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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Data Reveals 12.6% Growth in Digital Payments by March 2024    

• According to the Reserve Bank of India (RBI's) index that measures the adoption of online transactions, Digital payments across the country registered a 12.6% on-year rise as of March 31, 2024.
• RBI's Digital Payments Index (RBI-DPI) stood at 445.5 at the end of March 2024 compared to 418.77 in September 2023 and 395.57 in March 2023.
• The index series since its inception is as under:

About RBI-DPI index :

• The RBI-DPI index has increased across all parameters driven by significant growth in payment performance and payment infrastructure across the country over the period.
• The RBI announced the construction of a composite RBI-DPI in March 2018 as a base to capture the extent of digitisation of payments across the country.
• The index comprises 5 broad parameters that enable the measurement of the deepening and penetration of digital payments in the country over different periods.
• These parameters are

1. Payment Enablers: 25% weightage
2. Payment Infrastructure Demand-side Factors: 10% weightage
3. Payment Infrastructure Supply-side Factors: 15% weightage
4. Payment Performance: 45% weightage
5. Consumer Centricity: 5% weightage

• The index was published on a semi-annual basis from March 2021 onwards with a lag of four months.

About RBI :

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

Canara Bank to Open 250 New Branches to Increase Current Account and Savings Account Deposits       

• Canara Bank plans to open 250 new branches in the current financial year to mobilize low-cost deposits (Current Account and Savings Account - CASA).
• The bank opened 200 branches last year.
• Share of CASA deposits decreased from 33% in June 2022 to 30.98% in June 2023.
• The bank is using artificial intelligence to analyze data for better resource mobilization.

Key Highlights :

• Financial Performance:Total Deposits Growth: Total deposits increased by 11.97% year-on-year (Y-o-Y) to Rs 13.35 trillion as of June 2024.
• Post-Amalgamation Strategy:Branch Closures: Following the merger with Syndicate Bank, Canara Bank closed 1,300 branches to benefit from synergies.
• Liquidity Coverage Ratio (LCR):RBI Proposal: The Reserve Bank of India (RBI) proposed tightening norms for the liquidity coverage ratio (LCR).
• Bank’s LCR Policy: Canara Bank's internal policy is to maintain an LCR of 110%, while the RBI mandates 100%.
• Current LCR: The bank's LCR stands at 140%.
• Projected Impact: The proposed RBI rule may reduce the LCR to 129-130%.
• Market Strategy:Resource Mobilization: Canara Bank emphasizes the importance of raising deposits to dominate the market.
• Historical Growth: Recognizing the need for deposit growth 15 months ago, the bank achieved double-digit deposit growth last year.

Recent News :

• In June 2024, Canara Bank, issued a notice confirming the hacking of their official X handle.

About Canara Bank : 

• Established : 1906
• Headquarters : Bengaluru, Karnataka, India
• MD & CEO : K. Satyanarayana Raju
• Tagline : Together We Can

5 Entities Enter Test Phase in Reserve Bank of India's 5th Regulatory Sandbox Cohort    

• The Reserve Bank of India (RBI) announced that 5 entities were selected for the test phase of the regulatory sandbox’s theme-neutral fifth cohort that it had announced in October, 2023.
• The RBI received 22 applications for this cohort of the regulatory sandbox.

Selected 5 Entities:

1. Connectingdot Consultancy
2. Epifi Technologies
3. Finagg Technologies
4. Indian Banks’ Digital Infrastructure Company (IBDIC)
5. Signzy Technologies

Services Offered by Selected Entities :

• Categorisation of risks in loan portfolios.
• Digital opening of accounts for Non-Resident Indians (NRIs) through video Know Your Customer (KYC).
• MSME financing.
• Unassisted video KYC.

What is meant by Regulatory Sandbox ?

• A regulatory sandbox refers to live testing of new products or services in a controlled regulatory environment for which regulators may or may not permit certain relaxations for the limited purpose of testing.

Processes and Stages Involved:

• Preliminary screening.
• Assessment of applications and shortlisting.
• Formulation of test design and integration phase.
• Testing and evaluation phase.
• Purpose: The sandbox allows regulators, financial service providers, and customers to:
• Conduct field tests
• Gather evidence on the benefits and challenges of new financial innovations
• Monitor and manage the associated risks
• Target Applicants: Includes fintechs, banks, and companies partnering with or supporting financial services businesses.
• Cohorts: The sandbox operates through multiple cohorts, each with a limited number of entities testing their products over a set period, as outlined in the Enabling Framework for Regulatory Sandbox.

Reserve Bank of India Proposes Stricter Liquidity Coverage Ratio Norms for Banks, Releases Draft Guidelines     

• The Reserve Bank of India (RBI) released draft guidelines aimed at bolstering the liquidity resilience of banks amid the increased usage of technology.

Key Highlights :

• Run-Off Factor for Retail Deposits: Banks must assign an additional 5% run-off factor for retail deposits enabled with internet and mobile banking (IMB).
• Stable Retail Deposits with IMB: 10% run-off factor.
• Less Stable Deposits with IMB: 15% run-off factor.
• Treatment of Unsecured Wholesale Funding: Unsecured wholesale funding from non-financial small business customers will be treated similarly to retail deposits regarding run-off factors.
• Current LCR Norms for Banks : Banks are required to maintain a 100 percent Liquidity Coverage Ratio (LCR), meaning their stock of high-quality liquid assets (HQLA) must at least equal their total net cash outflows.
• This regulation enhances the short-term resilience of banks to potential liquidity disruptions, ensuring they possess sufficient HQLAs to withstand a 30-day acute stress scenario.
• Valuation of High-Quality Liquid Assets (HQLA):Level-1 Haircuts on High Quality Liquid Assets (HQLA) in the form of Government securities shall be valued at an amount not greater than their current market value, adjusted for applicable haircuts in line with the margin requirements under the Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF).
• Effective Date: These guidelines will come into effect on April 1, 2025.
• LCR Treatment of Pledged Deposits:The draft also says if a deposit hitherto excluded from LCR computation like a non-callable fixed deposit, is contractually pledged as collateral to a bank to secure a credit facility or loan, such deposit shall be treated as callable for LCR purposes.

About LCR :

• Definition : LCR is a liquidity requirement for banks to maintain at all times a certain proportion of high-quality liquid assets (HQLA), including cash, reserves with central banks, and federal government bonds, which can easily be converted into cash.
• Applicability: The circular applies to all Commercial Banks, excluding Payments Banks, Regional Rural Banks, and Local Area Banks.
• LCR Maintenance Requirement: Banks are required to maintain an LCR (HQLAs/ total cash outflows * 100) of at least 100%.

Reserve Bank of India Introduces Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-operative Banks    

• The Reserve Bank of India (RBI) has issued a Prompt Corrective Action (PCA) framework to improve weak Urban Cooperative Banks (UCBs), effective from April 1, 2025.
• The PCA framework will replace the existing Supervisory Action Framework (SAF), which was last revised on January 6, 2020.

Key Highlights :

Criteria for Invoking PCA:

• Capital Adequacy Ratio (CAR) up to 250 basis points below the required CAR.
• Net Non-Performing Assets (NPAs) above 6.0% but below 9.0%.
• Incurring losses during two consecutive years.
• The breach of any risk threshold may result in invocation of PCA.
• Applicability: The PCA framework will apply to UCBs with deposits above Rs 100 crore.
• Urban Co-operative Banks have been categorised into four tiers.

Categorization of UCBs:

1. Tier 1: UCBs with deposits up to Rs 100 crore.
2. Tier 2: UCBs with deposits above Rs 100 crore and less than Rs 1,000 crore.
3. Tier 3: UCBs with deposits above Rs 1,000 crore and less than Rs 10,000 crore.
4. Tier 4: UCBs with deposits above Rs 10,000 crore.

• The revised framework is expected to give more focus on the larger UCBs that require intensive monitoring by optimal utilisation of supervisory resources
• Exclusion of Tier 1 UCBs: Tier 1 UCBs are excluded from the PCA framework but will continue to be subjected to enhanced monitoring under the existing supervisory framework.
• PCA Invocation: A bank will generally be placed under the PCA Framework based on the reported and audited annual financial results and ongoing supervisory assessment.
• However, the RBI may impose PCA on any bank during the year if necessary.
• Supervisory Action Plans: The revised framework provides flexibility to design entity-specific supervisory action plans based on risk assessment on a case-by-case basis.
• Capital Expenditure Restrictions: The hard-coded limit of Rs 25,000 for restrictions on capital expenditure by UCBs under SAF has been removed. ·
• The revised framework enables the Supervisors to decide the limit depending upon their assessment of each entity.
• Exit from PCA: A UCB can exit PCA and have restrictions withdrawn if no breaches in risk thresholds are observed in four successive quarterly financial statements.
• For Tier 2 to 4 UCBs, the glide path is provided for achieving the regulatory minimum CRAR of 12% by March 31, 2026.

Reserve Bank of India Imposes Monetary Penalty on 3 Payment System Operators - Visa Worldwide, Ola Financial Services, Manappuram Finance          

• The Reserve Bank of India (RBI) has imposed penalties on payment system operators Visa Worldwide, Ola Financial Services and Manappuram Finance for deficiencies in regulatory compliance.

Penalty Amounts:

• Visa Worldwide Private Limited: Rs 2.4 crore.
• Manappuram Finance Limited: Rs 41.5 lakh.
• Ola Financial Services: Rs 87.55 lakh in two cases.

Key Highlights :

• Non-Compliance with KYC Directions:Manappuram Finance and Ola Financial Services were penalized for non-compliance with certain provisions of the Know Your Customer (KYC) directions issued by the RBI.
• Compounding Orders:Ola Financial Services and Visa Worldwide received compounding orders for contravening certain provisions.
• Visa Worldwide implemented a payment authentication solution without obtaining regulatory clearance from the RBI.
• Regulatory Actions:The RBI issued a notice to Visa Worldwide, advising it to show cause for non-compliance with the directions.
• Visa Worldwide responded by filing an application for compounding the violation, which was analyzed along with oral submissions during a personal hearing.
• The RBI determined the contravention could be compounded.
• Exercise of Regulatory Powers:The penalties were imposed under the provisions of Section 30 and Section 31 of the Payment and Settlement Systems Act, 2007.
• The actions were based on deficiencies in regulatory compliance and do not pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

CURRENT AFFAIRS: NATIONAL NEWS

India to Establish 12 New Industrial Cities to Boost Manufacturing

• India is set to establish 12 new industrial cities across various states to boost domestic manufacturing.
• DPIIT Secretary Rajesh Kumar Singh announced that these cities will follow the model of Greater Noida and Dholera.
• Two cities will be developed in Andhra Pradesh and one in Bihar.

1. Current Industrial Cities:
   • Eight industrial cities are currently in various stages of implementation.
   • Trunk infrastructure completed in four cities: Dholera (Gujarat), Auric (Maharashtra), Vikram Udyogpuri (Madhya Pradesh), and Krishnapatnam (Andhra Pradesh).
   • Land allotment for industries underway in these locations.
2. Infrastructure Development:
   • Government’s special purpose vehicle (SPV) is constructing essential infrastructure (roads, water, power) for the remaining four cities.
   • The new cities will feature ‘plug and play’ facilities with pre-approved environmental clearances.
3. Approval and Land Allocation:
   • DPIIT will soon seek Union Cabinet approval for the new cities.
   • State governments have already allocated the necessary land.
   • DPIIT to approve equity for the SPV.
4. Economic Impact:
   • The initiative aims to increase the manufacturing sector’s contribution to India’s GDP.
   • Expected to generate significant employment opportunities.
   • Budget 2024-25 includes measures like customs duty rationalisation to promote manufacturing and boost exports.

India's Anti-Dumping and Tariff Measures in 2023: WTO Report

• India ranked second after the US in initiating and imposing anti-dumping duties among WTO members in 2023.
• India initiated 45 anti-dumping investigations and imposed duties in 14 cases.
• The US initiated 64 anti-dumping investigations and imposed duties in 14 cases.
• In total, India has 133 anti-dumping measures impacting 418 products.
• In 2022, India was the top initiator with 29 anti-dumping investigations.

1. Impact on India as an Exporter:
   • India faced 11 anti-dumping investigations and had duties imposed in 8 cases in 2023.
   • Overall, India has faced anti-dumping actions in 103 cases covering 217 products.
   • Anti-dumping duties are designed to protect local companies from foreign suppliers selling goods at below-normal value.
2. Countervailing Measures:
   • India initiated 3 countervailing investigations and imposed duties in 3 cases in 2023.
   • Overall, India has imposed countervailing duties in 17 cases covering 28 products.
   • As an exporter, India faced 4 countervailing duty investigations and had duties imposed in 3 cases.
   • A total of 44 countervailing actions covering 173 products are in force against India.
3. Tariff Measures:
   • India’s average tariffs decreased to 17% in 2023 from 18.1% in 2022.
   • Non-agriculture imports average tariffs fell to 13.5% in 2023 from 14.7% in 2022.
   • Agriculture tariffs decreased slightly to 39% from 39.6%.
   • Trade-weighted average agriculture tariffs increased to 65% in 2023 from 48.5% in 2022.
   • Trade-weighted average non-agriculture tariffs decreased to 9% from 9.2% in 2022.
4. Bound Tariff Rates:
   • India’s final average bound tariff rate agreed at the WTO is 50.8% for all products.
   • For agriculture products, the bound tariff rate is 113.1%.
   • For non-agriculture products, the bound tariff rate is 36.0%.
5. Comprehensive Data Source:
   • The 2024 edition of World Tariff Profiles, jointly published by WTO, ITC, and UNCTAD, provides detailed information on tariffs and non-tariff measures imposed by over 170 countries and customs territories.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United Kingdom Foreign Secretary David Lammy Launches UK-India Tech Security Initiative    

• British Foreign Secretary David Lammy announced the new United Kingdom (UK)-India Technology Security Initiative.
• The announcement took place during Lammy's first visit to India, where he met with Prime Minister Narendra Modi and other senior leaders in New Delhi.
• The initiative aims to boost economic growth and deepen collaboration between the UK and India.
• It is expected to enhance security and cooperation in critical and emerging technologies.

Key Highlights :

• Agreements and Negotiations : The initiative was agreed upon by the National Security Advisors (NSAs) of both countries.
• It followed extensive negotiations to expand collaboration in key sectors.
• Key Sectors of Collaboration:The initiative focuses on several priority sectors, including:
• Telecoms
• Critical minerals
• Artificial Intelligence (AI)
• Quantum technologies
• Health and biotechnology
• Advanced materials
• Semiconductors
• Funding and Research:A new GBP 7-million funding call for Future Telecoms research was announced.
• This funding is part of a partnership between UK Research and Innovation (UKRI) and India's Department of Science and Technology.
• It falls under the broader India-UK science, technology, and innovation partnership.

About UK :

• Prime Minister : Keir Starmer
• Capital : London
• Currency : Pound sterling

CURRENT AFFAIRS : STATE NEWS

Kerala to Implement QR Code Registration for Inland Water Vessels Starting August 1, 2024    

• The Kerala government has introduced QR code registration for all inland vessels, including houseboats, operating in the state.
• An electronic portal has been established by the Kerala Maritime Board to facilitate the registration and survey of inland mechanised vessels.
• From August 1, 2024, registration and surveys of all mechanised inland water vessels in Kerala will only be possible through this portal.
• Aim : To ensure the safety of all vessels based on the new Inland Vessels Act, 2021, and to eliminate illegal activities in the sector.

Key Highlights :

• QR Code Benefits:Registered vessels will receive a registration number with a QR code, which passengers and inspection officials can scan to access vessel information, including passenger capacity.
• First State Initiative:Kerala is the first state in India to develop such an online system based on the new Inland Vessels Act, 2021.
• Transfer of Existing Registrations:The process of transferring details of already registered vessels to the new portal is progressing rapidly.
• Annual Survey:The annual survey of these vessels will be conducted exclusively through the portal.
• Detection and Enforcement:The full-fledged portal will enable easy detection of illegal vessels and initiation of actions against them.
• Speed Boats and Enforcement:The Kerala Maritime Board will launch speed boats next month to strengthen enforcement activities across the state.
• Electronic Enforcement:Steps are being taken to conduct enforcement measures through the electronic platform to curb illegal practices and reduce boat accidents.

About Kerala:

• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammad Khan
• National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park, Silent Valley National Park, Indira Gandhi National Park

CURRENT AFFAIRS: BUSINESS NEWS

India’s Vision: Achieving a $30 Trillion Economy by 2047

• India aims to become a $30 trillion economy by 2047, with a per capita income of $18,000 annually, according to the approach paper for the "Vision for Viksit Bharat in 2047".

Current Economic Status:

• GDP: $3.3 trillion
• Per Capita Income: $2,392 per annum

Growth Requirements:

• GDP Growth: Ninefold increase from the current level
• Per Capita Income Growth: Eightfold increase from the current level

Necessary Growth Rate:

• Sustained economic growth of 7-10% annually for the next 20-30 years

Challenges:

• Middle-Income Trap:
  • Few countries have managed to escape the middle-income trap to become high-income nations in the past 70 years.
  • Structural, institutional, and other socioeconomic factors contribute to this challenge.
  • India needs to address and overcome these factors to achieve its 2047 vision.

Key Points:

1. Target: $30 trillion economy and $18,000 per capita income by 2047.
2. Current GDP: $3.3 trillion; current per capita income: $2,392.
3. Required Growth: Ninefold GDP increase; eightfold per capita income increase.
4. Growth Rate: Sustained 7-10% annual growth for 20-30 years.
5. Middle-Income Trap: Key challenge; needs strategic planning to overcome.

Gold Jewellery Industry Advocates for 'One Nation, One Rate' Policy

• The gold jewellery industry is pushing for a ‘One Nation, One Rate’ policy.
• The policy will start with a unified gold rate for Eastern India in August.

1. Stakeholder Support:
   • Samar Kr. De, President of the Swarna Silpa Bachao Committee, confirms widespread interest among stakeholders.
   • Saiyam Mehra, Chairman of the All India Gem and Jewellery Domestic Council (GJC), supports the policy to create a level playing field and prevent undercutting.
2. Nationwide Implementation:
   • The aim is to extend the unified gold rate policy nationwide within the next six months.
   • Discussions are ongoing with large national jewellery retail chains.
3. Recent Economic Measures:
   • The Union Finance Minister, Nirmala Sitharaman, reduced import duties on gold and silver from 15% to 6% in the recent Union Budget.
   • The industry expects the duty cut to curb illegal gold imports, which are estimated to be 100 tonnes out of 950 tonnes of total imports.
4. GST Concerns and Appeals:
   • Industry players are concerned about potential changes to the Goods and Services Tax (GST) on gold.
   • The GJC has requested the GST Council to reduce the GST rate on jewellery from the current 3% to 1%.

Aditya Birla Group Launches Indriya to Enter Indian Jewellery Market

• Aditya Birla Group launched its in-house jewellery brand, Indriya.
• The group aims to become one of India's top three jewellery retailers within five years.

1. Investment and Expansion:
   • The venture is backed by a substantial investment of Rs 5,000 crore.
   • Initial launch includes four stores in Delhi, Indore, and Jaipur, with plans to expand to over 10 cities within six months.
   • Stores will be large, measuring over 7000 sq ft, 30-35% larger than the average national brand stores.
2. Strategic Goals:
   • The group plans to leverage its existing retail presence in apparel and fashion.
   • Focus on the dynamic Indian consumer market, value migration from informal to formal sectors, preference for trusted brands, and the booming wedding market.
3. Chairman’s Vision:
   • Kumar Mangalam Birla, Chairman of Aditya Birla Group, emphasizes the group's robust competencies in retail, design, and brand management.
   • He views the foray into jewellery as a natural extension of their 20-year presence in fashion retail and lifestyle.
4. Market Competition:
   • The Rs 6.7 lakh crore Indian jewellery market is highly competitive.
   • Titan Company, with its Tanishq brand, currently leads with over Rs 40,000 crore in yearly sales.
   • Other strong regional players like Kalyan Jewellers, Malabar Jewellers, and PC Jewellers are expanding into pan-India brands, intensifying the competition.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Filmmaker Shekhar Kapur Appointed as Director of IFFI Festival   

• Veteran filmmaker Shekhar Kapur, known for films such as "Mr India", "Bandit Queen" and "Elizabeth", has been appointed festival director for the International Film Festival of India (IFFI).
• Kapur will head the festival, held annually in Goa, for the 55th and 56th editions, as announced by the Information and Broadcasting Ministry.

About Shekhar Kapur :

• Kapur began his filmmaking career in 1983 with the family drama Masoom in 1983, gaining further acclaim with Mr. India in 1987.
• His international breakthrough came in 1994 with Bandit Queen, which premiered in Directors’ Fortnight at Cannes in 1994, before making UK royal drama Elizabeth, which starred Cate Blanchett and was nominated for seven Oscars.
• Further credits include sequel Elizabeth: The Golden Age, The Four Feathers and UK romantic comedy What’s Love Got To Do With It, which premiered at Toronto in 2022.
• It marks a return to IFFI for Kapur, who led the international competition jury at last year’s festival, awarding the Golden Peacock for best film to Abbas Amini’s Endless Borders.
• He was also head of the Film and Television Institute of India from 2020-2023.

Festival Details :

• Establishment and History: The International Film Festival of India (IFFI) was first organized by the Films Division of the Government of India.
• The inaugural edition took place in Mumbai from January 24 to February 1, 1952.
• The festival was held under the patronage of India's first Prime Minister, Jawaharlal Nehru.
• IFFI 2023:In 2023, IFFI screened approximately 250 films from 78 countries.
• The festival hosted 23 masterclasses and in-conversation events.
• Film Bazaar:The Film Bazaar, South Asia’s largest content market, runs alongside the festival, organized by India’s National Film Development Corporation (NFDC), and will take place from November 20-24, 2024.

About IFFI :

• Founded : 24 January 1952
• Location : Goa, India
• The IFFI is one of the film festivals in Asia.
• Held annually, currently in the state of Goa, on the western coast of the country.

President Droupadi Murmu Appoints New Governors for 9 States    

• President Droupadi Murmu has appointed new Governors in 9 states and a new Lieutenant Governor in Puducherry.

List of New Governors :

• These appointments will take effect from the dates they will assume charge of their respective offices.

Wales to Appoint Eluned Morgan as Its First Female First Minister Following Her Selection as Leader of the Welsh Labour Party       

• Wales is set to get its first female First Minister after Eluned Morgan was chosen to lead the governing Welsh Labour Party.
• Ms Morgan will take charge following a confirmation vote in Wales’ parliament, the Senedd.
• Ms Morgan succeeds First Minister Vaughan Gething, who stepped down last week as party leader amid acrimony and a campaign donation scandal.
• She is currently the Welsh Health Minister.
• The First Minister of Wales is the leader of the Welsh Government and the keeper of the Welsh Seal.

About Wales :

• Capital : Cardiff
• Currency : Pound sterling
• Wales, which has a population of about three million, is one of four parts of the United Kingdom, along with England, Scotland, and Northern Ireland.

CURRENT AFFAIRS: RANKING AND REPORTS

NITI Aayog Releases SDG India Index 2023-24:

• The SDG India Index by NITI Aayog measures and tracks the progress of Indian states and union territories (UTs) towards achieving the Sustainable Development Goals (SDGs) set by the United Nations.
• Objectives:
  • Support localisation of SDGs.
  • Encourage states to integrate SDGs into development plans.
  • Serve as a benchmark for policymakers to identify gaps and prioritize actions.

Methodology:

• Assessment Criteria: The Index evaluates the performance of states and UTs across 16 SDGs using 113 indicators aligned with national priorities.
• Scoring:
  • Range: Scores range from 0-100, with higher scores indicating greater progress.
  • Categories:
    • Aspirant: 0–49
    • Performer: 50–64
    • Front-Runner: 65–99
    • Achiever: 100
• Exclusion: Goal 14 (Life Below Water) is excluded from the composite score as it pertains solely to the nine coastal states.

Impact on Development:

• Federalism: The Index promotes competitive and cooperative federalism, encouraging states and UTs to learn from each other.
• Progress Analysis: Provides a comprehensive analysis of progress, highlighting achievements and areas needing improvement.
• National Integration: India integrates SDGs into its national development strategies through institutional ownership, collaborative competition, capacity building, and a whole-of-society approach.
• Future Vision: Acts as a barometer for measuring progress towards Viksit Bharat @ 2047.

Key Highlights:

• Overall Progress:
  • India's overall SDG score improved to 71 in 2023-24 from 66 in 2020-21 and 57 in 2018.
  • All states have shown improvement in their overall scores.
  • Targeted government interventions in poverty reduction, economic growth, and climate action drive progress.
• Top Performers:
  • Kerala and Uttarakhand emerged as the best-performing states, each scoring 79 points.
• Lowest Performer:
  • Bihar scored the lowest with 57 points, followed by Jharkhand at 62 points.
• Front-Runner States:
  • 32 states and UTs are in the front-runner category.
  • 10 new entrants include Arunachal Pradesh, Assam, Chhattisgarh, and Uttar Pradesh.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and U.S. Sign Cultural Property Agreement to Protect Heritage

• India and the U.S. signed a cultural property agreement that aims to enhance cooperation to protect the cultural heritage of both countries.
• The agreement aims to prevent the illegal trade of cultural property.
• It simplifies the process of returning looted and stolen antiquities to their country of origin.

1. Key Signatories:
   • Signed by U.S. Ambassador to India Eric Garcetti and Union Culture Secretary Govind Mohan.
   • The signing ceremony was attended by Minister of Culture Gajendra Singh Shekhawat.
2. Background and Commitment:
   • The agreement follows nearly two years of work by experts from both countries.
   • It fulfills the commitment made by President Joe Biden and Prime Minister Narendra Modi to enhance cooperation on cultural heritage, as highlighted in their June 2023 joint statement.
3. Global Context:
   • India is now one of the 29 countries with which the U.S. has bilateral cultural property agreements.
   • The U.S.-India Cultural Property Agreement was negotiated under U.S. law implementing the 1970 UNESCO Convention.
4. UNESCO Convention:
   • The 1970 UNESCO Convention aims to prohibit and prevent the illicit import, export, and transfer of ownership of cultural property.

CURRENT AFFAIRS: SPORTS NEWS

France Wins First Gold in Men’s Rugby Sevens at the Olympics

• France claimed its first gold medal in men's rugby sevens at the Olympics.
• The victory was a stunning 28-7 win over double-defending champion Fiji at the Stade de France.

1. Significant Players:
   • Antoine Dupont played a crucial role, in leading France to victory.
   • Dupont took a sabbatical from the national XV team to join the sevens project.
2. Match Context:
   • Fiji was the favorite, having won all 17 of its previous matches in the Olympics.
   • France did not qualify for the Tokyo Olympics but made a strong comeback.
3. Game-Changing Moments:
   • The game was level at 7-7 before Dupont's impact.
   • Dupont set up the try that put France ahead and scored two tries himself, despite being on the pitch for only seven minutes.
4. Bronze Medal Match:
   • South Africa beat six-man Australia 26-19 to claim the bronze medal.
   • Shaun Williams scored a last-play try to secure the victory.
   • South Africa qualified for Paris as the final qualifier through the repechage.

Ariarne Titmus Defends 400m Freestyle Title at Paris Olympics

• Ariarne Titmus of Australia won the 400-meter freestyle, defending her Olympic title.
• The race was one of the most highly anticipated events of the Paris Games.

1. Key Competitors:
   • Ariarne Titmus ("The Terminator"): Led the race from start to finish, winning in 3 minutes and 57.49 seconds.
   • Katie Ledecky (USA): Defeated by Titmus, Ledecky remains at six individual gold medals, the most for any female swimmer in Olympic history.
   • Summer McIntosh (Canada): Provided the stiffest challenge to Titmus.
2. Performance Context:
   • Titmus, with her nails painted in Aussie yellow, showed dominance throughout the race.
   • Titmus now has three individual Olympic victories, including her wins in the 200m and 400m freestyle in Tokyo.
3. Men’s 400m Freestyle:
   • Lukas Maertens (Germany): Won his first Olympic gold in the men’s 400m freestyle with a time of 3 minutes and 41.78 seconds.
   • Elijah Winnington (Australia): Silver medallist.
   • Kim Woo-min (South Korea): Bronze medallist.
4. Historical Context:
   • Maertens became the first German winner in the event since Uwe Dassler in the 1988 Seoul Games.
   • Maertens was racing at world record pace until the final 50 meters.

CURRENT AFFAIRS : OBITUARIES

Catholic Priest Father Francis D’Britto, Translator of the Bible into Marathi, Passed Away    

• Vasai-based Catholic priest Father Francis D’Britto, writer and environmentalist, who translated the Bible into Marathi, passed away at the age of 81 in Vasai in Palghar district.

About Francis D'Britto :

• Francis D'Britto was born on 4 December 1942.
• He was the author of the Subodh Bible, a translation of the Bible to Marathi.

Subodh Bible Features :

• The 'Subodh Bible' has an 80-page section that introduces readers to the Bible.
• There are two chapters on new theology movements in the church.
• Nearly 200 pictures of Biblical scenes and maps illustrate the book.
• D'Britto, who once edited a community journal 'Suvarta' in the old Catholic hub of Vasai, worked on the book for nearly 15 years.
• He was also known for his active involvement in various public movements, particularly the 'Harit Vasai' initiative aimed at promoting environmental sustainability and green practices.
• On 22 September 2019, D'Britto was unanimously elected as the president of 93rd Akhil Bharatiya Marathi Sahitya Sammelan (literary meet), to be held in Osmanabad on 10 January 2020.

Awards & Honors :

• D'Britto was awarded the Dnyanoba-Tukaram Puraskar for his literary work.
• The Catholic priest was the first to get the award that was constituted in 2007.
• His literary prowess was further recognised when he received the Maharashtra Government’s literary award for best translation in 2013, followed by the Sahitya Akademi award in April 2014.

CURRENT AFFAIRS: IMPORTANT DAYS

World Nature Conservation Day 2024: July 28

• On July 28th, World Nature Conservation Day 2024 is celebrated and observed all over the world as an awareness program to conserve Nature.
• In 2018, The E.U. completely restricted the outdoor use of three neonicotinoids (a type of pesticide).
• Between 1995 — 1996, Thirty-one grey wolves from western Canada were released into Yellowstone National Park, 40 years after they were wiped out by people.
• In 1973, The Endangered Species Act was passed to encourage the conservation of ecosystems upon which threatened and endangered species rely for survival.
• On October 5, 1948, In Fontainebleau, a small town in France, the International Union for Conservation of Nature was established.

International Tiger Day 2024: July 29

• International Tiger Day is celebrated and observed worldwide as an awareness program on July 29^th.
• In 1973, India launched Project Tiger to revive the tiger population.
• In 2010, 13 tiger range countries committed to TX2 to double wild tiger numbers by 2024.
• In 2017, IUCN recognized the continental tiger and the Sunda island tiger as tiger subspecies.
• In 2024, The WWF aims to double the number of wild tigers in 2024.

Daily CA One- Liner: July 28 & 29

• India is set to establish 12 new industrial cities across various states to boost domestic manufacturing.
• India ranked second after the US in initiating and imposing anti-dumping duties among WTO members in 2023.
• India aims to become a $30 trillion economy by 2047, with a per capita income of $18,000 annually, according to the approach paper for the "Vision for Viksit Bharat in 2047".
• The gold jewellery industry is pushing for a ‘One Nation, One Rate’ policy.
• Aditya Birla Group launched its in-house jewellery brand, Indriya.
• The SDG India Index by NITI Aayog measures and tracks the progress of Indian states and union territories (UTs) towards achieving the Sustainable Development Goals (SDGs) set by the United Nations
• India and the U.S. signed a cultural property agreement that aims to enhance cooperation to protect the cultural heritage of both countries
• France claimed its first gold medal in men's rugby sevens at the Olympics.
• Ariarne Titmus of Australia won the 400-meter freestyle, defending her Olympic title.
• According to the Reserve Bank of India (RBI's) index that measures the adoption of online transactions, Digital payments across the country registered a 12.6% on-year rise as of March 31, 2024.
• Canara Bank plans to open 250 new branches in the current financial year to mobilize low-cost deposits (Current Account and Savings Account - CASA).
• The Reserve Bank of India (RBI) announced that 5 entities were selected for the test phase of the regulatory sandbox’s theme-neutral fifth cohort that it had announced in October 2023.
• The Reserve Bank of India (RBI) released draft guidelines aimed at bolstering the liquidity resilience of banks amid the increased usage of technology.
• The Reserve Bank of India (RBI) has issued a Prompt Corrective Action (PCA) framework to improve weak Urban Cooperative Banks (UCBs), effective from April 1, 2025.
• The Reserve Bank of India (RBI) has imposed penalties on payment system operators Visa Worldwide, Ola Financial Services and Manappuram Finance for deficiencies in regulatory compliance.
• British Foreign Secretary David Lammy announced the new United Kingdom (UK)-India Technology Security Initiative.
• The Kerala government has introduced QR code registration for all inland vessels, including houseboats, operating in the state.
• Veteran filmmaker Shekhar Kapur, known for films such as "Mr India", "Bandit Queen" and "Elizabeth", has been appointed festival director for the International Film Festival of India (IFFI).
• President Droupadi Murmu has appointed new Governors in 9 states and a new Lieutenant Governor in Puducherry.
• Wales is set to get its first female First Minister after Eluned Morgan was chosen to lead the governing Welsh Labour Party.
• Vasai-based Catholic priest Father Francis D’Britto, writer and environmentalist, who translated the Bible into Marathi, passed away at the age of 81 in Vasai in Palghar district.
• On July 28th, World Nature Conservation Day 2024 is celebrated and observed all over the world as an awareness program to conserve Nature.
• International Tiger Day is celebrated and observed worldwide as an awareness program on July 29^th