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Daily Current Affairs – July 26, 2023

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Daily Current Affairs - Banking - July 26, 2023

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National News

International Exhibition-cum-Convention Centre complex

  • Prime Minister Narendra Modi will dedicate to the nation the International Exhibition-cum-Convention Centre (IECC) complex at Pragati Maidan in New Delhi.
  • The Prime Minister’s vision of having a world class infrastructure for hosting meetings, conferences, and exhibitions in the country has led to the conceptualization of the International Exhibition-cum-Convention Centre.
  • The project, which revamped the old and outdated facilities at Pragati Maidan, was developed as a national project at a cost of about 2,700 crore rupees.
  • With a campus area of approximately 123 acres, the IECC complex has been developed as India’s largest MICE – Meetings, Incentives, Conferences, and Exhibitions – destination.
  • The Complex finds its place among the top exhibition and convention complexes in the world, in terms of the covered space available for events.
  • It comprises of multiple state-of-the-art facilities including a convention centre, exhibition halls, and amphitheaters.
  • The complex features a total of seven exhibition halls, each serving as a versatile space for hosting exhibitions, trade fairs, and business events.
  • It will also play a vital role in boosting trade and commerce, and provide a platform to small and medium enterprises to showcase their products and services on a national and international stage.
  • Prime Minister – Shri Narendra Modi (Varanasi, Uttar Pradesh) – Ministry of Personnel, Public Grievances and Pensions; Department of Atomic Energy; Department of Space; All important policy issues; and All other portfolios not allocated to any Minister

International News

8th India-Australia Defence Policy Talks held in Canberra

  • The 8th India-Australia Defence Policy Talks (DPT) was held at Canberra in Australia.
  • The Defence policy talks were co-chaired by Special Secretary in Ministry of Defence Smt. Nivedita Shukla Verma, and Acting Deputy Secretary in Department of Defence, Australia Mr Steven Moore.
  • During the Defence Policy talks, both sides reviewed the bilateral defence cooperation between the two countries and explored new initiatives to further strengthen and deepen bilateral defence engagements.
  • The discussions also focused on identifying ways to strengthen partnership in co-development and co-production of defence equipment.
  • Both sides reaffirmed their commitment to fully implement the Comprehensive Strategic Partnership based on mutual trust and understanding, common interests and shared values of democracy and rule of law.
  • The Indian side highlighted the potential of the Indian defence industry with capacity and capability to cooperate with Australian Armed forces in its shipbuilding and maintenance plans.
  • India – Australia share a Comprehensive Strategic Partnership since June 2020 and defence is a key pillar of this partnership.
  • India and Australia’s partnership is based on a shared vision of a free, open, inclusive and prosperous Indo-Pacific region.
  • The two democracies have a common interest in peace and prosperity of the entire region.
  • The two countries have 2+2 mechanism at the Ministerial level.
  • The 8th DPT reviewed the outcomes of maiden 2+2 conducted in September 2021.
  • Both sides agreed for early finalization of hydrography agreement.
  • The two sides also exchanged views on geo-political situation, regional and global issues of shared interest.
  • Australia – Canberra (Capital) – Australian dollar (Currency) – Charles III (Monarch) – Anthony Albanese (Prime Minister) – English (Language)

State News

Telangana has highest per capita income among all Indian states

  • At Rs 3,08,732 in 2022-23, Telangana leads the list of Indian states with the highest per capita income at current prices, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed.
  • It is followed by Karnataka with a per capita income of Rs 3,01,673 and Haryana at Rs 296,685.
  • Telangana saw a big jump in the per capita income since last year.
  • The data for Delhi was unavailable for 2022-23.
  • In 2020-21 and 2021-22, its per capita income was Rs 3,31,112 and Rs 3,89,529 respectively. 
  • Based on constant prices, Haryana topped the list with a per capita income of Rs 1,81,961 in 2022-23.
  • It was followed by Karnataka at Rs 1,76,383 and Tamil Nadu at Rs 1,66,463.
  • Rao Inderjit Singh –  Minister of State (Independent Charge) (Gurugram,Haryana) for Ministry of Statistics and Programme Implementation

Sagarmala project: Govt undertaking 113 projects in Andhra Pradesh

  • The government has identified 113 projects for implementation in Andhra Pradesh under the Sagarmala Programme at an estimated cost of around Rs 1.2 trillion.
  • These projects range from various categories and include the modernisation of existing ports and terminals, RoRo & tourism jetties, enhancement of port connectivity, inland waterways, industrialisation around ports, skill development, and technology centres, among others.
  • Out of these projects, 36 projects have been completed which cost Rs 32,000 crore, whereas, 77 projects worth Rs 91,000 crore are under different stages of execution and development.
  • The government website on the Sagarmala project says that it is a National Perspective Plan (NPP) for the comprehensive development of India’s 7,500 km coastline, 14,500 km of potentially navigable waterways and maritime sector.
  • The Sagarmala concept was approved by the Union Cabinet on March 25th, 2015.
  • Andhra Pradesh – Visakhapatnam (Capital) – Y. S. Jagan Mohan Reddy (CM) – S. Abdul Nazeer (Governor) – Telugu (Language)

Goa government to introduce AI-based chatbots to interact with citizens

  • Goa’s Information and Technology Minister Rohan Khaunte has said his department will introduce the artificial intelligence-based chatbots to deliver services in a more efficient manner and to help people in addressing their grievances.
  • He also announced various other initiatives including free wi-fi connectivity in villages of the coastal state.
  • A chatbot is a computer program that uses artificial intelligence (AI) to simulate human conversation through voice commands or text chats or both.
  • Goa – Panaji (Capital)– Pramod Sawant (CM) – PS Sreedharan Pillai (Governor) – Konkani (Language)

Tamil Nadu has the highest outstanding debt in the country

  • Tamil Nadu has the highest amount of outstanding debt among all States and Union Territories.
  • The State’s outstanding debt stood, as per budget estimates for 2022-23, at ₹7.54-lakh crore followed by the country’s most populous State Uttar Pradesh at ₹7.10-lakh crore.
  • The outstanding liabilities of Maharashtra, the country’s largest economy measured in terms of Gross State Domestic Product (GSDP), stood at ₹6.80-lakh crore as per budget estimates for 2022-23.
  • It was followed by West Bengal (₹6.08-lakh crore), Rajasthan (₹5.37-lakh crore) and Karnataka (₹5.35-lakh crore).
  • The union territory of Puducherry had the lowest outstanding debt of ₹11,651 crore.
  • The data on outstanding liabilities shared by the Union Finance ministry were based on RBI’s ‘State finances: A study of budgets of 2022-23’ report published earlier this year.
  • However, several States have since tabled their budget for FY24 and hence the liabilities budgeted for FY23 would have gone for a revision.
  • For instance, Tamil Nadu has budgeted an outstanding debt ₹7.26-lakh crore for FY24.
  • This constitutes 25.63 per cent of GSDP in 2023-24, well within the 29.1 per cent for limit set by the Fifteenth Finance Commission.


Pradhan Mantri Ujjwala Yojana (PMUY)

  • Under the Pradhan Mantri Ujjwala Yojana (PMUY), the growth in per capita consumption increased from 3.01 to 3.71 in FY 2022-23, the Ministry of Petroleum and Natural Gas.
  • During FY 2020-21, when the world was hit by Covid-19, the government had announced plans to provide three free refills to each PMUY household.
  • During the running of the scheme, a total of 141.7 million refills were given free of cost to PMUY beneficiaries.
  • During 2022-2023, 88 per cent of the PMUY households have taken the refills. The PMUY beneficiaries who have been taking refills have gone up from three crore in 2017-18 to 60 million in 2018-19; 65 million in 2019-20 to 80 million in 2020-21, and 80 million in 2021-22 to 84.1 million in 2022-23.
  • The release stated that the growth of 24 per cent in per capita consumption of PMUY consumers over the last five years is a testimony to the goodwill the scheme has brought.

Banking and Finance

Banks recovered Rs 10 lakh crore in last nine financial years

  • Scheduled Commercial banks have recovered around Rs 10 lakh crore during the last nine financial years.
  • As per the Central Repository of Information on Large Credits (CRILC) data, the total funded-amount outstanding of scheduled commercial banks (SCBs) to corporate company borrowers, classified as non-performing assets (NPA) and having an outstanding amount of Rs 1,000 crore or more, was Rs 1,03,975 crore as of March 2023.
  • A change in credit culture has been effected, with the Insolvency and Bankruptcy Code, 2016 (IBC) fundamentally changing the creditor-borrower relationship, taking away control of the defaulting company from promoters/owners, and debarring wilful defaulters from the resolution process.
  • The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has been amended to make it more effective and that PSBs have also created Stressed Asset Management Verticals for stringent recovery, segregated pre- and post-sanction follow-up roles for clean and effective monitoring, and engaged specialised monitoring agencies for monitoring of large-value accounts.
  • Ministry of Finance – Nirmala Sitharaman,Cabinet Minister (Rajya Sabha MP,Karnataka) – Bhagwat Karad, Minister of State (Rajya Sabha MP,Maharashtra) & Pankaj Choudhary, Minister of State (Maharajganj,UP)

Swiggy launches co-branded card with HDFC Bank

  • Food delivery platform Swiggy has launched a co-branded credit card with HDFC Bank, adding on to the larger trend of ecommerce platforms launching co-branded cards.
  • Swiggy’s co-branded credit card will be hosted on Mastercard’s payment network.
  • Last month, fashion retailer Myntra partnered with Kotak Mahindra Bank to launch a co-branded credit card.
  • Myntra’s parent, Flipkart, had launched a co-branded card with Axis Bank last year.
  • Flipkart Wholesale, the business-to-business arm of Flipkart, also launched a co-branded card with HDFC Bank this year for small merchants and grocery stores.
  • Swiggy said that its co-branded credit card users will get a 10% cashback on its platform for spends across food delivery, quick commerce grocery delivery, and dining out.
  • HDFC Bank – August 1994 (Founded) – Mumbai (HQ) – Sashidhar Jagdishan (CEO) – “We Understand Your World” (Tagline)

Federal Bank launches NR savings accounts for NRI women

  • Federal Bank, on the occasion of the start of the FIFA Women’s World Cup, has announced the launch of an exclusive NR savings account scheme, specifically curated for NRI women.
  • This scheme, named NRE Eve+, is designed to cater to the unique financial needs of NRI women, offering a range of benefits tailored to enhance the financial journey of NRI women.
  • The global virtual launch witnessed the unveiling of the product theme.
  • A prototype of the exclusively designed debit card was unveiled and presented to its first NRE Eve+ customer by Shalini Warrier, Executive Director of Federal Bank.
  • The first NRE Eve+ holders from Abu Dhabi included Beena Muraleedharan, Executive Director, SFC group, and Danesa Thandassery Raghulal, ED, Elite Foods Pvt Ltd and from Dubai, Jean Shahdadpuri, MD, Nikai Group of Companies.
  • With NRE Eve+, account holders will enjoy complimentary access to international and domestic airport lounges, providing a seamless and luxurious travel experience.
  • The power-packed NRE Eve+ debit card unlocks a world of customised offers, including exclusive deals on beauty, healthcare, shopping, dining, travel, and entertainment, tailored to suit women’s preferences.
  • Zero balance savings accounts are available for two children below 12 years of age.
  • Complimentary insurance coverage is available up to ₹78 Lakh, including child education benefits, accidental death, hospital cash, and card protection.
  • Federal Bank – 23/04/1931 (Founded) – Aluva, Kochi (HQ) – Shyam Srinivasan (MD & CEO) – “Your Perfect Banking Partner” (Tagline)

RBI imposes curbs on Bengaluru-based National Co-operative Bank, caps withdrawal at Rs 50,000

  • The Reserve Bank of India (RBI) has imposed certain restrictions on Bengaluru-based ailing The National Co-operative Bank Ltd and capped deposit withdrawal at Rs 50,000 per account.
  • The bank shall not grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

SIDBI constitutes advisory committee on NBFCs

  • Sivasubramanian Ramann, CMD, SIDBI, said multiple-level interventions by the DFI in this regard are expected to culminate in enhancing the level of corporate governance in the smaller NBFC segment, accelerate the access of such NBFCs to institutional credit at competitive rates, and mainstreaming of a larger number of NBFCs, resulting in channelising higher credit in the MSME space.
  • Small Industries Development Bank of India (SIDBI) – 02/04/1990 (Founded) – Lucknow,UP (HQ) – Sivasubramanian Ramann (Chairman & MD)

Business and Economy

IMF raises India's FY24 GDP growth forecast by 20 basis points to 6.1%

  • The International Monetary Fund (IMF) raised the FY24 economic growth forecast for India by 20 basis points to 6.1 per cent, citing the country’s stronger-than-expected growth momentum in the March quarter of FY23.
  • Most professional forecasters expect the Indian economy to grow between 6 per cent and 6.5 per cent in FY24.
  • While the Organization for Economic Co-operation and Development (OECD) last month revised upward its forecast to 6 per cent for FY24, the Reserve Bank of India expects the economy to expand at 6.5 per cent in the same financial year.
  • International Monetary Fund (IMF) – 27/12/1945 (Founded) – Washington DC (HQ) – Kristalina Georgieva (MD)

Agreements and MoUs signed

Walmart, Flipkart join hands with Telangana government to upskill, support local MSMEs

  • Walmart and Flipkart announced the signing of a Memorandum of Understanding (MoU) with Telangana government to create an ecosystem to aid capacity building for MSMEs in the state.
  • The pact was signed in the presence of Telangana government’s Industries and Commerce Department Principal Secretary Jayesh Ranjan and ‘Swasti’ programme director Joseph Julian KG.
  • The MoU between Swasti and the Industries and Commerce Department will facilitate the development of local Micro, small and medium-sized enterprises (MSMEs) towards accessing a wider domestic market space, to leverage online retail and enable sustained growth and commercialisation.
  • Under the new partnership, Walmart will extend its support to help MSMEs digitise their businesses and fuel capacity building for Telangana.
  • This will enable them to be a part of the offline and online domestic supply chains.
  • In partnership with Swasti, Walmart Vriddhi Supplier Development Programme (Walmart Vriddhi) offers small businesses and entrepreneurs a complete learning platform and provides free training, in-depth expert assistance and tailored tools and skills required to grow and expand their business.

Summit and Conference

3rd edition of Summit on “Global Chemicals and Petrochemicals Manufacturing Hubs in India”

  • The Ministry of Chemicals & Fertilizers in association with the Federation of Indian Chambers of Commerce and Industry (FICCI) is organizing the 3rd edition of the Summit on “Global Chemicals and Petrochemicals Manufacturing Hubs in India” (GCPMH 2023) at New Delhi.
  • Union Minister of Finance Smt. Nirmala Sitaraman will inaugurate the two days Summit on Chemicals and Petrochemicals Manufacturing Hubs 2023.
  • The Summit is one of the largest composite biennial event for promotion of Chemical and petrochemical manufacturing hubs in India.
  • Ministry of Chemicals and Fertilizers – Mansukh Laxmanbhai Mandaviya,Union Minister (Rajya Sabha MP,Gujarat) – Bhagawanth Khuba,Minister of State (Bidar,Karnataka) 

Sports News

SAI to provide financial assistance to 4 fencers for upcoming World University Games

  • The Sports Authority of India will financially support four fencers for their participation in the upcoming World University Games in Chengdu, China.
  • The four fencers from the SAI National Centres of Excellence are Abhay Krishna Shinde (NCOE Patiala and TOPS Athlete), Durgesh Milind Jahagirdar (NCOE Aurangabad and Khelo India Athlete) and Tannu Gulia and Shiksha Ballouria (NCOE Patiala).
  • The 31st edition of the World University Games is scheduled from July 28-August 8.
  • Other NCOE Athletes who have qualified for the World University Games are Hardeep (race walking) and Khyati (high jump) of NCOE Bangaluru, NCOE Trivandrum’s taekwondo players Shivangi Chanambam and Parsida Nongmaithem as well as NCOE Itanagar wushu player Sanma Brahma among many others.
  • Sports Authority of India (SAI) – 1984 (Founded) – New Delhi (HQ) – Pushpendra Garg (CEO)

India finish 2nd on medals tally at ISSF World Championship in South Korea

  • India finished 2nd on the medals tally at the recently concluded ISSF Junior Shooting World Championships 2023 in Changwon, South Korea.
  • Indian shooters bagged 17 medals, which include 6 Gold, 6 Silver, and 5 Bronze.
  • The championships saw 90 Indian shooters vie for medals in pistol, rifle, and shotgun competitions in the under-21 age category.
  • The majority of the medalists were Khelo India athletes.
  • Seven Indians managed to bag more than one medal.
  • Abhinav Shaw and Kamaljeet won two golds each.
  • Sainyam won three medals — gold in the 10m air pistol women, and a bronze each in the 10m air pistol mixed team and women’s team events.
  • South Korea – Seoul (Capital) – Korean (Language) – Yoon Suk-yeol (President) – Han Duck-soo (Prime Minister) – Han Duck-soo (Currency)

Important Days

International Day for the Conservation of the Mangrove Ecosystem 2023

  • The International Day for the Conservation of the Mangrove Ecosystem is celebrated every year on 26 July, and aims to raise awareness of the importance of mangrove ecosystems as “a unique, special and vulnerable ecosystem” and to promote solutions for their sustainable management, conservation and uses.
  • This International Day was adopted by the General Conference of the UN Educational, Scientific and Cultural Organization (UNESCO) in 2015.
  • United Nations Educational, Scientific and Cultural Organization (UNESCO) – 16/11/1945 (Founded) – Paris, France (HQ) – Audrey Azoulay (Director-General)

Kargil Vijay Diwas 2023

  • Kargil Vijay Diwas is celebrated on July 26 every year in honour of the soldiers who fought in the Kargil War in 1999.
  • During the war, “Operation Vijay” was launched by the Indian Army to recapture the Indian territories occupied by Pakistani soldiers in the Kargil-Drass sector.
  • It was reported that as many as 527 Indian forces personnel were killed during the war, and over 1,363 were wounded.
  • On July 26, it was declared that “Operation Vijay’’ was successful, and the Indian forces had defected to the Pakistani soldiers.
  • Indian Army – 26/01/1950 (Founded) – New Delhi (HQ) – Army Day (January 15) – General Manoj Pande (Chief of Army Staff) – “Service Before Self” (Motto)


Spacetech startup Pixxel to make satellites for Indian Air Force

  • Spacetech startup Pixxel, which closed a round of funding led by Google last month is set to manufacture miniaturised multi-payload satellites for the Indian Air Force.
  • The contract is a result of a multi-crore grant from the Innovations for Defence Excellence (iDEX), a flagship scheme under the Indian Ministry of Defence.
  • iDEX runs such grants under a programme called SPARK.
  • The grant will equip Pixxel to develop small satellites of up to 150 kilograms for electro-optical, infrared, synthetic aperture radar and hyper spectral purposes.
  • Founded in 2019 by final year BITS Pilani students Awais Ahmed and Kshitij Khandelwal, Pixxel builds constellations of earth imaging small satellites to provide hyperspectral images of earth at daily frequencies.
  • Hyperspectral imaging is a technique that analyses a wide spectrum of light instead of just assigning primary colours of red, green and blue to each pixel. Pixxel’s hyperspectral satellites can capture images at hundreds of wavelengths in the electromagnetic spectrum and reveal key data about the health of the planet.
  • Indian Air Force (IAF) – 26/01/1950 (Founded) – New Delhi (HQ) – Airforce Day (October 08) – Air Chief Marshal Vivek Ram Chaudhari (Chief of Air Staff) – ‘Touch the sky with Glory’ (Motto)

Daily Current Affairs - July 26, 2023 - Consolidated

  • International Exhibition-cum-Convention Centre complex
  • 8th India-Australia Defence Policy Talks held in Canberra
  • Telangana has highest per capita income among all Indian states
  • Sagarmala project: Govt undertaking 113 projects in Andhra Pradesh
  • Goa government to introduce AI-based chatbots to interact with citizens
  • Tamil Nadu has the highest outstanding debt in the country
  • Pradhan Mantri Ujjwala Yojana (PMUY)
  • Banks recovered Rs 10 lakh crore in last nine financial years
  • Swiggy launches co-branded card with HDFC Bank
  • Federal Bank launches NR savings accounts for NRI women
  • RBI imposes curbs on Bengaluru-based National Co-operative Bank, caps withdrawal at Rs 50,000
  • SIDBI constitutes advisory committee on NBFCs
  • IMF raises India’s FY24 GDP growth forecast by 20 basis points to 6.1%
  • Walmart, Flipkart join hands with Telangana government to upskill, support local MSMEs
  • 3rd edition of Summit on “Global Chemicals and Petrochemicals Manufacturing Hubs in India”
  • SAI to provide financial assistance to 4 fencers for upcoming World University Games
  • India finish 2nd on medals tally at ISSF World Championship in South Korea
  • International Day for the Conservation of the Mangrove Ecosystem 2023
  • Kargil Vijay Diwas 2023
  • Spacetech startup Pixxel to make satellites for Indian Air Force

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