
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Important Monthly Current Affairs Capsule – September 2024
Ministry of Defence's Defence Innovation Organization (DIO) at the INDUS-X Summit in
California.
• The agreement aims to expand cooperation in defence innovation, providing militaries access to
cutting-edge technologies.
• The MoU focuses on increasing cooperation in defence innovation and facilitating industry,
research, and investment partnerships between both countries.
• INDUS-X Summit:
ISMA Signs MoUs with TERI and PRAJ Industries to Advance Sustainable Bioenergy Solutions
• Indian Sugar & Bio Energy Manufacturers Association (ISMA) has signed Memoranda of
Understanding (MoUs) with The Energy and Resources Institute (TERI) and PRAJ Industries.
• The focus is on advancing sustainable bioenergy solutions including Sustainable Aviation Fuel
(SAF), bio-ethanol, bio-gas, green bio-hydrogen, and green methanol.
China and Maldives Sign Trade Agreement Amidst Maldives' Debt Concerns
• China's central bank, the People's Bank of China (PBoC), has signed a memorandum of
understanding (MoU) with the Maldivian Ministry of Economic Development and Trade to
strengthen trade and investment.
• The agreement aims to promote local currency settlement for current account transactions and
direct investment, with no further details provided by PBoC.
• China, as the largest bilateral lender to the Maldives, has been in talks with the Maldivian
government regarding its debt.
• The Maldives owes $1.37 billion to China and $124 million to India in loans, according to World
Bank Data.
Zomato Teams Up with IRCTC to Launch 'Food Delivery in Trains' Service
• Zomato has announced its collaboration with Indian Railway Catering and Tourism Corporation
(IRCTC) to introduce 'Zomato - Food Delivery in Trains'. This service aims to enhance the train
travel experience by allowing passengers to enjoy a variety of dishes from their seats.
• The service is currently operational across 88 cities and has delivered 10 lakh orders across 100
stations since the partnership began.
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Important Monthly Current Affairs Capsule – September 2024
• Zomato tracks train timings to adjust delivery schedules in case of delays, ensuring timely service
even during schedule changes.
Bilateral Meetings of Indian Delegation Led by Minister of State for Agriculture, Shri Ram Nath Thakur
(Brazil, September 2024)
• Minister of State for Agriculture and Farmers’ Welfare Shri Ram Nath Thakur led the Indian
delegation and the Ambassador of India to Brazil Shri Suresh Reddy and Joint Secretary Shri
Franklin L. Khobung, Department of Agriculture & Farmers during the bilateral meetings.
• Areas of Cooperation: Focus on technology, food processing, cold storage, sustainability, and
agricultural productivity.
Metro Bank Partners with Infosys to Enhance Digital Capabilities and Business Operations
• Metro Bank, the UK’s community-focused bank, has announced a long-term collaboration with
Infosys, a global leader in digital services and consulting, to significantly improve its IT and support
functions.
• This partnership aligns with Metro Bank’s ongoing efforts to boost efficiency and cut costs while
undergoing a digital transformation to optimize business operations.
• Infosys will play a crucial role in enhancing Metro Bank’s digital capabilities, focusing on improving
automation, refining data management, and embedding AI technologies to streamline processes and
enhance customer experience.
REC Signs MoUs for Renewable Energy Projects Worth ₹1.12 Lakh Crore
• REC has signed non-binding memorandum of understandings (MoUs) with Renewable Energy
(RE) developers aggregating about Rs 1.12 lakh crore, which will be implemented over a period
of 5 years.
o Total MoUs Signed: Approximately ₹1.12 lakh crore.
o Duration: Over 5 years.
o Types of Projects Covered: Solar and wind hybrid projects, solar and wind RTC projects, FDRE
power, floating solar plants, ultra mega renewable energy parks, hydroelectric power projects,
battery energy storage systems (BESS), pumped storage, hydropower, green
ammonia/hydrogen, solar cell/module manufacturing, and other innovative technologies.
MoU Signed Between ARIES and BEL for Space Situational Awareness
● The Aryabhatta Research Institute of Observational Sciences (ARIES), Nainital, has signed a
Memorandum of Understanding (MoU) with Bharat Electronics Limited (BEL), a Navaratna
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Important Monthly Current Affairs Capsule – September 2024
Defence PSU, to collaborate on space technologies with a specific focus on Space Situational
Awareness (SSA).
● Objective: The collaboration aims to develop advanced technologies for tracking space objects,
including near-Earth objects and artificial satellites, to enhance satellite safety and user
protection.
● This MoU aligns with the Indian government's ‘Atmanirbhar Bharat’ and ‘Make-in-India’ initiatives,
aiming to bolster India's technological capabilities in space.
● The MoU was signed at BEL's Ghaziabad Unit by Prof. Dipankar Banerjee, Director of ARIES,
and Ms. Rashmi Kathuria, GM (SCCS) & Unit Head of BEL, with other senior officials from both
organizations present.
India Signs Agreements under the Indo-Pacific Economic Framework (IPEF)
● During Prime Minister Narendra Modi’s three-day visit to the U.S. for the Quad Summit, India signed
two significant agreements under the Indo-Pacific Economic Framework (IPEF), focusing on clean
energy, anti-corruption, and trade transparency.
● These agreements aim to foster a “clean” and “fair economy,” enhancing India's sustainability efforts
and collaboration with IPEF member countries, including the U.S., Australia, Brunei Darussalam, Fiji,
Indonesia, Japan, and Korea.
● IPEF Structure:
o Launched in Tokyo on 23 May 2022, comprising 14 partner countries.
o Structured around four pillars: trade, supply-chain resilience, clean economy, and fair
economy.
● A memorandum of understanding was signed between Indian, Singaporean, and Japanese
companies for a green ammonia plant in Thoothukudi, Tamil Nadu.
● Sembcorp will invest ₹36,238 crore in this project, marking a significant milestone in India’s green
energy ambitions.
Zoho Joins ONDC With Seller App Vikra, Launches Low-Code Platform Zoho IoT
● Chennai-based global technology company Zoho has introduced two major offerings at its annual
user conference, Zoholics India.
● These new products—Vikra and Zoho IoT—represent significant advancements in digital commerce
and Internet of Things (IoT) solutions.
Tata Electronics' Landmark Agreement with PSMC for India's First Semiconductor Fab
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Important Monthly Current Affairs Capsule – September 2024
● Tata Electronics has finalised a Rs 91,000 crore ($11 billion) Definitive Agreement with Powerchip
Semiconductor Manufacturing Corporation (PSMC) of Taiwan, marking a significant step toward
building India's first AI-enabled semiconductor fabrication plant in Dholera, Gujarat.
Department of Space and Technology launched the Women in Space Leadership Programme in
Collaboration with the British Council
● The Women in Space Leadership Programme (WiSLP) was inaugurated by the Department of
Science and Technology (DST) in collaboration with the British Council, as part of the UK-India
Education and Research Initiative (UKIERI).
● Objective of the InitiativeFocus: To support institutions in enhancing gender-inclusive practices
and fostering women’s leadership in space sciences.
India and Republic of Uzbekistan sign Bilateral Investment Treaty in Tashkent
● The Bilateral Investment Treaty (BIT) between the Government of the Republic of India and the
Government of the Republic of Uzbekistan was signed by Union Minister for Finance and
Corporate Affairs Smt. Nirmala Sitharaman and H.E. Mr. Khodjayev Jamshid Abdukhakimovich,
Deputy Prime Minister of Uzbekistan, in Tashkent.
RANKING AND REPORTS
Telangana, Tamil Nadu, and Rajasthan Record Highest GSDP Growth in FY24
• Telangana, Tamil Nadu, and Rajasthan have recorded the highest growth in real Gross State
Domestic Product (GSDP) in FY24 among India's ten largest states.
• Growth Rates:
o Telangana (9th largest state) grew its economy by 9.2%, reaching a real GSDP of ₹7.9
lakh crore, surpassing the national GDP growth of 8.2%.
o Tamil Nadu (3rd largest state) grew by 8.2%, achieving a real GSDP of ₹15.7 lakh crore.
o Rajasthan (7th largest state) recorded an 8% growth.
Top Celebrity Taxpayers of India in 2024: Shah Rukh Khan Leads the Pack
• In 2024, Shah Rukh Khan has topped the list of highest tax-paying celebrities in India, reportedly
contributing ₹92 crore, according to Fortune India.
• He is closely followed by actor Vijay, who paid ₹80 crore, and Salman Khan, with a tax
contribution of ₹75 crore.
• Key Points:
• Top 3 Taxpayers:
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Important Monthly Current Affairs Capsule – September 2024
o Shah Rukh Khan: Paid ₹92 crore in taxes, the highest among all Indian celebrities.
o Vijay: Paid ₹80 crore, securing the second spot.
o Salman Khan: Paid ₹75 crore in taxes.
Kerala and Andhra Pradesh Lead in Ease of Doing Business Rankings
• Kerala and Andhra Pradesh have been recognized as the top performers in promoting ease of
doing business under the Business Reforms Action Plan (BRAP), according to a recent official
statement from the Ministry of Commerce and Industry.
• Top Performers:
• Kerala
o Ranked as the top performer for promoting ease of doing business.
• Andhra Pradesh
o Followed Kerala as the second-best performer.
Kerala Shines in Business Reforms and Citizen Services at National Awards
• Kerala has been recognized as a leader in business-centric and citizen-centric reforms according
to the Union Ministry of Commerce and Industry.
• The state excelled in two business-related categories and seven citizen-focused categories in the
recent Business Reforms Action Plan '22 (BRAP 22) rankings.
• Event: Conference of State Industries Ministers, held on Thursday at the Yashobhumi
Convention Centre, New Delhi.
• Award Presented By: Union Minister of Commerce Piyush Goyal.
• Recipient: P Rajeev, Minister for Industries, Law, and Coir, Government of Kerala.
Haryana Cities Feature Prominently Among India's Most Polluted: Urgent Need for Reform
• A recent analysis reveals that 15 out of 24 cities in Haryana ranked among India's 100 most
polluted cities in the first half of 2024 based on PM2.5 levels.
• This data underscores the escalating issue of particulate pollution in the state.
• Cities Exceed National and Global Standards
• National Standards: India’s National Ambient Air Quality Standards (NAAQS) set annual limits for
PM2.5 and PM10 at 40 micrograms per cubic meter and 60 micrograms per cubic meter,
respectively.
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Important Monthly Current Affairs Capsule – September 2024
From Anil Kapoor to Ashwini Vaishnaw: Indians shine in TIME100 most influential people in AI 2024
Featured Indians on the List
• TIME magazine’s prestigious list of the 100 "Most Influential People in AI 2024," released,
includes 15 prominent Indian or Indian-origin individuals. Key names featured are:
• Ashwini Vaishnaw: Union Information Technology Minister of India.
• Nandan Nilekani: Co-founder of Infosys.
• Anil Kapoor: Renowned Indian actor.
• Sundar Pichai: CEO of Google.
• Satya Nadella: CEO of Microsoft.
South India secures 40% share in NIRF top 25 rankings for last 5 years
o South Indian institutions have consistently secured a significant portion of the top 25 spots in the
National Institutional Ranking Framework (NIRF) over the past five years.
o At least 40 percent of the top 25 spots have been occupied by institutions from South Indian states:
Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, and Telangana.
o Tamil Nadu has emerged as the leading state among South Indian states, frequently placing the
highest number of institutes in the top 25.
IGI world’s 24th best-connected airport rises one spot
• Indira Gandhi International Airport (IGIA) in Delhi has moved up to 24th position in the latest global
rankings, improving from 25th in 2023, according to the Official Airline Guide (OAG).
• Chhatrapati Shivaji Maharaj International Airport in Mumbai fell to 44th position, down from 34th last
year.
• NetZero Carbon Emission Compliance: IGIA has become the first airport in India to achieve this
status.
• Top Performer: London’s Heathrow Airport (LHR) retained its position as the most internationally
connected airport in the world.
India Retains Top Spot in Global Cryptocurrency Adoption Amid Regulatory Challenges
• India has maintained its leadership position in global cryptocurrency adoption for the second
consecutive year, despite facing stringent regulations and high trading taxes.
• This insight comes from a recent report by blockchain analytics firmChainalysis.
• India ranks highly in the use of both centralized exchanges and decentralized finance (DeFi)
assets from June 2023 to July 2024.
Top 5 countries:
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Important Monthly Current Affairs Capsule – September 2024
• India
• Nigeria
• Indonesia
• United States
• Vietnam
India Overtakes China in MSCI Equities Index
• For the first time, India has surpassed China in a key MSCI equities index, signaling India's
growing prominence in global markets.
• India’s weight in the MSCI investible large-, mid-, and small-cap index has risen to 2.35%,
surpassing China’s 2.24%, as per a note by Morgan Stanley.
• India’s stock markets have been among the best performers globally this year, with NSE Nifty 50
and S&P BSE Sensex rising by 17% and 15% respectively.
Economic Liberalisation and Its Impact on State GDP Shares (1990-2024)
• A working paper by the Economic Advisory Council to the Prime Minister (EAC-PM) highlights
the significant effects of economic liberalisation that began in the 1990s, particularly on certain
states in India.
• States like Gujarat, Haryana, Karnataka, Tamil Nadu, and Delhi have notably increased their
share of the national GDP from 1990-91 to 2023-24.
• Maharashtra's GDP share decreased from 14.6% in 1990-91 to 13.3% in 2023-24, although it
remains the highest among all states.
Wayanad Ranks Fifth in Kerala for Landslide Susceptibility in ISRO's 2023 Landslide Atlas
● In the 2023 Landslide Atlas of India prepared by ISRO's National Remote Sensing Centre (NRSC),
Wayanad ranks fifth in Kerala and 13th nationally out of 147 districts across 17 states and two Union
Territories.
● Wayanad’s landslide risk was highlighted after the July 30, 2024 disaster, underscoring the district's
vulnerability to such events.
1. Other Highly Prone Districts in Kerala:
● Other districts in Kerala identified as highly susceptible to landslides include:
o Thrissur (3rd nationally)
o Palakkad (5th nationally)
o Malappuram (7th nationally)
o Kozhikode (10th nationally)
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Important Monthly Current Affairs Capsule – September 2024
2. ISRO’s Landslide Atlas of India:
o The Landslide Atlas of India, published by the NRSC in February 2023, provides detailed
mapping of landslide occurrences based on geospatial data and satellite imagery. It maps
around 80,000 landslides from 1998 to 2022, categorized as seasonal, event-based, or
route-wise inventories.
India climbs one position to 39th rank in Global Innovation Index 2024
● India has achieved a significant milestone by climbing to the 39th position among 133 global
economies in the Global Innovation Index (GII) 2024, as announced by Union Minister Piyush Goyal.
● This advancement highlights India’s leadership in the Central and Southern Asia region and its
dominance among lower-middle-income economies.
Key Achievements:
● Top Rankings:
o 1st in the Central and Southern Asia region.
o 1st among lower-middle-income economies.
o 4th in the WIPO’s Science & Technology Cluster Rankings.
o Cities like Mumbai, Delhi, Bengaluru, and Chennai rank in the global top 100 S&T clusters.
o 7th globally in intangible asset intensity.
● Historical Progress:
o India was ranked 81st in 2015 and has now risen to 39th, driven by a thriving innovation
ecosystem powered by entrepreneurs, startups, and public-private partnerships.
Global Performance Overview:
● In the Central and Southern Asia region, India (39th) continues to lead, advancing by one spot:
o Iran is ranked 64th (down two places).
o Kazakhstan holds the 78th position.
o Uzbekistan remains at 83rd.
● Fast Climbers:
o Countries such as China, Turkey, Vietnam, and the Philippines have shown significant
improvement over the last decade.
Global Rankings of Top Innovators:
1. Switzerland
2. Sweden
3. United States
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Important Monthly Current Affairs Capsule – September 2024
4. United Kingdom
5. Singapore
6. Finland
7. Netherlands
8. Germany
9. Denmark
10. Republic of Korea
Central and Southern Asia Region Rankings:
GII Rank Economy Income Group Rank Region Rank
39 India 1 1
64 Iran (Islamic Republic of) 6 2
78 Kazakhstan 25 3
83 Uzbekistan 10 4
88 Pakistan 12 5
90 Sri Lanka 13 6
105 Bangladesh 22 7
106 Kyrgyzstan 23 8
108 Nepal 24 9
111 Tajikistan 27 10
IMD World Talent Ranking 2024: Switzerland Retains Top Spot, India Declines in Global
Competitiveness
● The IMD World Talent Ranking 2024 has revealed significant insights into global talent hubs, with
Switzerland maintaining its lead in investment, development, and appeal factors.
● The IMD World Talent Ranking 2024 shows the overall ranking for 67 economies.
● The economies are ranked from the most to the least competitive, and the change from the Previous
year’s rankings is also shown.
● The ranking evaluates countries based on their ability to develop, retain, and attract highly qualified
domestic and international talent.
Key Highlights:
● Top Talent Hubs:
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Important Monthly Current Affairs Capsule – September 2024
o 1. Switzerland: Excels in quality of life, health infrastructure, educational attainment, statutory
minimum wage, and foreign personnel attraction.
o 2. Singapore: Climbed from 18th in 2014 to 2nd, noted for its rich talent pool, low
discrimination, and strong skilled labour availability.
o 3. Luxembourg
o 4. Sweden
o 5. Denmark
o 6. Iceland
o 7. Norway
o 8. Netherlands
o 9. Hong Kong SAR: Reinforces Asia’s competitive presence.
o 10. Austria
India's Performance:
● Global Rank: 58th, down from 56th last year and 52nd in 2022, with a talent score of 40.47.
ACQUISITION AND MERGERS
Gujarat Gas Board Approves Merger and Demerger Plan Involving Gujarat State Petroleum Corporation
Limited and GSPL
• The board of Gujarat Gas Limited (GGL) approved a scheme of arrangement and amalgamation
involving Gujarat State Petroleum Corporation Limited (GSPC), GSPC Energy Limited, and
Gujarat State Petronet Limited (GSPL) merging into GGL.
• The arrangement outlines the integration of GSPC, GSPL, and GEL with GGL.
• The scheme also includes the demerger of GGL's Gas Transmission Business, which will be
separately listed as GSPL Transmission Limited (GTL) on stock exchanges.
National Stock Exchange Divests Digital Examination Business to CL Educate for ₹230 Crore
● The National Stock Exchange (NSE) has sold its digital examination business (DEX) to CL
Educate for Rs 230 crore.
● The move is part of the country’s top bourse’s plan to divest non-core businesses.
● Transaction Details:The transaction involves a non-binding offer with the payment amount being
₹230 crore in cash.
● An additional ₹75 crore is payable contingent upon achieving certain business milestones.
Competition Commission of India Clears $8.5 Billion Merger Between Reliance and Disney India
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Important Monthly Current Affairs Capsule – September 2024
• The Competition Commission of India (CCI) has approved the $8.5 billion merger between
Reliance Industries Limited and Disney’s Indian media assets.
• CCI has not yet specified any voluntary modifications for the original merger deal made by the
two companies.
• The merger aims to create the largest entertainment player in India to compete with major
players like Sony, Netflix, and Amazon.
About CCI :
• Established : 14 October 2003
• Headquarters : New Delhi, India
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the
Competition Act, 2002 to promote competition and prevent activities that have an appreciable
adverse effect on competition in India.
Rakesh Gangwal’s Family Trust Sells 5.83% Stake in IndiGo for ₹10,500 Crore
● InterGlobe Aviation promoter Rakesh Gangwal and his family trust have reduced their stakes in
the airline by selling a combined 5.83% shareholding for about Rs 10,500 crore.
● A total of 2.25 crore shares or 5.83% holding in InterGlobe Aviation were sold by Gangwal and
Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company
of Delaware.
● In two separate regulatory filings, Rakesh Gangwal sold 22.50 lakh shares of InterGlobe Aviation
and the Chinkerpoo Family Trust disposed of more than 2.02 crore script of the airline.
● After the share sale, Gangwal's stake in InterGlobe Aviation has come down to 5.31% from
5.89%, while the Chinkerpoo Family Trust's stake has declined to 8.24% from 13.49%.
Finance Ministry to Divest 6.78% Stake in GIC Re for Rs 4,700 Crore
• The Union Ministry of Finance will dilute a 6.78% stake in General Insurance Corporation of India
(GIC Re) to raise approximately Rs 4,700 crore.
• This is the first stake sale since GIC Re's listing in 2017.
• The sale will be through the OFS route, beginning with non-retail investors.
• 3.39% equity stake will be divested.
About Ministry of Finance :
• Cabinet Minister : Nirmala Sitharaman
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Important Monthly Current Affairs Capsule – September 2024
• Minister of State : Pankaj Choudhary
Ministry of Corporate Affairs Implements Deal Value Threshold Norms Mandating Notification of
Mergers and Acquisitions Exceeding ₹2,000 Crore to Competition Commission of India for Approval
• The Ministry of Corporate Affairs (MCA) has introduced the Deal Value Threshold (DVT) norms,
which require mergers and acquisitions (M&As) with a deal value above ₹2,000 crore to be notified
to the Competition Commission of India (CCI) for approval.
• The implementation of DVT is expected to increase the number of relevant filings with the CCI by
30%, raising the compliance burden on companies.
Yes Bank Stake Sale Faces RBI Obstacle; Regulator Reluctant to Allow Majority Foreign Ownership
• The proposed stake sale of Yes Bank has encountered a regulatory roadblock as the Reserve
Bank of India (RBI) is reluctant to allow a foreign institution to hold a majority stake in the bank.
• Japanese lender Sumitomo Mitsui Banking Corp (SMBC) and Dubai-based Emirates NBD are
interested in acquiring a majority stake of over 51% in Yes Bank.
• Sumitomo Mitsui is a unit of Sumitomo Mitsui Financial Group, Japan’s second-largest bank.
About Yes Bank :
• Established : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience our expertise
Competition Commission of India Grants Approval for Naspers Ventures B.V.'s Acquisition of Vastu
Housing Finance Corporation Limited
● The Competition Commission of India (CCI) has approved the proposed acquisition by Naspers
Ventures B.V. in Vastu Housing Finance Corporation Limited.
● Naspers Ventures B.V. (Naspers Ventures/ Acquirer) is an indirect, wholly owned subsidiary of
Prosus N.V. (Prosus).
● The Acquirer is an investment holding company and its principal activity is to make investments
by providing direct and indirect equity and debt funding.
● The proposed transaction involves the acquisition of less than 10% equity shareholding (on a
fully diluted basis) in VHFCL by Naspers Ventures.
About Naspers Limited :
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Important Monthly Current Affairs Capsule – September 2024
● Naspers Limited is a South African multinational internet, technology and multimedia holding
company headquartered in Cape Town, with interests in online retail, publishing and venture
capital investment.
DEFENCE NEWS
Indian Army Launches Project NAMAN: SPARSH-Based Service Centres Established Nationwide
● The Indian Army launched the first phase of Project NAMAN in the presence of General Upendra
Dwivedi, Chief of the Army Staff, and Mrs. Sunita Dwivedi, President of the Army Wives Welfare
Association (AWWA).
● Objective of Project NAMAN:Project NAMAN is designed to provide dedicated support and
services to Defence Pensioners, Veterans, and their families.
● It is centred around the implementation of the SPARSH (System for Pension Administration
Raksha) digital pension system to streamline pension-related processes.
About Ministry of Defence :
● Cabinet Minister : Rajnath Singh
● Minister of State : Sanjay Seth
Defence Research and Development Organisation Transfers Production Documentation for 30mm High
Explosive Preformed Fragmentation Shell to the Director General of Naval Armament Inspection
• The Defence Research and Development Organisation (DRDO) handed over the production
document for the 30mm High Explosive Preformed Fragmentation (HEPF) Shell to the Director
General of Naval Armament Inspection (DGNAI).
• The ceremony took place at the Armament Research and Development Establishment (ARDE) in
Pashan, Pune.
• This 30mm HEPF shell, developed by ARDE, the Pune-based laboratory of DRDO, will further
enhance the combat capability of the Indian Navy against drones.
About DRDO :
• Established : 1958
• Headquarters : New Delhi, India
• Chairman : Sameer V. Kamat
Indian Army Hands Over 'Xploder' and 'Agniastra' Technologies to Private Firms for Large-Scale
Production
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Important Monthly Current Affairs Capsule – September 2024
• In a major stride towards technological self-reliance, the Indian Army announced the successful
transfer of technology (ToT) for its indigenously developed "Xploder" UGV and "Agniastra"
detonation system to private Indian firms.
• This landmark development, part of the Army's "Year of Tech Absorption," underscores its
unwavering commitment to modernization and operational excellence.
About Indian Army :
• Headquarters : New Delhi, Delhi
• Chief of the Army Staff : General Upendra Dwivedi
Department of Defence Production Becomes Licensing Authority for Ammunition Exports under Special
Chemicals, Organisms, Materials, Equipment and Technologies
• The Directorate General of Foreign Trade (DGFT) has designated the Department of Defence
Production (DDP) under the Ministry of Defence as the licensing authority for the export of
ammunition items listed under Category 6 of the SCOMET (Special Chemicals, Organisms,
Materials, Equipment and Technologies) meant for military use.
• The DGFT, under the Ministry of Commerce and Industry, has notified and updated the SCOMET
list for 2024.
• The list is outlined in Appendix 3 to Schedule 2 of the ITC (HS) Classification of Export and
Import Items.
About Ministry of Defence (MoD) :
• Cabinet Minister : Rajnath Singh
• Minister of State : Sanjay Seth
India's First Indigenous Combat Drone FWD 200B Successfully Takes Flight
• In a historic leap for India's defence capabilities, Flying Wedge Defence and Aerospace (FWDA)
has successfully launched India's first indigenously built combat unmanned aerial vehicle (UAV),
the FWD 200B.
• This marks a significant milestone, as India joins the ranks of nations equipped with advanced
unmanned combat aircraft.
• The bomber FWD 200B is classified as a Medium Altitude Long Endurance (MALE) unmanned
combat aerial vehicle (UCAV) and represents India's increasing self-reliance in defence
technology.
About FWDA :
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Important Monthly Current Affairs Capsule – September 2024
• FWDA was incorporated in 2022 and holds patents for killer drones and bomber UAVs.
• It is the first Indian company to receive Directorate General of Civil Aviation (DGCA) type
certification for indigenous UAV technology.
• Founder and CEO : Suhas Tejaskanda
Indian Army Suspends Purchase of 200 Logistic Drones from Dhaksha Unmanned Systems Amid
Chinese Parts Allegations
• The Indian Army has put on hold the acquisition of 200 logistic drones from Dhaksha Unmanned
Systems Private Limited, a Chennai-based subsidiary of Coromandel International.
• Reason for Suspension:The suspension follows allegations that Dhaksha Unmanned Systems is
using Chinese parts in their unmanned aerial vehicles (UAVs).
About Indian Army :
• Headquarters : New Delhi, Delhi, India
• Chief of the Army Staff : General Upendra Dwivedi
Indian Naval Ship Tabar Arrives in Malaga, Spain for a Two-Day Visit
● Indian Navy’s frontline stealth frigate, INS Tabar commanded by Captain MR Harish arrived at
Malaga, Spain on 25 Aug 24 for a two day visit to enhance the existing bilateral relations
between India and Spain.
● The visit aims to enhance the existing bilateral relations between India and Spain, which were
established in 1956.
● Purpose of the Visit:The visit by INS Tabar seeks to strengthen diplomatic and defense ties
between India and Spain.
Indian Naval Ship Tabar and P8I Aircraft Participate in 22nd India-France Naval Exercise VARUNA in
the Mediterranean sea
• Indian Naval Ship (INS) Tabar, an Indian Navy frontline stealth frigate, commanded by Captain
MR Harish, visited Toulon, France from 29 August to 01 September 2024, and later participated
in the 22nd edition of Exercise VARUNA from 02 to 04 September 2024 in the Mediterranean
Sea.
• India was represented by INS Tabar, a shipborne helicopter, and LRMR Aircraft P8I.
• France was represented by FS Provence, Submarine Suffren, Aircraft F20, Atlantique2, fighters
MB339, and helicopters NH90 and Dauphin.
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Important Monthly Current Affairs Capsule – September 2024
About Ministry of Defence :
• Cabinet Minister : Rajnath Singh
• Minister of State : Sanjay Seth
Indian Army and Indian Air Force signs MoU with Gati Shakti Vishwavidyalaya
• To enhance the skills and capability building of personnel from the Indian Army and Indian Air
Force, a Memorandum of Understanding (MoU) was signed with Gati Shakti Vishwavidyalaya,
Vadodara.
• The signing took place in the presence of Raksha Mantri Shri Rajnath Singh and Minister of
Railways Shri Ashwini Vaishnaw in New Delhi on September 09, 2024.
• The MoU aims to enable the two Services to acquire higher expertise in logistics and develop in-
house knowledge on various aspects of logistics operations, contributing to the national
development plans – PM Gati Shakti National Master Plan 2021 and National Logistics Policy
2022.
Naval might: 2 anti-submarine warfare ships launched at Cochin Shipyard
o The Indian Navy launched the fourth and fifth ships of the 8 Anti-Submarine Warfare Shallow Water
Craft (ASW SWC) project.
o The ships, Malpe and Mulki, were built by Cochin Shipyard Limited (CSL), Kochi.
o The launch was conducted by Mrs. Vijaya Srinivas in the presence of Vice Admiral V. Srinivas, Flag
Officer Commanding in Chief, Southern Naval Command, in line with maritime traditions.
MoD signs ₹26,000-crore contract with HAL for 240 SU-30MKI jet engines
• The Defence Ministry signed a ₹26,000-crore contract with Hindustan Aeronautics Limited (HAL)
for 240 aero-engines to power the Indian Air Force's (IAF) Sukhoi-30 MKI fighter aircraft.
• The deal was cleared by the Cabinet Committee on Security on September 2.
• HAL will supply 30 AL-31FP engines annually from its Koraput facility in Odisha, with the delivery
scheduled for completion over eight years.
• The engines will be manufactured from the raw material stage with technology transfer from
Russia.
Indian Navy and South African Navy Sign Agreement to Boost Submarine Rescue Support Cooperation
• The Indian Navy has signed an agreement with the South African Navy to rescue its Submarine
personnel who have met an accident or are in distress in the deep sea.
• This agreement between the two Navies will further strengthen the longstanding maritime
relationship between India and South Africa.
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Important Monthly Current Affairs Capsule – September 2024
• The agreement, officially called the Implementing Agreement, was signed by the Indian Chief of
Naval Staff, Admiral Dinesh Kumar Tripathi, and the Chief of the South African Navy, Vice
Admiral Monde Lobese.
About Indian Navy :
• Headquarters : New Delhi, Delhi, India
• Chief of the Naval Staff : Admiral Dinesh K Tripathi
Indian Army Contingent Leaves for India-Oman Joint Military Exercise Al Najah V
• The Indian Army contingent departed for the 5th edition of India-Oman Joint Military Exercise AL
NAJAH.
• The exercise is scheduled to be conducted from 13th to 26th September 2024 at Rabkoot
Training Area in Salalah, Oman.
• Exercise AL NAJAH has been held biennially since 2015, alternating between India and Oman.
• The 4th edition of the exercise was conducted at Mahajan in Rajasthan.
About Ministry of Defence :
• Cabinet Minister : Rajnath Singh
• Minister of State : Sanjay Seth
About Oman :
• Capital : Muscat
• Currency : Omani rial
Defence Research & Development Organisation and Indian Navy Conduct Successful Flight Test of
Vertical Launch Short Range Surface-to-Air Missile off Odisha Coast
• The Defence Research & Development Organisation (DRDO) and the Indian Navy successfully
conducted a flight test of the Vertical Launch Short Range Surface-to-Air Missile (VL-SRSAM).
• The test was carried out from the Integrated Test Range (ITR) in Chandipur, off the coast of
Odisha, at approximately 1500 hours.
• The flight test was carried out from a land-based vertical launcher, targeting a high-speed aerial
target flying at a low altitude.
About DRDO :
• Established : 1958
• Headquarters : New Delhi, India
• Chairman : Sameer V. Kamat
About Indian Navy :
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Important Monthly Current Affairs Capsule – September 2024
• Chief of the Naval Staff (CNS) : Admiral Dinesh K Tripathi
• Vice Chief of the Naval Staff (VCNS) : Vice Admiral Krishna Swaminathan
Cochin Shipyard Launches Two Anti-Submarine Warfare Vessels for Indian Navy
• Two Anti-Submarine Warfare Shallow Watercrafts (ASWCWC) of the Indian Navy, INS Malpe
and INS Mulki, were launched at Cochin Shipyard.
• These vessels are indigenously designed and constructed by Cochin Shipyard Limited (CSL).
• They are part of a series of eight ASWCWC vessels being built under a contract signed between
the Ministry of Defence (MoD) and CSL on April 30, 2019.
• Replacement of Abhay Class:These vessels, known as the Mahe Class, will replace the Abhay
Class ASW Corvettes in the Indian Navy.
Hindustan Aeronautics Limited to Deliver Final 4 Light Combat Aircraft Mk-1 Trainer Aircraft to IAF
Within Six Months
• Hindustan Aeronautics Limited (HAL) will deliver the final four LCA Mk-1 trainers to the Indian Air
Force (IAF) by March 31, 2025.
• The LCA Mk-1 trainers are twin-seater jets used for pilot training but can also function as fighters
when required.
• Slow Progress: The LCA Mk-1 programme experienced delays. The Initial Operational Clearance
(IOC) contract was signed in 2006 (completion by 2011), and the Final Operational Clearance
(FOC) contract in 2010 (completion by 2016).
Defence Research and Development Organisation successfully completed initial phase of
Developmental Field Firing Trials for Indian Light Tank 'Zorawar'
• The Defence Research and Development Organisation (DRDO), successfully conducted the
preliminary automotive trials of the Indian light Tank, Zorawar, a highly versatile platform capable
of deployment in high-altitude areas.
• Zorawar has been successfully developed by the Combat Vehicles Research & Development
Establishment (CVRDE), a unit of the Defence Research and Development Organisation (DRDO),
in collaboration with Larsen & Toubro Limited.
About DRDO :
• Founded : 1958
• Headquarters : New Delhi, India
• Chairman : Sameer V. Kamat
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Important Monthly Current Affairs Capsule – September 2024
Indian Air Force Successfully Concludes Eastern Bridge VII Exercise at RAFO Masirah
● The Indian Air Force (IAF) has successfully completed Exercise Eastern Bridge VII with the
Royal Air Force of Oman (RAFO) at the RAFO airbase in Masirah.
● The main goal was to enhance military cooperation and interoperability between the IAF and
RAFO.
● IAF Contingent: The IAF contingent returned to India after a series of training missions involving
MiG-29 and Jaguar aircraft.
● Aircraft Participation: The exercise featured aircraft from both IAF (MiG-29, Jaguar) and RAFO
(F-16, Hawk).
Defence Research and Development Organisation Hands Over High-Altitude Sustenance Technologies
to Power Grid Corporation of India Limited
● The Defence Institute of Physiology and Allied Sciences (DIPAS), a leading laboratory under the
Defence Research and Development Organisation (DRDO) handed over critical high-altitude
sustenance technologies to the Power Grid Corporation of India Ltd (PGCIL) during an
orientation workshop on September 21, 2024, at PGCIL’s regional headquarters in Jammu.
● This workshop was organised to prepare employees for high-altitude operations as part of the
5000 MW Pang-Kaithal High Voltage Direct Current (HVDC) Project in Ladakh.
● The Pang-Kaithal HVDC Project, located at an altitude of 15,760 feet, is a significant step
towards energy security in the region of Ladakh and the wider integration of solar power into
India’s national grid.
About DRDO :
● Established : 1958
● Headquarters : New Delhi, India
● Chairman : Sameer V. Kamat
Indian Navy Set to Host the 5th edition of Goa Maritime Symposium
● The 5th edition of Goa Maritime Symposium (GMS) 2024 was hosted by the Indian Navy from
23-24 September 24 under the aegis of Naval War College, Goa.
● This edition of the Goa Maritime Symposium was conducted in the newly inaugurated, state-of-
the-art Chola building of the Naval War College.
● Theme : The theme for GMS 2024 was "Common Maritime Security Challenges in the Indian
Ocean Region (IOR) – Progressing Lines of Effort to Mitigate Dynamic Threats such as IUU
Fishing and Other Illegal Maritime Activities."
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Important Monthly Current Affairs Capsule – September 2024
● The theme aligns with the Indian Government’s vision of Security and Growth for All in the
Region (SAGAR).
● Participants: Representatives from 12 Indian Ocean Littoral countries: Bangladesh, Comoros,
Indonesia, Madagascar, Malaysia, Maldives, Mauritius, Myanmar, Seychelles, Singapore, Sri
Lanka, and Thailand.
● Observers from Kenya and Tanzania.
About Goa Maritime Symposium (GMS) :
● It was conceptualised and instituted by the Indian Navy in 2016.
● The symposium is conducted biennially by the Naval War College (NWC), Goa.
● 4th edition of the biennial Goa Maritime Symposium was conducted successfully by the Indian
Navy at Goa from 31 October to 01 November 2022.
About the Indian Ocean Rim Association :
● Established in 1997 as an intergovernmental organization of states on the rim of the Indian
Ocean.
● The association has 23 member states and 11 dialogue partners from regions including Africa,
West Asia, South Asia, Southeast Asia, Europe, and Oceania.
Defence Research & Development Organisation and Indian Institute of Technology Delhi Collaborate to
Create Lightweight Bulletproof Jackets Named Advanced Ballistics for High Energy Defeat
● The Defence Research & Development Organisation (DRDO), along with researchers of Indian
Institute of Technology (IIT) Delhi has developed Light Weight Bullet Proof Jackets named
ABHED (Advanced Ballistics for High Energy Defeat).
● The jackets have been developed at the DRDO Industry Academia Centre of Excellence (DIA-
CoE) at IIT, Delhi.
● Weight Specifications: The jackets weigh a minimum of 8.2 kg and 9.5 kg for different Bureau of
Indian Standards (BIS) levels, providing modular design with front and rear armors for 360-
degree protection.
Defence Research & Development Organisation and Indian National Academy of Engineering Host 11th
Engineers Conclave in Hyderabad to Explore Advancements in Indigenization and Emerging
Technologies
● The 11th Engineers Conclave, organized jointly by the Defence Research & Development
Organisation (DRDO) and the Indian National Academy of Engineering (INAE), commenced on
September 26, 2024, in Hyderabad.
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Important Monthly Current Affairs Capsule – September 2024
● The aim of the two-day annual conclave is to deliberate on two strategic priorities i.e., ‘Additive
Manufacturing for Defence Applications’ and ‘Defence Manufacturing Technologies’.
● The event, being held at Defence Research & Development Laboratory (DRDL) of DRDO, brings
together engineers, scientists, academicians and industry leaders to discuss emerging
technologies & advancements in indigenisation.
Admiral Dinesh K. Tripathi, Chief of Naval Staff, Undertakes Official Visit to Greece
● Admiral Dinesh K Tripathi, Chief of the Naval Staff (CNS), is on a four day official visit to Greece
from 26 to 29 Sep 2024.
● The visit aims to consolidate bilateral defense relations between India and Greece, with a focus
on enhancing naval cooperation.
● During the visit, the CNS will engage in bilateral discussions with senior Greek defence officials,
including Mr Ioannis Kefalogiannis, Deputy Minister of Defence, Vice Admiral Dimitrios E
Kataras, Chief of the Hellenic Navy General Staff (HGNS), Vice Admiral Christos Sasiakos,
Deputy Chief of Hellenic National Defence General Staff.
Delivery of the 5th Missile Cum Ammunition Barge, LSAM 13 (Yard 81), for INS Tunir Completed
● The Missile Cum Ammunition Barge (MCA), LSAM 13 (Yard 81), was delivered on September
25, 2024, at Naval Dockyards, Mumbai, for INS Tunir.
● The ceremony was presided over by Commodore C. Rami Reddy, Commanding Officer of INS
Tunir.
● LSAM 13 is the fifth barge in the project to construct a total of eight Missile Cum Ammunition
Barges, built by MSME Shipyard, M/s SECON Engineering Projects Private Limited,
Visakhapatnam.
Shankh Air, India's Latest Airline by Shankh Aviation Private Limited, Receives Union Civil Aviation
Ministry Approval to Commence Operations
● Shankh Air, India’s newest airline owned by Shankh Aviation Private Limited, has got approval
from the Union Civil Aviation Ministry to start operations.
● The No Objection Certificate (NOC) issued to the airline is valid for 3 years.
● However, Shankh Air will also need clearance from the aviation regulator, Directorate General of
Civil Aviation (DGCA), before starting flights.
● Shankh Air will be the first scheduled airline to launch from Uttar Pradesh.
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Important Monthly Current Affairs Capsule – September 2024
● Shankh Air is set to launch its flight services with a fleet of new-generation Boeing 737-800NG
narrow-body aircraft.
● With more than 60% of the Indian aviation market, IndiGo is the market leader.
● The second-biggest airline in the nation is called Air India.
India Hosts Second IORA Seminar on Illegal, Unreported, and Unregulated (IUU) Fishing at Naval War
College, Goa
● The second edition of the Indian Ocean Rim Association (IORA) seminar on Illegal, Unreported
and Unregulated (IUU) Fishing was conducted at Naval War College, Goa on 25 Sep 2024.
● The seminar focused on reviewing IUU fishing activities in the Indian Ocean Region (IOR),
highlighting their economic, environmental, and security implications, as well as the legal gaps in
addressing these issues.
● The first edition of the seminar on IUU fishing under IORA was conducted by the Indian Navy at
Goa on 2nd November 2022.
About IORA:
● Established: 1997.
● Headquarters: Ebene, Mauritius.
● Secretary General: Salman Al Farisi.
● Membership: IORA has 23 member countries from Africa, West Asia, South Asia, Southeast
Asia, and Australia, including India, Australia, Indonesia, South Africa, Malaysia, UAE, and more.
● Governance: The Council of Foreign Ministers is IORA's apex body, meeting annually.
● The Chair rotates every 2 years among members.
● Sri Lanka is the current Chair, India is the Vice-Chair, and Bangladesh was the previous Chair.
SCIENCE & TECHNOLOGY
Nokia to Build World's Largest Fixed Network Testbed in Chennai to Advance Ultra-High-Speed Internet
Technology
• Nokia is set to establish the world's largest fixed network testbed in Chennai, marking a
significant step towards advancing technology in ultra-high-speed internet access.
• The project involves an investment of approximately US$ 54.07 million (Rs. 450 crore).
• The testbed will concentrate on advancements in 10G, 25G, 50G, and 100G passive optical
networks
• The new facility, to be located at the State Industries Promotion Corporation of Tamil Nadu in
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Important Monthly Current Affairs Capsule – September 2024
Siruseri, will serve as one of Nokia's major research and development centres.
About Nokia :
• Founded : 12 May 1865
• Headquarters : Espoo, Finland
• Chairwoman : Sari Baldauf
• President & CEO : Pekka Lundmark
International Solar Alliance to Unveil $100 Million Solar Facility and Insurance Initiative to Enhance
Solar Projects Across Africa
• The International Solar Alliance (ISA) will launch a $100 million fund, Global Solar Facility, that
will help catalysing up to $1.5 billion in funding to expand decentralised solar power capacities
across the least developed countries in Africa, where more than 700 million people have no
access to electricity.
• Insurance Mechanism:ISA is developing an insurance mechanism to accelerate investment in
solar projects in impoverished nations.
About ISA :
• Founded : 30 November 2015
• Headquarters : Gurugram, Haryana, India
• Director General : Ajay Mathur
• Membership : 120+ members of UN, incl. the United States, Japan, France, Brazil, Argentina,
Chile, Algeria and Australia etc.
• Purpose : Bring together a group of nations to endorse clean energy, sustainable environment,
public transport and climate
• ISA was originally initiated by India and France to combat climate change through solar power.
Japan's Space Agency Halts Moon Lander Mission After Losing Contact with Uncrewed Spacecraft
• Japan's space agency ended its Moon lander operation after losing communication with the
uncrewed spacecraft.
• The Smart Lander for Investigating Moon (SLIM), dubbed the "Moon Sniper" for its landing
precision, touched down eight months ago-making Japan only the 5th nation to achieve a soft
lunar landing.
• The touchdown of the unmanned lander in January was a success, but it landed at a wonky
angle that left its solar panels facing the wrong way.
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Important Monthly Current Affairs Capsule – September 2024
About Japan :
• Prime Minister : Fumio Kishida
• Capital : Tokyo
• Currency : Japanese yen
European Union and Council of Scientific and Industrial Research, India Announce Co-Funding to Boost
EU-India Research Collaboration under Marie Skłodowska-Curie Actions
• The European Union and India’s Council of Scientific and Industrial Research (CSIR) have
launched a new co-funding initiative for the Marie Skłodowska-Curie Actions (MSCA) Staff
Exchanges, part of the EU’s research and innovation programme, Horizon Europe.
• Through this scheme, CSIR will top up selected MSCA Staff Exchanges projects, enabling its
institutes to engage in joint research projects with European and international partners and
second their scientific and technical staff to European research organisations for knowledge
sharing and research activities.
About CSIR :
• Founded in 1942
• Location : New Delhi, India
• CSIR is India’s premier research and development organisation, comprising 37 national
laboratories and a dedicated team of over 8,000 scientific and technical staff.
IndiGo Airlines Becomes 1st Indian Carrier to Implement Required Navigation Performance
Authorisation Required Flight Procedure for Safer Landings at Kathmandu's Tribhuvan International
Airport
• IndiGo Airlines has become the first Indian carrier to adopt the Required Navigation Performance
Authorisation Required (RNP AR) flight procedure for operations in Kathmandu, which enables
safer and more efficient landings at the Tribhuvan International Airport, which is nestled in a
valley surrounded by the Himalayas.
• Purpose and Benefits:The RNP AR technology enhances safety and efficiency during landings at
airports with challenging geographical conditions, such as Tribhuvan International Airport.
About Indigo :
• Founded : 2006
• Headquarters : Gurgaon, Haryana, India
• Managing Director: Rahul Bhatia
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Important Monthly Current Affairs Capsule – September 2024
Pixxel becomes the first Indian space startup to receive an order from the National Aeronautics and
Space Administration
• Bengaluru-based space technology startup Pixxel, which specialises in cutting-edge
hyperspectral earth-imaging technology, has won the largest supplier deal by an Indian company
from the National Aeronautics and Space Administration (NASA).
• It has become part of NASA’s $476-million commercial smallsat data acquisition program.
• This contract period for the program runs through November 2028.
About Pixxel :
• Founded : February 2019
• Co-founder and chief executive officer (CEO) : Awais Ahmed
NASA spacecraft approved for October launch to study underground ocean on Jupiter's moon Europa
• The National Aeronautics and Space Administration (NASA) has approved the launch of the
Europa Clipper spacecraft scheduled for October 2024, following a review of its capability to
withstand Jupiter's intense radiation.
• The Europa Clipper will explore Europa, one of Jupiter’s largest moons, which is noted for its icy
surface and potential subsurface ocean of saltwater. The mission aims to investigate Europa’s
ice shell, geology, and potential habitability.
About NASA :
• Founded: July 29, 1958
• Headquarters: Washington, D.C, United States
• Administrator: Bill Nelson
International Solar Alliance Engages in Exclusive Talks with Africa50 to Oversee $200M Africa Solar
Fund
• International Solar Alliance (ISA) has entered into exclusive discussions with Africa50 to serve as a
potential investment manager for its proposed Africa Solar Facility (ASF).
• The ASF is a $200 million initiative designed to unlock investment in distributed solar projects across
Africa.
• The ASF will play a vital role in expanding energy access, accelerating solar deployment, and driving
sustainable development across the continent.
About ISA :
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Important Monthly Current Affairs Capsule – September 2024
• Founded : 30 November 2015
• Headquarters : Gurugram, Haryana, India
• Director General : Dr. Ajay Mathur
India Successfully Launches Agni-4 Ballistic Missile from Integrated Test Range in Chandipur, Odisha
• India successfully launched the Agni-4 ballistic missile from the Integrated Test Range (ITR) in
Chandipur, Odisha.
• The test was conducted under the Strategic Forces Command (SFC)
• The Agni missiles are long-range, nuclear-capable surface-to-surface ballistic missiles developed
by India.
• The Agni-4 is a long-range, surface-to-surface ballistic missile with a range of 4,000 kilometres.
Indian Immunologicals Limited Launches Paediatric Dose of Hepatitis A Vaccine
• Indian Immunologicals Limited (IIL) launched its paediatric dose of India’s first indigenous
Hepatitis A vaccine, Havisure.
• IIL is the only company in India to develop an indigenous Hepatitis A vaccine.
• Hepatitis A is a highly contagious liver infection caused by the Hepatitis A virus, which
predominantly affects children and can lead to severe health complications.
• Vaccination is the most cost-effective, yet efficient, method to prevent the disease.
Bharat Biotech and Alopexx Inc. to Co-Develop and Commercialize Anti-Microbial Vaccine AV0328 for
India and Other Low-Income Countries
• Hyderabad-based vaccine maker Bharat Biotech and clinical-stage U.S. biotechnology firm
Alopexx Inc. will collaborate to co-develop and commercialise anti-microbial vaccine AV0328 in
India and other low-income and lower-middle-income countries.
• AV0328 is a proprietary broad-spectrum anti-microbial vaccine candidate from Alopexx.
• It is designed to target poly N-acetyl glucosamine (PNAG), which is present on the surface of a
variety of bacterial, fungal, and parasitic pathogens.
About Bharat Biotech :
• Founded : 1996
• Headquarters : Hyderabad, India
• Executive Chairman : Krishna Ella
Indian Scientists Create 'Brain on a Chip' Technology
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Important Monthly Current Affairs Capsule – September 2024
• Indian scientists at the Indian Institute of Science (IISc) have developed a groundbreaking “brain
on a chip” technology.
• This technology can store and process data in 16,500 states within a molecular film.
• The advancement was made by a team from IISc’s Centre for Nano Science and Engineering,
including Sreetosh Goswami, Navkanta Bhat, Deepak Sharma, Santi Prasad Rath, Bidyabhusan
Kundu, and Sreebrata Goswami. They collaborated with Anil Korkmaz and R Stanley Williams
from Texas A&M University, and Damien Thompson from the University of Limerick.
Indian Immunologicals Limited and Central Institute of Brackishwater Aquaculture Collaborate to Create
Commercial Fish Vaccine
• Indian Immunologicals Limited (IIL) and the Central Institute of Brackishwater Aquaculture (CIBA)
have partnered to develop a commercial vaccine targeting Viral Nervous Necrosis (VNN) in
finfish.
• VNN is a disease that causes high mortality rates in young fish and can be transmitted from
adults to offspring.
• India's Fish Production:India is the third-largest fish producer globally.
• Over 65% of India's fish production comes from inland fisheries and aquaculture.
About IIL:
• IIL was established by the National Dairy Development Board in 1982 and entered the aqua
business in 2022.
• IIL has launched products for pond and gut management and has announced partnerships with
ICAR institutes to develop fish vaccines.
• IIL’s Managing Director, K Anand Kumar, stated that IIL is the first company in India to develop
fish vaccines and is working on solutions for various fish species and culture conditions.
SpaceX Mission Sends All-Civilian Crew on Historic First Private Spacewalk in Orbit
• SpaceX launched its daring Polaris Dawn mission, a multiday orbital expedition carrying a four-
member civilian crew for the first spacewalk by non-professional astronauts.
• The Polaris Dawn crew consists of four members: Anna Menon, Scott Poteet, Jared Isaacman,
and Sarah Gillis.
• The launch took place from Launch Complex-39A at NASA's Kennedy Space Center (KSC).
About SpaceX :
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Important Monthly Current Affairs Capsule – September 2024
• Founded : March 14, 2002
• Headquarters : United States
• CEO : Elon Musk
United States Government Collaborates with IIT Madras Research Park on Solar and Green Hydrogen
Initiatives
• The United States (US) government and IIT Madras Research Park are set to announce a
partnership focusing on four key areas: solar, green hydrogen, electric vehicles and batteries,
and green buildings.
• The goal is to bring together researchers, academia, and industry from both the US and India to
create a collaborative ecosystem in these four areas.
• Working groups will be established under each of the four focus areas, consisting of members
from the US government and IIT Madras Research Park.
India successfully conducts back-to-back test firings of surface-to-air missiles over two days: DRDO
• India successfully test-fired the Vertical Launch Short Range Surface to Air Missile (VLSRSAM)
on two consecutive days, September 12 and 13, 2024, from the Integrated Test Range (ITR) at
Chandipur, Odisha.
• The tests were conducted by the Defence Research and Development Organisation (DRDO) in
collaboration with the Indian Navy.
• The tests mark a critical achievement in India’s defence capabilities.
European-Japanese Spacecraft Captures Closest Images of Mercury's Surface at Sunrise
• BepiColombo is a joint mission between the European Space Agency (ESA) and the Japan
Aerospace Exploration Agency (JAXA) aimed at studying Mercury.
• BepiColombo made its closest approach to Mercury, capturing detailed black-and-white images
of the planet’s surface.
• Significant Findings:The spacecraft provided the first clear images of Mercury's south pole and
detailed views of its craters, including those with unusual peak rings.
SpaceX Launches Polaris Dawn Mission: Civilian Crew Embarks on First-Ever Spacewalk by Non-
Professional Astronauts
• SpaceX launched its daring Polaris Dawn mission, a multiday orbital expedition carrying a four-
member civilian crew for the first spacewalk by non-professional astronauts.
• The mission will involve orbiting through the Van Allen Belts.
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Important Monthly Current Affairs Capsule – September 2024
• The Allen Belt discovered in the 1950s is Located beyond low-Earth orbit, these radiation belts
were discovered in 1958 by astrophysicist James Van Allen who helped uncover the key to
enabling exploration of the outer solar system.
About SpaceX :
• Founded : March 14, 2002
• Headquarters : Texas, United States
• CEO : Elon Musk
Iran Successfully Launches Chamran-1 Research Satellite into Orbit Using Revolutionary Guard's
Qaem-100 Rocket
● Iran launched the Chamran-1 research satellite into orbit using the Qaem-100 rocket, developed
by the paramilitary Revolutionary Guard.
● The event marks a key advancement in Iran's aerospace program, despite scrutiny from Western
nations due to concerns about ballistic missile development.
● Satellite Details:Chamran-1 weighs 60 kilograms and was placed into a 550-kilometer orbit.
● Rocket Specifications:The Qaem-100 rocket is a solid-fuel, three-stage vehicle and had been
previously used for a satellite launch in January.
● Mission Objective:The primary mission of Chamran-1 is to test hardware and software systems
for orbital maneuver technology validation.
About Iran :
● President : Masoud Pezeshkian
● Capital : Tehran
● Currency : Iranian rial
Newly Discovered Asteroid 2024 PT5 to Temporarily Orbit Earth from September 29 to November 25,
2024
● Newly discovered asteroid named 2024 PT5 will temporarily be captured by Earth's gravity and
orbit the planet from September 29 to November 25, 2024.
● After this, it will return to a heliocentric orbit (orbit around the sun).
● Origin of Asteroid 2024 PT5:The asteroid originated from the Arjuna asteroid belt, which consists
of small asteroids with orbits similar to Earth's orbit around the sun.
● Discovery & Observations:Astronomers first spotted the asteroid on August 7, 2024 using the
NASA-funded ATLAS observatory in South Africa.
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Important Monthly Current Affairs Capsule – September 2024
● The asteroid is estimated to be about 37 feet (11 metres) in diameter, but its size could range
from 16 to 138 feet (5 to 42 metres).
● Long-capture mini-moon events are rare, occurring every 10 to 20 years.
● Asteroid Speed and Proximity:Mini-moons like 2024 PT5 approach Earth within 2.8 million miles
(4.5 million kilometers) at speeds under 2,237 miles per hour (3,600 kilometers per hour).
Airtel collaborates with Italy's Sparkle for Blue-Raman subsea cable project
● Strengthening its global connectivity infrastructure, Bharti Airtel has partnered with Italy’s
international service provider Sparkle to access capacity on Blue-Raman Submarine Cable
Systems connecting India and Italy.
● The two companies will also work together on the development of new business opportunities
and projects in the Indian sub-continent, leveraging their respective cable infrastructures.
● Sparkle is a major player in the telecommunication cable industry, which owns and manages a
network of more than 600,000 km of fibre spanning from Europe to Africa and the Middle East,
the Americas and Asia.
● The 2Africa is among the longest subsea cable systems in the world, spanning over 45,000 km.
● It will have a capacity of 180 terabits per second (tbps), connecting 33 countries, including Sunil
Mittal-led Airtel’s landing station in Mumbai.
Bengaluru Startup Bellatrix Aerospace Launches Project 200: A New Satellite for Ultra-Low Earth Orbit
Operations at Bengaluru Space Expo 2024
● Bengaluru-based space startup Bellatrix Aerospace unveiled Project 200, an innovative satellite
designed to operate at an Ultra-Low Earth Orbit (180 km-250 km) on the inaugural day of the
Bengaluru Space Expo 2024.
About Project 200 :
● “Project 200 is a technology demonstration mission to qualify a new unconventional satellite
powered by an innovative propulsion system at around 200 km.
● Traditionally, satellites have been deployed in orbits at altitudes well above 450 km.
About Bellatrix Aerospace :
● Founded : 2015
● Headquarters : Bangalore, Karnataka, India
● Founders : Rohan M Ganapathy, Yashas Karanam
Airtel Introduces India's First AI-Driven Spam Detection Solution Based on Network Technology
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Important Monthly Current Affairs Capsule – September 2024
● Bharti Airtel introduced India's first network-based, Artificial Intelligence (AI)-powered spam
detection solution to combat spam calls and messages.
● This is a first-of-its-kind solution among telecom service providers in India, providing real-time
alerts to customers about suspected spam calls and SMS messages.
About Bharti Airtel :
● Founded : 7 July 1995
● Headquarters : New Delhi, Delhi
● Chairman : Sunil Mittal
● MD & CEO : Gopal Vittal
India Set to Launch Its First Venus Mission in 2028
● The Union Cabinet approved India's first mission to Venus, set to be launched by the Indian
Space Research Organisation (ISRO) in March 2028.
● The total budget for the Venus Orbiter Mission is ₹1,236 crore, with ₹824 crore dedicated to
spacecraft development.
● This will be India's second interplanetary mission, following the successful Mars Orbiter Mission
launched in 2013.
Characteristics of Venus:
● Venus is similar to Earth in mass, density, and size, earning the nickname "Earth’s twin."
● However, it has extreme surface temperatures of around 462°C and much higher atmospheric
pressure than Earth.
● The atmosphere of Venus consists of 96.5% carbon dioxide, with clouds of sulfuric acid.
PERSON IN NEWS
Two Women Officers from Indian Navy Set to Embark on Challenging Global Blue-Water Voyage
• Lt. Commanders A. Roopa and K. Dilna of the Indian Navy are set to embark on a blue-water
voyage around the world onboard INSV Tarini.
• The voyage is part of the Sagar Parikrama expedition, which the officers have been preparing for
over the last three years.
• Background of Officers:Lt. Commander K. Dilna hails from Kozhikode, Kerala, and was
commissioned into the Navy in June 2014.
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Important Monthly Current Affairs Capsule – September 2024
SPORTS NEWS
Aarti Wins Bronze in Women's 10,000m Race Walk at World U20 Athletics Championships
• Aarti, a 17-year-old Indian athlete, secured a bronze medal in the Women’s 10,000m race walk
event at the World U20 Athletics Championships held in Lima, Peru.
• She clocked a time of 44 minutes 39.39 seconds, setting a new National U20 record for India and
marking the country's first medal at the championship.
• Aarti broke her own previous national record of 47 minutes 21.04 seconds, which she set earlier this
year in the National Federation Cup U20 Championships in Lucknow.
Indian Shooters Shine at Paris Paralympics: Avani Lekhara Defends Gold, Mona Agarwal Secures
Bronze
• Indian shooters Avani Lekhara, Mona Agarwal, and Manish Narwal made a significant impact on the
first day of shooting at the Paris Paralympics.
• Avani Lekhara became the first Indian to win back-to-back Paralympic gold medals, successfully
defending her title in the women’s 10m air rifle (SH1) event.
• Avani shot an impressive 249.7, breaking her own previous Paralympic record of 249.6, set during
the Tokyo Games three years ago.
Rubina Francis Secures Bronze in Women's 10m Air Pistol at Paris Paralympics
o Rubina Francis, a 25-year-old shooter from Jabalpur, Madhya Pradesh, won a bronze medal in
the women's 10m air pistol SH1 event at the Paris Paralympics.
o Rubina scored an aggregate of 211.1 to finish third in the eight-woman final.
o She was behind Sareh Javanmardi of Iran (gold with 236.8 points) and Aysel Ozgan of Turkey
(silver with 231.1 points).
Charles Leclerc Triumphs at Italian Grand Prix; Lando Norris Cuts Verstappen’s Championship Lead
o Charles Leclerc secured victory at the Italian Grand Prix on September 1, 2024, delighting the
massive Ferrari fanbase. This win marks Leclerc’s second victory at Monza, having previously
won in 2019.
o Leclerc led the race from the 16th lap, maintaining his position after a single pit stop.
o He held McLaren’s Oscar Piastri and Lando Norris off, with Piastri finishing second and Norris in
third.
India Achieves Record Medal Haul at the Paralympics
• India has achieved its best-ever medal tally at the Paralympics, surpassing its previous record
from the Tokyo Paralympics.
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Important Monthly Current Affairs Capsule – September 2024
• Medal Count: India's medal tally stands at 21 medals: three gold, eight silver, and 10 bronze.
This surpasses the previous best of 19 medals achieved in Tokyo.
• Track and Field Success: India’s track and field athletes have delivered outstanding
performances, contributing significantly to the medal count with five medals on Day Six: two silver
and three bronze.
Yogesh Kathuniya Wins Silver at Paris Paralympics 2024
o Indian para-athlete Yogesh Kathuniya secured a silver medal in the men's discus throw F56
event at the Paris Paralympics 2024.
o This marks his second consecutive Paralympic silver medal.
o Kathuniya, a 27-year-old from Haryana, achieved a throw of 42.22m in his first attempt, securing
the second position.
o His subsequent throws were 41.50m, 41.55m, 40.33m, 40.89m, and 39.68m.
o Claudiney Batista dos Santos of Brazil won the gold with a Paralympic record throw of 46.86m.
India's Impressive Performance at Paris Paralympics 2024
• India's para-athletes have made the nation proud at the Paris Paralympics 2024, securing a total
of 15 medals: 3 gold, 5 silver, and 7 bronze.
• This remarkable achievement highlights India's growing strength in para-sports on the global
stage.
Key Highlights
• Sumit Antil's Historic Achievement:
• Event: Men's Javelin Throw - F64
• Medal: Gold
BCCI Appoints Ajay Ratra as New Selector for Men's Cricket Team
• The Board of Control for Cricket in India (BCCI) has appointed Ajay Ratra, a former India
wicketkeeper, as a selector for the men's cricket team.
• Ratra replaces Salil Ankola in the five-member selection panel.
• Zone Representation:
o As per the convention, each of the five selectors represents a different zone. Ratra will
represent the North Zone in the committee, which is headed by Ajit Agarkar.
India's Achievements at the 2nd World Deaf Shooting Championship
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Important Monthly Current Affairs Capsule – September 2024
o Dhanush Srikanth and Mahit Sandhu secured the gold medal in the mixed air rifle event at
the 2nd World Deaf Shooting Championship in Hannover, Germany.
o The duo defeated fellow Indian competitors Mohammed Vania and Natasha Joshi with a
score of 17-5 in the final.
o Dhanush Srikanth and Mahit Sandhu set a world record in the qualification round with a
score of 628.8, showcasing their exceptional shooting skills.
Dharambir and Pranav Soorma Shine in Men's F51 Club Throw at Paralympics
• Gold Medal:
o Dharambir:
▪ Performance: Won gold with a throw of 34.92m in his fifth attempt.
• Silver Medal:
o Pranav Soorma:
▪ Performance: Secured silver with a throw of 34.59m in his first attempt.
• Bronze Medal:
o Filip Graovac (Serbia):
▪ Performance: Achieved bronze with a throw of 34.18m in his second attempt.
Sharath Kamal Appointed ITTF Foundation Ambassador
• On the 11th day of the Ultimate Table Tennis (UTT) season five at the Jawaharlal Nehru Indoor
Stadium, Sharath Kamal, India’s top table tennis player, was named the first Indian ambassador
of the International Table Tennis Federation (ITTF) Foundation.
• Her Highness Zeina Shaban: Princess of Jordan and two-time Olympian
Brendon McCullum to Lead England Across All Formats from 2024
• Brendon McCullum, currently the coach of England’s Test cricket team since 2022, will also take
charge of the one-day international (ODI) and Twenty20 (T20) teams starting from 2024.
• This decision is part of a revised leadership structure within the England and Wales Cricket
Board (ECB).
Suhas Yathiraj Shines with Silver in Para-Badminton at Paris 2024 Paralympics
o Suhas Lalinakere Yathiraj, a prominent Indian para-badminton star, secured the silver
medal in the men’s singles SL4 category at the Paris 2024 Paralympics.
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Important Monthly Current Affairs Capsule – September 2024
o The match was held at the Stade Pierre de Coubertin, where Suhas faced world champion
Lucas Mazur.
o Despite a hard-fought battle, Suhas finished with a silver medal.
Dhanush Srikanth Shines at World Deaf Shooting Championship
• Dhanush Srikanth won three gold medals for India at the World Deaf Shooting Championship in
Hanover, Germany.
• World Record: He broke the world record in the men's 10m air rifle event qualification with a
score of 632.7, outperforming fellow Indians Shourya Saini (625) and Mohammed Vania (622.7)
in the finals.
Rajasthan Royals Appoints Rahul Dravid as Head Coach
• The Rajasthan Royals, owned by Royals Sports Group, has announced the appointment of
Rahul Dravid as their new Head Coach on a multi-year contract.
• Previous Involvement:
• Rahul Dravid, who previously served as captain and coach for the Royals from 2011 to 2015, will
now return in a new role.
• Dravid initially began his coaching career with the Royals in 2014, transitioning from captain to
mentor.
Indian Athletes Harvinder Singh and Preethi Pal to Lead as Flag-Bearers at Paris 2024 Paralympics
Closing Ceremony
• India will be represented by archer Harvinder Singh and sprinter Preethi Pal as the flag-bearers
at the closing ceremony of the Paris 2024 Paralympics, scheduled.
• At 33, Harvinder Singh made history by becoming the first Indian archer to win a gold medal at
the Paralympics. He secured this win by defeating Poland’s Lukasz Ciszek 6-0 in the men’s
individual recurve final.
• At just 23, Preethi Pal achieved bronze medals in the women’s 100m and 200m races in the T35
category at Paris 2024. She is the first Indian athlete to win a track medal at the Paralympics.
England all-rounder Moeen Ali retires from international cricket
• Moeen Ali, at 37 years old, decided to retire from international cricket after recognizing that he
was no longer in consideration for England's future assignments.
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Important Monthly Current Affairs Capsule – September 2024
• He felt it was time for the next generation to take over and acknowledged the team's need to
rebuild ahead of upcoming tournaments like the ICC Champions Trophy 2025 and the ICC Men's
T20 World Cup 2026.
• International Debut: Moeen Ali made his international debut in 2014 against the West Indies.
India Sets New Records at South Asian Junior Athletics Meet
• Siddharth Choudhary set a new meet record in the men’s shot put event.
• Pooja established a new record in the women’s high jump with a jump of 1.80m, surpassing the
previous record of 1.75m.
• Abinaya Rajarajan won gold in the women’s 100m with a record-breaking time of 11.77 seconds.
• Pooja attempted to better her National U-20 high jump record of 1.83m, set at the 2024 World U-
20 meet in Peru, but did not clear 1.84m.
ICC Men's Cricket World Cup 2023 Delivers $1.39 Billion Economic Impact to India
• The ICC Men's Cricket World Cup 2023 generated a substantial $1.39 billion economic impact
for India.
• International visitors contributed $861.4 million in revenue through accommodation, travel,
transportation, and food and beverage.
• The tournament attracted 1.25 million spectators, with nearly 75% attending a 50-over match for
the first time.
• Secondary and incremental spending by international fans amounted to $515.7 million, with
$281.2 million spent on tourism.
Paris Paralympics 2024 takeaways: India’s historic run of 29 medals
Medal Haul and Key Takeaways
• India achieved its best-ever performance at the Paralympics, winning a total of 29 medals (7
gold, 9 silver, and 13 bronze).
• The tally of 29 medals and 7 gold medals set new records for India, surpassing the previous best
of 19 medals and 5 golds from the Tokyo 2020 Paralympics.
• India finished 18th on the medal table, an improvement from 24th place in Tokyo.
• Indian women athletes made significant contributions, winning 11 medals (including one in mixed
team events). This marked a substantial increase compared to previous Games.
Goa Challengers defends UTT title in styleHistoric Moment in Ultimate Table Tennis
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Important Monthly Current Affairs Capsule – September 2024
• Date and Venue: The final took place on September 7, 2024, at the Jawaharlal Nehru Indoor
Stadium.
• It was the first time in the league's history that a team was set to become a two-time champion,
regardless of the final's outcome.
• Outcome: Goa Challengers defended their title with an emphatic 8-2 win over Dabang Delhi TTC
Jannik Sinner beats Taylor Fritz to win U.S. Open
• Jannik Sinner (Italy) defeated American Taylor Fritz to win U.S Open
• Jannik Sinner becomes the first Italian man to win the U.S. Open and claims his second Grand
Slam title after winning the Australian Open earlier this year.
• Sinner delivered a powerful display from the baseline, controlling the match with his aggressive
style.
Velavan Senthilkumar Wins ACE Challenger Tour 2024
o Velavan Senthilkumar, a top-seeded Indian squash player, won the ACE Challenger Tour 2024.
o He defeated Noor Zaman of Pakistan with scores of 11-5, 11-6, 11-9 in the final.
o Senthilkumar showcased his form by reaching the semi-finals of the recent Tuanku Muhriz Squash
Trophy.
Indian Team Tops Medal Tally at World Deaf Shooting Championships
• India won a total of 21 medals at the second World Deaf Shooting Championships held in Hanover,
Germany.
• The medal tally included 7 gold, 7 silver, and 7 bronze medals.
• India topped the medal tally.
• Ukraine secured second place with 7 gold, 5 silver, and 6 bronze.
Tayyab Ikram Set to be Elected Unopposed as FIH President
• Tayyab Ikram is set to be elected unopposed as the President of the International Hockey
Federation (FIH) at its 49th Congress in Muscat, Oman, on November 9.
• The nominations for FIH elections were submitted by the August 31 deadline.
• Ikram is the sole candidate for the president’s post, representing Hong Kong Macau.
• There is no Indian candidate in the FIH election race.
US Open 2024 Highlights:
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Important Monthly Current Affairs Capsule – September 2024
• The 2024 US Open, held from August 19 to September 8 at Flushing Meadows, Queens, New York
City, concluded with historic wins in both the men’s and women’s singles categories.
• Italian Jannik Sinner and Belarusian Aryna Sabalenka each claimed their first US Open title, marking
significant milestones in their careers.
Neeraj Chopra Concludes 2024 Season with Second-Place Finish at Diamond League Final
• Neeraj Chopra, India's Olympic gold medalist in javelin, finished the 2024 season with a second-
place result at the Diamond League final in Brussels.
• Grenada's Anderson Peters, a Paris 2024 Olympics bronze medallist, won his first Diamond
League title with an effort of 87.87 m. The 2023 European Games champion Julian Weber of
Germany was third with a distance of 85.97 m.
• Despite winning the Paavo Nurmi Games in Finland earlier in the season, Chopra faced
struggles at key events, including the Paris Olympics.
Detailed Overview of the 21st HCL International Bridge Championship
• The 21st HCL International Bridge Championship recently concluded in Delhi with a series of
highly competitive events, showcasing exceptional skill and strategy in the game of bridge.
• The championship featured multiple categories, including the Mixed IMP Pairs event, where
players competed for top honours and significant prizes.
• Mixed IMP Pairs Event
• Winning Pair: Arun Jain & Gopika Tandon
• Runners-up: Alka Kshirsagar & Joyrup Mullick
• Third Place: Marianne Karmarkar & Sandeep Karmarkar
• Mixed IMP Pairs Silver
• Winners: T.V. Ramani & Bindiya Kohli
Runners-up: Dagmar Neumann & Maurits van der Vlugt
• Third Place: Timur Edis & Elvan Edis
Top Seed Ajay Malik Triumphs in AITA Men's Tennis Tournament
• The Rs. 100,000 AITA Men's Tennis Tournament, held at the Ace Academy, concluded with top
seed Ajay Malik clinching the championship title.
• The tournament showcased competitive matches and high-level tennis.
• Champion: Ajay Malik
Opponent: Vansh Nandal (8th Seed)
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Important Monthly Current Affairs Capsule – September 2024
Harmanpreet Singh and PR Sreejesh were Nominated for the FIH Hockey Stars Awards
• India's hockey captain Harmanpreet Singh and veteran goalkeeper PR Sreejesh have been
shortlisted for the prestigious FIH Hockey Stars Awards following their outstanding performances at
the Paris Olympics.
• The nominations were announced by the International Hockey Federation (FIH).
Player of the Year Award - Nominees:
• Men's Category:
o Harmanpreet Singh (India)
o Thierry Brinkman (Netherlands)
o Joep de Mol (Netherlands)
o Hannes Müller (Germany)
o Zach Wallace (England)
Goalkeeper of the Year Award - Nominees:
• Men's Category:
o PR Sreejesh (India)
o Pirmin Blaak (Netherlands)
o Luis Calzado (Spain)
o Jean-Paul Danneberg (Germany)
o Tomas Santiago (Argentina)
India Clinches 5th Asian Champions Trophy Title with Narrow Win Over China
• India won their fifth Asian Champions Trophy title with a hard-fought 1-0 victory over China.
• The decisive goal was scored by Jugraj Singh in the 51st minute, assisted by Harmanpreet Singh.
• Despite China's resilient defence, India managed to secure the win and retain their crown.
Punjab Kings Appoint Ricky Ponting as New Head Coach
• Ricky Ponting has been named the Head Coach of Punjab Kings for the 2025 season and
beyond.
• Ponting's Coaching Experience:
o Coached Mumbai Indians and Delhi Capitals in the IPL, leading them to one championship and
four playoff appearances.
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Important Monthly Current Affairs Capsule – September 2024
o Guided Washington Freedom to a title in the 2024 MLC season.
Saleema Imtiaz: First Pakistani Woman Nominated to ICC International Panel of Development Umpires
● Saleema Imtiaz has made history by becoming the first Pakistani woman to be nominated to the
ICC International Panel of Development Umpires, as announced by the Pakistan Cricket Board
(PCB).
● Umpiring Background: Saleema began her career with the PCB women's panel in 2008.
● Notable Matches: She officiated in the 2022 Asia Cup and the 2023 ACC Emerging Women’s
Cup in Hong Kong.
● Experience: She has officiated in 22 T20Is, including 16 on-field and 6 as a TV umpire. Her most
recent match as an on-field umpire was the Women’s Asia Cup Final in Dambulla.
About the ICC
● The International Cricket Council (ICC) is the global governing body for cricket, headquartered in
Dubai, UAE, with 108 member nations (12 Full Members and 96 Associate Members).
● Current Chairman: Greg Barcley (New Zealand)
● Upcoming Chairman: Jay Shah (effective December 1, 2024)
● For the 2024-25 panel, Indian umpires Narayanan Janani and Vrinda Rathi have also been
included.
India Wins First Gold Medal in Women’s Section at 2024 Chess Olympiad
● India achieved a historic victory by securing its first-ever gold medal in the women's section of the
2024 Chess Olympiad, held at the SYMA Sports and Conference Centre in Budapest, Hungary.
● Final Round Victory: In the decisive final round, Divya Deshmukh, Vantika Agrawal, and Harika
Dronavalli won their matches, while R. Vaishali contributed with a draw.
● Support from the USA: India's triumph was bolstered by the USA's 2-2 draw against title-chasing
Kazakhstan, preventing them from overtaking India.
● Medal Standings: Kazakhstan finished with the silver medal, and the USA took home the bronze.
● The Indian men's team also celebrated a first-ever gold medal at the 45th Olympiad, marking a
double success for Indian chess.
● India retained the Gaprindashvili Trophy, awarded to the team with the best overall performance
across both open and women's sections.
● Prior to this gold medal, India's best result in the women's section was a bronze medal at the 2022
Olympiad in Mahabalipuram.
Alcaraz Secures Laver Cup Victory for Team Europe
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Important Monthly Current Affairs Capsule – September 2024
● Four-time Grand Slam champion Carlos Alcaraz overcame Taylor Fritz 6-2, 7-5 as Team Europe
rallied to beat Team World 13-11 and win the Laver Cup.
● Alcaraz broke the U.S. Open runner-up Fritz in the 11th game and then closed out victory on serve,
sparking celebrations as the Europe team rejoiced with captain Bjrn Borg in Berlin.
● Event: Laver Cup 2024
● Date: September 23, 2024
● Location: Berlin
Match Summary:
● Final Score: Team Europe 13, Team World 11
● Decisive Match:
o Player: Carlos Alcaraz (Europe)
o Opponent: Taylor Fritz (World)
o Score: 6-2, 7-5
Pratyasa Ray Wins 32nd Ekalabya Puraskar for 2024 for Swimming Achievements
● Pratyasa Ray, an emerging swimming talent from Odisha, has been selected for the prestigious
32nd Ekalabya Puraskar 2024 for her outstanding achievements in swimming.
● Achievements:
o 2024: Joint-Best Swimmer in Women’s Open category, winning 6 Gold medals at the 64th
Odisha State Swimming Championship.
o 2023: Won 6 Gold medals at the 63rd Odisha State Swimming Championship.
o Pratyasa Ray will receive a cash prize of Rs 7 lakh (up from the previous Rs 5 lakh) along
with a citation during the award ceremony.
● Ekalabya Puraskar:
o Instituted by Indian Metals Public Charitable Trust (IMPaCT) in 1993, this award is managed
by IMFA, a leading ferro alloys producer in India.
o The award is considered Odisha’s most prestigious sports award and is given annually to
young sportspersons for their achievements over the previous two years.
Indian Duo Wins Men's Doubles Title at 2024 Hangzhou Open
● Jeevan Nedunchezhiyan and Vijay Sundar Prashanth clinched the men’s doubles title at the 2024
Hangzhou Open.
● They triumphed over Germany’s Constantin Frantzen and Hendrik Jebens with a final score of 4-6,
7(7)-6(5), 10-7.
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Important Monthly Current Affairs Capsule – September 2024
1. Individual Achievements:
o This victory marks Jeevan's second ATP title, his first being at the 2017 Chennai Open
with Rohan Bopanna.
o Vijay celebrated his first ATP title.
Shakib Al Hasan Announces Retirement from T20I and Future Plans in Cricket
● Former Bangladesh 37-year-old skipper and all-rounder Shakib Al Hasan has officially retired from
T20I cricket after featuring in 129 matches.
● In addition, he has expressed his desire to retire from Test cricket following the home series against
South Africa next month in Mirpur.
Lay’s Becomes Official Sponsor of FIFA World Cup 2026 and FIFA Women’s World Cup 2027
● Lay’s has become the official sponsor for both the FIFA World Cup 2026 and the FIFA Women’s
World Cup 2027.
● This marks a significant global expansion of Frito-Lay’s successful involvement as a regional
supporter during the FIFA World Cup Qatar 2022 and as a tournament supporter for the FIFA
Women’s World Cup 2023.
BOOKS AND AUTHORS
ISRO Chairman Launches Coffee-Table Book on India's Space Journey
• S. Somanath, Chairman of the Indian Space Research Organisation (ISRO), unveiled a coffee-
table book titled “ISRO: Exploring New Frontiers – To The Moon, The Sun & Beyond” published
by The Hindu Group of Publications.
• Key Highlights:
• Book Title: “ISRO: Exploring New Frontiers – To The Moon, The Sun & Beyond”
• Curator: T.S. Subramanian, former associate of Frontline magazine
About ISRO (Indian Space Research Organisation):
• Role: India’s National Space Agency under the Department of Space, Government of India.
• Headquarters: Bengaluru, Karnataka.
• Vision: To utilize space technology for national development, conduct space science research,
and explore other planets.
New Book Titled : “From Oil to Lithium: Navigating the Future of Energy” by Kuldeep Gupta has been
released
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Important Monthly Current Affairs Capsule – September 2024
• In a world increasingly focused on sustainable energy solutions, Kuldeep Gupta’s new book,
“From Oil to Lithium: Navigating the Future of Energy”, stands out as a transformative read.
• This compelling work combines personal narrative with a critical examination of global energy
challenges.
OBITUARIES
New Zealand’s Māori King Kiingi Tuheitia Passed away
• New Zealand’s Māori King, Kiingi Tuheitia Pootatau Te Wherowhero VII, passed away at the age
of 69.
• His death occurred shortly after celebrating his 18th year on the throne.
• Born Tuheitia Paki in 1955 in Huntly, North Island, New Zealand.
• He was crowned as Māori King on August 21, 2006, following the death of his mother, Te Arikinui
Dame Te Atairangikaahu.
James Earl Jones, Iconic Darth Vader Voice and Legendary Actor Passed Away
• James Earl Jones, the legendary American actor who appeared in films like Star Wars, Field of
Dreams, and The Lion King, passed away at the age of 93.
• James Earl Jones was born in Arkabutla, Mississippi, United States (US) on January 17, 1931.
Leading Lebanese novelist Elias Khoury Passed away
• Lebanese novelist Elias Khoury who dedicated much of his writings to the Palestinian cause and
taught at universities around the world, making him one of Lebanon's most prominent
intellectuals, has passed away at the age of 76.
• Elias Khoury was born and raised in Beirut on July 12, 1948.
• He was a Greek Orthodox Christian and had significant involvement in Lebanon's civil war (1975-
1990), where he was wounded in battle.
Renowned poet and ex-intelligence officer Keki N. Daruwalla Passed away
● Renowned poet and former IPS officer Keki N Daruwalla, an inspiration to countless young
writers and poets who looked at him as a mentor,passed away at the age of 87.
● He was awarded the Sahitya Akademi Award, in 1984 for his poetry collection, The Keeper of the
Dead, by the Sahitya Akademi, India's National Academy of Letters.
● He was awarded Padma Shri, the fourth highest civilian award in India, in 2014.
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Important Monthly Current Affairs Capsule – October 2024
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Important Monthly Current Affairs Capsule – October 2024
S. No Topics Page No
1. IMPORTANT DAYS 03
2. BANKING AND ECONOMY 13
3. NATIONAL NEWS 89
4. INTERNATIONAL NEWS 124
5. STATE NEWS 139
6. BUSINESS NEWS 159
7. AWARDS AND HONOURS 177
8. APPOINTMENTS & RESIGNATIONS 184
9. ACQUISITIONS & MERGERS 205
10. MOUS AND AGREEMENT 212
11. DEFENCE NEWS 219
12. SCIENCE & TECHNOLOGY 228
13. RANKING AND INDEXES 237
14. SPORTS NEWS 240
15. OBITUARIES 249
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Important Monthly Current Affairs Capsule – October 2024
IMPORTANT DAYS
International Day of Older Persons 2024: October 1
● The International Day of Older Persons is observed every year on 1st October
● The theme for the 2024 United Nations International Day of Older Persons (UNIDOP) is "Ageing with
Dignity: The Importance of Strengthening Care and Support Systems for Older Persons Worldwide".
● This day was first observed on October 1, 1991.
World Vegetarian Day 2024: October 1
● World Vegetarian Day is observed on the 1st of October of every year.
● In 1977, the North American Vegetarian Society (NAVS) founded World Vegetarian Day.
● World Vegetarian Day aims to promote life-enhancing possibilities and the joy of eating vegetarian
dishes.
International Coffee Day 2024: October 1
● The International Coffee Day is observed on 1st October of every year.
● The International Coffee Organisation first declared the International Coffee Day.
● The International Coffee Organisation was started in the year of 1963.
● This day was launched in Milan.
● So in 2015, the International Coffee Organisation officially announced that International Coffee Day
is celebrated on October 1.
International Day of Non-Violence 2024: October 2
● The International Day of Non-violence is observed on the 2nd October of every year.
● In 2004, Iranian Nobel laureate Shirin Ebadi had a proposal of an International Day of Non-Violence.
● This idea was gradually attracted by some leaders of India’s Congress Party.
● The International Day of Non-Violence is observed on 2nd October in order to commemorate the
birth anniversary of the Non-violent freedom fighter Mohandas Karmchand Gandhi.
Gandhi Jayanti 2024: October 2
● Gandhi Jayanti is celebrated in India to commemorate the birth anniversary of the freedom fighter
Mohandas Karamchand Gandhi, also known as Mahatma Gandhi.
● This day is celebrated on 2nd October of every year as he was born on 2nd October 1869.
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Important Monthly Current Affairs Capsule – October 2024
● This day is one of the national holidays in India.
● Mahatma Gandhi is also called the “Father of The Nation.
National Wildlife Week 2024: October 2 to 8,
● As National Wildlife Week approaches from October 2 to 8, 2024, India is gearing up to celebrate its
diverse ecosystems and emphasize the vital importance of wildlife conservation.
● This year's(2024) theme, “Wildlife Conservation Through Coexistence,” aims to raise awareness
about the pressing challenges faced by wildlife and the urgent need for collective action to preserve
these invaluable resources.
● Initially observed as Wildlife Day in 1955, it was later expanded and renamed Wildlife Week in 1957.
Swachh Bharat Diwas 2024: Celebrating a Decade of Sanitation Progress
● On October 2, 2024, coinciding with Gandhi Jayanti, Prime Minister Narendra Modi participated in
Swachh Bharat Diwas at Vigyan Bhawan, New Delhi, marking the completion of a decade of the
Swachh Bharat Mission.
● During this event, he will inaugurate and lay the foundation for several projects worth over ₹9,600
crore related to sanitation and cleanliness.
The funding allocation includes:
● ₹6,800 crore for urban water and sewage systems under AMRUT and AMRUT 2.0.
● ₹1,550 crore for water quality and waste management in the Ganga basin under the National
Mission for Clean Ganga.
● ₹1,332 crore for 15 Compressed Biogas (CBG) Plant projects under the GOBARdhan Scheme.
World Smile Day 2024: October 4
● World Smile Day is celebrated on the first Friday of October every year.
● This year World Smile Day was celebrated on 4th October.
● The theme for World Smile Day 2024 is "Do an act of kindness. Help one person smile".
World Animal Day 2024: October 4
● World Animal Day is celebrated on the 4th October of every year.
● This day is observed to raise awareness about the welfare standards of the animals.
● The theme for World Animal Day 2024 is "The World Is Their Home Too!".
● World Animal Day was first organized by Heinrich Zimmermann, the German Writer on March 24,
1925, in Berlin. More than five thousand people attended this event.
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Important Monthly Current Affairs Capsule – October 2024
World Space Week (WSW) 2024: October 4 to 10.
● World Space Week (WSW) is an annual international celebration of science and technology and
their contributions to improving the human condition. The United Nations General Assembly
declared WSW will be observed every year from October 4 to 10.
● Theme of 2024 WSW: “Space & Climate Change”
World Teachers Day 2024: October 5
● World Teachers Day or International Teachers Day is celebrated on the 5th October of every year.
● This year, World Teachers Day Theme 2024 is Valuing teacher voices "Valuing Teacher Voices:
Towards a new social contract for education."
● World Teachers Day was established by the United Nations Educational, Scientific and Cultural
Organization (UNESCO) in the year of 1994.
World Cerebral Palsy Day 2024: October 6
● Every year October 6th is observed as World Cerebral Palsy Day.
● This year's theme, ‘#UniquelyCP’, celebrates the uniqueness of the cerebral palsy community - their
interests, passions, and identities - showing that they are not solely defined by their disability.
● Dr. Sigmund Freud was the first person who stated that Cerebral Palsy may be caused by abnormal
development before birth.
World Cotton Day 2024: October 7
● World Cotton Day is observed on 7th October of every year.
● The theme of World Cotton Day is, 'Cotton for Good'
● In 2019, The four Cotton producers namely Benin, Burkina Faso, Chad and Mali initiated the World
Trade Organisation about the World Cotton Day on October 7.
● The first World Cotton Day was celebrated on 7th October 2019 and it was hosted by the World
Trade Organization.
World Habitat Day 2024: October 7
● World Habitat Day is observed on the first Monday of October of every year. This year World Habitat
Day is celebrated on the 7th of October.
● In 1985, The UN General Assembly adopted resolution 40/202 and established World Habitat Day
on the first Monday of October.
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Important Monthly Current Affairs Capsule – October 2024
● Since 1986, World Habitat Day has been celebrated on the First Monday of October of every year.
Indian Air Force Day 2024: October 8
• The Indian Air Force Day is celebrated on the 8th of October of every year in India.
• The Indian Air Force was first established on the 8th of October of 1932, so the Indian Air Force
Day is celebrated on the 8th of October of every year.
• The first flight of the Indian Air Force came into being on 1 April 1933.
World Post Day 2024: October 9
• World Post Day is celebrated on 9th October of every year.
• the World Post Day theme for 2024 is: "150 years of enabling communication and empowering
peoples across nations".
• World Post Day was first declared by the Universal Postal Union (UPU) Congress in Tokyo,
Japan in the year of 1969.
Indian Foreign Service (IFS) Day 2024: October 9
• Indian Foreign Service (IFS) Day is observed annually on October 9, commemorating the
establishment of the Indian Foreign Service in 1946.
• First Observed: 1946
• Purpose: To honor and recognize the contributions of Indian diplomats in safeguarding national
interests and enhancing India’s global reputation.
• The IFS was officially established on October 9, 1946, just before India gained independence.
World Mental Health Day: October 10
• World Mental Health Day 2024 falls on the 10th of October.
• World Mental Health Day with the theme 'It is Time to Prioritise Mental Health in the Workplace'
• A non-governmental organization called the World Federation for Mental Health (WFMH) was
established in 1948.
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Important Monthly Current Affairs Capsule – October 2024
• On October 10, 1992, Richard Hunter, who was the deputy secretary general of the WFMH at the
time, declared the first World Mental Health Day.
World Sight Day : October 10
• World Sight Day is an International Day of Awareness, held annually on the second Thursday of
October. This year, World Sight Day is observed on the 10th of October 2024.
• Lions Clubs International partnered with blindness presentation organizations worldwide for the
first World Sight Day in 1998.
National Post Day: October 10
• National Postal Day is observed in India on October 10 each year, celebrating the establishment
of the Indian postal system and acknowledging the vital role it plays in connecting people across
the country.
• For 2024, the theme for National Postal Day is "Connecting India: The Role of Postal Services in
Nation Building".
• Establishment: The Indian Postal Service was initiated on October 10, 1854, when the East India
Company implemented a comprehensive postal network across the nation.
World Day against the Death Penalty, 10 October 2024
• October 10 marks World Day Against the Death Penalty
• The Committee of Ministers reaffirms its strong opposition to the death penalty, emphasizing the
need for its abolition.
• Aims to establish a death penalty-free zone in Europe and beyond, consistent with the Reykjavík
Declaration adopted by Heads of State and Government in May 2023.
• Theme of the World Day: "The Death Penalty Protects No One"
International Day of the Girl Child: 11 October
• On 11 October 2024, the International Day of the Girl Child is celebrated
• Theme for 2024: "Girls’ Vision for the Future"
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Important Monthly Current Affairs Capsule – October 2024
• Adopted on December 19, 2011, to declare October 11 as the International Day of the Girl Child.
• Aims to recognize girls’ rights and address the unique challenges they face globally.
World Arthritis Day: October 12
• World Arthritis Day 2024 falls on October 12.
• The theme for World Arthritis Day 2024 is "Informed Choices, Better Outcomes."
• The Arthritis Foundation established World Arthritis Day.
International Day for Disaster Risk Reduction: October 13
• The International Day for Disaster Risk Reduction 2024 is observed on the 13th of October.
• The International Day for Natural Disaster Reduction was established by a resolution passed by
the UN General Assembly in 1989.
• Also, the day was renamed International Day for Disaster Risk Reduction.
World Standards Day: October 14
• World Standards Day is observed annually on the 14th of October 2024.
• The first World Standards Day was celebrated in 1946 in London, the same year that the
International Organization for Standardization was founded.
International Day of Rural Women: October 15
● International Day of Rural Women 2024 is observed on the 15th of October 2024.
● This year's theme, "Rural Women Sustaining Nature for Our Collective Future: Building climate
resilience, Conserving Biodiversity, and Caring for land towards gender equality and Empowerment,"
● October 15 will be recognized yearly as International Day of Rural Women globally, according to a
resolution 62/136 passed by the United Nations General Assembly on December 18, 2007.
White Cane Safety Day: October 15
● White Cane Safety Day 2024 is observed on the 15th of October 2024. (This day is dedicated to
visually impaired people)
● White Cane Safety Day was established annually on October 15 by a joint resolution that President
Lyndon B. Johnson and the U.S. Congress signed on October 6, 1964.
Pregnancy and Infant Loss Remembrance Day: October 15
● Pregnancy and Infant Loss Remembrance Day 2024 is observed on the 15th of October 2024.
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Important Monthly Current Affairs Capsule – October 2024
● Pregnancy and Infant Loss Remembrance Day (PAILRD) is a memorial day that is annually
honoured on October 15 in the United States and Canada.
● The month of October had previously been declared to be Pregnancy & Infant Loss Awareness
Month by President Ronald Reagan.
Global Handwashing Day: October 15
● Global Handwashing Day 2024 is observed on the 15th of October 2024.
● The Global Handwashing Partnership established Global Handwashing Day as a chance to develop
and put into practice original strategies for inspiring people to wash their hands with soap,
particularly in times of need.
● In 2008, the first Global Handwashing Day was observed.
World Students Day: October 15
● World Students Day 2024 is observed on the 15th of October 2024, to honor the birthday of our
former president, the late Dr. APJ Abdul Kalam.
● In 2010, World Students Day was established by the United Nations. In honour of former Indian
president APJ Abdul Kalam, who was born on the same day in 1931, October 15 of each year is
observed as World Students' Day.
● The purpose of the day is to honor Kalam's contributions to education and students. Early in his life,
Kalam studied science and physics. He was born in Rameswaram, Tamil Nadu.
World Anaesthesia Day: October 16
● World Anaesthesia Day is observed on October 16 in remembrance of W.T.G. Morton, who made
the first successful official demonstration of ether as an anaesthetic on this date 173 years ago.
● Since 1903, unique occasions have been planned to commemorate this momentous day.
World Food Day: October 16
● World Food Day 2024 is observed annually on the 16th of October 2024.
● The World Food Day 2024 theme is “Right to Foods for a Better Life and a Better Future,”
● The Food and Agriculture Organization (FAO), a specialised body of the United Nations, created
World Food Day in 1945.
International Day for the Eradication of Poverty 2024
● The International Day for the Eradication of Poverty 2024 will be observed on October 17th,
focusing on global efforts to eliminate poverty and uphold human rights.
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Important Monthly Current Affairs Capsule – October 2024
● The day was first commemorated on October 17, 1987, at the Trocadéro in Paris, where more
than 100,000 people gathered.
International Stuttering Awareness Day 2024
● International Stuttering Awareness Day 2024 is observed on the 22nd of October 2024.
● This year, the theme of International Stuttering Awareness Day 2024 is 'The Power of Listening.'
● International Stuttering Awareness Day was established in the year 1998 to bring attention to the
millions of people across the world who are living with his specific Communication Disorder.
World Iodine Deficiency Day: 21st October
● World Iodine Deficiency Day, also known as Global Iodine Deficiency Disorders Prevention Day, is
observed on 21st October every year.
● The day aims to spread awareness about iodine's vital role in maintaining health and preventing
iodine deficiency disorders (IDD).
● Iodine is essential in thyroid hormones, thyroxine (T4) and triiodothyronine (T3), which are crucial for
metabolism and fetal and infant development.
World Development Information Day: 24th October
● World Development Information Day 2024 is observed on the 24th of October 2024.
● The United Nations General Assembly conducted a conference on Trade and Development on 17th
May 1972.
International Snow Leopard Day: October 23
● International Snow Leopard Day is celebrated on October 23 each year to raise awareness about
the conservation of snow leopards and their endangered status.
● Theme for 2024:
o The theme for International Snow Leopard Day 2024 is “Safeguarding Snow Leopard Habitats
for Future Generations.”
o This theme emphasizes the critical importance of protecting the natural habitats of snow
leopards to ensure their survival and the health of mountain ecosystems.
o International Snow Leopard Day was established following the adoption of the Bishkek
Declaration by 12 countries, focusing on snow leopard conservation.
ITBP Raising Day 2024 : 24th October
● ITBP Raising Day 2024 is observed on the 24th of October 2024.
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Important Monthly Current Affairs Capsule – October 2024
● The war took place between India and China in 1962 in the Himalayan region which is the highest
altitude in the country.
● Since it is at the highest altitude the weather conditions are worse which will be around 25 degrees
Celcius.
● Every Year the ITBP raising day is celebrated to honour the Police forces and to issue medals to the
officers who showed bravery and courage in emergency situations.
World Polio Day : 24th October
● World Polio Day 2024 is observed on the 24th of October 2024.
● World Polio Day was first initiated and Celebrated by Rotary International for the birthday of Jonas
Salk, the Medical Researcher who led the first team to develop a vaccine against polio.
● Rotary International and WHO established the Global Polio Eradication Initiative (GPEI) in 1988.
United Nations Day: 24th October
● United Nations Day 2024 is observed on the 24th of October 2024.
● United Nations Day is celebrated annually on October 24, commemorating the entry into force of the
UN Charter in 1945.
● The idea of forming an international body to prevent wars was proposed during World War II, with
the first official proposal emerging in 1941 through the Atlantic Charter.
● The foundation of the UN was further developed through several conferences, notably the San
Francisco Conference in 1945, where the UN Charter was drafted.
International Artist Day - October 25
● International Artist Day is celebrated annually on October 25 to honour and recognize artists from
various fields, including visual arts, music, dance, literature, and performance.
● The day was initiated in 2004 by Chris MacClure, a Canadian artist known for his "Romantic
Realism" style, to highlight the essential role that artists play in society and to encourage support for
the arts.
National Lemur Day - October 25, 2024
● National Lemur Day is celebrated on October 25, 2024, under the theme "Lemurs, a National
Treasure, a Global Pride."
● This day highlights the importance of lemurs, the iconic animals of Madagascar, and their critical role
in maintaining the balance of ecosystems.
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Important Monthly Current Affairs Capsule – October 2024
● Origin: The celebration of lemurs started with the World Lemur Festival initiated by Professor Jonah
Ratsimbazafy in 2014 in Antananarivo, Madagascar. The aim was to raise awareness about the
significance of lemurs in Madagascar, an island renowned for its unique biodiversity.
Disarmament Week: October 24 - 30
● Disarmament Week is observed annually from October 24 to 30,2024 starting on the United Nations
(UN) Day.
● This week aims to raise awareness about the importance of disarmament and promote international
dialogue to reduce the spread and impact of weapons.
● Established by the UN in 1978, it emphasizes reducing or eliminating weapons, including nuclear,
chemical, biological arms, and conventional weapons.
Global Media and Information Literacy Week: October 24 - 31
● Global Media and Information Literacy (MIL) Week is observed annually from October 24 to 31.
● It aims to raise awareness about the importance of Media and Information Literacy (MIL) and
celebrates the progress made towards ensuring that people around the world are equipped with the
skills to critically navigate the information landscape.
● This year's theme is "The New Digital Frontiers of Information: Media and Information Literacy for
Public Interest Information."
● Media and Information Literacy (MIL) involves competencies that enable individuals to effectively
navigate the information and communication landscape.
World Stroke Day: 29th October
● World Stroke Day 2024 is observed on the 29th of October 2024.
● The theme for World Stroke Day 2024 is “#GreaterThanStroke Active Challenge.” The theme has
been designated by the World Stroke Organization (WSO).
● The European Stroke Organization, which spearheaded the initiative, observes its awareness day on
May 10.
● It wasn’t until October 29 that World Stroke Day was designated, an event that was initiated in 2004
during the World Stroke Congress in Vancouver, Canada.
International Day of Care and Support: October 29, 2024
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Important Monthly Current Affairs Capsule – October 2024
● The International Day of Care and Support is observed annually on October 29 to honour caregivers'
invaluable role in society.
● This day acknowledges the dedication of caregivers, promotes supportive policies, and emphasizes
the importance of care work in building stronger, more inclusive communities.
● Theme for 2024“Ageing with Dignity: The Importance of Strengthening Care and Support Systems
for Older Persons Worldwide”
International Animation Day (IAD) - October 28, 2024
● International Animation Day (IAD) is celebrated annually on October 28 to honour the origins and
impact of animation as a significant artistic and cultural medium.
● Established by the Association Internationale du Film d’Animation (ASIFA) in 2002, IAD
commemorates the first public projection of animated images by Émile Reynaud at his Théâtre
Optique in Paris in 1892.
National Unity Day 2024 Theme and History: 31st October
● National Unity Day 2024 is observed on the 31st of October 2024.
● The National Unity Day 2024 was first started in the year 2014 by our Honourable Prime Minister
Narendra Modi to honour the birth anniversary of Sardar Vallabhbhai Patel on 31st October 1875.
World Savings Day : 31st October
● World Savings Day 2024 is observed on the 31st of October 2024. (30th October in India)
● World Savings Day, also called World Thrift Day, was first established in the year 1924 during the
first International Savings Bank Congress.
BANKING & FINANCE
New securities transaction tax Rates for Futures and Options to Take Effect from October 1, 2024
● Amid concerns about rising investor trading in the Futures & Options (F&O) segment, the new
securities transaction tax (STT) levied on the sale of futures and options contracts will kick in
from October 1, 2024.
STT Rate Increases:
➢ Options: STT will increase from 0.0625% to 0.1%.
➢ Futures: STT will rise from 0.0125% to 0.02%.
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Important Monthly Current Affairs Capsule – October 2024
● Objective: The increased STT aims to curb excessive speculative trading in the F&O segment,
particularly among retail investors.
● Retail Investor Losses : Loss Statistics:
➢ 93% of over 1 crore individual F&O traders experienced average losses of around ₹2 lakh.
➢ The top 3.5% of loss-makers (about 4 lakh traders) lost an average of ₹28 lakh each.
● Profit Rates: Only 7.2% of individual F&O traders made a profit over the three years, and just 1%
earned over ₹1 lakh in profits after transaction costs.
● Changes in Rules and Regulations: Aadhaar and PAN Allotment:From October 1, individuals will
no longer need to mention their Aadhaar enrollment ID in PAN allotment documents or while
filing income tax returns.
● Post Office Small Saving Schemes : New rules for the regularization of irregular Public Provident
Fund (PPF) accounts, Sukanya Samriddhi Yojana, and other small saving schemes will be
implemented from October 1, 2024
● These rules will address issues related to accounts opened in the name of minors, multiple PPF
accounts, and extensions of PPF accounts by NRIs.
● ChangesTDS Updates: Changes related to TDS will come into effect from October 1, as
introduced in the Union Budget 2024.
➢ A 10% TDS will be applicable on certain central and state government bonds.
➢ Changes in TDS payment for life insurance policies, house rent payments, etc., will also
be implemented starting October 1.
India's Foreign Exchange Reserves Reach All-Time High of $692.3 Billion
● As of September 20, 2024, India’s foreign exchange reserves reached a record high of $692.3
billion, marking the sixth consecutive week of increases.
● The reserves increased by $2.84 billion during the week ending September 20,2024 following a
total rise of $19.3 billion over the previous five weeks.
Components of Reserves:
● Foreign Currency Assets: The largest component rose to $605.7 billion, up from $603.6 billion in
the previous week.
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Important Monthly Current Affairs Capsule – October 2024
● Gold Reserves: The RBI data also showed a $726 million increase in Gold reserves to $63.613
billion in the latest filing, compared to $62.887 billion in the September 13 data.
● Gold is the second largest contributor to India's forex reserve.
● Special Drawing Rights (SDRs): Increased to $18.5 billion, up from $18.4 billion.
● Reserve Tranche Position with International Monetary Fund (IMF) : Decreased slightly to $4.46
billion from $4.52 billion.
Top 10 Countries With Highest Foreign Exchange Reserves Including Gold as of May 2024:
Rank Country Total Forex Gold Reserves
Reserves (in Reserves (in (in million
million USD) million USD) USD)
1 China 3,469,776.82 3,308,705.00 161,071.82
2 Japan 1,290,604.98 1,230,377.14 60,227.84
3 Switzerland 864,426.87 794,931.41 69,495.46
4 United States 811,811.40 232,761.25 579,050.15
of America
5 India 651,950.34 593,423.00 58,527.34
6 Taiwan 598,819.67 570,595.00 28,224.67
7 Russia 590,222.33 424,146.08 166,076.25
8 Saudi Arabia 458,114.83 436,526.61 21,588.22
9 Hong Kong 425,554.25 425,415.00 139.25
SAR
10 South Korea 420,983.76 414,004.46 104.45
Securities and Exchange Board of India launches new asset class and relaxes regulations for the
Mutual Funds Lite framework
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Important Monthly Current Affairs Capsule – October 2024
● The Securities and Exchange Board of India (SEBI) paved the way for the introduction of a new
asset class, which will add depth and variety to the investment landscape of the country.
● The SEBI, in its board meeting, announced the introduction of a liberalised Mutual Funds Lite
(MF Lite) framework for passively managed schemes of mutual funds schemes.
● The board meeting was the first since Hindenburg Research and Congress’ allegations of
‘conflict of interest’ against SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch.
● The board did not announce tighter norms to curb speculative trading in Futures & Options (F&O),
as expected by most of the market participants.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Policyholders to benefit as new life insurance surrender value norms take effect from Oct 1, 2024
● The Insurance Regulatory and Development Authority of India (IRDAI) introduced new surrender
value norms to ensure "reasonableness and value for money" for both exiting and continuing
policyholders.
● Surrender Value:Surrender value is the amount an insurer pays if a policyholder terminates the
policy before maturity. It includes the earnings and savings portion.
● Under the new norms, surrender value will be at least equal to the present value of the paid-up
sum assured on all contingencies covered, plus accrued/vested benefits.
● Formula Change:As per the new guidelines, the special surrender value will rise by over 20%
compared to the existing regulation, where insurers pay 50% of the total premium if surrendered
between the 4th and 7th year.
● Applicability:All existing policies must comply with the new norms by September 30, 2024, and
new policies must offer the revised surrender values from October 1, 2024.
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Important Monthly Current Affairs Capsule – October 2024
About IRDAI :
● Established : 1999
● Headquarters : Hyderabad, Telangana
● Chairperson : Debasish Panda
● The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.
YES BANK and Paisabazaar Introduce 'PaisaSave' Cashback Credit Card with Advanced Features
● Paisabazaar, India's leading online marketplace for consumer credit and free credit score
platform, has partnered with YES BANK, India's sixth largest private sector bank, to unveil their
co-branded credit card - YES BANK Paisabazaar PaisaSave Credit Card.
● The PaisaSave Credit Card is designed to reward frequent shoppers by offering substantial
cashback on everyday purchases, both online and offline, making it a must-have for the value-
conscious customers.
About Paisabazaar :
● Founded : 2014
● Co-Founder & CEO : Naveen Kukrej
EaseMyTrip unveils ScanMyTrip, a pioneering travel platform on ONDC
● Online travel tech platform in India, EaseMyTrip.com has introduced ScanMyTrip.com, the
country’s first travel marketplace of its kind.
● It has also become the first OTA (Online Travel Agency) to both offer and purchase travel
services through the ONDC Network. ScanMyTrip.com will serve as a platform where OTAs,
MSMEs, travel agents, and homestays can list services such as flights, hotels, and
accommodations on the ONDC Network, expanding their reach within the digital marketplace.
About ONDC :
● Established : 31 December 2021
● MD & CEO : Thampy Koshy
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Important Monthly Current Affairs Capsule – October 2024
● ONDC is a private non-profit Section 8 company established by the Department for Promotion of
Industry and Internal Trade (DPIIT) of the Government of India to develop open e-commerce.
Asian Development Bank Approves $50 Million Loan to Strengthen Water Management and Climate
Resilience in Meghalaya, India
● The Asian Development Bank (ADB) has approved a $50 million loan to improve water resources
management, enhance access to water, and strengthen community resilience to climate change
in the state of Meghalaya, India.
● The project supports the 2019 Meghalaya State Water Policy, focusing on sustainable
development and management of water resources through a participatory approach.
● The project will involve the construction of 532 water storage facilities across 12 districts in
Meghalaya.
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Jana Small Finance Bank introduces 'Liquid Plus Fixed Deposit' scheme for short-term investments
● Jana Small Finance Bank has introduced the 'Liquid Plus Fixed Deposit' scheme.
● Purpose: The scheme is designed for investors looking to park extra funds for short durations.
● Tenure: The tenure for the Liquid Plus Fixed Deposit ranges from 7 days to 180 days.
Minimum Deposit:
● Retail Deposits: Minimum deposit amount of ₹10 lakh for amounts up to ₹3 crore.
● Bulk Deposits: Minimum deposit of ₹3 crore to ₹200 crore per customer.
● Interest Rate: The interest rate for the Liquid Plus Fixed Deposit is 6.75% for all tenures.
About Jana Small Finance Bank :
● Founded : March 28, 2018
● Headquarters : Bangalore, Karnataka, India
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Important Monthly Current Affairs Capsule – October 2024
● CEO : Ajay Kanwal
Unified Payment Interface Surpasses 500 Million Daily Transactions, Transaction Value Stagnates in
September 2024
● Unified Payment Interface (UPI) daily transactions crossed 501 million in September 2024, the
highest ever since UPI turned operational in 2016.
● It registered a marginal increase of 0.5% in volume to 15.04 billion in September 2024 compared to
14.96 billion in August 2024.
● In value terms, Rs 68,800 crore was secured in September 2024.
● The number remained almost static at Rs 20.64 trillion in September 2024, compared to Rs 20.61
trillion in August 2024.
● The number of daily transactions is higher than 483 million and Rs 66,475 crore in August 2024.
Immediate Payment Service (IMPS):
● Monthly Volume:IMPS transaction volume declined by 5% to 430 million in September, down
from 453 million in August.
● Transaction Value:IMPS value fell by 2% to Rs 5.65 trillion in September, compared to Rs 5.78
trillion in August.
● Year-on-Year Comparison:IMPS volume decreased by 9%, but the value increased by 11%
compared to September 2023.
FASTag:
● Monthly Volume:FASTag transactions saw a 3% decline to 318 million in September, down from
329 million in August.
● Transaction Value:FASTag value marginally increased to Rs 5,620 crore in September, up from
Rs 5,611 crore in August.
● Year-on-Year Growth:FASTag volume grew by 7%, and the value increased by 10% compared
to September 2023.
Aadhaar Enabled Payment System (AePS):
● Monthly Volume:AePS transactions remained steady at 100 million in both September and
August, slightly up from 97 million in July.
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Important Monthly Current Affairs Capsule – October 2024
● Transaction Value:AePS value dropped by 2% to Rs 24,143 crore in September, compared to Rs
24,676 crore in August.
● Year-on-Year Comparison:AePS saw a 1% decline in volume and a 7% drop in value compared
to September 2023.
About UPI :
● Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single
mobile application.
● It is developed by the National Payments Corporation of India (NPCI).
● It was introduced in April 2016.
Star Health takes legal action against Telegram following data leak by hacker using app chatbots
● Insurer Star Health has filed a lawsuit against social media platform Telegram and a ‘hacker’
after it was discovered that the hacker was using the messaging application to leak company
data.
● Star Health and Allied Insurance, India’s largest standalone health insurer, is facing a crisis after
a massive data breach exposed the sensitive information of 31 million customers.
● The breach, one of the biggest in Indian history, reportedly involved 7.24 terabytes of data being
leaked, including personal information such as names, phone numbers, addresses, tax details,
medical records, and identification documents.
● Telegram, launched in 2013, has 900 million active monthly users.
About Star Health Insurance :
● Founded : 2006
● Headquarters : Chennai, Tamil Nadu
● MD & CEO : Anand Roy
India's Current Account Deficit Increases to 1.1% of GDP for April-June 2024
● India's current account deficit (CAD) increased to 1.1% of GDP in Q1 FY25, amounting to $9.8
billion, up from 1% (or $8.9 billion) in the same period last year.
● The rise in merchandise trade deficit was a major factor behind this widening.
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Important Monthly Current Affairs Capsule – October 2024
● CAD occurs when the value of goods and services that a country imports exceeds the value of
the products it exports.
● The country had recorded a current account surplus of $4.6 billion (0.5 per cent of GDP) in the
fourth quarter (Q4) FY24.
● Merchandise Trade Deficit:The merchandise trade deficit increased to $65.1 billion in Q1 FY25,
compared to $56.7 billion in the year-ago period.
State Bank of India files insolvency petition under Section 7 of IBC against Reliance Infra's toll road
subsidiary
● State Bank of India (SBI) has filed a petition under Section 7 of the Insolvency and Bankruptcy
Code, 2016, against KM Toll Road Private Limited (KMTRPL), a wholly owned subsidiary of
Reliance Infrastructure, before the National Company Law Tribunal, Mumbai, for a claim amount
of ₹233.44 crore (including interest).
● Section 7 of IBC:This section allows financial creditors to initiate the Corporate Insolvency
Resolution Process (CIRP) when a default occurs.
● Creditors may file the application individually or jointly before the National Company Law Tribunal
(NCLT).
● KMTRPL Background:KMTRPL is a subsidiary of Reliance Infrastructure and one of 60
subsidiary and associate companies.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Challa Sreenivasulu Setty
IDFC FIRST Bank Unveils Ashva Credit Card, Catering to Modern and Discerning Customers
● IDFC FIRST Bank, a leader in innovative financial solutions, has announced the launch of the
Ashva Credit Card, its newest offering for the modern, discerning customer.
● The Ashva Credit Card, powered by Visa, is a celebration of the spirit and aspiration of the new
India.
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Important Monthly Current Affairs Capsule – October 2024
About IDFC FIRST Bank :
● Founded : October 2015
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Mr. V Vaidyanathan
● IDFC FIRST Bank is a new-age Universal Bank in India built on the foundations of Ethical
Banking, Digital Banking, and Social Good Banking.
Scheme for writing books originally in Hindi on Economics/Banking/Financial subjects Declaration of
Result for the year 2022-23
● The Reserve Bank of India (RBI) has initiated a scheme to promote original writings and research
in Hindi on economics, banking, and financial subjects.
● The scheme is aimed at working and retired professors (including Assistant and Associate
Professors) from UGC-recognized Indian universities.
● The primary objective of the scheme is to encourage and enrich Hindi literature in the fields of
economics and banking, thereby promoting regional languages in academic discourse.
● Awards:Under this Scheme, working/retired Professors (Including Assistant and Associate
Professor etc.) of Indian Universities (UGC recognized) are awarded three prizes of ₹1,25,000.00
(One lakh twenty-five thousand) each for writing books originally in Hindi on
Economics/Banking/Financial subjects.
Axis Bank Launches Corporate Credit Card Suite for Startups to Simplify Business Expenses under
New Economy Group
● Axis Bank introduced a Corporate Credit Card Suite specifically designed for start-ups under its
New Economy Group (NEG).
● Purpose:The credit card suite aims to streamline travel, official expenses, and vendor payments
for entrepreneurs and start-ups.
● Card Variants:The suite includes two credit cards:
➢ Executive Corporate Credit Card: Tailored for founders with benefits like enhanced credit
limits, 4 complimentary golf rounds, reduced foreign exchange markup, and exclusive
insurance perks.
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Important Monthly Current Affairs Capsule – October 2024
➢ Purchase Reward Credit Card: Focused on expense management with features like zero
joining fees, automated accounting, and expense tracking.
● Partnership with TEAM:Axis Bank partnered with the Tech Entrepreneurs Association of Mumbai
(TEAM) to further support Mumbai's start-up ecosystem.
About Axis Bank :
● Established : 3 December 1993
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Amitabh Chaudhry
● Tagline : Badhti Ka Naam Zindagi
Reserve Bank of India's Mibor panel supports transition to benchmark based on secured money market
● The Reserve Bank of India (RBI)’s Committee on MIBOR Benchmark was established to review
rupee interest rate benchmarks, specifically evaluating the Mumbai Interbank Outright Rate
(MIBOR) usage and considering a transition to a new benchmark.
● The Committee proposed that the Financial Benchmarks India Limited (FBIL) develop and
publish a benchmark based on the Secured Overnight Rupee Rate (SORR).
● SORR would be calculated from trades in the basket repo and Tri-Party Repo (TREP) segments
during the first three hours of trading.
● Rationale for SORR: The repo market in government securities, which accounts for 98% of
overnight money market trades (including both banks and non-banks), is seen as a more
representative and robust measure compared to the call money market, making it a better
benchmark for interest rate derivatives used for hedging.
● Access for Non-Residents: The Committee suggested that non-residents could be gradually
given access to onshore Interest Rate Derivatives (IRD) markets beyond MIBOR Overnight
Indexed Swaps (OIS), pending a review of market conditions and risk controls.
● Current Usage by Foreign Investors: Foreign investors currently utilize 96% of the Rs 3.5 billion
limit for OIS transactions, close to the threshold, prompting the RBI to review the investment limit.
Banks' issuance of Certificates of Deposit (CDs) rises by 66% in the first half of FY25
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Important Monthly Current Affairs Capsule – October 2024
● According to data from Prime Database, the issuance of certificates of deposit (CDs) by banks
has surged by 66% in the first six months of the current fiscal as lenders struggle with sluggish
deposit growth. In the first half of FY25, banks raised Rs 5.59 lakh crore through CDs, compared
to Rs 3.37 lakh crore a year ago.
What are certificates of deposit?
● Certificates of Deposit (CDs) were introduced in India in 1989.
● A CD is a short-term debt instrument used by banks to mobilise funds.
● Month-on-Month Increase in September 2024:Banks raised ₹1.45 lakh crore through CDs in
September 2024, a 77% increase compared to ₹82,020 crore in August 2024.
State Bank of India Chairman Setty announces plans to expand the network by adding 600 branches in
FY25
● State Bank of India (SBI) is planning to open 600 branches across the country in the current
financial year in a bid to tap business opportunities in emerging areas including large residential
townships.
● SBI has a total of 22,542 branches as of March 2024.
● In FY24, SBI opened 137 new branches, including 59 in rural areas.
● SBI operates 65,000 ATMs and has 85,000 business correspondents.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Dinesh Kumar Khara
Pension Fund Regulatory and Development Authority permits subscribers to maintain 50% equity
investment until the age of 45
● The Pension Fund Regulatory and Development Authority (PFRDA) is set to introduce a new
National Pension Scheme (NPS) that allows subscribers to maintain 50% of their investment in
equity funds until the age of 45.
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Important Monthly Current Affairs Capsule – October 2024
● Presently, the NPS permits 50% investment in equity funds only until the age of 35, after which
the allocation to debt funds increases
● The new NPS balance lifecycle scheme is designed to manage risks and returns effectively and
is expected to launch in July or August, 2024.
● Total NPS and APY Corpus: The combined total corpus of NPS and Atal Pension Yojana (APY)
stands at ₹12.4 trillion, with expectations to reach ₹15 trillion in FY25.
● Women Subscribers: A significant trend noted was that 52% of the 1.23 crore new enrolments in
APY last fiscal year were women, indicating increased female participation.
● Total APY Enrolments: The total enrolments in APY have reached 6.6 crore, with PFRDA
expecting to add another 1.3 crore subscribers in FY25.
About PFRDA :
● Established : 2003
● Headquarters : New Delhi, Delhi
● Chairman : Deepak Mohanty
● PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
● It operates under the jurisdiction of the Ministry of Finance in the Government of India.
PhonePe collaborates with Jar to introduce Daily Savings in Digital Gold
● PhonePe announced its partnership with Jar to introduce a new ‘Daily Savings’ feature on its
platform for purchase of digital gold.
● This allows users to save in 24K digital gold through daily incremental contributions.
About PhonePe :
● Established : 2015
● Headquarters : Bangalore, Karnataka
● CEO : Sameer Nigam
Securities and Exchange Board of India Bars Axis Capital from New Debt Assignments Over Alleged
Norm Violations
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Important Monthly Current Affairs Capsule – October 2024
● The Securities and Exchange Board of India (Sebi) restrained Axis Capital (ACL) — a wholly
owned subsidiary of Axis Bank from taking any new assignment as a merchant banker, arranger
or underwriter in the debt segment for alleged violation of the norms.
● The market regulator alleged that ACL provided guarantee or indemnity towards redemption of
non-convertible debentures (NCDs) in the guise of underwriting, which it is not permitted under
the regulations.
National Payments Corporation of India to create UPI-style payment system for Trinidad and Tobago
● The overseas arm of India's National Payments Corporation of India (NPCI) will build a digital
payments system for Trinidad and Tobago, modelled after India's United Payments Interface
(UPI).
● The NPCI International Payments Limited (NIPL) signed a deal with the Ministry of Digital
Transformation of Trinidad and Tobago to build a digital payments system modelled after India's
Unified Payments Interface (UPI) for person-to-person (P2P) and person-to-merchant (P2M)
transactions.
● Earlier in 2024, NIPL had agreed to develop digital payments systems for Peru and Namibia,
using UPI as a blueprint.
About Trinidad and Tobago :
● President : Christine Kangaloo
● Prime Minister : Keith Rowley
● Capital : Port of Spain
● Currency : Trinidad and Tobago dollar (TTD)
Axis Bank provides Rs 1 billion loan to Muthoot Capital to boost e-mobility initiatives in India
● Axis Bank has extended a Rs 1 billion loan guarantee to non-bank lender Muthoot Capital, aimed
at promoting e-mobility in India.
● The loan will help Muthoot Capital offer financing to rural and non-metro customers for
purchasing electric two-wheelers.
● GuarantCo, part of the Private Infrastructure Development Group (PIDG), is providing a 65% on-
demand credit guarantee to Axis Bank for this transaction.
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Important Monthly Current Affairs Capsule – October 2024
● The loan is part of a broader $200 million electric vehicle (EV) framework agreement between
GuarantCo and Axis Bank.
● This is the third transaction under the EV framework agreement, following a Rs 2.5 billion loan to
Vivriti Capital in December 2023.
Google and Muthoot Finance Partner to Offer Gold-Backed Loans via Google Pay
● Global tech titan Google has tied up with Muthoot Finance to provide gold-backed loans through
its mobile payments service GPay.
● The collaboration offers loans with affordable interest rates and flexible usage options, providing
security for lenders and flexibility for borrowers.
● These announcements were made by the company officials at the 10th edition of 'Google for
India' event.
● Google is set to launch Gemini Flash 1.5 in India, enabling organizations to securely implement
cloud and AI solutions within the country.
● Google announced the launch of the Google Safety Engineering Center in India in 2025.
● Collaboration with Nandan Nilekani's EkStep Foundation to create 'DPI in a box', a plug-and-play
model based on open network principles for building digital infrastructure.
About Muthoot Finance :
● Founded : 1939
● Headquarters : Kochi, Kerala, India
● Chairman : George Jacob Muthoot
● MD : George Alexander Muthoot
Mudra loans see slight decline to ₹1.86 lakh crore in first half of the year(2024)
● For the first time since COVID-19, PMMY loans showed a decline in disbursal, totaling ₹1,86,284
crore in the first half of the current financial year (as of September 27, 2024).
● This figure is a decrease from ₹1,91,863 crore during the same period last year.
● The decrease should not be considered a significant dip, as the previous fiscal year saw a record
growth of approximately 40% in PMMY disbursals compared to the prior year.
● Loan Categories:PMMY loans are categorized into:
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Important Monthly Current Affairs Capsule – October 2024
➢ Sishu: Up to ₹50,000.
➢ Kishore: Above ₹50,000 and up to ₹5 lakh.
➢ Tarun: Above ₹5 lakh and up to ₹10 lakh.
➢ According to data from the Ministry of Finance, there has been a steady decline in NPAs
of PMMY loans.
➢ There has been a steady decline in NPAs for PMMY loans, decreasing from 4.9% in 2019-
20 to 3.4% in 2023-24.
Bank of Baroda to Divest Oman Operations to Bank Dhofar as Part of Rationalization Plan
● State-owned Bank of Baroda (BoB) proposes to sell its Oman operation to Bank Dhofar as part of
the rationalisation of foreign operations.
● The acquisition is proposed to occur on a going-concern basis.
● The sale is subject to approval from the relevant regulatory authorities.
About BoB :
● Founded : 20 July 1908
● Headquarters : Vadodara, Gujarat, India
● MD & CEO : Debadatta Chand
● Tagline : India's International Bank
Asian Development Bank approves USD 162 million loan to boost tourism in Himachal Pradesh
● The Asian Development Bank (ADB) has approved a USD 162 million loan for tourism
development in Himachal Pradesh.
● Project Focus:The Sustainable and Inclusive Tourism Development Project aims to enhance the
state's tourism potential by upgrading and preserving heritage and cultural sites.
● The project focuses on Mandi and Hamirpur districts and includes the restoration of Naggar
Castle in Kullu.
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
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Important Monthly Current Affairs Capsule – October 2024
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Pension Fund Regulatory and Development Authority enhances NPS offering for the private sector by
introducing a balanced life cycle fund option
● The Pension Fund Regulatory and Development Authority (PFRDA) has launched the Balanced
Life Cycle Fund (BLC) as an additional life cycle fund option for private sector subscribers under
the All Citizen model and Corporate NPS.
● This new life cycle fund launched on the occasion of Pension Diwas focuses on growth assets,
particularly equity investments, providing more flexibility and potential for higher returns for NPS
subscribers.
● Equity Allocation Strategy:The BLC maintains an equity allocation of up to 50% until the age of
45.
● Equity allocation reduction starts at age 45 instead of 35, and by age 55, it is set at 35%.
● Growth of Private Sector in NPS:The private sector (non-government sector) is the fastest-
growing segment in the NPS ecosystem, with assets under management of approximately ₹2.6
lakh crore as of mid-September.
● Variety of Life Cycle Funds:With the introduction of the BLC, there are now four life cycle funds
available for NPS subscribers:
➢ Conservative Life Cycle Fund (LC-25): Equity allocation up to 25%
➢ Moderate Life Cycle Fund (LC-50)
➢ Aggressive Life Cycle Fund (LC-75)
➢ Balanced Life Cycle Fund (BLC)
About PFRDA :
● Established : 2003
● Headquarters : New Delhi, Delhi
● Chairman : Deepak Mohanty
● PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
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Important Monthly Current Affairs Capsule – October 2024
● It operates under the jurisdiction of the Ministry of Finance in the Government of India.
Securities and Exchange Board of India levies ₹12 lakh penalty on NSE Data & Analytics for regulatory
breaches
● Markets regulator Securities and Exchange Board of India (SEBI) imposed a penalty of Rs 12
lakh on NSE Data And Analytics Limited for its failure to segregate IT infrastructures and
manpower between itself and its parent firm National Stock Exchange (NSE).
● NSE Data and Analytics has been directed to pay the penalty within 45 days.
Life Insurance Corporation increases its stake in Pune-based Bank of Maharashtra from 4.05% to
7.10%
• State-owned Life Insurance Corporation’s (LIC) stake in Bank of Maharashtra (BoM) increased
from 4.05% to 7.10%.
• The increase in stake followed the bank’s Qualified Institutional Placement (QIP) process.
• Share Allotment: LIC acquired 3.376% additional equity by being allotted 259.6 million shares at
an average cost of ₹57.36 per share.
• Total Funds Raised: Bank of Maharashtra raised ₹3,500 crore through the QIP process.
About LIC :
• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Siddharth Mohanty
About BoM :
• Founded ; 16 September 1935
• Headquarters : Pune, Maharashtra, India
• MD & CEO : Nidhu Saxena
• Tagline : One Family One Bank
India and Maldives reach currency swap agreements and agree to discuss a Free Trade Agreement
• Maldivian President Mohamed Muizzu thanked India for its financial assistance amid the
country’s debt crisis, which is estimated at 110% of its Gross Domestic Product (GDP).
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Important Monthly Current Affairs Capsule – October 2024
• Currency Swap Agreements: India extended two currency swap agreements to the Maldives:
• One worth $400 million.
• Another worth ₹3,000 crore.
About Maldives :
• President : Mohamed Muizzu
• Capital : Malé
• Currency : Maldivian rufiyaa (MVR)
Government Anticipates Increased ₹20,000 Crore Dividend from Public Sector Banks in FY25
• The government anticipates public sector banks to pay higher dividends in FY25, projecting a
figure over ₹20,000 crore, up from ₹18,000 crore received in FY24.
• Reasons for Optimism:
• Anticipated higher profits due to stronger growth in loan books.
• Improved interest margins and robust credit offtake, particularly in rural areas.
• Previous Performance: In FY24, the Centre received ₹18,000 crore in dividends from PSBs, a
30% increase from ₹13,800 crore in FY23, reflecting strong financial performance.
Government of India Floating Rate Bond 2028 Interest Rate Set at 7.30% for October 2024 to April
2025
• The interest rate for the Government of India Floating Rate Bond 2028 (GOI FRB 2028) is set at
7.30% per annum for the period from October 4, 2024, to April 3, 2025.
• The interest rate for the Government of India Floating Rate Bond 2033 (GOI FRB 2033) is set at
7.93% per annum for the period from September 22, 2024, to March 21, 2025.
Reserve Bank of India advises banks to refrain from making aggressive positions against the rupee:
Report
• The Reserve Bank of India (RBI) has asked state-run and private banks to refrain from making
aggressive bets against the Indian rupee.
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Important Monthly Current Affairs Capsule – October 2024
• The instructions were communicated informally via phone calls as the rupee neared a record low
of 83.9850 per US dollar.
Reserve Bank of India and Securities and Exchange Board of India express caution as Russia pushes
for increased rupee-rouble trade
• The Indian government and financial regulators, including Reserve Bank of India (RBI) and
Securities and Exchange Board of India (SEBI), are cautious about expanding rupee-rouble trade
due to existing sanctions on Russia.
• Proposals from Sberbank AG, Russia's largest bank, are under scrutiny, with several yet to be
approved.
• Sberbank aims to enhance Indo-Russian trade through various initiatives.
State Bank of India classifies Mahanagar Telephone Nigam Limited as a non-performing asset over Rs
325.53 crore outstanding debt
• State Bank of India (SBI) has declared the loan accounts of Mahanagar Telephone Nigam
Limited (MTNL) as sub-standard non-performing assets due to non-payment of instalments and
interest since June 30, 2024.
• Outstanding Debt:The total outstanding debt on the MTNL loan account was ₹325.52 crore as of
September 30, as per SBI's letter dated October 1.
• Overdue Amount:SBI indicated that ₹281.62 crore is overdue, requiring immediate payment to
regularise the account.
About MTNL :
• Founded : 1 April 1986
• Headquarters : New Delhi, India
• Chairman & MD : Ravi A. Robert
• MTNL is a wholly owned subsidiary of Bharat Sanchar Nigam Limited.
• It has its name derived from Hindi: mahanagar meaning "metropolis" (maha "big", nagar "city")
and nigam meaning "corporation".
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Important Monthly Current Affairs Capsule – October 2024
Reliance Nippon Life Insurance unveils 'Nishchit Pension' deferred annuity plan to provide guaranteed
lifelong income for retirement
• Reliance Nippon Life Insurance Company Limited has introduced a new deferred annuity plan
named Reliance Nippon Life Nishchit Pension.
• The plan is designed to provide a guaranteed lifelong income, ensuring financial stability during
retirement.
• As per the Economic Survey, Govt of India, by 2041, 15.9% of India’s population is estimated to
be above 60 years of age (up from 9.7% in 2021).
About Reliance Nippon Life Insurance Company :
• Founded : 14 May 2001
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Anil Ambani
• ED & CEO : Ashish Vohra
Ujjivan Small Finance Bank secures Reserve Bank of India approval and AD 1 License to provide
comprehensive forex products and services
• Ujjivan Small Finance Bank, announced that it has received approval from The Reserve Bank of
India (RBI) and secured an AD 1 Licence from RBI to offer full-fledged bouquet of forex products
and services.
• Retail Forex Offerings: Services include:
• Remittances (international money transfers)
• Foreign Currency Non-Resident (FCNR) accounts
• Resident Foreign Currency (RFC) deposits
• Forex cards and currency exchange
• Capital transactions like External Commercial Borrowing (ECB), Overseas Direct Investment
(ODI), and Foreign Direct Investment (FDI).
About Ujjivan Small Finance Bank :
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Important Monthly Current Affairs Capsule – October 2024
• Founded : 1 February 2017
• Headquarters : Bangalore, Karnataka, India
• MD & CEO : Sanjeev Nautiyal
• Ujjivan Financial Services holds an 80% stake in the bank.
• It is licensed under Section 22 (1) of the Banking Regulation Act, 1949 to carry out small finance
bank business and received Scheduled Bank status from the Reserve Bank of India in August
2017.
Asian Development Bank sanctions $162 million loan to enhance infrastructure and boost tourism in
Himachal Pradesh
• The Asian Development Bank (ADB) has approved a loan of $162 million to support tourism
development in Himachal Pradesh (HP).
• The loan will help unlock the state's tourism potential through the enhancement of cultural and
heritage sites and the creation of new infrastructure aimed at strengthening the tourism sector
• Targeted Districts: The Sustainable and Inclusive Tourism Development Project focuses on
promoting heritage and cultural sites in Mandi and Hamirpur districts.
About ADB :
• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Reserve Bank of India Report Predicts End of Fossil Fuel Dominance in Power Generation by Decade's
End
• According to the latest report of the Reserve Bank of India (RBI), it has estimated that the
dominance of fossil fuels in power generation will end by the end of the decade.
• The central bank estimates that renewable energy will contribute more than 50% of global
electricity generation as part of a significant energy transition.
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Important Monthly Current Affairs Capsule – October 2024
• The report highlights the acceleration in the transition to clean energy, noting unprecedented
levels of growth in the deployment of and capital investment in clean technologies.
Reserve Bank of India Issues White-Label ATM License to Mumbai's Electronic Payment and Services
• The Reserve Bank of India (RBI) granted a white-label ATM (WLA) license to Electronic Payment
and Services (EPS), a Mumbai-based ATM outsourcing company.
• It is the first WLA license issued by RBI in a decade.
• EPS is a privately owned ATM outsourcing company based in Mumbai, backed by investors
including Apis Partners (UK) and Dutch Entrepreneurial Development Bank (FMO).
• With this license, EPS becomes the 5th white-label ATM operator in India, joining Tata
Communications Payment Solutions, India1 Payments, Hitachi Payment, and Vakrangee.
Paytm Money introduces BSE Futures & Options trading to enhance wealth management services
• Paytm Money, a wholly-owned subsidiary of One97 Communications (OCL), launched BSE
Futures & Options (BSE F&O) trading service on its platform, as part of the Noida-based
company’s efforts to expand its wealth management and financial services segment.
• This would enable users to trade index derivative contracts offered by the Bombay Stock
Exchange, including SENSEX, BANKEX, and SENSEX50.
• The platform would enable users to trade both NSE and BSE F&O contracts in one app.
About Paytm Money:
• Founded: September 20, 2017
• CEO: Rakesh Singh
• Services: SEBI-registered stock broker and depository participant offering equity & derivatives
trading, depository services, and IPO investments.
State Bank of India-led Committee Recommends Eliminating 18% GST on Co-Lending Activities
• The State Bank of India (SBI) led a committee to encourage co-lending partnerships between
commercial banks and non-banking financial companies (NBFCs).
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Important Monthly Current Affairs Capsule – October 2024
• The committee recommended eliminating the Goods and Services Tax (GST) of 18% on co-
lending-related activities to promote co-lending growth.
• The committee suggested restricting co-lending to Priority Sector Lending (PSL) to avoid higher
risks associated with other lending sectors.
About SBI :
• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty
Securities and Exchange Board of India Proposes New Regulations for Sharing Financial Market Data
• The Securities and Exchange Board of India (SEBI) has proposed a revised framework for
sharing data aimed at promoting more democratisation, privacy, and accountability.
• Based on Sebi’s market data advisory committee (MDAC) suggestion, the regulator has
proposed that it can share data that is under its ownership, while market infrastructure institutions
(MIIs) should share their generated data through their own policies.
About SEBI :
• Established: 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters: Mumbai, Maharashtra
• Chairman: Madhabi Puri Buch
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance, GoI.
HDFC Bank Secures Largest Securitisation Pool of ₹9,063 Crore, Rated AAA by India Ratings
• India’s largest private sector lender HDFC Bank has originated the largest securitisation pool of
Rs 9,063 crore, rated AAA by domestic rating agency India Ratings.
• The asset-backed securitisation transaction is backed by a pool of new car loans.
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Important Monthly Current Affairs Capsule – October 2024
• The loan pool has been assigned to India Universal Trust for a purchase consideration equal to
100% of the pool principal outstanding.
About HDFC Bank :
• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• CEO : Sashidhar Jagdishan
Kotak Mahindra Bank Secures Branding Rights for BKC Metro Station on Mumbai Metro 3 Route
Inaugurated by Prime Minister Narendra Modi
• Kotak Mahindra Bank has secured branding rights for the BKC metro station on the Mumbai
Metro 3 route.
• The BKC metro station will be named "Kotak BKC Metro Station," reflecting the bank's branding.
• The Mumbai Metro 3 route, which includes the BKC station, was inaugurated by Prime Minister
Narendra Modi.
About Kotak Mahindra Bank :
• Established : 1985
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Ashok Vaswani
• Tagline : Let's Make Money Simple
Reserve Bank of India Forecasts 7.2% GDP Growth for FY25, Expects CPI Inflation to Ease to 4.5%
• During the Monetary Policy Committee (MPC) meeting on October 9, 2024, the Reserve Bank of
India (RBI) forecasted that India's real Gross Domestic Product (GDP) growth for FY25 will reach
7.2%.
• The RBI also expects Consumer Price Index (CPI) inflation for the fiscal year to moderate to
4.5%.
Key Highlights :
• GDP Growth Projections:
• Real GDP growth for FY25: 7.2%.
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Important Monthly Current Affairs Capsule – October 2024
• Quarterly growth estimates for FY25:
• Q2: 7.0%
• Q3: 7.4%
• Q4: 7.4%
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
Reserve Bank of India Introduces Increased Limits for UPI123 and UPI Lite Transactions
• The Reserve Bank of India (RBI) enhanced transaction limits for UPI123Pay and UPI Lite to
encourage wider adoption of these UPI products.
• Enhanced Transaction Limits:
• UPI123Pay:
• New per-transaction limit: ₹10,000 (increased from ₹5,000).
• UPI123Pay enables UPI functionality on feature phones.
• UPI Lite:
• Per-transaction limit: ₹1,000 (increased from ₹500).
• Overall wallet limit: ₹5,000 (increased from ₹2,000).
New Capital Instrument Guidelines for Urban Cooperative Banks in Development
• The Reserve Bank of India (RBI) is developing norms for new capital-raising instruments for
Urban Cooperative Banks (UCBs), such as the issuance of shares at a premium.
• These norms will provide UCBs with more flexibility to raise resources and support sector growth.
• Urban Cooperative Banks (UCBs) are primary cooperative banks that are located in urban and
semi-urban areas.
ICICI Bank and PhonePe Collaborate to Offer UPI Credit Line to Customers
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Important Monthly Current Affairs Capsule – October 2024
• ICICI Bank and PhonePe have partnered to provide a credit line on UPI specifically for customers
of PhonePe, a major fintech firm based in Bengaluru.
• Credit Line Details:Pre-Approved Customers: Customers approved through the PhonePe app
can access a short-term credit line from ICICI Bank.
• Credit Limit: The credit line can be up to ₹2 lakh.
• Repayment Period: Customers have a repayment period of 45 days.
About ICICI Bank :
• Established : 1994
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Sandeep Bakhshi
• Tagline : Hum Hai Na, Khayal Apka
About Phonepe :
• Established : 2015
• Headquarters : Bengaluru, Karnataka, India
• CEO : Sameer Nigam
SLCM Collaborates with Punjab National Bank and Bandhan Bank to Provide Management Solutions
• Sohan Lal Commodity Management(SLCM) has partnered with Punjab National Bank (PNB) and
Bandhan Bank to provide ‘Unified Collateral Management Solutions’.
• The partnership aims to facilitate post-harvest credit for farmers and agricultural stakeholders at
competitive rates across the country.
About PNB :
• Founded : 19 May 1894
• Headquarters : Dwarka, Delhi, India
• MD & CEO : Atul Kumar Goel
• Tagline : You Can Bank Upon
About Bandhan Bank :
• Founded : 2015
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Important Monthly Current Affairs Capsule – October 2024
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Ratan Kumar Kesh
Ministry of Finance Maintains GPF Interest Rate at 7.1% for 17th Consecutive Quarter, Effective from
October 1 to December 31, 2024
• The Union Ministry of Finance has kept the interest rate for the General Provident Fund (GPF)
unchanged for the 17th quarter in the row at 7.1% effective from October 1, 2024, to December
31, 2024..
• Recent Updates on Small Savings Schemes :
• The government has kept interest rates unchanged for various small savings schemes for the
October-December 2024 quarter:
• Sukanya Sariddhi Account: 8.2%
• Senior Citizen Savings Scheme (SCSS): 8.2%
• Public Provident Fund (PPF): 7.1%
• National Savings Certificate (NSC): 7.7%
• Post Office Monthly Income Scheme (POMIS): 7.4%
• Mahila Samman Savings Certificate: 7.5%
• Post Office Recurring Deposit Account: 6.7%
About Ministry of Finance :
• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhar
Unified Payment Interface Transaction Volume Increases by 52% and Value Rises by 40% in H1CY24:
Report
• The Unified Payment Interface (UPI) transaction volumes increased by 52% in the first six
months of 2024 (H1CY24) compared to the same period in 2023 (H1CY23).
• The volume rose from 51.9 billion transactions in H1CY23 to 78.97 billion transactions in
H1CY24.
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Important Monthly Current Affairs Capsule – October 2024
• Growth in Transaction Value:The value of UPI transactions grew by 40%, increasing from Rs
83.16 trillion in H1CY23 to Rs 116.63 trillion in H1CY24.
Reserve Bank of India directs Asset Reconstruction Companies to join all credit information companies
• The Reserve Bank of India (RBI) asked the asset reconstruction companies (ARCs) to become
members of all the credit information companies (CICs) and submit the required data to them as
per the Uniform Credit Reporting Format.
• Currently, there are four CICs-TransUnion CIBIL, Experian, Equifax, and CRIF High Mark.
• Alignment with Reporting Standards:The updated guidelines aim to align Asset Reconstruction
Companies (ARCs) with the same reporting standards used by banks and Non-Banking Financial
Companies (NBFCs).
Non-Banking Financial Companies secured ₹3.23 trillion from the domestic debt capital market in
H1FY25
• Funds raised by non-banking financial companies (NBFCs), including state-owned finance
companies and refinance institutions, from the domestic debt capital market exceeded Rs 3.2
trillion in the April to September period of financial year 2025 (H1FY25).
• Out of the total funds, over Rs 74,507 crore were raised in September, 2024 alone, marking the
highest amount in the current financial year and second highest in the calendar year.
Reserve Bank of India Approves Bond Buyback Bids Close to Rs 25,000 Crore
• The Reserve Bank of India (RBI) accepted bids worth ₹24,453.3 crore for government securities
at the buyback auction.
• The notified amount for the auction was ₹25,000 crore.
• The bids offered by banks were more than double the notified amount, reflecting strong market
appetite.
• Significance of the Auction:This auction was one of the most successful buyback auctions
conducted by the RBI since resuming such operations in May 2024, after a six-year hiatus.
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Important Monthly Current Affairs Capsule – October 2024
Securities and Exchange Board of India extends deadline for direct payout of securities to November
11, 2024
• The Securities and Exchange Board of India (SEBI) extended the deadline to implement direct
payout of securities to the Demat account from October 14 to November 11, 2024, to ensure a
hassle-free implementation.
• Reason for Extension:
• The decision follows representations from key market participants, including clearing
corporations, exchanges, and stock brokers.
• A review meeting was conducted by SEBI with Market Infrastructure Institutions (MIIs) and the
Brokers' Industry Standards Forum (ISF).
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Citigroup and Mastercard collaborate to facilitate cross-border debit card transactions
• Mastercard and Citigroup have teamed up to enable 24/7 cross-border payments using debit
cards, expanding payment options for consumers and businesses globally.
• Citigroup is the first global bank to implement the Mastercard Move service, allowing users to
make various transactions, including insurance payouts, airline refunds, and e-commerce
payments.
• The partnership aims to create a seamless payment experience, enabling clients to make cross-
border transactions without concerns about borders, currencies, or constraints.
About Mastercard :
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Important Monthly Current Affairs Capsule – October 2024
• Founded : 1966
• Headquarters : New York, United States
• CEO : Michael Miebach
About Citigroup :
• Founded : October 8, 1998
• Headquarters : New York
• Chairman : John C. Dugan
• CEO : Jane Fraser
Reserve Bank of India releases guidance note for regulated entities to address money laundering risks
● The Reserve Bank of India (RBI) issued the "Guidance Note" aimed at regulated entities (REs),
including banks, Non-Banking Financial Companies (NBFCs), authorized persons, and payment
system operators.
Purpose of the Guidance Note:
● To assist REs in addressing risks related to money laundering (ML) and terrorist financing (TF).
● To provide guidelines for conducting internal risk assessments (IRA) concerning ML and TF.
● To support the formulation of internally developed Risk-Based Assessments (RBA).
● The note is particularly directed at the dealing staff and Anti-Money Laundering (AML) /
Countering Financing of Terrorism (CFT) / Counter Proliferation Financing (CPF) practitioners
within REs.
Securities and Exchange Board of India Panel Considers Introducing New Category of Commodity
Funds
● The Securities and Exchange Board of India (SEBI) is considering allowing mutual funds (MFs)
to launch a new category of actively managed commodity funds that invest entirely in exchange-
traded commodity derivatives (ETCDs).
● Existing ETCD Participation: In 2019, SEBI permitted mutual funds to invest in ETCDs, which are
standardised agreements traded on regulated exchanges.
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Important Monthly Current Affairs Capsule – October 2024
● The cap for exposure to ETCDs in multi-asset schemes is set at 30% of the net asset value,
while other hybrid schemes have a cap of 10%.
● Current Investment in ETCDs: MF investment in ETCDs is estimated to be under ₹10,000 crore,
with investments currently allowed through gold and silver ETFs, backed by physical
commodities, and through gold and silver fund of funds.
● Types of Trades: Two types of trades are recognized in commodities:
➢ Calendar Spread: Involves buying a derivative for one month and selling the same asset's
derivative for another month.
➢ Directional Trade: Involves taking naked positions on commodity futures.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Indian Overseas Bank launches new loan centres across India, introduces heritage-themed ATM in
Chennai
● Public-sector lender Indian Overseas Bank (IOB) has inaugurated 8 new Retail Loan Processing
Centres (RLPCs) across India.
● One physical RLPC is located in Chennai, while seven others were launched virtually in major
cities.
● The new RLPCs are situated in: Bangalore, Coimbatore, Delhi, Hyderabad, Kolkata, Lucknow,
Mumbai.
Objectives:
● The initiative aims to enhance customer experience and improve service delivery for retail
customers.
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Important Monthly Current Affairs Capsule – October 2024
● Designed to streamline loan approval processes and reduce turnaround time for loan
disbursements.
● Heritage-themed ATM:IOB has also inaugurated a heritage-themed ATM at Puratchi Thalaivar Dr.
MGR Central Railway Station in Chennai.
About IOB :
● Founded : 10 February 1937
● Headquarters : Chennai, Tamil Nadu, India
● MD & CEO : Ajay Kumar Srivastava
● Tagline : Good People to Grow With
Navi rises to 5th position in Unified Payments Interface rankings for the second straight month
● Navi, a fintech company founded by Sachin Bansal, has become India's 5th-largest player in the
Unified Payments Interface (UPI) ecosystem.
● Comparison with Competitors: Navi surpassed Amazon Pay's UPI volumes in August and is
close to Cred, which processed 140 million transactions in September.
● Growth Rate: Navi experienced a 35.7% month-on-month growth in transaction volumes from
August to September, having processed 88.71 million transactions worth ₹4,651 crore in August.
● Market Share: Navi holds a 0.8% market share in the UPI ecosystem, while major competitors
like PhonePe, Google Pay, and Paytm control approximately 92.5% of the UPI transaction
volume.
● Market Leaders: In September:
➢ PhonePe remained the largest player with 7.22 billion transactions valued at ₹10.3 trillion.
➢ Google Pay followed with 5.62 billion transactions amounting to ₹7.46 trillion.
● Overall UPI Performance: In September, over 15 billion UPI transactions were processed,
totaling ₹20.63 trillion in value.
Life Insurance Corporation of India reduces maximum age limit for new endowment plan to 50 years
from 55 years
● Life Insurance Corporation of India (LIC) has reduced the maximum age limit for purchasing the
new endowment plan from 55 years to 50 years, effective October 1, 2024.
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Important Monthly Current Affairs Capsule – October 2024
● Product Overview:The revised product is the 'LIC New Endowment Plan-914', a participating
endowment plan that offers a dual benefit of protection and savings.
● Minimum entry age for the plan is 8 years.
● Introduction of New Insurance Product:LIC has introduced a Single Premium Group Micro Term
Insurance Plan.
● It is a Non-Participating, Non-Linked, Group, Pure Risk life micro-insurance product designed for
finance institutions, cooperatives, self-help groups (SHGs), and NGOs.
● The plan aims to provide affordable life insurance coverage to members of unorganized groups
and homogeneous affinity groups.
About LIC :
● Founded : 1 September 1956
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Siddharth Mohanty
Foreign Banks and Brokerages Anticipate Gradual Easing from RBI Starting in December 2024
● Foreign banks and brokerages anticipate that the Reserve Bank of India (RBI) will initiate a
"shallow rate-cutting cycle" starting in December 2024, with an aggregate reduction of 50 basis
points (bps).
● Most forecasts suggest a 25 bps cut in December, followed by another 25 bps cut in February
2025, bringing the policy rate down from the current 6.5% to 6%.
State Bank of India to increase limit for instant loan scheme benefiting MSME sector
● The State Bank of India (SBI) plans to increase the threshold for its instant loan scheme for the
MSME (Micro, Small, and Medium Enterprises) sector from the current limit of ₹5 crore to
enhance credit availability.
● The scheme, named "MSME Sahaj - End to End Digital Invoice Financing," offers a streamlined
process for applying, documenting, and disbursing loans within 15 minutes without manual
intervention.
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Important Monthly Current Affairs Capsule – October 2024
● The bank emphasizes simplification of MSME credit by backing loans with cash flow and the
CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) guarantee, which
reduces the need for collateral.
Centre for Monitoring Indian Economy Projects FY25 GDP Growth at 6.95%
● India's Gross domestic product (GDP) is projected to grow at 6.95% in FY25, according to
forecasts by 28 agencies, which is 25 basis points lower than the Reserve Bank of India's (RBI)
forecast of 7.2%.
● According to a note by the Centre for Monitoring Indian Economy (CMIE), Forecasts were
revised from 7% to 6.95% due to recent macroeconomic data and the slowdown in high-
frequency indicators.
● GST Collections:GST collections grew by 6.5% year-on-year in September 2024, the lowest in 39
months, amounting to ₹1.73 lakh crore, slightly lower than the previous month.
State Bank of India Extends Amrit Kalash and Amrit Vrishti Fixed Deposit Schemes to March 31, 2025
● The State Bank of India (SBI) has extended the Amrit Kalash and Amrit Vrishti fixed deposit
schemes until March 31, 2025.
● Originally set to conclude on September 30, 2024, the extension provides higher interest rates for
depositors.
● In February 2023, SBI introduced the Amrit Kalash scheme with special benefit in terms of higher
rate of interest.
● In July 2024, SBI launched a new special deposit called ‘Amrit Vrishti’.
Reserve Bank of India to Introduce Recipient Name Verification for Real-Time Gross Settlement and
National Electronic Funds Transfer Transactions
● The Reserve Bank of India (RBI) is proposing a new feature for RTGS (Real-Time Gross
Settlement) and NEFT (National Electronic Funds Transfer) that allows remitters to verify the
recipient's name before executing payments.
● The initiative aims to reduce instances of incorrect fund transfers and enhance customer
confidence in electronic payment systems.
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Important Monthly Current Affairs Capsule – October 2024
● The proposal was announced by RBI Governor Shaktikanta Das during the Monetary Policy
Committee meeting on October 9, 2024.
Minority Shareholder Accuses Securities and Exchange Board of India of Collusion with ICICI Securities
in Delisting Process
● Quantum Mutual Fund and Manu Rishi Guptha, minority shareholders of ICICI Securities,
challenged the delisting plan.
● ICICI Securities and the Securities and Exchange Board of India (SEBI) are key respondents in
the case.
● The case is being heard by the National Company Law Appellate Tribunal (NCLAT) after the
Mumbai Bench of the National Company Law Tribunal (NCLT) approved ICICI Securities'
delisting plan.
● Shareholders approved the delisting in March 2024, with 72% of minority shareholders voting in
favor.
Reserve Bank of India plans to establish a data repository for integrating climate risk information
● The Reserve Bank of India (RBI) has proposed setting up a data repository to monitor climate-
related risks, known as the Reserve Bank - Climate Risk Information System (RB-CRIS).
● It will address issues like varied data sources, differing formats, and inconsistencies in frequency
and units.
Structure: RB-CRIS will have two components:
● Web-based directory: Lists data sources (meteorological, geospatial, etc.) and will be publicly
accessible on the RBI website.
● Data portal: Contains processed datasets in standardised formats, available to regulated entities
in a phased manner.
● Draft Guidelines for Climate Risk Disclosures: On February 28, 2024, RBI issued draft guidelines
for a Disclosure Framework on Climate-Related Financial Risks.
Reserve Bank of India prohibits lenders from charging pre-payment penalties on loans to Micro and
Small Enterprises
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Important Monthly Current Affairs Capsule – October 2024
● The Reserve Bank of India (RBI) has barred banks and non-banking financial companies
(NBFCs) from levying foreclosure charges or pre-payment penalties on floating rate term loans
sanctioned to Micro and Small Enterprises (MSEs).
● Scope of Guidelines: This extends the existing prohibition on pre-payment penalties, which was
previously applicable only to individual borrowers (except for business purposes), to include MSE
loans.
Jio Payments Bank Secures Mutual Fund Distribution License from Amfi
● Jio Payments Bank, a subsidiary of Jio Financial Services, has obtained a mutual fund
distribution license from the Association of Mutual Funds in India (Amfi)
● The bank has secured a Category 1 Execution-only Platform (EOP) license, which allows it to
distribute the direct plan of mutual fund (MF) schemes.
● Currently, there are 15 Category 1 EOPs registered with Amfi.
● New Company Formation: The joint venture, named Jio BlackRock Investment Advisers, aims to
carry out investment advisory services, subject to regulatory approvals.
About Jio Payments Bank :
● Founded : 3 April 2018
● Headquarters : Navi Mumbai, India
● MD & CEO : Vinod Easwaran
NABARD Releases Results of Second National Rural Financial Inclusion Survey for 2021-22, Analyzing
1 Lakh Rural Households Post-COVID
● The National Bank for Agriculture and Rural Development (NABARD) conducted the second All
India Rural Financial Inclusion Survey (NAFIS) for the agricultural year 2021-22.
● The survey involved data collection from 100,000 rural households across all 28 states and
Union Territories, including Jammu & Kashmir and Ladakh.
● The survey highlights the essential role of financial inclusion in economic development, following
an inaugural survey conducted for the agricultural year 2016-17 with results released in August
2018.
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Important Monthly Current Affairs Capsule – October 2024
● The survey included all 28 states and the Union Territories of Jammu & Kashmir and Ladakh.
● For agricultural households, cultivation accounted for about one-third of monthly earnings,
followed by government/private services (25%), wage labor (16%), and other enterprises (15%).
● Non-agricultural households primarily relied on government/private services (57%), followed by
wage labor (26%).
● The Kisan Credit Card (KCC) has emerged as a key tool for promoting financial inclusion in the
rural agricultural sector, showing substantial growth in coverage over the past five years.
● In total, 44% of agricultural households were found to possess a valid Kisan Credit Card (KCC).
● Overall, 54% of households with at least one member over 60 years old reported receiving it,
highlighting the importance of pensions in supporting elderly members of society.
About NABARD :
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Shri. Shaji K V
● It was established on the recommendations of B. Sivaraman Committee (by Act 61, 1981 of
Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural
Development Act 1981.
● NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex
cooperative banks in India.
● It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).
Mastercard launches new Technology Hub in Pune to enhance growth and innovation
● Mastercard inaugurated a state-of-the-art Tech Hub in Pune,Maharashtra, India, aimed at
supporting growth and innovation within the company.
● The new campus covers nearly half a million square meters and is located at Bluegrass Business
Park in Yerwada, Pune.
● This facility is part of Mastercard's global Tech Hub ecosystem, which includes seven locations:
Arlington, Dublin, New York, Pune, St. Louis, Sydney, and Vancouver.
About Mastercard :
● Founded : 1966
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Important Monthly Current Affairs Capsule – October 2024
● Headquarters : New York, United States
● CEO : Michael Miebach
Reserve Bank of India Governor Shaktikanta Das warns that excessive dependence on Artificial
Intelligence may threaten financial stability
● Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized that while Artificial
Intelligence (AI) and machine learning (ML) offer opportunities for growth in the financial sector,
excessive dependence on these technologies could threaten financial stability.
Reserve Bank of India Directs Credit Institutions to Submit Borrower Credit Information to Credit
Information Companies Before License Cancellation or Loan Cycle Completion
● The Reserve Bank of India (RBI) has mandated credit institutions (CIs) to provide credit
information of onboarded borrowers to credit information companies (CICs) before:
➢ The cancellation of their license.
➢ The shutdown of operations.
➢ The completion of the borrower's loan cycle, whichever occurs first.
● Entities whose licenses or Certificates of Registration (CoR) have been canceled by the RBI are
not recognized as CIs under the Credit Information Companies (Regulation) Act, 2005 (CICRA).
● CICs are required to classify these entities as "Licence Cancelled Entities" in their Credit
Information Reports (CIR).
● Applicability: The provisions apply to:
○ All Commercial Banks (including Small Finance Banks, Local Area Banks, and Regional
Rural Banks, excluding Payments Banks).
○ All Primary (Urban) Co-operative Banks, State Co-operative Banks, and Central Co-
operative Banks.
○ All Non-Banking Financial Companies (including Housing Finance Companies).
○ All Asset Reconstruction Companies.
○ All Credit Information Companies.
International Finance Corporation grants $500 million loan to Axis Bank to support green projects in
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Important Monthly Current Affairs Capsule – October 2024
India
● International Finance Corporation (IFC), part of the World Bank Group, has partnered with Axis
Bank to provide a $500 million (approx. ₹4,200 crore) loan.
● The purpose of the loan is to develop a blue finance market and scale up financing for green
projects in India.
● This is IFC's first blue investment in India and the first blue transaction by a financial institution in
the country.
What are Blue loans?
● Blue loans are financing instruments that raise and earmark funds for investments such as water
and wastewater management, reduction of marine plastic pollution, restoration of marine
ecosystems, sustainable shipping, eco-friendly tourism, and offshore renewable energy.
● In 2016, Axis Bank issued the first green US dollar bond from India.
About IFC :
● Established : July 20, 1956
● Headquarters : Washington, D.C., United States
● Managing Director : Makhtar Diop
About Axis Bank :
● Established : 3 December 1993
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Amitabh Chaudhry
● Tagline : Badhti Ka Naam Zindagi
Bank of Baroda unveils 'Masterstroke Savings Account' for premium customers
● Bank of Baroda (BoB) launched the 'bob Masterstroke Savings Account' tailored for high-end
customers.
● Cricket legend Sachin Tendulkar was appointed as BoB’s global brand ambassador.
About BoB :
● Founded: July 20, 1908, by Sir Maharaja Sayajirao Gaekwad III.
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Important Monthly Current Affairs Capsule – October 2024
● Headquarters : Vadodara, Gujarat, India
● MD & CEO : Debadatta Chand
● Tagline : India's International Bank
Reserve Bank of India Proposes Ban on Banks Using Group Entities to Evade Regulatory Compliance
● The Reserve Bank of India (RBI) has proposed that banks should not use group entities to
circumvent regulations applicable to them, as per a draft circular on 'forms of business and
prudential regulations for investments.'
● Investment Restrictions:
➢ Banks’ investments in any company are capped at a maximum stake of 30%.
➢ Banks are prohibited from investing in Category III Alternative Investment Funds (AIFs).
➢ Subsidiary investments in Category III AIFs are restricted by SEBI regulations.
● Limits on Sponsoring ARCs: Banks can sponsor only one Asset Reconstruction Company (ARC)
at a time, with the group’s shareholding in an ARC limited to 20%.
● Scope of Application: The circular applies to all non-banking financial companies (NBFCs),
including Housing Finance Companies, that are group entities of Scheduled Commercial Banks
and Non-Operative Financial Holding Companies.
Reserve Bank of India Considers Securities Risk on Bond Street as Rupee Declines
● The Reserve Bank of India (RBI) is closely monitoring the slowing of foreign investment in fully
accessible government bonds (FAR) due to global market volatility impacting local debt markets.
● Officials from RBI’s Financial Markets Regulation Department (FMRD) have been informally
engaging with banks, especially foreign lenders, to assess the unwinding of overseas trading
positions in Indian debt markets.
● Approximately 20-25% of the foreign investment flowing into Indian debt between September
2023 and June 2024 was estimated to be through TRS instruments.
● FAR Category Introduction:The FAR category of government securities was introduced in March
2020, allowing unrestricted overseas investment.
● Only bonds in the FAR category are eligible for inclusion in the JP Morgan bond index.
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Important Monthly Current Affairs Capsule – October 2024
50 new payment apps express interest in joining UPI despite zero merchant discount rate
● 50 new third-party application providers (TPAPs) are eager to join the Unified Payments Interface
(UPI) despite the absence of a merchant discount rate (MDR).
● Definition of MDR : An MDR is a fee levied on a merchant by a fintech or any other payment
processing company for processing a digital transaction including UPI.
● MDR is usually a percentage of the transaction amount, typically between 1% and 3%.
● Transaction Costs: Currently, most debit UPI transactions are free, with payment-processing
costs borne by fintech companies and banks.
● MDR Possibility: Asbe indicated that MDR might only be introduced for larger merchants, not
small merchants with a turnover of less than ₹20 lakh.
About NPCI :
● Founded : 2008
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Dilip Asbe
● The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
● It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.
Tata Digital partners with Tata AIA to introduce life insurance products on Tata Neu
● Tata Digital has collaborated with Tata AIA Life Insurance to offer life insurance products on the
Tata Neu platform.
● The launch follows the success of the co-branded credit card with HDFC Bank.
About Tata AIA Life Insurance :
● Founded : 1 April 2001
● Headquarters : Mumbai, Maharashtra, India
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Important Monthly Current Affairs Capsule – October 2024
● CEO : Naveen Tahilyani
● It is an Indian joint venture life insurance company, formed by Tata Sons and AIA Group (AIA)
● Tata AIA offers diverse solutions such as term cover, savings plans, investment plans, and
retirement solutions.
World Bank maintains India's FY25 GDP growth forecast at 7%
● The World Bank has projected India's economic expansion at 7% for FY25, driven by robust
agricultural output and policies aimed at increasing employment growth.
Other Economic Forecasts:
● The Reserve Bank of India (RBI) has forecasted GDP growth at 7.2% for FY25.
● Some economists predict a more conservative growth rate of 6.8%.
About World Bank :
● Established : July 7, 1944
● Headquarters : Washington, D.C., United States
● President : Ajay Banga
● Membership : 189 countries (IBRD), 174 countries (IDA)
India on track to becoming third-largest economy by FY31: S&P report
● S&P Global Ratings reports that India is set to be the third-largest global economy by 2030, up
from its current position as the fifth-largest.
● The Indian economy is expected to grow rapidly over the next few years, making it the fastest-
growing major economy until 2027.
● India aims to grow its economy to $30 trillion by 2047, compared to its current size of $3.6 trillion.
About S&P Global Inc:
● Headquarters: New York, United States
● CEO: Douglas L. Peterson
● CFO: Ewout Steenbergen
● President: Douglas L. Peterson
● Founders: James H. McGraw, John A. Hill
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Important Monthly Current Affairs Capsule – October 2024
RBI Concludes Government Securities Buyback, Accepts Rs 24,934 Cr In Bids
● The Reserve Bank of India (RBI) conducted a buyback auction, accepting bids worth Rs 24,934.4
crore, just under the notified amount of Rs 25,000 crore.
● This marks the second successful buyback operation this month and follows the resumption of
buybacks in May 2024, after a six-year pause.
What is a buy back auction?
● A buyback occurs when the owner or consignor of the item bids and/or buys it back at auction.
● These are not usually known by the audience. Buybacks are allowed by some auctioneers and
not others.
About the Reserve Bank of India (RBI):
● Established: April 1, 1935 (Kolkata)
● Headquarters: Mumbai, Maharashtra
● Governor: Shaktikanta Das
● Role: The RBI is the central bank of India, responsible for regulating the country’s monetary
policy, issuing currency, and overseeing the financial system.
RBI takes action against 4 NBFCs, ceases them from loan disbursal
● The Reserve Bank of India (RBI) has taken significant action against four Non-Banking Financial
Companies (NBFCs):
o Asirvad Micro Finance Limited
o Arohan Financial Services Limited
o DMI Finance Private Limited
o Navi Finserv Limited
● These NBFCs have been directed to halt loan sanction and disbursement activities from the
close of business on October 21, 2024.
Reserve Bank of India Expands Access to Negotiated Dealing System-Order Matching Electronic
Trading Platform
● The Reserve Bank of India (RBI) widened access to its Negotiated Dealing System-Order
Matching (NDS-OM) electronic trading platform to more regulated entities (REs).
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Important Monthly Current Affairs Capsule – October 2024
● Newly eligible entities include Regional Rural Banks (RRBs), Local Area Banks, Non-Banking
Financial Companies (NBFCs), Housing Finance Companies, provident funds, pension funds,
and Market Infrastructure Institutions (MIIs).
What is NDS-OM?
● The Negotiated Dealing System-Order Matching (NDS-OM) is a screen-based electronic trading
platform for the secondary market trading of Government securities (G-Secs).
● It is owned by the Reserve Bank of India (RBI) and provides an anonymous order-matching
system for efficient trading.
● Eligibility Criteria:Entities must be members of the securities settlement segment of the Clearing
Corporation of India Limited (CCIL) to obtain direct access to the NDS-OM platform.
India's Software Services Exports Rise to $205.2 Billion in 2023-24: RBI Survey
● According to a Reserve Bank of India (RBI) survey, India's total exports of software services,
including services delivered by foreign affiliates of Indian companies, increased to $ 205.2 billion
during 2023-24 from $ 200.6 billion in the previous fiscal.
● Excluding Overseas Commercial Presence:Software services exports (excluding sales through
overseas commercial presence) grew by 2.8% to $190.7 billion in 2023-24.
● Major Export Destinations:The United States was the largest software export destination,
accounting for 54% of the exports.
● Europe accounted for 31%, with the United Kingdom being a key destination.
● The US dollar was the principal invoicing currency, with a 72% share, followed by the euro, rupee,
and pound sterling.
Reserve Bank of India removes lending restrictions imposed on JM Financial's non-banking subsidiary
● The Reserve Bank of India (RBI) has lifted the ban on JM Financial Products, allowing it to
resume financing activities, including loans for shares, debentures, and initial public offering (IPO)
subscriptions.
● In March,2024 the RBI had imposed restrictions on JM Financial Products due to regulatory
violations and concerns regarding governance practices.
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Important Monthly Current Affairs Capsule – October 2024
State-owned banks eliminate processing fees on home loans to boost business
● Several state-owned banks, including Central Bank of India, Canara Bank, Indian Overseas Bank,
Bank of Baroda, and Punjab National Bank, have waived processing fees on home loans to
attract demand during the festive season, ranging from December 2024 to March 2025.
● Impact on Disbursals: Indian Overseas Bank reported a 19% quarter-on-quarter increase in
home loan disbursals, reaching ₹1,849.67 crore in Q2 of the financial year after waiving
processing fees.
World Bank and Asian Development Bank pledged $1.6 billion for Amaravati capital project starting
January 2025
● The World Bank and the Asian Development Bank (ADB) have committed a total of $1.6 billion
(₹13,600 crore) for the Phase-I development of Amaravati, the capital city of Andhra Pradesh.
● The funds will begin to be released from January 30, 2025.
About World Bank :
● Established : July 7, 1944
● Headquarters : Washington, D.C., United States
● President : Ajay Banga
About ADB :
● Established : 19 December 1966
● Headquarters : Mandaluyong, Philippines
● President : Masatsugu Asakawa
● Membership : 68 countries
Reserve Bank of India Imposes Penalties of Rs 28.30 Lakh on SG Finserve and Rs 14 Lakh on
Arunachal Pradesh Rural Bank for Regulatory Non-Compliance
● The Reserve Bank of India (RBI) imposed a penalty of Rs 28.30 lakh on SG Finserve Limited
(formerly known as Moongipa Securities).
● The penalty is due to non-compliance with specific conditions under the Certificate of
Registration (CoR) issued by RBI under Section 45IA(5) of the RBI Act, 1934.
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Important Monthly Current Affairs Capsule – October 2024
● The action was taken under clause (a) of sub-section (1) of Section 58G read with sub-section (6)
of Section 58B of the RBI Act.
● A penalty of Rs 14 lakh was imposed on Arunachal Pradesh Rural Bank for non-compliance with:
➢ Directions on Strengthening of Prudential Norms (Provisioning, Asset Classification,
Exposure Limit).
➢ Know Your Customer (KYC) norms.
● The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the
Banking Regulation Act, 1949.
Reserve Bank of India to Extend Real-Time Gross Settlement System for US Dollar, Euro, and British
Pound Transactions via Agreements
● The Reserve Bank of India (RBI) plans to expand the real-time gross settlement (RTGS) system
to facilitate transactions in the United States dollar, Euro, and British pound through bilateral or
multilateral agreements.
● RBI Governor Shaktikanta Das highlighted the potential of Central Bank Digital Currency (CBDC)
to support cross-border payments.
New Development Bank Approves Tenders for ₹1,734 Crore Shimla Ropeway Projects
● The New Development Bank (NDB) has approved the Himachal Pradesh Ropeways Corporation
to float advance tenders for the construction of the Shimla ropeway project valued at ₹1,734
crore.
● The project aims to decongest the state capital, Shimla, by providing an efficient transportation
alternative.
About New Development Bank :
● Headquarters : Shanghai, China
PhonePe Introduces Firecracker Insurance Policy for Diwali Celebrations
● PhonePe has collaborated with Bajaj Allianz General Insurance to offer an affordable firecracker-
related accident insurance policy for Diwali.
● The policy is specifically aimed at protecting Diwali against accidents caused by firecrackers.
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Important Monthly Current Affairs Capsule – October 2024
Neobank Freo receives corporate agent licence from the Insurance Regulatory and Development
Authority
➢ Freo, a digital banking startup backed by Peak XV, has secured a corporate agent license from
the Insurance Regulatory and Development Authority of India (IRDAI).
➢ This license allows Freo to offer insurance products on its platform.
What is a Neobank?
● A neo bank is a digital bank that offers financial services online or through a mobile app, without
having any physical branches.
● Neo banks are also known as fintech banks, challenger banks, or digital banks.
● Business Verticals: Freo operates through three main verticals:
➢ Freo Pay: Offers UPI payments, bill payments, and co-branded credit cards with Yes Bank.
➢ Freo Save: Provides savings accounts in partnership with Equitas Small Finance Bank.
➢ Freo Credit: Previously known as MoneyTap, this vertical offers loans in collaboration with
various financial institutions, including Incred Capital and Cholamandalam Investment and
Finance.
➢ Funding and Financial Performance: In February 2024 Freo received undisclosed debt
funding from the Small Industries Development Bank of India (SIDBI).
Reserve Bank of India Prohibits Four Finance Companies from Approving and Disbursing New Loans
● The Reserve Bank of India (RBI) has banned four finance companies from sanctioning and
disbursing new loans due to excessive interest rates charged to borrowers.
● The companies affected by the ban include:
➢ Navi Finserv (led by Sachin Bansal)
➢ DMI Finance (backed by Mitsubishi UFJ Financial Group)
➢ Asirvad Micro Finance Ltd. (promoted by Manappuram Finance)
➢ Arohan Financial Services Ltd. (Kolkata-based MFI)
● The ban is effective from the close of business on October 21, 2024.
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Important Monthly Current Affairs Capsule – October 2024
● RBI's Regulatory Powers:The RBI's actions were taken under Section 45L(1)(b) of the Reserve
Bank of India Act, 1934, highlighting its authority to regulate and enforce compliance among Non-
Banking Financial Companies (NBFCs), including NBFC-Micro Finance Institutions (MFIs).
Insurance Regulatory and Development Authority of India Extends IFRS 17 Implementation Deadline to
FY27, Allowing More Time for Companies
● The Insurance Regulatory and Development Authority of India (Irdai) has asked both bank-
sponsored and non-bank-sponsored insurance companies to implement IFRS 17 regulations by
FY27, a move that will give these companies sufficient time for implementation.
● Previously, Irdai had set a timeline of FY25 for the implementation of IFRS 17 in the insurance
sector.
What is IFRS 17?
● IFRS 17 (International Financial Reporting Standard 17) is an accounting standard that
establishes a framework for reporting insurance contracts.
● It provides guidelines for the classification of assets and liabilities in the insurance sector and
aims to ensure consistency in principles for reporting insurance contracts.
● Effective Date:IFRS 17 became effective on January 1, 2023, as developed by the International
Accounting Standards Board (IASB).
● The committee is headed by the Member (Finance and Investment) of IRDAI and will work on
effective implementation steps and provide phase-wise timelines for the new accounting
framework.
About IRDAI :
● Established : 1999
● Headquarters : Hyderabad, Telangana
● Chairperson : Debasish Panda
● The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.
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Important Monthly Current Affairs Capsule – October 2024
PFC Infra Finance IFSC Limited, the First Finance Company for Power and Infrastructure Lending in
IFSC, Begins Operations After Receiving Approval from IFSCA
● PFC Infra Finance IFSC Limited (PIFIL), a wholly owned subsidiary of Power Finance
Corporation Limited (PFC), has received approval from the International Financial Services
Centres Authority (IFSCA) to commence operations as a finance company in IFSC (International
Financial Services Centre) located in GIFT City, Gujarat.
● Significance:PIFIL is notable for being the first finance company in IFSC specifically focused on
power and infrastructure lending.
● This establishment positions PFC as a global brand and strengthens India's status as a global
financial hub.
About IFSCA :
● Formed : April 27, 2020
● Headquarters : Gujarat
● Chairman : Shri K Rajaraman
● In December 2015 the first International Financial Services Centre (IFSC) in India was set up in
Gujarat International Finance Tec-City (GIFT City)
Indian Overseas Bank Introduces Mahila Shaksham Scheme to Empower Women Entrepreneurs
● Public sector Indian Overseas Bank (IOB) has launched the 'Mahila Shaksham' scheme to
finance individual women members of Self-Help Groups (SHGs).
● The scheme aligns with the Centre's Deendayal Antyodaya Yojana - National Rural Livelihoods
Mission initiative.
● Objective:The scheme aims to empower women entrepreneurs by ensuring financial self-reliance.
● It is part of the Ministry of Rural Development's 'Lakhpati Didi Yojana', which focuses on
improving the financial status of women SHG members.
About IOB :
● Founded : 10 February 1937
● Headquarters : Chennai, Tamil Nadu, India
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Important Monthly Current Affairs Capsule – October 2024
● MD & CEO : Ajay Kumar Srivastava
● Tagline : Good people to grow with
HDFC Bank Opens Its First Branch in Singapore
● HDFC Bank, India's leading private sector bank, has inaugurated its first branch in Singapore
after receiving a wholesale banking license from the Monetary Authority of Singapore (MAS)
effective 15th October 2024.
● The new branch will enable HDFC Bank to offer a diverse range of financial products and
services to residents of Singapore.
● With this addition, HDFC Bank's international presence now includes five branches located in
Hong Kong, Bahrain, Dubai, Singapore, and an IFSC Banking Unit in Gujarat, India.
About HDFC Bank :
● Founded : August 1994
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sashidhar Jagdishan
● Tagline : We Understand Your World
Demat Accounts Reach 175 Million, Increasing by 4.4 Million in September 2024
● The total number of dematerialized (demat) accounts reached 175.4 million, with an increase of
4.4 million accounts in September 2024.
● Since the beginning of 2024, there has been an average addition of 4 million accounts per month.
● Definition of Demat Account:A Demat account (Dematerialized account) is a type of savings
account specifically designed for holding and trading securities in an electronic format.
● It facilitates the buying, selling, and holding of shares and other financial instruments without the
need for physical certificates.
Finance Minister Nirmala Sitharaman Approves Establishment/Expansion of Chief General Manager
Positions in Nationalised Banks
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Important Monthly Current Affairs Capsule – October 2024
● The Finance Minister Nirmala Sitharaman has approved the establishment of Chief General
Manager posts in 5 additional nationalized banks: Bank of Maharashtra, Central Bank of India,
Indian Overseas Bank, Punjab & Sind Bank, and UCO Bank.
● Prior to this approval, CGM posts existed in 6 out of 11 nationalized banks.
● Role of CGM: The CGM position serves as an important administrative and functional layer
between the General Manager (GM) and the Executive Director (board level) in nationalized
banks
● Targeted Strategies: The additional CGMs will facilitate the development of more targeted
strategies and enhance overall performance across various banking sub-domains like retail credit,
agricultural credit, and MSME credit.
About Ministry of Finance :
● Cabinet Minister : Nirmala Sitharaman
● Minister of State : Pankaj Choudhary
State Bank of India Set to Raise ₹5,000 Crore via AT-I Bonds
● State Bank of India (SBI) plans to raise ₹5,000 crore in the domestic debt capital market through
non-convertible, perpetual, subordinated, unsecured Basel III-compliant Additional Tier I (AT-I)
bonds.
● Issue Size and Green Shoe Option: The base issue size is ₹2,000 crore, with a green shoe
option of ₹3,000 crore, allowing flexibility to raise the total amount up to ₹5,000 crore.
Bond Characteristics:
● These are perpetual bonds with equity-like characteristics.
● Call Option: The bonds come with a call option on October 24, 2034, which allows the bank to
repurchase the bonds 10 years after issuance.
● Bond Ratings: The AT-I bonds have been rated AA+ by domestic rating agencies CRISIL and
CARE.
● Previous Fundraising: In September 2024, SBI had raised ₹7,500 crore through Tier-II bonds to
strengthen its capital base.
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Important Monthly Current Affairs Capsule – October 2024
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Challa Sreenivasulu Setty
Maldives President Mohamed Muizzu Launches UPI Payment Service to Enhance Economy
● Maldives President Mohamed Muizzu has initiated steps to introduce India's Unified Payments
Interface (UPI) in the country, aiming to significantly benefit the Maldivian economy.
● UPI is developed by the National Payments Corporation of India (NPCI) and serves as an instant
real-time payment system facilitating inter-bank transactions via mobile phones.
● Tourism's Economic Role:Tourism is a crucial economic driver for the Maldives, contributing
nearly 30% to the GDP and accounting for over 60% of foreign exchange earnings.
About Maldives :
● President : Mohamed Muizzu
● Capital : Malé
● Currency : Maldivian rufiyaa
PB Fintech Subsidiary Receives Reserve Bank of India Approval to Launch 'Account Aggregator'
Business
● The Reserve Bank of India (RBI) has issued a ‘Certificate of Registration’ (CoR) to PB Fintech's
wholly-owned subsidiary, PB Financial Account Aggregators Private Limited, allowing it to
commence the ‘Account Aggregator’ business.
● PB Financial Account Aggregators will operate as a non-banking financial institution (NBFC)
without accepting public deposits, subject to conditions set by the RBI in the CoR.
● Previous Approvals:In January 2023, RBI granted in-principle approval for PB Financial Account
Aggregators to establish its account aggregator business.
● PB Fintech established the subsidiary in February 2022 and applied for the CoR as an NBFC-AA.
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Important Monthly Current Affairs Capsule – October 2024
● Role of Account Aggregators:Account aggregators enable clients to accept various payment
methods, including debit cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets, and
e-mandates.
Reserve Bank of India to Conduct Trials Ahead of Digital Currency Launch
● The Reserve Bank of India (RBI) is conducting a pilot project for the Central Bank Digital
Currency (CBDC), known as the digital rupee.
● The RBI is considering collaborating with the United States (US) and the European Union (EU) to
ensure the successful implementation of the digital rupee.
● It is also expanding its partnership with the United Arab Emirates (UAE) for a cross-border CBDC
pilot in the next one to two years.
Reserve Bank of India Report Optimistic About Economic Boost from Upcoming Festive Season
Despite Current Slackness
● The Reserve Bank of India’s (RBI's) report indicates a slowdown in certain high-frequency
indicators but maintains confidence in a recovery due to anticipated consumption demand during
the festive season.
● Aggregate demand is expected to rebound as festival demand increases and consumer
confidence improves.
● Indicators of Slackness:Notable slack in Goods & Services Tax (GST) collections, auto sales,
bank credit growth, merchandise exports, and the manufacturing Purchasing Managers’ Index
(PMI) was reported.
● The gap between credit growth (12.8% year-on-year) and deposit growth (11.8% year-on-year)
has narrowed, suggesting a tightening financial environment.
● Deposit rates are expected to remain high, even with a slowdown in credit demand.
India Grants INR 487.60 Crores Line of Credit to Mauritius for Water Pipeline Replacement Project
● India has provided a new Line of Credit of INR 487.60 Crores to the Government of Mauritius for
financing a water pipeline replacement project.
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Important Monthly Current Affairs Capsule – October 2024
● This is the first-ever ₹ denominated Line of Credit extended by India for project financing under
the Indian Development and Economic Assistance Scheme (IDEAS).
About Mauritius :
● President : Prithvirajsing Roopun
● Prime Minister : Pravind Jugnauth
● Capital : Port Louis
● Currency : Mauritian rupee (MUR)
Non-Banking Finance Companies in Microfinance Sector to Face Stricter Reporting Standards
Following RBI Crackdown on Four Firms
● Non-bank players in the microfinance (MFI) sector may be required by the Reserve Bank of India
(RBI) to submit granular monthly data, including:
● Weighted average lending rates.
● Spread charged on the cost of funds.
● This measure aims to prevent lenders from overcharging low-income borrowers, predominantly
women, after the RBI's inspection found instances of margins exceeding the 12% cap during
FY23 and FY24.
● The RBI has taken action against four non-bank entities:
● Asirvad Micro Finance Limited
● Arohan Financial Services Limited
● DMI Finance Pvt Limited
● Navi Finserv Limited
● The MFI industry's portfolio as of June 2024 was ₹4.2 lakh crore, with NBFC-MFIs contributing
40%, banks 33%, small finance banks 17%, and NBFCs 10%.
● The average loan size is ₹48,322.
● Interest Rate Variability: According to Microfinance Industry Network (MFIN), the lowest and
highest average interest rates were:
● CreditAccess Grameen: 21.38% (Q4 FY24)
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Important Monthly Current Affairs Capsule – October 2024
● SV Creditline: 28.87% (Q1 FY25).
Reserve Bank of India Launches Scholarship Scheme for Faculty Members of Academic Institutions
● The Reserve Bank of India (RBI) has introduced a Scholarship Scheme for faculty members from
academic institutions.
● Full-time faculty members teaching economics or finance at any UGC or AICTE-recognized
university or college in India.
● Applicants must be below 55 years of age.
● Research Areas: The scholarship covers topics such as:
● Monetary and financial economics
● Banking
● Real sector issues
● Other topics of interest to the RBI
Asian Development Bank sanctions $241 million loan to enhance power distribution in West Bengal
● The Asian Development Bank (ADB) has approved a $241.3 million loan to enhance electricity
distribution in West Bengal.
● The programme aims to provide a reliable and sustainable power supply, improving the quality of
life for 8.96 million consumers across seven districts of the state.
● The initiative aligns with India's Revamped Distribution Sector Scheme, which focuses on
improving the operational efficiency of power distribution companies.
About ADB :
➢ Established : 1966
➢ Headquarters : Manila, Philippines
➢ President : Masatsugu Asakawa
➢ Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Bima Sugam Digital Insurance Platform Set for Launch, Says IRDAI Chairperson Debasish Panda
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Important Monthly Current Affairs Capsule – October 2024
● Bima Sugam, a digital insurance platform, is ready for launch as confirmed by Debasish Panda,
the chairperson of the Insurance Regulatory and Development Authority of India (IRDAI).
Components of Bima Trinity:
● Bima Vistaar: An insurance product that encompasses life, health, and property coverage.
● Bima Vahak: A system focused on women-centric insurance distribution channels.
● Health Insurance Summit: The announcement was made during the 17th Health Insurance
Summit 2024, organized by the Confederation of Indian Industry (CII).
Union Bank's Credit Pipeline Reaches ₹75,000 Crore - MD and CEO A Manimekhalai
● Union Bank of India has a robust credit pipeline of ₹75,000 crore, with ₹39,000 crore pending
sanction and ₹36,000 crore awaiting disbursement.
● Sector Focus: Loan sanctions are directed towards sectors like roads, power, real estate,
telecom, iron and steel, and cement.
● Credit Growth Target: The bank maintains its credit growth target of 11%-13% for FY24, despite
a lower-than-expected growth in the second quarter. Advances grew by 9.63% YoY to ₹9.28 lakh
crore.
About Union Bank of India :
● Founded : 11 November 1919
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : A. Manimekhalai
Insider trading regulations for mutual funds to take effect from November 1
● Nearly two years after issuing a notification, the Securities and Exchange Board of India (SEBI)
decided to implement amendments to insider trading norms for asset management companies
(AMCs), designated persons, trustees or their immediate relatives from November 1, 2024.
● Quarterly Disclosure Requirement:AMCs must disclose the holdings of designated persons,
trustees, and their immediate relatives on a quarterly basis.
● The first disclosure, showing holdings as of October 31, 2024, must be reported on the stock
exchange platform by November 1, 2024.
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Important Monthly Current Affairs Capsule – October 2024
● For subsequent quarters, the information must be provided within 10 calendar days from the end
of the quarter.
● Transaction Reporting:Any transactions involving mutual fund units exceeding ₹15 lakh (either in
one transaction or over a series of transactions during a calendar quarter) must be reported by
the designated persons, trustees, and their immediate relatives to the AMC compliance officer
within two business days of the transaction.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
Securities and Exchange Board of India to Strengthen small and medium enterprises initial public
offerings Guidelines and Migration Rules
● The Securities and Exchange Board of India (SEBI) is preparing proposals to tighten the norms
around the listing of small and medium enterprises (SMEs) amidst a surge of investor interest
and multiple instances of gross violations and fraudulent practices in the segment.
● A consultation paper on new proposals is expected to be released within a few months, as stated
by Ashwani Bhatia, SEBI's whole-time member.
● Recent Violations:Instances of manipulation by SME promoters, such as fictitious sales and
inflating revenue, have raised concerns, prompting SEBI to take action.
Reserve Bank of India expands 'alert list' with 13 additional entities involved in unauthorized forex
trading
● The Reserve Bank of India (RBI) updated the 'Alert List' of unauthorised forex trading platforms
by adding 13 more entities, including TDFX and Inefex, taking the total to 88.
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Important Monthly Current Affairs Capsule – October 2024
● The Alert List contains names of entities which are neither authorised to deal in forex under the
Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading
platforms (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank)
Directions, 2018.
● Some entities in the list are Ranger Capital, TDFX, Inefex, YorkerFX, Growline, Think Markets,
Smart Prop Trader, FundedNext, Weltrade, FreshForex, FX Road, DBG Markets, and
Plusonetrade.
India expected to achieve 7.2% growth in FY25: RBI Deputy Governor Michael Debabrata Patra
● India's Gross domestic product (GDP) is projected to grow at 7.2% in the fiscal year 2024-25.
● Growth is expected to stabilize around 7% in the following fiscal year, with a potential return to an
8% growth trend thereafter.
● Global Standing:India is currently recognized as the fastest-growing major economy globally and
is the fifth largest economy by market exchange rates.
● The country is projected to become the third largest economy by 2030.
● Inflation Outlook:Inflation is projected to average 4.5% in 2024-25 and 4.1% in 2025-26.
● The Consumer Price Index (CPI) based inflation rose to 5.5% in September 2024, following a
decline in July-August, driven by increased prices in certain food items and adverse base effects.
HDFC Bank Reaches 25% Gender Diversity Goal Ahead of Schedule, Enrolling Over 17,000 Women in
FY24
● HDFC Bank surpassed its gender diversity goal of 25% women in its workforce, achieving this
one year ahead of the FY25 target.
● Women now represent 26% of HDFC Bank's 2 lakh employees, with many in the workforce being
under 30 years old.
Federal Bank Partners with Bhashini to Introduce Vernacular Support for Chatbot Feddy
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Important Monthly Current Affairs Capsule – October 2024
● Federal Bank has signed a Memorandum of Understanding (MoU) with Bhashini, an AI-powered
language translation platform, to add vernacular language support to its AI virtual assistant,
Feddy.
● Purpose: The collaboration aims to promote banking services in vernacular languages, in line
with the Reserve Bank Innovation Hub (RBIH)'s local language initiative.
● Supported Languages: With the integration of Bhashini's language translation capabilities, Feddy
is now able to respond to user queries in 14 different Indian languages, including Hindi, Bengali,
Tamil, Telugu, Marathi, Gujarati, Kannada, Malayalam, Odia, Assamese, Punjabi, Urdu, Manipuri,
and Bodo.
About Federal Bank :
● Founded : 23 April 1931
● Headquarters : Aluva, Kochi, Kerala, India
● MD & CEO : KVS Manian
● Tagline : Your Perfect Banking Partner
Reserve Bank of India Study Shows Private Banks at the Forefront of Artificial Intelligence Adoption
● Artificial Intelligence (AI) adoption in India is gaining momentum, particularly among private
banks, with asset size and CRAR (Capital to Risk Weighted Assets Ratio) being key factors
influencing the rate of adoption.
● The size and financial health of a bank, measured by CRAR, positively influence the bank's focus
on AI. Larger banks benefit from economies of scale and have more investment capacity for AI
technologies.
● For public sector banks (PSBs), the emphasis on AI increased more than three-fold during the
same period.
● Technologies Employed by Banks: Major technologies being employed include cloud computing,
big data, automation, and data analytics, with increasing focus on newer AI technologies like
Robotic Process Automation (RPA), Internet of Things (IoT), and Natural Language Processing
(NLP).
Department of Financial Services Revamps Middle Management Structure in Nationalised Banks
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Important Monthly Current Affairs Capsule – October 2024
● The Department of Financial Services (DFS) in the Finance Ministry announced a major revamp
of the middle level management structure in nationalised banks.
● This restructuring aims to significantly increase promotion opportunities for employees at the
Chief Manager (Scale IV) and above levels.
● New Framework: The new framework introduces a substantial increase in the number of Chief
General Managers (CGMs), General Managers (GMs), Deputy General Managers (DGMs), and
Assistant General Managers (AGMs) across the 12 nationalized banks.
● Categories Based on Business Mix: Nationalized banks are categorized based on their business
mix:
● Category A: Business Mix of less than ₹10 lakh crore.
● Category B: Business Mix of ₹10 lakh crore and above.
● CGM Distribution:
● Up to ₹4 lakh crore: 4 CGMs
● ₹4 lakh crore to ₹10 lakh crore: 8 CGMs
● Over ₹10 lakh crore: Minimum 10 CGMs, plus 1 additional CGM for each ₹1 lakh crore increase
in business mix.
● Review Timeline: The methodology for computing CGM positions may be reviewed by DFS in
FY27-28, based on the banks' business mix as of March 31, 2027.
About DFS :
● The Department of Financial Services (DFS) is a nodal department of the Ministry of Finance that
manages banking, financial services, and insurance (BFSI) in India.
State Bank of India secures ₹5,000 crore by issuing Additional Tier-I bonds at an interest rate of 7.98%
● State Bank of India (SBI) raised ₹5,000 crore through the issuance of Additional Tier-I (AT-I)
bonds.
● The bonds were issued at a coupon rate of 7.98%, which is the interest rate paid to investors.
● Purpose: The funds raised are intended to bolster SBI's capital base.
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Important Monthly Current Affairs Capsule – October 2024
About SBI :
➢ Established : 1 July 1955
➢ Headquarters : Mumbai, Maharashtra, India
➢ Chairman : Challa Sreenivasulu Setty
Paytm Receives National Payments Corporation of India Approval to Enrol New UPI Users
● The National Payments Corporation of India (NPCI) has approved Paytm to onboard new UPI
users, contingent on compliance with procedural guidelines and circulars.
● This decision is a significant boost for Paytm, especially after setbacks earlier in the year when
the Reserve Bank of India restricted its associate company, Paytm Payments Bank Limited
(PPBL), from onboarding new UPI users.
● In March,2024 NPCI had previously granted Paytm permission to conduct UPI transactions as a
Third-Party Application Provider (TPAP), enabling it to process transactions through four banks:
SBI, Axis Bank, HDFC Bank, and YES Bank.
About NPCI :
● Founded : 2008
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Dilip Asbe
● The NPCI is an umbrella organisation that operates retail payments and settlement systems in
India.
● It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under
the provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment &
Settlement Infrastructure in India.
Financial Intelligence Unit Slaps Rs 54 Lakh Penalty on Union Bank of India for Violating Prevention of
Money Laundering Act Regulations
● The Financial Intelligence Unit (FIU) imposed a penalty of Rs 54 lakh on the Union Bank of India
for failing to report suspicious transaction reports (STRs) and lacking due diligence under the
Prevention of Money Laundering Act (PMLA).
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Important Monthly Current Affairs Capsule – October 2024
● Reason for Penalty:The penalty was issued for violations observed during an investigation that
found irregularities in compliance with KYC (Know Your Customer) and AML (Anti-Money
Laundering) protocols related to accounts at a branch in Mumbai, Maharashtra.
● The penalty notice was issued under Section 13 of the PMLA on October 1, after the FIU
substantiated charges against the bank based on written and oral submissions.
About FIU :
● Formed : November 18, 2004
● Headquarters : New Delhi
● Director : Vivek Aggarwal
● Financial Intelligence Unit—India (FIU-IND) is an organisation under the Department of Revenue,
Government of India which collects financial intelligence about offences under the Prevention of
Money Laundering Act, 2002.
Muthoot Finance Secures $400 Million via External Commercial Borrowings (ECBs)
● Muthoot Finance raised $400 million through the issuance of Senior Secured Notes.
➢ The funds were raised under its Global Medium Term Note Program totalling $2 billion.
➢ Terms of the Notes:The coupon rate for the notes is set at 6.375% per annum.
What is meant by ECBs?
● External Commercial Borrowings (ECBs) are loans that eligible entities in India take from non-
resident lenders to raise money in foreign currency. ECBs can be in the form of bank loans,
suppliers' credit, buyers' credit, or securitized instruments.
● ECBs are subject to certain parameters, including:
● A minimum average maturity of three years
● A maximum all-in-cost ceiling
● Permitted and non-permitted end-uses
About Muthoot Finance :
● Founded : 1939
● Headquarters : Kochi, Kerala, India
● Chairman : George Jacob Muthoot
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Important Monthly Current Affairs Capsule – October 2024
Israel Joins Asian Development Bank as 69th Member and 20th Non-Regional Member
● Israel officially became the 69th member of the Asian Development Bank (ADB) and the 20th
non-regional member, effective 1st October.
● Israel submitted its application for ADB membership in January 2022, and the ADB Board of
Governors approved the membership on 14 April 2022 through Resolution No. 414.
About Israel :
1. President : Isaac Herzog
2. Prime Minister : Benjamin Netanyahu
3. Capital : Jerusalem
4. Currency : New shekel
Finance Ministry to Review Co-Lending and Micro, Small, and Medium Enterprises Credit at Public
Sector Banks
● Department of Financial Services (DFS) Secretary M Nagaraju is likely to chair this meeting with
the managing directors (MDs) and chief executive officers (CEOs) of public sector banks (PSBs)
on November 5, 2024.
● A report on co-lending submitted by the State Bank of India (SBI) to the finance ministry has
recommended eliminating the 18% Goods and Services Tax (GST) on co-lending activities.
● Recommendations:The committee's report suggests:
o No GST should be imposed on co-lending.
o Co-lending should be limited to priority sector lending.
● Financial Performance:The 12 PSBs collectively reported a net profit of over ₹1 trillion in the
financial year 2022-23.
Religare States Reserve Bank of India Rejected Proposal to Appoint Former Central Bureau of
Investigation Official to Its Board
● The Reserve Bank of India (RBI) denied Religare Enterprises' application to appoint Rakesh
Asthana as its whole-time director without providing specific reasons.
Aditya Birla Housing Finance teams up with BharatPe to transform secured lending
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Important Monthly Current Affairs Capsule – October 2024
● Aditya Birla Housing Finance Ltd. (ABHFL), a subsidiary of Aditya Birla Capital Limited., has
partnered with BharatPe, a fintech company, to enhance access to home loans and loans against
property for BharatPe's merchant partners.
● ABHFL is the first housing finance company to collaborate with BharatPe, aiming to streamline
access to secured lending through innovative digital solutions.
● In August 2024, BharatPe expanded into secured loans by launching two-wheeler loans and
loans against mutual funds in partnership with established financial services firms.
About Aditya Birla Housing Finance Limited :
● MD & CEO : Pankaj Gadgil
About BharatPe :
● Founded : 2018
● Headquarters : New Delhi, India
● CEO : Nalin Negi
International Monetary Fund Maintains India's GDP Growth Rate at 7% for the Current Fiscal Year
● The International Monetary Fund (IMF) retained India's GDP growth rate at 7% for the fiscal year
ending March 31, 2025, and projected 6.5% growth for FY2025-26 in its World Economic Outlook
(WEO).
● Deloitte India Projection: Deloitte India's Economic Outlook also forecasts India's GDP growth
between 7% and 7.2% for the current fiscal year.
About IMF :
● Founded : 1 July 1944
● Headquarters : Washington, D.C, United States
● Managing Director : Kristalina Georgieva
● The International Monetary Fund is a major financial agency of the United Nations, and an
international financial institution funded by 190 member countries.
National Payments Corporation of India Teams Up with Al Etihad Payments to Launch Domestic Card
Scheme JAYWAN in the UAE
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Important Monthly Current Affairs Capsule – October 2024
● National Payments Corporation of India (NPCI), through its international subsidiary NPCI
International Payments Limited (NIPL), is collaborating with Al Etihad Payments (AEP) to
establish a domestic card scheme called JAYWAN in the United Arab Emirates (UAE).
● Al Etihad Payments (AEP):AEP, the national payments entity of the UAE, was established by the
Central Bank of UAE (CBUAE) in 2023 as part of the UAE’s National Payments Strategy to
develop robust financial market infrastructure.
● JAYWAN Card Scheme:The JAYWAN card is based on India's RuPay card stack, developed by
NPCI, which has been shared with AEP to enable the UAE's digital payment sovereignty.
● This makes the UAE the first country in the GCC region to adopt the RuPay stack for its domestic
payments.
State Bank of India Study Shows 74.2% Decline in Income Disparity Among Individuals Earning Up to
Rs 5 Lakh
● A report from the State Bank of India (SBI) indicates a cumulative 74.2% decline in income
disparity for individuals earning up to Rs 5 lakh annually between fiscal years 2013-14 and 2022-
23.
● The report analyzed income disparity curves for assessment years (AY) 2014-15 and 2023-24,
indicating a rightward shift in the income distribution curve.
● Regional Tax Filing Trends:States like Maharashtra, Delhi, Gujarat, and Karnataka are nearing
saturation in Income Tax Return (ITR) filings, leading to a decline in their share of the overall tax
file base.
● Uttar Pradesh has emerged as the leader in increasing its share of the income tax file base,
followed by Bihar, Andhra Pradesh, Punjab, and Rajasthan.
● Direct Tax Contribution: The contribution of direct taxes to total tax revenue reached 56.7% in
AY24, the highest in 14 years, reflecting improved tax compliance and a shift towards a
progressive taxation regime.
India’s forex reserves decline by $2.16 billion, reaching $688.26 billion: Government data
● According to the Reserve Bank of India (RBI), India's foreign exchange reserves fell by $2.163
billion to $688.267 billion for the week ending October 18, 2024.
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Important Monthly Current Affairs Capsule – October 2024
● In the prior week, reserves had dropped by $10.746 billion, marking one of the largest declines in
recent history, which brought the total to $690.43 billion.
● Gold Reserves: India’s gold reserves increased by $1.786 million, bringing them to $67.444
billion during the reporting week.
Indian Banks Expanded Their International Presence in 2023-24: RBI Survey
● In 2023-24, Indian banks increased their overseas presence by expanding both their balance
sheet size and the number of branches and employees.
● Increase in Overseas Staffing: Employee strength grew by 8.2% in overseas branches and 1.7%
in subsidiaries.
● For foreign banks in India, the number of branches and employees rose by 0.6% and 1.4%,
respectively.
● Foreign banks in India: 27.1% increase in interest income and 47.7% in expenses.
● Income Ratios: Total income to assets ratio for overseas branches of Indian banks rose to 6.2%
in 2023-24 (from 3.9% in 2022-23), though it was lower than the ratio for subsidiaries (7.3%) and
foreign banks in India (7.6%).
● Top Fee-Income Generating Locations: The highest fee income was from Indian bank branches
in the UK, followed by the UAE, Singapore, and Hong Kong.
Indian Bank secures ₹5,000 crore via long-term infrastructure bonds
● Chennai-based public sector lender Indian Bank has raised Rs 5,000 crore through the issuance
of long-term infrastructure bonds.
● The bond issuance was highly successful, attracting bids amounting to ₹15,925 crore, which is
3.19 times the total issue size.
Reserve Bank of India Cancels Authorization Certificate of UAE Exchange Centre
● The Reserve Bank of India (RBI) revoked the certificate of authorization (CoA) of UAE Exchange
Centre LLC (UAEEC) for failing to comply with regulatory requirements.
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Important Monthly Current Affairs Capsule – October 2024
● UAEEC was authorized as a cross-border inbound money transfer operator (customer-to-
customer) as an 'Overseas Principal.'
CRISIL Places Long-Term Ratings of Navi Finserv and Asirvad Under Rating Watch
● The Reserve Bank of India (RBI) took action against Navi Finserv and Asirvad Microfinance,
barring them from sanctioning and disbursing loans due to excessively high interest rates
charged to borrowers.
● Following the RBI's action, CRISIL placed Asirvad's long-term ratings on "rating watch with
developing implications" and Navi's ratings on "watch negative."
About CRISIL :
● Founded : 1987
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Amish Mehta
Asian Development Bank approves USD 434.25 million loan to support solar power project in Assam
● The Asian Development Bank (ADB) has approved a USD 434.25 million (about Rs 3,600 crore)
loan to increase renewable energy capacity and improve energy security in Assam.
● The project aims to increase renewable energy capacity, enhance energy security, and reduce
dependence on fossil fuels in Assam.
● Renewable Energy Capacity: The initiative will help Assam develop a renewable energy roadmap
to meet its solar energy target of 3,000 megawatts (MW) by 2030.
● Project Details: The Assam Solar Project includes the construction of a 500 MW grid-connected
solar photovoltaic (PV) facility in the Karbi Anglong district.
Reserve Bank of India Infuses Capital to Control Bank Funding Costs Amid Foreign Exchange Outflows
● The Reserve Bank of India (RBI) injected ₹25,000 crore into the banking system through a
Variable Rate Repo (VRR) auction.
● This was the first operation of its kind since September 24, aiming to stabilize funding costs for
banks amid increasing cash withdrawals related to festivals and foreign capital outflows.
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Important Monthly Current Affairs Capsule – October 2024
● Impact of Foreign Portfolio Investment (FPI):India experienced a record outflow of $9.6 billion
(approximately ₹80,954 crore) from foreign equity markets in October.
● This outflow put pressure on the Indian rupee, which weakened past the 84/$1 mark.
● Foreign Exchange Reserves:India's foreign exchange reserves decreased by $2.163 billion to
$688.26 billion in the week ending October 18.
● Interest Rates:Following the liquidity crunch, the weighted average call rate (WACR) rose to
6.75%, exceeding the repo rate of 6.50%, indicating tightening liquidity conditions.
● Current Liquidity Status:Surplus liquidity in the banking system decreased, dropping to a one-
month low of ₹57,428.30 crore, highlighting the need for RBI’s intervention to maintain balance.
World Bank Launches Innovative Debt-for-Development Swap Program
● The World Bank is launching its first-ever debt-for-development swap, intended to assist
countries facing liquidity challenges by reducing debt servicing costs and redirecting funds
towards development-focused projects.
● World Bank’s Role: Unlike other banks, this marks the World Bank’s first foray into such swaps.
Its role involves:
● Facilitating cheaper financing via guarantees.
● Monitoring fund usage to ensure compliance with intended development goals.
1. Target Countries: This program targets countries with liquidity not solvency issues, particularly
those actively working towards debt sustainability but still encountering financial constraints.
2. World Bank's Expanded Toolkit: Announced by World Bank President Ajay Banga, this initiative
is part of a broader strategy to help re-profile debt for select countries, allowing them to allocate
resources towards sustainable development rather than mere debt servicing.
Ministry of Finance seeks appropriate revamp of Interest Equalisation Scheme before considering
further extension
● The Finance Ministry may extend the Interest Equalisation Scheme beyond December 31, 2024
if the Commerce Department revamps it to demonstrate that it benefits Micro, Small and Medium
Enterprises (MSMEs) and promotes exports of labour-intensive items.
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Important Monthly Current Affairs Capsule – October 2024
● Initially implemented in April 2015 for five years, it has been extended several times post-2020,
recently in August 2024 and September 2024 for MSME manufacturer exporters.
● Objective of the Scheme:Aimed to promote exports by providing bank credit to exporters of 410
identified items and all MSMEs at subsidised interest rates.
● Banks are reimbursed by the government for the reduced interest income.
Reserve Bank of India Governor Shaktikanta Das awarded A+ grade in Central Bank Report Cards
2024 in the United States of America
● Reserve Bank of India (RBI) Governor Shaktikanta Das received an A+ grade in the Central
Bank Report Cards 2024 for the second consecutive year.
● Denmark's Christian Kettel Thomsen, and Switzerland's Thomas Jordan have also been ranked
under the 'A+' category of central bankers.
● The award was presented by Global Finance in Washington, D.C.
● Grades were assigned on an “A+” to “F” scale, evaluating success in key areas like inflation
control, economic growth targets, currency stability, and interest rate management.
● An “A” reflects outstanding performance, while an “F” indicates a clear failure.
Global Finance Magazine Recognizes State Bank of India as Best Bank in India for 2024
● The State Bank of India (SBI) was named the "Best Bank in India for 2024" by Global Finance
Magazine, a prestigious US-based financial publication.
● The award was presented at the 31st Annual Best Bank Awards event, which took place
alongside the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in
Washington, D.C.
● SBI Chairman CS Setty accepted the award, which acknowledges SBI’s commitment to
delivering quality services and supporting financial inclusion across India.
● These awards are recognized globally as a benchmark for evaluating top financial institutions
and serve as a reference for corporate decision-makers, especially during economic challenges.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
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Important Monthly Current Affairs Capsule – October 2024
● Chairman : Challa Sreenivasulu Setty
Pakistan requests additional 10 billion yuan loan from China: Report
● Pakistan has requested an additional loan of 10 billion yuan (approximately USD 1.4 billion) from
China, on top of the existing 30 billion yuan (USD 4.3 billion) trade facility.
● Pakistan has fully utilized the existing 30 billion yuan facility to repay its debts.
● Extension of Facility: This request comes shortly after China extended the existing USD 4.3
billion facility for another three years.
● Debt Repayment Extension: A currency swap agreement was signed during Chinese Premier Li
Qiang's recent visit to Pakistan, extending the debt repayment period to 2027.
● Historical Context: Premier Li Qiang's visit marks the first by a Chinese premier to Pakistan in 11
years, indicating a significant diplomatic engagement between the two nations.
About Pakistan :
● President : Asif Ali Zardari
● Prime Minister : Shehbaz Sharif
● Capital : Islamabad
● Currency : Pakistani rupee (₨)
About China :
● President : Xi Jinping
● Capital : Beijing
● Currency : Renminbi
Securities and Exchange Board of India Imposes ₹16 Lakh Penalty on Edelweiss Asset Management,
CEO Radhika Gupta, and Fund Manager for Mutual Fund Rule Breaches
● Capital markets regulator Securities and Exchange Board of India (SEBI) imposed a penalty of
₹16 lakh on Edelweiss Asset Management Ltd, CEO Radhika Gupta, and fund manager Trideep
Bhattacharya for mutual fund regulation violations.
● Penalty Breakdown: The penalty was divided as follows:
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Important Monthly Current Affairs Capsule – October 2024
● ₹8 lakh on Edelweiss Asset Management Ltd.
● ₹4 lakh each on CEO Radhika Gupta and fund manager Trideep Bhattacharya.
● Payment Deadline: The entities have been instructed to pay the penalty within 45 days.
BharatPe Rebrands 12% Club App to Invest BharatPe, Expands into Wealth Management Sector
1. BharatPe has renamed its 12% Club app to Invest BharatPe, reflecting its new focus on
investment and wealth management.
2. New Features: The platform is introducing new investment and wealth management features,
with digital gold as its first investment product.
About BharatPe :
● Founded : 2018
● Headquarters : New Delhi, India
● CEO : Nalin Negi
European Investment Bank Approves €300 Million Funding for Bengaluru Suburban Railway Project
● The European Investment Bank (EIB Global) has granted a €300 million (approximately ₹2,800
crore) loan for the Bengaluru Suburban Railway Project.
● The loan is designated for constructing a new suburban railway network, covering four dedicated
rail corridors in Bengaluru.
● Impact on Emissions:Once operational, the project will lead to an estimated 43% reduction in
CO2 emissions in Bengaluru's transport system.
● The estimated daily ridership is projected to be nearly 400,000 trips per day in 2029 (the first year
of full operation), with expectations to rise to about 1.4 million trips per day by 2040, aligning with
the anticipated population growth.
● EIB’s Contributions to India:Since 2016, the EIB has provided loans totaling €3.25 billion
(approximately ₹30,225 crore) for the transport sector in India.
● EIB's funding includes metro projects in cities such as Agra, Bengaluru, Bhopal, Kanpur,
Lucknow, and Pune.
About EIB :
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Important Monthly Current Affairs Capsule – October 2024
● Founded: 1958
● Location: Kirchberg, Luxembourg
● President: Nadia Calviño
● The EIB is the European Union's investment bank, owned by the 27 member states, and is
recognised as the largest multilateral financial institution globally.
CSB Bank Unveils 'SME Turbo Loan' Offering Instant Credit Approvals for Small and Medium
Enterprises
● CSB Bank, a leading private sector bank, has launched a new loan product, SME Turbo Loan, to
offer quick and seamless credit access to small and medium enterprises (SMEs).
● The loan provides in-principle sanction for credit amounts up to Rs 5 crore, with facilities such as
overdrafts, term loans, and trade finance.
● The bank aims to streamline the lending process by leveraging a scorecard-based approach for
faster underwriting.
About CSB Bank :
● Founded : 26 November 1920
● Headquarters : Thrissur, Kerala, India
● MD & CEO : Pralay Mondal
Cashfree Payments Secures National Payments Corporation of India Certification for UPI Switch
Service
● Cashfree Payments has received certification from the National Payments Corporation of India
for its UPI Switch service.
● This will allow Cashfree to directly integrate with any bank's core banking software and offer a
higher transaction success rate for its merchants.
● Cashfree can offer settlement of around 12,000 transactions per second with this certification.
● With this integration, Cashfree expects a 5% increase in transaction success rates, aiding faster
merchant onboarding and access to new UPI features.
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Important Monthly Current Affairs Capsule – October 2024
● Cashfree received the Payment Aggregator (PA) license from the Reserve Bank of India in
December 2023, allowing it to operate as a regulated entity in the payments ecosystem.
Equitas Small Finance Bank Introduces 'Selfe Loans' to Support Small Businesses Ahead of Festive
Season
● Equitas Small Finance Bank has launched ‘Selfe Loans’ ahead of the festive season to support
small businesses in meeting financial needs.
● The initiative leverages internet-based financial services to streamline loan access and aims to
reduce the risk of financial fraud for users.
About Equitas Small Finance Bank :
● Founded : 2007
● Headquarters : Chennai, Tamil Nadu, India
● MD & CEO : Vasudevan Pathangi Narasimhan
Solex Energy collaborates with State Bank of India to offer financing for solar projects
● Solex Energy has partnered with the State Bank of India (SBI) to offer solar financing options for
commercial, industrial, and institutional customers.
● As part of the partnership, SBI will offer solar financing through loans up to Rs 10 crore for solar
projects under its Surya Shakti Solar Finance Scheme across India.
● In August,2024 Tata Power Solar Systems Ltd (TPSSL) signed an agreement with ICICI Bank to
provide financing for solar units to residential and corporate customers.
About Solex Energy :
● Based in Surat, Solex Energy is in the process of expanding its solar module manufacturing
capacity to 1.5 gigawatts (GW) from 700 megawatts (MW), at present, in Tadkeshwar, Gujarat.
● Chairman & Managing Director (CMD) : Chetan Shah.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Challa Sreenivasulu Setty
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Important Monthly Current Affairs Capsule – October 2024
Jio Financial Services and BlackRock Establish Asset Management Companies to Enter Mutual Funds
Market
● Jio Financial Services and BlackRock Inc. announced the establishment of two joint venture
companies to operate in the mutual fund business.
● Incorporated Companies:The joint venture companies are:
● Jio BlackRock Asset Management Private Limited
● Jio BlackRock Trustee Private Limited
About Jio Financial Services Ltd :
● Founded : 22 July 1999
● Headquarters : Mumbai, Maharashtra
InCorp Global Becomes the First Company at GIFT IFSC to Obtain Bookkeeping and Accounting
License
● InCorp Global is the first firm at the GIFT International Financial Services Centre (IFSC) to
receive a Bookkeeping, Accounting, Taxation, and Financial Crime Compliance (BATF) license.
● The BATF license is granted under the IFSCA (BATF Services) Regulations, 2024, which classify
these services as ‘financial services’ under Section 3 of the IFSCA Act, 2019.
Jio Financial Services Introduces SmartGold for Digital Gold Purchases
● Jio Financial Services, a non-banking financial company (NBFC), has introduced SmartGold,
allowing customers to buy digital gold via the JioFinance app.
● Investment Details:Customers can start investing in digital gold with a minimum amount of ₹10.
● Gold Storage and Transparency:The underlying asset is 24-karat physical gold equivalent to the
investment in SmartGold, stored in insured vaults.
Reserve Bank of India Governor Shaktikanta Das Proposes RB-CRIS to Enhance Access to Quality
Climate Risk Data
● The Reserve Bank of India (RBI) Governor Shaktikanta Das proposed the establishment of RB-
CRIS, a climate risk data repository aimed at improving the availability of high-quality climate-
related data.
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Important Monthly Current Affairs Capsule – October 2024
● This initiative will support robust risk assessments for regulated entities and aid compliance with
RBI's climate-related financial risk disclosure framework.
● Significance of Climate Risks: Climate change poses a significant risk to the global financial
system, prompting the RBI to address data gaps related to climate risks.
● Climate Vulnerability: India ranks among the top ten most climate-vulnerable countries,
specifically holding the seventh position in the 2021 Global Climate Risk Index (CRI).
● Four Main Areas of Focus: The draft framework focuses on the following areas for disclosure:
● Governance: How the board and management oversee and manage climate risks.
● Strategy: The institution's plans to address climate risks and opportunities over different time
horizons, including stress tests and scenario analysis.
● Risk Management: Processes for identifying, evaluating, and integrating climate risks into overall
risk management systems.
● Metrics and Targets: Performance data on climate risks, including key risk indicators, established
targets, and progress towards these targets.
Banks and Major Financial Institutions Required to Disclose Climate Change Risk Management
Frameworks by FY26
● Banks and large finance companies will have to disclose their governance, strategy, and risk
management structures to manage climate change risks by FY26.
● The draft disclosure framework on climate-related financial risks was released by the central
bank.
● These guidelines shall be called the Disclosure Framework on Climate-related Financial Risks,
2024.
● The framework includes definitions for key terms related to climate-related financial risks and is
applicable to various financial institutions, including scheduled commercial banks, urban
cooperative banks, financial institutions, and non-banking financial companies.
● The REs include commercial banks (excluding Local Area Banks, Payments Banks and Regional
Rural Banks), certain primary (Urban) cooperative banks, All All-India Financial Institutions (viz.
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Important Monthly Current Affairs Capsule – October 2024
EXIM Bank, NABARD, NaBFID, NHB and SIDBI) and all large non-banking financial companies
(NBFCs).
ManipalCigna Health Insurance Introduces New Health Plan, 'ManipalCigna Sarvah'
● ManipalCigna Health Insurance, a rapidly growing standalone health insurance company, has
introduced a new health insurance product named 'ManipalCigna Sarvah.'
● Sarvah,meaning "For All," is designed to provide a comprehensive health insurance solution,
offering affordable and inclusive coverage aimed at various customer segments, particularly
focusing on the "missing middle" population in Bharat.
● Tailored Plans: The 'ManipalCigna Sarvah' product offers three customized plans:
● Sarvah Pratham: Entry-level coverage.
● Sarvah Uttam: Enhanced coverage options.
● Sarvah Param: Premium health coverage with extensive benefits.
About ManipalCigna Health Insurance :
● Managing Director and CEO : Prasun Sikdar
● ManipalCigna Health Insurance is a joint venture between the Manipal Group, known for its
contributions to healthcare and education in India, and Cigna Healthcare, a global health services
provider with over 230 years of experience.
NATIONAL NEWS
Prime Minister Narendra Modi Inaugurates and Dedicates Projects Worth ₹11,200 Crore in Maharashtra
● Prime Minister Narendra Modi inaugurated several significant projects in Maharashtra via video
conferencing, including the first phase of the Pune Metro and the upgraded Solapur Airport.
● The total investment for these initiatives exceeds ₹11,200 crore, initially set for unveiling on
September 26, but postponed due to heavy rains.
Government Plans Simultaneous Elections: Three Key Bills to be Introduced
● The government intends to introduce three bills aimed at facilitating simultaneous elections
across the country.
● Two of these bills will propose amendments to the Constitution, specifically to align local body
elections with those of the Lok Sabha and state assemblies.
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Details of the Proposed Bills:
5. First Constitutional Amendment Bill:
o This bill will provide for holding Lok Sabha and state legislative assembly elections
simultaneously.
o It seeks to amend Article 82A by adding a sub-clause regarding the appointed date and
another for the end of terms of Lok Sabha and state assemblies.
o Provisions will be made to amend Article 83(2) and insert new sub-clauses about the
duration and dissolution of the Lok Sabha.
o It will also amend Article 327 to include the term "simultaneous elections".
o Importantly, this bill will not require ratification by at least 50% of the states.
6. Second Constitutional Amendment Bill:
o This bill aims to create provisions for holding simultaneous elections for municipalities and
panchayats, alongside Lok Sabha and state legislative assemblies by inserting a new
Article 324A.
o It will require ratification by at least 50% of the state assemblies as it pertains to state
affairs.
7. Third Bill (Ordinary Legislation):
o This bill will amend provisions in three laws governing Union territories with legislative
assemblies, namely Puducherry, Delhi, and Jammu and Kashmir.
o It aims to align the terms of these legislative assemblies with those of other assemblies
and the Lok Sabha.
o The laws to be amended include:
▪ Government of National Capital Territory of Delhi Act-1991
▪ Government of Union Territories Act-1963
▪ Jammu and Kashmir Reorganisation Act-2019
o This ordinary bill will not necessitate constitutional amendments and will not require state
ratification.
Prime Minister Modi to Celebrate 10 Years of Swachh Bharat Mission on October 2
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● Prime Minister Narendra Modi will commemorate the completion of 10 years since the launch of the
Swachh Bharat Mission by participating in the Swachh Bharat Diwas programme on October 2.
● This event will take place at Vigyan Bhawan, New Delhi.
● The programme will highlight India's decade-long achievements in sanitation and cleanliness and
showcase the outcomes of the recently concluded "Swachhata Hi Seva" campaign.
o PM Modi will launch and lay foundation stones for several sanitation and cleanliness projects
worth over Rs 9,600 crore.
● Project Breakdown:
o Urban Water and Sewage Systems:
▪ Projects worth more than Rs 6,800 crore under the AMRUT and AMRUT 2.0 schemes.
o Ganga Basin Initiatives:
▪ 10 projects focused on improving water quality and waste management in Ganga basin
areas, valued at over Rs 1,550 crore under the National Mission for Clean Ganga.
o Compressed Biogas Plants:
▪ 15 projects worth more than Rs 1,332 crore under the GOBARdhan scheme.
● Theme of Swachhata Hi Seva 2024:
o The theme, “Swabhav Swachhata, Sanskaar Swachhata,” aims to unify the nation in its
dedication to cleanliness, public health, and environmental sustainability.
Delhi Launches "Advanced Green War Room" to Combat Air Pollution
● Delhi Environment Minister Gopal Rai inaugurated an “Advanced Green War Room” at the Delhi
Secretariat, aimed at monitoring and tackling air pollution in the capital, especially as winter
approaches.
● This initiative is part of a broader 21-point winter action plan announced.
● The Green War Room will operate 24/7 to track updates related to air pollution and ensure effective
implementation of government measures against pollution.
● The war room will be managed by an eight-member team of environmental engineers led by Nandita
Moitra from the Delhi Pollution Control Committee (DPCC).
Amitabh Kant on IBC Reforms and Economic Transformation
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● Amitabh Kant, former NITI Aayog CEO and India's G20 Sherpa, highlighted the transformative
impact of the Insolvency and Bankruptcy Code (IBC) on India's economy during the 8th Annual Day
Lecture of the Insolvency and Bankruptcy Board of India (IBBI) in New Delhi.
● Kant emphasized the need for second-generation reforms to address current challenges in the IBC’s
functioning.
Launch of Centralised Portal for Prime Minister's Internship Scheme
● The Prime Minister's Internship Scheme, designed to skill 1 crore (10 million) youth at the top 500
companies in India, is set to launch soon.
● Companies can start posting their internship requirements online from October 3, with the dedicated
portal opening for candidates around October 12.
● Eligibility criteria include:
o Candidates aged 21 to 24 years.
o Must have completed Class 10 and not be engaged in full-time employment.
o Ineligible candidates include those graduating from IITs, IIMs, IISER, or with professional
degrees like chartered accountants or cost accountants.
o Excludes individuals from families with government jobs or annual incomes exceeding Rs 8
lakh.
Government launches PM E-DRIVE subsidy scheme for EVs with Rs 10,900 crores outlay
● The government launched the PM E-DRIVE Scheme, aimed at promoting the adoption of electric
vehicles (EVs) in India.
● The initiative comes with an outlay of Rs 10,900 crore, focusing on setting up charging infrastructure
and developing the EV manufacturing ecosystem in the country.
● The scheme will run until March 31, 2026.
Key Features of the PM E-DRIVE Scheme:
● Subsumption of EMPS-2024:
o The Electric Mobility Promotion Scheme (EMPS-2024), which was to be implemented from
April 1, 2024 to September 30, 2024, is now subsumed under the PM E-DRIVE scheme.
● Subsidy Structure:
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o The subsidy for electric two-wheelers (e-2Ws) is fixed at Rs 5,000 per kilowatt-hour of
battery power, with a maximum incentive of Rs 10,000 in the first year.
o In the second year, the subsidy will be reduced by Rs 2,500 per kWh, capping the overall
benefit at Rs 5,000.
o Popular electric scooter manufacturers like Ola, TVS, Ather Energy, Hero Vida, and
Chetak Bajaj have battery capacities ranging from 2.88 kWh to 4 kWh with prices between
Rs 90,000 to Rs 1.5 lakh
o A total of Rs 3,679 crore has been allocated for subsidies to support various electric
vehicles, including:
▪ 24.79 lakh e-2Ws
▪ 3.16 lakh e-3Ws
▪ 14,028 e-buses
Government notifies new labelling rules for green products
● The Union Environment Ministry has officially notified the Ecomark Rules, 2024, recasting its
flagship scheme for labelling eco-friendly products.
● This notification comes almost a year after the draft rules were issued, marking a significant step
towards promoting sustainability in consumer goods.
India Among Top Global Performers in H1FY25 Market Performance
● India emerged as the second-best performing major global market during the first half of FY 2024-25
(H1FY25), closely following Hong Kong.
● Despite a 17.5% surge in the Hang Seng index in September, India showed consistent growth
across the first half, cementing its position as a leading global market.
Key Points:
● Top Performing Global Markets:
o Hong Kong led with a late rally in September.
o India, Singapore, the US, and China ranked in the top five best-performing global markets.
Prime Minister Modi's Visit to Hazaribag: Inauguration of ₹83,300 Crore Projects for Tribal Upliftment
● Prime Minister Narendra Modi will visit Hazaribag, Jharkhand, where he will launch, inaugurate, and
lay the foundation stones for projects worth over ₹83,300 crore.
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● These initiatives are set to impact over 5 crore tribal individuals across 63,000 villages in 30 states
and Union Territories
● Dharti Aaba Janjatiya Gram Utkarsh Abhiyan: The flagship scheme, with an allocation of over
₹79,150 crore, aims to bridge gaps in social infrastructure, healthcare, education, and livelihoods. It
will be implemented through 25 focused initiatives under the leadership of 17 ministries and
departments of the Government of India.
● Education for Tribal Students: PM Modi will inaugurate 40 Eklavya Model Residential Schools
(EMRS) and lay the foundation for 25 more, with an investment of ₹2,800 crore, ensuring quality
education and residential facilities for tribal students.
● Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN): Launch and dedication of
initiatives worth over ₹1,360 crore, including:
o 1,380 km of new roads.
o Construction of 120 Anganwadi centers, 250 multipurpose centers, and 10 school hostels.
o Electrification of 75,800 Particularly Vulnerable Tribal Groups (PVTG) households across
3,000 villages.
o 275 mobile medical units and 250 Van Dhan Vikas Kendras.
o Provision of clean drinking water to 5,550 PVTG villages under the ‘Nal se Jal’ program.
Launch of Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DAJGUA)
● Prime Minister Shri Narendra Modi launched the Dharti Aaba Janjatiya Gram Utkarsh Abhiyan
(DAJGUA) on Mahatma Gandhi's birth anniversary from Hazaribagh, Jharkhand.
● The scheme has a total outlay of ₹79,156 crores, with contributions of ₹56,333 crores from the
Central government and ₹22,823 crores from the State government.
● The scheme will cover 63,843 villages and benefit over 5 crore tribal people across 549 districts and
2,911 blocks in 30 States/UTs.
● The mission consists of 25 interventions aimed at achieving the following goals over the next 5 years:
● Supported Schemes: The Abhiyan includes innovative schemes to promote livelihood and income
generation among tribal and forest-dwelling communities, such as:
● Tribal Home Stay
● Improving infrastructure of Government Residential Schools and Hostels
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● Sustainable Livelihood for Forest Right Holders (FRA)
● Advanced Facilities for Diagnosis of Sickle Cell Disease
● Tribal Multipurpose Marketing Centre
● Reference for the Scheme: The Dharti Aaba Janjatiya Gram Utkarsh Abhiyan is based on the
learnings and successes of the PM-JANMAN, launched on Janjatiya Gaurav Divas on 15th
November 2023, which had a budget outlay of ₹24,104 crores and focused on the Particularly
Vulnerable Tribal Groups (PVTG) population.
India-Jamaica Relations Strengthened with 'Jamaica Marg' Announcement
● During a joint press conference with Jamaican Prime Minister Andrew Holness, Prime Minister
Narendra Modi announced the official naming of the road in front of the Jamaica High Commission in
New Delhi as 'Jamaica Marg.'
● This gesture underscores the strengthening diplomatic ties between India and Jamaica.
Prime Minister Holness's visit marks several important milestones:
● It is his first official trip to India.
● This is the first-ever bilateral visit by a Jamaican Prime Minister.
Dr. Mansukh Mandaviya Chairs the 4th General Council Meeting of the Khelo India Scheme
● The 4th meeting of the General Council (GC) for the Khelo India Scheme took place in New Delhi,
chaired by Union Minister of Youth Affairs & Sports and Labour & Employment, Dr. Mansukh
Mandaviya.
● The meeting saw participation from senior officials from various states, prominent Sports Control
Boards, National Sports Federations, and key representatives from Central Ministries.
The Union Minister for Ports, Shipping, and Waterways, Shri Sarbananda Sonowal launched the ‘Cruise
Bharat Mission,’ to Double Cruise Calls and Passengers within Five years
● The Union Minister of Ports, Shipping & Waterways (MoPSW), Shri Sarbananda Sonowal, officially
launched the Cruise Bharat Mission from the Mumbai port, aimed at unlocking the tremendous
potential of cruise tourism in India.
● The mission seeks to double cruise passenger traffic by 2029 and establish India as a leading global
cruise destination.
● Launch Venue: The initiative was launched onboard the cruise ship Empress.
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● Duration: The Cruise India Mission will be implemented in three phases from October 1, 2024, to
March 31, 2029.
● Phase 1 (Oct 2024 - Sep 2025): Focus on studies, master planning, forming cruise alliances, and
modernizing existing cruise terminals and marinas.
● Phase 2 (Oct 2025 - Mar 2027): Development of new cruise terminals, marinas, and activation of
high-potential cruise locations.
● Phase 3 (Apr 2027 - Mar 2029): Integration of all cruise circuits across the Indian subcontinent and
continued development of cruise infrastructure.
Union Cabinet Approves Classical Language Status for Five Languages
● The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the conferment of
Classical Language status to Marathi, Pali, Prakrit, Assamese, and Bengali.
● This initiative aims to recognize these languages as custodians of India's profound cultural heritage.
● Expert Committee Formation: A Linguistic Experts Committee (LEC) was established by the Ministry
of Culture in November 2004 to examine languages for classical status.
● Revised Criteria (November 2005):
o Increased antiquity of early texts to 1,500-2,000 years.
o Inclusion of literary discontinuity between classical and modern forms.
Previous Classical Language Declarations
The following languages have been conferred Classical Language status:
Language Date of Notification
Tamil 12/10/2004
Sanskrit 25/11/2005
Telugu 31/10/2008
Kannada 31/10/2008
Malayalam 08/08/2013
Odia 01/03/2014
Union Cabinet Approves Rationalization of Agricultural Schemes
● The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved a proposal from
the Department of Agriculture & Farmers Welfare (DA&FW) to rationalize all Centrally Sponsored
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Schemes (CSS) under the Ministry of Agriculture and Farmers into two umbrella schemes: Pradhan
Mantri Rashtriya Krishi Vikas Yojana (PM-RKVY) and Krishonnati Yojana (KY).
● PM-RKVY:
o A cafeteria scheme aimed at promoting sustainable agriculture.
● Krishonnati Yojana (KY):
o Focused on food security and achieving agricultural self-sufficiency.
● Total Expenditure:
o The proposed total expenditure for both schemes is Rs. 1,01,321.61 crore.
o The schemes will be implemented through State Governments.
Financial Breakdown
● Central Share: Rs. 69,088.98 crore
● State Share: Rs. 32,232.63 crore
● Breakdown: Includes Rs. 57,074.72 crore for PM-RKVY and Rs. 44,246.89 crore for KY.
Components Under PM-RKVY
The PM-RKVY will include the following schemes:
3. Soil Health Management
4. Rainfed Area Development
5. AgroForestry
6. Paramparagat Krishi Vikas Yojana
7. Agricultural Mechanization (including Crop Residue Management)
8. Per Drop More Crop
9. Crop Diversification Programme
10. RKVY DPR component
11. Accelerator Fund for Agri Startups
Reserve Bank of India Publishes Research Study titled “Status of Digital Financial Literacy in
Lakshadweep Islands: Bottlenecks and Way Forward”
● The Reserve Bank of India (RBI) placed on its website a research study titled “Status of Digital
Financial Literacy in Lakshadweep Islands: Bottlenecks and Way Forward” under the Project
Research Study.
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● The study is based on the primary data collected from all the ten inhabited islands in
Lakshadweep - Agatti, Amini, Andrott, Bitra, Chetlat, Kadmat, Kalpeni, Kavaratti, Kiltan and
Minicoy - to analyse the present status of digital financial literacy and digital financial inclusion.
● Automated Teller Machines (ATMs) were the most popularly used means of digital banking in the
islands.
● About 90% of the respondents in the islands had ATM cards, while 80% reported an actual
usage of these cards.
Government of India sets ₹50,000 crore limit for Ways and Means Advances (WMA) for H2 FY 2024-25
● The limit for Ways and Means Advances for October 2024 to March 2025 has been set at
₹50,000 crore in consultation with the Government of India.
● The Reserve Bank of India (RBI) may initiate the floatation of fresh market loans when the
government utilizes 75% of the WMA limit.
● The RBI retains the flexibility to revise the WMA limit at any time based on the prevailing
circumstances.
Visa launches platform enabling global banks to issue stablecoins and digital tokens
● Visa has launched the Visa Tokenized Asset Platform (VTAP), a platform aimed at helping global
banks issue stablecoins and fiat-backed tokens.
● It will enable banks to mint, burn, and transfer these tokens, leveraging blockchain technology.
● VTAP is expected to go live in 2025 and aims to support banks in utilizing blockchain technology
for stablecoin issuance and token management.
Reserve Bank of India introduces draft guidelines for credit derivatives to boost corporate bond market
liquidity
● The Reserve Bank of India (RBI) has come up with ‘RBI (Credit Derivatives) Directions, 2021 –
Draft’ as the development of the Credit Default Swap (CDS) market is sine qua non for the
development of a liquid market for corporate bonds, especially for the bonds of lower-rated
issuers.
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What is meant by Credit Default Swap (CDS)?
● CDS is a credit derivative contract in which one counterparty (protection seller) commits to
compensate the other counterparty (protection buyer) for the loss in the value of an underlying
debt instrument resulting from a credit event with respect to a reference entity.
● The protection buyer makes periodic payments (premium) to the protection seller until the
maturity of the contract or the credit event, whichever is earlier.
● CDS is a tool to transfer and manage credit risk in an effective manner through redistribution of
risk.
● The RBI will allow only single-name CDS contracts.
● Debt instruments which will be eligible to be a reference / deliverable obligation in a CDS contract
include Commercial Papers, Certificates of Deposit and Non-Convertible Debentures of original
maturity up to one year; Rated Indian Rupee (INR) denominated corporate bonds (listed and
unlisted); and Unrated INR bonds issued by the Special Purpose Vehicles set up by
infrastructure companies.
Narendra Modi Completes 23 Years in Public Office
• October 7, 2024 marks 23 years of Narendra Modi's public service, starting from his tenure as
the Chief Minister of Gujarat on October 7, 2001, to his current role as Prime Minister of India.
• His governance has been characterised by implementing numerous welfare programs, both at
the state and national levels.
• Gujarat Model: Many of the NDA government’s welfare programs at the Centre draw inspiration
from Modi’s initiatives during his time as Gujarat's Chief Minister. Often referred to as the ‘Gujarat
Model’, these programs focus on:
o Water conservation
o Tree plantation drives
o Promotion of ethnic products
o Encouraging sporting culture
o Celebrating the Constitution
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Important Monthly Current Affairs Capsule – October 2024
Government Allocates ₹1,000 Crore Venture Fund for Space Startups
• The Indian government has earmarked ₹1,000 crore for a Venture Fund dedicated to space
startups, as announced by Dr. Jitendra Singh, Union Minister of State (Independent Charge) for
Science and Technology, during a media briefing.
• This initiative is part of the first 100 days of the Modi 3.0 government, highlighting the
government's commitment to prioritizing the space sector.
• Focus on Space Sector:
o The space sector is identified as one of the top priorities of the government in its third term
(3.0).
Union Health Ministry Doubles Nutrition Support for TB Patients Under Ni-kshay Poshan Yojana
• The Union Health Ministry announced a significant boost to its anti-tuberculosis (TB) efforts by
doubling the monthly nutrition support for TB patients from ₹500 to ₹1,000 under the Ni-kshay
Poshan Yojana (NPY).
• This move aims to enhance the well-being of TB patients by addressing their nutritional needs
during treatment.
• TB patients will now receive ₹1,000 per month, up from the previous ₹500, to aid in their
recovery.
• Additionally, patients will be eligible for ₹3,000 to ₹6,000 in total support under the enhanced
NPY.
Government Sets Cotton Yield Target of 1,000 kg per Hectare
• Union Minister Giriraj Singh announced the government’s ambitious target of achieving a cotton
yield of 1,000 kilograms per hectare across 11 top cotton-producing states in India.
• This initiative aims to replicate successful practices from Akola, Maharashtra.
• Akola Model: The High-Density Planting System (HDPS) model being utilized in Akola involves
planting more cotton plants in a smaller area, enhancing overall yield.
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• Current Yield: India's current cotton yield stands at approximately 450 kg per hectare,
significantly lower than that of global competitors like China, Australia, and Brazil, which report
yields of 2,000-2,200 kg per hectare.
• Top Cotton-Producing States: The target will be implemented in states including Gujarat,
Maharashtra, Telangana, Rajasthan, Karnataka, Andhra Pradesh, Haryana, Madhya Pradesh,
Punjab, and Odisha.
India Eliminates Trachoma as a Public Health Problem: WHO Certification
• The World Health Organisation (WHO) has declared that India has eliminated Trachoma as a
public health problem.
• India becomes the third country in the WHO South-East Asia Region to achieve this milestone.
• The official certification was presented to Smt. Aradhana Patnaik, Additional Secretary and
Mission Director of the National Health Mission, by Ms. Saima Wazed, Regional Director, WHO
South-East Asia, at the WHO Regional Committee meeting in New Delhi.
Prime Minister Modi's Visit to Lao PDR for ASEAN-India and East Asia Summits Amid Geopolitical
Challenges
• Prime Minister Narendra Modi is set to visit Lao PDR to participate in the 21st ASEAN-India
and 19th East Asia Summit.
• This comes as ASEAN faces challenges from Myanmar's civil conflict and rising tensions in the
South China Sea.
• The visit underscores India’s decade of engagement with ASEAN under the Act East Policy.
• Objective: Review the progress of the Comprehensive Strategic Partnership between India and
ASEAN and chart future cooperation.
Union Cabinet approves construction of 2,280 km of roads in border areas of Rajasthan.
• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the construction of 2,280
km of roads.
• The project focuses on the border areas of Rajasthan and Punjab.
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• The total investment for the project is ₹4,406 crore.
• Prime Minister Modi has prioritised infrastructure development in border regions to improve
overall connectivity.
Deal For 31 MQ-9B Drones Gets Final Nod, Indian Army And Air Force To Jointly Deploy 16 At Two
Bases In UP
• The Cabinet Committee on Security has approved the acquisition of 31 MQ-9B drones from
American firm General Atomics.
• The approval was essential before October 31 to ensure the validity of the American proposal.
• Delivery Timeline: The Indian defence forces are expected to start receiving the drones over a
four-year period following the finalisation of the deal.
Cabinet approves development of National Maritime Heritage Complex (NMHC), Lothal, Gujarat
• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the development of the
National Maritime Heritage Complex (NMHC) at Lothal, Gujarat.
• The project will be completed in two phases and aims to showcase India's 4,500-year-old
maritime heritage.
• The Cabinet has given in-principle approval for Phase 1B and Phase 2 of the project.
Cabinet approves continuation of supply of free Fortified Rice under Pradhan Mantri Garib Kalyan
Yojana
• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the continuation of the
universal supply of Fortified Rice under various government schemes, including the Pradhan
Mantri Garib Kalyan Anna Yojana (PMGKAY).
• The initiative will continue from July 2024 to December 2028.
• The fortification of rice will be a central sector initiative, funded 100% by the Government of India.
PM’s address at the laying of the foundation stone of various development projects Worth Over ₹7,600
Crore in Maharashtra
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Important Monthly Current Affairs Capsule – October 2024
• Prime Minister Narendra Modi laid the foundation stone for development projects worth over
₹7,600 crore in Maharashtra via video conference.
• Laid the foundation stone for the New Integrated Terminal Building at Shirdi Airport, costing over
₹645 crore.
• 10 new Government Medical Colleges were launched in Mumbai, Nashik, Jalna, Amravati,
Gadchiroli, Buldhana, Washim, Bhandara, Hingoli, and Ambernath (Thane).
• This initiative aims to provide affordable and accessible healthcare across Maharashtra.
Key Decisions of the 194th ESI Corporation Meeting Chaired by Dr. Mansukh Mandaviya
• Dr Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports,
presided over the 194th meeting of the ESI Corporation, accompanied by Sushri Shobha
Karandlaje, Union Minister of State for Labour & Employment and Micro, Small & Medium
Enterprises.
• The meeting focused on pivotal decisions to enhance infrastructure and medical facilities under
ESIC across India.
• Establishment of New ESIC Medical Colleges
• Locations: Andheri (Maharashtra), Basaidarapur (Delhi), Guwahati-Beltola (Assam), Indore
(Madhya Pradesh), Jaipur (Rajasthan), Ludhiana (Punjab), Naroda-Bapunagar (Gujarat), Noida
& Varanasi (Uttar Pradesh), Ranchi (Jharkhand).
Cabinet Committee on Security (CCS) Approves Phase III of Space-Based Surveillance Mission
• The Cabinet Committee on Security (CCS), headed by Prime Minister Narendra Modi, has
approved Phase III of the Space-Based Surveillance (SBS) mission for enhanced land and
maritime domain awareness.
• The project serves both civilian and military applications and is being managed by the National
Security Council Secretariat along with the Defence Space Agency under the Ministry of
Defence.
• The mission involves the launch of 52 surveillance satellites in low earth orbit and geostationary
orbit over the next decade.
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Important Monthly Current Affairs Capsule – October 2024
• The total cost of the project is estimated to be ₹26,968 crore, with 21 satellites constructed by
ISRO and the remaining 31 satellites by private companies.
Central Government Releases ₹1.78 Lakh Crore Tax Devolution to States
• The central government has announced the release of over ₹1.78 lakh crore in tax devolution to
state governments.
• This advance instalment aims to support states during the festive season and facilitate increased
capital spending for development and welfare initiatives.
o The largest share was allocated to Uttar Pradesh, receiving ₹31,962 crore.
o Other significant allocations include:
▪ Bihar: ₹17,921 crore
▪ Madhya Pradesh: ₹13,987 crore
▪ West Bengal: ₹13,404 crore
▪ Maharashtra: ₹11,255 crore
▪ Rajasthan: ₹10,737 crore
▪ Odisha: ₹8,068 crore
▪ Tamil Nadu: ₹7,268 crore
▪ Andhra Pradesh: ₹7,211 crore
▪ Karnataka: ₹6,498 crore
▪ Gujarat: ₹6,197 crore
o Goa, Sikkim, and Mizoram received the least, with allocations of ₹688 crore, ₹691 crore,
and ₹891 crore, respectively.
DigiLocker and UMANG Integration: Simplifying Access to Government Services
● DigiLocker, a secure cloud platform for storing and verifying documents, has integrated with the
UMANG app to provide streamlined access to various government services.
● This partnership significantly advances India’s digital governance, allowing users to manage multiple
services from a single platform.
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● The integration enables citizens to access multiple government services seamlessly through the
DigiLocker app, making interactions with the government more efficient.
India's Ship Recycling Industry Set for Major Growth in 2025
● India’s ship recycling industry is projected to grow significantly, reaching 3.8-4.2 million GT (gross
tonnage) in 2025, up from an estimated 2.3-2.6 million GT in 2024, according to a CareEdge
report.
● India currently accounts for 33% of global ship recycling, second only to Bangladesh, which leads
with 46%.
● India’s ship recycling industry is expected to witness a growth spurt by 2025, with annual growth
rates of around 10% forecasted for 2026-2028.
● India remains a key player in the global ship recycling industry, accounting for 33% of global
dismantling activities in 2023, a rise from 27% in previous years.
● The top four countries in ship recycling—Bangladesh, India, Pakistan, and Turkey—together
handle 90% of global ship dismantling.
PM Modi Celebrates 3rd Anniversary of PM GatiShakti National Master Plan
● Prime Minister Narendra Modi has completed 3 years of the PM GatiShakti National Master Plan,
highlighting its transformative impact on India's infrastructure development.
● PM Modi emphasized that the GatiShakti initiative is accelerating India's progress towards a "Viksit
Bharat" (Developed India).
● The plan, announced on the 75th Independence Day in 2021, aims to enhance multimodal
connectivity by integrating infrastructure projects across various ministries and states, making
project execution faster and more efficient.
● The initiative has seen 44 central ministries and 36 states/UTs participate, leading to improved
coordination and integration in infrastructure planning.
● Since its inception, the Network Planning Group (NPG) has recommended 208 major infrastructure
projects worth ₹15.39 lakh crore for approval.
Australia's New Working Holiday Visa Program for Indian Youth:
● Australia has introduced a new First Work and Holiday visa (subclass 462) for Indian citizens,
enabling young Indians aged 18 to 30 to work and holiday in Australia for up to one year.
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Important Monthly Current Affairs Capsule – October 2024
● This initiative, part of the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA),
strengthens the economic and cultural ties between the two nations.
● Eligibility:
o Indian citizens aged 18 to 30 are eligible to apply.
o A total of 1,000 visas will be allocated annually to successful applicants.
Government to Crack Down on False Air Purifier Claims Amid Rising Pollution Concerns
● As air pollution worsens, especially in the NCR region, and more people purchase air purifiers,
Consumer Affairs Minister Pralhad Joshi raised concerns about misleading claims made by some
manufacturers.
● Bureau of Indian Standards (BIS) will increase market surveillance on air purifiers to ensure the
quality of these products.
● The BIS has already scaled up surveillance by 10 times in the last five years, from 15,000 to over
1.5 lakh checks annually, and aims to intensify inspections on air purifiers.
● Currently, BIS has a standard for portable electric air purifiers (IS17531 of 2021), but compliance is
not mandatory.
India's National Scheme for Power Distribution and Renewable Energy Expansion
● The Central Electricity Authority (CEA) is developing a national scheme for power distribution as part
of India’s push to meet rising electricity demand through renewable energy.
● Union Power Minister Manohar Lal announced this initiative, which aligns with India's broader goal of
establishing 600 GW of renewable energy capacity by 2032.
● According to the National Electricity Plan (2023-2032), India’s peak demand is expected to be 458
GW by 2032.
● The plan includes building a transmission network of 335 GW to handle 280 GW of variable
renewable energy by 2030.
46th Foundation Day Celebration of Telecommunications Consultants India Limited (TCIL)
● Telecommunications Consultants India Limited (TCIL) marked its 46th Foundation Day on 15th
October 2024 at the SCOPE Convention Center, New Delhi.
● The event was attended by esteemed dignitaries, former CMDs/Directors of TCIL, and employees,
celebrating the company’s achievements and growth.
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Important Monthly Current Affairs Capsule – October 2024
SECL Inaugurates 216th AMRIT Pharmacy in Bilaspur, Enhancing Affordable Healthcare Access
● South Eastern Coalfields Limited (SECL), a Chhattisgarh-based subsidiary of Coal India,
inaugurated the 216th AMRIT (Affordable Medicines and Reliable Implants for Treatment) Pharmacy
at the Health Centre in Indira Vihar Colony, Bilaspur.
● With this addition, SECL became India's first coal company to operate four AMRIT pharmacies.
● The AMRIT pharmacies are part of a flagship initiative by the Ministry of Health and Family Welfare,
launched in 2015.
● These pharmacies offer a wide range of generic and life-saving branded drugs, implants, and
surgical consumables at subsidized rates.
Cabinet Committee Approves Increase in Minimum Support Prices (MSP) for Rabi Crops for Marketing
Season 2025-26
● The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has
approved increasing Minimum Support Prices (MSP) for all mandated Rabi crops for the 2025-26
marketing season.
● This decision aims to ensure remunerative prices for farmers and promote crop diversification.
● Highest MSP Increase:
o Rapeseed & Mustard: ₹300 per quintal (highest increase).
o Lentil (Masur): ₹275 per quintal.
● Other Crops:
o Gram: ₹210 per quintal.
o Wheat: ₹150 per quintal.
o Safflower: ₹140 per quintal.
o Barley: ₹130 per quintal.
MSP and Production Cost for Rabi Crops (2025-26):
Crop MSP 2025-26 Cost of Margin MSP 2024-25 Absolute
(₹/quintal) Production Over Cost (₹/quintal) Increase (₹)
(₹/quintal) (%)
Wheat 2425 1182 105 2275 150
Barley 1980 1239 60 1850 130
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Important Monthly Current Affairs Capsule – October 2024
Gram 5650 3527 60 5440 210
Lentil 6700 3537 89 6425 275
(Masur)
Rapeseed & 5950 3011 98 5650 300
Mustard
Safflower 5940 3960 50 5800 140
Union Cabinet Approves Multi-Tracking Railway Project Worth ₹2,642 Crore
● The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved a significant multi-
tracking railway project with an estimated cost of ₹2,642 crore.
● This initiative, spearheaded by the Ministry of Railways, focuses on easing congestion and
enhancing infrastructure on one of the busiest railway sections, traversing through Varanasi and
Chandauli districts in Uttar Pradesh.
Development of the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat
● The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the development of the
National Maritime Heritage Complex (NMHC) at Lothal, Gujarat.
● The project will be executed in two phases, aiming to showcase India's 4,500-year-old maritime
heritage.
● The project will be developed in two phases:
o Phase 1A and 1B: These phases will be executed in EPC (Engineering, Procurement, and
Construction) mode.
▪ Phase 1A is under implementation with 60% physical progress, planned to be
completed by 2025.
▪ Phase 1B will include the construction of the Light House Museum, funded by the
Directorate General of Lighthouses and Lightships (DGLL).
o Phase 2: This will be developed through land subleasing/PPP (Public-Private Partnership) to
establish NMHC as a world-class heritage museum.
Development of Border Area Roads in Rajasthan and Punjab Approved by Union Government
● The Union Cabinet, led by Prime Minister Narendra Modi, has sanctioned a significant infrastructure
project aimed at enhancing road connectivity in the border areas of Rajasthan and Punjab.
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Important Monthly Current Affairs Capsule – October 2024
● The project underscores the government's focus on improving facilities in these strategically
important regions.
● The project involves the construction of 2,280 km of roads in the border areas of Rajasthan and
Punjab.
● Investment: The initiative is backed by a substantial investment of ₹4,406 crore.
Piyush Goyal Launches District Master Plan under PM GatiShakti for Infrastructure Planning
● Commerce and Industry Minister Piyush Goyal launched a district master plan under the PM
GatiShakti initiative to enhance infrastructure planning in 27 aspirational districts across India.
● This marks a significant step toward improving infrastructure efficiency through data-backed
decision-making.
● The initiative targets 27 districts initially, with plans to extend coverage to over 750 districts in the
next 18 months.
● The plan is part of the broader PM GatiShakti initiative, which focuses on efficient planning and
implementation of infrastructure projects.
● The National Master Plan Portal provides a platform for efficient infrastructure planning at the central
and state levels.
CBDT Issues Guidance Note for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024
● The Central Board of Direct Taxes (CBDT) has issued a Guidance Note in the form of Frequently
Asked Questions (FAQs) to address queries from stakeholders regarding the Direct Tax Vivad Se
Vishwas (DTVSV) Scheme, 2024.
● This move aims to provide clarity and assist taxpayers in understanding the provisions of the
scheme.
Government Announces AI Centres of Excellence in Healthcare, Agriculture, and Sustainable Cities
● The Government of India has announced the establishment of three Centres of Excellence (CoE) in
Artificial Intelligence (AI), focusing on healthcare, agriculture, and sustainable cities.
● These CoEs aim to drive innovation and collaboration with industries and start-ups to address key
challenges in these sectors.
PM Suryaghar Yojana's Success in Rooftop Solar Installations and India's Solar Energy Growth
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Important Monthly Current Affairs Capsule – October 2024
● The PM Suryaghar Yojana, launched by Prime Minister Narendra Modi in February 2024, is making
significant strides in expanding rooftop solar power across India.
● Under this flagship programme, approximately 4 lakh rooftop solar installations have been
completed so far, according to the Minister of New and Renewable Energy, Pralhad Joshi.
● This initiative is a key part of India's ambitious target to install 10 million rooftop solar connections by
2027, with an allocated budget of ₹75,021 crore.
Union Cabinet Approves 3% Increase in Dearness Allowance and Dearness Relief for Central
Government Employees and Pensioners
● The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved an additional 3%
increase in Dearness Allowance (DA) for Central Government employees and Dearness Relief (DR)
for pensioners.
● This increase, effective from July 1, 2024, is aimed at offsetting the impact of rising prices.
● Increase in DA and DR:
o 3% hike, raising DA and DR from 50% to 53% of Basic Pay/Pension.
o This increase is based on the recommendations of the 7th Central Pay Commission.
● Effective Date:
o The new rate is applicable from July 1, 2024.
Union Cabinet Approves Continuation of PM-AASHA to Support Farmers and Stabilize Prices
● The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the continuation of
the Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA) scheme.
● This initiative aims to provide remunerative prices to farmers and control the price volatility of
essential commodities for consumers.
● The total financial outgo will amount to ₹35,000 crore during the 15th Finance Commission Cycle
until 2025-26.
● Components of PM-AASHA:
o The integrated scheme now includes:
▪ Price Support Scheme (PSS)
▪ Price Stabilization Fund (PSF)
▪ Price Deficit Payment Scheme (PDPS)
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Important Monthly Current Affairs Capsule – October 2024
▪ Market Intervention Scheme (MIS)
Indian Railways Announces New 60-Day Advance Ticket Booking Policy
● Indian Railways has unveiled a significant update to its advanced train ticket reservation system,
allowing passengers to book tickets 60 days in advance starting from November 1, 2024.
● This change aims to provide greater flexibility and convenience for travellers planning their journeys.
● Passengers will now be able to book train tickets up to 60 days prior to the train's scheduled
departure, as opposed to the current 120-day booking window. This change is intended to enable
travellers to make reservations based on more immediate travel plans.
● The new policy will take effect on November 1, 2024. Passengers should keep this in mind while
planning their trips.
Supreme Court Upholds Constitutionality of Section 6A of the Citizenship Act, 1955
● A Constitution Bench of the Supreme Court, in a 4:1 majority judgment, has upheld the
constitutionality of Section 6A of the Citizenship Act, 1955, which allows immigrants from
Bangladesh residing in Assam to secure Indian citizenship.
● The ruling emphasized the importance of fraternity as a foundational value of the Constitution.
Noida Airport Ready for Runway Trials Following DGCA Calibration Certificate
● The Directorate General of Civil Aviation (DGCA) has issued a completion certificate for the landing
and takeoff calibration at Noida Airport, setting the stage for runway trials to commence shortly.
● A Beech King Air 360ER conducted the calibration from October 10 to 14, with assistance from the
Airports Authority of India (AAI) and DGCA.
● The calibration included the Instrument Landing System (ILS), which assists pilots during landings
and takeoffs, especially in low visibility and adverse weather conditions.
Delhi Development Authority's UER-II Project Nears Completion, Enhancing Regional Connectivity
● The Delhi Development Authority (DDA) is nearing completion of its Urban Extension Road (UER)-II
Project, set to fully operationalize by December this year, with a total cost of Rs 3,600 Crore funded
by DDA.
● The National Highway Authority of India (NHAI) is overseeing the implementation, with support from
the governments of Haryana, UP, and GNCTD.
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Important Monthly Current Affairs Capsule – October 2024
● The project spans 75.71 kms, with 54.21 kms in Delhi and 21.50 kms in Haryana, serving as the
third Ring Road for Delhi, expanded into five packages.
Prime Minister Narendra Modi Chairs NDA Chief Ministers' Meeting: Focus on Good Governance and
National Development
● Prime Minister Narendra Modi chaired a high-level meeting in Chandigarh with Chief Ministers and
Deputy Chief Ministers from the National Democratic Alliance (NDA).
● The gathering was aimed at discussing national development and governance strategies.
● Agenda: Discussions included:
o Observance of 'Sanvidhan Ka Amrut Mahotsav' (celebrating the Constitution),
o The upcoming 50th anniversary of the "attempt to murder democracy."
Government Plans Social Security for Gig Workers: Focus on Unique Employment Status
● The Central Government, led by Labour Minister Mansukh Mandaviya, is working on a framework to
provide social security for gig and platform workers without placing them under the traditional
employer-employee model.
● Instead, the focus is on defining their unique relationship with platforms, recognizing their distinct
employment nature.
Government plans stricter import regulations for laptops, PCs, and tablets from January 1, 2025
● The government is evaluating ways to tighten the import authorisation and management system
for laptops, PCs and tablets to make imports more restricted through appropriate guidelines to be
implemented on January 1, 2025.
● The tightened import regime aims to encourage domestic manufacturing and address security
concerns, particularly related to China.
● The existing import regime for laptops and PCs, established in November, has minimally affected
imports due to its liberal nature.
● Imports now require authorization but are still perceived as too lenient.
● China's Share: China remains a major supplier, accounting for approximately 60% of imports,
which raises concerns amid ongoing scrutiny.
Government likely to reduce spectrum lease tenure to 10 years
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● The Department of Telecommunications (DoT) is evaluating a proposal to reduce the tenure of
spectrum leased to telecom operators from 20 years to 10 years.
● The decision is based on the shortening lifecycle of technology and the erosion of spectrum
value over longer periods, which prevents operators from realizing its full economic potential.
● If approved, the new lease tenure will be implemented in future auctions.
About Department of Telecommunications :
● Cabinet Minister : Jyotiraditya Scindia
● Minister of State : Devusinh Chauhan
Prime Minister Modi Inaugurates Three New Airports under UDAN Scheme: Promoting Regional
Connectivity
● Prime Minister Narendra Modi recently inaugurated three new airports in Rewa (Madhya Pradesh),
Ambikapur (Chhattisgarh), and Saharanpur (Uttar Pradesh) under the Regional Connectivity
Scheme (RCS) - UDAN.
● This move, part of the government's ongoing efforts to improve infrastructure and air connectivity
across India, especially in remote and underserved regions, was announced from Varanasi, Uttar
Pradesh.
● The RCS-UDAN initiative was launched under India's National Civil Aviation Policy (NCAP) 2016,
with a 10-year vision aimed at enhancing air travel accessibility across the nation.
● Since its first flight in April 2017, the scheme has facilitated travel for over 144 lakh passengers,
showcasing its success in achieving last-mile connectivity.
India's Solar Ambition Faces Challenges Due to Reliance on Imports
● According to the Global Trade Research Initiative (GTRI), India's ambitious target of installing 500
GW of renewable energy capacity by 2030 could lead to annual solar equipment imports of around
$30 billion, primarily due to a heavy reliance on Chinese goods.
● The think tank underscores the urgent need for India to develop a self-reliant solar manufacturing
ecosystem, particularly in critical sectors like polysilicon and wafer production.
● Without this, India’s renewable energy goals may face significant hurdles, especially with rising
import costs.
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Important Monthly Current Affairs Capsule – October 2024
● China dominates the global solar manufacturing market, controlling 97% of polysilicon production
and 80% of solar modules.
● In 2023-24, India imported $7 billion worth of solar equipment, with 62.6% of it coming from China.
UDAN Scheme Achievements: Enhancing Regional Air Connectivity
● The Ministry of Civil Aviation announced significant progress under the UDAN (Ude Desh ka Aam
Nagrik) scheme, which aims to boost regional air connectivity and make air travel more accessible
and affordable.
● Operational Routes and Airports:
o 601 routes have been operationalised under the UDAN scheme, including helicopter routes.
o Approximately 28% of these routes cater to the most remote locations, enhancing
accessibility.
● Aerodromes Operationalised:
o A total of 86 aerodromes have been operationalised, comprising:
▪ 71 airports
▪ 13 heliports
▪ 2 water aerodromes
o These developments have facilitated air travel for over 1.44 crore passengers across more
than 2.8 lakh flights.
● Growth in Operational Airports:
o The number of operational airports in India has doubled from 74 in 2014 to 157 in 2024.
o The government aims to increase the count to 350-400 airports by 2047, further expanding
regional connectivity.
● Scheme Launch:
o The UDAN scheme was launched on October 21, 2016, marking a pivotal initiative to
enhance air travel across the country.
UDAN Scheme Extended for 10 More Years: A Boost to Regional Air Connectivity
● Civil Aviation Minister K. Rammohan Naidu announced the extension of the UDAN (Ude Desh ka
Aam Nagrik) scheme for another 10 years.
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● Originally launched on October 21, 2016, the scheme aims to improve regional air connectivity and
make air travel affordable for common citizens.
Dr. Mansukh Mandaviya Launches ‘eShram – One Stop Solution’ for the Welfare of Unorganised
Workers
● Union Minister of Labour & Employment and Youth Affairs & Sports, Dr Mansukh Mandaviya,
introduced the “eShram – One Stop Solution” in New Delhi.
● This event was attended by Union Minister of State for Labour & Employment, Sushri Shobha
Karandlaje, and other senior officials from the Ministry.
● The initiative consolidates data from multiple Central Ministries/Departments into a single repository,
as per the recent Budget announcement and the Ministry’s 100-day agenda.
● Key welfare schemes like One Nation One Ration Card, Mahatma Gandhi National Rural
Employment Guarantee Act, and others have been integrated with eShram, with ongoing onboarding
of additional welfare programs.
India Pauses New Free Trade Agreements to Revamp Trade Strategy
● India has decided to pause all new Free Trade Agreements (FTAs) as part of an initiative to overhaul
its strategy for maximizing trade and investment benefits.
● This significant move highlights the necessity for updated guidelines that better align with India's
evolving economic landscape.
● New Guidelines for FTAs:
o The Department of Commerce is developing new Standard Operating Procedures (SOPs) for
FTA negotiations.
o The Prime Minister’s Office has discussed SOPs addressing emerging issues, including
labour, environment, digital trade, gender, and indigenous peoples.
2nd National Lighthouse Festival Observed Across Historic Lighthouses
● The 2nd National Lighthouse Festival was observed on October 19 and 20, 2024, across 75 historic
lighthouses in India.
● The Lighthouse Tourism Conclave 2024 was inaugurated by Union Minister of State for Ports,
Shipping & Waterways, Shantanu Thakur, on October 19, 2024.
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o The National Lighthouse Festival is organized by the Union Ministry of Ports, Shipping &
Waterways.
● Objectives of the Festival:
o The main aims of the festival include:
▪ Transforming 75 historic lighthouses into tourist sites with modern amenities, such as
museums, amphitheatres, and children’s parks.
▪ Promoting the conservation and preservation of these historic maritime lighthouses.
▪ Generating local employment and boosting the local economy.
● Approximately Rs 65 crore has been invested in 75 iconic lighthouses across 9 coastal states and 1
Union Territory, according to the Directorate General of Lighthouses and Lightships.
Launch of International Incoming Spoofed Calls Prevention System
● Union Minister for Communications, Jyotiraditya Scindia, launched the International Incoming
Spoofed Calls Prevention System on October 22, 2024, at BSNL Bhawan, Delhi.
● The system is designed to detect and block spam international calls that appear to come from Indian
numbers, helping to combat scammers impersonating police, courier company employees, or others.
● Funding Allocation:
o The Finance Ministry allocated ₹38.76 crore to the Department of Telecommunications (DoT)
for the establishment of this system, initially referred to as the Centralised International Out
Roamer (CIOR).
o Additionally, funding for the Digital Intelligence Unit (DIU) was increased from ₹50 crore to
₹85 crore to enhance investigations into fraudulent telecom activities.
● Many of the flagged SIMs were reportedly sold in states like Telangana, Andhra Pradesh, Kerala,
Tamil Nadu, and Punjab, being used to scam individuals in India through various deceptive tactics.
Union Minister Dharmendra Pradhan’s Visit to Australia Strengthens Educational Collaboration
● Union Minister Dharmendra Pradhan’s visit to Australia emphasised the critical role of education in
advancing the India-Australia partnership.
● He highlighted the significance of India's National Education Policy (NEP), highlighting skills-based
education, digital literacy, and the potential for global collaborations.
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Important Monthly Current Affairs Capsule – October 2024
● Pradhan's engagements with Australian officials and university leaders aimed to deepen ties,
explore joint initiatives, and ensure that the education systems of both nations align to prepare
future-ready global citizens.
TRAI Releases Consultation Paper on Terms and Conditions of Network Authorisations Under
Telecommunications Act, 2023
● The Telecom Regulatory Authority of India (TRAI) has issued a consultation paper on the ‘Terms
and Conditions of Network Authorisations’ to be granted under the Telecommunications Act, 2023.
● This paper is aimed at gathering input from stakeholders on the regulations governing the
establishment, operation, maintenance, and expansion of telecommunication networks in India.
Celebration of Sardar Vallabhbhai Patel's 150th Birth Anniversary
● The Indian government is set to commemorate the 150th birth anniversary of Sardar Vallabhbhai
Patel with a nationwide program spanning two years, from 2024 to 2026.
● Union Home Minister Amit Shah announced this initiative and aims to honour Patel's monumental
contributions to India, especially his pivotal role in establishing a strong democracy and unifying the
nation.
Prime Minister Narendra Modi Set to Launch Ayushman Bharat PM-JAY for Senior Citizens
● Prime Minister Narendra Modi is expected to launch the Ayushman Bharat Pradhan Mantri Jan
Arogya Yojana (AB-PM-JAY) specifically for senior citizens.
● This announcement follows the recent approval by the Union Cabinet, which is chaired by the Prime
Minister, for a significant expansion of the world’s largest public health insurance scheme.
● Cashless Coverage: The scheme offers a cashless hospitalization cover of up to ₹5 lakh per year for
all senior citizens aged 70 years and above, regardless of their socio-economic status.
● Funding: The central government will finance 60% of the scheme, while states have the flexibility to
expand or modify the coverage to include additional age groups.
Central Government Approves Key Railway Projects and Launches VC Fund for Space Sector
● The Union Cabinet has approved two major railway projects worth Rs 6,798 crore for the states of
Bihar and Andhra Pradesh.
● Additionally, a Rs 1,000 crore Venture Capital (VC) fund dedicated to the space sector has been
launched under IN-SPACe.
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Important Monthly Current Affairs Capsule – October 2024
Union Labour Ministry to Convene Meeting on New Labour Codes in December
● The Union Labour Ministry is expected to organize a “Chintan Shivir” (brainstorming session) in early
December to discuss the rollout of the four new labour codes and address labour-welfare policies.
● The meeting will involve labour ministers from all states and Union Territories (UTs), with the aim of
gauging their preparedness and ensuring a uniform approach towards implementing the codes.
Objective of the Meeting
● The session will focus on bringing all states and UTs on board for the successful implementation
of the new labour reforms.
● The four labour codes, which have been part of the Centre’s long-pending reforms agenda, are
designed to simplify and consolidate existing labour laws.
Government Plans to Develop 50 New Airports in Five Years: Civil Aviation Minister
● The Civil Aviation Minister, K Rammohan Naidu, announced plans to establish 50 new airports
across India over the next five years to further enhance the country's airport ecosystem.
● This initiative is part of a broader effort to boost job creation and stimulate economic activities in the
aviation sector.
Revised CSR Guidelines for CPSEs Include Focus on PM’s Internship Scheme
● The Indian government has updated the Corporate Social Responsibility (CSR) guidelines for
Central Public Sector Enterprises (CPSEs) for the fiscal year 2024-25, emphasizing two main areas:
Health and Nutrition and the Prime Minister's Internship Scheme.
● This move is intended to streamline how CPSEs allocate their CSR funds, with a significant focus on
youth employability and skill development.
● The Prime Minister's Internship Scheme reflects the government's efforts to enhance youth skill
development and job readiness.
Vishwa Samudra Engineering Secures $40 Million Funding for Varanasi Ropeway Project
● Vishwa Samudra Engineering (VSE), a Hyderabad-based firm, has secured $40 million (over ₹322
crore) in funding from Switzerland's Xport Finance to construct, operate, and maintain an urban
ropeway in Varanasi, Prime Minister Narendra Modi's constituency.
● This funding will support the ambitious project to enhance urban mobility in the city.
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Important Monthly Current Affairs Capsule – October 2024
● The National Highways and Logistics Management Limited (NHLML), a subsidiary of the National
Highways Authority of India (NHAI), has formed a 60:40 joint venture with VSE for the ropeway
project.
● NHLML will cover 60% of the estimated project cost of ₹807 crore, while VSE will manage the
remaining 40%.
● The project was initially set to be completed by August 2025, but Executive Director Shivdutt Das
mentioned that it might be finished ahead of schedule, with a new target of early next year.
IndiaAI and Meta Establish 'Srijan' Center for Generative AI at IIT Jodhpur
● IndiaAI and Meta have partnered to launch the Center for Generative AI, Srijan (सृजन) at IIT Jodhpur.
● Additionally, they have introduced the "YuvAi Initiative for Skilling and Capacity Building," in
collaboration with the All India Council for Technical Education (AICTE), to promote open-source AI
development in India.
● This collaboration aims to advance research, skill development, and fostering innovation in AI to
support India's vision of tech sovereignty.
● The partnership between Meta and IndiaAI reflects a commitment to nurturing open-source AI,
supporting the development of indigenous solutions, and advancing India's position as a global
leader in responsible AI technology.
● The Srijan Center and YuvAi Initiative will play a crucial role in equipping India's youth with the skills
needed to lead in the AI revolution, ultimately driving inclusive growth and contributing to the nation's
economic and technological advancement.
India May Miss $30 Trillion Economy Goal by 2047 Due to Female Workforce Shortfall
● India needs 400 million women in its workforce by 2047 to achieve a $30 trillion economy.
● A joint report by Magic Bus India Foundation and Bain & Company reveals that India needs to
integrate 145 million women into the workforce by 2047 to meet its goal of becoming a $30 trillion
economy.
● The country is projected to add only 110 million women, reaching 255 million female workers by
2047, leaving a gap of 145 million women.
● Current Female Labour Force Participation Rate (FLFPR) stands at 35-40%, but it must nearly
double to 70% by 2047 to meet the economic goal.
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Important Monthly Current Affairs Capsule – October 2024
Launch of 21st Livestock Census and Pandemic Fund Project for Animal Health Security
1. 21st Livestock Census: Launched by Union Minister Rajiv Ranjan Singh, the census will be
conducted from October 2024 to February 2025 at a cost of Rs 200 crore, funded entirely by the
central government.
2. The census will capture data on 219 indigenous breeds across 16 species, including cattle, buffalo,
yak, sheep, goat, and poultry birds.
3. Over 1 lakh field officials, primarily veterinarians and para-veterinarians, will be involved, covering 30
crore households across all states and Union Territories.
4. Mobile technology will be used for data collection to improve accuracy and efficiency.
Launch of Gram Panchayat-Level Weather Forecasting Initiative
● The Indian government has launched a Weather Forecasting initiative at the Gram Panchayat level
in New Delhi, aimed at enhancing disaster preparedness and empowering rural communities,
particularly farmers.
● This initiative is a collaborative effort between the Ministry of Panchayati Raj, Ministry of Earth
Sciences, and the India Meteorological Department (IMD).
● The initiative aims to provide accurate weather updates to farmers and villagers, helping them plan
agricultural activities and prepare for weather-related risks.
● Forecasts will be delivered through platforms such as e-GramSwaraj, the Meri Panchayat app, and
Gram Manchitra.
Inauguration of India's First Private Sector-Led Military Aircraft Facility for C295 Production in Vadodara
● Tata Advanced Systems Limited (TASL) and Airbus inaugurated the Final Assembly Line (FAL)
complex for C295 military aircraft in Vadodara, Gujarat, marking India's first private sector-led
military aircraft manufacturing facility.
● The inauguration was led by Indian Prime Minister Narendra Modi and Spanish Prime Minister Pedro
Sánchez Pérez-Castejón, signifying a robust partnership between India and Spain in defence
manufacturing.
Rising Threat of "Digital Arrest" Frauds: Rs 120.3 Crore Lost in Q1 2023
● In the first quarter of 2024, Indian citizens lost Rs 120.30 crore to “digital arrest” frauds, according to
government data.
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Important Monthly Current Affairs Capsule – October 2024
● Prime Minister Narendra Modi raised concerns about this issue, urging citizens to remain vigilant
against cybercriminals.
● The Ministry of Home Affairs (MHA) and the Indian Cybercrime Coordination Centre (I4C) revealed
that many scams originate from Myanmar, Laos, and Cambodia.
● A staggering 46% of reported frauds, amounting to Rs 1,776 crore in losses, originated from these
countries between January and April 2023.
Prime Minister Narendra Modi to Launch Multiple Health Sector Initiatives on Dhanvantari Jayanti
● On the occasion of Dhanvantari Jayanti and the 9th Ayurveda Day, Prime Minister Narendra Modi
will inaugurate and lay the foundation stone for various health sector projects worth approximately
Rs 12,850 crore at the All India Institute of Ayurveda (AIIA) in New Delhi.
● PM Modi will inaugurate Phase II of India’s first All India Institute of Ayurveda, featuring:
o A Panchakarma hospital
o An Ayurvedic pharmacy
o A sports medicine unit
o A central library
o An IT and start-ups incubation centre
o A 500-seat auditorium
● Three new medical colleges will be inaugurated in Mandsaur, Neemuch, and Seoni in Madhya
Pradesh.
India and Spain Strengthen Ties with Defence Collaboration and Cultural Initiatives
● The Airbus C295 transport aircraft project was highlighted as a symbol of India-Spain defence ties.
● The project involves 40 aircraft manufactured in India by Tata Advanced Systems Limited (TASL) in
Vadodara, Gujarat, while 16 planes are delivered from Spain.
● Leaders Modi and Sánchez encouraged similar joint defence projects in line with the ‘Make in India’
initiative.
● Another Spanish defence firm, Navantia, is vying with Germany’s ThyssenKrupp Marine Systems for
India’s P75I submarine project, which will involve six submarines with advanced propulsion systems.
Union Minister Piyush Goyal's Visit to Saudi Arabia – Strengthening India-Saudi Strategic Ties and
Promoting Investment
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Important Monthly Current Affairs Capsule – October 2024
● Union Minister Piyush Goyal’s visit to Saudi Arabia (October 29-30, 2024) aims to enhance India-
Saudi Arabia strategic ties and foster trade, investment, and economic cooperation.
● He will also represent India at the 8th Future Investment Initiative (FII) in Riyadh, a platform for
global leaders, investors, and innovators.
FPO scheme to be extended by 4-5 years with financial aid
● The “Formation and Promotion of 10,000 FPOs” scheme, launched in 2020 with a budget of Rs
6,865 crore, may be extended by 4-5 years beyond FY25 to solidify outcomes for farmers' collectives.
● Current Status: 9,200 FPOs have been formed out of a target of 10,000 by March 2025.
● Objectives of the Scheme:
○ Income Enhancement: Aims to improve farmers’ income through aggregation of produce and
supply of inputs, thus reducing production costs.
Prime Minister Modi Launches Multiple Health Sector Projects on Dhanvantari Jayanti and Ayurveda
Day
● Prime Minister Narendra Modi marked Dhanvantari Jayanti and the 9th Ayurveda Day with the
launch and foundation of multiple health projects worth ₹12,850 crore at the All India Institute of
Ayurveda (AIIA), New Delhi.
● He highlighted the historic lighting of Lord Shri Ram’s temple in Ayodhya, celebrating his return after
a 500-year wait.
PM Internship Scheme Boosts Opportunities Across India’s Key Business Hubs
● Chennai and Bengaluru lead in offering internships under the PM Internship Scheme, with 7,875 and
5,179 internships respectively, followed by Gurugram (4,576), Hyderabad (4,472), and Mumbai
(4,288).
● Among states, Maharashtra has the highest internship offers, reflecting its robust economic and
industrial base.
● The top 10 districts, with over 39,200 internship offers, account for nearly one-third of the 127,000
internships currently available.
India’s Path to Establishing the Bharatiya Antriksh Station by 2035
● Union Minister Dr. Jitendra Singh announced that India will establish its own space station, the
Bharatiya Antriksh Station, by 2035.
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Important Monthly Current Affairs Capsule – October 2024
● This ambitious project is set to bolster India’s presence in space technology and research on a
global scale.
● An MoU between ISRO and the Department of Biotechnology was signed in New Delhi, focusing on
merging biotechnology with space technology.
● This partnership introduces the ‘BioE3’ policy, targeting advancements in economy, environment,
and employment.
Prime Minister Narendra Modi set to launch projects worth Rs 280 crore at Ekta Nagar
● Prime Minister Shri Narendra Modi is set to inaugurate a series of infrastructure and development
projects in Ekta Nagar, aimed at boosting tourism, accessibility, and sustainability in the area
surrounding the Statue of Unity.
● Prime Minister Narendra Modi will begin his two-day visit to Gujarat on Wednesday to inaugurate
and lay the foundation stone of various infrastructural and development projects worth over Rs 280
crore in Ekta Nagar in Narmada district.
NMDC Ltd Celebrates Vigilance Awareness Week 2024: Promoting Integrity for Nation’s Prosperity
➢ NMDC Ltd, India’s leading iron ore producer, commenced Vigilance Awareness Week 2024 with a
pledge to uphold integrity, transparency, and ethical practices in alignment with the year’s theme:
“Culture of Integrity for Nation’s Prosperity.”
Key Highlights of Vigilance Awareness Week 2024 at NMDC
● Inauguration and Integrity Pledge
○ CMD (Addl. Charge) Shri Amitava Mukherjee administered the Integrity Pledge at NMDC
Headquarters in Hyderabad, joined by Director (Technical) Shri Vinay Kumar and Chief
Vigilance Officer Shri B. Vishwanath, along with senior management and employees.
○ The pledge was simultaneously taken at NMDC project locations across India, reinforcing
a company-wide culture of accountability at sites such as Panna, Donimalai, Bacheli,
Kirandul, Jagdalpur, and Nagarnar.
India Inaugurates First ‘Writer’s Village’ in Dehradun
➢ India’s first ‘Writer’s Village’ was inaugurated in Dehradun by former President Ram Nath Kovind,
alongside Uttarakhand Governor Lt Gen Gurmeet Singh (retd) and Chief Minister Pushkar Singh
Dhami.
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Important Monthly Current Affairs Capsule – October 2024
➢ This unique initiative aims to foster creativity and provide a nurturing environment for writers across
the country, establishing Dehradun as a new cultural hub for literary talent.
About Uttarakhand
● Uttarakhand – Dehradun (Capital)
● Chief Minister – Pushkar Singh Dhami
● Governor – Gurmit Singh
● State Bird – Himalayan Monal
Release of ₹100 Commemorative Coin Honoring HH Shri Mataji Nirmala Devi Ji
➢ The Minister of Road Transport & Highways, Shri Nitin Gadkari, recently released a ₹100
commemorative coin in honor of HH Shri Mataji Nirmala Devi Ji to celebrate her Birth Centenary.
➢ The event took place at the National Museum, serving as a heartfelt tribute to her significant
contributions to spirituality, inner peace, and self-realization on a global scale.
Prime Minister Modi Launches Bharat Balvalli's Biography 'Bharatvakya'
● Prime Minister Narendra Modi recently met classical musician Bharat Balvalli to launch his biography
titled 'Bharatvakya.'
● The meeting took place and highlighted Balvalli’s deep passion for culture and spirituality.
About 'Bharatvakya'
● Author: The biography is written by Pravin Vitthal Tarde.
● Content: It aims to intertwine the themes of music, spirituality, and nation-building, reflecting
Balvalli's journey and contributions to these areas.
INTERNATIONAL NEWS
North Atlantic Treaty Organisation to Establish Northern Land Command in Eastern Finland
● The North Atlantic Treaty Organisation (NATO) will set up a new land command in eastern
Finland, near the Russian border, in 2025.
● This command will oversee land force operations in northern Europe during military conflicts.
● The decision comes after Finland joined NATO in 2023 in response to Russia’s invasion of
Ukraine in 2022.
● Finland is organizing NATO’s presence on its territory.
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Important Monthly Current Affairs Capsule – October 2024
● Unit Designation: The new unit will be known as the Multi Corps Land Component Command and
will operate under NATO’s Norfolk Joint Force Command based in the United States.
About NATO :
● Formation : 4 April 1949
● Headquarters : Brussels, Belgium
● Secretary General : Jens Stoltenberg
● Membership : 32 States (https://www.nato.int/nato-welcome/)
India and Brazil aim to finalize the Global Biofuel Alliance charter by the end of the year(2024)
● India and Brazil aim to establish the Global Biofuel Alliance (GBA) headquarters and finalize its
charter by the end of the current year(2024).
● The delay in setting up the GBA was addressed during a meeting between India’s Petroleum
Minister Hardeep Singh Puri and his Brazilian counterpart in Brasilia last month.
● The GBA was launched on September 9, 2023, on the sidelines of the G20 Summit in New Delhi.
● Global Biofuel Market: The International Energy Agency (IEA) predicts that biofuels have the
potential to grow 3.5 to 5 times by 2050 due to net-zero targets, creating significant opportunities
for India.
● India's Biofuel Production: A record 171.2 billion litres of biofuels were procured globally in the
year 2022, with India contributing just 2.7 per cent or 4.6 billion litres.
● Despite this, India remains the third-largest producer of ethanol, after the United States (US) and
Brazil.
About Brazil :
● President : Lula da Silva
● Capital : Brasília
● Currency : Real
Prime Minister Narendra Modi Launches Rs 23,300 Crore Initiatives in Agriculture and Animal
Husbandry in Maharashtra
● Prime Minister Narendra Modi visited Washim, Maharashtra, to inaugurate a series of agriculture
and animal husbandry initiatives totalling Rs 23,300 crore.
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Important Monthly Current Affairs Capsule – October 2024
● His visit included stops at important cultural landmarks and events benefiting millions of Indian
farmers and rural communities.
Key Initiatives Launched:
3. PM-KISAN Samman Nidhi (18th Instalment):
o Rs 20,000 crore disbursed to approximately 9.4 crore farmers across India.
o This brings the total disbursement under the scheme to around Rs 3.45 lakh crore.
4. NaMo Shetkari Mahasanman Nidhi Yojana:
o The 5th instalment of the scheme was launched, disbursing Rs 2,000 crore to
beneficiaries.
5. Agriculture Infrastructure Fund (AIF):
o Over 7,500 projects worth more than Rs 1,920 crore were inaugurated.
o These projects include custom hiring centres, warehouses, primary processing units, cold
storage, and post-harvest management facilities.
6. Farmer Producer Organizations (FPOs):
o The launch of 9,200 FPOs with a collective turnover of Rs 1,300 crore.
7. Unified Genomic Chip for Cattle & Sex-Sorted Semen Technology:
o Introduction of the GAUCHIP for indigenous cattle and MAHISHCHIP for buffaloes.
o The technology will enable the identification of high-quality bulls early and provide sex-
sorted semen at lower costs for farmers, reducing semen costs by around Rs 200 per
dose.
8. Solar Parks:
o Five solar parks with a total capacity of 19 MW were inaugurated under the Mukhyamantri
Saur Krushi Vahini Yojana 2.0.
Expansion of Pradhan Mantri Ujjwala Yojana (PMUY) Gets Approval from Petroleum Ministry
● The Ministry of Petroleum and Natural Gas has approved the fourth expansion of the Pradhan Mantri
Ujjwala Yojana (PMUY), addressing the increasing demand from economically disadvantaged
households.
● This expansion is crucial as over 2.6 million pending applications are yet to be covered under the
scheme.
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Important Monthly Current Affairs Capsule – October 2024
● LPG Penetration Increase: Since the launch of PMUY in May 2016, LPG penetration has
significantly increased from 62% in 2016 to near saturation levels.
● Pending Applications: Despite this growth, more than 2.6 million applications are pending, primarily
from economically distressed backgrounds.
● Fourth Expansion: The government has approved this expansion to include more households still in
need of clean cooking fuel.
About PMUY:
● Launch: May 2016 with the aim of providing free LPG connections to families below the poverty
line (BPL).
● Objective: To promote clean energy adoption and reduce the dependence on traditional cooking
methods like wood and coal, improving health outcomes and reducing environmental degradation.
Prime Minister Narendra Modi's Address at the Kautilya Economic Conclave:
● The Prime Minister, Shri Narendra Modi addressed the Kautilya Economic Conclave in New
Delhi.
● Organized by The Institute of Economic Growth in partnership with the Ministry of Finance, the
Kautilya Economic Conclave will focus on themes such as financing the green transition, geo-
economic fragmentation and the implications for growth, and principles for policy action to
preserve resilience among others.
● Location: New Delhi
● Organizer: The Institute of Economic Growth in collaboration with the Ministry of Finance
● Themes: Financing the green transition, geo-economic fragmentation, and resilience principles.
External Affairs Minister Jaishankar to attend Shanghai Cooperation Organisation meeting in Pakistan,
marking first EAM visit since Sushma Swaraj 9 years ago
● External Affairs Minister (EAM) S. Jaishankar will lead India's delegation to the Shanghai
Cooperation Organisation’s (SCO) Council of Heads of Government (CHG) meeting in Islamabad,
Pakistan on October 15-16, 2024.
● It will be the first visit to Pakistan by an Indian EAM in 9 years; the last visit was by Sushma
Swaraj in 2015 for the Heart of Asia Ministerial Conference on Afghanistan that was held in
Islamabad on December 8-9, 2015.
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Important Monthly Current Affairs Capsule – October 2024
About SCO :
● Formed: 15 June 2001.
● Headquarters: Beijing, China.
● Secretary General: Zhang Ming.
● Member States: Belarus, China, India, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan,
Uzbekistan.
● India and Pakistan became full members of the SCO during the 2017 Astana Summit.
● India joined the SCO as an observer in 2005 and became a full member in 2017.
Indonesia holds global conference on Myanmar with UN and junta opponents, sources report
● Indonesia is hosting an international meeting with the United Nations and opponents of
Myanmar's military regime.
● Participants include the United Nations (UN), the Association of Southeast Asian Nations
(ASEAN), the European Union (EU), and Myanmar's shadow National Unity Government (NUG).
● The meeting is set against the backdrop of a severe crisis in Myanmar, stemming from the
military's crackdown on pro-democracy protests following the coup in 2021.
● The military is facing a nationwide rebellion supported by various ethnic minority armies.
● Aim of the Meeting:The meeting aims to address the ongoing civil war in Myanmar, which has not
seen significant progress despite regional efforts for peace.
About Indonesia :
● President : Joko Widodo
● Capital : Jakarta
● Currency : Indonesian rupiah (Rp) (IDR)
India elected to GlobE Steering Committee to tackle global corruption
● India has been elected to the 15-member steering committee of the GlobE Network during a
plenary session in Beijing.
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Important Monthly Current Affairs Capsule – October 2024
● The election followed a multi-stage voting process, allowing India to actively contribute to global
efforts in combating corruption and asset recovery.
About GlobE Network:
● The Global Operational Network of Anti-Corruption Law Enforcement Authorities (GlobE Network)
was launched under the G20 framework to address international corruption and financial crimes.
● Officially launched on June 3, 2021, during the UN General Assembly Special Session against
Corruption.
● The network currently has 121 member countries and 219 member authorities, with India being a
member.
● India’s Participation in the Network:India's Central Bureau of Investigation (CBI) and Enforcement
Directorate (ED) are part of the GlobE Network.
● The Ministry of Home Affairs (MHA) acts as India's central authority for the network.
● Support and Governance:The GlobE Network is governed by its member countries and is
supported by the United Nations Office against Drugs and Crime (UNODC), which provides
secretariat support.
India extends $50 million financial aid to Maldives for an additional year
● India has extended budgetary support to the Maldives government in the form of a rollover of the
USD 50 million Treasury Bill for another year at the Maldivian government’s request.
● This is the second rollover granted by the Indian government this year.
● Earlier in May 2024, SBI had similarly subscribed a USD 50 mn T-bills under the same
mechanism, again on the request of the Government of Maldives.
● Maldives is India’s key maritime neighbour and an important partner under India’s
‘Neighbourhood First’ policy and Vision SAGAR i.e. Security and Growth for All in the Region.
About Maldives :
● President : Mohamed Muizzu
● Capital : Malé
● Currency : Maldivian rufiyaa
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Important Monthly Current Affairs Capsule – October 2024
Mr.Joseph R.Biden Hosts Sixth Quad Leaders’ Summit with Prime Ministers of Australia, Japan, and
India in Wilmington
• President Joseph R. Biden, Jr. hosted Prime Minister Anthony Albanese of Australia, Prime
Minister Kishida Fumio of Japan, and Prime Minister Narendra Modi of India in Wilmington,
Delaware, for the 6th Quad or Quadrilateral Security Dialogue Leaders’ Summit.
• The grouping of four democracies –India, Australia, US and Japan is known as the quadrilateral
security dialogue or quad.
• The aim of this grouping is to ensure a free and open international order based on the rule of law
in the Indo-Pacific.
Myanmar to Participate in Association of Southeast Asian Nations Summit for the First Time in Three
Years
• Myanmar will send a representative to the Association of Southeast Asian Nations (ASEAN)
summit for the first time in three years.
• The decision to participate comes as the junta struggles to address an ongoing civil war and
amid diplomatic isolation since the February 2021 coup.
• Agenda Focus:The civil conflict in Myanmar is expected to be a significant topic during the
summit, which is being held in Vientiane, Laos from October 9, 2024.
About ASEAN :
• Headquarters : Jakarta, Indonesia
• Secretary General : Dr. Kao Kim Hourn
• Membership : 10 member states (Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia,
Myanmar, Philippines, Singapore, Thailand, Vietnam) & 2 Observer States (East Timor, Papua
New Guinea)
About Myanmar :
• President : Min Aung Hlaing
• Capital : Naypyidaw
• Currency : Kyat
12th India-UAE High-Level Joint Task Force on Investments Held in Mumbai
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Important Monthly Current Affairs Capsule – October 2024
• The 12th Meeting of the India-United Arab Emirates (UAE) High-Level Joint Task Force on
Investments (HLJTFI) took place in Mumbai, Maharashtra.
• Co-Chaired by:
• Shri Piyush Goyal, Minister of Commerce & Industry, Government of India.
• His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment
Authority (ADIA).
President Droupadi Murmu Begins Three-Nation Visit of Algeria, Mauritania, and Malawi
● President Droupadi Murmu's visit to Algeria, Mauritania, and Malawi was the first Indian
President to visit these three African nations.
● This visit comes a year after the African Union became a permanent member of the G-20 group
during India's presidency of the G-20 in 2023.
● Algeria (October 13-15, 2024): Bilateral meetings, ceremonial welcome by President Abdelmadjid
Tebboune, and participation in the Algeria-India Economic Forum.
● Mauritania (October 16, 2024): Bilateral talks with President Mohamed Ould Cheikh El
Ghazouani and signing of four MoUs.
● Malawi (October 17-19, 2024): Bilateral talks with President Lazarus Chakwera, business events,
and signing of three MoUs.
About Algeria :
● President : Abdelmadjid Tebboune
● Prime Minister : Nadir Larbaoui
● Capital : Algiers
● Currency : Algerian dinar
About Mauritania :
● President : Mohamed Ould Ghazouani
● Prime Minister : Mokhtar Ould Djay
● President of the National Assembly : Mohamed Ould Meguett
● Capital : Nouakchott
● Currency : Ouguiya
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Important Monthly Current Affairs Capsule – October 2024
About Malawi :
● President : Lazarus Chakwera
● Capital : Lilongwe
● Currency : Malawian kwacha
Nicaragua Declares Suspension of Diplomatic Ties with Israel
● Nicaragua's government, led by Vice President Rosario Murillo, has officially declared the
suspension of diplomatic relations with Israel following a congressional resolution.
● The announcement occurs amidst increasing international scrutiny of Israel due to its military
actions in the West Asia region, particularly in Gaza and Lebanon.
About Israel :
● President : Isaac Herzog
● Prime Minister : Benjamin Netanyahu
● Capital : Jerusalem
● Currency : New shekel
World Health Organisation declares India free from Trachoma as a public health problem in 2024
● The World Health Organization (WHO) declared India free from Trachoma as a public health
problem in 2024.
● India is the third country in the South-East Asia Region to achieve this milestone.
What is Trachoma?:
● Trachoma is a bacterial infection caused by Chlamydia trachomatis that affects the eyes.
● It is classified as a neglected tropical disease by the WHO.
About WHO :
● Established : 7 April 1948
● Headquarters : Geneva, Switzerland
● Director General : Tedros Adhanom Ghebreyesus
● Parent Organization : United Nations Economic and Social Council
Prime Minister Shri Narendra Modi Calls for Peace, Stability, and an Inclusive Indo-Pacific at 19th East
Asia Summit
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Important Monthly Current Affairs Capsule – October 2024
● Prime Minister Shri Narendra Modi attended the 19th East Asia Summit (EAS) on 11 October
2024 in Vientiane, Lao PDR.
● In his address, PM Modi emphasized ASEAN's central role in the Indo-Pacific regional
architecture, India's Indo-Pacific Vision, and Quad cooperation.
About East Asia Summit :
● The East Asia Summit (EAS) is a forum for leaders of countries in the Indo-Pacific region to
discuss political, security, and economic challenges.
● The EAS was established in 2005 by the Association of Southeast Asian Nations (ASEAN) and is
held annually.
● The EAS was launched in Kuala Lumpur, Malaysia in 2005.
● The EAS was originally attended by 16 countries from East Asia, Southeast Asia, South Asia,
and Oceania.
● In 2011, membership expanded to 18 countries, including Russia and the United States.
● Currently, EAS is a forum of 18 countries that represent 54% of the world's population and 58%
of global GDP.
● The 18 countries are:
● Ten ASEAN member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the
Philippines, Singapore, Thailand, and Vietnam.
● Other members: Australia, China, Japan, India, New Zealand, the Republic of Korea, Russia, and
the United States.
● Leaders-Led Forum: The East Asia Summit (EAS) is the only leaders-led forum that brings
together major global powers including the US, China, Russia, India, Republic of Korea (RoK),
and Australia.
EAS Membership Criteria:
● Sign the ASEAN Treaty of Amity and Cooperation (TAC).
● Be a formal dialogue partner of ASEAN.
● Have substantive cooperative relations with ASEAN.
21st ASEAN-India Summit:
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Important Monthly Current Affairs Capsule – October 2024
● Held on 10 October 2024 in Vientiane, Lao PDR.
● Marked a decade of India’s Act East Policy.
● Prime Minister Modi participated for the 11th time.
● Focused on assessing the ASEAN-India Comprehensive Strategic Partnership and shaping
future cooperation.
India raises concerns over terrorism at SCO meeting hosted in Pakistan
● External Affairs Minister S. Jaishankar called for an “honest conversation” about the lack of trust
and neighbourly ties within the Shanghai Cooperation Organisation (SCO), implicitly criticizing
China and Pakistan regarding issues of territorial integrity and terrorism.
● Jaishankar's visit marked the first time an Indian foreign minister visited Pakistan in nearly a
decade, highlighting a significant diplomatic engagement.
● Pakistan will host the 2024 SCO Summit in Islamabad on October 15-16, 2024.
About SCO :
● Established : 15 June 2001
● Headquarters : Beijing, China
● Secretary General : Zhang Ming
● The SCO was established by founding members China, Russia, Kazakhstan, Kyrgyzstan,
Tajikistan, and Uzbekistan, with India and Pakistan joining in 2017.
● Iran is expected to become a member soon.
● Objective : To enhance cooperation among its member states in various domains, including
politics, economy, and military initiatives, with a strong focus on combating separatism, terrorism,
and extremism.
Sri Lanka Plans to Seek Membership in BRICS and the New Development Bank, Says New Foreign
Minister Vijitha Herath
● Sri Lanka’s newly-appointed Foreign Minister Vijitha Herath announced Sri Lanka's intention to
apply for membership in BRICS (Brazil-Russia-India-China-South Africa) and the New
Development Bank.
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Important Monthly Current Affairs Capsule – October 2024
● Objective of BRICS Membership: Herath emphasized that Sri Lanka views BRICS as an effective
partnership to enhance cooperation, peace, and development through inclusive multilateralism in
line with the UN Charter.
● Current BRICS Membership: BRICS currently includes Brazil, Russia, India, China, and South
Africa, along with new members: Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United
Arab Emirates.
● Russian Presidency: Russia holds the BRICS presidency in 2024, having taken over on January
1, 2024.
About Sri Lanka :
● President : Anura Kumara Dissanayake
● Prime Minister : Harini Amarasuriya
● Capital : Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
● Currency : Sri Lankan rupee (Rs)
Saudi Arabia launches digital platform to ensure wage protection, human rights of expat workers
● The new labour rules in Saudi Arabia — under a digital platform called Musaned — will benefit at
least 10 African countries and 9 Asian countries including India, Bangladesh, Pakistan, Vietnam,
Philippines and Sri Lanka.
Key Features
● Employment Contract Review: Workers can easily access and review their employment contracts.
● Financial Transaction Tracking: It allows workers to track financial transactions between
themselves and their employers.
● Linking to Insurance and Benefits: The platform can be linked to contract insurance and health
benefits to provide additional protection.
About Saudi Arabia:
● Capital: Riyadh
● King: Salman bin Abdulaziz Al Saud
● Crown Prince: Mohammed bin Salman
● Official Language: Arabic
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Important Monthly Current Affairs Capsule – October 2024
● Currency: Saudi Riyal (SAR)
Azores Establish Largest Marine Protected Area in the North Atlantic
● The regional assembly of Portugal's Azores Islands approved the establishment of the largest
protected marine area in the North Atlantic.
● This initiative aims to meet international conservation goals ahead of schedule, particularly the
United Nations goal of protecting 30% of the Earth’s land and sea by 2030 as part of a global
pact adopted in the previous year.
● The newly approved marine network will cover nearly 300,000 square kilometres (115,830
square miles), making it a significant contribution to ocean conservation efforts.
UN General Assembly Elects 18 New Members to Human Rights Council for 2025-2027 Term
● The United Nations General Assembly (UNGA) elected 18 members to the 47-member Human
Rights Council for the 2025-2027 term.
● The countries elected to the Council are Benin, Bolivia, Colombia, Cyprus, Czechia, Democratic
Republic of the Congo, Ethiopia, Gambia, Iceland, Kenya, Marshall Islands, Mexico, North
Macedonia, Qatar, Republic of Korea, Spain, Switzerland, and Thailand.
● The newly elected members will serve three-year terms starting from January 1, 2025.
● The Human Rights Council consists of 47 members and is based in Geneva. It is responsible for
promoting and protecting human rights globally.
● The distribution of seats is in accordance with equitable geographical representation (13 from the
Group of African States; 13 from the Group of Asia-Pacific States; 6 from the Group of Eastern
European States; 8 from the Group of Latin American and Caribbean States; and 7 from the
Group of Western European and Other States)
About UNGA :
● Formation : 1945
● Headquarters : New York City, U.S
● President : Philemon Yang
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Important Monthly Current Affairs Capsule – October 2024
Zydus Lifesciences Receives World Health Organisation Prequalification for Typhoid Vi Conjugate
Vaccine
● Indian pharmaceutical company Zydus Lifesciences Limited announced that its typhoid vaccine,
ZyVac TCV, has received World Health Organization (WHO) prequalification, making it eligible
for United Nations procurement programs.
● The prequalification allows Zydus to participate in UN procurement programs, which acquire
around 150 million doses of typhoid conjugate vaccines annually.
● South Asia Impact: India accounts for 75% of typhoid cases and mortality in South Asia, a region
heavily affected by the disease.
About WHO :
● Formation : 7 April 1948
● Headquarters : Geneva, Switzerland
● Director General : Tedros Adhanom Ghebreyesus
World Health Organization Secures $1 Billion for 2025-28, Including $700 Million in New Funding
● The World Health Organization (WHO) has secured $1 billion in pledges for its budget covering
2025-28.
● Nearly $700 million of this total consists of new funding commitments from various European
countries, foundations, and organizations.
● Meanwhile, $300 million was made up from reaffirmed funding commitments.
● The funding was announced during the WHO Investment Round Signature Event at the World
Health Summit in Berlin, co-hosted by Germany, France, and Norway.
● Germany pledged nearly $400 million over four years, with $260 million in new voluntary funding.
● The Wellcome Foundation (UK) pledged $50 million.
● Other contributors included:Institute for Philanthropy, Resolve to Save Lives, and World Diabetes
Foundation, each committing $10 million.
Russian envoy to India Denis Alipov Praises Meeting Between Indian Prime Minister Narendra Modi
and Chinese President Xi Jinping
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Important Monthly Current Affairs Capsule – October 2024
● Prime Minister Shri Narendra Modi and Chinese President Xi Jinping met on the sidelines of the
BRICS Summit in Kazan, Russia.
● The meeting was described as a positive development in India-China bilateral relations by
Russian envoy Denis Alipov.
● Modi and Xi endorsed the agreement on patrolling and disengagement along the Line of Actual
Control (LAC) in eastern Ladakh.
Prime Minister Shri Narendra Modi Presents Jharkhand Artwork to President Putin at BRICS Summit
● Putin during the BRICS summit held in Kazan.
Sohrai Painting:
● Origin: Hazaribagh district, Jharkhand.
● Significance: Represents indigenous artistic traditions and is recognized as an ODOP (One
District One Product) item.
● Characteristics: Utilizes natural pigments and simple tools; intricate designs created using
brushes made from twigs, rice straw, or fingers.
● Themes: Depicts animals, birds, and nature, reflecting the agrarian lifestyle and reverence for
wildlife in tribal culture.
Additional Gifts from PM Modi:
● To Iran: A Mother of Pearl SeaShell Vase, showcasing coastal craftsmanship.
● To Uzbekistan: A Warli Painting from Maharashtra.
Warli Painting:
● Origin: Tribal art form from the Warli tribe in Maharashtra, primarily in Dahanu, Talasari, and
Palghar regions.
● Historical Significance: One of the oldest art forms in India, dating back to around 3000 BCE.
Commonwealth Nations Endorse Historic First Ocean Declaration
● Commonwealth countries have adopted the Apia Commonwealth Ocean Declaration for One
Resilient Common Future, urging all 56 nations to take action in protecting and restoring ocean
health.
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Important Monthly Current Affairs Capsule – October 2024
● The declaration was agreed upon during the Commonwealth Heads of Government Meeting
(CHOGM) held in Samoa.
● Goals of the Declaration: The declaration outlines goals for:
● Recognizing maritime boundaries amidst rising sea levels.
● Protecting 30% of the oceans by 2030.
● Restoring degraded marine ecosystems by 2030.
● Urgently finalizing a Global Plastics Treaty to combat ocean pollution.
STATE NEWS
Telangana Government Introduces 'Telangana Darshini' Educational Tour Program for Students
● The Telangana government has set in motion ‘Telangana Darshini’, a scheme aimed at providing
students with an immersive learning experience outside the classroom.
● The programme, under the Youth Advancement, Tourism, and Culture (T&PMU) Department, is
designed to take school and college students on educational tours across the State.
● The initiative caters to school and college students, from Class 2 to graduation level, ensuring the
activities are suitable for different age groups.
● A committee of nodal officers from relevant departments will develop detailed tour plans, with the
Telangana Tourism Development Corporation (TSTDC) coordinating logistics.
About Telangana :
● Governor : Jishnu Dev Varma
● Chief Minister : Anumula Revanth Reddy
● Capital : Hyderabad
Rajasthan CM Bhajan Lal Sharma engages with potential investors in Delhi to advocate for special
investment incentives in the state
● Rajasthan Chief Minister Bhajan Lal Sharma met with prospective investors in Delhi to promote a
special incentive package for investments in Rajasthan.
● The Chief Minister addressed a conclave of the Central Public Sector Enterprises (CPSE) and a
meeting of the Confederation of Indian Industry (CII) in New Delhi.
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Important Monthly Current Affairs Capsule – October 2024
● The meetings were held ahead of the ‘Rising Rajasthan’ Global Investment Summit-2024,
scheduled for December 9 to 11 in Jaipur, Rajasthan.
About Rajasthan :
● Governor: Haribhau Kisanrao Bagde
● Chief Minister : Bhajan Lal Sharma
● Capital: Jaipur
● National Park: Keoladeo National Park, Ranthambore National Park
● Wildlife Sanctuary: Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary
Kerala Chief Minister Pinarayi Vijayan launches India’s first supercapacitor manufacturing unit at Keltron
in Kannur
● Kerala Chief Minister Pinarayi Vijayan inaugurated India’s first supercapacitor manufacturing
facility at Keltron Component Complex Limited (KCCL) in Kallyassery, Kannur, on October 1,
2024.
● Keltron has been highlighted as a model public sector undertaking (PSU) in the electronics and
IT sector since 1974.
● A ₹395 crore master plan for Keltron's modernization is in place, with several projects nearing
completion.
About Kerala:
● Capital: Thiruvananthapuram
● Chief Minister: Pinarayi Vijayan
● Governor: Arif Mohammad Khan
● National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park,
Silent Valley National Park, Indira Gandhi National Park
Jaipur, Rajasthan Becomes a Hub for Meeting Incentive Conference and Exhibition Tourism
● Jaipur is experiencing a significant rise in Meetings, Incentives, Conferences, and Exhibitions
(MICE) tourism, largely attributed to prominent events such as the Jaipur Literature Festival (JLF)
and the Jaipur Jewellery Show.
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Important Monthly Current Affairs Capsule – October 2024
● Rajasthan tourism, especially in Pink City, will now get a further boost by becoming the host of
the IIFA25.
● The upcoming International Indian Film Academy (IIFA) Awards in Jaipur (IIFA25) is expected to
further boost tourism in Rajasthan, as it will attract numerous visitors, including Bollywood stars
and film personalities.
About Rajasthan :
● Governor : Haribhau Bagade
● Chief Minister : Bhajan Lal Sharma
● Capital : Jaipur
● National Park : Keoladeo National Park, Ranthambore National Park
● Wildlife Sanctuary : Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary
Telangana Becomes the First State to Launch NITI Aayog's Women Entrepreneurship Platform Chapter
● Telangana is the first state in India to establish a chapter of NITI Aayog’s Women
Entrepreneurship Platform (WEP).
● The WEP is aimed at fostering entrepreneurship among women by providing customized support.
About Telangana:
● Governor: Jishnu Dev Varma
● Chief minister:Revanth Reddy
● Capital: Hyderabad
Fire erupts at Tata Electronics plant in Hosur
● A significant fire broke out at the Tata Electronics Limited (TEL) facility in Hosur, Tamil Nadu.
● The fire caused substantial disruption to the facility's operations, which are vital for assembling
components for Apple’s iPhone.
● Fire-fighting teams were deployed to control the blaze, but the extent of damage and specific
production units affected remain unclear.
● The Tata Electronics unit in Hosur is a critical supplier for Apple, specializing in precision
components for iPhones.
Assam Chief Minister Himanta Biswa Sarma sets target to eliminate child marriage by 2026
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Important Monthly Current Affairs Capsule – October 2024
• Assam Chief Minister (CM) Himanta Biswa Sarma announced the government's target to
eradicate child marriage in Assam by 2026.
• The announcement coincided with the disbursement of the first instalment under the Mukha
Mantri Nijut Moina scheme, which provides monthly financial assistance to girls pursuing higher
education.
• Financial Outlay: The scheme has a projected outlay of ₹1,500 crore and aims to benefit 10 lakh
girl students.
About Assam :
• Governor : Shri Lakshman Prasad Acharya
• Chief Minister : Himanta Biswa Sarma
• Capital: Guwahati
• National Park: Kaziranga National Park, Manas National Park, Nameri National Park
• Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife
Sanctuary
Bihar Chief Minister Nitish Kumar Unveils Logo and Mascot for Women's Asian Champions Trophy
2024 in Rajgir
• Bihar Chief Minister Nitish Kumar unveiled the logo and mascot for the Women's Asian
Champions Trophy-2024, which will be held in Rajgir from November 11-20.
• The mascot, named 'Gudiya', is inspired by the state bird of Bihar, Sparrow.
• The Women's Asian Champions Trophy-2024 is a joint venture of Hockey India and the Bihar
government and will be held at the newly developed Rajgir Hockey Stadium.
• The state cabinet recently sanctioned Rs 10 crore to Hockey India for the purpose.
• Six countries, including India, China, Thailand, Malaysia, South Korea and Japan, are
participating in the championship.
About Bihar :
• Governor : Rajendra Arlekar
• Chief Minister : Nitish Kumar
• Capital : Patna
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Important Monthly Current Affairs Capsule – October 2024
• Wildlife Sanctuaries : Kaimur Wildlife Sanctuary, Kanwar Lake Bird Sanctuary, Nagi Dam Bird
Sanctuary
Nagaland Collaborates with Wales for 25th Hornbill Festival
• Nagaland government has signed Wales as one of the Country Partners for the upcoming 25th
Edition of the Hornbill Festival.
• Chief Minister Neiphiu Rio, who is on an official visit to Wales, announced the signing of the
agreement with the Welsh Government, the British Council, and Wales Arts International
representatives in Cardiff.
About Nagaland :
• Governor : La. Ganesan
• Chief Minister : Neiphiu Rio
• Capital : Kohima
• National Park : Ntangki National Park
• Wildlife Sanctuaries : Fakim Wildlife Sanctuary, Puliebadze Wildlife Sanctuary, Singphan Wildlife
Sanctuary
• Festival : Aoleng Festival
Madhya Pradesh and Uttar Pradesh collaborate to develop 8 GW solar power projects
• Madhya Pradesh (MP) and Uttar Pradesh (UP) governments have partnered to develop 8
gigawatts (GW) of solar power plants.
• First-of-its-kind Partnership: This renewable energy initiative marks a unique collaboration
between two Indian states for solar power development.
• Power Sharing Agreement: The solar power generated will be shared between MP and UP,
alternating every six months based on peak demand seasons:
• Madhya Pradesh: Peak demand from October to March (aligned with the rabi crop season).
About MP :
• Governor : Mangubhai C. Patel
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Important Monthly Current Affairs Capsule – October 2024
• Chief Minister : Mohan Yadav
• Capital : Bhopal
• National Park : Bandhavgarh National Park, Kanha National Park, Pench National Park
• Festival : Lokrang Festival, Khajuraho Festival, Bhagoria Haat Festival
About Uttar Pradesh :
• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National Park
• Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National
Chambal Wildlife Sanctuary
Bihar Government to Establish Kaimur Wildlife Sanctuary as the State's Second Tiger Reserve
• The Bihar government will establish the Kaimur Wildlife Sanctuary (KWLS) as the state’s second
tiger reserve.
• Valmiki Tiger Reserve (VTR), which is the state's first national park, has reached its capacity, and
now the state government is finalising modalities for translocating the big cats to KWLS.
• The Kaimur Wildlife Sanctuary is spread over an area of 1,504.96 sq km.
About Bihar :
• Governor : Rajendra Arlekar
• Chief Minister : Nitish Kumar
• Capital : Patna
• Wildlife Sanctuaries : Kaimur Wildlife Sanctuary, Kanwar Lake Bird Sanctuary, Nagi Dam Bird
Sanctuary
Ratapani Wildlife Sanctuary near Bhopal set to become Madhya Pradesh's eighth tiger reserve, the first
in India near a capital city
• Ratapani Wildlife Sanctuary, located near Bhopal, Madhya Pradesh (MP), will soon be declared
the state's 8th tiger reserve.
• This will be the first tiger reserve in India located near a capital city.
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Important Monthly Current Affairs Capsule – October 2024
• Location and Area:
• Distance: 60 km from Bhopal.
• Total area: 1,270 sq km (763 sq km core area, 507 sq km buffer area).
• Will include both Ratapani Wildlife Sanctuary and Singhori Sanctuary.
About MP :
• Governor: Mangubhai C. Patel
• Chief Minister: Mohan Yadav
• Capital: Bhopal
• National Park: Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary: Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
Maharashtra Cabinet passes resolution recommending Bharat Ratna for Ratan Tata
• The Maharashtra Cabinet, led by Chief Minister Eknath Shinde, passed a resolution urging the
Central Government to confer the Bharat Ratna, India’s highest civilian award, to Ratan Tata.
• Reason for the Resolution:
• The resolution is in recognition of Ratan Tata's significant achievements as a veteran industrialist
and philanthropist.
• Ratan Tata passed away in Mumbai on October 9, 2024.
About Maharashtra
• Governor: C. P. Radhakrishnan
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife
Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco
Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves
Odisha introduces Gramodaya scheme for welfare initiatives in villages affected by Left-Wing
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Important Monthly Current Affairs Capsule – October 2024
Extremism
● The Odisha government has launched Gramodaya, a new scheme to ensure that welfare
programmes reach people living in the Left Wing Extremism (LWE)-affected districts.
● The scheme will encompass 583 villages across 10 LWE-affected districts in Odisha.
● The initiative will be implemented in the districts of Bargarh, Balangir, Boudh, Kalahandi,
Kandhamal, Koraput, Malkangiri, Nabarangpur, Nuapada and Rayagada.
● The primary aim of the Gramodaya scheme is to facilitate the convergence of various
government departments to ensure effective development in LWE-affected areas.
About Odisha :
● Governor : Raghubar Das
● Chief Minister : Mohan Charan Majhi
● Capital : Bhubaneswar
● National Park : Simlipal National Park, Bhitarkanika National Park
● Wildlife Sanctuaries : Debrigarh Wildlife Sanctuary, Sunabeda Wildlife Sanctuary, Hadagarh
Wildlife Sanctuary
Delhi implements total firecracker ban to tackle winter air pollution
● The Delhi government has imposed a complete ban on the manufacturing, storage, selling, and
bursting of all kinds of firecrackers, including online sales, effective until January 1, 2025.
● The Delhi police have been tasked with enforcing the ban strictly and are required to submit daily
action-taken reports to a designated committee.
● On October 9, 2024, Delhi’s air quality was recorded in the "poor" category, with an AQI reading
of 220.
AQI Categories:
➢ 0-50: Good
➢ 51-100: Satisfactory
➢ 101-200: Moderate
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Important Monthly Current Affairs Capsule – October 2024
➢ 201-300: Poor
➢ 301-400: Very Poor
➢ 401-500: Severe
About Delhi :
● Lt. Governor : Vinai Kumar Saxena
● Chief Minister : Atishi Marlena Singh (AAP)
Gujarat's Jubilant Ingrevia becomes part of World Economic Forum's Global Lighthouse Network
● Jubilant Ingrevia, based in Gujarat, has been recognized as the latest Indian company to join the
World Economic Forum's (WEF) Global Lighthouse Network.
● The Global Lighthouse Network comprises industry leaders that are transforming manufacturing
processes through AI innovation and digital technologies.
● India-based units of ReNew, Cipla, Ceat, Dr Reddy's, Mondelez International, Unilever, ACG,
Schneider Electric and Tata Steel are already on the list.
● The WEF announced that 22 new manufacturers have joined the network, bringing the total to
172 production facilities and value chains worldwide.
● The network now spans 10 countries, including: China, Czech Republic, Germany, India, Mexico,
Singapore, Sweden, Türkiye, Switzerland, Vietnam
● The Global Lighthouse Network is an initiative co-founded by the WEF and McKinsey &
Company, supported by an advisory board of industry leaders focused on shaping the future of
global manufacturing.
Gujarat Government Allocates ₹10 Crore for Caracal Breeding and Conservation Center in Kutch's
Chadva Rakhal Region
● The Gujarat government has announced the creation of a Caracal Breeding and Conservation
Center in the Chadva Rakhal region of Kutch.
● A budget of ₹10 crore has been allocated for the establishment of this center.
● The center aims to protect and breed the rare and critically endangered Caracal species found in
Gujarat's Kutch district.
About Gujarat :
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Important Monthly Current Affairs Capsule – October 2024
● Capital: Gandhinagar
● Chief minister: Bhupendrabhai Patel
● Governor: Acharya Devvrat
● NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife
Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga
Wildlife Sanctuary
Minister of Information Technology and Biotechnology Priyank Kharge states Karnataka's goal to
become Asia's hub for gaming and animation
● Priyank Kharge, Minister of Information Technology and Biotechnology, announced that
Karnataka aims to become the gaming and animation capital of India and Asia during the Indian
Gaming Convention (IGC) in New Delhi.
● The state plans to establish a gaming accelerator by the end of the financial year to support the
growth of the gaming industry.
● Kharge expressed interest in hosting India’s first government-sponsored eSports Olympics to
maintain leadership in the gaming sector.
Karnataka Government Unveils Cauvery Stage VI Project to Meet Bengaluru's Water Needs
● Karnataka Chief Minister Siddaramaiah announced the implementation of the Cauvery Stage VI
project to secure Bengaluru's future water needs.
● The event was held at T.K. Halli in Malavalli taluk.
● The announcement followed the launch of the Cauvery Stage V project, which supplies 2,225
million litres per day (MLD) of water to Bengaluru, at a cost of ₹4,600 crore.
Jharkhand Cabinet Raises Women’s Honorarium to Rs 2,500; Approves Development Initiatives
● The honorarium for women under the Maiyaan Samman Yojana will be increased from Rs 1,000
to Rs 2,500, effective December 2024.
● Annual honorarium will now rise from Rs 12,000 to Rs 30,000.
● This increase will benefit 5.3 million women aged 18 to 50.
● Seen as a response to the BJP's Gogo Didi Yojana, which promises a monthly transfer of Rs
2,100 to women’s accounts.
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Important Monthly Current Affairs Capsule – October 2024
● Phase-2 development of the Netarhat tourism area has been approved, with a total budget of Rs
43.08 crore, including Rs 2.49 crore for land acquisition compensation.
● Amendments to the Anganwadi Centre Building Construction Scheme under MNREGA
convergence were approved to improve the implementation process.
About Jharkhand:
● Capital: Ranchi
● Chief Minister: Hemant Soren
● Governor: Santosh Gangwar
● National Park: Hazaribagh National Park, Betla National Park, Dalma Wildlife Sanctuary,
Palamau Tiger Reserve
Karnataka renames all residential schools as Maharishi Valmiki Schools; Raichur University gets a new
name too
● Valmiki Jayanti 2024: The Karnataka government, led by CM Siddaramaiah, has renamed all
government residential schools in the state Maharishi Valmiki Residential Schools.
● In addition, Raichur University will be renamed Maharishi Valmiki University.
● The announcement made by the Chief Minister coincides with Valmiki Jayanti, a day on which
the nation celebrates the birth anniversary of the legendary poet.
● It is observed on October 17.
● Valmiki Jayanti honours Maharishi Valmiki, the revered sage credited with composing the
Ramayana, one of the most significant epics in Indian literature.
● The epic imparts lessons on ethics, morality, and the ultimate victory of good over evil.
Uttarakhand Madrasa Board to make Sanskrit mandatory in 416 institutions
● The Uttarakhand Madrasa Education Board (UMEB) has announced a plan to introduce Sanskrit
as a compulsory subject in 416 registered madrassas across the state, benefiting over 70,000
students.
● A formal proposal has been drafted, and discussions with the state's Sanskrit department are
underway.
Karnataka Plans to Implement Fees for Gig Workers' Welfare
● Karnataka is set to introduce a 1-2% welfare fee on transactions conducted through aggregator
platforms (e.g., Zomato, Swiggy, Ola, Uber, Rapido, Amazon, Flipkart) to support gig workers.
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Important Monthly Current Affairs Capsule – October 2024
● The Karnataka labour minister, Santosh Lad, stated that the state prefers to start with a lower fee
of 1-2% instead of the proposed 5% under the Central Social Security Code.
● The welfare fee will be passed on to consumers, leading to a slight increase in transaction costs,
estimated to be a few rupees per order.
● The draft Platform Based Gig Workers (Social Security and Welfare) Bill 2024 was initially
introduced in June and has faced opposition from industry bodies, such as Nasscom, due to
concerns over operational impacts and potential tax duplications
Haryana Government, Led by Saini, Enacts Sub-Classifications for Scheduled Castes
● The Haryana Cabinet, led by Nayab Singh Saini, held its first meeting and announced the
implementation of the Supreme Court's order regarding the sub-classification of Scheduled
Castes, effective immediately.
● Significance of the Move: This decision is notable as it is the first of its kind in India following the
Supreme Court's ruling.
● It aims to strengthen the Bharatiya Janata Party's (BJP) outreach to Dalits in the state.
About Haryana :
● Governor : Bandaru Dattatreya
● Chief Minister : Nayab Singh Saini
● Capital : Chandigarh
Jammu and Kashmir Cabinet Passes Resolution Urging Restoration of StatehoodResolution
● The first cabinet meeting of the Omar Abdullah government in Jammu and Kashmir was held.
● The cabinet unanimously adopted a resolution calling for the restoration of statehood to Jammu
and Kashmir.
● Background:Jammu and Kashmir lost its special status and was bifurcated into two Union
Territories (J&K and Ladakh) following the abrogation of Article 370 in 2019.
About J&K :
● Lieutenant Governor : Manoj Sinha
● Chief Minister : Omar Abdullah
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Important Monthly Current Affairs Capsule – October 2024
● Capitals : Srinagar, Jammu
Uttar Pradesh Government Greenlights Development Master Plans for Noida Authority and YEIDA Over
Next 15 Years
● The Uttar Pradesh (UP) government approved two master plans for development projects by
the Noida Authority and Yamuna Expressway Industrial Development Authority (YEIDA) over the
next 15 years.
● Focus Areas:Noida Master Plan 2041:
○ Concentrates on the expansion of the Dadri-Noida-Ghaziabad Investment Region
(DNGIR), also known as New Noida.
○ Land acquisition will involve 80 villages in Gautam Budh Nagar and Bulandshahr districts.
● Project Phases:The development will occur in four phases:
○ Phase 1: 3,165 hectares by 2027.
○ Phase 2: 3,798 hectares from 2027 to 2032.
○ Phase 3: 5,908 hectares by 2037.
○ Phase 4: 8,230 hectares by 2041.
● Financial Allocation:Approximately ₹1,000 crore has been allocated for land acquisition.
About UP :
● Governor : Anandiben Patel
● Chief Minister : Yogi Adityanath
● Capital : Lucknow
● National Park : Dudhwa National ParkWildlife Sanctuary : Bakhira Wildlife Sanctuary,
Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary
More than 446 butterfly species were identified at Kaziranga National Park, ranking as the second
highest in India
● Over 446 butterfly species have been documented in Kaziranga National Park (KNP), making it
the second-highest concentration of butterfly species in India, following Namdapha National Park
in Arunachal Pradesh.
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Important Monthly Current Affairs Capsule – October 2024
● Kaziranga National Park is located in the northeastern part of India, specifically in the districts of
Golaghat and Nagaon in Assam.
● Significance of the Park:KNP is recognized as the largest undisturbed area and a representative
habitat in the Brahmaputra Valley floodplain.
● In 1985, Kaziranga was designated as a UNESCO World Heritage Site due to its ecological
significance.
About Assam :
● Governor : Lakshman Acharya
● Chief Minister : Himanta Biswa Sarma
● Capital : Dispur
● National Parks : Kaziranga National Park, Manas National Park, Dibru - Saikhowa National
Park,Nameri National Park, Rajiv Gandhi Orang National Park
Madhya Pradesh: 'Pink Alarms' Introduced at Datia District Hospital and Medical College to Enhance
Women's Safety
● In Madhya Pradesh, in a first of its kind of initiative, `pink alarms’ have been installed at the
government-run district hospital and medical college in Datia.
● The issue of safety of women staff at public hospitals came to the fore recently after the rape and
murder of a trainee doctor at RG Kar Medical College and Hospital in Kolkata.
● Significance:State's First Facility: This is the first government hospital in Madhya Pradesh to
provide such a facility aimed at enhancing the security of women.
About MP :
● Governor: Mangubhai C. Patel
● Chief Minister: Mohan Yadav
● Capital: Bhopal
● National Park: Satpura National Park, Kanha National Park, Bandhavgarh National Park
● Wildlife Sanctuary: Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
Odisha To Host 18th Pravasi Bharatiya Divas In Bhubaneswar
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Important Monthly Current Affairs Capsule – October 2024
● Bhubaneswar, Odisha will host the 18th Pravasi Bharatiya Divas (PBD), which marks the
contribution of the overseas Indian community to the development of the country, in January
2025.
● The chief minister has approved the proposal sent by the Ministry of External Affairs for hosting
the three-day event beginning from January 8.
About Pravasi Bharatiya Divas :
1. Pravasi Bharatiya Divas is a significant Central programme recognising Indian immigrants’
contributions to the country’s development.
2. It commemorates Mahatma Gandhi’s return from South Africa on January 9.
3. Since 2003, it has been held annually, and since 2015, biennially, with 17 events held so far.
4. The 17th edition took place in Indore of Madhya Pradesh in 2023
Kerala Introduces Citizen Sentinel App to Monitor Traffic Rule Violations
● Kerala's Minister for Transport, K.B. Ganesh Kumar, launched the Citizen Sentinel app, allowing
citizens to upload photos and videos of traffic violations via the NextGen Parivahan app.
● The app aims to reduce traffic violations by making enforcement unpredictable and less
dependent on fixed measures like CCTV cameras.
● State-Wide Implementation: Kerala is the 3rd state in India to implement the mParivahan Citizen
Sentinel app, following Chhattisgarh and Odisha.
About Kerala:
● Capital: Thiruvananthapuram
● Chief Minister: Pinarayi Vijayan
● Governor: Arif Mohammad Khan
● National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park,
Silent Valley National Park, Indira Gandhi National Park
Assam Chief Minister Himanta Biswa Sarma unveils 'Mission Basundhara 3.0' to digitize land services
and secure land rights for indigenous communities
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Important Monthly Current Affairs Capsule – October 2024
● Assam Chief Minister (CM) Himanta Biswa Sarma launches Mission Basundhara 3.0 to digitise
land services to grant land rights to indigenous people.
● The initiative aims to resolve land disputes and enhance governance transparency.
● Eligibility Criteria: Applicants must prove residency in Assam since 1951 or demonstrate that
three generations of their family have lived in the state for 75 years.
About Assam :
● Governor : Lakshman Acharya
● Chief Minister : Himanta Biswa Sarma
● Capital: Guwahati
● National Park: Kaziranga National Park, Manas National Park, Nameri National Park
● Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife
Sanctuary
Bihar Chief Minister Nitish Kumar Launches Panchayat Development Projects Valued at ₹7,160 Crore
● Bihar Chief Minister Nitish Kumar inaugurated and laid the foundation stone for various projects
worth Rs 7,160 crore.
● The projects include the establishment of 2,615 panchayat government buildings across different
blocks in Bihar.
● E-Governance Initiatives: The launch of the e-gram kachhari court management system and the
portals for several district councils were part of the inauguration.
About Bihar :
● Governor : Rajendra Arlekar
● Chief Minister : Nitish Kumar
● Capital : Patna
● National Parks : Valmiki National Park
● Wildlife Sanctuary : Kaimur Wildlife Sanctuary, Nakti Dam Bird Sanctuary, Kanwar Lake Bird
Sanctuary
Ustad Allauddin Khan Festival Celebrates 50th Anniversary in Maihar, Madhya Pradesh
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Important Monthly Current Affairs Capsule – October 2024
● The Ustad Allauddin Khan Festival is being held in Maihar, Madhya Pradesh, marking its golden
jubilee year (50th anniversary).
● The festival will take place over three days, concluding on October 10.
● It is organized jointly by the Madhya Pradesh Culture Department, Ustad Allauddin Khan Music
and Art Academy, and the Maihar District Administration.
● Exhibitions:Two exhibitions will be held during the festival:
○ ‘Devi’: This exhibition will showcase a collection of miniature paintings based on the 108
names of Goddesses.
○ ‘Tantu’: This exhibition will focus on string instruments, highlighting their significance in
music.
About MP :
● Governor: Mangubhai C. Patel
● Chief Minister: Mohan Yadav
● Capital: Bhopal
● National Park: Satpura National Park, Kanha National Park, Bandhavgarh National Park
● Wildlife Sanctuary: Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
Assam Chief Minister Himanta Biswa Sarma Launches ‘Nijut Moina Scheme’ to Boost Girls’ Higher
Education Enrolment and Combat Child Marriage
● Assam Chief Minister (CM) Himanta Biswa Sarma launched the Nijut Moina Scheme to provide
monthly financial assistance, aiming to increase girls' enrolment in higher education and fight
child marriage.
● Target Group: The scheme targets girl students from Higher Secondary (HS) to Postgraduate
(PG) levels in government and government-aided institutions.
● Complementary to Free Admission Scheme: It complements the existing free admission scheme
by providing additional financial support.
● Monthly Financial Assistance:
● HS First Year: ₹10,000 annually (₹1,000/month for 10 months).
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Important Monthly Current Affairs Capsule – October 2024
● Graduate Level: ₹12,500 annually (₹1,250/month for 10 months).
● Postgraduate Level: ₹25,000 annually (₹2,500/month for 10 months).
● Duration of Support: Assistance will be provided for 10 months in each academic year.
Gujarat Government Approves New Regulations for Boating and Water Sports
● The Gujarat government approved the Gujarat Inland Vessel (Registration, Survey, Operation of
Category ‘C’ Inland Vessels) Rules 2024 to ensure safe boating and water sports activities in the
state.
● Scope of Rules: Applicable to Category ‘C’ inland vessels less than 10 meters in length;
individuals who wish to register these vessels must apply through the respective district
magistrates.
● Gujarat Maritime Board (GMB) Roles:
● The Vice Chairman and CEO of the GMB hold powers over the implementation.
● GMB’s Nautical Officer serves as the Chief Surveyor.
● District Magistrates are designated as Registrars for water sports and boating.
● Marine Officers and Engineers are appointed as survey in-charges for vessel inspection and
management.
About Gujarat
● Capital: Gandhinagar
● Chief minister: Bhupendrabhai Patel
● Governor: Acharya Devvrat
● NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife
Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga
Wildlife Sanctuary
Uttar Pradesh Chief Minister Yogi Adityanath unveils scholarship program for Sanskrit students
statewide
● Uttar Pradesh (UP) Chief Minister (CM) Yogi Adityanath launched a scholarship scheme at
Sampurnanand Sanskrit University, aimed at supporting Sanskrit students across UP.
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Important Monthly Current Affairs Capsule – October 2024
● A total of ₹586 lakh (₹5.86 crore) will be distributed among 69,195 students pursuing Sanskrit
studies.
About UP :
● Governor : Anandiben Patel
● Chief Minister : Yogi Adityanath
● Capital : Lucknow
● National Park : Dudhwa National ParkWildlife Sanctuary : Bakhira Wildlife Sanctuary,
Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary
Centre introduces mobile application to resolve issues faced by Punjab rice millers
● The Consumer Affairs Ministry launched the FCI Grievance Redressal System (FCI GRS) mobile
app to assist rice millers in Punjab with their grievances related to the procurement of paddy and
custom milled rice (CMR).
● The initiative follows the Union government's promise to ensure seamless procurement of paddy
and CMR in Punjab.
About Punjab :
● Governor : Gulab Chand Kataria
● Chief Minister : Bhagwant Mann
● Capital : Chandigarh
Chhattisgarh Government Increases Other Backward Classes Reservation for Local Body Elections
● The Chhattisgarh government, led by the Bharatiya Janata Party (BJP), has announced an
increase in the reservation for Other Backward Classes (OBC) in local body elections.
● The decision was made during a Cabinet meeting chaired by Chief Minister Vishnu Deo Sai and
is based on recommendations from the State Backward Classes Welfare Commission.
● Reservation Conditions:OBC reservation will only apply in bodies where the total reservation for
Scheduled Castes (SC) and Scheduled Tribes (ST) is below 50%.
About Chhattisgarh :
● Governor : Ramen Deka
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Important Monthly Current Affairs Capsule – October 2024
● Chief Minister : Vishnu Deo Sai
● Capital : Raipur
Karnataka Government Approves New Tourism Policy, Aiming for ₹1,500 Crore in Investments
● The Karnataka Cabinet approved the Karnataka Tourism Policy 2024-29, with a target to attract
₹1,500 crore in investments in the tourism sector.
● Tourism Targets:Foreign Tourists: The state aims to attract 20 lakh foreign tourists annually to
rank among the top five states in foreign tourist arrivals (currently around 12-14 lakh).
● Domestic Tourists: Karnataka seeks to be in the top three states for domestic tourism with a
target of 48 crore local tourists annually.
About Karnataka :
● Governor : Thawar Chand Gehlot
● Chief Minister : Siddaramaiah
● Capital : Bangalore
● Wildlife Sanctuary : Bramhagiri Wildlife Sanctuary, Dandeli Wildlife Sanctuary, Jogimatti Wildlife
Sanctuary
Bihar's First Dry Port Inaugurated by Industry Minister Nitish Mishra in Bihta Near Patna
● Bihar's first dry port was inaugurated by Industry Minister Nitish Mishra in Bihta, a town near the
state capital, Patna.
● Purpose: The dry port is part of Bihar’s initiative to enhance the export of goods produced in the
state, developed in collaboration with a private company.
● Definition: A dry port, or inland container depot (ICD), serves as a logistics facility located away
from seaports or airports, facilitating cargo handling, storage, and transportation.
About Bihar :
● Governor : Rajendra Arlekar
● Chief Minister : Nitish Kumar
● Capital : Patna
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Important Monthly Current Affairs Capsule – October 2024
Delhi Developer Draws Attention for Owning jiohotstar.com Domain Name
● A Delhi-based developer gained attention after revealing ownership of the domain name
jiohotstar.com.
● Purchase Rationale: The developer purchased the domain anticipating a potential merger
between Reliance JioCinema and Disney+ Hotstar.
● Cybersquatting Definition: Cybersquatting refers to the act of registering a domain name with the
intent to profit from a trademark, corporate, or personal name.
Rajasthan Government Launches Rajasthan Investment Promotion Scheme 2024 to Enhance Private
Investment and Economic Growth
● The Rajasthan government has introduced the Rajasthan Investment Promotion Scheme (RIPS)
2024 to boost private investment and economic growth in the state.
● Objectives: RIPS 2024 aims to provide enhanced financial incentives across a broader range of
sectors compared to the previous RIPS 2022.
● Global Investment Summit: The initiative was launched in anticipation of the ‘Rising Rajasthan’
Global Investment Summit 2024, scheduled to take place in Jaipur from December 9 to 11, which
aims to attract both domestic and international investors.
● Rajasthan has signed investment Memorandums of Understanding (MoUs) totaling ₹15 lakh
crore under the ‘Rising Rajasthan’ Summit initiative.
● Goal of RIPS 2024: The scheme aims to position Rajasthan as a prime investment destination
while strengthening both traditional and emerging industries in the state.
BUSINESS NEWS
Statistics Ministry to Publish New GDP Growth Data with 2022-23 Base Year by February 2026
● The Ministry of Statistics and Programme Implementation (MoSPI) will publish GDP growth data with
a new base year of 2022-23 by February 2026.
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Important Monthly Current Affairs Capsule – October 2024
● This base year revision aims to reflect the most up-to-date economic trends and will incorporate new
data such as Household Consumption Expenditure Survey (HCES 2023-24), Annual Survey of
Unincorporated Sector Enterprises (ASUSE 2022-23), and GST data.
● The base year for retail inflation (CPI) and factory output growth (IIP) will also be revised to 2022-23.
● The base year must be a 'normal' year, free from major global or domestic disruptions.
● Despite challenges in choosing a 'normal' year, 2022-23 has been proposed for approval by the
Advisory Committee on National Account Statistics (ACNAS).
● MoSPI will release the first flash data on employment and unemployment from the Periodic Labour
Force Survey (PLFS) by February 2025.
● The data will provide unemployment figures for both rural and urban areas, and back series data will
be included for comparison.
● MoSPI has adopted e-Sigma, a cloud-based portal for data processing and E-Sankhyiki portal for
public access to data.
Top 10 countries with the largest gold reserves in 2024
● In 2024, gold prices surged by nearly 20% due to significant purchases by central banks, rising
consumer demand, and increased interest in safe-haven assets amid geopolitical uncertainties.
Top 10 Countries with the Largest Gold Reserves (Q2 2024):
● The United States holds the largest gold reserves, almost equal to the combined total of
Germany, Italy, and France.
Rank Country Gold Reserves (in Tonnes) Holdings (%)
1 United States 8,133.46 72.41%
2 Germany 3,351.53 71.46%
3 Italy 2,451.84 68.33%
4 France 2,436.97 69.99%
5 Russian Federation 2,335.85 29.47%
6 China 2,264.32 4.91%
7 Japan 845.97 5.15%
8 India 840.76 9.57%
9 Netherlands 612.45 61.61%
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Important Monthly Current Affairs Capsule – October 2024
10 Turkey 584.93 0%
India's Position:
● Managed by the Reserve Bank of India (RBI), India has been steadily increasing its gold
reserves in 2024:
o Year-to-date net purchases: 37 tonnes
o Surpassing annual net purchases from 2022 (33 tonnes) and 2023 (16 tonnes)
● India ranks 8th globally with 840.76 metric tonnes of gold reserves, driven by its position as one
of the largest gold markets and rising affluence.
Adani Airport Holdings Secures ₹19.5 Billion Through Major Bond Issuance
● Adani Airport Holdings has raised ₹19.5 billion (approximately $232.72 million) via a significant
domestic bond issue.
● Coupon Rate:
o 9.35% monthly payment.
● Bond Rating:
o Rated A+
● This issuance marks the largest since the allegations made by Hindenburg Research regarding the
improper use of offshore tax havens and stock manipulation in January 2023.
Industry Output Growth and Employment in India: 2022-23
● India's industrial sector achieved a 21.5% annual output growth in FY23, primarily driven by basic
metal producers, refineries, chemical, food, and automobile companies, according to the Annual
Survey of Industries (ASI) 2022-23 released by the Ministry of Statistics and Programme
Implementation.
● Economic Growth Projection:
o According to NITI Aayog CEO B.V.R. Subrahmanyam, India’s fast-growing industrial sector,
positions the country to aim for a 9%+ economic growth rate.
o The Reserve Bank of India (RBI) revised GDP growth estimates for FY24 to 7.2%, citing
increased private consumption and rural demand recovery.
● Wage Growth:
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Important Monthly Current Affairs Capsule – October 2024
o Average emoluments in the industrial sector increased by 14% annually to reach ₹6.4 trillion
in FY23.
● Regional Leaders:
o Tamil Nadu leads in the number of factories and persons engaged, followed by Maharashtra
and Gujarat.
o Maharashtra and Gujarat lead in gross value added in the industrial sector, followed by Tamil
Nadu.
● GDP Growth:
o India’s real GDP grew 6.7% in the June quarter of FY24, slightly below RBI’s forecast of 7.1%,
but still showcasing significant recovery post-pandemic.
Bharti Airtel Clears Spectrum Dues with ₹8,465 Crore Prepayment
● Bharti Airtel, India's second-largest telecom service provider, announced that it has prepaid ₹8,465
crore to the Department of Telecommunications, settling all outstanding dues related to the spectrum
acquired in 2016.
● Spectrum Acquisition:
o In 2016, Airtel purchased 173.8 MHz of spectrum across the 1800, 2100, and 2300 MHz
bands for ₹14,244 crore through an auction.
o Telecom operators who acquired Spectrum in 2016 were obligated to pay dues via annual
installments over 12 years, including a 2-year moratorium after making an upfront payment.
● Interest Rates and Prepayments:
o The liabilities carried an interest rate of 9.3%.
o This is the third prepayment made by Airtel in 2024, following its strategy to clear older high-
cost spectrum dues.
o In June 2024, Airtel prepaid ₹7,904 crore to settle all deferred liabilities for spectrum acquired
in 2012 and 2015, with interest rates of 9.75% and 10%, respectively.
Retail Inflation for Industrial Workers Edges Up to 2.44% in August 2024
● Retail inflation for industrial workers, measured by the Consumer Price Index for Industrial Workers
(CPI-IW), increased slightly to 2.44% in August 2024, up from 2.15% in July 2024.
● The marginal uptick reflects a mild rise in price levels for industrial workers.
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Important Monthly Current Affairs Capsule – October 2024
● The All-India CPI-IW for August 2024 decreased by 0.1 points, bringing the index to 142.6 points.
● In contrast, the index stood at 142.7 in July 2024.
● The Labour Bureau, under the Ministry of Labour & Employment, compiles the CPI-IW every month.
● The data is gathered from 317 markets across 88 industrially significant centres in the country.
September 2024 GST Collections Grow at Slowest Pace in FY25 Amid High Refunds
● India's net Goods and Services Tax (GST) collections for September 2024 rose by 3.9% to ₹1.5
trillion, marking the slowest pace of growth in the current financial year (FY25).
● This slowdown is attributed to an increase in refunds, reflecting a softer trend in tax receipts.
● Gross GST Collections:
o Gross GST collections (before refunds) grew by 6.5%, reaching ₹1.7 trillion.
o This was the second consecutive month of single-digit growth, and the slowest increase in 39
months.
● Cumulative Growth:
o From April to September 2024, gross GST collections saw 9.5% growth, a slight decline from
the 10.1% recorded in the previous months (April-August).
● Quarterly Comparison:
o The average monthly GST collections fell to ₹1.77 trillion in the second quarter (July-
September), down from ₹1.86 trillion in the first quarter (April-June).
● State-Wise Performance:
o States like Haryana (24%), Delhi (20%), and Uttarakhand (14%) showed double-digit growth
in collections.
o Karnataka (8%), Maharashtra and Tamil Nadu (5% each), and Uttar Pradesh (3%)
experienced single-digit growth.
o Gujarat saw 0% growth, while Andhra Pradesh witnessed a 4% contraction.
● GST Refunds:
o Refunds surged by 31% year-on-year to ₹20,458 crore, with export-related refunds (39.2%)
outpacing domestic ones (24.3%).
U.S. Commerce Department's $100 Million AI Initiative for Sustainable Semiconductor Development
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Important Monthly Current Affairs Capsule – October 2024
● The U.S. Commerce Department has announced plans to allocate $100 million to promote the use
of artificial intelligence (AI) in developing new, sustainable semiconductor materials.
● This initiative is part of a broader effort to enhance semiconductor manufacturing while reducing
environmental impact.
● AI-Powered Autonomous Experimentation: The funding will be directed to universities, national
laboratories, and the private sector to develop AI-driven autonomous experimentation to reduce the
time and resources required to develop new semiconductor materials.
Inauguration of India's First Compressed Biogas Facility in Ranchi
● Prime Minister Narendra Modi inaugurated the first compressed biogas facility in Ranchi, Jharkhand,
developed by GAIL (India) Limited in partnership with CEID Consultants and LSTK/EPC Contractor.
● This facility represents a significant step towards sustainable waste management and clean energy
production.
● The biogas facility has a daily capacity of 12,500 m³, designed to process 150 tonnes of municipal
solid waste each day. It is expected to produce 5,000 kg of bio-CNG and 25 tons of fermented bio-
manure daily.
● Location: The facility is located at the Jhir Dumping Site Mouza Jhiri, occupying 7.86 acres in Ranchi.
Reliance Group Expands into Bhutan with Major Renewable Energy Projects
● The Anil Ambani-led Reliance Group has announced its entry into Bhutan, planning to establish
1,270 megawatts of solar and hydroelectric projects in the Himalayan kingdom.
● This strategic move is marked by a partnership agreement with Druk Holding and Investments Ltd
(DHI), the commercial and investment arm of the Royal Government of Bhutan, aimed at enhancing
investment in Bhutan's renewable energy sector.
Maharashtra Cabinet Approves 255 Acres of Salt Pan Land for Slum Rehabilitation
● The Maharashtra cabinet approved the use of 255 acres of salt pan land in Mumbai to develop
housing for individuals affected by slum rehabilitation projects.
● The implementation of this plan has been assigned to the Adani Group under the Dharavi Slum
Redevelopment Project.
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Important Monthly Current Affairs Capsule – October 2024
● Earlier this month, the Centre approved the transfer of 255.9 acres of salt pan land to the Dharavi
Redevelopment Project Pvt Ltd (DRPPL), a joint venture between the Adani Realty Group and the
Maharashtra government, for constructing rental housing for slum dwellers.
● The land to be acquired includes:
o 120.5 acres in Mauje Kanjur
o 76.9 acres in Kanjur and Bhandup
o 58.5 acres in Mauje Mulund
CareEdge Ratings Enters Global Scale Ratings Space
● CareEdge Ratings, a leading credit rating agency in India, has made history by becoming the first
Indian credit rating agency to enter the Global Scale Ratings arena through its subsidiary, CareEdge
Global IFSC Limited.
● This milestone marks a significant step in CareEdge's evolution into a global knowledge-based
institution.
● The launch took place at GIFT City, Gandhinagar, India.
● CareEdge unveiled a comprehensive report on Sovereign Ratings of Global Economies, assigning
ratings to 39 countries.
Assessment Methodology: The CareEdge Sovereign Ratings methodology evaluates creditworthiness
based on five pillars:
1. Economic Structure & Resilience (25% weightage)
2. Fiscal Strength (25% weightage)
3. External Position & Linkages (16.67% weightage)
4. Monetary & Financial Stability (16.67% weightage)
5. Institutions & Quality of Governance (16.67% weightage)
About CareEdge Ratings
Established in 1993, CareEdge Ratings is India's second-largest credit rating agency, renowned for its
credibility in rating diverse sectors, particularly in BFSI and Infrastructure. The group includes various
subsidiaries, such as:
● CARE Analytics & Advisory Private Ltd.
● CARE ESG Ratings Ltd.
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Important Monthly Current Affairs Capsule – October 2024
● CareEdge Global IFSC Ltd. (and other international entities in Mauritius, South Africa, and Nepal).
Government of India Plans Bond Buyback Worth Rs 25,000 Crore
● The Government of India has announced a bond buyback worth Rs 25,000 crore through a bond
auction scheduled.
● The Reserve Bank of India (RBI) will oversee the auction process.
● The buyback will target specific bonds that are nearing maturity in 2025 and early 2026.
Bonds to be Bought Back:
● 7.72% bond maturing on May 25, 2025
● 5.22% bond maturing on June 15, 2025
● 8.20% bond maturing on September 24, 2025
● 5.15% bond maturing on November 9, 2025
● 7.59% bond maturing on January 11, 2026
Cabinet Approves National Mission on Edible Oils to Enhance Self-Sufficiency
● The Cabinet has approved a Rs 10,103 crore budget for the National Mission on Edible Oils.
● Target to boost oilseed production from 12.7 million tonnes (MT) to 20.2 MT by 2031.
● Increase domestic edible oil requirement coverage to 72% by 2031, up from 57%.
5. Focus on Key Oilseeds: The mission emphasizes increasing production of:
o Rapeseed-mustard
o Groundnut
o Soybean
o Sunflower
o Sesamum
6. Area Expansion: Oilseed cultivation area will expand from 29 million hectares (MH) to 33 MH.
7. Production Increase Targets:
o Projected rise in oilseed production from 39 MT (2022-23) to 69.7 MT by 2030-31.
8. High-Yielding Varieties: The mission promotes the adoption of:
o High-yielding, high-oil-content seed varieties.
o Cultivation in rice fallow areas and intercropping practices.
India's Foreign Exchange Reserves Cross $700 Billion Milestone
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Important Monthly Current Affairs Capsule – October 2024
• India's foreign exchange reserves (forex) have surpassed the $700 billion mark for the first time,
marking a significant achievement as the country becomes the fourth economy globally to reach
this milestone, joining China, Japan, and Switzerland.
• The reserves climbed by $12.588 billion to a record $704.885 billion for the week ending
September 27, reflecting the largest weekly increase since mid-July 2023.
• Increase in Reserves:
o Forex reserves grew to $704.885 billion.
o Increase attributed to valuation gains and dollar purchases by the Reserve Bank of India
(RBI).
o Previous week’s reserves had risen by $2.838 billion to $692.296 billion.
Union Government Launches Income Tax Regime Revamp
• The Union government has officially initiated a comprehensive review of the Income-tax Act,
1961, to revamp the existing income-tax regime.
• This effort aims to simplify tax laws and enhance compliance for taxpayers.
• Key Objectives
• Simplification of Language: Make the Income-tax Act concise and clear for better understanding.
• Reduction of Litigations: Minimize disputes and legal challenges related to tax laws.
FDI policy: Instead of an overall review, government may continue with tweaks
• The Department for Promotion of Industry and Internal Trade (DPIIT) has put on hold its plan to
conduct a comprehensive review of the Foreign Direct Investment (FDI) policy, particularly for
sectors like defence, insurance, banking, and plantations.
• Instead, the department will continue its strategy of making sector-specific adjustments and
procedural improvements as needed.
India To Join FTSE Russell Bond Index Next Year(2025)
• September 2025: India will officially join the FTSE Russell Emerging Markets Bond Index
(EMGBI) with a 9.35% weightage, becoming the second-largest player, following China.
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Important Monthly Current Affairs Capsule – October 2024
• The inclusion is expected to bring in billions of dollars in fresh foreign investment and signifies
India’s growing prominence in the global debt market.
Indian Oil Hosts Indane XTRATEJ HORECA Harmony Meet in Kolkata
• Indian Oil organised the Indane XTRATEJ HORECA Harmony Meet at JW Marriott, Kolkata,
bringing together key players from the city's hospitality industry including hoteliers, restaurateurs,
and caterers.
• Master Chef Sanjeev Kapoor, brand ambassador for Indane XTRATEJ, was the chief guest at
the event.
• The event featured the unveiling of the new Indane XTRATEJ Cylinder, specifically designed for
commercial kitchens in the hospitality sector.
WTO Revises Global Trade Growth Forecasts
• The World Trade Organization (WTO) has updated its projections for global merchandise trade
growth, presenting both upward and downward adjustments for the coming years.
• The WTO has revised downwards its projection for world merchandise trade growth in 2025 to
3%, down from 3.3%.
• Conversely, the 2024 forecast for merchandise trade growth has been revised upwards to 2.7%,
an increase from the prior estimate of 2.6%.
Reliance Industries Reports 3% Drop in Q2 FY25 Profit Amid Weak Refining Margins
● Reliance Industries reported a 3% drop in net profit for Q2 FY25, reaching Rs 19,323 crore, which
was in line with analysts' expectations.
● Revenue remained stable at approximately Rs 2.4 lakh crore, driven by strength in the oil-to-
chemicals (O2C), oil & gas, and fast-growing digital services (Jio) businesses.
1. Operating Profit Decline:
o Operating profit fell by 3.1% to Rs 41,809 crore, reflecting underlying business
performance.
o Expenses increased slightly by 1.4% to nearly Rs 2.2 lakh crore.
BSNL to Roll Out Indigenous 4G by May 2024, 5G by June 2025: Telecom Minister Jyotiraditya Scindia
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Important Monthly Current Affairs Capsule – October 2024
● BSNL, the state-run telecom company, will complete the rollout of its indigenously developed 4G
technology by May 2024 using 1 lakh base stations.
● The technology is developed by a consortium of C-DOT (state-run) and TCS (domestic IT company).
● India has achieved the fastest 5G rollout globally, with 4.5 lakh towers installed in 22 months,
providing 80% coverage to the population.
Adobe Expands AI Capabilities with Firefly Video Model in Limited Public Beta
● Adobe has introduced its first AI video generator, Firefly Video Model, expanding its family of
creative generative AI models to include video production.
● Announced in a limited public beta, this model is designed to be commercially safe, addressing
growing concerns about copyright compliance in AI-generated content.
India's Coal Import Increases by 11.4% in April-August FY25
● India's coal imports surged by 11.4% to 121.1 million tonnes (MT) during the April-August period of
the current fiscal year compared to 108.7 MT in the same period last year, according to data from
mjunction, a B2B e-commerce platform.
● Total coal and coke imports during April-August 2024 reached 121.18 MT, reflecting an increase of
11.4% from 108.74 MT in the previous year.
● In August 2024, coal imports rose 5.4% to 20.70 MT, up from 19.63 MT in August 2023.
● In FY24, India's coal imports rose 7.7% to 268.24 MT.
● Domestic coal production also increased by 6.48% to 384.08 MT during the first five months of FY25,
compared to 360.71 MT in the same period of FY24.
Increased Asset Monetisation Target Under the National Monetisation Pipeline (NMP)
● The NITI Aayog has revised the asset monetisation target for FY25, increasing it by ₹23,000 crore to
₹1.9 trillion.
● This adjustment is part of efforts to reach the ₹6 trillion goal set under the National Monetisation
Pipeline (NMP), which aims to recycle capital from public assets for infrastructure investment.
● National Monetisation Pipeline (NMP) Overview:
o Launched by Finance Minister Nirmala Sitharaman in August 2021, the NMP targets ₹6 trillion
in asset monetisation over four years.
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Important Monthly Current Affairs Capsule – October 2024
o In the first three years, ₹3.9 trillion was achieved, slightly short of the ₹4.3 trillion target. The
revised target for FY25 is ₹1.9 trillion, meaning the government will miss the overall goal by
around ₹20,000 crore.
● What is Asset Monetisation?
o Asset monetisation involves engaging private operators to manage revenue-generating public
assets, without transferring ownership.
o The objective is to unlock the economic value of underutilised assets, creating new revenue
streams while the government retains ownership.
Launch of BSE Premium Consumption Index by Asia Index:
● Asia Index, a subsidiary of BSE, has introduced a new thematic index called the BSE Premium
Consumption Index, aimed at enabling investors to tap into the future of consumption in India.
● This index focuses on companies associated with premium consumer spending, reflecting a growing
trend towards premiumisation in the Indian market.
● The index is reconstituted semi-annually and rebalanced quarterly.
● It serves as a benchmark for various investment strategies, including:
o ETFs (Exchange-Traded Funds)
o Index Funds
o PMS (Portfolio Management Services) strategies
o Active Mutual Fund (MF) schemes
India's Capex Strategy Faces Challenges Amid Election Slowdown
● India's capital expenditure (capex) for the current fiscal year (FY25) may fall short by around
₹50,000 crore, compared to the target of ₹11.11 lakh crore, due to a slowdown in asset-creating
spending prompted by general elections.
● This marks a significant challenge for the government's capex-led growth strategy, which has seen
robust growth in recent years.
● During the first five months of FY25 (April-August), the Centre's capex was ₹3 lakh crore, a decline
of 19.5% compared to ₹3.73 lakh crore in the same period last year.
● Railways and Roads, which account for 47% (₹5.24 lakh crore) of the capex budget, have seen
reduced spending.
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Important Monthly Current Affairs Capsule – October 2024
● Railways Board: Investment of ₹1.16 lakh crore in H1FY25, down 19% from ₹1.43 lakh crore in
H1FY24.
● National Highways Authority of India (NHAI): Investment of ₹82,034 crore, down 9% from ₹90,000
crore in the same period last year.
● Defence capex may see a spike later in the fiscal year based on procurement obligations.
GoM bats for exemption of life insurance premium from GST
● The Goods and Services Tax (GST) on term life and health insurance premiums for senior citizens
may soon be exempted.
● The Group of Ministers (GoM) convened to discuss the GST rates on life and health insurance
recently and has made preliminary decisions regarding the tax structure.
● The GoM has proposed to exempt GST on health insurance premiums for coverage up to ₹5 lakh for
individuals who are not senior citizens.
● Premiums for health insurance coverage exceeding ₹5 lakh will still be subject to 18% GST.
● Currently, 18% GST is levied on life insurance premiums for term policies and family floater policies.
Upstox Launches TBT Engine to Revolutionize Retail Trading
● Upstox, one of India's leading stockbroker fintech firms, has introduced the TBT Engine (Tick-by-Tick
Engine), marking a significant advancement in retail trading.
● Following the success of TBT-powered charts in 2023, the TBT Engine aims to offer institutional-
grade trading tools to retail investors, enhancing their market precision and decision-making.
India Poised to Become the World's Third-Largest Economy by 2027
● Finance Minister Nirmala Sitharaman announced that India is likely to become the world's third-
largest economy by 2027, currently standing as the fifth largest with a GDP of approximately $3.9
trillion.
● Investment Opportunities: Speaking at the Roundtable on 'Investment Opportunities in India' at
the New York Stock Exchange (NYSE), Sitharaman emphasized India's potential for sustained
growth and its significant contribution to global economic recovery.
● Electronics and Semiconductor Initiatives: The $10 billion India Semiconductor Mission (ISM)
aims to boost India's position in global electronics value chains, with increased cooperation with
the US Department of State.
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Important Monthly Current Affairs Capsule – October 2024
● Stable Regulatory Framework: The Finance Minister pointed to structural reforms that create a
stable environment for investors, such as:
○ Simplification of the tax structure via the Goods and Services Tax (GST).
○ Streamlining the resolution of distressed assets through the Insolvency and Bankruptcy
Code (IBC).
○ Liberalization of Foreign Direct Investment (FDI) norms.
● Digital Economy and Startups: India has become the 3rd largest startup ecosystem globally, with
over 100 unicorns innovating for public good, supported by a robust digital economy.
Centre's Dividend Receipts from CPSEs Expected to Exceed Targets for FY25
● The Indian government is projected to surpass its target of Rs 56,260 crore in dividend receipts from
central public-sector enterprises (CPSEs) for the fiscal year 2025 (FY25), with expectations of
receiving around Rs 65,000 crore.
● Current Dividend Collection: As of October 21, 2024, the Centre has already collected Rs 28,913
crore from CPSEs, which accounts for over 50% of the budget estimate for FY25.
● Comparison with Previous Year: For FY24, the revised estimate for dividend receipts from CPSEs
was Rs 50,000 crore, yet the actual receipts amounted to Rs 63,749 crore, marking it as the highest
yield from CPSEs to date.
India’s Retail Inflation Rises to Nine-Month High in September 2024
➢ India's retail inflation saw a significant increase in September 2024, reaching a nine-month high due
to rising food prices.
➢ Inflation Rate Trends:
○ Annual Retail Inflation (CPI): Rose to 5.49% in September, up from 3.65% in August, marking
the highest level since December 2023 (5.69%).
○ Despite the rise, inflation remained within the Reserve Bank of India's (RBI) medium-term
target range of 2-6%.
➢ Food Inflation:
○ Food prices remain a persistent issue, with 9.24% inflation in September compared to 5.66%
in August.
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Important Monthly Current Affairs Capsule – October 2024
➢ In October 2024, the RBI decided to keep the benchmark repo rate unchanged at 6.5%, indicating
that any rate cuts may be delayed.
➢ The central bank has set a CPI inflation target of 4.5% for FY25 and projected real GDP growth at
7.2%.
➢ The RBI's medium-term CPI target is 4%, within a range of plus or minus 2%.
➢ Interest rate regulation is a key measure used by the RBI to control inflation by influencing borrowing
costs and consumer demand.
India’s Wholesale Price Inflation Rises to 1.84% in September 2024
● India's wholesale price index (WPI)-based inflation increased to 1.84% in September 2024, driven
primarily by rising food prices, according to recent government data
● September 2024: Wholesale inflation rose to 1.84%, up from 1.31% in August.
GoM Proposes GST Exemption on Life and Health Insurance Premiums for Senior Citizens
● The Group of Ministers (GoM) has proposed significant changes to the Goods and Services Tax
(GST) on term life insurance and health insurance premiums.
● The proposal aims to alleviate the financial burden on senior citizens, especially those facing high
insurance costs.
Key Proposals:
● GST Exemption on Health Insurance for Coverage up to ₹5 Lakh:
○ The GoM recommends exempting GST on health insurance premiums for policies with
coverage up to ₹5 lakh, except for senior citizens.
○ Policies exceeding this coverage limit would continue to attract an 18% GST.
● Complete GST Waiver for Senior Citizens:
○ A potential complete waiver of GST is being discussed for all health insurance premiums
paid by senior citizens, irrespective of the coverage amount.
● Term Life Insurance GST:
○ Currently, term life insurance premiums, including family floater policies, attract 18% GST.
The GoM is exploring avenues to reduce these rates to provide relief, particularly to senior
citizens.
Direct Tax to GDP Ratio in India Reaches Highest Level Since 2007-08
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Important Monthly Current Affairs Capsule – October 2024
● Recent data released by the Central Board of Direct Taxes (CBDT) indicates a notable improvement
in India's direct tax to GDP ratio, which has risen to 6.11% in FY23, the highest level recorded since
2007-08.
● An analysis of the top 15 States and Union Territories shows significant disparities in this ratio
across different regions.
State Performance:
○ Delhi recorded the highest direct tax to GDP ratio at 21.22%.
○ Other leading states include Maharashtra at 16.6% and Karnataka at 9.29%. The high income
levels in these regions contribute to their elevated direct tax payments.
○ Conversely, states with lower ratios include:
■ Bihar: 0.91%
■ Uttar Pradesh: 1.68%
■ Madhya Pradesh: 1.47%
■ Rajasthan: 2.17%
India's Export Performance in FY25: Positive Growth Amid Geopolitical Challenges
● Exports to eight out of India’s top 10 destinations, including the Netherlands, the United States
(US), and the United Kingdom (UK), showed positive growth in the first half of FY25.
● Overall Export Growth: Despite geopolitical challenges and muted global demand, India’s overall
exports increased marginally by 1%, reaching $213.2 billion during April-September.
● Decline in Exports to Specific Countries: Exports to China and South Africa contracted by 9.4%
and 2.3%, respectively, highlighting challenges in these markets.
BSNL Prepares for 4G Rollout with C-DOT's Back-End Support; Focus on Indigenous Development and
5G Advancements
➢ State-owned Bharat Sanchar Nigam Ltd (BSNL) is gearing up to launch its long-awaited 4G services
across India, with plans to eventually transition to 5G.
➢ To facilitate this rollout, the Centre for Development of Telematics (C-DOT), in collaboration with
Tata Consultancy Services (TCS) and Tejas Networks, is playing a pivotal role in establishing a
robust 4G network for BSNL.
Revenue Growth of Indian Companies Slows to 5-7% in July-September Quarter
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Important Monthly Current Affairs Capsule – October 2024
● The revenue growth of Indian companies in the July-September quarter is estimated to be 5-7%
year-on-year (Y-o-Y), marking the slowest growth in the last 16 quarters, according to CRISIL.
● The analysis is based on 435 companies, representing almost half of the listed market capitalization.
Moody’s Upgrades Vedanta Resources Ltd (VRL) Ratings Due to Funding Access
● Moody's Ratings has upgraded the ratings on bonds of Vedanta Resources Ltd (VRL),
acknowledging the company’s successful efforts to access funding.
● The rating agency raised Vedanta's corporate family rating to B3 from Caa1 and upgraded the rating
on senior unsecured bonds issued by VRL and its subsidiary Vedanta Resources Finance II Plc to
Caa1 from Caa2. A 'stable' outlook has been maintained.
NTPC Ltd Plans Significant Expansion in Thermal and Renewable Energy Capacity
● State-owned NTPC Ltd is set to enhance its thermal power generation capacity by an additional 13.6
gigawatts (GW) by the financial year 2026-27, aligning with the government’s strategy to increase
thermal power generation to meet rising energy demands.
● The company also has ambitious plans for its renewable energy segment.
● NTPC aims to commission 2.7 GW of thermal capacity by the end of the current financial year and
an additional 1.46 GW in FY26.
Government Doubles Mudra Loan Limit to Boost Entrepreneurship under 'Tarun Plus'
● The government has raised the limit on Mudra loans under the Pradhan Mantri Mudra Yojana
(PMMY) from Rs 10 lakh to Rs 20 lakh under a new category, ‘Tarun Plus’, to further support
budding entrepreneurs and enhance the nation’s entrepreneurial ecosystem.
● Objective of Expansion: The increase in loan limit aims to “fund the unfunded” by providing financial
support to emerging entrepreneurs who have successfully repaid loans in the previous ‘Tarun’
category. This aligns with the government's vision of building a robust entrepreneurial environment.
● Announcement and Implementation: Finance Minister Nirmala Sitharaman announced this in her
July 2024 Union Budget. The new limit will be available specifically for those who have availed and
repaid earlier loans under the ‘Tarun’ category.
● Scheme Overview: PMMY was launched on April 8, 2015 by Prime Minister Narendra Modi to
provide collateral-free micro-credit to non-corporate, non-farm micro-entrepreneurs for income-
generating activities. Loans under PMMY are distributed in three categories:
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Important Monthly Current Affairs Capsule – October 2024
○ Shishu – Up to Rs 50,000
○ Kishore – Between Rs 50,000 and Rs 5 lakh
○ Tarun – Up to Rs 10 lakh
● Loan Disbursement: In 2023-24, 66.8 million loans were sanctioned, amounting to Rs 5.4 trillion.
Since the scheme’s inception, over 487.8 million loans worth Rs 29.79 trillion have been issued.
FSSAI's Shift Towards Proactive Industry Regulation Praised by Nestle India Chairman
● Suresh Narayanan, Chairman and MD of Nestle India, highlighted a positive shift in FSSAI’s
regulatory approach over the last decade.
● FSSAI has become more responsive, transparent, and industry-focused since its initial formation in
2008.
Hindustan Zinc to Invest $2 Billion to Double Production Capacity to 2 Million Tonnes
● Hindustan Zinc, a Vedanta Group company, aims to double its production capacity to 2 million
tonnes over the next few years, according to CEO Arun Misra.
● The company has engaged consultants and is seeking mining partners to achieve this goal.
● Production targets are set at 1.2 million tonnes by 2025, 1.35 million tonnes by 2026, and 1.8 million
tonnes by 2027, with a final goal of reaching 2 million tonnes.
India's Growing Reliance on Crude Oil and Natural Gas Imports in H1 FY25
● India's reliance on imported crude oil and natural gas continued to rise in the first half of the financial
year 2025 (H1 FY25).
● Crude oil import dependency increased to 88.2%, up from 87.6% in H1 FY24 and 87.8% for the
entire FY24.
● Natural gas import dependency rose to 51.5% in H1 FY25, compared to 46.8% a year ago and 47.1%
for the full FY24, per data from the Petroleum Planning & Analysis Cell (PPAC).
Geopolitical Conflicts and Trade Policy Uncertainty Pose Risks to India’s Economic Growth
● India’s monthly economic report identifies geopolitical conflicts and uncertain trade policies of major
economies as major risks to its economy.
● Potential economic challenges include geoeconomic fragmentation and high valuations in financial
markets, particularly in advanced economies.
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Important Monthly Current Affairs Capsule – October 2024
● The Indian government forecasts a growth rate of 6.5%-7% for the current fiscal year, down from 8.2%
in the previous year due to escalating geopolitical risks.
AWARDS AND HONOURS
IIFA 2024 full list of winners: Shah Rukh Khan and Rani Mukerji bag best actors, Animal wins big
● The International Indian Film Academy (IIFA) 2024 took place in Abu Dhabi, featuring prominent
stars from the Hindi film industry, including Shah Rukh Khan, Rani Mukerji, Hema Malini, Rekha,
Anil Kapoor, and more.
● Shah Rukh Khan served as a host alongside Vicky Kaushal and Karan Johar, captivating the
audience with a lively performance of his hit song "Jhoome Jo Pathaan."
Major Winners Announced:
● Best Film: Animal by Sandeep Reddy Vanga
● Best Actor: Shah Rukh Khan for Jawan
● Best Actress: Rani Mukerji for Mrs. Chatterjee vs Norway
● Best Director: Vidhu Vinod Chopra for 12th Fail
● Best Supporting Actor: Anil Kapoor for Animal
● Best Supporting Actress: Shabana Azmi for Rocky Aur Rani Kii Prem Kahaani
● Best Actor in a Negative Role: Bobby Deol for Animal
● Best Music: Animal
● Best Lyrics: Siddharth-Garima for Satranga from Animal
● Outstanding Contribution to Indian Cinema: Jayantilal Gada and Hema Malini
● Achievement for 25 Years in Cinema: Karan Johar
Event Overview:
● The celebration commenced on September 27 with IIFA Utsavam, showcasing southern film
industries (Tamil, Telugu, Malayalam, and Kannada).
● The festivities continued with prominent attendees including Karan Johar, Rekha, Ananya
Panday, Janhvi Kapoor, and Vicky Kaushal.
● The event is set to conclude on September 29 with the exclusive IIFA Rocks, featuring live
performances by artists like Honey Singh, Shilpa Rao, and Shankar-Ehsaan-Loy.
Mithun Chakraborty to Receive Dadasaheb Phalke Award
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Important Monthly Current Affairs Capsule – October 2024
● Veteran Bollywood actor Mithun Chakraborty, aged 74, has been announced as the recipient of the
prestigious Dadasaheb Phalke Award for his significant contributions to Indian cinema.
● The announcement was made by Information & Broadcasting Minister Ashwini Vaishnaw on social
media platform X.
● Earlier this year, Mithun was also honoured with the Padma Bhushan Award, further recognizing his
impact on the film industry.
Ashokan Charuvil Wins 48th Vayalar Ramavarma Memorial Literary Award
• Ashokan Charuvil has been awarded the 48th Vayalar Ramavarma Memorial Literary Award for
his novel Kattoorkadavu.
• This prestigious award, established by the Vayalar Ramavarma Trust, includes a cash prize of ₹1
lakh and a sculpture crafted by renowned artist Kanayi Kunhiraman.
• A judging committee comprising writers Benyamin, Gracy, and literary critic K.S. Ravikumar
selected Charuvil for this honour.
Nobel Prize in Medicine 2024: Awarded to Victor Ambros and Gary Ruvkun
• The 2024 Nobel Prize in Medicine was awarded to Victor Ambros and Gary Ruvkun for their
discovery of microRNA (miRNA) and its role in post-transcriptional gene regulation.
• Their groundbreaking work has deepened our understanding of gene expression, revealing a
new principle that is crucial for multicellular life, including humans.
Union Finance Minister Nirmala Sitharaman to Attend FE Best Banks Awards
• Union Finance Minister Nirmala Sitharaman is set to be the Chief Guest at the Financial Express
(FE) Best Banks Awards, celebrating outstanding performances by banks, non-banking finance
companies (NBFCs), small finance banks, and fintechs in India.
• The event will be attended by top bankers and corporate leaders, highlighting the robust growth
of India’s financial sector.
Nobel Prize in Physics 2024 Awarded to John J. Hopfield and Geoffrey E. Hinton
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Important Monthly Current Affairs Capsule – October 2024
o The 2024 Nobel Prize in Physics recognizes the groundbreaking work of John J. Hopfield
and Geoffrey E. Hinton in the field of machine learning.
o Both laureates have used principles from physics to develop techniques that form the
backbone of today’s artificial intelligence (AI) technologies, particularly in the domain of
neural networks.
Nobel Prize in Chemistry 2024: David Baker, Demis Hassabis, and John Jumper awarded for protein
innovations
• The 2024 Nobel Prize in Chemistry will be shared between:
o David Baker (University of Washington, Seattle, USA), awarded for his work on
computational protein design.
o Demis Hassabis and John M. Jumper (Google DeepMind, London, UK), were awarded for
their breakthrough in protein structure prediction.
Nobel Prize in Literature 2024: Han Kang’s Poetic Exploration of Trauma
• The 2024 Nobel Prize in Literature was awarded to Han Kang, a celebrated South Korean
author, recognized for her intense poetic prose that delves into historical traumas and the fragility
of human life.
• Her work profoundly explores the interplay between personal and societal histories, reflecting
deep themes of memory, resistance, and identity.
• Birth and Background: Han Kang was born on November 27, 1970, in Gwangju, South Korea.
Nihon Hidankyo Awarded 2024 Nobel Peace Prize for Advocacy Against Nuclear Weapons
• The Norwegian Nobel Committee has awarded the 2024 Nobel Peace Prize to Nihon Hidankyo,
a Japanese organization representing the survivors of the atomic bombings of Hiroshima and
Nagasaki.
• The award recognizes the group’s significant efforts in advocating for a nuclear-free world and its
compelling witness testimonies about the horrors of nuclear warfare.
• Established in 1956, Nihon Hidankyo is the largest and most influential organization of atomic
bomb survivors in Japan.
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Important Monthly Current Affairs Capsule – October 2024
List of All Nobel Prize Winners:
The Nobel Prize winners of 2024 are as follows:
Field Winners Discovery Awarded By 2023 Winner
“for foundational discoveries
The Royal Pierre
John Hopfield and inventions that enable
Swedish Agostini, Ferenc
Physics (USA), Geoffrey machine learning with
Academy of Krausz and Anne
Hinton(UK) artificial neural networks”
Science L’Huillier
David
“for computational protein
Baker(USA)
design”
The Royal Moungi G.
Swedish Bawendi, Louis E.
Chemistry
Demis Academy of Brus and Alexei I.
“for protein structure
Hassabis(UK) & Science Ekimov
prediction”
John
Jumper(USA)
“for the discovery of
Victor
microRNA and its role in Katalin
Physiology/ Ambros(USA), The Karolinska
post-transcriptional gene Karikó and Drew
Medicine Gary Institute
regulation” Weissman
Ruvkun(USA)
“for her intense poetic prose
The Royal
that confronts historical
Han Kang(South Swedish
Literature traumas and exposes the Jon Fosse
Korea) Academy of
fragility of human life”
Science
Peace Nihon “for its efforts to achieve a Norwegian Nobel
Narges
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Important Monthly Current Affairs Capsule – October 2024
Hidankyo(Japan) world free of nuclear Committee Mohammadi
weapons and for
demonstrating through
witness testimony that
nuclear weapons must
never be used again”
Daron Acemoglu
(USA) , “for studies of how
Economic Simon institutions are formed and Sveriges
Claudia Goldin
Science Johnson(USA) & affect prosperity” Riksbank
James A.
Robinson(USA)
Overview of the 2024 Nobel Prize Announcements
● The Nobel Prize 2024 announcements began on October 7 with the award for Physiology or
Medicine, and will continue through October 14 across six categories:
o Physiology or Medicine: October 7, 2024
o Physics: October 8, 2024
o Chemistry: October 9, 2024
o Literature: October 10, 2024
o Peace: October 11, 2024
o Economic Sciences: October 14, 2024
2. 2024 Nobel Prize Winners:
o Nobel Prize in Physics 2024:
▪ John J. Hopfield and Geoffrey E. Hinton
▪ Awarded for their foundational discoveries in enabling machine learning with artificial
neural networks.
o Nobel Prize in Chemistry 2024:
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Important Monthly Current Affairs Capsule – October 2024
▪ David Baker for computational protein design.
▪ Demis Hassabis and John M. Jumper for their breakthrough in protein structure prediction
using AI.
o Nobel Prize in Physiology or Medicine 2024:
▪ Victor Ambros and Gary Ruvkun for discovering microRNA and its role in post-
transcriptional gene regulation.
o Nobel Prize in Literature 2024:
▪ Han Kang, for her poetic prose confronting historical trauma and human fragility.
o Nobel Peace Prize 2024:
▪ Nihon Hidankyo, recognized for its efforts toward a nuclear-free world and advocacy
through survivor testimonies.
o Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel:
▪ Daron Acemoglu, Simon Johnson, and James A. Robinson for their studies on how
institutions shape prosperity.
3. Nobel Prize History:
o The Nobel Prizes were established following the death of Alfred Nobel, a Swedish inventor,
scientist, and businessman, who allocated his fortune for the creation of the prizes.
o Nobel's will outlined five prize categories: Physics, Chemistry, Physiology or Medicine, Literature,
and Peace.
o The Sveriges Riksbank Prize in Economic Sciences was later introduced in 1968.
4. The Nobel Prize for 2024 is valued at 11.0 million Swedish kronor (SEK) per full prize.
Nikita Porwal Crowned Femina Miss India World 2024
● Nikita Porwal, from Ujjain, Madhya Pradesh, has been crowned Femina Miss India World 2024.
● She will represent India in the Miss World contest.
● Rekha Pandey from Dadra and Nagar Haveli was the first runner-up, while Aayushi Dholakia from
Gujarat secured the second runner-up position.
● The 60th edition of the pageant featured 30 state winners, competing through fashion, talent, and
personality-driven rounds.
Indian Space Research Organisation Chairman S. Somanath honoured with the IAF World Space
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Important Monthly Current Affairs Capsule – October 2024
Award for Chandrayaan-3 achievement
● Indian Space Research Organisation (ISRO) announced that its Chairman S. Somanath has
received the International Astronautical Federation’s (IAF) prestigious World Space Award for
Chandrayaan-3’s remarkable achievement.
● This recognition celebrates India's contributions to space exploration.
● Chandrayaan-3 mission by ISRO exemplifies the synergy of scientific curiosity and cost-effective
engineering, symbolising India’s commitment to excellence and the vast potential that space
exploration offers humanity.
● Chandrayaan-3 was launched July 6, 2023 from Sriharikota spaceport and it successfully made
the soft landing near the South Pole on August 23.
● Achieving a historic milestone, Chandrayaan-3 becomes the first to touch down near the lunar
South Pole, showcasing both aspiration and technological prowess on an international scale.
About ISRO :
● Formed : 15 August 1969
● Headquarters : Bengaluru, Karnataka
● Chairman : S. Somanath
European Parliament Awards Sakharov Prize to Venezuelan Opposition Leaders María Corina
Machado and Edmundo González
● The European Parliament has awarded its prestigious Sakharov Prize for Freedom of Thought to
María Corina Machado and Edmundo González, leaders of Venezuela's democratic opposition.
● This recognition honors their efforts to restore democracy and freedom in Venezuela amid political
repression.
● The Sakharov Prize, established in 1988, is named after Andrei Sakharov, a Soviet dissident and
Nobel laureate. It is the highest tribute the European Union pays to individuals or groups defending
human rights and fundamental freedoms.
● Past recipients include global figures like Nelson Mandela, Malala Yousafzai, and Denis Mukwege.
● The Sakharov Prize comes with an €50,000 ($54,000) endowment and will be formally presented in
mid-December at the European Parliament in Strasbourg, France.
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Important Monthly Current Affairs Capsule – October 2024
● The award also highlights the international community's solidarity with those advocating for
democracy and human rights.
Sri Sri Ravi Shankar Awarded Fiji's Highest Civilian Honour
● The Republic of Fiji awarded Gurudev Sri Sri Ravi Shankar the prestigious title of “Honourary Officer
of the Order of Fiji,” its highest civilian recognition, in appreciation of his efforts to promote peace,
unity, and community upliftment worldwide.
● Fiji’s President, Ratu Wiliame M. Katonivere, presented this honor, and Sri Sri expressed gratitude
on social media, saying he was “Honoured to receive Fiji’s highest civilian award.”
Bibhab Kumar Talukdar Receives The Harry Messel Award for Conservation Leadership
● Bibhab Kumar Talukdar, a renowned conservation scientist from Assam, has been honored with The
Harry Messel Award for Conservation Leadership by the Species Survival Commission (SSC) of the
International Union for Conservation of Nature (IUCN).
● The award ceremony took place during the 5th IUCN SSC Leaders’ Meeting in Abu Dhabi, which
gathered over 300 conservation experts to discuss critical issues such as biodiversity loss and
climate change.
APPOINTMENTS & RESIGNATIONS
Justice Manmohan Sworn in as 32nd Chief Justice of Delhi High Court
● Justice Manmohan, 61 years old, took oath as the 32nd Chief Justice of the Delhi High Court.
● The oath was administered by Lieutenant Governor Vinai Kumar Saxena at the Raj Niwas, the
LG's secretariat.
● He Succeeded Justice Satish Chandra Sharma.
● The ceremony was attended by dignitaries, including Delhi Chief Minister Atishi.
SDGP Nalin Prabhat Appointed as Acting Director General of Police of Jammu and Kashmir Police
Effective from October 1st, 2024
● The Ministry of Home Affairs (MHA) appointed IPS officer Nalin Prabhat as Special Director
General Police (SDGP) of the Jammu & Kashmir Police.
● Nalin Prabhat will also assume the role of Director General of Police (DGP) for J&K effective
October 1, 2024.
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Important Monthly Current Affairs Capsule – October 2024
● As DGP, he will be responsible for overseeing police operations and addressing security
challenges in Jammu & Kashmir.
● He succeeds R.R. Swain (IPS), who is set to retire upon reaching superannuation on September
30, 2024.
Subrata Mondal named as the new Managing Director and CEO of IFFCO Tokio General Insurance
● IFFCO Tokio General Insurance Company Limited (IFFCO Tokio), a general insurer, has
appointed a new Managing Director and Chief Executive Officer in Subrata Mondal.
● IFFCO Tokio General Insurance is a joint venture between the Indian Farmers Fertilisers Co-
operative (IFFCO) and Japan's Tokio Marine Group, with a shareholding structure of 51:49.
IL&FS names Nand Kishore as Chairman and Managing Director, succeeding CS Rajan
● Nand Kishore has been appointed as the Chairman and Managing Director (CMD) of
Infrastructure Leasing & Financial Services Limited (IL&FS), effective October 1, 2024.
● He succeeds CS Rajan, whose tenure as non-executive chairman ended on September 30, 2024.
● The appointment of Nand Kishore has been approved by the Ministry of Corporate Affairs.
About IL&FS :
● Established : 1987
● Headquarters : Mumbai, Maharashtra
Air Chief Marshal Amar Preet Singh assumes charge as Chief of the Air Staff
● Air Chief Marshal (ACM) Amar Preet Singh took over as the Chief of Air Staff (CAS) on October 1,
2024, succeeding Air Chief Marshal V. R. Chaudhari.
Surgeon Vice Admiral Arti Sarin appointed as the first female Director General of the Armed Forces
Medical Services
● Surgeon Vice Admiral Arti Sarin has become the first woman officer to take over as the Director
General of Armed Forces Medical Services (DGAFMS).
● The DGAFMS is responsible for overseeing medical policy matters related to the Indian Armed
Forces and operates under the Ministry of Defence.
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● Prior to her current role, she served as the 46th DGAFMS, and held prestigious positions
including:
➢ Director General of Medical Services (Navy)
➢ Director General of Medical Services (Air)
➢ Director & Commandant of Armed Forces Medical College (AFMC), Pune.
Government Appoints 3 New External Members Before Crucial Reserve Bank of India Monetary Policy
Committee Meeting
● The government appointed three new external members to the Monetary Policy Committee
(MPC):
➢ Prof. Ram Singh, Director of the Delhi School of Economics
➢ Saugata Bhattacharya, Economist
➢ Dr. Nagesh Kumar, Director and Chief Executive of the Institute for Studies in Industrial
Development
● The newly appointed members will serve a tenure of four years.
● The new members replace:
➢ Ashima Goyal (Mumbai Professor)
➢ Jayanth Varma (IIM-Ahmedabad Professor)
➢ Shashanka Bhide (Senior Adviser, New Delhi)
● The government has notified the reconstitution of the MPC under the Reserve Bank of India Act,
1934.
● As per the provisions of the RBI Act, the MPC consists of six members: three members from RBI
and three appointed by the central government.
● As per the powers conferred by Section 45ZB of the RBI Act, the government has reconstituted
the Monetary Policy Committee of RBI.
● As per the provisions, the MPC consists of six members, and the government can nominate three
members.
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Important Monthly Current Affairs Capsule – October 2024
● The other three members are the governor of the Reserve Bank of India — chairperson, ex
officio; the deputy governor of the Reserve Bank of India, in charge of monetary policy —
member, ex officio; and one officer of the Reserve Bank of India to be nominated by the central
board — member, ex officio.
Claudia Sheinbaum inaugurated as Mexico's 1st female president in historic ceremony
● Claudia Sheinbaum was sworn in as Mexico's 66th president and the first woman to hold the
office.
● This marks a significant moment in Mexico’s history, occurring after over 200 years of
independence.
● Sheinbaum will serve a six-year term that will last until 2030.
● The swearing-in took place at the Legislative Palace of San Lázaro in Mexico City.
● During the ceremony, legislators shouted “Presidenta! Presidenta!” using the feminine form of
president for the first time in Mexico's history
● As a member of the Morena party, Sheinbaum is anticipated to follow the policies of her mentor,
Andrés Manuel López Obrador, the outgoing president.
About Mexico :
● Capital : Mexico City
● Currency : Mexican peso
Air Marshal SP Dharkar Takes Over as Vice Chief of Air Staff
● Air Marshal SP Dharkar has assumed charge as the Vice Chief of the Air Staff.
● He succeeded Air Chief Marshal Amar Preet Singh, who became the Chief of Air Staff on
September 30, 2024.
● As the Director General of the DSA, Dharkar was responsible for establishing the new
organization, which oversees all aspects of space exploitation in the military domain for the
Indian defense forces.
● Before his current appointment, he was serving as the Air Officer Commanding-in-Chief of the
Eastern Air Command.
About Indian Air Force :
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Important Monthly Current Affairs Capsule – October 2024
● Founded : 26 January 1950
● Headquarters : New Delhi, Delhi
● Vice Chief of the Air Staff (VCAS) : Air Marshal Sujeet Pushpakar Dharkar
● Deputy Chief of the Air Staff (DCAS) : Air Marshal Tejinder Singh
Goods and Services Tax Council forms 10-member GoM, headed by MoS Finance Pankaj Chaudhary
● The Goods and Services Tax (GST) Council has established a 10-member Group of Ministers
(GoM), chaired by Minister of State for Finance Pankaj Chaudhary, to review and make
recommendations on the taxation of luxury, sin, and demerit goods after the compensation cess
expires in March 2026.
● The GoM includes representatives from Assam, Chhattisgarh, Gujarat, Karnataka, Madhya
Pradesh, Punjab, Tamil Nadu, Uttar Pradesh, and West Bengal.
● The GoM is required to submit its report to the GST Council by December 31, 2024.
Government approves 1-year extension for RBI Deputy Governor Rajeshwar Rao
● The Appointments Committee of the Cabinet (ACC), chaired by Prime Minister (PM) Narendra
Modi, approved a one-year extension for Reserve Bank of India (RBI) Deputy Governor
Rajeshwar Rao from October 9, 2024.
● This is Rao's second one-year extension, with the first being granted in October 2023.
● His original appointment as Deputy Governor was in October 2020 for a three-year term.
Sanjeev Sanyal was appointed as new Chancellor of Gokhale Institute, Pune, succeeding Bibek Debroy
• Sanjeev Sanyal, an economist and member of the Economic Advisory Council to the Prime
Minister (EAC-PM), has been appointed as the new chancellor of Pune's Gokhale Institute of
Politics and Economics (GIPE).
• His term will begin on October 7, 2024, and last for five years.
• Bibek Debroy, chairperson of the EAC-PM, resigned from the chancellorship of GIPE amid
controversy over the removal of the institute’s Vice-Chancellor (V-C), Ajit Ranade.
About GIPE :
• Established : 1930
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• Location : Pune, India
Ministry of External Affairs Appoints Sanjeev Singla and Ajit Gupte as Ambassadors to France and
Germany
• Ajit Vinayak Gupte has been appointed as the next Ambassador of India to the Federal Republic
of Germany.
• Sanjeev Kumar Singla has been appointed as the next Ambassador of India to France.
About Ajit Vinayak Gupte:
• Batch: 1991 Indian Foreign Service (IFS) officer.
• Current Position: Ambassador of India to Egypt.
• Previous Role: Served as the Ambassador of India to the Kingdom of Denmark from November
2017 to March 2021.
• Transition: Expected to take up his new assignment in Germany shortly.
About Sanjeev Kumar Singla:
• Batch: 1997 Indian Foreign Service (IFS) officer.
• Current Position: Ambassador of India to Israel.
• Previous Role: Appointed as India's Ambassador to Israel on July 19, 2019, succeeding Pavan
Kapoor (1990 cadre IFS officer).
• Former Role: Served as Private Secretary to Prime Minister Narendra Modi.
Reserve Bank of India names Aviral Jain as Executive Director
• Aviral Jain has been appointed as Executive Director (ED) of the Reserve Bank of India (RBI)
effective from October 01, 2024.
• Prior to his appointment as ED, Jain served as the Regional Director for Maharashtra.
• Responsibilities: In his new role, Jain will oversee several crucial departments within the RBI,
including:
• Legal Department
• Premises Department
Zarin Daruwala, CEO of Standard Chartered India, is Set to Retire in April 2025
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Important Monthly Current Affairs Capsule – October 2024
• Zarin Daruwala, Chief Executive Officer (CEO) of Standard Chartered India and Southeast Asia,
will retire on April 1, 2025, after serving more than 8 years in the role.
• Standard Chartered will announce her successor at a later date.
• Standard Chartered is undergoing management reshuffling and restructuring, especially in its
corporate and investment banking divisions, to enhance decision-making and business
performance.
JP Nadda appointed as Chairperson for the 77th Session of the WHO Regional Committee
• Union Health Minister JP Nadda was elected as the Chairperson of the 77th session of the World
Health Organization (WHO)’s Regional Committee for Southeast Asia.
• Role of the Committee: The WHO Regional Committee for Southeast Asia is the annual
governing body that influences health policies across the region.
• Participating Countries: Delegates from countries including Bangladesh, Bhutan, North Korea,
India, Indonesia, the Maldives, Myanmar, Nepal, Sri Lanka, Thailand, and Timor-Leste are
attending the session.
Indian Railway Finance Corporation Names Manoj Kumar Dubey as New Chairman and Managing
Director
• Manoj Kumar Dubey has been appointed as the Chairman & Managing Director (CMD) and Chief
Executive Officer (CEO) of the Indian Railway Finance Corporation (IRFC).
• His appointment is based on the recommendations of a Search-cum-Selection Committee.
• He succeeded an interim CMD role that had been in place for over two years.
• Dubey is a 1993-batch officer of the Indian Railway Accounts Service (IRAS).
• Prior to this role, he served as Director (Finance) at the Container Corporation of India
(CONCOR).
About IRFC :
• Founded: December 12, 1986.
• Headquarters: New Delhi, India.
• Type: Public sector undertaking (PSU) of the Government of India.
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Important Monthly Current Affairs Capsule – October 2024
• Ownership and Control:The Government of India holds a majority stake in IRFC.
Ratan Tata's Half-Brother Noel Tata Appointed as Chairman of Tata Trusts, Succeeding Ratan Tata
• Noel Tata, the half-brother of Ratan Tata, has been appointed Chairman of Tata Trusts, following
a board meeting held in Mumbai.
• He succeeds Ratan Tata who died at the age of 86 in a Mumbai hospital.
• Ratan Tata's passing marks the end of an era in Indian business, where he significantly reshaped
India's industrial landscape and transformed the Tata Group into a global powerhouse.
Bandhan Bank Shares Jump 10% Following Reserve Bank of India Approval of Partha Sengupta as
Chief Executive Officer
• The Reserve Bank of India (RBI) approved Partha Pratim Sengupta as the new Managing
Director and Chief Executive Officer (MD & CEO) of Bandhan Bank for a three-year term starting
from November 10, 2024.
• Sengupta will replace Chandra Shekhar Ghosh, who retired in July 2024.
• He has previously held leadership positions at State Bank of India (SBI) and served as CEO and
MD of Indian Overseas Bank (2020-2022).
About Bandhan Bank :
• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
State Bank of India talent proves a valuable asset for private sector banks
● At least three former State Bank of India (SBI) executives have been appointed as managing
directors and chief executive officers (MD and CEO) of different private sector banks in the past
six months.
● Partha Pratim Sengupta: Recently approved as MD and CEO of Bandhan Bank; he will assume
charge in November 2024.
● Saleem Sulaiman Nair: Appointed as MD and CEO of Tamilnad Mercantile Bank in August 2024.
● Sanjeev Nautial: Took charge as MD and CEO of Ujivan Small Finance Bank (SFB) on July 1,
2024.
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Important Monthly Current Affairs Capsule – October 2024
Surgeon Vice Admiral Kavita Sahai, SM, VSM Takes Over as Director General of Medical Services
● Surgeon Vice Admiral Kavita Sahai, SM, VSM assumed charge as Director General Medical
Services (Navy).
● In recognition for her distinguished Service, she has been awarded the Sena Medal in 2024 and
Vishisht Seva Medal in 2018 and has been Commended by the Chief of the Army Staff twice in
2008 & 2012 and the GOC-in-C (WC) in 2010.
About Ministry of Defence :
● Defence Minister :Rajnath Singh
● Minister of State : Sanjay Seth
Srinivas gets additional charge as Chief Executive Officer of public procurement portal GeM
● L. Satya Srinivas, a 1991-batch Indian Revenue Service (IRS) officer (Customs & Indirect Taxes),
has been appointed as the Chief Executive Officer (CEO) of the Government e-Marketplace
(GeM) on an additional charge basis.
Current Roles:
● He is currently serving as the Additional Secretary in the Department of Commerce, Government
of India.
● Srinivas is India’s Chief Negotiator for the India-EU and India-UK Free Trade Agreement (FTA)
negotiations.
● The Government e-Marketplace (GeM) portal was launched on August 9, 2016 by the Ministry of
Commerce and Industry, Government of India, to facilitate online purchases of goods and
services by all central government ministries and departments.
TV Narendran appointed as Chairman of worldsteel; becomes second Indian to lead the global
organisation
● Global body World Steel Association (worldsteel) has elected Tata Steel Managing Director (MD)
and Chief Executive Officer (CEO) Thachat Viswanath Narendran as its chairman.
● He is the second Indian to hold this position, following Sajjan Jindal of JSW Group, who served
as chairman in 2021.
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Important Monthly Current Affairs Capsule – October 2024
● Vice Chair Elections:Ugur Dalbeler (Colakoglu Metalurji AS) and Leon Topalian (President and
CEO of Nucor Corporation) have been elected as Vice Chairs.
About World Steel Association :
● Founded : 10 July 1967
● Headquarters : Brussels, Belgium
● The World Steel Association members represent approximately 85% of the world's steel
production, comprising over 160 steel producers, national and regional steel industry
associations, and steel research institutes.
Amit Kumar Appointed as Chairman and Managing Director of AI Assets Holding Limited
● Amit Kumar was selected by the Public Enterprise Selection Board (PESB) for the role of
Chairman & Managing Director (CMD) of AI Assets Holding Limited (AIAHL), a Schedule ‘B’
Public Sector Undertaking (PSU).
● Kumar is currently serving as the Executive Director Asset Manager at ONGC (Oil and Natural
Gas Corporation).
● AI Assets Holding Limited is a Special Purpose Vehicle (SPV) established by the Government of
India to provide unified asset holding services, as outlined in its Memorandum of Association.
About AIAHL :
● Founded : January 22, 2018
● Headquarters : New Delhi, India
● Ownership: AIAHL is a Public Sector Undertaking that is 100% owned by the Government of
India.
Omar Abdullah Takes Oath as Chief Minister of Jammu & Kashmir; Surinder Kumar Choudhary
Appointed as Deputy Chief Minister
● Omar Abdullah took oath as the Chief Minister of Jammu and Kashmir marking his second term
as Chief Minister (CM).
● He previously served from 2009 to 2014.
● National Conference’s Surinder Kumar Choudhary was sworn in as the Deputy Chief Minister.
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Important Monthly Current Affairs Capsule – October 2024
Nayab Singh Saini set to be sworn in as Haryana Chief Minister
● Nayab Singh Saini will be sworn in as the 20th Chief Minister of Haryana in Chandigarh.
● He was unanimously elected as the leader of the BJP legislature party in Haryana, paving the
way for his appointment as CM.
● The oath of office and secrecy will be administered by Haryana Governor Bandaru Dattatreya.
About Haryana :
● Governor : Bandaru Dattatreya
● Chief Minister : Nayab Singh Saini
● Capital : Chandigarh
Aishath Azeema appointed as the new Maldives Ambassador to India
● Senior diplomat Aishath Azeema is set to replace Ibrahim Shaheeb as the top Maldivian envoy to
India.
● The appointment comes after President Mohamed Muizzu's first state visit to India, indicating
efforts to reinforce ties with one of the Maldives' closest bilateral partners.
About Maldives :
● President : Mohamed Muizzu
● Capital : Malé
● Currency : Maldivian rufiyaa
Director General Paramesh Sivamani is the 26th Director General of the Indian Coast Guard (ICG)
● Paramesh Sivamani, who specialises in navigation and direction, has taken over as the 26th
director general of the Indian Coast Guard.
● Commands: Led major vessels, including:
o Advanced Offshore Patrol Vessel Samar
o Offshore Patrol Vessel Vishwast
MS Dhoni continues as brand ambassador and stakeholder of Garuda Aerospace
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Important Monthly Current Affairs Capsule – October 2024
● MS Dhoni, former Indian cricket captain, announced that his association with Garuda Aerospace,
an IPO-bound drone company, continues to flourish.
● Dhoni, who is both a brand ambassador and stakeholder in the company, expressed his belief in
Garuda’s vision to make India a drone hub by 2030.
Chief Justice of India DY Chandrachud Recommends Justice Sanjiv Khanna as His Successor
● Chief Justice of India (CJI) D.Y. Chandrachud has recommended Justice Sanjiv Khanna as his
successor.
● The recommendation was made in a letter to the Ministry of Law and Justice.
● Justice Khanna is expected to become the 51st Chief Justice of India.
● His tenure is projected to last for six months, as he is set to retire on May 13, 2025.
● CJI Chandrachud is scheduled to retire on November 10, 2024.
Role of the Chief Justice of India:
● The CJI is the head of the judiciary and the Supreme Court of India.
● Appointed by the President of India under Article 124(2) of the Constitution.
Bima Sugam India Federation Names Prasun Sikdar as Its 1st Managing Director and Chief Executive
Officer
● Prasun Sikdar has been appointed as the first Managing Director & Chief Executive Officer (MD
& CEO) of the Bima Sugam India Federation for a three-year term.
● The appointment of the MD & CEO required approval from the Insurance Regulatory and
Development Authority of India (IRDAI) as per their regulations.
Vijaya Kishore Rahatkar was appointed as Chairperson of the National Commission for Women
● Smt. Vijaya Kishore Rahatkar has been appointed as the Chairperson of the National
Commission for Women (NCW).
● She will be the 9th Chairperson of NCW.
● The appointment made under Section 3 of the National Commission for Women Act, 1990, will
be for a period of three years or until she reaches the age of 65, whichever comes first.
About NCW :
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Important Monthly Current Affairs Capsule – October 2024
● Establishment: Formed in 1992 under the National Commission for Women Act, 1990.
● Headquarters: New Delhi, India.
● Mandate: Work towards the advancement of women's rights, review constitutional and legal
safeguards for women.
Shri Vikram Dev Dutt, IAS Officer from the 1993 Batch (AGMUT Cadre), Takes Over as Coal Secretary
● Shri Vikram Dev Dutt, a 1993-batch Indian Administrative Service (IAS) officer of the Arunachal
Pradesh-Goa-Mizoram and Union Territory (AGMUT) cadre, has assumed charge as the
Secretary of the Ministry of Coal.
● Previously, he served as the Director General of the Directorate General of Civil Aviation (DGCA).
● He succeeds Shri VL Kantha Rao, the current Secretary of the Ministry of Mines, who held
additional charge 1of the Ministry of Coal.
About Ministry of Coal :
● Cabinet Minister : G. Kishan Reddy
● Minister of State : Satish Chandra Dubey
Centre Appoints New Chief of Staff Selection Commission in Major Restructuring
● S Gopalakrishnan, a 1991-batch IAS officer, has been appointed the new chairman of the Staff
Selection Commission (SSC).
● Gopalakrishnan will assume the role on October 31, 2024, following the voluntary retirement of
current chairman Rakesh Ranjan.
● Rakesh Ranjan was appointed in May 2023 and was initially set to retire in August 2026.
● Manoj Soni, the chairperson of the Union Public Service Commission (UPSC), resigned in July
2024, despite his term being until May 15, 2029.
Key Appointments:
● V Umashankar (1993-batch) has been appointed as Secretary in the Ministry of Road Transport
and Highways.
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Important Monthly Current Affairs Capsule – October 2024
● Vikram Dev Dutt, previously Director General of the Directorate General of Civil Aviation (DGCA),
is now Coal Secretary.
● Tanmay Kumar, currently Special Secretary in the Ministry of Environment, Forest, and Climate
Change, will take over as Secretary in December 2024 after Leena Nandan's retirement.
● Subrata Gupta (1990-batch) will become Secretary of the Ministry of Food Processing Industries,
following the retirement of the current secretary, Anita Parveen.
About SSC :
● Formation : 4 November 1975
● Headquarters : New Delhi, India
Disney Appoints James Gorman as New Board Chairman
● James Gorman, currently an executive at Morgan Stanley, has been appointed as the new
chairman of The Walt Disney Company, effective January 2, 2025.
● Gorman will succeed Mark Parker as chairman, who is leaving after nine years on Disney's board.
About The Walt Disney Company :
● Founded : October 16, 1923
● Headquarters : California, United States
● CEO : Bob Iger
Prabowo Subianto Assumes Office as President of Indonesia
● Prabowo Subianto has assumed office as the President of Indonesia, marking his leadership of
the world's third-largest democracy.
● He is officially the eighth president of Indonesia, which is recognized as the world's most
populous Muslim-majority nation.
● Prabowo Subianto, aged 73, won the presidential election held on February 14, securing nearly
60% of the votes.
● His campaign included popular policies, such as providing free meals for school children.
About Indonesia :
● Capital : Jakarta
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Important Monthly Current Affairs Capsule – October 2024
● Currency : Indonesian rupiah
PFRDA Appoints Chitra Jayasimha as Chairperson of National Pension System Trust Board
● Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) has appointed
Chitra Jayasimha as the Chairperson of the Board of National Pension System (NPS) Trust with
effect from October 17, 2024.
● She has been serving as a Trustee of the NPS Trust since December 2020.
● Jayasimha took over from Venkata Rao Yadagani, who was appointed as Chairman in December
2023.
About NPS Trust :
➢ The NPS Trust is managed by a Board of Trustees, appointed by the PFRDA.
➢ It oversees the interests of NPS subscribers.
➢ The NPS is a voluntary, market-linked retirement savings scheme. Combined assets under
management (AUM) of NPS and Atal Pension Yojana (APY) stand at ₹13.40 lakh crore as of
October 2024.
➢ The members of the NPS Trust are appointed by the PFRDA from time to time.
➢ The NPS Trust Board meets every quarter to review operations, with the PFRDA appointing the
Chairperson from among its Trustees.
Hindustan Aeronautics Limited appoints Barenya Senapati as Director of Finance
● Hindustan Aeronautics Limited (HAL) has appointed Barenya Senapati as the Finance Director.
● Senapati is a fellow member of the Institute of Chartered Accountants of India (ICAI).
● Prior to his appointment as Finance Director, Senapati served as Finance Executive Director at
HAL’s corporate office.
About HAL :
2. Founded : 22 December 1940
3. Headquarters : Bengaluru, Karnataka, India
4. Chairman & MD : DK Sunil
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Important Monthly Current Affairs Capsule – October 2024
Vietnam Names Army General Luong Cuong as New President Following Months of Turmoil
● Vietnam has elected Luong Cuong, a military general, as its new president, marking the fourth
official to hold the position in 18 months.
● The presidency is the second highest role in Vietnam's political structure, although it is largely
ceremonial.
● He replaced To Lam, who remained president even after being appointed as the general
secretary of the ruling Communist Party in August.
About Vietnam :
● Prime Minister : Phạm Minh Chính
● Capital : Hanoi
● Currency : Vietnamese đồng
Reserve Bank of India Grants Approval for Pranav Chawda to Become Chief Executive Officer of JP
Morgan Chase Bank India
● JP Morgan Chase Bank India has announced the elevation of Pranav Chawda as its Chief
Executive Officer (CEO).
● As CEO, Chawda's responsibilities will expand to include heading the corporate banking entity as
well.
● The former CEO, Prabhdev Singh, resigned in June before completing his term.
Reserve Bank of India Approves Axis Bank MD and CEO Amitabh Chaudhry’s Re-appointment
● Axis Bank has confirmed the re-appointment of Amitabh Chaudhry as Managing Director (MD)
and Chief Executive Officer (CEO) of the bank for another three years, starting from January 1,
2025, to December 31, 2027.
● The re-appointment was approved by shareholders at Axis Bank's 30th Annual General Meeting
in July.
● Ganesh Sankaran, Axis Bank's Group Executive in charge of the Wholesale Banking division,
has resigned to pursue other opportunities.
● His last working day with Axis Bank will be November 30, 2024.
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Important Monthly Current Affairs Capsule – October 2024
About Axis Bank :
● Established : 3 December 1993
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Amitabh Chaudhry
● Tagline : Badhti Ka Naam Zindagi
Justice Sanjiv Khanna Set to Be Sworn in as Chief Justice of India on November 11, 2024
● The Union government notified the appointment of Justice Sanjiv Khanna as the 51st Chief
Justice of India with effect from November 11, 2024.
● The appointment was made by the President of India under Clause (2) of Article 124 of the
Constitution.
● Chief Justice D.Y. Chandrachud, scheduled to retire on November 10, 2024, recommended
Justice Khanna as his successor on October 17, 2024.
International Crops Research Institute for the Semi-Arid Tropics Governing Board Appoints Himanshu
Pathak as Director-General Designate
● The Governing Board of the International Crops Research Institute for the Semi-Arid Tropics
(Icrisat) has appointed Himanshu Pathak as the Director -General Designate of the institute.
● Pathak, who currently serves as Union Secretary of the Department of Agricultural Research and
Education (DARE) and Director General of the Indian Council of Agricultural Research (ICAR),
will assume his role next year.
● Pathak will be the first Indian to head ICRISAT, a 52-year-old institute based in Patancheru near
Hyderabad.
● He will succeed Jacqueline Hughes in the role.
● He will be the second Indian to head a Consortium of International Agricultural Research Centres
(CGIAR) institute after M S Swaminathan, who led the Philippines-based International Rice
Research Institute (IRRI).
About ICRISAT :
➢ Formation : 1972
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Important Monthly Current Affairs Capsule – October 2024
➢ The ICRISAT is an international organisation which conducts agricultural research for rural
development, headquartered in Patancheru, Hyderabad, Telangana, India.
Cabinet Committee Designates Permanent Managing Director for Agri Ministry's National Agriculture
Cooperative Marketing Federation of India Limited After Recent Interim Transfer to Cooperation Ministry
● The Appointments Committee of the Cabinet (ACC) appointed Deepak Agarwal as the regular
Managing Director (MD) of the National Agriculture Cooperative Marketing Federation of India
Limited (NAFED) for a term of five years.
● Deepak Agarwal is a 2000-batch Indian Administrative Service (IAS) officer from the Uttar
Pradesh cadre.
About NAFED :
● Founded : 2 October 1958
● Headquarters : New Delhi, India
● Chairman : Jethabhai Ahir
● NAFED plays a crucial role in agricultural marketing, supporting farmers by promoting
cooperative marketing and ensuring better prices for agricultural produce.
Indian-origin Prabhakar Raghavan appointed as Google’s new Chief Technologist
● Prabhakar Raghavan, an alumnus of the Indian Institute of Technology, Madras (IIT-Madras),
has been appointed as Google’s Chief Technologist.
● Nick Fox will succeed Raghavan in his previous role, managing Google Search, Assistant, and
related products.
Centre conducts bureaucratic reshuffle by appointing 29 joint secretaries
● The Centre appointed 29 officers as joint secretaries in different departments as part of a
significant bureaucratic reshuffle.
● Officers from various central services, including the Indian Defence Accounts Service (IDAS),
Indian Railway Service of Electrical Engineers (IRSEE), Indian Audit and Accounts Service
(IA&AS) and Indian Revenue Service (IRS) among others have been appointed to these key joint
secretary (JS)-level posts, as per an order issued by the Personnel Ministry.
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Important Monthly Current Affairs Capsule – October 2024
Officer's Name Service/Cadre Designation Department/Ministry
Ministry of Home
Affairs
Praveen Kumar IDAS Joint Secretary Ministry of Home
Rai Affairs
Rakesh Kumar IDAS Joint Secretary Ministry of Home
Pandey Affairs
Rajesh Gupta IRSEE Joint Secretary Ministry of Home
Affairs
Raj Kumar IA&AS Director Central Reserve
(Finance) Police Force (CRPF),
Ministry of Home
Affairs
Economic and
Cooperative
Sectors
Deepak Agarwal IAS (Uttar Pradesh Managing National Agricultural
Cadre) Director (JS Cooperative
level) Marketing Federation
of India (NAFED)
Premjit Lal - Executive India Trade
Director Promotion
Organisation (ITPO)
Administrative and
Personnel
Management
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Important Monthly Current Affairs Capsule – October 2024
Chauhan Sarita IAS Joint Secretary Department of
Chand Administrative
Reforms & Public
Grievances
P Bala Kiran IAS Joint Secretary Department of
Personnel & Training
Social Welfare and
Women
Empowerment
Bhavna Saxena IPS (Andhra CEO Central Adoption
Pradesh Cadre) Resource Authority
(CARA), Ministry of
Women & Child
Development
Petroleum,
Commerce, and
Corporate Affairs
Anjan Kumar IOFS Secretary Petroleum & Natural
Mishra Gas Regulatory
Board (PNGRB),
Ministry of Petroleum
& Natural Gas
Kesang Yangzom IRS (Income Tax Joint Secretary Department of
Sherpa Cadre) Commerce
Balamurugan D - Joint Secretary Ministry of Corporate
Affairs
Environment and
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Important Monthly Current Affairs Capsule – October 2024
Agriculture
Rajat Agarwal - Joint Secretary Ministry of
Environment, Forest
& Climate Change
Ved Prakash - Joint Secretary Ministry of
Mishra Environment, Forest
& Climate Change
Rama Shankar - Joint Secretary Department of Animal
Sinha Husbandry & Dairying
Development of
North Eastern
Region
Niraj Kumar Central Secretariat Joint Secretary Ministry of
Service (CSS) Development of North
Eastern Region
(DoNER)
Bharti Airtel Names Gopal Vittal as Executive Vice Chairman; Shashwat Sharma to Assume Role of
Managing Director and Chief Executive Officer in January 2026
● Gopal Vittal has been promoted to Executive Vice-Chairman of Bharti Airtel, effective January 1,
2026.
● He will transition from his current role as Managing Director and Chief Executive Officer (MD &
CEO).
● Shashwat Sharma, the current Chief Operating Officer (COO), will be appointed as the MD and
CEO starting January 1, 2026.
About Bharti Airtel Limited :
● Founded : 7 July 1995
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Important Monthly Current Affairs Capsule – October 2024
● Headquarters : New Delhi, India
Financial Services Institutions Bureau Nominates Ashok Chandra as New Managing Director and Chief
Executive Officer of Punjab National Bank
● The Financial Services Institutions Bureau (FSIB) recommended Ashok Chandra for the position
of Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB).
● The current MD & CEO of PNB, Atul Kumar Goel, will complete his tenure on December 31,
2024.
● Chandra is currently executive director (ED) at Canara Bank since November 21, 2022.
About PNB :
● Founded : 19 May 1894
● Headquarters : Dwarka, Delhi, India
● Tagline : The Name You Can Bank Upon
HSBC Appoints Pam Kaur, an Indian-Origin Banker, as Its First Female chief financial officer
● HSBC named Pam Kaur as its first female Chief Financial Officer (CFO), a landmark in the
bank’s 160-year history.
● Kaur, an Indian-origin banker, will officially begin her role on January 1, 2025.
Commonwealth appoints Ghana's Shirley Ayorkor Botchwey as new Secretary-General at Samoa
summit
● Ghana's Foreign Minister, Shirley Ayorkor Botchwey, has been appointed as the new Secretary-
General of the Commonwealth.
● The appointment occurred on the final day of the Commonwealth summit in Samoa.
ACQUISITIONS & MERGERS
Vistara to Merge with Air India on November 12, 2024 Concluding Nearly a Decade of Operations
● Vistara will merge with Air India on November 12, 2024 marking the end of Vistara's nearly
decade-long journey.
● The merger date follows the Centre's approval of Singapore Airlines' (SIA) ₹2,058 crore
investment in the Air India group.
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Important Monthly Current Affairs Capsule – October 2024
● In November 2022, Tata Sons and Singapore Airlines announced plans to integrate Vistara with
Air India to enhance operational synergies and increase market share in the rapidly growing
Indian aviation sector.
● Stakeholder Information: Post-merger, SIA will retain a 25.1% stake in Air India as part of its
multi-hub strategy.
About Vistara :
● Founded : 2013 (Commenced Operations : 9 January 2015)
● Headquarters : Gurgaon, Haryana, India
● Chairman : Bhaskar Bhat
● CEO : Vinod Kannan
About Air India :
● Founded : 15 October 1932 (Commenced operations : 29 July 1946)
● Chairman : Natarajan Chandrasekaran
● MD & CEO : Campbell Wilson
Competition Commission of India greenlights Mankind Pharma Limited’s acquisition of Bharat Serums
and Vaccines Limited
● The Competition Commission of India (CCI) approved the acquisition of 100% shareholding of
Bharat Serums and Vaccines Limited (BSV) by Mankind Pharma Ltd (Mankind).
About CCI :
● Formed : 14 October 2003
● Headquarters : New Delhi, India
● Chairman : Ravneet Kaur
Amazon Acquires MX Player, Integrates it with miniTV to Launch Amazon MX Player
• Amazon has acquired free streaming OTT platform MX Player and merged it with its content
streaming service miniTV to launch 'Amazon MX Player'.
• The merger aims to provide premium-free entertainment to a broader audience.
• Automatic Integration: The integration of Amazon miniTV and MX Player will occur automatically
on the apps, with no need for users to reinstall or upgrade.
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Important Monthly Current Affairs Capsule – October 2024
Reserve Bank of India grants approval for merger of Tata Capital and Tata Motors Finance
● The Reserve Bank of India (RBI) has approved the merger of Tata Capital, an unlisted entity,
with Tata Motors Finance (TMFL), paving the way for the formation of India’s 12th largest non-
banking finance company.
● The RBI sent its “no-objection” to both companies in October 2024, as per their regulatory filings.
● As part of the merger consideration, Tata Capital will issue equity shares to TMFL shareholders,
resulting in Tata Motors holding a 4.7% stake in the merged entity.
Competition Commission of India Greenlights Central Bank of India's 24.91% Acquisition in Future
Generali India Insurance
● The Competition Commission of India (CCI) has approved Central Bank of India's acquisition of
stakes in Future Generali India Insurance.
Acquisition Details:
● Central Bank of India will acquire:
➢ 24.91% equity stake in Future Generali India Insurance Company Limited (FGIICL).
➢ 25.18% equity stake in Future Generali India Life Insurance Company Limited (FGILICL).
About Central Bank of India:
● Founded: December 21, 1911.
● Headquarters: Mumbai, Maharashtra, India.
● Managing Director & CEO: Matam Venkata Rao.
● Type: Scheduled commercial bank.
About Future Generali India Insurance Company Limited (FGIICL):
● Founded: 2006.
● Headquarters: Mumbai, Maharashtra.
● Managing Director & CEO: Anup Rau.
● It provides personal insurance, commercial insurance, social & rural insurance etc.
● It provides savings insurance, investment plans (ULIP), term insurance plans, health insurance
plans, child plans, retirement plans, rural insurance plans and group insurance plans.
Kotak Mahindra Bank Agrees to Acquire ₹4,100-Crore Personal Loan Portfolio from Standard Chartered
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Important Monthly Current Affairs Capsule – October 2024
Bank, India, Pending Regulatory Approval
➢ Private sector lender Kotak Mahindra Bank has entered into a definitive agreement to acquire the
₹4,100-crore personal loan book of Standard Chartered Bank, India, subject to regulatory
approval.
➢ The transaction consists of loans classified as ‘Standard Loans’ in line with the Reserve Bank of
India (RBI) guidelines.
➢ In 2022, Axis Bank acquired Citi India’s consumer and wealth management business.
About Kotak Mahindra Bank :
● Founded ; 1985
● Headquarters : Mumbai, Maharashtra, India
● MD and CEO : Ashok Vaswani
● Tagline : Let's make money simple
Adar Poonawalla acquires 50% stake in Dharma Productions from Karan Johar for ₹1,000 crore
● Adar Poonawalla, Chief Executive Officer (CEO) of Serum Institute of India, has announced a
₹1,000 crore investment in Karan Johar's Dharma Productions and Dharmatic Entertainment
through his company, Serene Production.
● The deal involves Poonawalla's Serene Production acquiring a 50% stake in Dharma Productions,
while Karan Johar will retain the remaining 50%.
CCI Greenlights Aquilo House Private. Limited.'s Acquisition of Aavas Financiers Limited
● The Competition Commission of India (CCI) has approved the proposed acquisition of Aavas
Financiers Limited by Aquilo House Private. Limited.
● Acquirer: Aquilo House Pte. Ltd., the acquiring entity, is wholly and indirectly held by Relevant
CVC Funds, which are investment vehicles managed or advised by the CVC Network (CVC
Capital Partners plc and subsidiaries).
● CVC Group: The CVC Network is a global alternative investment manager with expertise in
private equity, credit, secondaries, and infrastructure investments. CVC PLC is listed on the
Euronext Amsterdam Stock Exchange.
About CCI :
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Important Monthly Current Affairs Capsule – October 2024
● Founded : 14 October 2003
● Headquarters : New Delhi, India
● Chairman : Ravneet Kaur
● The CCI is the chief national competition regulator in India.
● It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the
Competition Act, 2002 to promote competition and prevent activities that have an appreciable
adverse effect on competition in India.
Manipal HealthMap completes full acquisition of iGenetic Diagnostics, aims for 200 centres by 2027
● Manipal HealthMap has acquired iGenetic Diagnostics, securing a 100% stake in the company.
● This acquisition aims to enhance Manipal HealthMap's market presence, particularly in
Maharashtra, Madhya Pradesh, and Karnataka.
● Regulatory Approval:The merger has received approval from the National Company Law Tribunal
(NCLT), enabling the transaction to proceed.
Competition Commission of India Gives Nod to Fortis Healthcare's Acquisition of More Shares in Agilus
Diagnostics Limited
● The Competition Commission of India (CCI) approved Fortis Healthcare Limited’s (FHL)
acquisition of an additional 31.52% share capital in Agilus Diagnostics Limited.
● After the proposed acquisition, Fortis Healthcare’s shareholding in Agilus will increase from 57.68%
to 89.2%.
Competition Commission of India Greenlights Merger of Diliigent Power with DB Power and
Restructuring of Decore Thermal Power Following Buyback
● The Competition Commission of India (CCI) has granted approval for a proposed combination
involving significant corporate restructuring in the power sector.
● Proposed Combination Details:The combination includes the merger of Diliigent Power Private
Limited (DPPL) into its wholly owned subsidiary, DB Power Limited (DBPL).
Competition Commission of India approves the proposed acquisition of additional stake in Thoughtworks
Holding, Inc. by AP Funds and Temasek
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Important Monthly Current Affairs Capsule – October 2024
● The Competition Commission of India (CCI) has approved the proposed acquisition involving
additional shareholding in Thoughtworks Holding, Inc.
● Tasmania Midco LLC (Acquirer) is a special purpose vehicle (SPV) that is indirectly wholly owned
by Apax Partners LLP (AP), which provides investment advisory services to private equity funds
Slice and North East Small Finance Bank Complete Merger One Year After Reserve Bank of India
Approval
● Slice has successfully completed its merger with North East Small Finance Bank, consolidating
operations, assets, and brand identities.
● The merger received all necessary shareholder and regulatory approvals, including a no-
objection certificate (NOC) from the Reserve Bank of India (RBI).
● The merger was finalized over one year after receiving the RBI's NOC.
● The merged entity aims to enhance its presence in India's north-eastern region, focusing on local
market penetration and service expansion.
About North East Small Finance Bank :
● Established : 2015
● Headquarters : Guwahati, Assam
● MD & CEO : Satish Kumar Kalra
CURRENT AFFAIRS : PERSON IN NEWS
Women Navy Officers Lt Cdr Dilna K. and Lt Cdr Roopa Set Sail for Global Circumnavigation Under
Navika Sagar Parikrama II
● Indian Navy is launching the second edition of the Navika Sagar Parikrama expedition, aimed at
circumnavigating the globe.
● The expedition will begin on October 2, 2024.
● Participants: Two women officers, Lt Cdr Roopa A from Puducherry and Lt Cdr Dilna K from
Calicut, will embark on this historic voyage.
● The officers will sail on the Indian Naval Sailing Vessel (INSV) Tarini, a 55-foot indigenously built
sailing vessel inducted into the Navy in February 2017
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Important Monthly Current Affairs Capsule – October 2024
● The expedition was introduced at a curtain raiser event held on September 23, 2024, presided
over by Vice Admiral Krishna Swaminathan, Vice Chief of Naval Staff.
● The expedition is conducted under the aegis of the Indian Naval Sailing Association at Naval
Headquarters, New Delhi, and the Ocean Sailing Node, Goa, coordinating with international
maritime agencies and authorities.
● The first edition of Navika Sagar Parikrama occurred from September 2017 to May 2018, with six
women officers covering about 22,000 nautical miles and visiting five countries: Australia, New
Zealand, Falkland Islands (U.K.), South Africa, and Mauritius.
● Cdr Abhilash Tomy (Retd.): First Asian skipper to participate in two circumnavigations and
completed the Golden Globe Race in 2022; he is also the official mentor for the current
expedition officers.
● About INSV Tarini : It is a 55-foot sailing vessel, which has been built indigenously, and was
inducted into the Navy in February 2017.
About Ministry of Defence :
● Defence Minister : Rajnath Singh
● Minister of State : Sanjay Seth
Sunita Williams Assumes Command of the International Space Station for the 2nd Time
● National Aeronautics and Space Administration (NASA) astronaut Sunita Williams has assumed
command of the International Space Station (ISS), marking her second stint as the station’s
leader.
● She previously served as commander during Expedition 33 in 2012.
● Sunita Williams has logged over 322 days in space and holds the record for the most spacewalks
by a woman.
About NASA :
● Established : July 29, 1958
● Headquarters : Washington, D.C, United States of America
● Administrator : Bill Nelson
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Important Monthly Current Affairs Capsule – October 2024
MOUS AND AGREEMENT
Tata Power Expands Renewable Energy Footprint in Rajasthan: Key MoU with State Government
● Tata Power has signed a Memorandum of Understanding (MoU) with the Rajasthan government to
advance power distribution, transmission, and green energy projects, significantly boosting its
renewable energy presence in the state.
● This agreement was signed at the 'Rising Rajasthan Investor Meet' in New Delhi.
Rajasthan Attracts Investment with Rs 12.5 Trillion in MoUs Ahead of Global Summit
● Rajasthan Chief Minister Bhajan Lal Sharma announced that investment agreements (MoUs) worth
Rs 12.5 trillion have been signed during roadshows in Mumbai and Delhi, paving the way for the
upcoming “Rising Rajasthan” global investment summit, scheduled for December 9-11 in Jaipur.
Ashok Leyland Partners with FlixBus India to Transform Inter-City Bus Transportation
● Ashok Leyland, a leading commercial vehicle manufacturer and flagship of the Hinduja Group, has
signed a Memorandum of Understanding (MoU) with FlixBus India, a global travel-tech leader
focused on affordable and sustainable travel.
● This collaboration aims to revolutionise India’s bus transportation ecosystem through advanced
technology and high-capacity vehicles.
● The MoU was signed by Mr. Mohan K, Head – Bus Vertical at Ashok Leyland, Mr. Max Zeumer,
COO of FlixBus, and Mr. Surya Khurana, MD of FlixBus India.
BPCL Partners with Mumbai Port Authority for Green Fuel Ecosystem
● State-owned Bharat Petroleum Corporation Limited (BPCL) has signed an initial Memorandum of
Understanding (MoU) with the Mumbai Port Authority (MbPA) and the Mumbai Port Sustainability
Foundation (MPSF) to establish a green fuel ecosystem at Mumbai Port.
● This initiative marks a significant step in India's journey towards cleaner energy solutions.
India, Nepal and Bangladesh Sign Trilateral Agreement for Electricity Export
● India, Nepal and Bangladesh have entered into a trilateral agreement that enables the export of 40
megawatts of electricity from Nepal to Bangladesh via India’s power grid.
● This landmark deal, signed in Kathmandu, marks the first instance of Nepal selling electricity to
Bangladesh, as it has previously only exported power to India.
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Important Monthly Current Affairs Capsule – October 2024
Google Partners with Clean Max to Launch Hybrid Renewable Energy Project
● Google has announced a strategic partnership with Clean Max Enviro Energy Solutions (CleanMax)
to establish a 125.4 MW hybrid renewable energy project in India.
● This initiative aims to enhance Google’s efforts in decarbonising its cloud services and office
operations in the country.
Key Details of the Partnership
● Project Components:
o Solar Power: The project will include a 66 MW solar power plant located in Rajasthan.
o Wind Energy: Additionally, a 59.4 MW wind generation plant will be established in
Karnataka.
MoU Between Amazon and Department of Posts (DoP): Strengthening E-commerce and Logistics in
India
• Amazon and the Department of Posts (DoP) have been collaborating since 2013, utilizing DoP’s
extensive postal network for parcel delivery.
• This partnership aims to empower India's growing e-commerce sector by enhancing logistical
capabilities, supporting job creation, and contributing to economic growth.
• The MoU aims to explore opportunities in logistics and business expansion, allowing Amazon to
leverage DoP’s network for parcel delivery across India.
NCERT Partners with Amazon for Nationwide Textbook Distribution
• The National Council of Educational Research and Training (NCERT) has joined with Amazon to
enhance textbook accessibility across India, particularly targeting remote areas.
• The initiative, announced by Education Minister Dharmendra Pradhan, addresses textbook
distribution challenges and ensures that all students have easy access to authentic NCERT
materials.
• NCERT is developing interactive, AI-driven e-books as part of its move towards a digital learning
environment, adapting to modern educational needs.
Bihar Government Signs MoU with NASSCOM to Boost IT Sector
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Important Monthly Current Affairs Capsule – October 2024
• The Bihar government signed a Memorandum of Understanding (MoU) with the National
Association of Software and Service Companies (NASSCOM) to promote the state's IT policy
and investment potential.
• Bihar IT Minister Santosh Kumar Suman and NASSCOM Vice Presidents Srikanth Srinivasan
and Nirupam Choudhary attended the signing.
• The partnership aims to enhance IT infrastructure, attract investment, and promote skill
development in Bihar.
• NASSCOM will assist in organizing roadshows in major cities such as Bengaluru, Chennai,
Mumbai, Hyderabad, and Pune to link Bihar with potential investors and technology companies.
India and Maldives Strengthen Ties with Financial Support and New Initiatives
• India has committed over ₹6,300 crore to support the Maldives amid a foreign exchange crisis,
marking a significant step in bilateral relations as Maldivian President Mohamed Muizzu engages
in discussions with Prime Minister Narendra Modi for a reset of ties.
• Financial Support: The agreement includes a currency swap arrangement worth $400 million and
₹3,000 crore, aimed at addressing the Maldives' foreign exchange issues.
• Trade Agreement Talks: Discussions were initiated on a free trade agreement to enhance
economic cooperation and trade settlements in local currencies.
Tata Technologies and BMW Group Launch BMW TechWorks India: A New Venture in Automotive
Software Innovation
• Tata Technologies and BMW Group have launched a joint venture named BMW TechWorks
India.
• The venture focuses on developing automotive software and digital transformation solutions for
business IT.
• Both companies hold equal stakes in the venture.
• BMW TechWorks will design software for software-defined vehicles (SDV) and enable the
integration of AI and Generative AI technologies in BMW cars.
India to Ink $3.3 Billion Contract with US for MQ-9B Predator Drones
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Important Monthly Current Affairs Capsule – October 2024
● India is set to sign a major $3.3 billion (Rs 28,000 crore) defence deal with the United States for 31
MQ-9B Predator drones.
● This acquisition is part of India's growing defence partnership with the US, which has secured over
$25 billion in Indian defence contracts in less than two decades.
● The MQ-9B Predator is a high-altitude, long-endurance drone designed for intelligence, surveillance,
reconnaissance (ISR) missions and precision strikes.
Spices Board partners with Uttarakhand Govt to boost production of Indigenous spices
● The Spices Board of India, under the Ministry of Commerce & Industry, has signed a Memorandum
of Understanding (MoU) with the Directorate of Horticulture and Food Processing, Government of
Uttarakhand, to promote sustainable agricultural practices in the state.
● The agreement was signed by Dr. A B Remashree, Director of Spices Board, during the Industry
Interaction Meet held in Dehradun, in the presence of Sunil Barthwal, Secretary, Department of
Commerce.
India-Australia and ASEAN Trade Negotiations Intensify Towards Comprehensive Economic
Cooperation Agreement (CECA)
● India is ramping up its trade negotiations with Australia and ASEAN to finalize key trade agreements
and address tariff asymmetries, aiming to strengthen its international economic ties before election
cycles in partner countries potentially delay progress.
● The 9th round of negotiations on the India-European Union FTA has been completed, focusing on
core trade issues such as goods, services, investment, government procurement, and rules of origin
(ROO).
China-Pakistan Strengthen Ties with Gwadar Airport Inauguration
● Chinese Premier Li Qiang inaugurated the Gwadar International Airport in Pakistan's Balochistan
province, marking a significant step in the ongoing China-Pakistan Economic Corridor (CPEC)
project.
● The $200-million Beijing-funded airport was opened in a ceremony at Pakistan's Prime Minister's
Office in Islamabad, emphasising its strategic importance.
India Strengthens Defence Capabilities with $4 Billion MQ-9B Predator Drone Deal
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Important Monthly Current Affairs Capsule – October 2024
● India has taken a major step in enhancing its military capabilities by signing a $4 billion deal with the
United States to acquire 31 MQ-9B Predator drones.
● This landmark agreement, finalized on October 15, 2024, in New Delhi, marks a significant
advancement in India’s defence preparedness, particularly in countering threats along its borders
with China.
Renewal of the Kartarpur Corridor Agreement Between India and Pakistan
● India and Pakistan have renewed their agreement to operate the Kartarpur Corridor for an additional
five years, extending its validity until October 24, 2029.
● This follows the original agreement established in 2019, which was set to expire on October 24,
2024.
● The corridor enables Indian pilgrims to visit Gurdwara Sri Kartarpur Sahib in Pakistan without a visa,
requiring only a nominal fee of $20 per person.
Delhi Signs MoU with Education Ministry to Implement PM-SHRI Scheme
● Delhi's State Government signed a Memorandum of Understanding (MoU) with the Ministry of
Education to implement the PM-SHRI (Prime Minister’s Schools for Rising India) scheme.
● Launched two years ago, the PM-SHRI scheme aims to convert over 14,500 schools into exemplar
institutions across India.
● The scheme spans five years with a budget of ₹27,360 crore, wherein the Centre provides 60% of
the funding, and states contribute the remaining 40%.
● In northeastern states, the Centre will cover 90% of the costs.
Air India and Singapore Airlines Expand Codeshare Agreement
● Air India (AI) and Singapore Airlines (SIA) have announced an expanded codeshare agreement,
adding 11 Indian cities and 40 international destinations to their network.
● This marks their largest codeshare expansion since 2010, enhancing connectivity between India,
Singapore, and other global destinations.
● Under this agreement, both airlines will codeshare on flights between Singapore and Bengaluru and
Chennai, increasing weekly services from 14 to 56.
DroneAcharya Partners with Estonia's Krattworks to Boost Defence Drone Manufacturing in India
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Important Monthly Current Affairs Capsule – October 2024
● DroneAcharya Aerial Innovations Limited has entered into an exclusive partnership with Krattworks
Ltd., an Estonian defence drone manufacturer, to produce and distribute defence drones in India.
● This collaboration aligns with the "Make in India" initiative and aims to cater to both Indian and global
markets through local production.
● The collaboration will focus on manufacturing jamming-resistant tactical ISR drones with day and
night vision capabilities, as well as fixed-wing aerial target drones for defence applications.
● Krattworks is known for its Project BadB, which develops navigation solutions for vehicles in GNSS-
denied environments. The project recently received a $6 million investment from the European
Defence Fund and the Defence Ministries of Estonia and Finland.
YouTube Expands Shopping Programme in India to Empower Creators
● YouTube has launched its Shopping Affiliate Programme in India, allowing content creators to
monetize their videos by tagging products from major e-commerce platforms like Flipkart and Myntra.
● This initiative is aimed at diversifying creators' revenue streams and enhancing the shopping
experience for viewers.
Karnataka and University of South Wales Forge Partnership for Clean Energy Innovation
● Karnataka Renewable Energy Development Limited (KREDL) has signed a Memorandum of
Understanding (MoU) with the University of South Wales (UNSW) in Australia to promote innovation
and support start-ups focusing on clean and renewable energy technologies.
● This partnership aims to accelerate the transition to sustainable energy and enhance collaboration
between Karnataka and Australian institutions.
India and Germany Strengthen Bilateral Relations with Multiple MoUs
● India and Germany have signed several Memoranda of Understanding (MoUs) and agreements
aimed at enhancing cooperation across various sectors, including green hydrogen, innovation, and
technology.
● The agreements were formalized in New Delhi during a meeting between Prime Minister Narendra
Modi and German Chancellor Olaf Scholz following delegation-level talks.
● According to Foreign Secretary Vikram Misri, bilateral trade between India and Germany reached
$33 billion in 2023, with cumulative German investments in India totalling nearly $15 billion.
GAIL and VERBIO Collaborate to Advance Agricultural Residue-based Compressed Biogas (CBG)
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Important Monthly Current Affairs Capsule – October 2024
Projects in India
● GAIL (India) Limited and VERBIO India Private Limited have signed an MoU to explore the
development of Compressed Biogas (CBG) plants using agricultural residue in India.
● The MoU was signed with the presence of Sandeep Kumar Gupta, Chairman and Managing Director
of GAIL, and Claus Sauter, Founder and CEO of VERBIO Group.
● Sumit Kishore, Executive Director (Business Development and Exploration & Production), GAIL, and
Ashish Kumar, Managing Director, VERBIO, signed the MoU.
● Goal: To combine expertise from both companies to promote sustainable energy solutions and
efficiently use agricultural waste.
ISRO and DBT Collaborate on Experiments for India’s First Space Station: Bharatiya Antariksh Station
(BAS)
● The Indian Space Research Organisation (ISRO) and the Department of Biotechnology (DBT) have
signed an agreement to develop and conduct biological and environmental experiments for the
planned Bharatiya Antariksh Station (BAS), expected to be operational by 2028-2035.
● Focus is on exploring health and sustainability factors in space, which are crucial for future long-term
missions.
India-Switzerland Railway Cooperation MoU: Strengthening Technical and Operational Capabilities
● Indian Railways has renewed a Memorandum of Understanding (MoU) with Switzerland’s Federal
Department of the Environment, Transport, and Communications (DETEC) to enhance technical
cooperation in railway technology and infrastructure.
● This partnership, approved by India’s Ministry of Railways and Ministry of External Affairs, aims to
improve railway services in India through technology sharing and expertise from Switzerland.
Key Areas of Focus:
● Traction Rolling Stock and Electric Multiple Units (EMU)
● Train Sets and Propulsion Equipment
● Freight and Passenger Cars
● Tilting Trains and Railway Electrification Equipment
● Train Scheduling and Operational Improvements
● Railway Station Modernization
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Important Monthly Current Affairs Capsule – October 2024
● Multimodal Transport Solutions and Tunneling Technology
DEFENCE NEWS
8th Edition of India-Kazakhstan Joint Military Exercise KAZIND 2024 Begins in Auli , Uttarakhand
● The 8th edition of the India-Kazakhstan Joint Military Exercise KAZIND-2024 began on
September 30, 2024, at the Surya Foreign Training Node in Auli, Uttarakhand.
● The exercise is scheduled to take place from September 30 to October 13, 2024.
● KAZIND has been conducted annually since 2016, promoting military cooperation between India
and Kazakhstan.
● The last exercise was held in Otar, Kazakhstan, from October 30 to November 11, 2023.
Participants:
● Indian Armed Forces: Represented by 120 personnel from a battalion of the KUMAON Regiment,
along with additional arms, services, and Indian Air Force personnel.
● Kazakhstan Contingent: Mainly composed of personnel from the Land Forces and Airborne
Assault Troopers.
● Aim of the Joint Exercise : To enhance joint military capability of both sides to undertake counter
terrorism operations in a sub conventional scenario under Chapter VII of the United Nations
Charter.
About Ministry of Defence :
● Cabinet Minister : Rajnath Singh
● Minister of State : Sanjay Seth
Indian Army Hosts "Army Sports Conclave" to Showcase Its Role in Enhancing India's Sports for the
2036 Olympics
● The Indian Army hosted the "Army Sports Conclave" to highlight its contribution to India's sports
and align efforts for the 2036 Olympics.
● Collaboration: The conclave stressed collaboration with key stakeholders like the Indian
Olympics Association, Sports Authority of India (SAI), and National Sports Federations to
enhance India’s global sporting ambitions.
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Important Monthly Current Affairs Capsule – October 2024
● Indian Army's Role: The Indian Armed Forces have a tradition of contributing to India's
international sports achievements (e.g., Asian Games and Olympics) and play a significant role in
promoting national pride and fitness through sports.
About Indian Army :
● Chief of the Army Staff (COAS) : General Upendra Dwivedi
● Vice Chief of the Army Staff (VCOAS) : Lieutenant General N. S. Raja Subramani
Aero India is Scheduled to Take Place in Bengaluru on February 10, 2025
● India will host the 15th edition of its largest air show, Aero India, at Yelahanka Air Force Station
in Bengaluru, Karnataka, from February 10 to February 14, 2025.
● The event will feature participation from leading Indian and foreign manufacturers and several
delegations from friendly foreign countries.
● Many fighter aircrafts and helicopters performed on air and a defence exhibition was inaugurated
by PM Narendra Modi.
● IAF's Tejas aircraft which is a lightweight, highly agile and multi-role supersonic fighter was a
major highlight in the aero India show in 2023.
● Aero India is organised by the Ministry of Defence which involves multiple agencies, including the
Department of Defence Production, IAF, Hindustan Aeronautics Limited (HAL), Defence
Research and Development Organisation (DRDO), Department of Space, and the Union Civil
Aviation Ministry.
● Aero India 2023 Statistics:The 14th edition was inaugurated by PM Modi and centered around
the theme "The Runway to a Billion Opportunities".
● A total of 809 exhibitors participated, including 110 foreign exhibitors and 699 Indian exhibitors.
● The first edition of the air show was held in 1996
Third 25T Bollard Pull Tug, Ashva, Launched by Commodore Ajay Yadav at Titagarh Rail Systems
Limited, Kolkata
● The third 25T Bollard Pull (BP) Tug, Ashva (Yard 337), was launched by Commodore Ajay Yadav,
Naval Officer-in-Charge (West Bengal), at M/s Titagarh Rail Systems Limited, Kolkata.
● Ashva is a key product of the "Make in India" and "Atmanirbhar Bharat" initiatives.
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Important Monthly Current Affairs Capsule – October 2024
● Built under a contract with M/s Titagarh Rail Systems Limited (TRSL) for six 25T BP Tugs.
17th Meeting of India-Germany Military Cooperation Sub Group Conducted in Berlin
● The 17th edition of the India-Germany Military Cooperation Sub Group (MCSG) meeting took
place on October 1-2, 2024, in Berlin, Germany.
● The MCSG is a forum established to boost defence cooperation between both nations through
regular talks at the strategic and operational levels between Headquarters, Integrated Defence
Staff, and the Department of International Cooperation Armed Forces, Germany.
● Participants:The Indian side was co-chaired by the Deputy Assistant Chief of Integrated Defence
Staff for International Defence Cooperation.
● The German side was represented by the Deputy Director of the Department of International
Cooperation, Armed Forces Office.
Defence Research and Development Organisation successfully conducts flight test of 4th Generation
Very Short Range Air Defence System at Pokhran Firing Ranges, Rajasthan
● The Defence Research and Development Organisation (DRDO) successfully conducted three
flight-tests of the 4th Generation, technically advanced miniaturised Very Short Range Air
Defence System (VSHORADS) at the Pokhran Field Firing Ranges in Rajasthan on October 03 &
04, 2024.
● The tests were carried out against high-speed target, demonstrating very critical parameters of
maximum range and maximum altitude interception.
● VSHORADS is a Man Portable Air Defence System (MANPADS) designed and developed
indigenously by Research Centre Imarat (RCI), Hyderabad, Telangana in collaboration with other
DRDO laboratories and DcPPs.
● It is intended to replace the legacy Igla systems in the Indian Army.
About DRDO :
● Established : 1958
● Headquarters : New Delhi, India
● Chairman : Sameer V. Kamat
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Important Monthly Current Affairs Capsule – October 2024
Malabar Maritime Exercise 2024 to be held from October 8 to 18, starting with Harbour Phase in
Visakhapatnam, followed by Sea Phase
• Maritime Exercise Malabar 2024 is scheduled to take place from 08 to 18 October 2024,
beginning with the Harbour Phase in Visakhapatnam, followed by the Sea Phase.
• Hosted by India, this year’s exercise will see the participation of Australia, Japan, and the United
States of America.
• Exercise Malabar originated in 1992 as a bilateral naval drill between the United States and the
Indian Navy.
About Ministry of Defence ;
• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
Indian Army Launches First Upgraded T-90 ‘Bhishma’ Tank
• The Indian Army rolled out its first overhauled T-90 ‘Bhishma’ tank, a step towards ensuring the
operational readiness of its armoured formations.
• The overhaul involved completely disassembling the tank and rebuilding it, with over 200
assemblies and sub-assemblies reworked.
• The overhaul, part of the Army's "Decade of Transformation" initiative, was witnessed by General
Upendra Dwivedi, Chief of the Army Staff.
About Indian Army :
• Founded : 26 January 1950
• Headquarters : New Delhi
• Chief of the Army Staff (COAS) : General Upendra Dwivedi
• Vice Chief of the Army Staff (VCOAS) : Lieutenant General N. S. Raja Subramani
DefConnect 4.0: Defence Minister launches ADITI 2.0 challenges and DISC 12 to promote innovation,
entrepreneurship, and self-reliance in defence
• Union Defence Minister Shri Rajnath Singh launched the second edition of Acing Development of
Innovative Technologies with iDEX (ADITI 2.0) challenges and the 12th edition of Defence India
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Important Monthly Current Affairs Capsule – October 2024
Start-up Challenges (DISC 12) during DefConnect 4.0 at Manekshaw Centre, Delhi Cantt. on
October 07, 2024.
• ADITI 2.0 features 19 challenges from the Armed Forces and allied agencies in the domains of
Artificial Intelligence (AI), Quantum Technology, military communication, anti-drone systems
customised for military platforms and adaptive camouflage, etc.
Garden Reach Shipbuilders & Engineers hands over the second Survey Vessel, INS Nirdeshak, to
the Indian Navy
● Nirdeshak, the second of four Survey Vessel (Large) ships, was delivered to the Indian Navy on
October 8, 2024.
● It was built by Garden Reach Shipbuilders & Engineers (GRSE), Kolkata, and designed by the
Indian Navy's Warship Design Bureau.
● The first ship of the SVL class, INS Sandhayak, was commissioned on February 3, 2024.
● INS Nirdeshak is the second in a series of four such vessels being constructed by GRSE, with
the first delivered to the Navy 10 months ago in December 2023.
● These are the largest survey vessels for the Indian Navy to be built in the country.
About GRSE :
● Founded : 1884
● Headquarters : Kolkata, West Bengal, India
● Chairman & MD : Cmde PR Hari
About Ministry of Defence :
● Cabinet Minister : Rajnath Singh
● Minister of State : Sanjay Seth
Hindustan Aeronautics Limited Achieves Maharatna Status, Becoming the 14th Central Public Sector
Enterprise Recognized by the Government of India
● Hindustan Aeronautics Limited (HAL) has been upgraded to Maharatna status, becoming the
14th Central Public Sector Enterprise (CPSE) to receive this classification in India.
● This upgrade marks a significant achievement for HAL, enhancing its role in the Indian
aerospace and defence sector.
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Important Monthly Current Affairs Capsule – October 2024
● The upgrade was approved by the Finance Minister, following recommendations from:
➢ Inter-Ministerial Committee (IMC) led by the Finance Secretary.
➢ Apex Committee headed by the Cabinet Secretary.
➢ The Government of India introduced the ‘Navratna’ scheme in 1997 to identify and support
CPSEs with competitive advantages.
Criteria for Maharatna Status:
● Prior Navratna Status: The company must have previously been conferred Navratna status.
● Stock Market Listing: The company must be listed on the Indian stock exchange and comply with
SEBI regulations.
● Financial Performance:
○ Average annual turnover of over ₹25,000 crore in the last three years.
○ Average annual net worth exceeding ₹15,000 crore during the same period.
○ Average annual net profit after tax greater than ₹5,000 crore over the last three years.
Indian Navy's Largest Sailing Regatta, the Indian Navy Sailing Championship (INSC), Scheduled at
Ezhimala from October 16 to 19, 2024
● The Indian Navy Sailing Championship (INSC), the Navy's largest sailing regatta, will be held at
the Indian Naval Academy (INA), Ezhimala, from October 16 to 19, 2024.
● The event will take place at the Marakkar Watermanship Training Centre (MWTC) at INA, which
is recognized as one of the finest sailing facilities in India.
Launch of 'Samarthak,' the First Ship of the Multi-Purpose Vessel Project by L&T, at Chennai
● The first ship of the two Multi-Purpose Vessel projects, being built by Larsen & Toubro Limited
(L&T), Shipyard for the Indian Navy, was launched on 14 Oct 24 at L&T, Kattupalli.
● The ship has been named ‘ Samarthak ’ which means ‘ Supporter’ and is synonymous with the
muti-dimensional role envisaged from the platform.
● The contract for two Multi-Purpose Vessels was signed between the Ministry of Defence and L&T
Shipyard on 25 March 2022.
Sea Phase of Exercise MALABAR 2024 Begins Near Visakhapatnam Coast
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Important Monthly Current Affairs Capsule – October 2024
● The Sea Phase of Exercise MALABAR 2024 commenced on October 14, 2024, off the coast of
Visakhapatnam.
● Participating Nations: The exercise involves naval forces from Australia, India, Japan, and the
USA.
INS Talwar Arrives in South Africa for Participation in IBSAMAR VIII Naval Exercise
● INS Talwar, a frontline stealth frigate of the Indian Navy, arrived at Simon's Town, South Africa,
on 6 October 2024 to participate in IBSAMAR VIII.
● Purpose: IBSAMAR is a joint maritime exercise among India, Brazil, and South Africa, scheduled
from 6 to 18 October 2024.
● Objective: The exercise aims to enhance interoperability and strengthen naval cohesion between
the three participating nations.
Indian Army plans month-long events to commemorate 62nd anniversary of the Battle of Walong
● The Indian Army is planning a month-long series of events from October 17 to November 14,
2024 to mark the 62nd anniversary of the Battle of Walong during the 1962 Sino-Indian War.
About Indian Army :
● Founded : 26 January 1950
● Headquarters : New Delhi, Delhi, India
● Chief of the Army Staff (COAS) : General Upendra Dwivedi
● Vice Chief of the Army Staff (VCOAS) : Lieutenant General N. S. Raja Subramani
Indian Navy and Royal Navy of Oman Conduct Maritime Exercise (Naseem Al Bahr)
● The Indo-Oman bilateral naval exercise, Naseem Al Bahr, took place off the coast of Goa from
October 13 to 18, 2024.
● The Indian Navy participated with Indian Naval Ship (INS) Trikand and a Dornier Maritime Patrol
Aircraft, while the Royal Navy of Oman was represented by RNOV Al Seeb.
● Phases of the Exercise:The exercise was conducted in two phases:
● Harbour Phase: Held from October 13 to 15, focused on professional interactions, including
Subject Matter Expert Exchanges and planning conferences.
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Important Monthly Current Affairs Capsule – October 2024
● Sea Phase: Conducted from October 16 to 18, involving various naval drills and operational
activities.
● Significance of the Partnership:Oman is the first Gulf country with which all three wings of India's
defense forces (Army, Navy, Air Force) conduct joint exercises.
● Such exercises consolidate gains in naval cooperation and deepen the partnership between the
two navies.
Indian Coast Guard Performs 'Sagar Kavach' Exercise Along the Coasts of Maharashtra and Goa
● The Indian Coast Guard (ICG) in co-ordination with other agencies has undertaken two-day
'Sagar Kavach' exercise along the coast of Goa and Maharashtra to protect the country's
maritime interests and to test the agencies' collective response to security threats.
● The Coast Guard is conducting the exercise in co-ordination with the Indian Navy, Customs,
Coastal Police, Central Industrial Security Force, Mormugao Port Authority and the Goa
government's Fisheries and Captain of Ports departments.
● Objective:The goal is to strengthen and enhance coastal and maritime security by engaging
various maritime agencies and stakeholders.
About ICG :
● Founded: 1 February 1977.
● Director General: S Paramesh.
● The Indian Coast Guard (ICG) is a maritime law enforcement and search-and-rescue agency
responsible for India’s territorial waters, including the contiguous zone and Exclusive Economic
Zone (EEZ).
National Aeronautics and Space Administration Launches Europa Clipper to Investigate Potential Signs
of Life on Jupiter's Moon
● The National Aeronautics and Space Administration’s (NASA’s) Europa Clipper has embarked on
its long voyage to Jupiter, where it will investigate Europa, a moon with an enormous subsurface
ocean that may have conditions to support life.
● The spacecraft launched aboard a SpaceX Falcon Heavy rocket from Launch Pad 39A at
NASA’s Kennedy Space Center in Florida.
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Important Monthly Current Affairs Capsule – October 2024
Raksha Mantri Rajnath Singh Lays Foundation Stone for New Very Low Frequency Station of Indian
Navy in Vikarabad, Telangana
● The Raksha Mantri Rajnath Singh laid the foundation stone for a new Very Low Frequency (VLF)
Station of the Indian Navy.
● The VLF station is located at the Damagundam Reserve Forest site, Pudur Mandal in Vikarabad,
Telangana.
● This VLF station will be India’s second such facility; the first, INS Kattabomman, has been
operational in Tirunelveli, Tamil Nadu, since 1990.
India Set to Participate in Euronaval 2024 Defence Exhibition in France
● Euronaval 2024 is the world's largest naval defence trade show, scheduled to take place in Paris,
France from November 4-7, 2024.
● International Participation:India is among 104 countries invited to attend the exhibition.
● Focus Areas:The exhibition will showcase innovative solutions aimed at:
o Protecting naval forces and maritime infrastructure against air and surface drones.
o Developing next-generation anti-ship missiles and missile systems designed to target
multiple hostile drones.
● Themes:The event will emphasize themes such as innovation, sovereignty, and international
cooperation within the naval industry.
Spain Prime Minister Pedro Sanchez arrives for inauguration of India’s first private military aircraft
facility
● Spain’s Prime Minister Pedro Sanchez is on an official visit to India from October 28-30, 2024.
● This is the first visit by a Spanish PM to India in 18 years.
● Sanchez and Indian PM Narendra Modi will hold bilateral talks at the Laxmi Vilas Palace in
Vadodara to discuss collaborations and strategic partnerships.
● Inauguration of C295 Aircraft Facility: The leaders will inaugurate India’s first private military
transport aircraft production facility, the Final Assembly Line (FAL) for the C295 aircraft, in
Vadodara, Gujarat.
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Important Monthly Current Affairs Capsule – October 2024
About Spain :
● Prime Minister : Pedro Sánchez
● Capital : Madrid
● Currency : Euro
Ministry of Defence signs ₹387.44 crore deal with Chowgule & Company Private. Limited. for six Air
Cushion Vehicles for the Indian Coast Guard
● The Ministry of Defence (MoD) has signed a contract with Chowgule & Company Private.
Limited., Goa, for the procurement of six Air Cushion Vehicles (ACVs) for the Indian Coast Guard
at a total cost of ₹387.44 crore.
● The ACVs, commonly known as 'Hovercrafts,' are amphibious vessels capable of operating on
various surfaces, including land and water.
About MoD :
● Defence Minister : Rajnath Singh
● Minister of State : Sanjay Seth
SCIENCE & TECHNOLOGY
US Officials Report That China's Latest Nuclear-Powered Submarine Sank Earlier This Year
● China’s newest nuclear-powered submarine sank pierside in the spring of 2024.
● The Chinese Navy attempted to conceal the loss of the submarine, which was the first of its new
Zhou-class line.
● Submarine Specifications:The Zhou-class submarines feature a distinctive X-shaped stern
designed for improved underwater maneuverability.
● The submarine was under construction at a shipyard near Wuhan.
● Despite retiring older submarines, China expects to have 65 submarines by 2025 and 80 by 2035,
due to increasing submarine construction capacity.
About China :
● President : Xi Jinping
● Capital : Beijing
● Currency : Renminbi
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Important Monthly Current Affairs Capsule – October 2024
Indian Space Research Organisation Plans to Launch Venus Mission in March 2028 for a 112-Day
Journey to the Planet
● India’s maiden mission to Venus, which is scheduled for launch in March 2028, will embark on a
112-day journey to reach the planet.
● The ₹1,236-crore Venus Orbiter Mission (VOM) was recently approved by the Union Cabinet and
the Indian Space Research Organisation (ISRO) on October 1, 2024 revealed the targeted
launch window for the mission.
● According to the targeted launch window for VOM, the Earth departure date is scheduled on
March 29, 2028, and the arrival date on Venus is July 19, 2028. VOM will be launched by the
Launch Vehicle Mark-3 (LVM-3).
About ISRO :
● Established: 15 August 1969
● Headquarters: Bangalore, Karnataka, India
● Chairman: S. Somanath
Bharat Electronics Limited and Israel Aerospace Industries Form Joint Venture - BEL IAI AeroSystems
Private Limited
● Navratna defence PSU Bharat Electronics Limited (BEL) and Israel Aerospace Industries (IAI),
Israel's leading aerospace and defence company, have announced the establishment of a joint
venture company (JVC), which has been incorporated in the name of BEL IAI AeroSystems
Private Limited.
● Purpose of JVC: The joint venture will act as the single point of contact (SPOC) for extending
long-term technical and maintenance support for the Medium Range Surface-to-Air Missile
(MRSAM) systems for India's defense forces.
About MRSAM :
● MRSAM is an advanced, path-breaking air and missile defence system that provides protection
against a variety of aerial threats.
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Important Monthly Current Affairs Capsule – October 2024
● It was jointly developed by IAI and DRDO for India's defence forces and is currently used by the
Indian Air Force, Indian Army, Indian Navy and also Israeli defence forces, it was noted.
● The system includes an Advanced Phased Array Radar, Command and Control shelter, mobile
launchers and interceptors with an advanced RF seeker.
● The formation of this JVC aligns with the Indian Government’s ‘Atmanirbhar Bharat’ initiative,
promoting self-reliance in defense capabilities by leveraging the expertise of both BEL and IAI.
About BEL :
● Founded: 1954
● Headquarters : Bangalore, Karnataka, India
● Chairman & MD : Manoj Jain
● BEL is an Indian public sector aerospace and defence electronics company.
● BEL is one of sixteen PSUs under the administration of the Ministry of Defence of India.
Google enhances its AI capabilities in India with the launch of Gemini AI mobile app in 9 regional
languages
● At the 10th edition of its Google for India event, Google unveiled several significant AI initiatives,
including the Gemini model, which enhances Google Search and Maps.
● The AI voice chat feature, Gemini Live, is being introduced in Hindi, with plans to add support for
eight additional Indian languages: Bengali, Gujarati, Kannada, Malayalam, Marathi, Telugu,
Tamil, and Urdu.
India and U.S. Sign MoU to Strengthen Critical Minerals Supply Chains
● India and the United States have signed an MoU aimed at expanding and diversifying critical
minerals supply chains.
● The agreement will leverage the complementary strengths of both nations in critical minerals
exploration, extraction, processing, recycling, and related activities.
5. Signatories:
o The MoU was signed by Piyush Goyal, India's Commerce and Industry Minister, and Gina
Raimondo, the U.S. Secretary of Commerce, during the 6th India-U.S. Commercial Dialogue
held in Washington D.C.
6. Objectives of the Dialogue:
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o The dialogue focuses on enhancing the business and investment climate between India and
the U.S., with an emphasis on new and emerging technologies.
o Key priority areas include:
▪ Supply chain resilience
▪ Climate and clean technology cooperation
▪ Inclusive digital growth
▪ Standards and conformance cooperation
Indian Space Research Organisation’s Upper Stage Rocket Returns to Earth After 7-Year Journey
• The Indian Space Research Organisation (ISRO) announced that the upper stage of Polar
Satellite Launch Vehicle C-37 (PSLV C-37 mission), which launched a record number of 104
satellites more than seven years ago, has re-entered the earth's atmosphere as predicted.
• PSLV-C37 was launched on February 15, 2017 by the ISRO.
• The mission carried Cartosat-2D as the main payload, along with 103 co-passenger satellites,
making it the first mission to launch 104 satellites with a single rocket.
About ISRO :
• Established : 15 August 1969
• Headquarters : Bengaluru, Karnataka
• Chairman : S. Somanath
Bharti Airtel and Nokia Partner to Launch "Green 5G" Initiative to Cut Mobile Network Carbon Emissions
• Bharti Airtel and Nokia have announced a Green 5G initiative aimed at introducing energy-
efficient solutions to Airtel's mobile network.
• The project focuses on improving energy efficiency across Airtel's 4G/5G Radio Access Network
(RAN) using advanced technologies such as AI/ML and innovative software features.
• The initiative is projected to reduce Airtel’s carbon emissions by an estimated 143,413 metric
tons of CO2 annually.
• It targets energy efficiency improvements during both peak and off-peak hours
About Bharti Airtel Limited :
• Founded: 7 July 1995
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• Headquarters: New Delhi, India
• MD & CEO: Gopal Vittal
• Operations: Bharti Airtel operates in 18 countries across South Asia, Africa, and the Channel
Islands.
About Nokia Corporation :
• Headquarters: Finland
• Chairwoman: Sari Baldauf
• President & CEO: Pekka Lundmark
• Background: Nokia is a Finnish multinational telecommunications and technology company,
originally founded as a pulp mill in 1865.
IIT Madras and Hindustan Zinc collaborate to develop cutting-edge zinc-air battery technology
• Hindustan Zinc Limited and IIT Madras have signed a Memorandum of Understanding (MoU) to
jointly develop a 1 kWh electrically-rechargeable zinc-air battery prototype.
• Research Leadership:The research team from IIT Madras is led by Aravind Kumar Chandiran,
Head of the Hyundai Hydrogen Innovation Hub at IIT Madras.
About Hindustan Zinc Limited :
• Founded : 1966
• Headquarters : Udaipur, Rajasthan, India
• Chairperson : Mrs. Priya Agarwal
• CEO : Arun Misra
• HZL is an Indian integrated mining and resources producer of zinc, lead, silver and cadmium.
• It is a subsidiary of Vedanta Limited.
Meta Unveils New AI Model "Movie Gen" Capable of Creating Realistic Video and Audio Clips to
Compete with Industry Leaders
• Facebook owner Meta opens a new tab and announced that it had built a new AI model called
Movie Gen that can create realistic-seeming video and audio clips in response to user prompts,
claiming it can rival tools from leading media generation startups like OpenAI and ElevenLabs.
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Important Monthly Current Affairs Capsule – October 2024
• The model can generate personalized videos using actual photos of individuals, placing them in
various scenarios.
About Meta :
• Founded : January 4, 2004
• Headquarters : California, United States
• Chairman & CEO : Mark Zuckerberg
Anusandhan National Research Foundation Introduces Initial Initiatives: Prime Minister Early Career
Research Grant (PMECRG) and Mission for Advancement in High-Impact Areas -Electric Vehicle
(MAHA-EV) Mission
● The newly operationalised Anusandhan National Research Foundation (ANRF) announced the
launch of the first two of its initiatives-- the Prime Minister Early Career Research Grant
(PMECRG) and the Mission for Advancement in High-Impact Areas -Electric Vehicle (MAHA- EV)
Mission.
● The first Governing Board (GB) meeting was chaired by Prime Minister Narendra Modi on
September 10, 2024, marking the formal operationalisation of ANRF.
Dr. Jitendra Singh Speaks at the 11th India-Sweden Innovation Day
● Union Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh
addressed the 11th India-Sweden Innovation Day (ISID), focusing on bilateral collaboration
between India and Sweden in innovation and technology.
● Theme for 2024: The theme for the 2024 ISID is "Accelerating Green Growth for Inclusive
Transition."
● India's Innovation Rank (GII 2024): India ranks 1st among the 10 economies in Central and
Southern Asia and 39th globally among 133 economies in the Global Innovation Index (GII) 2024.
● Sweden's Innovation Rank (GII 2024): Sweden is a global leader in innovation, ranking 2nd
among 39 European economies and globally in the GII 2024.
National Space Commission Approves India's Fifth Lunar Mission: Lunar Polar Exploration Mission
● The National Space Commission has cleared India's fifth lunar mission, named the Lunar Polar
Exploration Mission (LUPEX).
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● LUPEX is a joint mission between the Indian Space Research Organisation (ISRO) and the
Japan Aerospace Exploration Agency (JAXA).
● It will also involve observation instruments from NASA and the European Space Agency (ESA).
● The mission aims to explore the Moon's southern polar region, focusing on investigating the
presence of water and other elements, potentially as surface ice.
First Woman on Moon to Wear Prada-Designed Spacesuit for NASA's 2026 Mission
● The first woman to set foot on the Moon will be dressed in a designer spacesuit, thanks to a
collaboration between the National Aeronautics and Space Administration (NASA) and Italian
fashion house Prada.
● As part of Nasa’s historic Artemis III mission to the lunar South Pole, Prada has teamed up with
Axiom Space to create a cutting-edge spacesuit for the astronauts heading to the Moon in 2026.
● Leading up to this milestone is Artemis II, scheduled for September 2025, which will be the first
crewed Artemis mission to orbit the Moon.
● Christina Koch, the only woman in the Artemis II crew, could be the first woman to step onto the
lunar surface, a significant moment in history.
● To date, only 12 astronauts have walked on the Moon, all men.
About NASA :
● Formed : July 29, 1958
● Headquarters : Washington, D.C, United States
● Administrator : Bill Nelson
India Launches 4th Nuclear Submarine Equipped with Advanced Weapons
● India’s fourth nuclear-powered ballistic missile submarine (SSBN), referred to as S4*, was
launched into water at the Ship Building Centre in Visakhapatnam.
● This submarine is bigger and more capable than the first, INS Arihant (S2), which is essentially a
technology demonstrator developed under the Advanced Technology Vessel programme.
● The S4* features significant indigenous content, showcasing extensive involvement from the
Indian industry.
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Important Monthly Current Affairs Capsule – October 2024
● Current Status of SSBNs:India currently has two operational SSBNs:
o INS Arihant (S2) (commissioned in August 2016, 6,000 tonnes, 83 MW pressurized light-
water reactor).
o INS Arighaat (S3) (commissioned in August 2024, similar specifications to INS Arihant).
● INS Aridhman (S4), is undergoing sea trials and is expected to be commissioned in 2025.
Cabinet Committee on Security approves procurement of two Indigenous nuclear attack submarines
and 31 MQ-9B drones from the United States
● The Cabinet Committee on Security (CCS) approved two significant defence deals involving the
purchase of 31 MQ-9B High Altitude Long Endurance (HALE) UAVs from the United States. and
the Indigenous construction of two Nuclear Attack Submarines (SSN).
● These deals are expected to significantly enhance the operational capabilities of the Indian Navy
and the Armed Forces.
● In July,2024 the DAC approved amendments to the MQ-9B deal, focusing on indigenous content
and related aspects.
Scientists discover concealed ocean 700 kilometers beneath Earth's surface
● Scientists at Northwestern University have discovered a massive water reservoir, dubbed a "sixth
ocean," located approximately 700 kilometers beneath the Earth's surface within the mantle.
● This hidden ocean is estimated to be three times larger than all of Earth's surface oceans
combined.
● Currently, the world recognizes five major surface oceans — Pacific, Atlantic, Indian, Arctic, and
Southern (Antarctic) Oceans.
● This new "sixth ocean" is unlike any surface ocean, existing deep within the Earth's mantle.
National Aeronautics and Space Administration Introduces New Telescope for Gravitational Wave
Research in Space
● The US National Aeronautics and Space Administration (NASA) unveiled a newly developed
prototype of a telescope that can be used to study gravitational waves in outer space.
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Important Monthly Current Affairs Capsule – October 2024
● The telescope is part of a collaborative mission between NASA and the European Space Agency
(ESA) known as the Laser Interferometer Space Antenna (LISA).
● The primary goal of the LISA mission is to detect and study gravitational waves through the
deployment of three spacecraft arranged in a triangular formation.
● Triangular Configuration: Each side of the triangle will measure 1.6 million miles (approximately
2.57 million kilometres), with each spacecraft spaced about 2.5 million kilometres apart.
India Gets Cabinet Committee on Security Approval to Establish Missile Testing Range on East Coast
● The Cabinet Committee on Security (CCS), led by Prime Minister Narendra Modi, approved the
establishment of a new missile testing range in Andhra Pradesh.
● The missile testing range will be located in the Nagayalanka area of Andhra Pradesh.
● Purpose of the Range: The range is intended for test-firing tactical missile systems, including:
● Surface-to-air missile systems
● Anti-tank missiles
GSL launches two indigenous fast patrol vessels for the Indian Coast Guard
● Goa Shipyard Limited (GSL) launched two indigenous fast patrol vessels (FPVs), named
Adamya and Akshar, for the Indian Coast Guard.
● The launch ceremony was officiated by Priya Paramesh, wife of Indian Coast Guard Director
General Paramesh Sivamani, with traditional Atharva Veda chants.
● Vessel Specifications:Design: In-house by GSL to meet specific operational needs of the Indian
Coast Guard.
● Dimensions: Length - 52 meters, Breadth - 8 meters, Displacement - 320 tonnes.
● Purpose: Designed for protecting offshore assets, island territories, and conducting surveillance
operations.
About Goa Shipyard Limited :
● Founded : 1957
● Headquarters : Vasco da Gama, Goa
● Chairman & MD : Brajesh Kumar Upadhyay
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Important Monthly Current Affairs Capsule – October 2024
RANKING AND REPORTS
Forbes Unveils 2024 'India’s 100 Richest' List, Wealth Crosses Trillion-Dollar Mark
• The combined wealth of India's richest individuals surpassed the trillion-dollar mark, reaching
$1.1 trillion. This marks a doubling in wealth since 2019, with an addition of $316 billion in the
past year alone.
• Mukesh Ambani - $119.5 billion (Reliance Industries, diversified assets)
o Second biggest gainer, adding $27.5 billion.
• Gautam Adani and Family - $116 billion (Adani Group, diversified assets)
o Biggest gainer, adding $48 billion.
• Savitri Jindal and Family - $43.7 billion (Metals and Mining)
o India's richest woman.
India Ranks 105th in 2024 Global Hunger Index, Faces "Serious" Hunger Crisis
● India ranks 105th out of 127 countries in the 2024 Global Hunger Index (GHI), placing it in the
"serious" category.
● With a GHI score of 27.3, India shares the serious category alongside countries like Pakistan and
Afghanistan.
1. Child Malnutrition Indicators:
o 35.5% of children under five in India are stunted (low height for age, indicating chronic
malnutrition).
o 18.7% of children under five are wasted (low weight for height, indicating acute malnutrition).
o 2.9% of children in India die before their fifth birthday.
2. Undernourishment in Population:
o 13.7% of India’s population is undernourished, indicating insufficient caloric intake across
significant sections of society.
3. Comparison with South Asian Neighbors:
o Countries like Bangladesh, Nepal, and Sri Lanka have fared better, achieving "moderate" GHI
scores, unlike India, which remains in the serious category.
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Important Monthly Current Affairs Capsule – October 2024
4. Global Hunger Trends:
o The 2024 GHI report, published by Concern Worldwide and Welthungerhilfe, highlights that
many countries in Africa and conflict zones like Gaza and Sudan face even more extreme
food crises, falling under the "alarming" category.
o Globally, 733 million people face hunger daily, and 2.8 billion people cannot afford a healthy
diet.
WWF 2024 Living Planet Report: Alarming Decline in Global Wildlife Populations
● The World Wildlife Fund (WWF) released its 2024 Living Planet Report, highlighting a significant
decline in global wildlife populations.
● According to the report, there has been an average 73% decrease in monitored wildlife populations
since 1970, underscoring the urgent need to address biodiversity loss.
Key Highlights:
1. Living Planet Index (LPI):
● The LPI tracks average trends in wildlife populations, serving as an early indicator of extinction
risk and ecosystem health.
● The assessment is based on data from nearly 35,000 wildlife populations and 5,495 species.
2. Overall Decline (1970-2020):
● Freshwater species: 85% decline
● Terrestrial species: 69% decline
● Marine species: 56% decline
3. Regional Impacts:
● Latin America and the Caribbean: 95% decline
● Africa: 76% decline
● Asia-Pacific: 60% decline
● North America: 39% decline
● Central Asia: 35% decline
4. Key Drivers of Decline:
● Habitat degradation and loss
● Overexploitation of resources
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Important Monthly Current Affairs Capsule – October 2024
● Invasive species and pests
● Climate change impacts
About WWF:
● The World Wildlife Fund (WWF), established in 1961, is the world’s leading conservation
organization, headquartered in Gland, Switzerland.
● It operates in over 100 countries to address threats to biodiversity and promote sustainable
solutions.
India's Progress in 5G Connectivity: Challenges and Achievements
● India's journey with 5G technology is still evolving, as highlighted in the latest 5G Connectivity Index
for Q2 2024, released by GSMA Intelligence.
● India ranked 33 out of 39 countries, showing room for improvement in certain areas while excelling
in others.
● Kuwait tops the list.
● India's Rank and Performance:
o India ranks 33rd out of 39 countries in the 5G Connectivity Index.
Lahore Ranked as World's Most Polluted City for the Second Time in a Week
● Lahore, a major city in Pakistan, has been ranked as the most polluted city in the world for the
second time in a week, with an Air Quality Index (AQI) of 208, surpassing New Delhi’s score of 164.
● Data from the US embassy's local monitoring indicated an even higher AQI of 252, signalling very
unhealthy air conditions.
● This ranking occurred despite minimal traffic due to holiday closures, raising concerns about
previous claims that transportation was the main contributor to pollution.
● Lahore's AQI of 208 surpasses New Delhi (164), indicating severe air pollution.
● US Embassy’s monitoring reported an AQI of 252, indicating very unhealthy air.
● Lahore has topped the global pollution ranking twice in a week, signaling an early onset of the smog
season.
World Bank Report: Poverty in India and Global Trends (2024)
● A recent World Bank report, "Poverty, Prosperity and Planet: Pathways out of the Polycrisis,"
provides insights into poverty trends in India and worldwide.
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Important Monthly Current Affairs Capsule – October 2024
● The report reveals significant changes in poverty rates but highlights challenges.
● In 2024, around 129 million Indians are living in extreme poverty, surviving on less than $2.15
(approximately Rs 181) per day. This marks a substantial decrease from 431 million in 1990.
● The report indicates a reduction of 38 million in the extreme poverty population from 2021, when
there were 167.49 million people living in extreme poverty.
Russia Maintains Dominance as India's Top Oil Supplier
● India's imports of Russian crude rose by 2.5% from April to September compared to the same period
last year, solidifying Russia's status as the largest seaborne crude export destination for India.
● Russia commands a 39% share of India’s crude supply, followed by Iraq at 18% and Saudi Arabia at
13%.
● The United Arab Emirates (UAE) increased its share to 8% (up from 5%), and the United States
raised its share to 5.5% during the same period.
● Total oil imports to India have grown by 4% this year, reflecting a broader increase in demand.
● As the world’s third-largest oil consumer, India relies on imports for over 85% of its oil needs,
sourcing crude from more than 30 countries.
● Despite some fluctuations, the top three suppliers (Russia, Iraq, Saudi Arabia) have maintained their
rankings but lost about 0.5% of their market share compared to last year.
2023 Breaks Climate Records with Surging Greenhouse Gas Concentrations – WMO Bulletin
● 2023 was the warmest year on record, marked by a historic rise in greenhouse gas (GHG)
concentrations, as per the World Meteorological Organization (WMO).
● Carbon dioxide (CO₂) levels have risen 11.4% in the past 20 years and are now at levels not seen in
3-5 million years when temperatures were 2-3°C warmer and sea levels 10-20 meters higher.
● The globally averaged CO₂ concentration reached 420 parts per million (ppm), while methane (CH₄)
and nitrous oxide (N₂O) concentrations also surged, reaching 1,934 parts per billion (ppb) and 336.9
ppb respectively.
● These levels represent a 151% increase in CO₂, 265% in methane, and 125% in nitrous oxide
compared to pre-industrial levels (before 1750).
SPORTS NEWS
Indian Railways Triumphs Over IOC in 95th MCC-Murugappa Gold Cup Final
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● Indian Railways emerged victorious with a 5-3 win over Indian Oil Corporation (IOC) in the final of
the 95th MCC-Murugappa Gold All-India Hockey Tournament.
● A large crowd applauded the defending champions, Railways, as they completed a lap of honour
after the match.
● Railways dominated the tournament, and in the final, they prevented the IOC, which included
former Olympians and international players, from gaining control.
Indian Shooters Shine at ISSF Junior World Championship, Winning Team Golds in 10m Air Pistol
Events
● India secured gold in both men's and women's team events in the 10m air pistol category at the
ISSF Junior World Championship in Peru.
● The men's team, comprising Umesh Choudhary, Pradhyumn Singh, and Mukesh Nelavalli,
scored 1726 points to finish 10 points ahead of Romania and secure the gold medal. Italy
claimed the bronze with a score of 1707.
Individual Performances:
● Umesh Choudhary was penalized two points for reporting late, missing out on a potential
individual gold. He finished sixth, while Pradhyumn Singh finished eighth in the individual finals.
● Luca Joldea of Romania won the men's individual gold, and Chinese Taipei's Hsieh Hsiang-Chen
secured silver.
Women's Team Victory:
● The women's team, consisting of Kanishka Dagar, Lakshita, and Anjali Chaudhary, won the gold
with a score of 1708, narrowly beating Azerbaijan by one point and Ukraine by four points.
Individual Finals:
● Kanak won a bronze medal in the individual finals, with a score of 217.6, while Kanishka Dagar
finished eighth.
● Chinese Taipei's Chen Yu-Chun clinched the women's gold, and Slovakia's Manja Slak took
silver.
Ishpreet Singh Chadha Makes History in Pro Snooker Circuit
● Ishpreet Singh Chadha, hailing from Mumbai, recently achieved a remarkable milestone by reaching
the quarterfinals of the professional snooker circuit, defeating the legendary Mark Selby, a four-time
World Snooker champion.
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Important Monthly Current Affairs Capsule – October 2024
● This victory marks a significant achievement for Chadha, as he becomes the first Indian in 10 years
to advance to a pro semifinal at one of the four Home Nations majors.
Carlos Alcaraz Wins First China Open Title in a Thrilling Final Against Jannik Sinner
● Carlos Alcaraz secured his first China Open title after a hard-fought victory over world No. 1 Jannik
Sinner.
● The match was an intense contest, with Alcaraz coming from a set down to win 6-7 (6/8), 6-4, 7-6
(7/3), marking his fourth ATP title of the year and 16th career title overall.
● Carlos Alcaraz defeated world No. 1 Jannik Sinner in a gripping final lasting three hours and 21
minutes.
● The match ended Sinner's impressive run of 14 consecutive victories.
India's Gold Rush at the ISSF Junior World Shooting Championship in Lima, Peru
● India's shooters shone brightly at the ISSF Junior World Championship, winning five more gold
medals on Day four, taking the country's tally to 10 gold, 1 silver, and 3 bronze medals.
● Divanshi clinched gold in the 25-metre sports pistol event, shooting 35 points in the final to beat
Italy’s Cristina Magnani by two points.
● She also won team gold alongside Tejaswani and Vibhuti Bhatia in the junior women’s 25m pistol
event, outscoring teams from the Czech Republic and Germany.
● Mukesh Nelavalli claimed two gold medals, winning the junior men’s 25m pistol individual event with
a score of 585 and also securing team gold with Suraj Sharma and Pradhyumn Singh. This brings
Mukesh’s total to three golds in the competition.
● Suraj Sharma won silver in the individual event, finishing just two points behind Mukesh with 583.
● India secured the fifth gold in the junior men’s 50m rifle team event, with Shourya Saini, Vedant
Waghmare, and Parikshit Singh Brar scoring a combined 1753 points, setting a new European
World Record.
● India is leading the overall medal tally with 10 gold medals, followed by the USA in second place and
Italy in third.
Indian Men’s Football U-17 Wins SAFF Championship 2024
● The Indian U-17 football team clinched the SAFF Men’s U-17 Championship 2024 by defeating
Bangladesh in the final match.
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Important Monthly Current Affairs Capsule – October 2024
● The tournament was held at the Changlimithang Stadium in Thimphu, Bhutan.
● India maintained an unbeaten record throughout the competition, showcasing strong
performances in both attack and defence.
Awards:
● Player of the Tournament: Mohammed Arbash (India)
● Goalkeeper of the Tournament: Aheibam Suraj Singh (India)
● Top Scorer: Sujan Dangol of Nepal (4 goals)
● Fair Play Trophy: Bhutan
India’s Performance in SAFF:
● U-15: Titles in 2017 and 2019
● U-16: Titles in 2013 and 2023
● U-17: Titles in 2022 and 2024
About SAFF:
● The South Asian Football Federation (SAFF) was founded in 1997 by Bangladesh, India,
Maldives, Nepal, Pakistan, Sri Lanka, and later Bhutan.
● SAFF organizes tournaments for both senior and junior categories across South Asia.
● Headquarters: Dhaka, Bangladesh
● President: Kazi Md. Salahuddin (Bangladesh)
Mumbai Wins Irani Cup 2024/25 After 27 Years
• Mumbai finally lifted the Irani Cup after 27 years by defeating the Rest of India (RoI) on a first-
innings lead under the captaincy of Ajinkya Rahane.
• This is Mumbai’s 15th Irani Cup title, marking a significant victory for the team after a long gap.
Dipa Karmakar Announces Retirement from Gymnastics
• Dipa Karmakar, renowned for her groundbreaking performances in gymnastics, has announced
her retirement from the sport.
• Karmakar, who became a national icon after finishing 4th in the Rio 2016 Olympics, leaves
behind a legacy characterized by her daring spirit and commitment to excellence.
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Important Monthly Current Affairs Capsule – October 2024
• Produnova Vault: Karmakar is famous for executing the extremely challenging "Produnova" vault,
known as the "vault of death," which only a few gymnasts attempt due to its high difficulty and
risk.
Ajinkya Rahane Highlights the Importance of 'Freedom' and 'Confidence' in Cricket
• Veteran Indian batter Ajinkya Rahane emphasized the crucial role of granting players 'freedom'
and 'confidence' following Mumbai's remarkable victory in the Irani Cup.
• Key Achievements
• Rahane successfully led the Mumbai team to victory, ending a 27-year drought in the tournament
by defeating the Rest of India team based on the first-innings lead in Lucknow.
Sanath Jayasuriya Appointed Head Coach of Sri Lanka National Team
• Sanath Jayasuriya has been appointed as the head coach of the Sri Lanka national cricket team,
as announced by Sri Lanka Cricket (SLC) .
• The SLC Executive Committee made this decision after evaluating the team's recent
performances, which included:
o Winning their first bilateral ODI series against India in 27 years.
o Emerging victorious in a Test match against England after 10 years.
o Prevailing in a 2-0 home Test series against New Zealand.
World Pickleball Championship Series event to be held in Mumbai from November 12-17
• Gyaneshwari Yadav won the elite women’s 49kg title at the National Weightlifting Championships by
lifting a total of 186kg.
• Sufna Jasmin P.S. set new national records in snatch (76kg) and total (169kg) to win the women’s
45kg category.
• The World Pickleball Championship (WPC) Series will take place in Mumbai from November 12-17,
2024. This event will feature around 650 players from various countries. India had previously
performed well in this competition, securing several medals in past editions held in Vietnam and Bali.
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Important Monthly Current Affairs Capsule – October 2024
Marco Curto Receives 10-Game Ban from FIFA for Discriminatory Remarks
• FIFA has suspended Marco Curto, an Italian soccer player, for 10 games due to a discriminatory
remark made against South Korean forward Hee Chan Hwang during a preseason match
between Como and Wolverhampton.
• In addition to the suspension, Curto is required to perform community service and undergo
training and education with an organization approved by FIFA.
Mahmudullah Riyad Announces Retirement from T20 Cricket After Series in India
• Former Bangladesh captain Mahmudullah Riyad announced that his remaining two T20 matches
in India will mark his final appearances.
• The 38-year-old player is set to participate in his 140th T20 match for Bangladesh in the second
game on Wednesday in New Delhi. The final match of the series will take place in Hyderabad .
• Bangladesh needs to win in New Delhi to stay alive in the three-match series, having lost the
opener by seven wickets in Gwalior.
Wimbledon abolishes line judges after 147 years
• From 2025, Wimbledon will remove line judges from all courts for the first time in its 147-year
history, opting for Live Electronic Line Calling (ELC) on all courts, including the qualifying
tournament at Roehampton.
• This change follows successful testing during the 2023 championships and reflects the broader
adoption of ELC in tennis.
• Sally Bolton, Wimbledon’s chief executive, noted the decision was made after thorough
consideration and consultation.
IPS Officer Anita Roy Makes History with Gold Medal at Commonwealth Bench Press Competition
• IPS Officer Anita Roy, Senior Superintendent of Police (SSP) in Puducherry, has become the first
IPS officer to win a gold medal at the Commonwealth International Classic Bench Press
Competition.
• The event was held in Sun City, South Africa, on October 4, 2024, where the 46-year-old lifted 70
kg, outperforming competitors from 43 countries.
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Important Monthly Current Affairs Capsule – October 2024
Rafael Nadal Announces Retirement After Legendary Tennis Career
• Rafael Nadal, the tennis legend, has confirmed his retirement after a 23-year career, with plans
to conclude his professional journey following the upcoming Davis Cup final.
• The 38-year-old Spaniard announced his decision via a heartfelt video on social media platform
X, reflecting on the challenges he faced in recent years due to injuries and limitations.
• Nadal turned professional at 15 in 2001 and quickly became one of the sport’s foremost figures.
Jannik Sinner Defeats Novak Djokovic to Win Shanghai Masters 2024
● World No. 1 Jannik Sinner secured the Shanghai Masters title by defeating Novak Djokovic in
straight sets, 7-6(4), 6-3.
● The victory denied Djokovic a chance to become only the third male player to achieve 100 career
singles titles, a milestone shared by Jimmy Connors (109) and Roger Federer (103).
Aryna Sabalenka Clinches Historic Third Wuhan Open Title After Gritty Battle with Zheng Qinwen
● Aryna Sabalenka became the first player to win the Wuhan Open three times, defeating local star
Zheng Qinwen 6-3, 5-7, 6-3 in a thrilling final.
● Sabalenka's record in Wuhan remains perfect, improving to 17-0, having previously won the event in
2018 and 2019.
● This victory marks Sabalenka's fourth title of the 2024 season, which already includes two Grand
Slam titles and a WTA 1000 win in Cincinnati.
Neetu David Inducted into ICC Hall of Fame: A Historic Achievement for Indian Women's Cricket
● Former Indian spinner Neetu David, who holds the record for the best bowling figures (8/53) by a
woman in individual Test innings, has been inducted into the ICC Hall of Fame.
● She becomes only the second female cricketer from India to receive this prestigious honor, following
in the footsteps of former captain Diana Edulji.
Akhil Sheoran Secures Bronze medal in Rifle 3-Position at World Cup Final
● In an impressive performance at the World Cup Final held at the Dr. Karni Singh range in
Tughlakabad, Akhil Sheoran clinched the bronze medal in the 50m rifle 3-position event .
● This marked the second medal for India at the championship, following Sonam Maskar's silver on
the opening day.
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Important Monthly Current Affairs Capsule – October 2024
● Both Akhil and Sonam were among the four shooters who received direct entries into this prestigious
event.
Thomas Tuchel Appointed Head Coach of England National Team
● German manager Thomas Tuchel has been named the head coach of the England national soccer
team, marking him as the third non-Englishman to take on this prestigious role.
● The Football Association (FA) announced the appointment, confirming that Tuchel will officially start
on January 1, alongside his English assistant, Anthony Barry.
DDA Hikes Membership Fees for Sports Complexes, Sparks Outcry Among Members
● The Delhi Development Authority (DDA) has revised its membership fees for 17 sports complexes,
including the popular Siri Fort complex, effective November 1.
● The move has triggered discontent among several members, who have labelled the fee hike "unfair"
and "elitist".
Delhi Capitals Co-Owners Split Team Management in Strategic Move
● In a strategic decision, the co-owners of Delhi Capitals, the JSW Group and GMR Group, have
implemented a two-year rotational management system for their men's and women's teams in the
IPL and Women's Premier League (WPL).
Ashalata Devi poised to make history as the first Indian woman footballer to reach 100 international
appearances
● Captain Ashalata Devi will become the first Indian woman footballer to play 100 international
matches when she competes in the opening match of the SAFF Championship against Pakistan.
Arjun Kadhe and Rithvik Bollipalli Clinch Maiden ATP Title at Almaty Open 2024
● India's Arjun Kadhe and Rithvik Bollipalli achieved a remarkable victory by winning the men's
doubles title at the Almaty Open 2024 ATP 250 tennis tournament in Kazakhstan.
● This triumph marked their first ATP Tour crown as a team and individually.
● Kadhe and Bollipalli defeated Colombia’s Nicolas Barrientos and Tunisia’s Skander Mansouri in a
thrilling match, with a scoreline of 3-6, 7(7)-6(3), 14-12.
● Yuki Bhambri of India, paired with France's Albano Olivetti (third seeds), was eliminated in the
opening round by Schnaitter and Wallner.
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Important Monthly Current Affairs Capsule – October 2024
● The fourth-seeded team of India's N Sriram Balaji and Argentina’s Guido Andreozzi reached the
semi-finals but were ousted by Barrientos and Mansouri.
India Retains Top Spot in ICC World Test Championship (WTC) 2023-25 Despite Setback Against New
Zealand In 1st Test
● The competition for the top two positions in the ICC World Test Championship (WTC) 2023-25 has
become fierce, with India and Australia aiming to secure their berths for the final at Lord’s in 2025.
● New Zealand’s recent victory over India in Bengaluru has also boosted their chances of reaching the
WTC final.
India's Position
● India currently leads the WTC points table with a points percentage of 68.06% after playing 12
matches.
● They still have two home matches and five away matches in Australia left to play, and need to
perform well to qualify for their third consecutive WTC final.
Australia’s Stand
● Australia ranks second with a 62.50% points percentage.
● Sri Lanka is currently in third position with a 55.56% points percentage. They recently achieved a
2-0 series win over New Zealand at home.
● New Zealand’s win over India has moved them to fourth place with a 44.44% points percentage,
marking their first Test win in India in 36 years.
Updated WTC Points Table
Position Team Matches Won Lost Drawn Points PCT
(%)
1 India 12 8 3 1 98 68.06
2 Australia 12 8 3 1 90 62.50
3 Sri Lanka 9 5 4 0 60 55.56
4 New Zealand 9 4 5 0 48 44.44
5 England 18 9 8 1 93 43.06
6 South Africa 6 2 3 1 28 38.89
7 Bangladesh 8 3 5 0 33 34.38
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Important Monthly Current Affairs Capsule – October 2024
8 Pakistan 9 3 6 0 28 25.93
9 West Indies 9 1 6 2 20 18.52
Charles Leclerc Secures Ferrari's First U.S. Grand Prix Victory Since 2018
● Charles Leclerc delivered a stunning performance at the United States Grand Prix, marking Ferrari's
first win at the event since 2018.
● Meanwhile, Max Verstappen of Red Bull solidified his position in the F1 season championship with a
podium finish, benefiting from a late penalty handed to McLaren's Lando Norris.
Deepika Kumari Wins Silver at Archery World Cup Final 2024
● Deepika Kumari secured the silver medal in the women’s recurve event at the Archery World Cup
Final 2024 held in Tlaxcala, Mexico.
● The accomplished Indian archer faced a challenging match against Li Jiaman of China, ultimately
losing 6-0 in the final.
● Olympic Participation: Deepika represented India at the Paris 2024 Olympics, competing in both the
women’s individual and team events, but was eliminated in the quarter-finals of both.
Indian Shuttlers Shine at Japan Para Badminton International 2024, Securing 24 Medals
● Indian para-badminton players showcased remarkable performances at the Japan Para Badminton
International 2024, winning a total of 24 medals.
Key highlights :
Medal Tally
● 6 Gold
● 9 Silver
● 9 Bronze
OBITUARIES
Malayalam Actor Mohan Raj, Known for His Role as 'Keerikkadan Jose,' Passed Away
• Veteran actor Mohan Raj, popularly known by his stage name Keerikkadan Jose, passed away at
the age of 70.
• Mohan gained fame for his iconic villainous role as "Keerikkadan Jose" in the film Kireedam,
starring Mohanlal.
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Important Monthly Current Affairs Capsule – October 2024
Ratan Tata, Chairman Emeritus of Tata Sons and National Icon Passed away
• Ratan Tata, chairman emeritus of one of India's biggest conglomerates, Tata Sons, has passed
away at the age of 86.
• Birth: December 28, 1937, in Mumbai, Maharashtra.
• Family Background: Great grandson of Jamsetji Tata, the founder of the Tata Group.
• Career Highlights
• Chairmanship: He served as chairman of the Tata Group from 1991 to 2012 and again from 2016
to 2017.
Indranand Singh Jha, Former Radio Presenter of Akashvani Darbhanga, Passed away
● Indranand Singh Jha, the famous former radio presenter and compere of Akashvani Darbhanga
passed away at his ancestral village Chanaur in Darbhanga at the age of 77.
● Jha was well-known for his rural radio talk programme called Gamghar, broadcast from
Akashvani Darbhanga.
● He was affectionately known by his pen name, Khur Khur Bhai (खुर खुर भाई).
Israel kills Hamas chief: Yahya Sinwar
● Israel’s Foreign Minister confirmed that Israeli troops in Gaza have killed Hamas’ top
leader Yahya Sinwar, a chief architect of Hamas’ attack on Israel on October 7, 2023 that
sparked the Israel-Hamas war.
Renowned Sanskrit scholar Vasant Anant Gadgil passed away
● Sanskrit scholar and the founder of Sharda Gyan Peetham, Vasant Anant Gadgil, passed away
in Pune, Maharashtra at the age of 94.
Awards and Recognition:
● In 2012, he was honored by then Gujarat Chief Minister Narendra Modi.
● He received the Mahakavi Kalidas Sanskrit-Vrati National Award for his efforts in Sanskrit
propagation, research, and development from Kavikulaguru Kalidas Sanskrit University.
Tito Mboweni, South Africa’s First Black Central Bank Governor, Passed Away
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Important Monthly Current Affairs Capsule – October 2024
● Tito Mboweni, who was the first Black governor of the South African Reserve Bank was heralded
by financial markets and business for keeping tight fiscal controls on the nation’s public spending,
has passed away at the age of 65.
Nobuyo Oyama, Iconic Voice Actor of Japanese Cartoon Doraemon, Passed Away
● Nobuyo Oyama, the iconic voice actor for Doraemon, passed away at the age of 90.
● Oyama began her career in the 1960s and became famous for her voice acting in anime and
children’s programs.
Renowned physicist and gender equity advocate Rohini Godbole passed away
● Professor Rohini Godbole, a well-known physicist and Padma Shri recipient, passed away in
Bengaluru at the age of 72.
● Godbole Born in 1952 in Pune, Maharashtra.
● Awards and Honors:Padma Shri recipient (2019). (For her contribution to the field of science)
● Awarded France's National Medal of Merit (Ordre national du Mérite) in 2021.
Chirag Chikkara Makes History at Under-23 World Wrestling Championships
● Chirag Chikkara has etched his name in history by becoming only the third Indian wrestler to clinch a
gold medal at the Under-23 World Championships, contributing to India’s impressive nine medals at
the tournament.
● Competing in the men’s freestyle 57kg category, Chikkara secured a thrilling victory with a narrow 4-
3 win over Abdymalik Karachov of Kyrgyzstan in the final moments of the match.
India’s Performance at the U23 World Wrestling Championships
Chirag Chikkara’s Historic Win
● Gold Medal Achievement: Chikkara is the second Indian male to achieve this title, following
Aman Sehrawat’s gold in 2022.
● Final Match: Narrowly defeated Abdymalik Karachov (Kyrgyzstan) with a score of 4-3.
Overall Medal Tally
India secured a total of nine medals at the championships:
● 1 Gold Medal: Chirag Chikkara (Men’s Freestyle 57kg)
● 2 Silver Medals
● 6 Bronze Medals
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Important Monthly Current Affairs Capsule – October 2024
India finished fourth in the overall team rankings with 82 points, trailing behind:
● Iran: 158 points
● Japan: 102 points
● Azerbaijan: 100 points
Pro Kabaddi League Receives ‘Best Sports League of the Year’ Award
● The Pro Kabaddi League (PKL) has been honoured with the prestigious ‘Best Sports League of the
Year’ award at the Confederation of Indian Industry (CII) Sports Business Awards 2024.
● The award ceremony took place in New Delhi, coinciding with the launch of PKL’s 11th season.
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