International News

India-Middle East-Europe Mega Economic Corridor Project

• Prime Minister Narendra Modi made a groundbreaking announcement during the G20 summit about the India-Middle East-Europe economic corridor.
• This initiative, involving India, UAE, Saudi Arabia, European Union, Italy, Germany, and the United States, is set to surpass the historical Silk and Spice routes in significance.
• The project's aim is to boost trade among these nations, with a particular focus on energy-related goods exchange.
• This move is seen as a response to China's extensive infrastructure initiative aimed at global connectivity.

Storm Daniel Devastates Eastern Libya

• Eastern Libya faces a state of emergency after Storm Daniel wreaked havoc, resulting in over 5,300 lives lost and many missing.
• Libya's internal division and neglect of infrastructure have compounded the crisis, with roads leading to the affected areas severely damaged.
• The situation in the city of Derna is particularly dire, with varying estimates of casualties reported.

National News

Bharat: The Mother Of Democracy” Portal Unveiled at G20 Exhibition

• The Ministry of Culture unveiled the "Bharat: The Mother of Democracy" online portal on the eve of the G20 leadership summit.
• This comprehensive digital exhibition traces India's rich democratic history over 7,000 years, from the Sindhu-Saraswati civilization to 2019.
• Curated by the Indira Gandhi National Centre for the Arts (IGNCA), the portal is organized into five main sections, available in 16 languages, making it accessible to a global audience.

President Droupadi Murmu Inaugurates First Global Symposium On Farmers’ Rights

• President Droupadi Murmu inaugurated the First Global Symposium on Farmers' Rights in New Delhi, emphasizing the critical role of farmers in conserving crop diversity.
• Indian farmers' contributions to preserving local plant varieties and traditional variants have laid the foundation for crop breeding programs, ensuring food and nutritional security.

State News

MP Cabinet Approves Mob Lynching Victim Compensation Scheme 2023

• The Madhya Pradesh cabinet, led by Chief Minister Shivraj Singh Chouhan, has approved transformative initiatives addressing various state issues.
• These include a compensation scheme for mob lynching victims, housing schemes for homeless families, enhanced honorarium for guest faculty, flood relief packages, and expanding public services.
• The Mukhyamantri Ladli Behna Housing Scheme aims to provide housing support to vulnerable populations.

Defence News

Raksha Mantri Inaugurates 90 BRO Infrastructure Projects

• Raksha Mantri Shri Rajnath Singh inaugurated 90 Border Roads Organisation (BRO) infrastructure projects worth over Rs 2,900 crore across 11 States/Union Territories.
• These projects, including tunnels, airfields, helipads, roads, and bridges, strengthen India's border regions, contributing to national security.

Economy News

Indian Retail Inflation Eases to 6.83% in August

• India's retail inflation in August eased to 6.83%, showing signs of moderation from July's 7.44%. Despite this decrease, it remains above the RBI's target range of 4+/-2%.
• The drop is attributed to a cooling in vegetable prices but underscores the ongoing challenge of inflation management.

Banking News

RBI (Classification, Valuation And Operation Of Investment Portfolio Of Commercial Banks) Directions, 2023

• The Reserve Bank of India (RBI) issued the "Classification, Valuation and Operation of Investment Portfolio of Commercial Banks" Directions in response to a Discussion Paper.
• These revised directions provide a principle-based classification for investment portfolios and address transfers to/from held to maturity (HTM) categories, among other changes, impacting commercial banks from April 1, 2024

Bank Of Baroda Unveils Four New Savings Accounts

• Bank of Baroda introduced four new savings accounts, catering to diverse customer needs.
• These include a lifetime no minimum balance account, a zero-balance savings account for students, a comprehensive family savings account, and a tailored account for non-resident Indians.

Business News

Cashfree Payments Partners With NPCI For ‘AutoPay On QR’

• Cashfree Payments collaborated with the National Payments Corporation of India (NPCI) to introduce 'AutoPay on QR,' a solution benefiting subscription-based businesses.
• This innovative offering simplifies mandate creation for subscription services, enhancing user convenience and business ROI.

NPCI Introduces Innovative Contactless Payment Wearable Ring: ‘OTG Ring’

• The National Payments Corporation of India (NPCI) unveiled the 'OTG Ring,' a contactless payment wearable ring developed in collaboration with Indian fintech startup LivQuik.
• This innovative ring is designed for National Common Mobility Card (NCMC) customers, revolutionizing secure and convenient transactions.

Appointments News

India’s Sindhu Gangadharan Appointed As Nasscom Vice-Chairperson

• Sindhu Gangadharan, Senior Vice President and Managing Director at SAP Labs India, has been named the Vice-Chairperson of The National Association of Software and Service Companies (Nasscom).
• She will use her extensive technology and corporate leadership experience to support India's TechAde initiative.

Sports News

Subroto Cup 2023: Bengaluru Joins Delhi And Gurugram As Host City

• The 62nd Subroto Cup International Football Tournament expands to include Bengaluru as a host city, in addition to Delhi and Gurugram.
• This prestigious event features teams from 27 Indian states and Union Territories, with international participation from Bangladesh and Nepal, promising an action-packed tournament.

Simona Halep Receives 4-Year Ban From Tennis For Doping

• Simona Halep, a two-time Grand Slam champion, received a four-year ban from professional tennis due to anti-doping violations.
• This decision follows her positive test for Roxadustat at the US Open last year, though she plans to appeal the ruling.

Obituaries News

Noted Rudra Veena Exponent, Ustad Ali Zaki Hader Passes Away

• Ustad Ali Zaki Hader, a renowned Rudra veena exponent, passed away in New Delhi.
• As a disciple of Ustad Asad Ali Khan, he upheld the Khandarbani style of the Jaipur Beenkar gharana of Dhrupad. The Rudra veena is known for its deep bass resonance and plays a significant role in Hindustani classical music.