National & International Appointments
1. Indian-origin Vaibhav Taneja: The new CFO of TESLA
- Tesla appointed Indian-origin Vaibhav Taneja as Chief Financial Officer of the company replacing Kirkhorn.
- He initially assumed the role of Corporate Controller in May 2018, and his commitment and competence led to his elevation to the position of CAO in March 2019.
- His portfolio encompassed the critical domains of financial reporting, tax compliance, and internal controls, underscoring his pivotal role in upholding Tesla's fiscal integrity.
Sports
2. Pramod and Sukant won a gold medal in Four Nations Para-Badminton 2023
- In the Four Nations Para-Badminton International 2023 held in England, the top-ranked men's doubles duo of Pramod Bhagat and Sukant Kadam clinched a gold medal in the SL3-SL4 category.
- They achieved this victory by defeating Ranjan Bisoyee and Manoj Sarkar.
- Bhagat secured a silver medal in the singles SL3 category, and he also teamed up with Manisha Ramdass to claim a silver medal in the mixed doubles SL3-SU5 category.
- Kadam won a bronze in the singles SL4 category.
Banking & Finance
3. PayPal becomes first major fintech to launch dollar-backed stablecoin
- Payments company PayPal has launched a US dollar stablecoin, becoming the first major financial technology firm
- Aim: To embrace digital currencies for payments and transfers.
- Stablecoins are a type of cryptocurrency that typically track the value of a major currency such as the dollar one-for-one.
- They play a key role in connecting traditional and crypto markets, as traders use the coins like cash in order to move in and out of trades without paying high fees.
Banking & Finance
4. Postal Life Insurance Launched Direct Incentive Disbursement
- Postal Life Insurance has introduced the ‘Direct Incentive Disbursement’ program in the Delhi and Uttarakhand circles
- Aim: To ensure that it receives its hard-earned commissions from the previous month directly to their Post Office Savings Bank accounts.
- Swift and Secure Transactions: Salesforce receives incentives directly in their POSB accounts.
- Convenience and Motivation: Salesforce can conveniently manage their funds, and immediate rewards drive optimal performance.
Banking & Finance
5. RBI data: Bank credit growth to MSMEs decelerates in Q1
- According to RBI, Bank credit growth to Micro, Small and Medium Enterprises (MSMEs) has decelerated on a year-on-year basis in the first three months of the FY 2023
- As per the latest Reserve Bank data, the credit to medium industries in June grew by 13.2 per cent (47.8% 2022) and micro and small industries by 13 per cent (29.2 % 2022).
- Gross bank credit outstanding to medium industries in June 2023 was Rs 2,63,440 crore compared to Rs 2,32,776 crore in June 2022
Science & Technology
6. Indian Army inducts BEL developed Swathi Mk2 radar
- Indian Army inducted the lighter and more compact version of the developed Weapon Locating Radar (WLR-M) called "Swathi Mountains."
- Aim: To enhance the Army's battlefield surveillance capabilities, enabling it to effectively monitor and respond to threats in mountainous regions.
- Developed by Bharat Electronics Limited (BEL) in Bengaluru, and designed for operations in mountainous and high-altitude areas, catering to the unique challenges posed by such terrains.
Banking & Finance
7. Domestic companies raised Rs 9.8 lakh cr from market in FY23
- According to the SEBI report, Domestic companies raised Rs 9.8 lakh crore from capital markets in the fiscal 2022-23, which was 4.6 per cent higher than the amount raised in the fiscal 2022
- The capital market regulator said that the funds were raised for the financing needs of the companies through various instruments such as equity, debt, AIFs, REITs, and InvITs.
- According to the SEBI its recovery from erring market participants for the year stood at Rs 6,031 crore
State Affairs
8. Rajasthan Cabinet approved formation of 19 districts, 3 divisions in stat
- The Rajasthan Cabinet approved the proposal of a high-level committee to form 19 new districts and 3 new divisions in the State.
- Rajasthan will now have a total of 50 districts and 10 divisional headquarters.
- According to CM Ashok Gehlot formation of new districts will improve governance and bring relief to people who have to cover long distances to go to the district headquarters.
- The new districts are like, Jaipur has been divided into Jaipur and Jaipur Rural
Banking & Finance
9. Banks write off Rs 14.56 lakh crore NPAs in last nine financial years
- Banks have written off bad loans worth Rs 14.56 lakh crore in the last nine financial years starting 2014-15 in Aug 2023.
- Out of the total Rs 14,56,226 crore, written off loans of large industries and services stood at Rs 7,40,968 crore.
- According to Minister of State for Finance Bhagwat Karad Scheduled Commercial Banks have recovered an aggregate amount of Rs 2,04,668 crore in written-off loans, including corporate loans, since April, 2014 2022 and up to March, 2023.
Banking & Finance
10. Star Health and Allied Insurance enters into bancassurance tie-up with SCB
- Star Health and Allied Insurance jointly partnered with Standard Chartered Bank in August 2023.
- Aim: To enhance Star Health's distribution network.
- Objective: To serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.
- Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies.
- SCB currently has 100 branches spread across 42 cities.
Banking & Finance
11. Bandhan Bank ties up with Odisha govt to strengthen OTDC
- Bandhan Bank partners with the state government for Odisha Tourism Development Corporation
- Aim: To help them strengthen payment solutions for Odisha Tourism Development Corporation Ltd
- The bank has provided Point of Sale machines to facilitate card payments by tourists.
- Prime locations include Puri, and Bhubaneshwar, will be covered under this tie-up
- The PoS machines will hasten tourist payment collections, bringing convenience to both the tourists and OTDC officials
Obituaries
12. The Exorcist' Director William Friedkin Dies At 87
- The Famous US director William Friedkin passed away at the age of 87.
- He directed movies like The Exorcist" and "The French Connection".
- Friedkin exploded onto the Hollywood scene in 1971 with the gritty cop drama "The French Connection."
- It won five Oscars, including for best director and best picture.
- Friedkin followed that up with "The Exorcist," in 1973. It was a huge commercial and critical hit, as well as being deeply controversial.
Sports
13. H.S. Prannoy won Silver medal in Australian Open Super 500 badminton 2023
- The ninth-ranked Indian shuttler HS Prannoy won silver at the Australian Open Badminton 2023 final in Sydney
- He went down fighting against World No. 24 Weng Hong Yang of China.
- He also bagged the silver medal in Boys' singles at the 2010 Summer Youth Olympics.
- He followed it up with another silver, this time at the Bahrain International Challenge, in 2011.
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