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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India to Begin Redemption of 30 Gold Bonds on October 11, 2024   

• The Reserve Bank of India (RBI) has announced the calendar for the premature redemption of Sovereign Gold Bonds (SGBs) issued between May 2017 and May 2020.
• The RBI plans to redeem 30 tranches of these bonds between October 11, 2024, and February 7, 2025.

Key Highlights :

• Redemption Process:The first redemption period begins on October 11, 2024, for SGBs issued on May 12, 2017.
• This window will close on November 2, 2024, with the payout scheduled for November 12, 2024.
• The redemption window will be open for 20 days, with the amount credited to the investor’s account 10 days after the redemption request.
• The redemption price will be based on the average gold price of the last three days before maturity.
• Premature Redemption Eligibility: Though SGBs have an 8-year maturity period, investors can apply for premature redemption after completing 5, 6, or 7 years.

What are Sovereign Gold Bonds (SGBs)?

• SGBs are government securities denominated in grams of gold, and they are a substitute for holding physical gold.
• The bonds are issued in denominations of one gram of gold and in multiples thereof.
• Investment Limits: The minimum investment in SGBs is one gram of gold, with a maximum limit of 4 kg for individuals and 20 kg for trusts and similar entities per financial year.
• Interest Rate: Sovereign gold bonds currently offer an interest rate of 2.5%, payable semi-annually.
• Issuing Authority: These bonds are issued by the Government of India under the Government of India Stock, in accordance with Section 3 of the Government Securities Act, 2006 (GS Act 2006).

PhonePe Introduces Credit Line on UPI for Effortless Merchant Payments   

• Walmart backed fintech firm PhonePe launched Credit Line on UPI on its platform to enable consumers availing credit lines from their banks to seamlessly link them to UPI on PhonePe for merchant payments.
• The feature will enable consumers to purchase with ease across millions of merchants and avail the flexibility of short-term credit that helps them manage their monthly expenses better.
• The initiative follows the Reserve Bank of India’s (RBI) decision to expand the UPI scope to include pre-approved credit lines, allowing users to access credit lines through their banks and use them via UPI apps.
• This is the second major credit-related feature on UPI, following the success of Rupay Credit Cards being linked to UPI.
• Merchants using the PhonePe Payment Gateway (PG) can integrate the credit line feature as a payment option at checkout, which may reduce cart abandonment and increase sales.
• This feature will help exponentially increase the number of merchants where consumers can utilize credit lines, enhancing the reach and utility of credit usage on UPI platforms.

About PhonePe :

• Established : 2015
• Headquarters : Bangalore, Karnataka
• CEO : Sameer Nigam

PayU Teams Up with Amazon Pay Later to Provide Instant Digital Credit for Indian Shoppers   

• Naspers-backed fintech firm PayU has partnered with Amazon Pay Later to provide instant digital credit access to Indian shoppers.
• As part of this partnership, Amazon Pay Later will be integrated into PayU’s checkout infrastructure, allowing online merchants to offer an instant credit line to their customers, thereby boosting business revenues.
• This collaboration follows the recent in-principle approval PayU received from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA), enabling the company to start onboarding new merchants onto its platform.
• In addition to the integration, PayU will introduce the Amazon Pay Later service on its offers engine platform.
• This plug-and-play platform by PayU allows merchants to create customised offers during checkout across various payment modes.
• PayU reported an 11% increase in its India revenue, reaching $444 million in fiscal year 2024, up from $399 million the previous year. Payment services contributed 46% to its core revenue from this segment, accounting for 60% of total payment volumes (TPV).
• Notably, Amazon is considering spinning off its payments arm, Amazon Pay, into a standalone app to compete with the likes of PhonePe and Google Pay.

About PayU :

• Founded : 2002
• CEO : Anirban Mukherjee
• PayU is a Netherlands-based payment service provider to online merchants

About Amazon Pay :

• Founded : 2007
• Headquarters : Seattle, Washington, United States

Bandhan Bank Introduces 'Avni', an Exclusive Savings Account for Women   

• Bandhan Bank has introduced 'Avni', a savings account exclusively designed for women.

Key Highlights :

Features of Avni:

• Debit Card Benefits: Includes free airport lounge access, personal accident insurance cover of ₹10 lakh, and lost card liability of ₹3.5 lakh.
• Discounts: Offers a 25% discount on locker rentals and a 50% discount on gold loan processing fees.
• Balance Requirement: Customers need to maintain an average quarterly balance of ₹25,000.
• Partnership: The bank has collaborated with Mastercard to offer a women-specific debit card with features such as accident insurance and locker rental discounts.
• Loyalty Program: Bandhan Bank has also launched a loyalty program named Bandhan Bank Delights, which allows customers to earn reward points called Delight Points that can be redeemed for purchases.

About Bandhan Bank :

• Founded : 23 August 2015
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Ratan Kumar Kesh.

Aditya Birla Finance and AU Small Finance Bank Launch New Credit Cards on Visa and RuPay Networks    z

• Aditya Birla Finance Limited ("ABFL"), a wholly owned subsidiary of Aditya Birla Capital, India's leading financial services conglomerate and AU Small Finance Bank Limited (SFB), India's largest small finance bank, has announced the launch of Aditya Birla Finance AU credit cards, powered by and available on Visa and RuPay payment networks.
• The feature-loaded co-branded credit cards are available in four variants and offer comprehensive reward benefits to serve the financial needs of different customer segments, covering both individual customers and business owners.
• ABC AU Flex: Affordable option for mass India.
• ABC AU Nxt: Millennial-friendly with specialised features.
• ABC AU Pro: High-end card for the affluent.
• ABC AU Biz: Tailored for entrepreneurs and business owners.
• Aditya Birla Finance AU credit cards are curated to offer exciting reward points to customers across various categories such as lifestyle, travel, dining, education, entertainment, utilities, insurance, grocery, and government related spends.
• The cards also come with an unlimited fuel surcharge waiver of 1%.
• MD & CEO of Aditya Birla Finance Limited : Rakesh Singh

About AU Small Finance Bank :

• Founded : 1996
• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal

Axis Bank Overtakes ICICI Bank to Become Top Player in Credit Card Terminals    

• Axis Bank has become the leading player in credit card terminals in India, surpassing ICICI Bank.
• The bank achieved this position in just four years.
• The bank aims to further expand its credit card terminal business.
• It plans to use its leading position to increase deposit acquisitions and provide loans to small businesses.

Key Highlights :

• Market Share: As of June 2024, Axis Bank operates 18.7 lakh credit card terminals, which constitutes 20.8% of the market, according to RBI data. This places Axis Bank ahead of ICICI Bank, which has 17.4 lakh terminals.
• Merchant Acquisition Strategy: Axis Bank's strategy includes targeting businesses with significant UPI transactions to grow its merchant base.
• The bank holds over a fourth of the UPI transaction market as a payment service provider.
• Affordable Card Terminals: The bank has introduced new, cost-effective card acceptance devices available for rent at Rs 150-200 per month to support its expansion.
• Neo Merchant App: Axis Bank has launched the Neo app, a merchant app designed to simplify payment processes, allow transaction reporting, and facilitate service requests directly from mobile devices.

About Axis Bank :

• Established : 3 December 1993
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Amitabh Chaudhry

Piramal Finance and Central Bank of India Announce Strategic Co-Lending Alliance   

• Piramal Capital and Housing Finance Limited (referred to as Piramal Finance), a wholly owned subsidiary of Piramal Enterprises Limited (‘PEL’), and Central Bank of India, have announced a strategic partnership to expand their co-lending business.
• The collaboration will provide loans to middle and low-income borrowers, focusing on middle and low-income segment borrowers with focus on rural and semi-urban regions.

Key Highlights :

• Focus Areas: The collaboration will emphasize serving the unorganized sector, including self-employed individuals and salaried people who lack sufficient income documentation, making it challenging for them to access formal credit.
• Business Strategy: This partnership will leverage Central Bank of India's extensive branch network and Piramal Finance’s "High Tech + High Touch" strategy, which combines technology with personalized service to enhance the customer experience.
• Branch Network: Piramal Finance has a significant presence with over 500 branches across 600 districts in 26 states in India, providing extensive coverage to reach potential borrowers.
• Product Offerings: The partnership will offer competitive interest rates and customized credit solutions tailored to the needs of the target customers, aiming to address the credit gap in the market.
• MSME and Home Loans: The collaboration is geared towards bridging the credit gap for Micro, Small, and Medium Enterprises (MSMEs) and home loan borrowers, using strong customer outreach and detailed credit evaluation tools to ensure effective lending.

What is meant by Co-Lending Alliance?

• A co-lending alliance is a partnership between a bank and a non-banking financial company (NBFC) to jointly lend money to borrowers.
• This arrangement allows both parties to share risk and benefit, and improve credit flow to underserved sectors at affordable rates.

About Central Bank of India :

• Established : 21 December 1911
• Headquarters: Mumbai,Maharashtra
• MD & CEO : Matam Venkata Rao
• Tagline : Build a Better Life Around Us./ Central To You Since 1911

About Piramal Finance :

• Founded : 11 April 1984
• Headquarters : Mumbai, Maharashtra
• Managing Director : Jairam Sridharan

CURRENT AFFAIRS: NATIONAL NEWS

Cabinet Approves Unified Pension Scheme (UPS)

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, approved the Unified Pension Scheme (UPS).

1. The salient features of the UPS are: Assured Pension:
   • Eligibility: 25 years of service.
   • Benefit: 50% of the average basic pay drawn in the last 12 months before retirement.
   • For Lesser Service Periods: Proportionate pension for service between 10 to 25 years.
2. Assured Family Pension:
   • Benefit: 60% of the employee's pension before their death.
3. Minimum Pension:
   • Amount: ₹10,000 per month.
   • Eligibility: Minimum 10 years of service.
4. Inflation Indexation:
   • Applies to assured pension, family pension, and minimum pension.
5. Dearness Relief:
   • Based on the All India Consumer Price Index for Industrial Workers (AICPI-IW), similar to service employees.
6. Lump Sum Payment at Superannuation:
   • Calculation: 1/10th of monthly emoluments (pay + DA) for every six months of completed service.
   • Additional Benefit: This payment is in addition to gratuity and does not reduce the assured pension amount.

Spices Board Launches SPICED Scheme to Boost Spice Exports and Productivity

• The Spices Board of India has launched a transformative scheme aimed at significantly enhancing the export of spices and value-added spice products as well as improving the productivity of cardamom and upgrading the post-harvest quality of spices for exports

Key Highlights:

1. Implementation Period and Budget:
   • Duration: Until FY 2025-26, during the remaining period of the 15th Finance Commission cycle.
   • Total Approved Outlay: ₹422.30 crore.
2. Programmes and Sub-Components:
   • Mission Value Addition: Focus on increasing value-added products.
   • Mission Clean and Safe Spices: Ensure quality and safety standards.
   • Promotion of GI Spices: Support for Geographical Indication (GI) spices.
   • Spice Incubation Centres: Support entrepreneurship in the spice sector.
3. Spices Board of India:
   • Role: Regulatory and export promotion agency for Indian spices.
   • Headquarters: Kochi, Kerala.
   • Chairman: Shri Amardeep Singh (Rank equivalent to Joint Secretary, Government of India).

CURRENT AFFAIRS: BUSINESS NEWS

Dabur to Invest ₹400 Crore in First Manufacturing Plant in South India

• Dabur, one of India’s leading Fast-Moving Consumer Goods (FMCG) giants, will invest Rs 400 crore to set up a world-class manufacturing plant, its first ever in south India, at the Sipcot Food Park in Tindivanam in Villupuram district.

Key Highlights:

1. Investment and Location:
   • Amount: ₹400 crore investment.
   • Location: Sipcot Food Park, Tindivanam, Villupuram district, Tamil Nadu.
   • Significance: This will be Dabur's first manufacturing plant in South India.
2. Memorandum of Understanding (MoU):
   • Signatories: Vishnu Venugopalan, CEO of Guidance TN, and Mohit Malhotra, CEO of Dabur India.
   • Witnessed By: Tamil Nadu Chief Minister MK Stalin.
3. Job Creation:
   • Employment: Over 250 jobs expected to be generated by the facility.
4. Support from Tamil Nadu Government:
   • Industries Minister's Statement: TRB Rajaa emphasized that the plant will create new opportunities for local farmers to sell agro-products.
   • Chief Secretary Presence: N Muruganandam attended the MoU signing.
5. Strategic Significance:
   • State's Industrial Ecosystem: Dabur's decision highlights Tamil Nadu's thriving industrial environment and availability of skilled labor.
6. Product Manufacturing:
   • Range: The plant will produce Ayurvedic healthcare, personal care, and homecare products, including Dabur Honey, Dabur Red toothpaste, and Odonil air fresheners.
   • Previous Approval: Dabur India's board had approved a ₹135 crore investment in January for this facility.

CURRENT AFFAIRS: AWARDS AND HONOURS

President Murmu Confers Inaugural Vigyan Ratna Puraskar and Other Science Awards:

• President Droupadi Murmu conferred the first-ever Vigyan Ratna Puraskar -- India's top science award -- on noted biochemist and former director of the Bangalore-based Indian Institute of Science Govind Rajan Padmanabhan

Key Highlights:

1. Inaugural Vigyan Ratna Puraskar:
   • Recipient: Govindrajan Padmanabhan, noted biochemist and former director of the Indian Institute of Science, Bangalore.
   • Significance: India's highest science award.
2. Award Ceremony:
   • Location: Ganatantra Mandapam, Rashtrapati Bhawan.
   • President: Droupadi Murmu.
3. Other Awards Conferred:
   • Vigyan Shri Puraskar: 13 awards.
   • Vigyan Yuva-Shanti Swarup Bhatnagar Prizes: 18 awards.
   • Vigyan Team Award: Given to the Chandrayaan-3 mission team, received by Project Director P Veeramuthuvel.
4. Notable Recipients:
   • Vigyan Shri Awards:
     • Annapurni Subramaniam (Indian Institute of Astrophysics, Bengaluru)
     • Anandharamakrishnan C (National Institute of Interdisciplinary Science and Technology, Thiruvananthapuram)
     • Avesh Kumar Tyagi (Bhabha Atomic Research Institute)
     • Prof Syed Wajih Ahmad Naqvi (CSIR-National Botanical Research Institute, Lucknow)
   • Vigyan Yuva Awards:
     • Roxy Mathew Koll (Indian Institute of Tropical Meteorology, Pune)
     • Vivek Polshettiwar (Tata Institute of Fundamental Research)
     • Vishal Rai (IISER-Bhopal)
     • Krishna Murthy S L (Indian Institute of Rice Research)
     • Swarup Kumar Parida (National Institute of Plant Genome Research)

5. New Awards System:
   • Rashtriya Vigyan Puraskar: New set of awards instituted by the government last year, replacing previous science awards.
6. Recognition:
   • Awards: All recipients received a medal and citation for their significant contributions in their respective fields.

CURRENT AFFAIRS: MOUS AND AGREEMENT

GAIL and Petron Sign MoU to Explore Bio-Ethylene Plant Joint Venture

• GAIL (India) Limited and Petron Scientech Inc (Petron) have inked a Memorandum of Understanding (MoU) to jointly explore setting up of a 500 Kilo Tons per Annum (KTA) bio-ethylene plant along with its downstream unit(s) in India, based on bio-ethanol produced in the plant in a 50:50 Joint Venture (JV) mode.

Key Highlights:

1. Joint Venture Agreement:
   • Parties Involved: GAIL (India) Limited and Petron Scientech Inc.
   • Objective: To explore establishing a 500 Kilo Tons per Annum (KTA) bio-ethylene plant with downstream units in India.
   • Mode: 50:50 Joint Venture (JV).
2. Memorandum of Understanding (MoU):
   • Signatories: Sumit Kishore (Executive Director, GAIL) and Yogi Sarin (CEO, Petron).
   • Location: The MoU was signed by Rajeev Kumar Singhal (Director, GAIL).
3. Project Feasibility:
   • Activities: Joint feasibility studies to evaluate the technical and financial viability of the project.
   • Next Steps: Securing investment approval from both parties for the project and the formation of the JV company.
4. Strategic Importance:
   • GAIL’s Commitment: Sumit Kishore highlighted GAIL’s dedication to sustainable development and clean energy infrastructure in India.
   • Petron’s Expertise: Petron’s role as a leader in bio-ethanol to bio-ethylene technology.
5. Impact of Collaboration:
   • Goals: To advance sustainable practices and enhance the bio-economy in India.
   • Expected Outcomes: Technological advancements, economic growth, and environmental sustainability.

Centre Partners with MicroSave to Optimize Community Investment Support Fund (CIF) Utilization

• The Centre has roped in private consulting firm MicroSave to optimize utilisation of the Community Investment Support Fund (CIF) a nd enhance the effectiveness and sustainability of organizations working under the Rural Livelihood Mission.

Key Highlights:

1. Partnership Details:
   • Consulting Firm: MicroSave Consulting.
   • MoU Signatories: Manoj Kumar Sharma (Managing Director, MicroSave) and Charanjit Singh (Additional Secretary, Ministry).
   • Date of MoU: July 29.
2. Objectives:
   • Focus: Optimize CIF utilization and enhance effectiveness and sustainability of organizations under the Rural Livelihood Mission.
   • Scope: Analyze and improve the financial structures and management systems of Cluster Level Federations (CLFs) under the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM).
3. Consulting Firm’s Role:
   • Initial Actions: Assess current financial status of CLFs.
   • Strategic Interventions: Provide recommendations to optimize CIF disbursement and enhance financial services for Self-Help Groups (SHGs).
4. Funding and Goals:
   • Disbursed Amount: ₹22,296 crore under NRLM since its launch in June 2011.
   • Ultimate Objective: Transform selected CLFs into microcredit institutions capable of effective financial service delivery to SHG members.
5. Expected Outcomes:
   • Improved Fund Allocation: More efficient and strategic disbursement of funds.
   • Enhanced Financial Capacity: Increased access to loans for SHGs and strengthened financial management.

KVIC and Department of Posts Sign MoU to Enhance PMEGP Implementation

• Khadi and Village Industries Commission (KVIC), Ministry of Micro, Small and Medium Enterprises (MSME) signed an important MoU with the Department of Posts working under the Ministry of Communications at KVIC

Signatories:

1. • KVIC: Chairman Manoj Kumar, CEO Vatsalya Saxena, and Dy. CEO Rajan Babu.
   • Department of Posts: General Manager Manisha Bansal Badal and Dy. General Manager Dr. Amanpreet Singh.

MoU Details:

• Parties Involved: Khadi and Village Industries Commission (KVIC) and the Department of Posts (Ministry of Communications).
• Purpose: Postal employees will conduct physical verification of new units under the Prime Minister’s Employment Generation Programme (PMEGP).

Training and Utilization:

• Training: KVIC will train Postal Department employees for verification tasks.
• Utilization: Services of 165,000 post offices, with 139,067 located in rural areas, will be leveraged.

Prime Minister’s Employment Generation Programme (PMEGP):

• Objective: Generate employment through the establishment of micro enterprises in both rural and urban areas.
• Implementation: Administered by KVIC at the national level and by State KVIC Directorates, KVIBs, DICs, and banks at the state level.

Scheme Structure:

• Maximum Project Cost:
  • Manufacturing Sector: ₹50 lakh.
  • Business/Service Sector: ₹20 lakh.
• Subsidy:
  • Manufacturing Upgradation: Maximum ₹1 crore (subsidy up to ₹15 lakh, ₹20 lakh for NER and Hill states).
  • Business/Service Upgradation: Maximum ₹25 lakh (subsidy up to ₹3.75 lakh, ₹5 lakh for NER and Hill states).

Eligibility and Financing:

• Beneficiaries: Individuals above 18 years of age; no income ceiling.
• Ineligible Costs: Land cost and projects without capital expenditure.
• Financial Institutions: Public Sector Banks, Regional Rural Banks, Co-operative Banks, Private Sector Banks, and SIDBI.
• Loan Terms:
  • Sanction: 90% for general category, 95% for special category.
  • Interest: Normal rate; repayment over 3 to 7 years with a moratorium as prescribed by the bank.

Scheme Benefits:

• Economic Impact: Encourages self-employment and enhances rural and urban economic activities.
• Collaboration: The partnership aims to streamline the verification process and improve implementation efficiency.

CURRENT AFFAIRS: DEFENCE NEWS

Raksha Mantri Rajnath Singh Inaugurates Advanced ICG Maritime Rescue Coordination Centre in Chennai, and Virtually Launches Regional Marine Pollution Response Centre and Coast Guard Air Enclave in Puducherry           

• Raksha Mantri Shri Rajnath Singh inaugurated the newly-constructed state-of-the-art Indian Coast Guard (ICG) Maritime Rescue Coordination Centre building in Chennai, Tamil Nadu.
• He also virtually launched the Regional Marine Pollution Response Centre, located at the Chennai Port premises, and the Coast Guard Air Enclave in Puducherry.
• The buildings have been established to ensure robust maritime security and provide efficient responses to emergencies, reinforcing the country's commitment to maritime safety and environmental protection.

Key Highlights :

• Maritime Rescue Coordination Centre : This state-of-the-art facility aims to significantly enhance the coordination and effectiveness of maritime rescue operations for mariners & fishermen in distress at sea.
• It underscores the Government’s resolve to protect lives and ensure a swift response in critical situations.
• The Centre is installed with latest equipment for distress monitoring through terrestrial & satellite systems and equipped with advanced communication systems for real-time management of alerts by highly-trained personnel of ICG specialising in Search & Rescue procedures, with the rescue aircraft, ships and other facilities.
• Regional Marine Pollution Response Centre : This establishment is a first-of-its-kind facility for coordinating response against marine pollution, particularly oil and chemical pollution, in waters adjoining the coastal states in the Indian Ocean Region.
• The creation of this centre was first announced by Raksha Mantri Shri Rajnath Singh during the maiden Indo-ASEAN meeting held in Cambodia on November 22, 2022.
• Coast Guard Air Enclave : This facility marks a significant milestone for ICG and will play a vital role in maritime security along the Puducherry and south Tamil Nadu coast.
• The Air Enclave will be equipped with Chetak and Advanced Light Helicopter Squadrons.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

National Aeronautics and Space Administration Greenhouse Gas-Tracking Instrument Successfully Launched  

• A satellite named Tanager-1, developed by a coalition of companies and organizations including National Aeronautics and Space Administration’s (NASA's) Jet Propulsion Laboratory, was launched aboard a SpaceX Falcon 9 rocket from Vandenberg Space Force Base in California.

Key Highlights :

• Detection Capabilities: Tanager-1 is equipped to detect major emitters of greenhouse gases, specifically carbon dioxide and methane.
• Technology Used: The satellite utilizes imaging spectrometer technology, developed at NASA’s Jet Propulsion Laboratory, to measure hundreds of wavelengths of light reflected by Earth's surface, enabling it to track methane and carbon dioxide emissions.
• Surface Coverage: The satellite can scan 130,000 square kilometers of Earth's surface per day.
• Comparison to MethaneSAT: The launch of Tanager-1 follows the earlier launch of MethaneSAT in March, which also tracks and measures methane emissions.

About Methane :

• Methane is a potent greenhouse gas, 80 times more effective at warming than carbon dioxide over a 20-year period, and it is responsible for 30% of global warming since the Industrial Revolution.
• Methane is the second-largest contributor to global warming after carbon dioxide, making the monitoring and reduction of its emissions crucial for combating climate change.

About NASA :

• Established : July 29, 1958
• Headquarters : Washington, D.C, United States
• Administrator : Bill Nelson

Experian India Launches AI-Driven Tool AiDRIAN for Real-Time Fraud Detection  

• Experian India, a leader in data and technology, has unveiled AiDRIAN, an advanced tool that detects potential fraud.

About AiDRIAN :

• AiDRIAN detects potential fraud at its source, preventing the possibility of financial loss in real time.
• The tool enhances customer experience while reducing the need for manual reviews and interventions.
• The platform integrates device profiling, analysing over 150 device parameters to create unique device IDs and identify anomalies.
• According to Experian’s 2024 Future of Fraud Forecast report, nearly 70% of businesses report increased fraud losses in recent years, and over half of consumers feel more vulnerable to fraud than before.
• The AI tool has a machine learning model which is self-learning and continuously re-trained with new data, offering increasingly accurate recommendations over time.

Nokia Collaborates with Axiom Space for NASA's Moon Mission's Next-Gen Spacesuit Communication    

• Nokia has joined hands with Axiom Space to integrate advanced 4G/LTE communication capabilities into the next-generation spacesuits that will be used for the Artemis III mission, NASA's ambitious plans to land humans at the south pole of the moon.

About Artemis III mission :

• The Artemis-III mission is likely to be launched in 2026 and Nokia plans to build the first cellular network on the moon, which would be in-built in the space suits used by astronauts.
• Nokia and Axiom Space will incorporate high-speed cellular-network capabilities in the Axiom Extravehicular Mobility Unit (AxEMU), supporting HD video, telemetry data and voice transmission over multiple kilometres on the Moon.
• This advancement will enable Artemis III crew members to capture real-time video and communicate with mission controllers on Earth while they explore the lunar surface.
• An Indian astronaut, trained for ISRO's Gaganyaan project, is scheduled to fly to the International Space Station next year as part of a NASA Axiom Space Ax-4.
• Nokia plans to deploy the cellular network on the Moon as part of Intuitive Machines' IM-2 mission, which is scheduled to be delivered to the launch site later this year.
• The Lunar Surface Communications System (LSCS), pioneered by Nokia Bell Labs' research and innovation, will be deployed during IM-2 and will be further adapted for use in the AxEMU spacesuit.

India's National Aerospace Laboratories  Unveils 'Kamikaze' Drone with 1000 km Range    

• India's National Aerospace Laboratories (NAL) developed the 'Kamikaze' drone, featuring an indigenously built engine and a range of 1,000 kilometres.

Key Highlights :

• Drone Specifications: The drone measures approximately 2.8 metres in length with a 3.5-meter wingspan and weighs about 120 kilograms.
• Engine and Speed: It is powered by a 30-horsepower Wankel Engine, enabling speeds of up to 180 kilometers per hour.
• Payload and Range: It is Capable of carrying a 25-kilogram explosive payload, the drone is designed for extended combat scenarios.
• Combat Relevance : Kamikaze drones, also known as loitering munitions, have gained prominence in contemporary conflicts, including the ongoing Russia-Ukraine war and the Israel-Hamas conflict in Gaza.
• Navigation Capabilities : Equipped with the Indian NAViC system, these UAVs can navigate and acquire targets even in areas where GPS signals are jammed or unavailable.

About National Aerospace Laboratories :

• Established : 1 June 1959
• Location : Bangalore, Karnataka, India
• Director : Abhay Pashilkar
• The NAL is India's first and largest aerospace research company established by the Council of Scientific and Industrial Research (CSIR) in Delhi

CURRENT AFFAIRS: IMPORTANT DAYS

International Dog Day 2024 - August 26

• International Dog Day is celebrated on August 26 every year.
• This day is celebrated worldwide to encourage people to adopt more dogs instead of buying them from pet shops.
• International Dog Day is celebrated to appreciate the love and value of the dog. This day is observed to celebrate all dogs, irrespective of their breed, shape, size, etc.
• International Dog Day is also celebrated to encourage people to adopt dogs, instead of buying them from pet shops.
• Dogs not only protect our homes but make them a little happier and warmer place to live in.
• The first International Dog Day was celebrated on 26 August 2004. Another good way of celebrating International Dog Day is by making a donation to an animal charity of your own choice.

Women’s Equality Day 2024 - August 26

• Women’s Equality Day is observed on August 26 every year to commemorate the right of women to vote in the United States.

Historical Significance of Women’s Equality Day

• Date of First Celebration: August 26, 1973.
• Event Marked: The anniversary of the 19th Amendment’s certification.

Key Historical Milestones:

• August 26, 1920: Secretary of State Bainbridge Colby signed the proclamation granting American women the constitutional right to vote.
• 1971: Congresswoman Bella Abzug introduced a resolution to establish August 26 as Women’s Equality Day, inspired by the Women’s Strike for Equality.
• 1972: President Richard Nixon issued Proclamation 4147, officially designating August 26 as Women’s Equality Day.
• August 16, 1973: Congress formally designated August 26 as Women’s Equality Day through H.J. Res. 52, with President Nixon issuing Proclamation 4236.

Ongoing Tradition:

• Annual Observance: Since 1972, each U.S. president has proclaimed on August 26 to commemorate Women’s Equality Day, affirming the ongoing commitment to advancing women’s rights.

Daily CA One- Liner: August 25 & 26

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, approved the Unified Pension Scheme (UPS).
• The Spices Board of India has launched a transformative scheme aimed at significantly enhancing the export of spices and value-added spice products as well as improving the productivity of cardamom and upgrading the post-harvest quality of spices for exports.
• Dabur, one of India’s leading Fast-Moving Consumer Goods (FMCG) giants, will invest Rs 400 crore to set up a world-class manufacturing plant, its first ever in south India, at the Sipcot Food Park in Tindivanam in Villupuram district.
• President Droupadi Murmu conferred the first-ever Vigyan Ratna Puraskar -- India's top science award -- on noted biochemist and former director of the Bangalore-based Indian Institute of Science Govind Rajan Padmanabhan
• GAIL (India) Limited and Petron Scientech Inc (Petron) have inked a Memorandum of Understanding (MoU) to jointly explore setting up of a 500 Kilo Tons per Annum (KTA) bio-ethylene plant along with its downstream unit(s) in India, based on bio-ethanol produced in the plant in a 50:50 Joint Venture (JV) mode
• The Centre has roped in private consulting firm MicroSave to optimize utilisation of the Community Investment Support Fund (CIF) a nd enhance the effectiveness and sustainability of organizations working under the Rural Livelihood Mission.
• Khadi and Village Industries Commission (KVIC), Ministry of Micro, Small and Medium Enterprises (MSME) signed an important MoU with the Department of Posts working under the Ministry of Communications at KVIC.
• The Reserve Bank of India (RBI) has announced the calendar for the premature redemption of Sovereign Gold Bonds (SGBs) issued between May 2017 and May 2020.
• Walmart backed fintech firm PhonePe launched Credit Line on UPI on its platform to enable consumers availing credit lines from their banks to seamlessly link them to UPI on PhonePe for merchant payments.
• Naspers-backed fintech firm PayU has partnered with Amazon Pay Later to provide instant digital credit access to Indian shoppers.
• Bandhan Bank has introduced 'Avni', a savings account exclusively designed for women.
• Aditya Birla Finance Limited ("ABFL"), a wholly owned subsidiary of Aditya Birla Capital, India's leading financial services conglomerate and AU Small Finance Bank Limited (SFB), India's largest small finance bank, has announced the launch of Aditya Birla Finance AU credit cards, powered by and available on Visa and RuPay payment networks.
• Axis Bank has become the leading player in credit card terminals in India, surpassing ICICI Bank.
• Piramal Capital and Housing Finance Limited (referred to as Piramal Finance), a wholly owned subsidiary of Piramal Enterprises Limited (‘PEL’), and Central Bank of India, have announced a strategic partnership to expand their co-lending business.
• Raksha Mantri Shri Rajnath Singh inaugurated the newly-constructed state-of-the-art Indian Coast Guard (ICG) Maritime Rescue Coordination Centre building in Chennai, Tamil Nadu.
• A satellite named Tanager-1, developed by a coalition of companies and organizations including National Aeronautics and Space Administration’s (NASA's) Jet Propulsion Laboratory, was launched aboard a SpaceX Falcon 9 rocket from Vandenberg Space Force Base in California.
• Experian India, a leader in data and technology, has unveiled AiDRIAN, an advanced tool that detects potential fraud.
• Nokia has joined hands with Axiom Space to integrate advanced 4G/LTE communication capabilities into the next-generation spacesuits that will be used for the Artemis III mission, NASA's ambitious plans to land humans at the south pole of the moon.
• India's National Aerospace Laboratories (NAL) developed the 'Kamikaze' drone, featuring an indigenously-built engine and a range of 1,000 kilometres.
• International Dog Day is celebrated on August 26 every year.
• Women’s Equality Day is observed on August 26 every year to commemorate the right of women to vote in the United States