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CURRENT AFFAIRS : BANKING & FINANCE

Insolvency and Bankruptcy Board of India suggests a mediation process for operational creditors under the IBC  

• The Insolvency and Bankruptcy Board of India (IBBI) has proposed new regulations allowing operational creditors (OCs) to opt for voluntary mediation before initiating insolvency proceedings against a company.
• Purpose of Mediation: The aim of this proposal is to ease the burden on the judiciary, reduce delays in the insolvency process, and expedite the Corporate Insolvency Resolution Process (CIRP).

Key Highlights :

• Mediation Process: If mediation fails, the mediator will prepare a non-settlement report, which will be annexed to the application for initiating CIRP before the adjudicating authority (AA).
• Expert Committee Recommendation: The proposal follows recommendations from an expert committee, which had called for pre-institutional mediation as a step before filing insolvency applications.
• Public Comments: IBBI has invited public comments on the proposed framework by November 24, 2024.
• Common Disputes in Insolvency Cases: Disputes often arise due to disagreements over goods and services, contractual issues, discrepancies over amounts owed, and alleged underpayments.
• Operational Creditors' Interests: Data shows that operational creditors are primarily interested in the repayment of claims rather than pursuing corporate debtor resolution.
• Data on Insolvency Cases: As of April 31, 21,466 cases under Section 9 (initiated by operational creditors) were disposed of before admission, with only 3,818 cases admitted.
• Advantages of Mediation: Mediation is seen as an effective tool to resolve disputes early, facilitating faster admission of cases by the National Company Law Tribunal (NCLT).
• Expert Committee Report: The committee, led by K. Vishwanathan recommended introducing mediation as an alternative dispute resolution method within existing statutory timelines under the IBC.
• Regulatory Powers: The committee suggested granting the central government and IBBI powers to make rules, regulations, and notifications for implementing the mediation framework under IBC.

About IBBI :

• Formed : 1 October 2016
• Headquarters : New Delhi
• Chairperson : Ravi Mittal

Income Tax Department Introduces Monetary Cap for Officers to Waive or Reduce Interest   

• The Income Tax Department has introduced a three-layered system for the reduction or waiver of interest on unpaid taxes:
• According to an order issued by the Department, interest up to ₹50 lakhs can be reduced or waived by the Principal Commissioner (Pr. CIT) or Commissioner (CIT).
• For amounts between ₹50 lakhs but below ₹1.5 crore, the Chief Commissioner (CCIT) or Director General of Income Tax (DGIT) has been empowered to provide relief.
• Amount above ₹1.5 crore can be reduced by waived by the Principal Chief Commissioner (Pr. CCIT).
• This will help the assesses to approach the exact hierarchy to get relief.
• There is no change in conditions for waiver or reduction. An assessee needs to satisfy all three conditions to get relief.

Key Highlights :

• Conditions for Waiver/Reduction:Genuine Hardship: Payment of the tax amount has caused or would cause genuine hardship to the taxpayer.
• Circumstances Beyond Control: Default in payment was due to circumstances beyond the control of the taxpayer.
• Cooperation with Inquiry: The taxpayer must have cooperated with any inquiry relating to the assessment or recovery proceedings.
• Section 220(2) of the Income Tax Act:It deals with the consequences of non-payment of tax and mandates that an assessee who fails to pay the specified amount is liable to pay simple interest at 1% per month or part of the month for the delay.
• Authority Empowered for Waiver/Reduction:Waiver or reduction is granted by the Pr. CCIT, CCIT, Pr. CIT, or CIT based on the amount involved.
• No Change in Waiver Conditions:The conditions for waiver or reduction of interest remain unchanged, focusing on hardship, circumstances beyond control, and cooperation with tax authorities.

Regional Rural Banks Set for Fourth Round of Amalgamation; Number of Banks Expected to Drop from 43 to 28  

• Regional Rural Banks (RRBs) are likely to see a fourth round of amalgamation, with the number of these Banks likely to come down from 43 to 28 through consolidation.
• Objective: This consolidation is part of the government’s ‘One State-One RRB’ goal to streamline operations and reduce the number of RRBs across the country.

Key Highlights :

• Amalgamation Process:27 RRBs from 12 states may be consolidated into 12 RRBs.
• The finance ministry has drawn up a state-wise list for the proposed amalgamation.
• The ministry has sought feedback from the chiefs of sponsor banks of RRBs.
• History and Purpose of RRBs:RRBs were established in 1975 under the provisions of an Ordinance promulgated on 26th September 1975 and followed by Regional Rural Banks Act, 1976, with a view to develop the rural economy and create a supplementary channel to the ‘Cooperative Credit Structure’.
• They were floated to enlarge institutional credit for the rural and agriculture sector
• Share Capital Structure: The share capital of RRBs is contributed in the following proportion:
• Government of India: 50%
• Concerned State Government: 15%
• Sponsoring Bank (usually a public sector bank): 35%
• States Affected: States and Union Territories likely to see RRB consolidation include Andhra Pradesh (4 RRBs), Uttar Pradesh and West Bengal (3 RRBs each), and Bihar, Gujarat, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha, and Rajasthan (2 RRBs each).
• Special Case of Telangana: The amalgamation of RRBs in Telangana will depend on the bifurcation of assets and liabilities between Andhra Pradesh Grameena Vikas Bank (APGVB) and Telangana Grameena Bank.
• Previous RRB Consolidation:Structural consolidation started in 2004-05, reducing the number of RRBs from 196 to 43 by 2020-21 over three phases.
• Guiding Principles for Amalgamation:The RRB with the largest business (deposits + advances) in a state will be the transferee RRB.
• The sponsor bank with the largest branch network and business volume will become the sponsor of the newly amalgamated RRB.
• Name of New RRBs: The naming convention for the new RRBs may include a format such as <State Name> <Rajya/Rashtra (in local language)> <Gramin (in local language)> <Bank>.

RRBs’ Reach and Data (as of March 2023):

• Total branches: 21,995
• Total deposit accounts: 30.6 crore
• Total loan accounts: 2.9 crore
• Deposits: ₹6,08,509 crore
• Advances (net): ₹3,86,951 crore
• Investments: ₹3,13,401 crore

CARE Ratings gives ‘AA’ rating to Karur Vysya Bank’s fixed deposit scheme   

• Karur Vysya Bank (KVB) has been assigned an ‘A1+’ rating for its short-term fixed deposits aggregating ₹12,000 crore and an ‘AA’ rating (Stable) for its fixed deposits by CARE Ratings.

Key Highlights :

• Rating Interpretation:‘A1+’ Rating: Indicates a very strong safety level for timely payment of financial obligations, with the lowest credit risk
• ‘AA’ Rating: Denotes a high degree of safety for timely servicing of financial obligations, with very low credit risk.
• ‘Stable’ Outlook: Suggests expected stability in the credit rating in the medium term due to the bank’s stable credit risk profile.
• Factors Supporting the Rating:Long Track Record: KVB has a proven history with a diversified advances profile.
• Capitalization: Comfortable capital levels and a stable resource profile.
• Asset Quality: Improved asset quality with reduced Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA).
• Healthy Profitability: Stable and healthy profit margins.

National Stock Exchange Eases Regulations for Dormant Trading Accounts   

• The National Stock Exchange (NSE) has revised the period for marking a trading account as inactive from 12 months to 24 months.

Key Highlights :

• Account Reactivation: Accounts previously marked as inactive under old guidelines may be reactivated if deemed active under the new 24-month rule, following an update of client details.
• Expanded Activity Consideration: The new guidelines include trading in IPOs, mutual funds, sovereign gold bonds, OFS, and buybacks, in addition to equity, F&O, commodities, and currencies, for determining account activity.
• Reactivation Procedure: An inactive account can only be reactivated after in-person verification (IPV), which can be conducted physically or digitally.
• Client Detail Update Requirement: Brokers must update client details like address, mobile number, email ID, bank/DP account information, and income details when reactivating accounts.

About NSE :

• Founded : 1992
• Location : Mumbai, Maharashtra, India
• Chairperson : Girish Chandr Chaturvedi
• MD & CEO : Ashishkumar Chauhan

Insolvency and Bankruptcy Board of India partners with Indian Banks’ Association  to enable asset auctions via the eBKray platform

• The Insolvency and Bankruptcy Board of India (IBBI) has issued a circular announcing a collaboration with the Indian Banks’ Association (IBA) to facilitate the auction of assets through the eBKray platform.
• Objective: To improve outcomes for creditors and bidders by leveraging technology to enhance transparency and operational efficiency in asset auctions.

Key Highlights :

• eBKray Platform:A centralized auction platform providing comprehensive details on corporate debtor assets, including photographs, videos, and geographical coordinates.
• Aims to enhance bidder participation, streamline auction processes, and maximize returns for creditors.
• Focuses on transparency and efficiency through advanced technology.
• Ownership: eBKray is owned and managed by PSB Alliance Private Limited, a consortium of 12 public sector banks.
• Directive to Insolvency Professionals (IPs):IPs managing liquidation processes must list all unsold assets on the eBKray platform.
• For new liquidation processes starting after the circular, assets must be listed within 7 days of submitting the asset memorandum to the Adjudicating Authority.
• Implementation Date: The circular, issued under Section 196 of the Insolvency and Bankruptcy Code, 2016, is effective from November 1, 2024.

Unified Payments Interface Sets New Record in October 2024 with 16.58 Billion Transactions Worth ₹23.50 Lakh Crore, Driven by Festival Season Spending        

• According to data shared by the National Payments Corporation of India (NPCI), India’s home-grown Unified Payments Interface (UPI) technology hit a new record in October, with a total of 16.58 billion transactions amounting to ₹23.50 lakh crore,Festival season spending aided the 45% year-on-year (y-o-y) rise in October UPI transactions.
• Data from previous months show that person-to-person (P2P) mode of payment accounts for the chunk of overall UPI transaction value, followed by person-to-merchant (P2M) transfers.

Key Highlights :

• Leading UPI Banks:State Bank of India (SBI), HDFC Bank, and YES Bank are the top remitter and beneficiary banks in the UPI ecosystem.
• Monthly UPI Transaction Data:September 2024 recorded 15.04 billion transactions, totaling ₹20.64 lakh crore.
• August 2024 saw 14.96 billion transactions, amounting to ₹20.61 lakh crore.
• The average number of daily transactions in October 2024 was 535 million with an average daily transaction amount of ₹75,801 crore.
• FASTag Performance:FASTag, the toll road payment mode, saw 345 million transactions in October, marking an 8% YoY increase.
• IMPS Transactions:Immediate Payment Service (IMPS) saw a 5% YoY decline, with 467 million transactions in October.
• However, this was an increase compared to 430 million in September.
• AePS Transactions:Aadhaar-enabled Payment System (AePS) saw a 26% YoY increase, with 126 million transactions in October.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Narendra Modi  Inaugurates India’s Largest Jan Aushadhi Kendra at AIIMS, Expanding Access to Affordable Medicines

• Prime Minister Narendra Modi emphasized that the inauguration of advanced medical manufacturing plants will contribute to India’s capability to produce high-quality stents, implants, and advanced medicines, strengthening the country's growth in healthcare manufacturing.

Largest Jan Aushadhi Kendra at AIIMS

• The Prime Minister also inaugurated the biggest Jan Aushadhi Kendra at the All India Institute of Medical Sciences (AIIMS), New Delhi. This facility is aimed at making affordable and high-quality medicines accessible to patients receiving treatment at AIIMS.

Key Features of the New Jan Aushadhi Kendra

• Established by the Pharmaceuticals & Medical Devices Bureau of India (PMBI), the Kendra spans 1,724 square feet and provides:
  • Over 2,047 generic medicines.
  • 300 surgical devices.
  • Medicines available at 50% to 90% less than branded versions, significantly reducing healthcare costs for the public.

Impact of Jan Aushadhi Kendras Nationwide

• The Prime Minister highlighted that over 14,000 Jan Aushadhi Kendras have been launched across India, offering medicines at discounts of up to 80%.
• The availability of affordable medicines through these Kendras has helped save approximately ₹30,000 crore for poor and middle-class families.

CBDT Permits Waiver or Reduction of Interest on Tax Payments, Setting Monetary Limits for Tax Authorities

• The Central Board of Direct Taxes (CBDT) issued a circular on November 4 allowing tax officers to waive or reduce interest on tax dues, provided certain conditions are met.
• This aims to alleviate financial hardship for taxpayers facing high-interest payments due to delays.
• Monetary Limits for Waiver Decisions:
  • Interest Over ₹1.5 Crore: Decision made by a Principal Chief Commissioner of Income Tax (PrCCIT).
  • Interest Between ₹50 Lakh and ₹1.5 Crore: Decision made by a Chief Commissioner of Income Tax (CCIT).
  • Interest Up to ₹50 Lakh: Decision made by a Principal Commissioner of Income Tax (PrCIT) or Income Tax Commissioner.
• Interest Calculation under Section 220(2A):
  • Taxpayers who fail to pay taxes within the stipulated timeframe in a demand notice are liable to pay interest at 1% per month on the delayed amount under Section 220(2A) of the Income Tax Act.
  • The Act grants specific tax authorities the power to reduce or waive interest, subject to meeting eligibility conditions.
• Conditions for Waiver or Reduction:

1. Genuine Hardship: The taxpayer must demonstrate that paying the interest would cause genuine hardship.
2. Uncontrollable Circumstances: The delay in payment should be due to circumstances beyond the taxpayer's control.
3. Cooperation with Authorities: The taxpayer must cooperate in the assessment or recovery process.

BEML Limited Receives “Self-Certification” Status for Defence Equipment

• BEML Limited has been granted the prestigious “Self-Certification” status by the Department of Defence Production (DDP), Government of India, for its defence equipment.
• Award Presentation: The certification was presented by RA Govardhana, ADGQA (V&EE), HQ DQAV, to Shantanu Roy, Chairman & Managing Director of BEML Ltd., during a special event at BEML's headquarters.

Certification Details:

• Validity: The certification is valid for three years, covering 842 stores of BEML’s defense equipment.
• Impact: It permits the manufacturing and delivery of defense equipment without requiring additional third-party inspections, streamlining processes.

Quality Standards:

• Supplier Rating: BEML maintains a supplier rating exceeding 90%.
• Adherence to ISO Standards: The company follows Quality Management System (QMS) standards, including ISO 9001:2015.

Legacy & Product Range:

• Defense Contributions: Established in the 1980s, BEML has become a significant player in India’s defense sector, offering a wide range of products including:
  • Rocket and missile launchers
  • Armoured Recovery & Repair Vehicles (ARRV)
  • High mobility vehicles for radar and communication
  • Tactical Unmanned Aerial Vehicles (UAVs)
• Indigenization: BEML has achieved 100% indigenization across critical platforms, such as:
  • Pontoon Bridge Systems
  • Aircraft Towing Tractors
  • Ejector Air Cleaner Assemblies

India Launches ‘National Biodiversity Strategy and Action Plan (NBSAP) 2024-2030’ at COP 16

• The updated National Biodiversity Strategy and Action Plan (NBSAP) 2024-2030 was launched at the 16th Conference of Parties (COP 16) to the Convention on Biological Diversity (CBD) in Colombia.
• Purpose: NBSAP provides a comprehensive framework for biodiversity conservation, promotes the sustainable use of biological resources, and ensures fair and equitable sharing of their benefits.

Key Features of NBSAP 2024-2030:

• Historical Context:
  • The first NBSAP was created in 1999.
  • A National Biodiversity Action Plan (NBAP) was adopted in 2008, which was updated in 2014 to align with the Aichi Biodiversity Targets.
• Global Alignment:
  • NBSAP 2024-30 aligns with the Kunming-Montreal Global Biodiversity Framework (KMGBF) adopted in 2022, which aims to halt and reverse biodiversity loss by 2030.
• National Biodiversity Targets:
  • There are 23 National Biodiversity Targets focused on:
    1. Reducing threats to biodiversity.
    2. Ensuring sustainable use of resources.
    3. Enhancing tools for biodiversity implementation.

Implementation Framework:

• Hierarchical Structure:
  • National Level: Involves the Ministry of Environment, Forest, and Climate Change (MoEFCC) and 22 other ministries/departments, along with the National Biodiversity Authority.
  • State Level: Includes State Biodiversity Boards and Union Territory Biodiversity Councils.
  • Local Level: Managed by Biodiversity Management Committees.
• Implementation Agency: The MoEFCC serves as the central agency for coordinating the plan.

Key Actions for Success:

• Capacity Building:
  • Need and gap assessment to identify areas for improvement.
  • Identifying target groups and experts in environmental matters.
  • Providing training to enhance knowledge and skills for effective biodiversity management.
• Resource Mobilization:
  • India is recognized as a leader in the Biodiversity Finance Initiative (BIOFIN), launched by UNDP and the European Commission to support countries in improving the financial management of biodiversity.
  • Encourages private entrepreneurs, business houses, donors, and international agencies to support initiatives like Green Bonds, Green Funds, and Payment for Ecosystem Services.

I&B Ministry Considers Treating Wikipedia as Content Publisher Amid Legal and Editorial Concerns

• The Ministry of Information and Broadcasting (I&B) is considering classifying Wikipedia as a content publisher, which would make the Wikimedia Foundation liable in court cases concerning its content.
• Government Concerns:
  • The I&B Ministry raised concerns about bias and inaccuracies on Wikipedia, with complaints pointing to a small group having editorial control over content.
  • The government has questioned why Wikipedia should not be treated as a publisher instead of an intermediary.

Legal Background:

• ANI's Lawsuit:
  • The Asian News International (ANI) has sued the Wikimedia Foundation over its Wikipedia entry, which described ANI as being close to government interests. The article allegedly portrayed ANI as promoting pro-government and anti-Pakistan propaganda.
  • The Delhi High Court ordered the Wikimedia Foundation to disclose the identities of individuals who edited ANI's Wikipedia page.
• Takedown and Alteration Requests:
  • Wikipedia has historically complied with takedown or alteration requests in fewer than half a dozen instances.
  • The recent Delhi High Court ruling marked a significant shift, with Wikipedia taking down an article globally for the first time in response to the court's order.

CURRENT AFFAIRS : INTERNATIONAL NEWS

43rd International Trade Fair is Scheduled from November 14 to 27  

• The annual India International Trade Fair (IITF) is a mega trade show organised at New Delhi’s Pragati Maidan (Bharat Mandapam) by the India Trade Promotion Organization (ITPO).
• It provides a platform for traders, small businesses, startups, and artisans to showcase their products and services to domestic and international buyers.
• The fair is held from November 14 to November 27, with November 14-18 for B2B visitors and November 19-27 for general visitors.
• The theme for the 43rd edition of IITF 2024 is "Viksit Bharat @ 2047".

History :

• The 42nd edition of the India International Trade Fair (IITF) is scheduled from November 14 - 27th, 2023 at Pragati Maidan, New Delhi.
• The first IITF was held in 1980, and since then, it has been held every year in November at Pragati Maidan, New Delhi.

Key Highlights :

• Target Audience:It helps traders, small businesses, and startups to test their products, receive feedback, and stay updated on the latest industry trends and market dynamics.
• Registration Details:Online registration is available through the official IITF portal: India Trade Fair Registration.
• New users need to create a user account for registration, which is a one-time process.
• Exhibitor Participation:Last year, the fair hosted around 3,500 exhibitors.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Fisheries Ministry, NFDB, and CMFRI to Launch Drone Technology in Marine Fisheries

• The Fisheries Ministry, National Fisheries Development Board (NFDB), and ICAR-Central Marine Fisheries Research Institute (CMFRI) are partnering to introduce drone technology in the marine fisheries sector.
• The aim is to boost operational efficiency, reduce labor costs, and minimize environmental impact across various marine and aquaculture activities.

Applications of Drone Technology in Fisheries

1. Aquaculture Input Dispensing: Precise feed broadcasting in cage fish farming to optimize feed usage.
2. Environmental Monitoring: Early detection of algal blooms and other environmental threats, which is crucial for fish health.
3. Water Quality Assessment: In coastal and offshore farms, drones can monitor water parameters and ensure optimal conditions for marine life.
4. Emergency Rescue Operations: Life jackets and other emergency supplies can be deployed in rescue scenarios.
5. Market Access for Remote Farmers: Drones can transport live fish from remote aquaculture sites to markets, ensuring freshness and better prices.

CURRENT AFFAIRS: RANKING AND INDEX

Henley Passport Index 2024: Singapore Tops the List of World’s Most Powerful Passports

• Singapore maintains its position as the world’s most powerful passport in the Henley Passport Index 2024, offering its citizens visa-free access to 195 countries.
• Tied for 2nd Place: France, Germany, Italy, Japan, and Spain are tied for second place, each granting visa-free access to 192 countries.
• United States' Rank: The United States is in 8th place with visa-free access to 186 countries, showing a slight decline in its global standing.
• India’s Position: India ranks 83rd, providing its citizens with visa-free access to 58 countries, highlighting challenges in global mobility.

Rankings Overview:

Analysis:

• Singapore’s Dominance: Singapore’s passport power, granting access to 195 countries without a visa, underscores its strong diplomatic ties and global stature.
• European Influence: France, Germany, Italy, Japan, and Spain each share the second rank, with robust international agreements and well-established diplomatic networks contributing to their high rankings.
• US Passport Power: Despite maintaining strong global influence, the US passport has seen a slight dip in the rankings, reflecting the shifting dynamics of international relations and access.
• India’s Mobility Challenges: Ranked 83rd, Indian passport holders face more restrictions on global mobility, although improving diplomatic ties may eventually enhance access.

Methodology Behind the Rankings:

The Henley Passport Index is based on several factors:

• Visa-Free Access: The number of countries a passport holder can enter without needing a visa.
• Diplomatic Relations: Stronger international agreements and treaties tend to result in higher rankings.
• International Agreements: The nature of bilateral and multilateral agreements significantly impacts visa policies and, consequently, passport power.

The World’s Weakest Passports:

At the other end of the spectrum, some passports offer limited travel freedom. The least powerful passports are:

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Ministry of Home Affairs Appoints Four New Members to New Delhi Municipal Council  

• The Union Home Ministry (MHA) appointed four new non-official members to the New Delhi Municipal Council (NDMC).
• Kuljeet Chahal was appointed as the Vice Chairman of the NDMC.
• He previously served as a non-official member until September and replaced Satish Upadhyay in the role.
• Anil Valmiki, Sarita Tomar, and Dinesh Pratap Singh were appointed as non-official members of the NDMC.
• Senior IAS officer Keshav Chandra was appointed as the Chairman of NDMC.
• The NDMC consists of a chairman, official members, non-official members, and elected representatives.
• It is responsible for managing the civic affairs of New Delhi.
• Members of the NDMC serve a five-year term, appointed by the MHA.
• The MHA recently appointed four official members to the NDMC, including senior officials from MoHUA and the Delhi Government.
• The elected representatives in the NDMC include New Delhi MP Bansuri Swaraj, Delhi CM Arvind Kejriwal, and Delhi Cantonment MLA Virendra Singh Kadian.
• Four of the five official members of NDMC were appointed last month. These include:

1. Ashutosh Agnihotri (MHA Additional Secretary)
2. Surendra Kumar Bagde (MoHUA Additional Secretary)
3. Ravi Kumar Arora (MoHUA Joint Secretary)
4. Niharika Rai (Delhi Government Secretary, Finance)

IndiGo Co-founder Gangwal Named as Chairman of Southwest Airlines Board 

• Rakesh Gangwal, co-founder of IndiGo Airlines, has been appointed as the new independent chair of Southwest Airlines' Board.
• This follows an agreement with activist investor Elliott Investment Management.
• The leadership transition occurred after Gary Kelly's retirement on November 1, 2024.
• Southwest Airlines has also appointed five new directors, nominated by Elliott Investment Management, to restructure the board and strengthen governance.
• Board Committee Changes: New appointments to various board committees include:
  • Lisa Atherton as Chair of the Compensation Committee.
  • Douglas Brooks as Chair of the Audit Committee.
  • David Hess continues as Chair of the Safety and Operations Committee.
  • Chris Reynolds as Chair of the Nominating and Corporate Governance Committee.
  • Gregg Saretsky as Chair of the Finance Committee.
• Gangwal brings experience from his roles as CEO of U.S. Airways and executive positions at United Airlines and Air France.
• In October 2024, Gangwal invested over $100 million in Southwest Airlines, acquiring 3.6 million shares at $29–30 per share.
• Southwest Airlines plans to introduce premium cabin configurations by 2026, aligning with efforts to enhance competitiveness and improve profitability.

About Southwest Airlines :

• Founded : March 9, 1967 (Commenced operations-June 18, 1971
• Headquarters : Texas, United States
• President & CEO : Bob Jordan
• Southwest Airlines Co. is a major airline in the United States that operates on a low-cost carrier model.

Sanjay Verma appointed as Maharashtra's new Director General of Police 

• Sanjay Kumar Verma, a 1990-batch IPS officer, has been appointed as the Director General of Police (DGP) of Maharashtra.
• Verma previously served as Director General of Legal and Technical in Maharashtra.
• Reason for Appointment: Verma succeeds Rashmi Shukla, who was removed from the DGP position by order of the Election Commission of India (ECI) following complaints from opposition parties.
• Verma is scheduled to retire in April 2028.
• Rashmi Shukla was the first woman DGP of Maharashtra.
• Prior to Verma’s appointment, Mumbai Police Commissioner Vivek Phansalkar was temporarily assigned additional charge as DGP.
• Verma had headed a Special Investigation Team (SIT) which conducted a probe into the killing of communist leader and rationalist Govind Pansare in 2015.

Xiaomi India President Muralikrishnan B Resigns from Position

• Muralikrishnan B, President of Xiaomi India, is stepping down to pursue academic research, specifically focusing on an Executive Doctorate in Management with a concentration on Consumer Behaviour on Technology Platforms.
• After his resignation, he will continue to support Xiaomi India as an independent Strategic Advisor.
• Tenure and Achievements: Muralikrishnan served Xiaomi India for over six years, contributing significantly to the company's operations and growth.
• He played a pivotal role in enhancing Xiaomi India's brand presence and steering its strategic direction.
• He also led critical public affairs efforts, especially during the company's legal battles with India's Enforcement Directorate.
• While Xiaomi reclaimed the top position in Q2 2024, it lost it to Vivo in Q3 2024, with a 16.7% share in volume terms and 8.7% in value terms.
• Muralikrishnan joined Xiaomi India in 2018 and was elevated to President in 2022.
• Sudhin Mathur, former Managing Director of Motorola Mobility in India, has been appointed as the Chief Operating Officer (COO) of Xiaomi India to lead key functions.
• Xiaomi India remains committed to delivering innovation, with key leaders, including Sameer Rao (CFO), Varun Madan (CPO), and Anuj Sharma (CMO), strengthening its focus on high-quality technology experiences.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Bandhan Financial Services acquires Genisys Group to broaden its international presence  

• Bandhan Financial Services (Bandhan Group) acquired Genisys Group, a global IT and business process services company.
• This marks Bandhan Group's strategic entry into the technology sector.
• Expansion of Global Footprint:The acquisition will help Bandhan Group expand its presence in global markets.
• New offices will be established in the US, UK, and India.
• Enhanced Service Portfolio:Bandhan Group will add digital transformation, data analytics, cloud services, digital media operations, and smart business process solutions to its portfolio.
• The acquisition strengthens the group’s reach across various industries worldwide.
• Genisys Group’s Service Portfolio:Genisys Group offers services in digital application lifecycle management, cloud-native solutions, data management, digital media operations, and business process outsourcing.
• Bandhan Financial Services (BFSL) Overview:BFSL was incorporated on August 3, 1995 and is registered as a Non-Banking Financial Company (NBFC-NDSI-CIC).
• It is involved in investment activities and is the promoter of Bandhan Financial Holdings Limited (BFHL) and Bandhan Bank Limited.
• Subsidiaries and Recent Acquisitions:Bandhan AMC and Bandhan Life are step-down subsidiaries of BFSL.
• BFHL recently acquired Aegon Life Insurance, expanding into the insurance sector.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Russian Rocket Sends Iranian Satellites into Space as Moscow and Tehran Strengthen Relations  

• A Russian Soyuz rocket successfully launched from the Vostochny launchpad in eastern Russia, carrying two Iranian satellites, Kowsar and Hodhod, into orbit.
• The launch marked the first time Iranian satellites were launched on behalf of the country's private sector.
• In addition to the Iranian satellites, the Soyuz rocket carried Russian Ionosphere-M Earth observation satellites and several smaller satellites.

Key Highlights :

• Russia-Iran Cooperation: This launch highlights growing cooperation between Russia and Iran, including joint space ventures.
• Previous Launches: In 2022, Russia launched an Iranian Earth observation satellite built in Russia for Tehran.
• Strategic Partnership: The launch comes amid expanding ties between Moscow and Tehran, with plans for a comprehensive strategic partnership to be signed during Iranian President Masoud Pezeshkian’s upcoming visit to Russia.
• Drone Allegations: Iran has been accused by Ukraine and the West of supplying Russia with drones used in Ukraine’s conflict, though both Moscow and Tehran have denied these claims.
• Iran's Space Program: Iran's civilian space program has faced challenges, including five consecutive failed launches of the Simorgh satellite-carrying rocket.
• Future Plans: The successful launch indicates potential growth in Iran’s space capabilities, supported by Russian technology and cooperation.

CURRENT AFFAIRS : OBITUARIES

Renowned Padma Bhushan awardee and folk singer Sharda Sinha passed away

• Popular folk singer Sharda Sinha, who was undergoing treatment at All India Institute of Medical Sciences (AIIMS)-Delhi, passed away at the age of 72.

About Sharda Sinha :

• Born on November 1, 1952 in Bihar’s Supaul district.
• She trained in classical music under Pandit Raghu Jha, Pandit Sitaram Hari Dandekar, and Panna Devi, contemporaries of Malika-e-Ghazal Begum Akhtar.
• Popular Folk Songs:Known for folk classics like “Chhathi Maiya Aayi Na Duaariya,” “Kartik Maas Ijoriya,” “Dwar Chekai,” “Patna Se,” and “Koyal Bin,” often associated with cultural festivals and rituals like Chhath Puja.
• Her debut song, "Dularua Bhaiya" in Maithili, released in 1971, became highly popular.
• Sharda Sinha lent her voice to Bollywood hits, including “Taar Bijli” in Gangs of Wasseypur II, “Babul” in Hum Aapke Hain Koun, and “Kahe Toh Se Sajna” in Maine Pyar Kiya.
• Her tribute to poet Vidyapati in 1983 earned her fame internationally in Russia, China, the UK, and the US.
• She was a “top grade” artist with All India Radio (AIR) and performed widely at AIR concerts and cultural festivals.
• She Served the Department of Music, Women’s College, Samastipur (LNMU Darbhanga), Bihar for over four decades.
• Known for her ability to merge folk and classical styles, Sharda Sinha was a celebrated figure in Indian music and folk traditions, inspiring generations and maintaining her presence in contemporary platforms, including her YouTube channel with around 75,000 subscribers.

Awards and Honors:

• She received the Padma Bhushan in 2018, Padma Shri in 1991, and the Sangeet Natak Akademi Award in 2000.
• Other honours included the Rashtriya Devi Ahilya Samman, Bihar Kala Puraskar, Bihar Ratna, Bhojpuri Ratna, and Mithila Vibhuti Samman.

CURRENT AFFAIRS: SPORTS NEWS

Mandeep Jangra Clinches WBF Super Featherweight World Title, Elevates Indian Boxing on the Global Stage

• Indian professional boxer Mandeep Jangra won the World Boxing Federation (WBF) Super Featherweight World Title.
• Defeated Britain’s Conor McIntosh in an intense 10-round match held in the Cayman Islands.
• Fight Performance:
  • Dominant Strategy: Jangra took control early, delivering powerful punches and maintaining stamina throughout.
  • McIntosh struggled to match Jangra's intensity and attempted a comeback, but Jangra’s endurance and technique sealed his victory.
• Training and Professional Growth:
  • Trained under Roy Jones Jr., former Olympic silver medallist and boxing icon.
  • Professional Career: Began in 2021, with only one defeat across 12 fights, holding an impressive record of 11 wins (7 by knockout).

India Officially Bids to Host 2036 Olympics, Eyes Transformative Impact on Sports Sector

• The Indian Olympic Association (IOA) formally submitted a Letter of Intent on October 1, 2023 to host the 2036 Olympic and Paralympic Games.
• This marks a major step in realizing Prime Minister Narendra Modi’s vision of bringing the Olympics to India for the first time.
• Prime Minister’s Commitment:
  • Prime Minister Narendra Modi reiterated India’s dedication to hosting the event, stating at the 141st IOC session in Mumbai, “We will leave no stone unturned in organizing the Olympics in India in 2036.”
  • The bid is aligned with Modi’s goal to elevate India’s global sporting profile and advance the nation’s sports infrastructure.
• Competing Nations:
  • India faces competition from other interested nations, including Mexico, Turkey, Indonesia, Chile, and Egypt’s New Administrative Capital.
  • The IOC Future Host Commission will manage the selection, with potential bids from cities vying to become the first in their regions to host the Games.
• Roadmap and Strategic Planning:
  • India’s bid includes plans to bolster sports infrastructure and collaborate with global experts to ensure readiness.
  • Partnerships, such as with France, are expected to aid India in knowledge and expertise exchange for hosting a successful Olympic event.
• Potential Socio-Economic Impact:
  • If selected, the Olympics would likely bring infrastructure upgrades, increased tourism, and youth engagement in sports across India.
  • The government is already investing in state-of-the-art sports facilities and encouraging youth participation to support this objective.

Harmanpreet Kaur and Smriti Mandhana Shine in Latest ICC Women’s ODI Rankings

• India’s captain Harmanpreet Kaur moved up to joint ninth in the latest ICC Women’s ODI rankings.
• Her unbeaten 59 off 63 balls in India’s six-wicket win against New Zealand in the third ODI helped her re-enter the top 10 after slipping in earlier matches.
• Smriti Mandhana’s Steady Performance:
  • Opener Smriti Mandhana retained her fourth position with an impressive 100-run knock, earning the player of the match award.
  • Mandhana gained 23 rating points, reaching 728 points, just five points behind Sri Lanka’s Chamari Athapaththu.
• Other Indian Players:
  • Yastika Bhatia, India’s wicketkeeper, moved from 48th to 45th after scoring 35 runs.
  • In the bowling rankings, Deepti Sharma strengthened her position in second place with a career-high 703 rating points after a 3/39 performance, though Sophie Ecclestone of England remains at the top with 770 points.
  • Renuka Singh climbed to 32nd among bowlers, while Saima Thakor and Priya Mishra also made notable progress.
• Global Ranking Standings:
  • India is currently in third place in the ICC Women’s Championship standings, with 25 points.
  • New Zealand, following their recent series with India, is in sixth place with 20 points.

India Wins 14 Medals at Asia Pickleball Games in Taiwan

• India’s players showcased outstanding skill at the Asia Pickleball Games held recently in Taiwan, bringing home a total of 14 medals, including five golds, four silvers, and five bronzes.
• Gold Medalists:
  • Nitten Kirttane: Gold in 50+ open men’s singles and 50+ open men’s doubles (with Sandeep Tawde).
  • Vanshik Kapadia & Tejas Mahajan: Gold in 19+ open men’s doubles.
  • Kapadia & Vrushali Thakare: Gold in 19+ open mixed doubles.
  • Vishal Jadhav & Isha Lakhani: Gold in 35+ open mixed doubles.
• Silver Medalists:
  • Vishal Jadhav: Silver in 35+ open men’s singles.
  • Khushi Sachdeva & Shraddha Damani: Silver in 19+ women’s singles and 35+ women’s singles in the 0 category.
  • Sandeep Tawde: Silver in 50+ men’s singles in the 0 category.
• Bronze Medalists:
  • Abhishek Dethan: Bronze in 35+ men’s singles (4.0 category).
  • Johann Fernandes: Bronze in 35+ open women's singles.
  • Thakare & Sachdeva: Bronze in 19+ women’s doubles.
  • Damani & Fernandes: Bronze in 35+ women’s doubles (4.0 category).
  • Chetan Sanil & Tawde: Bronze in 50+ men’s doubles (4.0 category).
• Participating Countries: Taiwan, Singapore, Japan, China, Indonesia, South Korea, Malaysia, and India.

CURRENT AFFAIRS: IMPORTANT DAYS

National Cancer Awareness Day: 7th November

• National Cancer Awareness Day 2024 is observed on the 7th of November 2024.
• This year's theme is "Fight cancer with hope and heart!"
• In September 2014, National Cancer Awareness Day was first initiated by Dr. Harsh Vardhan, the Union Minister of Health and Family Welfare in India.
• In September 2014, a committee was formed and decided that National Cancer Awareness Day would be observed on the 7th of November every year in India with the aim of spreading awareness about the severity of various cancers, their symptoms, and treatment.
• National Cancer Awareness Day is celebrated every year to create awareness about the early detection of cancer and prevention methods.
• 90 percent of the cancer is curable if it is detected earlier. So early detection is very important.
• Harsha launched a state-level cancer control process that encourages early detection and research to find a cancer cure.
• In 1975 National Cancer Control Programme was started to arrange treatment facilities for cancer.
• In 1984-85 some changes were made in the National Cancer Control Programme to make the Cancer treatment process more efficient and available to all.

Infant Protection Day: 7th November

• Infant Protection Day 2024 is observed on the 7th of November 2024
• The first three months are the crucial period for Infants. It develops certain skills like Hearing, Communication, and Vision.
• So it is important to protect them from Air-borne Infections. Continuous Mother feeding and a healthy environment are essential for their Immune System Development which protects them from Infectious diseases. Infants should be vaccinated as per the Vaccination Chart to prevent them from deadly infectious diseases.
• In 1990 nearly 5 million infants died due to a lack of awareness of protecting Infants.
• So in the early 1900s, many Countries decided that steps should be taken for better child health care and to reduce the Infant Mortality Rate (IMR).
• Europe first started a campaign to improve child health care. Europe Countries established Infant Protection Day in order to create awareness among the people about Child Care Services and to reduce the Infant Mortality Rate (IMR).
• The Infant Mortality Rate has decreased from 100 to 10 deaths per 1000 births because of the awareness created by this day.
• Later America joined in this and started to celebrate Infant Protection Day to create awareness among the People. So Infant Protection Day was celebrated every year on 7th November.

Chandrasekhara Venkata Raman Birthday: 7th November

• Chandrasekhara Venkata Raman's Birthday is observed on the 7th of November 2024.
• V. Raman was born on 7th November 1888, in Tiruchirappalli.
• His father's name was Chandrasekhara Ramanathan Iyer who was a professor of Physics and Mathematics who worked in Visakhapatnam.
• V. Raman was brilliant in early school life.
• He joined the Presidency College and received his graduate degree in 1904.
• He has done his Master's in Physics from the same college.
• He got an opportunity to join the University of Calcutta in 1917, as the first Professor of Physics.
• After 15 years at Calcutta, he became the Professor at the Indian Institute of Science at Bangalore from 1933-1948, and since 1948, he has become the Director of the Raman Institute of Research at Bangalore which was established and endowed by C.V. Raman only. He Died in November 1970.

Daily CA One- Liner: November 7

• Prime Minister Narendra Modi emphasized that the inauguration of advanced medical manufacturing plants will contribute to India’s capability to produce high-quality stents, implants, and advanced medicines, strengthening the country's growth in healthcare manufacturing
• The Central Board of Direct Taxes (CBDT) issued a circular on November 4 allowing tax officers to waive or reduce interest on tax dues, provided certain conditions are met.
• BEML Limited has been granted the prestigious “Self-Certification” status by the Department of Defence Production (DDP), Government of India, for its defence equipment
• The updated National Biodiversity Strategy and Action Plan (NBSAP) 2024-2030 was launched at the 16th Conference of Parties (COP 16) to the Convention on Biological Diversity (CBD) in Colombia
• The Ministry of Information and Broadcasting (I&B) is considering classifying Wikipedia as a content publisher, which would make the Wikimedia Foundation liable in court cases concerning its content
• The Fisheries Ministry, National Fisheries Development Board (NFDB), and ICAR-Central Marine Fisheries Research Institute (CMFRI) are partnering to introduce drone technology in the marine fisheries sector
• Singapore maintains its position as the world’s most powerful passport in the Henley Passport Index 2024, offering its citizens visa-free access to 195 countries
• Indian professional boxer Mandeep Jangra won the World Boxing Federation (WBF) Super Featherweight World Title.
• The Indian Olympic Association (IOA) formally submitted a Letter of Intent on October 1, 2023 to host the 2036 Olympic and Paralympic Games.
• India’s captain Harmanpreet Kaur moved up to joint ninth in the latest ICC Women’s ODI rankings
• India’s players showcased outstanding skill at the Asia Pickleball Games held recently in Taiwan, bringing home a total of 14 medals, including five golds, four silvers, and five bronzes
• The Insolvency and Bankruptcy Board of India (IBBI) has proposed new regulations allowing operational creditors (OCs) to opt for voluntary mediation before initiating insolvency proceedings against a company.
• The Income Tax Department has introduced a three-layered system for the reduction or waiver of interest on unpaid taxes:
• Regional Rural Banks (RRBs) are likely to see a fourth round of amalgamation, with the number of these Banks likely to come down from 43 to 28 through consolidation.
• Karur Vysya Bank (KVB) has been assigned an ‘A1+’ rating for its short-term fixed deposits aggregating ₹12,000 crore and an ‘AA’ rating (Stable) for its fixed deposits by CARE Ratings.
• The National Stock Exchange (NSE) has revised the period for marking a trading account as inactive from 12 months to 24 months.
• The Insolvency and Bankruptcy Board of India (IBBI) has issued a circular announcing a collaboration with the Indian Banks’ Association (IBA) to facilitate the auction of assets through the eBKray platform.
• According to data shared by the National Payments Corporation of India (NPCI), India’s home-grown Unified Payments Interface (UPI) technology hit a new record in October 2024, with a total of 16.58 billion transactions amounting to ₹23.50 lakh crore, Festival season spending aided the 45% year-on-year (y-o-y) rise in October UPI transactions.
• The annual India International Trade Fair (IITF) is a mega trade show organised at New Delhi’s Pragati Maidan (Bharat Mandapam) by the India Trade Promotion Organization (ITPO).
• The Union Home Ministry (MHA) appointed four new non-official members to the New Delhi Municipal Council (NDMC).
• Rakesh Gangwal, co-founder of IndiGo Airlines, has been appointed as the new independent chair of Southwest Airlines' Board.
• Sanjay Kumar Verma, a 1990-batch IPS officer, has been appointed as the Director General of Police (DGP) of Maharashtra.
• Muralikrishnan B, President of Xiaomi India, is stepping down to pursue academic research, specifically focusing on an Executive Doctorate in Management with a concentration on Consumer Behaviour on Technology Platforms.
• Bandhan Financial Services (Bandhan Group) acquired Genisys Group, a global IT and business process services company.
• A Russian Soyuz rocket successfully launched from the Vostochny launchpad in eastern Russia, carrying two Iranian satellites, Kowsar and Hodhod, into orbit.
• Popular folk singer Sharda Sinha, who was undergoing treatment at All India Institute of Medical Sciences (AIIMS)-Delhi, passed away at the age of 72.
• National Cancer Awareness Day 2024 is observed on the 7th of November 2024
• Infant Protection Day 2024 is observed on the 7th of November 2024
• Chandrasekhara Venkata Raman's Birthday is observed on the 7th of November 2024.