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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Imposes Monetary Fines on Mahoba Urban Co-operative Bank Limited., Uttarkashi Zila Sahkari Bank Limited., and U.P. Postal Primary Co-operative Bank Limited

• The Reserve Bank of India (RBI) has imposed a monetary penalty on Mahoba Urban Co-operative Bank Ltd., Mahoba, Uttar Pradesh, Uttarkashi Zila Sahkari Bank Ltd., Uttarkashi, U. P. Postal Primary Co-operative Bank Ltd., Lucknow.

Mahoba Urban Co-operative Bank Ltd., Mahoba, Uttar Pradesh:

• Penalty Amount: ₹8.00 lakh
• Reason:
  • Contravention of section 26A(2) read with section 56 of the Banking Regulation Act, 1949 (BR Act).
  • Non-compliance with RBI directions on:
    • 'Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs'
    • 'Exposure Norms and Statutory / Other Restrictions – UCBs'
  • Legal Basis: Imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.
  • This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Uttarkashi Zila Sahkari Bank Ltd., Uttarkashi:

• Penalty Amount: ₹2.00 lakh
• Reason:
  • Contravention of section 20(1) and section 26A(2) read with section 56 of the Banking Regulation Act, 1949 (BR Act).

1. P. Postal Primary Co-operative Bank Ltd., Lucknow

• Penalty Amount: ₹3.00 lakh
• Violation:
  • Non-compliance with specific directions issued by RBI under the Supervisory Action Framework (SAF).

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra
• Governor : Shaktikanta Das
• Deputy Governors : M. Rajeshwar Rao, Swaminathan J, T. Rabi Sankar, Dr. M.D. Patra

ESAF Small Finance Bank Introduces Inori RuPay Platinum Credit Card       

• ESAF Small Finance Bank has introduced the Inori RuPay Platinum Credit Card, a premium financial product developed in collaboration with the National Payments Corporation of India (NPCI).

Key Highlights :

• Card Name Significance:The name “Inori” is derived from the Japanese word for “wish,” reflecting the bank's aspiration to meet the desires and expectations of its customers.

Card Benefits:

• Cashback Offers: Cardholders can receive exciting cashback on monthly transactions.
• Insurance Coverage: The card includes comprehensive insurance coverage of up to ₹2 lakh.
• Exclusive Merchant Offers: Provides access to special offers from selected merchants.
• Global Acceptance: The card is accepted internationally.
• Concierge Services: Offers personalized assistance with travel, dining, and lifestyle needs.

About ESAF Small Finance Bank  (formerly known as ESAF Microfinance and Investments) :

• Founded : 10 March 2017
• Headquarters : Thrissur, Kerala
• MD & CEO : K Paul Thomas

Jio Financial Services Receives Approval to Raise Foreign Investment Limit to 49%

• Jio Financial Services Limited has received approval from the Department of Economic Affairs to raise the aggregate limit of foreign investment (including Foreign Portfolio Investors, FPIs) to 49% of the paid-up equity share capital on a fully diluted basis.
• The adjustment is aimed at enhancing participation from foreign investors and FPIs.

Key Highlights :

• Current Foreign Investment:Foreign investors currently hold 17.55% of the company's stake, from a public float of approximately 53%.
• Company Background:Jio Financial Services was demerged from its parent company, Reliance Industries Ltd, in July 2023.
• Financial Performance:For the quarter ending March 2024, Jio Financial Services reported a 6% increase in consolidated net profit, reaching ₹311 crore, up from ₹294 crore in the previous quarter.
• New Business Ventures:The company has launched its ship leasing business by leasing its first ship through Reliance International Leasing IFSC Ltd (RILIL), in a joint venture with Reliance Strategic Business Ventures Ltd based in GIFT City, Gujarat.
• It plans to finance solar panels and IT equipment and has received approval to expand its business correspondents (BCs) network to 16,000 outlets.
• Asset Management Joint Venture:The company's asset management joint venture with BlackRock is progressing, with infrastructure and tech platforms in advanced stages of development.

About Jio Financial Services Limited :

• Founded : 22 July 1999
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Hitesh Kumar Sethia

Goods and Services Tax Department Imposes ₹24 Lakh Penalty on Yes Bank

• The Goods and Services Tax (GST) department in Maharashtra has imposed a penalty on Yes Bank amounting to ₹24,92,978.
• This penalty includes disallowance of input tax credit (ITC), interest, and the penalty amount itself.

Legal Basis:

• The penalty is based on:
  • Section 73 of the Central Goods and Services Tax Act, 2017
  • Maharashtra Goods and Services Tax Act, 2017

Key Highlights :

• Bank's Response:Yes Bank stated that the tax and interest demand is below the materiality threshold limit currently applicable to the Bank.
• The Bank does not anticipate the order to significantly impact its financial, operational, or other activities.
• Regulatory Disclosure:The disclosure of this information is required under:
  • Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

About Yes Bank :

• Founded : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar

Zeta Partners with HDFC Bank to Enhance Credit Line Offerings on UPI (CLOU) Platform

• Zeta, a provider of next-gen banking technology to financial institutions globally, has partnered with HDFC Bank to support the bank’s credit line offerings on the UPI (CLOU) platform.
• The partnership leverages Zeta’s Digital Credit as a Service (DCaaS) solution, which is designed for rapid deployment and includes capabilities across origination, processing, lifecycle management, digital experiences, and data analytics.

Key Highlights :

• Credit Line on UPI (CLOU):The Credit Line on UPI (CLOU) scheme was announced by NPCI and allows banks to connect pre-approved credit lines directly to the UPI user base.
• This facilitates easier credit access for individuals and businesses.
• CLOU provides banks with access to a broader audience through the UPI ecosystem.
• Growth Potential:Zeta’s estimates suggest that the CLOU scheme could grow to a $1 trillion opportunity for banks by 2030.
• Features of DCaaS:Zeta’s DCaaS is a fully managed solution with pre-integrated features and a catalogue of over a dozen innovative credit products for both retail and SME lending.
• Banks can launch new credit products rapidly, within six months, using Zeta’s technology.
• Zeta’s Role:Zeta will provide HDFC Bank with a comprehensive technology stack and managed services to implement and manage the CLOU offerings.

About Zeta :

• Founded : 2015
• Headquarters : Mumbai, Maharashtra
• CEO : Bhavin Turakhia

CURRENT AFFAIRS: NATIONAL NEWS

PMJDY Expansion: 3 Crore New Accounts to be Opened in 2024: Finance Minister

• Finance Minister Nirmala Sitharaman announced that nearly 3 crore new accounts will be opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in the current financial year, aiming to extend financial inclusion to remaining and newly adult populations.

1. Program Overview and Growth:
   • PMJDY, launched by Prime Minister Narendra Modi on August 28, 2014, has shown impressive growth in financial inclusion.
   • The number of bank accounts under PMJDY surged from 14.72 crore in March 2015 to 53.13 crore as of August 16, 2024.
   • Total deposits in PMJDY accounts also witnessed significant growth, increasing from Rs 15,670 crore in March 2015 to over Rs 2.31 lakh crore by August 2024.
2. Increased Financial Inclusion:
   • Sitharaman highlighted that the majority of adults in India now have bank accounts, with efforts ongoing to ensure financial access for the remaining adults and newly eligible individuals.
   • As of August 14, 2024, there were over 173 crore active CASA (Current Account and Savings Account) accounts, including the 53 crore operational PMJDY accounts.
3. Streamlined Account Opening:
   • New digital initiatives such as e-KYC and video KYC have streamlined the process of opening bank accounts, making it paperless and eliminating the need for visits to bank branches or banking correspondents.
4. Account Activity and Balance:
   • The average balance in PMJDY accounts has risen from Rs 1,065 in March 2015 to Rs 4,352 as of August 16, 2024, reflecting increased financial engagement.
   • Approximately 80% of PMJDY accounts are active, indicating the program's ongoing impact and relevance.

PM Modi Reviews Progress of Key Projects Worth Rs 76,500 Crore in 44th PRAGATI Meeting

• Prime Minister Narendra Modi chaired the 44th edition of PRAGATI, a multi-modal platform for Pro-Active Governance and Timely Implementation involving Centre and state governments.
• The meeting, the first in his third term, reviewed the progress of seven key projects across 11 states and Union Territories with a combined worth of around Rs 76,500 crore.

2. Projects Reviewed:
   • The projects included two road connectivity projects, two rail projects, and one project each from the Coal, Power, and Water Resources sectors.
   • The projects span across Uttar Pradesh, Uttarakhand, Jharkhand, Maharashtra, Rajasthan, Gujarat, Odisha, Goa, Karnataka, Chhattisgarh, and Delhi.
3. Prime Minister’s Directives:
   • PM Modi emphasized that delays in project completion lead to cost escalations and deprive the public of the intended benefits, urging all officials at Central and State levels to be aware of this impact.
   • He highlighted the importance of the ‘Ek Ped Maa ke Naam’ campaign, linking environmental protection with project development efforts.
4. Focus on Water and Urban Development:
   • PM Modi stressed the importance of addressing water issues in both urban and rural areas, underlining water as a basic human need and calling for effective grievance disposal at district and state levels.
   • For the success of Jal Jeevan projects, he suggested involving women self-help groups and skilling youth in Operation and Maintenance
   • He reiterated the need for conducting Water Resource Surveys at the district level and emphasized source sustainability.
5. Urban Planning and Governance:
   • PM Modi advised chief secretaries to personally monitor projects under AMRUT 2.0, urging states to plan with consideration of future urban growth and needs.
   • He stressed the inclusion of peri-urban areas in drinking water plans and called for reforms in urban governance, comprehensive urban planning, urban transport planning, and municipal finance to address rapid urbanization.
6. Energy and Water Conservation:
   • Modi highlighted the importance of initiatives like the PM Surya Ghar Muft Bijli Yojana to meet urban energy demands.
   • He asked officials to continue working on the Mission Amrit Sarovar programme, advising the involvement of village committees in maintaining water catchment areas and desilting water bodies as needed.
7. Progress Under PRAGATI:
   • Since its inception, PRAGATI has reviewed 355 projects worth a total of Rs 18.12 lakh crore, demonstrating the government's commitment to monitoring and expediting key development initiatives across the nation.

CCEA Approves Major Infrastructure Projects Worth ₹35,000 Crore; Expands Support for Agriculture and Hydro-Electric Projects

The Cabinet Committee on Economic Affairs (CCEA) approved 12 new industrial nodes and three rail projects, focusing on connectivity between key industrial locations.

• The total investment for these projects is around ₹35,000 crore.
• The new industrial areas will be developed in states including Uttarakhand, Punjab, Maharashtra, Kerala, Uttar Pradesh, Bihar, Telangana, Andhra Pradesh, and Rajasthan, covering various sectors such as food processing, IT, textiles, and pharmaceuticals.

1. Support for Hydro-Electric Projects in the North-East:
   • The CCEA approved Central Financial Assistance (CFA) to state governments in the North-East for their equity participation in hydro-electric projects, amounting to ₹4,136 crore from FY 2024-25 to FY 2031-32, supporting a cumulative hydro capacity of about 15,000 MW.
2. Expansion of Agriculture Infrastructure Fund (AIF):
   • The Cabinet approved the expansion of the Agriculture Infrastructure Fund (AIF) to include more eligible projects and align with PM-KUSUM initiatives, aiming to raise farmers' incomes and enhance the agricultural infrastructure ecosystem. The AIF has sanctioned ₹47,575 crore for 74,508 projects, generating over 19 lakh rural jobs and mobilizing investments of ₹78,596 crore.
3. E-Auctions for Private FM Radio Phase III Policy:
   • The Cabinet approved the 3rd batch of e-auctions under the Private FM Radio Phase III Policy, offering 730 channels in 234 new cities, with an estimated reserve price of ₹784.87 crore. The policy includes setting Annual License Fees as 4% of Gross Revenue excluding GST for the new channels.
   • The rollout of Private FM Radio in these areas will enhance government outreach, support 'vocal for local' initiatives, and create employment opportunities, especially in aspirational districts and areas affected by left-wing extremism.
4. Boost to Manufacturing and Infrastructure Development:
   • The approved projects underscore the government's commitment to building manufacturing capabilities and strengthening infrastructure to achieve the goal of Viksit Bharat by 2047.
   • The recent approvals add to the ₹2 trillion worth of infrastructure projects sanctioned by the Cabinet in the last three months, highlighting the ongoing focus on economic growth and public welfare.

PM Modi Celebrates 10 Years of Jan Dhan Yojana: A Milestone in Financial Inclusion

• Prime Minister Narendra Modi commemorated the 10th anniversary of the Jan Dhan Yojana on August 28, highlighting its transformative impact on financial inclusion in India.
• PM Modi praised the initiative for empowering women, youth, and marginalized communities, enhancing their financial status.

1. Union Finance Minister's Remarks:
   • Nirmala Sitharaman lauded the scheme for revolutionizing India’s banking and financial landscape, providing universal access to banking services, insurance, and credit.
   • Sitharaman noted that 67% of accounts are in rural or semi-urban areas, with 55% held by women. She emphasized the scheme’s role in promoting digital payments and seamless welfare transfers.
2. Scheme Overview:
   • Launched: August 28, 2014
   • Objective: To provide affordable financial services including remittance, credit, insurance, and savings.
   • Technological Approach: Utilizes mobile transactions and telecom centers as Cash Out Points.
3. Key Benefits:
   • Basic Savings Bank Deposit (BSBD) Accounts: No minimum balance required; deposits earn interest; includes a RuPay debit card.
   • Accident Insurance: ₹1 lakh coverage (₹2 lakh for accounts opened after August 28, 2018).
   • Overdraft Facility: Up to ₹10,000 for eligible account holders.
4. Achievements:
   • Total Accounts:13 crore (55.6% held by women, 66.6% in rural/semi-urban areas).
   • Total Deposits: ₹2.31 lakh crore (15-fold increase since inception).
   • Average Deposit: ₹4,352 (fourfold increase since launch).
   • RuPay Debit Cards: Over 36.06 crore issued.
   • Infrastructure:67 lakh point-of-sale (PoS/mPoS) machines installed.
   • Digital Transactions: Increased from 2,338 crore in FY 2018-19 to 16,443 crore in FY 2023-24.
   • UPI Transactions: Rose from 535 crore in FY 2018-19 to 13,113 crore in FY 2023-24.
5. International Recognition:
   • The scheme was honoured by Guinness World Records in 2014 for the “Most Bank Accounts Opened in One Week,” with 1.91 crore accounts opened as part of the Financial Inclusion Campaign.

CURRENT AFFAIRS : STATE NEWS

Himachal Pradesh Increases Minimum Marriage Age for Women from 18 to 21 Years

• The Himachal Pradesh (HP) State Assembly passed a Bill increasing the minimum age of marriage for women from 18 to 21 years in order to support gender equality and higher education.
• The Prohibition of Child Marriage (Himachal Pradesh Amendment) Bill, 2024 was introduced by Women Empowerment Minister Dhani Ram Shandil in the State Assembly during its ongoing monsoon session.
• The Bill amends the Prohibition of Child Marriage Act, 2006 and other related Acts in their application in Himachal Pradesh.

Applicability:

• The new legislation applies to all persons domiciled in Himachal Pradesh, overriding provisions of:
  • Indian Christian Marriage Act, 1872
  • Parsi Marriage and Divorce Act, 1936
  • Muslim Personal Law (Shariat) Application Act, 1937
  • Special Marriage Act, 1954
  • Hindu Marriage Act, 1955
  • Any other relevant law or custom.

Definition of “Child”:

• The Bill defines a “child” as anyone who has not completed 21 years of age, eliminating the previous age-based distinction between males and females.

Changes in Annulment Period:

• The Bill extends the period for filing a petition to annul a marriage:
  • Previously, a petition could be filed within two years of attaining majority (before turning 20 for women and 23 for men).
  • The Bill increases this period to five years, allowing petitions to be filed before turning 23 years old.

About HP :

• Governor : Shiv Pratap Shukla
• Chief Minister : Sukhvinder Singh Sukhu

CURRENT AFFAIRS: BUSINESS NEWS

Oyo Reports Q1 Profit of Rs 132 Crore, Eyes Rs 700 Crore PAT for FY25

• Oyo, the hospitality major heading towards an IPO, reported a profit after tax (PAT) of Rs 132 crore for the first quarter (Q1) of FY25, marking a significant turnaround from a loss of Rs 108 crore in the same period last year.
• The company anticipates its PAT to triple to Rs 700 crore for the full financial year FY25, reflecting strong growth and strategic management.

2. Growth Drivers:
   • CEO and founder Ritesh Agarwal attributed the robust Q1 performance to Oyo's expansion across India, Southeast Asia, and the United States, as well as the growth of company-serviced properties globally.
   • Oyo's strategic partnerships and investments in Europe have also played a key role, including a recent acquisition of the property management firm Checkmyguest in Paris, France, along with its affiliates, Studio Prestige and Helpmyguest.
3. Global Expansion:
   • Oyo has seen increased preference for its premium properties not just in India but across various global markets.
   • In the US, Oyo is opening a new property every three days, demonstrating strong growth momentum.
   • Oyo is now the largest value hotel platform in Indonesia, further solidifying its presence in Southeast Asia.
4. Strategic Investments:
   • Ritesh Agarwal recently invested Rs 830 crore in Oyo through his entity, Patient Capital, bringing the total funding for the latest round to Rs 1,457 crore at a valuation of $2.4 billion.
   • Following this investment, Agarwal's stake in the company increased from 29.97% to 32.57%.
5. Future Outlook:
   • Oyo's full-year profitability for FY24 and expansion in key markets, coupled with an expected reduction in interest expenses, have boosted confidence in achieving the projected net profit of Rs 700 crore for FY25.
   • This projection could potentially triple the company's earnings per share (EPS) from 36 paise to nearly Rs 1, marking a significant increase in shareholder value.
6. Recent Milestones:
   • Oyo reported its first-ever full-year profit of Rs 229 crore, highlighting the effectiveness of its strategic initiatives.
   • The company's investments in premium properties and strategic partnerships, such as the deal with Checkmyguest in France and ongoing investments in Denmark, are expected to accelerate growth, particularly in the European market.

Madhya Pradesh Secures Rs 8,000 Crore Investment Proposals at Regional Industrial Conclave

• Madhya Pradesh Chief Minister Mohan Yadav announced that the state received investment proposals worth Rs 8,000 crore during the Regional Industrial Conclave (RIC) in Gwalior.
• These investments are expected to generate 35,000 jobs across the state, reflecting strong investor interest and economic potential.

1. Key Projects:
   • Adani Port and SEZ Ltd Managing Director Karan Adani disclosed plans to set up a 2-million-tonne capacity cement grinding unit in Guna and a propellant production facility in Shivpuri.
   • These projects will involve a total investment of Rs 3,500 crore and are projected to create 3,500 jobs.
2. Participation and Delegates:
   • The conclave witnessed the participation of 4,000 delegates, including representatives from 15 countries, highlighting the global interest in Madhya Pradesh's industrial potential.

Vedanta Ltd Forms ₹30,000 Crore War Chest for Growth and Deleveraging

• Vedanta Ltd has assembled a war chest of ₹30,000 crore through recent financial manoeuvres, including:
  • ₹8,500 crore raised via a Qualified Institutional Placement (QIP).
  • ₹3,200 crore from the Offer for Sale (OFS) of Hindustan Zinc Ltd (HZL).
  • ₹5,100 crore from a second interim dividend.
  • Existing cash reserves of ₹13,000 crore.

1. Use of Funds:

• The funds will be utilized for:
  • Accelerated deleveraging to reduce debt.
  • Improving capital structure.
  • Development of transformational projects aimed at achieving a near-term EBITDA target of $10 billion.
  • Pursuing inorganic growth opportunities.

2. Strong Financial Performance:
   • Vedanta reported a 54% year-on-year (Y-o-Y) increase in profit after tax for the first quarter, totaling ₹5,095 crore.
   • The company achieved its highest-ever alumina production at Lanjigarh and record mined metal product output at Zinc India.
   • The overall production cost was reduced by 20% Y-o-Y due to operational improvements and structural changes.
3. Debt and Deleveraging:
   • As of June 30, 2024, Vedanta's debt stood at ₹61,300 crore.
   • Funds from private placement of non-convertible debentures and promoter stake sales (4.4% between February and June) will contribute to debt reduction.
4. Strategic Developments:
   • Demerger Plan: Vedanta is progressing with a vertical demerger after receiving no-objection certificates from secured lenders and stock exchanges. The scheme has been filed with the National Company Law Tribunal (NCLT).
   • The demerger aims to unlock value and attract significant investment into each of the demerged businesses, simplifying the corporate structure.
5. Future Outlook:
   • The company’s transformational projects azznd demerger are expected to enhance volume, integration, and the range of value-added products.
   • The strategic focus on debt reduction, operational efficiencies, and investment opportunities is aligned with Vedanta's goal of generating free cash flows and maintaining strong financial health.

CURRENT AFFAIRS: AWARDS AND HONOURSz

Highlights from the Goalfest Conclave 2024: Recognitions, Awards, and Visionary Leadership

• The Goalfest Conclave 2024 took place at ITC Maratha, Mumbai, and was inaugurated with a recognition ceremony led by Saimik Sen, Editor-In-Chief of Herald Global.
• The conclave featured prominent attendees, including Shri Arvind Sawant (MP for Mumbai South and Chief Spokesperson of Shiv Sena), Vijay Kalantri (President of All India Association of Industries), Dr. Sanjay Mukherjee (Metropolitan MMRDA Commissioner), Lalit Gandhi (President of MACCIA), and Nitin Thakker (President of the Bombay Bar Association).
• These distinguished individuals were honored with the Pride of India Awards. Shri Arvind Sawant delivered an inspiring speech that resonated deeply with attendees.

1. Purpose and Participants:
   • The Goalfest Conclave serves as a platform that unites visionaries, policymakers, academicians, and industry leaders to celebrate contributions that shape industries and inspire growth.
   • Notable individuals from diverse fields, including Raveena Tandon, Sunny Hinduja, Amit Sadh, Rajesh Jais, and Sadiya Siddiqui, were recognized with Industry No.1 Awards for their outstanding achievements.
2. Prestigious Brands of India Awards 2024:
   • The event featured the unveiling of the Prestigious Brands of India Awards 2024, recognizing brands that have set new standards in their industries.
   • The winners, selected after a rigorous research process by BARC Asia, included Tata Structura, Mercedes-Benz E-Class, TATA Green Batteries, Superdry, Fortis Hospital, PayPal, and Nike, among others.
3. Rising and Decade Awards:
   • The Prestigious Rising Brands category highlighted emerging brands such as Bajaj Broking, PetStar, Swiggy, and iPhone 15 series.
   • Brands demonstrating consistent growth over the last decade were honored with the Brand of Decade 2024 award, with winners including Mahindra Susten, APL Apollo Tubes, Amul, Saridon, NESCAFE, Tata Salt, and ICICI Lombard.
4. Marketing Meisters:
   • The conclave also featured the unique “Marketing Meisters” category, celebrating leaders who have propelled their brands to exceptional heights.
   • Awardees included Sachin Chaudhary, Shailza Mittal, Divya Bhatia, Utsav Banerjee, and Retasha Lewis, among others, recognizing their strategic contributions to brand success.
5. Future Events:
   • The conclave concluded with the announcement of the next edition of the awards, scheduled for 17th November 2024 at the Sheraton Grande Hotel Sukhumvit in Bangkok, Thailand.
   • Herald Global aims to create another milestone with its next leadership summit, continuing its journey of celebrating excellence and leadership.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Subhasri Appointed as MD and CEO of Shriram Capital

• Shriram Capital Private Limited, the holding company of the Shriram Group, has announced the appointment of Subhasri as the company’s Managing Director (MD) and Chief Executive Officer (CEO), effective September 1, 2024.
• She is currently serving as the Joint Managing Director (JMD) of Shriram Capital.

About Subhasri :

• Subhasri's association with the Shriram Group started in 1991 as an Officer in the Non-Banking Financial Company (NBFC) sector
• Previously, she held positions as Executive Director and CFO of Shriram City Union Finance (now Shriram Finance) and Joint MD of Shriram Capital.

About Shriram Group :

• Founded : 5 April 1974
• Headquarters : Chennai, Tamil Nadu, India
• Chairman : R. Thyagarajan

Vice Admiral Rajesh Dhankhar Appointed as Director General of Project Seabird

• Vice Admiral Rajesh Dhankhar, NM assumed the duties of Director General of Project Seabird, overseeing the largest defence infrastructure project at the Karwar Naval Base.
• He succeeded Vice Admiral Tarun Sobti at the Headquarters, of Project Seabird in New Delhi.

About Rajesh Dhankhar :

• Vice Admiral Dhankhar was commissioned into the Indian Navy on 01 July 1990.
• He is a specialist in Navigation & Direction and has had a distinguished career spanning 34 years.
• He has served in specialist roles onboard warships including INS Pondicherry, INS Godavari, INS Kora, and INS Mysore.
• He has held instructional positions with the Project 15 Training Team, Navigation & Direction School, and the MIDS Wing Officer's Cadet School in Singapore.
• His notable staff appointments include those as Joint Director and Director at Directorate of Naval Plans, Principal Director/ Commodore (Pers) at the Directorate of Personnel.
• Awards and Recognition:Vice Admiral Dhankhar received the Nao Sena Medal (Gallantry) in 2015 for his role in Non-Combatant Evacuation Operations (NEO) involving the evacuation of Indian nationals from Aden and Al-Hodeida in Yemen.

IRMS officer Satish Kumar Becomes 1st Dalit Chairman and Chief Executive Officer of the Railway Board

• Satish Kumar, an officer from the Indian Railway Management Service (IRMS), has been appointed as the Chairman and Chief Executive Officer (CEO) of the Railway Board.
• This appointment marks him as the first chairman and CEO from the Scheduled Castes in the board’s history.
• Jaya Varma Sinha, who is the current chairperson and CEO of the board, is superannuating on August 31,2024 and Kumar's appointment will be effective from September 1, 2024.

About Satish Kumar :

• Kumar is a distinguished officer from the Indian Railway Service of Mechanical Engineers (IRSME), having joined the service in the 1986 batch.
• Prior to his new role, he served as the General Manager of the North Central Railway in Prayagraj.

Senior IPS Officer B Srinivasan Appointed as Director General of National Security Guard

• B Srinivasan, a senior IPS officer, has been appointed as the Director General (DG) of the National Security Guard (NSG).
• His appointment is effective from the date of joining the post and will continue until August 31, 2027, which is his date of superannuation.
• Srinivasan will take over as DG of NSG following the departure of Nalin Prabhat, who is being deputed as Special Director General of Police in Jammu and Kashmir.
• Nalin Prabhat, a 1992 batch IPS officer of the Andhra Pradesh cadre, will assume the role of Special DG in Jammu and Kashmir after the retirement of RR Swain on September 30.

About B Srinivasan :

• B Srinivasan is a 1992 batch IPS officer of the Bihar cadre.
• He currently serves as the Director of the Bihar Police Academy in Rajgir.

About NSG :

• Formed : 16 October 1984
• Headquarters : New Delhi, Delhi,India
• The National Security Guard (NSG), commonly known as Black Cats, is a counter-terrorism unit of India under the Ministry of Home Affairs.

Fatemeh Mohajerani Appointed as Iran's First Female Government Spokesperson

• Fatemeh Mohajerani has been appointed as Iran's first female government spokesperson, marking a historic first for the country.
• The appointment was made at the suggestion of Iranian President Masoud Pezeshkian and approved by the Cabinet of Ministers.

Other Notable Appointments:

• Alongside Mohajerani's appointment, Farzaneh Sadeq Malvajard has been approved as the Minister of Roads and Urban Development, becoming the second woman minister in Iran post the 1979 Islamic Revolution.
• Elias Hazrati, a former member of the Iranian Parliament, has been appointed as the Chairman of the Government's Information Council.

About Fatemeh Mohajerani :

• Mohajerani is 54 years old and holds a Doctorate in Business Administration from Edinburgh.
• She has previously served as the head of the Technical and Vocational Training University of Shariati (for women) in the 11th government.
• In 2017, she was appointed as the head of the Center for Brilliant Talents by the then-Education Minister Seyyed Mohammad Bat'hai and has held various positions within the Education Ministry.

Recent News :

• In August 2024, President Pezeshkian appointed Shina Ansari as Iran's Deputy President and Head of the Department of Environment.

About Iran :

• Capital : Tehran
• Currency : Iranian rial

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Approves Merger Involving Reliance Industries, Viacom18, Digital18 Media, Star India, and Star Television Productions

• The Competition Commission of India (CCI) has approved the proposed combination involving Reliance Industries Limited (RIL), Viacom18 Media Private Limited (Viacom18), Digital18 Media Limited, Star India Private Limited (SIPL), and Star Television Productions Limited (STPL).
• The approval is subject to compliance with voluntary modifications.

Key Highlights :

• Proposed Combination:The combination aims to merge the entertainment businesses of Viacom18 (part of the RIL group) and SIPL, which is wholly owned by The Walt Disney Company (TWDC).
• Post-transaction, SIPL will become a joint venture (JV), jointly held by RIL, Viacom18, and existing TWDC subsidiaries.

Entities Involved:

• RIL: Engaged in various sectors including oil and gas exploration, petroleum refining, petrochemicals, chemicals, organized retail, media and entertainment, and telecommunications.
• Viacom18: Operates in broadcasting TV channels, running an OTT platform, selling advertisement space, licensing merchandise, and organizing live events.
• SIPL: Involved in TV broadcasting, AV content and motion picture production, OTT platform operations, and advertising space sales. SIPL is a wholly owned entity of TWDC.
• STPL: A company incorporated in the British Virgin Islands and indirectly owned by TWDC.

About CCI :

• Founded : 14 October 2003
• Headquarters : New Delhi
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

Zomato Finalizes Acquisition of Paytm’s Entertainment and Ticketing Business

• Food delivery major Zomato has completed the acquisition of Paytm’s event ticketing subsidiaries Wasteland Entertainment Private Limited (WEPL) and Orbgen Technologies Private Limited (OTPL).
• The acquisition deal was valued at ₹2,048 crore.

Key Highlights :

Platforms and Subsidiaries:

• OTPL operates the TicketNew platform.
• WEPL operates the Insider platform.
• As part of the deal, Zomato has acquired a 100% stake in OTPL and WEPL.
• Employee Transfer:Approximately 280 employees from the entertainment ticketing business will transfer to Zomato as part of the acquisition.
• Strategic Focus:Paytm aims to concentrate on its payments and financial services distribution segment following the sale.
• Zomato’s Expansion:The acquisition signifies Zomato's strategic move to diversify its business beyond food delivery.
• This follows Zomato’s previous investments in the quick commerce segment.
• On August 1,2024 Zomato announced plans to launch an app called District for the going-out business.
• This app will be Zomato’s third major business-to-consumer vertical, following food delivery and quick commerce.

About Zomato :

• Founded : July 2008
• Headquarters : Gurgaon, Haryana, India
• MD & CEO : Deepinder Goyal

Jio Financial Increases Stake in Jio Payments Bank to 82.17% with ₹68 Crore Investment

• Jio Financial Services Limited. (JFS) has raised its stake in Jio Payments Bank Limited. (JPBL) from 78.95% to 82.17%.
• JFS has invested ₹68 crore by subscribing to 6.8 crore shares of JPBL.
• The investment follows JFS’s recent approval from the Department of Economic Affairs, Ministry of Finance to increase its foreign investment cap to 49% of its total equity on a fully diluted basis.
• JFS is a subsidiary of Reliance Industries Ltd. and operates in sectors such as investing and financing, insurance broking, payment banking, and payment gateway services.

About Jio Payments Bank Limited : 

• Founded : 3 April 2018
• Headquarters : Navi Mumbai, India
• Chairman : Vivek Bhandari
• MD & CEO : Vinod Easwaran
• Jio Payments Bank Limited is an Indian payments bank, and is currently a subsidiary of Jio Financial Services, which was initially owned by Reliance Industries but was listed separately on stock exchanges in 2023.

CURRENT AFFAIRS: SPORTS NEWS

ILT20 Organizers Consider New Schedule to Avoid Clashes with Global Tournaments

• The International League T20 (ILT20) organizers are consider ing a new window for future editions to avoid scheduling conflicts with other major leagues like the Big Bash League (BBL) and SA20.
• The third edition of ILT20 is scheduled from January 11 to February 9, 2024, but overlaps with other global leagues may prompt a reconsideration of the dates.

1. Interest from India:
   • The league has attracted significant interest from India, especially with three Indian Premier League (IPL) franchises owning teams in the ILT20.
   • Zee Entertainment holds exclusive broadcast and streaming rights for the ILT20 for 10 years, underscoring the league's commercial appeal.
2. Future Innovations:
   • To enhance the league's appeal, both the organizers and broadcasters are exploring further innovations to make the ILT20 more attractive and relevant to global audiences.

CURRENT AFFAIRS: IMPORTANT DAYS

Small Industry Day 2024 - August 30

• The National Small Industry Day is an annual celebration observed on 30th August.
• The theme for 2024 is “Leveraging Power and Resilience of Micro-, Small and Medium-sized Enterprises (MSMEs) to Accelerate Sustainable Development and Eradicate Poverty in Times of Multiple Crises.”
• This day is dedicated to promoting small businesses nationwide and offering job opportunities to unemployed males and females for the betterment of their life.
• Small Industry Day 2024 is celebrated to boost the overall growth potential of small industries.
• The government of India had reportedly introduced an extensive policy package for the small-scale industry on August 30, 2000, to support small businesses in the country.
• Small Scale Industry (SSI) registration is used interchangeably with micro, small, and medium enterprise(MSME) registration while the MSME Development Act 2006 provides for facilitating the promotion.
• Small Industry Day has been celebrated since 2017 following a resolution passed in the Assembly during the year.
• According to a UN blog, formal and informal MSMEs make up over 90 percent of all firms and account, on average for 70 percent of total employment and 50 percent of GDP worldwide.
• The importance of the small-scale business sector is huge in the overall growth of a Nation.

Daily CA One- Liner: August 30

• Finance Minister Nirmala Sitharaman announced that nearly 3 crore new accounts will be opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in the current financial year, aiming to extend financial inclusion to remaining and newly adult populations
• Prime Minister Narendra Modi chaired the 44th edition of PRAGATI, a multi-modal platform for Pro-Active Governance and Timely Implementation involving Centre and state governments
• The Cabinet Committee on Economic Affairs (CCEA) approved 12 new industrial nodes and three rail projects, focusing on connectivity between key industrial locations.
• Prime Minister Narendra Modi commemorated the 10th anniversary of the Jan Dhan Yojana on August 28, highlighting its transformative impact on financial inclusion in India.
• Oyo, the hospitality major heading towards an IPO, reported a profit after tax (PAT) of Rs 132 crore for the first quarter (Q1) of FY25, marking a significant turnaround from a loss of Rs 108 crore in the same period last year
• Madhya Pradesh Chief Minister Mohan Yadav announced that the state received investment proposals worth Rs 8,000 crore during the Regional Industrial Conclave (RIC) in Gwalior
• Vedanta Ltd has assembled a war chest of ₹30,000 crore through recent financial manoeuvres
• The Goalfest Conclave 2024 took place at ITC Maratha, Mumbai, and was inaugurated with a recognition ceremony led by Saimik Sen, Editor-In-Chief of Herald Global.
• The International League T20 (ILT20) organizers are considering a new window for future editions to avoid scheduling conflicts with other major leagues like the Big Bash League (BBL) and SA20.
• The Reserve Bank of India (RBI) has imposed a monetary penalty on Mahoba Urban Co-operative Bank Ltd., Mahoba, Uttar Pradesh, Uttarkashi Zila Sahkari Bank Ltd., Uttarkashi, U. P. Postal Primary Co-operative Bank Ltd., Lucknow.
• ESAF Small Finance Bank has introduced the Inori RuPay Platinum Credit Card, a premium financial product developed in collaboration with the National Payments Corporation of India (NPCI).
• Jio Financial Services Limited has received approval from the Department of Economic Affairs to raise the aggregate limit of foreign investment (including Foreign Portfolio Investors, FPIs) to 49% of the paid-up equity share capital on a fully diluted basis.
• The Goods and Services Tax (GST) department in Maharashtra has imposed a penalty on Yes Bank amounting to ₹24,92,978.
• Zeta, a provider of next-gen banking technology to financial institutions globally, has partnered with HDFC Bank to support the bank’s credit line offerings on the UPI (CLOU) platform.
• The Himachal Pradesh (HP) State Assembly passed a Bill increasing the minimum age of marriage for women from 18 to 21 years to support gender equality and higher education.
• Shriram Capital Private Limited, the holding company of the Shriram Group, has announced the appointment of Subhasri as the company’s Managing Director (MD) and Chief Executive Officer (CEO), effective September 1, 2024.
• Vice Admiral Rajesh Dhankhar, NM assumed the duties of Director General Project Seabird, overseeing the largest defence infrastructure project at the Karwar Naval Base.
• Satish Kumar, an officer from the Indian Railway Management Service (IRMS), has been appointed as the Chairman and Chief Executive Officer (CEO) of the Railway Board.
• B Srinivasan, a senior IPS officer, has been appointed as the Director General (DG) of the National Security Guard (NSG).
• Fatemeh Mohajerani has been appointed as Iran's first female government spokesperson, marking a historic first for the country.
• The Competition Commission of India (CCI) has approved the proposed combination involving Reliance Industries Limited (RIL), Viacom18 Media Private Limited (Viacom18), Digital18 Media Limited, Star India Private Limited (SIPL), and Star Television Productions Limited (STPL).
• Food delivery major Zomato has completed the acquisition of Paytm’s event ticketing subsidiaries Wasteland Entertainment Private Limited (WEPL) and Orbgen Technologies Private Limited (OTPL).
• Jio Financial Services Limited. (JFS) has raised its stake in Jio Payments Bank Limited. (JPBL) from 78.95% to 82.17%.
• Small Industry Day is an annual celebration that takes place on 30th August.