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CURRENT AFFAIRS : BANKING & FINANCE

RBI Enrolls 30 Banks onto UDGAM Portal to Facilitate Search for Unclaimed Deposits

• The Reserve Bank of India (RBI) has expanded its Centralised Web Portal called UDGAM (Unclaimed Deposits – Gateway to Access inforMation) to include 30 banks.

Aim :

• To assist the public in searching for unclaimed deposits across multiple banks in one place.
• The facility on the UDGAM portal now covers approximately 90% of unclaimed deposits in value terms within the Depositor Education and Awareness (DEA) Fund.
• The portal was initially launched with a search facility for 7 banks: State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India, Dhanalaxmi Bank, South Indian Bank, DBS Bank India and Citibank.
• However, it has been announced that the search feature for the remaining banks on the portal will be gradually rolled out by October 15, 2023.

Key Highlights :

• About ₹35,000 crore unclaimed deposits as of February 2023 were transferred to the RBI by public sector banks (PSBs) in respect of deposits, which were not operated for 10 years or more.
• SBI tops the list of unclaimed deposits worth ₹8,086 crore, followed by PNB ₹5,340 crore, Canara Bank ₹4,558 crore and Bank of Baroda ₹3,904 crore.
• The deposits remaining unclaimed for 10 years in a bank are transferred to the 'Depositor Education and Awareness' (DEA) Fund maintained by the Reserve Bank of India (RBI).
• The development of the UDGAM portal is a collaborative effort involving Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.

List of Banks available on UDGAM Portal

1. State Bank of India
2. Punjab National Bank
3. Central Bank of India
4. Dhanalaxmi Bank Ltd.
5. South Indian Bank Ltd.
6. DBS Bank India Ltd.
7. Citibank N.A.
8. Canara Bank
9. Bank of India
10. Bank of Baroda
11. Indian Bank
12. Union Bank of India
13. HDFC Bank
14. Federal Bank
15. Kotak Mahindra Bank
16. ICICI Bank
17. UCO Bank
18. Bank of Maharashtra
19. IDBI Bank
20. Jammu and Kashmir Bank Ltd.
21. Punjab and Sind Bank
22. Axis Bank Ltd.
23. Indian Overseas Bank
24. Standard Chartered Bank
25. HSBC Ltd.
26. Karnataka Bank Ltd.
27. The Karur Vysya Bank Ltd.
28. Saraswat Co-operative Bank
29. IndusInd Bank Ltd.
30. Tamilnad Mercantile Bank Ltd.

PFRDA Selects 11th Fund Manager for the National Pension System (NPS)      

• The Pension Fund Regulatory and Development Authority (PFRDA) is in the process of appointing DSP Pension Fund Managers as the 11th fund manager authorised to manage retirement savings within the National Pension System (NPS).
• PFRDA is exploring collaboration with regional rural banks (RRBs) to expand its outreach and make NPS more accessible to citizens across India.

Key Highlights :

• NPS is mandatory for central and state government employees who joined the service after 2004, and these employees account for a significant portion of the ₹10.22 lakh crore assets managed under NPS.
• PFRDA observes October 1st as National Pension System Diwas (NPS Diwas) to promote awareness about the NPS.
• NPS was introduced by the Central government in April 2004 as an alternative to the Old Pension Scheme (OPS).
• Eligibility and Participation: NPS is open to employees from the public, private, and unorganised sectors, except those from the armed forces.
• The scheme encourages people to invest in a pension account at regular intervals during the course of their employment.
• Every NPS subscriber is assigned a 12-digit unique number known as the Permanent Retirement Account Number (PRAN).
• The funds invested in NPS are managed by PFRDA-registered Pension Fund Managers, and there are currently 8 such managers.
• Eligibility for NPS: Any Indian citizen between the ages of 18 and 70 can join NPS, and even Non-Residential Indians (NRIs) are eligible to apply for NPS.
• Minimum Contributions: The minimum contribution when opening an account is Rs 500 for Tier I and Rs 1000 for Tier II.
• The minimum contribution amount for Tier I is Rs 500 and Rs 250 for Tier II.
• The minimal annual contribution for Tier I is Rs. 6000 and Rs. 2000 for Tier II.
• The subscriber must contribute a minimum of Rs. 6000 in a financial year.
• If the subscriber fails to contribute the minimum amount, their account is frozen by the PFRDA.

About PFRDA :

• Founded : 23 August 2003
• Headquarters : New Delhi, Delhi, India
• Chairman : Deepak Mohanty
• PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
• It operates under the jurisdiction of the Ministry of Finance in the Government of India.

SIDBI and Shell Foundation Collaborate on $6 Million Facility to Support Financing for Electric 2- and 3-Wheelers

• The Small Industries Development Bank of India (SIDBI), which is India's principal financial institution for Micro, Small, and Medium Enterprises (MSMEs) and the Shell Foundation have jointly launched a $6-million Risk Sharing Facility (RSF) to enhance access to finance and promote the widespread adoption of electric two- and three-wheelers in India.

Key Highlights :

• SIDBI and the UK-based Shell Foundation, known for catalyzing clean energy innovation in Africa and India, will each contribute $3 million to provide a partial credit guarantee to support players in the electric vehicle (EV) ecosystem that cater to commercial EV use.
• The agreed cap for the RSF is 7.5% of the second loss layer, which is expected to unlock approximately $81 million of commercial capital for financing electric vehicle assets.
• The RSF aligns with India's EV Mission 30@30 and SIDBI's Mission 50KEV4ECO, aimed at fostering an ecosystem for 50,000 EVs.
• RSF serves as an essential tool to provide initial reassurance to lenders operating in emerging, unserved, or underserved segments of the electric vehicle market.
• The Risk Sharing Facility will be followed by plans to scale up support for the electric vehicle ecosystem through multilateral initiatives under the Electric Vehicles Operations and Lending for a Vibrant Ecosystem (EVOLVE) program.

About SIDBI :

• Founded : 2 April 1990
• Headquarters : Lucknow, Uttar Pradesh, India
• Chairman & MD : Sivasubramanian Ramann
• The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India.
• It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).

National Investment and Infrastructure Fund (NIIF) launched $600 million India-Japan Fund (IJF) with the Government of India and Japan Bank for International Cooperation (JBIC) as anchor investors

• The National Investment and Infrastructure Fund (NIIF) has entered into a collaboration with the Japan Bank for International Cooperation (JBIC) to launch a $600 million India-Japan Fund (IJF) with JBIC and Government of India (GoI) as anchor investors.
• This joint initiative signals a key dimension of collaboration between the two countries in an area that is a shared priority viz. climate and environment.
• This announcement marks NIIF's first bilateral fund in which the Government of India will contribute 49% of the target fund and JBIC will contribute the remaining 51%.
• NIIF Limited will manage the fund and JBIC IG (a subsidiary of JBIC) will assist NIIFL in enhancing Japanese investments in India.
• The India-Japan Fund will focus on investing in environmental sustainability and low-carbon emissions strategies.
• It aims to play the role of becoming a 'partner of choice' to further increase Japan's investment in India.
• The formation of the India-Japan Fund marks an important achievement in the strategic and economic partnership between both Governments.

About NIIF :

• Founded : February 2015
• Headquarters : Mumbai, Maharashtra, India
• CEO : Rajiv Dhar
• National Investment and Infrastructure Fund is an investor-owned fund manager, anchored by the Government of India (GoI) in collaboration with leading global and domestic institutional investors.
• It is India’s first-ever sovereign wealth fund (SWF).
• It is an institution for enhancing infrastructure financing by investing in greenfield (new), brownfield (existing) and stalled projects.

About Ministry of Finance :

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

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister Sarbananda Sonowal inaugurates Ayurvedic Hospital in Majuli, Assam

• The Union Minister for Ayush, Ports, Shipping & Waterways Shri Sarbananda Sonowal inaugurated the 50 bedded Ayurvedic Hospital at Sriram Chapori in
• The hospital aims to further strengthen the Ayush healthcare system in the state.
• The new hospital is equipped with specialised OPD services for Shalya (General Surgery), Prastuti Tantra & Stree Roga or PTSR (Obstetrics & Gynaecology), Panchakarma as well as Kayachikitsa (General Medicine).
• Apart from it, a modern laboratory, Panchakarma & Ksharasutra Therapy setups, a Yoga unit, an Anorectal clinic, an Infertility clinic, a Geriatric & rejuvenation clinic, a Rheumatology clinic, a Lifestyle Disorders as well as Skin and cosmetic clinic are also available at the newly opened hospital.
• The Union Minister also announced that 6 new Ayush hospitals are being planned to be set up in Assam.
• Among them, four 50-bed hospitals will come up in Kaliabor, Morigaon, Kokrajhar and Baksa, while one 30-bed hospital will come up in Diphu and one 10-bed hospital in Bajali.
• Apart from these, the union Ayush minister also confirmed the operationalisation of 289 Ayush Health & Wellness Centres in the state, while 200 more AHWCs will be operational in Assam soon.
• Sonowal also announced that 100 Ayush dispensaries will be set up in all districts of Assam.
• Minister of Health & Family Welfare, Government of Assam, Shri Keshab Mahanta; MP (Lok Sabha) for Jorhat, Shri Topon Kumar Gogoi; MP (Lok Sabha) for Lakhimpur, Shri Pradan Baruah; MLA (Majuli), Bhuban Gam among other senior officials of Ministry of Ayush, Government of India and state government were present.

About Assam :

• Governor : Gulab Chand Kataria
• Chief Minister : Himanta Biswa Sarma
• Capital : Dispur
• National Park : Kaziranga National Park, Nameri National Park, Manas National Park
• Wildlife Sanctuary : Chakrashila Wildlife Sanctuary, Bornadi Wildlife Sanctuary

Recent News

• In June 2023, The Union Minister of Ports, Shipping & Waterways and Ayush, Shri Sarbananda Sonowal laid the foundation stone of the Inland Waterways Transport (IWT) terminal to be developed at Bogibeel in Dibrugarh, by the bank of the River Brahmaputra (National Waterways 2) in Dibrugarh,

India's eight core sectors' growth output up 12.1% in August

• The output of India's eight core sectors grew by 12.1 per cent on an annual basis in August.
• In July, the number stood at 8.4 per cent on an annual basis.
• The production of all Eight Core Industries (namely, Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel) recorded positive growth in August 2023 over the corresponding month of last year.
• The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
• The eight core sector industries in decreasing order of their weightage: Refinery Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement> Fertilizers.
• Base Year for IIP is 2011-2012.

India's first offshore wind projects to come up across the Tamil Nadu coast

• The Union government floated the country's first-ever tender to allocate seabed sites along the coast of Tamil Nadu for developing offshore wind projects.
• This is a significant development as currently, there are no offshore wind projects in India.
• The country only has land-based wind farms as of now, totalling a capacity of 44,089.68 MW.
• The Ministry of New and Renewable Energy (MNRE) will allocate the seabed sites through auction and will waive off inter-state transmission system (ISTS) charges for developers or generators who commission their offshore wind projects on or before December 31, 2032.
• Offshore wind power is a type of renewable energy that harnesses the wind's force at sea to generate electricity.
• The first tender, floated on, has seven sites on auction spreading 1,443 square kilometres that have been divided into three zones - B, E and G.
• The total scope of installed offshore wind capacity in these seven sites is 7,215 MW.
• While bids for zone B, having four of the seven seabed sites, will be issued in February 2024, zone E and G having a total of three sites will be bid sometime in FY25.
• The government has made the National Institute of Wind Energy (NIWE) the nodal agency for offshore wind projects.
• The tender allows the developer to exit from the project development during the 5 years of lease period subject to - submission of the study/survey data to NIWE; and forfeiture of the submitted bank guarantee of $1 million for each site.

About Tamilnadu

• Chief minister: M. K. Stalin Trending
• Capital: Chennai
• Governor: R. N. Ravi
• NP: Guindy National Park, Mudumalai National Park, Mukurthi National Park, Indira Gandhi National Park (Annamalai), and Gulf of Mannar Marine National Park.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United States House of Representatives Makes Historic Decision to Remove Speaker McCarthy

• The United States House of Representatives made history by removing its Speaker, Kevin McCarthy, a Republican, for the first time in the body's 234-year history.
• Reasons for Removal: McCarthy was voted out of the Speaker position by a group of hardline Republican leaders who criticised him for mishandling government spending and budget conflicts since the GOP took control of the House earlier in the year.
• Additionally, McCarthy faced accusations of making a secret side deal with President Joe Biden regarding providing additional funding to Ukraine.
• This marked the first instance in history where a House Speaker lost a no-confidence vote.
• The final vote count for McCarthy's removal was 216-210, with 8 Republicans voting alongside 208 Democrats in favour of his removal.
• The final vote count for McCarthy's removal was 216-210, with 8 Republicans voting alongside 208 Democrats in favour of his removal.
• McCarthy's removal marked the end of his tumultuous 9-month leadership of the Republican majority in the lower chamber of Congress.
• Republican Representative Patrick McHenry, who is an ally of McCarthy, was temporarily appointed as the acting Speaker.
• However, he can only serve for a very limited time, specifically up to three legislative days in this case.

United Kingdom awards $4bn contract to build AUKUS nuclear submarines                                   

• The United Kingdom (UK) has awarded a £4 billion ($4.9 billion) contract to BAE Systems, Rolls-Royce, and Babcock for the design and manufacturing of nuclear-powered attack submarines, known as SSN-AUKUS.
• These submarines are set to be the most advanced and powerful attack submarines ever operated by the Royal Navy.
• They will incorporate cutting-edge sensors, design, and weaponry.
• The first SSN-AUKUS submarine is expected to be delivered into service in the UK in the late 2030s, with the first Australian submarines following in the early 2040s.
• This program marks the first time the US has shared nuclear-propulsion technology with a country other than the UK, indicating a significant level of trust and cooperation within the AUKUS nations.
• In addition to the SSN-AUKUS submarines, the AUKUS program involves the potential sale of up to five Virginia-class nuclear-powered submarines by the United States (US) to Australia in the early 2030s.
• It also includes plans for US and UK submarines to be deployed in Western Australia by 2027 to assist in training Australian crews.

About AUKUS :

• The AUKUS Group is a trilateral security partnership for the Indo-Pacific region, announced in 2021 by Australia, the United Kingdom and the United States.
• Objective of this pact : To enhance the collective security and stability of the three countries in the face of rising challenges from China and other actors in the region.
• AUKUS has two main pillars:

1. Pillar I involves the acquisition and development of conventionally armed nuclear-powered submarines for the Royal Australian Navy
2. Pillar II focuses on collaboration in advanced capabilities, including technology and information sharing.

About United Kingdom :

• Prime Minister : Rishi Sunak
• Capital : London
• Currency : Pound sterling

CURRENT AFFAIRS : STATE NEWS

Rajasthan Chief Minister Gehlot Declares Establishment of 3 New Districts

• Rajasthan Chief Minister Shri Ashok Gehlot has announced the establishment of 3 new districts in the state, namely Malpura, Sujangarh, and Kuchman City ahead of the crucial assembly elections.
• Malpura will be carved out of the existing Tonk district, Sujangarh will be carved out of Churu and Kuchaman will be carved out of Nagaur.
• With the addition of these three new districts, the total number of districts in the state of Rajasthan has now reached 53.
• This is the 2nd time this year that the Congress-led government in the state has announced new districts.
• The decision to create these new districts reflects the government's commitment to addressing public demands and aligning with recommendations made by a high-level committee.
• The high-level committee was headed by former civil servant Ram Lubhya.

Recent News :

• In August,2023 the Rajasthan government declared the creation of 17 new districts and reorganised two large urban districts, namely Jaipur and Jodhpur.
• Additionally, the government announced the establishment of 3 new divisions in the state.

About Rajasthan :

• Governor : Kalraj Mishra
• Chief Minister : Ashok Gehlot
• Capital : Jaipur
• National Park : Keoladeo National Park, Ranthambore National Park
• Wildlife Sanctuary : Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary

Assam Initiates Socio-Economic Survey of Indigenous Muslim Communities

• The Assam government is set to conduct a socio-economic survey focused on the state's 5 indigenous Muslim communities, namely Goria, Moria, Deshi, Syed, and Jolha to gather data for the upliftment of these communities.

Aim :

• To support the development and upliftment of these indigenous Muslim communities across various aspects, including healthcare, education, cultural identity, financial matters, skill development, and women empowerment.

Key Highlights :

• The findings from the survey will serve as a guide for the government in implementing comprehensive socio-political and educational development measures for these communities.
• The state cabinet has already approved the “indigenous” status for these five Muslim communities.
• The development comes a day after the Nitish Kumar government in Bihar released findings of its much-awaited caste survey, which revealed that Other Backward Classes (OBCs) and Extremely Backward Classes (EBCs) constitute 63% of the state's total population.
• Some critics contend that conducting a selective survey focusing only on indigenous Muslim communities is seen as a divisive tactic by the government.
• They argue that constitutional provisions exist for surveys of Other Backward Classes (OBCs), Scheduled Castes (SCs), and Scheduled Tribes (STs), which should be considered.

About Assam :

• Governor : Gulab Chand Kataria
• 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

Bihar Government Introduces 10% Reservation for Economically Weaker Sections (EWS) in Judicial Services and State-Run Law Colleges

• The Bihar government has announced a 10% reservation for Economically Weaker Sections (EWS) in judicial services and state-run law colleges and universities.
• This announcement coincides with the release of the first set of data from Bihar's caste survey, which was conducted by the government and released on October 2, 2023.
• The decision to implement this reservation was made during a cabinet meeting chaired by Chief Minister Nitish Kumar.

Key Highlights :

• The state cabinet approved amendments to the guidelines of the State Judicial Services, 1951, to accommodate this reservation.
• In addition to the reservation announcement, the state cabinet approved the construction of 100 veterinary hospitals across Bihar.
• The cabinet also approved the addition of 30 clerk positions to manage matters related to the Consumers Affairs Department.
• The Bihar Caste Census Population report, released, reveals that 27.1% of the population belongs to underprivileged classes, 36% are categorised as part of the very underprivileged Extremely Backward Classes (EBC), Scheduled Castes make up 19.7%, and Scheduled Tribes account for 1.7% of Bihar's population.

About Bihar :

• Governor : Rajendra Arlekar
• Chief Minister : Nitish Kumar
• Capital : Patna
• National Park : Valmiki National Park, Dudhwa National Park
• Wildlife Sanctuary : Bhimbandh Wildlife Sanctuary, Pant Wildlife Sanctuary, Kaimur Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

IOC to form JVs with EverEnviro, GPS Renewables to set up CBG plants

• State-run Indian Oil Corporation (IOC) has approved the proposal to form joint venture companies with EverEnviro Resource Management and GPS Renewables to set up compressed biogas (CBG) plants in India.
• Both the joint ventures are subject to approvals from NITI Aayog, the Department of Investment and Public Asset Management (DIPAM) among others.
• The joint ventures will strengthen IOCL’s presence in the CBG space.
• By the end of 2022-23, IOCL had commissioned 22 CBG plants, offering biogas through 46 Indigreen outlets.
• Indian Oil has been looking at joint ventures in the alternative energy space as it aims to achieve net zero by 2046.

Recent News

• In March 2023, it signed a pact with NTPC Green Energy Limited for setting up renewable energy projects to meet the round-the-clock power requirement of IOCL refineries.
• In September, its joint venture company with ReNew and L&T for a green hydrogen business named ‘GH4India Pvt Ltd’ was incorporated.

About IOCL

• Indian Oil Corporation Limited is an Indian multinational oil and gas company under the ownership of the Ministry of Petroleum and Natural Gas, Government of India.
• Chairperson: Shrikant Madhav Vaidya.

Vedanta to demerge biz into six firms

• Billionaire Anil Agarwal’s Vedanta Group unveiled a complete overhaul of its Indian metals, mining, and energy conglomerate, Vedanta Ltd, involving the demerger of its businesses into six independent companies, with a plan to list five of them by FY25.
• The group also renamed Agarwal’s main promoter group entity, Volcan Investments Ltd, Vedanta Inc.
• The company’s board approved a ‘pure play asset owner’ business model that will lead to the creation and separate listing of six companies namely Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Ltd.
• Hindustan Zinc Ltd, of which Vedanta Ltd owns 64.92%, will also create different legal entities for its zinc, lead, silver, and recycling businesses.
• Vedanta promoters hold a 68.11% stake in the company as of 30 June, with the entire promoter holding pledged.
• Vedanta’s key public shareholders include LIC (9.02%) and PTC Cables Pvt Ltd (2.34%).
• For display manufacturing, Vedanta has finalized a technology partnership with Taiwanese firm Innolux and is also close to finalizing a partnership for semiconductor manufacturing.
• HZL owns the world’s largest underground zinc-lead mine at Rampura Agucha, India and is the fifth largest silver producer in the world, while Zinc India has 460 million tonnes of reserves.
• The new firms will remain committed to achieving net-zero carbon emissions by 2050 and net water positivity by 2030 with the aim to spend $5 billion over the next 10 years to accelerate this transition.

Recent News

• In June 2023, The Capital market regulator Securities and Exchange Board of India (SEBI) imposed a fine of Rs 30 lakhs on Anil Agarwal-owned Vedanta Limited.

Government announces gross market borrowing of ₹6.55 lakh crore for the second half of FY 2023-24

• The government will borrow ₹6.55 lakh crore in the second half of 2023 -24 through dated securities, including ₹20,000 crore through issuance of Sovereign Green Bonds (SGrBs).
• The government meets its fiscal deficit mainly through market borrowings.
• The government had projected gross market borrowing of ₹15.43 lakh crore for 2023-24.
• Out of Gross Market borrowing of ₹15.43 lakh crore projected for FY 2023-24, the Government of India has decided to borrow the balance amount of ₹6.55 lakh crore (42.45% of ₹15.43 lakh crore) in the second half of the fiscal year 2023-24 (H2: FY 2023-24) through dated securities, including ₹20,000 crore through issuance of Sovereign Green Bonds (SGrBs).
• Responding to market demand for longer duration securities, 50-year security will be issued for the first time.
• The gross market borrowing of ₹6.55 lakh crore shall be completed through 20 weekly auctions.
• The market borrowing will be spread over 3, 5, 7, 10, 14, 30, 40 and 50 years securities.
• The share of borrowing (including SGrBs) under different maturities will be: 3 year (6.11%), 5 year (11.45%), 7 year (9.16%), 10 year (22.90%), 14 year (15.27%), 30 year (12.21%), 40 year (18.32%) and 50 year (4.58%).
• To take care of temporary mismatches in Government accounts, the Reserve Bank of India has fixed the Ways and Mean Advances (WMA) limit for H2 of FY 2023-24 at ₹50,000 crore.

About WMA

• Ways and means advances is a mechanism used by Reserve Bank of India under its credit policy to provide to States, banking with it, to help them tide over temporary mismatches in the cash flow of their receipts and payments

India must grow at 8% to be 'developed' by 2047: World Bank's Kouame

• India needs to grow at 8% to achieve its goal of becoming a developed economy by 2047.
• The World Bank has, in its India Development Update, kept India's growth forecast for FY24 unchanged at 6.3% despite moderating consumption and challenging global environment.
• The 6.3% growth forecast for India is still going to be one of the highest growth rates among major economies in the world.
• The multilateral lender sharply revised the inflation outlook for FY24 to 5.9%, moving closer to the Reserve Bank of India's upper band level.
• In its India Development Update report, the World Bank noted that while the male and female Worker Population Ratio (WPR) had increased by 1. 4 percentage points and 2.3 percentage points, respectively, in January-March 2023 from the year-ago period.
• The World Bank has forecast a general government – Centre plus states – a fiscal deficit of 7 percent of GDP this year, down from 9 percent in the previous year.

About World Bank :

• Established: December 1944
• Headquarters : Washington, D.C., United States of America
• President : Ajay Banga
• Membership : 189 countries
• Auguste Kouame, World Bank's Country Director for India.

IOC to invest over Rs 2600 cr to set up greenfield units, expand facilities in northeast

• Indian oil PSU Indian Oil Corporation (IOC) has firmed up plans to pump in over Rs 2,600 crore in setting up several greenfield units and expanding its facilities across the northeast over the next few years.
• The board of IOC has already approved various new projects, while some are in the process of getting the nod, with the leading energy firm in talks with the local governments in Meghalaya, Mizoram and Manipur to finalize land parcels for the greenfield units.
• The company is at present carrying out nearly a dozen projects, both greenfield and brownfield, across the region, entailing a total investment of Rs 2,612 crore.
• A major project coming up in the POL segment -- a greenfield depot at Sekerkote in Tripura at an investment of Rs 656 crore.
• IOC plans to increase the storage intake to 54,000 kilolitres from the existing 25,000 KL, install new fire water tanks and other facilities.
• A new 30 TMTPA (thousand metric tonnes per annum) LPG bottling plant is being set up at Umiam, Meghalaya at an approved cost of Rs 75.54 crore.
• There is another plan for a new 30 TMTPA bottling plant in Mualkhang, Mizoram at an estimated cost of Rs 193 crore.

About IOCL:

• Headquarters: New Delhi
• Founded: 30 June 1959
• Chairman: Shrikant Madhav Vaidya

Recent News

• In May 2023, Tesla Power USA has inked an agreement with Indian Oil Corporation Limited (IOCL) to sell and service batteries at the state-owned firm's petrol pumps

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

India Secures 3rd Consecutive Term as President of Asia-Pacific Institute for Broadcasting Development (AIBD)

• India has been re-elected as the President of the Asia-Pacific Institute for Broadcasting Development (AIBD) General Conference (GC) for the 3rd consecutive term.
• India previously served as the President of the AIBD General Conference for two terms: from 2018 to 2021 and from 2021 to 2023.
• It is the first time in the history of AIBD that a country will hold the presidency for the 3rd time.

About AIBD :

• Established : 1977 under the auspices of UNESCO.
• Membership : 92 member organisations from across 44 countries, including 26 government members (countries) represented by 48 broadcasting authorities and broadcasters.
• It also has 44 affiliates (organisations) represented by 28 countries and regions in Asia, Pacific, Europe, Africa, Arab States and North America.
• Founding Member : India is one of the founding members of this organisation.
• Prasar Bharati, India’s public service broadcaster, is the representative body of the Ministry of Information & Broadcasting, Government of India, at AIBD.

Key Highlights :

• The 21st General Conference & Associated Meetings 2023 (GC 2023) of Asia-Pacific Institute for Broadcasting Development (AIBD) was chaired by its President Shri Gaurav Dwivedi, CEO Prasar Bharati and concluded successfully from 02-04 October, 2023 in Port Louis, Mauritius.
• The two-day Conference is mandated to achieve a vibrant and cohesive electronic media environment in the Asia-Pacific region through policy and resource development.

What is Prasar Bharati?

• Established : 1997
• Headquarters : New Delhi, Delhi, India
• Prasar Bharati, India's public service broadcaster, represents the Ministry of Information and Broadcasting, Government of India, at the Asia-Pacific Institute for Broadcasting Development.
• It is a statutory autonomous body established under the Prasar Bharati Act.
• Objective: To conduct public broadcasting services intended to inform and entertain the public.
• It comprises the Doordarshan Television Network and All India Radio, which were earlier media units of the Ministry of Information and Broadcasting.

About Ministry of Information & Broadcasting :

• Cabinet Minister : Anurag Thakur
• Minister of State : L. Murugan

SBI Mutual Fund elevates DP Singh as Joint CEO

• India’s biggest asset management company (AMC) by assets, SBI Mutual Fund, has elevated DP Singh to the post of joint chief executive officer (CEO).
• DP Singh, aged 61, will hold the position of Deputy Managing Director (MD) and Joint CEO at SBI Funds Management (SBI MF).
• Previously, he served as Deputy Managing Director and Chief Business Officer at the asset management company.
• Meanwhile, Shamsher Singh will continue to serve as the Managing Director and Chief Executive Officer of SBI MF, and Denys de Campigneulles will retain the position of Deputy Chief Executive Officer.
• Campigneulles has been deputed from France-based Amundi Group, which holds 37% stake in SBI Funds Management (SBIFM) through a wholly-owned subsidiary, Amundi India Holding.
• The State Bank of India (SBI) owns the remaining 63% stake in the AMC.

About SBI Mutual Fund :

• Headquarters : Mumbai, Maharashtra
• MD & CEO : Shamsher Singh

K.N. Shanth Kumar Elected as new Chairman of Press Trust of India                  

• N. Shanth Kumar, representing The Printers (Mysore) Private. Limited., has been elected as the Chairman of the Board of Directors of the Press Trust of India (PTI) for a one-year term.
• Shanth Kumar takes over the role of Chairman from Aveek Sarkar, who served as Chairman for two consecutive terms.
• Praveen Someshwar, the CEO of Hindustan Times, has been elected as the Vice-Chairman of PTI's Board of Directors.

About Shanth Kumar :

• Shanth Kumar, aged 62, has been actively involved in managing The Printers (Mysore) Pvt. Ltd. since 1983.
• He has also served as Chairman of the Audit Bureau of Circulation (ABC) and as a member of the Executive Committee of the Indian Newspaper Society (INS) for over 20 years.

About Printers (Mysore) Pvt. Ltd :

• Headquarters : Bengaluru, Karnataka
• The Printers (Mysore) Pvt. Ltd. is the publishing company associated with Shanth Kumar.
• It is responsible for publishing prominent newspapers, including the English daily Deccan Herald, the Kannada language daily Prajavani, and Sudha and Mayura newspapers.

About PTI :

• Established : 27 August 1947
• Headquarters : New Delhi, Delhi, India

Veteran intelligence officer Vivek Johri to take over as National Security Advisor of Mauritius

• Vivek Johri, an Indian intelligence officer, is set to become the new National Security Advisor (NSA) for Mauritius, in line with a longstanding arrangement between the two countries.
• Vivek Johri will be succeeding Kumaresan Ilango, another former high-ranking officer of India's Research and Analysis Wing (R&AW), in this role.
• As the NSA, Johri will be the primary authority responsible for handling all counter-terrorism matters.
• He will collaborate closely with India's NSA and the Prime Minister of Mauritius.
• Johri has a distinguished career and has previously served as a Special Secretary of the Research and Analysis Wing (R&AW), India's external intelligence agency, where he played a significant role in intelligence operations.

Key Highlights :

• The appointment of a National Security Advisor for Mauritius by India has been a practice since 1983.
• It was initiated following Operation LAL DOORA, a strategic move aimed at preventing a potential coup d'état in the region.
• India's involvement in Mauritius goes beyond strategic interests; it is deeply rooted in the demographic composition of the island nation.
• About 68% of Mauritius's population has Indian origin, leading to strong cultural and historical ties with India.

About Mauritius :

• President : Prithvirajsing Roopun
• Prime Minister : Pravind Jugnauth
• Capital : Port Louis
• Currency : Mauritian rupee

CURRENT AFFAIRS : DEFENCE NEWS

Indian Defence Minister Rajnath Singh Unveils Swavalamban 2.0: Upgraded Indigenous Program for Indian Navy

• India's Defence Minister, Rajnath Singh, launched Swavalamban 2.0, an updated indigenous program of the Indian Navy.
• He addressed the Indian Navy's Naval Innovation and Indigenisation Organisation (NIIO) seminar called 'Swavlamban' in New Delhi.
• During the event, the Defence Minister released the 5th Positive Indigenisation list, which comprises 98 items aimed at promoting indigenous production.

Key Highlights :

• Rajnath Singh discussed the 'SPRINT' Challenges, which aim to encourage the use of indigenous technology and products in the Navy.
• Prime Minister Narendra Modi unveiled these challenges in July 2022.
• Under the 'Azadi ka Amrit Mahotsav' initiative, NIIO and the Defence Innovation Organisation (DIO) aspire to introduce at least 75 new indigenous technologies/products into the Indian Navy.
• This collaborative project is known as SPRINT (Supporting Pole-Vaulting in R&D through iDEX, NIIO, and TDAC).

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Google Rolls Out Android Earthquake Alerts System in India

• Search giant Google in consultation with the National Disaster Management Authority (NDMA) and the National Seismology Center (NSC) and the Ministry of Earth Sciences has launched its Earthquake Alerts System for Android smartphone users in India.
• The system utilizes the built-in accelerometers in Android smartphones to detect the initial stages of an earthquake.
• When multiple smartphones in a specific area detect seismic activity, the system aggregates this information to estimate the earthquake's epicentre and
• Once the seismic event's details are determined, users in the affected area receive alerts on their smartphones.
• To access this feature, Android users need to have a smartphone with Android 5 or higher, active Wi-Fi or cellular data connectivity, and enabled location settings.
• The earthquake alerts will be available in Indian languages that are already supported by the Android platform.

Types of Alerts:

• There are two types of earthquake alerts:

1. Be Aware Alert: This notification provides advance notice of light shaking and offers additional information upon tapping.

• It is sent to users experiencing MMI 3 & 4 shaking during an earthquake with a magnitude of 4.5 or greater.

2. Take Action Alert: Designed to grab users' attention before they experience moderate to heavy shaking, this alert prompts immediate action to ensure safety.

• It is sent to users experiencing MMI 5+ shaking with a magnitude of 4.5 or greater.

About Google :

• Founded : September 4, 1998
• Headquarters : California, United States
• CEO : Sundar Pichai

About NDMA :

• Founded : 23 December 2005
• Headquarters : New Delhi, Delhi
• Chairperson : Narendra Modi (Prime Minister of India)
• NDMA, is an apex Body of Government of India, with a mandate to lay down policies for disaster management.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Uttarakhand govt signs an MoU of Rs 2,000 crore with cable car company

• The Uttarakhand government signed a memorandum of understanding (MoU) of Rs 2,000 crore with the French cable car company POMA ropeways for investment in the state under the Uttarakhand Global Investors Summit in London.
• The MoU was signed by Uttarakhand's secretary (industries) Vinay Shankar Pandey on behalf of the state government.
• The Poma Group has worked in Uttarakhand, having been associated with the Auli ropeway in the Chamoli district of the state.
• The company is also providing technical support in the Dehradun-Mussoorie ropeway & and Yamunotri ropeway projects.

Recent News

• The Government of Goa and the Government of Uttarakhand have signed a Memorandum of Understanding (MoU) to collaborate towards enhancing the tourism landscape of both Goa and Uttarakhand.
• Union Minister for Health and Family Welfare, Dr Mansukh Mandaviya will inaugurate the Swasthya Chintan Shivir on 14th July, 2023 at Dehradun, Uttarakhand.

About Uttarakhand

• Governor : Gurmit Singh
• Chief Minister : Pushkar Singh Dhami
• Capital : Bhararisain (Summer capital), Dehradun (Winter Capital)
• National Park : Corbett National Park, Gangotri National Park, Nanda Devi National Park
• Wildlife Sanctuaries : Kanchula Kharak Musk Deer Sanctuary, Askot Musk Deer Sanctuary

CURRENT AFFAIRS: SPORTS NEWS

Women's kabaddi team wins gold medal for India's 100th medal in Hangzhou

• The Indian contingent achieved a historic milestone at the Asian Games, securing their 100th medal with a nail-biting 26-25 victory over Chinese Taipei in the women's kabaddi final.
• This remarkable achievement was made even more special as it marked the women's kabaddi team's third title win in the continental competition, surpassing their runner-up finish in the previous edition of the Games.
• This was India’s third gold in women’s kabaddi which was introduced in the 2010 Asian Games.
• India won gold in the 2010 and 2014 editions but settled for silver in 2018 after losing to Iran in the final.
• This time the Indians faced Chinese Taipei, an emerging kabaddi nation, in what turned out to be an edge-of-the-seat summit showdown.

CURRENT AFFAIRS: IMPORTANT DAYS

Indian Air Force Day 2023: October 8

• The Indian Air Force Day is celebrated on the 8th of October of every year in India.
• The Indian Air Force was first established on the 8th October of 1932, so the Indian Air Force Day is celebrated on the 8th of October of every year.
• The first flight of the Indian Air Force came into being on 1 April 1933.
• During the Waziristan war against the tribal, the Indian Air Force went into the brave action for the first time.
• This day is celebrated to raise awareness about the Indian Air Force which works for national security.

World Post Day 2023: October 9

• World Post Day is celebrated on 9th October of every year.
• Theme for 2023: "Together for Trust: Collaborating for a safe and connected future"
• World Post Day was first declared by the Universal Postal Union (UPU) Congress in Tokyo, Japan in the year of 1969.
• World Post Day was observed on 9th October because on this day the Universal Postal Day was started in the year 1874 in Switzerland.
• The Universal Postal Union started the global revolution in communication and it started the ability to write letters to others in the world.
• Since World Postal Day started, countries from all over the world took part in the celebrations which are conducted on this day.

Daily CA One- Liner: October 8 & 9

• The Reserve Bank of India (RBI) has expanded its Centralised Web Portal called UDGAM (Unclaimed Deposits – Gateway to Access inforMation) to include 30 banks.
• The Pension Fund Regulatory and Development Authority (PFRDA) is in the process of appointing DSP Pension Fund Managers as the 11th fund manager authorised to manage retirement savings within the National Pension System (NPS).
• The Small Industries Development Bank of India (SIDBI), which is India's principal financial institution for Micro, Small, and Medium Enterprises (MSMEs) and the Shell Foundation have jointly launched a $6-million Risk Sharing Facility (RSF) to enhance access to finance and promote the widespread adoption of electric two- and three-wheelers in India.
• The National Investment and Infrastructure Fund (NIIF) has entered into a collaboration with the Japan Bank for International Cooperation (JBIC) to launch a $600 million India-Japan Fund (IJF) with JBIC and Government of India (GoI) as anchor investors.
• The Union Minister for Ayush, Ports, Shipping & Waterways Shri Sarbananda Sonowal inaugurated the 50 bedded Ayurvedic Hospital at Sriram Chapori in
• The output of India's eight core sectors grew by 12.1 per cent on an annual basis in August.
• The Union government floated the country's first-ever tender to allocate seabed sites along the coast of Tamil Nadu for developing offshore wind projects.
• State-run Indian Oil Corporation (IOC) has approved the proposal to form joint venture companies with EverEnviro Resource Management and GPS Renewables to set up compressed biogas (CBG) plants in India.
• Billionaire Anil Agarwal’s Vedanta Group unveiled a complete overhaul of its Indian metals, mining, and energy conglomerate, Vedanta Ltd, involving the demerger of its businesses into six independent companies, with a plan to list five of them by FY25.
• . The government will borrow ₹6.55 lakh crore in the second half of 2023 -24 through dated securities, including ₹20,000 crore through issuance of Sovereign Green Bonds (SGrBs).
• India needs to grow at 8% to achieve its goal of becoming a developed economy by 2047.
• Indian oil PSU Indian Oil Corporation (IOC) has firmed up plans to pump in over Rs 2,600 crore in setting up several greenfield units and expanding its facilities across the northeast over the next few years.
• Uttarakhand government signed a memorandum of understanding (MoU) of Rs 2,000 crore with the French cable car company POMA ropeways for investment in the state under the Uttarakhand Global Investors Summit in London.
• The Indian contingent achieved a historic milestone at the Asian Games, securing their 100th medal with a nail-biting 26-25 victory over Chinese Taipei in the women's kabaddi final.
• The United States House of Representatives made history by removing its Speaker, Kevin McCarthy, a Republican, for the first time in the body's 234-year history.
• The United Kingdom (UK) has awarded a £4 billion ($4.9 billion) contract to BAE Systems, Rolls-Royce, and Babcock for the design and manufacturing of nuclear-powered attack submarines, known as SSN-AUKUS.
• Rajasthan Chief Minister Shri Ashok Gehlot has announced the establishment of 3 new districts in the state, namely Malpura, Sujangarh, and Kuchman City ahead of the crucial assembly elections.
• The Assam government is set to conduct a socio-economic survey focused on the state's 5 indigenous Muslim communities, namely Goria, Moria, Deshi, Syed, and Jolha to gather data for the upliftment of these communities.
• The Bihar government has announced a 10% reservation for Economically Weaker Sections (EWS) in judicial services and state-run law colleges and universities.
• India has been re-elected as the President of the Asia-Pacific Institute for Broadcasting Development (AIBD) General Conference (GC) for the 3rd consecutive term.
• India’s biggest asset management company (AMC) by assets, SBI Mutual Fund, has elevated DP Singh to the post of joint chief executive officer (CEO).
• N. Shanth Kumar, representing The Printers (Mysore) Private. Limited., has been elected as the Chairman of the Board of Directors of the Press Trust of India (PTI) for a one-year term.
• Vivek Johri, an Indian intelligence officer, is set to become the new National Security Advisor (NSA) for Mauritius, in line with a longstanding arrangement between the two countries.
• India's Defence Minister, Rajnath Singh, launched Swavalamban 2.0, an updated indigenous program of the Indian Navy.
• Search giant Google in consultation with the National Disaster Management Authority (NDMA) and the National Seismology Center (NSC) and the Ministry of Earth Sciences has launched its Earthquake Alerts System for Android smartphone users in India.
• The Indian Air Force Day is celebrated on the 8th of October of every year in India.
• World Post Day is celebrated on 9th October of every year