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CURRENT AFFAIRS : BANKING & FINANCE

RBI allows retail investors to subscribe to Floating Rate Savings Bonds via its portal                                 

• The Reserve Bank of India (RBI) has permitted retail investors to subscribe to the Floating Rate Savings Bonds (FRSBs), 2020 (Taxable).
• In consultation with the Government of India, the RBI has expanded the basket of products available through the Retail Direct Portal.

Key Highlights :

• FRSBs are interest-bearing bonds issued by the Government of India.
• They are non-tradeable and have a maturity period of 7 years from the date of issue.
• Retail investors can open a retail direct gilt account online and invest in FRSBs, which offer an interest rate of05% with bi-annual interest payments.
• Investors can subscribe to these bonds using cash (up to ₹20,000 only), drafts, cheques, or any electronic mode.
• Interest on FRSBs is paid at half-yearly intervals on January 1st and July 1st each year.
• There is no option for cumulative interest.
• Presently, the Retail Direct Portal allows individual (retail) investors to invest in various government securities, including Central Government Securities, Treasury Bills, State Government Securities, and Sovereign Gold Bonds.
• The RBI-Retail Direct Scheme was launched on November 12, 2021, to facilitate investments in government securities through a dedicated online portal.
• As part of this scheme, individual investors are allowed to open Retail Direct Gilt accounts with RBI, using an online portal.
• Under this scheme, individual investors can open a Retail Direct Gilt (RDG) account with the RBI, which enables them to invest in government securities in both the secondary and primary markets.
• An individual can have only one RDG account.
• In the case of a joint RDG account, the second holder has the option to open an individual RDG account as well.

About RBI :

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

ADB Approves $400 Million Loan to Back Government's Urban Reform Agenda

• The Asian Development Bank (ADB) has approved a $400-million policy-based loan to India for sub-programme 2 of the Sustainable Urban Development and Service Delivery Programme.

Aim :

• To support the Indian government's reform agenda, which focuses on enhancing the quality of urban life by developing high-quality infrastructure, ensuring public services, and establishing efficient governance systems.
• Sub-programme 1, approved in 2021, laid the groundwork by establishing national-level policies and guidelines to enhance urban services.

Key Highlights :

• Sub-programme 2 is geared towards supporting investment planning and reform actions at the state and urban local body (ULB) levels in India.
• India has recognised the potential for cities to be centres of economic growth and has emphasised the need to make cities liveable through inclusive, resilient, and sustainable infrastructure, which is also in line with ADB Strategy 2030.
• ADB has committed to providing knowledge and advisory support to the Ministry of Housing and Urban Affairs for program implementation, including monitoring and evaluation.
• ADB's focus will be on lower-income states in India, where support is needed for capacity building, institutional strengthening, and policy reforms.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

IndusInd Bank Partners with Viamericas for Re-launched Indus Fast Remit (IFR) Platform

• IndusInd Bank has partnered with Viamericas Corporation to provide non-resident Indians (NRIs) in the United States with digital inward remittance services through the 'Indus Fast Remit' platform.
• This collaboration enables NRIs to benefit from highly competitive exchange rates for digital inward remittances to India.

Key Highlights :

• NRIs can initiate remittance transactions using the auto-debit payment mode, specifically automated clearing house (ACH), which allows funds to be transferred from their overseas bank accounts through the Fast Remit platform.
• Viamericas Corporation will leverage its existing Vostro relationship with IndusInd Bank to credit beneficiary accounts in India, utilizing the Reserve Bank of India's (RBI) RDA (Resident Foreign Currency) scheme.
• The digital remittance platform ensures transparency for customers by providing information on payment status, the exact Indian Rupee (INR) amount to be received by the beneficiary, and the expected delivery time.
• CEO of Viamericas Corporation : Paul Dwyer

About IndusInd Bank :

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

Amazon Pay launches EMI option for RuPay credit cardholders during festive online shopping                                 

• Amazon Pay India Private Limited (APIPL) in collaboration with the National Payments Corporation of India (NPCI), has introduced Equated Monthly Instalment (EMI) options for RuPay credit cardholders from 8 major issuing banks.
• With EMI on RuPay Credit Cards, customers will get increased flexibility and affordability to shop during the festive period.
• During the initial 48 hours of the Amazon Great Indian Festival, EMI emerged as the most preferred payment method, with 1 in 4 shopping orders placed using instalments, and 3 in 4 EMI orders were on No Cost EMIs.
• The introduction of EMI on RuPay credit cards will allow customers better access to credit, provide best-in-class value and help maximise savings.
• This will drive affordability and convenience of online shopping for customers across India, especially during the festive period.
• Amazon Pay offers a host of affordable and convenient payment options for customers, like Amazon Pay Later, Amazon Pay Wallet, UPI
• No-cost equated monthly instalment (EMI), also known as zero-cost EMI, is now a popular scheme as one can buy expensive items and can pay for them conveniently over a few months, as per their convenience without worrying about high interest and extra processing fees.

About APIPL :

• Established : 2017
• Headquarters : Bangalore, Karnataka
• Director : Vikas Bansal

CURRENT AFFAIRS: NATIONAL NEWS

India to host UN Forum on Forests to deliberate on forest fires and certification

• In Uttarakhand, a two-day Country Led Initiative (CLI) event is being organized by the Ministry of Environment, Forest and Climate Change at Forest Research Institute, FRI in Dehradun.
• Around 55 delegates from 30 countries and 41 representatives from 20 organizations are participating both in-person and online in this Country Lead Initiative to discuss wildfires and forest certification.
• The meeting is expected to come out with implementable frameworks and recommendations for the management of forest fires and forest certification, which will promote sustainable forest management.
• These recommendations will be considered for discussion at the 19th session of the UNFF scheduled to be held at the United Nations Headquarters, New York in May 2024.
• This program is a part of the United Nations Forum on Forests.
• The primary goal of CLI is to contribute to the discussions of the United Nations Forum on Forests regarding sustainable forest management and the implementation of the United Nations Strategic Plan for Forests.

PM Modi chairs meeting of 43rd edition of PRAGATI

• Prime Minister Narendra Modi chaired the meeting of the 43rd edition of PRAGATI involving Centre and State governments.
• PRAGATI is the ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation.
• He reviewed eight key projects spread across seven states having cumulative worth around 31 thousand crore rupees.
• Among these, four projects were concerned with water supply and irrigation, two projects for expanding National highways and connectivity, and two projects for rail and metro rail connectivity.
• These are Bihar, Jharkhand, Haryana, Odisha, West Bengal, Gujarat and Maharashtra.

Key Highlights

• The Prime Minister has emphasised that PM Gati Shakti National Master Plan Portal in conjunction with technologies such as satellite imagery can help address various issues of implementation and planning relating to location and land requirements for projects.
• He also instructed that all the stakeholders executing projects in high population-density urban areas may appoint nodal officers and form teams for better coordination.
  For irrigation projects, the Prime Minister advised that visits of stakeholders be organised where successful Rehabilitation and Reconstruction work has been done.
• During the interaction, the Prime Minister also reviewed ‘Mobile Towers and 4G Coverage under USOF Projects’.
• Under the Universal service obligation fund, USOF, 33 thousand 573 villages with 24 thousand 149 mobile towers are to be covered for saturation of mobile connectivity.
• The Prime Minister asked to ensure setting up of mobile towers in all uncovered villages within this financial year with regular meetings with all stakeholders.
• This will ensure saturation of mobile coverage in the remotest of the areas.
• As many as 348 projects having a total cost of over 17 lakh crore rupees have been reviewed so far under the PRAGATI meetings.

Centre launches ‘Dark Patterns Buster Hackathon 2023’ to design & prototype innovative app or software that can detect dark patterns on e-Commerce platforms

• The Department of Consumer Affairs, Government of India in collaboration with IIT (BHU), launched Dark Patterns Buster Hackathon 2023.
• The deliverables of the Hackathon will be to design & prototype innovative app or software-based solutions such as;
• browser extensions,
• plugins,
• add-ons,
• mobile applications etc. that can detect the use, type and scale of dark patterns for e-Commerce platforms.
• The launch event was attended by law Institutes, Higher Educational Institutes, experts from national and International Academia, students, various companies and e-commerce platforms in both physical and online mode.
• While preparing the deliverable the participants are expected to focus on key areas such as; pattern detection accuracy, User-Friendly Extension, Pattern Versioning, Generative AI, Repository Management, Data Collection with Privacy Protection, Crowd sourced Pattern Identification, Cross-Browser Compatibility, and Artificial Intelligence for Detection and Performance Optimization.
• The participants will be evaluated on the following few of the many criteria; Innovation, Demonstration of the solution as a turn-key solution, User Interface & User Experience, Accuracy & Reliability, Adherence to Functionalities & Features, Privacy & Compliance etc.

Food labels to have QR code to help the visually disabled

• The Food Safety and Standards Authority of India (FSSAI) has recommended the inclusion of QR codes on food products for accessibility by visually impaired individuals.
• The FSSAI under its Food Safety and Standards (Labelling and Display) Regulations 2020 has comprehensively outlined the information to be included on the labels of food products.
• It’s imperative that food products are labelled in a manner that ensures accessibility of safe food to all consumers, including those with visual impairments.
• The Rights of Persons with Disabilities Act 2016 recognises the rights and needs of individuals with disabilities, which emphasises accessibility and the promotion of health for persons with disabilities.
• One effective means to achieve this is by incorporating Quick Response [QR] codes on product labels.
• It is pertinent to note that the inclusion of a QR code for the accessibility of information does not replace or negate the requirement to provide mandatory information on the product label, as prescribed by relevant regulations.

About FSSAI

• FSSAI is a statutory body established under the Ministry of Health & Family Welfare, Government of India.
• The FSSAI was established in 2008 under the Food Safety and Standards Act 2006, which is a consolidating statute related to food safety and regulation in India.

Centre to roll out DNA, face matching systems at police stations across India

• The Union Government is set to implement ‘DNA and Face Matching’ systems at police stations across the country.
• After Parliament's passing of the Criminal Procedure Identification Act (CrPI) in 2022, the Government is ready to roll out ‘DNA and Face Matching’ systems at 1,300 police stations.
• This act enables police and Central investigating agencies to collect, store and analyse physical and biological samples including retina and iris scans of arrested persons.
• The National Crime Records Bureau (NCRB) is responsible for implementing the act with Standard Operating Procedure (SOP).
• A Domain Committee has been constituted by the Ministry of Home Affairs (MHA) for the successful implementation of the Act.
• The committee has representatives from State police, Central law enforcement agencies and other key stakeholders.
• Under the National Automated Fingerprint Identification System (NAFIS), workstations and scanners have been put up at around 1,300 police stations.
• It has fingerprint details and a unique 10-digit number of over 1 crore people. This database is also being integrated with the Criminal Procedure Identification Act.
• Criminal Procedure Identification Act (CrPI) replaced the 100-year-old Identification of Prisoners Act, of 1920.

PM SVANidhi Scheme is a gender equaliser: SBI report

• The share of females in the PM SVANidhi Scheme has been at 43%.
• On the other hand, 57% of males account for the rest of the loan disbursement under the scheme.
• This indicates the empowerment of entrepreneurial capabilities of urban females as per a report by SBI’s economic research department (ERD).
• The report added that empowerment makes the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme a gender equalizer.
• About 75% of loan beneficiaries come from the “non-general category”.
• Till date around 70 lakh loans have been disbursed in all three tranches.
• In its report, the ERD said this benefitted more than 53 lakh street vendors, with a total value exceeding ₹9,100 crore.
• The percentage of people who take out a second loan of ₹20,000 and repay their initial debt of ₹10,000 is 68%.
• The percentage of people who take out a third loan of ₹50,000 and repay their second loan of ₹20,000 is 75%.
• The loan's disbursement matches census statistics.
• Approximately 80% of borrowers are Hindu, while the remaining 20% are non-Hindu.

Key Highlights

• The average debit card spending of PM SVANidhi account holders increased to about ₹80,000 in FY23. This is an increase of 50% as compared to FY21.
• The scheme rewards digital transactions with a cashback of up to ₹1,200 per year and rewards regular repayments with a 7% interest subsidy.
• Around 5.9 lakh borrowers reside in six megacities, according to the PM SVANidhi dashboard, and 7.8 lakh borrowers are from cities with a population of more than 10 million people.
• Varanasi is the top performer among these mega and million+ cities.
• In Varanasi, 45% of total spenders are active spenders. It is followed by Bengaluru, Chennai, Prayagraj, etc.
• Public Sector Banks have disbursed millions of loans to street vendors under the scheme that is designed for the urban poor socio-economic section.
• Among the PSBs, the State Bank of India (SBI) has disbursed 31% of the total loans under this scheme, followed by Bank of Baroda (31%), Union Bank of India (10%), and Punjab National Bank (8%), respectively.
• The PM SVANidhi scheme was launched on June 1, 2020. It is a micro-credit scheme for urban street vendors.
• It aims to provide collateral-free working capital loans up to ₹50,000 in incremental tranches.
• The scheme provides loans in three tranches (1st Term loan up to ₹10,000; 2nd term loan up to ₹20,000 and 3rd term loan up to ₹50,000).
• Subsequently, due to high demand (106% of the old target achieved), the target was revised to 63 lakh street vendors.
• The Centre has set the target of 88.5 lakh street vendors for loan disbursement under the micro-credit scheme till December 2023.

India’s solar module manufacturing capacity can exceed 70 GW by 2027: IEA

• According to IEA’s latest world energy outlook report, India’s solar module manufacturing capacity could exceed 70 GW per year by 2027.
• The report added that it is expected India will meet its 2030 target to have half of its electricity capacity be non-fossil fuel well before the end of the decade.
• India currently accounts for 3% of the global solar photovoltaic (PV) market.
• Presently, solar modules manufacturing is largely concentrated in just five countries.

Key Highlights

• Solar module manufacturing in these five countries accounts for more than 90% of global capacity.
• China accounts for 80% of world manufacturing capacity. Viet Nam (5% of the global market), India (3%), Malaysia (3%) and Thailand (2%) are other four nations.
• The US, Korea, Cambodia, Türkiye and Chinese Taipei are other five leading solar manufacturers. Each of them account for about 1% of the global market.
• In FY22, India imported solar PV modules worth $3.4 billion.
• The International Energy Agency (IEA) projected that as domestic production increases, solar PV module imports will decline.
• According to the IEA report, India will only be behind China and the US in terms of electricity consumption by 2050 under all scenarios due to an annual growth rate of roughly 5% in the demand for electricity.
• The report projected air conditioner ownership in India has been steadily rising. It has tripled since 2010 and reached 24 units per 100 households.
• As per the report, residential electricity demand from cooling will increase ninefold in the Stated Policies Scenario (STEPS) by 2050.
• Under the Announced Pledges Scenario (APS), electricity demand for air conditioners is nearly 15% lower in 2050.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Sri Lanka Grants Visa-Free Entry to Visitors from India and Six Other Nations

• The Sri Lankan Cabinet has granted approval for free tourist visas to visitors from India and 6 other countries.
• India is included in this program, and Indian tourists will be granted free visas to Sri Lanka as part of a pilot initiative.
• This program is set to run until March 31, 2024.
• In addition to India, six other countries benefiting from this visa-free entry program are Russia, China, Thailand, Malaysia, Indonesia, and

Key Highlights :

• Tourists from these 7 countries can obtain visas to Sri Lanka without paying any visa fees.
• The primary objective of this initiative is to boost Sri Lanka's tourism industry, which has been adversely impacted by the COVID-19 pandemic.
• The goal is to achieve 5 million tourist arrivals by 2026.
• Prior to the pandemic, tourism served as the third-largest source of foreign exchange inflows for Sri Lanka, highlighting its economic significance.
• India has traditionally been Sri Lanka's top inbound tourism market, and this move is expected to further strengthen tourism ties between the two countries.
• As of the current year, India remains the largest source of tourists to Sri Lanka, followed by Russia.
• There is a proposal by Sri Lankan authorities, including former Prime Minister Ranil Wickremesinghe, to explore the idea of creating a "border-less tourism" region similar to the Schengen Area.
• The Schengen Area is a group of 27 European countries that have abolished passport controls at their mutual borders.

About Sri Lanka

• Capitals: Colombo, Sri Jayawardenepura Kotte
• Currency: Sri Lankan Rupee
• Prime minister: Dinesh Gunawardena

India and UK Conduct Inaugural 2+2 Foreign and Defence Dialogue in New Delhi

• India and the United Kingdom (UK) held their first 2+2 dialogue of senior officials.
• The 2+2 dialogue involves the defence and external affairs ministries of both countries discussing strategic and security interests.
• It aims to establish a diplomatic conversation between the two countries' respective heads of defence and external affairs.
• It focuses on discussing and working on common issues of concern to improve and strengthen bilateral relations.

Key Highlights :

• The 2+2 dialogue concept initially emerged from an agreement between India and the United States (US).
• It replaced the earlier Strategic and Commercial Dialogue between India and the U.S.
• Over time, this dialogue format expanded to include meetings with other countries, such as Japan, Australia, and

India-USA 2+2 Dialogue :

• The 2+2 dialogue with the United States has been held since 2018, with a focus on strengthening strategic, security, and defence cooperation.
• Key agreements like LEMOA (Logistics Exchange Memorandum of Agreement), COMCASA (Communications Compatibility and Security Agreement), and BECA (Basic Exchange and Cooperation Agreement) have been signed during these dialogues.

India-Japan 2+2 Dialogue :

• India and Japan have been conducting the 2+2 dialogue since 2010, with a focus on mutual strategic concerns.

India-Australia 2+2 Dialogue :

• The inaugural 2+2 dialogue between India and Australia was held in September 2021, with a focus on strengthening bilateral strategic cooperation.

India-Russia 2+2 Dialogue :

• The first 2+2 dialogue between India and Russia took place in December 2021, highlighting the growing strategic partnership between the two countries.

About UK :

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

CURRENT AFFAIRS : STATE NEWS

"Mizoram's Two-Day Anthurium Festival Kicks Off with Enthusiasm and Fervor"

• The Anthurium Festival has commenced in Mizoram at Reiek in the Mamit District.
• The Department of Tourism of Mizoram is responsible for organizing this 2 -day-long festival.
• The Anthurium Festival for the year 2023 began with Lalrozama, IAS, Secretary of the Tourism Department, as the Chief Guest.

About Anthurium Festival :

• The Anthurium Festival serves as a platform to showcase the rich cultural heritage and traditions of the Mizo people.
• The Anthurium Festival has been celebrated annually since 2006.
• It is held annually at the Tourist Resort Reiek, located in Reiek.

About Mizoram :

• Governor : Kambhampati Hari Babu
• Chief Minister : Zoramthanga
• Capital : Aizawl

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

RBI Mandates Private Banks to Appoint Two Whole-Time Directors, Including a Managing Director and Chief Executive Officer

• The Reserve Bank of India (RBI) has mandated that private banks and wholly-owned subsidiaries of foreign banks (excluding Payment Banks and Local Area Banks) must have a minimum of two Whole-Time Directors (WTDs) on their boards.
• The directive is rooted in the acknowledgment of the increasing complexity within the banking sector, which necessitates the establishment of a robust senior management team.
• The directive emphasizes the need for private banks to establish an effective senior management team capable of addressing the ongoing and emerging challenges in the banking industry.
• The presence of a senior management team is viewed as a means to facilitate succession planning, especially concerning regulatory requirements related to the tenure and upper age limit for Managing Director and Chief Executive Officer (MD & CEO) positions.
• The exact number of Whole-Time Directors shall be determined by the bank's Board, taking into account factors such as the scale of operations, business complexity, and other relevant considerations.
• Banks that do not already meet the minimum requirement of having at least two WTDs, including the MD and CEO, must submit proposals for the appointment of WTD(s) within a 4-month period.
• This directive is in alignment with Section 35B(1)(b) of the Banking Regulation Act, 1949.
• The directive also recognizes and reiterates the regulatory stipulation that the upper age limit for MD and CEO positions in private banks is fixed at 70.

CURRENT AFFAIRS: AWARDS AND HONOURS

Two Indian-American Scientists Honoured With US' Highest Scientific Award

• Two Indian-American Scientists received the Highest Scientific Award of the USA.
• Ashok Gadgil and Subra Suresh received the National Medal of Technology and Innovation and the National Medal of Science, respectively.
• Leading American scientists, technologists, and innovators have been also awarded at the award ceremony.
• Subra Suresh has been conferred the National Medal of Science for research in engineering, physical sciences, and life sciences.
• Ashok Gadgil is one of the 12 recipients of the National Medal for Technology and Innovation.
• He has developed low-cost solutions to some of the developing world’s most intractable problems, including safe drinking water technologies, energy-efficient stoves, and ways to make efficient electric lighting affordable.
• The US Congress established the National Medal of Science in 1959 and is administered by the US National Science Foundation.

CURRENT AFFAIRS: RANKING AND INDEX

Indians dominate the list of immigrants acquiring citizenship in rich nations

• The ‘International Migration Outlook 2023’ was released by the Organisation for Economic Co-operation and Development (OECD).
• India saw the highest migration flows to Organisation for Economic Co-operation and Development (OECD) countries in 2021 and 2022.
• In 2021, approximately 1.3 lakh Indians acquired citizenship in an OECD member country, compared to around 1.5 lakh in 2019.
• China ranked fifth in this race, with approximately 57,000 Chinese individuals acquiring OECD country citizenship in 2021.
• Among the 38-member OECD, the top three countries that granted passports to Indian immigrants in 2021 were the United States (56,000), Australia (24,000), and Canada (21,000).
• This indicates the significance of these countries as preferred destinations for Indian immigrants seeking citizenship opportunities.
• According to the report, China boasts the largest number of international students among OECD-member countries, while India leads the pack in terms of the 'flow' of new migrants.
• In 2021, India, for the second consecutive year, ranked as the top country of origin for new migrants (excluding students) to OECD-member countries, with an outflow of 400,000 individuals.
• This represented 7.5% of the total migration flows, albeit it was only a modest 3% increase compared to 2019.
• China claimed the second position with 230,000 new migrants, constituting 5.2% of the total flows, followed by Romania with approximately 200,000 new migrants, making up 4% of the total flows.
• Portugal, Germany and Austria have recently concluded agreements on migration and mobility with India. This is the first time Germany has signed such a bilateral agreement, and the agreement is intended to serve as a model for potential future similar agreements with other countries.
• In 2021, a total of 4.3 million international students were enrolled in OECD-member countries.
• China dominated this figure with 890,000 students, while Indian students studying in OECD-member countries reached 420,000, a figure similar to 2020. Vietnam stood as the third-ranked source country with 130,000 students.
• The United States hosted nearly one-fifth of all international students in the OECD, accommodating more than 800,000 students.
• The United Kingdom followed with 14% (approximately 600,000 international students), and Australia hosted 9%, with nearly 380,000 international students.
• Inflows of refugees from Ukraine reached the highest level on record, OECD-wide, due to the ongoing Russia-Ukraine war; more than 10 million people have become either internally displaced or refugees in the OECD region.
• In terms of workers, migration flows from India (+172 percent), Uzbekistan (+122 percent), and Turkey (+240 percent) rose sharply, making them primary countries of origin after Ukraine.

About OECD

• OECD is an international organisation of 38 countries committed to democracy and the market economy.
• Its members are typically democratic countries that support free-market economies.
• It was established on December 14, 1960, by 18 European nations, plus the United States and Canada.
• Headquarters: Paris, France.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Minister Rajnath Singh Launches 'Udbhav' Project and Inaugurates Military Heritage Festival

• Defence Minister Shri Rajnath Singh launched Project Udbhav and inaugurated the first edition of the Indian Military Heritage Festival (IMHF) in

Objective of the IMHF :

• To acquaint future thought leaders with comprehensive national security dynamics, with a focus on India's strategic culture, military heritage, education, modernization of security forces, and Atmanirbhar Bharat (self-reliant India).

About Project Udbhav :

• Project Udbhav is a collaborative effort between the Indian Army and the United Service Institution of India (USI), a defence services think tank
• The project, named ‘Udbhav’, translates to ‘origin’ or ‘genesis’, recognizing the profound knowledge embedded in our nation’s historical texts spanning centuries.
• The project seeks to amalgamate ancient insights with modern military practices to create a comprehensive approach to address contemporary security challenges.
• This initiative aims to bridge the gap between age-old wisdom and contemporary military education.
• India's ancient knowledge system, rooted in a 5000-year-old civilizational legacy, is a repository of intellectual texts and manuscripts.
• Project Udbhav aims to facilitate a deep understanding of these ancient systems and their enduring relevance in the modern era.
• It builds upon earlier research by the Army Training Command, resulting in the compilation of the 'Compendium of 75 Stratagems' based on ancient Indian scriptures.
• The project draws inspiration from revered texts like Chanakya's Arthashastra, emphasizing the importance of strategic partnerships and diplomacy in alignment with contemporary practices.

Mazagon Dock Shipbuilders Limited Hands Over 3rd Visakhapatnam-Class Destroyer to the Indian Navy

• Mazagon Dock Shipbuilders Limited (MDL) has delivered the Third Stealth Destroyer of Project 15B Class Guided Missile Destroyere. Yard 12706 (IMPHAL) to the Indian Navy.
• The Acceptance Document was signed by Shri Sanjeev Singhal, Chairman & Managing Director, MDL and RAdm Sanjay Sadhu, AVSM, NM, CSO (Tech) at MDL.

Key Highlights :

• The ship is constructed using Indigenous Steel DMR 249A and is among the largest Destroyers constructed in India, with an overall length of 164 metres and a displacement of over 7500 tonnes.
• The ship is a potent platform capable of undertaking a variety of tasks and missions, spanning the full spectrum of maritime warfare.
• It is armed with supersonic Surface-to-Surface ‘Brahmos’ missiles and ‘Barak-8’ Medium Range Surface Air Missiles.
• The ship is propelled by a powerful Combined Gas and Gas Propulsion Plant (COGAG), consisting of four reversible Gas Turbines, which enables her to achieve a speed of over 30 knots (approx 55 Kmph).
• The Ship boasts of a very high level of automation with sophisticated digital networks such as Gigabyte Ethernet-based Ship Data Network (GESDN), Combat Management System (CMS), Automatic Power Management System (APMS) and Integrated Platform Management System (IPMS).
• Project 15B (P15B) / Visakhapatnam-class is the latest destroyer design currently under construction for the Indian Navy.
• These ships have been designed indigenously by the Indian Navy’s Directorate of Naval Design, New Delhi.
• The indigenous content in P15B Class Destroyers is 72% which is a notch above their predecessors P15A (59%) and P15 (42%) Class Destroyers, reaffirming the Government’s focus in ‘Atmanirbhar Bharat’ Programme along with large ecosystem development of sub vendors.
• According to the Indian Navy, the P15B destroyers incorporate new design concepts for improved survivability, seakeeping, stealth, and manoeuvrability.
• The first Ship of P15B (Visakhapatnam) was commissioned on 21 Nov 2021.
• The second ship (Mormugao) was commissioned on 18 Dec 2022.
• The third ship (IMPHAL) was delivered to the Indian Navy on 20 Oct 2023.
• The fourth ship (Surat) was launched on 17 May 2022 and is at an advanced stage of outfitting.

CURRENT AFFAIRS : OBITUARIES

Padma Shri Recipient and Spiritual Leader, Bangaru Adigalar Passed away

• Indian spiritual guru Bangaru Adigalar, popularly known as 'Amma', who brought in revolutionary reforms such as paving the way for women to enter the sanctum sanctorum of Shakti temples, passed away at the age of 82 in Kancheepuram, Tamil Nadu (TN).

About Bangaru Adigalar :

• Bangaru Adigalar was born on 3rd March 1941 in Melmaruvathur, Tamil Nadu.
• He initially worked as a school teacher in Sothupakkam and gained popularity as Bangaru Adigalar, serving as the oracle of the Parasakthi temple.
• He started his spiritual work from a small, thatched cottage in Melmaruvathur in 1971.
• He revolutionised spiritualism in Tamil Nadu by allowing women into the sanctum sanctorum of ‘Shakti’ temples.
• The Melmaruvathur temple he presided over is the only temple where women can offer worship even during their menstrual periods, promoting gender inclusivity in religious practices.
• He established the Melmaruvathur Adhiparasakthi Siddhar Vaara Vazhipaatu Mandram, and this organization has branches in almost every village in Tamil Nadu.

Awards & Honors :

• In recognition of his spiritual services, Bangaru Adigalar was conferred with the Padma Shri Award in 2019, a prestigious civilian award in India.

CURRENT AFFAIRS: IMPORTANT DAYS

World Day for Audiovisual Heritage: 27th October

• World Day for Audiovisual Heritage 2023 is observed on the 27th of October 2023.
• The World Day for Audiovisual Heritage (WDAH) is a commemoration of the adoption, in 1980 by the 21st General Conference, of the Recommendation for the Safeguarding and Preservation of Moving Images.
• Since the World Day for Audiovisual Heritage2023 is celebrated in conjunction with the 30th anniversary of the World Programme, the members of State in UNESCO take this day as an opportunity to evaluate their performance in implementing the Recommendations for Preservation and Access of the Documentary Heritage in Digital Form.

Daily CA One- Liner: October 27

• The Reserve Bank of India (RBI) has permitted retail investors to subscribe to the Floating Rate Savings Bonds (FRSBs), 2020 (Taxable).
• The Asian Development Bank (ADB) has approved a $400-million policy-based loan to India for sub-programme 2 of the Sustainable Urban Development and Service Delivery Programme.
• IndusInd Bank has partnered with Viamericas Corporation to provide non-resident Indians (NRIs) in the United States with digital inward remittance services through the 'Indus Fast Remit' platform.
• Amazon Pay India Private Limited (APIPL) in collaboration with the National Payments Corporation of India (NPCI), has introduced Equated Monthly Instalment (EMI) options for RuPay credit cardholders from 8 major issuing banks.
• In Uttarakhand, a two-day Country Led Initiative (CLI) event is being organized by the Ministry of Environment, Forest and Climate Change at Forest Research Institute, FRI in Dehradun.
• Prime Minister Narendra Modi chaired the meeting of the 43rd edition of PRAGATI involving Centre and State governments.
• The Department of Consumer Affairs, Government of India in collaboration with IIT (BHU), launched Dark Patterns Buster Hackathon 2023.
• The Food Safety and Standards Authority of India (FSSAI) has recommended the inclusion of QR codes on food products for accessibility by visually impaired individuals.
• Government is set to implement ‘DNA and Face Matching’ systems at police stations across the country.
• The share of females in the PM SVANidhi Scheme has been at 43%.
• According to IEA’s latest world energy outlook report, India’s solar module manufacturing capacity could exceed 70 GW per year by 2027.
• Two Indian-American Scientists received the Highest Scientific Award of the USA.
• The ‘International Migration Outlook 2023’ was released by the Organisation for Economic Co-operation and Development (OECD).
• The Sri Lankan Cabinet has granted approval for free tourist visas to visitors from India and 6 other countries.
• India and the United Kingdom (UK) held their first 2+2 dialogue of senior officials.
• The Anthurium Festival has commenced in Mizoram at Reiek in the Mamit District.
• The Reserve Bank of India (RBI) has mandated that private banks and wholly-owned subsidiaries of foreign banks (excluding Payment Banks and Local Area Banks) must have a minimum of two Whole-Time Directors (WTDs) on their boards.
• Defence Minister Shri Rajnath Singh launched Project Udbhav and inaugurated the first edition of the Indian Military Heritage Festival (IMHF) in
• Mazagon Dock Shipbuilders Limited (MDL) has delivered the Third Stealth Destroyer of Project 15B Class Guided Missile Destroyere. Yard 12706 (IMPHAL) to the Indian Navy.
• Indian spiritual guru Bangaru Adigalar, popularly known as 'Amma', who brought in revolutionary reforms such as paving the way for women to enter the sanctum sanctorum of Shakti temples, passed away at the age of 82 in Kancheepuram, Tamil Nadu (TN).
• World Day for Audiovisual Heritage 2023 is observed on the 27th of October 2023