Science and Technology News

MeitY Launched ‘Vishvasya’-Blockchain Technology Stack to Offer BaaS with a Geographically Distributed Infrastructure

• On 4th September 2024, S. Krishnan, Secretary, Ministry of Electronics and Information Technology (MeitY), launched the ‘Vishvasya’-Blockchain Technology Stack.
• This technology stack is designed to provide Blockchain-as-a-Service (BaaS) with a geographically distributed infrastructure to support various permissioned Blockchain-based applications.
• The framework aims to enhance transparency, security, and efficiency in digital service delivery.
• MeitY also introduced the ‘NBFLite’-Lightweight Blockchain Platform, ‘Praamaanik’, and the National Blockchain Portal.

Defence News

Indian Navy & South African Navy Signed IA To Enhance Submarine Rescue Support Cooperation

• The Indian Navy (IN) and the South African (SA) Navy signed an Implementing Agreement (IA) to strengthen cooperation on submarine rescue support.
• The IA was signed by Admiral Dinesh Kumar Tripathi, Chief of the Naval Staff (CNS) of the IN, and Vice Admiral Monde Lobese, Chief of the SA Navy in New Delhi.
• The agreement includes the deployment of the IN’s Deep Submergence Rescue Vehicle (DSRV) to assist the SA Navy in times of distress or accident.
• This partnership emphasizes mutual support and maritime safety, strengthening the long-standing maritime relationship between India and South Africa.

Science and Technology News

Union Textiles Minister Giriraj Singh launches India’s 1st Fashion Forecasting initiative ‘VisioNxt’

• On 5th September 2024, Union Minister Giriraj Singh launched ‘VisioNxt’ – Trend Insight and Forecasting lab, India’s first AI and EI-enabled trend forecasting initiative developed by the National Institute of Fashion Technology (NIFT).
• The bilingual (Hindi and English) web portal of ‘VisioNxt’ and India’s first-ever Fashion Trend Book ‘Paridhi 24×25’ were also launched.
• VisioNxt was established in response to the 2017 Global Textile Summit, focusing on forecasting fashion trends for the Indian market.
• The initiative aims to reduce reliance on global forecasting agencies by offering localized insights for India’s fashion industry.

Science and Technology News

MoL&J Launched New Notary Portal to Make Appointment of Notaries Seamless, Efficient and Transparent

• On 3rd September 2024, Union Minister of State (MoS) Arjun Ram Meghwal launched the new Notary Portal (https://notary.gov.in/) in New Delhi.
• The portal, developed in association with the National Informatics Centre (NIC), facilitates an online interface between notaries and the Government for various services.
• It allows for the submission of applications for appointment as notaries, issuance and renewal of Certificates of Practice (CoP), and submission of annual returns.
• The portal eliminates the need for physical submissions, enabling notaries to track progress and download digitally signed CoP from their digilocker accounts.

International News

Overview of PM Narendra Modi’s three-day Visit to Brunei and Singapore from 3rd September to 5th September, 2024

• PM Narendra Modi was on a three-day visit to Brunei Darussalam and Singapore from 3rd to 5th September 2024.
• This visit marked PM Modi’s first visit and the first-ever bilateral visit by an Indian PM to Brunei Darussalam, coinciding with the 40th anniversary of diplomatic ties between the two countries.
• In Brunei, PM Modi inaugurated the new chancery premises of the Indian High Commission and witnessed the signing of an MoU on Cooperation in the operation of Telemetry, Tracking, and Telecommand (TTC) Station for Satellite and Launch Vehicles.
• In Singapore, India and Singapore signed four key agreements on semiconductors, digital cooperation, healthcare and medical research, and education and skill development.

International News

UK & India Launches United Kingdom-India Infrastructure Financing Bridge

• The United Kingdom (UK) and India launched the UK – India Infrastructure Financing Bridge (UKIIFB) to enhance financial and professional services collaboration.
• The UKIIFB agreement was signed between the City of London Corporation Limited and NITI Aayog in London.
• The initiative aims to accelerate the mobilisation of international private sector investment into Indian sustainable infrastructure.
• It will provide policy recommendations to address barriers to international private sector investment and develop best practices for sustainable infrastructure projects.

International News

India & UAE Signed MoU To Strengthen Public Sector Audit Cooperation

• The Comptroller and Auditor General of India (CAG) signed an MoU with the UAE Accountability Authority to strengthen cooperation in public sector audits.
• The MoU was signed by Girish Chandra Murmu, the CAG of India, and Humaid Obaid Khalifa Obaid Abushibs, the President of the UAE Accountability Authority.
• The agreement aims to promote collaboration between the two Supreme Audit Institutions (SAIs) to boost professional ability and improve techniques in Public Sector Auditing (PSA).
• The MoU includes the exchange of knowledge and experiences in PSA and conducting capacity development programmes at SAI India or SAI UAE.

Banking and Finance News

SEBI Sets up 22 member Advisory Committee on Listing Obligations and Disclosures

• The Securities and Exchange Board of India (SEBI) has established a 22-member advisory committee to streamline rules for listing obligations and disclosures.
• The Advisory Committee on Listing Obligations and Disclosures (ACLOD) will be chaired by Rama Subramaniam Gandhi, a former Deputy Governor of the Reserve Bank of India (RBI).
• The committee will provide advice to SEBI on disclosure requirements, listing and post-listing obligations, harmonisation, and corporate governance.
• Members include representatives from the Ministry of Corporate Affairs (MCA), HDFC Bank Limited, stock exchange heads, Proxy Advisory firm MDs, and legal experts.

Banking and Finance News

Motilal Oswal Launches India’s first 500 Momentum 50 Index fund

• Motilal Oswal Mutual Fund (MOMF) has launched the ‘Motilal Oswal Nifty 500 Momentum 50 Index Fund’, India’s first 500 Momentum 50 Index fund.
• The New Fund Offer (NFO) began on September 2, 2024, and will end on September 16, 2024.
• The objective of this open-ended index fund is to capture the high-momentum stock performance of the Nifty 500 index.
• The fund will be managed by Swapnil Mayekar and Rakesh Shetty, with a minimum initial investment of Rs. 500.

Science and Technology News

Hitachi Payment Services & NPCI Introduced India’s first Android-Based CRM ATM

• Hitachi Payment Services Private Limited, in collaboration with the National Payments Corporation of India (NPCI), introduced India’s first Android-Based Cash Recycling Machine (CRM) ATM.
• The CRM, designated as HPDx-BU01, was launched at the Global Fintech Fest (GFF) 2024 in Mumbai.
• It offers one-stop services in a modern digital banking environment, including home loan applications, credit card applications, and investments in Fixed Deposit (FD).
• The CRM allows card-less cash deposits 24/7 into own and other people’s bank accounts and supports QR-based UPI cash withdrawal.

Banking and Finance News

BharatPe Partners with Unity Bank to Launch Third Party Application for Easier Digital Payments

• BharatPe has partnered with Unity Small Finance Bank Limited (Unity Bank) to launch its Unified Payments Interface (UPI) TPAP (Third Party Application Provider) service.
• The UPI TPAP will enable customers to create their UPI ID on the BharatPe app for payments to individuals, merchants, and bill payments.
• The app includes UPI Lite, allowing transactions of up to Rs 500 without requiring a UPI PIN.
• The app is currently available on the Play Store for Android users and has been rebranded from postpe to BharatPe.

Banking and Finance News

India’s Current Account Deficit Likely to Rise 1% of GDP in Q2FY25: Ind-Ra Report

• According to India Ratings and Research (Ind-Ra), India’s Current Account Balance (CAB) is expected to increase to 1% of GDP in Q2FY25.
• The report estimates a deficit of nearly USD 8 billion, equivalent to 0.8% of GDP in Q1FY25, reversing from a surplus of USD 5.7 billion in the previous quarter.
• India’s merchandise exports grew by 6% Year-on-Year (Y-o-Y) in Q1FY25.
• Merchandise imports in Q1FY25 increased by 7.6% Y-o-Y, to USD 172.2 billion.

Appointments and Resignations News

Michel Barnier Appointed as New Prime Minister of France

• On 5th September 2024, Emmanuel Macron appointed Michel Barnier as the new Prime Minister of France.
• At 73, Barnier is the oldest of the 26 prime ministers that have served modern France’s Fifth Republic.
• He takes over from Gabriel Attal, who served as the caretaker PM following the 2024 Election results.
• Barnier is a veteran conservative politician from the right-winged Republicans party (LR) and has held several key roles in French governments.

Appointments and Resignations News

FSIB Recommends Rama Mohan Rao Amara for MD of SBI

• The Financial Services Institutions Bureau (FSIB) has recommended Rama Mohan Rao Amara for the position of Managing Director (MD) of State Bank of India (SBI).
• Amara is currently serving as the Deputy MD of SBI since July 2023.
• He was selected based on his experience, performance, and qualifications, and will become the 4th MD of SBI.
• The final decision on the recommendation will be made by the Appointments Committee of the Cabinet (ACC), led by PM Narendra Modi.

Appointments and Resignations News

Gov Names Deepti Gaur Mukerjee as SEBI Board Member

• The Government of India has named Deepti Gaur Mukherjee, Secretary of the Ministry of Corporate Affairs (MCA), as a Member of the Board of SEBI.
• Mukherjee replaces Manoj Govil, who was recently posted as Expenditure Secretary in the Ministry of Finance.
• Deepti Gaur Mukherjee is a 1993 batch IAS officer of the Madhya Pradesh cadre and has been serving as the MCA secretary since August 21, 2024.
• Prior to this, she served as the CEO of the National Health Authority (NHA), New Delhi.

Science and Technology News

Arianespace Launches Sentinel-2C Satellite Aboard Last Vega Rocket for Environmental Monitoring

• Arianespace successfully launched the last Vega launcher (VV24 mission) carrying the third Copernicus Sentinel-2 (Sentinel-2C) satellite into Sun-synchronous orbit.
• The mission was launched from the Guiana Space Center, French Guiana on 4th September 2024.
• Sentinel-2C will provide crucial environmental data for the planet, including land, water, and atmospheric monitoring.
• This flight was the last and 20th successful launch of Vega, which will be replaced by the upgraded Vega-C launcher by the end of 2024.

Science and Technology News

Carrhotus piperus: New Spider Species Discovered in Tamil Nadu

• A new species of jumping spider named ‘Carrhotus piperus’ has been discovered in the lower Palani Hills in Dindigul District, Tamil Nadu.
• This discovery raises the total number of known Carrhotus species in India to 10, with 37 globally.
• The spider was discovered on pepper (Piper nigrum) plants during a 2016 survey in Thadiyankudisai, Dindigul.
• The specific epithet, ‘piperus’, is derived from the plant’s generic name, signifying the spider’s distinctive habitat.