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CURRENT AFFAIRS : BANKING & FINANCE

RBI to launch pilot project on Public Tech Platform for frictionless credit

• In a step towards enhancing India's financial landscape, the Reserve Bank of India (RBI) has announced the launch of the Pilot Project for Public Tech Platform for Frictionless Credit by Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI.

Aim: 

• To enable delivery of frictionless credit by facilitating a seamless flow of required digital information to lenders.
• The initiative will soon be rolled out as a pilot project in a phased manner, beginning August 17, 2023.
• This framework encourages various stakeholders, including banks, non-banking financial companies (NBFCs), FinTech firms, and startups, to collaboratively create and deliver solutions in the realms of payments, credit, and other financial services.

Key Highlights :

• The Public Tech Platform is poised to revolutionise credit delivery by streamlining the flow of critical digital information to lenders.
• Designed with an end-to-end digital infrastructure, the platform is founded upon an open architecture, making use of open Application Programming Interfaces (APIs) and industry standards.
• This inclusive framework beckons all participants within the financial sector to seamlessly integrate into a 'plug and play' model, fostering collaborative innovation and efficiency.
• The pilot phase of the platform will initially prioritise products such as Kisan Credit Card loans, Dairy Loans, collateral-free MSME loans, Personal loans, and Home loans.
• These services will be offered through partnering banks, creating a diverse offering to cater to various borrowers' needs.
• The platform's functionalities will encompass crucial services, including Aadhaar e-KYC, land records from selected state governments (Madhya Pradesh, Tamil Nadu, Karnataka, Uttar Pradesh, and Maharashtra), satellite data integration, PAN validation, transliteration, Aadhaar e-signing, and account aggregation facilitated by Account Aggregators (AAs).
• Furthermore, milk pouring data from select dairy cooperatives and property search data will be integrated into the platform.

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

Credit card default rises 1.94% to `4,072 cr at end of March 2023

• Credit card default rose to Rs 4,072 crore or 1.94% at the end of March 2023.
• As per the inputs received from RBI, in respect of defaults in credit cards, the gross non-performing assets (GNPAs) in credit cards was Rs 3,122 crore in March-2022 and Rs 4,072 crore in March-2023, while credit card outstanding in March-2022 and March-2023 was Rs 1.64 lakh crore and Rs 2.10 lakh crore, respectively.
• GNPAs in credit cards have declined from 3.56% in March 2021 to 1.91% in March 2022, and stand at 1.94% in March 2023 against the scheduled commercial banks' GNPA of 3.87% in March 2023.
• The total number of frauds as reported by the cooperative banks during FY23 was 964 with amount involved to the tune of Rs 791.40 crore.
• During FY22, the total number of frauds was 729 and the amount involved was Rs 536.59 crore as against 438 frauds involving Rs 1,985.79 crore in FY21.

RBI imposes monetary penalty on 4 co-operative banks for violating rules

• The Reserve Bank of India (RBI) has imposed monetary penalties on 4 cooperative banks - Mangal Co-operative Bank, The Mahabaleshwar Urban Co-operative Bank, The Islampur Urban Co-operative Bank and The Tapindu Urban Co-operative Bank for violating rules.

Key Highlights :

• A monetary penalty of ₹1,00,000 has been imposed on The Tapindu Urban Co-operative Bank Limited, Patna.
• This penalty is for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’.
• A penalty of ₹2.00 lakh has been imposed on Islampur Urban Co-operative Bank Limited, Maharashtra.
• The banks had not transferred the eligible amount to the Depositor Education and Awareness Fund (DEAF).
• A penalty of ₹2.00 lakh has been imposed on the Mahabaleshwar Urban Co-operative Bank Limited for non-compliance for contravention of certain provisions Banking Regulation Act, 1949 and RBI’s directions.
• RBI imposed a monetary penalty of ₹1.00 lakh on Mangal Co-operative Bank Limited, Mumbai for non-compliance with RBI’s directions on ‘Maintenance of Deposit Accounts’ and ‘Know Your Customer (KYC)’.

CURRENT AFFAIRS: NATIONAL NEWS

Government approves Rs 57,613 crore for 10,000 e-buses across 169 cities

• The Union Cabinet, led by Prime Minister Narendra Modi, has approved "PM-eBus Sewa" for augmenting city bus operations. Priority has been given to cities with no organised bus service.
• 10,000 e-Buses will be deployed in 169 cities, said Union Minister Anurag Thakur at a press briefing in New Delhi.
• The scheme is tipped to generate 45,000-55,000 direct jobs.
• The estimated cost of the scheme is Rs 57,613 crore, of which Rs 20,000 crore will be provided by the Central government and the rest will be provided by state governments.
• Buses' procurement to be done under PPP mode will have competitive bidding and private players can come forward.
• The scheme will run till 2037.
• Cabinet also approved a proposal to provide a major boost to railway infrastructure by approving seven projects of the Ministry of Railways with an estimated cost of around Rs 32,500 crore.
• These projects will add 2,339 km to the existing network of Indian Railways, said Railway Minister Ashwini Vaishnaw.
• These new Railway projects will cover 35 districts in nine states, namely UP, Bihar, Maharashtra, Andhra Pradesh, Gujarat, Odisha, Jharkhand, West Bengal, Telangana
• The proposed projects will help increase the existing line capacity, smoothen train operations, reduce congestion and facilitate ease of travelling and transportation.
• Cabinet approved the extension of the Digital India project with an outlay of Rs 14,903 crore
• Prime Minister in the cabinet meeting has approved the Digital India programme with an outlay of Rs 14,903 crore
• Under the extended Digital India project, nine more supercomputers will be added under the National Supercomputing Mission (NCM).

G20 Film Festival to begin in New Delhi with a screening of Satyajit Ray’s Pather Panchali

• The G20 Film Festival will begin in New Delhi, on August 16.
• Satyajit Ray's "Pather Panchali '' will be the opening film.
• The festival aims to celebrate and showcase a vibrant and collaborative partnership existing amongst the G20 and invited countries in the field of cinema.
• The festival is organised by the India International Centre (IIC) and the G20 Secretariat of the Ministry of External Affairs.
• It will be inaugurated by veteran actor Victor Banerjee and India's G20 Sherpa Amitabh Kan
• The event will continue till 2nd September.

PM Modi welcomes WHO Director-General in India

• Prime Minister Narendra Modi, welcomed the Director General of the World Health Organisation, Dr. Tedros Adhanom Ghebreyesus, who arrived in India to attend the WHO-global Summit.
• Mr Modi used the name 'Tulsi Bhai' for Dr Tedros, a name the Prime Minister gave to the Director General on his last visit.
• Dr Tedros will take part in WHO Global Summit on Traditional Medicine to be held from the 17th to the 18th of this month at Gandhinagar in Gujarat.
• The Ministry of Ayush has shared a video on its Twitter handle in which Dr Tedros was seen performing dandiya.
• Prime Minister Modi said that his good friend Tulsi Bhai is well prepared for Navratri.

Cabinet approves Rs 13,000 crore for PM Vishwakarma scheme to support traditional artisans and craftspeople

• The Government has approved PM Vishwakarma's scheme to support traditional artisans and craftspeople of rural and urban India with a financial outlay of 13 thousand crore rupees.
• Briefing reporters in New Delhi after the Union Cabinet meeting, Communications and IT Minister Ashwini Vaishnaw said, eighteen traditional trades will be covered in the first instance under the scheme.
• They include Carpenters, Boat makers, Sonar, Raj Mistry, Toymaker, Lohar, and potters.
• He said the scheme will provide skill upgradation, Toolkit incentive, incentive for digital transactions, and marketing support.
• Mr Vaishnaw said, under this scheme, loans up to one lakh rupees will be provided at a concessional interest rate of five per cent.
• The Minister said, more than 30 lakh families will be benefited from this scheme.

12th Report on States/UTs performance on CPGRAMS released by DARPG for the month of July 2023

• The Department of Administrative Reforms and Public Grievances (DARPG) released the Centralized Public Grievance Redressal and Monitoring System (CPGRAMS) 12th monthly report for States for July 2023.
• The said report provides a detailed analysis of types and categories of public grievances and the nature of disposal.
• A total of 69,523 Grievances were redressed by States and Union Territories in July 2023.
• The pendency of grievances of States/UTs received on the CPGRAMS portal has been reduced to 1,79,077 grievances across the States/UTs Governments.
• From May 2023, onwards, DARPG has initiated the process of rankings States/UTs based on their performance on the CPGRAMS portal.
• Presently, DARPG ranks States/UTs across 4 categories, i.e. North Eastern States, and Union Territories, with two other categories for States being bifurcated based on the number of receipts of grievances.
• This ranking is part of the endeavour of the Government of India to assist the States/UTs to review and streamline their Grievance Redressal System and have a comparative assessment with other States/UTs.
• The Grievance Redressal Index includes 2 dimensions and 4 indicators.

NHAI Sets up Design Division to Review the Design & Construction of Bridges and Other Structures

• NHAI has set up a Design Division that will formulate policy and guidelines for planning, designing, construction and maintenance of bridges, structures, tunnels and RE walls on National Highways across the country.
• The division will review the project preparation, construction of new bridges, condition surveys & rehabilitation of existing old/distressed bridges, and instrumentation to check the health of critical bridges, structures, tunnels and RE walls.
• It will also review standalone bridges and specialized structures, which are at a DPR stage where DPRs started post-June 2023.
• In addition, the Division will also undertake a review of construction methodologies, temporary structures, lifting and launching methods and prestressing methods of selected bridges and structures with spans of more than 200 metres and special structures on a random basis.
• In addition, the division will organize certification courses for officers of MoRTH, NHAI, NHIDCL and personnel of contractors/ consultants on various aspects of Design, Construction, Supervision & Maintenance of Bridges, Tunnels and RE walls through the Indian Academy of Highway Engineers (IAHE), Noida and Indian Railways Institute of Civil Engineering (IRICEL), Pune.

CURRENT AFFAIRS: INTERNATIONAL

India & China agree to resolve remaining issues along LAC in eastern Ladakh

• The 19th round of the India- China Corps Commander Level Meeting was held at the Chushul-Moldo border meeting point on the Indian side on the 13th and 14th of August.
• The two sides had a positive, constructive and in-depth discussion on the resolution of the remaining issues along the LAC in the Western Sector.
• External Affairs Ministry said that they exchanged views in an open and forward-looking manner in line with the guidance provided by the leadership.
• Both sides agreed to resolve the remaining issues expeditiously and maintain the momentum of dialogue and negotiations through military and diplomatic channels.
• In the interim, the two sides agreed to maintain peace and tranquillity on the ground in the border areas.
• The G20 Film Festival will showcase Satyajit Ray's 1955 classic ‘Pather Panchali’ as the opening film.
• The event is being organized by the India International Centre and the G20 Secretariat of the Ministry of External Affairs.
• The festival will feature films from various participating countries, including the US, South Korea, Turkey, and the UK.

UK PM Rishi Sunak participates in the recitation of the Indian epic Ramayan at Cambridge University

• UK Prime Minister Rishi Sunak participated in the recitation of the Indian epic 'Ramayan'.
• The Programme was led by spiritual leader M orari Bapu at the Cambridge University event.
• Beginning his address with the chant "Jai Siya Ram," PM Sunak expressed his honour to be present at Morari Bapu's Ram Katha on Indian Independence Day.
• He said that he was attending the event as a Hindu and not solely in his capacity as Prime Minister.
• He also hailed Hindu god Rama as an enduring symbol of courage, humility, and selfless leadership.

CURRENT AFFAIRS: STATE NEWS

Maharashtra CM Eknath Shinde launches a mobile app & WhatsApp helpline for Chief Minister's Medical Assistance Fund

• Maharashtra Chief Minister Eknath Shinde launched a mobile app and WhatsApp helpline for the Chief Minister's Medical Assistance Fund.
• A programme also was organized at the Sahyadri Guest House in Mumbai for patients who have successfully overcome chronic and serious diseases.
• A helpline number 8650567567 has been started for patients and their relatives.
• Addressing the gathering, Chief Minister Eknath Shinde said that more than 12 thousand 500 patients have benefited from the Chief Minister's Aid Fund in the last year.
• On this occasion, the fifth edition of the medical aid manual and the book 'Rokhthok' based on the ideology of Balasaheb Thackeray was launched.
• Deputy Chairman of Legislative Council Dr Neelam Gorhe, Skill Development Minister Mangal Prabhat Lodha and other dignitaries were present on the occasion.

CURRENT AFFAIRS: SCIENCE AND TECHNOLOGY

The Fifth & final Lunar bound orbit manoeuvre for Chandrayaan-3 was performed successfully

• The final and fifth Lunar bound orbit manoeuvre for the Chandrayaan-3 spacecraft was performed successfully.
• The spacecraft is now revolving in an orbit of 153 km x 163 km, as intended.
• ISRO tweet says that the separation of the Lander Module from the Propulsion Module is planned for 17th August 2023.
• After separation from the Propulsion module, the lander that carries Rover will slowly soft land on the surface of the Moon near its south pole on 23rd August at 5.47 pm.
• The Mission objective of Chandrayaan 3 is to demonstrate a safe and soft landing on the lunar surface and move the rover to the surface and carry out in-situ scientific experiments.

CURRENT AFFAIRS: MOUS AND AGREEMENT

14 States And UTs Yet To Sign MoU For Implementation Of National Education Policy

• Kerala, Tamil Nadu and West Bengal are among 14 States and Union Territories which are yet to sign a crucial Memorandum of Understanding (MoU) with the Union Education Ministry, which mandates the implementation of the National Education Policy to avail funds worth almost ₹13,000 crore for the next three years, under the Centre’s flagship scheme for State-run higher education.
• 40% of the Pradhan Mantri Uchchatar Shiksha Abhiyan (PM-USHA) budget must be borne by the States themselves, and no extra funds have been earmarked for NEP reforms
• PM-USHA is the new name for the Ministry’s scheme to improve the quality of higher education in State Universities — through curricular and programme changes, teacher training, physical and digital infrastructure, accreditation, and enhancing employability — while ensuring equity, access, and inclusion.
• It provides an outlay of ₹12,926.10 crore between 2023-24 and 2025-26.
• The MoU is being signed to show the willingness of States and UTs to participate in the PM-USHA scheme and it will help in the better implementation of the scheme

CURRENT AFFAIRS: SPORTS NEWS

Ministry of Youth Affairs & Sports is organizing Youth 20 Summit in Varanasi

• The Ministry of Youth Affairs and Sports is organizing Youth 20 Summit-2023 in Varanasi, Uttar Pradesh.
• The Summit will continue till the 20th of August.
• More than 100 delegates from G20 countries, Guest countries and International Organizations will discuss five identified themes of Y20.
• These themes include Future of Work: Industry 4.0, Innovation and 21st Century Skills, Peacebuilding and Reconciliation: Ushering in an Era of No War, and Climate Change and Disaster Risk Reduction.
• The Y20 Summit is the culmination of the Inception Meeting at Guwahati, 14 Youth-20 Consultations conducted at prominent educational institutions, Pre-Summit at Leh, Ladakh, Brainstorming sessions, Y20 Chaupals and various Jan Bhagidari events conducted across the country in the run-up to the main Y20 Summit.
• The Y20 Summit will bring together youth experts, decision-makers and youth representatives from G20 countries to negotiate, finalize and sign the Y20 Communiqué created from the conclusions of the discussions conducted during the past few months.

Former England pacer Steven Finn announces retirement from all forms of Cricket

• Former England pacer Steven Finn has announced retirement from all forms of Cricket following a chronic knee injury.
• A knee injury that he suffered almost a year ago kept him out of action from most of the activity this year.
• Finn has had a decent career with England, having featured in 36 Tests, 69 One-Day Internationals and 21 T20 Internationals.
• Making his debut in 2010, he grabbed 14 wickets during the 2010-11 Ashes, which his side famously won 3-1 in Australia.

Indian national shooting squad begins its campaign in ISSF World Championships starting in Baku, Azerbaijan

• The Indian national shooting squad begins its campaign in the International Shooting Sport Federation (ISSF) World Championships starting in Baku, Azerbaijan.
• All Events officially begin on the 17th of
• Among the 53-member Indian contingent, 34 shooters will be participating in the 15 Olympic events while 19 will compete in non-Olympic events.
• A first batch of 18 Indian shooters has already arrived in Baku and has begun training.
• While the Shotgun shooters had an 11-day camp in Italy, the Rifle and Pistol shooters had an eight-day national camp in Delhi ahead of the event.

CURRENT AFFAIRS: OBITUARIES

Sulabh International's founder and social activist Bindeshwar Pathak passes away

• Founder of 'Sulabh International' Bindeshwar Pathak passed away at AIIMS, Delhi due to cardiac arrest.
• He was 80.
• He established the Sulabh International Social Service in 1970 and campaigned extensively against manual scavenging.
• He was awarded the Padma Bhushan in 1991.

AWARDS AND GLOBAL RECOGNITION

• Bindeshwar Pathak founded the Sulabh International Social Service Organization in 1970 from Bihar.
• Ever since, Pathak had been working to change how people in slums, rural areas, and cities view old, unsanitary toilet habits. He created affordable toilet systems that have made life better and healthier for millions of people.
• He was also trying to end the practice of manually cleaning human waste from bucket latrines in India.
• Pathak's innovative approach to sanitation has led to the conversion of dry latrines into two-pit pour flush latrines in 1749 towns, and the construction of over 160,835 toilets.
• Pathak is a recipient of the Padma Bhushan, the third-highest civilian award in India.
• In 2003, he was added to the Global 500 Roll of Honour, and in 2009, he was awarded the prestigious Stockholm Water Prize. His other accolades include the Energy Globe Award, the Dubai International Award for Best Practices, and the Legend of Planet award from the French Senate in Paris.
• In 2020, a book detailing his work as a social innovator, 'Namaste, Bindeshwar Pathak!' was published.
• He also had a day named after him in New York. In 2016, Mayor Bill De Blasio declared April 14 as Bindeshwar Pathak Day.

Daily CA One-Liner: August 17

• In a step towards enhancing India's financial landscape, the Reserve Bank of India (RBI) has announced the launch of the Pilot Project for Public Tech Platform for Frictionless Credit by Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI.
• Credit card default rose to Rs 4,072 crore or 1.94% at the end of March 2023.
• The Reserve Bank of India (RBI) has imposed monetary penalties on 4 cooperative banks - Mangal Co-operative Bank, The Mahabaleshwar Urban Co-operative Bank, The Islampur Urban Co-operative Bank and The Tapindu Urban Co-operative Bank for violating rules.

• The Union Cabinet, led by Prime Minister Narendra Modi, has approved "PM-eBus Sewa" for augmenting city bus operations. Priority has been given to cities with no organised bus service.
• The G20 Film Festival will begin in New Delhi, on August 16.
• Prime Minister Narendra Modi, welcomed the Director General of the World Health Organisation, Dr. Tedros Adhanom Ghebreyesus, who arrived in India to attend the WHO-global Summit.
• The Government has approved PM Vishwakarma's scheme to support traditional artisans and craftspeople of rural and urban India with a financial outlay of 13 thousand crore rupees.
• The Department of Administrative Reforms and Public Grievances (DARPG) released the Centralized Public Grievance Redressal and Monitoring System (CPGRAMS) 12th monthly report for States for July 2023.
• NHAI has set up a Design Division that will formulate policy and guidelines for planning, designing, construction and maintenance of bridges, structures, tunnels and RE walls on National Highways across the country.
• The 19th round of the India- China Corps Commander Level Meeting was held at the Chushul-Moldo border meeting point on the Indian side on the 13th and 14th of August.
• UK Prime Minister Rishi Sunak participated in the recitation of the Indian epic 'Ramayan'.
• Maharashtra Chief Minister Eknath Shinde launched a mobile app and WhatsApp helpline for the Chief Minister's Medical Assistance Fund.
• The final and fifth Lunar bound orbit manoeuvre for the Chandrayaan-3 spacecraft was performed successfully.
• Kerala, Tamil Nadu and West Bengal are among 14 States and Union Territories which are yet to sign a crucial Memorandum of Understanding (MoU) with the Union Education Ministry, which mandates the implementation of the National Education Policy to avail funds worth almost ₹13,000 crore for the next three years, under the Centre’s flagship scheme for State-run higher education.
• The Ministry of Youth Affairs and Sports is organizing Youth 20 Summit-2023 in Varanasi, Uttar Pradesh.
• Former England pacer Steven Finn has announced retirement from all forms of Cricket following a chronic knee injury.
• The Indian national shooting squad begins its campaign in the International Shooting Sport Federation (ISSF) World Championships starting in Baku,
• Founder of 'Sulabh International' Bindeshwar Pathak passed away at AIIMS, Delhi due to cardiac arrest.