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Current Affairs Daily Digest – August 22 2024

1. India Surpasses China As Top Importer Of Russian Oil

In July, India became the world’s largest importer of Russian oil, surpassing China. This shift occurred because Chinese refiners reduced their purchases due to lower profit margins from producing fuels, as indicated by a comparison of import data.

India’s Overall Oil Imports

Russian crude oil accounted for a record 44% of India’s total oil imports in July. India imported 2.07 million barrels per day (bpd) of Russian oil, which was 4.2% higher than in June and 12% more than a year ago. This amount exceeded China’s imports from Russia, which were 1.76 million bpd during the same period, according to Chinese customs data.

Indian refiners have been buying large quantities of Russian oil at discounted prices. These discounts arose after Western countries imposed sanctions on Russia in response to its invasion of Ukraine, which limited their own energy purchases from Russia. An Indian refining source noted that India’s demand for Russian oil is likely to continue increasing as long as there are no additional sanctions imposed.

2. President Murmu Gives Away First-Ever Rashtriya Vigyan Puraskar

President Droupadi Murmu presided over the first-ever investiture ceremony for the Rashtriya Vigyan Puraskar (National Science Awards). These awards, which were introduced last year to replace all previous science accolades, signify a new era in recognizing scientific excellence in India.

The Prestigious Vigyan Ratna Puraskar

The main event of the ceremony was the presentation of the inaugural Vigyan Ratna Puraskar, India’s highest science award, to Govindrajan Padmanabhan, a renowned biochemist and former director of the Indian Institute of Science, Bangalore. This award honors Dr. Padmanabhan’s significant contributions to the field of biochemistry and his leadership in advancing scientific research in India.

Vigyan Shri Puraskar: Recognizing Scientific Eminence

The President also awarded 13 Vigyan Shri Puraskars to distinguished scientists across various disciplines. Notable recipients included:

• Annapurni Subramaniam: Director, Indian Institute of Astrophysics, Bengaluru, recognized for her contributions to astrophysics.
• Anandharamakrishnan C: Director, National Institute of Interdisciplinary Science and Technology, Thiruvananthapuram, honored for his work in science and technology.
• Avesh Kumar Tyagi: Director, Chemistry Group, Bhabha Atomic Research Institute, acknowledged for his achievements in chemistry.

Syed Wajih Ahmad Naqvi: CSIR-National Botanical Research Institute, Lucknow, recognized for his contributions to botanical research.

Other esteemed awardees represented prestigious institutions such as IIT-Delhi, IIT-Kanpur, IIM-Kolkata, and the Sree Chitra Tirunal Institute of Medical Sciences and Technology. These awards celebrate the significant impact of Indian scientists in various fields, highlighting their dedication and contributions to scientific advancement.

3. Rajesh Nambiar Named NASSCOM President-Designate, Succeeds Ghosh

Rajesh Nambiar has been appointed as the president-designate of the National Association of Software and Service Companies (NASSCOM), taking over from Debjani Ghosh, whose term ends in November 2024. To take on this new role, Nambiar has stepped down from his position as Chairman and Managing Director of Cognizant India. With a strong background in the tech industry, including leadership roles at companies like TCS, IBM, Ciena, and Cognizant, Nambiar is well-prepared to lead India’s tech sector into its next phase of development.

Nambiar’s Vision for NASSCOM

Nambiar shared his enthusiasm about leading NASSCOM at a crucial time when the tech industry is shifting towards AI-driven companies. He highlighted the need to focus on nurturing talent, fostering growth, and investing in the creation of intellectual property and research and development (R&D). His vision is to guide the industry through this transformation, ensuring that it remains competitive and innovative on the global stage.

4. NCLT Approves Slice-North East Small Finance Bank Merger

The National Company Law Tribunal (NCLT) has approved the merger between Slice, a leading Indian fintech company, and North East Small Finance Bank (NESFB). This merger, sanctioned by the NCLT’s Guwahati bench, is a major development in India’s financial sector. It combines Slice’s digital innovation with NESFB’s strong local banking presence, aiming to improve financial inclusion across the country. The merger received necessary approvals from key regulatory bodies, including the Competition Commission of India (CCI) and the Reserve Bank of India (RBI).

Significance of the Merger

This merger is particularly significant as it makes Slice the first fintech company to enter India’s small finance bank sector. This is noteworthy because the RBI had previously turned down similar proposals from other fintech companies. Slice’s successful acquisition of a 5% stake in NESFB in March 2023, followed by RBI’s approval in October 2023, paved the way for this merger. The strategic partnership aligns with Slice’s mission to expand financial services to underserved and underbanked communities, leveraging both digital and traditional banking methods to reach a broader audience.

5. NPCI Launches ‘UPI Circle’ for Secure Payments Among Trusted Users

The National Payments Corporation of India (NPCI) has introduced a new feature called ‘UPI Circle’ on the Unified Payments Interface (UPI) platform. This feature allows the main UPI account holder, known as the primary user, to securely delegate payment tasks to trusted secondary users. The idea is to make digital transactions more convenient and secure by letting the primary user link their UPI account to others, like family members or colleagues, who can then make payments on their behalf within certain limits set by the primary user.

What is UPI Circle?

‘UPI Circle – Delegate Payments’ is a feature that enables a UPI user, referred to as the primary user, to connect their UPI account with secondary users. These secondary users are trusted individuals who can make payments using the primary user’s UPI account. The primary user can control how much the secondary user can spend by setting specific transaction limits. This feature was introduced during the Reserve Bank of India’s August Monetary Policy Committee (MPC) meeting and aims to make digital payments more accessible and widely used by giving people more flexible options for managing their finances securely.

6. Amardeep Singh Bhatia Appointed as DPIIT Secretary

Amardeep Singh Bhatia, an IAS officer from the 1993 Nagaland cadre, has officially taken on the role of Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT). He replaces Rajesh Kumar Singh, who has moved to the Department of Defence as an Officer on Special Duty. Bhatia brings with him a wealth of experience from various significant positions in both the central and state governments, including roles in the Ministries of Corporate Affairs and Health & Family Welfare.

Prior Experience

Before his new appointment at DPIIT, Bhatia served as Additional Secretary in the Department of Commerce. In this role, he was instrumental in developing trade policies and negotiating free trade agreements, contributing significantly to India’s trade and commerce landscape. His experience in these areas is expected to benefit DPIIT as it continues to promote industry and trade within the country.

7. International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief 2024

The United Nations General Assembly, in resolution A/RES/73/296, has established August 22 as the International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief. This day aims to acknowledge and support individuals and families affected by violence rooted in religious or belief differences.

Importance of the Day

The observance of this day highlights the need to provide victims of religious or belief-based violence with necessary support and assistance, respecting the relevant laws. It underscores that freedom of religion or belief is a fundamental human right, essential for a just and tolerant society.