Defence News

MoD Clears Navy’s Rs 2,500 Crore Plan for Unmanned Vessels

• The Ministry of Defence (MoD) has approved the Indian Navy’s Rs 2,500 crore plan to develop Extra-Large Unmanned Underwater Vessels (XLUUVs).
• These vessels, weighing over 100 tonnes, will have strike capabilities against enemy submarines and surface vessels.
• They will be deployed for tasks such as mine-laying, mine-clearing, surveillance, and launching weapons.
• The Indian Navy will issue a tender soon, with Indian shipyards bidding under the Aatmanirbharta initiative and the Make-1 procedure.
• The Navy is also expanding its unmanned long-range surveillance capabilities by inducting drones like the MQ-9B and Drishti Hermes 900.

Banking and Finance News

MCA Notifies NaBFID as a Public Financial Institution under Companies Act 2013

• The Ministry of Corporate Affairs (MCA), in consultation with the Reserve Bank of India (RBI), has notified the National Bank for Financing Infrastructure and Development (NaBFID) as a Public Financial Institution (PFI).
• This designation will help NaBFID finance large-scale infrastructure projects, strengthening India’s infrastructure development.
• By March 2025, NaBFID expects its total sanctioned loan book to reach Rs 2 lakh crore, with disbursements projected to be around Rs 1 lakh crore.
• NaBFID will benefit under various laws, including Company Law, Income Tax law, and the SARFAESI Act.
• Established in 2021, NaBFID is the principal entity for infrastructure financing in India and is regulated by the RBI.

Defence News

Defence Minister Rajnath Singh Inaugurates IDAX-24 Expo in Jodhpur

• Union Minister Rajnath Singh inaugurated the India Defence Aviation Exposition (IDAX-24) in Jodhpur, Rajasthan.
• The event, held from 12 to 14 September 2024, showcased significant advancements in India’s aviation industry.
• IDAX-24 coincided with Exercise Tarang Shakti-24 (Phase II), India’s first multinational air exercise hosted by the Indian Air Force.
• The expo highlighted India’s commitment to indigenous defence manufacturing and aerospace innovation.

Summit and Conference News

PM Narendra Modi Inaugurated SEMICON India 2024 in Greater Noida, UP

• Prime Minister Narendra Modi inaugurated SEMICON India 2024 at India Expo Mart in Greater Noida, Uttar Pradesh.
• The 3-day conference, organized by India Semiconductor Mission (ISM) in partnership with SEMI and industry associations, focused on the theme ‘Shaping the Semiconductor Future’.
• Over 250 exhibitors and 150 speakers from 17 countries participated in the event.
• Fibocom showcased its “Made in India” IoT solutions, and SEMI announced a strategic agreement with the India Electronics and Semiconductor Association (IESA).

Science and Technology News

QCI Approves NTH, Ghaziabad as a Certification Body for Type Certification of Drones

• The National Test House (NTH), Ghaziabad, has been provisionally approved by the Quality Council of India (QCI) as a Certification Body for Type certification of drones.
• NTH becomes the first government body to certify drones in India, aligning with the Drone Rules 2021.
• The certification service is offered at a competitive fee of Rs 1.5 lakh, supporting the “Make in India” and “Aatmanirbhar Bharat” initiatives.
• Established in 1912, NTH is under the Ministry of Consumer Affairs, Food and Public Distribution.

Banking and Finance News

MoF Relaxed Norms for Expenditure Exceeding Rs 500 Crore to Give Boost to Capex

• The Union Ministry of Finance (MoF) has relaxed norms for expenditure exceeding Rs 500 crore to accelerate capital expenditure, estimated at Rs 11.11 lakh crore for FY25.
• The relaxation is subject to strict compliance by all ministries and departments.
• New rules require expenditures to comply with guidelines of the Single Nodal Agency (SNA)/Central Nodal Agency (CNA) and Monthly/Quarterly Expenditure Plans.
• Bulk expenditures over Rs 2,000 crore are now exempt from previous timing conditions.
• Financial Advisers must review and freeze the timing of receipts of dividends and other non-tax receipts.

Banking and Finance News

Resident OCI Cardholders Eligible for Loans to Study Abroad: RBI Guidelines

• The Reserve Bank of India (RBI) has clarified that Overseas Citizens of India (OCI) cardholders residing in India are eligible for education loans from Indian banks to study abroad.
• The Liberalised Remittance Scheme (LRS) imposes no restriction on remittance of domestically borrowed funds for education purposes.
• The loan will cover expenses such as tuition fees, accommodation, and travel, with repayment starting after course completion and a grace period of 6 to 12 months.
• OCI cardholders must provide collateral based on the loan amount and financial institution policies.
• Leading Indian banks like SBI, HDFC Bank, and ICICI Bank offer education loan services to OCI residents.

Banking and Finance News

Airtel Finance Launched FD Service with an Interest Rate of up to 9.1%

• Bharti Airtel introduced a Fixed Deposit (FD) marketplace under its digital arm, Airtel Finance, accessible via the Airtel Thanks App.
• The platform offers interest rates of up to 9.1% per annum, partnering with NBFCs and Small Finance Banks like Utkarsh Small Finance Bank and Shriram Finance Limited.
• Airtel Finance provides the flexibility of withdrawal anytime after 7 days, addressing concerns over lock-in periods.
• Customers can book and manage FDs with a minimum investment of Rs 1,000, without needing to open a new bank account.

International News

Tata Steel UK Signed 500-million Pound Grant Funding Agreement with UK for Port Talbot Project

• Tata Steel UK Limited signed a 500 million Pounds Grant Funding Agreement with the UK Government for its 1.25 billion Pounds green steel project at Port Talbot steelworks in Wales.
• The agreement includes the installation of a state-of-the-art Electric Arc Furnace (EAF) and aims to save 5,000 jobs.
• The EAF technology will reduce carbon emissions, lowering the UK’s total industrial emissions by 8% and Port Talbot’s emissions by 90%.
• Planning approvals are expected by November 2024, with large-scale site work commencing in July 2025.
• The facility will be operational by the end of 2027, with Tata Steel investing an additional 750 million Pounds.

Appointments and Resignations News

Shriram Finance Onboards Rahul Dravid as its Brand Ambassador

• Shriram Finance Limited has announced the onboarding of Rahul Dravid, former captain and head coach of the Indian cricket team, as its brand ambassador.
• The partnership aims to strengthen Shriram Finance’s commitment to improving the financial well-being of individuals and businesses in India.
• Rahul Dravid has been honored with the Arjuna Award in 1998, Padma Shri in 2004, and Padma Bhushan in 2013 for his achievements in cricket.

Banking and Finance News

LIC Increased its Stake in Railway Sector ‘MiniRatna’ PSU IRCTC to 9.3%

• Life Insurance Corporation of India (LIC) has increased its stake in Indian Railway Catering and Tourism Corporation (IRCTC) to about 9.3%.
• LIC’s shareholdings in IRCTC equity shares have increased from around 5.82 crore to around 7.43 crore.
• The stake increased from 7.278% to approximately 9.298% of the paid-up capital.
• The increase occurred between 16th December 2022 and 11th September 2024 via open market purchases.

Defence News

DRDO & IN Successfully Conducted 2nd Consecutive Flight Test of VLSRSAM Off Odisha Coast

• The Defence Research & Development Organisation (DRDO) and the Indian Navy successfully conducted the 2nd consecutive flight test of the Vertical Launch Short Range Surface to Air Missile (VLSRSAM).
• The test intercepted a high-speed aerial target at a very low altitude, simulating a sea-skimming threat.
• This followed a similar successful flight on September 12, 2024, where the missile neutralized a low-altitude target.
• The tests highlight the reliability of the VLSRSAM weapon system and validate recent upgrades to its components.

Defence News

IN Commissioned Kalvari Submarine Escape Training Facility ‘Vinetra’ at Visakhapatnam

• The Indian Navy commissioned the Kalvari Submarine Escape Training Facility, named ‘Vinetra,’ at INS Satavahana, Visakhapatnam.
• The facility enhances the crew’s escape capabilities from distressed Kalvari-class submarines.
• It was inaugurated by Vice Admiral Rajesh Pendharkar, Flag Officer Commanding-in-Chief, Eastern Naval Command.
• Vinetra, indigenously designed and developed, features a five-meter escape tower integrated with a diving basin.
• The facility offers both basic and refresher training, ensuring crew preparedness in handling underwater emergencies.

Important Days News

National Engineer’s Day 2024 – September 15

• National Engineer’s Day is observed annually on September 15 to commemorate the birth anniversary of Bharat Ratna Sir Mokshagundam Visvesvaraya.
• Sir Visvesvaraya is known as the first engineer of India for his contributions to engineering and education.
• The Government of India declared his birth anniversary as National Engineers’ Day in 1968.
• The first-ever National Engineers’ Day was celebrated on 15th September 1968.

Important Days News

International Day for the Preservation of the Ozone Layer 2024 – 16 September

• The International Day for the Preservation of the Ozone Layer is observed annually on 16 September to raise awareness about the importance of the ozone layer.
• The theme for 2024 is “Montreal Protocol: Advancing Climate Actions”.
• The UN General Assembly proclaimed 16 September as the International Day for the Preservation of the Ozone Layer in 1994.
• The first observance was held on 16th September 1995.

Important Days News

First-Ever UN International Day of Science, Technology, and Innovation for the South – 16 September 2024

• The first-ever International Day of Science, Technology, and Innovation for the South was observed on 16th September 2024.
• The day emphasizes the role of Science, Technology, and Innovation (STI) in supporting economic growth and sustainable development in the Global South.
• The UN General Assembly adopted the resolution proclaiming this day on 9 January 2024.