1. RBI Central Board Holds 610th Meeting in Mumbai
Tags: Economy/Finance
The 610th meeting of the Reserve Bank of India's (RBI) Central Board of Directors took place on September 4 in Mumbai. The meeting was chaired by RBI Governor Shaktikanta Das.
An Overview of the News
Shaktikanta also assessed various areas of RBI operations, including the functioning of Local Boards and activities of select Central Office Departments.
Deputy Governors present included Dr. Michael Debabrata Patra, M. Rajeshwar Rao, and T. Rabi Sankar.
Other directors in attendance were Satish K. Marathe, Revathy Iyer, Prof. Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel, and Dr. Ravindra H. Dholakia.
Ajay Seth, Secretary of the Department of Economic Affairs, and Nagaraju Maddirala, Secretary of the Department of Financial Services, also attended the meeting.
About RBI
Established - 1 April 1935, Kolkata
Founder - British Raj
Governor - Shaktikanta Das
2. Cabinet Approves ₹3,300 Crore Semiconductor Facility by Kaynes Semicon in Gujarat
Tags: Economy/Finance State News
The Cabinet has approved Kaynes Semicon Pvt Ltd's proposal to establish a semiconductor unit in Sanand, Gujarat.
An Overview of the News
The aim is to foster a vibrant semiconductor ecosystem. The investment for this unit will be ₹3,300 crore.
The unit will have a production capacity of 60 lakh chips per day. The chips produced will serve various sectors, including industrial, automotive, electric vehicles, consumer electronics, telecom, and mobile phones.
The Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India, launched in December 2021, has a total outlay of ₹76,000 crore.
Construction of four semiconductor units is advancing rapidly, with a combined investment of nearly ₹1.5 lakh crore.
The total production capacity of these units will be approximately seven crore chips per day.
About Gujarat
Founded: May1, 1960
Previous State: Bombay State
Capital: Gandhinagar
Official Bird: Greater flamingo
Chief Minister: Bhupendrabhai Patel
Governor: Acharya Devvrat
3. NMCG Approves ₹265 Crore for Ganga’s Pollution Control
Tags: Economy/Finance Government Schemes
The National Mission for Clean Ganga (NMCG) has approved nine projects totaling ₹265 crore in its 56th Executive Committee meeting, chaired by Director General Rajeev Kumar Mital.
An Overview of the News
NMCG Approves Nine Projects: Faecal Sludge Treatment, Sewerage Works, Arth Ganga Centre, Stream Restoration, Canal Penstock Gates, Udhwa Lake Management, Crematorium Renovations, Munger Sewerage Network, Smart Laboratory for Rivers
Key Project Approvals
Faecal Sludge Management Project
Location: Dalmau Raebareli, Uttar Pradesh
Objective: Reduce pollution in River Ganga
Components: 8 KLD Faecal Sludge Treatment Plant, 15 KW Solar Power Plant, Solar Inverter
Cost: Rs. 4.40 crores (includes 5 years of O&M)
Sewerage Project in Gulaothi Town
Location: Bulandshahr district, Uttar Pradesh
Objective: Prevent pollution in East Kali River
Components: I&D of drains, 10 MLD Sewage Treatment Plant
Cost: Rs. 50.98 crores (includes 15 years of O&M)
Arth Ganga Centre and Branding Project
Location: Prayagraj
Objective: Create awareness and employment opportunities during Maha Kumbh Mela 2025
Cost: Rs. 1.80 crores
Restoration of Streams and Tributaries
Location: Upper Gomti River Basin
Objective: Rejuvenate lower-order streams through nature-based solutions
Cost: Rs. 81.09 lakh
Penstock Gates Installation and Renovation
Location: Beliaghata Circular Canal, Kolkata, West Bengal
Objective: Improve canal management
Cost: Rs. 7.11 crores (O&M by Kolkata Municipal Corporation)
Integrated Management Plan for Udhwa Lake Bird Sanctuary
Location: Sahibganj, Jharkhand
Objective: Conservation and sustainable management
Cost: Rs. 25.89 crores (includes 5 years of management)
Renovation of Electric Crematoriums
Locations: Santipur, Garulia, Chakdha municipalities, West Bengal
Objective: Modernize crematorium facilities
Cost: Rs. 2.89 crores (includes 5 years of O&M)
Munger Sewerage Network and STP Project
Location: Munger
Objective: Develop 30 MLD STP and 175 km sewerage network
Cost: Rs. 522.85 crores (O&M to state government after 15 years)
Establishment of Secretariat for Smart Laboratory on Clean Rivers
Location: Varanasi
Executing Agency: IIT (BHU)
Objective: Deploy global expertise to rejuvenate small rivers across the country
Focus: Balance between environment, economy, and society
4. MoPNG Approves ONGC’s Rs 10,501 Cr Capital Boost
Tags: Economy/Finance
The Ministry of Petroleum & Natural Gas (MoPNG) has approved ONGC's investment of up to Rs 10,501 crore in Oil & Natural Gas Corporation Limited (ONGC), Petro additions Limited (OPaL), Vadodara, Gujarat.
An Overview of the News
OPaL is a joint venture between ONGC, Gas Authority of India (GAIL), and Gujarat State Petroleum Corporation Limited (GSPC).
The approval includes:
Conversion of Compulsorily Convertible Debentures (CCDs) worth Rs 7,778 crore.
A balance payment of Rs 86 crore related to share warrants.
Total financial approval amounts to Rs 18,365 crore.
Impact of Investment
The investment will increase ONGC's equity stake in OPaL from 49.36% to 95.69%, making OPaL a subsidiary of ONGC.
The government has allocated 50% of the annual gas production from ONGC's new wells or up to 3.2 Million Metric Standard Cubic Meters per Day (MMSCMD) of domestic natural gas to OPaL.
5. Pine Labs & Axis Bank Launch 'UPISetu' – India’s First UPI-Focused Payments Platform
Tags: Economy/Finance
Pine Labs-owned Setu, an API infrastructure provider, in collaboration with Axis Bank, has launched UPI-Setu, India’s first UPI-focused payments platform for businesses and developers.
An Overview of the News
The platform supports various UPI services including Third-Party Validation (TPV), Equated Monthly Instalments (EMIs), UPI Autopay, and basic QR code payments.
Offers enhanced dispute resolution, instant cashback and refunds, as well as bank and brand offers, all through API integration.
Merchants can create custom payment links or QR codes for both one-time and multiple payments.
Additional Highlights:
In May 2024, Setu introduced Sesame, India’s first Large Language Model (LLM) specifically designed for the Banking, Financial Services, and Insurance (BFSI) sector.
Company Overview: Pine Labs is an Indian company specializing in point-of-sale and payment systems, headquartered in Noida, Uttar Pradesh.
6. RBL Bank Launches India's First RuPay Credit Card with UPI and NCMC Integration
Tags: Economy/Finance
RBL Bank (formerly Ratnakar Bank Limited), a leading Indian private sector bank, has launched a new RuPay Credit card.
An Overview of the News
The card integrates Unified Payments Interface (UPI) and National Common Mobility Card (NCMC) features.
RBL Bank becomes the first private sector bank to offer these comprehensive payment capabilities in a single card.
Key Features:
Instant and Secure Payments: Credit cardholders can make instant and secure payments through UPI.
Hassle-free Travel: The NCMC features enable seamless travel.
Significance:
New Benchmark in Digital Payments: The integration of UPI and NCMC features with the RuPay card sets a new benchmark for the digital payments industry.
Flexibility and Ease of Payments: Users can enjoy flexibility and ease of making payments for daily expenses or during travel.
Vast Acceptance: The wide acceptance of the RuPay card network enhances the utility and usability of these cards across various platforms and services throughout India.
About UPI:
Instant Real-Time Payment System: The Unified Payments Interface (UPI) is an instant real-time payment system launched by the National Payments Corporation of India (NPCI) in 2016, facilitating inter-bank transactions through mobile phones.
Growth in Transactions: According to the Worldline India Digital Payments Report H2 2023, UPI transaction volume in the second half (H2) of 2023 (July to December) increased by 56%, reaching 65.77 billion transactions, up from 42.09 billion in H2 2022.
About RBL Bank:
MD and CEO: R. Subramaniakumar
Headquarters: Mumbai, Maharashtra
Tagline: Apno ka Bank
Established: 1943
About NCMC:
Launched by Prime Minister Narendra Modi on March 4, 2019, in Ahmedabad, Gujarat.
An interoperable transport card conceived by the Ministry of Housing and Urban Affairs (MoHUA), enabled through the RuPay card mechanism.
7. IndusInd Bank Launches 'Wrestle for Glory' to Support Female Wrestlers
Tags: Economy/Finance
IndusInd Bank has introduced the 'Wrestle for Glory' initiative, continuing its collaboration with the Inspire Institute of Sport (IIS) in Vijayanagar, Bellary.
An Overview of the News
The program aims to empower 50 talented female wrestlers from across India with fully-funded scholarships for coaching at IIS.
CSR Focus
Inclusivity: The program aligns with IndusInd Bank's CSR commitment to inclusivity and sporting excellence, supporting individuals from diverse backgrounds, including different genders, persons with disabilities, and underprivileged communities.
Comprehensive Support: Beneficiaries will have access to top-tier training facilities, expert coaching, sports science resources, cutting-edge equipment, nutritional support, and educational assistance.
'IndusInd For Sports' Initiative
Establishment: The 'Wrestle for Glory' program is part of the 'IndusInd For Sports' initiative, a non-banking sports vertical of the Bank founded in 2016.
Philosophy: The initiative emphasizes diversity, differentiation, and domination, aiming to excite, educate, and engage stakeholders through sports.
About IndusInd Bank
IndusInd Bank started in 1994, serving consumer and corporate customers.
It has around 39 million customers as of March 31, 2024.
Operates 2,984 branches and 2,956 ATMs across 157,000 villages in India.
Has representative offices in London, Dubai, and Abu Dhabi.
Focuses on technology-driven multi-channel delivery.
Clearing bank for BSE and NSE; settlement bank for NCDEX; empanelled banker for MCX.
Founder: S. P. Hinduja
Headquarters: Mumbai, Maharashtra, India
Key Executives:
Sumant Kathpalia (MD & CEO)
Arun Khurana (Executive Director & Deputy CEO)
Gobind Jain (CFO)
8. India's WPI Inflation Rate Rises to 3.36% in June 2024
Tags: Economy/Finance
India's WPI inflation rate rose to 3.36% in June 2024, according to data released by the Ministry of Commerce and Industry (MoCI).
An Overview of the News
This rate is provisional and represents an increase over June 2023.
The positive inflation rate is mainly due to rising prices in food articles, crude petroleum, natural gas, mineral oils, and other manufacturing sectors.
This marks the third consecutive month of significant sequential increases.
Consecutive Monthly Increases:
March 2024: 0.3%
April 2024: 1.2%
May 2024: 2.6%
June 2024: 3.36%
The WPI for June 2024 was compiled at a weighted response rate of 87.8%.
The WPI Food Index increased to 190.3 in June 2024, up from 185.7 in May 2024.
The annual rate of inflation (year-over-year) for the Food Index rose to 8.68% from 7.40%.
The month-over-month change in WPI for all commodities increased by 0.39% in June 2024 compared to May 2024.
Wholesale Price Index (WPI)
WPI tracks wholesale goods prices and reflects inflation.
India now uses the Consumer Price Index (CPI) for inflation measurement.
The U.S. reports the Producer Price Index (PPI) instead of WPI.
WPI affects stock and fixed price markets.
WPI is published by India’s Ministry of Commerce and Industry and focuses on prices in industry and manufacturing.
9. TechFini Receives NPCI Certification to Operate as UPI Provider
Tags: Economy/Finance
Mumbai-based fintech startup TechFini has been certified by the National Payments Corporation of India (NPCI).
An Overview of the News
This certification allows TechFini to operate as a Unified Payments Interface (UPI)-based payment infrastructure provider for banks and fintech companies.
Validates TechFini's commitment to innovation in payments technology.
Provides authentication to customers and partners for secure, reliable, and trustworthy solutions.
Operational Capabilities Enabled:
UPI Issuer 2.0
UPI Acquirer 2.0
Issuer of Credit Line on UPI
Acquirer of Credit Line on UPI
Enabler of RuPay Credit Card on UPI
Enabler of Recurring Mandate on UPI
Unified Dispute and Issue Resolution (UDIR):
TechFini has been certified for UPI Unified Dispute and Issue Resolution (UDIR).
This certification positions TechFini as a key player in addressing dispute resolution complexities.
Collaborative Efforts:
With these certifications, TechFini will collaborate with financial institutions.
Aims to accelerate payments capabilities, product journey, and digital growth.
UPI Transaction Growth:
In June 2024, UPI-based transactions reached over Rs 20 lakh crore.
This represents a 49% year-on-year increase.
The transaction volume stood at 13,885.1 million.
10. India Releases First Tranche of USD 2.5 Million to UNRWA for Palestinian Refugees
Tags: Economy/Finance
On 16 July 2024, the Government of India (GOI) released the first tranche of USD 2.5 million to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA).
An Overview of the News
This payment is part of India’s annual contribution of USD 5 million for the fiscal year 2024-25.
India has contributed a total of USD 35 million to UNRWA’s core programs up to 2023-24.
These programs include education, healthcare, relief, and social services for Palestinian refugees.
At the UNRWA Pledging Conference 2024 in New York, the USA and India pledged to provide medicines as per UNRWA’s specific requests.
About UNRWA
UNRWA (United Nations Relief and Works Agency for Palestine Refugees in the Near East) supports Palestinian refugees' relief and development.
It covers Palestinians displaced during the Nakba, the 1948 Palestine War, and later conflicts, along with their descendants and legally adopted children.
As of 2019, over 5.6 million Palestinians are registered with UNRWA.
Formation - 8 December 1949
Headquarters - Amman (Jordan) Gaza, Palestine
Deputy commissioner-general - Leni Stenseth
