Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs February 2024 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs August 29 2024, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs August 29 2024 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,

Daily Current Affairs PDF of August 29 2024

Get More: Static GK Pdfs

CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Governor Shaktikanta Das Unveils Unified Lending Interface (ULI)     

• The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the launch of the Unified Lending Interface (ULI) during the Global Conference on Digital Public Infrastructure and Emerging Technologies in Bengaluru, Karnataka.
• Purpose of ULI:ULI is designed to enhance the credit access and disbursement process in India, especially benefiting underserved segments.

What is the Unified Lending Interface?

• The ULI platform facilitates seamless and consent-based flow of digital information, including land records of various states, from multiple data service providers to lenders.
• This cuts down the time taken for credit appraisal, especially for smaller and rural borrowers.
• The ULI is a cutting-edge digital platform designed to streamline the lending process across the financial ecosystem.
• Integration and Efficiency:ULI connects banks, non-banking financial companies (NBFCs), fintech firms, and
• It integrates with financial databases and digital infrastructure for real-time access to borrower’s financial information.
• This results in quicker credit assessments, minimal physical documentation, and faster loan approvals.
• Impact on Credit Access:ULI is expected to simplify the lending process, reduce complexity in integrating multiple systems, and improve credit access for borrowers.
• Relation to JAM Trinity:The ULI is seen as part of India's broader digital infrastructure development, alongside JAM (Jan Dhan, Aadhar, and Mobile) and UPI (Unified Payments Interface).
• The 'new trinity' of JAM-UPI-ULI represents a significant advancement in India’s digital infrastructure journey.

About JAM Trinity :

• JAM Trinity- (Jan Dhan, Aadhar, and Mobile) is a tool used by the government to transfer cash benefits directly to the bank account of the intended beneficiary.
• JAM Trinity is the key enabler of India's transformed and well-developed digital landscape.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

Small Savings Schemes Grow 13.8% Driven by Sukanya Samriddhi and Senior Citizens Scheme  

• According to the data from the Reserve Bank of India (RBI) indicate that people are continuing to repose faith in small savings schemes with the corpus clocking a decent annual growth of 13.8% up to February 2024 reaching ₹18.1 lakh crore.

About Small savings schemes :

• Small savings schemes are savings instruments floated by the Centre with the twin objective of helping finance its expenditure as well as to inculcate the habit of saving regularly among investors.

Key Highlights :

Historical Data:

• February 2015: Outstanding balance was ₹6.2 lakh crore.
• February 2019: Outstanding balance rose to ₹10.4 lakh crore.
• February 2023: Outstanding balance reached ₹15.9 lakh crore, showing a 12.1% year-on-year growth.
• February 2024: Outstanding balance achieved ₹18.1 lakh crore, reflecting a 13.8% growth.
• Performance of Individual Schemes:Seven of the 20 small savings schemes saw growth between 9% and 11% over the past year. Notable examples include:
• Post Office Savings Bank Deposits: 9% growth.
• Post Office Recurring Deposits: 11% growth.
• Most schemes have interest rates ranging from 4% to 9%.

Schemes with Highest Outstanding Balances:

• Post Office Time Deposits
• Monthly Income Scheme
• Kisan Vikas Patras - 2014
• Schemes with Highest Growth:Sukanya Samriddhi Yojana Account (SSA): Grew by 41% from ₹77,472 crore (Feb 2023) to ₹1 lakh crore (Feb 2024).
• Senior Citizens Scheme 2004: Saw a 28% growth from ₹1.3 lakh crore (Feb 2023) to ₹1.7 lakh crore (Feb 2024).
• Both SSA and Senior Citizens Scheme 2004 offer the highest interest rate of 8.2% among all small savings schemes.
• Outstanding Small Savings Ratio:The ratio of outstanding small savings to outstanding deposits was 11% in FY23, compared to 4.9% pre-pandemic.

Amazon Pay UPI reaches a significant milestone by surpassing 100 million customers  

• Amazon Pay UPI has crossed 100 million customers, with the online platform used mainly for e-commerce transactions, utility bill payments and mobile recharges.
• The app has become a significant success, streamlining transactions both on Amazon.in shopping app and across a wide range of external platforms.

About Amazon Pay UPI :

• Launch and Usage: Launched in 2019, Amazon Pay UPI is primarily used for e-commerce transactions, utility bill payments, and mobile recharges.
• It is widely adopted across major states like Maharashtra, Uttar Pradesh, Bihar, West Bengal, and Karnataka, with growing use in tier II and III cities.
• Primary Users: The app is particularly popular among youth aged 18 to 24 years, indicating strong adoption among the younger demographic.
• Financial Services Offered: Amazon Pay UPI offers various financial services, including money transfers, bill payments, insurance purchases, travel bookings, and investments in mutual funds and digital gold, all accessible through Amazon’s e-commerce platform.
• Popular Use Cases: The top use cases include mobile recharges, utility bill payments, and e-commerce transactions, reflecting its versatility and user convenience.
• Research Findings: According to the ‘How Urban India Pays’ report by Kearney India and Amazon Pay India:
• UPI is the preferred payment method for 53% of online purchases and 25% of offline purchases.
• In Southern India, 36% of customers prefer UPI over cash, followed by West and North-Central (35%), Northeast (32%), and East (31%).
• The findings of the report highlight the growing trust in UPI across regions, signalling a robust, expanding digital payment ecosystem in India that promises greater convenience and financial inclusion.
• Amazon Pay India CEO : Vikas Bansal

Recent News :

• In February 2024, Amazon Pay India received approval from the Reserve Bank of India (RBI) to operate as a payments aggregator (PA).

Bank of Baroda Secures ₹5,000 Crore Through 10-Year Infrastructure Bonds at 7.3% Interest Rate   

• State-owned Bank of Baroda (BoB) raised Rs 5,000 crore through 10-year infrastructure bonds at a coupon rate of 7.3%.
• The bond offering, rated AAA by CRISIL Ratings, had a base issue size of Rs 2,000 crore and a greenshoe option of Rs 3,000 crore and was fully subscribed.

Key Highlights :

• Yield Trends and Cut-Off Rates:Yields on 10-year government securities have decreased, leading to a lower cut-off rate for Bank of Baroda (BoB) compared to the State Bank of India (SBI).
• For future infrastructure bond issues, expected cut-off rates are:
• State-owned Banks: 7.3% to 7.35%
• Private Banks: 7.35% to 7.4%
• Demand and Investment Preferences:The BoB issue saw strong demand, which is common for such instruments due to pension funds' preference for long-term bonds.
• Regulatory Exemptions:Funds raised through infrastructure bonds are exempt from:
• Statutory Liquidity Ratio (SLR)
• Cash Reserve Ratio (CRR)
• Unlike deposit funds, which require banks to maintain 4.5% of CRR with the Reserve Bank of India (RBI) and invest about 18% in securities for SLR obligations, infrastructure bond proceeds can be fully used for lending.

Recent Issuances and Trends:

• SBI: Raised ₹20,000 crore through 15-year infrastructure bonds at 7.36%.
• Canara Bank: Raised ₹10,000 crore at 7.4%.
• Bank of India: Raised ₹5,000 crore at 7.54%.
• Bank of Maharashtra: Issued ₹811 crore in 10-year infrastructure bonds at 7.8%.
• Funding Focus:State-owned banks have recently raised ₹35,811 crore through infrastructure bonds, indicating a strong focus on funding long-term infrastructure projects.
• Tenor and Utilisation:Infrastructure bonds have a minimum tenor of 7 years.
• The proceeds from these bonds are used by banks to finance long-term infrastructure projects.

About BoB :

• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India's International Bank

Securities and Exchange Board of India bars Anil Ambani and 24 others from securities market for five years over RHFL loan scandal, imposes ₹25 crore fine     

• India's market regulator, the Securities and Exchange Board of India (SEBI), has imposed a five-year ban on industrialist Anil Ambani and 24 others, including top executives of Reliance Home Finance Limited. (RHFL), from participating in the securities market.
• This action follows a probe into RHFL, where funds were allegedly diverted through questionable loans, leading to significant losses and raising concerns among investors.
• SEBI has imposed a ₹25 crore penalty on Anil Ambani and has barred him from holding any directorial or key managerial positions in listed companies or intermediaries registered with SEBI for 5 years.

Key Highlights :

• RHFL Restrictions: RHFL has been barred from the securities market for 6 months and fined ₹600,000.

Fines on Key Officials:

• Amit Bapna, former CFO of RHFL and a member of the credit committee, has been fined ₹27 crore.
• Ravindra Sudhalkar has been fined ₹26 crore.
• Pinkesh Shah has been fined ₹21 crore.
• Associated Entities: Several entities associated with the fraudulent loan scheme have been fined ₹25 crore each by SEBI.
• Reason for Penalties: The penalties and bans were imposed due to funds being allegedly diverted through questionable loans by RHFL, leading to significant financial losses and raising concerns among investors.
• Involvement of Key Officials: Bapna, the former CFO of RHFL and a member of the credit committee, played a key role in approving the loans despite clear deviations from standard procedures.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

UBS AG Added to the Second Schedule of the Reserve Bank of India Act, 1934   

• Reserve Bank of India (RBI) announced that “UBS AG” has been included in the Second Schedule of the Reserve Bank of India Act, 1934.
• The Swiss bank, which already offers investment banking and other services in India, is now all set to commence commercial banking operations in the country.

Key Highlights :

• Categories of Scheduled Banks : Scheduled commercial banks in India are categorised into five different groups according to their ownership and/ or nature of operation.

1. State Bank of India and its associates.
2. Nationalised banks.
3. Regional rural banks.
4. Foreign banks.
5. Other Indian scheduled commercial banks (private sector).

• In the RBI Act, 1934, schedule banks are the banks that are listened to in the second schedule.
• Requirements for Scheduled Banks:Banks listed in the Second Schedule of the RBI Act must have a minimum capital of Rs 5 lakhs.

About UBS Group AG :

• UBS Group AG is a multinational investment bank and financial services company.
• It is headquartered in Zürich and Basel, Switzerland.
• UBS AG is already involved in investment banking and other financial services in India.

Krung Thai Bank Public Company Limited Removed from Second Schedule of the Reserve Bank of India Act, 1934   

• The Reserve Bank of India (RBI) advised that “Krung Thai Bank Public Company Limited” has been excluded from the Second Schedule of the Reserve Bank of India Act, 1934 .

About Krungthai Bank :

• Krungthai Bank, officially Krungthai Bank Public Company Limited, and sometimes known by its initials KTB, is a state-owned bank under licence issued by the thailand government.
• Headquarters: Watthana, Bangkok, Thailand.

Credit Suisse AG Removed from the Second Schedule of the Reserve Bank of India Act, 1934  

• Reserve Bank of India (RBI) advised that “Credit Suisse AG” has been excluded from the Second Schedule of the Reserve Bank of India Act, 1934.

About Credit Suisse Group AG :

• Credit Suisse Group AG was a global investment bank and financial services company.
• It is based in Switzerland, it was initially an independent entity but is now a subsidiary of UBS.
• Headquarters: Zürich, Switzerland.

CURRENT AFFAIRS: NATIONAL NEWS

MoEFCC Proposes Remediation of Contaminated Sites Rules, 2024 to Address Environmental Gaps

• The Ministry of Environment, Forest and Climate Change (MoEFCC) has proposed the Remediation of Contaminated Sites Rules, 2024, to clean up lands contaminated by hazardous substances.
• The rules target sites contaminated with mining waste, bio-medical waste, or municipal solid waste, where contamination levels exceed specified thresholds.

1. Alignment with the “Polluter Pays” Principle:
   • The proposed rules are based on the “polluter pays” principle, making the responsible parties accountable for the costs of remediation.
2. Addressing Gaps in Existing Legislation:
   • These rules aim to fill critical gaps in existing environmental laws, including the Environment (Protection) Act, 1986, the Hazardous and Other Wastes (Management & Transboundary Movement) Rules, 2016, and the Public Liability Insurance Act, 1991.
   • The rules do not apply to sites contaminated by radioactive materials, abandoned mines, or oil spills, which are regulated under other specific legislation.
3. Establishment of Central Remediation Committee:
   • A Central Remediation Committee will be formed under the Central Pollution Control Board (CPCB) to:
     • Identify contaminated sites and assess contamination levels.
     • Develop remediation plans and determine responsible parties.
     • Estimate remediation costs and ensure compliance with the new regulations.

4. Funding and National Environment Policy Alignment:
   • The initiative aligns with the National Environment Policy, 2006, which identifies industrial and municipal waste as major pollution sources.
   • In cases where the polluter is unknown or no funds are provided, the CPCB may use the Environment Relief Fund, which had Rs 1,060.95 crore at the end of FY23.
   • Costs covered by the fund will be recovered from the polluter and returned to the fund.

Centre Reduces Grievance Redressal Time to 21 Days on CPGRAMS Portal

• The Central government has shortened the grievance redressal time on the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) portal from 30 days to 21 days.
• This decision was implemented to enhance the responsiveness and efficiency of public grievance handling.

1. Revised Guidelines and Dedicated Officers:
   • Revised guidelines issued by the Department of Administrative Reforms and Public Grievances (DARPG) suggest the appointment of dedicated nodal officers in ministries and departments with a high volume of grievances.
   • The guidelines stress a "whole of the government approach," ensuring grievances are transferred to the correct authority instead of being closed with statements like “Does not pertain to this Ministry/Department/Office.”
2. Prime Minister's Directives:
   • These revisions follow the directives given by Prime Minister Narendra Modi during his interaction with secretaries to the Government of India on June 29, 2024.
   • The aim is to make the CPGRAMS portal “more sensitive, accessible, and meaningful to the citizen” by reviewing and improving the current processes.
3. Technology-Driven Improvements:
   • The reforms include integration of grievance portals, root cause analysis using AI-enabled dashboards, and an assessment matrix called the Grievance Redressal Assessment Index to improve the quality of redressal.
   • The 10-step reforms initiated in CPGRAMS have already reduced the average resolution time, prompting further reduction to a 21-day maximum redressal period.

Uttar Pradesh Targets Rs 50,000 Crore in Farm Exports with Cluster-Based Approach

• The Uttar Pradesh government aims to boost farm exports to Rs 50,000 crore in the next three to four years.
• Currently, the state's annual farm exports stand at around Rs 20,000 crore.

2. Focus on Export-Oriented Clusters:
   • The state is developing export-oriented agricultural and horticultural clusters to enhance farm productivity and quality.
   • Plans include leveraging the Centre’s Rs 1,800 crore Clean Plant Programme to improve horticultural export quality, focusing on crops like mangoes, non-basmati rice, Indian gooseberry (amla), and bananas.
3. National and International Developments:
   • In 2022-23, India produced 355 million tonnes of horticulture crops, with fresh fruit and vegetable exports valued at Rs 15,000 crore in 2023-24.
   • Recent market access granted by Canada for Indian horticultural products is expected to further support export growth.
4. Cluster Farming and Central Support:
   • Union Agriculture Minister Shivraj Singh Chouhan announced plans to establish 100 export-oriented horticulture clusters in the next five years.
   • Uttar Pradesh, with its nine distinct climate zones, fertile Indo-Gangetic plains, and abundant water resources, is strategically positioned to benefit from these central schemes.
   • The state is upgrading existing agricultural clusters and creating new ones under the One District One Product (ODOP) initiative, focusing on grading, packing, branding, and marketing through Common Facility Centres (CFCs).
5. Enhanced Transportation and Infrastructure:
   • Agricultural goods are being transported via inland waterways from Prayagraj to Haldia, with plans to extend this route to Ayodhya to aid farmers in Central and Eastern Uttar Pradesh.
   • The upcoming Jewar International Airport is expected to further boost farm exports from the western region of the state.
6. Support from Central Institute of Subtropical Horticulture (CISH):
   • CISH has established clusters for Dasheri and Chaunsa mango varieties in Lucknow and western Uttar Pradesh, benefiting around 4,000 orchardists.
   • The initiatives are part of the Uttar Pradesh Agriculture Growth and Rural Enterprises Ecosystem Strengthening, a World Bank collaboration with the state government, featuring a budget outlay of Rs 4,000 crore.
7. Milestone Export Achievement:
   • For the first time, 5 tonnes of Dasheri mangoes from Malihabad (Lucknow) were exported to the United States.

CURRENT AFFAIRS: BUSINESS NEWS

NSE to File Fresh Application with SEBI for IPO Approval

• The National Stock Exchange (NSE) board has approved a fresh application to the Securities and Exchange Board of India (SEBI) for a no-objection certificate (NOC) to launch its long-delayed initial public offering (IPO).
• The decision was announced during NSE’s Annual General Meeting.

1. Background and Previous Attempts:
   • NSE first sought SEBI's approval for an IPO in 2016, but the application was returned in 2019 amid investigations into the co-location scam and significant reduction in offer size.
   • NSE has since submitted at least three applications for SEBI’s NOC, with the most recent one in June 2022.
2. Current Market Situation:
   • Despite delays, trading volumes of NSE shares in the unlisted market have surged recently, with some foreign portfolio investors (FPIs) possibly selling shares due to concerns over the IPO delays and stringent derivatives trading norms.
   • NSE reached a market capitalisation of Rs 3.2 trillion in July, making it the sixth biggest exchange in the world and the largest in Asia.

Finance Minister Nirmala Sitharaman Inaugurates GST Bhawan in Udaipur

• Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, inaugurated the GST Bhawan, the official complex of the CGST Udaipur Commissionerate under the Central Board of Indirect Taxes and Customs (CBIC), in Udaipur, Rajasthan.
• Key attendees included MPs Manna Lal Rawat and Chunnilal Garasiya, CBIC Chairman Sanjay Kumar Agarwal, and senior CBIC officials.

2. Economic Significance and Project Completion:
   • In her address, Sitharaman highlighted the economic importance of the Udaipur Commissionerate, which operates in a key production hub for zinc, lead, silver, cement, fertilizer, and tyres.
   • She commended the timely and budget-adherent completion of the project despite challenges posed by the COVID-19 pandemic, emphasizing its adherence to quality and its foresight in providing facilities for taxpayers and ample workspace for staff.
3. Government’s Infrastructure Commitment:
   • Sitharaman reiterated the Government’s ongoing commitment since 2019 to improve infrastructure for GST Zones and Commissionerates, underscoring the significance of this new complex as part of broader enhancement efforts.
4. Launch of ICETAB 2.0:
   • Sitharaman launched ICETAB 2.0, a handheld device for customs operations designed to facilitate the uploading of real-time examination reports and expedite cargo clearance processes.

CURRENT AFFAIRS: SUMMITS AND CONFERENCES

Telangana to Host First Global AI Summit and Unveil AI City Plans

• Telangana is set to host its first Global AI Summit on September 5-6, 2024.
• The summit aims to bring together industry leaders, policymakers, and innovators to explore AI's potential societal impact.

2. Proposed AI City at Mucherla:
   • Telangana plans to develop a 200-acre AI City at Mucherla.
   • The project will likely be developed under a public-private partnership (PPP) model.
   • The concept will be unveiled during the summit, with further details expected post-October 2024.
3. Investment and Infrastructure:
   • Initial investment estimates for AI City were around $4 billion, but actual costs are expected to be higher due to the need for hyperscalers and GPUs.
   • The AI City will include infrastructure for technology and an AI School of Excellence for skill development.
4. Strategic Planning and Partnerships:
   • After the summit, the Telangana government plans to collaborate with partners and industry experts to finalise the AI City concept.
   • Consultations will determine the feasibility and structure of the PPP model for the development.
5. Positioning Hyderabad as the Global AI Capital:
   • The summit and the development of AI City aim to position Hyderabad as a leading global hub for AI.
   • This initiative reflects the government's commitment to fostering innovation and making significant advancements in the AI sector.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Apple Appoints Indian-Origin Engineer Kevan Parekh as New Chief Financial Officer   

• Apple Inc named Kevan Parekh, an Indian-origin engineer, as its next Chief Financial Officer (CFO).
• Parekh will assume the role on January 1, 2025, succeeding Luca Maestri, who is reportedly moving to Corporate Services.
• Parekh is currently serving as Apple’s Vice-President of Financial Planning and Analysis.

About Kevan Parekh :

• Parekh has been with Apple for 11 years, contributing to key aspects of its financial strategy and operations.
• Prior to Apple, Parekh held senior leadership positions at Thomson Reuters and General Motors.
• At Thomson Reuters, he served as Vice-President of Finance and Corporate Treasurer.
• At General Motors, he was Director of Business Development in New York and Regional Treasurer in Zurich.

About Apple Inc :

• Established : April 1, 1976
• Headquarters : California, United States
• CEO : Tim Cook

EaseMyTrip.com Appoints Bollywood star Jacqueline Fernandez as Brand Ambassador   

• Online travel services operator EaseMyTrip.com has roped in Bollywood star Jacqueline Fernandez as its brand ambassador.
• The strategic partnership is part of its long-term strategy to boost its brand presence and attract new customers.
• Through this partnership, EaseMyTrip will gain the visibility of Jacqeline's 70.5 million Instagram followers and millions of other fans across the country.

About EaseMyTrip :

• Headquarters: New Delhi, India.
• Founded: 2008.
• Founders: Nishant Pitti, Rikant Pitti, and Prashant Pitti
• EaseMyTrip, is an Indian multinational online travel company.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Reserve Bank of India Approves SBI Mutual Fund to Acquire Up to 9.99% Stake in Karur Vysya Bank     

• The Reserve Bank of India (RBI) has granted approval to SBI Mutual Fund (SBI MF) to acquire up to 9.99% of the paid-up share capital or voting rights of Karur Vysya Bank (KVB).
• The approval was communicated through a letter dated August 23, 2024, in line with Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
• This decision by the RBI comes with several conditions that SBI Mutual Fund must adhere to, including compliance with important banking and financial regulations such as the Banking Regulation Act of 1949 and the Foreign Exchange Management Act of 1999.
• KVB clarified that the approval is subject to specific terms.
• One key condition is that SBI Mutual Fund must secure the majority of its shareholding within one year from the date of the RBI's approval letter.
• If this condition is not met, the approval may be revoked.

About SBI Mutual Fund:

• Established in 1987, SBI Mutual Fund is a significant entity in the mutual fund industry.
• It is sponsored by the State Bank of India (SBI) and became a joint venture with AMUNDI Asset Management in 2011.
• Ownership Structure:SBI holds a 63% majority stake in SBI Funds Management Pvt Ltd (SBIFMPL).
• AMUNDI Asset Management owns the remaining 37% stake.

CURRENT AFFAIRS: AWARDS AND HONOURS

Jana Small Finance Bank Recognized for Excellence at ICC Emerging Asia Banking Conclave & Awards

• Jana Small Finance Bank secured four prestigious awards at the 2nd ICC Emerging Asia Banking Conclave & Awards:
  • Best Small Finance Bank, India
  • Best Performance on Profitability (Runners-up)
  • Best Performance on Asset Quality
  • Best Performance on Risk Management
• The awards highlight the bank’s commitment to excellence, innovation, and its leading role in the Indian banking sector.

2. Leadership and Vision:
   • The awards ceremony was attended by Gopal Tripathi, Head of Treasury and Capital Markets at Jana Small Finance Bank.
   • Ajay Kanwal, MD and CEO, emphasized the bank’s success as a reflection of the trust and support of its customers, stakeholders, and employees, and reaffirmed the bank’s commitment to innovation and growth.
3. About Jana Small Finance Bank:
   • Jana Small Finance Bank is the 4th largest Small Finance Bank in India, with over 16 years of experience in lending and servicing more than 12 million customers.
   • Established in March 2018, the bank operates as a scheduled commercial bank with a national presence across 22 states and 2 union territories and 808 branches.
   • The bank evolved from a Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) to a robust financial entity, with 60% of its lending book secured by assets such as mortgages.
4. Retail Deposit and Customer Service:
   • Jana Small Finance Bank has developed a rapidly growing retail deposit franchise, supported by a strong brand and a commitment to high standards of customer service.
   • The management team has an average of 24 years of experience, supported by a well-rounded and reputable Board of Directors.
5. Other Achievements:
   • The bank was recognized as the National Best Employer and Dream Company to Work For by World HRD Congress in 2023.
   • Received the Best Data Quality Award by TransUnion CIBIL and Best Fintech & DPI Adoption by the Indian Banking Association (IBA) in 2023.
   • In 2024, Jana Small Finance Bank was awarded as Regional Winners: Asia by IBS Intelligence.

CURRENT AFFAIRS: RANKING AND INDEX

Mumbai and Delhi Among Top Global Cities for Prime Residential Price Rise in June Quarter 2024

• Manila ranked first globally with a 26% annual increase in prime residential property prices during the June quarter of 2024, according to a report by Knight Frank.
• Mumbai and New Delhi secured the second and third positions, respectively, among 44 cities worldwide, showcasing strong price growth in the luxury residential market.

2. Performance of Indian Cities:
   • Mumbai:
     • Recorded a 13% annual price rise in prime residences, improving from its 6th position in the previous year to 2nd place in 2024.
   • New Delhi:
     • Noted a 10.6% year-on-year increase in prime residential property prices, jumping from 26th position a year earlier to 3rd place during the June quarter.
   • Bengaluru:
     • Experienced a 3.7% rise in annual price growth, maintaining its 15th rank from the previous year.

3. Global Price Growth Trends:
   • The overall annual price growth across the 44 cities slowed to 2.6% in Q2 2024, down from 4.1% in the preceding quarter, indicating a global moderation in prime residential price rises.
4. Top Performing Global Cities:
   • Los Angeles: Ranked 4th with an 8.9% increase in prime residential prices.
   • Miami (7.1%), Nairobi (6.6%), Madrid (6.4%), Lisbon (4.7%), Seoul (4.6%), and San Francisco (4.5%) followed in the rankings.
   • Dubai, despite a significant rise of 124% since 2020, saw a slight decline of 0.3% annually.
5. Cities with Declining Prices:
   • Vienna: Experienced a 3.2% decline in prime residential prices.
   • Bangkok: Saw a 3.9% decrease.
   • Wellington: Ranked last (44th) with an annual price drop of 5.9% during the June quarter.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Finance Minister Nirmala Sitharaman Advances Bilateral Ties with Singapore

• Finance Minister Nirmala Sitharaman met with Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong to further strengthen the bilateral strategic partnership between India and Singapore.

Accompanying Delegation:

• Sitharaman was joined by key members of the Indian government, including:
  • External Affairs Minister S. Jaishankar
  • Commerce Minister Piyush Goyal
  • Railway Minister Ashwini Vaishnaw

Focus on Strategic Partnership:

• The meetings aimed at advancing cooperation in areas such as trade, investment, infrastructure, and technology, reflecting the growing strategic partnership between India and Singapore.

CURRENT AFFAIRS: SPORTS NEWS

Jay Shah Elected as ICC Chairman: Youngest Ever to Lead Global Cricket

• Jay Shah was elected unopposed as the next ICC Chairman.
• He is 35 and the youngest to lead global cricket administration.
• Shah is set to take over from Greg Barclay on December 1, 2024.

2. Background and Significance:
   • Jay Shah has been the BCCI Secretary since 2019.
   • He is the son of Union Home Minister Amit Shah.
   • Shah's election continues the legacy of Indians leading ICC, following Jagmohan Dalmiya, Sharad Pawar, N Srinivasan, and Shashank Manohar.
3. Commitment to Cricket’s Global Expansion:
   • Shah emphasized expanding cricket’s global reach, especially with its upcoming inclusion in the Los Angeles 2028 Olympics.
   • He aims to balance multiple cricket formats, adopt advanced technologies, and introduce marquee events to new global markets.
4. Support and Nomination:
   • Shah's election was widely expected due to his influential role in the BCCI, the richest cricket board globally.
   • His nomination was proposed and seconded by members of the SENA cricket boards (South Africa, England, New Zealand, and Australia).
   • He was the sole nominee for the chairmanship.
5. Strategic Timing:
   • Shah’s election coincides with a mandatory cooling-off period he would face from 2025 to 2028 under BCCI rules.
   • His role as ICC Chairman allows him to bypass this period and potentially return as BCCI president in 2028.

CURRENT AFFAIRS: IMPORTANT DAYS

National Sports Day 2024 - August 29

• National Sports Day or Rashtriya Khel Divas is celebrated on 29 August every year.
• This day is celebrated on Dhyan Chand’s birthday to honour the hockey legend. The day was declared India’s National Sports Day.
• Dhyan Chand was a legend in Indian and International hockey.
• Major Dhyan Chand a field hockey player is recognized by many to be the greatest field hockey player ever.
• India won the field hockey event in seven of the eight Olympics from 1928 through 1964, demonstrating his influence beyond these successes.
• To mark his birthday, India established National Sports Day in 2012.
• The purpose of celebrating this day is to honor the sporting legend and create awareness about the importance of sports in everyday life.
• The President of India honours this National Sports Day 2024, including the Khel Ratna, and Arjuna Awards, to famous sports luminaries.
• There are almost 8,000 sports listed in the “World Sports Encyclopedia”. Wrestling was the first sport and it began in Greece around 776 B.C.

Daily CA One- Liner: August 29

• The Ministry of Environment, Forest and Climate Change (MoEFCC) has proposed the Remediation of Contaminated Sites Rules, 2024, to clean up lands contaminated by hazardous substances.
• The Central government has shortened the grievance redressal time on the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) portal from 30 days to 21 days
• The Uttar Pradesh government aims to boost farm exports to Rs 50,000 crore in the next three to four years.
• The National Stock Exchange (NSE) board has approved a fresh application to the Securities and Exchange Board of India (SEBI) for a no-objection certificate (NOC) to launch its long-delayed initial public offering (IPO).
• Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, inaugurated the GST Bhawan, the official complex of the CGST Udaipur Commissionerate under the Central Board of Indirect Taxes and Customs (CBIC), in Udaipur, Rajasthan.
• Telangana is set to host its first Global AI Summit on September 5-6, 2024
• Jana Small Finance Bank secured four prestigious awards at the 2nd ICC Emerging Asia Banking Conclave & Awards
• Manila ranked first globally with a 26% annual increase in prime residential property prices during the June quarter of 2024, according to a report by Knight Frank

• The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the launch of the Unified Lending Interface (ULI) during the Global Conference on Digital Public Infrastructure and Emerging Technologies in Bengaluru, Karnataka.
• According to the data from the Reserve Bank of India (RBI) indicate that people are continuing to repose faith in small savings schemes with the corpus clocking a decent annual growth of 13.8% up to February 2024 reaching ₹18.1 lakh crore.
• Amazon Pay UPI has crossed 100 million customers, with the online platform used mainly for e-commerce transactions, utility bill payments and mobile recharges.
• State-owned Bank of Baroda (BoB) raised Rs 5,000 crore through 10-year infrastructure bonds at a coupon rate of 7.3%.
• India's market regulator, the Securities and Exchange Board of India (SEBI), has imposed a five-year ban on industrialist Anil Ambani and 24 others, including top executives of Reliance Home Finance Limited. (RHFL), from participating in the securities market.
• Reserve Bank of India (RBI) announced that “UBS AG” has been included in the Second Schedule of the Reserve Bank of India Act, 1934.
• The Reserve Bank of India (RBI) advised that “Krung Thai Bank Public Company Limited” has been excluded from the Second Schedule of the Reserve Bank of India Act, 1934 .
• Reserve Bank of India (RBI) advised that “Credit Suisse AG” has been excluded from the Second Schedule of the Reserve Bank of India Act, 1934.
• Apple Inc named Kevan Parekh, an Indian-origin engineer, as its next Chief Financial Officer (CFO).
• Online travel services operator EaseMyTrip.com has roped in Bollywood star Jacqueline Fernandez as its brand ambassador.
• The Reserve Bank of India (RBI) has approved SBI Mutual Fund (SBI MF) to acquire up to 9.99% of the paid-up share capital or voting rights of Karur Vysya Bank (KVB).

• Finance Minister Nirmala Sitharaman met with Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong to further strengthen the bilateral strategic partnership between India and Singapore
• Jay Shah was elected unopposed as the next ICC Chairman
• National Sports Day or Rashtriya Khel Divas is celebrated on 29 August every year.