National

News 1.

The government authorised a deal worth Rs 6,828 crore to buy 70 HAL HTT-40 Basic Trainer aircraft.

Aircraft will be supplied over a period of six years.

Current Affairs: The Union Cabinet has approved procurement of 70 HTT-40 Basic Trainer Aircraft from Hindustan Aeronautics Limited (HAL) for the Indian Air Force (IAF) at a cost of Rs 6,828.36 Crore. The aircraft will be supplied over a period of six years. 

What is HTT- 40: 

It is an aircraft designed to have good low speed handling quality and provide better training effectiveness. It has a fully aerobatic tandem seat turbo trainer with an air-conditioned Cockpit, modern avionics etc. 

Why is HTT- 40 useful:

• HTT-40 is a turboprop aircraft designed to have good low-speed handling qualities and provide better training effectiveness. So for better training purposes this is useful.
• Aircraft is expected to meet the shortage of basic trainer aircraft of the IAF required for training newly inducted pilots.
• Procurement will include associated equipment, training aids and simulators.
• HTT-40 contains around 56 per cent indigenous content, which would increase to over 60 per cent through the indigenisation of major components and subsystems.
• Acquisition of the HTT-40 provides a fillip to the Indian Aerospace Defence ecosystem by boosting efforts towards ‘Aatmanirbhar Bharat’. 

About HTT-40:

Top speed: 400 km/h

Range: 1,000 km

Length: 10 m

Engine type: Honeywell TPE331

First flight: 31 May 2016

Manufacturer: Hindustan Aeronautics Limited

Status: In production

News 2.

Bajaj Finserv got hands in Mutual Funds Business now

SEBI granted license to Bajaj Finserv to operate in Mutual Funds market in India

Current Affairs: Bajaj Finserv has received the final registration from the Securities Exchange Board of India SEBI, the market regulator to start its Mutual Fund Business. The company, Bajaj Finserv Asset Management Limited (BFAML) will soon offer a range of mutual fund products including equity, debt, and hybrid funds, both in the active and passive segments to investors. It will create a tech-driven, multi-channel approach to serve investors across various touchpoints and geographies. 

Rising Investor Confidence and digital access to financial services are the critical factors attracting investors to Mutual Funds. Mutual Fund is an investment fund that pools money from many investors to purchase securities. Investors who seek to get equity exposure can invest in equity funds.

It will help in creating long-term returns for Bajaj’s investors. According to a report The Indian mutual fund industry has assets worth Rs 39.62 lakh crore and has 42 asset management companies working in the sector as on January 31, 2023.

Bajaj Finserv Limited

Bajaj Finserv Limited is an Indian Non-Banking Company headquartered in Pune. It is focused on lending, asset management, wealth management, and insurance. It was founded in the year 2007 by Jamnalal Bajaj. 

SEBI

Securities Exchange Board of India is the market regulator which means it is a watchdog of the financial market in India. It was established in the 1988 as an executive body and was later given statutory power under SEBI Act, 1992. It is headquartered in Mumbai and current chairperson is Madhabi Puri Buch, she is the first woman chairperson of SEBI. 

Association of Mutual Funds in India

AMFI, the association of all the Asset Management Companies of SEBI registered mutual funds in India, was incorporated on August 22, 1995, as a non-profit organization. As of now, 42 Asset Management Companies that are registered with SEBI, are its members. Most mutual funds firms in India are its members. The organization aims to develop the mutual funds market in India.

News 3.

Nagaland Election Results 2023- who is leading

Nagaland Election Results 2023- who is leading 

 NDPP- led government 

Nagaland Assembly has the unique feature of having no opposition as all parties in the 60-member assembly have backed the Nationalist Democratic Progressive Party (NDPP)-led government. Election Commission’s official results: NDA alliance of NDPP, BJP and RPI attained majority. 

What is the result:  

BJP has won two, RPI (A) two and NDPP one so far

BJP chief Temjen Imna Along now leading 

Nagaland gets first two women MLA :

Nagaland on Thursday made history as two women candidates were elected in the 2023 state assembly elections.Both belonging to the ruling Nationalist Democratic Progressive Party (NDPP), achieved a historic feat by winning their respective seats.Two of the four women candidates Hekhani Jakhalu and Salhoutuonuo Kruse of NDPP are  elected in Dimapur-III and Western Angami seats. 

Election views: 

Tripura CM Manik Saha said,  

“We had said earlier also that BJP will once again form the government with the majority and the results so far are showing that we are forming the government. I thank PM Modi, Amit Shah, JP Nadda, Rajnath Singh and all party workers.”

About Nagaland election results:

Ruling NDPP-BJP alliance leading in 50 seats

NDPP surges ahead in 30 seats

Alliance partner BJP leading 12 seats

Others leading: 8

News 4.

No interview in Group ‘C’ exams in Uttarakhand

CM Pushkar Singh Dhami said that percentage of interviews in Provisional Civil Services would not be kept more than 10% of total marks

Uttarakhand Chief Minister Pushkar Singh Dhami has announced the abolition of interviews for Group C examinations in the state. 

Speaking at a public rally in Haldwani’s Ramlila ground, Mr Dhami said that interviews for Provisional Civil Services (PCS) and higher posts would also be capped at 10% of the total marks. This move aims to ensure transparency in recruitment and prevent those securing jobs through bribery or personal connections.

Abolition of interview system to check corruption

• Mr Dhami made the announcement during an event organized by the Bharatiya Janata Yuva Morcha. 
• He emphasized that the interview system should be abolished across all examinations to prevent candidates from securing jobs by bribing interviewers or using personal connections. 
• Under the new rules, the percentage of interviews in the PCS exams should also be capped at 10% of the total marks.

Reasons for retaining interviews in higher posts

• In higher posts such as PCS, where interviews are deemed necessary, the percentage of interviews will still be capped at 10% of the total marks.
• Interviewers will have to explain their reasons if they give less than 40% or more than 70% to any candidate. Mr Dhami believes that this move will ensure that candidates are not unfairly judged based on personal biases.

Stringent anti-copying laws to curb corruption

• Earlier this year, the Uttarakhand State passed an ordinance called Competitive Examination (Measures for Prevention and Redressal of Unfair Means in Recruitment). 
• The ordinance provides for a 10-year jail term for those found guilty of copying and life imprisonment for those facilitating them. 
• Mr Dhami believes that this law will help curb corruption and prevent the future of young aspirants from being jeopardized by the copying mafia.

Conclusion

• The decision to abolish interviews for Group C exams in Uttarakhand is a significant move towards transparency in recruitment. 
• The new rules aim to prevent corruption in the selection process and ensure that candidates are judged solely on their merits.
• The implementation of stringent anti-copying laws will also help curb the copying mafia and create a fair playing field for all aspirants.

International

News 1.

White House: India-US ties will boost up during Blinken’s visit

Blinken will have an opportunity to discuss the shared vision for a free Indo-Pacific

Ahead of G-20 Meeting American Secretary of State Antony Blinken will reaffirm the bilateral ties between and will discuss various shared opportunities. Secretary Blinken has arrived in New Delhi for the G-20 Foreign ministers meeting and to reinforce the US-India strategic partnership, which is founded on shared values including a commitment to democracy and the rules-based international system. State Department Spokesperson Ned Price told reporters that he will attend the G20 meeting and take part in the Raisina Dialogue. He will also have an opportunity to engage on a bilateral basis with Jaishankar, and other senior Indian leaders. 

The relationship with India is a global strategic partnership, which is broad; deep, and comprehensive. So, they’ll have a chance to deliberate the issues that will rule the agenda within the G20.

“We are supportive of India’s leadership and its effective stewardship of the G20 this year, and it’s an important forum where, as guided by the Indian leadership this year, participants will be able to talk about the issues that matter most to the people that are represented by this forum” 

India-US relations 

US is considered India’s Natural Ally. Historically India was not much inclined toward the US, as West had considered the Non-Aligned Movement leaning toward USSR. Currently, India and the United States enjoy close relations and have often seen eye-to-eye on issues such as counterterrorism, mutual distrust of Pakistan’s nuclear weapons program, and Chinese influence in the Indo-Pacific. Both countries share various multilateral platforms including The Quad and I2U2. 

United States of America

Capital- Washington DC

Currency – Dollar

President- Joe Biden 

Click here for Latest Updates on G-20

News 2.

CPV’s Politburo member Vo Van Thuong elected as Vietnam’s new President

Vo Van Thuong has been elected as the new President of Vietnam. The country’s top legislature convened a special meeting and elected Thuong with an approval rate of 98.38%.

Thuong’s Vow and Term

• In his statement, Thuong pledged his absolute loyalty to the nation, the people, and the Constitution of the Socialist Republic of Vietnam. 
• He also promised to work hard to fulfil the duty assigned by the Communist Party of Vietnam, the state, and the people. 
• Thuong will serve as the President until the present term ends in 2026.

Thuong’s Background

• Born in December 1970, Thuong is the youngest member of the Politburo of the Communist Party of Vietnam. 
• He hails from Mekong Delta’s Vinh Long province and holds an M.A. in Philosophy and an advanced degree in political theory from the Ho Chi Minh National Academy of Politics.

Thuong’s Political Career

• Thuong began his political career in 1993 and worked on student and youth affairs. 
• He became the secretary of Ho Chi Minh City’s Communist Youth Union in 2003. 
• In 2006, he was elected as an alternate member of the CPV Central Committee and appointed as the first secretary of the Central Committee of the Ho Chi Minh Communist Youth Union in 2007. 
• Later, in 2011, he became a member of the CPV Central Committee and was appointed secretary of the Quang Ngai Provincial Party Committee. 
• Thuong was re-elected to the CPV Central Committee in 2016 and became a member of the Politburo for the first time. 
• In 2021, he was elected as a member of the CPV Central Committee for the third time and became a member of the Politburo for the second time. 
• He was also assigned to serve as a permanent member of the CPV Central Committee’s Secretariat.

Conclusion

• Thuong’s election comes after the resignation of the former President, Nguyen Xuan Phuc, for personal reasons. 
• The National Assembly appointed Vo Thi Anh Xuan as the acting President the next day after Phuc’s resignation. 
• Thuong’s election as the President of Vietnam highlights his political experience and knowledge, and the trust and support that he has garnered from his party members.

India and Vietnam: Strengthening Friendship and Cooperation

• India and Vietnam have a strong and friendly relationship, rooted in their common struggle for independence. 
• Political contacts have strengthened, and trade and economic linkages continue to grow. 
• They cooperate closely in regional forums and are important partners in Southeast Asia. 
• A four-day “Buddhist Festival – Days of India” celebrated the 45th anniversary of diplomatic relations and the 10th anniversary of the establishment of a Strategic Partnership, featuring an important delegation from India. 
• Cultural ties and people-to-people exchanges also continue to grow, and their relationship is expected to continue to strengthen in the future.
• Hanoi, the capital of Vietnam is situated in northern Vietnam on the western bank of the Red River, about 85 miles (140 km) inland from the South China Sea. The Vietnamese Dong is the currency of Vietnam.

News 3.

Biden government is all set to ban Tik-Tok

This would be the most far-reaching ban by the US on any social media application

U.S. House Foreign Affairs Committee voted along with President Biden to ban the Chinese-based entertainment app “Tik-Tok”. The banned app is used by over 100 million Americans. The lawmakers of US voted in a ratio of 24 is to 16 in the House of Representatives. 

It is being referred to as “Spy Balloon in the phone”. If you are downloading this app that means you are giving the power to China Communist Party the power to access all your personal information, stated by one of the lawmakers who sponsored the bill. 

However the bill was opposed by democrats stating that there has to due diligence followed through proper debate and discussion. There is no clarity as to how the ban would work and how the United States would ensure the ban is effective. Moreover, China has come under the cloud of suspicion over its “Research Balloon” event. 

Ban, but why?

It is claimed that it is U.S. government’s efforts to counter China’s influence in the tech industry.  It is the duty of the Lawmakers and leaders to protect its citizen from those who would try to steal personal data of its users without permission. However, things would get clear only after the official statements. 

 In the year 2020 Indian Government banned several Chinese apps including Tik-Tok. It was illegally using the data of the Indian users which is clearly threatening security and integrity. 

USA 

It is also known as the United States of America, it is Federal Presidential and Constitutional Republic. The Capital is Washington DC and current President is Joe Biden. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. 

China

It is known as People’s Republic of China situated in the Northern Hemisphere in Asian Continent. It is Unitary Marxist–Leninist one-party socialist republic. The current President is Xi Jinping and the capital of China is Beijing. 

Inauguration

News 1.

CM Jagan to inaugurate Global Investors Summit in Vizag tomorrow

It is a truly global platform for businesses to explore investment opportunities in Andhra Pradesh.

Today, Chief Minister Y.S. Jagan Mohan Reddy will be arriving in Visakhapatnam to inaugurate the two-day Global Investors Summit. The summit is organised by the state government, to bring together prominent dignitaries from different industries around the world. This summit will provide the platform for investors and industrialists to announce their investment plans in Andhra Pradesh which has emerged as India’s fastest-growing state.

About Global Investors Summit

In the inaugural session of the summit there will be a feature keynote addresses by Union Minister Nitin Gadkari and Piyush Goyal.

Industrial captains participating in the Summit from India are 

• Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd;
• Gautam Adani, Chairman, Adani Group; 
• K.M. Birla, Chairman, Aditya Birla Group; 
• Hari Mohan Bangur, Chairman, Shree Cement Ltd.; 
• Sajjan Jindal, Chairman, JSW Group; 
• Sanjiv Bajaj, Managing Director and CEO, Bajaj Finserv; and 
• Naveen Jindal, Chairman, Jindal Steel and Power Ltd.

There will also be panel discussions on the opportunities offered by Andhra Pradesh involving

• G.M. Rao, chairman, GMR Group; 
• Sajjan Bhajanka, chairman, Century Ply Boards; 
• Sumant Sinha, chairman and managing director, Renew Power; 
• Puneet Dalmia, managing director, Dalmia Bharat Group; 
• Cyrill Gutsch, founder and CEO, Parley for Advisors Oceans; 
• Craig Cogut, founder and CEO, Pegasus Capital; 
• Martin Eberhard, co-founder and former CEO, Tesla Inc.; 
• Satya Tripathi, secretary general, Global Alliance for a Sustainable Planet
• Arjun Oberoi, executive chairman of Oberoi Group.

• On the second day of the summit, for setting up industrial units in the state in different sectors, the industrialists and Andhra Pradesh Government will sign memoranda of understanding.
• Delegates from more than 40 countries are expected to attend the Global Investment Summit, 2023. 

Topics of discussions during the Global Investors Summit

• The founder and chairman of Bharat Biotech, Dr. Suchitra Ella will speak on disease prevention and the chairman of Dr. Reddy’s Laboratories, Dr. Satich Reddy will talk on the revolution in pharmaceutical research and development.
• There will be sessions related to different industries such as :

           – Andhra’s role in India’s tech and data edge led by Rajeev Chandrasekhar, 

           – Union minister of state for electronics and IT, and 

           – A conversation on how Andhra can power India’s sea trade by Sarbanand Sonowal, Union minister of ports, shipping, and waterways.

• There will also be a session on sustainable development, India’s tech and EV revolution and India as a gateway to southeast Asia.

About Andhra Pradesh

Chief Minister- Y S Jagan Mohan Reddy

Capital- Amaravati

Appointment and Resignation

News 1.

Pakistan PM appoints first Ambassador for Kartarpur Corridor to woo more Sikh pilgrims

His appointment has been made, as Kartarpur has failed to attract the visitors in Pakistan, even after opening the critical holy site for Sikhs.

On Wednesday, as per the Government Notification, Shehbaz Sharif, Prime Minister of Pakistan has appointed Sardar Ramesh Singh Arora as the Ambassador-at-Large for Kartarpur Corridor as part of efforts to attract Sikh pilgrims from across the world. Sardar Ramesh Singh is a leading Sikh leader and he will be working in the position in an honorary capacity.

Reasons for the appointment of Ramesh Singh Arora

• He is the central general secretary of the Pakistan Muslim League (N) minorities wing. His family has been associated with the protection and welfare of the Sikh holy sites at Kartarpur.
• Kartarpur has failed to attract the visitors in Pakistan, even after opening the critical holy site for Sikhs, especially for Sikhs in India.

About Kartarpur Corridor

• It is a corridor which links Gurudwara Darbar Sahib in Pakistan with the Dera Baba Nanak Shire in the Gurdaspur district in India’s Punjab State.
• Gurudwara Darbar Sahib in Pakistan is the final resting place of Sikhism founder Guru Nanak Dev.
• The Kartarpur Corridor is a 4 km long corridor which provides visa-free access to Indian Sikh pilgrims to visit the Darbar Sahib.
• It was inaugurated by the former Prime Minister Imran Khan in 2019 as part of the commemoration of the 550th birth anniversary of Guru Nanak at a colourful ceremony. 
• This step was taken to pave the way for Indian Sikh pilgrims to visit one of their religion’s holiest sites in Pakistan without needing a visa.

About Ramesh Singh Arora

• He was elected as a member of the provincial assembly of Punjab for the second consecutive term in 2020.
• He has functioned as the chairman of the Standing Committee on Commerce and Investment during 2014-17; and as chairman of the Standing Committee on Human Rights and Minorities Affairs during 2017-18.
• He had played a leading role in implementing the “The Punjab Sikh Anand Karaj Marriage Act 2018” which made Pakistan the first country where Sikh Marriages Registration Act is enforced.

India-Pakistan Relationship

Both the countries have a complex and largely hostile relationship due to the multitude of historical and political events, most notably the partition in 1947. The India and Pakistan border is one of the most militarized international boundaries in the world.

About Pakistan

Prime Minister- Shehbaz Sharif

Capital- Islamabad

Currency- Pakistani Rupee

News 2.

Jishnu Barua becomes new chairperson of power regulator CERC

Jishnu Barua has also been the additional chief secretary to Assam looking after various departments of the state from August 2017 to October 2020.

On February 27, 2023, Jishnu Barua became the new chairperson of power regulator Central Electricity Regulatory Commission (CERC). A Power Ministry Statement said that 

“Union Minister for Power R K Singh administered the oath of office and secrecy to Jishnu Barua, chairperson, Central Electricity Regulatory Commission (CERC), here today.”

About Jishnu Barua

• He was a secretary of Assam from October 2020 to August 2022. 
• He has also been the additional chief secretary to Assam looking after various departments of the state from August 2017 to October 2020.
• After retirement, Barua held the charge of chairperson of Assam Power Distribution Company Ltd.
• He holds M.Phil degree in Defence and Strategic Studies, PG (History) Degree and Graduation degree.

Statement of the Union Minister RK Singh

“The power system in the country has improved significantly in recent years.”

“The current capacity is enough to cater to the electricity demand.”

“However, since the economy is growing at close to 7 percent and the electricity demand at 10 per cent, the power system needs to be ready to cater to this increasing demand for the next decade or so.”

“With ease of doing business and transparency, the investments in the power sector have been growing.”

 “There was a need to keep working towards ensuring an enabling investment climate in the sector.”

Statement of the Power Secretary Alok Kumar

“India needs a forward-looking and progressive central regulator with large-scale integration of renewable energy and green hydrogen expected in near future.”

“The new chairperson will have a greater responsibility as chairperson of the forum of regulators, where state electricity regulatory commissions are represented, to ensure that power utilities and distribution companies remain financially sound.”

About  Central Electricity Regulatory Commission (CERC)

• It was established by the Government of India under the provisions of the Electricity Regulatory Commission Act, 1998.
• It is the central commission for the purposes of the Electricity Act, 2003 which has repealed the ERC Act, 1998.
• The CERC consists of a chairperson and four other members, including Chairperson, Central Electricity Authority, who is the ex-officio member of the commission.

Functions of the  Central Electricity Regulatory Commission

• To regulate the tariff of generating companies owned or controlled by the central government.
• To regulate the tariff of other generating companies having a composite scheme for generation and sale of electricity in more than one state.
• To regulate the inter-state transmission of electricity and to determine tariff for such transmission of electricity.
• To advise the central government on formulation of national electricity policy and tariff policy.
• To promote the competition, efficiency and economy in activities of the electricity industry.
• To promote the investment in the electricity industry
• Any other matter referred to the central commission by the government.

Legal

News 1.

Supreme Court orders panel with Prime Minister, Opposition leader, Chief Justice of India for selecting Election Commissioners

The far-reaching verdict also means the Election Commission will have an independent secretariat, rule-making powers, an independent budget, and equal protection from impeachment.

Supreme Court has said that Election Commissioners will be appointed by the President on the advice proposed by the panel including the Prime Minister, the Leader of Opposition and the Chief Justice of India, in a landmark verdict aimed at “maintaining the purity of elections.” The Chief Election Commissioners and two election commissioners will be appointed on the advice of a committee to oversee polls across the country.

Statement of the Five-Judge Constitution bench led by Justice KM Joseph

“Elections should undoubtedly be fair and the buck stops with the Election Commission of India to ensure its purity is maintained.”

Statement from the Unanimous Verdict

“In democracy, the purity of elections must be maintained or else it would lead to disastrous consequences.”

Effect of the verdict

• The Election Commission will have an independent secretariat, rule-making powers, an independent budget and equal protection from impeachment.
• The Election Commission can draw funds directly from the consolidated fund of India.
• The “best man” will be appointed as the Chief Election Commissioner of the country for “fair and transparent mechanism.”

About the Petition

• Petitions had sought a collegium-like system for the appointment of election commissioners to ensure fair elections in the country.
• As per the petitions for the appointments of the CBI director or corruption watchdog Lokpal, where the leader of the Opposition and judiciary have a say, the Centre unilaterally appointed members of the Election Commission.
• The Supreme Court has questioned the Centre on the appointment of former IAS officer Arun Goel as the new Election Commissioner at “lightning speed”, within 24 hours.
• He is a 1985 batch IAS officer who took voluntary retirement from his previous posting on November 18 and later on he was appointed as an Election Commissioner on November 19.
• The Supreme Court, on examining the file, asked how the Ministry of Law and Justice shortlisted four names for the appointment of Election Commissioner.

News 2.

Section 50C Cannot Be Applied On Compulsory Acquisition Of A Capital Asset: Calcutta High Court

Section 50C Cannot Be Applied On Compulsory Acquisition Of A Capital Asset:  Calcutta High Court 

 there is no requirement for payment of stamp duty. 

The Calcutta High Court has held that in cases of compulsory acquisition of a capital asset (land or building, or both), the provisions of Section 50C of the Income Tax Act cannot be applied as the question of payment of stamp duty for effecting the transfer does not arise.

What is the provision of section 50C of Income tax Act:

The provision of section 50C is payment of stamp duty in respect of  transfer,  the value so adopted. Section 50C is applicable only to land or building or both. Section 50C uses value adopted by the Stamp Valuation Authority (SVA) for the purpose of levying stamp duty on registration of properties, as guidance value to determine undervaluation of land or building if any in the sale agreement. 

What Calcutta High court says:

Justice T.S. Sivagnanam and Justice Hiranmay Bhattacharyya have observed that,

The property was acquired under the provisions of the National Highways Act 1956. The property vests by operation of the said statute, and there is no requirement for payment of stamp duty in such vesting of property.

About the case:

Case Title: PCIT Versus Durgapur Projects Ltd.

Citation: ITAT No. 282 Of 2022

Date: 24.02.2023

Counsel For Appellant: Vipul Kundalia, Amit Sharma 

Counsel For Respondent: Sumit Ghosh, Anupam Dey, Souradeep Majumdar, Bhaskar Sengupta

Awards and Recognition

News 1.

HDFC Bank’s Sashidhar Jagdishan is ‘BS Banker of the Year 2022

HDFC has continued its strong performance under Sashidhar’s leadership while successfully navigating through technology-related challenges

Managing Director (MD) and chief executive officer of HDFC, Sashidhar Jagdishan has been chosen as the Business Standard Banker of the year 2022. HDFC has continued its strong performance under Sashidhar’s leadership while successfully navigating through technology-related challenges.

Process of Choosing the Winner

A five-member jury, chaired by former Reserve Bank of India deputy governor SS Mundra, has picked Sashidhar Jagdishan as the CEO of the largest private sector bank of the country as the winner. The Jury includes-

• Vice Chairman and CEO of HDFC Limited Keki Mistry, 
• Ican Investment Advisors Chairman Anil Singhvi, 
• Aditya Birla Sun Life Asset Management Company MD and CEO A Balasubramanian, and 
• Former MD and CEO of Bank of Baroda P S Jayakumar. Mistry

About Sashidhar Jagdishan

• He took charge of HDFC Bank on October 27, 2020, after his predecessor Aditya Puri demitted office upon attaining the age of 70 years.
• He will be appointed for a period of three-years and after which he will be eligible for an extension.
• He started his journey in HDFC Bank in 1996 as a manager in the finance function.

Statement of the Jury Chairman SS Mundra

“HDFC Bank continued to register a strong financial performance, augmented shareholders’ value, and growth ratios are impressive despite a much larger base. Jagdishan navigated the bank smoothly through the technology challenges it was facing when he took over the reins.”

“This is also a recognition of his leadership skills.”

Financial Year 2021-22- Period under review for the reward

• HDFC Bank reported an 18.8 % increase in its net profit to Rs 36,961.3 crore, backed by an 11 per cent increase in net interest income to Rs 72,009.6 crore.
• It also maintained a net interest margin of 4.0% Gross non-performing asset ratio, one of the best among Indian banks, declined to 1.17 per cent from 1.32 per cent in 2020-21. 
• Average return on assets (ROA) was 2.03 per cent, and return of equity was 16.9 per cent.
• It also commanded 11.2% of the loan market share and 9.5% in deposits by the end of 2021-22, and is the most valued lender in the country with over $100 billion market capitalization. 
• With over 70 million customers and 6,300 branches, it had a business close to Rs 30 trillion by the end of FY22.

Latest Schemes of the HDFC Bank

Some of the Central and State government schemes, where HDFC bank is participating :

• Prime Minister Employment Generation Programme (PMEGP)
• PM Street Vendor Atma Nirbhar Nidhi (PM SANNidhi)
• Chief Minister Employment Generation Programme (CMEGP)
• National Urban Livelihoods Mission (NULM)
• Mukhyamantri Swarojgar Yojna (MSY)
• Unemployed Youth Employment Generation Programme (UYEGP)

Features of the HDFC Mobile Banking

• Account Management
• Bill Payment
• Fund Transfers

Obituaries

News 1.

Former Chief Justice of India AM Ahmadi passes away

Having begun his judicial career as a City Civil and Session Court judge in Ahmedabad, he was the only Chief Justice of India who started at the very lowest rank to rise to the highest position of the Indian judiciary.

Former Chief Justice of India A.M. Ahmadi passed away at his home in India on Thursday, leaving behind a legacy of exceptional service to the Indian judiciary. Ahmadi served as the Chief Justice from 1994 to 1997 and is remembered as a celebrated jurist not only in India but around the world.

A Man of Principles and Controversial Judgements

• Ahmadi was known for his principled approach to the law and was not afraid to make controversial judgements during his tenure as Chief Justice of India. 
• He dissented in the Judges’ case, wrote a separate judgement in the Bommai’s case, and passed a midnight judgement against General Vaidya’s assassins. 
• He also formed part of the minority in a judgement relating to the Acquisition of Certain Areas at Ayodhya Act to be unconstitutional.

Contributions to the Legal Field and Wide-Ranging Expertise

• In addition to his work as Chief Justice of India, Ahmadi made significant contributions to the legal field and was an expert on a wide range of topics. 
• He authored numerous path-breaking judgements, and his expertise spanned areas such as Constitutional law, Human Rights, Freedom of Speech, Criminal Law, Taxation, and Centre-state and Interstate Relations. 
• He also served as the Chancellor of Aligarh Muslim University.

International Recognition and Honours

Justice Ahmadi’s work as a jurist was not only recognized in India but also internationally. 

• He was invited by various organizations, including the UNO and World Bank, to lead special projects. 
• He received honours from highly reputable legal institutions such as the American Inn of Laws and the Middle Temple Inn of the Honorable Society of Middle Temple, London. 
• Additionally, he received the degree of Doctor of Laws (Honoris Causa) from six of the most reputable Indian universities.

A Life of Service to the Indian Judiciary

Ahmadi had a long and illustrious career in the Indian judiciary. 

• He began his judicial career as a City Civil and Session Court judge in Ahmedabad in 1964 and was the only Chief Justice of India who started at the very lowest rank to rise to the highest position of the Indian judiciary. 
• He went on to become a judge of the Gujarat High Court in 1976 and was elevated to the Supreme Court of India in 1988. 
• Finally, in 1994, he became the chief justice of India. 
• In addition to his work as CJI, he also shouldered the responsibility of heading various Commissions and was contributing actively to the field of Arbitration till the end of his life.

A Strong Advocate of Minority Rights

Post his retirement in 1997, Justice Ahmadi continued to be a strong advocate of minority rights. 

• He served as the chancellor of the Aligarh Muslim University and spoke out against the alleged bias in police forces against the Muslim Community.
• In his presidential address at the International Conference on “Minority Rights and Identities: Challenges and Prospects in an Unfolding Global Scenario”, he emphasized the importance of education as the only recourse for the empowerment of minorities.

Sports

News 1.

Umesh Yadav becomes the fifth Indian pacer to take 100 wickets at home

Since Umesh’s Debut in November 2011 there were 14 pace bowlers who have taken 100+ wickets at home and Umesh is the only bowler from Asia.

On Thursday, during the second day of the third Test against Australia, Umesh Yadav became the fastest Indian pacer to take 100 Test wickets. Umesh has entered the list of pacers with 100 plus Test wickets at home after he took the wicket of Mitchell Starc in the 74th over.

Umesh Yadav’s Record-

He took 4,652 balls to take 100 Test scalps in India which had made him the 5th Indian pacer and the 13th Indian overall to take 100 Test wickets at home. Since Umesh’s Debut in November 2011 there were 14 pace bowlers who have taken 100+ wickets at home and Umesh is the only bowler from Asia.

Records of other Indian players who has taken the most Test wickets at home

• Anil Kumble has most Test wickets in India i.e. 350.
• R Ashwin i.e. 329 has the second most Test wickets at home.
• Kapil Dev has the most Test wickets among pacers at home i.e. 219.
• Javagal Srinath comes second with 108 Test wickets. 
• Zaheer Khan has 104 Test wickets.
• Ishant Sharma has 104 Test wickets.

Bowling average of Indian Pacers with 100+ Test Wickets

Name	Average Percentage	Wickets
Umesh Yadav	24.53	101
Kapil Dev	26.49	219
Javagal Srinath	26.61	108
Ishant Sharma	31.64	104
Zaheer khan	35.87	104

Best bowling strike rate for a pacer in Asia (min 100 wickets)

Name	Bowling Strike Rate	Wickets
Waqar Younis	38.2	215
Shoaib Akhtar	44.5	125
Umesh Yadav	47.5	119
Imran Khan	48.8	205
Wasim Akram	52.4	216

Umesh Yadav’s Achievements

• He is considered the first one from Vidarbha area of Maharashtra to play for Indian Cricket Team.
• He managed to successfully pick the maximum wickets for India during the ICC World Cup 2015.
• He was selected as one of India’s pace bowlers for their tour of Australia in 2011–12.
• He also managed to play in all four Tests, registering 14 wickets to his name at an average of 39.35.
• He was included in India’s 15-member squad for the 2013 ICC Champions Trophy in May 2013.
• He was also included in India’s 20-member squad for the 2015 Cricket World Cup.
• He was declared a part of India’s 20-member Test squad for India’s World Test Championship final against New Zealand and for India’s 4 match Test series, which was against England in May 2021.
• He managed to successfully register 4 wickets to his name, with an average speed of around 145 km/hr at an Australian series that took place between 2011-12.

Some of the lesser-Known Facts about Umesh Yadav

• He had interest, and was willing to join the Indian Army and on being rejected, he also applied for the police constable’s job but had to lose the opportunity by a few points.
• His father is said to work at Khaperkheda coal mines in Nagpur, Maharashtra.
• At his initial cricket career, he wanted to complete his graduation degree in commerce, but unfortunately failed due to lack of time.