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CURRENT AFFAIRS : BANKING & FINANCE

Non-Banking Finance Companies in Microfinance Sector to Face Stricter Reporting Standards Following RBI Crackdown on Four Firms   

• Non-bank players in the microfinance (MFI) sector may be required by the Reserve Bank of India (RBI) to submit granular monthly data, including:
• Weighted average lending rates.
• Spread charged on the cost of funds.
• This measure aims to prevent lenders from overcharging low-income borrowers, predominantly women, after the RBI's inspection found instances of margins exceeding the 12% cap during FY23 and FY24.

Key Highlights :

• Crackdown on Non-Bank Players: The RBI has taken action against four non-bank entities:
• Asirvad Micro Finance Limited
• Arohan Financial Services Limited
• DMI Finance Pvt Limited
• Navi Finserv Limited
• They were ordered to cease and desist from loan disbursement due to high margins and multiple loans to individual borrowers.
• Impact of 2022 Regulatory Freedom: In March 2022, the RBI allowed non-bank players freedom to set MFI loan prices, expecting the competition to benefit small borrowers.
• However, this led to some lenders charging excessive spreads.
• Microfinance Industry Overview:There are 100 pure NBFC-MFIs, including 15 large entities, and 200 NBFCs with MFI as a line of business.
• The MFI industry's portfolio as of June 2024 was ₹4.2 lakh crore, with NBFC-MFIs contributing 40%, banks 33%, small finance banks 17%, and NBFCs 10%.
• The average loan size is ₹48,322.
• Interest Rate Variability: According to Microfinance Industry Network (MFIN), the lowest and highest average interest rates were:
• CreditAccess Grameen: 21.38% (Q4 FY24)
• SV Creditline: 28.87% (Q1 FY25).
• Foreign Investor Pressure: Some foreign investors expect internal returns of 30% annually, which may lead to higher pressure on field agents to sanction more loans, contributing to borrower distress.

Reserve Bank of India Launches Scholarship Scheme for Faculty Members of Academic Institutions   

• The Reserve Bank of India (RBI) has introduced a Scholarship Scheme for faculty members from academic institutions.

Eligibility Criteria:

• Full-time faculty members teaching economics or finance at any UGC or AICTE-recognized university or college in India.
• Applicants must be below 55 years of age.
• Research Areas: The scholarship covers topics such as:
• Monetary and financial economics
• Banking
• Real sector issues
• Other topics of interest to the RBI

Scheme Objectives:

• To enhance awareness of RBI’s activities among faculty and students.
• To provide exposure to various operational areas within the RBI.

Scholarship Awards:

• A maximum of five scholarships will be awarded.
• Selection will be based on candidates' curriculum vitae, a research proposal (up to 1,000 words), and an interview with a selection panel.
• Application Deadline: Applications must be submitted by the 5th of next month.
• Research Proposal Themes: The exact theme of the research will be determined by the RBI based on proposals submitted by candidates.
• Project Duration: The research project can last a maximum of three months.
• Financial Support:Selected scholars will receive a monthly allowance of ₹50,000 during the project.
• An additional ₹2,00,000 honorarium will be paid upon completion and acceptance of the research paper by the RBI.
• Accommodation: No accommodation or allowance for accommodation will be provided during the scholarship period.
• Management: The scheme is managed by the Department of Economic and Policy Research at the RBI and aims to foster critical research in relevant fields.

Asian Development Bank sanctions $241 million loan to enhance power distribution in West Bengal    

• The Asian Development Bank (ADB) has approved a $241.3 million loan to enhance electricity distribution in West Bengal.
• The programme aims to provide a reliable and sustainable power supply, improving the quality of life for 8.96 million consumers across seven districts of the state.
• The initiative aligns with India's Revamped Distribution Sector Scheme, which focuses on improving the operational efficiency of power distribution companies.

Key Improvements:

• Replacement of low-tension overhead lines with aerial bundled cables.
• Creation of separate electricity feeders for agricultural and non-agricultural users.
• Integration of an information and operation management system to monitor power supply quality and financial management.
• Operational Efficiency: The programme will raise the operational efficiency of the West Bengal State Electricity Distribution Company Limited (WBSEDCL) through:
• Capacity building on asset and financial management.
• Promotion of renewable energy.
• Tariff rationalization.
• Gender equity and social inclusion initiatives.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

Bima Sugam Digital Insurance Platform Set for Launch, Says IRDAI Chairperson Debasish Panda     

• Bima Sugam, a digital insurance platform, is ready for launch as confirmed by Debasish Panda, the chairperson of the Insurance Regulatory and Development Authority of India (IRDAI).
• The company behind Bima Sugam is formally registered, with a CEO appointed and other key management personnel in the final stages of appointment.

Key Highlights :

• Onboarding Portal: A separate portal will be established for onboarding Bima Vahaks, local intermediaries responsible for distributing insurance products.
• Simplification of Insurance: Debasish Panda emphasized the need to simplify the insurance process, covering everything from product sales to claim settlements, aiming for universal coverage by 2047.
• Online Comparison: Bima Sugam will serve as an online platform where customers can view and choose from various insurance schemes offered by different insurers.
• Bima Trinity Initiative: Bima Sugam is part of the Bima Trinity initiative by IRDAI, aimed at improving the insurance sector in India.

Components of Bima Trinity:

• Bima Vistaar: An insurance product that encompasses life, health, and property coverage.
• Bima Vahak: A system focused on women-centric insurance distribution channels.
• Health Insurance Summit: The announcement was made during the 17th Health Insurance Summit 2024, organized by the Confederation of Indian Industry (CII).

Union Bank's Credit Pipeline Reaches ₹75,000 Crore - MD and CEO A Manimekhalai     

• Union Bank of India has a robust credit pipeline of ₹75,000 crore, with ₹39,000 crore pending sanction and ₹36,000 crore awaiting disbursement.
• Sector Focus: Loan sanctions are directed towards sectors like roads, power, real estate, telecom, iron and steel, and cement.
• Credit Growth Target: The bank maintains its credit growth target of 11%-13% for FY24, despite a lower-than-expected growth in the second quarter. Advances grew by 9.63% YoY to ₹9.28 lakh crore.
• RAM Lending: Retail, Agriculture, and MSME (RAM) lending grew by 12.3%, while corporate lending showed moderate growth of 6.3%.
• Deposits Growth: Deposits increased by 9.17% YoY in the second quarter.
• Net Interest Margin (NIM): NIM declined to 2.9% in Q2 FY24, compared to 3.18% in the same quarter last year. However, the bank expects to maintain NIM within its guidance range of 2.8%-3%.
• Asset Quality: The bank improved its asset quality:
• Gross Non-Performing Assets (GNPA) ratio fell to 4.36% as of September 30, from 6.38% a year earlier.
• Net NPA ratio reduced to 0.98%, down from 1.30% a year ago.
• Recoveries and Slippages: Gross recoveries in H1 FY24 amounted to ₹7,300 crore, while total slippages stood at ₹7,537 crore. The bank's annual recovery target is ₹16,000 crore, with a slippage of ₹11,500 crore.

About Union Bank of India :

• Founded : 11 November 1919
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : A. Manimekhalai

Insider trading regulations for mutual funds to take effect from November 1    

• Nearly two years after issuing a notification, the Securities and Exchange Board of India (SEBI) decided to implement amendments to insider trading norms for asset management companies (AMCs), designated persons, trustees or their immediate relatives from November 1, 2024.
• Quarterly Disclosure Requirement:AMCs must disclose the holdings of designated persons, trustees, and their immediate relatives on a quarterly basis.
• The first disclosure, showing holdings as of October 31, 2024, must be reported on the stock exchange platform by November 1, 2024.
• For subsequent quarters, the information must be provided within 10 calendar days from the end of the quarter.
• Transaction Reporting:Any transactions involving mutual fund units exceeding ₹15 lakh (either in one transaction or over a series of transactions during a calendar quarter) must be reported by the designated persons, trustees, and their immediate relatives to the AMC compliance officer within two business days of the transaction.
• 30-Day Trading Restriction:Employees must avoid profiting from trading in the same security within a 30-day period.
• If they do, they are required to justify the transaction to the compliance officer, who will report it to the AMC board and trustees.
• SEBI’s Framework on Unauthorized Advisors:SEBI issued a framework to regulate associations between market intermediaries (e.g., stock exchanges, depositories) and unauthorized financial advisors, especially through digital platforms.
• Intermediaries are restricted from having direct or indirect ties with entities offering investment advice or making performance or return-related claims without SEBI registration or authorization.
• Compliance for Intermediaries:Market intermediaries must ensure that their agents or associated persons do not partner with unauthorized financial advisors or entities that make unregistered performance claims unless approved by SEBI.

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.

Securities and Exchange Board of India to Strengthen small and medium enterprises initial public offerings Guidelines and Migration Rules   

• The Securities and Exchange Board of India (SEBI) is preparing proposals to tighten the norms around the listing of small and medium enterprises (SMEs) amidst a surge of investor interest and multiple instances of gross violations and fraudulent practices in the segment.
• A consultation paper on new proposals is expected to be released within a few months, as stated by Ashwani Bhatia, SEBI's whole-time member.

Key Highlights :

Areas of Focus:

• New regulations may cover:
• Disclosure requirements.
• Eligibility conditions for SME listings.
• Portions reserved for Qualified Institutional Buyers (QIBs) and anchor investors.
• Enhanced audit-related scrutiny.
• Removal of Quotas:There have been calls from market participants to remove quotas for QIBs and anchor investors in SME subscriptions, highlighting the increasing participation of institutional investors in this space.
• Approval and Migration:While SME IPO approvals will still be handled by exchanges, SEBI is reviewing and tightening the criteria for migrating listed SMEs to the mainboard.
• Light-Touch Regulation:SEBI intends to attract high-quality SMEs to SME platforms by maintaining "light-touch" regulations, which involve lower compliance costs and requirements compared to mainboard listings.
• Recent Violations:Instances of manipulation by SME promoters, such as fictitious sales and inflating revenue, have raised concerns, prompting SEBI to take action.
• Public Shareholder Protection:SEBI has noted that public shareholding often increases only after prices peak, adversely affecting public investors.
• Auditor Accountability:SEBI is referring cases of auditor violations to the National Financial Reporting Authority for further investigation, emphasizing the role of auditors in maintaining ecosystem integrity.
• Exchanges' Role:Exchanges have implemented measures to filter out SMEs with poor financial performance, including setting new eligibility criteria and limiting listing gains to prevent excessive price surges.

Reserve Bank of India expands 'alert list' with 13 additional entities involved in unauthorized forex trading   

• The Reserve Bank of India (RBI) updated the 'Alert List' of unauthorised forex trading platforms by adding 13 more entities, including TDFX and Inefex, taking the total to 88.
• The Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.
• Some entities in the list are Ranger Capital, TDFX, Inefex, YorkerFX, Growline, Think Markets, Smart Prop Trader, FundedNext, Weltrade, FreshForex, FX Road, DBG Markets, and
• The Alert List also contains names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services.
• The RBI clarifies that the Alert List is not exhaustive, meaning there could be more unauthorized entities not listed.
• Entities not listed should not be assumed to be authorized.
• The public can verify the authorization status of any person or ETP using the official list of authorized persons and ETPs provided by the RBI.

India expected to achieve 7.2% growth in FY25: RBI Deputy Governor Michael Debabrata Patra       

• India's Gross domestic product (GDP) is projected to grow at 7.2% in the fiscal year 2024-25.
• Growth is expected to stabilize around 7% in the following fiscal year, with a potential return to an 8% growth trend thereafter.

Key Highlights :

• Economic Trends:India's growth path has experienced three structural shifts since independence in 1947, with a notable trend growth of 7% between 2002-2019.
• A new growth trajectory averaging 8% appears to be forming during the period 2021-2024, following the contraction due to the pandemic.
• Global Standing:India is currently recognized as the fastest-growing major economy globally and is the fifth largest economy by market exchange rates.
• The country is projected to become the third largest economy by 2030.
• Inflation Outlook:Inflation is projected to average 4.5% in 2024-25 and 4.1% in 2025-26.
• The Consumer Price Index (CPI) based inflation rose to 5.5% in September 2024, following a decline in July-August, driven by increased prices in certain food items and adverse base effects.
• The insights were shared by Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India, at the New York Fed Central Banking Seminar organized by the Federal Reserve Bank.

HDFC Bank Reaches 25% Gender Diversity Goal Ahead of Schedule, Enrolling Over 17,000 Women in FY24     

• HDFC Bank surpassed its gender diversity goal of 25% women in its workforce, achieving this one year ahead of the FY25 target.
• Women now represent 26% of HDFC Bank's 2 lakh employees, with many in the workforce being under 30 years old.
• The bank aims to increase female representation to 27% by FY27.
• In FY24 alone, HDFC Bank hired 17,410 women employees, reflecting its focus on diversity.
• The bank has integrated diversity hiring into its talent acquisition strategy, with specialized programs such as women-focused hiring drives and initiatives to help women re-enter the workforce after career breaks.

About HDFC Bank :

• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• CEO : Sashidhar Jagdishan
• Tagline : We understand your world

Federal Bank Partners with Bhashini to Introduce Vernacular Support for Chatbot Feddy        

• Federal Bank has signed a Memorandum of Understanding (MoU) with Bhashini, an AI-powered language translation platform, to add vernacular language support to its AI virtual assistant, Feddy.
• Purpose: The collaboration aims to promote banking services in vernacular languages, in line with the Reserve Bank Innovation Hub (RBIH)'s local language initiative.
• Supported Languages: With the integration of Bhashini's language translation capabilities, Feddy is now able to respond to user queries in 14 different Indian languages, including Hindi, Bengali, Tamil, Telugu, Marathi, Gujarati, Kannada, Malayalam, Odia, Assamese, Punjabi, Urdu, Manipuri, and Bodo.
• Customer Benefits: The integration of Bhashini’s language capabilities makes banking services more convenient and user-friendly for customers across diverse linguistic backgrounds.

About Federal Bank :

• Founded : 23 April 1931
• Headquarters : Aluva, Kochi, Kerala, India
• MD & CEO : KVS Manian
• Tagline : Your Perfect Banking Partner

CURRENT AFFAIRS: NATIONAL NEWS

India Pauses New Free Trade Agreements to Revamp Trade Strategy

• India has decided to pause all new Free Trade Agreements (FTAs) as part of an initiative to overhaul its strategy for maximizing trade and investment benefits.
• This significant move highlights the necessity for updated guidelines that better align with India's evolving economic landscape.

Key Highlights:

1. New Guidelines for FTAs:
   • The Department of Commerce is developing new Standard Operating Procedures (SOPs) for FTA negotiations.
   • The Prime Minister’s Office has discussed SOPs addressing emerging issues, including labour, environment, digital trade, gender, and indigenous peoples.
   • The updated procedures are designed to build institutional memory for more effective future negotiations.
2. Analysis of Past FTAs:
   • India is conducting a thorough review of previous trade agreements, such as those with the UAE and Australia, to identify potential shortcomings and areas for enhancement.
   • Experiences with ASEAN, Japan, and South Korea have highlighted significant challenges, particularly regarding trade imbalances where partner countries have benefited more than India.
3. Addressing Trade Imbalances:
   • Between 2019 and 2024, imports from FTA partners increased by 37.9%, totaling $187.92 billion, while exports rose only by 14.48% to $122.72 billion.
   • India plans to introduce tailored concessions to address these imbalances, particularly focusing on protecting micro, small, and medium enterprises (MSMEs) that struggle against cheaper imports.
   • The rising issue of imports being rerouted through FTA partners has prompted the need for robust safeguards against such practices.
4. Focus on Modern Trade Concerns:
   • The new SOPs will emphasize avoiding non-tariff barriers like sustainability standards and labour regulations often imposed by developed nations.
   • India seeks a more balanced approach in negotiations with smaller nations, such as Sri Lanka and Bangladesh, to ensure equitable benefits from trade agreements.

2nd National Lighthouse Festival Observed Across Historic Lighthouses

• The 2nd National Lighthouse Festival was observed on October 19 and 20, 2024, across 75 historic lighthouses in India.
• The Lighthouse Tourism Conclave 2024 was inaugurated by Union Minister of State for Ports, Shipping & Waterways, Shantanu Thakur, on October 19, 2024.
• The inaugural session was attended by Suresh Gopi, Minister of State for Petroleum, Natural Gas & Tourism, and Pravati Parida, Deputy Chief Minister of Odisha.
• Organizer of the Festival:
  • The National Lighthouse Festival is organized by the Union Ministry of Ports, Shipping & Waterways.
• Objectives of the Festival:
  • The main aims of the festival include:
    1. Transforming 75 historic lighthouses into tourist sites with modern amenities, such as museums, amphitheatres, and children’s parks.
    2. Promoting the conservation and preservation of these historic maritime lighthouses.
    3. Generating local employment and boosting the local economy.
  • Investment in Infrastructure:
    • Approximately Rs 65 crore has been invested in 75 iconic lighthouses across 9 coastal states and 1 Union Territory, according to the Directorate General of Lighthouses and Lightships.
  • About Lighthouses:
    • Lighthouses are permanent structures built on the seashore, rocks, or seabed, featuring a beacon that emits focused light to warn ships of dangerous areas.
    • Many lighthouses are also equipped with fog horns for additional warnings in dense fog.
    • They serve a crucial role in navigating ships safely in and out of harbours.

Launch of International Incoming Spoofed Calls Prevention System

• Union Minister for Communications, Jyotiraditya Scindia, launched the International Incoming Spoofed Calls Prevention System on October 22, 2024, at BSNL Bhawan, Delhi.
• The system is designed to detect and block spam international calls that appear to come from Indian numbers, helping to combat scammers impersonating police, courier company employees, or others.
• Funding Allocation:
  • The Finance Ministry allocated ₹38.76 crore to the Department of Telecommunications (DoT) for the establishment of this system, initially referred to as the Centralised International Out Roamer (CIOR).
  • Additionally, funding for the Digital Intelligence Unit (DIU) was increased from ₹50 crore to ₹85 crore to enhance investigations into fraudulent telecom activities.
• Implementation Phases:
  • The system was implemented in two phases:
    1. Phase 1: Launched earlier this month, it blocked approximately 3 to 3.2 million spoofed calls daily by verifying whether the call from an Indian number was genuinely made from outside India.
    2. Phase 2: Launched on October 17, 2024, established a centralized database to allow telecom service providers (TSPs) to share data and verify genuine subscribers, leading to the identification and blocking of 13.5 million incoming spoofed calls within the first 24 hours.
  • Statistics:
    • About 15 million international calls displaying Indian numbers are received daily, with approximately 90% being spoofed calls.
    • The DIU linked 300,000 Indian SIMs to cybercrimes originating from Southeast Asia and flagged them for re-verification.
  • Consequences of Re-Verification:
    • Out of the flagged SIMs, 295,000 were blocked for failing re-verification, with information about their point of sale shared with state police units and the Indian Cyber Crime Coordination Centre (I4C) for further action.
  • Geographic Hotspots:
    • Many of the flagged SIMs were reportedly sold in states like Telangana, Andhra Pradesh, Kerala, Tamil Nadu, and Punjab, being used to scam individuals in India through various deceptive tactics.

CURRENT AFFAIRS: BUSINESS NEWS

India’s Retail Inflation Rises to Nine-Month High in September 2024

• India's retail inflation saw a significant increase in September 2024, reaching a nine-month high due to rising food prices.

Key Points:

1. Inflation Rate Trends:
   • Annual Retail Inflation (CPI): Rose to 5.49% in September, up from 3.65% in August, marking the highest level since December 2023 (5.69%).
   • Despite the rise, inflation remained within the Reserve Bank of India's (RBI) medium-term target range of 2-6%.
2. Food Inflation:
   • Food prices remain a persistent issue, with 9.24% inflation in September compared to 5.66% in August.
   • Key food items contributing to inflation include:
     • Cereals: 6.8%
     • Vegetables: 36%
     • Pulses: 9.8%
     • Fruits: 7.7%
     • Eggs: 6.3%
   • Vegetable prices saw a 3.49% rise, while edible oils increased by 2.91% on a month-on-month basis.
   • Cereal and pulses inflation largely depends on the kharif crop yield, with satisfactory output potentially easing prices.
3. Core Inflation:
   • Core inflation, which excludes volatile food and energy prices, remained steady at 3.5%.
   • Segments such as clothing, housing, and light showed moderate inflation around 3%.
   • Personal care products reported inflation levels as high as food inflation, at 9%.
4. Factors Influencing Food Prices:
   • Food prices have been elevated due to uneven monsoon rains last year.
   • Excess rainfall in certain areas has further contributed to rising food inflation in recent months.
5. State-Level Inflation:
   • 13 out of 22 states reported inflation rates above 5% in September, reflecting widespread price pressure.
6. RBI's Stance on Inflation and Interest Rates:
   • In October 2024, the RBI decided to keep the benchmark repo rate unchanged at 5%, indicating that any rate cuts may be delayed.
   • The central bank has set a CPI inflation target of 4.5% for FY25 and projected real GDP growth at 7.2%.
   • The RBI's medium-term CPI target is 4%, within a range of plus or minus 2%.
   • Interest rate regulation is a key measure used by the RBI to control inflation by influencing borrowing costs and consumer demand.
7. Economic Outlook:
   • Economists suggest that the winter crop arrivals might ease some price pressures in the coming weeks.
   • Despite the recent rise, inflation control measures remain cautious, and rate cuts could be delayed into 2025.

India’s Wholesale Price Inflation Rises to 1.84% in September 2024

• India's wholesale price index (WPI)-based inflation increased to 1.84% in September 2024, driven primarily by rising food prices, according to recent government data.

Key Points:

1. WPI Inflation Trends:
   • September 2024: Wholesale inflation rose to 1.84%, up from 1.31% in August.
   • Compared to September 2023, when WPI inflation was at -0.07%, the rate has seen a sharp increase.
2. Food Inflation Surge:
   • Food item inflation surged to 11.53% in September, up from 3.11% in August.
   • Vegetable inflation saw a significant jump to 48.73% in September, compared to -10.01% in August.
   • Prices of key vegetables:
     • Potato: Inflation at 78.13%
     • Onion: Inflation at 78.82%
3. Fuel and Power:
   • The fuel and power category witnessed deflation of 4.05% in September, compared to a smaller deflation of 0.67% in August.
4. Contributing Factors:
   • The increase in WPI inflation was driven by price rises in food articles, food products, and other manufacturing sectors, including:
     • Motor vehicles, trailers, and semi-trailers
     • Machinery and equipment
   • The Commerce and Industry Ministry highlighted that the overall positive inflation rate was primarily due to these sectors.
5. RBI’s Monetary Policy:
   • The Reserve Bank of India (RBI), which focuses on retail inflation when setting monetary policy, kept the benchmark repo rate unchanged at 6.5% earlier in October.
   • Retail inflation data, critical for RBI’s policy decisions, was scheduled to be released later in the day.

GoM Proposes GST Exemption on Life and Health Insurance Premiums for Senior Citizens

• The Group of Ministers (GoM) has proposed significant changes to the Goods and Services Tax (GST) on term life insurance and health insurance premiums.
• The proposal aims to alleviate the financial burden on senior citizens, especially those facing high insurance costs.

Key Proposals:

1. GST Exemption on Health Insurance for Coverage up to ₹5 Lakh:
   • The GoM recommends exempting GST on health insurance premiums for policies with coverage up to ₹5 lakh, except for senior citizens.
   • Policies exceeding this coverage limit would continue to attract an 18% GST.
2. Complete GST Waiver for Senior Citizens:
   • A potential complete waiver of GST is being discussed for all health insurance premiums paid by senior citizens, irrespective of the coverage amount.
3. Term Life Insurance GST:
   • Currently, term life insurance premiums, including family floater policies, attract 18% GST. The GoM is exploring avenues to reduce these rates to provide relief, particularly to senior citizens.

Implications for Consumers:

• Senior Citizens: If the GST exemption on health insurance premiums is approved, senior citizens could experience significant savings on their insurance costs, making healthcare more affordable.
• Policyholders: A reduction in GST rates could benefit a broader range of consumers, aligning with efforts to make financial products like health and life insurance more accessible.

Direct Tax to GDP Ratio in India Reaches Highest Level Since 2007-08

• Recent data released by the Central Board of Direct Taxes (CBDT) indicates a notable improvement in India's direct tax to GDP ratio, which has risen to 6.11% in FY23, the highest level recorded since 2007-08.
• An analysis of the top 15 States and Union Territories shows significant disparities in this ratio across different regions.

Key Highlights:

Understanding Direct Tax to GDP Ratio:

1. • The direct tax to GDP ratio measures tax compliance, as direct taxes are paid by individuals, companies, and partnerships that file returns or have tax deducted at source (TDS) by employers.
   • In contrast, indirect taxes are collected automatically through consumption of goods and services.

State Performance:

• Delhi recorded the highest direct tax to GDP ratio at 21.22%.
• Other leading states include Maharashtra at 16.6% and Karnataka at 9.29%. The high income levels in these regions contribute to their elevated direct tax payments.
• Conversely, states with lower ratios include:
  • Bihar: 0.91%
  • Uttar Pradesh: 1.68%
  • Madhya Pradesh: 1.47%
  • Rajasthan: 2.17%

Agriculture's Role:

• The dominance of the agriculture sector in certain states negatively impacts direct tax collections, as agricultural income is exempt from income tax. For instance:
  • Madhya Pradesh: 42.6% of Gross Value Added (GVA) from agriculture
  • Andhra Pradesh: 35% from agriculture
• Other states, including Bihar and Uttar Pradesh, also have a high GVA share from agriculture, further suppressing direct tax contributions.

Tax Compliance Issues:

• Some states, such as Telangana (2.70%), Tamil Nadu (4.5%), and Haryana (4.59%), exhibit direct tax to GDP ratios below the national average despite higher per capita incomes. This discrepancy suggests issues with tax evasion and lower tax compliance in these regions.

Total Tax to GDP Ratio:

• With direct taxes accounting for approximately 54% of total tax revenue in 2022-23, the 11.1% total tax to GDP ratio extrapolated from the direct tax figure is on par with many emerging economies. However, it remains below the 15% threshold recommended by World Bank research and significantly lower than the 20% ratios observed in developed economies.

India's Export Performance in FY25: Positive Growth Amid Geopolitical Challenges

• Exports to eight out of India’s top 10 destinations, including the Netherlands, the United States (US), and the United Kingdom (UK), showed positive growth in the first half of FY25.
• Overall Export Growth: Despite geopolitical challenges and muted global demand, India’s overall exports increased marginally by 1%, reaching $213.2 billion during April-September.
• Decline in Exports to Specific Countries: Exports to China and South Africa contracted by 9.4% and 2.3%, respectively, highlighting challenges in these markets.
• Absence of Detailed September Data: While disaggregated data for September is not yet available, trends over the previous months indicate a mixed performance across different markets.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

PFRDA Appoints Chitra Jayasimha as Chairperson of National Pension System Trust Board  

• Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) has appointed Chitra Jayasimha as the Chairperson of the Board of National Pension System (NPS) Trust with effect from October 17, 2024.
• She has been serving as a Trustee of the NPS Trust since December 2020.
• Jayasimha took over from Venkata Rao Yadagani, who was appointed as Chairman in December 2023.

About Chitra Jayasimha :

• Chitra Jayasimha has over 34 years of extensive experience in Life Insurance, General Insurance, Reinsurance, Employee Benefits, and the Pension sector.
• She has 17 years of senior-level experience at the Life Insurance Corporation of India (LIC) in various functions.

Current Roles:

• Founder, Director, and Consulting Actuary of Universal Actuaries and Benefit Consultants.
• Appointed Actuary at Sanima Reliance Life (Nepal), GIC Reinsurance Company Limited (Bhutan), and Nepal Reinsurance.
• IBNR Actuary at Maldives Reinsurance.
• Contributions:Conducted multiple webinars, sessions, and market surveys on employee benefits and challenges in the sector
• Research Work: Published a detailed research report on NPS Superannuation in August 2017 and authored several white papers on NPS and retirement benefits.
• Leadership Roles: Former Chairperson of the Advisory Group on Pension, Employee Benefits, and Social Security Schemes of the Institute of Actuaries of India for over 9 years.

About NPS Trust :

• The NPS Trust is managed by a Board of Trustees, appointed by the PFRDA.
• It oversees the interests of NPS subscribers.
• The NPS is a voluntary, market-linked retirement savings scheme. Combined assets under management (AUM) of NPS and Atal Pension Yojana (APY) stand at ₹13.40 lakh crore as of October 2024.
• The members of the NPS Trust are appointed by the PFRDA from time to time.
• The NPS Trust Board meets every quarter to review operations, with the PFRDA appointing the Chairperson from among its Trustees.

Hindustan Aeronautics Limited appoints Barenya Senapati as Director of Finance     

• Hindustan Aeronautics Limited (HAL) has appointed Barenya Senapati as the Finance Director.
• Senapati is a fellow member of the Institute of Chartered Accountants of India (ICAI).
• He has extensive experience in various financial domains, including accounting, financial planning, treasury management, pricing, and taxation.
• Prior to his appointment as Finance Director, Senapati served as Finance Executive Director at HAL’s corporate office.
• In this role, he was responsible for overseeing all finance and accounts-related functions.
• Senapati played a significant role in finalizing contracts for the supply of fighter aircraft and helicopters.
• He was instrumental in determining pricing strategies for HAL’s repair and overhaul activities, which are critical revenue sources for the company.

About HAL :

• Founded : 22 December 1940
• Headquarters : Bengaluru, Karnataka, India
• Chairman & MD : DK Sunil

Vietnam Names Army General Luong Cuong as New President Following Months of Turmoil    

• Vietnam has elected Luong Cuong, a military general, as its new president, marking the fourth official to hold the position in 18 months.
• The presidency is the second highest role in Vietnam's political structure, although it is largely ceremonial.
• Cuong was unanimously elected by 440 deputies in the National Assembly.
• In his acceptance, Cuong pledged to enhance Vietnam's national security and pursue an independent and multilateral foreign policy.
• He replaced To Lam, who remained president even after being appointed as the general secretary of the ruling Communist Party in August.
• The general secretary is the most powerful position in Vietnam, while the presidency mainly involves ceremonial duties and engaging with foreign dignitaries.
• Cuong has over 40 years of service in the army and was the fifth-ranking official in the Communist Party's decision-making bureau as of May.
• He has been a member of the Politburo since 2021, showcasing his influence within the Communist Party.
• His appointment follows months of political instability in Vietnam, including the death of former party general secretary Nguyen Phu Trong, who had significant influence since 2011.
• Under Trong's leadership, a vigorous anti-corruption campaign, known as the “blazing furnace,” targeted business and political elites, including former presidents and other high-ranking officials.

About Vietnam :

• Prime Minister : Phạm Minh Chính
• Capital : Hanoi
• Currency : Vietnamese đồng

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

CCI Greenlights Aquilo House Private. Limited.'s Acquisition of Aavas Financiers Limited   

• The Competition Commission of India (CCI) has approved the proposed acquisition of Aavas Financiers Limited by Aquilo House Private. Limited.

Key Highlights :

• Acquirer: Aquilo House Pte. Ltd., the acquiring entity, is wholly and indirectly held by Relevant CVC Funds, which are investment vehicles managed or advised by the CVC Network (CVC Capital Partners plc and subsidiaries).
• CVC Group: The CVC Network is a global alternative investment manager with expertise in private equity, credit, secondaries, and infrastructure investments. CVC PLC is listed on the Euronext Amsterdam Stock Exchange.
• Target: Aavas Financiers Limited, a non-deposit taking housing finance company registered with the National Housing Bank, provides:
• Home loans
• MSME business loans
• Loan against property
• Distribution of life, health, and general insurance products.
• Transaction Details: The acquisition involves:Share sale agreements between the Acquirer, Target, and existing promoters/promoter groups of the Target.
• A mandatory open offer in compliance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• Business Areas in India: Aavas Financiers is active in housing finance, MSME loans, and the insurance distribution space.

About CCI :

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

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India Launches 4th Nuclear Submarine Equipped with Advanced Weapons

• India’s fourth nuclear-powered ballistic missile submarine (SSBN), referred to as S4*, was launched into water at the Ship Building Centre in Visakhapatnam.
• This submarine is bigger and more capable than the first, INS Arihant (S2), which is essentially a technology demonstrator developed under the Advanced Technology Vessel programme.
• The S4* features significant indigenous content, showcasing extensive involvement from the Indian industry.

Key Highlights :

• Current Status of SSBNs:India currently has two operational SSBNs:
  • INS Arihant (S2) (commissioned in August 2016, 6,000 tonnes, 83 MW pressurized light-water reactor).
  • INS Arighaat (S3) (commissioned in August 2024, similar specifications to INS Arihant).
• INS Aridhman (S4), is undergoing sea trials and is expected to be commissioned in 2025.
• Technological Advancements:The S4* is equipped with an improved reactor and the capability to carry K-4 submarine-launched ballistic missiles (SLBMs), with a range of 3,500 km.
• INS Arihant is armed with K-15 SLBMs (750 km range).
• Strategic Significance:The SSBN program enhances India's nuclear deterrence capabilities and aligns with its policy of "Credible Minimum Deterrence" and "No First Use" (NFU).
• The K-4 missile will be central to India's undersea nuclear deterrence strategy until a 5,000 km range SLBM is developed.
• Historical Context:India’s nuclear triad was completed in November 2018 with INS Arihant’s first deterrence patrol.
• The Advanced Technology Vessel (ATV) project began in the 1980s, with INS Arihant launched in 2009.
• Future Developments:The Indian government has approved the construction of two indigenous nuclear attack submarines (hunter-killers) to enhance naval capabilities in the Indo-Pacific region.
• Plans for constructing three advanced diesel attack submarines at Mazagon Dockyards in collaboration with the French Naval Group are underway.

Cabinet Committee on Security approves procurement of two Indigenous nuclear attack submarines and 31 MQ-9B drones from the United States      

• The Cabinet Committee on Security (CCS) approved two significant defence deals involving the purchase of 31 MQ-9B High Altitude Long Endurance (HALE) UAVs from the United States. and the Indigenous construction of two Nuclear Attack Submarines (SSN).
• These deals are expected to significantly enhance the operational capabilities of the Indian Navy and the Armed Forces.
• In July,2024 the DAC approved amendments to the MQ-9B deal, focusing on indigenous content and related aspects.

Key Highlights :

• Cost of UAVs: The deal for the 31 MQ-9B UAVs is estimated to cost $3.99 billion. It includes:
• 15 Sea Guardians for the Indian Navy.
• 16 Sky Guardians (8 each for the Indian Army and Air Force).
• Nuclear-Powered Submarines:India has already constructed nuclear-powered ballistic missile submarines (SSBNs).
• The newly approved SSN project follows the successful commissioning of the INS Arihant (2016) and INS Arighaat (2023) SSBNs.
• Endurance of SSNs:The SSNs will provide unlimited endurance for various missions, limited only by the crew's duration.
• India has previously leased SSNs from Russia, with a third contracted SSN expected to join service in 2-3 years.
• Strategic Necessity: The SSNs are critical for enhancing India's military capabilities, particularly in the Indian Ocean Region, where China operates multiple nuclear submarines.
• Drone Capabilities: The 31 MQ-9B drones will be equipped with:
• Hellfire missiles.
• GBU-39B precision-guided bombs.
• High-fire rotary cannons.
• Distribution of Drones:The Indian Navy will receive 16 drones.
• The remaining will be allocated between the Indian Army and Air Force.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Renewal of the Kartarpur Corridor Agreement Between India and Pakistan

• India and Pakistan have renewed their agreement to operate the Kartarpur Corridor for an additional five years, extending its validity until October 24, 2029.
• This follows the original agreement established in 2019, which was set to expire on October 24, 2024.
• Facilitation for Pilgrims:
  • The corridor enables Indian pilgrims to visit Gurdwara Sri Kartarpur Sahib in Pakistan without a visa, requiring only a nominal fee of $20 per person.
• Background of the Agreement:
  • This initiative was first proposed as a Confidence Building Measure during the leadership of former Pakistan Prime Minister Imran Khan. Despite ongoing tensions between the two nations, the renewal signifies a commitment to supporting religious visits.
• Diplomatic Context:
  • The announcement coincided with External Affairs Minister Dr. S. Jaishankar's visit to Pakistan for the 23rd Meeting of the Shanghai Cooperation Organisation (SCO) Council of Heads of Government on October 15-16, 2024. This marked the first direct discussions between foreign ministers since 2015.
• Importance of the Corridor:
  • The Kartarpur Corridor spans 4.1 km, commencing from Dera Baba Nanak in Punjab, India, and leading to the sacred Gurdwara Sri Kartarpur Sahib, where Guru Nanak Dev Ji, the founder of Sikhism, spent the final years of his life.

CURRENT AFFAIRS: RANKING AND REPORTS

World Bank Report: Poverty in India and Global Trends (2024)

• A recent World Bank report, "Poverty, Prosperity and Planet: Pathways out of the Polycrisis," provides insights into poverty trends in India and worldwide.
• The report reveals significant changes in poverty rates but highlights challenges.

Key Points:

1. Decline in Extreme Poverty in India:
   • In 2024, around 129 million Indians are living in extreme poverty, surviving on less than $2.15 (approximately Rs 181) per day. This marks a substantial decrease from 431 million in 1990.
   • The report indicates a reduction of 38 million in the extreme poverty population from 2021, when there were 167.49 million people living in extreme poverty.
2. Poverty Line Adjustments and Implications:
   • When using a higher poverty standard of $6.85 (approximately Rs 576) per day — a threshold for middle-income countries — the report indicates that more Indians are currently living below the poverty line compared to 1990, primarily due to population growth.
3. Global Poverty Trends:
   • The report suggests that global poverty reduction has slowed significantly, with the decade from 2020 to 2030 being considered a "lost decade" for poverty alleviation.
   • It notes that extreme poverty eradication by 2030 is now out of reach. At the current pace, it could take decades to eradicate extreme poverty, and more than a century to lift people above the $6.85 per day mark.
   • Extreme poverty is increasingly concentrated in Sub-Saharan Africa and fragile countries.
4. India's Role in Global Poverty:
   • India's contribution to global extreme poverty is expected to decline significantly over the next decade, driven by growth in GDP per capita.
   • Even if India manages to bring the extreme poverty rate down to zero by 2030, the global rate would only reduce from 7.31% to 6.72%, still above the 3% target set by global development goals.

Russia Maintains Dominance as India's Top Oil Supplier

• India's imports of Russian crude rose by 2.5% from April to September compared to the same period last year, solidifying Russia's status as the largest seaborne crude export destination for India.
• Market Share Overview:
  • Russia commands a 39% share of India’s crude supply, followed by Iraq at 18% and Saudi Arabia at 13%.
  • The United Arab Emirates (UAE) increased its share to 8% (up from 5%), and the United States raised its share to 5% during the same period.
• Overall Growth in Oil Imports:
  • Total oil imports to India have grown by 4% this year, reflecting a broader increase in demand.
• Significant Month-on-Month Increase:
  • Reports indicate that Russian oil supplies to India grew by 6.4% month-on-month in September, reaching 1.88 million barrels per day.
• Dependence on Imports:
  • As the world’s third-largest oil consumer, India relies on imports for over 85% of its oil needs, sourcing crude from more than 30 countries.
• Attractive Pricing Drives Demand:
  • Discounted crude prices from Russia are a significant factor driving refiners' robust import appetite, as noted by Serena Huang, an analyst at Vortexa.
• Trends in Supply Rankings:
  • Despite some fluctuations, the top three suppliers (Russia, Iraq, Saudi Arabia) have maintained their rankings but lost about 0.5% of their market share compared to last year.

CURRENT AFFAIRS: IMPORTANT DAYS

International Snow Leopard Day: October 23

• International Snow Leopard Day is celebrated on October 23 each year to raise awareness about the conservation of snow leopards and their endangered status.
• Theme for 2024:
  • The theme for International Snow Leopard Day 2024 is “Safeguarding Snow Leopard Habitats for Future Generations.”
  • This theme emphasizes the critical importance of protecting the natural habitats of snow leopards to ensure their survival and the health of mountain ecosystems.
• Significance:
  • This day highlights the importance of protecting this elusive and majestic big cat, native to the high mountain ranges of Central and South Asia.
• Threats to Snow Leopards:
  • Snow leopards face threats from:
    1. Habitat loss
    2. Poaching
    3. Retaliatory killings
  • The day serves as a platform to promote efforts for conserving their natural habitats, mitigating human-wildlife conflicts, and ensuring the long-term survival of this iconic species.
• History:
  • International Snow Leopard Day was established following the adoption of the Bishkek Declaration by 12 countries, focusing on snow leopard conservation.
  • Conservation efforts gained momentum in the late 20th century with the formation of various organizations and initiatives aimed at preserving snow leopards and their unique alpine ecosystems.

ITBP Raising Day 2024 : 24th October

• ITBP Raising Day 2024 is observed on the 24th of October 2024.
• The war took place between India and China in 1962 in the Himalayan region which is the highest altitude in the country.
• Since it is at the highest altitude the weather conditions are worse which will be around 25 degrees Celcius.
• Due to the Climatic Conditions and also the Chinese army's Out-numbered Indian soldiers, India lost the war.
• Then in order to protect the nation at a difficult altitude, a special security force formed under CRPF called Indo-Tibetan Border Police (ITBP). They Cover the border region from Kashmir to Arunachal Pradesh.
• Nearly 85,000 policemen have been involved in this ITBP. It has been separated into many Battalions. Specially Trained Battalions will be upfront which is called the first line of defence. The Formation of ITBP is called ITBP Raising Day.
• Every Year the ITBP raising day is celebrated to honour the Police forces and to issue medals to the officers who showed bravery and courage in emergency situations.

World Polio Day : 24th October

• World Polio Day 2024 is observed on the 24th of October 2024.
• World Polio Day was first initiated and Celebrated by Rotary International for the birthday of Jonas Salk, the Medical Researcher who led the first team to develop a vaccine against polio.
• He developed the Inactivated Poliovirus Vaccine in 1955.
• Later Albert Sabin developed the Oral Polio Vaccine in 1962.
• Rotary International and WHO established the Global Polio Eradication Initiative (GPEI) in 1988.
• At the time there were around 3,50,000 cases across the world. Now the European Countries have completely eradicated polio and now announced themselves as Polio-free Countries.
• But still Asian Countries like Afghanistan, Pakistan, and India still find rare cases across the country.

United Nations Day: 24th October

• United Nations Day 2024 is observed on the 24th of October 2024.
• United Nations Day is celebrated annually on October 24, commemorating the entry into force of the UN Charter in 1945.

Global Significance:

• The day serves as a global celebration of the UN’s mission to promote peace, security, human rights, and development worldwide.
• In 2024, it will highlight the organization's crucial role in addressing global challenges and fostering international cooperation.

Historical Background:

• The United Nations was officially established on October 24, 1945, after the UN Charter was ratified by a majority of signatories, including the five permanent members of the Security Council:
  • United States
  • United Kingdom
  • Soviet Union
  • China
  • France
• This event marked the beginning of a new era in international relations, with the goal of preventing future conflicts and promoting peace.

Conceptual Origins:

• The idea of forming an international body to prevent wars was proposed during World War II, with the first official proposal emerging in 1941 through the Atlantic Charter.
• The foundation of the UN was further developed through several conferences, notably the San Francisco Conference in 1945, where the UN Charter was drafted.

Daily CA One- Liner: October 24

• India has decided to pause all new Free Trade Agreements (FTAs) as part of an initiative to overhaul its strategy for maximizing trade and investment benefits
• The 2nd National Lighthouse Festival was observed on October 19 and 20, 2024, across 75 historic lighthouses in India.
• Union Minister for Communications, Jyotiraditya Scindia, launched the International Incoming Spoofed Calls Prevention System on October 22, 2024, at BSNL Bhawan, Delhi
• India's retail inflation saw a significant increase in September 2024, reaching a nine-month high due to rising food prices
• India's wholesale price index (WPI)-based inflation increased to 1.84% in September 2024, driven primarily by rising food prices, according to recent government data
• The Group of Ministers (GoM) has proposed significant changes to the Goods and Services Tax (GST) on term life insurance and health insurance premiums
• Recent data released by the Central Board of Direct Taxes (CBDT) indicates a notable improvement in India's direct tax to GDP ratio, which has risen to 11% in FY23, the highest level recorded since 2007-08
• Exports to eight out of India’s top 10 destinations, including the Netherlands, the United States (US), and the United Kingdom (UK), showed positive growth in the first half of FY25
• India and Pakistan have renewed their agreement to operate the Kartarpur Corridor for an additional five years, extending its validity until October 24, 2029
• A recent World Bank report, "Poverty, Prosperity and Planet: Pathways out of the Polycrisis," provides insights into poverty trends in India and worldwide
• India's imports of Russian crude rose by 5% from April to September compared to the same period last year, solidifying Russia's status as the largest seaborne crude export destination for India.
• Non-bank players in the microfinance (MFI) sector may be required by the Reserve Bank of India (RBI) to submit granular monthly data, including:
  • Weighted average lending rates.
  • Spread charged on the cost of funds.
• The Reserve Bank of India (RBI) has introduced a Scholarship Scheme for faculty members from academic institutions.
• The Asian Development Bank (ADB) has approved a $241.3 million loan to enhance electricity distribution in West Bengal.
• Bima Sugam, a digital insurance platform, is ready for launch as confirmed by Debasish Panda, the chairperson of the Insurance Regulatory and Development Authority of India (IRDAI).
• Union Bank of India has a robust credit pipeline of ₹75,000 crore, with ₹39,000 crore pending sanction and ₹36,000 crore awaiting disbursement.
• Nearly two years after issuing a notification, the Securities and Exchange Board of India (SEBI) decided to implement amendments to insider trading norms for asset management companies (AMCs), designated persons, trustees or their immediate relatives from November 1, 2024.
• The Securities and Exchange Board of India (SEBI) is preparing proposals to tighten the norms around the listing of small and medium enterprises (SMEs) amidst a surge of investor interest and multiple instances of gross violations and fraudulent practices in the segment.
• The Reserve Bank of India (RBI) updated the 'Alert List' of unauthorised forex trading platforms by adding 13 more entities, including TDFX and Inefex, taking the total to 88.
• India's Gross domestic product (GDP) is projected to grow at 7.2% in the fiscal year 2024-25.
• HDFC Bank surpassed its gender diversity goal of 25% women in its workforce, achieving this one year ahead of the FY25 target.
• Federal Bank has signed a Memorandum of Understanding (MoU) with Bhashini, an AI-powered language translation platform, to add vernacular language support to its AI virtual assistant, Feddy.
• Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) has appointed Chitra Jayasimha as the Chairperson of the Board of National Pension System (NPS) Trust with effect from October 17, 2024.
• Hindustan Aeronautics Limited (HAL) has appointed Barenya Senapati as the Finance Director.
• Vietnam has elected Luong Cuong, a military general, as its new president, marking the fourth official to hold the position in 18 months.
• The Competition Commission of India (CCI) has approved the proposed acquisition of Aavas Financiers Limited by Aquilo House Private. Limited..
• India’s fourth nuclear-powered ballistic missile submarine (SSBN), referred to as S4*, was launched into water at the Ship Building Centre in Visakhapatnam.
• The Cabinet Committee on Security (CCS) approved two significant defence deals involving the purchase of 31 MQ-9B High Altitude Long Endurance (HALE) UAVs from the United States. and the Indigenous construction of two Nuclear Attack Submarines (SSN).
• International Snow Leopard Day is celebrated on October 23 each year to raise awareness about the conservation of snow leopards and their endangered status
• ITBP Raising Day 2024 is observed on the 24th of October 2024.
• World Polio Day 2024 is observed on the 24th of October 2024
• United Nations Day 2024 is observed on the 24th of October 2024.