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CURRENT AFFAIRS: BANKING & FINANCE

Finance Ministry to Review Co-Lending and Micro, Small, and Medium Enterprises Credit at Public Sector Banks    

• Department of Financial Services (DFS) Secretary M Nagaraju is likely to chair this meeting with the managing directors (MDs) and chief executive officers (CEOs) of public sector banks (PSBs) on November 5, 2024.

Key Highlights :

• Agenda:Discussion on the progress of co-lending regulations for banks and non-banking financial companies (NBFCs).
• Review of specific instructions related to co-lending following recent regulatory actions by the Reserve Bank of India (RBI) concerning NBFCs.
• Background:The last review meeting was chaired by Vivek Joshi, the former DFS Secretary, in June 2024.
• A report on co-lending submitted by the State Bank of India (SBI) to the finance ministry has recommended eliminating the 18% Goods and Services Tax (GST) on co-lending activities.
• Recommendations:The committee's report suggests:
  • No GST should be imposed on co-lending.
  • Co-lending should be limited to priority sector lending.
• Co-Lending Framework:The finance ministry instructed SBI to form a co-lending committee in May 2024 to address issues with its business model.
• Co-lending has been allowed since 2018 but has not gained significant traction among banks and NBFCs.
• Financial Performance:The 12 PSBs collectively reported a net profit of over ₹1 trillion in the financial year 2022-23.

Religare States Reserve Bank of India Rejected Proposal to Appoint Former Central Bureau of Investigation Official to Its Board    

• The Reserve Bank of India (RBI) denied Religare Enterprises' application to appoint Rakesh Asthana as its whole-time director without providing specific reasons.

Background of Rakesh Asthana:

• Former top official of the Central Bureau of Investigation (CBI).
• Held various significant positions, including:
  • Police Commissioner of Delhi (retired July 2022).
  • Chief of the Border Security Force (BSF).
  • Director General of the Bureau of Civil Aviation Security (BCAS).
  • Director General of the Narcotics Control Bureau (NCB).
• Approximately 13 years of experience in financial crime investigations, with knowledge of banking, insurance, and regulatory frameworks.

Disclosure Oversight:

• Religare acknowledged that the refusal to appoint Asthana was not disclosed to the stock exchanges due to an oversight while focusing on other regulatory applications.

Acquisition Target:

• Religare is currently a target for acquisition, with an open offer from the Burman family of the Dabur group made on September 25, 2023.

Independent Directors' Concerns:

• The committee of independent directors raised concerns regarding the acquirers and their promoters, which were forwarded to the Securities and Exchange Board of India (Sebi) for investigation.

Nomination and Remuneration Committee:

• The committee considered Asthana's expertise and experience relevant for the company's recovery from fraud perpetrated by previous promoters and supported his appointment to the board.

Board Approval:

• The board of Religare approved Asthana's appointment as an Additional Director (whole-time director) on November 2, 2023, pending RBI and shareholder approval.

Aditya Birla Housing Finance teams up with BharatPe to transform secured lending  

• Aditya Birla Housing Finance Ltd. (ABHFL), a subsidiary of Aditya Birla Capital Limited., has partnered with BharatPe, a fintech company, to enhance access to home loans and loans against property for BharatPe's merchant partners.
• ABHFL is the first housing finance company to collaborate with BharatPe, aiming to streamline access to secured lending through innovative digital solutions.

Key Highlights :

• User Experience Improvement: The partnership focuses on significantly enhancing the user experience by providing advanced digital solutions for loan applications.
• Target Audience: The collaboration aims to serve over 1.3 crore merchants associated with BharatPe across more than 450 cities, with an emphasis on Tier 2 and Tier 3 markets.
• Recent Developments by BharatPe: In August 2024, BharatPe expanded into secured loans by launching two-wheeler loans and loans against mutual funds in partnership with established financial services firms.
• Focus on Secured Lending: The partnership emphasizes the provision of Home Loans (HL) and Loans Against Property (LAP), catering specifically to the needs of small and medium merchants.

About Aditya Birla Housing Finance Limited : 

• MD & CEO : Pankaj Gadgil

About BharatPe :

• Founded : 2018
• Headquarters : New Delhi, India
• CEO : Nalin Negi

International Monetary Fund Maintains India's GDP Growth Rate at 7% for the Current Fiscal Year   

• The International Monetary Fund (IMF) retained India's GDP growth rate at 7% for the fiscal year ending March 31, 2025, and projected 6.5% growth for FY2025-26 in its World Economic Outlook (WEO).
• Deloitte India Projection: Deloitte India's Economic Outlook also forecasts India's GDP growth between 7% and 7.2% for the current fiscal year.

Key Drivers of India's Growth:

• Moderating inflation
• Record Kharif crop production
• Increased government spending
• Growing investments in manufacturing
• Global Growth: IMF retained global growth estimates at 3.2% for both 2024 and 2025.
• Growth Projection for the US: The IMF raised the US growth rate forecast to 2.8% for 2024, up from the previous estimate of 2.6%.
• China's Growth Revision: IMF reduced China's growth rate projection for 2024 to 4.8% from the earlier estimate of 5%.

About IMF :

• Founded : 1 July 1944
• Headquarters : Washington, D.C, United States
• Managing Director : Kristalina Georgieva
• The International Monetary Fund is a major financial agency of the United Nations, and an international financial institution funded by 190 member countries.

National Payments Corporation of India Teams Up with Al Etihad Payments to Launch Domestic Card Scheme JAYWAN in the UAE   

• National Payments Corporation of India (NPCI), through its international subsidiary NPCI International Payments Limited (NIPL), is collaborating with Al Etihad Payments (AEP) to establish a domestic card scheme called JAYWAN in the United Arab Emirates (UAE).
• Al Etihad Payments (AEP):AEP, the national payments entity of the UAE, was established by the Central Bank of UAE (CBUAE) in 2023 as part of the UAE’s National Payments Strategy to develop robust financial market infrastructure.
• JAYWAN Card Scheme:The JAYWAN card is based on India's RuPay card stack, developed by NPCI, which has been shared with AEP to enable the UAE's digital payment sovereignty.
• This makes the UAE the first country in the GCC region to adopt the RuPay stack for its domestic payments.
• Cross-Border Payment Link:The Indian and UAE governments are working to interlink their national payment platforms, UPI (India) and AANI (UAE), facilitating real-time cross-border remittance.
• This interlinking will benefit over 3 million Indians residing in the UAE by enabling seamless cross-border transactions using UPI and AANI.
• Launch and Milestone:The JAYWAN card scheme was launched during Prime Minister Narendra Modi’s visit to the UAE in February 2024.
• The project’s first phase, the launch of the JAYWAN card, has been completed, marking a significant India-UAE partnership in digital payments.

CURRENT AFFAIRS: NATIONAL NEWS

Central Government Approves Key Railway Projects and Launches VC Fund for Space Sector

• The Union Cabinet has approved two major railway projects worth Rs 6,798 crore for the states of Bihar and Andhra Pradesh.
• Additionally, a Rs 1,000 crore Venture Capital (VC) fund dedicated to the space sector has been launched under IN-SPACe.

Railway Projects for Andhra Pradesh and Bihar

1. Amaravati Rail Link Project (Andhra Pradesh)
   • Length: 57 km, connecting Errupalem to Namburu.
   • Cost: Rs 2,245 crore.
   • Key Features:
     • Connects 168 villages through nine stations.
     • Enhances connectivity to 1.2 million people.
     • Provides linkages to major ports: Machilipatnam, Krishnapatnam, and Kakinada.
     • Includes a multi-modal logistics hub.
     • Improves access to key religious and cultural sites like Amaralingeswara Swamy Temple, Amaravati Stupa, Dhyana Buddha Statue, and Undavalli Caves.
     • The project aims to generate 1.9 million human days of employment.
     • Enhances rail connectivity of Amaravati with Hyderabad, Chennai, and Kolkata.
2. Doubling of Rail Lines (Bihar)
   • Sections: Narkatiaganj-Raxaul-Sitamarhi-Darbhanga and Sitamarhi-Muzaffarpur.
   • Length: 256 km.
   • Cost: Rs 4,553 crore.
   • Key Features:
     • Strengthens connectivity for Uttar Pradesh, Bihar, and the Northeast.
     • The project is strategically important as it runs parallel to the Indo-Nepal border, facilitating Indo-Nepal trade.
     • Improves connectivity to the Chicken Neck region, providing an alternative route between northern states and the Northeast.
     • Connects to the inland container depot (ICT) in Birgunj, Nepal.
     • Serves Two Aspirational Districts (Sitamarhi and Muzaffarpur), impacting around 388 villages and 9 lakh population.
     • Enhances the transport of commodities such as foodgrains, fertilizers, cement, containers, etc.

Overall Impact of the Projects:

• The projects cover 8 districts in Andhra Pradesh, Telangana, and Bihar.
• They will expand the existing rail network by 313 km, with a completion timeline of five years.
• The increased capacity is expected to handle an additional 31 MTPA (Million Tonnes Per Annum) of freight.
• Environmental benefits include reducing CO2 emissions (equivalent to 168 crore kg), akin to planting 70 million trees.

Venture Capital Fund for the Space Sector

• VC Fund Value: Rs 1,000 crore.
• Administered by: IN-SPACe (established in 2020 to encourage private sector participation in the space sector).
• Deployment Period: Up to five years.
• Annual Allocation: Rs 150-250 crore, based on investment needs.
• Objective:
  • To support the growth of India's space economy, currently valued at $8.4 billion, with a target of $44 billion by 2033.
  • To address the critical need for risk capital, especially as traditional lenders are hesitant to fund startups in this high-tech sector.

Union Labour Ministry to Convene Meeting on New Labour Codes in December

• The Union Labour Ministry is expected to organize a “Chintan Shivir” (brainstorming session) in early December to discuss the rollout of the four new labour codes and address labour-welfare policies.
• The meeting will involve labour ministers from all states and Union Territories (UTs), with the aim of gauging their preparedness and ensuring a uniform approach towards implementing the codes.

Objective of the Meeting

• The session will focus on bringing all states and UTs on board for the successful implementation of the new labour reforms.
• The four labour codes, which have been part of the Centre’s long-pending reforms agenda, are designed to simplify and consolidate existing labour laws.

Preparations for the Meeting

• States have been instructed to conduct a comparative study of the draft rules they have framed concerning the new labour codes.
• This analysis will be reviewed during the session to address any disparities and ensure that the new codes can be implemented uniformly across the country.

Significance of the Labour Codes

The four labour codes—Code on Wages, Industrial Relations Code, Social Security Code, and Occupational Safety, Health and Working Conditions Code—aim to:

1. Simplify the regulatory framework for employers and workers.
2. Enhance workers’ welfare by ensuring minimum wages, social security, and safe working conditions.
3. Improve the ease of doing business by streamlining compliance.

Government Plans to Develop 50 New Airports in Five Years: Civil Aviation Minister

• The Civil Aviation Minister, K Rammohan Naidu, announced plans to establish 50 new airports across India over the next five years to further enhance the country's airport ecosystem.
• This initiative is part of a broader effort to boost job creation and stimulate economic activities in the aviation sector.

Key Announcements:

• 50 New Airports in Five Years: The government aims to expand the existing network of airports by adding 50 more facilities, increasing the accessibility of air travel across the country.
• 200 More Airports in 20 Years: In the long term, the plan is to develop an additional 200 airports over the next 20 years, signaling a strong commitment to the growth of India's aviation infrastructure.
• Doubling of Airports in the Last Decade: Over the past 10 years, the number of airports in India has doubled, rising from 78 to 157, highlighting the rapid expansion of the aviation sector.

Focus on Job Creation and Commercial Growth:

• Naidu emphasized the importance of developing the airport ecosystem to create employment opportunities and promote commercial activities, making the aviation sector a significant contributor to India's economy.

Rising Air Passenger Traffic:

• Civil Aviation Secretary Vumlunmang Vualnam highlighted that air passenger traffic in India, which stood at 220 million last year, is expected to double in the next five years. This growth underscores the need for robust infrastructure to accommodate the increasing number of air travelers.

• The announcements were made during the inauguration of the Airbus India and South Asia Headquarters - Training Centre in New Delhi, reflecting the government's proactive approach to expanding and modernizing India's aviation infrastructure. The development of new airports is seen as a key driver for economic growth, tourism, and regional connectivity.

Revised CSR Guidelines for CPSEs Include Focus on PM’s Internship Scheme

• The Indian government has updated the Corporate Social Responsibility (CSR) guidelines for Central Public Sector Enterprises (CPSEs) for the fiscal year 2024-25, emphasizing two main areas: Health and Nutrition and the Prime Minister's Internship Scheme.
• This move is intended to streamline how CPSEs allocate their CSR funds, with a significant focus on youth employability and skill development.
• The Prime Minister's Internship Scheme reflects the government's efforts to enhance youth skill development and job readiness.
• By involving CPSEs through CSR contributions, the initiative aims to create significant opportunities for young Indians, facilitating their transition into the professional world while addressing skill gaps across various sectors.

Key Highlights:

1. Prime Minister's Internship Scheme (PMIS):
   • Introduced as a new focus area in the 2024-25 Union Budget by Finance Minister Nirmala Sitharaman.
   • Aims to provide internship opportunities to 10 million young Indians aged 21-24 over the next five years.
   • The program will connect youth with leading companies across various sectors, enhancing their employability.
   • Internships under this scheme will commence in December 2024, as part of a pilot project estimated at ₹800 crore.
   • 125,000 candidates are expected to be covered by the end of March 2025.
2. Stipend and Support for Interns:
   • Interns will receive a monthly stipend of ₹5,000, with ₹4,500 funded by the government and ₹500 contributed by participating companies using their CSR budgets.
   • Interns will also be eligible for a one-time grant of ₹6,000 and life insurance coverage during the internship period.
3. Thematic Approach to CSR Expenditure:
   • CPSEs typically adopt a theme-based approach for their CSR activities, with 60% of their funds allocated to a designated theme.
   • For 2024-25, CPSEs will prioritize Health and Nutrition and the PM’s Internship Scheme as the key areas for CSR spending.
4. Application Process:
   • Companies and interns can register on the PM Internship Scheme portal: pminternship.mca.gov.in.
   • Registrations for applicants were open until October 25, with shortlisting and selection set to take place in late October and early November.

CURRENT AFFAIRS : INTERNATIONAL NEWS

World Health Organization Secures $1 Billion for 2025-28, Including $700 Million in New Funding    

• The World Health Organization (WHO) has secured $1 billion in pledges for its budget covering 2025-28.
• Nearly $700 million of this total consists of new funding commitments from various European countries, foundations, and organizations.
• Meanwhile, $300 million was made up from reaffirmed funding commitments.
• The funding was announced during the WHO Investment Round Signature Event at the World Health Summit in Berlin, co-hosted by Germany, France, and Norway.
• This funding is crucial for implementing WHO's Fourteenth General Programme of Work 2025-2028, which was approved by the organization's 194 Member States at the World Health Assembly earlier this year.

Key Contributors:

• Germany pledged nearly $400 million over four years, with $260 million in new voluntary funding.
• The Wellcome Foundation (UK) pledged $50 million.
• Other contributors included:Institute for Philanthropy, Resolve to Save Lives, and World Diabetes Foundation, each committing $10 million.
• WHO Foundation also pledged $50 million, with support from pharmaceutical companies Boehringer Ingelheim and Novo Nordisk.
• Additional Contributions:16 African governments have committed funding to the organization’s investment round.
• Other expected contributors include France, Spain, the UK, and the Bill & Melinda Gates Foundation in the coming months.

About WHO :

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

CURRENT AFFAIRS : STATE NEWS

Bihar Chief Minister Nitish Kumar Launches Panchayat Development Projects Valued at ₹7,160 Crore   

• Bihar Chief Minister Nitish Kumar inaugurated and laid the foundation stone for various projects worth Rs 7,160 crore.
• The projects include the establishment of 2,615 panchayat government buildings across different blocks in Bihar.

Key Highlights :

• Resource Centre: A panchayat resource centre was inaugurated in Sonepur, Saran district, aimed at enhancing local governance.
• District Panchayat Resource Centres: The CM inaugurated 13 district panchayat resource centres and 65 additional panchayat government buildings.
• E-Governance Initiatives: The launch of the e-gram kachhari court management system and the portals for several district councils were part of the inauguration.
• Completion Timeline: Officials were instructed to complete the construction of all panchayat buildings by June 2025.
• Construction Targets: The Bihar government has set a goal to construct panchayat government buildings in every gram panchayat, with initial progress reported on 330 buildings.
• Building Approval Status: Of the total 8,053 proposed panchayat buildings, 6,858 have been approved, with 1,548 completed and others under construction.
• Land Acquisition: Efforts are underway to identify suitable land for the construction of 1,195 additional buildings.
• Street Lighting Initiative: There are 1,09,321 wards in Bihar, with a target to install 11,75,740 street lights, of which the installation of 8,00,740 lights is currently in progress and is expected to be completed by March 2025.

About Bihar :

• Governor : Rajendra Arlekar
• Chief Minister : Nitish Kumar
• Capital : Patna
• National Parks : Valmiki National Park
• Wildlife Sanctuary : Kaimur Wildlife Sanctuary, Nakti Dam Bird Sanctuary, Kanwar Lake Bird Sanctuary

Ustad Allauddin Khan Festival Celebrates 50th Anniversary in Maihar, Madhya Pradesh   

• The Ustad Allauddin Khan Festival is being held in Maihar, Madhya Pradesh, marking its golden jubilee year (50th anniversary).
• The festival will take place over three days, concluding on October 10.
• It is organized jointly by the Madhya Pradesh Culture Department, Ustad Allauddin Khan Music and Art Academy, and the Maihar District Administration.
• The event will feature performances by many well-known personalities from the music world across the country.
• Significance of Ustad Allauddin Khan:Ustad Allauddin Khan was a prominent figure in the music industry, known for his contributions to promoting music traditions in Madhya Pradesh.
• Exhibitions:Two exhibitions will be held during the festival:
  • ‘Devi’: This exhibition will showcase a collection of miniature paintings based on the 108 names of Goddesses.
  • ‘Tantu’: This exhibition will focus on string instruments, highlighting their significance in music.

About MP :

• Governor: Mangubhai C. Patel
• Chief Minister: Mohan Yadav
• Capital: Bhopal
• National Park: Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary: Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

Assam Chief Minister Himanta Biswa Sarma Launches ‘Nijut Moina Scheme’ to Boost Girls’ Higher Education Enrolment and Combat Child Marriage    

• Assam Chief Minister (CM) Himanta Biswa Sarma launched the Nijut Moina Scheme to provide monthly financial assistance, aiming to increase girls' enrolment in higher education and fight child marriage.
• Target Group: The scheme targets girl students from Higher Secondary (HS) to Postgraduate (PG) levels in government and government-aided institutions.
• Complementary to Free Admission Scheme: It complements the existing free admission scheme by providing additional financial support.
• Monthly Financial Assistance:
• HS First Year: ₹10,000 annually (₹1,000/month for 10 months).
• Graduate Level: ₹12,500 annually (₹1,250/month for 10 months).
• Postgraduate Level: ₹25,000 annually (₹2,500/month for 10 months).
• Duration of Support: Assistance will be provided for 10 months in each academic year.
• Disbursement: The funds will be transferred via Direct Benefit Transfer (DBT) starting from October 10, 2024.

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

Revenue Growth of Indian Companies Slows to 5-7% in July-September Quarter

• The revenue growth of Indian companies in the July-September quarter is estimated to be 5-7% year-on-year (Y-o-Y), marking the slowest growth in the last 16 quarters, according to CRISIL.
• The analysis is based on 435 companies, representing almost half of the listed market capitalization.

Key Reasons for the Slowdown

1. Stagnant Performance in Construction Sector
   • The construction sector, which contributes 20% of India Inc.'s revenue, showed stagnant performance.
2. Weak Industrial Commodities and Investment-Linked Sectors
   • Sectors related to industrial commodities, investment, and construction saw only a 1% growth, impacting overall revenue.
   • These sectors account for 38% of the companies in CRISIL's sample.
3. Sector-Specific Declines
   • Power Sector:
     • Despite constituting 70% of the investment sector's revenue, the power segment grew by only 1% due to reduced demand following above-normal monsoons.
   • Steel Sector:
     • Revenue decreased by 2-3% due to price drops influenced by cheap Chinese imports.
   • Cement Sector:
     • Revenue growth slipped 2-3% due to sluggish government spending post-Lok Sabha elections.
   • Agriculture Sector:
     • Impacted by a decline in raw material prices.

Positive Trends

1. Improved Profitability
   • Despite the slowdown, profitability is expected to improve, with EBITDA margins estimated to increase by 70-90 basis points Y-o-Y, driven by export-linked and select investment-linked sectors.
2. Strong Performance in Export-Linked Sectors
   • Exports grew by around 5%, with the pharmaceutical sector recording a robust 11% revenue growth.
3. IT Services and Consumer Discretionary
   • IT Services:
     • Experienced 3-4% growth, primarily due to clients in banking and financial services delaying non-essential projects.
   • Consumer Discretionary and Staples:
     • Achieved 15% revenue growth, led by the two-wheeler segment which saw 15-16% growth due to a rural recovery.
   • Telecom Services:
     • Revenue increased by 12-13% following tariff hikes.

Overall Growth

• For the companies analyzed, EBITDA increased by 10% Y-o-Y, despite challenges in key sectors.

CURRENT AFFAIRS: AWARDS AND HONOURS

European Parliament Awards Sakharov Prize to Venezuelan Opposition Leaders María Corina Machado and Edmundo González

• The European Parliament has awarded its prestigious Sakharov Prize for Freedom of Thought to María Corina Machado and Edmundo González, leaders of Venezuela's democratic opposition.
• This recognition honors their efforts to restore democracy and freedom in Venezuela amid political repression.

Key Points:

1. Award Background:
   • The Sakharov Prize, established in 1988, is named after Andrei Sakharov, a Soviet dissident and Nobel laureate. It is the highest tribute the European Union pays to individuals or groups defending human rights and fundamental freedoms.
   • Past recipients include global figures like Nelson Mandela, Malala Yousafzai, and Denis Mukwege.
2. Venezuelan Opposition and Repression:
   • María Corina Machado was initially set to run against President Nicolás Maduro in the 2024 Venezuelan presidential election, but the government disqualified her, prompting Edmundo González to take her place.
   • The election process was marred by widespread repression, including disqualifications, arrests, and human rights violations.
   • Machado had to go into hiding, fearing for her life, and a Venezuelan court issued an arrest warrant for González, who sought political asylum in Spain.
3. Recognition and Support:
   • Roberta Metsola, President of the European Parliament, praised Machado and González for upholding values like justice, democracy, and the rule of law, which align with the principles held by the European Union.
   • The EU Parliament passed a resolution last month recognizing González as the legitimate president of Venezuela, challenging the controversial re-election of Maduro.

Award Ceremony and Significance:

• The Sakharov Prize comes with an €50,000 ($54,000) endowment and will be formally presented in mid-December at the European Parliament in Strasbourg, France.
• The award also highlights the international community's solidarity with those advocating for democracy and human rights.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Reserve Bank of India Approves Axis Bank MD and CEO Amitabh Chaudhry’s Re-appointment   

• Axis Bank has confirmed the re-appointment of Amitabh Chaudhry as Managing Director (MD) and Chief Executive Officer (CEO) of the bank for another three years, starting from January 1, 2025, to December 31, 2027.
• The re-appointment was approved by shareholders at Axis Bank's 30th Annual General Meeting in July.
• Final approval was given by the Reserve Bank of India (RBI) on October 24, 2024.
• Previous Positions:Before joining Axis Bank, Amitabh Chaudhry served as the MD and CEO of HDFC Standard Life Insurance Company Limited (HDFC Life) for over nine years.
• He also held senior roles at Infosys, including MD and CEO of Infosys BPO and Head of the Testing Unit at Infosys Technologies Limited.
• Resignation of Wholesale Banking Head:Ganesh Sankaran, Axis Bank's Group Executive in charge of the Wholesale Banking division, has resigned to pursue other opportunities.
• His last working day with Axis Bank will be November 30, 2024.

About Axis Bank :

• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

Justice Sanjiv Khanna Set to Be Sworn in as Chief Justice of India on November 11, 2024  

• The Union government notified the appointment of Justice Sanjiv Khanna as the 51st Chief Justice of India with effect from November 11, 2024.
• The appointment was made by the President of India under Clause (2) of Article 124 of the Constitution.
• Chief Justice D.Y. Chandrachud, scheduled to retire on November 10, 2024, recommended Justice Khanna as his successor on October 17, 2024.

About Justice Sanjiv Khanna :

• Born on May 14, 1960, Justice Khanna enrolled as an advocate with the Bar Council of Delhi in 1983.
• He initially practised in District Courts and, later, in the High Court of Delhi in various fields of law, including constitutional law, direct taxation, arbitration, commercial law, company law, land law, environmental law and medical negligence.
• He was senior standing counsel for the Income Tax Department.
• He had also functioned as standing counsel for the National Capital Territory of Delhi and had appeared as Additional Public Prosecutor and amicus curiae in the High Court.
• He was elevated as an Additional Judge of the Delhi High Court in 2005 and made a Permanent Judge in 2006.
• He was appointed as a Judge of the Supreme Court on January 18, 2019.
• He was ranked 33 in the combined seniority of High Court Judges on all-India basis, but the then Supreme Court Collegium headed by Chief Justice Ranjan Gogoi had recommended him over others on grounds of merit and integrity.
• He had led the Supreme Court Bench which gave interim bail to former Delhi Chief Minister Arvind Kejriwal to campaign in the Lok Sabha election of 2024.
• He was also a member of the Constitution Bench that upheld the dilution of Article 370 of the Constitution in Jammu and Kashmir.
• Justice Khanna is due to retire on May 13, 2025.

International Crops Research Institute for the Semi-Arid Tropics Governing Board Appoints Himanshu Pathak as Director-General Designate

• The Governing Board of the International Crops Research Institute for the Semi-Arid Tropics (Icrisat) has appointed Himanshu Pathak as the Director -General Designate of the institute.
• Pathak, who currently serves as Union Secretary of the Department of Agricultural Research and Education (DARE) and Director General of the Indian Council of Agricultural Research (ICAR), will assume his role next year.
• Pathak will be the first Indian to head ICRISAT, a 52-year-old institute based in Patancheru near Hyderabad.
• He will succeed Jacqueline Hughes in the role.
• He will be the second Indian to head a Consortium of International Agricultural Research Centres (CGIAR) institute after M S Swaminathan, who led the Philippines-based International Rice Research Institute (IRRI).

About ICRISAT :

• Formation : 1972
• The ICRISAT is an international organisation which conducts agricultural research for rural development, headquartered in Patancheru, Hyderabad, Telangana, India.

CURRENT AFFAIRS : DEFENCE NEWS

Raksha Mantri Rajnath Singh Lays Foundation Stone for New Very Low Frequency Station of Indian Navy in Vikarabad, Telangana   

• The Raksha Mantri Rajnath Singh laid the foundation stone for a new Very Low Frequency (VLF) Station of the Indian Navy.
• The VLF station is located at the Damagundam Reserve Forest site, Pudur Mandal in Vikarabad, Telangana.

Key Highlights :

• Cost and Area:The facility is being constructed at a cost of ₹3,200 crore.
• It will cover an area of 2,900 acres.
• Operational Significance:The VLF station will enhance the Indian Navy’s operational readiness, ensuring effective command and control capabilities in challenging maritime environments.
• The project aligns with the vision of securing India’s maritime interests.
• Historical Context:This VLF station will be India’s second such facility; the first, INS Kattabomman, has been operational in Tirunelveli, Tamil Nadu, since 1990.
• Site Selection:The Eastern Naval Command in Visakhapatnam identified Vikarabad as a suitable location for this new facility.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Scientists discover concealed ocean 700 kilometers beneath Earth's surface   

• Scientists at Northwestern University have discovered a massive water reservoir, dubbed a "sixth ocean," located approximately 700 kilometers beneath the Earth's surface within the mantle.
• This hidden ocean is estimated to be three times larger than all of Earth's surface oceans combined.
• The discovery was made using around 2,000 seismographs across the United States.
• These instruments analyze seismic waves that penetrate the Earth’s layers, revealing insights into its internal structure.
• This finding challenges existing knowledge about Earth's geology and highlights the importance of studying the planet's internal processes.
• Currently, the world recognizes five major surface oceans — Pacific, Atlantic, Indian, Arctic, and Southern (Antarctic) Oceans.
• This new "sixth ocean" is unlike any surface ocean, existing deep within the Earth's mantle.

CURRENT AFFAIRS : OBITUARIES

Tito Mboweni, South Africa’s First Black Central Bank Governor, Passed Away                           

• Tito Mboweni, who was the first Black governor of the South African Reserve Bank was heralded by financial markets and business for keeping tight fiscal controls on the nation’s public spending, has passed away at the age of 65.

About Tito Mboweni :

• Mboweni served as the governor of the South African Reserve Bank from 1999 to 2009.
• He was recognized for maintaining tight fiscal controls on the nation’s public spending, which earned him praise from financial markets and the business community.
• He served as finance minister from October 2018 to August 2021.
• Appointed by President Cyril Ramaphosa during his first term, Mboweni's role focused on combating corruption and rebuilding confidence in the economy, which was struggling after the presidency of Jacob Zuma.
• Mboweni was previously the labor minister in South Africa's first democratic cabinet after the end of White minority rule in 1994.
• One of his significant achievements as governor was increasing the country’s foreign-exchange reserves from less than $10 billion to nearly $40 billion.

Nobuyo Oyama, Iconic Voice Actor of Japanese Cartoon Doraemon, Passed Away    

• Nobuyo Oyama, the iconic voice actor for Doraemon, passed away at the age of 90.

About Nobuyo Oyama :

• Oyama began her career in the 1960s and became famous for her voice acting in anime and children’s programs.
• She voiced Doraemon in the popular Japanese anime series from 1979 to 2005, gaining a large fan following in Japan and internationally.
• Doraemon, a character created by Fujiko F. Fujio in 1970, became a cultural icon, with its manga and anime translated into multiple languages.
• Oyama voiced a piglet in a children’s puppet show in the 1960s.
• She also voiced Katsuo in the anime show "Sazaesan".
• Nobuyo Oyama retired from her role as Doraemon in March 2005.

CURRENT AFFAIRS: IMPORTANT DAYS

International Artist Day - October 25

• International Artist Day is celebrated annually on October 25 to honour and recognize artists from various fields, including visual arts, music, dance, literature, and performance.
• The day was initiated in 2004 by Chris MacClure, a Canadian artist known for his "Romantic Realism" style, to highlight the essential role that artists play in society and to encourage support for the arts.

History and Purpose

• Founder: Chris MacClure created the day to celebrate the contributions of artists across all disciplines and acknowledge their ability to shape culture and society.
• Aim: The celebration encourages communities to engage with the arts, appreciate creative expression, and support artists' endeavors.

Significance

• Emotional and Intellectual Value: Art has the unique power to convey emotions, tell stories, and represent cultural identities that words alone may not fully express. It fosters empathy, creativity, and diversity, making it a vital part of the human experience.
• Connecting Cultures: International Artist Day emphasizes art's role in bridging cultural gaps, promoting understanding, and bringing people together.
• Encouragement to Support Artists: The day serves as a reminder to support artists and appreciate the beauty, inspiration, and critical perspectives they bring to the world. It also encourages individuals to explore their own creativity and engage with the arts in various forms.

National Lemur Day - October 25, 2024

• National Lemur Day is celebrated on October 25, 2024, under the theme "Lemurs, a National Treasure, a Global Pride."
• This day highlights the importance of lemurs, the iconic animals of Madagascar, and their critical role in maintaining the balance of ecosystems.

History and Background

• Origin: The celebration of lemurs started with the World Lemur Festival initiated by Professor Jonah Ratsimbazafy in 2014 in Antananarivo, Madagascar. The aim was to raise awareness about the significance of lemurs in Madagascar, an island renowned for its unique biodiversity.
• Global Participation: In 2015, the event expanded, and people from zoos, organizations, and communities worldwide began participating, leading to the annual celebration of World Lemur Day in conjunction with the World Lemur Festival.

Significance

• Iconic Species of Madagascar: Lemurs are not just a national symbol of Madagascar; they represent the island's unique wildlife and play a significant role in its ecosystem. They are crucial for processes like seed dispersal, which supports forest regeneration.
• Conservation Awareness: National Lemur Day aims to draw attention to the challenges lemurs face, including habitat loss, deforestation, and illegal hunting. Over 90% of lemur species are threatened with extinction, making them one of the most endangered groups of mammals on the planet.
• Cultural Pride: Celebrating lemurs is also about acknowledging the pride of Madagascar’s biodiversity, which has gained recognition and admiration worldwide. The theme "Lemurs, a National Treasure, a Global Pride" emphasizes the cultural and ecological value of these animals, advocating for their conservation and protection.

Disarmament Week: October 24 - 30

• Disarmament Week is observed annually from October 24 to 30,2024 starting on the United Nations (UN) Day.
• This week aims to raise awareness about the importance of disarmament and promote international dialogue to reduce the spread and impact of weapons.
• Established by the UN in 1978, it emphasizes reducing or eliminating weapons, including nuclear, chemical, biological arms, and conventional weapons.

History and Background

• Origin: Disarmament Week was first called for in the Final Document of the UN General Assembly’s 1978 Special Session on Disarmament (Resolution S-10/2). It was further reinforced in 1995 by inviting governments and NGOs to participate actively (Resolution 50/72 B).
• Coinciding with UN Day: The observance begins on October 24, marking the anniversary of the UN's founding, highlighting the organization's commitment to peace and security.

Significance of Disarmament Efforts

• Preventing Armed Conflict: Since the UN's inception in 1945, disarmament has been central to global peace efforts. Initiatives to limit weapons have been crucial in preventing conflict and fostering international security.
• Addressing Underlying Issues: Disarmament goes beyond reducing weapon numbers; it focuses on resolving the root causes of international security issues, encouraging diplomacy and dialogue over arms accumulation.

Global Media and Information Literacy Week: October 24 - 31

• Global Media and Information Literacy (MIL) Week is observed annually from October 24 to 31.
• It aims to raise awareness about the importance of Media and Information Literacy (MIL) and celebrates the progress made towards ensuring that people around the world are equipped with the skills to critically navigate the information landscape.
• The event is organized globally with UNESCO co-hosting a conference along with a Member State, bringing together the MIL community.

Theme for 2024

• This year's theme is "The New Digital Frontiers of Information: Media and Information Literacy for Public Interest Information." It highlights the need to equip individuals with skills to critically evaluate the vast array of information they encounter in today's rapidly evolving digital environment. The theme addresses the challenges posed by the rise of digital platforms and generative AI, which have blurred the lines between fact and fiction, human-generated and AI-generated content.
• Media and Information Literacy (MIL) empowers individuals, giving them the skills to discern between credible and misleading information. This form of literacy has become a crucial skill in the digital age, where informed decision-making and critical engagement are key to navigating complex information networks.

Media and Information Literacy for the Public Good

• UN Recognition: In 2021, the United Nations General Assembly officially recognized the importance of MIL, marking its significance by dedicating a week to raise awareness. The decision aimed to address the digital divide and ensure equitable access to information.
• Combating the Digital Divide: Equipping individuals with MIL tools ensures that information is factual, timely, clear, accessible, multilingual, and science-based, helping to bridge the gap between and within countries.
• Advancing Public Good: MIL is crucial for fostering informed public discourse, countering misleading information, and empowering societies to make informed decisions. Without these skills, people remain vulnerable to manipulation.

What is Media and Information Literacy?

Media and Information Literacy (MIL) involves competencies that enable individuals to effectively navigate the information and communication landscape. It covers skills such as:

• Searching and Accessing Information: Knowing how to find reliable sources.
• Critical Evaluation: Assessing the credibility and accuracy of content.
• Purposeful Use: Using digital technology creatively and ethically.
• Knowledge of Digital Rights: Understanding online rights and ethical issues surrounding information access.

Daily CA One- Liner: October 26

• The Union Cabinet has approved two major railway projects worth Rs 6,798 crore for the states of Bihar and Andhra Pradesh
• The Union Labour Ministry is expected to organize a “Chintan Shivir” (brainstorming session) in early December to discuss the rollout of the four new labour codes and address labour-welfare policies
• The Civil Aviation Minister, K Rammohan Naidu, announced plans to establish 50 new airports across India over the next five years to further enhance the country's airport ecosystem.
• The Indian government has updated the Corporate Social Responsibility (CSR) guidelines for Central Public Sector Enterprises (CPSEs) for the fiscal year 2024-25, emphasizing two main areas: Health and Nutrition and the Prime Minister's Internship Scheme
• The revenue growth of Indian companies in the July-September quarter is estimated to be 5-7% year-on-year (Y-o-Y), marking the slowest growth in the last 16 quarters, according to CRISIL
• The European Parliament has awarded its prestigious Sakharov Prize for Freedom of Thought to María Corina Machado and Edmundo González, leaders of Venezuela's democratic opposition.
• Department of Financial Services (DFS) Secretary M Nagaraju is likely to chair this meeting with the managing directors (MDs) and chief executive officers (CEOs) of public sector banks (PSBs) on November 5, 2024.
• The Reserve Bank of India (RBI) denied Religare Enterprises' application to appoint Rakesh Asthana as its whole-time director without providing specific reasons.
• Aditya Birla Housing Finance Ltd. (ABHFL), a subsidiary of Aditya Birla Capital Limited., has partnered with BharatPe, a fintech company, to enhance access to home loans and loans against property for BharatPe's merchant partners.
• The International Monetary Fund (IMF) retained India's GDP growth rate at 7% for the fiscal year ending March 31, 2025, and projected 6.5% growth for FY2025-26 in its World Economic Outlook (WEO).
• National Payments Corporation of India (NPCI), through its international subsidiary NPCI International Payments Limited (NIPL), is collaborating with Al Etihad Payments (AEP) to establish a domestic card scheme called JAYWAN in the United Arab Emirates (UAE).
• The World Health Organization (WHO) has secured $1 billion in pledges for its budget covering 2025-28.
• Bihar Chief Minister Nitish Kumar inaugurated and laid the foundation stone for various projects worth Rs 7,160 crore.
• The Ustad Allauddin Khan Festival is being held in Maihar, Madhya Pradesh, marking its golden jubilee year (50th anniversary).
• Assam Chief Minister (CM) Himanta Biswa Sarma launched the Nijut Moina Scheme to provide monthly financial assistance, aiming to increase girls' enrolment in higher education and fight child marriage.
• Axis Bank has confirmed the re-appointment of Amitabh Chaudhry as Managing Director (MD) and Chief Executive Officer (CEO) of the bank for another three years, starting from January 1, 2025, to December 31, 2027.
• The Union government notified the appointment of Justice Sanjiv Khanna as the 51st Chief Justice of India with effect from November 11, 2024.
• The Governing Board of the International Crops Research Institute for the Semi-Arid Tropics (Icrisat) has appointed Himanshu Pathak as the Director -General Designate of the institute.
• The Raksha Mantri Rajnath Singh laid the foundation stone for a new Very Low Frequency (VLF) Station of the Indian Navy.
• Scientists at Northwestern University have discovered a massive water reservoir, dubbed a "sixth ocean," located approximately 700 kilometers beneath the Earth's surface within the mantle.
• Tito Mboweni, who was the first Black governor of the South African Reserve Bank was heralded by financial markets and business for keeping tight fiscal controls on the nation’s public spending, has passed away at the age of 65.
• Nobuyo Oyama, the iconic voice actor for Doraemon, passed away at the age of 90.
• International Artist Day is celebrated annually on October 25 to honour and recognize artists from various fields, including visual arts, music, dance, literature, and performance
• National Lemur Day is celebrated on October 25, 2024, under the theme "Lemurs, a National Treasure, a Global Pride."
• Disarmament Week is observed annually from October 24 to 30,2024 starting on the United Nations (UN) Day
• Global Media and Information Literacy (MIL) Week is observed annually from October 24 to 31.