Current Affairs 21 August 2024

National Affairs

Reliance Foundation Partners with IMD to Aid Vulnerable Communities with Weather Information

The Reliance Foundation (RF) has signed a Memorandum of Understanding (MoU) with the India Meteorological Department (IMD) to improve access to weather information for climate-vulnerable communities across India. The MoU aims to enhance forecasts, early warnings, and agro-advisories using new technologies. The agreement was exchanged by Dr. Mrutyunjay Mohapatra, Director General of Meteorology at IMD, and Jagannatha Kumar, CEO of Reliance Foundation, in New Delhi.

Significance of the MoU:

1. The partnership focuses on joint research efforts, stakeholder meetings to discuss climate change adaptation, and improving weather forecasting and early warning communication strategies.
2. The RF, in collaboration with IMD and other key players, aims to improve the utilization of weather data, disaster preparedness, and climate resilience, enhancing both personal safety and livelihoods in India.
3. The RF will provide a platform to improve the availability of information and accessibility for the most vulnerable communities. The information will be simplified to facilitate actionable communication.

Global Contributions:

1. The RF has committed to contributing to the World Meteorological Organization (WMO) and the United Nations Office for Disaster Risk Reduction (UNDRR)’s global ‘Early Warning for All’ campaign.
2. It has been actively distributing IMD’s weather predictions, early warning alerts, and weather-based agro-livestock guides through multiple communication channels for more than a decade.
3. Additionally, it collected ground-level feedback from these communities and shared it with scientists to assist in refining further work, thereby de-risking farming, increasing productivity, and boosting income.

About Reliance Foundation (RF):

• Chairperson: Nita M. Ambani
• Headquarters: Mumbai, Maharashtra
• Founded: 2010

About the India Meteorological Department (IMD):

• Director General: Dr. Mrutyunjay Mohapatra
• Headquarters: New Delhi, Delhi
• Established: 1875

International Affairs

Razorpay: The Only Indian Company in ‘Forbes Cloud 100 List’ 2024

Razorpay Software Private Limited (RSPL), a Bengaluru-based payments software company, has been ranked 70th on the Forbes Cloud 100 2024 List. This marks Razorpay’s third consecutive appearance on the list, acknowledging its innovation and leadership in cloud technology. Razorpay is the only Indian company featured on the list, with nearly 3,300 employees and close to USD 742 million in funding. OpenAI and Databricks, Inc. ranked 1st and 2nd respectively, followed by Stripe, Inc. at 3rd place.

About Razorpay Software Private Limited (RSPL):

• CEO: Harshil Mathur
• Headquarters: Bangalore, Karnataka
• Founded: 2014

About Forbes Media LLC:

• CEO: Mike Federle
• Headquarters: Jersey City, New Jersey, USA
• Founded: 1917

Banking & Finance

RBI Tightens Norms for NBFC-P2P Lending Platforms

The Reserve Bank of India (RBI) has tightened norms for Non-Banking Financial Company-Peer to Peer (NBFC-P2P) lending platforms to enhance transparency and compliance. The revised regulations will be effective immediately, with the timeline for transferring funds from the escrow accounts coming into effect from 15th November 2024.

Key Changes:

1. P2P platforms are restricted from cross-selling insurance products, except for loan-specific insurance products.
2. P2P platforms are prohibited from promoting P2P lending as an investment tool with features like tenure-linked assured minimum returns and liquidity options.
3. No loan will be disbursed unless the lenders and borrowers have been properly matched according to a board-approved policy.
4. All fund transfers between participants on a P2P platform must be conducted through an escrow account mechanism operated by a bank-promoted trustee.
5. The aggregate exposure of a lender to all borrowers through P2P platforms is restricted to Rs 50 lakh. Lenders disbursing loans above Rs 10 lakh across P2P platforms must provide a certificate from a Chartered Accountant verifying a minimum net worth of Rs 50 lakh.
6. NBFC-P2P entities must make publicly available their portfolio performance data, including information on Non-Performing Assets (NPAs), on a monthly basis.

About Reserve Bank of India (RBI):

• Governor: Shaktikanta Das
• Headquarters: Mumbai, Maharashtra
• Established: 1 April 1935

RBL Bank Announces Vijay Fixed Deposits to Honor 78th Independence Day

RBL Bank Limited has introduced a special edition of ‘Vijay Fixed Deposits (FD)’ to celebrate India’s 78th Independence Day. This limited-time offer honors the bravery of soldiers while offering attractive financial benefits.

Key Features:

1. The Vijay FD is a special 500-day tenor for deposits below Rs 3 crore.
2. It offers 8.85% per annum for super senior citizens, 8.60% per annum for senior citizens, and 8.1% per annum for regular customers.
3. This FD is available via the RBL Bank MoBank Application or at the nearest branch.

About RBL Bank Limited:

• MD & CEO: R Subramaniakumar
• Headquarters: Mumbai, Maharashtra
• Tagline: Apno ka Bank
• Established: 1943

ICICI Lombard Enters into Bancassurance Partnerships with 7 Institutions

ICICI Lombard General Insurance Company Limited has entered into bancassurance partnerships with seven financial institutions: Aye Finance Private Limited, Bandhan Bank Limited, Karnataka Bank Limited, Muthoottu Mini Financiers Limited, Nivara Home Finance Limited, NSDL Payments Bank Limited, and the Andhra Pradesh State Cooperative Bank Limited.

About Bancassurance:

1. Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank’s client base.
2. This arrangement benefits both the bank and the insurance company.

Key Points:

1. This partnership demonstrates ICICI Lombard’s commitment to expanding its distribution network and making insurance more accessible.
2. ICICI Lombard aims to increase the number of individuals covered by the insurance safety net by collaborating with these institutions, which have over 4,000 branches.
3. ICICI Lombard collaborates with over 200 financial institutions, broadening its bancassurance network.
4. ICICI Lombard is adopting a phygital approach, blending physical and digital touchpoints to enhance the customer experience.

About ICICI Lombard General Insurance Company Limited:

• MD & CEO: Sanjeev Mantri
• Headquarters: Mumbai, Maharashtra
• Established: 2001

Awards & Recognitions

Highlights of the 70th National Film Awards for the Year 2022

On 16th August 2024, the Jury panel of the 70th National Film Awards announced the list of winners for the year 2022 at the National Media Centre, New Delhi. The list of winners was presented to Union Minister Ashwini Vaishnaw, Ministry of Information and Broadcasting (MIB).

Highlights:

1. The Malayalam film Aattam (The Play) directed by Anand Ekarshi was awarded the Best Feature Film award.
2. The Hindi/Urdu film Ayena (Mirror) directed by Siddhant Sarin won the award for Best Non-Feature Film.
3. The Kannada film Kantara won the Award for Best Popular Film Providing Wholesome Entertainment.

About Ministry of Information & Broadcasting (MIB):

• Union Minister: Ashwini Vaishnaw
• Minister of State: Dr. L. Murugan

Appointments & Resignations

Parvathaneni Harish Appointed as India’s Permanent Representative to UN

The Ministry of External Affairs (MEA) has appointed Parvathaneni Harish as the Permanent Representative of India to the United Nations (UN) in New York. He succeeds Ruchira Kamboj, who retired in June 2024. Harish is currently serving as India’s ambassador to Germany.

About Parvathaneni Harish:

1. He is a 1990 batch Indian Foreign Service (IFS) officer.
2. He has served as Additional Secretary (Economic Relations) in the MEA and represented India in G20, G7, BRICS, and IBSA.
3. He has also served as Joint Secretary and Officer on Special Duty to the Vice President of India.
4. He represented India in Gaza City as the head of the mission to the Palestinian Authority and worked with the United Nations Relief and Works Agency (UNRWA) in Gaza.
5. From 2012 to 2016, he served as the Consul General of India in Houston, Texas, USA.
6. He also served as the Indian Ambassador to Vietnam from 2016 to 2019.

Ashok Kumar Singh Takes Over as Director General of ESIC

On 19th August 2024, Ashok Kumar Singh, a 1999 batch Indian Administrative Service (IAS) officer of Kerala cadre, took over as the Director General (DG) of Employees’ State Insurance Corporation (ESIC). He succeeds Kamal Kishore Soan, who held additional charge as DG of ESIC since May 2024. Prior to this appointment, Singh served as Principal Secretary in the Water Resources Department, Government of Kerala.

About ESIC:

• ESIC is a government organization that manages the Employees’ State Insurance (ESI) scheme.

Science & Technology

Bayanat & Yahsat Launch UAE’s 1st LEO SAR Satellite for Earth Observation

On 16th August 2024, Bayanat AI PLC and Al Yah Satellite Communications Company PJSC (Yahsat), in partnership with ICEYE Ltd, successfully launched the United Arab Emirates (UAE)’s first Low Earth Orbit (LEO) Synthetic Aperture Radar (SAR) satellite. The satellite, owned by Bayanat, was launched via integrator Exolaunch aboard SpaceX’s Transporter 11 from Vandenberg Space Force Base in California, USA. This achievement aligns with the UAE’s National Space Strategy 2030.

About the UAE’s First SAR Satellite:

1. The launch marks a major milestone in enhancing Earth Observation capabilities in the UAE.
2. This SAR satellite is part of the UAE’s Earth Observation Space Program, enabling high-resolution, persistent monitoring with the ability to capture images day and night, regardless of weather.
3. ICEYE’s SAR technology offers broader geographical coverage and higher resolution, delivering superior value.
4. The constellation will frequently revisit the Middle East, providing near real-time geospatial insights for disaster management, maritime surveillance, and smart mobility.
5. The SAR satellite constellation will provide continuous data for various applications, utilizing Yahsat’s upstream and midstream capabilities alongside Bayanat’s downstream capabilities.

About The United Arab Emirates (UAE):

• President: Sheikh Mohamed bin Zayed Al Nahyan
• Capital: Abu Dhabi
• Currency: UAE Dirham

Obituary

Former COAS General S. Padmanabhan Passes Away in Chennai

General Sundararajan Padmanabhan, former Chief of Army Staff (COAS), passed away at the age of 83 in Chennai, Tamil Nadu. He was born on 5th December 1940 in Trivandrum, Kerala. He assumed the office of the COAS in 2000 and retired in December 2002.

About General S. Padmanabhan:

1. He was commissioned into the Regiment of Artillery after graduating from the Indian Military Academy (IMA) on December 13, 1959.
2. He commanded an Independent Light Battery from 1975 to 1976 and the Gazala Mountain Regiment from 1977 to 1980.
3. He served as Colonel General Staff of a Mountain Division from 1983 to 1985 and later commanded an Independent Artillery Brigade and a Mountain Brigade.
4. He was promoted to Lieutenant General and served as the commander of the 15 Corps in Jammu and Kashmir from 1993 to 1995.
5. He also served as General Officer Commanding (GOC) of the Northern Command at Udhampur, J&K.

Books & Authors

Bihar Governor Unveils Book ‘Gandhian Statesman of Bihar: Nitish Kumar’

Bihar Governor Rajendra Vishwanath Arlekar launched a book on Bihar Chief Minister Nitish Kumar titled ‘Gandhian Statesman of Bihar: Nitish Kumar’ on 19th August 2024 in Patna, Bihar. The book is published by Prabhat Prakashan, New Delhi. It is co-authored by Ashok Choudary, Minister of Rural Works Department, Government of Bihar, and his daughter Shambhavi Choudhary, Member of Parliament (MP – Lok Sabha), Samastipur, Bihar. The book highlights CM Nitish Kumar’s contributions to the state’s development and aims to enlighten younger generations about his works.

Important Days

Sadbhavana Diwas or Harmony Day 2024 – August 20

Sadbhavana Diwas, also known as Harmony Day, is annually observed across India on August 20 to commemorate the birth anniversary of former Indian Prime Minister Rajiv Gandhi. The day aims to promote peace, national integration, and communal harmony throughout India. Sadbhavana Diwas 2024 marks the 80th birth anniversary of Rajiv Gandhi, who was born on August 20, 1944.

Background: The first Sadbhavana Diwas was observed on August 20, 1992, a year after Rajiv Gandhi’s assassination on 21st May 1991. The word ‘Sadbhavana’ means ‘Goodwill and Bonafide’ in English.

World Mosquito Day 2024 – August 20

World Mosquito Day (WMD) is annually observed across the globe on 20th August to commemorate the discovery made by British doctor Sir Ronald Ross in 1897 that female Anopheles mosquitoes transmit malaria between humans. The day aims to raise awareness about the dangers of mosquito-borne diseases, educate people on mosquito control and prevention methods, and highlight ongoing research and efforts to combat mosquito-related illnesses.

State News

Hemant Soren Launches Mukhyamantri Maiya Samman Yojana Scheme for Women in Jharkhand

On 18th August 2024, Jharkhand Chief Minister Hemant Soren launched the “Jharkhand Mukhyamantri Maiya Samman Yojana” (JMMSY) to empower the women of the state by making them financially strong. He transferred the first installment of Rs.1000 each to the bank accounts of 57,120 women beneficiaries through Direct Benefit Transfer (DBT).

About Jharkhand Mukhyamantri Maiya Samman Yojana Scheme:

1. The scheme aims to assist economically weaker and impoverished families by ensuring that women have financial support.
2. Women whose families’ annual income is less than Rs 8 Lakhs and aged from 21 to 50 years will receive financial assistance of Rs.1000 per month.
3. The assistance is directly transferred to the beneficiaries’ bank accounts on the 15th of every month, ensuring efficiency and transparency in the distribution of funds.

Additional Info:

1. The Maharashtra government has also launched an app called ‘Nari Shakti Dhoot’, through which women eligible for the scheme can easily apply online.
2. The Jharkhand government has also started a healthcare scheme ‘Mukhyamantri Abua Swasthya Suraksha Yojana’, under which health insurance of Rs 15 lakh per family per year will be provided to the beneficiaries. Those citizens who have been deprived of the benefits of Ayushman Bharat Scheme or Pradhan Mantri Jan Arogya Yojana (PMJAY) are eligible to avail the benefits of this scheme.

About Jharkhand:

• Chief Minister: Hemant Soren
• Governor: Santosh Gangwar
• Wildlife Sanctuaries: Dalma Wildlife Sanctuary, Hazaribagh Wildlife Sanctuary