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CURRENT AFFAIRS : BANKING & FINANCE

RBI Participates in Central Bank Gold Acquisition Trend, Purchases 9 Tonnes in July-September 2023

• The Reserve Bank of India (RBI) purchased 9 tonnes of gold in the September quarter, contributing to the 337 tonnes purchased by global central banks, and underscoring the importance of gold as a diversifier of its total reserves.
• As of the end of September, India's official gold reserves reached 7 tonnes, positioning it at the 10th spot globally, according to the World Gold Council (WGC).
• In the current year, RBI's gold purchases have totalled 19.3 tonnes.
• RBI has been augmenting its gold reserves since 2017, with a cumulative purchase of 248.9 tonnes until the present year.

Key Highlights :

• The country holds the 10th position in global rankings, according to the WGC.
• India’s total forex reserves stood at $586.9 billion as of 29 September, out of which the value of gold held was $43.7 billion or 7.44% of the total reserves, according to RBI’s Weekly Statistical Supplement on 6 October.
• RBI data as of 10 November shows the total reserves at $590 billion and the value of gold held at $45.5 billion or 7.7% of the total.
• 88% of the reserves were held in the form of foreign currency.
• The People’s Bank of China increased its gold reserves by 78 tonnes during Q3 taking its gold holdings to 2192 tonnes or 4% of total reserves, WGC data shows.
• The other notable central bank purchases were by the National Bank of Poland (57 tonnes) and that of Turkey by 39 tonnes.

About WGC :

• Headquarters: London, United Kingdom
• The World Gold Council (WGC) is an international organization formed in 1987 by some of the world’s most forward-thinking mining companies.
• Member: The World Gold Council’s 33 Members are some of the world’s most forward-thinking gold mining companies.

First Sovereign Green Bond of FY24 Successfully Issued Despite Limited Greenium

• The government successfully raised Rs 5,000 crore through the first issuance of sovereign green bonds for the current financial year.
• The five-year papers were issued at a coupon rate of 7.25%, and investors did not offer significant greenium for the issuance.
• The yield on the 5-year government bond closed the day at 7.27%.

Key Highlights :

• As part of the FY24 borrowing program, the government plans to raise a total of Rs 20,000 crore through sovereign green bonds.
• This issuance shall comprise Rs 10,000 crore of 30-year green bonds, and an additional Rs 5,000 crore each of bonds with maturities of 5 years and 10 years.
• In the previous financial year, the government raised Rs 16,000 crore through two tranches of 5-year and 10-year green bonds.
• The greenium, which signifies the premium investors are willing to pay for green bonds because of their sustainability impact, reduced from 6 basis points in the first tranche to just 1-5 basis points in the second tranche.
• Funds generated via the sale of green bonds will be allocated to public sector projects aimed at decreasing the carbon footprint of the economy.

What are Green Bonds?

• Green bonds are bonds issued by any sovereign entity, inter-governmental groups or alliances and corporations with the aim that the proceeds of the bonds are utilised for projects classified as environmentally sustainable.
• The framework for the sovereign green bond was issued by the government on November 9, 2022.

Why are these bonds important?

• Over the last few years, Green Bonds have emerged as an important financial instrument to deal with the threats of climate change and related challenges.
• According to the International Finance Corporation (IFC), a World Bank Group’s institution, climate change threatens communities and economies, and it poses risks for agriculture, food, and water supplies.

Portfolio Quality of NBFC-MFIs Improves as NPAs Decline in FY23: MFIN Report

• Portfolio at Risk (PAR) for NBFC-MFIs (microfinance institutions) has gradually improved post-pandemic, with over 30-day PAR falling from a peak of 22.44% in June 2021 to 10.5% in March 2023.
• MFIs gross NPA fell to 2.7% in FY23 from 5.6% in FY22 and 5.2% in FY21, according to Microfinance Industry Network (MFIN)’s India Microfinance Review for FY23 titled ‘Micro Matters: Macro View’.

Key Highlights :

• The total microfinance loan portfolio grew 22% y-o-y to ₹3.48 lakh crore as of March 2023 with 12.96 crore active loans and 6.64 crore borrowers.
• The sector added 80 lakh new clients during FY23 with operations across 729 districts including 112 aspirational districts.
• 46% of microfinance lenders had repayment tenure of 18-24 months.
• The share of 18-24 month loans increased for the past three years.
• 30% of loans had a tenure of over 24 months.
• The share of 0-12-month loans declined.
• Average microfinance ticket size increased 6.3% y-o-y to ₹41,391 in FY23.
• The CAGR of average ticket size over FY19 to FY23 has been 6.3 per cent, with the over ₹1.25 lakh loan bucket growing at the highest CAGR of 6.9%.
• On the other hand, the share of less than ₹30,000 loan segment fell to 31% from 45%, in terms of volume of loans.
• The share of East and Northeast states declined to 34.9% from 37.7 % a year ago.
• Bihar has emerged as the top state in terms of portfolio outstanding.
• The share of East and Northeast states fell to 34.9% from 37.7% a year ago, despite the rise of Bihar as the top state in terms of portfolio outstanding.

Microfinance Industry Attracts 8 Million New Female Clients in FY23

• The microfinance industry (MFI) in the country added 80 lakh new women clients to its fold during 2022-23, taking the total number of low-income women clients to 6.64 crore across 729 districts through 12.96 crore active loans as of March 2023, according to India Microfinance Review FY23 report.
• In FY23, the microfinance industry exhibited growth in portfolio outstanding and an improvement in portfolio quality compared to FY22, indicating a favourable scenario for the sector.

Key Highlights :

• The total portfolio of the microfinance industry as of March 31, 2023, was ₹3,48,339 crore of all Regulated Entities (NBFC-MFIs, Banks, SFBs, and NBFCs) under the MFI Model.
• Overall, the sector has grown by more than 20 times to ₹.3.48 lakh crore in March 2023 from ₹17,264 Cr in March 2012.
• As of 31 March 2023, 211 entities were active in the microfinance space.
• With 82 organisations, NBFC-MFIs were the largest provider of micro-credit.
• NBFC-MFIs provided finance with a loan outstanding of Rs 1,38,310 crore as on March 31, 2023, accounting for 39.7% of the total industry portfolio.
• Banks, on the other hand, hold the second largest share of the portfolio of micro-credit with a total outstanding of Rs 1,19,133 crore, comprising 34.2% of the total in the microfinance space.
• On a regional level, the distribution of portfolio continues to show a declining trend of share of East and Northeast, while all other regions (North, West, Central, and Southern) have gained in portfolio share.

About Microfinance Institutions Network :

• Founded : 2009
• CEO : Alok Misra
• The Microfinance Institutions Network (MFIN) serves as an association for the microfinance sector in India, with its member organizations representing the leading microfinance institutions in the country.

CURRENT AFFAIRS: NATIONAL NEWS

14th India-Australia Foreign Ministers’ Framework Dialogue concludes in New Delhi

• The 14th India-Australia Foreign Ministers’ Framework Dialogue concluded in New Delhi.
• External Affairs Minister Dr S Jaishankar and Australian Foreign Affairs Minister Penny Wong discussed various aspects of bilateral ties, regional, and multilateral issues.
• In a joint press briefing in New Delhi, External Affairs Minister Dr. S Jaishankar, that during the dialogue both countries discussed close collaboration in trilateral, quadrilateral and multilateral formats and also exchanged perspectives Indo-Pacific and West Asia.
• Both countries have expressed their commitment to build a more trusted, reliable and resilient supply chain in the Indo-Pacific region.

AIM– NITI Aayog launches new accelerator to support Australian and Indian circular economy startups to rise

• Startups and small to mid-sized enterprises(SMEs) in India and Australia working on circular economy technologies and solutions will benefit from a new accelerator program designed to open new doors to explore opportunities between the two countries.
• AIM, NITI Aayog launched a new accelerator called Rapid Innovation and Startup Expansion (RISE) to support Australian and Indian circular economy startups.
• The India Australia RISE Accelerator is delivered in partnership between CSIRO, Australia’s national science agency, and Atal Innovation Mission (AIM), the Government of India’s flagship initiative to promote a culture of innovation and entrepreneurship.
• Mr Manpreet Vohra, High Commissioner of India to Australia, “In the dynamic landscape of international relations, the strategic partnership between India and Australia stands as a testament to our shared values, economic interests, and geopolitical objectives that bind the two nations together.
• The RISE Accelerator will not only strengthen diplomatic ties but also pave the way for collaborative efforts across various domains

ASCI proposes guidelines to check greenwashing in ads

• The Advertising Standards Council of India (ASCI) recently proposed guidelines that aim to check Greenwashing in ads.
• The draft guidelines focus on various green claims, including a positive impact on the environment, carbon offset, and biodegradable claims.
• The draft guidelines state that absolute claims such as ‘environment friendly’, ‘eco-friendly’ ‘sustainable’, and ‘planet friendly’ must be supported by a “high level of substantiation”.
• In the case of carbon offset claims, the draft guidelines stated that advertisers must disclose if the reduction in emission will occur only in two years or over a longer time period.
• Greenwashing is the process of conveying a false impression or misleading information about how a company’s products are environmentally sound.
• Greenwashing involves making an unsubstantiated claim to deceive consumers into believing that a company’s products are environmentally friendly or have a greater positive environmental impact than they actually do.

About ASCI

• The Advertising Standards Council of India (ASCI) is a voluntary self-regulatory organisation of the advertising industry in India.
• Established in 1985, ASCI is registered as a non-profit company under Section 25 of the Company Act.
• It comprises members from marketing, creative, media, and allied companies in India.
• Manisha Kapoor, CEO and Secretary-General, ASCI

Women Accorded Top Priority Under PM Mudra Yojana Scheme

• Union Finance and Corporate Affairs Minister Nirmala Sitharaman, women entrepreneurs are accorded first priority under the Centre’s flagship Pradhan Mantri Mudra Yojana (PMMY) scheme which offers financial assistance to beneficiaries.
• Distributing sanction letters to beneficiaries under the PM SVANidhi Se Samriddhi programme which offers loans to street vendors, here, she said officials of the municipalities should identify the uncovered street vendors and help them avail benefits of this scheme.
• SVANidhi Se Samriddhi is an additional component of the PMSVANidhi scheme to facilitate access to eight Central government schemes to eligible PM SVANidhi beneficiaries and their family members for their holistic development and socio-economic upliftment.
• More than 60% of the loans provided under the PMMY scheme go to women entrepreneurs.

About PMMY

• Government of India launched the Pradhan Mantri MUDRA Yojana (PMMY) on 8th April 2015.
• PMMY provides loans up to Rs 10 lakh to non-corporate, non-farm small/micro enterprises.
• MUDRA, which stands for Micro Units Development & Refinance Agency Ltd., is the financial institution set up by the Government to provide these loans.
• MUDRA provides funding to the non-corporate small business sector through various last-mile financial institutions like Banks, Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs).
• Eligible person can avail of benefits under PMMY by applying for a loan from any of the above-mentioned institutions.
• MUDRA does not lend directly to micro-entrepreneurs/individuals.
• These loans are classified as MUDRA loans under PMMY.
• Under the aegis of Pradhan Mantri MUDRA Yojana, MUDRA has already created the following products / schemes.
• Shishu : covering loans upto 50,000/-
• Kishor : covering loans above 50,000/- and upto 5 lakh
• Tarun : covering loans above 5 lakh and upto 10 lakh
• More than 40.82 crore loans amounting to Rs. 23.2 lakh crore have been sanctioned since the launch of the Scheme.
• Approximately 21% of the total loans have been sanctioned to New Entrepreneurs.
• Approximately 69% loans of the total number of loans have been sanctioned to Women Entrepreneurs & 51% of loans have been sanctioned to SC/ST/OBC categories of borrowers.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Bangladesh Scheduled to Hold 12th Parliamentary Elections on January 7, 2024

• Bangladesh is set to conduct its 12th parliamentary elections on January 7, 2024, as announced by Chief Election Commissioner Kazi Habibul Awal.
• The schedule includes a deadline for the submission of nomination papers by November 30, with the scrutiny of nominations taking place between December 1 and 4. Candidates have until December 17 to withdraw their candidature.

Key Highlights :

• The Election Commission has a constitutional obligation to complete the next general election by January 29, 2024
• The Bangladesh parliament known as Jatiya Sangsad is the supreme legislative body of Bangladesh.
• The current parliament of Bangladesh has 350 seats.
• This includes 50 seats reserved exclusively for women.
• The 11th parliamentary election was held on December 30, 2018.

About Bangladesh :

• President : Mohammed Shahabuddin
• Prime Minister : Sheikh Hasina
• Capital : Dhaka
• Currency : Taka

CURRENT AFFAIRS: AWARDS AND HONOURS

Indira Gandhi Peace Prize presented to COVID-19 warriors

• The Indira Gandhi Prize for Peace, Disarmament, and Development 2022 was jointly awarded to the Indian Medical Association and the Trained Nurses Association of India as representatives of the COVID-19 warriors in the country.
• Former Vice-President Hamid Ansari presented the award to Sharad Kumar Agarwal, president, Indian Medical Association, and Professor (Dr.) Roy K. George, president, Trained Nurses Association of India.
• The Indira Gandhi Prize for Peace, Disarmament, and Development was instituted in the memory of the former prime minister by a trust in her name in 1986.
• It consists of a monetary award of 25 lakh rupees along with a citation.
• The award is given to individuals or organisations that work towards ensuring international peace and development, ensuring that scientific discoveries are used to further the scope of freedom and better humanity, and creating a new international economic order.

About Indian Medical Association

• The Indian Medical Association is a national voluntary organisation of physicians in India.
• It was established in 1928 as the All India Medical Association, and was renamed the Indian Medical Association in 1930.

Nicaragua's Sheynnis Palacios is Miss Universe 2023, defeats India's Shweta Sharda

• Nicaragua’s Sheynnis Palacios has been announced as the winner of the Miss Universe 2023 title, defeating India's Shweta Sharda in a grand event that took place at the Jose Adolfo Pineda Arena in San Salvador, El Salvador.
• Miss Universe 2022 - USA’s R'Bonney Gabriel crowned Sheynnis Palacios on the stage.
• She is the first Nicaraguan woman to win the Miss Universe title this year.
• The 72nd Miss Universe pageant was hosted in El Salvador, with contestants from over 90 nations looking to win the coveted crown.
• Shweta Sharda, 23, secured her spot in the Miss Universe 2023 semifinals, after clinching the Miss Diva Universe 2023 title in August this year.
• She represented India and has advanced to the semi-finals of the prestigious competition.
• Additionally, this year marked Pakistan’s debut (Erica Robin)at Miss Universe.
• Three Indian beauties won the Miss Universe crown, with Sushmita Sen bagging the title in 1994, Lara Dutta in 2000 and Harnaz Sandhu in 2022.
• In the global competition, Moraya Wilson from Australia secured the second runner-up position, while Anntonia Porsild from Thailand became the first runner-up.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Germany, France and Italy reach agreement on future AI regulation

• An agreement on how artificial intelligence should be regulated in the future has been reached by Germany, France and Italy, to accelerate negotiations at the European level.
• The three governments are in favour of binding voluntary commitments for both large and small AI providers in the European Union.
• The European Commission, the European Parliament and the EU Council are currently negotiating how the bloc should position itself in this new field.

Key Highlights

• The Parliament presented an “AI Act” in June, with the aim of averting safety risks from AI applications and avoiding discriminatory effects, but without slowing down the innovative power of this new technology in Europe.
• During the discussions, the European Parliament proposed that the code of conduct should initially only be binding for major AI providers, which are primarily from the U.S.
• However, the three EU governments have warned against this apparent competitive advantage for smaller European providers.
• This could lead to less trust in the security of these smaller providers and therefore fewer customers.
• The rules of conduct and transparency should therefore be binding for everyone.
• The German government is hosting a digital summit in Jena, in the state of Thuringia, which will include representatives from politics, business and science.

L&T Technology Services Collaborates with NVIDIA to Unveil Gen AI and Advanced Software-Defined Architecture for Medical Devices

• L&T Technology Services Ltd (LTTS) announced a collaboration with NVIDIA to introduce a Gen AI and advanced software-defined architecture aimed at changing medical imaging in the field of endoscopy.
• The software-defined architecture, jointly developed by LTTS and NVIDIA, is a scalable platform serving as a decision-making tool for the medical sector.

About NVIDIA

• NVIDIA introduced Clara Holoscan MGX™, a platform for the medical device industry to develop and deploy real-time AI applications at the edge, specifically designed to meet required regulatory standards.
• Nvidia Corporation is an American multinational technology company incorporated in Delaware and based in Santa Clara, California.

About LTTS

• L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services.

CURRENT AFFAIRS: RANKING AND INDEX

India Slides Sharply on Global Talent Competitiveness Index, Worst Among the BRICS Group

• The Global Talent Competitiveness Index has seen India fall sharply from rank 83 ten years ago to rank 103 in its latest report out recently.
• The 10th edition of the report covers 134 countries around the world across all income groups.
• India (103) finds itself sandwiched between Algeria (a rank higher at 102) and Guatemala (at rank 104).
• Singapore, Switzerland, and the United States are among the top three countries on the index.
• Denmark, the Netherlands, Finland, Norway, Australia, Sweden, and the United Kingdom make up the rest of the Top 10.
• India is ranked 103, the worst among that of the BRICS countries. China remains at the top of the BRICS group of countries at rank 40, Russia at 52, South Africa at 68 and Brazil at 69.
• As per the report, other emerging countries have shown improvements on this index, with China, Indonesia, and Mexico being cited for special mention.
• The Global Talent Competitiveness Index measures how countries grow, attract, and retain talent.
• It is an annual benchmarking report published by the prestigious chain of business schools, INSEAD partner and sponsor of the United Nation’s Sustainable Development Goals (SDGs) in Davos, Switzerland.
• The index uses two sub-indices: input and output.
• The input measures regulatory and business environments, as well as steps being taken to foster talent and retain it.
• The output side evaluates the quality of talent.
• The report ranks countries based on 6 pillars: enable, attract, grow, retain talent, vocation and technical skills, global knowledge skills.

World Energy Employment 2023 has been released

• The International Energy Association released the World Energy Employment 2023 report.
• Global employment in the energy sector grew by 3.5 million over pre-pandemic levels to 67 million in 2022.
• “Clean energy sectors added 4.7 million jobs globally over the same period and stand at 35 million.
• Fossil fuel jobs recovered more slowly after layoffs in 2020 and remain around 1.3 million below pre-pandemic employment levels, at 32 million.
• Job growth in the clean energy as well as fossil fuel sectors remained positive in India compared to pre-pandemic levels of 2019.
• With this, India saw the fourth-highest number of new clean energy jobs being created in the past three years.

Key Highlights

• Overall, India has the third-highest number of workers in the energy space, after China and Asia-Pacific regions.
• China witnessed both the largest gains in clean energy jobs from 2019-22 and the biggest drop in fossil fuel employment, reflecting the sheer size of its energy sector.
• The report pointed out that global employment in the coal industry continues to contract, with the total number of jobs down to 6.2 million jobs in 2022.
• China (51 per cent), India (27 per cent), and Indonesia together account for nearly 85 per cent of all coal supply jobs worldwide in 2022.
• The report mentioned five major sectors of the energy industry that led to maximum job creation post-pandemic.
• These sectors were solar PV, wind, electric vehicles (EVs) and battery manufacturing, heat pumps, and critical mineral
• Of these five sectors, solar PV is by far the largest employer, accounting for four million jobs, while EVs and batteries were the fastest growing, adding well over one million jobs since 2019.
• These five sectors have employed around 9 million workers until Out of all the sectors, Solar PV emerged as the largest, with around 4 million jobs.
• On the other hand, the manufacturing of EVs and their batteries was the largest source of growth.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Minister of India Rajnath Singh to Participate in the 10th ASEAN Defence Ministers’ Meeting-Plus in Jakarta

• Defence Minister Rajnath Singh attended the 10th ASEAN Defence Ministers' Meeting-Plus (ADMM Plus) from November 16 to 17, 2023.
• The event will take place in Jakarta, Indonesia, with Indonesia hosting as the chair of ADMM-Plus.
• On the sidelines of ADMM Plus, Singh will also have bilateral meetings with the Defence Ministers of participating countries.
• On the first day of ADMM Plus, Defence Minister Rajnath Singh will address the forum on regional and international security issues.
• The ADMM is the highest defence consultative and cooperative mechanism in ASEAN.

History :

• Raksha Mantri Shri Rajnath Singh participated in the 9th ASEAN Defence Ministers’ Meeting (ADMM) Plus in Siem Reap, Cambodia on November 23, 2022.
• Since 2017, the ADMM-Plus Ministers have been meeting each year to promote cooperation amongst ASEAN and the Plus countries.

About ADMM Plus :

• ADMM-Plus includes the ASEAN member states (Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) and its eight Dialogue Partners (India, US, China, Russia, Japan, South Korea, Australia and New Zealand).
• India became the dialogue partner of ASEAN in 1992.
• The inaugural ADMM-Plus was convened in Hanoi, Vietnam on October 12, 2010.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ministry of Defence
• Defence Secretary : Giridhar Aramane

3rd Edition of Sea Guardian-3 Conducted in Northern Arabian Sea

• The 3rd edition of Sea Guardian-3, a bilateral naval exercise between China and Pakistan, is currently underway in the Northern Arabian Sea.
• The joint exercise, taking place from November 11 to 17, 2023, involves maritime activities and includes the organization of their inaugural joint maritime patrol.

About Sea Guardian-3 :

• Sea Guardian-3 is the China, Pakistan bilateral naval exercise.
• Notably, this exercise occurs just after the 2+2 Ministerial dialogue between India and the U.S., where maritime security in the Indo-Pacific was a focal point.
• During the dialogue, India announced its decision to become a full member of the S.-led multilateral grouping, Combined Maritime Forces (CMF), in which Pakistan is also a participant
• Sea Guardian-3 is particularly significant as China's People’s Liberation Army (PLA) Navy has deployed a Type-093 Song class diesel-electric submarine for the exercise.
• The bilateral naval drill follows Russia and Myanmar's recent joint naval exercise in the Andaman Sea.
• India recently announced its decision to become a full-member of the Combined Maritime Forces (CMF).
• Pakistan is also a member of CMF.
• CMF is a multilateral group based in Bahrain and led by the United States.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Ashok Vaswani Appointed as Managing Director and Chief Executive Officer of Kotak Mahindra Bank for a 3-Year Term  

• The Board of Directors of Kotak Mahindra Bank Limited. appointed Ashok Vaswani as a Director, Managing Director & Chief Executive Officer (CEO) of the bank.
• He has been appointed for a period of 3 years with effect from January 1, 2024.
• He will assume charge on January 1 upon the end of Dipak Gupta’s term as the MD & CEO on December 31, 2023.

About Ashok Vaswani :

• Vaswani was chief executive officer of Barclays Bank, UK, and subsequently CEO of their Global Consumer, Private, Corporate and Payments businesses and Member of the Group Executive Committee.
• He was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating & Management Committees.
• He has been on the board of several prestigious institutions, such as the London Stock Exchange Group; the SP Jain Institute of Global Management, UK; Former Trustee, Citizens Advice Bureau; Former Chairman, Retail Committee, British Bankers Association; Former Chairman of the Board, Entercard; Former Board member, Telenor; Former Board Member of VISA Asia Pacific and VISA, UK; Former Director and Member of the Audit and Technology Committee for Barclays Africa Group Ltd and Former Director, UK Finance.
• Currently, Vaswani is the president of Pagaya Technologies Ltd - a US-Israeli AI Fintech player.
• He is also on the board of the London Stock Exchange Group, the SP Jain Institute of Global Management, UK, and supports various philanthropic organisations, including Pratham, and Lend a Hand.

Recent News :

• In Oct 2023, the Reserve Bank of India (RBI) approved the appointment of Vaswani as the bank’s MD & CEO for a period of 3 years.

About KMBL :

• Founded : 2003
• Headquarters : Mumbai, Maharashtra
• Founder : Uday Kotak
• Kotak Mahindra Bank is India’s 3rd largest private sector bank by market capitalization.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

NASA and ISRO Collaborate on NISAR Mission                                                

• The National Aeronautics and Space Administration (NASA) and Indian Space Research Organisation (ISRO) have collaborated to launch the NISAR Mission.

About NISAR Mission :

• The NISAR Mission will advance our understanding of the earth’s dynamics, natural processes and climate change impacts.
• According to reports, the NISAR mission will run for three years.
• It will survey land and ice-covered regions of the earth every 12 days.
• The primary aim is to start the mission in a 90-day satellite commissioning period.
• NISAR is a Low Earth Orbit (LEO) observatory.
• The mission is set to launch from the Satish Dhawan Space Centre in Sriharikota onboard ISRO’s GSLV Mark-II launch vehicle.
• NISAR carries L and S dual-band Synthetic Aperture Radar (SAR) using the Sweep SAR technique, providing both wide coverage and high-resolution data.
• NASA’s Jet Propulsion Laboratory (JPL) provides the L-band SAR and several key components, while ISRO’s U R Rao Satellite Centre contributes the spacecraft bus, S-band SAR electronics, launch vehicle, and mission operations.

About NASA :

• Established : July 29, 1958
• Headquarters : Washington, D.C, United States of America
• Administrator : Bill Nelson

About ISRO:

• Formed: 15 Aug 1969
• Headquarters: Bangalore, Karnataka

CURRENT AFFAIRS : OBITUARIES

N Sankaraiah, Referred as the 'Father Figure of the Communist Movement,' Passes Away

• Sankaraiah, a founding member of the Communist Party of India (Marxist) or CPI(M), passed away at the age of 101.

About N. Sankaraiah :

• Sankaraiah, born on July 15, 1922 in Kovilpatti in Tamil Nadu, took a very active part in the freedom struggle.
• He was among the 32 national council members of the Communist Party of India (CPI).
• They left the party over ideological differences.
• This led to the formation of the Communist Party of India (Marxist) in 1964.
• He had also actively taken part in the Quit India movement during the Independence struggle.
• He served as the editor of Theekathir, the official mouthpiece of the State CPI(M).
• Sankaraiah, a three-time MLA, had helmed the Marxist's party affiliate All India Kisan Sabha as its president and general secretary as well.
• He was the Tamil Nadu State Secretary of the CPI(M) from 1995 to 2002 and he had also been the chief of the state committee of the farmers body.

Awards & Honors :

• The Madurai Kamaraj University had planned to confer an honorary doctorate on him, but the decision was not approved by the Tamil Nadu Governor R.N. Ravi.
• In 2021, Tamil Nadu Chief Minister M.K. Stalin honoured Sankaraiah with the Thagaisal Thamizhar Award.

Daily CA One-Liner: November 22

• The Reserve Bank of India (RBI) purchased 9 tonnes of gold in the September quarter, contributing to the 337 tonnes purchased by global central banks, and underscoring the importance of gold as a diversifier of its total reserves.
• The government successfully raised Rs 5,000 crore through the first issuance of sovereign green bonds for the current financial year.
• Portfolio at Risk (PAR) for NBFC-MFIs (microfinance institutions) has gradually improved post-pandemic, with over 30-day PAR falling from a peak of 22.44% in June 2021 to 10.5% in March 2023.
• The microfinance industry (MFI) in the country added 80 lakh new women clients to its fold during 2022-23, taking the total number of low-income women clients to 6.64 crore across 729 districts through 12.96 crore active loans as of March 2023, according to India Microfinance Review FY23 report.
• Bangladesh is set to conduct its 12th parliamentary elections on January 7, 2024, as announced by Chief Election Commissioner Kazi Habibul Awal.
• Defence Minister Rajnath Singh attended the 10th ASEAN Defence Ministers' Meeting-Plus (ADMM Plus) from November 16 to 17, 2023.
• The 3rd edition of Sea Guardian-3, a bilateral naval exercise between China and Pakistan, is currently underway in the Northern Arabian Sea.
• The Board of Directors of Kotak Mahindra Bank Limited. appointed Ashok Vaswani as a Director, Managing Director & Chief Executive Officer (CEO) of the bank.
• The National Aeronautics and Space Administration (NASA) and Indian Space Research Organisation (ISRO) have collaborated to launch the NISAR Mission.
• Sankaraiah, a founding member of the Communist Party of India (Marxist) or CPI(M), passed away at the age of 101.
• The 14th India-Australia Foreign Ministers’ Framework Dialogue concluded in New Delhi.
• Startups and small to mid-sized enterprises(SMEs) in India and Australia working on circular economy technologies and solutions will benefit from a new accelerator program designed to open new doors to explore opportunities between the two countries.
• The Advertising Standards Council of India (ASCI) recently proposed guidelines that aim to check Greenwashing in ads.
• Union Finance and Corporate Affairs Minister Nirmala Sitharaman, women entrepreneurs are accorded first priority under the Centre’s flagship Pradhan Mantri Mudra Yojana (PMMY) scheme which offers financial assistance to beneficiaries.
• The Indira Gandhi Prize for Peace, Disarmament, and Development 2022 was jointly awarded to the Indian Medical Association and the Trained Nurses Association of India as representatives of the COVID-19 warriors in the country.
• Nicaragua’s Sheynnis Palacios has been announced as the winner of the Miss Universe 2023 title, defeating India's Shweta Sharda in a grand event that took place at the Jose Adolfo Pineda Arena in San Salvador, El Salvador.
• An agreement on how artificial intelligence should be regulated in the future has been reached by Germany, France and Italy, to accelerate negotiations at the European level.
• L&T Technology Services Ltd (LTTS) announced a collaboration with NVIDIA to introduce a Gen AI and advanced software-defined architecture aimed at changing medical imaging in the field of endoscopy.
• The Global Talent Competitiveness Index has seen India fall sharply from rank 83 ten years ago to rank 103 in its latest report out recently.
• The International Energy Association released the World Energy Employment 2023 report.