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 AFFAIRSCLOUD TODAY
Current Affairs 28 July 2023 : Headlines

1. MoA & FW Launched 3 Technological Initiatives Under PMFBY & RWBCIS

2. Ministry of Jal Shakti Celebrated 1st Anniversary of Rural WASH Partners Forum (RWPF) in
Delhi
3. ‘India AI’ and Meta, India sign MoU to Foster Advancements in AI & Emerging Technologies
4. CEM-14/MI-8 held in Goa on the sidelines of the 4th Energy Transitions Working Group
5. Bengaluru Becomes 1st Indian City to Join World Cities Culture Forum
6. ITC released Customised My Stamp on Mission Millets in collaboration with Departmet of Post
7. CRISIL’s 2023 Greenwich Share and Quality Leaders: HDFC Bank tops in 3 Categories
8. Federal Bank launches Non-Resident SB Account ‘NRE Eve+’ for NRI Women
9. HDFC Bank partners with Davara KGFS for Co-lending Loans to Micro Enterprises
10. ICICI Prudential Life Insurance launches ICICI Pru Protect N Gain, a Protection based Saving Life
Insurance Plan
11. Pedro Sánchez named caretaker PM of Spain After Inconclusive Election
12. UAE Minister for Foreign Trade has been Elected as Chair of WTO’s MC13
13. M&M buys 3.5% stake in RBL Bank for Rs 417 crore
14. Aditya Samant Becomes India’s 83rd Chess Grandmaster
15. Renowned Marathi Writer Shirish Kanekar Passed Away
16. 85th CRPF Raising Day – 27th July 2023
17. Walmart & Flipkart signed MoU with Telangana Govt to support MSMEs
18. AP-Genco & NHPC to Form a Joint Venture for Implementing PSPHs in Andhra Pradesh

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 NATIONAL AFFAIRS
MoA & FW Launched 3 Technological Initiatives Under PMFBY & RWBCIS
On 21st July 2023, the Ministry of Agriculture and Farmers Welfare (MoA & FW) launched 3 technological
initiatives under the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop
Insurance Scheme (RWBCIS) to empower farmers and streamline their operations in New Delhi, Delhi.

• Union Agriculture Minister Narendra Singh Tomar and Union Minister for Earth Sciences Kiren Rijiju
launched the new initiatives, including YES-Tech (Yield Estimation System, based on
Technology) Manual, Weather Information Network Data Systems (WINDS) portal
and AIDE (Sahayak) mobile app, to provide farmers with accurate weather data, yield estimates, and
crop insurance access, effective from the current tender cycle of 2023-25.
YES-TECH Manual:
i.Developed after testing in 100 districts of India, the YES-TECH Manual helps in the implementation of YES-
TECH, a technology-driven yield estimation system.
ii.It enables accurate yield assessments at the Gram Panchayat level in the agricultural sector.
WINDS Portal:
i.It is a centralized platform to manage hyper-local weather data collected by automatic weather stations and
rain gauges at taluk/block and gram panchayat levels.
ii.The portal aids in risk assessment, crop insurance, agriculture advisories, and disaster mitigation, thus
supporting the agricultural sector and rural economy.
AIDE mobile app:
The Android platform app aims to revolutionize crop insurance more accessible and convenient for farmers
with a seamless and transparent approach.
Key highlights:
i.Minister of Agriculture announced the delinking of subsidies, ensuring that farmers receive their claim
payments without waiting for State actions.
ii.This provides financial security to farmers as the centre releases its share of subsidies independently.
About Ministry of Agriculture and Farmers Welfare (MoA & FW):
Union Minister- Narendra Singh Tomar (Constituency-Morena, Madhya Pradesh)
Minister of State- Sushri Shobha Karandlaje; Kailash Choudhary.

Ministry of Jal Shakti Celebrated 1st Anniversary of Rural WASH Partners Forum (RWPF) in
Delhi
The Rural WASH Partners’ Forum (RWPF), a platform of the Department of Drinking Water & Sanitation
(DDWS) under the Ministry of Jal Shakti, celebrated its 1st anniversary during a two-day National Conference
on Rural WASH Partners’ Forum at Vigyan Bhawan, New Delhi, Delhi.
i.The theme of the conference was “Accelerating Progress towards a Swachh Sujal Bharat”.

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ii.The conference was inaugurated by Union Minister of Jal Shakti Shri. Gajendra Singh and launched various
initiative such as
• Release of the Manual for Disaster Management Plan (DMP),
• Set up of Jal Jeevan Mission (JJM) Digital Academy,
• RWPF Annual Yearbook and Web page,
• Swachhata Chronicles – Transformative Tales from India, and
• Field Assessment Framework and Ranking Protocol of SSG 2023.
Notable initiatives launched in National Conference on RWPF:
i.Disaster Management Plan:
• Union Minister for Jal Shakti, Shri Gajendra Singh Shekhawat released the Manual for Disaster
Management Plan (DMP) during the event.
• The Manual is developed by the Department of Drinking Water and Sanitation(DDWS) to ensure
safety, uninterrupted supply and minimum loss of Water, Sanitation and Hygiene (WASH) assets
and services involving stakeholders at national, state, district, and village level.
• The Plan aligns with the two-flagship programmes on WASH implemented by the Department
namely the Jal Jeevan Mission (JJM) and Swachh Bharat Mission-Grameen (SBM-G).
• The Disaster Plan is developed based on the Advisory issued by National Disaster Management
Authority (NDMA) which, under Section 37 of Disaster Management Act, 2005 desires every
Ministry/ Department to develop its own disaster plan to counter and be prepared for any
emergency arising in future.
• This disaster management plan takes account of gender-based vulnerabilities, and issues concerning
Scheduled Castes and Scheduled Tribes, elderly, children and people with disabilities.
ii. JJM Digital Academy Establishment
Department of Drinking water and sanitation (DDWS) and Echo India, a non-profit organization signed a MoU
to set up the JJM Digital Academy. The online portal of JJM Digital Academy was launched by the Union
Minister of Jal Shakti, Shri Gajendra Singh Shekhawat.
• Minister of State for Food Processing Industries and Jal Shakti Shri Prahlad Singh Patel, Secretary
Department of Drinking Water and Sanitation, Smt Vini Mahajan and Additional Secretary & Mission
Director-NJJM Shri Vikas Sheel were participated the event.
• The Academy will be using digital technology in delivering knowledge, skills through innovative
approach to stakeholders associated with water supply programme like administrators, engineers,
Panchayat functionaries, technicians, sanitation workers and foot soldiers.
iii.RWPF Annual Yearbook and Web page:
• The Yearbook documents the efforts of development partners across different regions and themes,
showcased on the Web page.The recognition of their on-ground work by various agencies
encourages the partners to perform better and support the government in reaching desired goals.

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iv.Swachhata Chronicles – Transformative Tales from India:
• It is released with a view to achieve the goal of SBM-G Phase-II, a compilation of 75 ODF Plus Best
Practices highlights the innovations, steps taken to remove obstacles and increase awareness,
special campaigns undertaken, and other efforts of States/UTs in various ODF Plus activities.
iv.Field Assessment Framework and Ranking Protocol of SSG 2023:
• It is a detailed framework defining how the States & UTs will be ranked in
the Swachh Survekshan Grameen (SSG) 2023.
vi. Felicitation of Four start-ups by Hon’ble Minister of Jal Shakti, for developing cost-effective and portable
water quality testing kits under Technology Challenge conducted by Invest India with support from DDWS.
Elico, Cluix and Heuristics have developed digital portable multi parameter water quality testing devices.
Note – The programme was followed by thematic sessions on water and sanitation organised by United
Nations Children’s Fund (UNICEF), Aga Khan Foundation, All India Institute of Self Governance (AIILSG),
WaterAid, WASH Institute and the Centre for Environment Education (CEE).
About Rural WASH Partners Forum (RWPF):
• It is a platform launched by DDWS, under Ministry of Jal Shakti in July 2022, in collaboration with
KPMG India, to support States/ UTs in for their flagship programme such as Jal Jeevan Mission (JJM)
and Swachh Bharat Mission-Grameen (SBM-G).
• The key objective of RWPF is to drive innovation in WASH sector through technology, developing
knowledge products, information sharing, financing, and building the capacity building of those
associated with the programme.
• RWPF Secretariat has been set up at DDWS where KPMG is the platform coordinator to take tasks
and activities forward.

‘India AI’ and Meta, India sign MoU to Foster Advancements in AI & Emerging Technologies
On July 26, 2023, India AI and Meta,India signed a Memorandum of Understanding (MoU) to foster
collaboration in the field of Artificial Intelligence (AI) and Emerging Technologies.

• India AI is an Independent Business Unit (IBD) under Digital India Corporation (DIC) of the Ministry
of Electronics and Information Technology (MeitY).
• The partnership will promote social inclusion, enhance government service delivery, and drive
innovation using large language models, Generative AI, cognitive systems, and translation models.
Signatories:
It was signed by Abhishek Singh, Chief Executive Officer (CEO) of India AI; and Shivnath Thukral, Director &
Head of Public Policy, Meta in India.
Objectives of the MoU:
i.To establish a framework for collaboration and cooperation between both entities in the field of AI &
Emerging Technologies
ii.To make Meta’s open-source AI models available for use by Indian AI ecosystem.
What will be done under the MoU?
i.The collaboration aims to conduct advanced joint research and development, utilizing cutting-edge AI
technologies to address significant challenges on a large scale.

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ii.Both organizations are considering the establishment of a Center of Excellence (CoE) to support the AI and
other Emerging Technologies startup ecosystem.
iii.By utilizing Meta’s AI research models such as LlaMA, Massively Multilingual Speech, and No Language Left
Behind, the partnership will concentrate on creating datasets in Indian languages.
• This will enable translation and the development of large language models, with a special focus on
low-resource languages.
iv.Work will be done to improve accessibility to AI compute resources for researchers, startups, and
organizations with limited resources, facilitate knowledge sharing and collaboration through workshops,
seminars, conferences, and similar platforms, and work together to promote responsible AI practices by jointly
developing comprehensive tools and guidelines.

CEM-14/MI-8 held in Goa on the sidelines of the 4th Energy Transitions Working Group
The 8th Mission Innovation Ministerial (MI-8) and 14th Clean Energy Ministerial(CEM-14), hosted by the
Ministry of Power and Department of Science and Technology, took place alongside the 4th Energy Transitions
Working Group (ETWG) meeting under India’s Group 20 (G20) Presidency held in Goa from 19th July 2023 to
22 July, 2023.

• The theme for the year 2023 is ‘Advancing Clean Energy Together’.
• The event was attended by 34 member countries.
• The 4th ETWG Meeting was chaired by Pankaj Agarwal, Secretary, Ministry of Power.
Technology showcase:
i.Chief Minister(CM) of Goa Pramod Sawant inaugurated a
four day technology and cultural showcase, demonstrating
cutting-edge advances in clean energy from India and around
the world held at the Shyama Prasad Mukherjee Indoor
Stadium.
ii.The showcase highlighted cutting-edge innovations such as
electric vehicles, hydrogen technologies, and various other
clean energy solutions sourced from global developments.
iii.The event structured into three distinct segments:
• Vehicle and Charging Infrastructure
Showcase, organised in collaboration with Society
of Indian Automobile Manufacturers (SIAM), The
Energy and Resources Institute (TERI),
CALSTART(an Non Governmental Organisation from
New York, United States Of America), and Drive to Zero(a program and campaign aims to accelerate
the growth of global zero-emission (ZE) commercial vehicle space);
• Mission Innovation section, presented by the Department of Science and Technology under
Government of India;
• Clean Tech Start-up category led by The Energy and Resources Institute(TERI).

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Notable Events:
The event featured about 30 side events organised by over 50 partners. These supplementary sessions were
centered around diverse themes encompassing energy efficiency, clean fuels, clean power, mobility, and
industry decarbonization.
i.‘Global Carbon Management Challenge’ – The event emphasized crucial factors essential for successful
implementation, such as viable incentivizing policy frameworks, appropriate financial structures, and timely
assessments of geological Carbon-di-oxide(CO2) storage potentials.
ii.’Gigatonne Opportunity Initiative event’ – The United Nations Framework Convention on Climate Change
(UNFCCC) Global Innovation Hub initiated a coalition comprising both private and public stakeholders came to
a consensus to work together and provide solutions on a gigatonne scale, which aimed to present these
strategies to relevant stakeholders during Conference Of Parties(COP)28.
Sessions held:
i.Financing carbon capture, usage, and storage The aim of this event was to make the financing of carbon
management projects more appealing and feasible with the objective of convening commercial banks,
multilateral development banks, governments, and industry representatives.
ii.‘Hydrogen – the Nordic Rally to the Valley and Nordic Green Sailing’ focused on the potential
acceleration of rapid innovation and deployment of hydrogen valleys through enhanced collaboration and
knowledge sharing between Nordic countries and others.
iii.‘Collaboration for Advancing Global Action on Sustainable Cooling’- emphasised the significance of
sustainable cooling as a priority topic, encouraging collective global action.
iv.‘Energy compacts’, India’s dedication to a clean energy future and its commitment to Sustainable
Development Goal(SDG7 – Affordable & Clean energy) was highlighted.
Additional Info:
• A discussion about the possibilities offered by a wide array of carbon removal technologies to
contribute to achieving net-zero emissions was organised.
• A dedicated session showcasing clean energy technology requirements and opportunities for
collaboration was also held with the focus on identifying key technical pathways, addressing data
gaps, and exploring the potential of collaborative research and development (R&D)
EESL signs 15 MoU on Green Energy at G20 meet
The Energy Efficiency Services Limited (EESL), a Public Sector Undertakings under the Ministry of Power,
signed 15 Memorandum of Understanding (MoUs) worth Rs 700 crore, on the sidelines of the recently
concluded G20 Green Energy Ministerial in Goa.
• The purpose of MoU is to strengthen the EESL’s commitment to exploring innovative solutions for
energy access, clean cooking, decarbonisation, and energy efficiency initiatives in India.
• The G20 Energy Ministerial meeting was chaired by Raj Kumar Singh, the Union Minister of Power,
and New and Renewable Energy.
Notable MoUs :
i.Agreement valued at approximately Rs.50 crore, was signed with the Ladakh Autonomous Hill Development
Council, Leh in Ladak to address electricity and cooking needs in remote areas of Leh.
ii.MoU with the United States Agency for International Development (USAID), focusing on areas like super-
efficient cooling and heating and electric mobility, among others.
iii.An MoU with Andhra Pradesh State Housing Company Limited (APSHCL) amounting to Rs.110 crore,
wherein they would provide energy-efficient appliances to beneficiaries under the
esteemed Navaratnalu Pedalandariki Illu (NPI) scheme.
iv.An MoU with Indian Institute of Technology, Madras (IIT M), aiming to support MSMEs in implementing
energy conservation measures and commercialising technologies.
v.An MoU with Loughborough University, United Kingdom (UK), under the Modern Energy Cooking Service
(MECS) programme, to promote and deploy electric cooking in India.

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vi.Another collaboration was formed with Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha
(BAPS) Swami Narayan Sanstha (Akshardham) to implement energy efficiency measures across BAPS centres
and temples in India.
Energy Efficiency Services Limited (EESL):
The EESL is a joint venture of National Thermal Power Corporation (NTPC) Limited, Power Finance
Corporation, and Rural Electrification Corporation and Powergrid.It was set up to facilitate implementation of
energy efficiency projects.

Bengaluru Becomes 1st Indian City to Join World Cities Culture Forum
Bengaluru, the capital of Karnataka became the first Indian city to be part of the World Cities Culture Forum
(WCCF), a global network of cities that share research and intelligence to explore the role of culture in future
prosperity.

• Bengaluru became the 41st city to join the forum and the network currently includes 40 cities
across six continents. The forum includes cities like New York, London, Paris, Tokyo, and Dubai. list
of all wccf cities
Bengaluru’s way to WCCF:
i.The participative project called Unboxing Bangalore is established to create a new narrative around
Bengaluru through multimedia properties and they have been representing the city and leading the
discussions.
ii.WCCF will work closely with Unboxing BLR Foundation, a not-for-profit initiative co-founded in April 2022
by Prashanth Prakash, Founding Partner of Accel India and Philanthropist, and journalist Malini Goyal.
About WCCF:
i.It was founded in 2012 by Justine Simons, London’s Deputy Mayor for Culture & the Creative Industries.
• She was awarded an Order of the British Empire(OBE) in 2015 by Queen Elizabeth for her Services
to Culture in London.
ii.WCCF partners share the belief that culture is the key to their future as sustainable urban centres.
iii.The WCCF undertakes comparative research to assess the impact and significance of culture and creativity
and shares its findings with the Forum so that partner cities can make evidence-based policy decisions.
iv.Forum partners collaborate through a series of events that includes themed symposia, regional summits, and
workshops and These activities contribute to the yearly World Cities Culture Summit.
About Bengaluru cultural aspects:
i.Bengaluru is commonly referred to as the ‘Silicon Valley of India’ because of its role as the nation’s leading
information technology exporter.
ii.Bengaluru is home to more than 30 government and private museums that showcase the city’s rich history,
art and culture.
• India’s first interactive music museum opened in 2019.
iii.As the “Garden City of India”, it has many green spaces including two nationally recognised botanical
gardens, Lal Bagh and Cubbon Park that act as green lungs for the city.
iv.The variety of festivals and cultural events takes place including The Bengaluru International Film Festival,
The Bangalore Literature Festival, Bengaluru Design Festival and Future Fantastic Festival.

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ITC released Customised My Stamp on Mission Millets in collaboration with Departmet of Post
On 25th July 2023, ITC Limited, a leading Indian multi-business enterprise based in Kolkata, West Bengal, has
released a special postal stamp, a customised “My Stamp” on Mission Millet in collaboration with the
Department of Post(India Post) under the Ministry of
Communication.
• The postal stamp was released to celebrate Shree
Anna and to create awareness about the
importance of Millets.
• The postal stamp is a part of ITC’s Mission Millets
initiative commemorating the International Year of
Millets 2023.
• The exclusive ITC Mission Millets postal stamp
acknowledges the significant role of farmers and
connects sustainable farming to nutritious food
products and delicious millet-based recipes and
dishes.
• The event also witnessed the launch of ITC’s
initiative to encourage consumers to become millet
advocates through its limited-edition digital
collectible stamps.
Note: ‘My Stamp’ is the brand name for personalized sheets of Postage Stamps of India Post.
Key People:
The stamp was released by Kailash Choudhary, Minister of State (MoS) for the Ministry of Agriculture &
Farmers’ Welfare(MoA&FW) in the presence of Sushri Manju Kumar, Chief Post Master General, Department of
Post, and S Sivakumar, Group Head – Agri Business, ITC.
ITC Mission Millets:
i.ITC launched Mission Millets in 2023, focussed on mainstreaming millets and in order to support the
Government of India’s (GoI) commitment to ‘Help India Eat Better’.
ii.ITC Mission Millets is powered by 3 Pillar strategy, which includes the development of a ‘good-for-you’ food
portfolio; the implementation of sustainable farming systems; and the creation of a robust millets agri value
chain.
iii.It also focussed on enhancing consumer awareness on the benefits of millets, a nutritionally superior food
option.
Key Points:
i.The ITC Millets Stamps release will further strengthen the vision of ITC to empower, educate and encourage
millet farming and consumption in India.
ii.The efforts taken by the Ministry of Agriculture and Farmers Welfare on millets include the
• Celebration of the International Year of Millets-2023;
• Holding of G20 Agriculture Ministerial Meeting (AMM);
• Designating Indian Council for Agricultural Research (ICAR)-Indian Institute of Millets Research
(IIMR), Hyderabad as Global Centre of Excellence on Millets.
iii.Along with the Mission Millets initiative ITC also promoting Farmer Producer Organizations (FPOs) in millet
farming connected through its app ITC Meta Market for Advanced Agricultural Rural Services (ITCMAARS), an
integrated ‘phygital’ eco-system to provide farmers with agricultural and related services on a digital platform
in 2022.
Additional Info:
In March 2023, ITC Ltd partnered with the Bharat Banking Mission of Axis Bank to offer lending products and
services to farmers, who are a part of the Agricultural Ecosystem of ITC.

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 BANKING & FINANCE
CRISIL’s 2023 Greenwich Share and Quality Leaders: HDFC Bank tops in 3 Categories
On July 24, 2023, a list of Coalition Greenwich’s (a division of CRISIL) Share and Quality Leaders, and
Greenwich Excellence Awards 2023 was released in which HDFC Bank (among India’s local banks) has
overtaken the State Bank of India (SBI) as a top ranked bank in the 3 categories of Share and Quality Leaders
Award list.

• This list is a part of a study ‘Indian Corporates Turn to Big Banks to Fund Ambitious Growth- 2023
Greenwich Leaders: Indian Corporate Banking‘.
Highlights:
i.In the list of Greenwich Share Leader 2023(Large Corporate), HDFC Bank has overtaken State Bank of India
(SBI) and topped the list of Indian Large Corporate Banking Market Penetration – Local Banks.
ii.ICICI Bank has topped the Indian Large Corporate Banking Quality – Local Banks and emerged as the sole
designation for Greenwich Quality Leader 2023(Large Corporate).
iii.In the list of Greenwich Share Leader 2023 (Middle Market), HDFC Bank has again topped the list of Indian
Middle Market Banking Market Penetration(Local Banks). The bank previously topped the list in 2022.
1. In the lit of Greenwich Quality Leader 2023 (Middle Market) HDFC Bank shared a top spot
with ICICI Bank in the category of ‘Indian Middle Market Banking Quality – Local Banks’.
Assessment:
This study is premised upon the interviews conducted by Coalition Greenwich from September 2022 to March
2023, with 177 large corporates and 455 middle market businesses in India. The interviews focused on areas
such as banking relationships, quality perceptions of the respective relationships and products used including
corporate lending, cash management, trade services and finance, foreign exchange, structured finance, interest-
rate derivatives, and investment banking.
Greenwich Share Leader 2023; Greenwich Quality Leaders 2023; and Greenwich Excellence 2023
The following tables present the 2023 Greenwich Share and Quality Leaders in Indian Large Corporate and
Middle Market Banking and the winners of the 2023 Greenwich Excellence Awards in different categories.
• The column of Market Penetration in the table shows the proportion of companies interviewed that
consider each bank an important provider of corporate banking services.
Greenwich Share and Quality Leaders — 2023
Greenwich Share Leader 2023
Ranking Bank Market Penetration
Indian Large Corporate Banking Market Penetration – Local Banks
1 HDFC Bank 69%
2 SBI 60%
3T (Tie) Axis Bank 55%
3T ICICI Bank 54%

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 Indian Large Corporate Banking Market Penetration – Foreign Banks
1T Standard Chartered Bank 51%
1T HSBC 50%
3T Citi 44%
3T DBS 42%
Indian Middle Market Banking Market Penetration—Local Banks
1 HDFC Bank 70%
2 ICICI Bank 64%
3 Axis Bank 47%
Indian Middle Market Banking Market Penetration—Foreign Banks
1T Standard Chartered Bank 20%
1T HSBC 19%
1T Citi 18%
Greenwich Quality Leaders 2023
Category Bank
Indian Large Corporate Banking Quality—Local Banks ICICI Bank
Indian Large Corporate Banking Quality—Foreign Banks Bank of America, HSBC, J.P. Morgan
Indian Middle Market Banking Quality—Local Banks HDFC Bank & ICICI Bank
Indian Middle Market Banking Quality—Foreign Banks HSBC
Greenwich Excellence Awards 2023
For the 6th year, Coalition Greenwich has recognized excellence in Indian corporate banking through 2023
Greenwich Excellence Awards to identify the top-ranked banks in a series of product and service categories.
2023 Greenwich Excellence Awards for Indian Large Corporate Banking:
In this, more than 70 banks evaluated but only the following 4 featured with distinctive quality.
Category Bank
Overall Digital Experience Citi
Ability to Streamline KYC Processes
Coordination of Product Specialists
Frequency of Contact
Knowledge of Transaction Banking Needs
Timely Follow-Up ICICI Bank
Proactive Provision of Advice ICICI Bank, Bank of America
Knowledge of International Banking Needs Standard Chartered Bank
2023 Greenwich Excellence Awards for Indian Middle Market Banking
In this, more than 70 Banks Evaluated but only 3 have distinctive quality.
Category Bank
Ability to Digitize KYC Processes
Ease of Doing Business
Overall Digital Experience HDFC Bank & ICICI Bank

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 Ability to Streamline KYC Processes
Coordination of Product Specialists
Knowledge of Transaction Banking Needs
Frequency of Contact
Effective Senior Management Support
Timely Follow-Up Axis & ICICI Bank
Knowledge of International Banking Needs
Proactive Provision of Advice ICICI Bank
Key Points:
i.Between 2021 and 2022, 38% of Indian companies used one of the largest Indian private banks for overall
corporate banking services, up from 33%.
ii.From 2021 to 2022, the number of companies using at least
one large foreign bank for their banking needs increased to
21% from 18%.
iii.From 2021 to 2022, the percentage of Indian companies
working with at least one of the smaller private banks
dropped to 18% from 21%.
iv.The overall revenue in the banking industry grew by 16%
year on year (y-o-y).
v.In 2023, 46% of Indian companies used large private banks
for domestic cash management, compared to 40% in 2022.
This resulted in increased penetration of large private sector
banks.
• Foreign banks’ usage for cash management also
increased to 21% from 18%.
vi.Over two years, the share of Indian companies engaged in
international business and needing bank support rose from 73% to 81%.
Recent Related News:
i.The Airports Council International (ACI) World published the ‘Top 10 Busiest Airports Worldwide for 2022,’
which ranked Delhi Airport [Indira Gandhi International Airport (IGIA)] as the 9th busiest airport in the world
in 2022, surpassing Paris Charles de Gaulle (CDG) airport in France.
ii.According to the Global Unicorn Index 2023 published by Hurun Research Institute, India is ranked 3rd on
the index with 68 unicorns (up 14 compared to 2022). Online educator BYJU’S worth USD 22 billion topped
the list of Indian Unicorns, followed by on-demand delivery start-up Swiggy and fantasy sports platform travel-
stay finder Dream11 (USD 8 billion each).
About CRISIL Limited :
CRISIL Ltd was formerly known as Credit Rating Information Services of India Limited. It is a leading, agile and
innovative global analytics company owned(majority) by S&P Global Inc.
Managing Director and CEO– Amish Mehta
Headquarter– Mumbai, Maharashtra

Federal Bank launches Non-Resident SB Account ‘NRE Eve+’ for NRI Women
The Federal Bank Limited (the erstwhile Travancore Federal Bank Limited) launched a unique Non-Resident
(NR) Saving Bank (SB) account scheme, named SB NRE (Non-Resident External) Eve+ designed exclusively for
the financial needs of Non-Resident Indian (NRI) women.

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 • The scheme provides variety of benefits geared at enhancing the financial journeys of the NRI
women.
Launch of SB NRE Eve+:
i.During the global virtual launch, the product theme as well as the prototype of the customised debit was
revealed and a debit card was presented to the first NRE Eve+ customer (Suni Paul) of the Federal Bank.
ii.The release of NRE Eve+ Savings Account was announced at the ‘Nurses Day Out’ Event conducted as part of
Nikai Angel Awards 2023 held at the De Montfort University, Dubai, United Arab Emirates (UAE) on 23rd July
2023.
• First Account Holders: The first NRE Eve + account holders from Abu Dhabi, UAE were Dr. Jean
Shahdadpuri, Managing Director, Nikai Group of Companies; Mrs. Beena Muraleedharan, Executive
Director, SFC Group and Mrs. Danesa Thandassery Raghulal, Executive Director, Elite Foods Pvt Ltd.
Some Features of the Account:
i.Customers get free access to domestic and international airport lounges.
ii.The NRE Eve+ debit card provide customised offers including exclusive discounts on beauty, health care,
dining, shopping, travel, and entertainment, all of which are served to the tastes of women.
iii.Safe Deposit Locker and Portfolio Investment Services available at concessional rates.
iv.Zero balance savings accounts for two children below 12 years of age.
v.Complimentary Insurance up to Rs.78 lakhs that includes child education benefits, accidental health, hospital
cash & card protection.
vi.50% concession on Processing Fee / Administration Fee for Home Loans & Car loans.
vii.Free Mobile Alerts & Mobile Banking, Free Email alerts and Free unlimited at par cheque books.
About Federal Bank Ltd:
Tagline– Your Perfect Banking Partner
Chairman– C. Balagopal
MD&CEO– Shyam Srinivasan
Headquarters– Aluva, Kerala
Established on– April 23, 1931

HDFC Bank partners with Davara KGFS for Co-lending Loans to Micro Enterprises
Dvara Kshetriya Gramin Financial Services (KGFS), Chennai(Tamil Nadu) based Non-Banking Financial
Company (NBFC), and HDFC Bank Limited have entered into a co-lending partnership to provide business
capital to micro enterprises operating primarily in the unorganised sector, that have limited access to formal
sources of finance.
• The partnership aligns with the Dvara KGFS’s 2023 Annual Operating Plan (AOP) looking to enable
credit for micro businesses across the 10 states that it serves.
• This partnership will increase Dvara KGFS’s capabilities in empowering the operations of micro
business in rural areas.
• The co-lending collaboration between banks and NBFCs encouraged by the Reserve Bank of India
(RBI) has been a promising development to address the credit gap in the Micro, Small & Medium
Enterprises (MSME) sector.

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Dvara KGFS launched its Enterprise Loans vertical in 2020 with focus on 3 value chains namely grocery, dairy
and agriculture. It has assisted numerous beneficiaries with working capital and business growth loans so far.

ICICI Prudential Life Insurance launches ICICI Pru Protect N Gain, a Protection based Saving
Life Insurance Plan
On 24th July 2023, ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life), launched
‘ICICI Pru Protect N Gain‘, a protection-oriented life insurance plan that offers life protection against
Accidental Death and Accidental Disability (Permanent disability due to accident) along with market-linked
returns.
• The scheme offers the dual benefits of protection and long-term savings to achieve the fundamental
needs of customers.
• The product provides the opportunity to offer life insurance protection of up to 100 times the
annual premium and enables customers to maximise returns through 18 funds options spread
across equity and debt.
• It provides the customers a life insurance cover for the entire policy time and ensures financial
security to their families during the policy tenure and significant lump sum for self on survival.
Note: ICICI Prudential Life Insurance Company Limited is promoted by ICICI Bank Limited and Prudential
Corporation Holdings Limited.

APPOINTMENTS & RESIGNATIONS

Pedro Sánchez named caretaker PM of Spain After Inconclusive Election
On 25th July 2023, Pedro Sánchez, General Secretary of Spanish Socialist Workers’ party (Spanish acronym:
PSOE) was formally named as caretaker Prime Minister (PM) of Spain. The interim government will remain in
power until a resolution is reached for the political uncertainty that emerged from the inconclusive elections
held on 23rd July 2023.

• Pedro Sánchez has been the 7th PM of Spain (officially president of the Government of Spain) since
2018.
• In 2018, he became the first politician from Spain to unseat a PM (Mariano Rajoy) through a motion
of no-confidence.
Background:
i.The election held on 23rd July 2023 was called by the PM Pedro Sánchez after his party PSOE lost in the
regional and municipal elections took place in May 2023.
ii.The general election of Spain held on 23rd July 2023, conservative People’s Party (PP) won 136 seats and the
far right Vox Party won 33 seats.
iii.The coalition of PP and Vox jointly won 169 seats, 7 short of an absolute majority of 176 in Spain’s 350 seat
parliament.
iv.Spanish Socialist Workers’ party (PSOE) finished 2nd with 112 seats.

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v.The PSOE and its allies in the new, far-left Sumar coalition won a total of 153 seats.
vi.The outcome of the election had a significant impact on the formation of a Government and the resolution of
the political uncertainity in Spain.
About Pedro Sánchez:
i.Pedro Sánchez, born in Madrid (Spain) in 1972, and in 1993 he joined the PSOE party of Spain and is serving
as the General Secretary of the party.
ii.He worked as an adviser at the European Parliament and was a member of the cabinet office of the United
Nations High Representative for Bosnia Herzegovina.
iii.He was also served as the Leader of the Opposition and candidate to the Presidency of the Government
between 2014 and 2016.
iv.Prior to that, he served as a Member of the Lower House of Parliament for the constituency of Madrid and a
City Councillor for Madrid, Spain.
About Spain:
Capital– Madrid
Prime Minister– Pedro Sánchez (interim)
Currency– Euro

UAE Minister for Foreign Trade has been Elected as Chair of WTO’s MC13
On 24th July 2023, Dr. Thani bin Ahmed Al Zeyoudi, United Arab Emirates (UAE) Minister of State for Foreign
Trade has been elected as the chair of the World Trade Organisation’s (WTO) 13th Ministerial Conference
(MC13).
• The announcement was made during the WTO General Council in Geneva, Switzerland where Dr Al
Zeyoudi met with the WTO director general Ngozi Okonjo-Iweala.
The MC13 which will be held at the Abu Dhabi National Exhibition Centre, Abu Dhabi,United Arab Emirates
from 26th to 29th of February 2024 will be attended by representatives from the 164 countries and customs
blocs that make up the WTO.

ACQUISITIONS & MERGERS

M&M buys 3.5% stake in RBL Bank for Rs 417 crore
On 26th July 2023, Mahindra & Mahindra Limited (M&M), automotive manufacturing company of Mahindra
group, acquired a 3. 53% stake in Mumbai(Maharashtra) based RBL Bank, formerly known as Ratnakar Bank,
for Rs 417 crore.
• This is the first significant move by a manufacturing sector to venture into a private bank, after new
norms of Reserve Bank of India(RBI) in 2021.
• There is also a scope for further investments of Mahindra & Mahindra subjected to the cap of 9. 9%
New norms of Reserve Bank of India(RBI) – 2021:
i.Industrial houses can hold upto 10% stake in banks, but cannot be their promoters.
ii.Financial institutions, supranational institutions, public sector undertaking and central/state government can
hold upto 10% stake in banks, but cannot be their promoters.
iii.Banking company(after the completion of business of 15 years) can hold upto 26% stake in banks, but can be
their promoters.
Additional Info:
As per RBI norms, any entity looking to acquire over 5% stake in a bank needs to seek prior approval from the
regulator.

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About RBL Bank:
Managing Director(MD) & Chief Executive Officer(CEO) – R Subramaniakumar
Headquarters – Mumbai, Maharashtra
Tagline – Apno ka Bank

SPORTS
Aditya Samant Becomes India’s 83rd Chess Grandmaster
On 26th July 2023, Aditya S Samant (17) an International Master, became India’s 83rd chess Grandmaster (GM)
by earning his 3rd GM norm against Aryan Chopra in the 9th round of Biel Chess Festival Master Tournament
(MTO) 2023 in Switzerland.

Note: To become a GM, a player has to secure 3 GM norms and cross the live rating of 2,500 Elo points.
Key points:
i.Aditya who hails from Maharashtra earned his 1st GM norm at the age of 16 at the ABU Dhabi Masters in Abu
Dhabi, United Arab Emirates (UAE) in August 2022 and secured his 2nd GM norm at the 3rd El Llobregat Open,
Spain in December 2022.
ii.His live rating when going into the ninth round game was 2525.4 and to achieve his 3rd GM norm, he just
needed to play his 9th round game against Aryan Chopra.
iii.Aditya became an International Master in 2022 at the 1st Maharashtra GM Open 2022.
Indian achievers in Biel Chess tournament:
i.Aditya is the third Indian to achieve the final GM norm at the Biel Chess tournament.
ii.In 2021, Harshit Raja and in 2022, Pranav Anand earned their final GM norm at the Biel Chess tournament.
82nd Grandmaster:
Telangana’s Vuppala Prraneeth had become India’s 82nd Grandmaster in May 2023.

OBITUARY
Renowned Marathi Writer Shirish Kanekar Passed Away
On 25th July 2023, Shirish Kanekar, Veteran Marathi writer and columnist passed away in Mumbai,
Maharashtra at the age of 80. He was born on June 6, 1943 in Pune, Maharashtra.
• He worked at Marathi and English language publications like Loksatta, Indian Express, Samana, and
Free Press Journal. He was popular for his newspaper columns on Cinema, Cricket and Politics.
• His notable works include: Humorous articles like ‘Kanekari’, Fillambaji’, and ‘Shirishasan’;
Bollywood movies such as “Nut Bolt Bolpat,” “Kanekari,” and “Cricket Vedh”; Books such as Irsalaki;
Surparambya.
His collection of stories titled ‘Lagaon Batti,’ was recognised and honoured with the Maharashtra Literary
Parishad Award for Best Comedy- Joshi Award

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 IMPORTANT DAYS
85th CRPF Raising Day – 27th July 2023
The Central Reserve Police Force (CRPF) Raising Day, also known as CRPF Foundation Day, is annually
celebrated on 27th July to commemorate the establishment of CRPF, the largest of India’s Central Armed Police
Forces, functions under the aegis of Ministry of Home Affairs (MHA) of the Government of India (GoI).

• The day recognises the valour courage and sacrifices of the soldiers of CRPF in the past 84 years,
which plays a key role in India’s growth by maintaining peace and preserving internal security and
national integrity of India.
27th July 2023 marks the observance of 85th Raising Day.
History:
i.CRPF is the premier central police force of the Union of India for internal security, originally constituted as the
Crown Representative Police on 27th July 1939.
ii.It is one of the oldest Central para military forces (now termed as Central Armed Police Force (CAPF)).
iii.The Madras Resolution of the All-India Congress Committee in 1936 sparked political disrupts and agitations
in the former royal States of India, which led to the raising of the CRPF.
iv.It became the Central Reserve Police Force (CRPF) on the enactment of the CRPF Act of Parliament on
December 28, 1949. This Act constituted CRPF as an armed force of the Union.
Zones of CRPF:
There are 4 zones namely Central Zone; Northeast Zone, Southern Zone and Jammu & Kashmir Zone.
Significance:
i.The CRPF has played an increasingly large role in India’s general elections besides law and order and counter-
insurgency duties.
ii.The CRPF has played a major role in the security arrangements during all the Parliamentary elections. Lately,
CRPF contingents are also being deployed in United Nation peacekeeping missions.
iii.One of the vital roles of the CRPF, which is not very evident, is guarding vital Central Government
installations such as Airport, Powerhouses, Bridges, Doordarshan Kendras, All India Radio Stations, residence
of Governors and Chief Ministers, Nationalised Banks and other Government establishments in insurgency
affected States.
Key Points:
i.The CAPF of India has grown into a big organization with 246 Battalions (Bns), including 208 executive Bns, 6
Mahila Bns, 15 Rapid Action Force (RAF) Bns, 10 Commando Battalion for Resolute Action (CoBRA) Bns, 5
Signal Bns and 1 Special Duty Group, 1 Parliament Duty Group (PDG).
ii.On 26th January 2023 on the occasion of Republic day, several medals were awarded to the police forces
across India, of the 901 total medals awarded, CRPF walked away with 111 medals (the maximum police
medals or 12% of the total 901 medals) across three categories – Police Medal for Gallantry (PMG), President’s
Police Medal (PPM) for Distinguished Service and Police Medal (PM) for Meritorious Service.
iii. CRPF is the largest CAPF having 01 Force Headquarters (Hqrs), 04 Zonal Hqrs, 21 Adm Sectors, 02 Ops
Sectors, 39 Adm Ranges, 17 Ops Ranges, 43 Group Centres, 22 Training Institutions.

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Related observance:
CRPF Valour Day also called as Shaurya Diwas is annually observed on 9th April to commemorate the CRPF
personnel during the 1965 war against Pakistan Army.
About Central Reserve Police Force (CRPF):
Director-General– Sujoy Lal Thaosen
Headquarters– New Delhi, Delhi
Established on– 27 July 1939

STATE NEWS
Walmart & Flipkart signed MoU with Telangana Govt to support MSMEs
On 25th July 2023, Walmart and Flipkart signed a Memorandum of Understanding (MoU) with the
government of Telangana to support the Micro, Small and Medium Enterprises (MSMEs) in Telangana. The MoU
was signed between Swasti, the programme partner for Walmart Vriddhi Supplier Development Program
(Walmart Vriddhi) in India and Industries and Commerce Department of Telangana.
• The MoU was signed in the presence of Jayesh Ranjan, Principal Secretary, Industries and Commerce
Department, Telangana and Joseph Julian KG, programme director of Swasti.
• The objective of the MoU is to facilitate the development of local MSMEs towards accessing a wider
domestic marketspace, support online retail and enable sustained growth and commercialisation.
• Under this MoU, Walmart will offer training and support to MSMEs to digitise their capacity building
to get greater access to supply chains.
• In collaboration with Swasti, the Walmart Vriddhi programme offers small businesses and
entrepreneurs a learning platform, provides free training, expert assistance, tools and skills required
to grow and expand their ventures. Over 32,000 MSMEs have already completed the training.
Note: Walmart Vriddhi was launched in 2019 aimed to equip 50,000 Indian MSMEs with the skills necessary to
succeed in business.

AP-Genco & NHPC to Form a Joint Venture for Implementing PSPHs in Andhra Pradesh
The Andhra Pradesh Power Generation Corporation (AP-Genco) and National Hydroelectric Power
Corporation Ltd. (NHPC) will form a Joint Venture (JV) for implementing Pumped Storage Hydropower Projects
(PSPHs) with a total generation capacity of 6,000 Megawatt (MW)in Andhra Pradesh.
• The 1st project will be a 1,350 MW (9×150 MW) PSHP at upper Sileru in GK Veedhi mandal of Alluri
Sitharama Raju (ASR) district.Upon completion , the combined installed hydropower capacity of the
Sileru basin will reach over 2,425 MW.
The companies are yet to sign the drafted agreement and the partners would have an equal (50:50) stake.
Note: AP-Genco aims to generate 33 Giga-Watt(GW) with 29 PSP projects in upcoming year. The PSPHs with a
total capacity of 11 GW are being handed over to private companies, and the remaining will be undertaken by
AP-Genco and some by National Thermal Power Corporation Limited (NTPC).

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related to examinations?

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Affairscloud: We Guaranteed All the Important topics related to
examination are covered in Our Daily CA content and Daily CA
Quizzes.
Aspirant: Why is there a delayal in news?
Affairscloud: As some of the major news sites doesn't provide the
required data on the exact day, we take extra time for important
data to be presented to the aspirants on the examination basis to
ensure nothing is missed.

Example: In 'Important Days' topics the International

Organisations publish their reports and Rankings in the evenings, to
make sure every data is covered, we delay the topics to the next day

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