Daily Current Affairs and GK | 9 August 2024

Topic: National Appointments

1. SEBI approved Praveena Rai as the new MD & CEO of MCX.

• SEBI has approved the name of Praveena Rai as Managing Director and Chief Executive Officer of Multi Commodity Exchange of India Limited (MCX).
• She was the COO of the National Payment Corporation of India (NPCI).
• She was responsible for formulating and deploying the marketing, business development, product management, and operations strategy.
• She has 20 years of extensive experience in various fields including payments, cards, retail, transaction, wholesale and commercial banking.
• Multi Commodity Exchange of India Limited (MCX):
  • It is India's largest commodity derivatives exchange.
  • It was established in 2003 by the Government of India.
  • It is currently based in Mumbai.

Topic: Science and Technology

2. The IIT Indore creates e-shoes with real-time location tracking.

• Ten pairs of shoe sole energy harvesting units based on Tribo-Electric Nanogenerator (TENG) technology have been given to DRDO by the Indian Institute of Technology (IIT) Indore.
• This can assist athletes perform better and will aid in the real-time tracking of jawans' locations.
• The shoe, which was created in association with DRDO, uses motion energy to power electronic devices.
• The shoe provides accurate real-time location tracking with the aid of a GPS module based on satellites.
• These TENG-powered shoes could find industrial and civilian uses in addition to military ones.
• The shoes can be used by families to monitor senior family members, particularly those with Alzheimer's disease.
• The shoes can be used to monitor employees and track attendance in industrial environments.
• Under the direction of IIT Indore faculty member Prof. I A Palani, the shoes have been developed.
• With every step, the TENG system in these shoes produces power by utilizing two advanced tribo-pairs, aluminum and fluorinated ethylene propylene (FEP).
• A central device in the shoe sole stores this energy, providing a dependable power supply for tiny electronic circuits.
• The shoes have a GPS module based on satellites for accurate real-time location monitoring and RFID (Radio Frequency Identification) with a 50-meter range.

Topic: Banking System

3. Capital Small Finance Bank (CSFB) and Edelweiss Life Insurance entered into bancassurance partnership.

• All products of Edelweiss Life will be available to bank’s customers.
• The partnership aims to improve the CSFB’s life insurance offerings by offering its customers access to digital platform and service touchpoints of Edelweiss Life.
• Bancassurance is an insurance distribution model. In this, insurance companies enter into partnership with banks to sell policies.
• This partnership benefits both the bank and the insurance company.
• The bank gets commission from insurance company. The insurance company benefits from the bank’s distribution network.

Topic: Economy/Banking/Finance

4. A public repository for digital lending apps would be established by RBI.

• A public repository of digital lending applications (DLAs) from regulated entities, including banks and non-banking financial companies (NBFCs), will be created by RBI.
• Customers will be able to confirm associations between DLAs and regulated entities with the help of the repository.
• The repository will be based on the data that the REs directly give to it, without the RBI being involved.
• The inclusion of new DLAs or the removal of any existing DLAs will be reported by the REs, and the repository will be updated accordingly.
• Prior to this, the RBI established repositories for emerging technology (emtech) and financial technology (fintech).
• Information regarding the operations, products, technology, and financial data of both regulated and unregulated businesses would be kept in the fintech repository.
• Information about how regulated entities are adopting emerging technologies like cloud computing, machine learning, and artificial intelligence will be available in the emtech repository.
• The Reserve Bank Innovation Hub (RBIH), a fully owned subsidiary of the RBI, is managing the two repositories.

Topic: Sports

5. Neeraj Chopra won the silver medal at the 2024 Paris Olympics.

• With a season-best throw of 89.45 meters, Indian track and field star Neeraj Chopra won the silver medal in the men's javelin throw event at the 2024 Paris Olympics.
• The achievement is a significant milestone, making Neeraj the first Indian track and field athlete since Independence to win two Olympic medals.
• Pakistani javelin thrower Arshad Nadeem won the gold medal by breaking the Olympic record with a throw of 92.97m.
• Anderson Peters of Grenada won the bronze medal with a throw of 88.54 metres.
• In addition, Hockey India won bronze medal in Paris Olympics by defeating Spain 2-1 at the Paris Olympics on 8 August.
• The Men in Blue repeated the history of Tokyo Olympics where the team also won the bronze medal.
• This is the first time since 1972 that India has won two consecutive medals.
• India won its record 13th medal in hockey at the Olympics.

(Source: News on AIR)

Topic: MoUs/Agreements

6. Customs Cooperation Arrangement signed by India and New Zealand to facilitate trade between the two countries.

• On 6 August 2024, a formal customs arrangement signed, and will further strengthen the relationship between New Zealand and India to facilitate trade and enhance enforcement cooperation.
• The agreement was ratified during the three-day visit of Indian President Draupadi Murmu.
• The CCA has become effective from the date of signature i.e. 6th August 2024.
• On 8 August, President Draupadi Murmu held bilateral talks with Prime Minister Christopher Luxon and Deputy Prime Minister and Foreign Minister Winston Peters at Government House in Wellington.
• New Zealand also ratified the International Solar Alliance (ISA), paving the way for increased opportunities for joint research and development in this sector.
• The two countries also agreed to exchange best practices in the field of traditional medicine through the Global Centre for Traditional Medicine in Jamnagar.
• Both countires acknowledged the progress in bilateral relations and discussed ways to enhance cooperation in a number of areas.

Topic: Miscellaneous

7. For a number of drugs, the central government has removed the need for local clinical trials in India.

• Certain medicines are not easily available in India because of regulatory requirements under the Drugs and Cosmetics Act, despite having already received approval from regulatory bodies in countries like the US, UK, and EU.
• Prior to receiving marketing authorisation in India, these regulatory requirements include carrying out a local clinical trial and producing local safety and efficacy data.
• Local trials are no longer required for these medications.
• It has now been decided that certain countries, such as the USA, UK, Japan, Australia, Canada, and those in the EU, can export drugs to India under Rule 101 without conducting local trials.
• This exemption covers pharmaceuticals such as gene and cellular therapy products, orphan drugs for rare disorders, new drugs used in pandemic situations, and new drugs for specific defence purposes.
• New drugs that provide considerable therapeutic improvements above the present standard of care are also covered by this exemption.
• Final phase four clinical trials will still be required for these drugs.

Topic: Banking System

8. RBI raised the maximum amount that can be paid with UPI from Rs 1 lakh to Rs 5 lakh.

• The Monetary Policy Committee (MPC) has raised the maximum limit for using UPI to make payments to Rs 5 lakh, according to RBI Governor Shaktikanta Das.
• The current Unified Payments Interface (UPI) payment limit is one lakh rupees.
• According to the governor of the RBI, UPI's convenient features have made it the most popular payment method.
• According to the RBI, there are 42.4 crore UPI users.
• Data from the National Payment Corporation of India (NPCI) shows that payments made through the Unified Payments Interface (UPI) grew by 45% annually.
• Additionally, the value of transactions increased by more than 35% to reach Rs 20.64 trillion.
• For the third month in a row, the total amount of transactions has surpassed Rs 20 trillion.
• The overall amount of UPI transactions in June 2024 was Rs 20.07 trillion, compared to Rs 20.44 trillion in May of the same year.
• The average daily transaction value using UPI in July 2024 was Rs 466 million, or around Rs 66,590 crore, according to NPCI data.
• In July, there was a 3.95 percent increase in UPI transaction volume compared to June and a 2.84 percent increase in transaction value.

Topic: Indian Polity

9. Government amended a provision of the Rules of the Citizenship (Amendment) Act, 2019 (CAA).

• Union Ministry of Home Affairs (MHA) has amended a provision of the Rules of the Citizenship (Amendment) Act, 2019 (CAA) that requires applicants seeking citizenship to submit a document by any government authority.
• As per the new rule, Schedule 1A of the act has been expanded to include any document issued by the State or the Central government or any quasi-judicial authority in India.
• Under Schedule 1A of the CAA, applicants from Afghanistan, Bangladesh or Pakistan have to submit the document to prove their nationality.
• The CAA Rules also enabled local priests or a “locally reputed community institution” to issue the mandatory certificates certifying the faith of an applicant.
• CAA has a provision to provide citizenship of India to six non-Muslim communities from the three countries who entered India before December 31, 2014.

Topic: Banking System

10. RBI reduced the frequency of bank reports to credit information companies.

• Now, the Reserve Bank of India (RBI) has reduced the frequency of reporting by banks to Credit Information Companies (CICs) from one month to a fortnight.
• It will be beneficial for both borrowers and lenders (CIs).
• Borrowers will get the benefit of faster updation of information, especially when they have repaid the loans.
• Lenders will be able to make better risk assessments of borrowers and also reduce the risk of over-leveraging by borrowers.
• It is a progressive step that will bring more transparency and promote a healthy credit culture.

Topic: Personality in News

11. Former West Bengal Chief Minister and senior CPIM leader Buddhadeb Bhattacharya passed away on 8 August at the age of 80.

• He was made chief minister in 2000 when Jyoti Basu – who was then the longest-serving chief minister in the country – stepped down due to health reasons.
• He served as the 7th Chief Minister of West Bengal from 2000 to 2011.
• As Chief Minister, he led the Left Front to consecutive victories in the 2001 and 2006 Assembly elections.
• He was known among leftists as a reformist, particularly for his efforts to bring industrialisation to the state.
• During his administration, Bengal saw investments in the IT and IT-enabled services sectors. 
• He was also behind the establishment of a Tata Nano plant in Singur and the planning of a special economic zone in Nandigram.
• In January 2022, he was awarded the Padma Bhushan, India's third-highest civilian award, by the Central Government of India.

Topic: State News/ Andhra Pradesh

12. The two-child policy for individuals contesting local body elections abolished by Andhra Pradesh.

• On August 7, the Andhra Pradesh government decided to do away with the rule barring persons with more than two children from contesting local body elections, amid concerns over the low fertility rate in the state.
• The decision to do away with the two-child norm for people contesting local body elections was taken by Chief Minister N Chandrababu Naidu during a state Cabinet meeting.
• As per the reports, the fertility rate in Andhra Pradesh is 1.5.
• In 1994, the two-child policy was first implemented in united Andhra Pradesh under which persons with more than two children were barred from contesting urban local body elections.
• Under the two-child norm, persons with more than two children were also barred from holding government jobs or availing certain government benefits in some states.

Topic: State News/ Chattisgarh

13. Chhattisgarh government approved India’s third-largest tiger reserve.

• Chhattisgarh notified a Guru Ghasidas-Tamor Pingla Tiger Reserve with a focus on the 'save tiger' mission, which is the third largest in India.
• Guru Ghasidas-Tamor Pingla Tiger Reserve is spread over an area of 2829.38 sq km.
• The new Tiger Reserve has been formed by integrating the regions of Guru Ghasidas National Park and Tamor Pingla Sanctuary.
• It covers the districts of Manendragarh-Chirmiri-Bharatpur, Koriya, Surajpur and Balrampur.
• Nagarjunasagar Srisailam Tiger Reserve of Andhra Pradesh is India’s largest tiger reserve with an area of 3296.31 sq km followed by Assam's Manas Tiger Reserve with an area of 2837.15 sq km.
• The creation of the Tiger Reserve will promote eco-tourism, and generate new employment opportunities.
• As per the latest tiger census report, Chhattisgarh has only 17 tigers left.
• Chhattisgarh has not performed on expected lines in saving the big cat population in the state.

Topic: National Appointments

14. Challa Sreenivasulu Setty has been appointed Chairman of the State Bank of India (SBI).

• The proposal to appoint Challa Sreenivasulu Setty as Chairman of SBI has been approved by the Appointments Committee of the Cabinet (ACC).
• His appointment will be effective for a three year period from the date of his assumption of charge of the office, on or after August 28, or until further orders, whichever is earlier.
• He was serving as the SBI Managing Director, heading Global Markets & Technology.
• His name for being appointed SBI Chairman was recommended by the Financial Services Institutions Bureau (FSIB) in June this year.
• Incumbent SBI Chairman Dinesh Kumar Khara will be superannuating on August 28.
• On August 28, he turns 63, the upper age limit for SBI chairman.
• Rana Ashutosh Kumar Singh’s appointment as Managing Director of SBI has also been approved by the ACC.