Ebrahim Raisi sworn in as new President of Iran
Ebrahim Raisi was officially sworn in as the new president of Iran on August 05, 2021. He won the 2021 Iranian presidential election in June, with 62 per cent of the vote. The 60-year-old Raisi succeeds Hassan Rouhani to begin his four-year term. He is also been the Chief Justice of Iran since March 2019.
Raisi’s inauguration comes at a pivotal time, with Iran currently in indirect negotiations with the United States over how to revive the 2015 nuclear agreement. Raisi will also face the task of reviving his country’s economy, which has been battered in recent years by the previous US administration’s “maximum pressure” campaign of sanctions. Tensions in the region are also high following a string of maritime provocations blamed by the West on Tehran.
Important takeaways for all competitive exams:
- Iran Capital: Tehran;
- Iran Currency: Iranian toman.
West Bengal receives four SKOCH awards
The government of West Bengal has received four SKOCH awards for its schemes under the Ease of Doing Business initiative. The State scheme ‘Silpasathi’-the online single window portal won the platinum award while the Auto-Renewal of Certificate of Enlistment through the online system for urban areas has received the gold award.
Online issuance of trade licences in rural areas and the E-Nathikaran: the online system for registration, preparation and submission of deeds have won two silver awards. The state government will ensure that the ease of doing business in West Bengal continues to be one of the foremost in the country.
Important takeaways for all competitive exams:
- Chief Minister of West Bengal: Mamata Banerjee; Governor: Jagdeep Dhankhar.
Germany becomes 5th country to sign ISA Framework Agreement
Germany became the 5th country to sign the International Solar Alliance Framework Agreement after amendments to it entered into force on 8th January 2021, opening its Membership to all Member States of the United Nations. Ambassador of Germany to India Walter J. Lindner deposited signed copies of the International Solar Alliance Framework Agreement with the Ministry of External Affairs, the depositary of the Agreement.
Membership to the ISA was earlier limited to 121 countries, which were partially or entirely located within the tropics. This didn’t allow major solar energy economies such as Germany to join the alliance that is being increasingly seen as a foreign policy tool. The initiative was launched by Prime Minister Narendra Modi at the India Africa Summit and a meeting of member countries ahead of the 2015 United Nations Climate Change Conference in Paris in November 2015. The framework agreement of the International Solar Alliance opened for signatures in Marrakech, Morocco in November 2016.
Important takeaways for all competitive exams:
- Germany Capital: Berlin;
- Germany Currency: Euro;
- Germany President: Frank-Walter Steinmeier.
CBIC launches Compliance Information Portal (CIP)
The Central Board for Indirect Taxes & Customs launched the Indian Customs Compliance Information Portal at www.cip.icegate.gov.in/CIP. This portal providing free access to information on all Customs procedures and regulatory compliance for nearly 12,000 Customs Tariff Items. The portal will provide complete knowledge of all import and export related requirements for all items.
CIP is yet another facilitation tool developed by CBIC to empower our business as well as any interested person with up-to-date information on the legal and procedural requirements of Customs and Partner Government Agencies (FSSAI, AQIS, PQIS, Drug Controller etc.) for carrying out imports and exports. The portal would provide at the click of a button complete knowledge of all import and export related requirements for all items covered under the Customs Tariff thereby improving the ease of doing cross border trade.
Important takeaways for all competitive exams:
- Central Board for Indirect Taxes & Customs Chairperson: M. Ajit Kumar;
- Central Board for Indirect Taxes & Customs Founded: 1 January 1964.
India nuclear power capacity is expected to reach 22,480 MW by 2031
India’s nuclear power capacity is expected to reach 22,480 Mega Watts by 2031 from the current 6,780 MegaWatts. There are presently 22 reactors with a total capacity of 6780 MW in operation and one reactor, KAPP-3 (700 MW) has been connected to the grid on January 10, 2021.
Ten (10) nuclear power reactors with 8000 MW capacity (including 500 MW PFBR being implemented by Bharatiya Nabhikiya Vidyut Nigam Limited {BHAVINI}) are under construction. Additionally, the Government has accorded administrative approval and financial sanction of ten (10) indigenous Pressurized Heavy Water Reactors (PHWRs) of 700 MW each to be set up in fleet mode.
RBI announces its bi-monthly monetary policy
The Reserve Bank of India (RBI) has announced its bi-monthly monetary policy. This is the seventh time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the status quo. RBI had last revised its policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting the interest rate to a historic low. The meeting was held between August 4 and 6. The remaining will take place in October (6 to 8); December (6 to 8) and February (7 to 9, 2022).
The Marginal Standing Facility (MSF) rate and bank rates remain unchanged:
- Policy Repo Rate: 4.00%
- Reverse Repo Rate: 3.35%
- Marginal Standing Facility Rate: 4.25%
- Bank Rate: 4.25%
- CRR: 4%
- SLR: 18.00%
RBI Monetary Policy Highlights & Key Decisions:
- RBI keeps the GDP growth forecast for FY22 unchanged at 9.5%.
- RBI to conduct two more auctions of ₹25,000 crores each on August 12 and August 26 under the G-sec Acquisition Programme (GSAP).
- CPI inflation is projected at 5.7 % during 2021-22 – this consists of 5.9% in Q2, 5.3% in Q3 and 5.8% in Q4 of 2021-22 with risks broadly balanced. CPI inflation for the first quarter of 2022-23 is projected at 5.1%.
The composition of the Monetary Policy Committee is as follows:
- Governor of the Reserve Bank of India – Chairperson, ex officio: Shri Shaktikanta Das.
- Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy– Member, ex officio: Dr Michael Debabrata Patra.
- One officer of the Reserve Bank of India to be nominated by the Central Board – Member, ex officio: Dr Mridul K. Saggar.
- A professor at the Mumbai-based Indira Gandhi Institute of Developmental Research: Prof. Ashima Goyal.
- A professor of finance at the Indian Institute of Management in Ahmedabad: Prof. Jayanth R Varma.
- An agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi: Dr Shashanka Bhide.
Some important instruments of Monetary Policy:
The RBI’s Monetary Policy has several direct and indirect instruments which are used for implementing the monetary policy. Some important instruments of Monetary Policy are as follows:
Repo Rate: It is the (fixed) interest rate at which banks can borrow overnight liquidity from the Reserve Bank of India against the collateral of government and other approved securities under the liquidity adjustment facility (LAF).
Reverse Repo Rate: It is the (fixed) interest rate at which the Reserve Bank of India can absorb liquidity from banks on an overnight basis, against the collateral of eligible government securities under the LAF.
Liquidity Adjustment Facility (LAF): The LAF has overnight as well as term repo auctions under it. The term repo helps in the development of the inter-bank term money market. This market sets the benchmarks for the pricing of loans and deposits. This helps in improving the transmission of monetary policy. As per the evolving market conditions, the Reserve Bank of India also conducts variable interest rate reverse repo auctions.
Marginal Standing Facility (MSF): MSF is a provision that enables the scheduled commercial banks to borrow an additional amount of overnight money from the Reserve Bank of India. Bank can do this by dipping into their Statutory Liquidity Ratio (SLR) portfolio up to a limit at a penal rate of interest. This helps the banks to sustain the unanticipated liquidity shocks faced by them.
Important takeaways for all competitive exams:
- RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.
Sebi allows payments banks to act as investment bankers
Sebi has allowed payments banks to carry out the activities of investment bankers to provide easy access to investors to participate in public and rights issues by using various payment avenues, markets regulator. Non-scheduled payments banks, which have prior approval from the Reserve Bank of India (RBI), will be eligible to act as a banker to an issue (BTI).
This is subject to fulfilment of the conditions stipulated in the BTI rules. Further, payments banks registered as a BTI will also be permitted to act as self-certified syndicate banks, subject to the fulfilment of the criteria laid down by the Sebi in this regard from time to time.”The blocking/movement of funds from the investor to the issuer shall only be made through the savings account of the investor held with the payments bank.
Bankers to an issue mean a scheduled bank or such other banking company as may be specified by Sebi carrying activities, including acceptance of application money, acceptance of allotment or call money, refund of application money and payment of dividend or interest warrants.
Important takeaways for all competitive exams:
- Securities and Exchange Board of India Founded: 12 April 1992.
- Securities and Exchange Board of India Headquarters: Mumbai.
- Securities and Exchange Board of India Agency executive: Ajay Tyagi.
Khel Ratna Award renamed as Major Dhyan Chand Khel Ratna Award
Prime Minister Narendra Modi has announced that Rajiv Gandhi Khel Ratna Award will be renamed as Major Dhyan Chand Khel Ratna Award. The Prime Minister said the move was based on the numerous requests he received from across the nation. Dhyan Chand, whose birthday is celebrated as National Sports Day, won three Olympic golds for the country in Hockey.
About the award:
The award was inaugurated in 1991-92, the award comprises a medallion, a certificate, and a cash prize of ₹ 25 lakh. The first recipient of the Khel Ratna was chess legend, Viswanathan Anand. Some of the winners in recent years include cricketer Rohit Sharma, wrestler Vinesh Phogat, women’s hockey team captain Rani Rampal, among others.
ICICI Prudential Life ties up with NPCI for UPI Autopay
ICICI Prudential Life Insurance has tied up with the National Payments Corporation of India (NPCI) to provide a Unified Payments Interface Autopay facility to its customers. This tie-up is another step in the company’s digitalisation journey, which provides customers with a hassle-free and seamless experience across the policy lifecycle.
About this facility:
- While purchasing a life insurance policy, customers can link their bank accounts with UPI Autopay for payment of premium.
- The UPI Autopay e-mandate can be activated by customers by using their smartphones to make regular renewal premium payments in a paperless format.
- The UPI payment mode is fast becoming a preferred route of payment due to the contactless and frictionless experience it provides.
- Customers can set up the e-mandate facility to make their regular renewal premium payments and ensure financial security for self and their families.
- Customers can enable the UPI Auotpay feature on their UPI apps. Alternatively, it can be enabled for banks through an e-mandate.
Important takeaways for all competitive exams:
- ICICI Prudential Life Insurance CEO: N. S. Kannan;
- ICICI Prudential Life Insurance Founded: 2000.
Zoological Survey of India gets 1st female director in 100 years
The Indian government approved the appointment of Dr Dhriti Banerjee as the director of the Zoological Survey of India. She is a prolific scientist, conducting research in zoogeography, taxonomy, morphology and molecular systematics. On the occasion of its centenary celebrations in 2016, Banerjee had co-authored the “The Glorious 100 Women’s Scientific Contribution in ZSI”, which chronicled the contributions of women scientists in the domain of animal-related groups.
Zoological Survey of India
Founded in July 1916, the ZSI has its headquarters in Kolkata. It has 16 regional centres under the ministry of environment and forest and climate change. ZSI started hiring women scientists as late as 1949, nearly three decades since its inception.
Olympian footballer S.S. ‘Babu’ Nayaran passes away
Two-times Olympian Shankar Subramaniam, alias “Babu” Nayaran passed away. He was India’s goalkeeper during the 1956 and 1960 Olympics. Besides representing Maharashtra in football and basketball, Narayan emerged as one of the most reliable goalkeepers in India. His decade-long career for the national team also included the stellar effort of India finishing fourth in the 1956 Olympics and representing India in the 1964 Asian Games.
Subramaniam was born in Palakkad district in Kerala, Narayan was a star in Mumbai’s local circuit during his appearances for Matunga Students, Matunga Gymkhana, Caltex and Tata Sports Club. He was part of Maharashtra’s Santosh Trophy-winning campaign in 1964.
India for implementing MoU with Bangladesh in disaster management
India has emphasized the implementation of the recently-signed memorandum of understanding (MoU) with Bangladesh over disaster management, resilience and mitigation on a priority basis. Bangladesh has decided to accept the invitation to join the Coalition for Disaster Resilient Infrastructure (CDRI). CDRI is a coalition of national governments, UN agencies, multilateral development banks and the private sector which aims to promote resilience of new and existing infrastructure to climate and disaster risks.
In a letter written to Bangladesh Foreign Minister Dr A K Abdul Momen, Foreign Minister Dr. S. Jaishankar urged Bangladesh to implement the recently concluded MoU in the field of disaster management, resilience and mitigation on a priority basis. He expressed the hope that these mechanisms will help the two countries to remain better prepared to face such challenges in the future.
TRIFED celebrates its 34th Foundation Day
Tribal Co-operative Marketing Federation of India (TRIFED) has celebrated its 34th foundation day on 6th August. TRIFED was founded to drive tribal development through marketing support for tribal products, both, handicrafts and Non-Timber Forest Produce (NTFP). TRIFED will celebrate this day in a special manner, with due publicity, to raise awareness among one and all regarding the issues related to trade in tribal areas, and the need to ensure a fair deal for the tribes in the commerce of their products. The proposed event shall also recognize the achievements and contributions that the tribes and people working for them have made in this regard.
About the TRIFED:
TRIFED was established on the 6th of August 1987 as a National level Cooperative body with the major objective of socio-economic development of tribals. TRIFED will be celebrating its 34th Foundation Day on August 6, an event to recognise TRIFEDs achievements and the contribution of Tribes as well as people working with it.
Axis Bank crosses one million customers on WhatsApp banking
Axis Bank has crossed the milestone of over one million customers on its WhatsApp banking channel with a total request count of 6 million till now. Axis Bank had launched banking services on WhatsApp in January 2021 and has since witnessed robust organic growth in its customer base for WhatsApp banking.
After signing up for the service, customers can inquire and get details of products across savings account, credit and debit cards, deposits and personal loans. Non-financial service requests can also be initiated, such as locating ATMs or getting updates on third-party deals available on credit and debit cards.
Important takeaways for all competitive exams:
- Axis Bank CEO: Amitabh Chaudhry;
- Axis Bank Headquarters: Mumbai;
- Axis Bank Founded: 3 December 1993, Ahmedabad.
