International News
Russian E-Visa Facility
Starting from August 1, Russia has introduced an electronic visa (e-visa) system for Indian travelers. This convenient online process eliminates the need to visit consulates or embassies for a regular visa. Travelers from 54 other countries can also avail of this facility. To apply, one can visit the website of the Ministry of Foreign Affairs of Russia. The application should be submitted at least 40 days before the planned trip, with a digital photo and passport information scan. The e-visa is valid for 60 days from issuance and permits a stay of up to 16 days, costing USD 35.
National News
India’s Pioneer 3D-Printed Post Office:
Bengaluru, renowned as the nation’s tech hub, proudly inaugurated India’s first 3D-printed post office. Situated in Cambridge Layout near Ulsoor, this innovative establishment sets new standards for efficiency, sustainability, and design. Constructed in just 43 days, in contrast to the usual 10-month timeline, this 1,021-square-foot post office is a collaborative creation by Larsen and Toubro, a major construction company, and technical guidance from the Indian Institute of Technology (IIT) Madras. The total expenditure for this architectural marvel was INR 23 lakh.
Real-Time Flood Forecasts with ‘FloodWatch’:
The Central Water Commission (CWC) Chairman, Shri Kushvinder Vohra, unveiled the revolutionary mobile application "FloodWatch." This app leverages mobile technology to provide real-time flood forecasts up to 7 days in advance, aiding flood preparedness and response. Available in English and Hindi, the app employs cutting-edge technologies such as satellite data analysis and mathematical modeling to deliver accurate flood forecasts.
Economy News
Crisil’s GDP Forecast:
Crisil, a prominent rating agency, predicts India’s GDP growth to reach 6% in the fiscal year 2024, slightly lower than the National Statistical Organisation's (NSO) estimated 7% for 2023. Over the next five fiscal years, Crisil envisions the economy maintaining an average growth rate of 6.8%, driven by increased capital investment and productivity improvements. The projection also anticipates a reduction in external vulnerability due to a narrower current account deficit and moderate short-term external debt.
Banking News
Axis Bank's Innovative Partnerships:
Axis Bank has collaborated with the RBI Innovation Hub to introduce groundbreaking lending products through the Public Tech Platform for Frictionless Credit (PTPFC). The bank is launching Kisan Credit Cards (KCC) for agricultural growth, offering eligible customers credit up to INR 1.6 lakh. Additionally, unsecured MSME loans for business expansion are being introduced, providing qualified customers loans up to INR 10 lakh to support Micro, Small, and Medium Enterprises (MSMEs).
RBI’s UDGAM Portal for Unclaimed Deposits:
The Reserve Bank of India (RBI) unveiled the UDGAM (Unclaimed Deposits – Gateway to Access Information) portal, streamlining the process of locating unclaimed deposits across various banks. This user-friendly platform consolidates information from multiple banks, simplifying the identification and claiming of unclaimed deposits.
Schemes News
Bhagwan Birsa Munda Jodaraste Scheme:
The Maharashtra government initiated the Bhagwan Birsa Munda Jodaraste Scheme to connect tribal villages in 17 districts with main roads, enhancing accessibility to essential services. This project, costing INR 5,000 crore, aims to bridge the connectivity gap and facilitate the provision of fundamental facilities to tribal communities.
Agreements News
Trinidad and Tobago’s Adoption of INDIA STACK:
India and Trinidad and Tobago signed a Memorandum of Understanding (MoU) to share India's advanced INDIA STACK technology. This collection of open APIs and digital public goods facilitates identity verification, data management, and payment services, fostering digitalization efforts and rapid economic and governance transformation.
AICTE and Jio Institute's AI & Data Science FDP:
The All India Council for Technical Education (AICTE) partnered with the Jio Institute to offer a comprehensive faculty development program focused on Artificial Intelligence (AI) and Data Science (DS). This program equips academic leaders with a deep understanding of AI and DS, enabling responsible integration into education.
Appointments News
Parminder Chopra Leads Power Finance Corporation:
Parminder Chopra assumes the role of Chairman and Managing Director (CMD) at Power Finance Corporation (PFC), becoming the first woman to lead India's largest NBFC. Her leadership role is effective from August 14, 2023. She previously played a key role in implementing a Liquidity Infusion Scheme for the power distribution sector.
PR Seshadri Takes Helm at South Indian Bank:
PR Seshadri has been appointed as Managing Director & CEO of South Indian Bank, effective from October 1, 2023. His extensive banking experiences position him well to lead the bank, leveraging his knowledge of AI and DS.
Important Days News
World Photography Day Celebrates Photographic Art:
World Photography Day, observed on August 19, commemorates the invention of the daguerreotype process in 1839, marking a pivotal moment in the history of photography. This day celebrates photography as both an art form and a scientific achievement.
Miscellaneous News
Inaugural G20 Film Festival:
Delhi kicked off the first-ever G20 film festival with the screening of Satyajit Ray's iconic film "Pather Panchali." The festival, spanning 17 days, aims to foster cross-cultural understanding through exceptional cinematic experiences.