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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Study Shows Private Banks at the Forefront of Artificial Intelligence Adoption    

• Artificial Intelligence (AI) adoption in India is gaining momentum, particularly among private banks, with asset size and CRAR (Capital to Risk Weighted Assets Ratio) being key factors influencing the rate of adoption.
• The size and financial health of a bank, measured by CRAR, positively influence the bank's focus on AI. Larger banks benefit from economies of scale and have more investment capacity for AI technologies.

Key Highlights :

• Text Mining Study (2015-16 to 2022-23): A text mining analysis of Indian banks' annual reports from 2015-16 to 2022-23 shows a significant increase in AI emphasis across both private and public sector banks.
• However, the rate of AI adoption is faster for private banks.
• AI Adoption Challenges for Smaller Banks: Smaller banks face difficulties in adopting AI due to higher fixed costs and lack of economies of scale, making AI adoption relatively more challenging.
• Capital Adequacy and AI Adoption: Banks with higher CRAR are better positioned to invest in AI, as they have adequate capital buffers and confidence to pursue AI solutions.
• Increase in AI-Related Keywords: The usage of AI-related keywords in private banks' annual reports increased by six-fold in 2022-23 compared to 2015-16.
• For public sector banks (PSBs), the emphasis on AI increased more than three-fold during the same period.
• Technologies Employed by Banks: Major technologies being employed include cloud computing, big data, automation, and data analytics, with increasing focus on newer AI technologies like Robotic Process Automation (RPA), Internet of Things (IoT), and Natural Language Processing (NLP).

Department of Financial Services Revamps Middle Management Structure in Nationalised Banks    

• The Department of Financial Services (DFS) in the Finance Ministry announced a major revamp of the middle level management structure in nationalised banks.
• This restructuring aims to significantly increase promotion opportunities for employees at the Chief Manager (Scale IV) and above levels.
• Through the latest revamp of the middle management structure, the Finance Ministry has sought to level the playing field among public sector banks (PSBs) and sort out the employee level promotion discrepancies that had crept in, post the mega consolidation exercise leading to 11 PSBs in the country.

Key Highlights :

• New Framework: The new framework introduces a substantial increase in the number of Chief General Managers (CGMs), General Managers (GMs), Deputy General Managers (DGMs), and Assistant General Managers (AGMs) across the 12 nationalized banks.
• Executive Posts Based on Business Mix: The number of executive posts (CGM/GM/DGM/AGM) will be determined based on the banks' business mix as of March 31, 2023.
• CGM Post Availability: Under the revamped guidelines, the post of CGM (scale VIII) would henceforth be available in all the nationalised banks, below Board level, irrespective of the business mix.
• Categories Based on Business Mix: Nationalized banks are categorized based on their business mix:
• Category A: Business Mix of less than ₹10 lakh crore.
• Category B: Business Mix of ₹10 lakh crore and above.
• CGM Distribution:
• Up to ₹4 lakh crore: 4 CGMs
• ₹4 lakh crore to ₹10 lakh crore: 8 CGMs
• Over ₹10 lakh crore: Minimum 10 CGMs, plus 1 additional CGM for each ₹1 lakh crore increase in business mix.
• Corporate Office Placement: At least 50% of CGMs must be placed at corporate offices for Category A banks.
• Ratios of Executives:CGM ratio is set at 1:4 for all categories of nationalized banks.
• GM:DGM ratio is 1:3:9.
• Review Timeline: The methodology for computing CGM positions may be reviewed by DFS in FY27-28, based on the banks' business mix as of March 31, 2027.
• Concerns About Saturation: A former chairman of a public sector bank expressed that despite the increase in middle management posts, the “saturation issue” may still persist.

About DFS :

• The Department of Financial Services (DFS) is a nodal department of the Ministry of Finance that manages banking, financial services, and insurance (BFSI) in India.

State Bank of India secures ₹5,000 crore by issuing Additional Tier-I bonds at an interest rate of 7.98%    

• State Bank of India (SBI) raised ₹5,000 crore through the issuance of Additional Tier-I (AT-I) bonds.
• The bonds were issued at a coupon rate of 7.98%, which is the interest rate paid to investors.
• Purpose: The funds raised are intended to bolster SBI's capital base.

Key Highlights :

• Call Option: The bonds have a call option that can be exercised after 10 years.
• Pricing: The current issuance is notable as it follows a previous AT-I bond issuance in January at a higher rate of 8.34%.
• The expected coupon rate for this issue was between 7.98% and 8%.
• Market Response: The bond issue was well-received, attracting bids over 3.5 times the base issue size of ₹2,000 crore, with a total of 108 bids received from various participants, including provident funds, pension funds, insurance companies, mutual funds, NBFCs, and banks.
• Credit Ratings: The bonds have been rated ‘AA+’ by Crisil Ratings.
• Capital Adequacy: SBI's capital adequacy ratio was 13.86% as of June 30, 2024, a decrease of 70 basis points from the previous year. The common equity tier-1 (CET1) ratio stood at 10.25%.
• Additional Fundraising: In the current financial year (FY25), SBI has also raised ₹15,000 crore through Basel-III compliant Tier-II bonds to support its deposit base.
• Peer Activity: Indian Bank is planning to raise up to ₹5,000 crore through 10-year infrastructure bonds, with an issuance aimed.

Recent News :

• In September,2024 Indian Bank had raised ₹5,000 crore through 10-year bonds at an interest rate of 7.24%.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty

Paytm Receives National Payments Corporation of India Approval to Enrol New UPI Users   

• The National Payments Corporation of India (NPCI) has approved Paytm to onboard new UPI users, contingent on compliance with procedural guidelines and circulars.
• This decision is a significant boost for Paytm, especially after setbacks earlier in the year when the Reserve Bank of India restricted its associate company, Paytm Payments Bank Limited (PPBL), from onboarding new UPI users.
• In March,2024 NPCI had previously granted Paytm permission to conduct UPI transactions as a Third-Party Application Provider (TPAP), enabling it to process transactions through four banks: SBI, Axis Bank, HDFC Bank, and YES Bank.

Key Highlights :

• Compliance Requirements:Paytm must adhere to all NPCI procedural guidelines and circulars, particularly regarding:
• Risk management
• Brand guidelines for apps and QR codes
• Multi-bank guidelines
• TPAP market share and customer data
• Tri-partite Agreement:The company is required to follow the stipulations of the tri-partite agreement with NPCI and Payment Service Provider (PSP) banks.
• Regulatory Compliance:Paytm must comply with all applicable laws and regulations, including:
  • Payments and Settlement Act, 2007
  • Information Technology Act, 2000
  • Digital Personal Data Protection Act, 2023
  • Circular on Storage of Payment System Data, 2018

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organisation that operates retail payments and settlement systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment & Settlement Infrastructure in India.

Financial Intelligence Unit Slaps Rs 54 Lakh Penalty on Union Bank of India for Violating Prevention of Money Laundering Act Regulations

• The Financial Intelligence Unit (FIU) imposed a penalty of Rs 54 lakh on the Union Bank of India for failing to report suspicious transaction reports (STRs) and lacking due diligence under the Prevention of Money Laundering Act (PMLA).
• Reason for Penalty:The penalty was issued for violations observed during an investigation that found irregularities in compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols related to accounts at a branch in Mumbai, Maharashtra.
• The penalty notice was issued under Section 13 of the PMLA on October 1, after the FIU substantiated charges against the bank based on written and oral submissions.

Key Highlights :

• Critical Irregularities:Entities with a common address and beneficial ownership exhibited credit turnovers disproportionate to their declared business activities.
• Despite having an authorized capital of Rs 1 lakh, these entities had significant RTGS (Real Time Gross Settlement) inflows from the NBFC's accounts.
• Insufficient Scrutiny:The bank filed only one STR, despite a high volume of transactions and numerous alerts being generated from the accounts.
• Alerts were often closed with minimal justification, raising concerns about the adequacy of the bank's monitoring and due diligence.
• FIU's Orders:The FIU ordered a comprehensive review of the bank's due diligence procedures.
• Enhanced diligence is to be performed for newly opened accounts with transaction volumes inconsistent with declared activities.
• The bank is required to reassess its transaction monitoring approach, especially concerning the closure of client account alerts.
• Bank's Financial Performance:The Union Bank reported a 34% growth in net profit, amounting to Rs 4,720 crore for Q2 of FY25.
• Compliance Obligations:As a reporting entity under PMLA, the bank is mandated to submit timely reports to the FIU as part of its anti-money laundering obligations.

About FIU :

• Formed : November 18, 2004
• Headquarters : New Delhi
• Director : Vivek Aggarwal
• Financial Intelligence Unit—India (FIU-IND) is an organisation under the Department of Revenue, Government of India which collects financial intelligence about offences under the Prevention of Money Laundering Act, 2002.

Muthoot Finance Secures $400 Million via External Commercial Borrowings (ECBs)    

• Muthoot Finance raised $400 million through the issuance of Senior Secured Notes.

Key Highlights :

• Program and Compliance:The funds were raised under its Global Medium Term Note Program totalling $2 billion.
• The issuance is in compliance with the External Commercial Borrowings (ECB) guidelines set by the Reserve Bank of India.
• Terms of the Notes:The coupon rate for the notes is set at 6.375% per annum.
• The notes have a maturity period of 4.5 years, with an average duration of 4 years.
• Demand and Oversubscription:The order book for the issuance peaked at over $1.3 billion, indicating a significant demand.
• The notes were oversubscribed by 3.9 times, with participation from more than 125 investors globally.
• Use of Funds:The new funds will be utilized for onward lending and other activities permitted under the ECB guidelines.
• Listing:The issued notes are listed on the NSE IX in Gift City, Gujarat.
• Previous Fundraising:Muthoot Finance had previously raised $450 million in 2019 and $550 million in 2020, which were repaid in 2022 and 2023, respectively.
• The company has also raised $750 million in the current financial year at a coupon rate of 7.125% for a tenure of 3.75 years.
• Impact of Current Issuance:The current issuance helped reduce the coupon rate from 7.125% to 6.375%, despite an increase in the tenure to 4.5 years.
• This will facilitate higher loan disbursements, diversify borrowing sources, and widen the investor base.

What is meant by ECBs?

• External Commercial Borrowings (ECBs) are loans that eligible entities in India take from non-resident lenders to raise money in foreign currency. ECBs can be in the form of bank loans, suppliers' credit, buyers' credit, or securitized instruments.
• ECBs are subject to certain parameters, including:
• A minimum average maturity of three years
• A maximum all-in-cost ceiling
• Permitted and non-permitted end-uses

About Muthoot Finance :

• Founded : 1939
• Headquarters : Kochi, Kerala, India
• Chairman : George Jacob Muthoot

Israel Joins Asian Development Bank as 69th Member and 20th Non-Regional Member    

• Israel officially became the 69th member of the Asian Development Bank (ADB) and the 20th non-regional member, effective 1st October.
• Israel submitted its application for ADB membership in January 2022, and the ADB Board of Governors approved the membership on 14 April 2022 through Resolution No. 414.
• The 2022 resolution required Israel to fulfill all membership requirements, which it completed before the membership became effective.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members

About Israel :

• President : Isaac Herzog
• Prime Minister : Benjamin Netanyahu
• Capital : Jerusalem
• Currency : New shekel

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister Dharmendra Pradhan’s Visit to Australia Strengthens Educational Collaboration

• Union Minister Dharmendra Pradhan’s visit to Australia emphasised the critical role of education in advancing the India-Australia partnership.
• He highlighted the significance of India's National Education Policy (NEP), highlighting skills-based education, digital literacy, and the potential for global collaborations.
• Pradhan’s engagements with Australian officials and university leaders aimed to deepen ties, explore joint initiatives, and ensure that the education systems of both nations align to prepare future-ready global citizens.

Key Highlights:

1. Speech at the Australian International Education Conference:
   • Union Minister for Education, Dharmendra Pradhan, delivered a plenary speech at the conference in Melbourne, emphasizing the evolving partnership between India and Australia.
   • He highlighted the 4th Industrial Revolution, stating that education should prepare students to be creators and managers of technology. India’s National Education Policy (NEP) provides a framework focusing on digital literacy, soft skills, critical thinking, and interdisciplinary studies.
2. Bilateral Meeting with Australian Education Minister:
   • Mr. Pradhan held discussions with his Australian counterpart, Jason Clare MP, and emphasized enhancing India's education system into a competency-based framework.
   • Both ministers agreed on strengthening cooperation in early childhood care, teacher capacity building, and emerging technologies. Discussions included the possibility of establishing Australian university campuses in India.
3. Strong India-Australia Educational Ties:
   • Mr. Pradhan highlighted the role of education as a fulcrum of the bilateral relationship, driving innovation and entrepreneurship.
   • He underscored NEP 2020, which has transformed India's learning landscape and promoted collaboration with international institutions.
   • Mr. Pradhan also mentioned India's commitment to being a ‘Vishwa-Bandhu’ (global friend), focusing on human-centric development and nurturing global citizens.
4. Other Significant Meetings:
   • Mr. Pradhan met the Assistant Minister of Foreign Affairs, Mr. Tim Watts MP, and the Premier of Victoria, Mrs. Jacinta Allan MP, discussing ways to strengthen institutional linkages.
   • He acknowledged that Victoria is home to the largest Indian diaspora in Australia, aiming to build stronger connections between schools and universities.
5. Previous Visit to Singapore:
   • Prior to Australia, Mr. Pradhan visited Singapore (October 20-21) and held discussions with the Prime Minister, Deputy Prime Minister, and other officials, focusing on skill-based education and research collaboration.

TRAI Releases Consultation Paper on Terms and Conditions of Network Authorisations Under Telecommunications Act, 2023

• The Telecom Regulatory Authority of India (TRAI) has issued a consultation paper on the ‘Terms and Conditions of Network Authorisations’ to be granted under the Telecommunications Act, 2023.
• This paper is aimed at gathering input from stakeholders on the regulations governing the establishment, operation, maintenance, and expansion of telecommunication networks in India.

Key Points:

1. Background:
   • The Department of Telecommunications (DoT) informed TRAI on July 26, 2024, about the publication of the Telecommunications Act, 2023 in the Official Gazette of India.
   • Section 3(1)(b) of the Act outlines that any person intending to establish or expand a telecommunication network must obtain authorisation, subject to specific terms and conditions, including fees.
   • TRAI has been requested by DoT to provide recommendations on these terms, conditions, and associated fees.
2. Satellite Communication Network Authorisation:
   • DoT sent a follow-up letter on October 17, 2024, asking TRAI to consider authorisation requirements for satellite communication networks under the new Telecommunications Act.
3. Consultation Process:
   • The consultation paper has been made available on the TRAI website for public access.
   • TRAI invites written comments from stakeholders by November 12, 2024, and counter-comments by November 19, 2024.
   • Stakeholders are encouraged to submit their comments via email at [email protected].
4. Contact Information:
   • For further details or clarifications, stakeholders can reach out to Shri Akhilesh Kumar Trivedi, Advisor (Networks, Spectrum & Licensing), TRAI at +91-11-20907758.

Celebration of Sardar Vallabhbhai Patel's 150th Birth Anniversary

• The Indian government is set to commemorate the 150th birth anniversary of Sardar Vallabhbhai Patel with a nationwide program spanning two years, from 2024 to 2026.
• Union Home Minister Amit Shah announced this initiative and aims to honour Patel's monumental contributions to India, especially his pivotal role in establishing a strong democracy and unifying the nation.

Key Aspects of the Celebration

• Duration: The program will run from 2024 to 2026.
• Legacy of Unity: The initiative recognizes Patel’s enduring legacy in promoting national unity.
• Current Commitment: It emphasizes the government's dedication to upholding the values of democracy and national integrity.

Key Points About Sardar Vallabhbhai Patel

Early Life

• Birth: October 31, 1875, in Nadiad, Gujarat.
• Education: Studied law in England and became a successful barrister.

Role in the Independence Movement

• Political Involvement: Joined the Indian National Congress in 1917.
• Leadership in Movements: Played a crucial role in the Non-Cooperation Movement and the Civil Disobedience Movement.

Leadership and Contribution

• Iron Man of India: Known for his strong leadership and determination.
• Peasant Organization: Instrumental in organizing Gujarat's peasants against oppressive land revenue policies.

Unification of India

• Deputy Prime Minister and Home Minister: Played a pivotal role in unifying over 550 princely states into the Indian Union post-independence.
• Advocate for Unity: Emphasized the importance of national integrity and unity.

Constitutional Role

• Framing the Constitution: Contributed significantly to the framing of the Indian Constitution.
• Collaboration with Leaders: Worked closely with prominent figures like Jawaharlal Nehru and Mahatma Gandhi.

Legacy

• Rashtriya Ekta Diwas: Sardar Patel's birthday is celebrated as National Unity Day since 2014.
• Inspirational Figure: His vision and efforts continue to inspire unity and integrity in India.

Memorials

• Statue of Unity: The world’s tallest statue is located in Gujarat, honouring his legacy.
• Commemoration: Various institutions, parks, and events celebrate his contributions.

Death

• Passing: Sardar Vallabhbhai Patel passed away on December 15, 1950, leaving behind a profound legacy in Indian politics and governance.

Prime Minister Narendra Modi Set to Launch Ayushman Bharat PM-JAY for Senior Citizens

• Prime Minister Narendra Modi is expected to launch the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PM-JAY) specifically for senior citizens.
• This announcement follows the recent approval by the Union Cabinet, which is chaired by the Prime Minister, for a significant expansion of the world’s largest public health insurance scheme.

Key Highlights of the Scheme

• Cashless Coverage: The scheme offers a cashless hospitalization cover of up to ₹5 lakh per year for all senior citizens aged 70 years and above, regardless of their socio-economic status.
• Funding: The central government will finance 60% of the scheme, while states have the flexibility to expand or modify the coverage to include additional age groups.
• Beneficiary Impact: The initiative is expected to benefit approximately 45 million families (around 60 million senior citizens). Currently, the overall beneficiary base for the Ayushman Bharat scheme is 123 million families.
• Support for Women: The scheme is particularly beneficial for women, as 58% of the population over 70 years are women, with 54% of them being widows.

Additional Coverage Details

• Top-up Coverage: Families already enrolled in the Ayushman Bharat scheme that have senior citizens will receive an additional shared top-up cover of up to ₹5 lakh per year. Middle or upper-middle-class families not covered under the scheme will also benefit from a shared cover if they have senior citizens.
• Eligibility and Application: Eligible senior citizens will need to apply to access the benefits. Those covered by other health insurance schemes, like the Central Government Health Scheme (CGHS), will have the option to choose which scheme they prefer. Individuals with private insurance can also enroll in the scheme.
• New Cards: Beneficiaries will be issued new cards under the scheme, and the initial outlay for this upgrade is set at ₹3,437 crore. As the scheme is demand-based, there are provisions for future expansions.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Zydus Lifesciences Receives World Health Organisation Prequalification for Typhoid Vi Conjugate Vaccine   

• Indian pharmaceutical company Zydus Lifesciences Limited announced that its typhoid vaccine, ZyVac TCV, has received World Health Organization (WHO) prequalification, making it eligible for United Nations procurement programs.
• The prequalification allows Zydus to participate in UN procurement programs, which acquire around 150 million doses of typhoid conjugate vaccines annually.

Key Highlights :

• Indigenous Development: ZyVac TCV is indigenously developed and manufactured at Zydus Biotech Park in Ahmedabad and is indicated for active immunization against Salmonella typhi infection for ages 6 months to 65 years.
• Global Distribution: The vaccine will be distributed primarily in regions where typhoid is most prevalent, such as India, Africa, and Southeast Asia.
• Typhoid Burden: According to GAVI (2022) data, typhoid fever causes 11 to 21 million cases and 117,000 to 161,000 deaths annually worldwide.
• South Asia Impact: India accounts for 75% of typhoid cases and mortality in South Asia, a region heavily affected by the disease.
• Typhoid in Children: WHO data shows that 27% of all typhoid cases occur in children under the age of 5.
• Typhoid Transmission: Typhoid fever is caused by ingestion of Salmonella enterica serovar typhi (S. typhi) through contaminated water and food.
• Zydus Lifesciences: Zydus is a discovery-driven global life sciences company that develops, manufactures, and markets a wide range of healthcare therapies.

About WHO :

• Formation : 7 April 1948
• Headquarters : Geneva, Switzerland
• Director General : Tedros Adhanom Ghebreyesus

CURRENT AFFAIRS : STATE NEWS

Kerala Introduces Citizen Sentinel App to Monitor Traffic Rule Violations    

• Kerala's Minister for Transport, K.B. Ganesh Kumar, launched the Citizen Sentinel app, allowing citizens to upload photos and videos of traffic violations via the NextGen Parivahan app.
• The app aims to reduce traffic violations by making enforcement unpredictable and less dependent on fixed measures like CCTV cameras.

Key Highlights :

• App Features:Upload Limit: Citizens can upload up to 8 MB photos or videos of traffic rule violations.
• Verification & E-challans: Motor Vehicles Department (MVD) officials will verify submissions, and e-challans will be issued to violators.
• Google Play Store: The app is available for download on the Play Store and includes built-in links for direct reporting to the MVD control room.
• App Development: The app was developed by the National Informatics Centre (NIC) and is part of Kerala's 100-day action plan.
• Objective: The app encourages public vigilance on traffic rule violations to reduce accidents, particularly affecting youth.
• State-Wide Implementation: Kerala is the 3rd state in India to implement the mParivahan Citizen Sentinel app, following Chhattisgarh and Odisha.
• Reporting System:Real-Time Reporting: Citizens can submit traffic violations with photo or video evidence.
• GPS Integration: Provides accurate location and time for incidents.
• Confidentiality: Reporters' identities remain confidential.
• Types of Violations: Offenses include speeding, illegal overtaking, triple riding, lane violations, and not wearing seat belts.
• Enforcement & Action: Complaints are sent to Regional Transport Officers (RTOs) via a server in Delhi. Enforcement authorities are required to verify complaints and take action within a specific timeframe.
• Future Development: An open double-decker bus will be launched in Kochi, similar to Thiruvananthapuram, within a month.

About Kerala:

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

Assam Chief Minister Himanta Biswa Sarma unveils 'Mission Basundhara 3.0' to digitize land services and secure land rights for indigenous communities   

• Assam Chief Minister (CM) Himanta Biswa Sarma launches Mission Basundhara 3.0 to digitise land services to grant land rights to indigenous people.
• The initiative aims to resolve land disputes and enhance governance transparency.

Key Highlights :

• Eligibility Criteria: Applicants must prove residency in Assam since 1951 or demonstrate that three generations of their family have lived in the state for 75 years.
• Relaxed Criteria: For certain communities (tea tribes, Adivasis, Gorkhas, Scheduled Castes, and Scheduled Tribes), eligibility can be established with refugee certificates issued before March 25, 1971.
• Achievements of Previous Editions : Mission Basundhara 2.0: Launched in November 2022, granted land rights to over 200,000 indigenous people within one year.

Key Features of Mission Basundhara 3.0

• Services Offered:
  • Review of pending cases from MB 2.0.
  • Digitization of land records and conversion of annual pattas to periodic pattas.
  • One-time conversion of tea grant land to periodic pattas.
  • Settlement of Bhoodan/Gramland issues.
  • Publication of maps to aid public understanding of land rights.
• Technology Utilization: Implementation of digital maps in land surveys to enhance accessibility and transparency.
• Benefits for Cultivators: Support for Cultivators: Extends benefits and financial support to tea, coffee, and rubber cultivators, enabling them to apply for loans from financial institutions to enhance production.
• Resolution of Ownership Issues: Allows small tea growers to utilize government land legally, facilitating access to financial aid.
• Project Closed User Group (CUG) : Introduction: A special communication project for officials in the Revenue and Disaster Management Department to improve coordination during emergencies.
• Launch of Digidoc ; Introduced as a tool for managing non-registrable and optional registrable documents, aiming to reduce processing times and enhance public convenience.
• Background of Mission Basundhara : The mission began on October 2, 2021, in response to local demands for land rights, aiming to empower indigenous communities by granting them land ownership.

About Assam :

• Governor : Lakshman Acharya
• Chief Minister : Himanta Biswa Sarma
• Capital: Guwahati
• National Park: Kaziranga National Park, Manas National Park, Nameri National Park

Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

BSNL Prepares for 4G Rollout with C-DOT's Back-End Support; Focus on Indigenous Development and 5G Advancements

• State-owned Bharat Sanchar Nigam Ltd (BSNL) is gearing up to launch its long-awaited 4G services across India, with plans to eventually transition to 5G.
• To facilitate this rollout, the Centre for Development of Telematics (C-DOT), in collaboration with Tata Consultancy Services (TCS) and Tejas Networks, is playing a pivotal role in establishing a robust 4G network for BSNL.

Key Highlights:

1. Expansion of 4G Network:
   • BSNL's 4G network is powered by a 100% indigenous core, developed and deployed by C-DOT.
   • Currently, there are 40,000 operational sites across India, divided into four zones: North (Chandigarh), South (Trichy), East (Kolkata), and West (Pune).
   • C-DOT and its partners aim to operationalize 10,000 additional sites soon.
   • Each circle has its own mini data centres to support the network infrastructure.
2. Focus on Indigenous 5G Technology:
   • C-DOT has been working on an indigenous end-to-end 5G solution called BharatRAN2, which includes the development of a 5G standalone (SA) core.
   • The organization has also signed agreements with a consortium, including Lekha Wireless, Sooktha, Resonous, and Signaltron, to develop a disaggregated 5G Bharat RAN (radio access network) solution.
3. 5G O-RAN Testing Lab:
   • Last month, Telecom Minister Jyotiraditya Scindia inaugurated a 5G O-RAN testing lab developed by C-DOT.
   • Located at C-DOT's Bengaluru campus, this lab will support start-ups, academia, and the industry by providing a platform to test 5G components.
   • The lab is intended to foster the development of a complete Indian 5G ecosystem, covering core, access, transport, cloud, orchestration, and security.
4. Additional Projects by C-DOT:
   • C-DOT has developed LTE routers for Railways, installed in locomotives, and tested their efficacy across various routes.
   • For cybersecurity, C-DOT has introduced quantum communication products and military-grade quantum encryptors to enhance data security, particularly for defense applications.
   • The organization has implemented disaster management systems for the National Disaster Management Authority (NDMA), utilizing Cell Broadcast technology for real-time dissemination of alert messages during emergencies. This system is operational across 36 States/UTs.
5. Quantum Communication and Security:
   • C-DOT’s quantum systems are designed to detect security breaches, with a reward mechanism of ₹10 lakh per breach detection as a test to prove the robustness of the system.
   • Military-grade quantum encryptors have been developed, offering both physical and electronic safety to ensure data integrity and security.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Delhi Signs MoU with Education Ministry to Implement PM-SHRI Scheme

• Delhi's State Government signed a Memorandum of Understanding (MoU) with the Ministry of Education to implement the PM-SHRI (Prime Minister’s Schools for Rising India) scheme.

1. Scheme Overview:
   • Launched two years ago, the PM-SHRI scheme aims to convert over 14,500 schools into exemplar institutions across India.
   • The scheme spans five years with a budget of ₹27,360 crore, wherein the Centre provides 60% of the funding, and states contribute the remaining 40%.
   • In northeastern states, the Centre will cover 90% of the costs.
   • The initiative aligns with the National Education Policy (NEP) 2020 and falls under the Samagra Shiksha scheme, which covers funding needs such as teachers’ salaries, uniforms, and books.
2. Pending Funds for Delhi:
   • Delhi’s Secretary (Education), Ashok Kumar, had requested the release of the third and fourth instalments of Samagra Shiksha funds for FY 2023-24 and the first instalment for FY 2024-25, amounting to ₹330 crore.
   • Senior officials confirmed that these funds will be released shortly.
3. State Participation:
   • Punjab joined the scheme in August, and Tamil Nadu and Kerala are expected to follow soon.
   • Tamil Nadu had earlier expressed concerns regarding the three-language policy in the NEP, which Chief Minister MK Stalin opposed, while Education Minister Dharmendra Pradhan emphasized the need for NEP implementation.
   • Kerala had initially opposed the scheme but later agreed to implement it, though it is yet to sign the MoU.
4. Challenges in Other States:
   • West Bengal opposed the scheme due to the inclusion of "PM-SHRI" in school names, arguing that states bear 40% of the costs. The state is awaiting close to ₹1,000 crore in pending Samagra Shiksha funds.

Air India and Singapore Airlines Expand Codeshare Agreement

• Air India (AI) and Singapore Airlines (SIA) have announced an expanded codeshare agreement, adding 11 Indian cities and 40 international destinations to their network.
• This marks their largest codeshare expansion since 2010, enhancing connectivity between India, Singapore, and other global destinations.

1. Launch Date:
   • The expanded codeshare agreement will take effect starting October 27, 2024, significantly increasing travel options.
2. Increased Flight Services:
   • Under this agreement, both airlines will codeshare on flights between Singapore and Bengaluru and Chennai, increasing weekly services from 14 to 56.
   • SIA will codeshare on Air India’s domestic routes, connecting cities such as Delhi, Amritsar, Bengaluru, Lucknow, Varanasi, and from Mumbai to Goa, Jaipur, Kolkata, among others.
3. Global Connectivity:
   • Air India passengers will now have access to 29 new destinations across SIA’s network, including major cities in Australia, Japan, South Korea, Malaysia, and more.
   • SIA passengers will be able to connect to Air India flights from Bengaluru, Delhi, and Mumbai to international locations such as Paris, London, Nairobi, and Riyadh.
4. Future Plans:
   • Both airlines are planning to add more destinations to the codeshare network, aiming to expand the partnership further.
   • The codeshare flights will be available for booking once regulatory approvals are obtained.

DroneAcharya Partners with Estonia's Krattworks to Boost Defence Drone Manufacturing in India

• DroneAcharya Aerial Innovations Limited has entered into an exclusive partnership with Krattworks Ltd., an Estonian defence drone manufacturer, to produce and distribute defence drones in India.
• This collaboration aligns with the "Make in India" initiative and aims to cater to both Indian and global markets through local production.

Key Highlights:

1. Partnership Details:
   • The collaboration will focus on manufacturing jamming-resistant tactical ISR drones with day and night vision capabilities, as well as fixed-wing aerial target drones for defence applications.
   • The initiative will leverage local production facilities, enhancing India's self-reliance in defence technology.
2. Technological Advancements:
   • Krattworks is known for its Project BadB, which develops navigation solutions for vehicles in GNSS-denied environments. The project recently received a $6 million investment from the European Defence Fund and the Defence Ministries of Estonia and Finland.
   • DroneAcharya will introduce anti-jamming drone technology to India's defence and enterprise sectors, filling a critical need for secure and reliable aerial solutions.
3. Market Impact:
   • The announcement led to a 5.99% surge in DroneAcharya's stock price, with shares trading at ₹140.75 on the BSE at 3:25 pm.
   • The partnership signals confidence in India's growing drone manufacturing capabilities, attracting interest from investors.
4. Focus on Trials and Testing:
   • According to Major General (Dr) Mandip Singh, President of Strategic Alliances at DroneAcharya, the company plans to conduct extensive trials with the armed forces over the next three months to demonstrate the effectiveness and adaptability of the technology.
   • DroneAcharya has been providing FPV drones and training services to Indian defence organisations for over seven years, ensuring the company has a strong foundation to support this new venture.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Reserve Bank of India Grants Approval for Pranav Chawda to Become Chief Executive Officer of JP Morgan Chase Bank India  

• JP Morgan Chase Bank India has announced the elevation of Pranav Chawda as its Chief Executive Officer (CEO).
• The appointment received approval from the Reserve Bank of India (RBI).
• As CEO, Chawda's responsibilities will expand to include heading the corporate banking entity as well.
• The former CEO, Prabhdev Singh, resigned in June before completing his term.

About Pranav Chawda :

• Pranav Chawda joined JP Morgan in 2019.
• He has been leading the commercial banking vertical prior to his appointment as CEO.
• Chawda previously served as the head of client banking and specialized industries, focusing on midsized India-headquartered companies.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Manipal HealthMap completes full acquisition of iGenetic Diagnostics, aims for 200 centres by 2027

• Manipal HealthMap has acquired iGenetic Diagnostics, securing a 100% stake in the company.
• This acquisition aims to enhance Manipal HealthMap's market presence, particularly in Maharashtra, Madhya Pradesh, and Karnataka.
• Expansion Plans:Following the acquisition, Manipal HealthMap intends to accelerate expansion efforts to establish over 200 diagnostic centres by 2027.
• The company aims to penetrate various markets, including metro, tier 1, tier 2, and tier 3 cities.
• Business Models for Growth:The expansion will utilize diverse business models, such as:
  • Public-Private Partnerships (PPP)
  • Business-to-Business (B2B)
  • Business-to-Consumer (B2C)
  • Contract Research Organisation (CRO)
  • Institutional clients
• Previous Acquisitions:This acquisition follows Manipal HealthMap’s earlier acquisition of Medcis PathLabs, indicating a trend of consolidation in the diagnostic services sector.
• Regulatory Approval:The merger has received approval from the National Company Law Tribunal (NCLT), enabling the transaction to proceed.

About Manipal HealthMap :

• Manipal HealthMap was founded in 2013 and focuses on high-end molecular diagnostics and critical care services.
• The company is controlled by Manipal Group and Morgan Stanley.
• Operates across 17 states in India with a network of 55 radiology centres and a pathology division that covers 35 locations.
• Provides a range of services, including CT scans, MRIs, PET-CT, ultrasounds, X-rays, and ECGs, and specialized testing in areas like NGS, molecular diagnostics, histopathology, cytogenetics, and microbiology.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

National Aeronautics and Space Administration Launches Europa Clipper to Investigate Potential Signs of Life on Jupiter's Moon 

• The National Aeronautics and Space Administration’s (NASA’s) Europa Clipper has embarked on its long voyage to Jupiter, where it will investigate Europa, a moon with an enormous subsurface ocean that may have conditions to support life.
• The spacecraft launched aboard a SpaceX Falcon Heavy rocket from Launch Pad 39A at NASA’s Kennedy Space Center in Florida.

Key Highlights :

Mission Overview

• Objective: Study Jupiter's moon Europa, known for its potential to harbor life due to its subsurface ocean.

Mission Timeline

• Distance: The round trip to Jupiter will span approximately 8 billion miles (3 billion kilometers).
• Gravity Assists:
  • The spacecraft will swing past Mars early next year (2025).
  • It will also pass Earth in late 2026.
• Arrival at Jupiter: Scheduled for 2030, with science operations commencing in 2031.
• Mission Duration: The mission will last until 2034, concluding with a planned crash into Ganymede (Jupiter’s largest moon).

Scientific Goals and Instruments

• Flybys of Europa: The spacecraft will conduct 49 flybys of Europa, coming as close as 16 miles (25 kilometers) to its surface.
• Scientific Instruments: Equipped with nine science instruments, including:
  • Ice-penetrating radar: To investigate subsurface structures.
  • Cameras: For imaging the surface.
  • Thermal instruments: To identify areas of warmer ice and detect recent water eruptions.
  • Gravity experiment: To study Europa's gravitational field.

Power and Design

• Solar Arrays: Europa Clipper carries the largest solar arrays ever used for an interplanetary mission, spanning 100 feet (30.5 meters) when fully deployed.
• Weight: The spacecraft weighs about 13,000 pounds (5,900 kilograms) when fully loaded with propellant.

Cultural and Scientific Representation

• Messages from Earth: The spacecraft carries a triangular metal plate with:
  • “Water words”: Representations of the word "water" in 104 languages.
  • A poem about the moon by US poet laureate Ada Limon.
  • A silicon chip containing the names of 2.6 million people who signed up to be part of the mission.

Significance

• First NASA spacecraft dedicated to studying an ocean world beyond Earth, with the aim to assess Europa's habitability potential.

About NASA :

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

Daily CA One- Liner: October 25

• Union Minister Dharmendra Pradhan’s visit to Australia emphasised the critical role of education in advancing the India-Australia partnership
• The Telecom Regulatory Authority of India (TRAI) has issued a consultation paper on the ‘Terms and Conditions of Network Authorisations’ to be granted under the Telecommunications Act, 2023
• The Indian government is set to commemorate the 150th birth anniversary of Sardar Vallabhbhai Patel with a nationwide program spanning two years, from 2024 to 2026.
• Prime Minister Narendra Modi is expected to launch the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PM-JAY) specifically for senior citizens
• State-owned Bharat Sanchar Nigam Ltd (BSNL) is gearing up to launch its long-awaited 4G services across India, with plans to eventually transition to 5G
• Delhi's State Government signed a Memorandum of Understanding (MoU) with the Ministry of Education to implement the PM-SHRI (Prime Minister’s Schools for Rising India) scheme
• Air India (AI) and Singapore Airlines (SIA) have announced an expanded codeshare agreement, adding 11 Indian cities and 40 international destinations to their network
• DroneAcharya Aerial Innovations Limited has entered into an exclusive partnership with Krattworks Ltd., an Estonian defence drone manufacturer, to produce and distribute defence drones in India
• Artificial Intelligence (AI) adoption in India is gaining momentum, particularly among private banks, with asset size and CRAR (Capital to Risk Weighted Assets Ratio) being key factors influencing the rate of adoption.
• The Department of Financial Services (DFS) in the Finance Ministry announced a major revamp of the middle level management structure in nationalised banks.
• State Bank of India (SBI) raised ₹5,000 crore through the issuance of Additional Tier-I (AT-I) bonds.
• The National Payments Corporation of India (NPCI) has approved Paytm to onboard new UPI users, contingent on compliance with procedural guidelines and circulars.
• The Financial Intelligence Unit (FIU) imposed a penalty of Rs 54 lakh on the Union Bank of India for failing to report suspicious transaction reports (STRs) and lacking due diligence under the Prevention of Money Laundering Act (PMLA).
• Muthoot Finance raised $400 million through the issuance of Senior Secured Notes.
• Israel officially became the 69th member of the Asian Development Bank (ADB) and the 20th non-regional member, effective 1st October.
• Indian pharmaceutical company Zydus Lifesciences Limited announced that its typhoid vaccine, ZyVac TCV, has received World Health Organization (WHO) prequalification, making it eligible for United Nations procurement programs.
• Kerala's Minister for Transport, K.B. Ganesh Kumar, launched the Citizen Sentinel app, allowing citizens to upload photos and videos of traffic violations via the NextGen Parivahan app.
• Assam Chief Minister (CM) Himanta Biswa Sarma launches Mission Basundhara 3.0 to digitise land services to grant land rights to indigenous people.
• JP Morgan Chase Bank India has announced the elevation of Pranav Chawda as its Chief Executive Officer (CEO).
• Manipal HealthMap has acquired iGenetic Diagnostics, securing a 100% stake in the company.
• The National Aeronautics and Space Administration’s (NASA’s) Europa Clipper has embarked on its long voyage to Jupiter, where it will investigate Europa, a moon with an enormous subsurface ocean that may have conditions to support life.