Summit and Conference News

CM Eknath Shinde Inaugurated 27th National Conference on e-Governance in Mumbai

• On 3rd September 2024, Maharashtra’s Chief Minister Eknath Shinde inaugurated the 27th National Conference on e-Governance (NCeG) at the Jio World Convention Centre in Mumbai.
• The conference, held from 3rd to 4th September 2024, was themed “Viksit Bharat: Secure And Sustainable e-Service Delivery.”
• The event was organized jointly by the Department of Administrative Reforms and Public Grievances (DARPG), the Ministry of Electronics and Information Technology (MeitY), and the Government of Maharashtra.
• During the conference, 16 National Awards for e-Governance 2024 were presented, including 9 gold, 6 silver, and 1 jury award, recognizing various departments and organizations for their innovative e-governance initiatives.

National News

President Droupadi Murmu Sanctions 23rd Law Commission of India from 2024-2027

• President Droupadi Murmu has sanctioned the 23rd Law Commission of India (LCI) for a three-year term from September 1, 2024, to August 31, 2027.
• The Commission will review and recommend legal reforms and improvements to the legal system.
• The 23rd LCI will have a full-time Chairperson, four full-time Members, a Secretary, and several ex officio and part-time Members.
• The Commission will focus on reviewing obsolete laws, simplifying legal language, and suggesting amendments to align laws with current economic and social needs.

National News

President Delegates Powers to Delhi LG to Constitute any Authority or Statutory Body

• President Droupadi Murmu has delegated powers to the Lieutenant Governor (LG) of Delhi to constitute and appoint members to any authority, board, commission, or statutory body under any law enacted by Parliament applicable to the Government of the National Capital Territory (NCT) of Delhi.
• The Ministry of Home Affairs (MHA) issued a gazette notification outlining this delegation of powers.
• This delegation is in pursuance of clause (1) of article 239 of the Constitution read with section 45D of the Government of NCT of Delhi Act, 1991.
• The LG will exercise these powers under the control of the President and until further orders.

Science and Technology News

Special Care Gold: Star Health Rolls Out India’s 1st Braille Insurance Policy

• Star Health and Allied Insurance Company Limited launched India’s first Braille insurance policy named ‘Special Care Gold’ in Mumbai, Maharashtra.
• The policy caters to the needs of Persons with Disabilities (PWDs) and individuals with HIV/AIDS.
• The Braille version of the policy was produced in collaboration with the National Association of the Blind (NAB).
• The policy offers coverage for essential medical treatments and support services, and it aims to empower visually impaired individuals with opportunities for income generation in the insurance sector.

Banking and Finance News

Axis Bank Introduces Innovative Digital Solutions: UPI-ATM & Bharat Connect for Business

• Axis Bank launched two innovative digital solutions – ‘Unified Payments Interface-Automated Teller Machine (UPI-ATM)’ and ‘Bharat Connect for Business’ at the Global Fintech Fest (GFF) 2024 in Mumbai.
• UPI-ATM is a cardless cash withdrawal and deposit system using any UPI application, making Axis Bank the first private sector bank in India to showcase this technology.
• Bharat Connect for Business, launched in partnership with NPCI’s Bharat BillPay Limited (NBBL), is a B2B platform for streamlining financial operations and enhancing working capital management.
• These solutions aim to digitize the flow of funds, streamline accounts payables/receivables, and offer invoice-based financing.

Banking and Finance News

BOI Launches 333-Day Star Dhan Vriddhi FD Scheme with Higher Interest Rates

• Bank Of India (BOI) has launched a Fixed Deposit (FD) scheme called ‘Star Dhan Vriddhi’ with a term limit of 333 days, effective from 1 September 2024.
• Under this scheme, customers can deposit up to Rs 3 crore.
• The scheme offers a loan against FD and a premature withdrawal facility.
• The bank’s FD interest rates now range from 3% to 7.25% for general citizens, with higher rates for senior and super senior citizens.

Banking and Finance News

IIMK LIVE & RBIH Sign MoU to Foster Innovation & Research in FinTech Sector

• Indian Institute of Management-Kozhikode (IIMK)’s Laboratory for Innovation, Venturing, and Entrepreneurship (IIMK LIVE) and the Reserve Bank Innovation Hub (RBIH) have signed a Memorandum of Understanding (MoU).
• The MoU aims to drive innovation, research, and support for FinTech start-ups in India.
• The collaboration will leverage combined strengths to create an ecosystem supporting startups and advance cutting-edge research.
• This partnership will foster a growing FinTech ecosystem across India and empower a billion Indians with frictionless finance.

Banking and Finance News

India’s UPI Processes Nearly 81 Lakh Crore Transactions In April-July; Surpasses World’s Leading Digital Payment Platforms

• India’s Unified Payments Interface (UPI) processed nearly 81 lakh crore rupees in transactions between April and July 2024, representing a 37% year-over-year increase.
• UPI processed 3,729.1 transactions per second, up 58% from 2,348 in 2022.
• UPI transactions reached 20.6 lakh crore rupees in July 2024, the highest-ever recorded in a month.
• The United Kingdom-based Skrill and Brazil-based Pix are the second and third most popular alternative payment methods, respectively.

Banking and Finance News

Paysharp Receives Final Authorisation from RBI To Act as a Payment Aggregator PA

• Chennai-based Fintech startup Paysharp Private Limited received final authorization from the Reserve Bank Of India (RBI) to act as a Payment Aggregator (PA) on 30th August 2024.
• Paysharp had received the in-principal PA license in December 2022.
• The company holds ISO 27001:2022 and SOC 2 accreditations.
• This authorization facilitates Paysharp’s expansion to more retailers and provides flat pricing to merchants as an alternative to percentage-based pricing.

Banking and Finance News

Kotak General Insurance Rebrands as Zurich Kotak General Insurance after Major Stake Acquisition

• Kotak Mahindra General Insurance Company Limited has rebranded itself as Zurich Kotak General Insurance Company (India) Limited.
• This follows Zurich Insurance Group’s 70% acquisition of Kotak Mahindra General Insurance Company Limited in June 2024.
• The rebranding symbolizes a commitment to trust, innovation, integrity, and customer excellence.
• The company has also reconstituted its board of directors, including Suresh Agarwal as Managing Director (MD) & Chief Executive Officer (CEO).

Awards and Recognitions News

FICCI Honoured Ayushmann Khurrana & Neeraj Chopra with the Youth Icon of India Award 2024

• On 29th August 2024, FICCI organized the 1st edition of the ‘FICCI Young Leaders Awards (2024)’ and recognized outstanding young achievers across 13 categories.
• Bollywood actor Ayushmann Khurrana received ‘The Youth Icon Award 2024 (Entertainment)’.
• Indian Javelin thrower and Olympic medallist Neeraj Chopra received ‘The Youth Icon Award 2024 (Sports)’.
• Other honorees included Indian fashion designer Rahul Mishra, Amitabh Shah, and journalist Palki Sharma.

Banking and Finance News

CCI Approvals on 3 September 2024

• The Competition Commission of India (CCI) approved the acquisition of the remaining 51% shareholding in Rane NSK Steering Systems Private Limited by Rane Holdings Limited.
• CCI also approved the acquisition of 100% shareholding of Actis Holdings S.à r.l. by GAP Arthur Holdco, L.P.
• Citrine Inclusion Limited received approval for the acquisition of shareholding in Utkarsh CoreInvest Limited.
• The acquisition of additional unitholding in Highway Infrastructure Trust by 2452991 Ontario Limited was also approved.

Important Days News

National Teachers’ Day 2024 – September 5

• National Teachers’ Day is annually observed across India on 5 September to commemorate the birth anniversary of Dr. Sarvepalli Radhakrishnan.
• The day honors the dedication, hard work, and exceptional contributions of teachers to education and society.
• The 1st National Teachers’ Day was observed on 5 September 1962.
• On this occasion, President Droupadi Murmu conferred the National Teachers’ Award 2024 to 82 recipients at Vigyan Bhawan, New Delhi.

Important Days News

International Day of Charity 2024 – September 5

• The United Nations’ International Day of Charity is observed annually on 5th September to raise awareness about the importance of charity.
• The day aims to mobilize people, NGOs, and stakeholders worldwide to help others through volunteer and philanthropic activities.
• The day also commemorates the death anniversary of Nobel Peace Prize winner Mother Teresa.
• The first-ever International Day of Charity was observed on 5 September 2013.

State News

Assam to Celebrate 20th August as Sootea Day from 2025

• Assam’s Chief Minister Himanta Biswa Sarma announced that 20th August will be officially celebrated as Sootea Diwas (Sootea Day) starting from 2025.
• The first official Sootea Diwas will be celebrated on 20th August 2025.
• On 20th August 1942, people of Sootea led by Biman Chandra Bora hoisted the National flag at the Sootea Police Station.
• A heritage monument will be established at the site of Sootea Police Station with a budget of Rs 5 crore.

State News

MP Govt Launches Brindavan Gram Scheme & Gita Bhavan Project

• The Madhya Pradesh government has launched the Brindavan Gram Scheme and Gita Bhavan Project.
• The Brindavan Gram Scheme aims to promote milk production in villages and enhance farmers’ income.
• The Gita Bhavan Project will see the construction of Gita Bhavans in all urban bodies across MP to promote cultural and spiritual heritage.
• The MP government also approved a proposal to form an organizing committee for the 320th birth anniversary celebration of Ahilyabai Holkar.