ISRO to send Small Satellite Launch Vehicle from Sriharikota.

  • The Indian Space Research Organization will send a small satellite launch vehicle on 7th August, 2022 from Sriharikota.
  • It is a three-stage vehicle with all solid propulsion stages.
  • The mission is to launch Earth Observation Satellite, EOS-02, and a co-passenger satellite, Azaadi SAT, into low earth orbit.
  • The Azaadi Satellite is designed by 750 girl students of government schools in rural areas from Kashmir to Kanyakumari.

India’s Food Processing Industry Could Reach $530 Bn by FY27: Report.

  • According to a report, the Indian Food Processing industry could potentially grow at a CAGR of 10-11% to reach $500-530 bn by FY27.
  • This is due to its strong agricultural background and several favourable trends supporting its progress.
  • According to the report, India has emerged as a global agricultural powerhouse.
  • Now it is the world's 2nd-largest agricultural producer, leading in the production of cereals, pulses, fruits and vegetables, sugar, and milk.

RBI to issue guidelines for outsourcing of financial services.

  • The Reserve Bank of India will soon issue draft guidelines on outsourcing of financial services by financial institutions.
  • The draft norms, deemed to be titled ‘RBI (Managing Risks and Code of Conduct in Outsourcing of Financial Services) Directions, 2022’, will be issued for public comments and feedback shortly.
  • The revised norms will expand the scope of the directions to include regional rural banks, local area banks, AIFI, CIC and non-scheduled payments banks.

China successfully launches pilot reusable spacecraft: Report.

  • China successfully launched a pilot reusable spacecraft with its Long March-2F carrier rocket.
  • The unidentified spacecraft, which was launched from China's Jiuquan Satellite Launch Center, will return to a planned landing site after operating in the orbit for some time to provide technical validations for reuses.
  • A similar mission was launched by China in 2020.
  • Spacecraft will operate in orbit for some time and then return to the intended landing site in China.

RBI imposes penalty of ₹82 lakh on Jupiter Capital, ₹32 lakh on Indian Bank.

  • The RBI has imposed a penalty of ₹82 lakh on Bengaluru-based Jupiter Capital Private Ltd, for breach of norms on submission of credit information.
  • RBI also imposed a fine of ₹32 lakh on Indian Bank for breach of directions on classification and reporting of frauds.
  • The examination of the Risk Assessment Report, Inspection Report and all related correspondence revealed that Indian Bank was in violation of certain provisions of RBI Directions, 2016.

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