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CURRENT AFFAIRS : BANKING & FINANCE

RBI Expands PCA Framework to Include Government-Owned NBFCs Effective October 2024

• The Reserve Bank of India (RBI) has made the decision to extend the 'prompt corrective action (PCA) framework for non-banking financial companies (NBFCs)' to government-owned NBFCs, excluding those in the base layer with effect from October 1, 2024.
• The PCA framework applies to all non-deposit taking government NBFCs in the Middle, Upper, and Top Layers, except those in the base layer.
• The framework will be based on the audited financials of these government-owned NBFCs as of March 31, 2024, or subsequent financial periods.

Objective of the PCA framework :

• To enable supervisory intervention at appropriate time and require the supervised entity to initiate and implement remedial measures in a timely manner, so as to restore its financial health.
• Additionally, the PCA framework serves as a tool for enforcing market discipline effectively within the financial sector.
• The PCA framework for NBFCs originally came into effect on October 1, 2022, based on the financial position of NBFCs as of March 31, 2022.
• The RBI issued a circular in December 2021 to communicate this development to the NBFCs.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

RBI Restricts Bank of Baroda from Acquiring New Customers for 'Bob World' App                                                   

• The Reserve Bank of India (RBI) has instructed Bank of Baroda (BoB) to immediately cease the onboarding of new customers onto the 'bob World' mobile application.
• The RBI's decision is made under the authority granted by Section 35A of the Banking Regulation Act, 1949.
• It is a response to certain supervisory concerns related to onboarding customers onto the 'bob World' app.
• Bank of Baroda has been directed to ensure that customers who are already using the 'bob World' app should not experience any disruption due to this suspension.
• According to a Times of India (TOI) from July 2023, there was an allegation of malpractice by BoB employees reported by a news channel which quoted various whistleblowers.
• This action by the RBI resembles a similar move in the past when the RBI barred HDFC Bank from introducing new digital banking initiatives and issuing new credit cards on December 2, 2020.

Recent News :

• In Aug 2023, Bank of Baroda (BoB), a state-owned bank, launched the 'Video Re-KYC' service to simplify the periodic update of customer identity documents.

About BoB :

• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India's International Bank

CURRENT AFFAIRS: NATIONAL NEWS

CABINET APPROVALS:

I. Cabinet approves Memorandum of Understanding between India and Papua New Guinea on cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation

• The Union Cabinet chaired by Prime Minister, Shri Narendra Modi, has given its approval to a Memorandum of Understanding signed between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Information and Communications Technology of Papua New Guinea on cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.

Details:

• The MoU intends to promote closer cooperation and exchange of experiences and digital technologies-based solutions (viz. INDIA STACK) in the implementation of digital transformational initiatives of both the country.
• The MoU shall come into effect from the date of signature of the Parties and shall remain in force for 3 years.

Impact:

• G2G and B2B bilateral Cooperation in the Digital Public Infrastructure (DPI) field will be enhanced.
• MoU envisages improved collaboration leading to employment opportunities in the field of IT.

Background:

• MeitY is collaborating with a number of countries and multilateral agencies for fostering bilateral and multilateral cooperation in the ICT domain.
• Over the period, MeitY has entered into MoUs/MoCs/Agreements with its counterpart organizations/agencies from various countries to promote cooperation and exchange of information in the ICT domain.
• This is in consonance with the various initiatives the Government of India took, such as Digital India, Atmanirbhar Bharat, Make in India, etc., to transform the country into a digitally empowered society and knowledge economy.
• In this changing paradigm, there is an imminent need for exploring business opportunities, sharing of best practices and attracting investments in the digital sector with the objective of enhancing mutual cooperation.

II. Cabinet approves royalty rates for mining of three critical and strategic minerals- Lithium, Niobium and Rare Earth Elements

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved amendment of the Second Schedule of the Mines and Minerals (Development and Regulation) Act, 1957 (‘MMDR Act’) for specifying the rate of royalty in respect of 3 critical and strategic minerals, namely, Lithium, Niobium and Rare Earth Elements (REEs).
• Recently, the Mines and Minerals (Development and Regulation) Amendment act, 2023 was passed by the Parliament, which has come into force from 17th August, 2023.
• The Amendment, among other things, delisted six minerals, including Lithium and Niobium, from the list of atomic minerals, thereby allowing grant of concessions for these minerals to private sector through auction.
• Further, the amendment provided that mining lease and composite license of 24 critical and strategic minerals (which are listed in Part D of the First Schedule of the Act), including Lithium, Niobium and REEs (not containing Uranium and Thorium), shall be auctioned by the Central Government.

III. Cabinet approves Memorandum of Understanding between India and France on cooperation in the field of Digital Technologies

• The Union Cabinet chaired by Prime Minister Sheri Narendra Modi has approved the signing of the Memorandum of Understanding (MoU) between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Economy, Finance and Industrial and Digital Sovereignty of the French Republic on cooperation in the field of Digital Technologies.

Details:

• The MoU intends to promote closer cooperation and exchange of information pertaining to the digital technologies and will mutually support each Participant’s goal to promote access to digital Technology in their country in accordance with the MoU.

Major Impact:

• Both G2G and B2B bilateral Cooperation in the field of Digital technologies will be enhanced. MoU envisages improved collaboration leading to employment opportunities in the field of IT.

Implementation strategy and targets:

• The cooperation under this MoU will start on the dated of its signature by both Participants and will last five (5) years

Background

• MeitY has been mandated to promote international cooperation in the emerging and frontier areas of Information Technology under bilateral and regional frameworks of cooperation.
• In its endeavour to foster international cooperation in the field of digital technologies, MeitY has entered into MoUs/Agreements with counterpart organizations/agencies of various countries on bilateral or multilateral fora.
• In this changing paradigm, there is an imminent need for exploring business opportunities and attracting investment in the digital sector through such mutual cooperation.

IV. Cabinet approves the establishment of an autonomous body Mera Yuva Bharat

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the establishment of an autonomous body Mera Yuva Bharat (MY Bharat) to serve as an overarching enabling mechanism powered by technology for youth development and youth-led development and provide equitable access to youth to actualize their aspirations and build Viksit Bharat across the entire spectrum of the Government.

Impact:

• The primary objective of Mera Yuva Bharat (MY Bharat) is to make it a whole of Government platform for youth development.
• Under the new arrangement, with access to resources & connection to opportunities, youth would become community change agents and nation builders allowing them to act as the Yuva Setu between the Government and the citizens.
• It seeks to harness the immense youth energy for nation-building.

Details:

• Mera Yuva Bharat (MY Bharat), an autonomous body will benefit the youth in the age group of 15-29 years, in line with the definition of ‘Youth’ in the National Youth Policy.
• In case of programme components specifically meant for adolescents, the beneficiaries will be in the age group of 10-19 years.

Background:

• With a view to engaging youth and their empowerment guided by the principles of ‘whole of government approach’, in a rapidly changing world, which has an environment of high-velocity communications, social media, new digital opportunities and emergent technologies the Government has decided to establish an overarching enabling mechanism in a form of a new Autonomous Body, namely Mera Yuva Bharat (MY Bharat).

V. Cabinet approves Memorandum of Understanding between India and Trinidad and Tobago on cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation

• The Union Cabinet chaired by Prime Minister, Shri Narendra Modi, has given its approval to a Memorandum of Understanding signed between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Digital Transformation Technology of the Republic of Trinidad and Tobago on cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.

Details:

• The MoU intends to promote closer cooperation and exchange of experiences and digital technologies-based solutions (viz. INDIS STACK) in the implementation of digital transformational initiatives of both the country.
• The MoU shall come into effect from the date of signature of the Parties and shall remain in force for 3 years.

Impact:

• G2G and B2B bilateral Cooperation in the Digital Public Infrastructure (DPI) field will be enhanced.
• MoU envisages improved collaboration leading to employment opportunities in the field of IT.

Background:

• MeitY is collaborating with a number of countries and multilateral agencies to foster bilateral and multilateral cooperation in the ICT domain.
• Over the period, MeitY has entered into MoUs/MoCs/Agreements with its counterpart organizations/agencies from various countries to promote cooperation and exchange of information in the ICT domain.
• This is in consonance with the various initiatives the Government of India took, such as Digital India, Atmanirbhar Bharat, Make in India, etc., to transform the country into a digitally empowered society and knowledge economy.
• In this changing paradigm, there is an imminent need for exploring business opportunities, sharing of best practices and attracting investments in the digital sector with the objective of enhancing mutual cooperation.

Global Net freedom on the decline; India’s censorship regime creating uneven playing field: Freedom House report

• According to a new report by Freedom House, global Internet freedom has declined for the 13th consecutive year.
• The report, titled ‘Freedom on the Net 2023: The Repressive Power of Artificial Intelligence’, has raised a red flag on the increasing use of artificial intelligence by governments for censorship and the spread of disinformation.
• This is the 13th edition of an annual study of human rights online
• The report covers developments between June 2022 and May 2023.
• On a range of 1 to 100 where ‘100’ represented the highest digital freedom and ‘1’ the worst repression.
• It evaluates Internet freedom in 70 countries, accounting for 88% of the world’s Internet users.
• The environment for human rights online has deteriorated in 29 countries, with only 20 countries registering net gains.
• Iceland scored 94, emerged as the country with the best climate of Internet freedom.
• India scored 50 remained at the middle ground.
• As per the report, the sharpest rise in digital repression was witnessed in Iran, where authorities shut down Internet service, blocked WhatsApp and Instagram, and increased surveillance in a bid to quell anti-government protests.
• China, for the ninth straight year, ranked as the world’s worst environment for Internet freedom.
• Also Myanmar was found to be the world’s second most repressive for online freedom.
• The report evaluates countries on five censorship methods —
• Internet connectivity restrictions, blocks on social media platforms, blocks on websites, blocks on VPNs, and forced removal of content.

About Freedom House:

• Freedom House is a non-profit organization based in Washington, D.C. It was established in 1941.
• It is best known for political advocacy surrounding issues of democracy, political freedom, and human rights.

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh Government Expands 'Sewa Mitra' Services to Cover All 75 Districts in Both Urban and Rural Areas

• The Department of Labour and Employment of the Uttar Pradesh government has extended the 'Sewa Mitra' services to cover both urban and rural areas in all 75 districts of the state.
• The 'Sewa Mitra' initiative was conceived at the government level in response to the situation during the first wave of the COVID-19 pandemic.
• It was initiated when many labourers and professionals returned to their native places in Uttar Pradesh from other states and faced joblessness.

Key Highlights :

Accessing Services :

• People can access 'Sewa Mitra' services through various means, including :
• Logging on to the 'Sewa Mitra' portal
• Installing the 'Sewa Mitra' mobile application.
• Making a call to a designated helpline number.

Range of Services :

• The 'Sewa Mitra' initiative offers a wide range of services for both home and office needs.
• The list of available services can be found on the portal, mobile app, and can be inquired from helpline executives.

Diverse Services Offered :

• In addition to domestic services, 'Sewa Mitra' includes services such as :
• Doctor on call.
• Nursing assistance.
• Services of priests for religious rituals.

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

Udangudi Panangkarupatti from Thoothukudi Receives Geographical Indication (GI) Tag

• The Intellectual Property of India (IPI) conferred a Geographical Indication (GI) tag for the famous 'Udangudi Panangkarupatti' (palm jaggery/ gur), a product widely associated with the Tirunelveli District Palmyrah Products Cooperative Federation Limited, Tamil Nadu.
• The Geographical Indications Registry recognised the uniqueness of the delicacy known since time immemorial, for its sucrose concentration, sap collection method, traditional method of preparation, and packaging methods.
• Besides Udangudi Panangkarupatti, Thoothukudi is home to two other products that have been conferred with the GI tag, including Kovilpatti Kadalaimittai, and Authoor Vetrillai.
• The palm jaggery preparation procedure in this area is traditional to date without the inclusion of any additional modern strategies.

What is a GI Tag?

• Geographical Indication (GI) tag is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin.
• It is a form of Intellectual Property right that identifies goods originating from a particular geographical location, having unique nature, quality, and characteristics linked to that location.
• This is typically used for agricultural products, foodstuffs, wine and spirit drinks, handicrafts and industrial products.
• The Geographical Indications of Goods (Registration and Protection) Act, 1999 seeks to provide for the registration and better protection of geographical indications relating to goods in India.
• This GI tag is valid for 10 years following which it can be renewed.

Recent News :

• In Oct 2023, Basohli Pashmina, a more than 100-year-old traditional craft from Jammu and Kashmir’s Kathua district, got the Geographical Indication (GI) tag.

CURRENT AFFAIRS: BUSINESS NEWS

Dabur Becomes First Indian FMCG Cloud-Only Enterprise

• Science-based Ayurveda major Dabur India Limited has recently announced the successful completion of one of the largest and most complex cloud migrations in the Indian Consumer Goods industry, making Dabur the first Indian FMCG Cloud-Only Enterprise.
• As a future-ready enterprise, Dabur’s adoption of a cloud-only approach will significantly improve business resilience and enhance control of the IT landscape, helping the company augment its services for retailers, partners, employees and consumers.
• Dabur India worked with SAP and Microsoft to deliver this transformation in just 10 months with no disruption to business operations.
• The move is also in line with Dabur’s commitment to curb carbon emissions and achieve Net Zero by 2045.

About Dabur Ltd.

• Dabur Ltd is an Indian multinational consumer goods company, founded by S. K. Burman and headquartered in Ghaziabad.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

AMFI Appoints Navneet Munot as Chairman and Anthony Heredia as Vice-Chairman

• The Association of Mutual Funds in India (AMFI) has elected Navneet Munot, the Managing Director (MD) and Chief Executive Officer (CEO) of HDFC Asset Management, as the new Chairman.
• Navneet Munot will assume the role of Chairman after A Balasubramanian, the Managing Director of Aditya Birla Sun Life Asset Management Company, completes his two consecutive terms in October, 2023.
• Anthony Heredia, who serves as the Managing Director and CEO of Mahindra Manulife Mutual Fund, has been elected as the Vice-Chairman of AMFI.
• The new Chairman and Vice-Chairman will take charge from October 16, 2023.
• Heredia is a Chartered Accountant and has over 26 years of experience in the investment management industry.
• He takes over the charge from Radhika Gupta, MD, Edelweiss Asset Management.

About AMFI :

• Established : 22 August 1995
• Headquarters : Mumbai, Maharashtra, India
• The Association of Mutual Funds in India (AMFI) is dedicated to developing the Indian Mutual Fund Industry on professional, healthy and ethical lines and to enhancing and maintaining standards in all areas with a view to protecting and promoting the interests of mutual funds and their unit holders.
• AMFI, is the association of all the asset management companies of SEBI-registered mutual funds in India.
• As of now, 44 Asset Management Companies that are registered with SEBI, are its members

Center Grants 2-Year Extension to SBI MD Ashwini Tewari's Term

• The Appointments Committee of the Cabinet (ACC) has extended the tenure of State Bank of India (SBI) Managing Director Ashwini Kumar Tewari by 2 years.
• The extension of Ashwini Kumar Tewari's tenure will apply beyond January 27, 2024.
• The tenure extension of Ashwini Kumar Tewari coincides with the Centre's decision to extend the tenure of SBI Chairman Dinesh Kumar Khara.

About Dinesh Kumar Khara's Appointment :

• Dinesh Kumar Khara was appointed as Chairman of SBI, the country's largest commercial bank, on October 7, 2020 for a period of 3 years.
• According to current norms, a person can hold the post of SBI Chairman up to the age of 63.

About Ashwini Kumar Tewari :

• Tewari was appointed as SBI MD in January 2021.
• Prior to his appointment as SBI MD, he was Managing Director & CEO of SBI Card.
• From April 2017, Tewari held the position of country head of US operations at SBI, based in New York.
• He also served as Vice Chairman of the SBI (California) Board of Directors.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

CURRENT AFFAIRS : DEFENCE NEWS

Indian Air Force unveils its new ensign on 91st anniversary

• The Indian Air Force (IAF) unveiled its new ensign at the 91st annual Air Force Day parade in Prayagraj.
• This marks the first change to the IAF ensign since 1951 when the Royal Indian Air Force (RIAF) ensign was modified to have an 'Indian' appearance.
• The new IAF ensign replaced the Union Jack with the Indian tricolour and the RAF roundels with the IAF tricolour roundel in the lower right canton.

Key Highlights :

• The new ensign includes the Air Force crest in the top right corner, featuring the national symbol - the Ashoka lion - on top, with the words "Satyameva Jayete" in Devanagari below it.
• A Himalayan eagle with outspread wings is encircled by a light blue ring, and it bears the words "Indian Air Force."
• The existing motto of the IAF, "Touching the sky with Glory," derived from verse 24, Chapter 11 of the Bhagavad Gita, remains a part of the new ensign.
• The IAF motto, "Touching the sky with glory," is taken from the Bhagavad Gita and conveys the idea of achieving greatness and reaching for the sky.

About IAF : 

• Established : 1932
• Headquarters : New Delhi, Delhi
• Chief of the Air Staff :  Air Chief Marshal Vivek Ram Chaudhari

Annual Joint HADR Exercise 2023, 'Chakravat 2023,' Strengthens Disaster Response Preparedness        

• The Annual Joint HADR Exercise (AJHE) is a result of the directive of the Hon'ble Prime Minister announced during the Joint Commanders' Conference 2015.
• The 2023 edition of the exercise is being hosted by the Indian Navy in Goa from October 9 to October 11, 2023.

About Exercise CHAKRAVAT :

• Since its inception in 2015, CHAKRAVAT has evolved into a multi-agency exercise, involving various stakeholders.
• CHAKRAVAT involves the participation of all three services (Indian Army, Navy, and Air Force), paramilitary forces, disaster response organizations, non-governmental organizations (NGOs), academic institutions, and international organizations.
• The exercise has been conducted by the Indian Army, Indian Navy, and Indian Air Force in rotation since 2016.
• The previous edition was conducted by the Indian Air Force in Agra, Uttar Pradesh (UP).
• The 2023 edition would further synergise efforts at the national level among all stakeholders, as well as witness participation from 8 countries of the Indian Ocean Region (IOR).
• AJHE-23, planned over three days, includes a seminar, a Table-Top Exercise and a Multi-Agency Capability Demonstration.
• The exercise will witness participation from various national agencies namely, National Disaster Management Authority (NDMA), National Disaster Response Force (NDRF), National Institute for Disaster Management (NIDM), Indian Army, Indian Navy, Indian Air Force, Coast Guard, Indian Meteorological Department (IMD), National Remote Sensing Agencies (NRSA) and etc.·
• The Logo of this year's exercise depicts the crests and insignia of all participating agencies and the flags of all countries in a single unit, indicating that HADR will depend on joint and integrated action by all agencies.

About Ministry of Defence :

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

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

NASA Prepares to Launch Atmospheric Perturbations around the Eclipse Path Mission to Investigate Solar Eclipse's Impact on Upper Atmosphere

• The National Aeronautics and Space Administration (NASA) is set to launch a mission called Atmospheric Perturbations around the Eclipse Path (APEP) to study how a solar eclipse affects the upper atmosphere.
• The mission involves launching 3 rockets equipped with scientific instruments.

Key Highlights :

• The project is spearheaded by Aroh Barjatya, an engineering physics professor of Indian origin at Embry-Riddle Aeronautical University.
• The mission aims to understand how the upper atmosphere changes during a solar eclipse, particularly during the sudden reduction in light.
• The APEP project extends beyond this mission, with plans to retrieve and relaunch the rockets from NASA's Wallops Flight Facility in Virginia on April 8, 2024, during a total solar eclipse sweeping across the United States from Texas to Maine.
• This launch will take place at the White Sands Missile Range in New Mexico, with a specific focus on the ionosphere.
• According to NASA, the ionosphere's temperature and density are projected to decrease during the eclipse, resulting in a wave-like disturbance that has the potential to disrupt GPS and other satellite communications.
• NASA aims to achieve the first-ever simultaneous measurements from multiple locations in the ionosphere during a solar eclipse.
• The rockets will collect data at altitudes ranging from 45 to 200 miles (70 to 325 kilometres) above the Earth's surface along their flight path.

About NASA :

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

CURRENT AFFAIRS: MOUS AND AGREEMENT

IOC and Reliance Foundation sign agreement to advance Olympic values education across India

• The International Olympic Committee (IOC) with the Olympic Museum has signed agreement with Reliance Foundation to build on the success of the Olympic Values Education Programme (OVEP) in India and signed a new cooperation agreement.
• The new cooperation was agreed upon by IOC President Thomas Bach and Nita Ambani, IOC Member in India and Reliance Foundation Founder Chairperson, during a visit to the Reliance Foundation Young Champs (RFYC) football academy in Mumbai.
• This agreement underscores the organisations’ shared priority to promote Olympic values through sport among young people.
• OVEP is an initiative led by the Olympic Museum that advances the IOC’s Olympism365 strategy, which aims to increase access to sport and bring the health and societal benefits of physical activity to communities across the globe.
• Launched in India in 2022 with the Abhinav Bindra Foundation in the Indian state of Odisha, OVEP is one of the first major IOC projects to be implemented in India.

About IOC

• The International Olympic Committee is a non-governmental sports organisation based in Lausanne, Switzerland, President: Thomas Bach.

CURRENT AFFAIRS: IMPORTANT DAYS

World Arthritis Day: October 12

• World Arthritis Day 2023 falls on October 12.
• This year, the theme of World Arthritis Day is “Living with an RMD at all stages of life”.
• The Arthritis Foundation established World Arthritis Day.
• The Greek terms "arthro," which means "joint," and "itis," which means "inflammation," are the origin of the word "arthritis."
• Inflammation of the joints is a symptom of arthritis.
• Any living organism with bones is susceptible.
• The existence of ankle arthritis in humans dates back to at least 4500 B.C., and there is evidence that it was present in dinosaurs as well! In actuality, it was among the most prevalent diseases among prehistoric populations.
• In William Musgrave's 1715 book "De Arthritide Symptomatic," it was first in-depth researched and categorized.

World Sight Day: October 12

• World Sight Day 2023 will occur on October 12.
• “LOVE YOUR EYES AT WORK” is the theme of this year.
• Lions Clubs International partnered with blindness presentation organizations worldwide for the first World Sight Day in 1998.
• This event was later integrated into VISION 2020, a global initiative that the International Agency for the Prevention of Blindness (IAPB) coordinates.
• This initiative is a joint program between WHO and the IAPB.
• It involves non-government organizations, and professional associations, as well as eye-care institutions and corporations.

Daily CA One- Liner: October 12

• The Union Cabinet chaired by Prime Minister, Shri Narendra Modi, has given its approval to a Memorandum of Understanding signed between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Information and Communications Technology of Papua New Guinea on cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.
• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved amendment of the Second Schedule of the Mines and Minerals (Development and Regulation) Act, 1957 (‘MMDR Act’) for specifying the rate of royalty in respect of 3 critical and strategic minerals, namely, Lithium, Niobium and Rare Earth Elements.
• The Union Cabinet chaired by Prime Minister Sheri Narendra Modi has approved the signing of the Memorandum of Understanding (MoU) between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Economy, Finance and Industrial and Digital Sovereignty of the French Republic on cooperation in the field of Digital Technologies.
• The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved establishment of an autonomous body Mera Yuva Bharat (MY Bharat) to serve as an overarching enabling mechanism powered by technology for youth development and youth led development and provide equitable access to youth to actualize their aspirations and build Viksit Bharat across the entire spectrum of the Government.
• The Union Cabinet chaired by Prime Minister, Shri Narendra Modi, has given its approval to a Memorandum of Understanding signed between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Digital Transformation Technology of the Republic of Trinidad and Tobago on cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.
• According to a new report by Freedom House, global Internet freedom has declined for the 13th consecutive year.
• Science-based Ayurveda major Dabur India Limited has recently announced the successful completion of one of the largest and most complex cloud migrations in the Indian Consumer Goods industry, making Dabur the first Indian FMCG Cloud-Only Enterprise.
• The International Olympic Committee (IOC) with the Olympic Museum has signed agreement with Reliance Foundation to build on the success of the Olympic Values Education Programme (OVEP) in India and signed a new cooperation agreement.
• The Reserve Bank of India (RBI) has made the decision to extend the 'prompt corrective action (PCA) framework for non-banking financial companies (NBFCs)' to government-owned NBFCs, excluding those in the base layer with effect from October 1, 2024.
• The Reserve Bank of India (RBI) has instructed Bank of Baroda (BoB) to immediately cease the onboarding of new customers onto the 'bob World' mobile application.
• The Department of Labour and Employment of the Uttar Pradesh government has extended the 'Sewa Mitra' services to cover both urban and rural areas in all 75 districts of the state.
• The Intellectual Property of India (IPI) conferred a Geographical Indication (GI) tag for the famous 'Udangudi Panangkarupatti' (palm jaggery/ gur), a product widely associated with the Tirunelveli District Palmyrah Products Cooperative Federation Limited, Tamil Nadu.
• The Association of Mutual Funds in India (AMFI) has elected Navneet Munot, the Managing Director (MD) and Chief Executive Officer (CEO) of HDFC Asset Management, as the new Chairman.
• The Appointments Committee of the Cabinet (ACC) has extended the tenure of State Bank of India (SBI) Managing Director Ashwini Kumar Tewari by 2 years.
• The Indian Air Force (IAF) unveiled its new ensign at the 91st annual Air Force Day parade in Prayagraj.
• The Annual Joint HADR Exercise (AJHE) is a result of the directive of the Hon'ble Prime Minister announced during the Joint Commanders' Conference-2015.
• The National Aeronautics and Space Administration (NASA) is set to launch a mission called Atmospheric Perturbations around the Eclipse Path (APEP) to study how a solar eclipse affects the upper atmosphere.
• World Arthritis Day 2023 falls on October 12.
• World Sight Day 2023 will occur on October 12.