India surpasses United Kingdom to become World’s 5th biggest economy.

  • India has surpassed the United Kingdom to become the world’s 5th biggest economy.
  • The International Monetary Fund (IMF) has forecasted that India is overtaking the UK in terms on an annual basis this year.
  • Top four: The US, China, Japan and Germany.
  • The calculation is based in US dollars and India has extended its lead in the first quarter.
  • By contrast, the Indian economy is forecast to grow more than 7% in 2022-23.

Former goalkeeper, Kalyan Chaubey becomes news president of AIFF.

  • Former goalkeeper, Kalyan Chaubey (45) has been elected as the president of All India Football Federation (AIFF).
  • He has defeated India's football team captain, Bhaichung Bhutia by 33-1.
  • In the 85-year history of federation, this was the first time a former player was elected president.
  • The elections has been conducted after the Supreme Court disbanded the court-appointed Committee of Administrators in order to revoke a FIFA ban on the country’s football body.

Bank of Baroda’s arm launches Snapdeal BoB JCB RuPay Credit Card.

  • BOB Financial Solutions Ltd has joined hands with Snapdeal in association with National Payments Corporation of India (NPCI) and Japan’s JCB International Co. Ltd to launch the Snapdeal BoB JCB RuPay Credit Card.
    • Benefits:
    • It is co-branded contactless credit card.
    • User will receive up to 5% unlimited cashback (accrued as 20 reward points on every ₹100 spent) on the Snapdeal app and website.
    • It offers 10 Reward points per ₹100 spent on online spends.

RBI issues guidelines on digital lending to protect borrowers.

  • The Reserve Bank of India (RBI) has released new guidelines on digital lending.
  • The central bank has given regulated entities (RE) till November 30th to put in place adequate systems and processes to ensure that existing digital loans comply with fresh lending guidelines.
  • The new norms are applicable to both existing customers availing fresh loans and to new customers getting onboarded.
  • These have come into effect from September 1st, 2022 onward.

President nominates Justice DY Chandrachud as next chairperson of NALSA.

  • The President of India, Draupadi Murmu has nominated SC judge, Justice DY Chandrachud as new executive chairperson of the National Legal Services Authority (NALSA).
  • He has replaced Justice U.U. Lalit, who was elevated as the 49th Chief Justice of India.
  • He was the former Chief Justice of the Allahabad HC and a former judge of Bombay HC.
  • NALSA has been constituted under the Legal Services Authorities Act, 1987 to provide free Legal Services to the weaker sections.

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