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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Report: Credit and Deposit Growth Gap Narrowing, but Challenges Persist  

• According to the latest State of the Economy report released by the Central Bank (RBI), the gap between credit and deposit growth in banks, which has been a major concern for the Reserve Bank of India (RBI) over the past two years, is finally narrowing.

Key Highlights :

• Narrowing Gap Between Credit and Deposit Growth:As of September 6, 2024, the gap between credit growth and deposit growth in banks has reduced to just over 200 basis points (bps), down from over 700 bps earlier in 2024.
• Loan growth has moderated to 13.3%, while deposit growth has risen to over 11%.
• Increased Reliance on Certificates of Deposit:Banks are heavily relying on certificates of deposit to meet funding needs due to slower deposit growth.
• More than two-thirds of term deposits are offering interest rates of 7% or more to attract depositors.
• RBI Warning on Short-term Funding:RBI Governor Shaktikanta Das cautioned banks during the August 2024 monetary policy review to avoid over-reliance on short-term non-retail deposits and liability instruments to meet credit demand.
• Microfinance Institutions (MFIs) Asset Quality Concern:The report advises microfinance institutions to slow down loan growth due to rising non-performing assets (NPAs).
• Private Credit Market Concerns:Private credit assets under management are estimated to be around $15 billion.
• Fintech lenders now hold over 52% of the market share in personal loans and are increasingly turning to private credit for funding.
• Inflation Developments:Headline retail inflation remained below the RBI’s 4% target.
• The reversal of vegetable price shocks suggests that inflationary persistence "may be behind us."
• The report anticipates inflation to average 4.5% in the second half of FY2024-25, with international crude prices likely to remain stable.
• Impact on Consumption and Demand:Household consumption is expected to rise in the July-September quarter, driven by rural demand recovery and increased hiring by e-commerce companies.
• Fast-moving consumer goods (FMCG) demand is growing, with a focus on older consumers and healthy lifestyle products.
• Strong Domestic Drivers in Q1 GDP:Private consumption and gross fixed investment were key drivers of Q1 GDP growth, supported by net exports.

Deadline Approaches for Special Fixed Deposits at SBI, IDBI, and Indian Bank on September 30, 2024

• The deadline for special fixed deposits (FDs) by the State Bank of India (SBI), IDBI, and Indian Bank is nearing on September 30, 2024 .
• These FDs offer higher interest rates compared to regular FDs.
• Interest Rates:Special FDs are offering 7.05%-7.35% interest for 300-444-day tenures.
• Senior citizens get an additional 50 basis points over the standard interest rate.
• SBI’s Special FDs:Amrit Kalash offers 7.1% interest for a 400-day tenure, with senior citizens receiving 7.60%.
• Amrit Vrishti offers 7.25% for the general public and 7.75% for senior citizens for a 444-day tenure. The deadline for this scheme is March 31, 2025.
• IDBI Bank’s Special FDs:The UTSAV Special Deposits offer 7.2%-7.35% interest for 300-700-day tenures.
• IND Super offers 7.25% for 400-day tenure and 7.05% for 300-day tenure.
• Small Finance Banks:Small finance banks like AU Bank, Suryoday Bank, Unity Bank, and Ujjivan Bank offer FD interest rates of over 8% for tenures of 1-2 years.
• Comparison to Regular FD Rates:These special tenure FDs offer higher-than-regular interest rates, making them attractive for risk-averse investors.
• Impact of US Federal Reserve and RBI Rate Cuts:The US Fed is expected to cut interest rates by 25 basis points (bps), which may influence the Reserve Bank of India (RBI) to follow suit in the third or fourth quarter of FY 2024-25.
• This could lead to lower interest rates on FDs in the future.
• Inflation Trends in India:India's annual inflation rate was 3.65% in August 2024, below the RBI’s 4% target for the second consecutive month, indicating a possible shift towards a lower interest rate trajectory.

Central Board of Direct Taxes issues Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024 

• In pursuance of the announcement in Union Budget 2024-25 by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the Central Board of Direct Taxes (CBDT) has notified the Direct Tax Vivad Se Vishwas Scheme, 2024 (referred as DTVSV, 2024) to resolve pending appeals in the case of income tax disputes.
• The Scheme will come into effect from October 1, 2024.
• The scheme aims to resolve pending income tax disputes and appeals.
• The initiative aims to improve litigation management and reduce the backlog of income tax disputes.

Key Highlights :

• Legal Framework:The DTVSV Scheme is enacted under the Finance (No. 2) Act, 2024.
• Rules and Forms for the Scheme have been notified in G.S.R 584(E) dated September 20, 2024.
• Settlement Amounts:New appellants will have lower settlement amounts compared to old appellants.
• Taxpayers who file declarations by December 31, 2024, will benefit from reduced settlement amounts.

Forms for the Scheme:

• Form-1: Declaration and undertaking by the declarant.
• Form-2: Certificate issued by the Designated Authority.
• Form-3: Intimation of payment by the declarant.
• Form-4: Order for full and final settlement of tax arrears by the Designated Authority.
• Form-1 must be filed separately for each dispute, but a single Form-1 can be filed if both the appellant and income-tax authority have appealed the same order.
• Electronic Filing:Forms 1 and 3 must be filed electronically on the Income Tax Department's e-filing portal (www.incometax.gov.in).
• Additional Information:For detailed provisions, refer to sections 88 to 99 of the Finance (No. 2) Act, 2024 and the Direct Tax Vivad Se Vishwas Rules, 2024.

Department of Financial Services Secretary M. Nagaraju chairs the Conference of Debt Recovery Appellate Tribunals Chairpersons and Debt Recovery of Tribunals Presiding Officers in New Delhi     

• Shri M. Nagaraju, Secretary of the Department of Financial Services (DFS), chaired a conference of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) in New Delhi.
• Participants: The meeting was attended by senior officers from public and private sector banks, the Deputy CEO of the Indian Bank Association (IBA), and senior Ministry of Finance officials.

Key Highlights :

• Focus Areas:
• Improving the functioning of DRTs for efficient debt recovery.
• Banks were advised to implement effective monitoring and oversight mechanisms for managing pending cases in DRTs.
• Best Practices: Discussion on adopting best practices across DRTs to improve recovery outcomes.
• Policy for Case Management:Banks were encouraged to establish a clear policy for managing small and high-value cases pending in DRTs.
• Settlement policies should consider transaction costs for efficient case resolution.
• Stakeholder Collaboration: Emphasis on collective action by stakeholders to reduce case pendency and optimize recovery, helping free up capital for productive economic use.
• DRT Regulations 2024: Introduction of the DRT Regulations 2024, which improve upon the 2015 regulations, aiming to make the recovery process more effective and time-efficient.

Finance Minister Nirmala Sitharaman Unveils NPS Vatsalya Scheme in New Delhi   

• Union Minister for Finance and Corporate Affairs Nirmala Sitharaman launched the National Pension System Vatsalya (NPS Vatsalya) scheme, ‘a pension scheme for minors’ at New Delhi.
• The NPS Vatsalya was announced by the Union Finance Minister in the Union Budget 2024-25 on 23rd July, 2024.
• The launch of NPS Vatsalya was simultaneously organised at 75 locations throughout the country, with distribution of over 250 PRAN to minor subscribers.

Key Highlights :

• Eligibility Criteria:The scheme is available for all minor citizens (under 18 years).
• Both the child and the parent must be Indian citizens, and all parties must meet Know Your Customer (KYC) requirements.
• Account Operation:Accounts can be opened in the name of a minor but operated by a parent or guardian, with the minor as the beneficiary.
• Opening Process:Accounts can be established through various Points of Presence regulated by the Pension Fund Regulatory Authority of India (PFRDA), including major banks, India Post, pension funds, and online platforms (e-NPS).
• Contribution Details:A minimum annual contribution of ₹1,000 is required, with no maximum contribution limit.
• Investment Choices:Subscribers will have multiple investment options in government securities, corporate debt, and equity, allowing flexibility based on risk appetite.
• Account Transition:Upon reaching the age of majority, the NPS Vatsalya account can be seamlessly converted into a regular NPS account.
• Withdrawals:Partial withdrawals are allowed after three years, up to 25% of the corpus for specific purposes (education, medical treatment, disabilities).
• Upon turning 18, up to ₹2.5 lakh can be withdrawn entirely; if the corpus exceeds this, 20% can be withdrawn, with the remaining 80% used for annuity purchase in the NPS
• In Case of Subscriber's Death:In the event of the subscriber's death, the entire corpus is transferred to the nominee (usually the guardian).
• If both parents pass away, a legal guardian can manage the account without further contributions until the child turns 18.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhar
• Finance Secretary : Tuhin Kanta Pandey

CURRENT AFFAIRS: NATIONAL NEWS

First Anniversary of PM Vishwakarma Scheme:

• The Ministry of Skill Development and Entrepreneurship (MSDE) will be celebrating the 1st Anniversary of the PM Vishwakarma Scheme on September 20, 2024.
• The scheme, launched by Prime Minister Narendra Modi on September 17, 2023, focuses on enhancing traditional artisans' skills (Vishwakarmas) by providing them with modern tools, techniques, and credit support for expanding their businesses.
• The ultimate goal is to bring Samman (respect), Samarthya (capability), and Samriddhi (prosperity) to the Vishwakarmas.

Key Highlights:

• Launch and Objective:
  • The PM Vishwakarma Scheme was launched on September 17, 2023.
  • Aims to upskill artisans with modern tools and techniques, offering them credit support for business expansion.
  • Focus on providing Samman, Samarthya, and Samriddhi.
• Training Impact:
  • As of September 12, 2024, a total of 8,30,678 Vishwakarmas have received Basic Skill Training under the scheme.
• Major Event:
  • A mega event will take place at Wardha, Maharashtra on September 20, attended by Prime Minister Narendra Modi.
  • The event will be live telecasted across 500 centers
• Andaman & Nicobar Islands' Participation:
  • A celebration is planned at B.R. Ambedkar Auditorium, Dollygunj, Sri Vijaya Puram.
  • Shri Narendra Modi will attend the event virtually via video conferencing.
  • Key attendees: Shri Bishnu Pada Ray, Member of Parliament, and Shri Keshav Chandra, Chief Secretary of A&N Administration.

Benefits to Artisans and Craftspeople:

• Recognition:
  • PM Vishwakarma certificate and ID card will be provided to artisans, recognizing their skills and contributions.
• Skill Training:
  • Basic Training of 5-7 days and Advanced Training of 15 days or more.
  • A stipend of Rs. 500 per day during training.
• Toolkit Incentive:
  • Up to 15,000 in the form of e-vouchers at the start of Basic Skill Training.
• Credit Support:
  • Collateral-free Enterprise Development Loans up to 3 lakhare available in two phases:
    • 1 lakh for a tenure of 18 months.
    • 2 lakh for a tenure of 30 months.
  • Concessional interest rate of 5%, with 8% subvention from the Government of India.
• Digital Transactions Benefit:
  • 1 per digital transaction for up to 100 transactions monthly, credited to their account for each payment or receipt.
• Additional Support:
  • Assistance with quality certification, branding, and onboarding on e-commerce platforms like GeM.
  • Marketing support through advertising and value chain improvements.

Prime Minister Narendra Modi's Upcoming Visit for the Quad Summit:

• Prime Minister Narendra Modi is set to attend the Quad Leaders’ Summit in Wilmington, Delaware, from September 21 to 23, 2024.
• The visit underscores critical themes such as the development of the Indo-Pacific region and the pursuit of sustainable development goals, as stated by Foreign Secretary Vikram Misri.

Key Highlights:

• Bilateral Meetings:
  • India and the US will sign two agreements during the bilateral meeting between PM Modi and President Joe Biden on the sidelines of the summit.
  • The agenda includes a review of the Comprehensive Global Strategic Partnership and discussions on the Indo-Pacific Economic Framework (IPEF) and the India-US Drug Framework.
• Quad Leaders’ Summit:
  • The summit will be held, where PM Modi will engage with leaders from Japan and Australia for additional bilateral discussions.
• Interaction with Indian Diaspora:
  • PM Modi will meet with the Indian diaspora in the US and hold a gathering at Long Island, New York.
• Business Engagements:
  • The Prime Minister will meet with CEOs of leading US-based companies to enhance collaboration in fields like AI, quantum computing, semiconductors, and biotechnology.
• Summit of the Future at the UN:
  • After the Quad Summit, PM Modi will attend the Summit of the Future at the United Nations, themed ‘Multilateral Solutions for a Better Tomorrow’. India will advocate for inclusive and equitable sustainable development, focusing on the Global South's aspirations.
• Focus on Peace and Security:
  • Amid rising global tensions, India will emphasize the significance of diplomacy and dialogue to mitigate conflicts.

Launch of Expanded Ayushman Bharat-PMJAY and U-Win Portal

• Prime Minister Narendra Modi is set to officially launch the expanded Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) scheme and the vaccination tracking portal U-Win, as announced by Health Minister J.P. Nadda.

Key Highlights:

• AB-PMJAY Expansion:
  • The scheme will benefit approximately 60 million eligible citizens aged 70 and above across 45 million families.
  • It has been expanded to cover all senior citizens aged 70 and above, with no income cap.
  • Provides a cashless and paperless benefit of Rs 5 lakh per annum per family for hospitalization in empanelled hospitals across India.
• Current Coverage:
  • Over 354 million citizens have been covered under the scheme, receiving PMJAY cards for health insurance.
• U-Win Portal:
  • The U-Win vaccination management portal is currently operational on a pilot basis, with 64.6 million beneficiaries registered.
  • The expanded AB-PMJAY will be implemented in October 2024.
• New Treatment for Tuberculosis (TB):
  • A new treatment regimen for tuberculosis will be introduced under the National TB Elimination Programme (NTEP), reducing treatment duration from 9-12 months to 6 months.
  • A detailed rollout plan for logistics and training of health professionals is being prepared, aimed at treating approximately 75,000 drug-resistant TB (DRTB)
• AIIMS Darbhanga Land Allotment:
  • All issues related to the land allotment for All India Institute of Medical Sciences (AIIMS) Darbhanga have been resolved.
  • The Bihar government has allotted 13 acres of land required for the institute.

Government Advisory on Tobacco-Free Educational Institutions

• In a significant initiative to curb tobacco use among youth, the Secretaries of the Union Ministry of Education and the Ministry of Health & Family Welfare have jointly issued an advisory to all States and Union Territories.
• This advisory calls for the rigorous implementation of the Tobacco-Free Educational Institution (ToFEI) manual, under the Cigarettes and Other Tobacco Products Act (COTPA), 2003.

Key Points of the Advisory

• Target Audience: The advisory is directed to Chief Secretaries of all states and UTs.
• Focus on Youth: It highlights alarming statistics from the Global Youth Tobacco Survey (GYTS) 2019, revealing that 8.5% of school students aged 13 to 15 in India consume tobacco. Notably, over 5,500 children start using tobacco daily, and 55% of lifelong users initiate the habit before the age of 20.

Objectives of the ToFEI Manual

1. Raise Awareness: Educate students, teachers, and staff about the harmful effects and long-term health impacts of tobacco use.
2. Cessation Support: Inform about available avenues for tobacco cessation.
3. Create a Tobacco-Free Environment: Establish a healthy and tobacco-free environment in educational institutions.
4. Enforce Legal Provisions: Ensure better implementation of laws regarding tobacco sales and usage, particularly in educational settings.

Implementation Strategy

• The advisory emphasizes the collaboration of all stakeholders to protect young people from tobacco addiction.
• Educational institutions, including schools, colleges, and universities (public and private), are encouraged to adopt the ToFEI manual as a comprehensive guide for safeguarding student health.
• The government aims to work closely with state and district-level officials to effectively implement these measures.

CURRENT AFFAIRS : STATE NEWS

Prime Minister Narendra Modi Unveils ‘SUBHADRA’ - Odisha’s Largest Women-Centric Scheme in Bhubaneswar    

• The Prime Minister, Shri Narendra Modi launched ‘SUBHADRA’, the flagship Scheme of Government of Odisha, in Bhubaneswar, Odisha.
• It is the largest, single women-centric scheme and is expected to cover more than 1 crore women.

Key Highlights :

• Financial Assistance:The scheme provides ₹50,000 to each eligible beneficiary over a period of 5 years (2024-25 to 2028-29).
• Beneficiaries will receive ₹10,000 annually in two equal installments, directly credited to their Aadhaar-enabled and DBT-enabled bank accounts.
• Eligibility:The scheme is targeted at women aged 21-60 years.
• Fund Transfer:During the launch, ₹10,000 was transferred into the accounts of more than 10 lakh women.
• Associated Projects:The Prime Minister also laid the foundation stones for:
• Railway projects worth ₹2,800 crore.
• National Highway projects worth over ₹1,000 crore.
• PMAY-G Fund Release:The Prime Minister released the first instalment of assistance to nearly 10 lakh beneficiaries under PMAY-G (Pradhan Mantri Awaas Yojana-Gramin) across 14 states.

About Odisha :

• Governor : Raghubar Das
• Chief Minister : Mohan Charan Majhi
• Capital : Bhubaneswar

Prime Minister Narendra Modi inaugurates 4th Global Renewable Energy Investor’s Meet and Expo (RE-INVEST) in Gandhinagar, Gujarat  

• The Prime Minister, Shri Narendra Modi inaugurated the 4th Global Renewable Energy Investors Meet and Expo (RE-INVEST) at Mahatma Mandir, Gandhinagar in Gujarat.
• The 3-day summit honours the important contributors to India's remarkable achievement of over 200 GW of installed non-fossil fuel capacity.
• Shri Modi highlighted that Global Fintech Fest was organized earlier in this month, people from across the globe participated in the First International Solar Festival, Global Semiconductor Summit, India also hosted the 2nd Asia-Pacific Civil Aviation Ministerial Conference and now India is hosting a conference of Green Energy.
• The 4th Global Renewable Energy Investor’s Meet and Expo (RE-INVEST) is poised to highlight India's impressive progress in renewable energy manufacturing and deployment.
• Germany, Australia, Denmark and Norway are taking part in the event as partner countries.
• Gujarat is the host state and Andhra Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Telangana and Uttar Pradesh are participating as Partner States.

About Gujarat :

• Capital: Gandhinagar
• Chief Minister: Bhupendrabhai Patel
• Governor: Acharya Devvrat
• National Parks: Gir National Park, Blackbuck (Velavadar) National Park, Marine National Park (Gulf of Kachchh), Vansda (Bansda) National Park
• Wildlife Sanctuaries: Barda Wildlife Sanctuary, Girnar Wildlife Sanctuary, Kutch Desert Wildlife Sanctuary, Purna Wildlife Sanctuary, Thol Lake Wildlife Sanctuary, Wild Ass Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Review of Integrated Goods and Service Tax (I-GST) Settlement Mechanism

• The government has initiated a review of the integrated goods and service tax (I-GST)settlement mechanism following numerous complaints from various state governments about being deprived of their rightful I-GST shares, leading to significant revenue losses.

Key Highlights:

• Formation of Review Committee:
  • A committee consisting of central and state officials has been established to address the issue of “negative balance” in the I-GST floating pool.
  • The committee includes representatives from around 10 states, notably Tamil Nadu and Kerala, which have consistently reported inadequate IGST transfers from the Centre.
• Timeline and Reporting:
  • The committee held its first meeting on Friday and is tasked with compiling a report on IGST transfers by October 30, which will be submitted to the GST Council.
• Government Statements:
  • Finance Minister Nirmala Sitharaman mentioned that the committee will also explore methods to recover excess transfers made to certain states over the years.

Understanding I-GST:

• Tax Overview:
  • I-GST is levied on interstate transactions and imports, governed by the IGST Act. The tax is collected by the central government and shared with states in a 50:50 ratio.
• Settlement Process:
  • Since I-GST is a consumption-based tax, states where goods/services are consumed receive tax transfers. However, discrepancies can result in disproportionate transfers, causing some states to experience a negative balance.
• Financial Data:
  • According to the Controller General of Accounts, the Centre's IGST collections from April to July FY25 were Rs (-)10,659 crore, compared to Rs (-)9,144 crore in the same period last year. In FY24, the total IGST mop-up was Rs (-)5,026 crore.

State Complaints and Losses:

• States like Tamil Nadu and Kerala have received lower IGST transfers than expected. The State Fiscal Review Committee of Kerala estimated a Rs 35,000 crore loss in IGST settlements since the GST regime began in 2017.

CARE Ratings Downgrades IIFL Finance Ltd’s Long-Term Instruments

• CARE Ratings has downgraded the long-term instruments rating of IIFL Finance Ltd (IFL) from “AA” to “AA-” due to a significant decline in the company's gold loan book, following restrictions imposed by the Reserve Bank of India (RBI).
• This rating action occurred shortly after the RBI lifted these restrictions on March 4, 2024.

Key Highlights:

• Decline in Gold Loan Book:
  • IFL’s assets under management (AUM) for gold loans fell to Rs 14,727 crore as of June 30, 2024, down from Rs 23,354 crore as of March 31, 2024.
  • Gold loans constituted 72% of IIFL’s standalone AUM and 21% of consolidated AUM by June 30, 2024.
• Impact on Financial Flexibility:
  • The reduction in the gold loan book has moderated the financial flexibility of the group and impacted profitability and liability franchise.
• RBI Restrictions and Resumption:
  • Although the RBI has allowed IIFL to resume its gold loan business, the agency noted that the company's ability to profitably scale operations and regain market share will be closely monitored.
• Rating Strengths and Weaknesses:
  • CARE Ratings acknowledged the company’s comfortable capital structure, strong institutional ownership, diversified loan portfolio, and experienced management team.
  • These strengths are somewhat offset by moderate asset quality and profitability metrics.
• Outlook:
  • A “Stable” outlook has been assigned to the ratings, indicating expectations for improvement in financial performance while maintaining portfolio diversification.
• Capital Adequacy Ratio (CAR):
  • IIFL reported a CAR of 27.81% as of June 30, 2024, well above the regulatory requirement of 15%, indicating an adequate capital cushion.
  • The increase in CAR was primarily due to the decrease in AUM following RBI’s actions and fresh capital raised through a rights issue of equity shares.

Ministry of Corporate Affairs to Launch Internship Scheme for Skill Development

• The Ministry of Corporate Affairs (MCA) is preparing to release a list of 500 companies eligible to participate in the Centre's internship scheme, based on the average annual corporate social responsibility (CSR) expenditure over the past three years.
• Union Finance Minister Nirmala Sitharaman announced this initiative during the Budget 2024-25.

Key Highlights:

• Internship Scheme Details:
  • The MCA plans to operationalize the internship scheme portal by the end of this month, allowing companies to submit internship position details.
  • Applications will be processed through an online portal, where companies will not have direct access to candidates. An MCA panel will select and forward two candidates for each position to the companies.
• Objectives of the Scheme:
  • The government aims to skill 10 million youths (aged 21-24) in India’s top companies over the next five years.
  • Internships will provide exposure to a real-life business environment for a duration of 12 months.
• Financial Support:
  • The Centre will offer an internship allowance of Rs 5,000 per month and a one-time assistance of Rs 6,000.
  • Companies will be expected to cover training costs and 10% of the internship costs from their CSR funds.
• Voluntary Participation:
  • Participation in the scheme is voluntary for companies, although CSR spending is mandatory under the Companies Act, making India one of the few countries with such legislation.
• Internship Structure:
  • Internships will be facilitated through suppliers or value-chain partners of the top 500 companies. Unlike apprenticeships, there is no obligation for companies to hire interns permanently.
  • The scheme aims to bridge the gap between academic knowledge and industry needs, enhancing employability and stimulating economic growth.

Current CSR Landscape:

• Between FY19 and FY22, Reliance Industries was the top CSR spender, but in 2022-23, it ranked third with an expenditure of Rs 743.4 crore, following HDFC Bank and Tata Consultancy Services. Other notable CSR spenders include ICICI Bank and Tata Steel.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Vice Chief of the Air Staff Air Marshal Amar Preet Singh named as the next Chief of the Air Staff  

• Air Marshal Amar Preet Singh, currently Vice Chief of the Air Staff, appointed as the next Chief of the Air Staff (CAS).
• He will assume the position in the rank of Air Chief Marshal effective from September 30, 2024.
• He succeeds Air Chief Marshal Vivek Ram Chaudhari, who retires on the same day.

About Air Marshal Amar Preet Singh :

• He Commissioned into the fighter pilot stream of the Indian Air Force in December 1984.
• He Has nearly 40 years of service with diverse Command, Staff, Instructional, and Foreign appointments.
• He Accumulated over 5,000 hours of flying experience on various fixed and rotary-wing aircraft.

Key Roles and Achievements:

• He Commanded an operational fighter squadron and a frontline air base.
• He Led the MiG-29 Upgrade Project Management Team in Moscow, Russia.
• He Served as Project Director (Flight Test) at the National Flight Test Centre for the flight testing of the Light Combat Aircraft (LCA) Tejas.
• He Held senior roles like Air Defence Commander at South Western Air Command and Senior Air Staff Officer at Eastern Air Command.
• Prior to becoming Vice Chief, he was Air Officer Commanding-in-Chief of Central Air Command.
• Distinctions:Air Marshal Amar Preet Singh holds PVSM (Param Vishisht Seva Medal) and AVSM (Ati Vishisht Seva Medal).

Shriram Finance appoints former Indian Cricket Team Captain and Coach Rahul Dravid as brand ambassador

• Shriram Finance announced the onboarding of former Captain and Head Coach of the Indian Cricket Team, Rahul Dravid, as their brand ambassador.
• This partnership unites two iconic entities renowned for their trust and reliability.

About Shriram Finance :

• Established: 1979
• MD & CEO: YS Chakravarti
• Shriram Finance is a leading holistic finance provider focused on Small Road Transport Operators (SRTOs) and small business owners.
• Shriram Finance is a market leader in the organized financing of pre-owned commercial vehicles and two-wheelers.

CURRENT AFFAIRS: AWARDS AND HONOURS

Dhruvi Patel Wins Miss India Worldwide 2024

• Dhruvi Patel, a Computer Information System student from the USA, has been crowned the winner ofMiss India Worldwide 2024, the longest-running Indian pageant outside India.

About the Pageant

• Miss India Worldwide is a prestigious beauty pageant that includes contestants from India and the Indian diaspora globally.
• It is organized by the India Festival Committee (IFC), founded and led by Dharmatma Saran in New York City.

Categories and Results

• Miss India Category (Ages 18 to 28):
  • Winner: Dhruvi Patel (USA)
  • First Runner-Up: Lisa Abdoelhak (Suriname)
  • Second Runner-Up: Malvika Sharma (Netherlands)
• India Category (Ages 21 to 37):
  • Winner: SuAnn Mouttet (Trinidad and Tobago)
  • First Runner-Up: Sneha Nambiar
  • Second Runner-Up: Pawandip Kaur (United Kingdom)
• Teen Category:
  • Winner: Sierra Suret (Guadeloupe)
  • First Runner-Up: Shreya Singh (Netherlands)
  • Second Runner-Up: Shradha Tedjoe (Suriname)

Magnus Carlsen and Judit Polgar were Honoured at the FIDE 100 Awards

• At the FIDE 100 Awards ceremony in Hungary, Magnus Carlsen and Judit Polgar were recognized as the best male and female players, respectively.
• This event celebrated the centenary of the International Chess Federation, honouring exceptional contributions to the chess community over the past century.

FIDE 100 Event Overview

• The FIDE 100 event marked a significant milestone, celebrating the evolution and impact of chess while recognizing individuals, groups, and organizations that have made remarkable contributions to the game.

Awards Categories

The awards were given in 18 categories, including:

• Best Player – Man
• Best Player – Woman
• Best Team – Men
• Best Team – Women
• Best Book
• Best Trainer
• Best Arbiter – Man
• Best Arbiter – Woman
• Most Memorable FIDE Tournament
• Most Memorable Private Tournament
• Social Impact
• Advocate for Women in Chess
• Best Educator
• Best Photo
• Best Social Media Influencer
• Best Journalist
• Inclusivity

Winners

• Best Player – Woman: Judit Polgar
• Best Player – Man: Magnus Carlsen

About the Winners

Judit Polgar (Hungary)

• Widely regarded as the strongest female chess player of all time.
• Became a Grandmaster at age 15, breaking Bobby Fischer’s record.
• Youngest player to enter the FIDE top 100 at age 12.
• The only woman to surpass a 2700 Elo rating, achieving a peak world ranking of No. 8 in 2004.

Magnus Carlsen (Norway)

• Norwegian chess grandmaster and five-time World Chess Champion.
• Reigning five-time World Rapid Chess Champion and seven-time World Blitz Chess Champion.
• Winner of the FIDE World Cup.
• Held the No. 1 position in the FIDE world rankings since July 1, 2011.
• His peak rating of 2882 is the highest in chess history.

Other Awardees

• Best Team – Men: Armenia
• Best Team – Women: Georgia
• Best Book: My 60 Memorable Games by Bobby Fischer
• Advocate for Women in Chess: Jean Michel Rapaire
• Social Impact: Chess for Freedom, Cook County Sheriff’s Office
• Best Educator: Abel Talamantez
• Inclusivity: International Physically Disabled Chess Association (IPCA), International Braille Chess Association (IBCA), and International Chess Committee of Deaf (ICCD)
• Best Trainer – Man: Vladimir Tukmakov
• Best Trainer – Woman: Susan Polgar

CURRENT AFFAIRS : DEFENCE NEWS

Indian Air Force Successfully Concludes Eastern Bridge VII Exercise at RAFO Masirah  

• The Indian Air Force (IAF) has successfully completed Exercise Eastern Bridge VII with the Royal Air Force of Oman (RAFO) at the RAFO airbase in Masirah.
• The main goal was to enhance military cooperation and interoperability between the IAF and RAFO.

Key Highlights :

• IAF Contingent: The IAF contingent returned to India after a series of training missions involving MiG-29 and Jaguar aircraft.
• Aircraft Participation: The exercise featured aircraft from both IAF (MiG-29, Jaguar) and RAFO (F-16, Hawk).
• Activities: The exercise included:
• Complex air operations
• Air-to-air combat drills
• Mission scenarios for improving strategic and tactical capabilities
• Insights Gained: The IAF contingent gained valuable insights into RAFO’s tactics and operational philosophies, contributing to enhanced combat strategies.
• Camaraderie Building: Joint briefings, debriefings, and cultural exchanges fostered professional bonds and mutual respect between personnel from both forces.
• Strategic Relations: The exercise significantly enhanced strategic relations between India and Oman, emphasizing the commitment to regional peace and security.
• Future Collaborations: Both air forces expressed intent to continue joint exercises, aiming for more advanced collaborations in the future.
• Outcome: The successful completion of the exercise demonstrated the capability of both forces to operate jointly in diverse scenarios, enhancing preparedness for emerging security challenges.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Iran Successfully Launches Chamran-1 Research Satellite into Orbit Using Revolutionary Guard's Qaem-100 Rocket    

• Iran launched the Chamran-1 research satellite into orbit using the Qaem-100 rocket, developed by the paramilitary Revolutionary Guard.
• The event marks a key advancement in Iran's aerospace program, despite scrutiny from Western nations due to concerns about ballistic missile development.

Key Highlights :

• Satellite Details:Chamran-1 weighs 60 kilograms and was placed into a 550-kilometer orbit.
• Rocket Specifications:The Qaem-100 rocket is a solid-fuel, three-stage vehicle and had been previously used for a satellite launch in January.
• Mission Objective:The primary mission of Chamran-1 is to test hardware and software systems for orbital maneuver technology validation.

About Iran :

• President : Masoud Pezeshkian
• Capital : Tehran
• Currency : Iranian rial

CURRENT AFFAIRS: MOUS AND AGREEMENT

MoU Signed Between ARIES and BEL for Space Situational Awareness

• The Aryabhatta Research Institute of Observational Sciences (ARIES), Nainital, has signed a Memorandum of Understanding (MoU) with Bharat Electronics Limited (BEL), a Navaratna Defence PSU, to collaborate on space technologies with a specific focus on Space Situational Awareness (SSA).

Key Highlights of the Collaboration

• Objective: The collaboration aims to develop advanced technologies for tracking space objects, including near-Earth objects and artificial satellites, to enhance satellite safety and user protection.
• Technological Development: The partnership will involve:
  • Developing image processing techniques and data analytics software.
  • Creating instruments and laboratories dedicated to SSA.
  • Conducting training workshops for capacity building in SSA.

Importance of Space Situational Awareness (SSA)

• SSA is critical for predicting and avoiding potential collisions between objects in space. It supports the safety and reliability of satellite operations, which is increasingly vital as the number of satellites in orbit grows.

Utilization of ARIES Facilities

• The collaboration will leverage observations from ARIES's state-of-the-art telescopes, including the 4m International Liquid Mirror Telescope (ILMT), to enhance data collection and analysis for SSA.

Government Initiatives Alignment

• This MoU aligns with the Indian government's ‘Atmanirbhar Bharat’ and ‘Make-in-India’ initiatives, aiming to bolster India's technological capabilities in space.

Signing Ceremony

• The MoU was signed at BEL's Ghaziabad Unit by Dipankar Banerjee, Director of ARIES, and Ms. Rashmi Kathuria, GM (SCCS) & Unit Head of BEL, with other senior officials from both organizations present.

CURRENT AFFAIRS: SPORTS NEWS

Saleema Imtiaz: First Pakistani Woman Nominated to ICC International Panel of Development Umpires

• Saleema Imtiaz has made history by becoming the first Pakistani woman to be nominated to the ICC International Panel of Development Umpires, as announced by the Pakistan Cricket Board (PCB).

Career Highlights

• Umpiring Background: Saleema began her career with the PCB women's panel in 2008.
• Notable Matches: She officiated in the 2022 Asia Cup and the 2023 ACC Emerging Women’s Cup in Hong Kong.
• Experience: She has officiated in 22 T20Is, including 16 on-field and 6 as a TV umpire. Her most recent match as an on-field umpire was the Women’s Asia Cup Final in Dambulla.

About the ICC

• The International Cricket Council (ICC) is the global governing body for cricket, headquartered in Dubai, UAE, with 108 member nations (12 Full Members and 96 Associate Members).
• Current Chairman: Greg Barcley (New Zealand)
• Upcoming Chairman: Jay Shah (effective December 1, 2024)

ICC Development Umpires Panel

• Established in 2005, the International Panel of ICC Development Umpires aims to create a career path into the Elite Panel of ICC Umpires.
• Members are primarily drawn from associate members, enhancing their international exposure.

India's Representation

• For the 2024-25 panel, Indian umpires Narayanan Janani and Vrinda Rathi have also been included.

CURRENT AFFAIRS: IMPORTANT DAYS

World Rose Day: September 22

• World Rose Day is observed every year on September 22, dedicated to honouring and supporting cancer patients globally.
• This day serves as a reminder of the courage and bravery shown by those battling cancer and their caregivers.

Significance of the Day

• Inspiration from Melinda Rose: The day commemorates Melinda Rose, a 12-year-old girl from Canada diagnosed with Askin’s Tumour, a rare blood cancer, in 1994. Despite being given only a week to live, her indomitable willpower allowed her to survive for six months.
• Legacy of Hope: Melinda's courage inspired her to write notes and poetry for other cancer patients, providing them with hope and encouragement.
• The rose symbolizes love, care, and hope, reminding us to reach out and support those facing health challenges.

International Day of Sign Languages: September 23

• The International Day of Sign Languages is celebrated annually on September 23 to promote awareness of sign languages and the rights of deaf individuals.
• This year’s theme is “Sign up for Sign Language Rights.”

Significance of the Day

• Communication Tool: Sign language is a vital nonverbal communication method, primarily used by individuals who are hard of hearing. It allows deaf people to communicate effectively with each other and their surroundings.
• UN Recognition: The UN General Assembly established this day as part of the International Week of the Deaf to highlight the importance of sign languages and the rights of deaf individuals.

History

• The first celebration took place in 2018, marking a significant step towards recognizing the linguistic rights of deaf people.
• September 23 was chosen because it commemorates the founding of the World Federation of the Deaf (WFD) in 1951.

Global Impact

• According to the WFD, there are over 70 million deaf individuals worldwide, with a significant number residing in developing countries.
• There are more than 300 different sign languages used globally, emphasizing the diversity within the deaf community.

Daily CA One- Liner: September 22 & 23

• The Ministry of Skill Development and Entrepreneurship (MSDE) will be celebrating the 1st Anniversary of the PM Vishwakarma Scheme on September 20, 2024.
• Prime Minister Narendra Modi is set to attend the Quad Leaders’ Summit in Wilmington, Delaware, from September 21 to 23, 2024
• Prime Minister Narendra Modi is set to officially launch the expanded Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) scheme and the vaccination tracking portal U-Win, as announced by Health Minister J.P. Nadda.
• In a significant initiative to curb tobacco use among youth, the Secretaries of the Union Ministry of Education and the Ministry of Health & Family Welfare have jointly issued an advisory to all States and Union Territories.
• The government has initiated a review of the integrated goods and service tax (I-GST)settlement mechanism following numerous complaints from various state governments about being deprived of their rightful I-GST shares, leading to significant revenue losses
• CARE Ratings has downgraded the long-term instruments rating of IIFL Finance Ltd (IFL) from “AA” to “AA-” due to a significant decline in the company's gold loan book, following restrictions imposed by the Reserve Bank of India (RBI).
• The Ministry of Corporate Affairs (MCA) is preparing to release a list of 500 companies eligible to participate in the Centre's internship scheme, based on the average annual corporate social responsibility (CSR) expenditure over the past three years.
• Dhruvi Patel, a Computer Information System student from the USA, has been crowned the winner ofMiss India Worldwide 2024, the longest-running Indian pageant outside India
• At the FIDE 100 Awards ceremony in Hungary, Magnus Carlsen and Judit Polgar were recognized as the best male and female players, respectively.
• The Aryabhatta Research Institute of Observational Sciences (ARIES), Nainital, has signed a Memorandum of Understanding (MoU) with Bharat Electronics Limited (BEL), a Navaratna Defence PSU, to collaborate on space technologies with a specific focus on Space Situational Awareness (SSA).
• Saleema Imtiaz has made history by becoming the first Pakistani woman to be nominated to the ICC International Panel of Development Umpires, as announced by the Pakistan Cricket Board (PCB).
• World Rose Day is observed every year on September 22, dedicated to honouring and supporting cancer patients globally.
• The International Day of Sign Languages is celebrated annually on September 23 to promote awareness of sign languages and the rights of deaf individuals.
• According to the latest State of the Economy report released by the central bank, the gap between credit and deposit growth in banks, which has been a major concern for the Reserve Bank of India (RBI) over the past two years, is finally narrowing.
• The September 30, 2024 deadline for special fixed deposits (FDs) by State Bank of India (SBI), IDBI, and Indian Bank is nearing.
• In pursuance of the announcement in Union Budget 2024-25 by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the Central Board of Direct Taxes (CBDT) has notified the Direct Tax Vivad Se Vishwas Scheme, 2024 (referred as DTVSV, 2024) to resolve pending appeals in the case of income tax disputes.
• Shri M. Nagaraju, Secretary of the Department of Financial Services (DFS), chaired a conference of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) in New Delhi.
• Union Minister for Finance and Corporate Affairs Nirmala Sitharaman launched the National Pension System Vatsalya (NPS Vatsalya) scheme, ‘a pension scheme for minors’ at New Delhi.
• The Prime Minister, Shri Narendra Modi launched ‘SUBHADRA’, the flagship Scheme of Government of Odisha, in Bhubaneswar, Odisha.
• The Prime Minister, Shri Narendra Modi inaugurated the 4th Global Renewable Energy Investors Meet and Expo (RE-INVEST) at Mahatma Mandir, Gandhinagar in Gujarat.
• Air Marshal Amar Preet Singh, currently Vice Chief of the Air Staff, appointed as the next Chief of the Air Staff (CAS).
• Shriram Finance announced the onboarding of former Captain and Head Coach of the Indian Cricket Team, Rahul Dravid, as their brand ambassador.
• The Indian Air Force (IAF) has successfully completed Exercise Eastern Bridge VII with the Royal Air Force of Oman (RAFO) at the RAFO airbase in Masirah.
• Iran launched the Chamran-1 research satellite into orbit using the Qaem-100 rocket, developed by the paramilitary Revolutionary Guard.