Current Affairs One - Liner : 14th August 2024

• National:
• The Ministry of Health and Family Welfare (MoHFW) has launched the second phase of the 2024 Nationwide Bi-Annual Mass Drug Administration (MDA) campaign to eliminate Lymphatic Filariasis (LF). This phase targets 63 districts across six states to ensure that 90% of the eligible population consumes preventive medications.

• The Department of Pension and Pensioners Welfare has launched the Nationwide Digital Life Certificate (DLC) Campaign 3.0 from November 1-30, 2024. This campaign uses face authentication and other digital methods to help pensioners submit their life certificates easily. It covers 800 cities and districts and involves collaboration with various banks and organizations to ensure accessibility, especially for super senior pensioners.
• On August 14, 2024, Union Minister Shri Shivraj Singh Chouhan launched the ‘ASEAN-India Fellowship’ for Higher Education in Agriculture and Allied Sciences at ICAR, PUSA, New Delhi. This initiative aims to strengthen educational ties between India and ASEAN countries, focusing on agriculture and allied sciences.
• Madhya Pradesh became the first state to provide money to girl students for purchasing sanitary napkins on August 14, 2024. This initiative aims to promote menstrual hygiene and support adolescent girls in their education by addressing a crucial health need.
• The Bihar government mandated the registration of temples, mutts, and trusts on August 8, 2024. This requires all unregistered entities to register and submit details of their immovable assets to the Bihar State Board of Religious Trusts (BSBRT). This move aims to ensure better management and transparency of religious properties.
• The ancient rock art in Ratnagiri, Maharashtra, was declared a ‘Protected Monument’ on August 12, 2024. This recognition aims to preserve the historical and cultural significance of these ancient artworks. It’s a significant step towards safeguarding India’s rich heritage.
• IIT Gandhinagar and IIT Indore inaugurated the Centre for Narmada River Basin Management (cNARMADA) on August 12, 2024. This center aims to comprehensively assess and manage the Narmada river ecosystem. The initiative focuses on sustainable development and conservation efforts for the river basin.
• Banking:
• On August 10, 2024, the Reserve Bank of India (RBI) announced that Foreign Portfolio Investors (FPIs) can now invest in Sovereign Green Bonds at the International Financial Services Centre (IFSC). This move aims to attract more international investments into India’s green projects, promoting sustainable development.
• Axis Bank and Visa launched the “PRIMUS” credit card on August 12, 2024. This ultra-premium card is tailored for India’s elite, offering exclusive benefits and luxurious privileges. It aims to provide a superior banking experience with features like high reward points, concierge services, and access to premium events.
• The Reserve Bank of India (RBI) has issued new regulations for non-banking financial companies (NBFCs). Starting January 1, 2025, NBFCs must return 100% of a depositor’s funds within the first three months if an emergency withdrawal is requested. Emergencies include medical crises or expenses resulting from natural disasters.
• The National Payments Corporation of India (NPCI) incorporated Bharat Interface for Money (BHIM) as a wholly-owned subsidiary on August 13, 2024. This move aims to enhance the digital payment ecosystem in India by providing more focused and innovative solutions. BHIM, a popular mobile payment app, facilitates easy and quick transactions using the Unified Payments Interface (UPI).
• Economy:
• India’s total exports, including both merchandise and services, grew by 2.81% in July 2024, reaching approximately USD 62.42 billion. For the period from April to July 2024, the cumulative overall exports saw a growth of 6.65%, amounting to USD 261.47 billion.
• India’s merchandise exports are projected to grow by 4.2% in Q2 FY25, reaching $111.7 billion, according to the Export-Import Bank of India. This growth is driven by strong manufacturing and favorable global conditions, despite risks from geopolitical tensions and supply chain issues.
• In July 2024, India’s steel exports fell by approximately 20% compared to the same period last year, while steel imports increased by around 15%. This shift has resulted in India becoming a net importer of steel, with a significant portion of the imports coming from China.
• The generation of E-way bills reaching an all-time high of 10.48 crore in July 2024 indicates a significant increase in the movement of goods across India. This surge reflects robust economic activity and efficient logistics management.
• Science & Technology:
• The Neelakurinji (Strobilanthes kunthiana), known for its rare 12-year blooming cycle, was listed as Vulnerable by the IUCN on August 13, 2024. This classification underscores the need for urgent conservation efforts to protect this iconic flowering shrub of Kodagu and the Western Ghats.
• Apps & Portals:
• On August 13, 2024, the Union Minister for Jal Shakti, Shri C.R. Paatil, released version 2.0 of the ‘FloodWatch India’ mobile application. This updated version includes enhanced features for real-time flood monitoring, improved user interface, and more accurate flood forecasting capabilities. The app aims to provide timely alerts and information to help mitigate the impact of floods across India.
• Defence:
• The Indian Navy has approved Mazagon Dock Limited (MDL) to build six submarines in collaboration with Germany’s ThyssenKrupp Marine Systems (TKMS). This ₹60,000 crore project is part of Project 75 India and will feature advanced Air-Independent Propulsion (AIP) systems. This initiative aims to enhance India’s naval capabilities in the Indian Ocean Region.
• Important Days:
• Partition Horrors Remembrance Day, observed on August 14, commemorates the suffering and displacement caused by the 1947 partition of India. The 2024 theme, “Healing and Reconciliation,” focuses on acknowledging the trauma while promoting efforts to heal and foster reconciliation among affected communities.
• 14th August is celebrated as Youm-e-Azadi or Independence Day in Pakistan, marking its independence from British rule in 1947. The theme for 2024 is “Unity, Faith, and Discipline”. Celebrations include parades, flag-raising ceremonies, and speeches, with the main event in Islamabad.
• The Malayalam New Year, also known as Chingam 1, marks the beginning of the new year in the Malayalam calendar, Kolla Varsham. This year, it falls on August 17, 2024. Chingam 1 is a significant day for the people of Kerala, especially the farming community, as it heralds the end of the monsoon season and the start of the harvest season.
• Appointments:
• On August 12, 2024, the National Payments Corporation of India (NPCI) spun off the BHIM app into a separate entity called NPCI Bhim Services Limited (NBSL). Lalitha Nataraj was appointed as the CEO of this new subsidiary.
• Rana Ashutosh Kumar Singh took over as Managing Director of the State Bank of India on August 7, 2024. He brings extensive experience in banking and finance to his new role. His appointment is expected to drive strategic initiatives and enhance the bank’s growth trajectory.
• Vinay Mohan Kwatra has officially taken charge as India’s new Ambassador to the United States. He arrived in Washington, D.C., and assumed his role on August 12, 2024. Kwatra, who is 61 years old, previously served as India’s Foreign Secretary and has also been India’s Ambassador to France and Nepal.

Questions:

1 What is the new regulation imposed by the RBI on NBFCs regarding emergency withdrawals?

• A) NBFCs must return 50% of a depositor's funds within one month of an emergency withdrawal request.
• B) NBFCs must return 100% of a depositor's funds within three months of an emergency withdrawal request.
• C) NBFCs must return 75% of a depositor's funds within two months of an emergency withdrawal request.
• D) There is no change in the regulation for emergency withdrawals.

Answer: B) The RBI has mandated that NBFCs must return the entire deposited amount within three months if a depositor requests an emergency withdrawal due to medical crises or natural disasters.

2 Who took over as the Managing Director of State Bank of India on August 7, 2024?

• A) Dinesh Khara
• B) Challa Sreenivasulu Setty
• C) Rana Ashutosh Kumar Singh
• D) Gajendra Singh Rana

Answer: C) The passage explicitly states that Rana Ashutosh Kumar Singh assumed the role of Managing Director of SBI on August 7, 2024.