Daily Current Affairs and GK | 11 and 12 August 2024

Topic: Indian Polity

1. Banking Laws (Amendment) Bill, 2024, was introduced by the Finance Minister Nirmala Sitharaman on 09 August 2024 in Lok Sabha.

• The bill provides customers an option to increase the number of nominees per bank account from existing one to four.
• The bill proposes change related to redefining ‘substantial interest’ for directorships.
• This could increase from the current limit of ₹5 lakh to ₹2 crore.
• The bill also gives more freedom to banks in deciding the how much remuneration is to be paid to statutory auditors.
• Additionally, it changes the dates on which banks must report for regulatory compliance.
• It changes the dates from the second and fourth Fridays to the 15th and final day of each month.
• The Bill proposes to amend the following acts.
  • Reserve Bank of India Act, 1934
  • Banking Regulation Act, 1949
  • State Bank of India Act, 1955
  • Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 
  • Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
• The Finance Minister made announcement about the amendments to the Banking Regulation Act during her 2023–24 Budget speech.

Topic: Important Days

2. World Lion Day: 10 August

• World Lion Day is celebrated annually on 10 August to raise public awareness of the importance of lion conservation.
• First World Lion Day was celebrated in 2013. It was co-founded by Dereck and Beverly Joubert of the Big Cat Initiative and National Geographic in a partnership.
• Big Cat Rescue is the world’s largest accredited sanctuary dedicated to big cats.
• Lion population has been declining due to habitat loss, human-wildlife conflict, and poaching.
• World Lion Day serves as the reminder of the important role lions play in ecosystem.
• They are apex predators. They play a role in maintaining the ecological balance.
• They control the populations of herbivores and ensure the regeneration of forests and grasslands.
• They help prevent the spread of diseases in prey populations.
• India is home to the Asiatic lion. They are found only in the Gir Forest.
• The lion population in this region has grown from approximately 523 in 2015 to around 674 in 2020.
• Project Lion was announced on August 15, 2020. It is aimed at securing the future of Asiatic lions.
• International Big Cats Alliance was launched in April 2023 o foster international cooperation among 97 range countries.

(Source: PIB)

Topic: State News/Gujarat

3. Gujarat CM launched IACC's Centre of Excellence for MSME.

• Gujarat Chief Minister Bhupendra Patel inaugurated the Indo-American Chamber of Commerce's (IACC) Centre of Excellence for MSME.
• It will be the first-ever centre by IACC, which aims to upgrade and strengthen micro, Small and medium enterprises (MSMEs).
• Bhupendra Patel said that MSMEs are the backbone of the economy.
• The MSME sector will play a crucial role in making India the third-largest economy.
• Indo-American Chamber of Commerce (IACC):
  • It was established in 1968.
  • It is the apex bilateral Chamber synergizing India-US Economic Engagement.
  • It was started by Ambassador Chester Bowles along with the then-industry leaders.

Topic: Reports and Indices

4. Roshni Nadar Malhotra is India's most influential woman, leading a family-owned business.

• She has found top place in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses report.
• Roshni Nadar Malhotra is the chairperson of HCL Technologies.
• The second-best-known woman is Nisaba Godrej, who comes from the Godrej family.
• Sushila Devi Singhania of JK Cement, Manju D. Gupta of Lupin, Meher Pudumjee of Thermax, Amita Birla of Birlasoft, Leena Gandhi Tewari of USV, Mahima Datla of Biological E, Bina Modi of Godfrey Phillips India, and Jyothy Ramachandran of Jyothy Laboratories are a few other well-known female leaders.
• With a valuation of Rs 25.75 trillion, the Ambani family has topped the inaugural Barclays-Hurun India's most valuable family businesses list.
• The rankings are determined based on the company valuations as of March 20, 2024.
• The Ambani family is followed by the Bajaj family in second place. The Birla family ranks third.
• The Nadar family comes in at number five on the list, after the Sajjan Jindal-led family in fourth position.
• Roshni Nadar Malhotra of the Nadar family is the sole female member of the top 10 family businesses.
• First-generation families are not included in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses list.
• However, the Adani family, founded by current chairman Gautam Adani, has emerged as the most valuable first-generation family business.