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CURRENT AFFAIRS : BANKING & FINANCE

RBI Releases Comprehensive Guidelines for IT Governance in Banks and NBFCs

• The Reserve Bank of India (RBI) has issued comprehensive guidelines on information technology (IT) governance and controls for banks and non-banking financial companies (NBFCs).

Key Focus Areas of IT governance :

• Strategic alignment: Ensuring that IT strategies align with the business goals.
• Risk management: Managing IT-related risks, including cybersecurity risks.
• Resource management: Efficient allocation and management of IT resources.
• Performance management: Monitoring and improving IT system performance.
• Business continuity/disaster recovery management: Ensuring the resilience of IT systems and infrastructure.
• These guidelines are outlined in the final document titled "Reserve Bank of India (Information Technology Governance, Risk, Controls, and Assurance Practices) Directions, 2023."
• The directions will become effective from April 1, 2024.

Key Highlights :

• IT Service Management Framework : Regulated entities (REs) are required to establish a robust IT Service Management Framework to support their information systems and infrastructure, ensuring operational resilience of their IT environment.
• Data Migration Policy: REs must have a documented data migration policy to ensure data integrity, completeness, and consistency during data migration.
• The policy shall, inter alia, contain provisions pertaining to sign offs from business users and application owners at each stage of migration, maintenance of audit trails, etc.
• Risk Management : According to the directions, the risk management policy of the RE should include IT related risks, including the cyber security related risks, and the risk management committee of the board (RMCB) should periodically review and update the same at least on a yearly basis.
• Cyber Incident Analysis : The central bank further stated that REs should analyse cyber incidents for their severity, impact and root cause. They should take measures, corrective and preventive, to mitigate the adverse impact of incidents on business operations.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar

IndusInd Bank Introduces 'Platinum RuPay Credit Card' Featuring UPI Integration

• IndusInd Bank has introduced the "IndusInd Bank Platinum RuPay Credit Card" in partnership with the National Payments Corporation of India (NPCI).
• This credit card enables customers to make online and offline transactions through the RuPay network.

Key Highlights :

• UPI Integration: A distinctive feature of this credit card is its integration with the Unified Payments Interface (UPI).
• Customers can link their credit cards to UPI-enabled apps, simplifying payment processes.
• UPI Rewards: The integration with UPI allows users to earn rewards on their UPI transactions, adding an incentive for customers.
• Rewards Flexibility: Users of this credit card have the flexibility to redeem their reward points in various ways, including converting them into statement credit, airmiles, or choosing from a range of voucher options through 'IndusMoments.'
• Expanding the Offer: IndusInd Bank joins other banks, including Punjab National Bank, Union Bank, Indian Bank, HDFC Bank, Canara Bank, Axis Bank, Kotak Mahindra Bank, and BFSL, in offering the RuPay Credit Card on the UPI platform.
• With this Indusind Bank became the 16th bank to enable UPI linkage.
• UPI Credit Card Management: RuPay Credit Cards on the UPI platform allow users to link their credit card accounts using their registered mobile number and engage in payment transactions. Payments can be made by scanning a UPI QR code, with transaction authentication through a UPI PIN.

Recent News :

• In Aug 2023, IndusInd Bank and Tiger Fintech Private Limited, a Bajaj Capital Group company, announced the launch of the IndusInd Bank Tiger Credit Card, a co-branded credit card powered by Visa.

About IndusInd Bank :

• Founded : April 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sumant Kathpalia.
• Tagline : We Make You Feel Richer

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, for creating a robust Payment & Settlement Infrastructure in India.

HDFC Bank to Foster Innovation in the Food Processing Sector Through Support for NIFTEM

• The National Institute of Food Technology Entrepreneurship and Management (NIFTEM), Kundli, and HDFC Bank have signed a statement of intent to nurture innovation and entrepreneurship in food processing and allied sectors.
• NIFTEM Kundli will launch a special programme calling innovators and start-ups across the country, who have novel ideas in food processing technology and related areas, under this initiative.
• The selected start-ups will be offered incubation support at NIFTEM wherein HDFC Bank under its Corporate Social Responsibility (CSR) initiative will provide seed funding grants for launching or scaling up their enterprise.
• The program will be executed by NIFTEM Technology Innovation and Business Incubation Foundation (NTIBIF), a section 8 company technology business incubator (TBI) established by NIFTEM to foster entrepreneurship in the food processing sector.

About HDFC Bank :

• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

About NIFTEM :

• Director : Harinder Singh Oberoi

Bank of Maharashtra Leads Among PSU Lenders in Loan and Deposit Growth in Q2

• Bank of Maharashtra (BoM) secured the top position among Public Sector Undertaking (PSU) lendersin terms of loan growth in percentage terms during Q2 of the current financial year.
• BoM also achieved the top position among PSU lenders in deposit growth in percentage terms for the same quarter.
• BoM maintained its top position in obtaining low-cost Current Account and Savings Account (CASA) deposits.

Key Highlights :

• The bank recorded remarkable growth, with over 20% increases in both deposits and advances during this period.
• This growth rate is the highest among all public sector banks for the July-September period.
• The gross domestic advances of Bank of Maharashtra grew to ₹1,83,122 crore by the end of September 2023, with a growth rate of 23.55%.
• Indian Overseas Bank, Central Bank of India, and UCO Bank followed Bank of Maharashtra with growth rates of 20.29%, 17.26%, and 16.53%, respectively.
• India's largest lender, State Bank of India (SBI), achieved the 7th position in domestic advances with a growth rate of 13.21%, even though it had significantly higher total loans compared to Bank of Maharashtra.
• SBI's total loans were nearly 16 times higher than Bank of Maharashtra's in absolute terms, with ₹28,84,007 crore for SBI and ₹1,75,676 crore for Bank of Maharashtra.
• In terms of deposit growth, Bank of Maharashtra witnessed 22.18% growth.
• It mobilized ₹2,39,298 crore at the end of September 2023.

About BoM :

• Established : 16 September 1935
• Headquarters : Pune, Maharashtra
• MD & CEO : A. S. Rajeev
• Tagline : One Family One Bank

IndiaFirst Life Becomes the First Indian Life Insurance Company to Attain GIFT City IFSC Registration

• IndiaFirst Life Insurance Company Ltd (IndiaFirst Life), one of the fastest growing private life insurers of the country, became the first Indian life insurance company to get the Gujarat International Finance Tec (GIFT) City’s International Financial Services Centre (IFSC) Registration.

Registration Process:

• IndiaFirst Life received registration from the International Financial Services Centre Authority (IFSCA) in September 2023.
• The registration approval from the Insurance Regulatory and Development Authority of India (IRDAI) was granted in August 2023.

Key Highlights :

• IndiaFirst Life's entry into GIFT City IFSC represents its expansion into the advanced and modern financial ecosystem of GIFT City.
• The company aims to provide life insurance services to its international customers, with a particular focus on non-resident Indians (NRIs) who are customers of its partner banks, including Bank of Baroda (BoB) and Union Bank of India (UBI).

What is GIFT International Financial Services Centre?

• The GIFT project has been developed as a special economic zone (SEZ) under the SEZ Act, 2005.
• GIFT International Finance Services Centre (GIFT City) is located in the Indian state of Gujarat, which was set up to promote international financial services.
• It is a joint venture (J&V) between the Government of Gujarat and Infrastructure Leasing & Financial Services (IL&FS), a leading infrastructure development and finance company in India.
• GIFT City's objective is to offer top-notch infrastructure and services to financial institutions and companies involved in banking, insurance, capital markets, and asset management.
• GIFT IFSC operates under the regulation of the International Financial Services Centres Authority, an independent regulatory body exclusive to the GIFT City zone.

About IndiaFirst Life Insurance Company Ltd (IndiaFirst Life) :

• Founded : Nov 2009
• Headquarters : Mumbai, Maharashtra
• MD & CEO : RM Vishakha
• India First Life Insurance is a three-way venture with Bank of Baroda having 65% stake, Union Bank of India (9%) and private equity major Warburg Pincus (26%).

CURRENT AFFAIRS: NATIONAL NEWS

Housing and Urban Affairs Ministry to launch 3-day Women for Water,

Water for Women Campaign

• 3-day Women for Water, Water for Women Campaign launched by the Housing and Urban Affairs Ministry.
• The Ministry has launched this campaign to celebrate Jal Diwali.
• The Ministry has launched this progressive initiative under its flagship scheme – Atal Mission for Rejuvenation and Urban Transformation (AMRUT).
• The National Urban Livelihood Mission (NULM) of the Ministry is also participating in this scheme.
• Odisha Urban Academy is its ‘knowledge partner’.
• The celebration of this “Jal Diwali” campaign will continue till November 9, 2023.
• Under this three-day campaign, women self-help groups will visit more than five hundred and fifty water treatment plants.
• Its objective is to involve women in water management.
• They will be provided first-hand information about water treatment processes through visits to Water Treatment Plants (WTP) in their respective cities.
• There are more than 3,000 water treatment plants in India, with a constructed water treatment capacity of more than 65,000 MLD and an operational capacity of more than 55,000 MLD.
• During this campaign, women self-help groups (SHGs) will visit more than 550 water treatment plants, whose combined operational capacity is more than 20,000 MLD (more than 35% of the total capacity of the country).
• The first phase of the campaign “Jal Diwali” will see participation from all States/UTs (except 5 States under the Model Code of Conduct) with the expected participation of more than 15,000 Self-Help Group women nationwide.

Chile becomes 95th member of the International Solar Alliance

• Chile has become the 95th member of the International Solar Alliance (ISA).
• It handed over the instrument of ISA ratification during the meeting of Ambassador Juan Angulo of Chile with the Joint Secretary (Economic Diplomacy) in the Ministry of External Affairs.
• The meeting was held in New Delhi.
• International Solar Alliance (ISA) was co-founded by India and France.
• India and France jointly launched the International Solar Alliance (ISA) on 30 November 2015 at COP21 in Paris, France.
• Presently, 116 countries are signatories to the ISA Framework Agreement.
• Out of these, 95 countries have submitted the necessary instruments of ratification to become full members of the ISA.
• The alliance is particularly concerned with enabling countries, especially those identified as Least Developed Countries (LDCs) and Small Island Developing States (SIDS), to pursue low-carbon growth paths.
• The ISA's ambitious goal is to facilitate $1 trillion in investments for solar energy by 2030 while working on reducing the costs associated with technology and financing.

About ISA

• Founded: 30 November 2015
• President: R. K. Singh
• Founders: Narendra Modi, François Hollande
• ISA is an intergovernmental organization whose headquarters is located in Gurugram, Haryana.

7th Edition of Ganga Utsav Celebrated With Festive Fervor

• The 7th edition of Ganga Utsav was organized by the National Mission for Clean Ganga in New Delhi and was inaugurated by the Secretary, Department of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti, Ms Debashree Mukherjee, in the presence of Special Secretary and Director General, NMCG, Shri G. Asok Kumar.
• The event also marked the release of the 33rd edition of Namami Gange Magazine, the new Chacha Chaudhary series and the Voyage of Ganga Booklet, based on Ganga Pustak Parikrama in collaboration with NBT.
• The 2nd edition of Ganga Pustak Parikrama was also flagged off by Ms. Debashree Mukherjee, and Mr. G. Asok Kumar.
• Ganga Pustak Parikrama will commence its 3-month long journey from Gangotri and pass through all cities and towns on the banks of River Ganga – Uttarkashi, Rishikesh, Haridwar, Bijnor, Meerut, Aligarh, Farrukhabad, Kanpur, Prayagraj, Mirzapur, Varanasi, Chhapra, Patna, Begusarai, Sultanganj, Bhagalpur, Sahibganj, Baharampur, Kolkata, and Haldia – before ending its journey at Gangasagar on 11 January 2024.
• Ganga was declared as the National River of India in 2008, which led to the establishment of the National Ganga Day.
• Last year a recognition by the United Nations to Namami Gange as one of the top 10 World Restoration Flagships dedicated to the rejuvenation of the natural world during the 15th Conference of Parties to the Convention on Biodiversity (CBD) in Montreal, Canada on 14th December 2022.

CURRENT AFFAIRS : STATE NEWS

Kerala To Introduce Multilingual Sites To Boost Religious Tourism

• The Kerala government has undertaken an initiative to launch multilingual microsites to promote religious tourism in the state.
• These microsites are aimed at promoting and boosting pilgrimage tourism in Kerala.
• The microsites are designed to showcase the rich cultural and religious heritage of the state.
• It will provide information about the significance and importance of key religious sites in Kerala.
• One of the microsites will specifically focus on the renowned Sabarimala shrine, catering to audiences in various languages, including Hindi, English, Kannada, Tamil, and Telugu.
• The main objective is to enhance the pilgrimage experience and provide assistance to visitors.
• The Kerala Tourism Department has allocated Rs 61.36 lakh for the development and maintenance of the Sabarimala microsite.
• In addition to the Sabarimala microsite, another microsite will focus on Islamic traditions, festivals, art forms, and places of worship in the state.

About Kerala:

• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammad Khan
• National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park, Silent Valley National Park, Indira Gandhi National Park

CURRENT AFFAIRS: BUSINESS NEWS

Fitch raises India’s mid-term potential growth rate to 6.2%

• India's mid-term GDP growth forecast upgraded by Fitch to 6.2% from 5.5%.
• Rating agency Fitch raised India's gross domestic product (GDP) medium-term growth forecast by 70 basis points to 6.2%, from 5.5% earlier.
• This cut is mainly due to a large reduction in the estimate of China's supply-side growth potential by 0.7 percentage points.
• The agency said in its report that the potential growth of the emerging market has weakened due to China's slow pace.
• China's medium-term growth forecast has been reduced from 5.3% to 4.6%.
• Fitch has said that India's growth rate for 2023-24 is expected to be 6.3%.
• The forecast for Russia has been reduced from 1.6% to 0.8%, for Korea from 2.3% to 2.1% and for South Africa from 1.2% to 1%.

6th India-Korea Business Partnership Forum starts in New Delhi

• The 6th India-Korea Business Partnership Forum started in New Delhi, celebrating 50 years of diplomatic ties with South Korea.
• Secretary of the Department for Promotion of Industry and Internal Trade, Rajesh Kumar Singh highlighted the nation’s deep cultural and business ties with South Korea.
• South Korea has always been a trusted trade partner despite the geo-political instabilities around the world.
• Korean companies have invested more than 5.6 billion dollars since April 2020 and this is expected to grow to 50 billion dollars by 2030.
• A number of rules and regulations have been removed for ease of business and to attract domestic and foreign investors.
• The introduction of a one-stop platform and Korea Startup Center will make the nation a key growth partner of India.

CURRENT AFFAIRS: MOUS AND AGREEMENT

COLORS joins forces with the Ministry of Women and Child Development to support the ‘Beti Bachao, Beti Padhao’ initiative to bring societal change

• COLORS, India’s leading Hindi GEC, announced its collaboration with the Ministry of Women and Child Development’s ‘Beti Bachao, Beti Padhao’ initiative, to address the issue of girl child abandonment, through the launch of its new fiction show Doree.
• Television as a medium has played a huge role in holding a mirror to society and led to many women becoming agents of change.
• With an aim to bring societal change and address the gender bias against girl child, through this association COLORS aims to raise awareness about the social evil of girl child abandonment.
• In addition to launching a primetime show on the subject, as part of this association, COLORS will promote the 24-hour emergency toll-free Child helpline number (1098) for those seeking assistance for any abandoned girl child across the nation.
• BBBP is one of the flagship schemes under Mission Shakti that aims towards protection and empowerment of the girl child.
• The Scheme was launched by Prime Minister on January 22, 2015 to addresses the declining Child Sex Ratio (CSR) and related issues of women’s empowerment over a life-cycle continuum.
• It is a Tri-ministerial effort of the Ministries of Women and Child Development (MW&CD), Ministry of Health & Family Welfare (MH&FW), and Ministry of Education.

About COLORS

• ‘COLORS’ is Viacom18’s flagship brand in the entertainment space in India. A combination of ‘emotions’ and ‘variety’, COLORS, launched on 21st July 2008, offers an entire spectrum of emotions to its viewers.

Indian Institute of Corporate Affairs (IICA) and FSR Global sign MoU to promote collaboration in academia and research on regulatory issues of the energy sector

• A Memorandum of Understanding (MoU) was signed between the Indian Institute of Corporate Affairs (IICA) and the FSR Global at the IICA Campus in Manesar, Gurugram.
• The MoU was signed by Prof. (Dr.) Naveen Sirohi, representing IICA, and Ms. Swetha Ravi Kumar, representing FSR Global.
• IICA and FSR Global aim to foster collaborative efforts and explore pragmatic approaches for establishing mutually beneficial partnerships.
• The primary focus of this partnership is to enhance operational capabilities within the regulatory landscape of the energy sector, both in India and worldwide.
• The MoU solidifies the collaboration between IICA and FSR Global, underscoring their formal dedication to the exploration of innovative strategies in the realm of energy regulation and power management.
• It is designed to facilitate and promote a deeper understanding of the energy sector and its regulation, aiming to drive positive change and sustainable practices.
• Under the terms of the MoU, IICA, and FSR Global will jointly offer capacity-building, research, and advisory services across different facets of the energy sector.

About IICA

• The Indian Institute of Corporate Affairs (IICA) is an institution established by the Ministry of Corporate Affairs (MCA), Government of India as an autonomous body to act as a think-tank and a centre of excellence to support the growth of the corporate sector in India through an integrated and multi-disciplinary approach.

About FSR Global

• The FSR Global is an independent and neutral regulatory hub of excellence focused on the Global South.
• FSR Global fosters collaborations with energy stakeholders from around the world to improve the quality of infrastructure regulation and policy by co-creating knowledge that is accessible and actionable.

India and the Netherlands sign a Memorandum of Intent to cooperate on medical product regulation and enhancing the quality of medical products

• India and Netherlands have signed a Memorandum of Intent (MoI) to cooperate on medical product regulation and enhance the quality of medical products and healthcare services for both countries at Hague, Netherlands.
• The MoI was signed during a meeting of Shri Bhagwant Khuba, Union Minister of State for Chemicals and Fertilizers with Ernst Kuipers Minister of Health, Welfare and Sports of the Kingdom of Netherlands.

Key Highlights

• An Indian delegation led by Shri Khuba is in the Netherlands to participate in the second World Local Production Forum (WLPF) meeting being held in The Hague from 6 to 8 November 2023.
• The World Local Production Platform is a platform created at the initiative of WHO with the aim of increasing access to medicines and other health technologies.
• The Minister also visited the European Medicines Agency (EMA).
• He met Ms. Carla van Rooijen, Director of the Pharmaceuticals and Medical Technology Division and had a fruitful discussion with her about regulations in the pharmaceutical and medical technology industries.
• During his visit Shri Khuba visited the Port of Rotterdam, Europe's largest port and discussed with Mr. Boudwijn Simmons, COO and other officials about the port's hydrogen hub plans. Rotterdam is poised to become a hub in hydrogen production and transportation.
• He also shared India's Green Hydrogen Mission and India's aim to become a global leader in Green Hydrogen under the able leadership of Prime Minister Narendra Modiji.
• Shri Khuba also visited Bilthoven Biologicals (Cyrus Poonawalla Group) world's largest vaccine producer.

About Netherland

• Capital: Amsterdam
• Prime minister: Mark Rutte

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy conducts security exercise 'Prasthan' in Andhra's Kakinada  

• The Offshore Security Exercise, ‘Prasthan’ in the Offshore Development Area (ODA) off Kakinada was conducted by Eastern Naval Command, Indian Navy in Kakinada, Andhra Pradesh (AP).
• The exercise was conducted on the Rig ship Platinum Explorer of ONGC and RG Fixed Oil Platform of Vedanta Ltd.

Aim :

• Rehearsing responses in handling contingencies and checking the efficacy of security mechanisms at Offshore Development Area (ODA).

Participating Entities:

• It witnessed participation from multiple organisations, namely the Indian Navy, Coast Guard, Oil Operators, Port Authorities, the State Fisheries Department and Marine Police.
• Assets from the Indian Navy comprised INS Kora, INS Tihayu,4 Immediate Support Vessels, Marine Commandos, Explosive Ordinance Disposal Team and Helicopters.
• ICG Ship Kanaklata Barua also participated in the exercise.
• The Half Yearly Exercise was conducted in the KG basin to validate SOPs, address various contingencies and strengthen the command & control organisation towards Maritime Security.
• The exercise is coordinated by the Indian Navy and involves all stakeholders in the maritime domain, including oil and gas operators, the State Marine Police, Dept of Fisheries and the Indian Coast Guard, etc.
• Also, in another event, in consonance with its motto 'We Protect', the Indian Coast Guard Region East initiated precautionary measures to prevent loss of life at sea due to adverse weather.

About Indian Navy :

• Headquarters : New Delhi, Delhi
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Naval Staff : Admiral R. Hari Kumar

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Government Launches 'Krishi 24/7,' India's First AI-Powered Agricultural News Monitoring and Analysis Solution

• The Department of Agriculture and Farmers Welfare (DA&FW) collaborated with the Wadhwani Institute for Artificial Intelligence (Wadhwani AI) to develop Krishi 24/7.

About Krishi 24/7 :

• Krishi 24/7 is India's first AI-powered solution designed for automated agricultural news monitoring and analysis.
• The development of Krishi 24/7 received support from org, which helped facilitate the project.
• The primary objectives of Krishi 24/7 are to enable the DA&FW to identify relevant agricultural news, generate timely alerts, and take swift actions to protect the interests of farmers.
• Additionally, it aims to promote sustainable agricultural growth by enhancing decision-making.
• Krishi 24/7 has the capability to scan news articles in multiple languages and then translate them into English.
• This feature enables the solution to analyse and process news from diverse sources.
• The solution extracts crucial information from news articles, including details like headlines, crop names, event types, dates, locations, severity, summaries, and source links.
• This information is essential for providing timely updates to the ministry regarding relevant events published on the web.

About  Wadhwani Institute for Artificial Intelligence :

• Established : 2018
• Headquarters : Mumbai, Maharashtra, India
• CEO : Sameer Garde
• Aim : To build AI-based innovations and solutions for underserved communities in developing countries, for a wide range of domains including agriculture, education, financial inclusion, healthcare, and infrastructure.

About Ministry of Agriculture & Farmers Welfare :

• Cabinet Minister : Narendra Singh Tomar
• Minister of State : Shobha Karandlaje, Kailash Choudhary

Government Issues Advisory to Social Media Intermediaries Regarding Deepfakes

• The government has issued an advisory to major social media platforms, directing them to remove any deepfake content reported by users within 36 hours.
• Failure to comply with the removal of deepfake content within the specified timeframe will result in the loss of "safe harbor immunity" for these platforms.
• This means they will be liable to criminal and judicial proceedings under Indian laws.
• The advisory emphasizes the importance of exercising due diligence and making reasonable efforts to identify misinformation and deepfakes, particularly content that violates rules, regulations, and user agreements.
• Social media intermediaries are urged to take action well within the timeframes stipulated under the IT Rules of 2021.

Key Highlights :

• User Reporting and Content Removal: The government has instructed platforms to prompt users not to host deepfake content and to remove such content when reported within 36 hours.
• Access to the content or information should be disabled.
• Legal Consequences: Failure to act in compliance with the IT Act and Rules could result in consequences outlined in Rule 7 of the IT Rules 2021.
• This could lead to the loss of protection under Section 79(1) of the Information Technology Act, 2000, which safeguards intermediaries from liability for third-party information hosted on their platforms.
• Legal Measures for Victims: Union Minister of State for Electronics and IT, Shri Rajeev Chandrasekhar, encourages individuals impacted by deepfakes to file police complaints and seek remedial measures under the IT Act.
• The Act allows for potential jail time and financial penalties against those involved in creating and sharing deepfake content.
• Legal Provisions: Section 66D of the Information Technology Act, 2000, specifies punishments for cheating by personation through computer resources, including imprisonment of up to 3 years and a fine of up to ₹1 lakh.
• IT Intermediary Rules: These rules require social media intermediaries to observe due diligence, including informing users not to host content that impersonates others. Rule 3(2)(b) specifies a 24-hour removal requirement for content related to impersonation.
• Legal Obligations for Platforms: Online platforms are legally obligated to prevent the spread of misinformation under the Information Technology Rules of 2021. Failure to comply invokes Rule 7, empowering individuals to take platforms to court under the Indian Penal Code.
• Recent Deepfake Example: The advisory was issued shortly after a deep fake video of actor Rashmika Mandanna went viral on social media platforms.
• A similar advisory had been issued by the ministry in February, 2023.
• Specific Deepfake Case: The recent deepfake involving Rashmika Mandanna's face being morphed into a video was widely circulated on platforms like Instagram.
• The original video belonged to a British-Indian social media influencer and had been uploaded to Instagram the previous month.

National Medical Commission to Introduce 'One Nation, One Registration Platform' for Doctors  

• The National Medical Commission (NMC), the regulatory body for medical education and medical professionals, has introduced the "One Nation, One Registration Platform."

Aim :

• To eliminate duplication and provide the public with access to information about any physician practicing in India.

Key Highlights :

• Over the next six months, the NMC is set to launch the National Medical Register (NMR) on a trial basis.
• This register will be a key component of the 'One Nation, One Registration' initiative.
• In this pilot project, doctors will be assigned a unique identification number, and they will be able to apply for their license to practice medicine in any state across India.
• The government has issued the "Registration of Medical Practitioners and Licence to Practice Medicine Regulations, 2023" through a gazette notification.
• Under the NMR, undergraduate medical students will be provided with masked IDs.
• Once they complete their course, these IDs will be unmasked and officially allotted.
• The NMC plans to transfer the data of approximately 14 lakh doctors to the National Medical Register.
• The NMC has also established a process for the registration of additional qualifications, license renewal for the practice of medicine, and the transfer of medical licenses, among other aspects.
• The NMC has entered into a Memorandum of Understanding (MoU) with the Quality Council of India (QCI) to assign ratings to medical institutions in India, contributing to the quality assessment of healthcare institutions.

About NMC :

• Established : 25 September 2020
• Headquarters : new Delhi, Delhi, India

CURRENT AFFAIRS: IMPORTANT DAYS

National Legal Services Day 2023 Theme and History: 9th November

• National Legal Services Day 2023 is observed on the 9th of November 2023.
• Every year on November 9th, National Legal Services Day is marked to mark the beginning of the Legal Services Authorities Act, 1987, which went into effect on that date in 1995.
• State Legal Services Authorities across the nation hold legal awareness events on National Legal Services Day to inform people about the availability of free legal help.
• Additionally, every year campaigns are held across the country to inform the public of the many services offered by Legal Services Authorities.

Daily CA One- Liner: November 9

• 3-day Women for Water, Water for Women Campaign launched by the Housing and Urban Affairs Ministry
• Chile has become the 95th member of the International Solar Alliance (ISA).
• The 7th edition of Ganga Utsav was organized by the National Mission for Clean Ganga in New Delhi and was inaugurated by the Secretary, Department of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti, Ms Debashree Mukherjee, in the presence of Special Secretary and Director General, NMCG, Shri G. Asok Kumar.
• India's mid-term GDP growth forecast upgraded by Fitch to 6.2% from 5.5%.
• The 6th India-Korea Business Partnership Forum started in New Delhi, celebrating 50 years of diplomatic ties with South Korea.
• COLORS, India’s leading Hindi GEC, announced its collaboration with the Ministry of Women and Child Development’s ‘Beti Bachao, Beti Padhao’ initiative, to address the issue of girl child abandonment, through the launch of its new fiction show Doree
• A Memorandum of Understanding (MoU) was signed between the Indian Institute of Corporate Affairs (IICA) and the FSR Global at the IICA Campus in Manesar, Gurugram.
• India and Netherlands have signed a Memorandum of Intent (MoI) to cooperate on medical product regulation and enhance the quality of medical products and healthcare services for both countries at Hague,
• The Reserve Bank of India (RBI) has issued comprehensive guidelines on information technology (IT) governance and controls for banks and non-banking financial companies (NBFCs).
• IndusInd Bank has introduced the "IndusInd Bank Platinum RuPay Credit Card" in partnership with the National Payments Corporation of India (NPCI).
• The National Institute of Food Technology Entrepreneurship and Management (NIFTEM), Kundli, and HDFC Bank have signed a statement of intent to nurture innovation and entrepreneurship in food processing and allied sectors.
• Bank of Maharashtra (BoM) secured the top position among Public Sector Undertaking (PSU) lendersin terms of loan growth in percentage terms during Q2 of the current financial year.
• IndiaFirst Life Insurance Company Ltd (IndiaFirst Life), one of the fastest growing private life insurers of the country, became the first Indian life insurance company to get the Gujarat International Finance Tec (GIFT) City’s International Financial Services Centre (IFSC) Registration.
• The Kerala government has undertaken an initiative to launch multilingual microsites to promote religious tourism in the state.
• The Offshore Security Exercise, ‘Prasthan’ in the Offshore Development Area (ODA) off Kakinada was conducted by Eastern Naval Command, Indian Navy in Kakinada, Andhra Pradesh (AP).
• The Department of Agriculture and Farmers Welfare (DA&FW) collaborated with the Wadhwani Institute for Artificial Intelligence (Wadhwani AI) to develop Krishi 24/7.
• The government has issued an advisory to major social media platforms, directing them to remove any deepfake content reported by users within 36 hours.
• The National Medical Commission (NMC), the regulatory body for medical education and medical professionals, has introduced the "One Nation, One Registration Platform."
• National Legal Services Day 2023 is observed on the 9th of November 2023.