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CURRENT AFFAIRS : BANKING & FINANCE

Neobank Freo receives corporate agent licence from the Insurance Regulatory and Development Authority    

• Freo, a digital banking startup backed by Peak XV, has secured a corporate agent license from the Insurance Regulatory and Development Authority of India (IRDAI).
• This license allows Freo to offer insurance products on its platform.

What is a Neobank?

• A neo bank is a digital bank that offers financial services online or through a mobile app, without having any physical branches.
• Neo banks are also known as fintech banks, challenger banks, or digital banks.

Key Highlights :

• Product Offerings: Alongside insurance, Freo will continue to provide digital banking services such as UPI payments, savings accounts, and credit products.
• The company emphasises the delivery of personalised and affordable insurance products tailored to user needs, including women’s health coverage and cyber fraud protection.
• Insurance Market in India: The current insurance penetration in India is around2%, significantly lower than the global average of 7%.
• This gap indicates a large uninsured or underinsured population, partly due to the perception that insurance is complex and primarily needed for health or life coverage.
• Future Plans: Freo aims to introduce more comprehensive investment solutions, including mutual funds and other savings cum investment products, as part of its strategy to cross-sell financial services.
• Business Verticals: Freo operates through three main verticals:
• Freo Pay: Offers UPI payments, bill payments, and co-branded credit cards with Yes Bank.
• Freo Save: Provides savings accounts in partnership with Equitas Small Finance Bank.
• Freo Credit: Previously known as MoneyTap, this vertical offers loans in collaboration with various financial institutions, including Incred Capital and Cholamandalam Investment and Finance.
• Funding and Financial Performance: In February 2024 Freo received undisclosed debt funding from the Small Industries Development Bank of India (SIDBI).
• For FY24, the company reported revenues of ₹99.5 crore, an 8% increase from FY23, with a net loss reduced to ₹14.2 crore from ₹39.9 crore in the previous year.
• Freo achieved profitability in December 2023.

Reserve Bank of India Prohibits Four Finance Companies from Approving and Disbursing New Loans      

• The Reserve Bank of India (RBI) has banned four finance companies from sanctioning and disbursing new loans due to excessive interest rates charged to borrowers.
• The companies affected by the ban include:

1. Navi Finserv (led by Sachin Bansal)
2. DMI Finance (backed by Mitsubishi UFJ Financial Group)
3. Asirvad Micro Finance Ltd. (promoted by Manappuram Finance)
4. Arohan Financial Services Ltd. (Kolkata-based MFI)

• The ban is effective from the close of business on October 21, 2024.
• The action follows a warning from RBI Governor Shaktikanta Das, emphasising the need for sustainable business practices and robust risk management frameworks among shadow lenders.
• The governor highlighted that regulators would intervene if lenders do not maintain effective risk mitigation systems.
• Regulatory Violations:The four companies not only engaged in usurious pricing but also violated regulations concerning microfinance loans, particularly regarding:
  • Assessment of household income
  • Borrowers' ability to honour monthly repayments
• These violations were noted in an RBI circular issued on Thursday.
• RBI's Regulatory Powers:The RBI's actions were taken under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, highlighting its authority to regulate and enforce compliance among Non-Banking Financial Companies (NBFCs), including NBFC-Micro Finance Institutions (MFIs).

Insurance Regulatory and Development Authority of India Extends IFRS 17 Implementation Deadline to FY27, Allowing More Time for Companies

• The Insurance Regulatory and Development Authority of India (Irdai) has asked both bank-sponsored and non-bank-sponsored insurance companies to implement IFRS 17 regulations by FY27, a move that will give these companies sufficient time for implementation.
• Previously, Irdai had set a timeline of FY25 for the implementation of IFRS 17 in the insurance sector.

What is IFRS 17?

• IFRS 17 (International Financial Reporting Standard 17) is an accounting standard that establishes a framework for reporting insurance contracts.
• It provides guidelines for the classification of assets and liabilities in the insurance sector and aims to ensure consistency in principles for reporting insurance contracts.
• Effective Date:IFRS 17 became effective on January 1, 2023, as developed by the International Accounting Standards Board (IASB).

Benefits of IFRS 17:

• The new standards will facilitate comparability of financials between domestic insurers and their global counterparts, benefiting international investors.
• Domestic insurers will need to enhance their disclosure requirements, leading to increased transparency and improved decision-making.

Expert Committee:

• IRDAI has reconstituted an Expert Committee to oversee the implementation of Ind AS 117 or IFRS 17.
• The committee is headed by the Member (Finance and Investment) of IRDAI and will work on effective implementation steps and provide phase-wise timelines for the new accounting framework.

About IRDAI : 

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

PFC Infra Finance IFSC Limited, the First Finance Company for Power and Infrastructure Lending in IFSC, Begins Operations After Receiving Approval from IFSCA

• PFC Infra Finance IFSC Limited (PIFIL), a wholly owned subsidiary of Power Finance Corporation Limited (PFC), has received approval from the International Financial Services Centres Authority (IFSCA) to commence operations as a finance company in IFSC (International Financial Services Centre) located in GIFT City, Gujarat.
• Significance:PIFIL is notable for being the first finance company in IFSC specifically focused on power and infrastructure lending.
• This establishment positions PFC as a global brand and strengthens India's status as a global financial hub.
• Operational Focus:PIFIL aims to provide lending services in India and other countries in foreign currency, catering to both government and private sector players.
• Regulatory Recognition: K. Rajaraman, Chairperson of IFSCA, congratulated PFC for being the first government NBFC to receive the Certificate of Registration (CoR) as a finance company for its IFSC subsidiary.
• The CoR was formally handed over to Smt. Parminder Chopra, Chairperson of PFC and PFC Infra Finance IFSC Limited.
• Contribution to Sustainability:Shri. Rajaraman emphasized the importance of addressing the financing gap for renewable energy projects to achieve Net Zero targets, highlighting PIFIL's potential role in contributing to this goal.

About IFSCA :

• Formed : April 27, 2020
• Headquarters : Gujarat
• Chairman : Shri K Rajaraman
• In December 2015 the first International Financial Services Centre (IFSC) in India was set up in Gujarat International Finance Tec-City (GIFT City)

Indian Overseas Bank Introduces Mahila Shaksham Scheme to Empower Women Entrepreneurs    

• Public sector Indian Overseas Bank (IOB) has launched the 'Mahila Shaksham' scheme to finance individual women members of Self-Help Groups (SHGs).
• The scheme aligns with the Centre's Deendayal Antyodaya Yojana - National Rural Livelihoods Mission initiative.
• Objective:The scheme aims to empower women entrepreneurs by ensuring financial self-reliance.
• It is part of the Ministry of Rural Development's 'Lakhpati Didi Yojana', which focuses on improving the financial status of women SHG members.

Key Features of the Mahila Shaksham Scheme:

• Financing for Women Entrepreneurs: Provides financial support specifically for individual women SHG members to foster entrepreneurship.
• Credit Support: Offers credit support of up to ₹10 lakh to individual members participating in the Deendayal Antyodaya Yojana - National Rural Livelihoods Mission.
• Promotes Financial Independence: The scheme is designed to enhance the financial independence of women.
• Deepens Credit Outreach: Aims to expand credit access to women self-help group members, thereby facilitating their entrepreneurial ventures.

About IOB :

• Founded : 10 February 1937
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Ajay Kumar Srivastava
• Tagline : Good people to grow with

HDFC Bank Opens Its First Branch in Singapore

• HDFC Bank, India's leading private sector bank, has inaugurated its first branch in Singapore after receiving a wholesale banking license from the Monetary Authority of Singapore (MAS) effective 15th October 2024.
• The new branch will enable HDFC Bank to offer a diverse range of financial products and services to residents of Singapore.
• With this addition, HDFC Bank's international presence now includes five branches located in Hong Kong, Bahrain, Dubai, Singapore, and an IFSC Banking Unit in Gujarat, India.
• Additionally, the bank has representative offices in Kenya, Abu Dhabi, Dubai, and London.
• As of March 31, 2024, HDFC Bank's international business reported a balance sheet size of approximately USD 9.06 billion.
• HDFC Bank joins other major banks like State Bank of India and ICICI Bank Ltd., which also hold qualifying full banking licenses in Singapore, along with eight other banks, including Bank of China Ltd. and BNP Paribas SA.

About HDFC Bank :

• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

Demat Accounts Reach 175 Million, Increasing by 4.4 Million in September 2024    

• The total number of dematerialized (demat) accounts reached 175.4 million, with an increase of 4.4 million accounts in September 2024.
• Since the beginning of 2024, there has been an average addition of 4 million accounts per month.
• Impact of IPOs:The rise in demat accounts was driven by a record number of initial public offerings (IPOs) in September.
• In September 2024, 12 companies raised a total of Rs 11,058 crore through IPOs.
• In the calendar year 2024, over 62 companies have collectively raised Rs 64,511 crore via IPOs.
• Definition of Demat Account:A Demat account (Dematerialized account) is a type of savings account specifically designed for holding and trading securities in an electronic format.
• It facilitates the buying, selling, and holding of shares and other financial instruments without the need for physical certificates.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Modi Inaugurates Three New Airports under UDAN Scheme: Promoting Regional Connectivity

• Prime Minister Narendra Modi recently inaugurated three new airports in Rewa (Madhya Pradesh), Ambikapur (Chhattisgarh), and Saharanpur (Uttar Pradesh) under the Regional Connectivity Scheme (RCS) - UDAN.
• This move, part of the government's ongoing efforts to improve infrastructure and air connectivity across India, especially in remote and underserved regions, was announced from Varanasi, Uttar Pradesh.

Overview of the RCS-UDAN Scheme

• The RCS-UDAN initiative was launched under India's National Civil Aviation Policy (NCAP) 2016, with a 10-year vision aimed at enhancing air travel accessibility across the nation.
• Since its first flight in April 2017, the scheme has facilitated travel for over 144 lakh passengers, showcasing its success in achieving last-mile connectivity.

Key Highlights of the UDAN Scheme Versions

1. UDAN 1.0:
   • Five airlines were awarded 128 flight routes covering 70 airports, including 36 newly operational airports.
2. UDAN 2.0:
   • Announced 73 underserved and unserved airports.
   • Helipads were included for the first time to improve connectivity in difficult terrains.
3. UDAN 3.0:
   • Collaborated with the Ministry of Tourism to launch tourism routes.
   • Introduced seaplanes to connect water aerodromes and boost Northeast connectivity.
4. UDAN 4.0:
   • Focused on Northeast regions, hilly states, and islands.
   • Incorporated helicopters and seaplanes to improve accessibility.
5. UDAN 5.0:
   • Prioritized routes for Category-2 (20-80 seats) and Category-3 (>80 seats) aircraft.
   • Removed distance restrictions, allowing airlines to commence operations within four months of route award.
6. UDAN 5.1, 5.2, 5.3 & 5.4:
   • UDAN 5.1: Enhanced helicopter routes, increased Viability Gap Funding (VGF), and reduced airfare caps.
   • UDAN 5.2: Improved small aircraft (<20 seats) operations, offering greater flexibility.
   • UDAN 5.3 & 5.4: Focused on reviving discontinued or terminated routes.

Impact of RCS-UDAN on Aviation and Tourism

1. Aviation Industry Growth:
   • RCS-UDAN has been pivotal in supporting new airline businesses like Flybig, Star Air, IndiaOne Air, and Fly91.
   • It has led to increased demand for new aircraft, broadening the fleet variety including Airbus, Boeing, ATR, Embraer, and helicopters.
   • Over 1,000 aircraft orders are in the pipeline, signaling a substantial fleet expansion in the coming years.
2. Tourism Promotion:
   • The scheme connects tourism-centric destinations like Khajuraho, Deoghar, Amritsar, and Kishangarh (Ajmer).
   • Introduced helicopter services in hilly regions to stimulate local tourism.
   • Expanded accessibility to Northeast India with airports like Pasighat, Ziro, Hollongi, and Tezu, fostering regional tourism.
   • Successfully added Agatti Island (Lakshadweep) to India's aviation network, promoting tourism.
3. Enhanced Regional Connectivity:
   • Connected 34 States/UTs, operationalizing 86 aerodromes across India.
   • Significant routes include Mundra (Gujarat) to Tezu (Arunachal Pradesh) and Kullu (Himachal Pradesh) to Salem (Tamil Nadu).
   • Airports like Darbhanga, Prayagraj, Hubli, and Belgaum are gradually transitioning into sustainable hubs with non-RCS commercial flights.

India's Solar Ambition Faces Challenges Due to Reliance on Imports

• According to the Global Trade Research Initiative (GTRI), India's ambitious target of installing 500 GW of renewable energy capacity by 2030 could lead to annual solar equipment imports of around $30 billion, primarily due to a heavy reliance on Chinese goods.
• The think tank underscores the urgent need for India to develop a self-reliant solar manufacturing ecosystem, particularly in critical sectors like polysilicon and wafer production.
• Without this, India’s renewable energy goals may face significant hurdles, especially with rising import costs.

Key Highlights:

1. Import Dependency:
   • China dominates the global solar manufacturing market, controlling 97% of polysilicon production and 80% of solar modules.
   • In 2023-24, India imported $7 billion worth of solar equipment, with 62.6% of it coming from China.
   • India's heavy reliance on imports could push solar equipment imports to $30 billion annually by 2030.
2. Current Solar Capacity:
   • India added 15 GW of solar capacity in 2023-24, raising the total to 90.8 GW by September 2024, a significant increase from just 2.8 GW in 2014.
   • To achieve the 500 GW target, installations need to scale up to 65-70 GW annually.
3. Efforts to Boost Domestic Manufacturing:
   • India has introduced the Production Linked Incentive (PLI) scheme, investing $4.5 billion to support local manufacturing.
   • However, GTRI notes that these efforts have had limited impact, as the sector remains dependent on imported components.
4. Challenges and Recommendations:
   • The majority (around 90%) of India's solar manufacturing involves assembling modules from imported cells, with only 15% local value addition.
   • Ajay Srivastava, GTRI founder, emphasizes the need for India to start solar cell production from silica refining, which involves energy-intensive processes like polysilicon production.
   • Investment in R&D and government support is crucial for developing key materials like aluminium frames and glass.
5. Impact of Global Market Dynamics:
   • Chinese predatory pricing is undermining India’s efforts to promote local manufacturing under the PLI scheme, impacting India’s clean energy sector.
   • The US has advised India to expand and protect its clean energy manufacturing to counteract this influence.
6. Policy Measures:
   • India has imposed a 40% customs duty on solar modules and 25% on solar cells to reduce dependency on China.
   • Imports from ASEAN countries are exempt from these duties under the India-ASEAN free trade agreement, resulting in increased imports from nations like Vietnam, Malaysia, and Thailand.

UDAN Scheme Achievements: Enhancing Regional Air Connectivity

• The Ministry of Civil Aviation announced significant progress under the UDAN (Ude Desh ka Aam Nagrik) scheme, which aims to boost regional air connectivity and make air travel more accessible and affordable.

Key Highlights:

1. Operational Routes and Airports:
   • 601 routes have been operationalised under the UDAN scheme, including helicopter routes.
   • Approximately 28% of these routes cater to the most remote locations, enhancing accessibility.
2. Aerodromes Operationalised:
   • A total of 86 aerodromes have been operationalised, comprising:
     • 71 airports
     • 13 heliports
     • 2 water aerodromes
   • These developments have facilitated air travel for over 1.44 crore passengers across more than 2.8 lakh flights.
3. Growth in Operational Airports:
   • The number of operational airports in India has doubled from 74 in 2014 to 157 in 2024.
   • The government aims to increase the count to 350-400 airports by 2047, further expanding regional connectivity.
4. Scheme Launch:
   • The UDAN scheme was launched on October 21, 2016, marking a pivotal initiative to enhance air travel across the country.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Azores Establish Largest Marine Protected Area in the North Atlantic      

• The regional assembly of Portugal's Azores Islands approved the establishment of the largest protected marine area in the North Atlantic.
• This initiative aims to meet international conservation goals ahead of schedule, particularly the United Nations goal of protecting 30% of the Earth’s land and sea by 2030 as part of a global pact adopted in the previous year.
• The newly approved marine network will cover nearly 300,000 square kilometres (115,830 square miles), making it a significant contribution to ocean conservation efforts.
• Ecosystem Preservation:The protected area is designed to safeguard:
  • Underwater mountain ranges
  • Vulnerable marine ecosystems, including:
    • Deep-sea corals
    • Hydrothermal vents
    • Various marine species
  • Geographical Context:The Azores is an autonomous region of Portugal, located approximately 1,500 km (932 miles) west of mainland Portugal.
  • The archipelago is known for its unique marine biodiversity, which underscores the importance of conservation efforts in the region.
  • Global Ocean Conservation Leadership:By creating this protected marine area, the Azores Islands position themselves as a leader in global ocean conservation, emphasizing their commitment to preserving marine biodiversity.

UN General Assembly Elects 18 New Members to Human Rights Council for 2025-2027 Term     

• The United Nations General Assembly (UNGA) elected 18 members to the 47-member Human Rights Council for the 2025-2027 term.
• The countries elected to the Council are Benin, Bolivia, Colombia, Cyprus, Czechia, Democratic Republic of the Congo, Ethiopia, Gambia, Iceland, Kenya, Marshall Islands, Mexico, North Macedonia, Qatar, Republic of Korea, Spain, Switzerland, and Thailand.
• The newly elected members will serve three-year terms starting from January 1, 2025.
• The Human Rights Council consists of 47 members and is based in Geneva. It is responsible for promoting and protecting human rights globally.
• About a third of the council's members are replaced each year to ensure staggered terms, promoting continuity within the Council's operations.
• The Human Rights Council plays a crucial role in addressing human rights violations and promoting international human rights standards.
• The distribution of seats is in accordance with equitable geographical representation (13 from the Group of African States; 13 from the Group of Asia-Pacific States; 6 from the Group of Eastern European States; 8 from the Group of Latin American and Caribbean States; and 7 from the Group of Western European and Other States)

About UNGA :

• Formation : 1945
• Headquarters : New York City, U.S
• President : Philemon Yang

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh Government Greenlights Development Master Plans for Noida Authority and YEIDA Over Next 15 Years

• The Uttar Pradesh (UP) government approved two master plans for development projects by the Noida Authority and Yamuna Expressway Industrial Development Authority (YEIDA) over the next 15 years.
• Focus Areas:Noida Master Plan 2041:
  • Concentrates on the expansion of the Dadri-Noida-Ghaziabad Investment Region (DNGIR), also known as New Noida.
  • Land acquisition will involve 80 villages in Gautam Budh Nagar and Bulandshahr districts.

Project Phases:The development will occur in four phases:

• Phase 1: 3,165 hectares by 2027.
• Phase 2: 3,798 hectares from 2027 to 2032.
• Phase 3: 5,908 hectares by 2037.
• Phase 4: 8,230 hectares by 2041.

• Financial Allocation:Approximately ₹1,000 crore has been allocated for land acquisition.

Land Use Distribution:

• 40% for industries.
• 13% for residential development.
• 18% for green areas and recreational spaces.
• 4% for commercial zones.
• 8% for institutional areas.
• Population Capacity:The new city is designed to accommodate around 600,000 residents.

YEIDA Master Plan:

• Covers 55 villages in Bulandshahr, expanding the total area to 226 villages.
• Initial area covered in phase 1 increased from 583 sq km to 769 sq km.
• Expected population in the YEIDA region to reach 3.7 million by 2041.
• Aviation Hub Expansion:Significant expansion of the aviation hub around Noida airport in Jewar, increasing the dedicated area from 5,000 to 6,286.7 hectares.

Infrastructure Development:

• Acquisition of land to prevent illegal constructions around the airport, covering industrial and multi-use sectors.
• Plans for direct railway connectivity to the Delhi-Howrah route.
• Establishment of a logistics hub spanning 1,500 hectares near the airport railway line.

Sports and Cultural Facilities:

• Provision for an Olympic Park in sectors 22F and 23B, featuring Olympic-level sports infrastructure.
• Development of two new sectors for multiple land-use industries:
  • Sector 4A: Korean City (365 hectares).
  • Sector 5A: Japanese City (395 hectares).

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National ParkWildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

More than 446 butterfly species were identified at Kaziranga National Park, ranking as the second highest in India   

• Over 446 butterfly species have been documented in Kaziranga National Park (KNP), making it the second-highest concentration of butterfly species in India, following Namdapha National Park in Arunachal Pradesh.
• Kaziranga National Park is located in the northeastern part of India, specifically in the districts of Golaghat and Nagaon in Assam.
• Significance of the Park:KNP is recognized as the largest undisturbed area and a representative habitat in the Brahmaputra Valley floodplain.
• In 1985, Kaziranga was designated as a UNESCO World Heritage Site due to its ecological significance.
• Butterfly Conservation Meet:The Butterfly Conservation Meet, the first of its kind, took place from September 27 to 29 this year to assess the status of butterfly species in the park.
• The event attracted 40 butterfly enthusiasts from across the country, highlighting the interest and importance of butterfly conservation efforts.

About Assam :

• Governor : Lakshman Acharya
• Chief Minister : Himanta Biswa Sarma
• Capital : Dispur
• National Parks : Kaziranga National Park, Manas National Park, Dibru - Saikhowa National Park,Nameri National Park, Rajiv Gandhi Orang National Park

CURRENT AFFAIRS: BUSINESS NEWS

India's Capex Strategy Faces Challenges Amid Election Slowdown

• India's capital expenditure (capex) for the current fiscal year (FY25) may fall short by around ₹50,000 crore, compared to the target of ₹11.11 lakh crore, due to a slowdown in asset-creating spending prompted by general elections.
• This marks a significant challenge for the government's capex-led growth strategy, which has seen robust growth in recent years.

Key Points:

1. Capex Shortfall in FY25:
   • During the first five months of FY25 (April-August), the Centre's capex was ₹3 lakh crore, a decline of 19.5% compared to ₹3.73 lakh crore in the same period last year.
   • The slowdown in Q1FY25 spending was primarily due to election-related activities, causing a temporary dip in infrastructure project execution.
2. Sector-Wise Spending:
   • Railways and Roads, which account for 47% (₹5.24 lakh crore) of the capex budget, have seen reduced spending.
   • Railways Board: Investment of ₹1.16 lakh crore in H1FY25, down 19% from ₹1.43 lakh crore in H1FY24.
   • National Highways Authority of India (NHAI): Investment of ₹82,034 crore, down 9% from ₹90,000 crore in the same period last year.
   • Defence capex may see a spike later in the fiscal year based on procurement obligations.
3. Government Actions and Projections:
   • Finance Minister Nirmala Sitharaman has conducted review meetings with key ministries, urging them to make up for the capex shortfall in Q3FY25.
   • Revised Estimate (RE) meetings for FY25 and Budget Estimate (BE) for FY26 are ongoing, with ministries adjusting demands based on spending capabilities until March 2025.
   • Analysts estimate that the government may miss the ambitious FY25 capex target, with a need for capex to grow by 41% in the remaining months of the fiscal year.
4. Impact on Fiscal Deficit:
   • Due to the capex slowdown and election impacts, the fiscal deficit could be 5.6% of GDP, lower than the revised target of 5.8%.
   • A likely shortfall in capex spending could lead to a further reduced fiscal deficit for FY26, possibly undershooting the July 2024 estimate of 4.9%.
5. Long-Term Capex Growth Strategy:
   • Post-Covid, the government has focused on a capex-led growth strategy, with average capex growth of 30% between FY22 and FY24.
   • Despite the current slowdown, there is optimism for accelerated spending in H2FY25, with the potential for revenue and capex to pick up.

GoM bats for exemption of life insurance premium from GST

• The Goods and Services Tax (GST) on term life and health insurance premiums for senior citizens may soon be exempted.
• The Group of Ministers (GoM) convened to discuss the GST rates on life and health insurance recently and has made preliminary decisions regarding the tax structure.

Key Points:

1. Exemption for Health Insurance:
   • The GoM has proposed to exempt GST on health insurance premiums for coverage up to ₹5 lakh for individuals who are not senior citizens.
   • Premiums for health insurance coverage exceeding ₹5 lakh will still be subject to 18% GST.
2. Term Life Insurance:
   • Currently, 18% GST is levied on life insurance premiums for term policies and family floater policies.
   • There is a likelihood that premiums paid for term life insurance may also be exempted from GST.
3. Senior Citizens' Premiums:
   • There is a strong possibility that senior citizens may be exempted from GST on their insurance premiums, regardless of the coverage amount.
   • Bihar Deputy Chief Minister Samrat Chaudhary emphasized that the GoM members are focused on providing relief, particularly to senior citizens.
4. Next Steps:
   • The final decision regarding these exemptions will be taken by the GST Council.
   • The GoM, led by Chaudhary, includes ministers from various states and is expected to submit its report to the Council by the end of October.
5. Background:
   • The establishment of the GoM follows discussions in the GST Council's recent meeting, aimed at reassessing the tax structure for life and health insurance.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Vijaya Kishore Rahatkar was appointed as Chairperson of the National Commission for Women      

• Vijaya Kishore Rahatkar has been appointed as the Chairperson of the National Commission for Women (NCW).
• She will be the 9th Chairperson of NCW.
• The appointment made under Section 3 of the National Commission for Women Act, 1990, will be for a period of three years or until she reaches the age of 65, whichever comes first.

About Smt. Vijaya Kishore Rahatkar :

• Rahatkar has demonstrated leadership skills across various political and social responsibilities. During her tenure as Chairperson of the Maharashtra State Commission for Women (2016-2021), she spearheaded initiatives like “Sakshama” (support for acid attack survivors), “Prajwala” (linking self-help groups to central government schemes), and “Suhita” (24x7 helpline service for women).
• She also worked on legal reforms focusing on issues like POCSO, anti-triple talaq cells, and anti-human trafficking units.
• She introduced digital literacy programs and launched a publication named “Saad” dedicated to women's issues.
• As the Mayor of Chatrapati Sambhajinagar from 2007 to 2010, Smt. Rahatkar implemented significant developmental projects related to healthcare and infrastructure.
• She has authored several books, including ‘Vidhilikhit’ (on women’s legal issues) and ‘Aurangabad: Leading to Wide Roads’.
• Her contributions to women’s empowerment have earned her recognition, including the National Law Award and the Savitribai Phule Award from a national literacy council.
• In addition to the appointment of Ms. Rahatkar, Archana Majumdar has been officially named a member of the NCW for a tenure of three years

About NCW :

• Establishment: Formed in 1992 under the National Commission for Women Act, 1990.
• Headquarters: New Delhi, India.
• Mandate: Work towards the advancement of women's rights, review constitutional and legal safeguards for women.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Kotak Mahindra Bank Agrees to Acquire ₹4,100-Crore Personal Loan Portfolio from Standard Chartered Bank, India, Pending Regulatory Approval    

• Private sector lender Kotak Mahindra Bank has entered into a definitive agreement to acquire the ₹4,100-crore personal loan book of Standard Chartered Bank, India, subject to regulatory approval.
• The transaction consists of loans classified as ‘Standard Loans’ in line with the Reserve Bank of India (RBI) guidelines.
• The transaction is subject to regulatory approval and is expected to be completed within the next three months.
• This acquisition is part of Kotak Bank’s strategy to drive growth, expand market share, and tap into the affluent salaried customer segment.
• Significant Foreign Bank Deal:This transaction marks the second significant deal between an Indian private sector bank and a foreign bank in recent years.
• In 2022, Axis Bank acquired Citi India’s consumer and wealth management business.

Kotak Mahindra Bank's Previous Acquisitions:

• 2014: Acquisition of ING Vysya Bank (Bengaluru) in an all-stock deal for approximately ₹15,000 crore.
• 2016: Acquired BSS Microfinance for ₹139 crore (all-cash deal).
• 2021: Acquired Prius Commercial Projects under the Insolvency & Bankruptcy Code (IBC) for ₹450 crore.
• 2023: Acquired Sonata Finance (another microfinance institution) for ₹537 crore.

About Kotak Mahindra Bank :

• Founded ; 1985
• Headquarters : Mumbai, Maharashtra, India
• MD and CEO : Ashok Vaswani
• Tagline : Let's make money simple

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

First Woman on Moon to Wear Prada-Designed Spacesuit for NASA's 2026 Mission

• The first woman to set foot on the Moon will be dressed in a designer spacesuit, thanks to a collaboration between the National Aeronautics and Space Administration (NASA) and Italian fashion house Prada.
• As part of Nasa’s historic Artemis III mission to the lunar South Pole, Prada has teamed up with Axiom Space to create a cutting-edge spacesuit for the astronauts heading to the Moon in 2026.
• The mission is expected to be a monumental leap for space exploration, as it not only marks Nasa’s return to the Moon but will also be the first time a woman walks on its surface.
• The spacesuit, although highly innovative, retains a nod to the classic design worn by Apollo astronauts during their lunar expeditions more than 50 years ago.

Key Highlights :

Axiom Extravehicular Mobility Unit (AxEMU) :

• The spacesuit, known as the Axiom Extravehicular Mobility Unit (AxEMU), is designed not just for aesthetics but for performance, durability, and adaptability.
• It can withstand the coldest temperatures in one of the most hazardous environments in space, ensuring safety and functionality for male and female astronauts alike.
• The unisex suit is adaptable to various sizes, marking a new chapter in space apparel.
• The suit is engineered to withstand extreme lunar temperatures and provide radiation protection, oxygen, and power for extended moonwalks.
• Historical Significance : Nasa’s Artemis III mission is set to be the first astronaut Moon landing since the Apollo 17 mission in 1972.
• Leading up to this milestone is Artemis II, scheduled for September 2025, which will be the first crewed Artemis mission to orbit the Moon.
• Christina Koch, the only woman in the Artemis II crew, could be the first woman to step onto the lunar surface, a significant moment in history.
• To date, only 12 astronauts have walked on the Moon, all men.
• This mission will change that narrative, making space history once again.
• Spacesuit Design:The AxEMU space suit retains elements of the classic Apollo spacesuit design from over 50 years ago but incorporates modern technological advancements.
• It blends science, engineering, and art, ensuring functionality in the hazardous lunar environment.

About NASA :

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

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy and Royal Navy of Oman Conduct Maritime Exercise (Naseem Al Bahr)  

• The Indo-Oman bilateral naval exercise, Naseem Al Bahr, took place off the coast of Goa from October 13 to 18, 2024.
• The Indian Navy participated with Indian Naval Ship (INS) Trikand and a Dornier Maritime Patrol Aircraft, while the Royal Navy of Oman was represented by RNOV Al Seeb.

Phases of the Exercise:The exercise was conducted in two phases:

• Harbour Phase: Held from October 13 to 15, focused on professional interactions, including Subject Matter Expert Exchanges and planning conferences.
• Sea Phase: Conducted from October 16 to 18, involving various naval drills and operational activities.

Key Activities:

• During the sea phase, both vessels engaged in multiple drills, including:
• Gun firings at surface inflatable targets.
• Close-range anti-aircraft firings.
• Maneuvers and Replenishment at Sea Approaches (RASAPS).
• The integral helicopter from INS Trikand conducted cross-deck landings and vertical replenishment (VERTREP) with RNOV Al Seeb.
• The Dornier aircraft provided Over-the-Horizon Targeting (OTHT) data to the participating ships.
• Indian Navy Sea Riders embarked on RNOV Al Seeb for a day to enhance interoperability.
• Strengthening Interoperability:The exercise aimed to enhance interoperability and foster mutual understanding of naval best practices between the Indian Navy and the Royal Navy of Oman.
• Significance of the Partnership:Oman is the first Gulf country with which all three wings of India's defense forces (Army, Navy, Air Force) conduct joint exercises.
• Such exercises consolidate gains in naval cooperation and deepen the partnership between the two navies.

CURRENT AFFAIRS: RANKING AND INDEX

Lahore Ranked as World's Most Polluted City for the Second Time in a Week

• Lahore, a major city in Pakistan, has been ranked as the most polluted city in the world for the second time in a week, with an Air Quality Index (AQI) of 208, surpassing New Delhi’s score of 164.
• Data from the US embassy's local monitoring indicated an even higher AQI of 252, signalling very unhealthy air conditions.
• This ranking occurred despite minimal traffic due to holiday closures, raising concerns about previous claims that transportation was the main contributor to pollution.

Key Highlights:

• Lahore's AQI of 208 surpasses New Delhi (164), indicating severe air pollution.
• US Embassy’s monitoring reported an AQI of 252, indicating very unhealthy air.
• Lahore has topped the global pollution ranking twice in a week, signaling an early onset of the smog season.

Government Action:

The provincial government has been implementing several measures to combat the pollution crisis. Provincial Senior Minister Marriyum Aurangzeb has mobilized various departments, including police, education, traffic, and environment protection, to reduce smog. Actions include:

• Crackdown on factories, brick kilns, and farmers contributing to air pollution.
• Enforcement of emission control systems in industrial units.

CURRENT AFFAIRS: SPORTS NEWS

Arjun Kadhe and Rithvik Bollipalli Clinch Maiden ATP Title at Almaty Open 2024

• India's Arjun Kadhe and Rithvik Bollipalli achieved a remarkable victory by winning the men's doubles title at the Almaty Open 2024 ATP 250 tennis tournament in Kazakhstan.
• This triumph marked their first ATP Tour crown as a team and individually.

Key Highlights:

• Stunning Comeback in Finals:
  • Kadhe and Bollipalli defeated Colombia’s Nicolas Barrientos and Tunisia’s Skander Mansouri in a thrilling match, with a scoreline of 3-6, 7(7)-6(3), 14-12.
  • Despite losing the first set, the Indian duo made a strong comeback, saving five championship points to clinch the title in a super tiebreaker.
  • The match, which lasted one hour and 41 minutes, showcased their resilience and ability to thrive under pressure.
• Notable Performances by Other Indian Players:
  • Yuki Bhambri of India, paired with France's Albano Olivetti (third seeds), was eliminated in the opening round by Schnaitter and Wallner.
  • The fourth-seeded team of India's N Sriram Balaji and Argentina’s Guido Andreozzi reached the semi-finals but were ousted by Barrientos and Mansouri.

India Retains Top Spot in ICC World Test Championship (WTC) 2023-25 Despite Setback Against New Zealand In 1st Test

• The competition for the top two positions in the ICC World Test Championship (WTC) 2023-25 has become fierce, with India and Australia aiming to secure their berths for the final at Lord’s in 2025.
• New Zealand’s recent victory over India in Bengaluru has also boosted their chances of reaching the WTC final.

India's Position

• India currently leads the WTC points table with a points percentage of 68.06% after playing 12 matches.
• They still have two home matches and five away matches in Australia left to play, and need to perform well to qualify for their third consecutive WTC final.

Australia’s Stand

• Australia ranks second with a 62.50% points percentage.
• All their remaining matches will be played at home, giving them an edge as they aim to defend their WTC title.

Other Contenders

• Sri Lanka is currently in third position with a 55.56% points percentage. They recently achieved a 2-0 series win over New Zealand at home.
• New Zealand’s win over India has moved them to fourth place with a 44.44% points percentage, marking their first Test win in India in 36 years.

Updated WTC Points Table

Position	Team	Matches	Won	Lost	Drawn	Points	PCT (%)
1	India	12	8	3	1	98	68.06
2	Australia	12	8	3	1	90	62.50
3	Sri Lanka	9	5	4	0	60	55.56
4	New Zealand	9	4	5	0	48	44.44
5	England	18	9	8	1	93	43.06
6	South Africa	6	2	3	1	28	38.89
7	Bangladesh	8	3	5	0	33	34.38
8	Pakistan	9	3	6	0	28	25.93
9	West Indies	9	1	6	2	20	18.52

CURRENT AFFAIRS: IMPORTANT DAYS

International Stuttering Awareness Day 2024

• International Stuttering Awareness Day 2024 is observed on the 22nd of October 2024.
• This year, the theme of International Stuttering Awareness Day 2024 is 'The Power of Listening.'
• International Stuttering Awareness Day was established in the year 1998 to bring attention to the millions of people across the world who are living with his specific Communication Disorder.
• People think that stuttering means repetitions of some words.
• Stuttering is also mentioned for persons who have an elongation of a vowel or syllable.
• This condition may also vary because sometimes a person may stutter once in a while and sometimes they stutter continuously while talking.
• In 19th-century Europe, surgeons recommended surgery for this disorder.
• They thought that removing triangular wedges in the mouth would help people to come out of this disorder.
• They also thought that by removing tonsils speech would be improved.
• But later they understood that the surgery resulted in bleeding to death for many patients. This practice was later stopped because the patients who survived also stuttered again. Later it was understood that stuttering was a neurological disorder that can be developmental from Childhood and also can be acquired due to excessive drug use and also due to trauma.

Daily CA One- Liner: October 22

• Prime Minister Narendra Modi recently inaugurated three new airports in Rewa (Madhya Pradesh), Ambikapur (Chhattisgarh), and Saharanpur (Uttar Pradesh) under the Regional Connectivity Scheme (RCS) - UDAN.
• According to the Global Trade Research Initiative (GTRI), India's ambitious target of installing 500 GW of renewable energy capacity by 2030 could lead to annual solar equipment imports of around $30 billion, primarily due to a heavy reliance on Chinese goods.
• The Ministry of Civil Aviation announced significant progress under the UDAN (Ude Desh ka Aam Nagrik) scheme, which aims to boost regional air connectivity and make air travel more accessible and affordable
• India's capital expenditure (capex) for the current fiscal year (FY25) may fall short by around ₹50,000 crore, compared to the target of ₹11.11 lakh crore, due to a slowdown in asset-creating spending prompted by general elections.
• The Goods and Services Tax (GST) on term life and health insurance premiums for senior citizens may soon be exempted
• Lahore, a major city in Pakistan, has been ranked as the most polluted city in the world for the second time in a week, with an Air Quality Index (AQI) of 208, surpassing New Delhi’s score of 164.
• India's Arjun Kadhe and Rithvik Bollipalli achieved a remarkable victory by winning the men's doubles title at the Almaty Open 2024 ATP 250 tennis tournament in Kazakhstan
• The competition for the top two positions in the ICC World Test Championship (WTC) 2023-25 has become fierce, with India and Australia aiming to secure their berths for the final at Lord’s in 2025.
• Freo, a digital banking startup backed by Peak XV, has secured a corporate agent license from the Insurance Regulatory and Development Authority of India (IRDAI).
• The Reserve Bank of India (RBI) has banned four finance companies from sanctioning and disbursing new loans due to excessive interest rates charged to borrowers.
• The Insurance Regulatory and Development Authority of India (Irdai) has asked both bank-sponsored and non-bank-sponsored insurance companies to implement IFRS 17 regulations by FY27, a move that will give these companies sufficient time for implementation.
• PFC Infra Finance IFSC Limited (PIFIL), a wholly owned subsidiary of Power Finance Corporation Limited (PFC), has received approval from the International Financial Services Centres Authority (IFSCA) to commence operations as a finance company in IFSC (International Financial Services Centre) located in GIFT City, Gujarat.
• Public sector Indian Overseas Bank (IOB) has launched the 'Mahila Shaksham' scheme to finance individual women members of Self-Help Groups (SHGs).
• HDFC Bank, India's leading private sector bank, has inaugurated its first branch in Singapore after receiving a wholesale banking license from the Monetary Authority of Singapore (MAS) effective 15th October 2024.
• The total number of dematerialized (demat) accounts reached 175.4 million, with an increase of 4.4 million accounts in September 2024.
• The regional assembly of Portugal's Azores Islands approved the establishment of the largest protected marine area in the North Atlantic.
• The United Nations General Assembly (UNGA) elected 18 members to the 47-member Human Rights Council for the 2025-2027 term.
• The Uttar Pradesh (UP) government approved two master plans for development projects by the Noida Authority and Yamuna Expressway Industrial Development Authority (YEIDA) over the next 15 years.
• Over 446 butterfly species have been documented in Kaziranga National Park (KNP), making it the second-highest concentration of butterfly species in India, following Namdapha National Park in Arunachal Pradesh.
• Vijaya Kishore Rahatkar has been appointed as the Chairperson of the National Commission for Women (NCW).
• Private sector lender Kotak Mahindra Bank has entered into a definitive agreement to acquire the ₹4,100-crore personal loan book of Standard Chartered Bank, India, subject to regulatory approval.
• The first woman to set foot on the Moon will be dressed in a designer spacesuit, thanks to a collaboration between the National Aeronautics and Space Administration (NASA) and Italian fashion house Prada.
• The Indo-Oman bilateral naval exercise, Naseem Al Bahr, took place off the coast of Goa from October 13 to 18, 2024.
• International Stuttering Awareness Day 2024 is observed on the 22nd of October 2024