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CURRENT AFFAIRS : BANKING & FINANCE

Telecom Operators' Bank Guarantee Waiver Subject to Conditions 

• The Union Cabinet has agreed in principle to waive the bank guarantee requirement for deferred spectrum payments by telecom operators.
• The waiver applies to spectrum acquired by telcos in auctions held between 2012 and 2022, with exceptions for 2022 and 2024 auctions where the requirement was already removed.

Key Highlights :

• Conditions Attached to Waiver:The waiver is subject to stringent conditions, including the requirement for telecom operators to pay an additional three months’ instalment alongside their annual payments.
• Impact on Financial Guarantees:The government will forgo bank guarantees worth ₹30,000 crore, which were previously required upfront from telecom operators.
• Telecom operators like Airtel and Jio were set to submit guarantees worth ₹2,300 crore and ₹4,000 crore, respectively.
• Exemption for Vodafone Idea (Vi):The waiver benefits Vodafone Idea (Vi), whose spectrum auction dues moratorium ends in October 2025.
• Vi was asked to submit guarantees for ₹24,747 crore due in September 2025.
• Vi had missed two previous bank guarantee payments, including a ₹350 crore guarantee for a 2012 auction and over ₹4,600 crore for a 2016 auction.
• Market Response:Vi’s shares rose 7.8% following the announcement, while Airtel's shares saw a slight decrease of 0.1%.

Banks target ₹1 trillion from infrastructure bond issuances in FY25                       

• Commercial banks are expected to raise over ₹1 trillion through infrastructure bond issuances in FY25, nearly doubling the ₹51,081 crore raised in FY24.

Key Highlights :

• Funds Raised So Far: By November 2024, ₹74,256 crore has been raised through infrastructure bonds, with the total expected to exceed ₹1 trillion by the end of FY25.
• Role of State-Owned Banks: State-owned banks like State Bank of India, Bank of Baroda, Canara Bank, and others have been active in tapping the domestic capital market to raise funds via infra bonds to support credit growth amidst challenges in deposit mobilization.
• Appeal to Institutional Investors: Infrastructure bonds are preferred by large institutional investors due to their superior credit quality and alignment with long-term investment risk profiles.
• Advantages of Infra Bonds for Banks:Infra bond proceeds are exempt from regulatory reserve requirements such as SLR (Statutory Liquidity Ratio) and CRR (Cash Reserve Ratio), unlike deposit funds that require banks to maintain reserve ratios.
• Infra bonds can be fully deployed for lending activities, providing banks greater flexibility in using the funds.
• Regulatory Benefits: Funds raised through infra bonds are not subject to the same reserve requirements as deposit-based funds, making them a more cost-effective option for banks compared to other instruments like Tier-2 and AT1 bonds.
• Recent Issuances:State Bank of India (SBI): Raised ₹10,000 crore in November 2024 through 15-year infra bonds with a 7.23% coupon rate.
• Bank of India: Plans to raise ₹5,000 crore through 10-year infra bonds with an option to raise an additional ₹3,000 crore.
• Market Demand: Banks are receiving favorable rates for long-tenure infra bonds, indicating strong investor demand, particularly for bonds with tenures like 15 years.

Reserve Bank of India Infuses ₹6,956 Crore as Liquidity Shifts to Deficit  

• After a prolonged period of surplus liquidity (₹1.4 lakh crore for over two months), the banking system experienced a decline in cash.
• The Reserve Bank of India (RBI) injected ₹6,956 crore into the system to address the liquidity deficit.

Key Highlights :

• Factors Contributing to Liquidity Deficit:The balance of payments (BoP) turned negative at $23 billion in the ongoing quarter due to:
  • Persistent outflows from Foreign Portfolio Investors (FPIs).
  • RBI is selling dollars to support the rupee.
• Impact on Borrowing Costs:The liquidity deficit caused the weighted average call rate (WACR) to rise by 22 basis points to 6.72% above the policy repo rate.
• This increase in WACR results in higher borrowing costs for banks and companies raising funds through debt instruments like certificates of deposits and commercial papers.
• Core Liquidity Reduction:Core liquidity (system liquidity + government surplus) reduced from ₹4.6 trillion on September 27 to ₹1.6 trillion on November 15.
• This indicates that the system liquidity tightness could persist if the negative BoP and FPI outflows continue.
• Foreign Exchange Reserves:India’s foreign exchange reserves decreased by $17.8 billion in the week ending November 15, reaching a four-month low of $657.9 billion.
• Trade Deficit:Merchandise trade deficit widened to a two-month high of $27.14 billion in October, up from $20.78 billion in September.
• Other Factors Affecting Liquidity:Economists attribute the liquidity deficit to factors like:
  • A slowdown in deposit growth.
  • Lower monthly GST payments.

Banks' Proportion of High-Cost Deposits Increases in Q2 z

• According to the latest data released by the Reserve Bank of India, the share of high-cost deposits (over 7% interest rate) increased to 68.8% in the September 2024 quarter, up from 54.7% a year ago.
• In March 2023, the share was only 33.7%, reflecting a significant shift during the monetary policy tightening cycle.

Key Highlights :

Public Sector Banks (PSBs) vs. Private Banks:

• Deposit Growth:
  • PSBs' deposit growth rose to 9.0% YoY (September quarter) from 8.1% YoY (June quarter).
  • Private sector banks outpaced PSBs with a deposit growth rate of above 15%.
• Credit Growth:
  • PSBs: Credit share at 53.2%, with a 13.0% YoY growth.
  • Private Banks: Credit share at 11.9%, with an 11.9% YoY growth.
• Term Deposits and CASA:Term deposits' share in total deposits rose to 61.4% in September 2024 from 59.8% a year ago, as they offered more attractive returns.
• Growth in term deposits outpaced CASA (Current Account and Savings Account) deposits.
• Senior Citizens' Deposits:The share of deposits by senior citizens increased to 20.1% during Q2 FY25, up from 19.7% a year ago.
• Private Corporate Sector Credit:Credit to the private corporate sector grew at 16.5% YoY, exceeding overall credit growth.
• Working capital loans rose to 15.3% YoY, up from 14.1% a year ago.
• Female Borrowers:The share of loans to female borrowers rose to 23.6% of total individual loans during Q2 FY25.

Angel One's Asset Management Arm Receives Securities and Exchange Board of India Nod to Launch Mutual Fund Operations

• Angel One Asset Management Company has received the Securities and Exchange Board of India’s (SEBI) approval to act as the asset management company for Angel One Mutual Fund.
• The mutual fund business will focus exclusively on passive investment solutions, including index funds and exchange-traded funds (ETFs).

Key Highlights :

• Investment Strategy:Angel One aims to offer low-cost, transparent, and accessible passive investment products to retail investors.
• The products will cater to diverse investment preferences and risk profiles.
• Business Strategy:The AMC plans to leverage its parent company's digital infrastructure and distribution network to provide seamless access to investment products.
• Market Entry:Angel One's entry marks its debut in the asset management space with a focus on expanding the base of retail investors across India.
• Recent Industry Trends:In Nov 2024, Unifi Asset Management Private Limited, a subsidiary of Unifi Capital, also received SEBI approval to launch its mutual fund operations.
• Mutual Fund Industry:Currently, 45 mutual fund houses operate in India, managing over ₹66 lakh crore in assets under management (AUM).
• Chairman and Managing Director of Angel One : Dinesh Thakkar
• Executive Director and CEO of Angel One Asset Management Company : Hemen Bhatia

National Payments Corporation of India Plans Rupay and Unified Payments Interface Expansion Across 10 Countries  

• The National Payments Corporation of India (NPCI) is in discussions with 10 countries to expand the reach of Unified Payments Interface (UPI) and RuPay.
• Currently, UPI is operational in seven countries including France, UAE, Singapore, Bhutan, Sri Lanka, Mauritius, and Nepal.

Key Highlights :

• Global Agreements: Commercial agreements for UPI implementation have already been signed with Namibia, Trinidad and Tobago, and Peru.
• The implementation of UPI in these countries is expected in a few weeks.
• UPI Growth and Transactions: UPI’s daily transactions crossed 500 million in September 2024.
• In total, UPI processed 15.04 billion transactions worth ₹20.64 lakh crore in September. The adoption of UPI is growing with over 400 million users.
• Transaction Failure Reduction: Since UPI's launch in 2016, transaction failure rates have decreased from 8-10% to 0.7-0.8%, showcasing improvements in the system's reliability.
• UPI Lite: UPI Lite allows users to make low-value transactions without needing a UPI pin.

Recent News :

• In Oct 2024, RBI increased the transaction and wallet limits for UPI Lite, raising the transaction cap from Rs 500 to Rs 1,000 and the overall wallet limit from Rs 2,000 to Rs 5,000.

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment & Settlement Infrastructure in India.

CURRENT AFFAIRS: NATIONAL NEWS

National Milk Day 2024: Launch of 'Basic Animal Husbandry Statistics 2024'

• On National Milk Day (November 26, 2024), Union Minister Shri Rajiv Ranjan Singh, along with Ministers of State S.P. Singh Baghel and Shri George Kurian, released the annual publication 'Basic Animal Husbandry Statistics (BAHS) 2024' in New Delhi.
• This report, prepared by the Department of Animal Husbandry and Dairying, provides critical data on the trends and production estimates in India’s livestock and dairy sectors, forming the basis for policy-making.

Highlights of BAHS 2024

1. Scope and Purpose

• Based on the Integrated Sample Survey (ISS) conducted between March 2023 - February 2024.
• Covers state-wise production estimates for Milk, Eggs, Meat, and Wool.
• Includes data on veterinary infrastructure, artificial inseminations, and global livestock trends.

2. Production Estimates (2023-24)

Milk Production

• Total Production: 239.30 million tonnes.
  • Growth: 5.62% over the past decade; 3.78% growth from 2022-23.
  • Top States:
    1. Uttar Pradesh (16.21%)
    2. Rajasthan (14.51%)
    3. Madhya Pradesh (8.91%)
    4. Gujarat (7.65%)
    5. Maharashtra (6.71%)
  • Highest Annual Growth Rate (AGR):

• • • West Bengal (9.76%)
    • Jharkhand (9.04%)
    • Chhattisgarh (8.62%).

Egg Production

• Total Production: 142.77 billion eggs.
  • Growth: 6.8% over the past decade; 3.18% growth from 2022-23.
  • Top States:
    1. Andhra Pradesh (17.85%)
    2. Tamil Nadu (15.64%)
    3. Telangana (12.88%)
    4. West Bengal (11.37%)
    5. Karnataka (6.63%)
  • Highest AGR:

• • • Ladakh (75.88%)
    • Manipur (33.84%)
    • Uttar Pradesh (29.88%).

Meat Production

• Total Production: 10.25 million tonnes.
  • Growth: 4.85% over the past decade; 4.95% growth from 2022-23.
  • Top States:
    1. West Bengal (12.62%)
    2. Uttar Pradesh (12.29%)
    3. Maharashtra (11.28%)
    4. Telangana (10.85%)
    5. Andhra Pradesh (10.41%)
  • Highest AGR:

• • • Assam (17.93%)
    • Uttarakhand (15.63%)
    • Chhattisgarh (11.70%).

Wool Production

• Total Production: 33.69 million kg.
  • Growth: 0.22% over the last year.
  • Top States:
    1. Rajasthan (47.53%)
    2. Jammu & Kashmir (23.06%)
    3. Gujarat (6.18%)
    4. Maharashtra (4.75%)
    5. Himachal Pradesh (4.22%)
  • Highest AGR:

• • • Punjab (22.04%)
    • Tamil Nadu (17.19%)
    • Gujarat (3.20%).

3. Global Insights

• India ranks:
  • 1st in Milk Production.
  • 2nd in Egg Production globally.

Significance of the Report

• Policy Formulation: Supports decisions to enhance livestock productivity and infrastructure.
• Sustainable Growth: Encourages effective resource use and welfare initiatives for livestock.
• Global Leadership: Reinforces India's leading position in the dairy and poultry sectors.

Labour Ministry Directs EPFO to Prepare for Employment Linked Incentive (ELI) Scheme Launch

• The Ministry of Labour and Employment has directed the Employees' Provident Fund Organization (EPFO) to bolster its IT infrastructure and capacity for implementing the Employment Linked Incentive (ELI) Scheme, which Finance Minister Nirmala Sitharaman announced as part of the Union Budget 2024–25.

Key Highlights of the ELI Scheme

1. Objective:
   • Create over 2 crore jobs in 2 years.
   • Enhance livelihood opportunities and employment.
2. Scope:
   • Part of a broader initiative under Prime Minister’s package of five schemes targeting employment, skilling, and livelihood for 4.1 crore youth over 5 years.
   • Central outlay: ₹2 lakh crore.

Preparation and Focus Areas for EPFO

• IT Infrastructure: Strengthen systems to support the efficient implementation of ELI.
• Capacity Building: Prepare staff and processes for handling new enrolments.
• Central Board of Trustees (CBT) Meeting: Ready essential reports and updates for the meeting scheduled for November 30, 2024.

Labour Ministry Initiatives and Updates

Streamlining Labour Processes

• Pending Industrial Disputes: Focus on resolving cases and timely submission of inspection reports on the Shram Suvidha Portal.
• Judicial Reforms:
  • Upgrading Central Government Industrial Tribunal-cum-Labour Courts (CGITs) with e-courts.
  • Judicial training for Central Labour Service (CLS) officers in collaboration with the Capacity Building Commission.

Training and Capacity Building

• Institutes like VV Giri National Labour Institute (VVGNLI) and Dattopant Thengadi National Board for Workers Education and Development (DTNBWED) will rationalize training modules to address contemporary labour welfare needs.

Employment Surveys and Portals

• Finalize surveys such as the All India Quarterly Establishment-based Employment Survey (AQEES).
• Upgrade the National Career Service (NCS) portal and integrate it with services for differently-abled individuals under the Ministry of Social Justice and Empowerment.

Healthcare Reforms in ESIC

• Expand infrastructure by constructing new medical colleges and improving ESIC and ESIS hospitals.
• Align ESIC services with Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (PM-JAY) to enhance healthcare delivery.

India Targets Foot-and-Mouth Disease (FMD) Eradication by 2030 to Boost Dairy Sector

• India is intensifying efforts to eradicate foot-and-mouth disease (FMD) by 2030, with an intermediary goal of controlling it by 2025.
• This ambitious initiative, announced by the Union Minister of Animal Husbandry and Dairying Rajiv Ranjan Singh, aims to enhance milk production, improve livestock productivity, and enable significant growth in dairy exports.

Key Announcements on National Milk Day (2023)

1. Eradication of FMD:
   • Current Challenge: FMD severely impacts livestock, with a morbidity rate of 100% and a mortality rate of 5% in adult animals.
   • Impact: Reduces milk production, weight, and overall economic returns.
   • Strategy: Scaling up vaccination efforts, aiming for an FMD-free India by 2030.
2. Milk Production and Productivity:
   • Milk Production: India produced 239.30 million tonnes (mt) of milk in 2023-24, up 3.78% from the previous year’s 230.58 mt.
   • Per-Capita Availability: Rose to 471 grams/day in 2023-24.
   • Low Productivity:
     • Crossbred Cattle: Average yield of 8.12 kg/day in 2023-24.
     • Indigenous Cattle: Average yield of 4.01 kg/day.
     • Global Gap: Annual productivity remains at 1,777 kg/animal/year, far below the global average of 2,699 kg/animal/year.
3. Artificial Insemination (AI):
   • Current Status: Only 35% of cattle benefit from AI compared to 100% in developed countries.
   • Goal: Increase AI coverage to at least 70%, aiming to boost productivity and disease resistance.

Economic Significance of Livestock in India

1. Contribution to Economy:
   • Livestock accounts for 5.5% of India’s GDP (2022-23).
   • Sector grew at a CAGR of 8%, providing livelihood to over 70% of rural households, many of whom are small-scale or landless farmers.
2. Meat and Egg Production:
   • Meat Production: Grew to 10.25 mt in 2023-24, making India the fifth-largest producer globally.
   • Egg Production:
     • Total output reached 138.38 billion eggs in 2023-24, a 3.17% increase from the previous year.
     • India ranks second globally in egg production, with a CAGR of 6.87%.
     • Per-capita availability: 103 eggs/year.

Union Government: ₹1,115.67 Crore Approved for Disaster Mitigation and Capacity Building Projects

• A high-level committee chaired by Union Home and Cooperation Minister Amit Shah has approved ₹1,115.67 crore for disaster mitigation and capacity-building initiatives across various Indian states.
• This decision comes as the country grapples with an increase in extreme weather events and related disasters.

Key Announcements

1. Funds Allocation for Landslide Mitigation:
   • ₹1,000 crore will be allocated to mitigate landslide risks in 15 states:
     • Northeast States: Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura.
     • Himalayan and Western Ghats States: Himachal Pradesh, Uttarakhand, Karnataka, Kerala, Maharashtra, Tamil Nadu, and West Bengal.
2. Civil Defense Training and Capacity Building:
   • ₹115.67 crore will be utilized to train and build capacity for Civil Defense volunteers across all states and Union Territories.

Previous Approvals by the Committee

1. Urban Flood Risk Mitigation:
   • ₹3,075.65 crore approved for seven cities to address urban flood risks.
2. Glacial Lake Outburst Flood (GLOF) Risk Management:
   • ₹150 crore allocated for managing GLOF risks in four states.

Disaster Impacts in 2024

• Extreme Weather Events:
  • Recorded on 255 out of 274 days in 2024, affecting millions.
  • Over 3,200 fatalities, damage to 3.2 million hectares of crops, destruction of 236,000 homes, and loss of 9,500 livestock, as per the Centre for Science and Environment (CSE).
• Economic Losses:
  • Over ₹21,476 crore released to states this year for disaster response and mitigation:
    • ₹14,878.40 crore from the State Disaster Response Fund (SDRF).
    • ₹4,637.66 crore from the National Disaster Response Fund (NDRF).
    • ₹1,385.45 crore from the State Disaster Mitigation Fund (SDMF).
    • ₹574.93 crore from the National Disaster Mitigation Fund (NDMF).

Rising Climate Concerns

• Record-Breaking Temperatures:
  • 2024 saw unprecedented weather records, including:
    • Second-highest February minimum temperature in 123 years.
    • Warmest October since 1901.
    • Record-high mean temperatures in May, July, August, and September.
• Vulnerability Highlighted:
  • Recent reports by CSE and Moody’s underscore India’s vulnerability to floods and other extreme weather events, exacerbated by climate change.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Sri Lanka Launches $12.6 Billion Debt Restructuring Program 

• Sri Lanka is launching a debt exchange to swap $12.6 billion of its bonds for longer-dated notes as part of its dollar-denominated debt restructuring.
• Investors can tender their holdings for new international bonds with a 27% haircut on the nominal amount of existing bonds.

Key Highlights :

• Significance of the Debt Exchange:This debt restructuring follows Sri Lanka's 2022 default and aims to restore access to international markets.
• The restructuring could save Sri Lanka up to $9.5 billion in debt servicing costs over the IMF program's duration.
• IMF Bailout:Sri Lanka secured initial approval to receive the next tranche of a $3 billion IMF bailout.
• The successful completion of the debt exchange is vital for continuing the IMF program and stabilizing the economy.
• Bond Performance:Sri Lanka’s dollar bonds have gained nearly 28% in 2024, outperforming other emerging market bonds, but still trade at distressed levels (63-66 cents per dollar).
• Tender Offer:The tender offer will expire on December 12, 2024, with the results to be announced four days later.
• Special terms will apply for bondholders with a custodian in Sri Lanka.
• Innovative Debt Instruments:The restructuring includes the issuance of macro-linked bonds, with payouts tied to Sri Lanka’s economic growth.
• Governance-linked notes will offer a 75 basis-point coupon reduction on over $1.5 billion of debt if Sri Lanka meets governance targets such as improving revenue collection.

About Sri Lanka :

• President : Anura Kumara Dissanayake
• Prime Minister : Harini Amarasuriya
• Capital : Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
• Currency : Sri Lankan rupee (Rs)

CURRENT AFFAIRS : STATE NEWS

Delhi Government Unveils Portal for Senior Citizen Pension Scheme

• The Delhi government has introduced a pension scheme for senior citizens, offering monthly financial assistance to residents aged 60 and above.
• Pension Amounts:
  • ₹2,000 per month for individuals aged 60-69.
  • ₹2,500 per month for individuals aged 70 and above.
  • SC/ST/Minority beneficiaries aged 60-69 will also receive ₹2,500 per month.
• Extended Benefits for Differently-Abled: The government plans to extend pensions to differently-abled individuals, with a proposed monthly benefit of ₹5,000.
• Eligibility Criteria:
  • Age: 60 years or older.
  • Residency: Must have resided in Delhi for at least five years.
  • Aadhaar: Must possess an Aadhaar card with a Delhi address.
  • Income: Annual family income must be under ₹1 lakh.
  • Bank Account: Must have a singly-operated bank account.
  • Exclusion: Must not be receiving any other pension or financial assistance from the central or state governments.
• Application Process: Applications can be submitted through the Delhi government’s e-district portal, which opened on November 24.
• Demand and Response: The scheme received over 10,000 applications on its first day.
• Additionally, 80,000 new registration slots were made available.

About Delhi :

• Governor : Vinai Kumar Saxena
• Chief Minister : Atishi Marlena Singh

CURRENT AFFAIRS: BUSINESS NEWS

Government Initiates New Financial Probe into Byju's Amid Corporate Governance Concerns

• The Indian government has launched a fresh investigation into the financial and accounting practices of Byju's, once a beacon of India's edtech success.
• This action follows an earlier review by the Ministry of Corporate Affairs (MCA) that highlighted lapses in corporate governance but found no conclusive evidence of financial misconduct.

Details of the New Investigation

1. Registrar of Companies’ Probe:
   • The regional office in Hyderabad is tasked with examining Byju’s financial records.
   • The focus is on identifying potential misrepresentation in financial statements or the misuse of funds.
   • The registrar has been given one year to complete the investigation and submit findings.
2. Trigger for Investigation:
   • Irregularities flagged in the company’s accounts during earlier reviews.
   • Specifics of the irregularities remain undisclosed.

Byju’s Financial and Legal Challenges

Decline in Valuation:

• Once valued at $22 billion, Byju’s is now facing financial distress, with founder Byju Raveendran acknowledging the firm’s valuation has dropped to zero.

Insolvency Proceedings:

• Byju’s is embroiled in insolvency cases in India and the United States.
• In October 2024, the Supreme Court of India overturned a bankruptcy tribunal’s decision allowing debt settlements, placing the company back into insolvency.
• An insolvency resolution professional now oversees its operations.

Investor Fallout:

• Major backers like Prosus NV have written off their investments.

Company’s Silence

• Neither Byju’s nor the MCA has issued public statements regarding the new investigation.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Dinesh Bhatia Named India's New Ambassador to Brazil

• Dinesh Bhatia, an Indian Foreign Service (IFS) officer of the 1992 batch, has been appointed as India's next Ambassador to Brazil.
• Bhatia is currently serving as India's Ambassador to Argentina, a position he has held since August 21, 2019.
• His accreditation also extended to Uruguay and Paraguay until February 2022.

About Dinesh Bhatia :

• Bhatia served as the Consul General of India in Toronto and as Ambassador to Cote d’Ivoire, Guinea, and Liberia.
• He has held various positions in Indian missions abroad, including in Madrid, Kathmandu, and Kuwait.
• He received training at the Lal Bahadur Shastri National Academy of Administration (LBSNAA), Mussoorie, and the Foreign Service Institute, New Delhi.
• He is an alumnus of the National Defence College (NDC) and participated in the 4th Joint Civil-Military Course on National Security at LBSNAA.
• He has authored Devi Purana—A Rendition of Srimad Devi Bhagavatam, published by Bloomsbury in 2023, and Physics for Civil Services Prelims, published in 1994.

About Brazil :

• President : Luiz Inácio Lula da Silva
• Capital : Brasília
• Currency : Real

G Balasubramanian Named as India's New High Commissioner to Maldives   

• G Balasubramanian, a 1998 batch Indian Foreign Service (IFS) officer, has been appointed as the High Commissioner of India to the Maldives.
• The announcement was made in an official statement by India’s Ministry of External Affairs.
• He currently serves as India’s High Commissioner to Nigeria.
• Balasubramanian will succeed Munu Mahawar, who held the position since November 2021.
• With a diplomatic career spanning several key postings, Balasubramanian has held significant roles in Moscow, Washington, and Bangkok.
• Notably, he has served as India’s Deputy Chief of Mission and Deputy Permanent Representative to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).

About Maldives :

• President : Mohamed Muizzu
• Capital : Malé
• Currency : Maldivian rufiyaa

CURRENT AFFAIRS : DEFENCE NEWS

Indian Coast Guard to organize nation's biggest maritime search and rescue exercise  

• The Indian Coast Guard (ICG) is hosting the largest-ever National Maritime Search and Rescue Exercise (SAREX-24), which will take place in Kochi on November 28-29, 2024.
• Objective: The exercise aims to enhance Search and Rescue (SAR) capabilities and strengthen regional collaboration in maritime safety.

Key Highlights :

Focus of the Event:

• Real-time simulations to improve the skills required for effective SAR operations.
• Collaborative efforts between regional and international maritime stakeholders.
• Participants: The exercise will include over 40 international observers from partner nations.
• Significance:The event will enhance India's operational readiness in maritime safety.
• It aims to strengthen SAR linkages with international and regional partners.
• It reflects India's role in improving maritime safety coordination in the region.
• Other Component: The event will also feature the 22nd National Maritime Search and Rescue (NMSAR) Board meeting, contributing to the strengthening of SAR operations.

About ICG :

• Formed : 18 August 1978
• Headquarters : New Delhi, India
• Director General : S Paramesh

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Approves Kotak Mahindra Bank's Acquisition of Standard Chartered Bank's Unsecured Personal Loan Portfolio in India  

• The Competition Commission of India (CCI) approved Kotak Mahindra Bank Limited (KMBL) to acquire the standard unsecured personal loans portfolio of Standard Chartered Bank, India Branch.
• The transaction involves a loan portfolio of approximately ₹4,100 crore (~$490 million) as of September 30, 2024.
• The loans are categorised as Standard Loans as per the guidelines issued by the Reserve Bank of India (RBI).
• The transaction is expected to close within the next three months, subject to regulatory approvals and fulfilment of other closing requirements.

Key Highlights :

• Strategic Alignment:This acquisition aligns with KMBL's strategy to focus on scale, affluent customer segments, and customer-centric growth in the retail lending space.
• Leadership:The acquisition reflects the strategic direction under Ashok Vaswani, Managing Director and CEO of KMBL since early 2024.
• Historical Context:This marks the second significant transaction between a private sector bank and a foreign bank in recent years, following Axis Bank's acquisition of Citi India's consumer and wealth management business in 2022.
• Loan Portfolio at KMBL:As of June 30, 2024, consumer loans formed 45% of KMBL’s total loan book, amounting to ₹1.83 lakh crore.
• Personal loans, unsecured business loans, and consumer durables loans totaled ₹20,317 crore, showing a 1% year-on-year growth.

About CCI :

• Formed : 14 October 2003
• Headquarters : New Delhi, India
• Chairperson : Ravneet Kaur
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

About Kotak Mahindra Bank Limited :

• Founded : 6 February 2003
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Ashok Vaswani

Competition Commission of India Approves Shoreline International Holdings' Acquisition of Stake in Flipkart  

• The Competition Commission of India (CCI) approved the acquisition of a stake in Flipkart by Shoreline International Holdings LLC, a wholly-owned subsidiary of Alphabet Inc. (Google's parent company).
• Shoreline International is a holding company that does not operate any Google products or services.
• The transaction involves share subscription in Flipkart Pvt Ltd and an arrangement for certain services provided by an affiliate of Shoreline to Flipkart’s subsidiary.
• Flipkart Overview:Flipkart is a subsidiary of Walmart Inc., primarily engaged in wholesale cash-and-carry of goods and marketplace-based e-commerce in India.
• Walmart owns 85% of Flipkart, and Flipkart recently closed a funding round of about $1 billion, including a $350 million investment from Google.
• Walmart also invested $600 million in the funding round, further solidifying its stake.
• DMI Finance Stake Acquisition:The CCI also approved the acquisition of an additional stake in DMI Finance Pvt Ltd by MUFG Bank Ltd.
• Following the investment, MUFG Bank's stake in DMI Finance will rise to 20% of its share capital.
• MUFG Bank, based in Tokyo, is wholly owned by Mitsubishi UFJ Financial Group, Inc. (MUFG), a global financial services group.
• DMI Finance Overview:DMI Finance Pvt Ltd is a digital-led non-banking finance company (NBFC), offering loans to individuals and small businesses in India.
• In August 2024, MUFG announced an investment of approximately ₹2,798.8 crore (around JPY 49 billion) in DMI Finance, increasing its valuation to $3 billion.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Meesho Unveils India's First Multilingual Gen AI-Powered Voice Bot for Customer Support

• Meesho has launched India’s first multilingual Gen AI-powered voice bot at scale for customer support.
• The bot provides personalized, human-like assistance in multiple languages, catering to India’s cultural diversity.

Key Highlights :

• Target Audience and Adaptability:The voice bot is designed with Meesho's predominantly Tier-II city user base in mind (80% of users).
• It is optimized to perform on basic smartphones and in noisy environments, ensuring broad accessibility.
• Intelligent Features:The voice bot includes an interruption-handling feature that distinguishes between casual affirmations and meaningful interruptions, ensuring smoother conversations.
• It achieves a 10% higher customer satisfaction (CSAT) score compared to traditional support systems.
• Usage and Efficiency:The voice bot currently handles 60,000 calls daily, providing quick and efficient resolutions.
• It boasts a 95% resolution rate, significantly reducing the need for human intervention and improving average handle time (AHT) by 50%.
• Technological Framework:The bot uses advanced technologies like Gen AI, large language models (LLM), natural language processing (NLP), automatic speech recognition (ASR), and text-to-speech (TTS).
• It is designed to cater to India’s multilingual landscape, initially supporting Hindi and English, with plans to add six more regional languages.
• Impact on Operational Efficiency:The bot’s use reduces per-call costs by 75% compared to human-operated calls.
• It handles routine queries, freeing up human agents to focus on more complex issues, optimising overall support efficiency.

CURRENT AFFAIRS: MOUS AND AGREEMENT

TCS Extends Partnership with SPARSH for Defence Pension Services

• Tata Consultancy Services (TCS) has extended its partnership with the Indian government’s System for Pension Administration – Raksha (SPARSH) for another three years.
• The extension reinforces TCS’s critical role in transforming and managing the digital pension system for over 30 lakh defence pensioners, ensuring transparency, efficiency, and timely benefits.

Key Achievements of SPARSH

1. Digital Transformation

• Launched: October 2020 under TCS's leadership.
• Objective: To digitize and centralize pension processing for defence personnel.
• Impact:
  • Processing timelines reduced from 12–18 months to 14 days.
  • First-time pension disbursements now completed in 5–7 days.

2. Implementation of One Rank One Pension (OROP)

• Ensures uniform pensions for personnel of the same rank and service length, regardless of retirement date.
• OROP pensions for 1.8 million pensioners were processed in 15 days—a significant improvement over the previous 6–8 month timeline.

3. Cost Savings

• Centralized disbursements have eliminated bank service charges, saving the government ₹250 crore annually.
• Pensioners benefit from quicker and more reliable payments.

Innovations and Future Plans

1. Reverse Payment System:
   • Discussions underway for a mechanism allowing pensioners to repay overpayments seamlessly, further enhancing system transparency.
2. Technology-Driven Efficiencies:
   • Ongoing maintenance and updates to hardware and software.
   • Introduction of new features to improve service delivery.

TCS’s Contributions to Public Service

• Pension Schemes: Expertise applied both domestically (SPARSH) and internationally, e.g., the UK's National Employment Savings Trust (NEST) and Ireland’s pension transformation project.
• Nation-Building Projects:
  • Digitalization of India's stock exchanges.
  • Reimagining of the passport issuance process.
  • Development of secure payment systems like RTGS and NEFT.

India Partners with WinZO to Strengthen Global Gaming Industry Position

• The Department for Promotion of Industry and Internal Trade (DPIIT) has entered a two-year collaboration with WinZO, a social gaming platform, to bolster India’s role in the $300 billion global gaming industry.
• This partnership aims to empower startups, innovators, and students while fostering a vibrant ecosystem for interactive entertainment.

Key Highlights

1. Interactive Entertainment Focus:
   • The collaboration seeks to nurture over 2,000 startups, innovators, and students through initiatives such as:
     • Mentorship programs
     • Workshops
     • Accelerator programs
     • Hackathons
2. Center of Excellence (CoE):
   • Purpose:
     • Address talent gaps in the gaming sector.
     • Monetize Indian gaming assets.
     • Create "Made in India" intellectual property for export.
   • Impact:
     • Develop a skilled, industry-ready workforce.
     • Attract foreign direct investment (FDI).
3. Industry Potential:
   • Market Growth: India’s gaming market grew 23% year-on-year in 2023-24, with revenue reaching $3.8 billion, despite a 28% GST on online gaming.
   • Future Outlook: According to the US-India Strategic Partnership Forum:
     • The market is projected to grow to $60 billion by 2034.
     • It is expected to generate over 2 million jobs in India.

Significance for India's Gaming Sector

1. Global Competitiveness:
   • By fostering innovation and supporting startups, India aims to enhance its export capacity for gaming IP and attract investments.
2. Talent Development:
   • Training programs and the CoE will help close skill gaps, ensuring a steady flow of industry-ready professionals.
3. Economic Impact:
   • The gaming sector is poised to become a major employment generator, supporting over 2 million jobs by 2034.

CURRENT AFFAIRS: SPORTS NEWS

Delhi CM Atishi Inaugurates India’s First Underground Shooting Range for NCC Cadets

• Delhi Chief Minister Atishi inaugurated India’s first underground shooting range for National Cadet Corps (NCC) cadets at Rohini’s NCC Bhavan.
• The facility aims to provide world-class training infrastructure to nurture the country’s young shooting talent and ensure financial constraints do not hinder potential Olympic medallists.

Key Highlights

1. Cutting-Edge Facility:
   • 25-metre firing range with bulletproof ceilings.
   • Six firing lanes equipped with advanced electronic target control systems.
   • Operational 24x7 throughout the year, enabling uninterrupted training.
2. Focus on Accessibility:
   • Addressing the high costs of shooting as a sport, the facility ensures affordable access for aspiring athletes.
   • A similar world-class shooting range is under development at a government school in Kalkaji.
3. Encouraging Youth Talent:
   • CM Atishi emphasized that the range will help discover and train future Olympic champions.
   • "Our youth are talented, and with the right guidance, they can make India the number one nation in sports," she said.

Remarks on India’s Shooting Legacy

Atishi highlighted India’s rich track record in shooting, mentioning:

• Recent achievements like the bronze medals by Manu Bhaker and Sarabjot Singh at the 2024 Paris Olympics.
• The contributions of shooting legends like Gagan Narang and Abhinav Bindra, who have brought immense pride to the nation.

Daily CA One- Liner: November 28

• On National Milk Day (November 26, 2024), Union Minister Shri Rajiv Ranjan Singh, along with Ministers of State S.P. Singh Baghel and Shri George Kurian, released the annual publication 'Basic Animal Husbandry Statistics (BAHS) 2024' in New Delhi
• The Ministry of Labour and Employment has directed the Employees' Provident Fund Organization (EPFO) to bolster its IT infrastructure and capacity for implementing the Employment Linked Incentive (ELI) Scheme, which Finance Minister Nirmala Sitharaman announced as part of the Union Budget 2024–25
• India is intensifying efforts to eradicate foot-and-mouth disease (FMD) by 2030, with an intermediary goal of controlling it by 2025.
• A high-level committee chaired by Union Home and Cooperation Minister Amit Shah has approved ₹1,115.67 crore for disaster mitigation and capacity-building initiatives across various Indian states.
• The Indian government has launched a fresh investigation into the financial and accounting practices of Byju's, once a beacon of India's edtech success.
• Tata Consultancy Services (TCS) has extended its partnership with the Indian government’s System for Pension Administration – Raksha (SPARSH) for another three years.
• The Department for Promotion of Industry and Internal Trade (DPIIT) has entered a two-year collaboration with WinZO, a social gaming platform, to bolster India’s role in the $300 billion global gaming industry.
• Delhi Chief Minister Atishi inaugurated India’s first underground shooting range for National Cadet Corps (NCC) cadets at Rohini’s NCC Bhavan
• The Union Cabinet has agreed in principle to waive the bank guarantee requirement for deferred spectrum payments by telecom operators.
• Commercial banks are expected to raise over ₹1 trillion through infrastructure bond issuances in FY25, nearly doubling the ₹51,081 crore raised in FY24.
• After a prolonged period of surplus liquidity (₹1.4 lakh crore for over two months), the banking system experienced a decline in cash.
• According to the latest data released by the Reserve Bank of India, the share of high-cost deposits (over 7% interest rate) increased to 68.8% in the September 2024 quarter, up from 54.7% a year ago.
• Angel One Asset Management Company has received the Securities and Exchange Board of India’s (SEBI) approval to act as the asset management company for Angel One Mutual Fund.
• The National Payments Corporation of India (NPCI) is in discussions with 10 countries to expand the reach of Unified Payments Interface (UPI) and RuPay.
• Sri Lanka is launching a debt exchange to swap $12.6 billion of its bonds for longer-dated notes as part of its dollar-denominated debt restructuring.
• The Delhi government has introduced a pension scheme for senior citizens, offering monthly financial assistance to residents aged 60 and above.
• Dinesh Bhatia, an Indian Foreign Service (IFS) officer of the 1992 batch, has been appointed as India's next Ambassador to Brazil.
• G Balasubramanian, a 1998 batch Indian Foreign Service (IFS) officer, has been appointed as the High Commissioner of India to the Maldives.
• The Indian Coast Guard (ICG) is hosting the largest-ever National Maritime Search and Rescue Exercise (SAREX-24), which will take place in Kochi on November 28-29, 2024.
• The Competition Commission of India (CCI) approved Kotak Mahindra Bank Limited (KMBL) to acquire the standard unsecured personal loans portfolio of Standard Chartered Bank, India Branch.
• The Competition Commission of India (CCI) approved the acquisition of a stake in Flipkart by Shoreline International Holdings LLC, a wholly-owned subsidiary of Alphabet Inc. (Google's parent company).
• Meesho has launched India’s first multilingual Gen AI-powered voice bot at scale for customer support.