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CURRENT AFFAIRS: BANKING & FINANCE

IMF Projects Faster Economic Growth For Pakistan; Sets Growth Rate At 2.5% For 2023

• The IMF expects Pakistan's economy to perform better in the current and next fiscal years compared to other multilateral agencies' projections despite the macroeconomic challenges faced by the cash-strapped country.
• The International Monetary Fund's (IMF) World Economic Outlook for October, released, forecasts a growth of 2.5% for the country's economy in the current year, doubling to 5% in the next fiscal year.
• This is a significant jump compared to the 0.5% contraction witnessed last fiscal year, signifying that the Fund also expected quicker economic recovery than it had forecast earlier at a 5% GDP growth rate in the 2026-27 fiscal year.
• The IMF's latest growth forecast is lower than the government's 3.5% GDP growth target for the current year but well above the recent estimates from the Washington-based World Bank and the Manila-based Asian Development Bank (ADB).
• The World Bank, which predicted Pakistan's growth rate at 1.7% for this fiscal year and 2.4% in the next, claimed at a recent media event that its estimates were based on the August-September data.

About IMF:

• Formation: 27 December 1945; 77 years ago
• Headquarters: Washington, D.C., U.S
• Membership: 190 countries (189 UN countries and Kosovo)
• Managing Director: Kristalina Georgieva
• Purpose: Promote international monetary co-operation, facilitate international trade, foster sustainable economic growth, make resources available to members experiencing balance of payments difficulties, prevent and assist with recovery from international financial crises.

SEBI probing ties between Adani Group and Gulf Asia fund 

• India's market regulator SEBI is investigating the relationship between the Adani Group and a fund incorporated in the British Virgin Islands to see if there has been a violation of share ownership rules, two sources with direct knowledge of the matter stated.
• The fund is called Gulf Asia Trade & Investment, the sources stated.
• It is owned by Dubai businessman Nasser Ali Shaban Ahli.
• The fund has invested in several listed Adani firms, according to the Organised Crime and Corruption Reporting Project (OCCRP) and data that the investigative journalist group has provided to Reuters.
• The probe is part of the Securities and Exchange Board of India's (SEBI) investigation into the Indian conglomerate which follows a January report by short-seller Hindenburg Research that stated offshore shell companies "surreptitiously" owned stock in Adani listed firms, posing governance concerns.
• A key question for SEBI investigators is whether Gulf Asia's ties with the Adani Group were such that it would be deemed to be acting "in concert" with key Adani shareholders, stated the sources, who declined to be identified as the investigations are ongoing and private.
• This part of the SEBI investigation has not been previously reported.
• The Adani Group did not comment on the SEBI probe and its possible ties with the fund when contacted by Reuters.
• The conglomerate has previously stated it categorically rejects allegations by OCCRP that there was an "opaque use" of funds by business partners to invest in its listed companies.
• It has also denied allegations made by Hindenburg, saying all transactions made with entities that qualified as related parties had been fully disclosed.
• SEBI and Gulf Asia did not respond to requests for comment.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch
• SEBI is the regulatory body for the securities and commodity market in India under the ownership of the Ministry of Finance , Go

About Adani group:

• Adani Group: An Indian multinational conglomerate, headquartered in Ahmedabad. Founded by Gautam Adani in 1988 as a commodity trading business.
• Founded: 20 July 1988
• Founder: Gautam Adani
• Headquarters: Ahmedabad, Gujarat, India

CBDT relaxes PAN requirement for foreign entities at GIFT IFSC

• The Central Board of Direct Taxation (CBDT), in a notification, has stated that Permanent Account Number (PAN) will no longer be required for non-resident individuals and foreign companies opening bank accounts in GIFT IFSC and not having any other taxable income in India.
• These entities will no longer be required to quote PAN and can instead provide form 60 to the banks for their transactions. This will also take away the spectre of income tax notices that could come from acquiring a PAN.
• The move will benefit overseas firms wanting to set up treasury management operations, global institutional investors as well as non-residents who want to want to set up family investment funds or other structures at GIFT IFSC.

Tax relief:

• Retail money at GIFT IFSC typically comes from NRIs most of whom already have a PAN.
• Some of the holding companies which are set up overseas, particularly the start-ups who don’t have PAN will benefit from this, says Anshul Chandak, Head-Treasury, RBL Bank.
• According to Jaiman Patel, Partner, EY India, non-residents can now open bank accounts with IFSC banking units without concerns of obtaining PAN or consequently worrying about filing tax returns in India (where the amounts in such accounts are not taxable in India).
• The relaxation will boost the liability/deposits side as well as retail business segment of a bank in IFSC, stated Sunil Gidwani, Partner - Financial Services, Nangia Andersen.
• The banking ecosystem in IFSC comprises several private and public sector banks as well as several global MNC banks.
• The Silicon Valley Bank crisis had prompted many startups to look at GIFT IFSC as an alternative to park their money.

About GIFT City:

• Gujarat International Finance Tec-City(GIFT City) is a central business district under construction in Gandhinagar district in Gujarat, India.
• It is India's first operational greenfield smart city and international financial services centre, which the Government of Gujarat promoted as a greenfield project.
• In 2020 GIFT IFSCbagged 10th place in Finance Industry and top rank in emerging financial centres in Global Financial Centres Index.

About CBDT:

• It is statutory body established as per the Central Board of Revenue Act, 1963.
• It is India’s official financial action task force unit.
• It is administered by the Department of Revenue under the Ministry of Finance.

India’s first numberless credit card with no CVV, expiry date, or annual fee

• Fibe, (formerly known as EarlySalary), India’s leading Fintech and Axis Bank, one of the largest private sector banks in India, partnered to launch India’s first-ever numberless credit card for tech-savvy Gen Zs.
• Sanjeev Moghe, President and head of Cards & Payments, Axis Bank, stated that the numberless Axis Bank card will prioritize the security of our customers while offering a robust financial solution that empowers the smart and ambitious youth of our nation.
• Akshay Mehrotra, Co-Founder and CEO of Fibe stated that a great pleasure to introduce India's first numberless credit card, in association with Axis Bank.
• This exceptional card represents a significant stride in our commitment to offering secure and inclusive financial solutions to the ambitious youth of India.

Aim:

• To empower our users with a safe and secure payment ecosystem clubbed with the convenience of UPI payments thereby establishing a fresh benchmark in the credit card industry

India’s first-ever numberless credit card: Features

• With a numberless credit card, customers get an added level of security as there is no card number, expiry date, or CVV printed on the card plastic.
• This reduces the risk of identity theft or unauthorised access to customer's card details ensuring absolute security and privacy.
• The card is powered by RuPay, which allows the customer to link this credit card to UPI.
• The card is accepted across all offline stores in addition to all digital platforms.
• It also offers the tap-and-pay feature for added convenience.
• This card has zero joining fees and zero annual fees for a lifetime.
• The power-packed co-branded credit card offers cashback of a flat 3% on online food delivery across all restaurant aggregators, local commute on leading ride-hailing apps, and entertainment on online ticketing platforms.
• In addition, customers also get a 1% cashback on all online and offline transactions.

About Axis Bank (UTI Bank):

• Founded: 1993
• CEO & MD: Mr Amitabh Choudhary
• Headquarters: Mumbai, India
• Tagline: Badhti Ka Naam Zindagi

About Fibe:

• Fibe (formerly known as EarlySalary) is one of India’s leading consumer lending apps focused for every credit need of the young, aspirational and tech-savvy Indian.
• Co-Founder and CEO: Akshay Mehrotra

CURRENT AFFAIRS: NATIONAL NEWS

Competition Commission of India organizes 8th BRICS International Competition Conference in New Delhi

• The 8th BRICS International Competition Conference, held in New Delhi and organized by the Competition Commission of India (CCI), is focused on the theme of "New Issues in Competition Law and policy dimensions, Perspectives, and Challenges."
• This two-day conference has brought together over 450 delegates from various parts of the world.
• The BRICS International Competition Conference is hosted biennially and serves as a valuable platform for cooperation, sharing experiences, and mutual learning among the competition authorities of the BRICS countries (Brazil, Russia, India, China, and South Africa).
• This event allows these nations to discuss and address evolving challenges in competition law and policy on a global scale.

Key highlights from the event include:

Importance of Cooperation: Justice Ashok Bhushan, Chairperson of the National Company Law Appellate Tribunal, highlighted the significance of this conference in promoting cooperation among the BRICS competition authorities. He emphasized that it serves as a platform for the exchange of ideas and approaches in the field of competition law and policy.

BRICS Role in Integration: Since the inception of BRICS, it has played a pivotal role in integrating the efforts of member countries for mutual cooperation and information exchange regarding legislative development.

Challenges in Competition Law: Justice Ashok Bhushan mentioned the importance of regulating digital markets and the necessity of international cooperation in this regard. He also pointed out the potential of incorporating sustainability into competition law to stimulate the development of cleaner technologies.

Government Measures: The Indian government has taken several measures to achieve pro-competitive outcomes, highlighting its commitment to ensuring fair and competitive markets.

CCI's Achievements: Ravneet Kaur, Chairperson of the Competition Commission of India, noted that under the Memorandum of Understanding between BRICS Competition authorities, working groups in various industries have developed a deeper understanding of these markets. CCI has conducted numerous competition advocacy initiatives and resolved anti-trust cases, making it a credible and dynamic regulator.

Amendments to the Competition Act: The Union government recently amended the Competition Act of 2002, enriching the toolkit available for competition regulation.

Digital Technology and Capacity Building: Digital technology has been a key driver of growth and inclusion, and the conference emphasizes the importance of collective capacity building in areas like artificial intelligence, blockchains, and algorithms as the digital transition progresses.

About CCI :

• Established: 14 October 2003
• Headquarters : New Delhi, Delhi, India
• Chairman : Ravneet Kaur
• Secretary : P K Singh
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs.

PM to inaugurate the 9th G20 Parliamentary Speakers' Summit (P20)

• The 9th G20 Parliamentary Speakers' Summit (P20) is set to be inaugurated by Prime Minister Shri Narendra Modi at Yashobhoomi, New Delhi.
• This summit is being hosted by the Parliament of India as part of India's G20 Presidency.
• Key details of the event are as follows:
• Theme: The 9th P20 Summit aligns with the broader theme of India's G20 Presidency, which is "Parliaments for One Earth, One Family, One Future."
• Participants: The summit will be attended by Speakers of Parliaments from G20 member countries and invitee countries. Notably, the Pan-African Parliament will participate in the P20 Summit for the first time after the African Union became a member of G20 at the New Delhi G20 Leaders' Summit held on September 9-10, 2023.
• Thematic Sessions: The P20 Summit will feature thematic sessions on the following four subjects:
• Transformation in People’s Lives through Public Digital Platforms: Discussing the impact of digital platforms on improving people's lives.
• Women-led development: Focusing on the role of women in driving development and progress.
• Accelerating SDGs (Sustainable Development Goals): Addressing efforts to accelerate the achievement of the United Nations' SDGs.
• Sustainable Energy Transition: Exploring the transition to sustainable and clean energy sources.
• Pre-Summit Parliamentary Forum on LiFE: a pre-summit Parliamentary Forum on LiFE (Lifestyle for Environment) will be held.
• This forum will deliberate on initiatives aimed at promoting a greener and more sustainable future that is in harmony with nature.

Shri Nitin Gadkari approves 7 bridge projects worth Rs 118.50 Crores in Arunachal Pradesh under the Setu Bandhan Scheme

• Union Minister for Road Transport and Highways, Shri Nitin Gadkari, announced the approval of seven bridge projects in Arunachal Pradesh under the Setu Bandhan Scheme for the fiscal year 2023-24.
• These projects aim to enhance connectivity in the region and contribute to the economic development of Arunachal Pradesh.
• The cumulative cost of these bridge projects is ₹118.50 Crores.

The approved bridge projects and their respective locations are as follows:

1. RCC bridge over Pacha River at Lachang, connecting Laimoya, Nerewa and Sorrowa villages in East Kameng District.
2. RCC bridge from Goang to Donigaon village over Pacha river at Goang, on the way to Donigaon in East Kameng District.
3. Three bridges on NH-313, spanning from Roing-Anini road to New Chidu village via NHPC colony in Lower Dibang District.
4. Double Lane steel composite bridge with RCC Decking at Kharsa, Dirang in West Kameng District.
5. RCC bridge at Pikte Point across the river Sigen to connect Tabiripo Saku village on Koyu-Goye road in Lower Siang District.
6. RCC bridge over Ngopok River on Mebo-Dholla road in East Siang District.
7. Steel Composite bridge over river Panyor to connect Chullyu & Kebi village near Yazali Agri-Farm in Lower Subansiri District.

• These bridge projects signify the government's commitment to improving infrastructure and connectivity, which is crucial for promoting socio-economic growth and enhancing the quality of life for the people of Arunachal Pradesh. Infrastructure development, particularly in terms of bridges and roads, plays a significant role in fostering economic development and connectivity across different regions.

About Arunachal Pradesh :

• Governor : Kaiwalya Trivikram Parnaik
• Chief Minister : Pema Khandu
• Capital : Itanagar
• National Park : Mouling National Park, Namdapha National Park,Nameri National Park

Recent News

• In June 2023, Paytm Payment Services Limited signed a Memorandum of Understanding (MoU) with Arunachal Pradesh Innovation and Investment Park (APIIP) to create a startup ecosystem for the youth.

The Department of Animal Husbandry and Dairying, Government of India launched the ‘A-HELP’ programme at Jharkhand

• The Government of India’s Department of Animal Husbandry and Dairying launched the ‘A-HELP’ programme in Jharkhand.
• Minister of Agriculture, Animal Husbandry & Co-operative, G of Jharkhand, Shri Badal Patralekh was the chief guest of the programme.
• The Department of Animal Husbandry and Dairying (DAHD) is embarking on the “A-HELP” (Accredited Agent for Health and Extension of Livestock Production)
• It has already taken this initiative across different States/UTs including Bihar, Gujarat, Jammu and Kashmir, Karnataka, Madhya Pradesh, Uttarakhand, and Jharkhand.
• During the launch event, A-HELP Kits were distributed to Pashu Sakhis.
• A HELP Program is an initiative of the Union Ministry of Fisheries, Animal Husbandry & Dairying and the Ministry of Rural Development.

About A-HELP

• ‘A-HELP’ are community-based women activists, who assist veterinarians in local departmental activities help livestock farmers.
• They will give vital contributions to preventing various infectious diseases of animals, artificial insemination under the Rashtriya Gokul Mission (RGM), tagging animals and animal insurance.

Centre to Computerise 1,851 Agri & Rural Development Banks, State Cooperative Registrars

• The Centre has approved an initiative aimed at computerising and empowering the registrars of all 28 states and 8 union territories as well as 1,851 Agriculture and Rural Development Banks (ARDBs) operating across 13 states with a budget of Rs 225.09 crore.
• Currently, the government is computerising all Primary Agriculture Credit Societies (PACS) in the country.
• The government has also decided to computerise the offices of the Registrar of Cooperatives of all states and Union Territories.
• A Central Project Monitoring Unit (PMU) will be established, which will work towards the successful implementation of the scheme.
• The total estimated expenditure for this scheme will be Rs 225.09 crore.

CURRENT AFFAIRS: INTERNATIONAL

India likely to skip China’s BRI summit

• India is likely to skip China’s third summit marking President Jinping’s signature Belt and Road Initiative (BRI), which, Beijing announced, will be held on October 17 in the Chinese capital.
• Russian President Vladimir Putin is expected to attend the Belt and Road Forum (BRF) in Beijing, with the Russian leader also present at the previous two summits in 2017 and 2019.
• Sri Lankan President Ranil Wickremesinghe is also likely to attend, among several leaders from countries in Asia, Africa and Latin America.
• Indonesian President Joko Widodo is also expected, according to reports.
• India did not attend the summits in 2017 and 2019, having raised concerns about the BRI, particularly over the flagship China Pakistan Economic Corridor (CPEC) project which runs through Pakistan occupied Kashmir.
• Li Kexin, DirectorGeneral of the Chinese Foreign Ministry’s Department of International Economic Affairs, stated that representatives from over 130 countries had already confirmed attendance at the BRF, which will open with a speech by President.
• The total investment in the plan had reached $380 billion between 2013 and 2022, according to figures released by China’s Ministry of Commerce.
• Last month, Nepal agreed to take forward crossborder connectivity projects with China during the visit of Prime Minister Pushpa Kamal Dahal ‘Prachanda’ to Beijing.
• Both sides “agreed to strengthen connectivity in such areas as ports, roads, railways, airways and grids in an orderly manner” and “jointly build the TransHimalayan MultiDimensional Connectivity Network”, as the crossborder plan under the BRI is called.

About China:

• Capital: Beijing
• Currency: Renminbi
• Prime Minister: Li Keqiang
• President: Xi Jinping

About Belt and Road Initiative:

• China’s Belt and Road Initiative (BRI), sometimes referred to as the New Silk Road, is one of the most ambitious infrastructure projects ever conceived.
• Launched in 2013 by President Xi Jinping, the vast collection of development and investment initiatives was originally devised to link East Asia and Europe through physical infrastructure.
• In the decade since, the project has expanded to Africa, Oceania, and Latin America, signific
• .antly broadening China’s economic and political influence.

CURRENT AFFAIRS: STATE NEWS

UP allows cough syrup firm linked to Uzbekistan deaths to re-open factory

• The Uttar Pradesh government has allowed a factory owned by Marion Biotech, the pharmaceutical firm whose cough syrup has been blamed for the death of 65 children in Uzbekistan last year, to resume most of its production.
• The state drug controller, in its order issued on September 14, noted that there was no known case of a lack of quality in other medicines manufactured by the firm, the report stated.
• The factory of Marion Biotech in Uttar Pradesh was shut earlier this year, after Uzbekistan health ministry's analysis reportedly found that unacceptable amounts of toxins diethylene glycol (DEG) and ethylene glycol (EG) were present in its two cough syrups – Ambronol and DOK-1 Max.
• Tests conducted by the Indian authorities in January had found 22 samples of the Marion-made syrups to be “adulterated and spurious".
• While the permission to resume production for most products at the factory has reportedly been granted.

About Uttar Pradesh:

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National Park, National Chambal Sanctuary, Sariska National Park
• Wildlife Sanctuary : Bakhira Wildlife Sanctuary Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, Dr Bhimrao Ambedkar Bird wildlife Sanctuary, Hastinapur Wildlife Sanctuary

Narendra Modi to lay foundation stone of projects worth ₹4,200cr in Uttarakhand

• Prime Minister Narendra Modi arrived at Pithoragarh in Uttarakhand is a one-day state visit.
• Modi visited Parvati Kund at Jolingkong in Pithoragarh district, where he offered prayers.
• After this, the Prime Minister reached Gunji village, where he interacted with the locals and visited a craft exhibition of local products.
• The PM also interacted with Army, ITBP and BRO personnel in Gunji.
• The Prime Minister also visited the famous Jageshwar Dham in Almora district and offered prayers.
• There Mr.Modi inaugurated and laid the foundation stone of 23 development projects worth about 4,200 crore rupees in Pithoragarh to boost infrastructure, education, health, power, drinking water, sports, tourism, disaster mitigation and horticulture in the state. During this, he will also address a public meeting.

About Uttarakhand:

• Governor : Gurmit Singh
• Chief Minister : Pushkar Singh Dhami
• Capital: Gairsain(summer), Dehradun(winter)
• National Park : Jim Corbett National Park, Rajaji National Park, Gangotri National Park, Valley of Flowers National Park
• Wildlife Sanctuary : Binsar Wildlife Sanctuary, Rajaji Wildlife Sanctuary, Govind Pashu Vihar Wildlife Sanctuary, Benog Wildlife Sanctuary

CURRENT AFFAIRS: AWARDS AND HONOURS

MRPL bags Best Innovation in Refinery Award from MoPNG

• Mangalore Refinery and Petrochemicals Ltd (MRPL) has won the ‘Best Innovation in Refinery’ award from the Union Ministry of Petroleum and Natural Gas.
• MRPL has secured the award for 2022-23 for the second consecutive year amid stiff competition from IOCL, BPCL, and HPCL.
• The proposal of the MRPL’s research and development team was screened by the Centre for Higher Technology, and the final evaluation was done by the Scientific Advisory Committee (SAC).
• The award was presented to a team led by the Managing Director of MRPL, Sanjay Varma, by Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas, at the Energy Technology Meet 2023 in New Delhi.

CURRENT AFFAIRS: ACQUISITIONS & MERGERS

Texmo acquires German company

• Texmo Precision Castings has acquired a 75.1 % stake in Feinguss Blank, a German company with plants in Germany and Romania, for an undisclosed amount.
• Following the acquisition, the company will trade as Texmo Blank. It will cater to customers in sectors such as industries and healthcare stated by Arjunan Ramachandran, MD, Texmo Precision Castings.
• Texmo Blank will register $120 million in revenue in
• It will produce steel, stainless steel, cobalt, nickel alloy and aluminium investment castings with an annual production of 8,000 tonnes.

RBI permits SBI Mutual Fund to acquire 9.99% paid-up share capital in IndusInd Bank

• The Reserve Bank of India (RBI) on October 11 issued its approval to SBI Mutual Fund (SBI MF), the mutual funds arm of the State Bank of India, to acquire 9.99 percent of the paid-up share capital in private lender IndusInd Bank.
• SBI MF has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year e. by October 10, 2024.
• Its aggregate holding in the bank does not exceed 9.99 percent of the paid-up share capital or voting rights.
• Earlier, in May, the RBI gave its nod to SBI Funds Management (SBIFML) -a joint venture between State Bank of India and France's AMUNDI - to acquire a 9.99 percent stake in HDFC Bankand had recommended the company to do so within six months.
• Meanwhile, IndusInd Bank reported strong financials in the first quarter of the fiscal year 2023-24, with its net profit rising to ₹2,124 crore, 32 percent higher as against ₹1,603.29 crore posted in the June 2022 quarter.
• The lender's net interest income grew to 4,867.11 crore, up 17.98 percent as compared to ₹4,125.20 crore reported in the year-ago period.
• In the trading session on October 11, IndusInd Bank's scrip settled at ₹1,419 apiece on the BSE, down 1.95 percent as against the previous day's close.

About IndusInd Bank:

• Founded: 1994
• Founder: P. Hinduja
• CEO & MD: Shri Sumant Kathpalia
• Headquarters: Maharashtra, India
• Tagline: We Care Dil Se, We Make You Feel Richer

About SBI Mutual Fund:

• Founded: 1987
• CEO & MD: Mr Shamsher Singh
• Headquarters: Mumbai, India
• SBI Mutual Fundis an Asset Management Company introduced by the State Bank of India

Bharti to acquire JV partner AXA's 49% stake in Bharti AXA Life Insurance

• Bharti Group stated it has entered into a binding agreement with its joint venture partner AXA to acquire its 49 per cent stake in Bharti AXA Life Insurance.
• Post transaction, Bharti Life Ventures Private Limited (BLVPL), the holding company of Bharti AXA Life Insurance Company, will own a 100 per cent stake in the life insurer.
• Currently, France-based AXA owns a 49 per cent stake in the joint venture with Bharti.
• Pursuant to the two parties' decision to merge Bharti AXA General Insurance with ICICI Lombard in 2020, and the subsequent exit of AXA from the shareholding of ICICI Lombard, BLVPL has now entered into an agreement to acquire AXA's 49 per cent shareholding and fully own the company, it said.
• The transaction is expected to close by December 2023, subject to receipt of regulatory approvals.
• Bharti set up the ventures with AXA in 2006 and held 74 per cent stake in both - Bharti AXA Life Insurance and Bharti AXA General Insurance.
• In 2020, Bharti Group and AXA exited the general insurance business by selling Bharti AXA General Insurance to ICICI Lombard.
• Based on the share exchange ratio recommended by independent valuers and accepted by the boards of the two companies, the shareholders of Bharti AXA received two shares of ICICI Lombard for every 115 shares of Bharti AXA held by them.

About Bharti AXA Life Insurance:

• Bharti AXA Life Insurance is owned by Bharti Life Ventures Private Limited.
• Bharti Group has recently entered into a binding agreement with its joint venture partner AXA to acquire its 49% stake in Bharti AXA Life Insurance.
• Post transaction, Bharti Life Ventures Private Limited will own 100% stake in the life insurer.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Denmark museum allows Bluetooth inventors to use Viking king's name for 1,000 Years

• King Harald I Blatand, also known as Harald Bluetooth, was a key historical figure in northern Europe.
• To the backdrop of the vast Jelling stones, Denmark granted the inventors of Bluetooth technology permission to use the name and symbol of Harald the Bluetooth for the next 1,000 years.
• Bluetooth stated that it regretted not seeking permission before borrowing the name. (Bluetooth)
• King Harald I Blatand -- Harald Bluetooth -- was a key historical figure in 10th-century northern Europe, famous for his adoption of Christianity, turning his back on the cult of Odin and Thor.
• The man who owes his nickname to a root canal, or according to other sources to his immoderate taste for blackberries and bilberries, was also the father of Norway's union with Denmark, which lasted until
• Modern-day Bluetooth, which enables electronic equipment to connect without cables, owes its name to the unifying king.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Ajit Pawar quits as director of Pune District Central Cooperative Bank

• Maharashtra Deputy Chief Minister Ajit Pawar has resigned as a director of the Pune District Central Cooperative (PDCC) Bank.
• Pawar decided to step down as a director citing increase in the workload after becoming deputy chief minister and increased responsibility in his party, stated the bank's chairman Dr Digambar Durgade.
• The Nationalist Congress Party leader was a director of the bank since 1991, and under his leadership it made remarkable progress and became the number one bank in the cooperative sector in the country.
• When Pawar became a director, the bank's turnover was Rs 558 crore and now it stands at Rs 20,714 crore.
• Notably, Ajit Pawar split the NCP headed by Sharad Pawar in July this year when he joined the Shiv Sena-BJP government in the state.

About Ajit Pawar :

• Ajit Anantrao Pawar(Popularly Known as Shri Ajit Dada ; born on 22 July 1959) is an Indian politician who alongside Devendra Fadnavis is serving as the Deputy Chief Minister of Maharashtra from 2 July, 2023.
• He served as the Leader of the Oppositionin the Maharashtra Legislative Assembly from 2022 to 2023, and was a Member of the Parliament in the Lok Sabha in 1991, representing Baramati constituency.
• He has also been a member of the Maharashtra Legislative Assembly since 1991, representing the Baramati

CURRENT AFFAIRS: RANKING & INDEX

Forbes India Top 100 Richest List 2023: Mukesh Ambani tops

• Reliance Industries Chairman and Managing Director Mukesh Ambanihas reclaimed the first position on the 2023 Forbes list of India’s 100 Richest with a net worth of $92 billion.
• He transformed Reliance Industries into a diversified conglomerate and cemented his succession plan by appointing three children to the company's board.
• Once again, Mukesh Ambani surpassed Adani Group Chairman Gautam Adani who slipped to the second position and experienced a staggering decrease in weather following the Hindenburg report.
• Currently, Adani's net worth is $68 billion.
• In the list, Software tycoon Shiv Nadar is placed at the third spot with a wealth of $29.3 billion followed by Savitri Jindal in third position with a net worth of $24 billion, as per Forbes list of India's 100 Richest.
• Matriarch Savitri Jindal, of the O.P. Jindal Group, a power and steel conglomerate, ranked number four with $24 billion, up 46%.
• Rounding out the top five is Radhakishan Damani of Avenue Supermarts, whose fortune declined to $23 billion from $27.6 billion previously.

Full list of top 10 richest in India

1) Mukesh Ambani; US$92 billion

2) Gautam Adani; $68 billion

3) Shiv Nadar: $29.3 billion

4) Savitri Jindal; $24 billion

5) Radhakishan Damani; $23 billion

6) Cyrus Poonawalla; $20.7 billion

7) Hinduja Family; $20 billion

8) Dilip Shanghvi; $19 billion

9) Kumar Birla; $17.5 billion

10) Shapoor Mistry & Family; $16.9 billion

CURRENT AFFAIRS: MOUS AND AGREEMENT

India, Italy sign a defence cooperation agreement

• Defence cooperation agreement has been signed between India and Italy.
• The bilateral talks between Defence Minister Rajnath Singh and his Italian counterpart Guido Crosetto were held in Rome.
• India and Italy signed a defence cooperation agreement to promote cooperation in varied defence domains including security and defence policy, R&D, education in the military field, maritime domain awareness, sharing of defence information and industrial cooperation.
• Defence Minister Rajnath Singh is on a visit to Italy and France from October 9 to 12.
• Both sides discussed defence cooperation issues, including training, sharing of information, maritime exercises and maritime security.
• India and Italy's relationship was elevated to a Strategic partnership in March 2023.
• Rajnath Singh will take part in the 5th annual defence dialogue with his French counterpart Sebastian Lecornu.
• He is also scheduled to interact with the defence industry CEOs.

About Italy :

• President : Sergio Mattarella
• Prime Minister : Giorgia Meloni
• Capital: Rome
• Currency: Euro

CURRENT AFFAIRS: IMPORTANT DAYS

World Egg Day 2023: October 13

• World Egg Day is observed annually on the second Friday in October.
• This year, World Egg Day is on the 13th of October 2023.
• World Egg Day 2023 theme 'Eggs for a healthy future’
• Additionally, eggs are a sustainable food source that requires fewer resources compared to some other protein sources and provide numerous health benefits that include supporting brain development, reducing the risk of certain diseases and aiding in weight management.
• World Egg Day was created in 1996 at the IEC conference in Vienna to recognize and honour the value and relevance of eggs to all of humanity.
• Since then International Egg Day has been observed annually on the second Friday in October.

International Day for Disaster Risk Reduction: October 13

• The International Day for Disaster Risk Reduction 2023 is observed on the 13th of October.
• The 2023 International Day for Disaster Risk Reduction under the theme “Fighting Inequality for A Resilient Future”
• The day offers an opportunity to celebrate the advancements made in reducing disaster vulnerability and the resulting loss of lives, economy, and health.
• Every year, the day recognizes individuals and groups working in communities all around the world to lessen their susceptibility to catastrophes and to increase awareness of how urgent it is to lessen the risks they face.
• The International Day for Natural Disaster Reduction was established by a resolution passed by the UN General Assembly in 1989.
• However, the Assembly changed its resolution on December 21, 2009, deciding to observe the Day on October 13.
• Also, the day was renamed International Day for Disaster Risk Reduction.

 Daily CA One- Liner: 13 October

• For Pakistan, The International Monetary Fund's (IMF) World Economic Outlook for October, released, forecasts a growth of 2.5% for the country's economy in the current year, doubling to 5% in the next fiscal year.
• India's market regulator is investigating the relationship between the Adani Group and a fund incorporated in the British Virgin Islands to see if there has been a violation of share ownership rules, two sources with direct knowledge of the matter stated. The fund is called Gulf Asia Trade & Investment, the sources stated.
• The Central Board of Direct Taxation (CBDT), in a notification, has stated that Permanent Account Number (PAN) will no longer be required for non-resident individuals and foreign companies opening bank accounts in GIFT IFSC and not having any other taxable income in India.
• Fibe, (formerly known as EarlySalary), India’s leading Fintech and Axis Bank, one of the largest private sector banks in India, partnered to launch India’s first-ever numberless credit card for tech-savvy Gen Zs.

• Texmo Precision Castings has acquired a 75.1 % stake in Feinguss Blank, a German company with plants in Germany and Romania, for an undisclosed amount.
• The Reserve Bank of India (RBI) on October 11 issued its approval to SBI Mutual Fund (SBI MF), the mutual fund's arm of the State Bank of India, to acquire 9.99 percent of the paid-up share capital in private lender IndusInd Bank.
• The 8th BRICS International Competition Conference, held in New Delhi and organized by the Competition Commission of India (CCI), is focused on the theme of "New Issues in Competition Law and Policy Dimensions, Perspectives, and Challenges.
• The 9th G20 Parliamentary Speakers' Summit (P20) is set to be inaugurated by Prime Minister Shri Narendra Modi at Yashobhoomi, New Delhi. This summit is being hosted by the Parliament of India as part of India's G20 Presidency.
• The Union Minister for Road Transport and Highways, Shri Nitin Gadkari, announced the approval of seven bridge projects in Arunachal Pradesh under the Setu Bandhan Scheme for the fiscal year 2023-24.
• The Government of India’s Department of Animal Husbandry and Dairying launched the ‘A-HELP’ programme in Jharkhand.
• The Centre has approved an initiative aimed at computerising and empowering the registrars of all 28 states and 8 union territories as well as 1,851 Agriculture and Rural Development Banks (ARDBs) operating across 13 states with a budget of Rs 225.09 crore
• Mangalore Refinery and Petrochemicals Ltd (MRPL) has won the ‘Best Innovation in Refinery’ award from the Union Ministry of Petroleum and Natural Gas.
• Defence cooperation agreement has been signed between India and Italy.
• World Egg Day is observed annually on the second Friday in October.
• The International Day for Disaster Risk Reduction 2023 is observed on the 13th of October
• Bharti Group stated it has entered into a binding agreement with its joint venture partner AXA to acquire its 49 per cent stake in Bharti AXA Life Insurance.
• India is likely to skip China’s third summit marking President Jinping’s signature Belt and Road Initiative (BRI), which, Beijing announced, will be held on October 17 in the Chinese capital.
• Maharashtra Deputy Chief Minister Ajit Pawar has resigned as a director of the Pune District Central Cooperative (PDCC) Bank.
• Reliance Industries Chairman and Managing Director Mukesh Ambanihas reclaimed the first position on the 2023 Forbes list of India’s 100 Richest with a net worth of $92 billion.
• The Uttar Pradesh government has allowed a factory owned by Marion Biotech, the pharmaceutical firm whose cough syrup has been blamed for the death of 65 children in Uzbekistan last year, to resume most of its production.
• Narendra Modi to lay the foundation stone of projects worth ₹4,200crores in Uttarakhand.
• Union Minister for Road Transport and Highways Shri Nitin Gadkari in a post stated in Arunachal Pradesh under the Setu Bandhan Scheme approval has been granted for 7 bridge projects with a cumulative cost of ₹118.50 Crores, in the fiscal year 2023-24.
• Denmark granted the inventors of Bluetooth technology permission to use the name and symbol of Harald the Bluetooth for the next 1,000 years.