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CURRENT AFFAIRS : BANKING & FINANCE

IndusInd Bank Launches 'INDIE,' a Customer-Centric Digital Banking App with Several Industry-First Features

• IndusInd Bank has launched ‘INDIE’, a mobile banking app designed for customers seeking a personalised digital banking experience.

About ‘INDIE’:

• ‘INDIE’ utilises analytics to offer tailored financial insights.
• The app introduces industry-first features, including ultra-flexible products that users can customize to meet their specific requirements.
• It offers an instant line of credit of up to ₹5 lakh, providing flexibility compared to standard personal loans.
• Additionally, the app has a transparent rewards program, allowing customers to select preferred brands from leading e-commerce platforms and earn rewards of up to 3% per ₹100 spent.

About IndusInd Bank :

• Founded : April 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sumant Kathpalia.
• Tagline : We Make You Feel Richer

Bank for International Settlements and Central Banks of France, Singapore, and Switzerland Complete CBDC Project Mariana

• The Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland announced the completion of a CBDC (central bank digital currency) initiative called Project Mariana.
• The project focused on testing cross-border trading and settlement of wholesale central bank digital currencies (wCBDCs) among financial institutions.
• It incorporated concepts from Decentralized Finance (DeFi) technology, which utilizes cryptocurrency and blockchain to create an open, transparent, and permissionless financial ecosystem without central authority control.

Key Highlights :

• Key partners in Project Mariana included BIS Innovation Hub centres in Switzerland, Singapore, and Eurosystem, along with Banque de France, the Monetary Authority of Singapore, and Swiss National Bank.
• Trading and settlement of hypothetical euro, Singapore dollar, and Swiss franc wCBDCs were validated using 3 elements:
• A common technical token standard provided by a public blockchain to facilitate exchange and interoperability between the different currencies.
• Bridges for the seamless transfer of wCBDCs between different networks.
• An Automated Market Maker (AMM), a specific type of decentralized exchange to trade and settle spot Forex transactions automatically.
• The project was conducted as an experimental phase and may lead to opportunities for collaboration and engagement with banking counterparts, specifying their intentions to issue wCBDC or endorse DeFi.
• The inclusion of DeFi technology, like automated market makers, could form new generation financial market infrastructures.
• This will help balance central banks’ domestic need for oversight and the interest of financial institutions to hold, transfer, and settle wCBDC efficiently across borders.
• In India, the Reserve Bank of India introduced the digital rupee, known as Central Bank Digital Currency (CBDC), on a pilot basis starting December 1, 2022.
• CBDCs are electronic versions of sovereign currencies.

About BIS :

• Established : 1930
• Headquarters : Basel, Switzerland, with two representative offices in Hong Kong SAR and Mexico City, as well as Innovation Hub Centres across the world.

Aim :

• To support central banks for monetary and financial stability through international cooperation, and to act as a bank for central banks.
• It is owned by 63 central banks representing countries from around the world that account for about 95% of world GDP.

RBI Proposes Cardholders' Choice in Network Provider Selection for Debit, Credit, and Prepaid Cards    

• The Reserve Bank of India (RBI) has proposed that cardholders be given the option of selecting their network provider for debit card, credit card, or prepaid cards.
• This new rule will come into effect from October 1, 2023.
• At the moment, when you apply for a debit or credit card, the network provider is normally determined by the card issuer.
• The regulator intends to alter this procedure.

Key Highlights :

• Under the proposed rule, card issuers will be required to issue cards across more than one card network.
• Further, card issuers shall provide an option to their eligible customers to choose any one among the multiple card networks.
• This option may be exercised by customers either at the time of issue or at any subsequent time.
• Presently, there are 5 card networks operating in India

1. American Express Banking Corporation
2. Diners Club International Limited
3. MasterCard Asia/Pacific Pte. Ltd
4. National Payments Corporation of India - RuPay
5. Visa Worldwide Limited.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar

Finance Ministry Issues Angel Tax Valuation Rules for Startup Investments

• The Finance Ministry notified final valuation rules for foreign and domestic investors into shares of unlisted companies such as start-ups under the new angel tax mechanism proposed in the Finance Act 2023.
• Rule 11UA under the Income Tax Act has been recently amended, providing relief to prospective foreign investors in startups.
• Angel tax is essentially the tax that unlisted companies (startups) are liable to pay on the capital they raise through issue of shares.
• In the Budget 2023-24, the government has eased some of the provisions of the angel tax introduced on investments into startups by non-resident investors.

Valuation Methods :

• Two valuation methods, Discounted Cash Flow (DCF) and Net Asset Value (NAV), are available to residents under Rule 11UA.
• Non-resident investors now have access to 5 additional valuation methods: Comparable Company Multiple Method, Probability Weighted Expected Return Method, Option Pricing Method, Milestone Analysis Method, Replacement Cost Method.

Key Highlights :

• A 10% tolerance is allowed for deviations from accepted share valuations.
• The introduction of 5 alternative valuation methods for equity shares provides more flexibility to merchant bankers for company valuation.
• Angel tax is imposed at a rate of 30.6% when an unlisted company issues shares to an investor at a price higher than its fair market value.
• Earlier, it was imposed only on investments made by a resident investor.
• However, the Finance Act 2023 proposed to extend angel tax even to non-resident investors from April 1, 2024.
• Any deal made within 90 days of a previous equity fund infusion done by an investor exempt from Angel Tax rules can be done at the same fair market valuation as before.
• In May,2023 the Finance Ministry had exempted investors from 21 countries including the US, UK and France from the levy of angel tax for non-resident investment in unlisted Indian start-ups. However, the list excluded investment from countries like Singapore, Netherlands and Mauritius – which have traditionally been key geographies for start-ups to raise money.
• An angel investor is an individual who provides financial backing to early-stage startups or entrepreneurs, typically in exchange for equity in the company.
• Angel investors are typically high-net-worth individuals who invest their own personal funds, rather than investing on behalf of a firm or institution.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Chaudhary

Warehousing Development Regulatory Authority (WDRA) and Bank of India Enter Memorandum of Understanding to Enable Low-Interest Loans for Farmers in Warehousing Sector

• WDRA, the Warehousing Development Regulatory Authority, has entered into a Memorandum of Understanding (MoU) with the Bank of India (BoI) to enable funding against e-NWRs (electronic Negotiable Warehouse Receipts).

Objective:

• To facilitate farmers and traders in accessing low-interest rate loans through this mechanism.
• The agreement also aims to provide information to depositors about the benefits, besides doing further outreach activities to improve agricultural pledge finance in India.
• The agreement also aims to provide information to depositors about the benefits of using e-NWRs.

About WDRA :

• The Warehousing Development and Regulatory Authority (WDRA) was set up by the Government of India in 2010 to ensure implementation of the provisions of the Warehousing (Development & Regulation) Act, 2007.
• The main objective of WDRA is to implement a Negotiable Warehouse Receipt (NWR) System in the country.

Recent News :

• In Jan 2023, the Warehousing Development Regulatory Authority (WDRA) signed a memorandum of understanding with the State Bank of India to help farmers in getting low-interest rate loans.

About BoI :

• Founded : 7 September 1906
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Rajneesh Karnatak

CURRENT AFFAIRS: NATIONAL NEWS

Ninth G20 Parliamentary Speakers’ Summit (P20) to be held in New Delhi

• The Ninth G20 Parliamentary Speakers’ Summit (P20) will be held in New Delhi from 13th to the 14th of October 2023.
• Within the G20, Parliament 20 (P20) is an engagement group headed by the speakers of G20 countries and it aims at bringing a parliamentary dimension to global governance.
• The main theme of the P20 is Parliament for One Earth, One Family, One Future.
• Briefing the media in New Delhi about the summit, Lok Sabha Speaker Om Birla, 25 speakers, 10 Deputy Speakers along with 50 members of Parliament among others will participate in this global event.
• He added that the president of the Pan African Parliament will participate in the G20 event for the first time in India.
• Mr Birla informed that four sessions have been planned for the summit.
• The Speaker also said there will be an in-depth discussion on climate change at this summit along with topics related to health, education, agriculture and energy.
• A pre-summit event namely Parliamentary Forum on LiFE (Lifestyle for Environment) will be held on the 12th of this month.
• An exhibition namely Mother of Democracy will also be organized at the venue of the summit to highlight India's ancient and participative democratic traditions.

IICA conducts the Orientation & Learning Summit for Independent Directors of CPSEs in New Delhi

• The Indian Institute of Corporate Affairs (IICA) organised the Orientation & Learning Summit for Independent Directors of CPSEs on the 5th and 6th of October in New Delhi — under the aegis of the Department of Public Enterprises (DPE) and with the knowledge partnership of Capacity Building Commission (CBC).
• The summit opened with addresses from Shri Praveen Kumar, Director General & CEO of IICA; Shri Animesh Bharti, Economic Advisor, DPE; Dr Anup K. Pujari, former Secretary, Government of India; and Dr. Niraj Gupta, Head of the School of Corporate Governance & Public Policy, IICA.
• The inaugural addresses stressed the need for a more proactive role of Independent Directors on CPSE boards for their good governance practices, better performance, and enhanced contribution to the national developmental goals.
• The summit covered various facets of board governance.
• Attendees explored the nuances of board governance, the effectiveness of Independent Directors in CPSEs, and their roles in CSR and Audit Committees, and delved into the regulatory framework surrounding their responsibilities.
• Interactive panels, open houses, insights into board meeting preparations, and an exploration of board dynamics versus management relations were also discussed as per the agenda.

REC launches ‘SUGAM REC’, a mobile app for 54EC Bonds Investors

• REC Limited, the Maharatna Central Public Sector Enterprise under the Ministry of Power, has launched a mobile application, exclusively for current and future investors in REC’s 54EC Capital Gain Tax Exemption Bonds.
• Named ‘SUGAM REC’, the mobile app will offer investors complete details of their investment in REC 54EC Bonds.
• Investors will be able to download their e-bond certificates, apply for fresh investment, download important forms related to updating of KYC, and also connect with REC’s Investor Cell via call/email / WhatsApp.
• The mobile application can be downloaded free of charge, on Android and iOS platforms.

What are Section 54EC Bonds?

• Section 54EC Bonds are a type of fixed-income financial instrument which provides tax exemption under capital gains to investors, under Section 54EC of the Income Tax Act.

About REC Limited

• REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years of operations. It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy. REC’s funding illuminates every fourth bulb in India. REC has recently diversified into the financing infrastructure and logistics sector as well.

Shri Nitin Gadkari approves schemes worth Rs 154.25 crore for the Una and Kangra region of Himachal Pradesh under the Central Road and Infrastructure Fund

• Union Minister for Road Transport and Highways Shri Nitin Gadkari, strengthening the infrastructure for smooth transportation in the country is the priority of the Modi government.
• Schemes worth Rs 154.25 crore for the Una and Kangra region of Himachal Pradesh under the Central Road and Infrastructure Fund CIRF have been approved.
• Himachal has been affected by natural disasters and in this regard, there was a detailed discussion with BJP National President Shri J P Nadda and Union Minister Shri Anurag Thakur regarding new approvals for infrastructure in Himachal.
• Under this approval, two bridges will be constructed on Swan River at a cost of Rs 50.60 crore and Pong Dam on Beas River at a cost of Rs 103.65 crore.

Deputy Prime Minister of Malaysia Inaugurates IREDA Pavilion at “AtoZero ASEAN Summit”

• Deputy Prime Minister of Malaysia, Datuk Seri Fadillah Yusof inaugurated the Indian Renewable Energy Development Agency Ltd (IREDA) pavilion at the AtoZero (Accelerate to Net Zero) ASEAN Summit, being organized from 4th to 6th October 2023 at Kuala Lumpur, Malaysia.
• The IREDA pavilion showcases the company's achievements, expertise, and contributions to the renewable energy sector.
• It serves as a platform for IREDA to collaborate with international partners and showcase the country's progress in renewable energy development.
• It offers a unique opportunity for delegates, industry experts, and stakeholders to engage in discussions, explore collaborations, and gain insights into the future of the renewable energy sector.
• Further, during the AtoZero ASEAN Summit, CMD, IREDA participated in two panel discussions: "Green Energy Financing – Addressing the Fragmentations and Bridging the Gap in ASEAN" and "Towards Hydrogen Economy: Policy Support, Value Chain Development, and Innovations Around Blue and Green Hydrogen."
• Shri Das mentioned that IREDA is expecting its Initial Public Offering (IPO) which will enable the company to augment its capital base to meet its future capital requirements and for onward lending.

CURRENT AFFAIRS: INTERNATIONAL NEWS

Armenia's Parliament Votes to Join International Criminal Court Amid Strained Relations with Russia Over Putin's Arrest Warrant          

• Armenia's Parliament voted to join the International Criminal Court, a move that further strains the country's ties with its old ally Russia after the court issued an arrest warrant for President Vladimir Putin over events in Ukraine.
• In Sep 2023, Moscow called Yerevan's effort to join the ICC an “unfriendly step," and the Russian Foreign Ministry summoned Armenia's ambassador.
• Countries that have signed and ratified the Rome Statute that created the ICC are bound to arrest Mr. Putin, who was indicted for war crimes connected to the deportation of children from Ukraine if he sets foot on their soil.
• Armenia later sought to assure Russia that Mr. Putin would not be arrested if he entered the country.
• The Rome Statute treaty was adopted at the United Nations Diplomatic Conference of Plenipotentiaries held in Rome, Italy in 1998 and it came into force only in 2002.
• The Statute aims to establish an international platform to deal with the worst possible crimes and ensure that justice prevails.
• There are a total of 123 states that have signed the Rome Statute.
• India is not a member of the Rome statute.

About Armenia :

• Capital: Yerevan
• Currency: Armenian Dram.

India to Unveil Largest Statue of B R Ambedkar Outside Maryland in North America

• The tallest statue of B R Ambedkar, named the 'Statue of Equality,' will be unveiled in Accokeek City, Maryland, on October 14, 2023.

Key Highlights :

• The statue stands at a height of 19 feet.
• It is situated on a 13-acre land in Accokeek City, Maryland.
• The statue of Ambedkar is a significant component of the Ambedkar International Center (AIC).
• This statue is recognized as the largest statue of B.R. Ambedkar outside of India.
• The statue has been created by the renowned artist and sculptor Ram Sutar, who is also known for constructing the Sardar Patel statue in Ahmedabad, Gujarat.
• The 'Statue of Equality' is intended to spread the messages and teachings of B.R. Ambedkar and serves as a symbol of equality and human rights.

Earlier Statue in Telangana:

• India previously celebrated the unveiling of Dr. Ambedkar's tallest statue in Telangana.
• It is a monumental 125-foot tribute situated on the shores of Hyderabad's Hussain Sagar Lake, near the State Secretariat.
• It was inaugurated by Telangana Chief Minister K Chandrashekhar Rao.
• This statue was constructed using 360 tonnes of stainless steel and 114 tonnes of bronze, at a cost of Rs 146.50 crore.

CURRENT AFFAIRS : STATE NEWS

Government of Uttar Pradesh Initiates 'Har Ghar Solar Abhiyan' Camps in Lucknow and Varanasi

• The Uttar Pradesh (UP) government has launched the 'Har Ghar Solar Abhiyan' camp in Lucknow and Varanasi to promote the use of solar energy among the public.
• The camp was organized on the birth anniversary of Mahatma Gandhi, symbolizing a commitment to sustainable and clean energy.
• The primary aim of the campaign is to encourage residents of the state to adopt solar energy.

Key Highlights :

• The campaign aligns with the goals of the Solar Energy Policy 2022 by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA).
• The aim of the Solar Energy Policy 2022 of Uttar Pradesh is to achieve 6,000 megawatts of solar rooftop plant installations in residential and commercial facilities.
• The first boot camp under this campaign was held at the Vikas Bhawan in Lucknow.
• These camps provide comprehensive information on the installation of solar rooftop systems and the application process.
• UPNEDA Director : Anupam Shukla

About UP :

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

CURRENT AFFAIRS : APPOINTMENTS  & RESIGNATIONS

A.M. Naik Resigns as L&T's Group Chairman; S.N. Subrahmanyan Takes Over as Successor

• M. Naik retired from his position as Chairman of Larsen & Toubro (L&T).
• Naik had a remarkable journey at L&T, where he initially started as a junior engineer in 1965 and dedicated nearly three decades of his career to the company.
• N. Subrahmanyan succeeded A.M. Naik as the new Chairman of L&T.
• Following his retirement as Chairman, Naik took on the role of overseeing IT companies and employee trusts.
• Hailing from a family of teachers in Gujarat, Naik helped the company set up an engineering and manufacturing facility in Hazira and set up the company’s employees’ trust.

About L&T :

• Headquarters: Mumbai, Maharashtra
• Larsen & Toubro Ltd, commonly known as L&T, is an Indian multinational conglomerate company.

Former HDFC Bank CEO Aditya Puri Appointed as Senior Advisor at Deloitte India

• Aditya Puri, a veteran banker and former Managing Director (MD) and Chief Executive Officer (CEO) of HDFC Bank, has been appointed as a senior advisor to Deloitte Touche Tohmatsu India LLP (Deloitte).
• Aditya Puri's role at Deloitte will involve leveraging his expertise and experience to drive a tech-enabled transformation in the financial services sector.
• He will also champion initiatives aimed at enhancing financial inclusion across India.

About Aditya Puri:

• Aditya Puri was born in Punjab's
• He served as the CEO of HDFC Bank, where he was appointed in 1994 and retired after 26 years of service.
• Prior to his tenure at HDFC Bank, Aditya Puri had a career spanning more than 20 years with Citibank, holding positions in various countries including India, Greece, Saudi Arabia, Hong Kong, Taiwan, and China.
• His last role at Citibank was as CEO of its operations in Malaysia.
• After leaving HDFC Bank and before joining Deloitte, Aditya Puri worked as a senior advisor with the Carlyle Group, a position he took up in November 2020.

Recent News :

• In June 2023, Deloitte appointed Manoj Kohli, former CEO of Bharati Airtel and Softbank India, as senior adviser.

Vice Admiral Tarun Sobti Assumes Office as Deputy Chief of Naval Staff

• Vice Admiral Tarun Sobti assumed charge as Deputy Chief of Naval Staff.
• He succeeded Vice Admiral Sanjay Mahindru who retired after more than 38 years of illustrious service on 30 Sep 2023.

About Tarun Sobti:

• Tarun Sobti was commissioned into the Indian Navy in 1988.
• He is a Navigation and Direction Specialist.
• Throughout his career, he has held various Command and Staff appointments, both ashore and afloat.
• He has commanded Indian Naval Ship (INS) Nishank, INS Kora, and a Guided Missile Destroyer INS Kolkata.
• He has served in the Directorate of Staff Requirements and the Directorate of Personnel.
• In 2019, he was appointed as the Deputy Commandant and Chief Instructor at the Indian Naval Academy, Ezhimala.
• He subsequently served as the Flag Officer Commanding the Eastern Fleet.
• In 2021, upon elevation to the rank of Vice Admiral, he took over as Director General Project Seabird before assuming the current appointment as Deputy Chief of Naval Staff at NHQ MoD.
• Vice Admiral Tarun Sobti received the Vishisht Seva Medal in 2020 and the Ati Vishisht Seva Medal in 2022 for his distinguished service.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ministry of Defence
• Defence Secretary : Giridhar Aramane

Sachin Tendulkar Appointed as ICC Global Ambassador for Men’s Cricket World Cup 2023

• Sachin Tendulkar has been appointed as the global ambassador of the 2023 Cricket World Cup by the International Cricket Council (ICC).
• Tendulkar, whose decorated career spanned across 24 years, played in 6 editions of the 50-over World Cup.
• Tendulkar will have the honour of walking out with the Men's Cricket World Cup Trophy before the opening match at the Narendra Modi Stadium in Ahmedabad, thereby declaring the tournament open.

Opening Match and Participants :

• The opening fixture of the World Cup 2023 will be played between England and New Zealand, a match that will be a repeat of the World Cup 2019 final.

Other ICC Ambassadors :

• The World Cup 2023 will also feature other ICC ambassadors, including West Indies legend Vivian Richards, South Africa's AB de Villiers, England World Cup-winning skipper Eoin Morgan, Australia's Aaron Finch, Sri Lanka spin great Muttiah Muralitharan, former New Zealand captain Ross Taylor, India's Suresh Raina, ex-captain Mithali Raj, and Pakistan all-rounder Mohammad Hafeez.
• The 10-team World Cup is set to be played across 10 different venues in India, with the opening game and the grand finale to be held at the 132,000-seater Narendra Modi Stadium in Ahmedabad.

PR Seshadri Appointed As MD & CEO Of South Indian Bank

• P R Seshadri has been appointed as Managing Director (MD) and Chief Executive Officer (CEO) of South Indian Bank.
• Seshadri succeeds Murali Ramakrishnan, who served in the position from October 1, 2020, to September 30, 2023.

About PR Seshadri :

• Seshadri brings almost a quarter-century of domestic and international banking experience to his new role at South Indian Bank.
• His career includes senior leadership roles at institutions such as Karur Vysya Bank and
• Prior to joining SIB, Seshadri held a similar role at Karur Vysya Bank.
• SIB's financial performance under Ramakrishnan's leadership was marked by consistently increasing earnings per share.

About South Indian Bank :

• Founded : 1929.
• Headquarters : Thrissur, Kerala.
• Tagline : Experience Next-Generation Banking

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army and Bangladesh Army Commence Joint Military Exercise SAMPRITI-XI               

• The 11th edition of the SAMPRITI joint military exercise (SAMPRITI-XI) between the Indian Army and the Bangladesh Army has commenced in Umroi, Meghalaya.
• SAMPRITI-XI is scheduled to last for 14 days.
• It will involve approximately 350 personnel from both sides.

Bangladesh Contingent :

• The Bangladesh contingent consists of 170 personnel and is led by Brigadier General Mohammed Mafizul Islam Rashed.

Indian Contingent :

• The Indian contingent mainly comprises troops from a battalion of the RAJPUT Regiment.
• It is being led by Brigadier SK Anand, Commander of a Mountain Brigade.

Aim of the exercise :

• To enhance interoperability between the two armies, share tactical drills, and promote best practices.

Components of the Exercise :

• SAMPRITI-XI will include a Command Post Exercise (CPX), a Field Training Exercise (FTX) and a Validation Exercise.
• The Validation Exercise will be carried out on the 14th and 15th of October 2023 in Darranga Field Firing Range, Assam.

About SAMPRITI :

• SAMPRITI is an annual joint military exercise between India and Bangladesh.
• It is alternatingly organised by both countries.
• It started in Jorhat, Assam in 2009.

About Bangladesh :

• President : Mohammed Shahabuddin
• Prime Minister : Sheikh Hasina
• Capital : Dhaka
• Currency : Taka

CURRENT AFFAIRS: AWARDS AND HONOURS

Jailed Iranian activist Narges Mohammadi wins 2023 Nobel Peace Prize

• Narges Mohammadi, the most prominent of Iran’s jailed women’s rights advocates, has vowed to stay in the country and continue her activism after winning the 2023 Nobel Peace Prize.
• Mohammadi has campaigned for women’s rights, the abolition of the death penalty and an improvement of prison conditions inside Iran.
• She is serving multiple sentences in Tehran’s Evin prison amounting to about 12 years’ imprisonment, according to the rights organisation Front Line Defenders, the latest of the many periods she has been detained.
• Charges against her include spreading propaganda against the state.
• The Norwegian Nobel committee has decided to award the 2023 Nobel Peace Prize to Narges Mohammadi for her fight against the oppression of women in Iran and her fight to promote human rights and freedom for all.
• Last year's prize was won by human rights activists from Ukraine, Belarus and Russia, in what was seen as a strong rebuke to Russian President Vladimir Putin and his Belarusian counterpart and ally.
• The prize can be awarded to individuals or organisations.
• Other previous winners include Nelson Mandela, Barack Obama, Mikhail Gorbachev, Aung San Suu Kyi and the United Nations.

CURRENT AFFAIRS: MOUS AND AGREEMENT

ARAI and IIT Guwahati signed an MoU to establish "Digital Twin Center for Emerging Automotive Systems" as a Common Engineering Facility Center in the Hub and Spoke model.

• The Automotive Research Association of India (ARAI) has signed an MoU with llT Guwahati for the Establishment of a Common Engineering Facility Center titled “Digital Twin Center for Emerging Automotive Systems” in the Hub and Spoke model.
• ARAI is an autonomous body under the aegis of the Ministry of Heavy Industries.
• The Common Engineering Facility Center( CEFC) is being established under Capital Goods Scheme Phase II of the Ministry of Heavy Industries (MHI )by ARAI along with an Industry Partner named Micelio Mobility Pvt Ltd. titled “Digital Twin Center for Emerging Automotive Systems" in Hub and Spoke model.
• The CEFC will enable “SAMARTH Udyog Bharat 4.0”, for the benefit of the industry at large, and more specifically MSMEs and Startups by creating digital twins for the different systems across industries.
• The small enterprises specifically have a challenge in accessing facilities for the development of solutions and limited technology orientation.
• So, the establishment of the Digital Twin Centre for Emerging Automotive Systems will help the MSMEs and Startups in experimenting, experiencing, upskilling and finding solutions using this domain for their needs.

UAE-India MoU to drive investment and collaboration in industry and advanced technologies

• The UAE and India will cooperate more closely in sustainable industrial development following a memorandum of understanding (MoU) signed at Emirates Palace.
• The MoU was signed by His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and His Excellency Shri Piyush Goyal, India’s Minister of Commerce and Industry, with the presence of His Highness Sheikh Hamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council.
• The MoU encompasses various aspects of cooperation aimed at promoting industrial investments in priority sectors for the national economies of both countries, including advanced industries, energy transition solutions, healthcare, and space.
• It also aims to develop innovative and technological solutions that support sustainability and climate neutrality efforts.
• By working closely within these strategic sectors, the UAE and India can accelerate sustainable growth and diversify their economies, promoting industries that are more competitive, efficient, and sustainable.”
• The MoU focuses on seven key areas, including supply chain resilience, renewable energy and energy efficiency, health and life sciences, space systems, AI, Industry 4.0 and advanced technologies, as well as standardization and metrology.
• To build supply chain resilience, the UAE and India will collaborate to identify opportunities to supply raw materials.
• They will also share best practices on industrial enablement and incentivization for industrial growth and development, for instance in areas such as energy, land, CAPEX, OPEX, technology, and labour.

RuPay Domestic Card Scheme Agreement between India and the UAE

• NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), has entered into a strategic partnership agreement with Al Etihad Payments (AEP) for Domestic Card Scheme (DCS) Implementation in UAE.
• AEP is an indirect subsidiary of the Central Bank of UAE (CBUAE).
• As per the agreement, NIPL and AEP will work together to build, implement, and operationalize UAE's national domestic card scheme.

Key Highlights

• The DCS will aim to facilitate the growth of e-commerce and digital transactions in the UAE, bolster financial inclusion, support the UAE's digitization agenda, increase alternate payment options, reduce the cost of payments, and enhance the UAE's competitiveness and position as a global payments leader.
• The partnership aligns perfectly with NIPL's mission to offer its knowledge and expertise to assist other countries in establishing their own cost-efficient, and secure payment systems.
• The DCS solution is based on the principles of sovereignty, speed to market, innovation, digitization, and strategic independence.
• The DCS solution provided by NIPL consists of a RuPay stack and value-added services like fraud monitoring services and analytics.
• NIPL will also assist AEP in formulating the operating regulations for their domestic card scheme.

About RuPay

• RuPay is an indigenous, highly secure, and widely accepted card payment network in India.
• RuPay cards have debit, credit, and prepaid propositions.
• More than 750 Million RuPay cards are in circulation as of date.
• RuPay cards make up more than 60% of total cards issued in India, with every second Indian having a RuPay card now.
• These cards are issued through the entire banking spectrum, including public sector, private, and small banks.

CURRENT AFFAIRS: SPORTS NEWS

Women's Recurve Archery team clinches bronze medal, men’s team bag silver

• At the Hangzhou Asian Games in China, India amassed a total of 92 medals, including 21 gold, 33 silver, and 38 bronze.
• India is currently in fourth place in the medal tally.
• India is swiftly working towards its 100-medal target.
• The Indian recurve women's team in Archery clinched bronze after defeating Vietnam 6-2 in the bronze medal playoff match.
• Whereas the men’s team bagged silver against South Korea in the finals.
• The India's women’s team clinched bronze in sepaktakraw after losing against Thailand in the regu semifinal.
• In wrestling, Sonam bagged bronze in the women’s freestyle 62kg category against Long Jia of China by 7-5.
• Kiran Bishnoi secured bronze in the women’s freestyle 76kg category against Ariunjargal Ganbat of Mongolia by 6-3.
• In Badminton, H S Prannoy had to settle for a bronze.

Key Highlights

• China's Li Shi Feng got the better of the Indian shuttler in the semifinal by 2-0.
• In men's cricket, India thrashed Bangladesh by 9 wickets in the semi-final and qualified for the final.
• In Kabaddi, India's men's team beat Pakistan to enter the finals.
• Badminton superstars Chirag Shetty and Satwiksairaj will lead India's charge in the men's doubles semi-finals.
• The Indian duo assured India of a medal with their impressive win in the quarter-finals of the men's doubles tournament
• In Hockey, the Indian men’s team will lock horns with Japan in the gold medal match at Hangzhou.

CURRENT AFFAIRS: IMPORTANT DAYS

World Cotton Day 2023: October 7

• World Cotton Day is observed on 7th October of every year.
• 2023 Theme of World Cotton Day: “Making cotton fair and sustainable for all, from farm to fashion”.
• In 2019, The four Cotton producers namely Benin, Burkina Faso, Chad and Mali initiated the World Trade Organisation about the World Cotton Day on October 7.
• The first World Cotton Day was celebrated on 7th October 2019 and it was hosted by the World Trade Organization.
• WTO Secretariat and secretariats of the United Nations Food and Agriculture Organisation collaborate and conduct the event.
• More than 800 participants attended the launching event at the World Trade Organisation headquarters.

Daily CA One- Liner: 7^th October

• The Ninth G20 Parliamentary Speakers’ Summit (P20) will be held in New Delhi from 13th to the 14th of October.
• The Indian Institute of Corporate Affairs (IICA) organised the Orientation & Learning Summit for Independent Directors of CPSEs on the 5th and 6th of October in New Delhi — under the aegis of the Department of Public Enterprises (DPE) and with the knowledge partnership of Capacity Building Commission.
• REC Limited, the Maharatna Central Public Sector Enterprise under the Ministry of Power, has launched a mobile application, exclusively for current and future investors in REC’s 54EC Capital Gain Tax Exemption Bonds.
• Union Minister for Road Transport and Highways Shri Nitin Gadkari, strengthening the infrastructure for smooth transportation in the country is the priority of the Modi government.
• Deputy Prime Minister of Malaysia, Datuk Seri Fadillah Yusof inaugurated the Indian Renewable Energy Development Agency Ltd (IREDA) pavilion at the AtoZero (Accelerate to Net Zero) ASEAN Summit, being organized from 4th to 6th October 2023 at Kuala Lumpur, Malaysia.
• Narges Mohammadi, the most prominent of Iran’s jailed women’s rights advocates, has vowed to stay in the country and continue her activism after winning the 2023 Nobel Peace Prize.
• The Automotive Research Association of India ( ARAI ) has signed an MoU with llT Guwahati for the Establishment of a Common Engineering Facility Center titled “Digital Twin Center for Emerging Automotive Systems” in the Hub and Spoke model.
• The UAE and India will cooperate more closely in sustainable industrial development following a memorandum of understanding (MoU) signed at Emirates Palace.
• NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), has entered into a strategic partnership agreement with Al Etihad Payments (AEP) for Domestic Card Scheme (DCS) Implementation in UAE.
• IndusInd Bank has launched ‘INDIE’, a mobile banking app designed for customers seeking a personalised digital banking experience.
• The Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland announced the completion of a CBDC (central bank digital currency) initiative called Project Mariana.
• The Reserve Bank of India (RBI) has proposed that cardholders be given the option of selecting their network provider for debit card, credit card, or prepaid cards.
• The Finance Ministry notified final valuation rules for foreign and domestic investors into shares of unlisted companies such as start-ups under the new angel tax mechanism proposed in the Finance Act 2023.
• WDRA, the Warehousing Development Regulatory Authority, has entered into a Memorandum of Understanding (MoU) with the Bank of India (BoI) to enable funding against e-NWRs (electronic Negotiable Warehouse Receipts).
• Armenia's Parliament voted to join the International Criminal Court, a move that further strains the country's ties with its old ally Russia after the court issued an arrest warrant for President Vladimir Putin over events in Ukraine.
• The tallest statue of B R Ambedkar, named the 'Statue of Equality,' will be unveiled in Accokeek City, Maryland, on October 14, 2023.
• The Uttar Pradesh (UP) government has launched the 'Har Ghar Solar Abhiyan' camp in Lucknow and Varanasi to promote the use of solar energy among the public.
• M. Naik retired from his position as Chairman of Larsen & Toubro (L&T).
• Aditya Puri, a veteran banker and former Managing Director (MD) and Chief Executive Officer (CEO) of HDFC Bank, has been appointed as a senior advisor to Deloitte Touche Tohmatsu India LLP (Deloitte).
• Vice Admiral Tarun Sobti assumed charge as Deputy Chief of Naval Staff.
• Sachin Tendulkar has been appointed as the global ambassador of the 2023 Cricket World Cup by the International Cricket Council (ICC).
• P R Seshadri has been appointed as Managing Director (MD) and Chief Executive Officer (CEO) of South Indian Bank.
• The 11th edition of the SAMPRITI joint military exercise (SAMPRITI-XI) between the Indian Army and the Bangladesh Army has commenced in Umroi, Meghalaya.
• At the Hangzhou Asian Games in China, India amassed a total of 92 medals, including 21 gold, 33 silver, and 38 bronze.
• World Cotton Day is observed on 7th October of every year.