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CURRENT AFFAIRS: BANKING & FINANCE

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.

Harmonization of Regulatory Framework

• 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.

Quantum of Deposits

• Reduced Ceiling: The ceiling on public deposits for HFCs has been reduced from 3 times to 1.5 times of net owned funds.
• Deposit Limits: HFCs exceeding the revised deposit limit cannot accept new deposits until they comply with the new ceiling.
• Deposit Term: Deposits must be repayable within 12 to 60 months, down from the previous 120 months.
• Exploring Alternatives: HFCs may need to find other fundraising options due to the reduced deposit ceiling.

Maintenance of Liquid Assets

• Increased Requirement: HFCs must maintain liquid assets at 15% of public deposits, up from 13%.
• Phased Implementation: The increase will be phased in—14% by January 1, 2025, and 15% by July 1, 2025.
• Credit Rating Requirement: HFCs must obtain a minimum investment-grade credit rating annually to accept deposits.
• Credit Rating Impact: If an HFC’s rating falls below the required grade, it cannot accept or renew deposits until the rating improves.

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.
• Guidance on "Critical Illness": The definition of "critical illness" by Irdai will determine eligibility for emergency withdrawals.
• Examples of Emergencies: Includes medical emergencies and expenses due to natural calamities or disasters notified by the government.

Premature Withdrawals Without Emergency

• Limited Withdrawal Option: If the withdrawal is not due to an emergency, NBFCs can pay up to 50% of the deposit amount without interest.
• Withdrawal Cap: The maximum amount for premature withdrawal is 50% of the principal sum or Rs 5 lakh, whichever is lower.

Notification and Audit Requirements

• Maturity Notification: NBFCs must inform depositors about maturity 14 days in advance, down from the previous requirement of two months.
• Audit Committee Responsibilities: NBFCs must ensure that an information system audit is conducted as per stipulations.

Harmonization of Regulations for HFCs and NBFCs

• Liquid Asset Requirement: Deposit-taking HFCs must maintain liquid assets at 15% of public deposits, up from 13%.
• Asset Cover for Public Deposits: HFCs must ensure full asset cover for public deposits at all times.
• Credit Rating Requirements: HFCs must obtain an "investment grade" credit rating at least once a year.
• Restrictions on Deposits: HFCs cannot renew or accept new deposits without an investment-grade rating.

What is NBFC:

• A non-banking financial institution or non-bank financial company is a financial institution that is not legally a bank; it does not have a full banking license or is not supervised by a national or international banking regulatory agency.

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%.

Lowest Inflation in Five Years

• Historical Context: The inflation rate of 3.54% is the lowest in the last 59 months (nearly five years).
• Government Statement: According to the government, this decline is based on the All India Consumer Price Index (CPI) for July 2024.

Breakdown of Inflation Rates

• Rural vs. Urban: The inflation rate for rural areas was 4.10%, while in urban areas, it was 2.98%.
• June vs. July: The sharp drop in July follows a four-month high of over 5% in June 2024.

Impact of Food Inflation

• Key Factor: The decrease in food inflation significantly contributed to the overall drop in retail inflation.
• Food Inflation Rates: The year-on-year inflation rate based on the All India Consumer Food Price Index (CFPI) was 5.42% in July 2024.
  • Rural Areas: 5.89%
  • Urban Areas: 4.63%
• Specific Food Groups: Inflation decreased across all food groups, with notable drops in the prices of vegetables, fruits, and spices.

About Retail Inflation

• Retail inflation, also known as Consumer Price Index (CPI) inflation, tracks the change in retail prices of goods and services which households purchase for their daily consumption.
• CPI is calculated for a fixed basket of goods and services that may or may not be altered by the government from time to time.

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.

Merger and Conversion

• Previous Status: The company was previously registered as an NBFC-Core Investment Company (NBFC-CIC).
• Merger: After merging with its wholly owned subsidiaries—L&T Finance, L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd.—the company applied for conversion to NBFC-ICC.

Financial Performance

• Net Profit: L&T Finance Ltd. reported a consolidated net profit of Rs 685 crore for the quarter ended June 2024, a 29% year-on-year increase.
• Record Profit: This is the highest-ever profit reported by the company.
• Loan Book Growth: The consolidated loan book grew 13% year-on-year to Rs 88,717 crore as of June 30, 2024.
• Retail Loans: Retail loans now make up 95% of the loan book, totaling Rs 84,444 crore.

Stock Performance

• Share Price: Shares of L&T Finance Ltd. closed 0.77% lower at Rs 167.23 apiece.
• Market Comparison: This decline compares to a 0.26% drop in the NSE Nifty 50 index.
• Year-to-Date Performance: The stock has risen 2.31% year-to-date and 29.84% over the past 12 months.

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.

Objectives and Responsibilities

• Benchmarking: The committee will regularly benchmark the statistics disseminated by the RBI against global standards.
• Data Quality Study: The committee will also assess the quality of other regular data, particularly in sectors of national priority where benchmarks may not exist, and provide guidance on data refinement.
• Report Submission: The committee has been asked to submit its report by the end of November 2024.

Members of the Committee

• Key Members:
  • R B Barman: Former Chairman, National Statistical Commission.
  • Sonalde Desai: National Council of Applied Economic Research, New Delhi, and University of Maryland, USA.
  • Partha Ray: Director, National Institute of Bank Management, Pune.
  • Bimal Roy: Former Chairman, National Statistical Commission; Former Director, Indian Statistical Institute, Kolkata.
  • Paul Schreyer: Former Chief Statistician, OECD.
  • Bruno Tissot: Head of Statistics and Research Support, Bank for International Settlements.
  • Sudarshan Sen: Former Executive Director, RBI.
  • Muneesh Kapur and O P Mall: Executive Directors, RBI.

CURRENT AFFAIRS: INTERNATIONAL

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.

Curacao's Role and Objectives in CARICOM

• Contributions: Curacao aims to contribute to regional trade, climate resilience, and sustainable development within CARICOM.
• Strategic Importance: The island's strategic location, well-developed ports, and professional services make it a valuable asset for regional trade.

Ceremony and Leadership Statements

• Membership Formalization: Curacao’s membership was formalized during the opening ceremony of CARICOM’s heads of government summit in Grenada.
• Leadership Participation: Leaders such as the Prime Minister of Grenada, Dickon Mitchell, and CARICOM Secretary-General Carla Barnett welcomed Curacao to the community.
• Prime Minister's Statement: Curacao’s Prime Minister, Gilmar Pisas, emphasized the island’s commitment to regional integration and the shared cultural and historical heritage of the Caribbean.

Areas of Collaboration and Future Plans

• Economic Integration: Curacao is focusing on economic integration, with ongoing negotiations with the Dominican Republic, Trinidad and Tobago, and plans to engage Suriname.
• Key Initiatives: Curacao is committed to supporting various initiatives, including renewable energy, new forms of agriculture, digital technology, human capital development, climate resilience, and sustainable development.

Impact of Curacao's Membership

• Collaboration Opportunities: Curacao’s membership is expected to enhance collaboration in trade, tourism, education, and climate resilience within the CARICOM community.
• Other Associate Members: The other five associate members of CARICOM are Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, and the Turks and Caicos Islands.

New ECOSOC President to focus on safe migration, AI for sustainable development

• New Position: 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.

New Vice-Presidents Elected

• 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.
• Regional Representation: They represent the Asia-Pacific, Eastern European, and Latin America and Caribbean States, respectively.
• African States Representation: A Vice-President from the African States regional group will be elected at a later date.

Robert Rae's Inaugural Address

• Crucial Moment for the UN: Rae emphasized the critical timing for the UN as the international community is past the halfway point for implementing Agenda 2030 for Sustainable Development.
• SDGs Status: Over 80% of the Sustainable Development Goals (SDGs) are currently off track.
• Optimism Amid Challenges: Despite the setbacks, Rae highlighted the potential for increased efforts to prevent further backsliding and to learn from countries that are making progress.

Rae's Three Main Priorities

• Global Displacement Crisis: Rae prioritized protecting the rights of displaced individuals and supporting them through regular migration and refugee protection pathways.
• Harnessing AI: He stressed the importance of leveraging artificial intelligence to accelerate the implementation of the SDGs.
• Engagement with Financial Institutions: Rae emphasized deepening engagement with international financial institutions to address gaps in financing for development, especially in fragile and conflict-affected countries.

Other Key Themes

• Gender Equality: Rae highlighted gender equality as both a fundamental human right and a necessary foundation for a peaceful and sustainable world.

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.

Motivations and Statements

• 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.

Ceremony and Bilateral Relations

• Ceremony Location: The membership was formalized at the UNC headquarters in Pyeongtaek, South Korea.
• Bilateral Talks: South Korea's Defense Minister Shin Won-sik welcomed Germany as a new partner to address North Korea's threats.

Historical and Current Context

• UNC’s Formation: Established in 1950 under a UN mandate to support South Korea during the Korean War; no peace treaty was signed, leaving the war technically unresolved.
• Germany’s Previous Role: Germany provided medical assistance from 1954-59 but was not a member state of the UNC.

Recent Developments

• Application and Admission: Germany applied earlier this year and was welcomed by South Korea's President Yoon Suk Yeol and German Chancellor Olaf Scholz.
• Previous Attempt: Germany's previous attempt to join in 2019 was declined due to a reconciliatory approach towards North Korea.

Strategic Implications

• Strengthened Role of UNC: Under South Korea’s conservative Yoon administration, there is a push to strengthen the UNC amid North Korean threats.
• Seoul’s Initiatives: Last year, Seoul hosted a defense ministerial meeting of UNC member states, focusing on a unified response to threats.

North Korean Threats

• Missile Tests: North Korea launched 48 missiles on 14 occasions this year, escalating regional tensions.
• Military Ties with Russia: North Korea has formed deeper ties with Russia, including a defense partnership signed in June with President Vladimir Putin.

International Reactions

• Arms Supply Allegations: South Korea and the US have accused North Korea of supplying arms to Russia for its war in Ukraine. North Korea is reported to have sent large quantities of artillery shells to Russia.

CURRENT AFFAIRS: NATIONAL NEWS

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.

Key Modifications and Features:

• Extended Timeline and Expanded Scope:
  • The timeline for implementing the Pradhan Mantri JI-VAN Yojana has been extended by five years, up to 2028-29.
  • The scheme now includes advanced biofuels produced from lignocellulosic feedstocks, such as agricultural and forestry residues, industrial waste, synthesis gas, algae, etc.
  • "Bolt-on" plants and "Brownfield projects" are now eligible under the scheme, leveraging existing infrastructure to improve viability.
• Promotion of Multiple Technologies:
  • The scheme emphasizes promoting multiple technologies and feedstocks. Preference will be given to project proposals that introduce new technologies and innovations in the biofuel sector.
• Support for Farmers and Local Economy:
  • The scheme aims to provide remunerative income to farmers for their agricultural residues, address environmental pollution, create local employment opportunities, and contribute to India's energy security and self-reliance.
• Focus on Advanced Biofuels:
  • To meet the ethanol blending targets, the government is focusing on alternative sources like 2nd Generation (2G) Ethanol, which uses surplus biomass, agricultural waste, and industrial waste.
• Ethanol Blending Program:
  • Under the Ethanol Blended Petrol (EBP) Programme, ethanol blending in petrol increased from 1.53% in 2013-14 to 15.83% in July 2024.
  • The government is on track to achieve the 20% blending target by the end of the Ethanol Supply Year (ESY) 2025-26, with an estimated requirement of over 1100 crore litres of ethanol.
• Investment in 2G Ethanol Projects:
  • The Pradhan Mantri JI-VAN Yojana, notified in 2019, provides financial assistance for 2G bio-ethanol projects.
  • The first 2G Ethanol Project, set up by Indian Oil Corporation Limited in Panipat, Haryana, was inaugurated by the Prime Minister in August 2022.
  • Other 2G commercial projects by BPCL, HPCL, and NRL in Odisha, Punjab, and Assam are nearing completion.

GeM Commemorates 8th Foundation Day with Record Growth in Procurement

• 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.

Key Achievements:

1. Record Procurement Growth:
   • 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.
2. Significant Orders and Categories:
   • In FY2023-24, GeM fulfilled 62.86 lakh orders worth approximately ₹4.03 lakh crore in GMV.
   • The platform supports over 1.5 lakh government buyers and 23 lakh sellers/service providers across 11,523 product categories and 327 service categories.
3. Social Inclusion Initiatives:
   • GeM has promoted the inclusion of women, tribal, SC/ST MSMEs, startups, artisans, weavers, ODOP/GI craftsmen, self-help groups, FPOs, and cooperative societies.
   • 9,56,465 Udyam-verified MSEs have fulfilled orders worth ₹3,87,407 crore, accounting for 39.24% of cumulative GMV.
   • 1,63,996 women MSEs and approximately 50,000 SC/ST MSEs have fulfilled orders worth ₹37,430 crore and ₹7,828 crore, respectively.
   • Over 25,816 startups have secured orders worth more than ₹27,598 crore through GeM.
4. Technological Advancements:
   • GeM employs Artificial Intelligence (AI) for improved product comparison, price discovery, market intelligence, product similarity, price gap analysis, and anomaly detection.
   • It is the first public procurement agency to use a generative AI-based chatbot to enhance user experience.

About GeM:

• GeM is a Section 8 company under the administrative control of the Department of Commerce, Ministry of Commerce and Industry. It facilitates the procurement of goods and services by various central/state ministries, departments, PSEs, autonomous bodies, panchayats, and cooperative societies.

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.

Key Features of PMMVY:

1. Financial Support:
   • For First Child: ₹5,000 is provided directly to the beneficiary's Bank/Post Office account in Direct Benefit Transfer (DBT) mode.
   • Additional Cash Incentives: After institutional delivery, the beneficiary receives the remaining cash incentive as per approved norms under the Janani Suraksha Yojana (JSY), totalling an average of ₹6,000.
2. For Second Child:
   • Eligibility: ₹6,000 is provided if the second child is a girl, promoting a positive attitude towards the girl child.
3. Direct Benefit Transfer:
   • Payments are made directly into the beneficiary's bank or post office account to ensure transparency and efficiency.

State-Specific Initiatives:

Andhra Pradesh:

• Dr. Nandamuri Taraka Rama Rao (NTR) Vaidya Seva:
  • Additional Support: ₹5,000 is given as sustenance allowance to all pregnant women delivering in public and private empanelled facilities in the state.
  • Implementation: This state-sponsored scheme complements PMMVY and JSY by providing additional financial assistance.

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.

Key Features:

1. Financial Allocation:
   • Total Outlay: ₹800 crore.
   • Per Village Grant: ₹1 crore for selected Model Solar Villages.
2. Eligibility Criteria:
   • Population Requirements: Villages must have a population of over 5,000 (or 2,000 in special category states).
   • Selection Process: Villages are chosen through a competitive assessment based on their renewable energy (RE) capacity installed within six months of being declared a potential candidate by the District Level Committee (DLC).
3. Implementation:
   • Responsible Agencies: State/UT Renewable Energy Development Agency will oversee implementation under the supervision of the DLC.
   • Objective: To transition selected villages to solar-powered communities, which will serve as models for replication in other regions.
4. Scheme Background:
   • Approval Date: 29th February 2024.
   • Scheme Outlay: ₹75,021 crore.
   • Implementation Period: Until FY 2026-27.
   • Goal: Increase the share of solar rooftop capacity and enable residential households to generate their electricity.

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.
• 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.

Key Highlights

• Total Beneficiaries:
  • 52.99 crore account-holders
• Total Balance:
  • ₹2,28,362 crore as of July 31, 2024
• Launch Date:
  • August 15, 2014
• Coverage:
  • PMJDY has become the world's largest financial inclusion scheme.
  • Women Beneficiaries: 29.48 crore
  • Accounts from Rural and Semi-Urban Areas: 35.27 crore
  • RuPay Debit Cards Issued: Nearly 36 crore

Impact and Contribution

• Account Ownership:
  • PMJDY has significantly increased financial inclusion, with over 56% of account holders being women and 67% from rural and semi-urban areas.
• Economic Impact:
  • The outstanding deposit of ₹2.28 lakh crore provides a substantial source of funding for banks, particularly beneficial in a high Credit Deposit (CD) ratio scenario.

CURRENT AFFAIRS: STATE

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.

Key Details

• Participation: The League will feature teams from over 15 countries including England, Poland, Argentina, Canada, and Italy.
• Significance: The event aims to be a landmark tournament for women’s kabaddi, marking the sport’s first major international league.

Support and Goals

• HIPSA President Kanthi D. Suresh: Emphasized the importance of including kabaddi in the Olympic Games and highlighted the significance of promoting the sport globally.
• Former Indian Sports Minister Kiren Rijiju: Supported the inclusion of kabaddi in the Olympics.
• Union Minister for Youth Affairs and Sports, Dr. Mansukh Mandaviya: Mentioned that the IOC decides the inclusion of sports in the Olympics based on several criteria, including global practice and governance by an International Federation.

Historical Context

• Kabaddi’s History: An ancient sport with origins in the Indian subcontinent. Included as a full sport in the Asian Games in 1990 and women’s kabaddi was added in 2010.
• Future Aspirations: The GPKL is seen as a step towards achieving India’s goal of hosting the 2036 Olympics and having kabaddi included as an Olympic sport.

CURRENT AFFAIRS: BUSINESS NEWS

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.

Key Highlights:

1. Rapid Growth in Investor Base:
   • 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.
   • Recent Surge: The last crore investors joined in just over five months.
2. Contributing Factors:
   • Digitization: The rapid advancement of digital platforms has facilitated easier access to the stock markets.
   • Financial Literacy: Increased awareness and education about financial markets have encouraged more individuals to invest.
   • Financial Inclusion: Efforts to include a broader segment of the population in financial activities have been fruitful.
   • Market Performance: Sustained performance of the stock markets has attracted more investors.
3. Investor Demographics:
   • Age Profile: The median age of investors has dropped from 38 years five years ago to 32 years today, with 40% of investors now below the age of 30.
   • Gender Participation: Women's participation has increased significantly, with over 20% of investors being female.
4. Regional Distribution:
   • North India: Contributed 42% of the last crore additions.
   • West India: Accounted for 25%.
   • South India: Made up 18%.
   • East India: Contributed 14%.
   • Leading States: Uttar Pradesh and Maharashtra together account for over a quarter of the new investor registrations.
5. State-wise Investor Numbers:
   • Maharashtra: Leads with 1.7 crore unique registered investors.
   • Uttar Pradesh: Follows with 1.1 crore investors.
   • Gujarat: Has 87 lakh investors.
6. SIP Trend:
   • Systematic Investment Plans (SIPs): The trend of indirect investment through SIPs has gained momentum.
   • New SIP Accounts: Nearly 2.1 crore new SIP accounts were opened between March and June this year.
   • SIP Inflows: Average monthly SIP inflows have risen from Rs 17,613 crore to Rs 20,452 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.

Key Points:

• 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.
• Expansion Plans: Over the next few weeks, Flipkart plans to roll out Flipkart Minutes to additional areas in Bengaluru.
• Competitive Landscape: Flipkart’s entry into the quick-commerce space puts it in competition with existing services like Swiggy’s Instamart, Zomato’s Blinkit, Zepto, and BigBasket’s BB Now.
• Dark Stores: To support its quick-commerce operations, Flipkart intends to establish around 100 dark stores. These are mini warehouses designed to facilitate rapid delivery.
• Service Offering: Flipkart Minutes will deliver a variety of products including groceries and electronics within a very short time frame, aiming to cater to the growing demand for fast delivery in the e-commerce sector.

CURRENT AFFAIRS: MOUS AND AGREEMENT

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.

Key Highlights of the MoU:

1. Signatories and Leadership:
   • The MoU was signed by Prof. Tanuja Nesari, Director of AIIA, and Asha Premnath, Joint Registrar of Amity University.
   • The collaboration is led under the guidance of Dr. Atul Chauhan, Chancellor of Amity University, and under the aegis of the Ministry of Ayush, Government of India.
2. Attendees and Leadership:
   • Balvinder Shukla, Vice-Chancellor of Amity University.
   • W. Selvamurthy, President of Amity Science, Technology & Innovation Foundation.
   • B.C. Das, Dean of Amity University, Uttar Pradesh.
   • Senior members of Amity University and AIIA faculty.
3. Objectives of the MoU:
   • To promote collaborative education programs, publications, and capacity-building projects.
   • To enhance academic excellence and technological advancement through state-of-the-art programs.
   • To facilitate the exchange of students and faculty for academic, research, and training purposes.
4. Statements and Vision:
   • Tanuja Nesari emphasized AIIA's commitment to realizing the Prime Minister's Vision 2047 for a developed India. She highlighted that this MoU would be a significant milestone in driving development forward through shared knowledge and research.
5. AIIA's Collaborative Efforts:
   • AIIA has signed 40 MoUs with national-level technical institutions and universities, including IIT and CSIR, to promote research and documentation in Ayurveda.
   • Additionally, 17 MoUs have been signed with renowned international institutions.

CURRENT AFFAIRS: RANKING AND INDEX

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.

Medical Category Rankings

• Top Medical Institute: All India Institute of Medical Sciences (AIIMS) New Delhi retained the top spot, followed by the Post Graduate Institute of Medical Education and Research (PGIMER) Chandigarh, Christian Medical College (CMC) Vellore, and National Institute of Mental Health and Neuro Sciences (NIMHANS) Bengaluru.

Overall Rankings

• Top 5 Overall Institutes:

1. IIT Madras
2. Indian Institute of Science (IISc) Bengaluru
3. IIT Bombay
4. IIT Delhi
5. IIT Kanpur

Colleges Ranking

• Top Colleges:
  1. Hindu College, New Delhi
  2. Miranda House, New Delhi
  3. Stephen's College, New Delhi
  4. Rama Krishna Mission Vivekananda Centenary College, Kolkata
  5. Atma Ram Sanatan Dharma College, New Delhi

Research and Innovations

• Research Institutions: IIT Madras retained the second position, with IISc Bengaluru taking the top spot.
• Innovations Category: IIT Madras held the second rank in the ‘Innovations’ category for the second year, with IIT Bombay securing the top position.

IIT Madras Milestones

• International Expansion: IIT Madras is the first IIT to establish a full-fledged foreign campus, IITM Zanzibar, attracting students from Africa, India, the Middle East, and other regions.
• Sports Excellence Admission: IIT Madras became the first IIT to offer admissions based on sports excellence, promoting all-round development.
• Institution of Eminence: Recognized as an ‘Institution of Eminence’ (IoE) in September 2019.
• Patent Achievements: In the financial year 2023-24, IIT Madras was granted 435 patents and filed for 378, surpassing its goal of one patent per day.
• Fundraising: The institute raised Rs 513 crore in 2023-24, its highest ever, to enhance infrastructure, support scholarships, and translate research into practical applications.

About NIRF

• Established: 2015
• Methodology: The NIRF ranks educational institutions based on parameters like teaching, learning and resources, research and professional practices, graduation outcomes, outreach and inclusivity, and perception.

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:
  • 2022: 10.3 million cancer cases
  • 2050: Expected to rise to 19 million
  • Increase: 84%
• Overall Increase in Deaths:
  • 2022: 5.4 million cancer deaths
  • 2050: Expected to rise to 10.5 million
  • Increase: 93%
• Impact on Older Adults:
  • For men aged 65 and older, cancer deaths are projected to increase by 117%.

Broader Implications

• Cancer as Leading Cause of Death:
  • Currently, cancer is the second leading cause of death globally, after heart disease. The study predicts it will become the leading cause of death by the end of the century.
• Economic Burden:
  • Estimated cumulative cost of cancer between 2020 and 2050: $25.2 trillion.
• Geographical Disparities:
  • Countries with lower income levels and shorter life expectancies are expected to experience the most significant increases in cancer deaths among men.

Study Methodology

• Data Analysis:
  • The study analyzed data from 2022 covering 30 types of cancer across 185 countries and territories.

CURRENT AFFAIRS: DEFENCE

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

Objectives

• 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.

Key Components

• Simulation: Real-world combat scenarios to train soldiers for high-altitude challenges.
• Participants: Various arms of the Indian Army, including:
  • Infantry
  • Armoured units
  • Artillery
  • Support units
• Assets Used:
  • Different types of tanks
  • Artillery guns (e.g., K-9 Vajra)
  • Air-defense systems
  • UAVs
  • Aviation assets

Strategic Importance

• Region: The exercise is conducted by the Mountain Strike Corps of the Northern Command, responsible for operations along the Line of Actual Control (LAC) with China.
• Context: The region's strategic location and proximity to China underscore the importance of this drill.

Background

• Military Standoff: India and China have been in a military standoff for over four years since the Galwan clash. Efforts to resolve the situation through military and political talks have yet to achieve significant progress.

Daily CA One- Liner: August 14

• 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
• On its 8th Foundation Day, the Government e-Marketplace (GeM) celebrated remarkable milestones and growth in public procurement
• 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 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
• The Pradhan Mantri Jan Dhan Yojana (PMJDY) is set to complete a decade on August 15, 2024
• The National Stock Exchange of India (NSE) has announced a significant achievement: its unique registered investor base has crossed the 10 crore mark
• Walmart-owned Flipkart has launched its quick-commerce service, Flipkart Minutes, in select areas of Bengaluru.
• A significant Memorandum of Understanding (MoU) was signed between the All India Institute of Ayurveda (AIIA), New Delhi, and Amity University, Noida
• 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
• 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.
• RBI has issued a directive for Housing Finance Companies (HFCs), which aims to tighten the norms for them. This directive includes new regulations regarding liquid assets, which will be applicable from January 1, 2025.
• The Reserve Bank stated non-banking financial companies (NBFCs) will pay 100 per cent of deposit amount within the first three months of accepting the fund, if the depositor seeks an withdrawal citing an emergency.
• Retail inflation in July 2024 eased to 3.54%, a sharp decline after rising in the previous month.
• 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.
• The Reserve Bank of India (RBI) announced the formation of a 10-member committee to benchmark its statistics against global standards.
• The Dutch Caribbean Island of Curacao has officially become the newest associate member of the Caribbean Community (CARICOM).
• Robert Rae, Canada’s Ambassador to the UN, has been appointed as the new President of the UN Economic and Social Council (ECOSOC).
• Germany officially joined the UNC, becoming the 18th member state.
• With an aim to promote the indigenous sport of Kabaddi on a global level, the first-ever Global Pravasi Women's Kabaddi League is slated to take place in September 2024 in Haryana.
• The Indian Army has conducted a strategic military exercise, 'Parvat Prahaar', in Ladakh, focusing on high-altitude warfare and operations.