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CURRENT AFFAIRS : BANKING & FINANCE

State Bank of India plans to raise up to ₹7,500 crore through second tranche of Tier-II bonds  

• The State Bank of India (SBI) plans to raise up to ₹7,500 crore through the issuance of a second tranche of Tier-II bonds.

Key Highlights :

• Bond Details: The bonds have a maturity period of 15 years.
• The issuance includes a base size of ₹4,000 crore with an additional greenshoe option of ₹3,500 crore.
• Previous Issuance: In August 2024, SBI raised ₹7,500 crore through its first Basel III-compliant Tier-II bond issuance, which had a coupon rate of 7.42%.
• Credit Rating: The bonds are rated "AAA" by ICRA and India Ratings and Research, indicating high credit quality.
• Year-to-Date Fundraising: For the current financial year, SBI has raised ₹20,000 crore through two tranches of infrastructure bonds.
• Tier-II Bonds Characteristics: Tier-II bonds are a part of a bank's borrowing structure.
• They carry less risk compared to Tier-I bonds in case of default.
• As subordinated debt, Tier-II bonds do not have the first claim on assets if the bank is liquidated.

About SBI :

• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty

Bank of Baroda to roll out 7 phygital branches as a pilot project   

• Bank of Baroda (BoB) is planning to launch 7 phygital branches as a pilot project across the country.
• These branches integrate self-service and assisted service models.
• The first phygital branch was opened at Horniman Circle, Mumbai in July.
• The second branch was inaugurated at Vile Parle, Mumbai, and another branch at Chanda Nagar, Hyderabad.

Phygital Branch Features:

• Video Contact Centre: Allows customers to connect with the bank's contact center through video calls for non-financial services.
• Self-Service Kiosk: Equipped with tablets for services such as PAN updation, account statements, and TDS certificates.
• Service Areas: Includes exclusive service areas and universal service counters staffed by branch executives to assist with customer needs.
• Integration: The branches integrate self-service and assisted service models, aiming to provide a seamless customer experience.

About BoB :

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

S&P Global Ratings predicts SBI's cost-to-income ratio will drop to 54-55% in the next two years  

• State Bank of India’s (SBI’s) cost-to-income (C/I) ratio sharply increased to 60% in FY24 from 56.2% in FY23 due to higher employee expenses.
• S&P Global Ratings forecasts that SBI’s C/I ratio will normalize to 54-55% over the next two years as the bank improves operating efficiency and leverages digital platforms.

Key Highlights :

• Provision for Wage Arrears:SBI made a total provision of ₹15,877.09 crore for wage arrears due for revision from November 2022.
• Capitalization and Risk Ratios:SBI's capital base is noted as weaker compared to peers.
• The risk-adjusted capital (RAC) ratio is expected to stay moderate at 5.5-6.0% over the next two years, compared to 5.9% as of March 31, 2024.
• Asset Quality:S&P forecasts that SBI’s asset quality will remain stable, with weak loans (NPA + restructured loans) staying at 2.5-3.0% of total loans over the next 12-18 months.
• SBI's credit cost is expected to remain under 1% due to low asset quality risks.
• Credit Rating:S&P Global has affirmed SBI’s issuer credit rating at “BBB-/Positive.”
• Comparison with Private Banks:SBI’s capitalization remains lower than that of large private banks in India.

Outward FDI Increases by $1 Billion in August, 2024: RBI Data   

• According to Reserve Bank of India (RBI) data, India's outward foreign direct investment (FDI) commitments rose by $1 billion to $3.21 billion in August 2024, up from $2.29 billion in August 2023.

Key Highlights :

• Sequential Growth: Outbound FDI commitments increased from $3 billion in July 2024.
• Three Components: Outward FDI commitments are classified into three categories: equity, loans, and guarantees.
• Equity Commitments: Equity commitments more than doubled to $1.14 billion in August 2024, from $458.01 million in August 2023.
• However, they were down from $1.98 billion in July 2024.
• Debt Commitments: Debt commitments rose marginally to $687.73 million in August 2024, up from $509.44 million in August 2023, and much higher than $311.83 million in July 2024.
• Guarantees: Guarantees for overseas units remained stable at $1.37 billion in August 2024, compared to $1.32 billion in August 2023, and nearly doubled from $713.5 million in July 2024.

Life Insurance Corporation of India Increases Its Stake in Indian Railway Catering and Tourism Corporation to Approximately 9.3%  

• Life Insurance Corporation of India (LIC) increased its stake in Indian Railway Catering and Tourism Corporation (IRCTC) to approximately 9.3%.
• LIC's stake in IRCTC grew by 2.02% between December 16, 2022, and September 11, 2024, through open market purchases.

About IRCTC :

• Headquarters : New Delhi, India
• Chairman & MD : Sanjay Kumar Jain
• IRCTC was established in 1999 by the Government of India and operates under the Ministry of Railways.
• IRCTC is a 'Miniratna' public sector undertaking (PSU) that provides services such as ticketing, catering, and tourism for Indian Railways.

CURRENT AFFAIRS: NATIONAL NEWS

PM Modi to Distribute Financial Assistance for 20 Million Rural Homes Under PMAY-Grameen

• Prime Minister Narendra Modi will initiate the release of the first instalment of central financial assistance under the Pradhan Mantri Awas Yojana – Grameen (PMAY-G) over the coming days.
• The scheme aims to build 20 million new houses in rural areas over the next five years, in addition to the 26 million homes already constructed in the last decade.

• Installment Distribution Timeline:
  • The events will commence in Jharkhand on September 15, where PM Modi will distribute approval letters to 20,000 beneficiaries.
  • The functions will culminate on PM Modi's birthday, September 17, marking a significant event in his tenure.
• State-Wise Distribution:
  • After Jharkhand, PM Modi will visit Gujarat, where Rs 93 crore will be distributed to 31,000 beneficiaries. Additionally, he will participate in the ‘Griha Pravesh’ (housewarming) ceremony for 35,000 newly completed rural homes in the state.
  • Gujarat has constructed 650,000 rural houses in the past decade, with a target of 54,135 houses for the current year.
  • On September 17, PM Modi will travel to Bhubaneshwar, Odisha, where he will release the first instalment of Rs 3,180 crore to support 1 million new beneficiaries across the country.
• Exclusions for Poll-bound States:
  • Beneficiaries from states heading towards elections will not be included in this round of disbursements.

Commerce Minister Piyush Goyal Launches Two Portals to Enhance Digital Services and Export Credit Insurance

• Union Commerce and Industry Minister Piyush Goyal introduced two new online portals during the third Board of Trade meeting.
• These portals aim to ensure timely and transparent service delivery and reduce the need for physical visits to Commerce Ministry offices.

Portals Launched:

• Jan Sunwai Portal: An online platform designed to provide information and services, including grievance redressal.
• This portal features an on-demand videoconferencing facility for addressing trade and industry issues. Scheduled interactions will also be available, allowing stakeholders to connect with Ministry offices without physical visits.
• Enterprise Resource Planning (ERP) Portal by Export Credit Guarantee Corporation (ECGC): Alongside the SMILE-ERP system, the ECGC portal offers services related to claims, policies, and grievance redressal, ensuring smoother interactions with exporters. It also includes a videoconferencing facility.

Government’s 100-Day Agenda:

• These two portals are part of the government's 100-day agenda, emphasizing digitalization and zero interface between stakeholders and the Commerce Ministry.

Export Credit Insurance Initiative:

• Goyal highlighted the recent ECGC program launched in July, offering credit insurance cover up to 90% for exporters (excluding gems and jewellery) with a credit limit of up to Rs 80 crore.
• This program is designed to protect exporters from losses due to non-fulfillment of obligations.

PM Modi's Government Approves ₹3 Lakh Crore Infrastructure Projects in 100 Days

• The Prime Minister Narendra Modi-led government has approved infrastructure projects worth ₹3 lakh crore in the first 100 days of its third term.
• The overarching goal is to bolster connectivity, stimulate economic growth, and create job opportunities.
• The government aims to invest ₹15 lakh crore in infrastructure to drive progress and development, with a vision for India to become a developed nation by 2047.

Major Projects Launched:

• PM Modi laid the foundation stone for the Vadhvan Port project in Maharashtra’s Palghar district, valued at ₹76,000 crore.
• This mega port, located near Dahanu, will be one of India’s largest deep-water ports and is expected to significantly contribute to the country’s GDP.
• The project is anticipated to generate up to 12 lakh jobs and nearly 1 crore indirect employment opportunities.

Budgetary Allocations:

• The Union Budget has allocated ₹11.11 lakh crore for the infrastructure sector, including highways, ports, railways, and power plants, with plans to maintain this focus for the next five years.
• ‘Maritime India Vision 2030’: A large capital expenditure (capex) plan is in place to enhance port capacity and infrastructure over the next decade. This vision aims to address potential supply-demand mismatches and increase competition and pricing pressure for ports.
• Ministry of Roads, Transport, and Highways (MoRTH): The budgetary allocation has increased more than 8 times over the past decade to ₹2.7 lakh crore for fiscal year 2025, reflecting a 22% compound annual growth rate.
• Airport Infrastructure: The government has committed ₹55,000 crore to ₹60,000 crore for new greenfield airports, brownfield development, and expansions under the Airports Authority of India (AAI). In FY24, new terminal buildings at 21 airports have boosted passenger handling capacity by approximately 62 million passengers per annum.

• Economic Impact:
  The construction sector is projected to grow by 12-15% in FY25, driven by the government’s substantial infrastructure investments.

CURRENT AFFAIRS : INTERNATIONAL NEWS

World Health Organisation approves first mpox vaccine to strengthen response efforts in Africa  

• The World Health Organization (WHO) granted its first authorisation for a mpox vaccine for use in adults, marking a critical step in combating the disease, particularly in Africa.
• The vaccine is produced by Bavarian Nordic A/S, and its pre-qualification allows global health agencies like GAVI and UNICEF to purchase it.
• However, supply is limited due to the single manufacturer.

Key Highlights :

• Importance: The pre-qualification of this vaccine is crucial for addressing current outbreaks in Africa and preparing for future scenarios.
• It represents a critical advancement in the global response to mpox.
• Vaccination Details: The approved vaccine is administered in a two-dose regimen to individuals aged 18 and above.
• It is also authorized for use in infants, children, and adolescents in outbreak settings where the benefits outweigh the risks, though it is not currently licensed for those under 18 years old.
• Current Situation: The Africa Centre for Disease Control and Prevention (Africa CDC) reported that nearly 70% of mpox cases in Congo, the country most affected, are among children under 15 years old, who also account for 85% of deaths.
• Recent data shows 107 new deaths and 3,160 new cases within the past week.
• Disease Characteristics: Mpox, a virus related to smallpox, causes milder symptoms such as fever, chills, and body aches, but can lead to more severe symptoms like lesions on the face, hands, chest, and genitals.

About WHO :

• Founded : 7 April 1948
• Headquarters : Geneva, Switzerland
• Director General : Tedros Adhanom Ghebreyesus

CURRENT AFFAIRS : STATE NEWS

Government to rename Andaman & Nicobar Islands' capital Port Blair as "Sri Vijaya Puram"       

• Union Home Minister Amit Shah announced the renaming of Port Blair, the capital of Andaman & Nicobar Islands to “Sri Vijaya Puram” as a move to “free the nation from colonial imprints.”
• The renaming is aimed at removing colonial legacies associated with the original name, Port Blair, which was named after British naval surveyor Archibald Blair.

Key Highlights :

• Historical Background:Port Blair was originally named Port Cornwallis after Commodore William Cornwallis and later renamed Port Blair.
• The East India Company established a penal colony on the Andaman Islands post the Revolt of 1857.
• The Cellular Jail, also known as “Kaala Paani,” was a significant site for Indian freedom fighters.
• Previous Renaming Initiatives:In a move to honor Netaji Subhash Chandra Bose, three islands in the Andaman and Nicobar Islands were renamed: Ross Island to Subhash Chandra Bose Dweep, Neil Island to Shaheed Dweep, and Havelock Island to Swaraj Dweep.
• In 2023, 21 unnamed islands were named after Param Vir Chakra awardees.
• New Name Significance: The name “Sri Vijaya Puram” symbolizes the victory achieved in the struggle for Indian independence.
• Port Blair's Colonial Legacy:Port Blair was named after Archibald Blair, who explored the Andaman Islands in the late 1700s.
• The East India Company used the Andaman Islands for military and strategic purposes, establishing a penal colony and using the islands as a safe harbor from pirates.
• Current Relevance: The Cellular Jail, built in 1906, is an important landmark in Port Blair, symbolizing the sacrifices of Indian freedom fighters.

About Andaman & Nicobar Islands :

• Lieutenant governor : Devendra Kumar Joshi

CURRENT AFFAIRS: BUSINESS NEWS

Agilitas Sports Secures Strategic Investment from Spring Marketing Capital to Propel Growth

• Bengaluru-based athleisure sportswear start-up Agilitas Sports has received an undisclosed strategic investment from Spring Marketing Capital.
• The investment aims to help Agilitas Sports scale its operations and become a category-defining leader in the sportswear industry.
• Company Background:
  • Agilitas Sports was founded in 2023 by former Puma India managing director Ganguly, alongside Atul Bajaj and Amit Prabhu.
  • The company has already raised over Rs 530 crore across two funding rounds from Convergent Finance LLP, Nexus Venture Partners, and individual investors.
• Strategic Acquisitions:
  • Agilitas Sports recently acquired Mochiko Shoes Pvt Ltd., a leading sports footwear manufacturer in India.
  • Mochiko produces footwear for prominent brands like Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks, and US Polo.
• Spring Marketing Capital:
  • Founded in 2019 by Raja Ganapathy, Arun Iyer, and Gupta, Spring Marketing Capital operates growth-stage and early-stage funds.
  • The firm has invested in companies like Purplle, Mosaic Wellness, Niyo, Jar, and Giva.
  • The early-stage fund, launched in 2023, has backed Hyugalife, Cava, and is supported by investors such as Godrej Consumer Products Limited and Cipla.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Nehal Vora reappointed as Managing Director and CEO of Central Depository Services India   

• Nehal Vora has been reappointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Central Depository Services India (CDSL) for a second five-year term, from September 18, 2024, to September 17, 2029.
• Nehal Vora has over 25 years of experience in the Indian capital markets, having held significant roles at organizations like BSE, DSP Merrill Lynch, and SEBI.

About CDSL :

• Founded : February 1999
• Headquarters : Mumbai, Maharashtra, India
• CDSL manages more than 130 million demat accounts, making it a leading player in India's depository system.
• CDSL is India’s only listed depository and aims to provide secure, reliable, and affordable depository services to market participants.
• It maintains and services over 11.56 crore demat accounts across India.
• In February,2024 CDSL became the first depository in India to open 60 million active demat accounts.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India successfully conducts back-to-back test firings of surface-to-air missiles over two days: DRDO    

• India successfully test-fired the Vertical Launch Short Range Surface to Air Missile (VLSRSAM) on two consecutive days, September 12 and 13, 2024, from the Integrated Test Range (ITR) at Chandipur, Odisha.
• The tests were conducted by the Defence Research and Development Organisation (DRDO) in collaboration with the Indian Navy.
• The tests mark a critical achievement in India’s defence capabilities.

Key Highlights :

• Target Interception: The VLSRSAM system successfully intercepted high-speed, low-altitude aerial targets simulating sea-skimming threats—one of the most challenging for naval platforms.
• Purpose and Capability: The VLSRSAM system is designed to neutralize various airborne threats at close ranges, including aircraft, helicopters, drones, and incoming missiles.
• It features advanced guidance systems and cutting-edge technologies for enhanced agility and precision.
• Strategic Impact: The successful tests represent a significant achievement in bolstering India's naval air defense capabilities, enhancing the Indian Navy's ability to counter evolving aerial threats in maritime environments.
• Safety Measures: As a safety precaution, 3,100 residents from six villages within a 2.5 km radius of ITR Launch Pad 3 in Balasore district were temporarily relocated during the test.

European-Japanese Spacecraft Captures Closest Images of Mercury's Surface at Sunrise  

• BepiColombo is a joint mission between the European Space Agency (ESA) and the Japan Aerospace Exploration Agency (JAXA) aimed at studying Mercury.
• BepiColombo made its closest approach to Mercury, capturing detailed black-and-white images of the planet’s surface.

Key Highlights :

• Significant Findings:The spacecraft provided the first clear images of Mercury's south pole and detailed views of its craters, including those with unusual peak rings.
• Mission Purpose:The mission aims to study Mercury's surface, composition, magnetic field, and its interaction with the solar environment.
• Historical Context:Named after Giuseppe "Bepi" Colombo, an Italian mathematician and engineer known for his contributions to the understanding of Mercury's orbit.
• Launch Date:The spacecraft was launched on October 20, 2018.
• Mission Complexity:BepiColombo is recognized for its ambitious and complex objectives, requiring advanced technology and precision for successful operation.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Food Ministry and FCI Sign MoU for Enhanced Foodgrain Procurement and Distribution Efficiency

• The Food Ministry and the Food Corporation of India (FCI) signed a Memorandum of Understanding (MoU) for the 2024-25 fiscal year, focused on enhancing the efficiency and accountability of foodgrain procurement and distribution operations.

Performance Benchmarks:

• The MoU outlines specific performance metrics for FCI depots, such as capacity utilization, operational losses, and security measures.
• It also emphasizes the modernisation of processes and better management of public funds in food security operations.

Public Distribution System (PDS):

• The initiative reinforces the government's commitment to improving the Public Distribution System (PDS), ensuring the efficient use of food subsidy funds.

FCI's Role:

• Established in 1965, the FCI is responsible for the procurement, storage, transport, and distribution of food grains.
• The corporation operates solely on central government food subsidies, with no independent revenue stream.

Cost-Effectiveness and Accountability:

• The government stresses the need for cost-effectiveness and value for money in such large public expenditures.
• The new framework aims to benchmark critical operational parameters and strengthen institutional accountability.

India and US Sign MoU to Boost Defence Innovation Cooperation at INDUS-X Summit

• A Memorandum of Understanding (MoU) was signed between the US Department of Defence’s Defence Innovation Unit (DIU) and India’s iDEX (Innovations for Defence Excellence) of the Ministry of Defence's Defence Innovation Organization (DIO) at the INDUS-X Summit in California.
• The agreement aims to expand cooperation in defence innovation, providing militaries access to cutting-edge technologies.

Objective of the MoU:

• The MoU focuses on increasing cooperation in defence innovation and facilitating industry, research, and investment partnerships between both countries.

INDUS-X Summit:

• The third edition of the INDUS-X (India-U.S. Defence Acceleration Ecosystem) Summit took place in Silicon Valley from September 9.
• The Summit was co-hosted by the S.-India Strategic Partnership Forum (USISPF) and Stanford University.

Key Announcements:

• Launch of a new challenge under INDUS-X, release of the INDUS-X Impact Report, and introduction of the official INDUS-X webpage on the iDEX and DIU websites.
• The U.S. Department of Defence stated that non-traditional processes would be used to offer both nations’ militaries access to cutting-edge technologies born out of the INDUS-X platform.

Indian Delegation:

• The Indian delegation was led by Amit Satija, Joint Secretary (Defence Industries Promotion). He reaffirmed the commitment of both countries to advance defence technology through innovation and strategic collaboration.

ISMA Signs MoUs with TERI and PRAJ Industries to Advance Sustainable Bioenergy Solutions

• Indian Sugar & Bio Energy Manufacturers Association (ISMA) has signed Memoranda of Understanding (MoUs) with The Energy and Resources Institute (TERI) and PRAJ Industries.
• The focus is on advancing sustainable bioenergy solutions including Sustainable Aviation Fuel (SAF), bio-ethanol, bio-gas, green bio-hydrogen, and green methanol.

Sustainable Aviation Fuel (SAF):

• SAF, produced from renewable resources, can significantly reduce greenhouse gas emissions compared to conventional jet fuels. This aligns with the aviation industry's push to reduce its carbon footprint.
• Deepak Ballani, ISMA’s Director-General, highlighted that this collaboration will leverage TERI’s research and policy expertise and PRAJ’s technology solutions to overcome environmental challenges and foster a robust bioenergy ecosystem.

Goals of the Collaboration:

• The partnership aims to support India’s bio-economy and low-carbon energy infrastructure by promoting knowledge sharing, policy advocacy, and capacity building.
• The collaboration is expected to catalyse India's commitment to blending 1% SAF with Aviation Turbine Fuel by 2027 and 5% by 2030, in line with the CORSIA mandates of the International Civil Aviation Organisation (ICAO).

Global Carbon Emissions:

• The aviation industry is responsible for 3% of global carbon emissions, nearly 1 billion tonnes annually. As the sector grows, finding alternatives to traditional jet fuel becomes increasingly critical.

CORSIA Mandates:

• The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) mandates are intended to reduce carbon emissions in the aviation sector. Currently, CORSIA’s second voluntary pilot phase (2024-2026) is underway.

China and Maldives Sign Trade Agreement Amidst Maldives' Debt Concerns

• China's central bank, the People's Bank of China (PBoC), has signed a memorandum of understanding (MoU) with the Maldivian Ministry of Economic Development and Trade to strengthen trade and investment.
• The agreement aims to promote local currency settlement for current account transactions and direct investment, with no further details provided by PBoC.

Debt Concerns and Financial Cooperation:

• China, as the largest bilateral lender to the Maldives, has been in talks with the Maldivian government regarding its debt.
• The Maldives owes $1.37 billion to China and $124 million to India in loans, according to World Bank Data.
• Despite concerns about the country's debt burden, Chinese officials reiterated their commitment to providing financial support for the Maldives' economic development.

Zomato Teams Up with IRCTC to Launch 'Food Delivery in Trains' Service

• Zomato has announced its collaboration with Indian Railway Catering and Tourism Corporation (IRCTC) to introduce 'Zomato - Food Delivery in Trains'. This service aims to enhance the train travel experience by allowing passengers to enjoy a variety of dishes from their seats.

Service Availability:

• The service is currently operational across 88 cities and has delivered 10 lakh orders across 100 stations since the partnership began.

Real-Time Adjustments:

• Zomato tracks train timings to adjust delivery schedules in case of delays, ensuring timely service even during schedule changes.

CURRENT AFFAIRS: IMPORTANT DAYS

Engineers Day in India 2024: September 15

• Every year 15th September is celebrated as National Engineers Day in India.
• National Engineers Day is celebrated on 15th September in India, in order to pay tribute to our Indian engineer and Bharat Ratna Sir Mokshagundam Viswesvaraya on his birthday.
• In the year of 1968, the Government of India announced that Sir M. Visvesvaraya’s birth anniversary was celebrated as Engineers Day in India.
• From 1968 to now 15th September is observed as Engineers Day in India.
• In 1903, He designed the automatic water floodgates which were first installed at the Khadakwasla reservoir in Pune.
• He received the Bharat Ratna in the year of 1955 and he was appointed as a Diwan of Mysore from 1912 to 1918.
• In 1915, He was glorified by the British Indian Empire as a “Knight Commander” for his contributions to the field of engineering to the public.
• In 1917, he established the Government Engineering College in Bengaluru. It was the first government college of engineering in Karnataka.
• Now it is known as the University Visvesvaraya College of Engineering.
• Sir M. Visvesvaraya passed away in the year of 1962.

International Day of Democracy 2024: September 15

• The International Day of Democracy is observed every year on the 15th of September.
• In 2007 the United Nations General Assembly announced the International Day of Democracy is observed on the 15th of September of every year to promote and uphold the principles of Democracy.
• In November 2007, the United Nations General Assembly adopted the decision with the title, “Support by the United Nations system of efforts of governments to promote and consolidate a new or restored democracy” and encouraged the government to strengthen the democracy.
• The first International Day of Democracy was observed in the year of 2008.
• The concept of democracy came from ancient Greece.
• In 1789, the US Constitution was established with US principles of democracy. In 1787 and 1789, France also began to practice democracy.
• The first International Conference on Democracy was held by the UN.
• This event tells about justice and helps people to recognize that they can follow their culture even in a democratic country.
• The UN decided September 15 as the International Day of Democracy, the date coincides with the Conference of New or Restored Democracies which was held in 1998.

World Ozone Day 2024: September 16

• Every year World Ozone Day is observed on 16 September.
• The theme for this year is “Montreal Protocol: Advancing Climate Actions”.
• In 1913, the French Physicists, Charles Fabry and Henri Buisson discovered the Ozone Layer.
• In 1985, the Vienna Convention for the Protection of the Ozone Layer was adopted and signed by 28 countries.
• On 16th September 1987 the Montreal Protocol, on the substance that depletes the ozone layer was signed by the United Nations and Other Nations.
• The Montreal Protocol was first implemented on 1 January 1989.
• The purpose of the Montreal Protocol is to reduce the production of a substance that causes the depletion of the ozone layer.
• In 1994, the United Nations General Assembly decided to organize World Ozone Day on the 16th of September.

Daily CA One- Liner: September 15 & 16

• Prime Minister Narendra Modi will initiate the release of the first instalment of central financial assistance under the Pradhan Mantri Awas Yojana – Grameen (PMAY-G) over the coming days
• Union Commerce and Industry Minister Piyush Goyal introduced two new online portals during the third Board of Trade meeting.
• The Prime Minister Narendra Modi-led government has approved infrastructure projects worth ₹3 lakh crore in the first 100 days of its third term.
• Bengaluru-based athleisure sportswear start-up Agilitas Sports has received an undisclosed strategic investment from Spring Marketing Capital
• The Food Ministry and the Food Corporation of India (FCI) signed a Memorandum of Understanding (MoU) for the 2024-25 fiscal year, focused on enhancing the efficiency and accountability of foodgrain procurement and distribution operations.
• A Memorandum of Understanding (MoU) was signed between the US Department of Defence’s Defence Innovation Unit (DIU) and India’s iDEX (Innovations for Defence Excellence) of the Ministry of Defence's Defence Innovation Organization (DIO) at the INDUS-X Summit in California
• Indian Sugar & Bio Energy Manufacturers Association (ISMA) has signed Memoranda of Understanding (MoUs) with The Energy and Resources Institute (TERI) and PRAJ Industries
• Indian Sugar & Bio Energy Manufacturers Association (ISMA) has signed Memoranda of Understanding (MoUs) with The Energy and Resources Institute (TERI) and PRAJ Industries
• China's central bank, the People's Bank of China (PBoC), has signed a memorandum of understanding (MoU) with the Maldivian Ministry of Economic Development and Trade to strengthen trade and investment
• Zomato has announced its collaboration with Indian Railway Catering and Tourism Corporation (IRCTC) to introduce 'Zomato - Food Delivery in Trains'.

• The State Bank of India (SBI) plans to raise up to ₹7,500 crore through the issuance of a second tranche of Tier-II bonds.
• Bank of Baroda (BoB) is planning to launch 7 phygital branches as a pilot project across the country.
• State Bank of India’s (SBI’s) cost-to-income (C/I) ratio sharply increased to 60% in FY24 from 56.2% in FY23 due to higher employee expenses.
• According to Reserve Bank of India (RBI) data, India's outward foreign direct investment (FDI) commitments rose by $1 billion to $3.21 billion in August 2024, up from $2.29 billion in August 2023.
• Life Insurance Corporation of India (LIC) increased its stake in Indian Railway Catering and Tourism Corporation (IRCTC) to approximately 9.3%.
• The World Health Organization (WHO) granted its first authorisation for a mpox vaccine for use in adults, marking a critical step in combating the disease, particularly in Africa.
• Union Home Minister Amit Shah announced the renaming of Port Blair, the capital of Andaman & Nicobar Islands to “Sri Vijaya Puram” as a move to “free the nation from colonial imprints.”
• Nehal Vora has been reappointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Central Depository Services India (CDSL) for a second five-year term, from September 18, 2024, to September 17, 2029.
• India successfully test-fired the Vertical Launch Short Range Surface to Air Missile (VLSRSAM) on two consecutive days, September 12 and 13, 2024, from the Integrated Test Range (ITR) at Chandipur, Odisha.
• BepiColombo is a joint mission between the European Space Agency (ESA) and the Japan Aerospace Exploration Agency (JAXA) aimed at studying Mercury.

• Every year 15th September is celebrated as National Engineers Day in India.
• The International Day of Democracy is observed every year on the 15th of September.
• Every year World Ozone Day is observed on 16 September.