Neeraj Chopra produced the second-best throw of his career- 89.45m -- in a bid to retain the men's javelin Olympic gold in the big final in Paris, but it was not enough. Pakistan's Arshad Nadeem set a new Olympic record of 92.97m to walk away with the gold -- the first track and field gold medal for his country at the Games.
Neeraj Chopra added an Olympic silver to his decorated trophy cabinet with the only legal attempt out of six throws. It was not one of his best competition days, yet, he won India its first silver medal at the Paris Olympics. The Tokyo Olympic champion became only the fifth Indian athlete to win multiple medals at the Olympics.
Pakistan's Arshad Nadeem, however, did better as he set a new Olympic record mark of 92.97m to take home the gold. He is now the first individual Olympic gold medallist from Pakistan. Arshad Nadeem broke the earlier Olympic record of 90.57 - set in the 2008 Beijing Olympics by Norway's Andreas Thorkildsen. Grenada's Anderson Peters took the bronze (88.54m).
Neeraj, who won gold at the Tokyo Summer Games three years back, registered a huge throw of 89.34 metres in Group B of the men's javelin throw qualification round at the Paris Olympics 2024.
Harmanpreet Singh-led Indian men's hockey team secure a bronze medal with a 2-1 victory over Spain at the Yves-du-Manoir Stadium in Colombes in the 2024 Paris Olympics. It was a memorable farewell for Indian goalkeeper PR Sreejesh in his last international match.
After a tough loss to Germany in the semis, the Men in Blue secured back-to-back Olympic bronze medals, having also finished third in Tokyo three years ago. Captain Harmanpreet Singh, with two goals against Spain, finishes the tournament as India's leading goal-scorer with ten goals.
Earlier, India missed out on a final (gold medal) berth after a 2-3 loss to World no. 2 Germany in the semifinal. India is the most successful hockey nation in Olympic history, having won 12 medals: eight gold, one silver, and three bronze. However, India last featured in the Olympic final 44 years ago in Moscow in 1980.
Netherlands men’s hockey defeated Germany 1(3)-1(1) in an overtime shootout at the Olympic Games Paris 2024 to clinch their first Olympic gold medal in the men’s competition since Sydney 2000.
India faces serious obstacles to becoming a high-income country in the next few decades, according to a new World Bank study that found that India could take 75 years to reach a quarter of the United States’ per capita GDP at the current rate. According to the approach paper for ‘Viksit Bharat @2047’ put out by the Niti Aayog recently,
India will strive to be a $30 trillion economy by 2047 with a per capita income of $18,000 from $3.36 trillion and $ 2,392 per annum, respectively. “At current trends, it will take China more than 10 years just to reach one-quarter of US income per capita, Indonesia nearly 70 years, and India 75 years,” according to the World Development Report 2024,
Published by the multilateral agency.The growth rates of firms in India, Mexico,and Peru are far lower than those of firms in the United States, with firms expanding by less than a factor of 3. More than 100 countries including China, India, Brazil,and South Africa face serious obstacles that could hinder their efforts to become high-income countries in the next few decades
according to a new World Bank study that provides the first comprehensive roadmap to enable developing countries to escape the “middle-income trap.” At the end of 2023, 108 countries were classified as middle-income, each with annual GDP per capita in the range of $1,136 to $13,845.
Drawing on lessons of the past 50 years, the World Bank report finds that as countries grow wealthier, they usually hit a “trap” at about 10% of annual US GDP per person — the equivalent of $8,000 today. That’s in the middle of the range of what the World Bank classifies as “middle-income” countries.
L&T Finance Ltd. has officially received its certificate of registration as a Non-Banking Financial Company (Investment and Credit Company) from the Reserve Bank of India (RBI). This transition marks a shift from its previous registration as an NBFC-Core Investment Company (NBFC-CIC), following the merger with its wholly owned subsidiaries, L&T Finance,
L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd. The company further stated that this change would not impact its compliance with NBFC-ICC guidelines. L&T Finance Ltd.’s transition to an NBFC-ICC status is a move following its successful merger and consolidation of subsidiaries.
Capital market regulator SEBI approved Praveena Rai’s appointment as the Managing Director and CEO of MCX, the country’s largest commodity exchange. Rai was the COO of NPCI (National Payment Corporation of India) and was in charge of formulating and deploying the marketing, business development, product management, and operations strategy.
She was driving product penetration, reach and visibility of NPCI’s offerings through suitable partnerships. With over 20 years of extensive experience, Rai has built expertise in various facets of payments, cards, retail, transaction, wholesale and commercial banking.
Before joining NPCI, she led the cash management portfolio at Kotak Mahindra Bank, which is, incidentally, the largest shareholder of MCX. Earlier, Rai managed payments for Asia Pacific and was the Head of sales at HSBC. She holds a Bachelor’s degree in Electronics and Communication and a postgraduate degree from IIM-Ahmedabad.
The former chief of the exchange, PS Reddy, stepped down on May 9 after completing his five-year term. Though eligible, he did not offer himself for the second term.
DBS said that Tan Su Shan, the firm’s head of institutional banking, will succeed Chief Executive Piyush Gupta upon his retirement in March, making her the first female CEO of Singapore’s biggest bank. Tan, who joined the bank in 2010, will serve as the deputy CEO till then, CEO Piyush Gupta retires on 28 March 2025, when the bank hosts its next annual general meeting.
Tan’s appointment will also make her the first internal candidate to succeed as CEO, DBS Chairman Peter Seah told reporters. With this appointment, Tan is set to become the second female leader of a major Singaporean bank, after Oversea-Chinese Banking Corp named Helen Wong as its head in 2021.
Pine Labs-owned Setu, an application programming interface (API) infrastructure provider, introduced a Unified Payments Interface (UPI)-focused payments platform for businesses and developers in partnership with Axis Bank. The platform, named UPISetu, supports a wide range of UPI products, from basic QR code payments, UPI Autopay, equated monthly installments (EMIs),
And third-party validation service. It also features functionalities like brand and bank offers, advanced dispute resolution, instant cashback and refunds, all provided via APIs. Pine Labs acquired Setu for about $70-$75 million in 2022.
On May 7, Setu announced the launch of Sesame, India’s first large language model (LLM) tailored specifically for the banking,
financial services, and insurance (BFSI) sector. Sesame leverages both internal and external financial data to enhance credit underwriting, detect fraud, monitor loan performance, and provide personal finance advisory. Founded in 2018 by Sahil Kini and Nikhil Kumar, Setu operates across multiple domains, including account aggregation, data gateways, ONDC, etc.
The Government of India has the Urea Subsidy Scheme which is a Central Sector Scheme of the Ministry of Chemicals & Fertilizers applicable for both Kharif and Rabi seasons. The Scheme is wholly financed by the Government of India through Budgetary Support. The Urea Subsidy Scheme has three components, i.e., Indigenous Urea, Imported Urea, and Uniform Freight Subsidy.
Under the Urea Subsidy Scheme, Urea is presently provided to the farmers at a statutorily notified Maximum Retail Price (MRP). The MRP of a 45 kg bag of urea is Rs.242 per bag (exclusive of charges towards neem coating and taxes as applicable).
The difference between the delivered cost of urea at farm gate and net market realization by the urea units is given as a subsidy to the urea manufacturer/importer by the Government of India. The current Urea policies by which subsidy is being paid are the New Pricing Scheme (NPS)-III, Modified NPS-III, New Investment Policy (NIP) – 2012, and New Urea Policy (NUP) – 2015.
Imported Urea subsidy is directed towards imports made to bridge the gap between assessed demand and indigenous production of urea in the country. Both components also include freight subsidies for the movement of urea across the country under the Uniform Freight Subsidy Policy.
The steps taken by Government to encourage the adoption of ‘green steel’ technologies by the country’s steel manufacturing sector, including initiatives to reduce greenhouse gas emissions and enhance sustainability of steel production processes are as under:-
(i) 14 Task Forces were constituted with the engagement of industry, academia, think tanks, S&T bodies,
Different Ministries and other stakeholders to discuss, deliberate, and recommend different levers of decarbonisation of the steel sector. These Task Forces gave in-depth recommendations on technologies including Energy Efficiency, Renewable Energy, Green Hydrogen, Material Efficiency, Process Transition from coal-based DRI to Natural Gas based DRI, Carbon Capture, etc.
(ii) The Ministry of New and Renewable Energy (MNRE) has announced the National Green Hydrogen Mission for green hydrogen production and usage. The steel sector is also a stakeholder in the Mission to promote the utilisation of Green Hydrogen in iron and steel making.
(iii) National Solar Mission launched by the Ministry of New and Renewable Energy in January 2010 promotes,
Promotes the production and use of solar energy which contributes to reducing emissions in the steel industry by increasing the uptake of renewable energy.
(iv) Perform, Achieve and Trade (PAT) scheme, under the National Mission for Enhanced Energy Efficiency, incentivizes the steel industry to reduce energy consumption.
(iv) Perform, Achieve and Trade (PAT) scheme, under the National Mission for Enhanced Energy Efficiency, incentivizes steel industry to reduce energy consumption.
(v) The steel sector has adopted several Best Available Technologies (BAT) available globally in modernization and expansion projects.
(vii) The Carbon Credit Trading Scheme (CCTS) has been notified by the,
Central Government on 28th June 2023, which provides an overall framework for the functioning of the Indian Carbon Market and roles and responsibilities of stakeholders towards scheme. The objective of CCTS is to reduce or avoid greenhouse gas emissions from various sectors of Indian economy by pricing the emissions through a carbon credit certificates trading mechanism.
The Government of India has constituted a Committee to monitor the current situation on the Indo-Bangladesh Border (IBB). The committee will maintain communication channels with their counterpart authorities in Bangladesh to ensure the safety of Indian citizens and people belonging to minority communities in Bangladesh.
The Committee will be headed by ADG, Border Security Force (BSF), Eastern Command and will have IG, BSF Frontier HQ South Bengal, IG, BSF Frontier HQ Tripura, Member (Planning & Development), Land Ports Authority of India (LPAI), and, Secretary, LPAI, as its members.
The August Kranti Day commemorates the Quit India Movement which steered India towards its eventual independence from British colonial rule. The movement was also known as the Bharat Chhodo Andolan. It was launched in August 1942 and was a significant turning point in the Indian freedom movement with far-reaching repercussions.
The Quit India Resolution was launched on August 8, 1942, during the session of the All India Congress Committee in Bombay. In 2024, as India commemorates the 82nd anniversary of the Quit India Movement, the observances will occur, giving a chance for communities to meet up in remembrance and reflection.
A Bill that Finance Minister Nirmala Sitharaman tabled in Parliament proposes extending the tenure of directors (excluding the chairman and whole-time directors) of cooperative banks from eight to 10 years. The Banking Laws (Amendment) Bill, 2024, amends clause (ne) of section 5 of the Banking Regulation Act, 1949 to redefine "substantial interest."
That would lead to an increase in the threshold for shareholding of substantial interest from Rs 5 lakh to Rs 2 crore, reflecting the present value, as the same was last fixed in 1968. Additionally, the Bill proposes the transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF).
Individuals would then be able to claim transfers or refunds from the fund, ensuring the protection of investors' interests. The Bill has also allowed the director of a central cooperative bank to serve on the board of a State Cooperative Bank.
Another major change outlined in the Bill is the revision of the reporting dates for the submission of statutory reports by banks to the Reserve Bank of India (RBI). The Bill proposes shifting the reporting date from the current 'reporting Friday' to the last day of the fortnight, month, or quarter. This amendment aims to ensure consistency in reporting practices.
The Bill proposes amendments to sections 45ZA, 45ZC, and 45ZE of the Banking Regulation Act to allow for up to four nominees. The Banking Laws (Amendment) Bill, 2024, aims to update and refine banking regulations to better align with current financial practices, while also improving protections for both depositors and investors.
HCLSoftware, the software business division of Indian IT services giant HCLTech, said it is acquiring Zeenea, a Paris-based firm providing data catalog and governance solutions, for Euro 24 million (around Rs 218 crore). The acquisition is expected to close in September 2024. HCLSoftware said the acquisition will strengthen its data and analytics business called Actian.
HCLSoftware said Actian has seen strong growth in hybrid data management and integration in the last few years. Adding metadata management, data catalog, and governance capabilities will help Actian customers. Zeenea provides a data discovery platform that supports metadata management applications from search and exploration to data catalog, lineage,
governance, compliance, and enterprise data marketplace. It earned Euro 2.6 million as revenue at the end of December 31, 2023. “Metadata management is becoming critical for our customers to accelerate their GenAI initiatives across business functions,” said Kalyan Kumar, chief product officer, of HCLSoftware, referring to generative artificial intelligence.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Nidhi Co-operative Bank Ltd., Ahmedabad, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Loans and Advances to directors, relatives and firms/concerns in which they are interested’.
The Reserve Bank of India (RBI) has, by an order dated August 05, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Suvarnayug Sahakari Bank Ltd., Pune, for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’.
These penalties has been imposed in the exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
RBI retained its real GDP growth forecast for FY25 to 7.2 percent, with Q1 at 7.1 percent, slightly down from the earlier projection of 7.3 percent.
According to the RBI, Core inflation moderated to a historic low in May and June. CPI excluding food and fuel, or the core inflation, moderated from 3.2 percent in April to 3.1 percent in May-June 2024.
However, food inflation, which weighs around 46 percent in the CPI basket, remains a concern. Food inflation contributed to more than 75 percent of headline inflation in May and June, said the RBI. Vegetable prices contributed about 35 percent to inflation in June. The MPC has maintained its CPI (Consumer Price Index)-based inflation projection for FY25 at 4.5 percent.
However, there have been some changes in the inflation forecast across different quarters. Q2 FY25 forecast is now 4.4 percent from 3.8 percent earlier, Q3 forecast is now 4.7 per cent from 4.6 percent, and Q4 forecast is now 4.3 percent from 4.5 percent earlier. The forecast for Q1FY26 is 4.4 percent.
A public repository of lending apps-:
For the orderly development of the digital lending ecosystem and to address the issues from unauthorised digital lending apps (DLAs), the RBI proposed to create a public repository of DLAs deployed by its regulated entities.
Continuous clearing of cheques-: At present, cheque clearing through has a clearing cycle of up to two working days.
The RBI proposed to reduce the clearing cycle. Cheques may now be cleared within a few hours on the day of presentation, benefitting both the payer and the payee due to faster cheque payments.
