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CURRENT AFFAIRS : BANKING & FINANCE
India’s Pioneering Bad Bank, the Stressed Asset Stabilization Fund (SASF), Nears Conclusion of its Two-Decade Journey
- India’s first bad bank, the stressed asset stabilisation fund (SASF), a special purpose vehicle for housing bad loans that was created two decades ago is being wound down as it approaches the end of its life cycle.
About SASF :
- The Stressed Asset Stabilization Fund (SASF) was established as a trust by the Government of India in September 2004.
- Its primary purpose was to isolate bad loans of IDBI Bank and create a separate entity to help the bank achieve a cleaner balance sheet.
- SASF was set up with a defined life cycle of 20 years.
- A process has been initiated to evaluate about 400 non-performing loans that were transferred to the trust, and these loans have continued to remain non-performing.
- Approximately 9,000 crore of non-performing loans from IDBI Bank were transferred to the SASF when it was established.
- The trust has successfully recovered around Rs. 6,000 crore from the stressed accounts, which amounts to about two-thirds of the non-performing loans.
- SASF served as a precursor to the National Asset Reconstruction Company Limited (NARCL), which was announced by the Indian government in 2021.
- NARCL’s purpose is to segregate and manage bad loans from multiple banks.
Paytm Becomes Official Sponsor For 37th National Games
- Paytm has been designated as the official sponsor for the 37th National Games held in
- The 37th National Games were inaugurated by Prime Minister Narendra Modi at the Jawaharlal Nehru Stadium in Fatorda.
- This marks the first time that the National Games are being organized in the state of Goa.
- The event is scheduled to take place from October 26 to November 9, 2023.
- More than 10,000 athletes will be participating in over 43 sports disciplines, and the games will be hosted across 28 venues.
- This event, styled after the Olympics, sees the participation of 28 states and 8 union territories, making it a significant sporting spectacle in India.
Recent News :
- In July 2023, the Board of Control for Cricket in India (BCCI) announced fantasy gaming unicorn Dream11 as the Indian cricket team’s new lead sponsor.
About Paytm :
- Headquarters: Noida
- Founder and CEO: Vijay Shekhar Sharma.
- Paytm Parent organization: One97 Communications
IRDAI Establishes 12-Member Committee for Streamlining Insurance Policy Wordings
- The Insurance Regulatory and Development Authority of India (IRDAI) has established a 12-member committee with the specific purpose of simplifying insurance policy wordings.
- The committee will be chaired by L Viswanathan, who is a member of the Insurance Advisory Committee (IAC).
- The committee’s composition includes the Secretary Generals of the Life Insurance and General Insurance Council, the president of the Insurance Brokers Association of India (IBAI), and the Principal Officer of the State Bank of India (Corporate Agent).
- Additionally, it comprises other senior members from the insurance industry. The committee also has the flexibility to include external experts if deemed necessary.
- The decision to create this committee arises from IRDAI’s recognition that insurance policyholders often struggle to comprehend the complex language and terms in insurance policy contracts.
- This complexity hinders their ability to make informed decisions when purchasing insurance policies.
About IRDAI :
- Established : 1999
- Headquarters : Hyderabad, Telangana
- Chairperson : Debasish Panda
- The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.
CURRENT AFFAIRS: NATIONAL NEWS
GeM registers service growth of 1.5 lakh crore rupees in the current financial year 2023-24 till now
- The Government e-marketplace (GeM) has registered a service growth of 47 per cent or 1.5 lakh crore rupees in the current financial year 2023-24 till now.
- It has provided services to multiple Central Public Sector Enterprises (CPSEs), Union Ministries, and State governments.
- Coal India Limited has emerged as the biggest buyer with orders worth more than 24 thousand crore rupees.
Key Highlights
- GeM has expanded its services, ranging from the labour force to vehicles.
- It added that it is trying for companies to deal directly with buyers by removing any agents or middlemen to help in cost-saving, most notably in Insurance.
- It has allowed leasing to help small buyers who cannot afford expensive machinery, especially with Medical equipment.
- A dedicated category has been created for State Buyers to aid them in implementing government schemes through multiple services.
MCA’s big reform mandates dematerialisation for private companies
- The Ministry of Corporate Affairs has mandated private companies to go for dematerialisation of their securities.
- All private companies, excluding small and government companies, can issue new securities only in dematerialised form.
- The Ministry of Corporate Affairs said this in its recent amendment to a Rule concerning the issuance of securities.
- Private companies are required to facilitate the dematerialisation of existing securities.
- The time period to comply with the recent directives is until the end of September 2024.
- After September 30, 2024, no private company will be able to issue or buy back its stocks until all of the promoters’, directors’, and key managerial employees’ securities have been dematerialized.
Key Highlights
- Additionally, all holders of private company securities who plan to transfer them on or after September 30, 2024, must first dematerialize the securities.
- The dematerialization requirement will not apply to small private companies with capital of less than ₹4 crore and turnover of less than ₹40 crore, nor to those that are holding or subsidiary companies.
- In 1996, the National Securities Depository Limited (NSDL) was established, and with it, the dematerialization of shares of public companies (listed in bourses) began.
PFRDA allows NPS subscribers to withdraw up to 60% of their pension corpus through SLW facility
- The Pension Fund Regulatory & Development Authority (PFRDA) allows a Systematic Lumpsum Withdrawal (SLW) facility for NPS subscribers; pensioners can withdraw up to 60% of funds periodically.
- Subscribers to the NPS now have the option to use the Systematic Lumpsum Withdrawal (SLW) facility to automatically take 60% of their pension corpus.
- National Pension System (NPS) subscribers can use the SLW facility periodically (monthly, quarterly, half-yearly or annually) for a period till 75 years of age.
- Earlier, the lump sum amount could be withdrawn in a single tranche or could be withdrawn annually.
- In case of annual withdrawal, the NPS subscriber were required to start the withdrawal each time and authorised.
- NPS subscribers can now choose for a one-time request to opt for an automated periodic withdrawal.
- After setting up an SLW, an NPS subscriber can also cancel it anytime to claim the balance of the 60% corpus.
- Once an SLW is created, new contributions to the account are prohibited.
- In the starting, periodic withdrawal facility under SLW is being implemented only for Tier-I accounts. Later, it will be available for Tier II accounts also.
About NPS:
- The National Pension System (NPS) is a pension scheme launched by the Pension Fund Regulatory and Development Authority (PFRDA) in India in 2004.
- It is mandatory for government servants who joined the service on or after January 1, 2004.
- For others, it is a voluntary scheme. It allows subscribers to contribute towards their retirement savings during their working life.
- It is open to all Indian citizens between the ages of 18 and 70 years.
PM Modi to inaugurate ‘World Food India 2023’ on 3rd November at Pragati Maidan in New Delhi
- Prime Minister Narendra Modi will inaugurate the ‘World Food India 2023’ on November 3rd at Pragati Maidan in New Delhi.
- The three-day event is being organized by the Ministry of Food Processing Industries to showcase the rich Indian food culture to the world.
- Secretary of the Ministry of Food Processing Industries Anita Praveen said over 1200 exhibitors from 23 states and several countries will participate in the event.
Cayman Islands: Removal from anti-money laundering “grey list”
- The Financial Action Task Force (FATF) has removed the Cayman Islands from its grey list.
- It has added Bulgaria to the grey list in its review published on 27 October 2023.
- FATF has also removed Panama, Jordan and Albania from the grey list.
- FATF has added Bulgaria to the grey list.
- The Cayman Islands was added to the grey list in 2021.
- It was in the news during the investigation into charges made by Hindenburg Research against the Adani Group.
- As per the National Securities Depository (NSDL) website, 385 foreign portfolio investors (FPIs) registered in India are based in the Cayman Islands.
- The Cayman Islands is seen as an important jurisdiction for both FPI and FDI flows into India.
- The jurisdictions included in the grey list are placed under increased monitoring.
About FATF
- Founded: 1989
- Headquarters: Paris, France
- President: T Raja Kumar
CURRENT AFFAIRS : STATE NEWS
Manipur Celebrates Annual festival – Mera Houchongba
- In Manipur, the annual festival – Mera Houchongba will be celebrated at Kangla in Imphal.
- The festival is held to foster and consolidate relations among hill tribes and valley people of Manipur.
- Manipur Chief Minister Biren Singh along with the titular king of Manipur and Member of Rajya Sabha Leishemba Sanajaoba will inaugurate the festival at Kangla, the erstwhile royal palace of Manipur.
- The festival is traditionally observed and celebrated during the month of ‘Mera,’ which typically falls in either September or October.
- The term ‘Houchongba’ itself translates to ‘intermingling’ or ‘amalgamation.’
- The festival is designed to symbolize and promote the concept of bringing people together and fostering unity among different communities in Manipur.
About Manipur :
- Governor : Anusuiya Uikey
- Chief Minister : N. Biren Singh
- Capital : Imphal
Karnataka Forest Department Introduces HAWK for Monitoring Criminal Activities
- The Karnataka Forest Department, in collaboration with the Wildlife Trust of India, introduced the Hostile Activity Watch Kernel (HAWK) system.
About HAWK System :
- Hostile Activity Watch Kernel (HAWK) system is Cloud based information Management System designed to manage interlinked databases of wildlife crime, wildlife criminals, and wildlife mortality.
- Aim : To enable officials to analyze information and generate actionable intelligence for preventing wildlife crimes and combating Illegal Wildlife Trade (IWT).
- The system connects the entire state forest department in real time and provides restricted access through access levels.
- HAWK is a large ERP (Enterprise Resource Planning) model cloud-based system that uses both mobile and desktop interfaces for data management.
- The entire HAWK system is divided into various modules that are interconnected with individual stand-alone functions.
- The development of HAWK began in 2017 in the state of Kerala, initiated by a joint team of the Kerala Forest Department and the Wildlife Trust of India.
- The system was officially launched in Kerala in 2019 and has since become the official system of the state forest department.
- In 2022, the Karnataka Forest Department initiated the implementation of a customized version of HAWK in partnership with the ICT cell of the Karnataka forest department, and the system is currently being implemented across the state.
About Karnataka :
- Governor : Thawar Chand Gehlot
- Chief Minister : Siddaramaiah
- Capital : Bangalore
- National Park : Bandipur National Park, Anshi National Park
- Wildlife Sanctuary : Bhadra Wildlife Sanctuary,
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
State Bank of India (SBI) Appoints Cricket Icon MS Dhoni as Brand Ambassador
- The State Bank of India (SBI), the country’s largest lender, has appointed cricketing legend Mahendra Singh Dhoni as its official Brand Ambassador.
- Aim of the Appointment: To strengthen SBI’s connection, particularly with the younger population.
- Role : As the brand ambassador of SBI, Dhoni will play a pivotal role in various marketing and promotional campaigns for the bank.
- Among public sector banks, other notable sports figures serving as brand ambassadors include badminton players PV Sindhu and K Srikanth, as well as cricketer Shafali Verma, who are brand ambassadors for Bank of Baroda.
About Mahendra Singh Dhoni :
- Dhoni was born in Ranchi, Bihar (now in Jharkhand).
- He served as the captain of the Indian national cricket team in limited-overs formats from 2007 to 2017 and in Test cricket from 2008 to 2014.
- He is recognized as the only cricket captain in the world to win all three of the major ICC trophies: the 2011 ICC World Cup, the 2007 T20I World Cup, and the 2013 ICC Champions Trophy.
Awards & Honors :
- Dhoni has received several prestigious awards and honours, including India’s highest sports award, the Major Dhyan Chand Khel Ratna Award in 2008.
- The Government of India honoured him with the Padma Shri in 2009, the country’s fourth-highest civilian award.
- Dhoni was also awarded the Padma Bhushan in 2018, India’s third-highest civilian award, in recognition of his contributions to cricket at the international level.
About SBI :
- Established : 1955
- Headquarters : Mumbai, Maharashtra
- Chairman : Dinesh Kumar Khara
- MD : Ashwini Kumar Tewari
- Tagline : The Banker to Every Indian
CURRENT AFFAIRS : DEFENCE NEWS
Indian Army and Indian Air Force Contingent Departs for India-Kazakhstan Joint Military Exercise KAZIND-2023
- The Indian Army and Indian Air Force (IAF) contingent, comprising 120 personnel, departed to take part in the Joint Military ‘Exercise KAZIND-2023’ which will be conducted at Otar, Kazakhstan, from October 30th to November 11th, 2023.
- It is the 7th edition of the Kazind exercise.
Participants :
- Indian Army contingent comprises 90 personnel led by a Battalion from the DOGRA Regiment.
- The Kazakhstan contingent is mainly represented by personnel from Regional Command South of Kazakh Ground Forces.
- 30 personnel of the Air Force from both sides will also participate in the current edition of the Exercise alongside the Army contingents.
History :
- The joint exercise between India and Kazakhstan was originally called “Exercise PRABAL DOSTYK” and started in 2016.
- After the second edition, the Exercise was upgraded to a company-level exercise and renamed as ‘Exercise KAZIND’.
- The Exercise has been further upgraded as a Bi-service Exercise this year by including the Air Force component.
About Exercise KAZIND-2023 :
- In this edition of the Exercise, both sides will practise the conduct of Counter Terrorism operations in a sub-conventional environment under the United Nations mandate.
- The contingents will jointly rehearse various tactical drills to include Raid, Search and Destroy Operations, Small Team Insertion and Extraction operations, etc.
- The scope of the Exercise also includes conduct of Counter Unmanned Aerial System Operations.
- ‘Exercise KAZIND-2023’ will provide an opportunity for both sides to gain an insight into the tactics, battle drills and procedures of each other, which is a prerequisite while operating under the ambit of the United Nations.
- The joint training will develop the necessary skills, resilience and coordination to conduct joint military operations in Semi-Urban and Urban environments.
- The Exercise will provide an opportunity for the contingents to exchange views and share the best practices.
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Ministry of Defence
- Defence Secretary : Giridhar Aramane
Indian Navy Unveils 25T Bollard Pull Tug ‘MAHABALI’ in Gujarat
- Commodore Sunil Kaushik, launched the 25T Bollard Pull (BP) Tug named ‘Mahabali,’ at M/s Shoft Shipyard Private Limited in Bharuch, Gujarat.
- ‘Mahabali’ is a proud flag bearer of the “Make in India” initiative of the Ministry of Defence.
About the Mahabali Tug :
- ‘Mahabali’ is a 25-ton Bollard Pull (BP) Tug.
- This vessel, a creation of Shoft Shipyard located in Bharuch, Gujarat, is one of three such tugs commissioned as part of a collaborative effort between the Ministry of Defence and the Shipyard.
- The tug has been constructed in accordance with the classification rules set forth by the Indian Register of Shipping (IRS).
- Its primary role is to assist naval ships and submarines during berthing and unberthing operations, as well as to navigate through confined waters.
- It is equipped to enhance firefighting capabilities for ships alongside and at anchorage.
- The tug is also equipped for limited Search and Rescue Operations.
About Indian Register of Shipping (IRS) :
- The Indian Register of Shipping (IRS) is an international ship classification society that provides ship classification and certification, as well as technical inspection services.
- The not-for-profit entity was founded in 1975.
- It is a member of the International Association of Classification Societies (IACS), which represents classification societies worldwide.
- IRClass Systems and Solutions Ltd. (ISSPL) is an organization promoted by the IRS and was established in 2014.
About Indian Navy:
- Headquarters: New Delhi
- Chief: Admiral R Hari Kumar (25th Chief of the Indian Navy)
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
AU Small Finance Bank board approves merger with Fincare SFB
- Fincare Small Finance Bank (SFB) is set to merge with AU Small Finance Bank (SFB).
- The merger is scheduled to take effect from February 1, 2024.
- The merger scheme is contingent on approval from the respective shareholders of AU SFB and Fincare SFB, as well as regulatory bodies including the Reserve Bank of India (RBI) and the Competition Commission of India (CCI).
Key Highlights :
- Share Exchange Ratio : Under the amalgamation plan, shareholders of Fincare Small Finance Bank will get 579 equity shares of AU Small Finance Bank Ltd for every 2,000 fully paid-up equity shares they own.
- Following the merger, existing shareholders of Fincare SFB will approximately have a 9.9% stake in AU SFB.
- The scheme is subject to the approval of the respective shareholders of the transferor company (Fincare Small Finance Bank Ltd) and transferee company (AU Small Finance Bank Ltd), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI) and a capital infusion of ₹700 crores by the promoters of Fincare SFB.
- Market Capitalization : Currently, AU SFB has a market capitalization of Rs 46,000 crore, which is the highest among small finance banks.
- The market capitalization of the merged entity is expected to be slightly more than Rs 50,000 crore.·
- In the first quarter of FY20, Fincare Small Finance Bank was included in the 2nd schedule of the RBI Act, 1934.
- After the merger, all the employees of Fincare SFB will become part of the AU SFB workforce.
Leadership Changes :
- The Managing Director and CEO of Fincare SFB will take on the role of Deputy CEO at AU SFB.
- Divya Sehgal, a current director on Fincare SFB’s board, will join AU SFB’s board.
- Uttam Tibrewal, who is presently the Executive Director at AU SFB, will be elevated to the position of Executive Director & Deputy CEO of AU SFB in the merged entity.
About Fincare Small Finance Bank :
- Established : 2017
- Headquarters : Bangalore, Karnataka
- MD & CEO : Rajeev Yadav
About AU Small Finance Bank :
- Established : 1996
- Headquarters : Jaipur, Rajasthan
- MD & CEO : Sanjay Agarwal
CURRENT AFFAIRS: RANKING AND REPORTS
IEA World Energy Outlook 2023: Fossil fuel demand to peak by 2030, urgent investment shift needed
- According to the World Energy Outlook 2023, Fossil fuel demand would reach its peak by 2030.
- Under existing policies of governments, Global emissions are on track to raise temperatures by 2.4 degrees Celsius.
- Oil and natural gas demand will reach its peak before 2030.
- The rise of electric vehicles (EVs) is contributing to the shift from fossil fuels.
- Liquefied natural gas (LNG) demand in 2050 will be 15 per cent lower than projected earlier.
- At present, investments in clean energy and infrastructure are around $1.8 trillion as compared to $1 trillion in fossil fuels.
- International Energy Agency recommended maintaining current investments in fossil fuels across all scenarios to fulfil current demand and prevent abrupt supply shortages.
- The report emphasised the importance of ensuring a balanced mix of investments. It pointed out that investment should not be solely on solar, wind power, and electric vehicles.
- The IEA emphasised the importance of political and commercial ties between energy producers and consumers in managing energy supply and demand.
- World Energy Outlook 2023 report lauded the transformation in India’s energy landscape in the last few decades.
- As the temperature increases, the number of households having air conditioners will increase ninefold by 2050 in India.
About IEA:
- Founded: November 1974
- Headquarters: Paris, France
- Executive Director: Fatih Birol
CURRENT AFFAIRS: MOU AND AGREEMENT
New Educational Partnership Memorandum of Understanding Strengthening Ties Between India and UAE
- India and the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MoU) with the primary aim of enhancing cooperation within their respective educational institutions.
- This agreement seeks to foster a stronger relationship by promoting various forms of collaboration, such as student and faculty exchanges, joint research initiatives, curriculum design, and active participation in educational events.
- The MoU, which signifies a milestone in the education sector for both nations, will enable the facilitation of academic mobility by encouraging students and faculty to engage in enriching experiences across borders.
- The collaboration extends to organizing and participating in conferences, lectures, symposia, and courses, as well as scientific and educational exhibitions, all of which revolve around areas of mutual interest in both countries.
- Furthermore, this comprehensive partnership will establish a framework for the exchange of vital information in several critical domains.
- This includes the sharing of knowledge regarding regulations, legal structures, and best practices within the general and higher education systems of India and the UAE.
Key Highlights
- Additionally, the MoU will address policies concerning general and higher education, encompassing national qualifications frameworks, with the goal of enabling the mutual recognition of qualifications between the two countries.
- Another key area of cooperation is centered on frameworks and policies concerning the development of gifted and talented individuals, skills enhancement, counseling, and overall well-being. As part of the collaborative efforts, both countries will facilitate academic partnerships among their Higher Education Institutions, which will result in the creation of innovative Twinning, Joint Degree, and Dual Degree Programs.
- The MoU goes beyond higher education and also extends its scope to Capacity Development within the Technical and Vocational Education and Training (TVET) sector. Through this partnership, the teaching staff in the TVET domain will receive the necessary support and guidance, aiming to enhance the quality of technical and vocational education in both countries.
CURRENT AFFAIRS : OBITUARIES
Renowned Sri Lankan Cricket Team Supporter ‘Uncle’ Percy Abeysekera Passed away
- Percy Abeysekera, the well-known flag-waving and quick-witted supporter of the Sri Lankan cricket team, passed away in Colombo at the age of 87.
- He was affectionately known as “Uncle Percy” by both fans and cricketers due to his enduring presence and support for the Sri Lankan cricket team.
About Percy Abeysekera :
- Percy Abeysekera began his journey as a cricket supporter during the 1979 World Cup and attended all major cricketing events around the world where Sri Lanka played, except the most recent World Cup due to declining health.
- Abeysekera had close friendships with prominent Sri Lankan cricketers like Arjuna Ranatunga, Sanath Jayasuriya, and Kumar Sangakkara, making him an integral figure in Sri Lanka’s cricketing community.
- He also shared cordial relationships with Indian cricketers such as MS Dhoni, Virat Kohli, and Rohit Sharma.
- Rohit Sharma had visited Abeysekera at his home in Colombo during the Asia Cup, and Kohli invited him to the Indian dressing room during their tour to Sri Lanka in
- Notably, in September 2023, Sri Lanka Cricket handed over Rs 5 million to support his well being and medical expenses.
Former Chinese Premier Li Keqiang Passed away
- Li Keqiang, a Chinese economist and politician who served as the premier of the People’s Republic of China from 2013 to 2023 passed away at the age of 68 in Shanghai,China.
About Li Keqiang :
- Li Keqiang was born on July 1, 1955, in Dingyuan County of Hefei, Anhui province, China.
- He joined the Chinese Communist Party (CCP) in 1976 and initially served as the party head of a local production team.
- He was also the second-ranked member of the Politburo Standing Committee of the Chinese Communist Party (CCP) from 2012 to 2022.
- Li was a major part of the “fifth generation of Chinese leadership” along with Xi Jinping, the CCP general secretary.
- He served as the party secretary of Liaoning from 2004 to 2007, holding the top political office in the province.
- From 2008 to 2013, he served as the first-ranked vice premier.
- In 2013, he became the Premier of the State Council, serving his first term.
- In 2018, he was reelected as Premier for a second five-year term.
- In 2023, Li Keqiang stepped down from his position as Premier and was succeeded by Li Qiang, the incumbent Premier of China.
What is meant by Premier?
- The Premier is the highest administrative position in the Government of China.
- The Premier heads the State Council and is responsible for organizing and administering the Chinese civil bureaucracy.
Daily CA One-Liner: November 2, 2023
- The Government e-marketplace (GeM) has registered a service growth of 47 per cent or 1.5 lakh crore rupees in the current financial year 2023-24 till now
- The Ministry of Corporate Affairs has mandated private companies to go for dematerialisation of their securities
- The Pension Fund Regulatory & Development Authority (PFRDA) allows a Systematic Lumpsum Withdrawal (SLW) facility for NPS subscribers; pensioners can withdraw up to 60% of funds periodically
- Prime Minister Narendra Modi will inaugurate the ‘World Food India 2023’ on November 3rd at Pragati Maidan in New Delhi
- The Financial Action Task Force (FATF) has removed the Cayman Islands from its grey list.
- According to the World Energy Outlook 2023, Fossil fuel demand would reach its peak by 2030
- India and the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MoU) with the primary aim of enhancing cooperation within their respective educational institutions
- India’s first bad bank, the stressed asset stabilisation fund (SASF), a special purpose vehicle for housing bad loans that was created two decades ago is being wound down as it approaches the end of its life cycle.
- Paytm has been designated as the official sponsor for the 37th National Games held in
- The Insurance Regulatory and Development Authority of India (IRDAI) has established a 12-member committee with the specific purpose of simplifying insurance policy wordings.
- In Manipur, the annual festival – Mera Houchongba will be celebrated at Kangla in Imphal.
- The Karnataka Forest Department, in collaboration with the Wildlife Trust of India, introduced the Hostile Activity Watch Kernel (HAWK) system.
- The State Bank of India (SBI), the country’s largest lender, has appointed cricketing legend Mahendra Singh Dhoni as its official Brand Ambassador.
- The Indian Army and Indian Air Force (IAF) contingent, comprising 120 personnel, departed to take part in the Joint Military ‘Exercise KAZIND-2023’ which will be conducted at Otar, Kazakhstan, from October 30th to November 11th, 2023.
- Commodore Sunil Kaushik, launched the 25T Bollard Pull (BP) Tug named ‘Mahabali,’ at M/s Shoft Shipyard Private Limited in Bharuch, Gujarat.
- Fincare Small Finance Bank (SFB) is set to merge with AU Small Finance Bank (SFB).
- Percy Abeysekera, the well-known flag-waving and quick-witted supporter of the Sri Lankan cricket team, passed away in Colombo at the age of 87.
- Li Keqiang, a Chinese economist and politician who served as the premier of the People’s Republic of China from 2013 to 2023 passed away at the age of 68 in Shanghai,China.
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