Current Affairs Quiz 30th August 2024 Quiz

Exp. ICAR-CIFE and VAMNICOM Sign MoU to Enhance Cooperative Management in Fisheries

In a significant stride towards fostering collaboration in the field of cooperative management within the fisheries sector, the Central Institute of Fisheries Education (ICAR-CIFE) and the Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM) signed a Memorandum of Understanding (MoU).

This is an important step forward in realization of the vision of establishment of 2 lakh PACS, Dairy, and Fishery Cooperatives in every Panchayat.

Fisheries in India provides livelihood to 14.46 million people and this strategic partnership aims to enhance integration and reach of advanced technology as well as promotion of value addition in fishery cooperatives.

VAMNICOM and ICAR-CIFE will together explore new opportunities in the area of Fish, Fish cooperative and Fisheries ecosystem from the perspective of education, research, capacity building and consultancy.

Exp. RINL & IOCL ink MoU towards the supply of hydraulic and lubricating oils & greases to RINL

The corporate entity of Visakhapatnam Steel Plant, RINL has signed an MoU with M/s. IOCL for the supply of hydraulic and lubricating oils & greases for a period of 5 years from 2024 to 2029.

This MoU between RINL & IOCL will stand as a benchmark to show how a progressive collaborative work can be taken by different industries towards Nation building.

It may be noted that the 1st MoU was signed in the year 1994-95 between RINL & IOCL.

This MOU will benefit VSP by ensuring an uninterrupted and continuous supply of lubricants from IOCL to meet the RINL’s requirements. IOCL will provide technical support to RINL, Visakhapatnam steel plant in the field of lubrication, condition monitoring of critical and large hydraulic and lube systems, total bulk oil handling, and used oil management.

Exp. Government approves 4 Start-Ups in the field of Technical Textiles

Secretary, Ministry of Textiles chaired the 8th Empowered Programme Committee (EPC) meeting under the National Technical Textiles Mission, at Udyog Bhawan, New Delhi.

The committee has approved 4 Start-Ups with a grant of approx. INR 50 Lakhs, each, under the ‘Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)’ scheme.

The committee has also approved a grant of approx. INR 20 Cr. to 5 Education Institutes to introduce courses in Technical Textiles under the ‘General Guidelines for Enabling of Academic Institutes in Technical Textiles’.

The approved Start-Up projects are focused on key strategic areas of Composites, Sustainable Textiles, and Smart Textiles.

The approved Education Institutes have proposed to introduce a new B.Tech courses in different fields and applications of technical textiles including Geotextiles, Geosynthetics, Composites, Civil Structures, etc.

Exp. India’s Bharti Airtel announces content partnership with Apple

Bharti Airtel has partnered with Apple to bring exclusive offers for Apple Music and Apple TV+ to customers in India later this year.

Apple TV+ will be included on Airtel’s video-streaming service Xstream with premium wifi and postpaid plans, and users of the company’s music-streaming service,Wynk Premium, will have access to offers on Apple Music.

This comes as Disney and Reliance try to secure India antitrust approval for their $8.5 billion merger, aiming to create India’s biggest entertainment player.

Exp. PMJDY completes a decade of successful implementation

The world’s largest financial inclusion programme, Pradhan Mantri Jan Dhan Yojana (PMJDY) completed 10 years on 28 August 2024.

The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by the government of India on 28 August 2014 with the aim of bringing the unbanked population within the formal banking system.

The scheme launched in 2014, has proven to be the foundation stone in bringing over 80 percent of Indian women under the ambit of financial inclusion.

A significant boost in the bank account ownership of women in a decade, it has gone up from just 26 percent in 2011 to 78 percent in 2021.

Out of the total 53.13 crore Jan Dhan accounts over 30 crore are women’s accounts. Over 35 crore of the Jan Dhan account hail from rural or semi-urban areas.

PM Jan Dhana Yojana has diminished the rural-urban divide in terms of bank accounts. The percentage of households that have a bank account or a post office account is now almost the same in urban and rural areas, 95 percent vs 96 percent respectively.

PM Jan Dhan Yojana has also bridged the gender gap in access to financial services. The gender gap in accessing financial services was 20 percent in 2011, and it has been reduced to 6 percent in 2017 which was less than the Global gap of 9 percent.

PMJDY has other benefits as well in terms of financial inclusion. As of August 2024, over 36.13 crores of RuPay debit cards are issued without any cost to Jan Dhan account holders.

The RuPay debit card is free of cost, gives an insurance benefit of ₹ 2 lakh along with an overdraft facility of up to Rs 10,000 to every cardholder.

PMJDY has been the foundation stone for many more people-centric economic initiatives. Whether it is direct benefit transfers, COVID-19 financial assistance,PM-KISAN, increased wages under MGNREGA, or life and health insurance.

India has surpassed China in financial inclusion metrics says the SBI report of 2021. Mobile and Internet banking transactions soared to 13,615 per 1,000 adults in 2020 up from 183 in 2015, while the number of bank branches per 100,000 adults rose to 14.7, exceeding those in Germany, China, and South Africa.

India’s account ownership more than doubled from 35 percent in 2011 to 78 percent in 2021. All these are because of the government’s various initiatives for financial inclusion.

Exp. GST taxpayers without valid bank account to be barred from filing GSTR-1 from Sep 1

GST taxpayers who do not furnish bank account details to GST authorities will be barred from filing outward supply return GSTR-1 from September 1, GST Network (GSTN) has said in an advisory.

As per GST Rule 10A, a taxpayer is required to furnish details of a valid bank account within 30 days from the date of grant of registration, or before furnishing the details of outward supplies of goods or services or both in Form GSTR-1 or using Invoice Furnishing Facility (IFF), whichever is earlier.

The GST Council in its meeting in July last year, had approved an amendment to Rule 10A to strengthen the registration process and to effectively deal with the menace of fake and fraudulent registrations in GST.

As per the amendment, a registered taxpayer was required to furnish the details of their bank account having his name and PAN within 30 days of the grant of registration or before filing a statement of outwards supply in Form GSTR-1/IFF (invoice furnishing facility), whichever is earlier.

In the advisory, the GSTN asked all the taxpayers who have not yet furnished the details of a valid bank accounts to add their bank account information in their registration details by visiting the GST portal.

Exp. Rajasthan & MP govts to develop ‘Shri Krishna Gaman Path’ connecting Mathura to Ujjain

Rajasthan Chief Minister Bhajan Lal Sharma announced a new religious circuit called ‘Shri Krishna Gaman Path’ which will connect Krishna’s birthplace Mathura with Ujjain in Madhya Pradesh.

This new circuit will be built connecting the places where Krishna left his footprints while travelling to Ujjain from his birthplace in Mathura.

Both governments will work jointly for the development of this circle while identifying the places where he (Krishna) left his footprints while travelling from Mathura to Ujjain.

The development of the Shri Krishna Gaman Path will be a joint effort between the states of Rajasthan and Madhya Pradesh, demonstrating inter-state cooperation in the realm of cultural and religious tourism.

Exp. ESAF Small Finance Bank launches Inori RuPay Platinum Credit Card

ESAF Small Finance Bank has launched the Inori RuPay Platinum Credit Card, a premium financial product designed in collaboration with the National Payments Corporation of India (NPCI) to offer cardholders exclusive benefits and privileges.

The card’s name “Inori” is derived from the Japanese word for “wish,” symbolising our aspiration to fulfil the desires and expectations of customers.

Cardholders can enjoy a range of rewards, including exciting cashback offers on monthly transactions and comprehensive insurance coverage of up to ₹2 lakh.

Additionally, the card provides access to exclusive merchant offers and global acceptance. The RuPay Platinum Credit Card also includes personalized concierge services, offering assistance with travel, dining, and lifestyle needs.

Recent Facilities Launched in Banking & Insurance Sector

• Tata AIA Life launches ‘Sampoorna Raksha Promise’ product with ₹3 lakh instant payout feature
• Bandhan Bank launches Avni Saving Account for Women Customer
• Karnataka Bank unveils credit line on UPI in partnership with Navi Technologies
• RBL Bank launched Vijay Fixed Deposits to honor 78th Independence Day
• Axis Bank launches PRIMUS super-premium credit card with VISA
• PNB launches PNB ANTAH DRISHTI Braille Debit Card for visually impaired customers

Exp. Jana SFB Sweeps 4 Awards at ICC Emerging Asia Banking Conclave.

Jana Small Finance Bank has once again cemented its status as a frontrunner in the Indian banking industry.

The bank’s commitment to excellence and innovation was recognized at the prestigious 2nd ICC Emerging Asia Banking Conclave & Awards, where it clinched four coveted awards.

Jana Small Finance Bank was honoured with the titles of Best Small Finance Bank, India, Best Performance on Profitability (Runners-up), Best Performance on Asset Quality, and Best Performance on Risk Management.

This quadruple win underscores the bank’s exceptional performance across key metrics and its dedication to providing innovative financial solutions.

About Jana Small Finance Bank

• Jana Small Finance Bank, a scheduled commercial bank, is the 4th largest Small Finance Bank in India with an experience of over 16 years in lending and serving more than 12 million customers.
• The Bank was launched in March 2018, is a solid combination of a digital institution and national presence across 22 states and 2 union territories, spread across 808 branches.
• The Bank has created a fast-growing retail deposit franchise with a strong brand presence and high standards of customer service. The bank’s management team has an average experience of 24 years with a reputed and well-rounded Board.

Exp. RBI to launch ULI for frictionless flow of credit to small, rural borrowers

The Reserve Bank of India will launch a Unified Lending Interface (ULI) that will transform the lending ecosystem in the country like the Unified Payments Interface (UPI) has done for the payments system.

The ULI will facilitate seamless and consent-based flow of digital information, like PAN and Aadhaar records, previous lending history, income and credit records of individuals, as well as land records of various states, from multiple data service providers to lenders.

This will reduce the time taken for credit appraisal, especially for smaller and rural borrowers.

The ULI architecture will have common and standardised APIs (Application Programming Interface), designed for a ‘plug and play’ approach to ensure digital access to information from diverse sources.

The ‘new trinity’ of JAM-UPI-ULI will be a revolutionary step forward in India’s digital infrastructure journey.

JAM refers to Jan Dhan, Aadhaar and Mobile. Like UPI, the Unified Lending Interface is also expected to be user-friendly and reduce the complexity of multiple technical integrations. It is expected to enable borrowers to get the benefit of seamless delivery of credit, and quicker turnaround time without requiring extensive documentation.

Exp. Maharashtra becomes first state to adopt Unified Pension Scheme

The Maharashtra Cabinet has approved the central government’s Unified Pension Scheme (UPS), becoming the first state to do so.

The move by the Maharashtra government comes hours after employee unions demanded states to implement the newly approved scheme by the Modi government, which will take effect from April 1, 2025.

The cabinet also cleared the proposal to expand the uninterrupted power supply scheme to more farmers in the state. They would get supply during the day. It cleared the ₹7,000 crore Nar-Par-Girna River linking scheme that would primarily benefit north Maharashtra districts like Nashik and Jalgaon.

The project involves lifting 9.19 TMC of water from the Nar, Par, and Auranga rivers, carrying it through a 14.56-kilometre tunnel, and releasing it in the Girna river basin near the Chankapur dam.

About Maharashtra

• Capital – Mumbai
• Chief Minister – Eknath Sindhe
• Deputy Chief Minister – Devendra Fadnavis & Ajit Pawar
• Governor – Ramesh Bais

Exp. PM Modi chairs 44th PRAGATI Interaction

Prime Minister Narendra Modi has chaired the meeting of the 44th edition of PRAGATI, the ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation, involving Centre and State governments.

It was the first meeting of PRAGATI in the third term of the Narendra Modi Government.

In the meeting, seven significant projects were reviewed including two projects relating to road connectivity, two rail projects and one project each of the Coal, Power and Water Resources sectors.

The cost of these projects totalled more than 76 thousand 500 crore rupees. The projects relate to Uttar Pradesh, Uttarakhand, Jharkhand, Maharashtra, Rajasthan, Gujarat, Odisha, Goa, Karnataka, Chhattisgarh and Delhi.

During the interaction, the Prime Minister also reviewed AMRUT 2.0 and public grievances related to the Jal Jeevan Mission. These projects together inter-alia address water issues in urban and rural areas.

Up to the 44th edition of PRAGATI meetings, 355 projects having a total cost of over 18 lakh crore rupees have been reviewed.

Exp. Government launches She-Box portal to make workplaces safer for women

The government has launched the She-Box portal to make workplaces safer for women.

Women and Child Development Minister Annpurna Devi launched the portal in New Delhi.

She-Box portal is a centralized platform for registering and monitoring complaints of sexual harassment of women at the workplace.

This platform provides facility to file complaints, track its status and ensure a time-bound processing of complaints by Internal Committees.

This initiative is a critical step forward in providing a more efficient and secure platform for addressing workplace-related sexual harassment complaints.

She said, the government is committed to creating a safer and more inclusive working environment for women in the country. She expressed confidence that with the help of portal complaints can be safely registered without personal information being publicly accessible.

The She-Box portal and the new website of the ministry can be accessed at shebox.wcd.gov.in and wcd.gov.in.

Exp. Moody’s Ratings raises India’s GDP growth forecast to 7.2 percent for 2024

Moody’s Ratings has raised its real GDP growth projections for India, forecasting a robust 7.2 percent growth for the fiscal year 2024, up from a previous estimate of 6.8 percent.

The New York-based global rating agency has also raised its growth projections to 6.6 percent for 2025, up from 6.4 percent.

The report attributes these revised projections to strong, broad-based growth, driven by resilient private consumption and improved business conditions.

Moody’s noted that the Indian economy grew 7.8 percent year-over-year in the first quarter of 2024, despite tight monetary policy and efforts toward fiscal consolidation.

Additionally, the report emphasized the expected strengthening of the capital expenditure (capex) cycle, supported by rising capacity utilization and continued government infrastructure spending.

Updated GDP List

• Goldman Sachs – 6.7% (CY24), 6.4% (CY24)
• Deloitte – 7 – 7.2% (FY25)
• India Ratings – 7.5% (FY25)
• FICCI – 7% (FY25)
• ADB – 7% (FY25), 7.2%(FY26)
• IMF – 7% (FY25), 6.5% (FY26)
• NCAER – 7.5% (FY25)
• S&P – 6.8% (FY25), 6.9% (FY26), 7% (FY27)

Exp. 30 August – Small Industry Day

Small Industry Day is observed on 30 August every year.

This day recognises the contributions of small businesses and industries to the economy. It also highlights the crucial role that small enterprises play in fostering innovation, creating jobs, and driving economic growth.

Theme 2024 – Leveraging Power and Resilience of Micro-, Small and Medium-sized Enterprises (MSMEs) to Accelerate Sustainable Development and Eradicate Poverty in Times of Multiple Crises

The origins of Small Industry Day can be traced back to the year 2000 when the Indian government introduced a comprehensive policy package for small-scale industries (SSI). To mark this significant development, the Ministry of Small-Scale Industries declared August 30 as Small Industries Day.

The first celebration took place on August 30, 2001, when the Ministry organised a convention for small entrepreneurs in the national capital. Over time, both government institutions and the public have recognised the importance of these enterprises.

The terms Small Scale Industry (SSI) registration and micro, small, and medium enterprise (MSME) registration are often used interchangeably. The MSME Development Act of 2006 was created to help the growth, expansion, and competitiveness of MSMEs or SSIs.

On May 9, 2007, the former Ministry of Small-Scale Industries and the Ministry of Agro and Rural Industries were merged to create the Ministry of Micro, Small, and Medium Enterprises (MSME).