- 1. US becomes the top foreign remittance source for India.
- 2. Jawaharlal Nehru Port has become India’s first 100 percent Landlord Major Port having all berths being operated on the PPP model.
- 3. Himachal Pradesh has become the first state to link all registered commercial vehicles equipped with VLTD with ERSS.
- 4. Ben Stokes has announced retirement from ODI cricket.
- 5. RBI banned three cooperative banks from carrying out banking activity due to poor liquidity positions.
- 6. MP Rahul Shewale has been elected as the new leader of Shiv Sena in the Lok Sabha.
- 7. Forty leaders from 17 countries are taking part in the two-day CII-EXIM Bank Conclave.
- 8. RBI has issued a revised regulatory framework for Urban Cooperative Banks.
- 9. Iran is set to become a new SCO member at the Samarkand summit in September.
- 10. Manoj Kumar becomes the new Chairman of KVIC.
- 11. Government formed a Committee on MSP under the chairmanship of Sanjay Agrawal.
- 12. 13th Petersberg Climate Dialogue begins in Berlin.
- 13. SEBI cleared the appointment of Ashish Kumar Chauhan as MD and CEO of the National Stock Exchange (NSE).
- 14. India’s first human-carrying drone ‘Varuna’ unveiled during ‘Swavlamban’ seminar.
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Topic: Indian Economy
1. US becomes the top foreign remittance source for India.
- In the financial year 2020-21, the US has surpassed UAE by contributing 23% of the total remittance of India.
- The share of remittance from Gulf countries has declined from 50% in 2016-17 to about 30% in 2020-21.
- According to the Reserve Bank of India (RBI) survey, UAE contributed around 17-18% of India’s total remittance.
- US, UK and Singapore have emerged as new important remittance source countries. They contributed almost 36 percent of total remittances in 2020-21.
- Maharashtra becomes the top recipient state in terms of receiving remittances. In 2020-21, remittances of Kerala, Tamil Nadu and Karnataka have got almost halved.
- India remained the top recipient country in the world with a 12 percent share in the total global remittances.
- Remittances have increased the foreign direct inflows in several countries like India, the Philippines, Pakistan and Bangladesh.
Topic: Infrastructure and Energy
2. Jawaharlal Nehru Port has become India’s first 100 percent Landlord Major Port having all berths being operated on the PPP model.
- Ports, Shipping and Waterways Minister Sarbananda Sonowal said that the total handling of JNPT will increase to 1.8 million Twenty-foot Equivalent Units (TEUs) from 1.5 million TEUs in 2020-21.
- Jawaharlal Nehru Port is ranked 26th place among the top 100 global ports according to Lloyds List Top 100 Ports 2021 Report.
- A landlord port is a port where terminals are leased to private companies while the port authority only retains ownership of the land.
- In February 2021, Parliament passed Major Port Authorities Act 2021.
- It is aimed at reorienting the governance model in central ports to the landlord port model.
- Jawaharlal Nehru Port (also called Nhava Sheva Port) is the second largest container port in India after Mundra Port. It is located in Navi Mumbai. It was developed to decongest Mumbai Port.
Topic: State News/ Himachal Pradesh
3. Himachal Pradesh has become the first state to link all registered commercial vehicles equipped with VLTD with ERSS.
- It is now possible to track these vehicles anywhere in the country through Vehicle Location Tracking Device (VLTD).
- The number of vehicles that have been linked with the Emergency Response Support System (ERSS) is more than 9,423.
- Both the police and the transport department will now monitor ERSS.
- Himachal Pradesh Chief Minister Jai Ram Thakur formally inaugurated the system.
- He also launched the facility of the panic button for the safety of women and children in public vehicles.
4. Ben Stokes has announced retirement from ODI cricket.
- He is an English cricketer. He is the captain of the England Test team.
- He played his last ODI against South Africa on 19 July 2022. He plays for the England Twenty20 International (T20I) team.
- Denesh Ramdin has announced retirement from international cricket. He used to play for the West Indies. He will continue to play in franchise cricket.
- Lendl Simmons has announced retirement from all forms of international cricket. He used to play for the West Indies.
Topic: Banking System
5. RBI banned three cooperative banks from carrying out banking activity due to poor liquidity positions.
- These banks include Nashik Zilla Girna Sahakari Bank Limited and the Raigad Sahakari Bank, both from Maharashtra, and Sri Mallikarjuna Pattana Sahakari Bank from Karnataka.
- The depositors of Nashik Zilla Girna Sahakari Bank and Sri Mallikarjuna Pattana Sahakari Bank will be prohibited from withdrawing any money from their savings, current, and other accounts.
- However, they will be allowed to offset loans against deposits.
- However, RBI has permitted Raigad Sahakari Bank depositors to withdraw a maximum of 15,000 rupees from the balance of all savings, current, and other accounts combined.
- According to RBI, these instructions will be in effect starting on July 19, 2022, for a period of six months.
- Further, RBI has made it clear that these instructions do not mean that the licenses of banks have been cancelled.
Topic: State News/ Maharashtra
6. MP Rahul Shewale has been elected as the new leader of Shiv Sena in the Lok Sabha.
- Om Birla, Speaker of the Lok Sabha, has accepted the party's Eknath Shinde faction's demand in this regard.
- Mr. Shewale has been appointed as floor leader in place of MP Vinayak Raut.
- Bhavna Gawli will be the chief whip. She was recently removed by the Uddhav faction as chief whip and has been re-appointed in the same position by Shinde’s faction.
- Shiv Sena has 19 MPs in the Lok Sabha, out of which 12 are supporting the Eknath Shinde camp.
(Source: News on AIR)
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Topic: Summits/ Conferences/ Meetings
7. Forty leaders from 17 countries are taking part in the two-day CII-EXIM Bank Conclave.
- Leaders are in New Delhi for the ongoing CII-EXIM Bank Conclave on India-Africa Growth Partnership. This is the 17th edition of the conclave.
- The focus of this year’s conclave is on infrastructure development and trade finance, education and training, agriculture and food processing, consultancy services, and healthcare.
- Union Minister Shri Piyush Goyal addressed the inaugural session of the CII-EXIM Bank Conclave on India-Africa Growth Partnership.
- India is Africa’s fourth-largest national trading partner. Trade with India accounted for more than 6.4% of total African trade in 2017.
- Mauritius is the first and only African country so far to have a CECPA (Comprehensive Economic Cooperation and Partnership Agreement) with India.
- CII-EXIM Bank Conclave on India-Africa Growth Partnership:
- It was launched in 2005. It was launched with the support of India’s Ministry of External Affairs and Ministry of Commerce & Industry.
- It aims to encourage the development of private investment from India in African countries.
Topic: Banking System
8. RBI has issued a revised regulatory framework for Urban Cooperative Banks.
- RBI has issued this framework as per the recommendations of the expert committee set up under the Chairmanship of RBI’s former Deputy Governor Mr N S Vishwanathan.
- RBI has adopted the four-tiered regulatory framework for Urban Cooperative Banks.
- The regulatory framework is based on the size of deposits of the banks and their area of operations.
- It stipulates a minimum net worth of two crore rupees for Tier 1 UCBs operating in a single district and five crore rupees for all other UCBs.
- RBI has introduced an automatic route for branch expansion for UCBs.
- It has allowed UCBs to open new branches as per the revised Financially Sound and Well Managed criteria.
- In the case of housing loans, RBI has decided to assign the risk weights solely on the basis of the Loan to Value Ratio. This would result in capital savings.
- RBI said that the minimum CRAR requirement for Tier 1 banks is retained at the present level of 9%.
- For Tier 2, Tier 3, and Tier 4 UCBs, it has been decided to increase the minimum Capital to Risk (Weighted) Assets Ratio (CRAR) to 12%.
Topic: International News
9. Iran is set to become a new SCO member at the Samarkand summit in September.
- Iran will become a full member of the Shanghai Cooperation Organization (SCO) with the signing of the memorandum of obligation at a summit in Samarkand.
- The decision to admit Iran was taken at last year’s Dushanbe summit. Iran has been an observer member of the SCO since 2005.
- It will be the first time Iran will officially join an international body since the 1979 revolution.
- Belarus has also applied to become a full member of the Shanghai Cooperation Organization (SCO). The legal process of Belarus' application for SCO membership will begin soon.
- SCO Foreign Ministers meeting on 28-29 July will set the agenda for the Samarkand Summit.
- At the upcoming Samarkand summit, agreements on connectivity and high-efficiency transport corridors will be signed and a roadmap for local currency settlement among member states will be discussed.
- After the Samarkand Summit, India will take over the SCO presidency from Uzbekistan.
(Source: News on AIR)
Topic: National Appointments
10. Manoj Kumar becomes the new Chairman of KVIC.
- Manoj Kumar assumed the charge of Khadi and Village Industries Commission (KVIC) chairman on 15th July 2022.
- He said that his priority will be on establishing the maximum number of small and micro units and creating self-employment through various schemes of KVIC.
- He will try to make Khadi “Global” from being a “Local” product. He believes that Khadi is spreading like a “silent revolution” in India.
- Khadi and Village Industries Commission (KVIC):
- It was formed as a statutory body in 1957.
- It is headquartered in Mumbai and has six regional offices.
- Its main aim is the development of khadi and village industries.
- It works under the jurisdiction of the Ministry of Micro, Small and Medium Enterprises.
11. Government formed a Committee on MSP under the chairmanship of Sanjay Agrawal.
- The committee will discuss the ways to promote natural farming, crop diversification and micro-irrigation scheme.
- It will also suggest strategies for making Krishi Vigyan Kendras and other Research and Development institutions as knowledge centres.
- The committee will also recommend ways to make the system more effective and transparent for providing MSP to farmers.
- It will also suggest measures to give more autonomy to CACP and to make it more scientific.
- The panel will also suggest measures to strengthen the Agricultural Marketing System.
- IFFCO Chairman Dilip Sanghani and CNRI General Secretary Binod Anand are also part of the committee.
- NITI Aayog member Ramesh Chand, Agricultural Economists CSC Shekhar from Indian Institute of Economic Development and Sukhpal Singh from IIM- Ahmedabad are members of this committee.
(Source: News on AIR)
Topic: Summits/ Conferences/ Meetings
12. 13th Petersberg Climate Dialogue begins in Berlin.
- The two-day informal ministerial meet is being chaired by Germany and Egypt.
- The informal ministerial meeting aimed at improving the implementation of climate action which is the core goal of COP-27.
- The Petersberg Climate Dialogue will create a roadmap for the global climate conference in Egypt in November.
- According to the previous resolution, the preservation of the Congo Basin forests is necessary for the fight against climate change.
- During the dialogue, representatives from several countries will discuss the implementation of all the previous resolutions to limit global warming to 1.5 degrees Celsius.
- Petersberg Dialogue forum:
- It was launched in 2010 after the Copenhagen Climate Change Conference.
- It served as a platform to build political consensus on issues related to climate change.
Topic: National Appointments
13. SEBI cleared the appointment of Ashish Kumar Chauhan as MD and CEO of the National Stock Exchange (NSE).
- Ashish Kumar Chauhan will be the next Managing Director and CEO of the National Stock Exchange (NSE), the country’s largest stock exchange.
- He is currently serving as MD and CEO of the BSE.
- Ashish Kumar Chauhan replaced Vikram Limaye whose five-year tenure ended on July 15.
- Ashish Kumar Chauhan is one of the founding members of the National Stock Exchange.
- National Stock Exchange will give priority to implementing fair and ethical corporate and market governing practices.
- National Stock Exchange (NSE):
- It is located in Mumbai, Maharashtra. It was incorporated in 1992.
- It was recognised as a stock exchange by SEBI in April 1993. It commenced operations in 1994.
- It launched the NIFTY 50 Index in 1996.
14. India’s first human-carrying drone ‘Varuna’ unveiled during ‘Swavlamban’ seminar.
- India’s first drone that can carry a human payload of up to 130 kg has been unveiled during Naval Innovation and Indigenisation Organisation (NIIO) seminar ‘Swavlamban’ in New Delhi.
- ‘Varuna’ is a pilot-less drone that has been developed by the Indian startup Sagar Defence Engineering.
- It can carry one person and has four auto-pilot modes. It can fly for 25-35 minutes with a range of 25km.
- Its landing and taking-off technology have been developed in association with the Indian Navy DSR.
- It can be used for inter-ship transfer of material and personnel. Varuna sea trials will begin in the next three months.
Important Day in News- International Chess Day 2022 :
- Every year on July 20, people all across the world celebrate International Chess Day.
- The day highlights chess players like Viswanathan Anand, Rameshbabu Praggnanandhaa, and Magnus Carlsen and their positive impact on society.
- UNESCO proposed the idea of celebrating this day as International Chess Day.
- The day is being celebrated since 1966 to mark the founding of the International Chess Federation (FIDE).
- The date of July 20 was chosen because the International Chess Federation (FIDE) was founded on this date in 1924 in Paris.
- United Nations General Assembly (UNGA) declared International Chess Day as an international event on December 12, 2019.