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Daily Current Affairs PDF of 14th October 2023

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CURRENT AFFAIRS: BANKING & FINANCE

RBI imposes Rs 5.39 crore penalty on Paytm Payments Bank

• The Reserve Bank of India stated it has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank Ltd for non-compliance with certain provisions, including Know Your Customer (KYC) norms.
• The central bank also found non-compliance with certain provisions related to 'RBI Guidelines for Licensing of Payments Banks', 'Cyber security framework in banks' and 'Securing mobile banking applications including UPI ecosystem'.
• Further, RBI stated that the penalty is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

About Paytm Payments Bank :

• Founded : August 2010
• Headquarters : Noida, Uttar Pradesh, India
• Chairman & CEO : Vijay Shekhar Sharma

RBI imposes monetary penalty on three co-operative banks, cancels registration

• The Reserve Bank has imposed monetary penalties on three co-operative banks and one NBFC for deficiencies in regulatory compliance. These co-operative banks are: Annasaheb Magar Sahakari Bank Ltd, The Jawhar Urban Co-operative Bank Ltd, Janata Urban Co-operative Bank Ltd and Finquest Financial Solutions Private Ltd.
• The RBI imposed a monetary penalty of ₹4.00 lakh on Annasaheb Magar Sahakari Bank Ltd., Pune, Maharashtra for non-compliance with certain provisions of RBI directions on ‘Know Your Customer (KYC) direction, 2016’, ‘maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’, and ‘income recognition, asset classification, provisioning and other related matters – UCBs’.
• The Annasaheb Magar Sahakari Bank had not conducted periodic review of risk categorization of accounts, besides not collecting the fixed penal charge for shortfall in maintenance of minimum balance in saving bank accounts, instead of proportionate to the extent of shortfall. Then bank had not adhered to the prudential norms relating to income recognition, asset classification and provisioning, the RBI stated.
• The apex bank has imposed a monetary penalty of ₹1.00 lakh on The Jawhar Urban Co-operative Bank Limited, Palghar, Maharashtra for non-compliance with the directions issued by RBI on ‘Know Your Customer (KYC)’. The bank had not put in place a system for periodic updation of KYC of its customers.
• The RBI imposed a monetary penalty of ₹1.00 lakh on Janata Urban Co-operative Bank Limited, Wai, Maharashtra for non-compliance with the directions issued by RBI on ‘Frauds Monitoring and Reporting Mechanism’.
• The Janata Urban Co-operative Bank had reported cases of fraud with delay, the RBI stated.
• The RBI has imposed a monetary penalty of ₹1.20 lakh on Finquest Financial Solutions Private Limited, Mumbai for non-compliance with the directions issued by RBI on ‘Know Your Customer (KYC) Directions, 2016’ and ‘Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’.
• The NBFC had not conducted the risk categorization of its borrowers, and had not make good the shortfall in LTV ratio of 50% for loans granted against collateral of shares within 7 working days. It had also not report data to all CICs as per the extant guidelines.

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

Bank of Maharashtra ups one-year MCLR by 10 bps to 8.70%

• BoM has effected the maximum increase of 125 bps on FDs of 46-90 days tenor, with the new interest rate being 4.75 per cent against 3.50 per cent earlier.
• State-owned Bank of Maharashtra (BoM) stated that it has increased its marginal cost of funds-based lending rate (MCLR) for select tenure by 10 basis points.
• The benchmark one-year MCLR, used to price most consumer loans such as auto, personal and home, has been revised upwards to 8.60 per cent from 8.70 per cent, the lender stated in a regulatory filing.
• The revised MCLR has come into effect from October 11, 2023.
• At the same time, the Pune-based bank has increased its fixed deposit rates by up to 125 basis points, or 1.25 per cent.

About Bank of Maharashtra :

• Established : 16 September 1935
• Headquarters : Pune, Maharashtra, India
• CEO & MD: Shri A.S Rajeev
• Tag line : One Family One Bank

Sri Lanka, China agree to restructure $4.2 billion of debt

• Sri Lanka stated that it has reached an agreement with the Export-Import Bank of China to cover about $4.2 billion of the island nation's outstanding debt while talks with other official creditors stall.
• Sri Lanka is struggling with its worst financial crisis in more than seven decades after its foreign exchange dwindled to record lows, forcing the country to default on its foreign debt last May.
• China is Sri Lanka's largest bilateral creditor, owed about $7 billion.
• The agreement with China EXIM Bank will assist Sri Lanka in getting past the first review of the International Monetary Fund (MF) program in the coming weeks and in securing the release of a second IMF tranche of about $334 million, its finance ministry stated in a statement.
• A debt rework deal between Sri Lanka and countries including Japan, India and France was also expected.

About Export Import Bank of China:

• Established : 1994
• Headquarters : Beijing, China
• Chairwoman: Hu Xiaolian
• Vice Chairman& President : Wu Fulin

India's retail inflation eases to 5% in September, drops within RBI tolerance band

• India's retail inflation easedto a three-month low in September on the back of softer vegetable prices, but remained above 4%, a target that the country's central bank has signalled would be key before easing rates.
• Annual retail inflation(INCPIY=ECI) low 5.02% in September from 6.83% the previous month. A poll of 66 economists had forecast a rate of 5.50%.
• Retail inflation in June, which was lower than the latest figure, was 4.81%.
• Food inflation, which accounts for nearly half of the overall consumer price basket, rose 6.56% in September as compared with 9.94% in August.

SEBI whole-time member urges AIF industry to self-regulate 

• The Securities and Exchange Board of India (Sebi) has discovered several instances of circumventing regulations through alternative investment funds (AIFs) and is discussing this with other regulators, stated Ananth Narayan, whole-time member (WTM) of the market regulator.
• Speaking at an AIF summit organised by the Confederation of Indian Industry, the Sebi official pointed out that while there have been no violations of the letter of the law, several entities have been found to be breaching the spirit of the law by investing in assets through AIFs that are otherwise not permitted.
• While reiterating that AIF regulations need to be “light-touch”, Narayan urged the AIF industry to establish an “industry-standard forum” to gather suggestions and formulate a code of conduct for general obligation by AIFs.
• The regulator has already established an ease of doing business committee — headed by former WTM S K Mohanty — to consider industry suggestions for easing compliance.
• Addressing the AIF industry, Narayan added that Sebi may explore relaxing regulations that could hinder capital formation for the economy.
• The Sebi official requested the industry for more transparent data disclosures while emphasising that the regulator aims to make the process as painless as possible.

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 securities and commodity market in India under the ownership of Ministry of Finance , Go

INDIA TO CONTRIBUTE 22% TO THE GLOBAL ER&D SOURCING MARKET BY FY30

• India remains a preferred destination for global engineering research and development (ER&D) sourcing, driven by its vast pool of digital talent, a rich and vibrant ecosystem, and a mature ER&D ecosystem.
• India will likely contribute 22 per cent to the Global ER&D sourcing market by FY30.
• Software, automotive, and semiconductor sectors are expected to contribute over 60 per cent of India’s share of ER&D sourcing by FY30, according to a report by Nasscom and BCG.
• Globally, business ER&D spending has experienced a 7-8 per year CAGR from 2020 to 2023.
• ER&D spending is expected to grow at an 8-9 per cent CAGR from 2023 to 2030 due to stability in the market and emphasis on digital innovation worldwide, the report noted.
• Amid the global landscape, India is strategically positioned to claim a significant share of the global ER&D sourcing market. India’s economic value proposition and its capacity to provide talent on a large scale underscore its pivotal role in the overall growth of the ER&D segment.
• The report reveals that India’s share in the global business ER&D sourcing is projected to increase from $44-45 billion in 2023 to $130-170 billion by FY30. 

ADB to provide 338m for vaccine production in Bangladesh 

• ADB Country Director Edimon Ginting shared this at a meeting with Planning Minister Bangladesh MA Mannan at the latter's office in Dhaka.
• Talking to reporters after the meeting, the Planning Minister stated that the government of Bangladesh has initiated the draft project for producing vaccines locally to give protection against various diseases like COVID-19 and dengue.
• Mannan stated that the ADB in the meeting offered a $338 million loan for the project. He stated that the ADB has requested the government to speedily approve the project.
• The ADB country director stated that this initiative for financing the project for manufacturing vaccines was taken to help Bangladesh reduce the dependency on vaccine imports and facilitate more production in the country.

About ADB :

• Established : 1969
• Headquarters : Mandaluyong, Metro Manila, Philippines.
• President : Masatsugu Asakawa
• Members: 68 Countries

Bank Of India Launches Upgraded Savings Accounts

• Bank of India has upgraded its savings accounts for all segments which cover salaried employees, households, individuals, youth, etc. stated Rajneesh Karnatak, MD & CEO of Bank of India.

Bank of India's upgraded savings accounts features:

• Group Personal Accident Death Insurance Cover which goes as high as Rs150 Lakh
• Air accidental insurance of up to ₹100 lakh
• Concessional locker facility for Gold & Diamond savings account holder
• Free locker facility Platinum savings account holder
• International Debit Cum ATM card with global access/ acceptance
• Concessional rate of interest on Retail loans
• Waiver of processing charges on Retail Loans
• Free issuance of Credit Cards
• Higher usage limits up to Rs.5.00 lakh on POS & free issuance of Credit Cards with varied AQB.

Bank of India revises fixed deposit (FD) interest rates

• Bank of India offers an interest rate of 3% to 7.25% on fixed deposits maturing in seven days to ten years to general citizens.
• These rates are effective from 1 October 2023, according to the Bank of India's website.
• “An additional rate of interest of 25 bps, over & above the existing 50 bps will be paid to Senior Citizens on their retail TDs (Less than ₹2 crore) for all the tenors of 3 Years & above i.e. 75bps," the lender noted on its website.

About Bank of India:

• Established : 1906
• Headquarters : Mumbai, Maharashtra, India
• CEO & MD: Shri Rajneesh Karnatak
• Tag line : Relationship Beyond Banking

RBI cancels certificate of registration of Ind Bank Housing

• The Reserve Bank of India (RBI) has cancelled the Certificate of Registrationof Chennai-based Ind Bank Housing Ltd.
• Indian Bank and HUDCO (Housing and Urban Development Corporation Ltd) are major shareholders in the housing finance company, holding 51 per cent and 25 per cent stake, respectively. The company was set up in 1991.
• The housing finance company’s net loss widened to ₹55.78 lakh in FY23 against ₹12.93 lakh in FY22.
• The balance loss carried to balance sheet stood at ₹135.70 crore in FY23 against ₹135.15 crore in FY22, per the HFC’s annual report.
• The company stated that its capital adequacy ratio is negative due to accumulated losses.
• The RBI stated that the company shall neither transact the business of a Housing Finance Institution nor of a Non-Banking Financial Institution as defined in National Housing Bank Act, 1987 and Reserve Bank of India Act, 1934, respectively.

About Ind Bank Housing Ltd :

• Established : 1991
• Headquarters : Chennai

CURRENT AFFAIRS: NATIONAL NEWS

Indian Railways’ PSUs, RITES Ltd and IRCON granted Navratna status

• Ircon International Limited (IRCON) and RITES Ltd(RITES) both Central Public Sector Enterprise (CPSE) under the Ministry of Railways, have been announced as 15th and 16thNavratna respectively among CPSEs.
• The Ministry of Finance conferred ‘Navratna’ status on RITES and IRCON.
• Entering its 50th year of incorporation, RITES Ltd is a leading transport infrastructure consultancy and engineering firm in India.
• It provides services in the diverse sectors of transportation, railways, export of rolling stock, highways, airports, metros, urban engineering & sustainability, ports & waterways, and energy management.
• The award of Navratna status will enable RITES to further nurture its brand, compete more effectively in the global market and pursue new frontiers more aggressively for growth.
• The core competence of IRCON in 47th years is in Railways, Highways & Extra High Tension substation engineering and Construction.
• The company has executed projects operated in the areas of Railway construction including ballastless track, electrification, tunnelling, signal & telecommunication as well as leasing of locos, construction of roads, highways, commercial, industrial & residential buildings and complexes, airport runway and hangars, metro and mass rapid transit system, etc.
• IRCON has widespread operations in several states in India and other countries.
• The company has posted a consolidated annual turnover of Rs. 10,750 crore and Profit after Tax of Rs.765 crore in the Financial Year 2022-23.

PM to inaugurate 141st International Olympic Committee (IOC) Session in Mumbai

• Prime Minister Shri Narendra Modi will inaugurate the 141st International Olympic Committee (IOC) Session at the Jio World Centre in Mumbai.
• The IOC session serves as a key meeting of the members of the International Olympic Committee (IOC).
• Important decisions regarding the future of Olympic games are made at the IOC Sessions.
• India is hosting the IOC session for the second time and after a gap of about 40 years.
• The IOC's 86th session was held in New Delhi in 1983.
• The 141st IOC Session, being held in India, embodies the nation's dedication to fostering global cooperation, celebrating sporting excellence, and furthering the Olympic ideals of friendship, respect, and excellence.
• It provides an opportunity for interaction and knowledge sharing among the various sports related stakeholders.
• The session will also be attended by President of the International Olympic Committee, Mr. Thomas Bach and other members of IOC, along with prominent Indian sports personalities and representatives from various sports federations, including the Indian Olympic Association.

About IOC:

• President: Thomas Bach
• Headquarters: Lausanne, Switzerland
• Founded: 23 June 1894, Paris, France
• Director General: Christophe De Kepper
• Founders: Pierre de Coubertin, D. Bikélas

National Security Council Secretariat organizes the 2nd Edition of the National Cyber Security Exercise ‘Bharat NCX 2023’

• The 2nd Edition of the National Cyber Security Exercise ‘Bharat NCX 2023’ started from 09 to 20 October 2023.
• Its main aim is to train senior management and technical personnel of Government/Critical Sector organization

Key Highlights

• The program is being conducted by the National Security Council Secretariat (NSCS) in strategic partnership with Rashtriya Raksha University (RRU).
• 300 participants representing government agencies, public organizations, and the private sector are participating in the event.
• 200 Chief Information Security Officers (CISOs) from government, public organizations, and the private sector are participating in Bharat NCX 2023.
• The participants will be trained in various key cyber security areas such as Intrusion Detection Techniques, Malware Information Sharing Platform (MISP), Vulnerability Handling and Penetration Testing, Network Protocols and Data Flows, Digital Forensics, etc.
• It will help in increasing understanding of cyber threats, assess readiness, and develop skills for cyber crisis management and cooperation.
• It will also help in developing and testing cybersecurity skills, teamwork, planning, communication, critical thinking, and decision-making.
• An exclusive exhibition showing the innovation and resilience of Indian cybersecurity startups and Micro, Small, and Medium-sized Enterprises (MSMEs) is also organized.

Cabinet approves the establishment of an autonomous body Mera Yuva Bharat

• The establishment of an autonomous body "Mera Yuva Bharat" (MY Bharat) approved by the Cabinet.
• The primary objective of Mera Yuva Bharat (MY Bharat) is to make it a whole government platform for the development of youth.
• It will serve as a comprehensive technology-driven enabling mechanism for youth development.
• This will provide equal access to the youth to realize their aspirations and build a developed India across the entire spectrum of government.

Key Highlights

• The autonomous body, My Youth India (MY Bharat), will benefit youth in the age group of 15-29 years, in line with the definition of 'youth' in the National Youth Policy.
• The components of this program are specifically designed for adolescents, the beneficiaries of which will be adolescents in the age group of 10-19 years.
• This program will help in shifting the government's attention on youth-led development and make youth "active drivers" of development instead of being mere "passive recipients".
• My Young India (MY Bharat) will be launched on National Unity Day on October 31, 2023.

CURRENT AFFAIRS: STATE NEWS

Udaipur 'City Of Lakes' Likely To Be India’s First Wetland City

• Udaipur, 'City of Lakes' known for its enchanting surroundings, lakes, forts, palaces, and historical significance, is in a race to earn the prestigious title of India's first-ever wetland city.
• The city, known for its numerous picturesque lakes, including Lake Pichola, Lake Fateh Sagar, Lake Doodh Talai, Lake Rang Sagar, and Lake Swaroop Sagar, serves as a major tourist attraction.
• The Rajasthan government is actively working towards obtaining this recognition for
• The Environment and Forest Department has chosen Udaipur based on the criteria set by the Ramsar Convention for international significance.
• Additionally, Udaipur is a participant in the central government's National Lakes Conservation Plan, a program aimed at restoring these crucial water bodies.
• Currently, the city's nomination is in the process of being submitted to the Ramsar Convention for approval.
• Currently, there are 42 wetland cities worldwide.
• In India, both Udaipur and Bhopal are vying for the remarkable distinction of being recognized as India's first wetland city.
• The internationally recognized wetlands must be unique or uncommon within their specific biogeographic region. Furthermore, they should provide support for endangered and vulnerable species.

CURRENT AFFAIRS: BUSINESS NEWS

India’s overall exports in September 2023 estimated at USD 63.84 Billion

• India’s overall exports (Merchandise and Services combined) in September 2023* is estimated to be USD 63.84 Billion, exhibiting a negative growth of (-) 1.20 per cent over September 2022.
• Overall imports in September 2023 are estimated to be USD 68.75 Billion, exhibiting a negative growth of (-) 13.67 per cent over September 2022.

• India’s overall exports (Merchandise and Services combined) in April-September 2023 is estimated to exhibit a negative growth of (-) 2.97 cent over April-September 2022.
• Overall imports in April-September 2023 are estimated to exhibit a negative growth of (-) 10.14 per cent over April-September 2022.

MERCHANDISE TRADE

• Merchandise exports in September 2023 were USD 34.47 Billion, as compared to USD 35.39 Billion in September 2022.
• Merchandise imports in September 2023 were USD 53.84 Billion, as compared to USD 63.37 Billion in September 2022.
• Merchandise exports for the period April-September 2023 were USD 211.40 Billion as against USD 231.73 Billion during April-September 2022.
• Merchandise imports for the period April-September 2023 were USD 326.98 Billion as against USD 372.56 Billion during April-September 2022.
• The merchandise trade deficit for April-September 2023 was estimated at USD 115.58 Billion as against USD 140.83 Billion during April-September 2022.
• Non-petroleum and non-gems & jewellery exports in September 2023 were USD 24.78 Billion, compared to USD 24.33 Billion in September 2022.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in September 2023 were USD 33.58 Billion, compared to USD 38.25 Billion in September 2022.

SERVICES TRADE

• The estimated value of services exported for September 2023* is USD 29.37 Billion, as compared to USD 29.22 Billion in September 2022.
• The estimated value of services imported for September 2023* is USD 14.91 Billion as compared to USD 16.27 Billion in September 2022.

Microfinance sector logs 21 per cent portfolio growth as of June-end 2023: Sa-Dhan

• According to Sa-Dhan, 21% portfolio growth has been recorded in the microfinance sector as of June-end 2023.
• The portfolio grew by more than ₹7,000 crore in the first quarter of FY 2023-24.
• The total disbursements of all lenders increased 30% during Q1 (April-June) of FY 23-24.

Key Highlights

• Five states accounted for 59% of total disbursement during the April-June quarter of FY 2023-24.
• These states are Bihar, Tamil Nadu, Uttar Pradesh, Karnataka, and West Bengal.
• All lenders recorded positive portfolio growth in the first three months of the year as per a report compiled by Sa-Dhan. Not-for-profit (NFP) institutions were an exception.
• NBFC-Micro Finance Institutions/ MFIs recorded 43% growth. They were followed by SFBs and NBFCs at 24% each. Banks’ portfolio growth was at 0.86%.
• The portfolio of Not-for-profit (NFP) MFIs contracted by 64%.
• Sa-Dhan has attributed decrease in NFP portfolio to shift of NFP Cashpor Micro Credit to NBFC-MFIs under the new regulatory framework for microfinance loans.
• Cashpor Micro Credit is a section 8 company. Under the new framework, Section 8 companies with portfolio above ₹100 crore were required to opt for NBFC-MFI registration.
• NBFC-MFIs recorded the highest growth in disbursement (48%), followed by SFBs, banks, and NBFCs. NFPs’ disbursements declined 32%.
• From market share of lenders in terms of portfolio, it is clear that NBFC-MFIs accounted for the largest share at 41.28%.
• Banks are the second largest provider of microcredit at 31.98%.
• Sa-Dhan is the association of inclusive finance institutions and SRO (Self-regulatory organizations) for microfinance sector.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Asian Games Gold medalist Neeraj Chopra appointed Laureus Ambassador

• Asian Games Gold medalist and reigning Olympic, and World Champion in men’s javelin, Neeraj Choprawas named Laureus Ambassador, pledging his support to Laureus Sport for Good.
• His involvement with Laureus dates back to 2022 when he was shortlisted for the Breakthrough of the Year award at the Laureus World Sports Awards as a result of winning the first gold medal for an Indian track and field athlete at the Tokyo Olympics.
• Neeraj became interested in Laureus after learning more about the athlete-led organisation that honours sport’s transformative power.
• The global foundation supports over 300 programmes that use sports to eradicate inequality and discrimination for young people around the world.
• Neeraj now joins a unique team of elite athletes from across the generations, including Academy Members and icons of Indian sport Kapil Dev, Rahul Dravidand Sachin Tendulkar.
• Neeraj has climbed to the World No.1 ranking with golds at the World Championships and, earlier this month(September 2022), the Asian Games. His gold medal run has catapulted him to an incredible level of fame in his home country. August 7, the date of his winning throw in Tokyo, is now celebrated as National Javelin Day.

Geoffrey Hinton joins Vayu Robotics advisory board

• Renowned British-Canadian computer scientist Geoffrey Hinton, often referred to as the ‘Godfather of AI,’ has accepted a role on the advisory board of robotics startup Vayu Robotics.
• Hinton, who previously worked part-time with Google Brain as a VP and Engineering Fellow, recently left the tech giant to freely express his concerns regarding the rapid advancements in AI.
• Hinton is widely recognized as a pioneer in deep learning, a dominant branch of artificial intelligence, due to his groundbreaking work on neural networks.
• The co-founder and CTO of Vayu Robotics, Nitish Srivastava, was once Hinton’s doctoral student at the University of Toronto, and their close relationship has driven Hinton to lend his expertise to the startup.
• Hinton believes that Vayu’s technology has the potential to provide safe and environmentally friendly solutions with fewer ethical concerns compared to other AI applications.

CURRENT AFFAIRS: AWARDS AND HONOURS

Hollywood Actor and Producer Michael Douglas to attend 54th International Film Festival of India To Receive Prestigious Satyajit Ray Lifetime Achievement Award

• The prestigious Satyajit Ray Lifetime Achievement Award will be bestowed upon the renowned Hollywood actor and producer Michael Douglas at the 54th International Film Festival of India (IFFI).
• The announcement was made by Union Minister of Information and Broadcasting, Shri. Anurag Singh Thakur through a post on X.
• IFFI 54, a significant event in the global cinematic calendar, will be graced by the celebrated actor, accompanied by his spouse, eminent actress and philanthropist Catherine Zeta-Jones and their son and actor, Dylan Douglas.
• Indian Film producer and founder of Percept Ltd. and the Sunburn music festival Shailendra Singh, who is celebrating his 25 years in the Indian Film Industry will also be in attendance.
• The Satyajit Ray Lifetime Achievement Award, instituted in the 30th IFFI in 1999, is presented to individuals whose exceptional contributions have significantly enriched and elevated the world of cinema.
• Michael Douglas, a luminary in the film industry, has captivated audiences globally with his unparalleled talent and commitment to his craft.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Memorandum of Understanding signed between ICAR Indian Agricultural Research Institute and Indian Institute of Technology, Kanpur to support incubators and start-ups

• A Memorandum of Understanding (MoU) was signed between Pusa Krishi, ICAR- Indian Agricultural Research Institute here and Start-up Incubation & Innovation Centre (SIIC), IIT Kanpur.
• The MoU was signed virtually by Dr. Viswanathan Chinnusamy, Joint Director (Research) IARI and Professor Ankush Sharma, Department of Electrical Engineering, SIIC IIT Kanpur.
• Through this MoU, both the sides will provide vital support to incubators and start-ups, fostering their growth and success.
• The joint efforts will offer a conducive environment for start-ups to thrive and make meaningful contributions to the agriculture sector.
• Pusa Krishi and SIIC IIT also expressed their commitment to explore and establish further collaborations to drive advancements and innovations in agriculture.
• Ankush Sharma expressed that the partnership will promote innovative activities in the farming sector through collaborative efforts, leveraging the expertise and resources of both organizations.

CURRENT AFFAIRS: PERSON IN NEWS

ED arrestes Nirmal Kotecha, Pavan Kuchana and Kishore

• Enforcement Directorate (ED) has arrested Nirmal Kotecha, Pavan Kuchana and Kishore.
• Tapadia in the case of Initial Public Offer (IPO) scam of Taksheel Solutions Limited, Hyderabad.
• ED had initiated investigation on the basis of complaint filed by the Securities and Exchange Board of India against the company and its promoters for irregularities with respect to IPO.
• The investigation revealed that all the three accused formulated a meticulously planned strategy to inflate the revenue of Taksheel Solutions Limited for issuing IPO and for subsequently diverting and siphoning off the IPO proceeds.
• ED investigation further revealed that out of the IPO proceeds of 80 crore rupees, an amount of over 34 crore rupees was diverted and siphoned off to US based entities of Pavan Kuchana.

CURRENT AFFAIRS: SPORTS NEWS

World Athletics nominate Neeraj Chopra for Athlete of the Year award for this year

• World Athletics has nominated Neeraj Chopra for the Men's Athlete of the Year award 2023.
• The global governing body of Athletics issued the statement announcing Neeraj's nomination.
• Javelin thrower Neeraj is an Indian Olympic and World Championships Gold medalist.
• This week marks the opening of the voting process for the 2023 World Athletes of the Year ahead of the World Athletics Awards 2023.
• World Athletics has confirmed a list of 11 nominees, selected by an international panel of athletics experts, comprising representatives from all six continental areas of World Athletics.

CURRENT AFFAIRS: OBITUARIES

Ram Zodge, former racing correspondent, passes away

• Ram D. Zodge, former senior racing correspondent of The Hindu, passed away.
• He was 84 and is survived by son, daughter-in-law and grand-daughter.
• During his career spanning more than three decades, he covered horse racing for The Hinduat Chennai, Udhagamandalam (Ooty), Hyderabad, Mumbai and Pune.

Prominent journalist K S Sachidananda Murthy passed away

• Prominent journalist K S Sachidananda Murthy passed away.
• He breathed his last in the city of Bengaluru.
• The veteran journalist, who had undergone a lung transplant recently, was battling for his life in the ventilator for the last few days.
• Being one of the most famous journalists from the national capital of Delhi, Sachidananda Murthy had served as the resident editor of Malayala Manorama and The Week.
• In his illustrious career as a journalist, he also served as the general secretary of the Editors Guild of India and also as a member of the Press Council.

CURRENT AFFAIRS: IMPORTANT DAYS

World Standards Day: October 14

• World Standards Day is observed annually on the 14th of October 2023.
• The theme of this year's celebration is – “Shared Vision for a Better World – Standards for Sustainable Development Goals” (incorporating SDG3).
• The first World Standards Day was celebrated in 1946 in London, the same year that the International Organization for Standardization was founded.
• Every year on October 14, people all over the world, including members of the I.E.C., I.S.O., I.T.U., and other international standardization organizations, celebrate the collaborative efforts of experts, volunteers, and really everyone who participates in standardization activities globally.
• This celebration serves to highlight the significance of written standards for the global economy.

Daily CA One- Liner: October 14

• Ircon International Limited (IRCON) and RITES Ltd(RITES) both Central Public Sector Enterprise (CPSE) under the Ministry of Railways, have been announced as 15th and 16thNavratna respectively among CPSEs.
• Prime Minister Shri Narendra Modi will inaugurate the 141st International Olympic Committee (IOC) Session at the Jio World Centre in Mumbai.
• The 2nd Edition of the National Cyber Security Exercise ‘Bharat NCX 2023’ started from 09 to 20 October 2023.
• The establishment of an autonomous body "Mera Yuva Bharat" (MY Bharat) approved by the Cabinet.
• India’s overall exports (Merchandise and Services combined) in September 2023* is estimated to be USD 63.84 Billion, exhibiting a negative growth of (-) 1.20 per cent over September 2022.
• According to Sa-Dhan, 21% portfolio growth has been recorded in the microfinance sector as of June-end 2023.
• The prestigious Satyajit Ray Lifetime Achievement Award will be bestowed upon the renowned Hollywood actor and producer Michael Douglas at the 54th International Film Festival of India.
• A Memorandum of Understanding (MoU) was signed between Pusa Krishi, ICAR- Indian Agricultural Research Institute here and Start-up Incubation & Innovation Centre (SIIC), IIT Kanpur.
• World Athletics has nominated Neeraj Chopra for the Men's Athlete of the Year award 2023.
• World Standards Day is observed annually on the 14th of October 2023
• The Reserve Bank of India stated it has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank Ltd for non-compliance with certain provisions, including Know Your Customer (KYC) norms.
• The Reserve Bank has imposed monetary penalties on three co-operative banks and one NBFC for deficiencies in regulatory compliance. These co-operative banks are: Annasaheb Magar Sahakari Bank Ltd, The Jawhar Urban Co-operative Bank Ltd, Janata Urban Co-operative Bank Ltd and Finquest Financial Solutions Private Ltd.
• State-owned Bank of Maharashtra (BoM) stated that it has increased its marginal cost of funds-based lending rate (MCLR) for select tenure by 10 basis points.
• Sri Lanka stated that it has reached an agreement with the Export-Import Bank of China to cover about $4.2 billion of the island nation's outstanding debt while talks with other official creditors stall.
• Annual retail inflationlow 5.02% in September from 6.83% the previous month.
• The Securities and Exchange Board of India (Sebi) has discovered several instances of circumventing regulations through alternative investment funds (AIFs) and is discussing this with other regulators, stated Ananth Narayan, whole-time member (WTM) of the market regulator.
• India will likely contribute 22 per cent to the Global ER&D sourcing market by FY30.
• Mannan stated that the ADB in the meeting offered a $338 million loan for the project in Bangladesh.
• Bank of India has upgraded its savings accounts for all segments which cover salaried employees, households, individuals, youth, etc. stated Rajneesh Karnatak, MD & CEO of Bank of India.
• The Reserve Bank of India (RBI) has cancelled the Certificate of Registrationof Chennai-based Ind Bank Housing Ltd.
• Udaipur, 'City of Lakes' known for its enchanting surroundings, lakes, forts, palaces, and historical significance, is in a race to earn the prestigious title of India's first-ever wetland city.
• Asian Games Gold medalist and reigning Olympic, and World Champion in men’s javelin, Neeraj Choprawas named Laureus Ambassador, pledging his support to Laureus Sport for Good.
• Renowned British-Canadian computer scientist Geoffrey Hinton, often referred to as the ‘Godfather of AI,’ has accepted a role on the advisory board of robotics startup Vayu Robotics.
• Enforcement Directorate (ED) has arrested Nirmal Kotecha, Pavan Kuchana and Kishore. ED had initiated investigation on the basis of complaint filed by the Securities and Exchange Board of India against the company and its promoters for irregularities with respect to IPO.
• Ram D. Zodge, former senior racing correspondent of The Hindu, passed away.
• Prominent journalist K S Sachidananda Murthy passed away.