Topic: Infrastructure and Energy
1. In July 2024, India's imports of thermal coal declined to a six-month low level.
- India's imports of thermal coal decreased slightly by 1% on a monthly basis in July 2024 to 13.57 million tonnes (mt), according to energy analytics firm Kpler.
- On the other hand, shipments into the country increased by 21% year over year.
- The reduction in the need for cooling caused by monsoon rains resulted in a decrease in the import of thermal coal.
- The need for electricity from thermal power plants (TPPs) was reduced in part by the growth of the wind and hydropower segments.
- Thermal coal imports in July increased 2.39 million tonnes year over year.
- In July 2024, the annual rise of domestic coal production reached 74 mt. This was a rise of 6.36 percent year over year.
- The previous several months have seen a decrease in India's demand for electricity.
- India's energy consumption reached 145.4 billion units (BU) in July, up almost 4% year over year.
- June 2024 saw an increase in energy consumption of 9% annually to 152.4 BU from July.
Topic: Regulatory Bodies/Financial Institutions
2. Delhi High Court has ruled that competition authorities must stay within their jurisdictional limits.
- All regulatory authorities must recognize and upheld mediation processes and settlements.
- On writ petitions involving JCB and the Competition Commission of India (CCI), the Delhi High Court gave its judgment.
- The Delhi High Court has quashed the proceedings that were started against JCB India Ltd. by the CCI.
- The issue revolved around claims that JCB engaged in anti-competitive behaviour and abused the judicial processes.
- The case started when JCB filed it against Bull Machines Private Ltd. in 2011.
- JCB’s product, the backhoe loader, was the centre of this dispute.
- Bull filed a complaint with the CCI in the midst of ongoing settlement talks.
- In its case with CCI, Bull claimed that JCB was stifling competition by abusing its dominating market position.
- After the CCI issued an inquiry order, JCB filed a writ petition challenging the CCI's order.
- The proceedings before CCI have been terminated by the Delhi High Court.
Topic: Banking System
3. Bajaj Allianz General Insurance Company Ltd and HSBC India have entered into a bancassurance partnership.
- As part of this partnership, Bajaj Allianz’s comprehensive suite of insurance services and products will be provided to HSBC’s vast customer base in India.
- Bajaj Allianz General Insurance Company Ltd is a leading private general insurer.
- HSBC India is a leading international bank in India. Its registered office is at Mumbai.
- HSBC India is a foreign bank under the Banking Regulation Act, 1949.
- Bancassurance is an insurance distribution model. In this model, insurance companies partner with banks to sell policies.
Topic: Reports and Indices
4. According to the latest Food & Drink 2024 report, Amul has been ranked as the strongest food brand in the world.
- Previous year, Amul was ranked at the second position. Amul is already ranked number one dairy brand in the world.
- According to the report, Amul has a brand strength index of 91 out of 100. It has an AAA+ rating, as per the report.
- As per the report, Amul’s brand value increased 11% to $3.3 billion.
- Brand Finance has published the annual report on the most valuable and strongest food, dairy & non-alcoholic drinks brands.
- Brand Finance is world’s leading brand consultancy.
- Amul has strongly performed in familiarity, consideration, and recommendation metrics.
Topic: RBI
5. RBI Governor Shaktikanta Das became the top central banker for the second consecutive year.
- For the second consecutive year, RBI Governor Shaktikanta Das has been given an 'A+' rating in the Global Finance Central Banker Report Cards 2024.
- Along with Shaktikanta Das, Christian Ketel Thomsen of Denmark and Thomas Jordan of Switzerland have been ranked in the 'A+' category of central bankers.
- The grades are based on a scale from A to F for success in inflation control, economic growth targets, currency stability and interest rate management.
- 'A' indicates excellent performance, while 'F' indicates complete failure.
- The Central Banker Report Card has been published annually by Global Finance since 1994.
- It grades central bank governors from nearly 100 countries, territories and districts.
Topic: Banking System
6. NPCI has introduced UPI Circle- Delegated Payments for secondary users.
- Through the UPI Circle-Delegate Payments feature, a primary UPI user can establish a partial or full delegation link with their trusted secondary users via the UPI App.
- Within the security parameters and procedures, a primary user can grant permission to a reliable secondary user to complete transactions.
- When full delegation is used, the primary user gives permission to a secondary user to start and finish UPI transactions within predetermined spending limits.
- When there is partial delegation, the primary user approves the start of payment requests from secondary users, and the primary user uses the UPI PIN to finish the UPI transaction.
- Up to five secondary users can be delegated by a primary user. Only one primary user's delegation can be accepted by a secondary user.
- Members must ensure a maximum monthly limit of Rs 15,000 per delegation and a maximum per transaction limit of Rs 5000 in order to enable full delegation.
- The current UPI restrictions will apply in the case of partial delegation.
- Members shall ensure that, following the successful linking of primary and secondary users for both complete and partial delegation, a daily transaction limit of Rs 5000 is set during the cooling period (the first 24 hours).
- Members must adhere to RBI regulations regarding "Harmonisation of Turn Around Time" and compensating customers for unsuccessful transactions through permitted payment methods.
Topic: Appointments
7. Ashok Kumar Singh assumed charge as Director General of Employees' State Insurance Corporation (ESIC).
- Ashok Kumar Singh became the Director General of the Employees' State Insurance Corporation (ESIC) under the Ministry of Labour and Employment.
- Ashok Kumar Singh is an IAS officer of the 1999 batch of Kerala cadre.
- He has served as the Executive Director of the National Mission for Clean Ganga.
- He also served as Joint Secretary in the Ministry of Defense and as Director of the Ministry of Finance.
- Employees’ State Insurance Corporation (ESIC):
- It is a statutory body under the Ministry of Labour and Employment.
- It was founded in 1952. It was set up under the ESI Act 1948 for the implementation of the ESI scheme.
Topic: Infrastructure and Energy
8. Indira Gandhi International Airport (IGIA) is India’s first airport to get the net zero carbon emission status.
- IGIA has achieved this status under the Airport Council International's accreditation programme.
- Indira Gandhi International Airport (IGIA) in Delhi is operated by GMR Group-led DIAL.
- The airport's initial target was to have net zero carbon emissions by 2030.
- Through a number of measures, the target has been reached well ahead of schedule.
- Delhi airport has attained the level 5 net zero emission accreditation in 2024.
- The highest accreditation level is level 5, out of a total of five.
- The ACA program offers an extensive framework for active carbon management at airports.
- ACI is a global trade association representing world's airports.
Topic: Appointments
9. Amardeep Singh Bhatia, IAS has taken the charge as Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
- Amardeep Singh Bhatia replaced Rajesh Kumar Singh, lAS.
- Rajesh Kumar Singh has been appointed as Officer on Special Duty, Department of Defence.
- Amardeep Singh Bhatia was serving as Additional Secretary, Department of Commerce, Ministry of Commerce and Industry.
- He is an Indian Administrative Service Officer of 1993 Batch from Nagaland cadre.
- DPIIT looks after foreign direct investment (FDI) policy, startups, ease of doing business, promoting internal trade and e-commerce sector.
- Amardeep Singh Bhatia has assumed charge at a time when India’s FDI declined 3.49% to $ 44.42 billion in 2023-24 because of global uncertainties.
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