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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India releases guidance note for regulated entities to address money laundering risks    

• The Reserve Bank of India (RBI) issued the "Guidance Note" aimed at regulated entities (REs), including banks, Non-Banking Financial Companies (NBFCs), authorized persons, and payment system operators.

Purpose of the Guidance Note:

• To assist REs in addressing risks related to money laundering (ML) and terrorist financing (TF).
• To provide guidelines for conducting internal risk assessments (IRA) concerning ML and TF.
• To support the formulation of internally developed Risk-Based Assessments (RBA).

Key Highlights :

• Target Audience: The note is particularly directed at the dealing staff and Anti-Money Laundering (AML) / Countering Financing of Terrorism (CFT) / Counter Proliferation Financing (CPF) practitioners within REs.
• Focus on Internal Risk Assessment:The guidance aims to enhance the risk assessment and compliance efforts of REs.
• It lays down broad principles and methodologies for conducting risk assessments.
• Changing Environment and Risks:The RBI acknowledges the evolving business environment and increasing complexities of banking and financial products.
• Emergent technologies and new payment methods contribute to heightened ML/TF risks.
• Control Measures Required:REs must implement appropriate controls and mitigating measures to manage elevated ML/TF risks.
• The objective is to prevent the misuse of financial institutions for ML/TF activities, whether intentionally or unintentionally.
• Consequences of Non-compliance:Failure to address ML/TF risks can lead to reputational damage and financial losses for the institutions.
• Timely reporting of suspicious transactions is essential to comply with prescribed procedures and regulations.

Securities and Exchange Board of India Panel Considers Introducing New Category of Commodity Funds   

• The Securities and Exchange Board of India (SEBI) is considering allowing mutual funds (MFs) to launch a new category of actively managed commodity funds that invest entirely in exchange-traded commodity derivatives (ETCDs).

Key Highlights :

• Existing ETCD Participation: In 2019, SEBI permitted mutual funds to invest in ETCDs, which are standardised agreements traded on regulated exchanges.
• The cap for exposure to ETCDs in multi-asset schemes is set at 30% of the net asset value, while other hybrid schemes have a cap of 10%.
• Current Investment in ETCDs: MF investment in ETCDs is estimated to be under ₹10,000 crore, with investments currently allowed through gold and silver ETFs, backed by physical commodities, and through gold and silver fund of funds.
• Investment Guidelines:Proposed guidelines may allow schemes to hold a net long position of 10% in commodities.
• The gross exposure to a single commodity could be capped at 30%, requiring 20% to be hedged, with the remaining 10% as naked or net long positions.
• Long and Gross Exposure: 'Long' positions refer to buying a commodity futures contract, while gross exposure could require schemes to invest in a minimum of four commodities if limited to a 10% exposure per commodity.
• Challenges in ETCDs: A key challenge is the limited liquidity in certain commodities. More liquid commodities include gold, silver, castor oil, aluminium, copper, and zinc.
• Physical Commodities Disposal: The industry is seeking relaxed timelines for disposing of physical commodities such as metals, as they are not perishable. Current regulations require mutual funds to dispose of the underlying goods by the next expiry day of the contract series or within 30 days of holding them.
• Types of Trades: Two types of trades are recognized in commodities:
• Calendar Spread: Involves buying a derivative for one month and selling the same asset's derivative for another month.
• Directional Trade: Involves taking naked positions on commodity futures.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Indian Overseas Bank launches new loan centres across India, introduces heritage-themed ATM in Chennai    

• Public-sector lender Indian Overseas Bank (IOB) has inaugurated 8 new Retail Loan Processing Centres (RLPCs) across India.
• One physical RLPC is located in Chennai, while seven others were launched virtually in major cities.
• The new RLPCs are situated in: Bangalore, Coimbatore, Delhi, Hyderabad, Kolkata, Lucknow, Mumbai.

Objectives:

• The initiative aims to enhance customer experience and improve service delivery for retail customers.
• Designed to streamline loan approval processes and reduce turnaround time for loan disbursements.

Key Highlights :

• Technology and Automation:The RLPCs are equipped with advanced digital technology and automation tools.
• These enhancements are intended to expedite loan approvals and disbursements.
• Heritage-themed ATM:IOB has also inaugurated a heritage-themed ATM at Puratchi Thalaivar Dr. MGR Central Railway Station in Chennai.
• The ATM is designed to replicate the historic Victorian-era redbrick station building, serving as a tribute to the heritage of the Central Railway Station

About IOB :

• Founded : 10 February 1937
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Ajay Kumar Srivastava
• Tagline : Good People to Grow With

Navi rises to 5th position in Unified Payments Interface rankings for the second straight month  

• Navi, a fintech company founded by Sachin Bansal, has become India's 5th-largest player in the Unified Payments Interface (UPI) ecosystem.

Key Highlights :

• Comparison with Competitors: Navi surpassed Amazon Pay's UPI volumes in August and is close to Cred, which processed 140 million transactions in September.
• Growth Rate: Navi experienced a 35.7% month-on-month growth in transaction volumes from August to September, having processed 88.71 million transactions worth ₹4,651 crore in August.
• Market Share: Navi holds a 0.8% market share in the UPI ecosystem, while major competitors like PhonePe, Google Pay, and Paytm control approximately 92.5% of the UPI transaction volume.
• Market Leaders: In September:
• PhonePe remained the largest player with 7.22 billion transactions valued at ₹10.3 trillion.
• Google Pay followed with 5.62 billion transactions amounting to ₹7.46 trillion.
• Overall UPI Performance: In September, over 15 billion UPI transactions were processed, totaling ₹20.63 trillion in value.

Life Insurance Corporation of India reduces maximum age limit for new endowment plan to 50 years from 55 years    

• Life Insurance Corporation of India (LIC) has reduced the maximum age limit for purchasing the new endowment plan from 55 years to 50 years, effective October 1, 2024.

Key Highlights :

• Product Overview:The revised product is the 'LIC New Endowment Plan-914', a participating endowment plan that offers a dual benefit of protection and savings.
• Minimum entry age for the plan is 8 years.
• It provides both death benefits and maturity benefits.
• Definition of Endowment Plan:An endowment plan combines life cover and maturity benefits:
• Life Cover: Lump sum payout to the nominee upon the policyholder's death.
• Maturity Benefit: Fixed payout at maturity.
• Existing Endowment Products:LIC currently offers six endowment products:
• LIC’s Single Premium Endowment Plan
• LIC’s New Endowment Plan
• LIC’s New Jeevan Anand
• LIC’s Jeevan Lakshya
• LIC’s Jeevan Labh Plan
• LIC’s Amritbaal
• Compliance with Surrender Value Norms:All endowment products have been modified to comply with new surrender value guidelines effective from October 1, 2024.
• A total of 32 products and riders have been updated for compliance.
• Revised Premium Rates:Average premium rates for most products have been revised by 8-10% (excluding LIC’s Amritbaal Plan).
• The sum assured for the New Endowment Plan, New Jeevan Anand, and Jeevan Lakshya has increased to Rs 2 lakh from Rs 1 lakh.
• Introduction of New Insurance Product:LIC has introduced a Single Premium Group Micro Term Insurance Plan.
• It is a Non-Participating, Non-Linked, Group, Pure Risk life micro-insurance product designed for finance institutions, cooperatives, self-help groups (SHGs), and NGOs.
• The plan aims to provide affordable life insurance coverage to members of unorganized groups and homogeneous affinity groups.

About LIC :

• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Siddharth Mohanty

Foreign Banks and Brokerages Anticipate Gradual Easing from RBI Starting in December 2024   

• Foreign banks and brokerages anticipate that the Reserve Bank of India (RBI) will initiate a "shallow rate-cutting cycle" starting in December 2024, with an aggregate reduction of 50 basis points (bps).
• Most forecasts suggest a 25 bps cut in December, followed by another 25 bps cut in February 2025, bringing the policy rate down from the current 6.5% to 6%.

Key Highlights :

• Current Policy Rate: The RBI has maintained the policy rate at 5% since February 2023, without changes.
• RBI's Recent Stance: During the monetary policy review meeting on October 7-9, the RBI kept the policy rate unchanged but shifted its stance from "withdrawal of accommodation" to "neutral," acknowledging upside inflation risks.
• Inflation Projections: The RBI's Monetary Policy Report (MPR) projects inflation at1% for FY26 and has lowered its inflation forecast marginally to 4.5% year-on-year.
• Growth Forecast: The RBI remains optimistic about growth, maintaining its FY25 GDP growth forecast at2%, while some analysts, like Goldman Sachs, expect it to be lower at 6.5%.
• Analyst Views:HSBC: Expects 50 bps total rate cuts over December and February, bringing the repo rate to 6%.
• Goldman Sachs: Predicts headline inflation to hover around 4% in Q3 and Q4 FY25, supporting rate cuts.
• Morgan Stanley: Anticipates the RBI will begin a rate easing cycle by February 2025 as inflation outlook becomes more favorable.
• DBS Group: Assigns a 70% probability for a 25 bps cut in December, with a total of 100 bps cuts expected throughout 2025.

State Bank of India to increase limit for instant loan scheme benefiting MSME sector   

• The State Bank of India (SBI) plans to increase the threshold for its instant loan scheme for the MSME (Micro, Small, and Medium Enterprises) sector from the current limit of ₹5 crore to enhance credit availability.
• The scheme, named "MSME Sahaj - End to End Digital Invoice Financing," offers a streamlined process for applying, documenting, and disbursing loans within 15 minutes without manual intervention.
• SBI has implemented a business rule engine for data-based assessment of credit limits, allowing quick approvals with minimal requirements—only the applicant's PAN and permission to access GST data.
• The bank emphasizes simplification of MSME credit by backing loans with cash flow and the CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) guarantee, which reduces the need for collateral.
• SBI aims to open 600 new branches across India in the current financial year, expanding its already extensive network of 22,542 branches as of March 2024.
• In addition to its branches, SBI serves customers through 65,000 ATMs and 85,000 business correspondents, enhancing accessibility for MSMEs.

Centre for Monitoring Indian Economy Projects FY25 GDP Growth at 6.95%   

• India's Gross domestic product (GDP) is projected to grow at 6.95% in FY25, according to forecasts by 28 agencies, which is 25 basis points lower than the Reserve Bank of India's (RBI) forecast of 7.2%.
• According to a note by the Centre for Monitoring Indian Economy (CMIE), Forecasts were revised from 7% to 6.95% due to recent macroeconomic data and the slowdown in high-frequency indicators.

Key Highlights :

• RBI's GDP Projection:The RBI has maintained its GDP growth projection at 7.2% in its monetary policy statements.
• Strong consumption, investment demand, rural demand (improved agricultural output), and urban demand (services sector) are key drivers.
• Survey of Professional Forecasters:The RBI’s Survey of Professional Forecasters in September projected median GDP growth at 6.9%, with estimates ranging from 6% to 8.1%.
• Recent GDP Performance:India’s economy grew by 6.7% in Q1 FY25.
• The RBI projects 7% growth in Q2, 7.4% in Q3 and Q4. However, some economists expect Q2 growth might fall below 6.5%.
• Slowdown in Economic Indicators:Manufacturing PMI was at 56.5 (eight-month low), and Services PMI fell to 57.7 (10-month low) in September 2024.
• The Index of Industrial Production (IIP) contracted by 0.1% in August 2024, marking the first contraction in 22 months.
• GST Collections:GST collections grew by 6.5% year-on-year in September 2024, the lowest in 39 months, amounting to ₹1.73 lakh crore, slightly lower than the previous month.

State Bank of India Extends Amrit Kalash and Amrit Vrishti Fixed Deposit Schemes to March 31, 2025    

• The State Bank of India (SBI) has extended the Amrit Kalash and Amrit Vrishti fixed deposit schemes until March 31, 2025.
• Originally set to conclude on September 30, 2024, the extension provides higher interest rates for depositors.

SBI Amrit Kalash Scheme

Tenure and Interest Rates:

• The Amrit Kalash scheme offers a fixed deposit with a tenure of 400 days.
• Interest Rate:
  • 10% per annum for general customers.
  • 60% per annum for senior citizens (higher than the standard rate of 6.80% for similar tenures).
• Eligibility and Application:
  • Available for both new deposits and renewals of existing deposits.
  • Customers can apply via SBI branch, internet banking, or the YONO app.
  • Loan Option: Customers can avail a loan against the fixed deposit.

SBI Amrit Vrishti FD Scheme

Scheme Details:

• Launched on July 15, 2024, with a tenure of 444 days.
• Interest Rate:
  • 25% for general customers.
  • 75% for senior citizens.

Investment and Applicability:

• Open for investments until March 31, 2025.
• Interest rates apply to deposits below Rs 3 crore.

• In February 2023, SBI introduced the Amrit Kalash scheme with special benefit in terms of higher rate of interest.
• In July 2024, SBI launched a new special deposit called ‘Amrit Vrishti’.

Reserve Bank of India to Introduce Recipient Name Verification for Real-Time Gross Settlement and National Electronic Funds Transfer Transactions  

• The Reserve Bank of India (RBI) is proposing a new feature for RTGS (Real-Time Gross Settlement) and NEFT (National Electronic Funds Transfer) that allows remitters to verify the recipient's name before executing payments.
• The initiative aims to reduce instances of incorrect fund transfers and enhance customer confidence in electronic payment systems.
• The proposal was announced by RBI Governor Shaktikanta Das during the Monetary Policy Committee meeting on October 9, 2024.

Current Transfer Methods:

• RTGS:
  • Provides faster, instant transfers.
  • Minimum transfer limit of ₹2 lakh.
  • Preferred for larger transactions requiring immediate settlement.
• NEFT:
  • Operates in batches and may take longer for transfers.
  • No minimum limit, making it suitable for smaller transactions.
  • NEFT is often used for smaller transactions, while RTGS is preferred for larger amounts that need immediate settlement.

Verification Process:

• Remitters will input the beneficiary's account number and branch IFSC code to display the beneficiary's name, enhancing transaction accuracy and security.
• Comparison with Other Systems:The new feature will align NEFT and RTGS with existing facilities in UPI (Unified Payments Interface) and IMPS (Immediate Payment Service), where remitters can already verify recipient names before making payments.

CURRENT AFFAIRS: NATIONAL NEWS

DigiLocker and UMANG Integration: Simplifying Access to Government Services

• DigiLocker, a secure cloud platform for storing and verifying documents, has integrated with the UMANG app to provide streamlined access to various government services.
• This partnership significantly advances India’s digital governance, allowing users to manage multiple services from a single platform.

Key Highlights:

1. Enhanced Accessibility:
   • The integration enables citizens to access multiple government services seamlessly through the DigiLocker app, making interactions with the government more efficient.
2. Legal Validity:
   • Documents stored and issued via DigiLocker are legally equivalent to physical originals, ensuring authenticity and reliability in compliance with regulatory standards.

User Guide:

• Update: Ensure the DigiLocker app is updated to the latest version.
• Access: Open the DigiLocker app and click on the UMANG icon.
• Install: Follow the instructions to install the UMANG app.
• Explore Services: Access a range of government services within the DigiLocker app.

India's Ship Recycling Industry Set for Major Growth in 2025

• India’s ship recycling industry is projected to grow significantly, reaching 8-4.2 million GT (gross tonnage) in 2025, up from an estimated 2.3-2.6 million GT in 2024, according to a CareEdge report.
• India currently accounts for 33% of global ship recycling, second only to Bangladesh, which leads with 46%.

Key Highlights:

1. Growth Forecast:
   • India’s ship recycling industry is expected to witness a growth spurt by 2025, with annual growth rates of around 10% forecasted for 2026-2028.
   • In 2022 and 2023, India dismantled 2.26 million GT and 2.47 million GT, respectively.
2. Contributing Factors:
   • The industry’s growth is driven by factors such as the cooling-off of the Baltic Dry Index, stabilizing heavy melting scrap prices, and the increase in obsolete ships.
   • Heavy melting scrap prices, which surged to a peak of ₹54,400 per tonne in 2022, have now stabilized between ₹36,000 to ₹44,000 per tonne in 2023.
3. Global Context:
   • India remains a key player in the global ship recycling industry, accounting for 33% of global dismantling activities in 2023, a rise from 27% in previous years.
   • The top four countries in ship recycling—Bangladesh, India, Pakistan, and Turkey—together handle 90% of global ship dismantling.
4. Alang's Role:
   • Alang in Gujarat is one of the largest ship recycling hubs globally, with over 140 recycling yards contributing to India’s leadership in this sector.
5. Financial Structure:
   • The sector benefits from low debt levels, contract-based employees, and low fixed overheads, providing stability in operations despite global fluctuations.
6. Future Outlook:
   • The demand for recycling older ships is expected to rise as newer, more efficient vessels enter the market, making older ships economically unviable.

PM Modi Celebrates 3rd Anniversary of PM GatiShakti National Master Plan

• Prime Minister Narendra Modi has completed 3 years of the PM GatiShakti National Master Plan, highlighting its transformative impact on India's infrastructure development.

Key Highlights:

1. PM's Vision for Viksit Bharat:
   • PM Modi emphasized that the GatiShakti initiative is accelerating India's progress towards a "Viksit Bharat" (Developed India). The plan, announced on the 75th Independence Day in 2021, aims to enhance multimodal connectivity by integrating infrastructure projects across various ministries and states, making project execution faster and more efficient.
   • According to the PM, GatiShakti encourages progress, entrepreneurship, and innovation, positioning India as a hub of efficient infrastructure.
2. Achievements of GatiShakti:
   • The initiative has seen 44 central ministries and 36 states/UTs participate, leading to improved coordination and integration in infrastructure planning.
   • Since its inception, the Network Planning Group (NPG) has recommended 208 major infrastructure projects worth ₹15.39 lakh crore for approval.
   • The plan integrates existing projects like Bharatmala and Sagarmala and uses data from multiple sources to ensure seamless connectivity and logistics, reducing delays and creating new opportunities.
3. PM Modi's Visit to Bharat Mandapam:
   • As part of the celebration, PM Modi visited the PM GatiShakti set-up at Bharat Mandapam, where he reviewed the features, achievements, and milestones of the mission. He recognized the progress in project planning and execution, which has been adopted across multiple sectors.
   • Modi's visit also included a tour of the One District-One Product (ODOP) Anubhuti Kendra, where he appreciated the efforts to promote local products from various districts, enhancing their branding and market reach.

CURRENT AFFAIRS : INTERNATIONAL NEWS

President Droupadi Murmu Begins Three-Nation Visit of Algeria, Mauritania, and Malawi   

• President Droupadi Murmu's visit to Algeria, Mauritania, and Malawi was the first Indian President to visit these three African nations.
• This visit comes a year after the African Union became a permanent member of the G-20 group during India's presidency of the G-20 in 2023.

Countries visited:

• Algeria (October 13-15, 2024): Bilateral meetings, ceremonial welcome by President Abdelmadjid Tebboune, and participation in the Algeria-India Economic Forum.
• Mauritania (October 16, 2024): Bilateral talks with President Mohamed Ould Cheikh El Ghazouani and signing of four MoUs.
• Malawi (October 17-19, 2024): Bilateral talks with President Lazarus Chakwera, business events, and signing of three MoUs.

Significant activities:

• In Algeria, President Murmu will pay tribute at the Maqam Echahid monument, address the Algeria-India Economic Forum, deliver a speech at Sidi Abdellah University, and inaugurate the India Corner at Hamma Garden.
• In Mauritania, she will oversee the signing of 4 MoUs related to culture, foreign office consultations, and visa waivers for diplomatic passports.
• In Malawi, President Murmu will sign 3 MoUs related to youth affairs, sports, and cultural exchanges.
• Economic focus: Strengthening bilateral trade and investment through forums such as the Algeria-India Economic Forum and engaging with the Indian diaspora in all three nations.
• Significance for India's global relations: This visit emphasizes India's growing role in African development, bolstering ties with African nations post-G-20 inclusion of the African Union.

About Algeria :

• President : Abdelmadjid Tebboune
• Prime Minister : Nadir Larbaoui
• Capital : Algiers
• Currency : Algerian dinar

About Mauritania :

• President : Mohamed Ould Ghazouani
• Prime Minister : Mokhtar Ould Djay
• President of the National Assembly : Mohamed Ould Meguett
• Capital : Nouakchott
• Currency : Ouguiya

About Malawi :

• President : Lazarus Chakwera
• Capital : Lilongwe
• Currency : Malawian kwacha

CURRENT AFFAIRS : STATE NEWS

Gujarat's Jubilant Ingrevia becomes part of World Economic Forum's Global Lighthouse Network

• Jubilant Ingrevia, based in Gujarat, has been recognized as the latest Indian company to join the World Economic Forum's (WEF) Global Lighthouse Network.
• The Global Lighthouse Network comprises industry leaders that are transforming manufacturing processes through AI innovation and digital technologies.
• India-based units of ReNew, Cipla, Ceat, Dr Reddy's, Mondelez International, Unilever, ACG, Schneider Electric and Tata Steel are already on the list.
• The WEF announced that 22 new manufacturers have joined the network, bringing the total to 172 production facilities and value chains worldwide.
• These facilities utilize digital technologies to achieve operational excellence, environmental sustainability, and workforce development.
• The recent cohort includes 19 Fourth Industrial Revolution Lighthouses and 3 Sustainability Lighthouses.
• The network now spans 10 countries, including: China, Czech Republic, Germany, India, Mexico, Singapore, Sweden, Türkiye, Switzerland, Vietnam
• The Global Lighthouse Network is an initiative co-founded by the WEF and McKinsey & Company, supported by an advisory board of industry leaders focused on shaping the future of global manufacturing.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

State Bank of India talent proves a valuable asset for private sector banks   

• At least three former State Bank of India (SBI) executives have been appointed as managing directors and chief executive officers (MD and CEO) of different private sector banks in the past six months.
• Partha Pratim Sengupta: Recently approved as MD and CEO of Bandhan Bank; he will assume charge in November 2024.
  • Previously served as deputy MD and chief credit officer at SBI.
  • Previously held the position of MD and CEO at Indian Overseas Bank, where he successfully turned around the lender and helped it exit the prompt corrective action framework.
  • The CEO position at Bandhan Bank became vacant after the retirement of founder Chandra Shekhar Ghosh in April 2024.

Other Notable Appointments:

• Saleem Sulaiman Nair: Appointed as MD and CEO of Tamilnad Mercantile Bank in August 2024.
  • Nair began his career at SBI in 1987 as a probationary officer and rose to the rank of deputy MD.
  • His last role at SBI was as deputy MD and chief credit officer until May 2024, overseeing the credit portfolio.
  • His appointment followed the RBI's rejection of the initial CEO candidates proposed by the bank board in April 2024.
• Sanjeev Nautial: Took charge as MD and CEO of Ujivan Small Finance Bank (SFB) on July 1, 2024.

CURRENT AFFAIRS: AWARDS AND HONOURS

Overview of the 2024 Nobel Prize Announcements

• The Nobel Prize 2024 announcements began on October 7 with the award for Physiology or Medicine, and will continue through October 14 across six categories:
  • Physiology or Medicine: October 7, 2024
  • Physics: October 8, 2024
  • Chemistry: October 9, 2024
  • Literature: October 10, 2024
  • Peace: October 11, 2024
  • Economic Sciences: October 14, 2024

2. 2024 Nobel Prize Winners:
   • Nobel Prize in Physics 2024:
     • John J. Hopfield and Geoffrey E. Hinton
     • Awarded for their foundational discoveries in enabling machine learning with artificial neural networks.
   • Nobel Prize in Chemistry 2024:
     • David Baker for computational protein design.
     • Demis Hassabis and John M. Jumper for their breakthrough in protein structure prediction using AI.
   • Nobel Prize in Physiology or Medicine 2024:
     • Victor Ambros and Gary Ruvkun for discovering microRNA and its role in post-transcriptional gene regulation.
   • Nobel Prize in Literature 2024:
     • Han Kang, for her poetic prose confronting historical trauma and human fragility.
   • Nobel Peace Prize 2024:
     • Nihon Hidankyo, recognized for its efforts toward a nuclear-free world and advocacy through survivor testimonies.
   • Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel:
     • Daron Acemoglu, Simon Johnson, and James A. Robinson for their studies on how institutions shape prosperity.

3. Nobel Prize History:
   • The Nobel Prizes were established following the death of Alfred Nobel, a Swedish inventor, scientist, and businessman, who allocated his fortune for the creation of the prizes.
   • Nobel's will outlined five prize categories: Physics, Chemistry, Physiology or Medicine, Literature, and Peace.
   • The Sveriges Riksbank Prize in Economic Sciences was later introduced in 1968.
4. Selection Process:
   • Each category's laureates are selected by a designated institution:
     • Royal Swedish Academy of Sciences for Physics and Chemistry
     • Karolinska Institute for Physiology or Medicine
     • Swedish Academy for Literature
     • A Norwegian committee for Peace
     • Sveriges Riksbank oversees the Economic Sciences prize.

5. Prize Amount:
   • The Nobel Prize for 2024 is valued at 0 million Swedish kronor (SEK) per full prize.

CURRENT AFFAIRS : DEFENCE NEWS

Garden Reach Shipbuilders & Engineers hands over the second Survey Vessel, INS Nirdeshak, to the Indian Navy

• Nirdeshak, the second of four Survey Vessel (Large) ships, was delivered to the Indian Navy on October 8, 2024.
• It was built by Garden Reach Shipbuilders & Engineers (GRSE), Kolkata, and designed by the Indian Navy's Warship Design Bureau.
• The first ship of the SVL class, INS Sandhayak, was commissioned on February 3, 2024.
• INS Nirdeshak is the second in a series of four such vessels being constructed by GRSE, with the first delivered to the Navy 10 months ago in December 2023.
• These are the largest survey vessels for the Indian Navy to be built in the country.
• Contract and Design: The contract for four Survey Vessels (SVL) was signed on October 30, 2018.
• The vessels are designed and built as per the classification rules of the Indian Register of Shipping by GRSE, Kolkata.
• Mission and Capabilities:Nirdeshak is intended for full-scale coastal and deep-water hydrographic surveys of port/harbor approaches and navigational channel determination.
• The ship will also gather oceanographic and geophysical data for defense and civil applications.

Specifications:

• Displacement: 3,400 tons
• Length: 110 meters
• Speed: Powered by two diesel engines, it can achieve speeds exceeding 18 knots.
• State-of-the-art equipment: Equipped with hydrographic systems, autonomous underwater vehicle, remotely operated vehicle, DGPS long-range positioning systems, digital side-scan sonar, and more.
• Keel and Launch: The keel of Nirdeshak was laid on December 1, 2020, and the ship was launched on May 26, 2022.
• Indigenous Content: The ship boasts over 80% indigenous content by cost, aligning with the Government of India's 'Aatmanirbhar Bharat' initiative.
• Trials: Nirdeshak successfully completed a comprehensive schedule of trials both in harbor and at sea before delivery.

About GRSE :

• Founded : 1884
• Headquarters : Kolkata, West Bengal, India
• Chairman & MD : Cmde PR Hari

About Ministry of Defence :

• Cabinet Minister : Rajnath Singh
• Minister of State : Sanjay Seth

CURRENT AFFAIRS: MOUS AND HONOURS

Spices Board partners with Uttarakhand Govt to boost production of Indigenous spices

• The Spices Board of India, under the Ministry of Commerce & Industry, has signed a Memorandum of Understanding (MoU) with the Directorate of Horticulture and Food Processing, Government of Uttarakhand, to promote sustainable agricultural practices in the state.
• The agreement was signed by A B Remashree, Director of Spices Board, during the Industry Interaction Meet held in Dehradun, in the presence of Sunil Barthwal, Secretary, Department of Commerce.

Key Highlights:

1. Focus on Large Cardamom Cultivation:
   • The MoU aims to identify suitable areas for expanding large cardamom cultivation and other spices in Uttarakhand.
   • The pilot project will enhance the green economy by improving post-harvest practices, establishing market linkages, and building farmers' capacity through forming Farmer Producer Organisations (FPOs).
2. Collaboration with House of Himalayas Ltd.:
   • A separate MoU was signed between the Spices Board and House of Himalayas Ltd., a brand launched by PM Narendra Modi, to promote indigenous spices from the region.
   • This partnership aims to boost the House of Himalayas brand while contributing to sustainable development and community empowerment, creating economic opportunities for local farmers.
3. SPICED Flagship Programme:
   • Actions to expand large cardamom cultivation in the northern Himalayan region are underway under the SPICED scheme.
   • The initiative focuses on advanced agricultural practices, post-harvest handling, value addition, and primary processing of spices, ensuring farmers are equipped with the skills needed for higher quality production.
4. Market Linkages and Export Potential:
   • The Spices Board is playing a crucial role in connecting local farmers with national and international buyers, creating market linkages that support sustainable growth.
   • This initiative is expected to position Uttarakhand’s spices on national and international platforms.
5. Event Attendance:
   • The event saw participation from key officials, including Smt. Radhika Jha, IAS Secretary- Rural Development, Anand Bardhan, IAS, Surendra Narayan Pandey, Secretary, Agriculture and Farmers Welfare, and Manuj Goyal, IAS, Managing Director of House of Himalayas Ltd.
   • Representatives from APEDA, Indian Institute of Packaging, Tea Board, and major agricultural product exporters were also in attendance.

CURRENT AFFAIRS: RANKING AND INDEX

India Ranks 105th in 2024 Global Hunger Index, Faces "Serious" Hunger Crisis

• India ranks 105th out of 127 countries in the 2024 Global Hunger Index (GHI), placing it in the "serious" category.
• With a GHI score of 27.3, India shares the serious category alongside countries like Pakistan and Afghanistan.

1. Child Malnutrition Indicators:
   • 35.5% of children under five in India are stunted (low height for age, indicating chronic malnutrition).
   • 18.7% of children under five are wasted (low weight for height, indicating acute malnutrition).
   • 2.9% of children in India die before their fifth birthday.
2. Undernourishment in Population:
   • 13.7% of India’s population is undernourished, indicating insufficient caloric intake across significant sections of society.
3. Comparison with South Asian Neighbors:
   • Countries like Bangladesh, Nepal, and Sri Lanka have fared better, achieving "moderate" GHI scores, unlike India, which remains in the serious category.
4. Global Hunger Trends:
   • The 2024 GHI report, published by Concern Worldwide and Welthungerhilfe, highlights that many countries in Africa and conflict zones like Gaza and Sudan face even more extreme food crises, falling under the "alarming" category.
   • Globally, 733 million people face hunger daily, and 8 billion people cannot afford a healthy diet.
5. Challenges to Meeting SDG Goals:
   • The report warns that achieving the UN Sustainable Development Goal of Zero Hunger by 2030 seems increasingly unlikely, particularly due to continued disparities between global food standards and the reality of access to adequate nutrition.
6. Impact of Conflict and Strife:
   • Conflicts and civil strife in countries like the Democratic Republic of the Congo, Haiti, Mali, and Syria exacerbate food crises, deepening the global hunger challenge.

CURRENT AFFAIRS: SPORTS NEWS

Jannik Sinner Defeats Novak Djokovic to Win Shanghai Masters 2024

• World No. 1 Jannik Sinner secured the Shanghai Masters title by defeating Novak Djokovic in straight sets, 7-6(4), 6-3.
• The victory denied Djokovic a chance to become only the third male player to achieve 100 career singles titles, a milestone shared by Jimmy Connors (109) and Roger Federer (103).

Key Highlights:

1. Sinner's Dominant Performance:
   • The match began with both players holding serve strongly. In a tense first set tiebreak, Sinner took control early, breaking Djokovic’s serve on the first point and going up 5-1.
   • Djokovic fought back, but Sinner eventually closed the set at 7-6(4).
   • In the second set, Sinner made a crucial breakthrough in the fourth game, breaking Djokovic's serve to gain a 4-2 lead.
   • Sinner served out the match, finishing with an ace, and claimed the title after 1 hour 37 minutes of play.
2. Sinner's Stellar Year Amid Controversy:
   • Sinner's victory in Shanghai adds to a remarkable year where he has won two Grand Slam titles and maintained the top spot in the ATP rankings since June.
   • However, his season was clouded by controversy after testing positive for a banned steroid in March.
   • The International Tennis Integrity Agency (ITIA) accepted Sinner’s explanation that the substance entered his system unintentionally via a spray used by his physiotherapist.
   • Despite this, the World Anti-Doping Agency (WADA) has appealed the decision to clear him, seeking a ban of up to two years. This case remains unresolved as of now.

Aryna Sabalenka Clinches Historic Third Wuhan Open Title After Gritty Battle with Zheng Qinwen

• Aryna Sabalenka became the first player to win the Wuhan Open three times, defeating local star Zheng Qinwen 6-3, 5-7, 6-3 in a thrilling final.
• Sabalenka's record in Wuhan remains perfect, improving to 17-0, having previously won the event in 2018 and 2019.

1. 2024 Achievements:
   • This victory marks Sabalenka's fourth title of the 2024 season, which already includes two Grand Slam titles and a WTA 1000 win in Cincinnati.
   • She has reached seven finals this year, further solidifying her status as the top player in women’s tennis.
2. WTA Finals Race:
   • The 26-year-old is closing in on ending the year as world number one, ahead of Iga Swiatek, with the title likely decided at the WTA Finals in Riyadh next month.
3. Challenging Match:
   • In a rematch of the 2024 Australian Open final, Zheng, the Olympic gold medallist, pushed Sabalenka to the limit in front of a packed 13,000-capacity crowd at the Optic Valley International Tennis Centre in her hometown.
   • Zheng took a set off Sabalenka for the first time in their four meetings, having never previously won a set against her.
4. Match Summary:
   • Sabalenka took the first set comfortably, breaking for a 4-2 lead and sealing it 6-3.
   • Zheng fought back in the second set, breaking Sabalenka for the first time in their encounters, eventually winning 7-5 to force a decider.
   • Sabalenka dominated the final set, racing to a 3-0 double-break lead, and despite a resilient effort from Zheng, secured the match after 2 hours and 40 minutes.
5. Zheng's Performance and WTA Finals Chances:
   • Despite the loss, Zheng Qinwen made history as the first Chinese finalist in the Wuhan Open's history and saw a significant boost in her WTA Finals race, jumping from ninth to seventh.
   • She is now poised to become the first Chinese player to qualify for the season-ending championships since Li Na in 2013.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Rural Women: October 15

• International Day of Rural Women 2024 is observed on the 15th of October 2024.
• This year's theme, "Rural Women Sustaining Nature for Our Collective Future: Building climate resilience, Conserving Biodiversity, and Caring for land towards gender equality and Empowerment,"
• The United Nations (U.N.) has been working to keep the world's nations peaceful and friendly since its founding in 1945.
• The United Nations has undertaken a number of humanitarian initiatives and adopted resolutions and laws aimed at protecting the environment.
• The U.N.'s efforts to improve the status and wellbeing of women, particularly those in rural areas, rank among its most impressive accomplishments.
• It was proposed to empower and recognize women in 1995 during the Fourth World Conference on Women in Beijing, China. In order to recognize the importance of rural women to agriculture, food production, and food safety, it was suggested that October 15 be observed as International Day of Rural Women as October 16 was World Food Day.
• A resolution calling for the development of ICT skills for all, especially women and indigenous people living in remote and rural communities, was adopted in 2003 at the World Summit on the Information Society in Geneva.
• Additionally, this resolution was discussed during the Tunis Agenda for the Information Society in 2005 in Tunis, Tunisia.
• October 15 will be recognized yearly as International Day of Rural Women globally, according to a resolution 62/136 passed by the United Nations General Assembly on December 18, 2007.
• Since then, the International Day of Rural Women has been celebrated in many nations worldwide. It honors these women's resilience and accomplishments in ensuring the continuity of rural homes and the community as a whole, despite hardships and stereotypes.

White Cane Safety Day: October 15

• White Cane Safety Day 2024 is observed on the 15th of October 2024. (This day is dedicated to visually impaired people)
• Traveling aids for the blind have long existed in the form of canes, staffs, and sticks, but it wasn't until the 20th century that white canes came into being and were adopted by the blind as a sign to alert others.
• James Biggs, a photographer from Bristol, came up with the concept of white canes. Biggs had an accident in 1921 that left him blind. During that time, there were more cars on the road, so Biggs decided to paint his cane white to make himself more visible to drivers and other pedestrians.
• The National White Stick Movement is a program for the blind that was started in France by the musician and author Guilly d'Herbemont. She distributed white canes to numerous blind persons in France, including veterans of World War One. Additionally, this was well welcomed in the UK. The United Kingdom suggested giving white canes to blind persons so that they would be universally recognized as a sign that the person carrying it was blind.
• Giving white canes to the blind was an idea put forth in the United States by Lions Clubs International. The long white canes served as both a mobility aid and a means of identification for the war veterans.
• White Cane Safety Day was established annually on October 15 by a joint resolution that President Lyndon B. Johnson and the U.S. Congress signed on October 6, 1964.

Pregnancy and Infant Loss Remembrance Day: October 15

• Pregnancy and Infant Loss Remembrance Day 2024 is observed on the 15th of October 2024.
• Pregnancy and Infant Loss Remembrance Day (PAILRD) is a memorial day that is annually honoured on October 15 in the United States and Canada.
• In order to honour, commemorate, and remember infants who have died from miscarriage, stillbirth, neonatal death, and other causes of baby loss, the day was created in 2002.
• Robyn Bear, Lisa Brown, and Tammy Novak started the movement by petitioning the federal government to recognize the particular day on October 15.
• On September 28, 2006, the House of Representatives finally approved National Pregnancy and Infant Loss Remembrance Day.
• The month of October had previously been declared to be Pregnancy & Infant Loss Awareness Month by President Ronald Reagan.

Global Handwashing Day: October 15

• Global Handwashing Day 2024 is observed on the 15th of October 2024.
• The Global Handwashing Partnership established Global Handwashing Day as a chance to develop and put into practice original strategies for inspiring people to wash their hands with soap, particularly in times of need.
• In 2008, the first Global Handwashing Day was observed.
• Since then, this national holiday has been used to raise awareness of the importance of having clean hands among both local and national officials and influencers.
• This is an extremely important message—hand washing is such a basic habit, but it can actually change everything and save lives.
• Global Handwashing Day keeps expanding. Schools, governments, international organizations, private businesses, civil society groups, and more support it.

World Students Day: October 15

• World Students Day 2024 is observed on the 15th of October 2024, to honor the birthday of our former president, the late Dr. APJ Abdul Kalam.
• In 2010, World Students Day was established by the United Nations. In honour of former Indian president APJ Abdul Kalam, who was born on the same day in 1931, October 15 of each year is observed as World Students' Day.
• The purpose of the day is to honor Kalam's contributions to education and students. Early in his life, Kalam studied science and physics. He was born in Rameswaram, Tamil Nadu.
• Through his insightful lectures, Kalam devoted his life to teaching and encouraging students to become the best versions of themselves.
• As oversaw the creation of India's most important missiles and its civilian space programs, he was also known as the "Missile Man of India."
• The aerospace expert was elected as the nation's 11th president in 2002. After serving in office till 2007, Kalam committed his life to teaching.
• At the Indian Institutes of Management (IIM) at Shillong, Ahmedabad, and Indore, he was appointed as a visiting professor.
• Additionally, Dr. Kalam received the Bharat Ratna, which is India's highest civilian honour.
• In addition, he received the Padma Bhushan and the Padma Vibhushan for his services to the Indian government as a scientific advisor.
• On July 27, 2015, Kalam suffered a heart arrest and passed suddenly.

Daily CA One-Liner: October 15

• DigiLocker, a secure cloud platform for storing and verifying documents, has integrated with the UMANG app to provide streamlined access to various government services
• India’s ship recycling industry is projected to grow significantly, reaching 8-4.2 million GT (gross tonnage) in 2025, up from an estimated 2.3-2.6 million GT in 2024, according to a CareEdge report
• Prime Minister Narendra Modi has completed 3 years of the PM GatiShakti National Master Plan, highlighting its transformative impact on India's infrastructure development
• The Nobel Prize 2024 announcements began on October 7 with the award for Physiology or Medicine and will continue through October 14 across six categories.
• The Spices Board of India, under the Ministry of Commerce & Industry, has signed a Memorandum of Understanding (MoU) with the Directorate of Horticulture and Food Processing, Government of Uttarakhand, to promote sustainable agricultural practices in the state.
• India ranks 105th out of 127 countries in the 2024 Global Hunger Index (GHI), placing it in the "serious" category.
• World No. 1 Jannik Sinner secured the Shanghai Masters title by defeating Novak Djokovic in straight sets, 7-6(4), 6-3.
• Aryna Sabalenka became the first player to win the Wuhan Open three times, defeating local star Zheng Qinwen 6-3, 5-7, 6-3 in a thrilling final
• The Reserve Bank of India (RBI) issued the "Guidance Note" aimed at regulated entities (REs), including banks, Non-Banking Financial Companies (NBFCs), authorized persons, and payment system operators.
• The Securities and Exchange Board of India (SEBI) is considering allowing mutual funds (MFs) to launch a new category of actively managed commodity funds that invest entirely in exchange-traded commodity derivatives (ETCDs).
• Public-sector lender Indian Overseas Bank (IOB) has inaugurated 8 new Retail Loan Processing Centres (RLPCs) across India.
• Navi, a fintech company founded by Sachin Bansal, has become India's 5th-largest player in the Unified Payments Interface (UPI) ecosystem.
• Life Insurance Corporation of India (LIC) has reduced the maximum age limit for purchasing the new endowment plan from 55 years to 50 years, effective October 1, 2024.
• Foreign banks and brokerages anticipate that the Reserve Bank of India (RBI) will initiate a "shallow rate cutting cycle" starting in December 2024, with an aggregate reduction of 50 basis points (bps).
• The State Bank of India (SBI) plans to increase the threshold for its instant loan scheme for the MSME (Micro, Small, and Medium Enterprises) sector from the current limit of ₹5 crore to enhance credit availability.
• India's Gross domestic product (GDP) is projected to grow at 6.95% in FY25, according to forecasts by 28 agencies, which is 25 basis points lower than the Reserve Bank of India's (RBI) forecast of 7.2%.
• The State Bank of India (SBI) has extended the Amrit Kalash and Amrit Vrishti fixed deposit schemes until March 31, 2025.
• The Reserve Bank of India (RBI) is proposing a new feature for RTGS (Real-Time Gross Settlement) and NEFT (National Electronic Funds Transfer) that allows remitters to verify the recipient's name before executing payments.
• President Droupadi Murmu's visit to Algeria, Mauritania, and Malawi is the first by an Indian President to these three African nations.
• Jubilant Ingrevia, based in Gujarat, has been recognized as the latest Indian company to join the World Economic Forum's (WEF) Global Lighthouse Network.
• At least three former State Bank of India (SBI) executives have been appointed as managing directors and chief executive officers (MD and CEO) of different private sector banks in the past six months.
• Nirdeshak, the second of four Survey Vessel (Large) ships, was delivered to the Indian Navy on October 8, 2024.
• International Day of Rural Women 2024 is observed on the 15th of October 2024
• White Cane Safety Day 2024 is observed on the 15th of October 2024. (This day is dedicated to visually impaired people)
• Pregnancy and Infant Loss Remembrance Day 2024 is observed on the 15th of October 2024
• Global Handwashing Day 2024 is observed on the 15th of October 2024.
• World Students Day 2024 is observed on the 15th of October 2024, to honour the birthday of our former president, the late Dr. APJ Abdul Kalam