Daily Current Affairs August 09

Dear Champions, as you all know that a lot of competitive exams have been notified consequently. Candidates have to prepare themselves according to the level of competition and expectation of the Recruitment board. Regarding that one of the most important topic is Daily Current Affairs August 09. Current Affairs in the form of contemporary events of national & international play a crucial role in almost every competitive exams like Banking, Insurance, SSC, UPSC, TNPSC, Railway etc.

Current affairs are the most dynamic yet scoring among all sections and need to be prepared from the right source. Here, we cafunsta team, providing  Daily GK Updates, Current Affairs Questions, and Monthly  current affairs pdf.

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August 09 | Daily Current Affairs 2024

Sports – Daily Current Affairs August 09

1. Which medal did Neeraj Chopra win in the men’s javelin throw at the Paris Olympics 2024?
A) Gold
B) Bronze
C) Silver
D) No Medal
E) Diamond League
Answer: C) Silver

Event and Location:

• Event: Neeraj Chopra wins Silver in the men’s javelin throw
• Location: Paris Olympics 2024

Mandates and Objectives:

• Performance Highlights:
  • Neeraj Chopra secured a Silver medal for India in the men’s javelin throw with a best throw of 89.45 meters on his second attempt.
  • This performance marks the end of India’s bronze streak at the Olympics, bringing home a silver medal in athletics.
  • Neeraj Chopra becomes the second Indian male athlete to win two Olympic medals in an individual event, following his gold medal victory in the 2020 Tokyo Olympics.

Important Terms Explained:

• Javelin Throw:
  • A track and field event where athletes throw a spear-like implement, the javelin, as far as possible.
• Olympic Medal:
  • Awards given to athletes who achieve first (gold), second (silver), and third (bronze) place finishes in their events at the Olympic Games.

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Banking and Finance – Daily Current Affairs August 09

2. What potential risks and challenges did the RBI flag in the financial sector?
A) Increasing reliance on bulk deposits by banks
B) Slowdown in credit growth
C) Decrease in personal loan demand
D) Reduction in household savings
E) Decline in stock market performance
Answer: A) Increasing reliance on bulk deposits by banks

Event and Location:

• Event: RBI flags potential risks in the financial sector
• Location: India

Mandates and Objectives:

• Potential Risks and Challenges Identified by RBI:
  • Increased Reliance on Bulk Deposits:
    • Banks are increasingly relying on bulk deposits to meet rising credit demand, which could pose a liquidity risk.
  • High Growth in Personal Loans:
    • Certain segments of personal loans are witnessing high growth despite the increase in risk weights, raising concerns about potential defaults.
  • Brisk Growth in Top-Up Loans:
    • There has been a rapid increase in top-up loans, which may add to the financial risk if not managed prudently.
• Suggested Focus for Banks:
  • Banks should consider mobilizing household financial savings more effectively through innovative products and services to reduce reliance on riskier liabilities like bulk deposits.

Important Terms Explained:

• Bulk Deposits:
  • Large, one-time deposits made by institutional or corporate entities, often at higher interest rates, which can increase liquidity risk for banks.
• Risk Weights:
  • Regulatory capital requirements set by the central bank to ensure that banks hold a certain percentage of their assets in low-risk forms, affecting how much capital they must hold against different types of loans.
• Top-Up Loans:
  • Additional loans offered to existing borrowers on top of their current loan, often at the same or slightly higher interest rate.

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Acquisitions and Mergers – Daily Current Affairs August 09

3. Which organization approved the acquisition of 12 SPVs of PNC Infratech by Highway Infrastructure Trust?
A) National Highway Authority of India (NHAI)
B) Securities and Exchange Board of India (SEBI)
C) Competition Commission of India (CCI)
D) Reserve Bank of India (RBI)
E) Ministry of Road Transport and Highways
Answer: C) Competition Commission of India (CCI)

Event and Location:

• Event: Acquisition approval of PNC SPVs by Highway Infrastructure Trust
• Location: Delhi, India

Mandates and Objectives:

• Objective of Acquisition:
  • The acquisition involves the transfer of 100% equity stake, management, and control of 12 special purpose vehicles (SPVs) from PNC Infratech Limited and PNC Infra Holdings to Highway Infrastructure Trust.
  • The SPVs are involved in infrastructure projects under the Hybrid Annuity Model (HAM) and Build-Operate-Transfer (BOT) with government entities like the National Highway Authority of India.
• Mandate of Acquirer Trust:
  • Highway Infrastructure Trust is an infrastructure investment trust registered with SEBI, focused on managing road and highway projects in India.

Important Terms Explained:

• Special Purpose Vehicle (SPV):
  • Entities created for specific projects or purposes, often in infrastructure to manage, develop, and maintain projects.
• Hybrid Annuity Model (HAM):
  • A model where the government and private sector share financial risk, with partial government funding and private sector operation.
• Build-Operate-Transfer (BOT):
  • A model where a private entity constructs, operates, and maintains a project for a certain period before transferring it to the government.

Static GK Information:

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4. Which entity did 360 ONE Private Equity Fund acquire in a CCI-approved transaction?
A) HDFC Bank
B) ICICI Prudential
C) Vastu Housing Finance Corporation Limited
D) LIC Housing Finance
E) PNB Housing Finance
Answer: C) Vastu Housing Finance Corporation Limited

Event and Location:

• Event: CCI approval of acquisition by 360 ONE Private Equity Fund in Vastu Housing Finance Corporation Limited
• Location: Delhi, India

Mandates and Objectives:

• Objective of Acquisition:
  • The acquisition involves 360 ONE Private Equity Fund purchasing equity shares in Vastu Housing Finance Corporation Limited (VHFCL).
  • VHFCL offers a range of financial products, including home loans, loans against property, and MSME loans.
• Mandate of Acquirer:
  • 360 ONE Private Equity Fund is a Category II Alternative Investment Fund registered with SEBI, aiming to invest in various sectors in India and globally.
  • 360 ONE Alternates Asset Management Limited (360 AAML), a wholly owned subsidiary of 360 ONE WAM Limited (360 OWL), manages investments for 360 Fund.

Important Terms Explained:

• Alternative Investment Fund (AIF):
  • A pooled investment vehicle that collects funds from investors for investments according to a defined strategy.
• Home Loans and MSME Loans:
  • Home Loans: Loans provided to individuals for purchasing or constructing homes.
  • MSME Loans: Loans granted to Micro, Small, and Medium Enterprises (MSMEs) to support their business activities.

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5. Which business entities’ restructuring has been approved by CCI involving a demerger to Ramky Sustainability Solutions Private Limited?
A) Tata Group and Reliance Industries
B) Re Sustainability Limited and Mumbai Waste Management Limited
C) HDFC Bank and ICICI Bank
D) Infosys and Wipro
E) Adani Group and Tata Power
Answer: B) Re Sustainability Limited and Mumbai Waste Management Limited

Event and Location:

• Event: CCI approval of restructuring involving demerger of Re Sustainability Limited’s business to Ramky Sustainability Solutions Private Limited.
• Location: Delhi, India

Mandates and Objectives:

• Objective of Restructuring:
  • The restructuring involves the demerger of the municipal solid waste (MSW) business and waste to energy (WTE) business from Re Sustainability Limited (ReSL) and its subsidiaries to Ramky Sustainability Solutions Private Limited (RSSPL).
  • The shareholding pattern of RSSPL will mirror that of ReSL after the restructuring.
• Entities Involved:
  • Re Sustainability Limited (ReSL): Engaged in various waste management businesses, including industrial waste, biomedical waste, municipal solid waste, and waste to energy plants.
  • Mumbai Waste Management Limited (MWML): A wholly owned subsidiary of ReSL, engaged in industrial and biomedical waste management.
  • Ramky Sustainability Solutions Private Limited (RSSPL): A newly incorporated entity that will house the demerged businesses.
  • Metropolis Investment Holdings Pte. Ltd. (Metropolis): An investment company registered as a Foreign Venture Capital Investor under SEBI regulations.
  • Founding Group: The family members and RK Ventures who hold shares in ReSL and are part of the Ramky group.

Important Terms Explained:

• Demerger:
  • The process of transferring a portion of a company’s business to a newly formed or existing entity. In this case, ReSL’s MSW and WTE businesses are being transferred to RSSPL.
• Municipal Solid Waste (MSW):
  • Waste products from residential, commercial, and municipal sources, typically collected and managed by local authorities.
• Waste to Energy (WTE):
  • A process that converts waste materials into usable energy, such as electricity or heat.

Static GK Information:

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6. Which company’s acquisition by Data Infrastructure Trust has been approved by CCI?
A) Bharti Infratel
B) Reliance Jio Infocomm
C) ATC Telecom Infrastructure Private Limited
D) Vodafone Idea Limited
E) Tata Communications
Answer: C) ATC Telecom Infrastructure Private Limited

Event and Location:

• Event: CCI approval of acquisition by Data Infrastructure Trust of ATC Telecom Infrastructure Private Limited
• Location: Delhi, India

Mandates and Objectives:

• Objective of Acquisition:
  • The acquisition involves Data Infrastructure Trust (DIT) acquiring 100% of the share capital of ATC Telecom Infrastructure Private Limited (ATC India).
  • DIT is an infrastructure investment trust engaged in providing passive telecom infrastructure services in India through special purpose vehicles.
• Entities Involved:
  • ATC Telecom Infrastructure Private Limited (ATC India): A subsidiary of American Tower International, Inc., providing passive telecom infrastructure services in India.
  • Data Infrastructure Trust (DIT): An infrastructure investment trust registered with SEBI under the Infrastructure Investment Trusts (InvIT) Regulations, 2014, engaged in passive telecom infrastructure services in India.

Important Terms Explained:

• Passive Telecom Infrastructure:
  • Infrastructure that supports telecommunications, such as cell towers, but does not include active equipment like antennas or radios.
• Infrastructure Investment Trust (InvIT):
  • A type of investment vehicle in India that allows institutional investors and others to invest directly in infrastructure projects, earning a return from the assets.

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Appointments – Daily Current Affairs August 09

7. Who has SEBI approved as the new MD & CEO of MCX in August 2024?
A) Madhabi Puri Buch
B) PS Reddy
C) Praveena Rai
D) Sandeep Bakshi
E) Shaktikanta Das
Answer: C) Praveena Rai

Event and Location:

• Event: Appointment of Praveena Rai as the new MD & CEO of MCX
• Location: India

Mandates and Objectives:

• Objective of Appointment:
  • Praveena Rai has been appointed as the Managing Director and CEO of Multi Commodity Exchange (MCX), India’s largest commodity exchange.
  • She was previously the Chief Operating Officer (COO) at National Payments Corporation of India (NPCI), where she managed marketing, business development, product management, and operations strategy.
• Background of Praveena Rai:
  • She brings over 20 years of experience in payments, cards, retail, transaction, wholesale, and commercial banking.
  • She has previously worked with Kotak Mahindra Bank, leading their cash management portfolio, and HSBC, managing payments for Asia Pacific and heading sales.

Important Terms Explained:

• Multi Commodity Exchange (MCX):
  • India’s largest commodity derivatives exchange, facilitating trading in commodities like gold, silver, and crude oil.
• National Payments Corporation of India (NPCI):
  • An umbrella organization for operating retail payments and settlement systems in India, known for products like UPI and RuPay.

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National Affairs – Daily Current Affairs August 09

8. Which bill was introduced by Nirmala Sitharaman in Lok Sabha, seeking to increase the number of bank account nominees to four?
A) Banking Companies Act Amendment Bill
B) Cooperative Societies Bill
C) Banking Laws (Amendment) Bill, 2024
D) Financial Services Regulation Bill
E) Reserve Bank of India Act Amendment Bill
Answer: C) Banking Laws (Amendment) Bill, 2024

Event and Location:

• Event: Introduction of the Banking Laws (Amendment) Bill, 2024
• Location: Lok Sabha, India

Mandates and Objectives:

• Key Provisions of the Bill:
  • Increase in Number of Nominees:
    • The Bill proposes to increase the number of nominees per bank account from the existing one to four, giving customers more flexibility in managing their accounts.
  • Redefining ‘Substantial Interest’ for Directorships:
    • The threshold for what constitutes ‘substantial interest’ in directorships is proposed to be redefined, increasing the financial limit from ₹5 lakh to ₹2 crore.
  • Greater Freedom for Banks:
    • The Bill allows banks more freedom in deciding the remuneration for statutory auditors, providing them with flexibility in managing their operations.
  • Changes in Reporting Dates:
    • Banks are required to report for regulatory compliance on the 15th and last day of every month instead of the second and fourth Fridays.
• Purpose of the Bill:
  • To improve bank governance, enhance investor protection, and update banking regulations to reflect the current economic environment.

Important Terms Explained:

• Substantial Interest:
  • A financial threshold used to determine the level of influence a person may have in the directorship of a company, which the Bill proposes to increase.
• Statutory Auditors:
  • External auditors appointed to ensure that a bank’s financial statements are accurate and comply with regulatory standards.

Static GK Information:

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9. Which ministry launched consultations with the industry on a new internship scheme targeting the top 500 CSR spenders?
A) Ministry of Education
B) Ministry of Finance
C) Ministry of Corporate Affairs
D) Ministry of Labour and Employment
E) Ministry of Skill Development and Entrepreneurship
Answer: C) Ministry of Corporate Affairs

Event and Location:

• Event: Launch of consultations by MCA on a new internship scheme
• Location: New Delhi, India

Mandates and Objectives:

• Objective of the Internship Scheme:
  • The Ministry of Corporate Affairs (MCA) has initiated consultations with industry to implement a Budget 2024 proposal offering internships in the top 500 companies.
  • The scheme aims to provide internships to 1 crore youth over the next five years, focusing on companies with the highest Corporate Social Responsibility (CSR) spending.
  • Each intern under the scheme will receive a monthly allowance of ₹5,000 and a one-time assistance of ₹6,000.

Important Terms Explained:

• Corporate Social Responsibility (CSR):
  • A self-regulating business model where companies are socially accountable to themselves, their stakeholders, and the public. Companies in India are mandated to spend a percentage of their profits on CSR activities.

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10. Which two maritime bills were introduced by Shipping Minister Sarbananda Sonowal to replace old legislation?
A) The Shipping Laws Bill, 2024, and the Maritime Trade Bill, 2024
B) The Ports Regulation Bill, 2024, and the Shipping Operations Bill, 2024
C) The Carriage of Goods by Sea Bill, 2024, and the Bills of Lading Bill, 2024
D) The Maritime Security Bill, 2024, and the Marine Insurance Bill, 2024
E) The Inland Waterways Bill, 2024, and the Coastal Shipping Bill, 2024
Answer: C) The Carriage of Goods by Sea Bill, 2024, and the Bills of Lading Bill, 2024

Event and Location:

• Event: Introduction of two maritime bills in Lok Sabha
• Location: New Delhi, India

Mandates and Objectives:

• Objective of the Bills:
  • The Carriage of Goods by Sea Bill, 2024:
    • This Bill aims to modernize the legal framework governing the transportation of goods by sea, replacing outdated legislation.
  • The Bills of Lading Bill, 2024:
    • This Bill seeks to update the regulations surrounding bills of lading, which are crucial documents in the shipping industry, replacing century-old laws with modern provisions.
  • Legislative Context:
    • Both Bills are designed to replace antiquated maritime laws, bringing India’s maritime legislation in line with contemporary international practices and enhancing the efficiency and legal clarity of maritime trade.

Important Terms Explained:

• Carriage of Goods by Sea:
  • Refers to the transportation of cargo by sea, governed by various international conventions and domestic laws.
• Bills of Lading:
  • A document issued by a carrier to acknowledge the receipt of cargo for shipment. It serves as a shipment contract and a receipt for goods.

Static GK Information:

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11. Which states are covered by the ₹25,000 crore railway projects approved by the Cabinet?
A) Uttar Pradesh, Rajasthan, Gujarat, and Tamil Nadu
B) Odisha, Maharashtra, Andhra Pradesh, and Telangana
C) Kerala, Karnataka, Goa, and Madhya Pradesh
D) Punjab, Haryana, Himachal Pradesh, and Uttarakhand
E) Delhi, Punjab, Jammu & Kashmir, and Assam
Answer: B) Odisha, Maharashtra, Andhra Pradesh, and Telangana

Event and Location:

• Event: Cabinet approval of ₹25,000 crore railway projects
• Location: India

Mandates and Objectives:

• Objective of the Projects:
  • The Indian Cabinet has approved eight major railway projects across seven Eastern and Central Indian states, amounting to nearly ₹25,000 crore.
  • These projects aim to improve connectivity and infrastructure in Odisha, Maharashtra, Andhra Pradesh, Telangana, Jharkhand, Bihar, and West Bengal.
• States Covered:
  • Odisha: Enhancing connectivity within the state and with neighboring regions.
  • Maharashtra: Improving infrastructure, especially in Eastern Maharashtra.
  • Andhra Pradesh: Facilitating better rail connectivity.
  • Telangana: Developing key rail routes to support economic activities.
  • Jharkhand: Focus on improving links within the state and with adjoining regions.
  • Bihar: Enhancing rail services and connectivity.
  • West Bengal: Upgrading infrastructure to support regional connectivity.
• Significance:
  • The projects are part of the government’s broader strategy to improve transportation infrastructure in Eastern India, which is crucial for economic development and integration with the rest of the country.

Important Terms Explained:

• Railway Projects:
  • Large-scale infrastructure initiatives aimed at building or upgrading railway lines, stations, and related facilities to improve transportation and connectivity.
• Cabinet Approval:
  • The formal endorsement by the government’s cabinet, which includes key ministers, to go ahead with large-scale projects or policy changes.

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Over All Review

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