August 3, 4, and 5, 2024

NATIONAL NEWS
INTERNATIONAL NEWS
BANKING AND ECONOMY
REPORTS AND INDICES
SCIENCE AND TECHNOLOGY
AGRICULTURE AND RURAL DEVELOPMENT
IMPORTANT DAYS
SPORTS
MEMORANDUM OF UNDERSTANDING
APPOINTMENTS
MISCELLANEOUS

NATIONAL NEWS
1. 46th UNESCO World Heritage Committee Added 26 Sites

What

The 46th meeting of the UNESCO World Heritage Committee ended in

New Delhi, India, where 26 new cultural and natural sites were added to
the World Heritage List.

The new sites include 20 cultural sites, 5 natural sites, and 1 mixed site.

Now, there are a total of 1,223 sites on the World Heritage List across 168
countries.

Tell me more

The Niokolo Koba National Park in Senegal was removed from the List of
World Heritage in Danger during this session.

Nauru ratified the World Heritage Convention, becoming the 196th

country to join.

August 3, 4, and 5, 2024 1

 Source: UNESCO

2. UK Foreign Secretary David Lammy Visits India

What

UK Foreign Secretary David Lammy visited India on July 24, 2024, at the
invitation of External Affairs Minister Dr. S. Jaishankar. This was his first
official visit as UK Foreign Secretary.

Why

The visit aimed to strengthen bilateral ties and review the progress of the
Roadmap 2030, which focuses on enhancing cooperation between India
and the UK.

Tell me more

Both ministers expressed satisfaction with the progress of the Roadmap

2030 and discussed renewing it to enhance cooperation in trade, defense,
technology, and climate.

The Roadmap 2030 was initially agreed upon during the India-UK
Virtual Summit in 2021.

The UK-India Technology Security Initiative was launched to expand

collaboration in critical technologies like AI, semiconductors, and biotech.

Knowledge Nuggets

India and the UK are negotiating a Free Trade Agreement (FTA) to

enhance economic ties.

The next session of the India-UK dialogue will focus on climate change
and migration partnerships.

Source: MEA

3. TRAI Announces New Quality of Service Regulations for 2024

What

August 3, 4, and 5, 2024 2

 The Telecom Regulatory Authority of India (TRAI) has released revised
regulations titled ‘The Standards of Quality of Service of Access (Wirelines
and Wireless) and Broadband (Wireline and Wireless) Service Regulations,
2024’.

Why

The updated regulations are intended to address the changes in

technology and ensure high-quality service delivery.

They aim to consolidate and improve the quality standards for telecom
services in light of advancements such as 4G, 5G, and high-speed
broadband.

Tell me more

Service providers must now publish their Quality of Service (QoS)

performance on their websites.

Service providers are required to adopt a Six Sigma Quality Management

Plan for continuous improvement.

The older regulations, which are now superseded, were established in

2009, 2006, and 2012.

Source: PIB

4. India and Vietnam Sign Nine Agreements to Strengthen Ties

What:

India and Vietnam signed nine agreements to enhance their

comprehensive strategic partnership.

Prime Minister Narendra Modi and Vietnamese Prime Minister Pham

Minh Chinh held talks in New Delhi during the latter’s visit.

Why:

The agreements aim to boost cooperation in customs, agriculture, legal

matters, broadcasting, culture, and tourism.

Tell me more:

August 3, 4, and 5, 2024 3

 Bilateral trade between India and Vietnam has reached 15 billion USD, with
a goal to increase it to 20 billion USD.

A plan of action for the Comprehensive Strategic Partnership for 2024-

2028 was agreed upon.

New agreements include:

Cooperation in agricultural research between Central Agricultural

University of Manipur and Vietnam Academy of Agricultural Sciences.

Collaboration on radio and television between Prasar Bharati and Voice

of Vietnam.

Two credit line agreements totaling 300 million USD.

Vietnam will join the Coalition for Disaster Resilient Infrastructure.

Knowledge Nuggets:

The two countries will work to simplify trade mechanisms through the
ASEAN-India Trade in Goods Agreement (signed in 2009).

Source: VP NOA

INTERNATIONAL NEWS
1. Curaçao Becomes Sixth Associate Member of CARICOM

What

Curaçao, a country in the Carribean, has officially joined the Caribbean

Community (CARICOM) as its sixth Associate Member.

Why

The inclusion aims to enhance regional integration by bringing Curaçao's

unique cultural traditions and economic strengths into the CARICOM
framework.

Tell me more

The agreement was signed by CARICOM Chairman Dickon Mitchell and

Curaçao's Prime Minister Gilmar Simon Pisas during the 47th Regular

August 3, 4, and 5, 2024 4

 Meeting of Heads of Government in St. George’s, Grenada (a country in
the Caribbean).

CARICOM now consists of 15 Member States and 6 Associate Members,

with increasing interest from other countries to join.

Knowledge Nuggets

The CARICOM community focuses on economic integration, foreign policy

coordination, and social development among its members.

Secretary-General, CARICOM: CARICOM Secretariat:

Dr. Carla Barnett Georgetown, Guyana

Source: CARICOM

2. Germany Joins U.S.-Led United Nations Command in South Korea

What

Germany has officially joined the U.S.-led United Nations Command

(UNC) in South Korea, becoming the 18th member of this group.

Why

This move shows Germany's commitment to security in the Indo-Pacific

region and its support for South Korea in the event of a conflict.

Tell me more

The UNC helps manage the heavily fortified border with North Korea and is
responsible for defending South Korea.

The UNC was established in 1950 to restore peace and enforce the
armistice after the Korean War.

Germany is the first country to join the command since Italy was reinstated
in 2013.

The UNC is led by the commander of the U.S. military stationed in South
Korea and is not officially part of the United Nations.

Source: Print

August 3, 4, and 5, 2024 5

 3. China Launches Second Geostationary Communications Satellite

What

China has successfully launched its second geostationary

communications satellite, High Orbit Internet Satellite-02, using a Long
March 3B rocket.

Why

The launch aims to enhance China's capabilities in satellite

communications, although the specific purposes of the new satellite
remain unclear.

Tell me more

On August 1, China successfully launched a new satellite from the Xichang

Satellite Launch Center. This satellite follows the launch of the first High
Orbit Internet Satellite on February 29.

Operated by China Aerospace Science and Technology Corporation

(CASC), the satellite will enhance China’s geostationary communications
network, including the ChinaSat-26, which offers high-speed internet.

Developed by CASC’s China Academy of Space Technology (CAST), the

satellite is part of China’s plan to deploy multiple low Earth orbit satellite
constellations, including Guowang and G60 Starlink.

Source: SN

BANKING AND ECONOMY

1. Kotak Mahindra Bank Launches Smartwatch for Payments

What

Kotak Mahindra Bank, in collaboration with GOQii, has launched a

smartwatch that allows customers to make contactless payments and
monitor health parameters.

Tell me more

August 3, 4, and 5, 2024 6

 Priced at Rs 3,499, the smartwatch enables transactions up to Rs 5,000
without needing a PIN.

The smartwatch is powered by RuPay On-The-Go technology.

Vishal Gondal, Founder & CEO of GOQii, highlighted the integration of

health monitoring with contactless payment capabilities.

Source: UNI

2. RBL Bank Integrates UPI and NCMC on RuPay Credit Cards

What

RBL Bank has launched a new feature that integrates Unified Payments
Interface (UPI) and National Common Mobility Card (NCMC) services on
its RuPay Credit Cards.

Why

The integration aims to provide customers with a convenient way to make

contactless payments and manage transactions for daily expenses and
travel using a single card.

Tell me more

RBL Bank is the first private sector bank to offer this comprehensive
payment solution.

The UPI feature allows for seamless transactions, enhancing the digital
payment experience.

The NCMC feature facilitates hassle-free travel.

Source: BS

3. SWIFT Launches AI Pilot with Axis Bank to Combat Fraud

What

SWIFT, in partnership with Axis Bank, has launched an artificial

intelligence (AI)-driven pilot project aimed at combating payments fraud in

August 3, 4, and 5, 2024 7

 cross-border transactions.

Why

The initiative seeks to enhance fraud detection capabilities by utilizing

secure data collaboration and federated learning technologies among
participating banks.

Tell me more

The pilot will involve several global banks, including BNY Mellon, Deutsche
Bank, HSBC, and others.

It aims to use AI algorithms to analyze historical transaction data and

detect anomalies that may indicate fraud.

The initiative is expected to enhance monitoring and reporting, allowing

real-time tracking of transactions.

Knowledge Nuggets

Kiran Shetty, CEO of SWIFT India & South Asia, emphasized the
importance of AI in addressing rising cyber risks in the financial sector.

According to the Reserve Bank of India, fraud cases in the banking sector
increased nearly 300% over the past two years.

Source: ET

4. Paytm Launches India's First NFC Card Soundbox

What

One 97 Communications Limited, the parent company of Paytm, has

launched India's first NFC Card Soundbox, a two-in-one mobile QR
payment device.

Why

The new device aims to provide a cost-effective payment solution for

offline merchants, enabling them to accept various payment methods
easily.

Tell me more

August 3, 4, and 5, 2024 8

 The NFC Card Soundbox allows customers to make payments by tapping a
debit or credit card or scanning a QR code.

It supports all types of payments, including UPI and card transactions,

making it suitable for small shops.

The NFC Card Soundbox combines NFC card payment technology with
mobile QR payments.

Source: BT

5. PwC India Partners with Microsoft to Enhance Cybersecurity

What

PwC India has partnered with Microsoft India to enhance incident

response and recovery capabilities against cyber threats.

Why

This partnership aims to combine PwC's skills in managing incidents with

Microsoft's advanced technology to better protect businesses from
complex cyber attacks.

Tell me more

The collaboration will use Microsoft Copilot, an AI tool, to enhance

security measures.

It will help quickly identify and remove cyber threats while PwC focuses on
safely rebuilding important systems.

This effort highlights the need for advanced technology to help

organizations stay safe from cyber threats.

Source: ET

6. HDFC Securities Partners with Vested Finance for Global Investing

What

August 3, 4, and 5, 2024 9

 HDFC Securities has announced a partnership with Vested Finance to
enhance global investing opportunities for Indians and NRIs.

Why

The collaboration aims to provide better investment options and features

to clients, helping them diversify their portfolios and improve their overall
investment experience.

Tell me more

The new service, called Global Investing 2.0, will allow investors to open
and fund a Vested account through HDFC Securities quickly.

It offers features like simplified fund transfers, customized US investment

baskets, systematic investment plans (SIPs), and extended trading hours.

Investors can purchase fractional shares of US stocks with a minimum

investment of $1, ensuring safety and security for their funds.

Knowledge Nuggets

HDFC Securities is a subsidiary of HDFC Bank and has over 20 years of

experience in the stock brokerage industry.

Vested Finance is a US-based platform that provides secure access to the

US stock market for international investors.

The partnership aligns with HDFC Securities' mission to offer seamless

and secure investment solutions.

Source: ET

7. Temporary Disruption in Payment Systems Due to Ransomware Attack

What

The National Payments Corporation of India (NPCI) has announced that

UPI, IPMS, and other payment systems for certain banks are temporarily
unavailable.

This disruption is due to a ransomware attack on C-Edge Technologies, a

service provider for several banks.

August 3, 4, and 5, 2024 10

 C-Edge Technologies is a joint venture between Tata Consultancy
Services (TCS) and State Bank of India (SBI).

It is a service provider to various banks, including cooperative and

regional rural banks, which are affected by the ransomware attack.

Tell me more

A ransomware attack is a type of cyberattack where malicious software

encrypts a victim's data or locks them out of their systems. Attackers
demand a ransom payment to restore access.

Process

Encryption: The ransomware encrypts files, making them unusable

without a decryption key held by the attackers.

Ransom Demand: Attackers typically demand a ransom, often in

cryptocurrency, to provide the decryption key.

Double and Triple Extortion: Advanced attacks may involve threats to

leak stolen data (double extortion) or use stolen data to attack the
victim's customers or partners (triple extortion).

Delivery Methods: Ransomware can be spread through phishing

emails, malicious websites, or by exploiting software vulnerabilities.

Types of Ransomware

Crypto Ransomware: Encrypts files on a computer, making them

inaccessible.

Locker Ransomware: Blocks standard computer functions from being

accessed.

CERT-IN Report 2022: There was a 53% increase in ransomware

incidents in 2022. Key sectors impacted included IT & ITeS, Finance,
and Manufacturing. Notable ransomware variants included Lockbit,
Makop, and DJVU/Stop.

Source: ET

8. ASCI Report: Top Indian Apps Use Dark Patterns

August 3, 4, and 5, 2024 11

 What

The Supreme Court case filed by the Indian Medical Association (IMA)
against Patanjali Ayurved has highlighted issues of misleading advertising
in the industry. This case focuses on Patanjali’s claims about its herbal
products and the allopathic system.

Why

The case brings attention to a broader issue of deceptive marketing

practices used by businesses.

A recent study reveals that misleading practices, or ‘dark patterns,’ are

common in mobile apps, influencing consumer behavior in unethical ways.

Tell me more

A study called ‘Conscious Patterns,’ conducted by the Advertising

Standards Council of India (ASCI) and Parallel HQ, found that 52 out of 53
apps use deceptive design practices.

Top deceptive practices Common deception trends:

include:
Difficulty in deleting
Privacy deception: accounts was found in all e-
Manipulating users into commerce apps studied.
sharing more personal data
Basket sneaking was
than intended (79% of apps).
prevalent in delivery and
Interface interference: logistics apps.
Highlighting certain parts of
Health-tech, travel booking,
the interface while hiding
and e-commerce sectors
others (45% of apps).
showed the highest levels of
Drip pricing: Revealing deceptive patterns.
additional fees throughout
Confirm shaming was used in
the purchase process (43%
all travel booking apps.
of apps).

False urgency: Creating

artificial pressure to make
users rush decisions.

August 3, 4, and 5, 2024 12

 Nagging: Frequent pop-ups
and notifications urging
users to take action.

The report analyzed over 12,000 screens from 53 apps, downloaded over
21 billion times, across nine industries.

Knowledge Nuggets

In November 2023, the Department of Consumer Affairs issued guidelines

addressing 13 deceptive patterns. These guidelines classify the use of
these patterns as misleading advertisements or unfair trade practices.

Source: IT

9. RBI selected 5 firms for Regulatory Sandbox (RS)

What

Recently, the RBI has selected 5 entities out of 22 applications for the Test
Phase under the 5th cohort of Regulatory Sandbox (RS) on the theme
'Neutral'.

The selected entities will commence testing their products on solutions

from August 2024.

The 5th cohort under RS was announced in September 2022. The

Selected Sandbox entities are:

1. Connectingdot Consultancy Private Limited (CCPL), Kolkata, West

Bengal (WB)

2. Epifi Technologies Private Limited (ETPL), Bengaluru, Karnataka

3. Finagg Technologies Private Limited (FTPL), Noida, Uttar Pradesh (UP)

4. Indian Banks' Digital Infrastructure Company (IBDIC) Private Limited,

Mumbai, Maharashtra

5. Signzy Technologies Private Limited (STPL), Bengaluru, Karnataka

Tell me more

August 3, 4, and 5, 2024 13

 Regulatory sandbox refers to the live testing of new products or services
in a controlled regulatory environment. It acts as a "safe space" for
business as the regulators may or may not permit certain relaxations for
the limited purpose of testing.

The process involves regulators, innovators, financial service providers,

and customers who conduct field tests to understand the benefits and
risks of new financial innovations.

The RBI runs thematic cohorts, such as retail payments and cross-border
payments.

Source: BS

REPORTS AND INDICES

1. Global Alliance for Improved Nutrition’s (GAIN) Report on Investing in
Nutritious Foods Value Chains

What

GAIN’s new report recommends increasing investment in nutritious food

value chains to reduce gender inequality and enhance productivity.

Why

The report argues that funding nutritious food systems, especially for
SMEs, can address barriers faced by women and boost food security.

Tell me more

Women constitute 38% of the global agri-food workforce, with higher

percentages in sub-Saharan Africa (66%) and South Asia (71%).

Women face barriers such as limited access to resources and

discriminatory norms.

Investment in nutritious food systems can improve productivity and

business resilience.

The report highlights six key value chains for gender-focused

investments, including cashews in Africa and tomatoes in South Asia.

August 3, 4, and 5, 2024 14

 The ‘2X Criteria’ framework, updated in June 2024, provides guidelines for
investing with a gender lens, focusing on leadership opportunities, quality
employment, and support for women

Gender-inclusive investments could boost global GDP by 1% or $1 trillion.

Knowledge Nuggets

The Global Alliance for Improved Nutrition (GAIN) is a Swiss-based

foundation launched at the United Nations in 2002 to tackle the human
suffering caused by malnutrition.

Headquarters: Geneva, Switzerland

Source: GAIN DTE

SCIENCE AND TECHNOLOGY

1. Discovery of 34 New Giant Radio Sources

Indian radio astronomers have discovered 34 new giant radio sources using
the Giant Metrewave Radio Telescope (GMRT).

The GMRT is operated by the National Centre for Radio Astrophysics (NCRA)
of the Tata Institute of Fundamental Research (TIFR) and is located near
Khodad village, 90 km north of Pune.

Source: TOI

2. Shubhanshu Shukla and Prasanth Balakrishnan Nair Selected for Axiom-4

Mission

What:

Group Captain Shubhanshu Shukla has been chosen as the prime

astronaut for India’s participation in the Axiom-4 mission to the
International Space Station (ISS).

Group Captain Prasanth Balakrishnan Nair will be the backup astronaut.

Why

August 3, 4, and 5, 2024 15

 The Axiom-4 mission is a joint India-US project involving international
astronauts.

The mission will involve conducting selected scientific research and

technology demonstration experiments on the International Space Station
(ISS).

Tell me more

The final approval for the mission will be granted by the Multilateral Crew
Operations Panel (MCOP).

ISRO’s Human Space Flight Centre has a Space Flight Agreement with
Axiom Space (American privately funded space infrastructure developer)
for the Axiom-4 mission.

The Axiom-4 crew will also include US’s Peggy Whitson as commander,
Poland’s Slawosz Uznanski, and Hungary’s Tibor Kapu as mission
specialists.

Knowledge Nuggets

Both astronauts are also part of the Gaganyaan mission, scheduled for
2025, which aims to send three astronauts into low-Earth orbit for a three-
day mission.

The Gaganyaan team, including Shukla, Nair, Ajit Krishnan, and Angad
Pratap, has been training in Russian and Indian facilities for the past five
years.

In February, the Indian Prime Minister awarded them the “Antriksh Yatri
Pankh” (astronaut wings).

Source: Print

AGRICULTURE AND RURAL DEVELOPMENT

1. Direct Grain Purchase from FCI for Grain Deficient States

What:

Union Minister of Consumer Affairs, Food and Public Distribution, Shri

Pralhad Joshi announced that from August 1, 2024, grain deficient states

August 3, 4, and 5, 2024 16

 can directly buy grains from the Food Corporation of India (FCI) under the
Open Market Sale Scheme (Domestic) without participating in the e-
auction.

Why:

The decision aims to reduce the surplus of grain stocks before the new
procurement season begins.

Tell me more:

Under OMSS (D), the grains will be sold to states at Rs 2,800 per quintal,
excluding transportation costs.

The sale of 'Bharat' branded atta and rice will continue beyond the
previously set deadline of June 30, 2024.

The Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) will continue
providing free food grains to approximately 81.35 crore beneficiaries from
January 1, 2024, with an estimated expenditure of Rs. 11.80 lakh crore by
the Central Government.

Knowledge Nuggets

The total food grain distribution for 2023-2024 is 497 LMT, with 125 LMT
distributed up to June 2024.

Fortified rice is now used in all government schemes, achieving 100%

coverage by March 2024.

Under the One Nation One Ration Card scheme, Rs 145 crore in portability
transactions have been completed, with 293 LMT of food grains
distributed to NFSA beneficiaries.

Source: PIB

IMPORTANT DAYS
1. Earth Overshoot Day 2024 – August 1

What

August 3, 4, and 5, 2024 17

 August 1st marks Earth Overshoot Day, the date when humanity’s demand
on nature’s resources surpasses Earth’s capacity to regenerate them for
the given year.

This day is calculated by Global Footprint Network, the international

sustainability organization that pioneered the Ecological Footprint.

Why

Earth Overshoot Day falling on August 1st signifies that humanity is

currently using nature 1.7 times faster than our planet's ecosystems can
regenerate, leading to depletion of natural resources and environmental
degradation.

Tell me more

The Global Footprint Network is a worldwide organization focused on

sustainability.

Since 2003, the organization has worked with over 50 countries and 30
cities to provide scientific information that helps shape important policies
and investments.

Source: Global Footprint Network

SPORTS
1. Health Ministry Targets Surrogate Ads in Sports

What

The Health Ministry has directed Sports Authority of India (SAI) and the
Board of Control for Cricket in India (BCCI) to prevent surrogate
advertising of tobacco and alcohol by sportspersons.

Tell me more

Surrogate advertisements are essentially a substitute advertisement for

the goods which cannot be directly advertised due to the prohibition of
law.

Examples: tobacco products, alcohol, narcotic substances etc.

August 3, 4, and 5, 2024 18

 Source: TH

MEMORANDUM OF UNDERSTANDING
1. Thales and Garuda Aerospace Collaborate on Drone Ecosystem

What

Thales and Garuda Aerospace have signed a Memorandum of

Understanding (MoU) to promote the development of the drone ecosystem
in India.

Tell me more

The partnership will leverage Thales's expertise in Unmanned Aerial

Vehicle (UAV) management and Garuda Aerospace's leadership in UAV
manufacturing.

Garuda Aerospace has a fleet of over 2500 drones and 4000 pilots across
400 districts in India.

The MoU is set to come into effect in August 2024 and aligns with the
Aatmanirbhar Bharat (Self-Reliant India) vision.

Knowledge Nuggets

Garuda Aerospace was established in 2015 and focuses on advanced

drone solutions for the armed forces and other sectors.

Thales is recognized globally for its aerospace and UAV solutions,

providing end-to-end solutions for drone integration.

The collaboration is expected to contribute to India's ambition of becoming

a major global hub for drones by 2030.

Source: ET

APPOINTMENTS
1. RBI Approves Inderjit Canotra's Re-appointment as Unity SFB CEO

What

August 3, 4, and 5, 2024 19

 The Reserve Bank of India has approved the re-appointment of Inderjit
Canotra as managing director and chief executive officer of Unity Small
Finance Bank.

Tell me more

Unity Small Finance Bank was promoted by Centrum Financial Services

and fintech company Resilient Innovations.

Unity Small Finance Bank has a network of about 400 banking outlets and
offices across 21 states.

Small Finance Banks (SFBs) were introduced by the RBI in 2014 to provide
financial inclusion and increase the flow of credit to small businesses and
unorganized sectors.

Source: ET

MISCELLANEOUS
1. Sudipta Sengupta’s Memoirs: Breaking Rocks and Barriers

“Breaking Rocks and Barriers : Memoirs of a Geologist and Mountaineer”

memoir has been written by Sudipta Sengupta.

Source: HP

2. PM Pays Tributes to Pingali Venkayya on Birth Anniversary (August 2, 1876)

The Prime Minister, Shri Narendra Modi has paid tributes to Pingali Venkayya
on his birth anniversary.

Pingali Venkayya (2 August 1876-4 July 1963) was an Indian freedom fighter.
He was the designer of the flag on which the initial Indian National Flag was
based.

Source: PM

August 3, 4, and 5, 2024 20