Correct Answer :   HSBC India

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Hong Kong and Shanghai Banking Corporation (HSBC) Limited became the first foreign bank in India to launch 'ONDC in a Box', a one-stop-shop proposition for corporates towards seamless enablement on ONDC.

Aim :  To foster an inclusive, competitive, and open network, amplifying its impact across the business spectrum.

* The ONDC is an initiative to build an open, interoperable network on which buyers and sellers can transact without needing to be present on the same platform.

Source : HSBC

Correct Answer :   Coco Gauff

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American Coco Gauff, 19, won her first Grand Slam title, after taking the U.S. Open women's singles title 2023 in three sets against Aryna Sabalenka from Belarus.

* Gauff won 2-6, 6-3, 6-2 to become only the third American teen to win the final grand slam of the year, joining the ranks of Serena Williams and Tracy Austin.

* The last time an American woman won the tournament was in 2017 when Sloane Stephens bested fellow American Madison Keys.

* The championship match marked the first appearance by both athletes in a U.S. Open final.

* She last played in a Grand Slam final in 2022, losing the French Open to Iga Swiatek.

* In August 2023, the teen won the Western & Southern Open in Cincinnati, becoming the youngest player to do so.

* Gauff, the No. 6 seed, was the first American teenager to compete in the U.S. Open women's final since then-19-year-old Serena Williams faced off against her older sister, Venus Williams, in 2001.

* With the win, the Florida phenom is the 10th teen to win the U.S. Open women's singles championship -- and the youngest American to claim the title since Serena Williams won in 1999 at the age of 17..

Source : ABC News

Correct Answer :   21st

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The Indian and French Navies, steeped in rich maritime traditions and strategic cooperation, recently concluded the Phase II of the 21st edition of the Varuna naval exercise, Varuna-23. Held in the Arabian Sea, this exercise exemplifies the commitment of both nations to enhance their warfighting capabilities, improve interoperability, and promote peace, security, and stability in the region.


Varuna-23: A Joint Endeavor :

The Varuna-23 exercise spanned three days and saw the active participation of guided missile frigates, a tanker, Maritime Patrol Aircraft, and integral helicopters from both the Indian and French Navies. This robust collaboration showcased joint operations, underway replenishment, and various tactical maneuvers designed to sharpen the skills of both navies. It is through exercises like Varuna-23 that these naval forces hone their capabilities to respond effectively to regional and global security challenges.

A Legacy of Cooperation: Varuna’s History :

The roots of the Varuna naval exercise trace back to 1993 when Indian and French naval forces initiated their bilateral engagement. Over the years, this exercise has evolved significantly, earning the moniker ‘Varuna’ in 2001. Today, Varuna stands as a testament to the enduring India-France strategic relationship.

Varuna has grown both in scope and complexity since its inception. It provides a vital platform for both nations to learn from each other’s best practices and procedures. This sharing of knowledge and experience is invaluable, fostering mutual cooperation for good order at sea.


Naval Resource Display in Varuna-23 Exercise :

The Varuna-23 exercise showcases a remarkable assembly of naval resources contributed by both the Indian and French Navies :

Varuna-23: A Beacon of India-France Naval Cooperation for Global Maritime Security :

The Varuna-23 bilateral naval exercise serves as a shining example of the deep-rooted and ever-strengthening ties between the Indian and French Navies. As both nations continue to collaborate and engage in such exercises, they not only enhance their own capabilities but also contribute to the collective security and stability of the Indo-Pacific region and the world. Varuna-23 stands as a testament to the commitment of India and France in promoting peace, security, and freedom of navigation in the maritime domain, exemplifying the true spirit of their strategic partnership.

The First phase of the ‘Varuna-2023,’ occurred along the Western Seaboard of India from January 16 to 20, 2023, laying the foundation for this bilateral interaction in the Arabian Sea..


Source : ANI

Correct Answer :   Babar Azam

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Ahead of another India vs. Pakistan thriller on 10 September 2023, Pakistan skipper "Babar Azam" received a shot in the arm as he surpassed Virat Kohli and became the fastest player to complete 2,000 runs in One Day International (ODI) format.

The development is likely to increase the buzz around comparisons between Virat Kohli and Babar Azam.

In the ongoing Asia Cup 2023 tournament, the first Super 4 match between Pakistan and Bangladesh didn't go very well for Babar Azam as he was dismissed at just 17 runs. But, the Pakistan cricketer made his mark as he became the fastest batsman to cross 2,000 runs in an ODI in just 31 innings.

The earlier record was with Indian star Virat Kohli, who crossed the milestone in 36 innings. South African cricket legend AB de Villiers is in third rank now as he crossed the 2,000-run benchmark in 41 innings.

The development is expected to reignite the comparisons drawn between Babar Azam and Virat Kohli ahead of the India vs. Pakistan match. Previously, Babar Azam himself put all these comparisons to rest and expressed his respect for the seniors. He accepted that he had learned a lot from Virat Kohli..

Source : Mnt

Correct Answer :   India

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* In Table Tennis, the Indian men’s team finished with a bronze medal at the Asian Table Tennis Championships 2023 following a semi-final defeat to Chinese Taipei in Pyeongchang, the Republic of Korea.

* Indian men’s team comprising Sharath Kamal, Harmeet Desai and Sathiyan Gnanasekaran lost in their final four match.

* The two losing semi-finalists are awarded bronze medals at the competition.

* This championship was also a qualifier for the Paris 2024 Olympics..

Source : AIR

Correct Answer :   Japan

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Japan launched a lunar lander on 7th Sep 2023, aiming to become the fifth nation to achieve a soft landing on the moon's surface following India's success in a similar mission last month.

The Smart Lander for Investigating Moon (SLIM) was sent to space on an H-IIA rocket. The launch was originally scheduled for the 26th of August but was postponed three times due to bad weather.

SLIM is taking a long route to the Moon and is scheduled to make a landing in four to five months. According to the Japan Aerospace Exploration Agency, SLIM will spend the first month in Earth's orbit before heading to the moon through a series of orbital manoeuvres over a period of three to four months. 

SLIM will then prepare for landing, orbiting the moon before making a descent sometime between January and February 2024.
 
SLIM is a light and small spacecraft developed by Mitsubishi Electric. One of the goals of the mission is to demonstrate precision landing technology.

The spacecraft is expected to land within 100 meters of a target site. The lander uses vision-based navigation to identify a landing spot and avoid obstacles on the surface..

Source : AIR

Correct Answer :   Mastercard

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Mastercard announced its collaboration with KredX, a supply chain finance platform, to make B2B digital payments rewarding for both enterprises and vendors. As part of the collaboration, Mastercard will integrate its commercial card service with the KredX platform, eliminating the complexities associated with B2B payments, especially those made via cards.

Equipped with features like dynamic discounting, early payment and price discovery, the platform will enable enterprises and vendors to improve their cash flows.

Powered by Artificial Intelligence, it will act as a complete procure-to-pay offering for businesses, helping them with faster and more efficient matching and processing of invoices. Further, the Smart Bid algorithm will help enterprises discover the best discount rates from vendors.

“B2B payments are ridden with complexities of diverse invoicing, payment terms, currency variations, and reconciliation procedures. Combining KredX’s proprietary technology with Mastercard’s expertise in commercial payment solutions will create a pioneering B2B payments solution accessible to all businesses, supporting them with better cash flows and access to working capital.

This collaboration reiterates Mastercard’s commitment to further digital payments acceptance by providing unique and innovative solutions to businesses,” said Mukul Sukhani, Senior Vice President, Business Development, South Asia, Mastercard.

The platform will also address some of the other challenges associated with B2B payments, such as long accounting and reconciliation processes, low vendor acceptance, and frequent chargeback. Further, it will be instrumental in promoting digital payments acceptance by allowing small vendors to receive payments even in the absence of in-house payment gateways and PoS machines.

“We are delighted to collaborate with Mastercard to provide a complete B2B payments solution for businesses. By integrating pre-discounting journeys with post-discounting payments, this platform will enhance companies’ operational efficiency and strengthen their supply chain management capabilities. Accelerating supply chain velocity through financial innovation has been central to KredX’s value proposition,” said Manish Kumar, CEO & Founder, KredX..

Source : CRN

Correct Answer :   SBI

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SBI Card, the country’s largest pure-play credit card issuer, has unveiled new features of its super premium card ‘AURUM’, targeted at C-suite executives and high net-worth individuals.

This by-invitation only card — which was launched in February 2021 – now extends enhanced benefits to its users, ranging from introduction of new annual spends-based milestone and welcome benefits to additional international lounge benefits and golf privileges.

The introductions add to the bevy of thoughtfully curated benefits offered by AURUM.

With these enhancements, AURUM cardholders will now be able to derive benefits of up to worth ₹2 lakh annually, basis their spends.

Abhijit Chakravorty, MD & CEO, SBI Card, said : “AURUM has been tailored to meet the discerning taste and lifestyle of the globetrotting and high-flying executives who pursue excellence in every aspect of their life.

Super premium segment :

* It has become one of the most coveted cards in the super premium segment. Looking at the admiration it has gathered so far, we decided to take the cardholders’ experience a notch higher. All in all, AURUM cardholders can expect a more rewarding, richer, and more luxurious experience.”

* AURUM offers unlimited international lounge access to the cardholders, in addition to four international lounge visits for accompanying guests are also enabled now.


Special benefits :

* AURUM offers a sumptuous travel experience along with many special benefits. For instance, the card now offers 1-year Club Mariott membership as a welcome gift.

* Through this membership, AURUM cardholders can avail discount benefits up to 25 per cent in stay, food and beverages, and spa in over 250 hotels under the Mariott group across Asia Pacific.

* The joining and annual membership fee for AURUM is ₹9,999. This fee is reversed on achieving the spends milestone of ₹12 lakh during a card membership year..

Source : The Hindu Businessline

Correct Answer :   SBI

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The State Bank of India announced in a release on Monday (4th September 2023), “This feature, accessible through the 'eRupee by SBI' application, will empower SBI CBDC users to scan any merchant UPI QR code for transactions,” the bank said in the release.”

Reserve Bank of India’s (RBI’s) Central Bank Digital Currency (CBDC) pilot project, multiple Indian banks have announced the introduction of Unified Payments Interface (UPI) interoperability feature on the Digital Rupee application. This means, Digital Rupee app users can scan any QR code to make payments for groceries and daily expenses.


The CBDC push :

State Bank of India (SBI), Kotak Mahindra Bank, Yes Bank, Axis Bank. HDFC Bank, Canara Bank, among others are live with the inclusion of UPI interoperability.

The State Bank of India announced in a release on Monday, “This feature, accessible through the 'eRupee by SBI' application, will empower SBI CBDC users to scan any merchant UPI QR code for transactions,” the bank said in the release.”

Will this improve CBDC adoption?

This development is said to increase the adoption of RBI’s CBDC, as it would now be able to depend on the distribution systems built by the leading Indian banks.

“Bank feels that this integration will be a game changer for the digital currency ecosystem. The move is the outcome of our unwavering commitment to pushing the boundaries of digital innovation to accelerate the transition to a more cashless economy. SBI remains dedicated to providing secure, efficient, and user-friendly solutions that reshape conducting transactions,” SBI highlighted in its release.


Will merchants have to install new QR codes?

It is worth noting that as per the announcements made by the Indian banks, merchants would not be required to replace their current QR codes. They would only need to display a single QR code on their storefront or via the banking mobile application which would accept CBDC payments as well. This means, the existing QR code will be interoperable, allowing a simple QR payment acceptance terminal. It will accommodate the Scan & Pay feature through multiple payment options.

Moreover, the eligible banks' digital rupee customers can transact using the funds available in their Digital Rupee (CBDC) wallet by scanning the UPI QR code.


RBI’s CBDC :

The RBI launched the CBDC pilot programme in 2022. The Indian CBDC, which is backed by the RBI, is also known as Digital Rupee. It represents a tokenised digital version of the currency, i.e. Indian Rupee which is issued and regulated by the RBI..

Source : Business Today

Correct Answer :   Satyajit Majumdar

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Mumbai Professor Satyajit Majumdar, dean of School of Management and Labour Studies from Tata Institute of Social Sciences (TISS), will receive the ‘Dr V G Patel Memorial Award-2023 for Entrepreneurship Trainer, Educator and Mentor’ on 6 September 2023 for his work in promoting and strengthening entrepreneurship in India.

Dr Patel is widely acknowledged as the Father of Entrepreneurship Movement in India.

Majumdar’s name was chosen among 400 applicants from 26 states by a jury nominated by the Entrepreneurship Development Institute of India (EDII), Ahmedabad.

Over the last two decades, Majumdar 63, has played an important role in the development of entrepreneurship, especially in the social sector. Along with his team, he has mentored more than 350 startups, including 40 in Jammu and Kashmir and group startups in Jhabua, West Bengal.

“Despite thinking about major investments in the startups, we put focus on providing livelihood for the locals,” said Majumdar.

Since joining TISS in 2010, Majumdar’s main role has been to build an ecosystem for entrepreneurship. In 2012, TISS started a separate entrepreneurship cell under his leadership. “Our major focus has always been on tribal and hilly areas of the country. We tie up with local organisations to help the youth.

Apart from this, our focus is on sustainable development while selecting the themes of startups. For instance, one startup incubated at TISS is currently working in the waste management sector. We have more examples like this,” Majumdar added. Majumdar will donate the award money of ₹1 lakh to TISS Incube Foundation, incubation centre of TISS, Mumbai.

Source : Hindustan Times