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CURRENT AFFAIRS: BANKING & FINANCE

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.

Conditions for Exemption

• The exemption is subject to UIDAI not engaging in any commercial activity.
• The nature of the specified income and activities must remain unchanged throughout the financial years.

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%.

Impact on Loans

• The increase in MCLR rates is likely to result in a similar rise in interest rates on loans and consequently, higher EMIs for loans linked to MCLR.
• MCLR is a crucial factor in determining the cost of borrowing for individuals and businesses in India.
• It represents the minimum interest rate a bank can charge on a loan, determined by the bank’s cost of funds, operating costs, and a profit margin.

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%.
• 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.

About SBI:

Founded:

• 1 July 1955 (State Bank of India)
• 27 January 1921 (Imperial Bank of India)
• 2 June 1806 (Bank of Calcutta)
• 15 April 1840 (Bank of Bombay)
• 1 July 1843 (Bank of Madras)

Headquarters: Mumbai, Maharashtra

Key Individuals:

• Challa Sreenivasulu Setty (Chairman)
• Kameshwar Rao Kodavanti (CFO)

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.

Current Framework and Impact

• 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.
• A bank official noted that pushing state-level authorities to organize more Lok Adalat camps could help quickly dispose of cases, especially where borrowers are willing to settle.

Structure and Frequency of Lok Adalats

• National Lok Adalats are currently held on a single day across all courts in the country, four times a year.
• The Supreme Court conducted a special Lok Adalat from July 29 to August 3.
• State-level adalats are organized by state legal services authorities based on local conditions and needs.

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.

CURRENT AFFAIRS: NATIONAL NEWS

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.

Key Points:

1. Background and Vision:
   • The Summit is part of India's broader vision to foster unity and development among the Global South, reflecting the nation's commitment to inclusive growth and global cooperation.
2. Previous Summits:
   • The 1st Voice of Global South Summit was held on January 12-13, 2023, and the 2nd on November 17, 2023, both in virtual formats.
   • Over 100 countries participated in each of these Summits, with their inputs shaping discussions at the G-20 Summit under India’s Presidency, including the G-20 New Delhi Leaders’ Declaration.
3. Theme of the 3rd Summit:
   • The overarching theme is "An Empowered Global South for a Sustainable Future."
   • The Summit will focus on complex global challenges such as conflicts, food and energy security, and climate change, which disproportionately impact developing countries.
4. Format and Structure:
   • The Summit will be held virtually, consisting of an Inaugural Leaders’ Session and 10 Ministerial Sessions.
   • The Inaugural Session, hosted by Prime Minister Narendra Modi, will focus on the Summit's theme.
5. Ministerial Sessions and Themes:
   • Foreign Ministers: "Charting a Unique Paradigm for Global South"
   • Health Ministers: "One World-One Health"
   • Youth Ministers: "Youth Engagement for a Better Future"
   • Commerce/Trade Ministers: "Trade for Development- Perspectives from Global South"
   • Information & Technology Ministers: "DPIs for Development- A Global South Approach"
   • Finance Ministers: "People-Centric Approach to Global Finance"
   • Second Foreign Ministers: "Global South and Global Governance"
   • Energy Ministers: "Sustainable Energy Solutions for a Sustainable Future"
   • Education Ministers: "Prioritising Human Resource Development: A Global South Perspective"
   • 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.

Key Points:

1. Total Ramsar Sites:
   • 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.
2. Significance of Ramsar Sites:
   • Ramsar sites are designated under the Ramsar Convention, an international treaty focused on wetlands conservation.
   • The inclusion of these sites highlights India's commitment to preserving vital wetland ecosystems.
3. Details of the New Sites:
   • Nanjarayan Bird Sanctuary: Located in Tiruppur district, Tamil Nadu. It supports diverse flora and fauna, including 191 bird species and serves as a crucial habitat for migratory birds.
   • Kazhuveli Bird Sanctuary: A brackish lake in Villupuram district, Tamil Nadu, connected to the Bay of Bengal. It is a key stopover for migratory birds and a breeding ground for resident species.
   • Tawa Reservoir: Situated at the confluence of the Tawa and Denwa rivers in Madhya Pradesh, inside the Satpura Tiger Reserve. It provides habitat for rare and endangered species and supports local and migratory birds.
4. Historical Context:
   • India has been a signatory to the Ramsar Convention since February 1, 1982.
   • The country had 26 Ramsar sites between 1982 and 2013, and has added 59 more since 2014.

Prime Minister Narendra Modi’s Independence Day Address: Vision for ‘Viksit Bharat 2047’, Tribute to Freedom Fighters, and Commitment to Reforms

Key Highlights from PM Modi's 78th Independence Day Address:

1. Vision for ‘Viksit Bharat 2047’:

• 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.
• Commitment to Reforms: Modi stressed that the reforms initiated by the NDA government are driven by dedication to national progress rather than political motives. The aim is to break from the status quo and implement significant changes benefiting the middle class and the poor.

2. Tribute to Freedom Fighters:

• Honoring Sacrifices: PM Modi paid tribute to the freedom fighters, acknowledging their sacrifices and the profound legacy they left behind. He emphasized the nation's debt to those who fought for India’s independence.

3. Addressing Natural Disasters:

• Sympathy and Support: The Prime Minister expressed heartfelt condolences to those affected by recent natural disasters, including severe flooding and landslides. He assured ongoing support and solidarity with the victims.

4. Public Input on Development:

• Engagement with Citizens: Modi highlighted the valuable public input received for the ‘Viksit Bharat’ initiative. Suggestions include making India a manufacturing hub, improving governance and justice delivery, and promoting traditional medicines.

5. Achievements and Initiatives:

• Jal Jeevan Mission: The mission has successfully provided potable water to 15 crore beneficiaries, marking a significant milestone.
• Promotion of Millets: Modi advocated for the global promotion of millets (referred to as ‘Shri anna’), emphasizing their importance as a superfood.

6. Security and Governance Reforms:

• National Pride: The Prime Minister expressed pride in India’s enhanced national security, noting the positive public response to surgical and air strikes conducted by the armed forces.
• Transformation in Service Delivery: Modi reflected on the shift in governance over the past decade, highlighting improvements in service delivery and the accessibility of government services.

7. Banking Sector Reforms:

• Global Recognition: PM Modi pointed out the strengthening of the banking sector, with Indian banks now ranking among the strongest globally. He described the path of reforms as a blueprint for growth rather than mere rhetoric.

CURRENT AFFAIRS: INTERNATIONAL

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.

Africa's Response to the Mpox Outbreak

• Africa’s top public health body also declared mpox an emergency earlier this week.
• The virus is spreading rapidly across the continent.
• More than 17,000 suspected mpox cases and 517 deaths have been reported in Africa this year.
• This marks a 160% increase compared to the same period last year, with cases in 13 countries.

Overview of Mpox Clades

• Mpox has two distinct viral clades: Clade I and Clade II.
• Both clades can spread through close contact with infected individuals, animals, or contaminated materials.

Congo Outbreak: Clade I and Ib

• The outbreak in Congo began with the spread of Clade I, endemic to central Africa and more transmissible.
• Clade I is known for causing more severe infections, with previous outbreaks having up to a 10% mortality rate.
• A new version, Clade Ib, is spreading more easily through routine close contact, including sexual contact.
• Clade Ib has spread from Congo to neighbouring countries like Burundi, Kenya, Rwanda, and Uganda.

Clade II and the 2022 Global Mpox Spread

• Clade II was responsible for the global spread of mpox in 2022.
• This led the WHO to declare a public health emergency at that time.
• Infections from Clade II are generally milder, with a survival rate of more than 99.9%.
• Clade II can still cause severe illness, particularly in immunocompromised
• The version that spread in 2022, known as Clade IIb, transmitted largely through sexual contact among men who have sex with men.

End of 2022 Emergency Declaration

• The WHO ended the 2022 emergency declaration after 10 months.
• Mpox cases in the S. have significantly declined since their peak in 2022.
• Average daily cases in the U.S. fell to zero in the week ending August 1, 2024.

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

CURRENT AFFAIRS: STATE

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).
• This directive includes the recovery of deposits and prohibits further deposits or investments in these banks.

Deadline for Compliance

• All departments are required to comply with this directive by September 20.
• The order was issued through a circular dated August 12 from PC Jaffer, Secretary (Budget & Resources), Finance Department, and has been approved by Chief Minister Siddaramaiah.

Details of the Order

• The order affects accounts held by state government departments, public enterprises, corporations, local bodies, universities, and other institutions in SBI and PNB.
• The directive mandates that these accounts be terminated immediately, and no further deposits or investments are to be made 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

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."

Review Meeting with Departments

• Naidu chaired a meeting to review the functioning of the Departments of Industries and Micro, Small and Medium Enterprises (MSME).
• He instructed officials to conduct a detailed study of existing industrial development parks and identify opportunities for developing more such units.
• The Chief Minister directed officials to plan area-based industrial parks, particularly focusing on the backward areas of the state.

Target for New Industrial Parks

• Naidu set a target for the establishment of at least 100 industrial parks in the state, each covering an area of 100 acres.
• He pointed out that Maharashtra leads the country in the number of industrial parks, while Andhra Pradesh currently has only 53 such parks. He called for action to increase this number.
• Naidu specifically directed officials to take steps to revive the Malavalli Industrial Park in Vijayawada, which had been neglected by the previous government.

Public-Private Partnership (PPP):

• Naidu instructed officials to prepare an action plan for the development of integrated ports under the Public-Private Partnership (PPP)
• He also called for a detailed study of the best practices in port management through private partnerships.

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.

Benefits and Expected Outcomes

• Chief Minister Sukhvinder Singh Sukhu highlighted that the scheme would particularly benefit small and marginal farmers, women farmers, and those from weaker sections of society, including Scheduled Castes (SC), Scheduled Tribes (ST), and Below Poverty Line (BPL)
• The scheme is expected to generate self-employment opportunities for approximately 50,000 farmers through the creation of 2,600 focused agricultural clusters.
• It is also anticipated to increase productivity by 15-20% in vegetables and cereals in the state.

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.

Sanitation and Hygiene Scheme Details

• 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.

Additional Announcement

• During a recent program, Chief Minister Dr. Mohan announced the inclusion of Rani Durgavati in the curriculum of government schools in the state.

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

CURRENT AFFAIRS: BUSINESS NEWS

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.

1. Index Numbers and Inflation Rate:
   • All Commodities: Index at 155.2 with inflation at 2.04%.
   • Primary Articles: Index at 197.6 with inflation at 3.08%.
   • Fuel & Power: Index at 147.9 with inflation at 1.72%.
   • Manufactured Products: Index at 141.7 with inflation at 1.58%.
   • Food Index: Index at 195.4 with inflation at 3.55%.
2. Month-over-Month Change:
   • The WPI index for July 2024 shows a month-over-month increase of 0.84% compared to June 2024.
   • Primary Articles saw the most significant increase of 3.13%.
   • Fuel & Power increased by 0.14%.
   • Manufactured Products experienced a slight decline of 0.14%.
3. Food Index:
   • The WPI Food Index, which includes food articles and food products, increased from 190.3 in June 2024 to 195.4 in July 2024.
   • The year-over-year inflation rate for the Food Index decreased significantly from 8.68% in June 2024 to 3.55% in July 2024.
4. Final Index for May 2024:
   • The final WPI for May 2024 was 5 with an inflation rate of 2.74%.
5. Response Rate:
   • The WPI for July 2024 was compiled with a response rate of 87.7%.
   • The final figure for May 2024 was based on a response rate of 95.7%.

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.

1. Merchandise Trade:
   • Exports: Merchandise exports for July 2024 stood at USD 33.98 billion, a slight decrease from USD 34.49 billion in July 2023.
   • Imports: Merchandise imports for July 2024 increased to USD 57.48 billion from USD 53.49 billion in July 2023.
   • Trade Deficit: The merchandise trade deficit for July 2024 was USD 23.50 billion.
2. Services Trade:
   • Exports: Services exports for July 2024 were estimated at USD 28.43 billion, up from USD 26.22 billion in July 2023.
   • Imports: Services imports were estimated at USD 14.55 billion in July 2024, compared to USD 13.74 billion in July 2023.
   • Services Trade Surplus: The services trade surplus for July 2024 stood at USD 13.88 billion.
3. Cumulative Trade (April-July 2024):
   • Total Exports: From April to July 2024, total exports reached USD 261.47 billion, marking a growth of 6.65% over the same period in 2023.
   • Total Imports: During the same period, total imports were USD 292.64 billion, up 7.30% from April-July 2023.
   • Cumulative Trade Deficit: The cumulative trade deficit for April-July 2024 was USD 31.17 billion, compared to USD 27.55 billion in the corresponding period of the previous year.
4. Non-Petroleum and Non-Gems & Jewellery Trade:
   • July 2024: Non-petroleum and non-gems & jewellery exports were USD 26.92 billion, while imports in this category were USD 38.98 billion.
   • April-July 2024: Non-petroleum and non-gems & jewellery exports totalled USD 109.09 billion, and imports were USD 144.32 billion.
5. Top Trading Partners:
   • Top Export Destinations (July 2024): Netherlands, USA, Tanzania, Singapore, and Mexico showed significant growth.
   • Top Import Sources (July 2024): UAE, China, Russia, Qatar, and Indonesia were the top sources of growth in imports.

CURRENT AFFAIRS: AWARDS AND HONOURS

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:
   • Kirti Chakras: Four awards, including three posthumous.
   • Shaurya Chakras: Eighteen awards, with four posthumous.
   • Bar to Sena Medal (Gallantry): One award.
   • Sena Medals (Gallantry): Sixty-three awards, including two posthumous.
   • Nao Sena Medals (Gallantry): Eleven awards.
   • Vayu Sena Medals (Gallantry): Six awards.
2. Additional Honors:
   • Mention-in-Despatches: Thirty-nine recognitions, including a posthumous award to Army Dog Kent, for their exceptional contributions to military operations.
   • Indian Coast Guard Awards:
     • One President’s Tatrakshak Medal (Distinguished Service).
     • One Tatrakshak Medal (Gallantry).
     • Two Tatrakshak Medals (Meritorious Service).

3. Police Awards:
   • President’s Police Medal for Distinguished Service.
   • Police Medal for Meritorious Service.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Standard Chartered names Aditya Mandloi as Head, Wealth and Retail Banking, India and South Asia

Appointment Announcement:

1. Standard Chartered Bank has announced the appointment of Aditya Mandloi as Head of Wealth and Retail Banking (WRB) for India and South Asia.
2. His appointment is effective from August 1, 2024.
3. Mandloi has been with Standard Chartered for 27 years, beginning as an international graduate in 1997.
4. He has held various roles in product management, collections, and sales throughout his career.

Responsibilities:

• Mandloi will be responsible for driving the WRB business across India, Bangladesh, Sri Lanka, and Nepal.

Leadership Experience:

• He has led the WRB business for Bangladesh.
• Mandloi was also the Head of SME Banking in India, where he built a sustainable and profitable business.

Previous Role:

• Before his new appointment, Mandloi served as the Head of Business Banking India and the Global Head of Business Banking - Sales and Marketing from 2022 to 2024.

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.

Transition Details:

• Mohan has been posted as Officer on Special Duty (OSD) and will take over from Ajay Kumar Bhalla as the Union Home Secretary when Bhalla completes his tenure on August 22, 2024.

Significance of the Appointment:

• Mohan’s appointment as Home Secretary is significant due to the upcoming assembly elections in Jammu and Kashmir, ongoing turmoil near the Indo-Bangladesh border, and terror attacks in J&K.
• In this crucial role, Mohan will be responsible for advising Home Minister Amit Shah on internal security and policy matters.

Vinay Mohan Kwatra, India’s new Ambassador to 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.

Farewell and Commendation

• On July 14, External Affairs Minister S. Jaishankar bid farewell to Kwatra, commending his significant contributions to India's foreign policy and national security over the past decade.
• Jaishankar praised Kwatra for his strategic expertise in shaping and implementing critical policies during his tenure.

Career Highlights

• Kwatra has previously served as Joint Secretary at the Ministry of External Affairs and the Prime Minister's Office.
• He held the position of Minister (Commerce) at the Embassy of India in Washington D.C. from May 2010 to July 2013.
• Between July 2013 and October 2015, he led the Policy Planning & Research Division of the Ministry of External Affairs and subsequently headed the Americas Division, managing India's relations with the United States and Canada.
• With nearly 32 years of experience, Kwatra has served in various roles both in India and at Indian missions abroad.

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.

Internal Communication and Background

• Kishida had informed senior administration officials of his intention not to run, as reported by Japanese media, including national broadcaster NHK.
• He was elected party president in September 2021 for a three-year term and won a general election shortly afterward.

Challenges and Scandal Impact

• Kishida’s decision comes amid a significant drop in his approval ratings, largely due to a major corruption scandal within the LDP involving unreported political funds raised through tickets sold for party events.
• The scandal has implicated over 80 LDP lawmakers, particularly from a faction previously led by assassinated former Prime Minister Shinzo Abe. Ten individuals, including lawmakers and their aides, were indicted in January.

Outlook and Opposition Perspective

• The new LDP leader, who will also become the next prime minister, will face numerous challenges as they take on their new role.
• Kenta Izumi, leader of the main opposition party, the Constitutional Democratic Party, noted that the issues causing trouble for Kishida remain unresolved.

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.

Career Background

• Navin, 57, joined the Enforcement Directorate in November 2019 as a Special Director.
• He took charge as the acting director after the Supreme Court declared the repeated extensions of the previous ED Director, Sanjay Kumar Mishra, as illegal.

Key Actions During Interim Tenure

• During his tenure as acting director, Navin oversaw the high-profile arrests of Delhi Chief Minister Arvind Kejriwal and Jharkhand Chief Minister Hemant Soren in separate money laundering cases.

Supreme Court's Involvement

• The Supreme Court had criticized the Union government for granting repeated extensions to Sanjay Kumar Mishra, questioning if the entire department was "full of incompetent people" except for its incumbent chief.

ED's Role and Jurisdiction

• The Enforcement Directorate investigates financial crimes under the Prevention of Money Laundering Act (PMLA) and the Fugitive Economic Offenders Act (FEOA).
• Additionally, the ED enforces the civil provisions of the Foreign Exchange Management Act (FEMA).

CURRENT AFFAIRS: 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.
• 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.

Training Focus

• The joint exercise will cover various tactical drills, including:
  • Response to a terrorist action.
  • Establishment of a joint command post.
  • Establishment of an intelligence and surveillance centre.
  • Securing of a helipad/landing site.
  • Small team insertion and extraction.
  • Special heliborne operations.
  • Cordon and search operations.
  • Employment of drones and counter-drone systems.

CURRENT AFFAIRS: SPORTS NEWS

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.
• The series opener ended in a tie.
• Batting Rankings:
  • Rohit Sharma: 2nd place with 765 rating points.
  • Shubman Gill: 3rd place (dropped one spot).
  • Virat Kohli: 4th place (unchanged).
  • Shreyas Iyer: 16th place.
  • KL Rahul: 21st place (dropped one spot).
• Bowling Rankings:
  • Kuldeep Yadav: 4th place (highest-ranked Indian bowler).
  • Jasprit Bumrah: 8th place (unchanged).
  • Mohammed Siraj: 9th place (dropped five spots, tied with Trent Boult).
  • Mohammed Shami: 12th place (currently recovering from ankle surgery).
• All-Rounders Rankings:
  • Ravindra Jadeja: 16th place (highest-placed Indian all-rounder).
  • 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.

Key Points:

• New Role: Dodda Ganesh has been appointed the head coach of Kenya's men's cricket team.
• Background: Ganesh has a strong first-class record with over 2,000 runs and 365 wickets for Karnataka.

• Kenya’s Cricket History:
  • World Cup Participation: Kenya competed in five World Cups between 1996 and 2011.
  • Best Performance: Reached the semifinals in the 2003 World Cup under Indian coach Sandeep Patil.
• Challenges Ahead:
  • Current Status: Kenya has qualified for only one T20 World Cup, which was in 2007.
  • Upcoming Competitions: Kenya will compete in the ICC Division 2 Challenge League in September and the T20 World Cup Africa Qualifiers in October.
• Future Goals:
  • 2026 T20 World Cup: The tournament will be co-hosted by India and Sri Lanka, providing an opportunity for Kenya to reestablish its presence in international cricket.

Zeeshan Ali Resigns as Coach of 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.

Key Points:

• Resignation Details:
  • Position: Zeeshan Ali has resigned as the coach of the Indian Davis Cup team.
  • Tenure: He served as the team's coach for 11 years, beginning his tenure in 2013.
• Career Highlights:
  • Roles: Ali has been both coach and captain of the Davis Cup team, a rare achievement in international tennis.
  • Historic Achievement: He captained the team in a significant tie against Pakistan earlier this year.
• Upcoming Davis Cup Match:
  • Opponent: India will face Sweden in Stockholm on September 14-15.
  • Venue: The match will be played on a hard indoor court.

PR Sreejesh Retires and is Appointed Coach of the Indian Junior Hockey Team

• 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.

Key Points:

• Retirement Announcement:
  • PR Sreejesh has retired from professional hockey after winning a bronze medal at the Paris Olympics.
  • His jersey number 16 will be retired at the senior level by Hockey India as a tribute to his contributions.
• New Role as Junior Team Coach:
  • Sreejesh has been appointed as the coach of the Indian Junior Hockey team.
  • The number 16 jersey will remain active in junior hockey to inspire future players under Sreejesh’s coaching.
• Career Achievements:
  • Sreejesh, known as "The Great Indian Wall of Indian Hockey," has been a cornerstone of the national team for nearly two decades.
  • He made his debut for the junior national team in 2004 and for the senior team in 2006.
  • Sreejesh was part of the 2008 Junior Asia Cup-winning team and won the ‘Best Goalkeeper of the Tournament’ award.
• Major Tournaments Participated:
  • Four Olympic Games (2012, 2016, 2020, and 2024).
  • Four World Cups (2010, 2014, 2018, and 2023).
  • Three Asian Games (2014, 2018, and 2022).
  • Three Commonwealth Games (2014, 2018, and 2022).
• Tributes and Recognition:
  • Hockey India celebrated Sreejesh’s contributions with a trophy and a cash prize of INR 25 Lakhs.
  • Head Coach Craig Fulton praised Sreejesh's dedication and influence on the team.

Daily CA One- Liner: August 16

• India is set to host the 3rd Voice of Global South Summit on August 17, 2024
• The Environment Ministry of India announced the inclusion of three new wetlands into the Ramsar site network, increasing the total count to 85.
• 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.
• 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
• 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
• President Droupadi Murmu approved 103 Gallantry awards for personnel from the Armed Forces and Central Armed Police Forces
• 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
• Former Indian all-rounder Dodda Ganesh has been appointed the head coach of Kenya’s men’s cricket 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
• Following his historic bronze medal at the Paris Olympics, Indian hockey legend PR Sreejesh has announced his retirement.
• Standard Chartered Bank has announced the appointment of Aditya Mandloi as Head of Wealth and Retail Banking (WRB) for India and South Asia.
• The Centre has appointed Govind Mohan, an Indian Administrative Services (IAS) officer, as the next Union Home Secretary.
• Vinay Mohan Kwatra, former Foreign Secretary, has assumed charge as the Ambassador of India to the United States.
• 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.
• 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.
• 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.
• 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.
• 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.
• Madhya Pradesh has become the first state in India to provide money directly to girl students for purchasing sanitary napkins.
• Karnataka government has directed all state departments to close their accounts in the State Bank of India (SBI) and Punjab National Bank (PNB).
• 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.
• State Bank of India (SBI), India’s largest lender, has increased its marginal cost of funds-based lending rate (MCLR) by 10 basis points.
• Banks have urged the government to organize more frequent Lok Adalats through Debt Recovery Tribunals (DRTs) to address distressed loans outside of court.
• The World Health Organization (WHO) declared monkeypox a global public health emergency for the second time in two years.