Daily Current Affairs November 13th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Issues Operational Framework for Reclassifying foreign portfolio investment to foreign direct investment in Case of Investment Limit Breach  

• The Reserve Bank of India (RBI) issued an operational framework for the reclassification of foreign portfolio investment (FPI) to foreign direct investment (FDI) if an FPI breaches the prescribed investment limit.
• The new directions for reclassification are operative with immediate effect.

Key Highlights :

• Investment Limit: The prescribed limit for an FPI’s investment in an Indian company is less than 10% of the total paid-up equity capital on a fully diluted basis.
• Breach of Limit: If the FPI exceeds this limit, it has the option to either:
• Divest its holdings, or
• Reclassify the excess investment as FDI, subject to conditions set by the RBI and Securities and Exchange Board of India (SEBI).
• Timeline for Action: The FPI must take action (either divestment or reclassification) within five trading days from the date of settlement of the trades causing the breach.
• Approval Process: For reclassification to FDI:
• The FPI must seek approval from the government and obtain concurrence from the Indian investee company.
• The reclassification is not permitted in sectors prohibited for FDI.
• Reporting Requirements: The FPI must report the entire investment within the timelines specified under the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019.
• Transfer of Equity Instruments: Once reporting is complete, the FPI must request its Custodian to transfer the equity instruments from the demat account maintained for FPI holdings to the one maintained for FDI.
• SEBI Regulations: If the FPI fails to divest its holdings within the specified five trading days, the entire investment will automatically be reclassified as FDI as per the SEBI (Foreign Portfolio Investors) Regulations.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

Star India to Produce Web Series on the Reserve Bank of India  

• Star India will produce a web series on the Reserve Bank of India’s 90-year journey, aimed at enhancing public understanding of the RBI’s role in India’s economy and contributing to financial literacy.
• The Reserve Bank of India was established in 1935 and completed 90 years in April 2023.

Key Highlights :

• Selection Process:The RBI issued a Request for Proposal (RFP) in July 2023 for the web series.
• Star India Pvt Ltd won the tender for Rs 6.5 crore.
• Competing production houses included Viacom 18, Zee Entertainment Network Limited, and Discovery Communications India.
• Only Star India Pvt Ltd and Viacom 18 advanced to the final round after technical evaluations.
• Series Format:The series will consist of five episodes, each approximately 25-30 minutes long.
• The episodes may air on national TV channels and OTT platforms.
• Content Focus:The series will showcase the RBI’s vision, mission, achievements, and initiatives and provide insights into its operations, ongoing developments, and collaborations.
• The series aims to make financial concepts accessible and interesting to the public, contributing to financial literacy.
• Production Objectives:The series will use storytelling, expert interviews, and high-quality visuals to foster engagement, build public trust, and enhance transparency in the RBI’s operations and policies.
• Educational Resource:The series is designed to serve as an educational resource to improve public understanding of the RBI’s economic role, encouraging greater trust and confidence in its policies and operations.

Securities and Exchange Board of India directs qualified stock brokers to implement UPI payment mechanism starting February 1 

• The Securities and Exchange Board of India (SEBI) has mandated that qualified stock brokers (QSBs) offer either a UPI-based block mechanism for trading or a 3-in-1 trading account facility to clients.
• The new mandate will come into effect on February 1, 2025.
• QSBs are larger brokers considered systemically important due to the number of clients and volumes generated through them.

Key Highlights :

• Block Mechanism: The UPI-based block mechanism, which has been optional since January 2024, allows investors to have funds blocked in their bank accounts for trading, enhancing protection by ensuring funds are not directly transferred upfront to brokers.
• Enhanced Protection: This mechanism provides greater client protection by blocking funds rather than transferring them, reducing the risk of misuse.
• Use in IPOs: The block mechanism is already widely used in the primary market, particularly for IPO applications.
• 3-in-1 Account Facility: The 3-in-1 account integrates the trading, demat, and bank accounts, enabling the blocking of funds for buy orders and securities for sell orders. Some brokers already offer this facility.
• Regulatory Reasoning: SEBI’s move is aimed at improving investor protection and preventing misuse of funds, following incidents like the Karvy case.
• Market Impact: The block mechanism in the secondary market is expected to bring Rs 2,800 crore in benefits for investors, according to SEBI estimates.

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 (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Shriram Mutual Fund to introduce India’s first multi-sector rotation fund   

• Shriram Mutual Fund is launching an industry-first Multi-Sector Rotation Fund, which will invest in 3-6 sectors that are expected to outperform in the near-to-long term.
• The fund will adopt a quantamental approach—a blend of quantitative and fundamental analysis.
• The sectors selected will be based on the proprietary Enhanced Quantamental Investment (EQI) framework, factoring in momentum, fundamentals, macroeconomic indicators, and sentiment.
• The fund will move in and out of sectors based on their relative performance, rebalance dynamically according to changing conditions.
• The fund will be market-cap agnostic, meaning investments will be made across large-cap, mid-cap, and small-cap stocks depending on the companies operating within the selected sectors.
• The fund offers tax efficiency, as there will be no capital gains tax implication when the fund manager rebalances the portfolio across sectors.
• Unlike flexi-cap or business cycle funds, this fund will focus on a limited number of sectors, making it unique in its strategy.
• The fund is set to be launched on November 18, 2024.

Reserve Bank of India Expands Forex Transactions Reporting Requirements to Include Spot Deals  

• The Reserve Bank of India (RBI) has expanded the reporting of forex transactions to include foreign exchange spot deals to enhance completeness in the trade repository (TR) of the Clearing Corporation of India (CCIL).

Key Highlights :

• Currently, authorised dealers report all over-the-counter (OTC) foreign exchange derivative contracts and foreign currency interest rate derivative contracts undertaken by them directly or through their overseas entities to the TR of Clearing Corporation of India Limited (CCIL).
• Accordingly, transactions in foreign exchange cash; foreign exchange tom; and foreign exchange spot, involving the rupee or otherwise shall now be reported to the TR.
• However, money-changing transactions are not in the scope of the latest directions.
• Authorised dealers have been asked to report all inter-bank foreign exchange contracts undertaken by them to the TR of CCIL with effect from February 10, 2025, as per defined timelines.
• The RBI also said there would be no requirement to match transactions with overseas counterparties and client transactions in the TR as the overseas counterparties and clients are not required to report/confirm the transaction details.
• Authorised Dealer shall report all FX contracts executed with clients to the TR of CCIL in a phased manner. The following FX contracts executed with clients shall be mandatorily reported as per the following timelines:
• Phased Reporting for Client Contracts:
• USD 1 Million Threshold: FX contracts with clients valued at or above USD 1 million (or equivalent) must be reported by May 12, 2025.
• USD 50,000 Threshold: FX contracts with clients valued at or above USD 50,000 (or equivalent) must be reported by November 10, 2025.

Reserve Bank of India Introduces New Domestic Money Transfer Framework with Enhanced Know Your Customer Standards for Regulated Entities

• The Reserve Bank of India (RBI) had issued a new framework on Domestic Money Transfer (DMT) in July 2024 for regulated enterprises, requiring stronger Know Your Customer (KYC) record standards and focusing on banking services and payment systems.
• The new guidelines are effective from November 1, 2024, as per the RBI’s July 24, 2024 circular.
• The revised regulations are intended to improve the security of domestic money transfers and ensure compliance with current financial laws.

Key Changes :

• Cash Pay-out Service – The remitting bank shall obtain and keep a record of the name and address of the beneficiary.
• Cash Pay-in Service – Remitting banks / Business Correspondents (BCs) shall register the remitter based on a verified cell phone number and a self-certified ‘Officially Valid Document (OVD)’ as per the Master Direction – Know Your Customer Direction 2016, as amended from time to time.
• Every transaction by a remitter shall be validated by an Additional Factor of Authentication (AFA).
• Cash pay-out refers to transferring funds from bank accounts to beneficiaries who do not have a bank account.
• According to the RBI circular dated October 5, 2011, “banks are permitted to provide services which facilitate transfer of funds from the accounts of their customers for delivery in cash to the recipients not having bank accounts at an ATM or through an agent appointed as Business Correspondent.
• It has been decided to raise the ceiling on the value of such transfers from 5,000 to Rs. 10,000 per transaction subject to the cap of Rs. 25,000 per month.
• It has been further decided to permit banks to facilitate such fund transfers through any other authorised payment channels as well.
• The remitting bank shall obtain full details of the name and address of the beneficiary.”
• According to the RBI circular dated October 5, 2011, “a walk-in customer at a bank branch can remit funds up to Rs. 50,000 to the bank account of a beneficiary through NEFT.
• Besides, banks are also permitted to allow such customers to transfer funds to a Bank account of a beneficiary through BCs, ATMs, etc. up to a maximum amount of Rs.5,000 per transaction with a monthly cap of Rs. 25,000.
• Such a walk-in customer needs to provide minimum details like his name and complete address to the remitting bank.”

National Payments Corporation of India Launches Auto Top-Up Feature and Raises Transaction Limits for UPI Lite from November 1, 2024  

• The National Payments Corporation of India (NPCI) has launched an auto top-up feature and increased transaction limits for UPI Lite, effective from November 1, 2024.

Key Highlights :

• Transaction Limit Update:The transaction limit for UPI Lite has been raised to Rs 1,000 without entering a PIN, up from the previous limit of Rs 500.
• Wallet Balance Limit:The maximum wallet balance for UPI Lite has been increased from Rs 2,000 to Rs 5,000.
• However, the daily transaction cap remains at Rs 4,000.
• Auto Top-Up Feature:The auto top-up feature automatically replenishes a user’s UPI Lite account when the balance falls below a set threshold.
• Users can configure their preferred top-up amount through their UPI app, with a maximum of five automatic recharges per day.

Recent News :

• In October 2024, the Unified Payments Interface (UPI) achieved a record milestone with 16.58 billion transactions amounting to Rs 23.5 trillion.
• This marked the highest-ever transaction volume since the system’s launch in April 2016, surpassing the previous record of 15.04 billion transactions in September 2024 and Rs 20.64 trillion in July 2024.

CURRENT AFFAIRS: NATIONAL NEWS

India’s Crackdown on Cybercrime: 450,000 Mule Accounts Frozen in Major Anti-Fraud Effort

• The Indian government has taken decisive steps to combat cybercrime by freezing approximately 450,000 “mule” bank accounts used to launder money obtained from cyber frau
• The effort is part of a nationwide crackdown on financial cybercrime coordinated by the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs.

Key Details

1. Extent of Mule Accounts:
   • Mule accounts, used by fraudsters to channel and withdraw illicit funds, are often opened using stolen KYC (Know Your Customer) documents.
   • A high concentration of these accounts is found in prominent banks: SBI (40,000 accounts), PNB (10,000), Canara Bank (7,000), Kotak Mahindra Bank (6,000), and Airtel Payments Bank (5,000).
2. Financial Losses:
   • Cyber fraud linked to mule accounts led to a loss of approximately Rs 17,000 crore in the last year alone, revealing the serious impact of such fraudulent activities on the financial system.
3. Government Actions:
   • PMO Involvement: The Prime Minister’s Office (PMO) held discussions with officials from I4C to review vulnerabilities in the banking system.
   • Bank and Police Instructions: Banks have been directed to investigate potential involvement of staff in facilitating mule accounts, while state and UT police forces are taking proactive measures against these accounts.
   • Regulatory Support: The Reserve Bank of India and the Ministry of Finance’s Department of Financial Services have been urged to implement stronger safeguards.
4. Airtel Payments Bank’s Anti-Fraud Measures:
   • As a low-risk bank, Airtel Payments Bank’s operations are designed to reduce fraud risks by not offering current accounts or cheque books.
   • Technology-Driven Safeguards:
     • Real-time API Integration: Airtel Payments Bank screens potential customers through I4C’s suspect registry.
     • AI/ML Models: Advanced algorithms detect potential account takeovers.
     • Face Match Technology: This system verifies KYC compliance by matching customer photos to records, helping to prevent identity misuse.

Government Expands e-Shram Portal to Include Self-Employed Workers and Micro-Enterprise Owners

• The Indian government is enhancing the e-Shram portal to encourage self-employed workers—including owners of micro-enterprises, hawkers, and vendors—to register.
• This move is part of an ongoing effort to ensure social security and welfare benefits reach workers in the unorganized sector.

Key Highlights of the Initiative

1. New Registration Facility for Self-Employed Workers:
   • A special functionality is being added to the portal for self-employed workers who may not consider themselves “workers” despite being a part of the unorganized sector.
   • The government aims to include hawkers, street vendors, kirana store owners, and other micro-business operators in the portal’s database.
2. About the e-Shram Portal:
   • Launched by the Ministry of Labour & Employment in August 2021, the e-Shram portal serves as a National Database of Unorganized Workers (NDUW).
   • It targets unorganized sector workers, facilitating their registration and linking them with Aadhaar to provide easy access to welfare schemes.
3. Eligibility for e-Shram Portal Registration:
   • Unorganized workers from sectors such as agriculture, construction, leather, handloom, and carpentry, among others.
   • Workers with a monthly income below Rs. 15,000 and not members of EPFO, ESIC, or NPS are eligible.
   • Registration is available on a self-declaration basis for 400 occupations across 30 broad sectors.
4. Inviting Platform Aggregators:
   • The Ministry has encouraged platform aggregators to register their workers on e-Shram, providing them with a Standard Operating Procedure (SOP) for the process.
   • A toll-free helpline and email support are available to assist in the registration process.
5. Current Reach and Impact:
   • As of December 15, 2023, over 29.23 crore unorganized workers have registered on the portal, bringing millions of unorganized workers within the scope of social security and welfare schemes.

CURRENT AFFAIRS : STATE NEWS

Andhra Pradesh Chief Minister N Chandrababu Naidu inaugurates seaplane demo flight from Vijayawada’s Prakasam Barrage to Srisailam in Nandyal district  

• Andhra Pradesh Chief Minister N Chandrababu Naidu launched a seaplane demo flight operation from Prakasam Barrage in Vijayawada to Srisailam in Nandyal district.
• The initiative is called “Sky Meets Sea,” aimed at connecting Vijayawada and Srisailam.
• The service will be managed by the Andhra Pradesh Airports Development Corporation Limited (APADCL).
• The seaplane is a 10-seater aircraft designed for the service.
• The flight route starts from Prakasam Barrage in Vijayawada and ends near Pathalaganga in Srisailam, flying over the Krishna River.
• Passengers on this route will experience scenic views while flying over the Krishna River.

CURRENT AFFAIRS: BUSINESS NEWS

HFCL Ltd Secures Key Broadband Network Projects Under BharatNet Phase III in Uttar Pradesh and Punjab

• HFCL Ltd, a leading telecom equipment manufacturer, has emerged as the lowest bidder for optical fibre-based broadband projects valued at Rs 13,000 crore under the BharatNet Phase III initiative.
• The project aims to expand high-speed internet access across rural India, focusing on Uttar Pradesh (East and West) and Punjab.

Project Highlights

1. Consortium Partnerships:
   • HFCL collaborated with Rail Vikas Nigam Limited (RVNL) and Aerial Telecom Solutions Private Limited for the UP East and UP West bids, securing contracts worth Rs 6,925 crore.
   • HFCL bid independently for the Punjab circle, winning a contract valued at Rs 1,244 crore.
2. Operation & Maintenance (O&M) Contracts:
   • HFCL and its consortium will manage 10 years of O&M with annual rates based on capital expenditure (capex):
     • First five years: 5.5% of capex
     • Subsequent five years: 6.5% of capex
   • The total O&M contract value is estimated at Rs 4,155 crore for UP and Rs 746 crore for Punjab.
3. Objectives of BharatNet Phase III:
   • BharatNet Phase III targets bridging digital gaps by connecting unserved gram panchayats (GPs) with high-speed fibre-optic networks.
   • The project aims to provide 100 Mbps bandwidth per GP, connecting 6.4 lakh villages and over 250,000 GPs.
   • The network will use IP-MPLS technology to support essential digital services like e-health, e-education, and e-governance in underserved areas.

India’s Rise in Intellectual Property Rights: 2023 WIPO

• India’s commitment to innovation and intellectual property (IP) has paid off, with patent and industrial design filings doubling between 2018 and 2023, securing the country the 6th position globally, according to the World Intellectual Property Organisation’s (WIPO) latest report.

Key Highlights

1. India’s Growth in IP Rankings:
   • Top 10 Placement: For the first time, India is ranked among the top 10 countries for patents, industrial design applications, and trademark applications.
   • Patent Growth: India recorded 64,480 patent filings in 2023, with a 15.7% increase over 2022, marking the fifth consecutive year of double-digit growth in patent filings.
2. Global Patent Filing Landscape:
   • Over 3.5 million patents were filed globally in 2023, marking the fourth consecutive year of growth.
   • Top Countries: China led with 1.64 million patent filings, followed by the USA (518,364), Japan (414,413), South Korea (287,954), Germany (133,053), and India (64,480).
   • Asia’s Dominance: Asian countries contributed significantly to IP activity, with 68.7% of patent, 66.7% of trademark, and 69% of industrial design filings globally.
3. Types of Intellectual Property Rights:
   • Patents: Protect inventions, such as new medicines or technologies.
   • Copyright: Grants creators exclusive rights over artistic and literary works (e.g., books, music).
   • Trademarks: Distinctive symbols, designs, or names that differentiate a company’s goods or services.
   • Industrial Designs: Focus on the ornamental or aesthetic aspect of manufactured goods.
   • Geographical Indications: Signify products’ specific origin or quality based on location.
   • Trade Secrets: Involves confidential business information.
4. WIPO’s Role:
   • Established: In 1967, as a UN agency based in Geneva, Switzerland.
   • Function: WIPO promotes IP protection globally, ensuring creators’ rights are safeguarded against unauthorized use.

Finance Ministry Grants More Autonomy to Key CPSEs for Strategic Investments

• In a strategic shift, the Ministry of Finance has rescinded an eight-year-old directive, enhancing autonomy for Maharatna, Navratna, and Miniratna Central Public Sector Enterprises (CPSEs).

Highlights of the Policy Update

1. Revocation of Prior Approval Requirement:
   • CPSEs No Longer Need NITI Aayog Approval: Maharatna, Navratna, and Miniratna CPSEs are now exempt from seeking NITI Aayog’s prior permission for creating financial joint ventures (JVs) and wholly owned subsidiaries (WoS).
   • Streamlined Decision-Making: This removal of the dual-approval requirement (from both NITI Aayog and Department of Investment and Public Asset Management (DIPAM)) is aimed at simplifying and expediting the investment process for these enterprises.
2. Objective of the Change:
   • Ease of Operations: The Department of Public Enterprises (DPE) highlighted that this step intends to make investment procedures faster and less cumbersome.
   • Enhanced Flexibility for CPSEs: With this policy shift, CPSEs are now empowered to make strategic financial decisions more autonomously, which is expected to boost their competitiveness and agility.
3. Potential Benefits for CPSEs:
   • Encourages Expansion: This autonomy is likely to encourage CPSEs to pursue growth opportunities through strategic partnerships and subsidiaries without the bottleneck of prolonged approval processes.
   • Improved Efficiency: With fewer regulatory hurdles, CPSEs can more swiftly align their investments with market dynamics and government objectives.
4. Broader Implications:
   • Economic Growth and Self-Reliance: This change is aligned with the government’s broader agenda of promoting Atmanirbhar Bharat (self-reliant India), enabling CPSEs to contribute more actively to economic growth.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army, Air Force, and Navy to Launch Command-Level Tri-Service Exercise ‘Poorvi Prahar’ Near India-China Border  

• The Indian Army, Indian Air Force, and Indian Navy will jointly conduct a command-level tri-service theatre exercise named ‘Poorvi Prahar’ along the India-China border.
• The exercise will take place from 10-18 November 2024 and holds significance for India’s efforts to establish an integrated theatre command.
• Purpose and Importance:The exercise is part of India’s broader strategy to set up an integrated theatre command, aimed at enhancing military coordination across services.
• The exercise focuses on areas of potential conflict or war, specifically targeting the eastern theatre of the India-China border.
• Location:The exercise will be conducted in the mountainous terrain along the India-China border, spanning regions in Arunachal Pradesh.
• Airfields from Assam (Dibrugarh, Jorhat, and Tezpur) will serve as operational hubs.

Key Deployments:

• For the first time, the Indian Navy will deploy its P-8I Poseidon long-range patrol and reconnaissance aircraft.
• Surveillance technology such as Swarm Drones, First Person View (FPV) Drones, and loiter munitions will be used.
• The Indian Air Force will deploy advanced fighter aircraft, reconnaissance planes, and Advanced Light Helicopter (Rudra), along with American Chinook helicopters.
• The Indian Army will deploy the M777 Ultra-Light Howitzer artillery systems, purchased from the US.
• Key Focus:The exercise will focus on rapid deployment of the M777 Ultra-Light Howitzer artillery using CH-47 Chinook helicopters in the Eastern theatre.
• The M777 Ultra-Light Howitzer is seen as a critical weapon system for India’s defence against China in these regions.
• Technological Integration:During the exercise, joint control structures will be set up to develop a refined Common Operating Picture.
• The exercise will optimise the use of satellite communications and Artificial Intelligence (AI)-driven analytics to enhance operational efficiency.

CURRENT AFFAIRS : APPOINTMENTS & REIGNATIONS

US President-elect Donald Trump selects Elise Stefanik as nominee for UN. Ambassador 

• United States (US) President-elect Donald Trump nominated Congresswoman Elise Stefanik as the S. Ambassador to the United Nations.
• If confirmed by the Senate, Stefanik will replace Linda Thomas-Greenfield, the current U.N. ambassador who has served for 35 years.

About Elise Stefanik :

• Stefanik was born in New York and became the first person in her family to attend college.
• Stefanik was inspired to pursue politics after the September 11 attacks and was influenced by former British Prime Minister Margaret Thatcher.
• She worked in the George W. Bush administration before running for Congress.
• At age 30, she became the youngest woman ever elected to the U.S. Congress, representing New York’s 21st district, which had traditionally voted for Democrats.
• Elise Stefanik was a strong supporter of Donald Trump and remained loyal to him during his impeachment trial in 2019.
• In May 2021, she praised Trump as a “strongest supporter” of the U.S. Constitution.
• Stefanik is known for her strong support of Israel, criticizing anti-Israel protests on U.S. college campuses.
• She has also been critical of the UN’s role in the Israel-Hamas conflict and was congratulated by the Israeli UN ambassador for her nomination.

Government extends Vikram Misri’s tenure as Foreign Secretary until July 14, 2026  

• The Government of India has extended the tenure of Foreign Secretary Vikram Misri until July 14, 2026, as per an order from the Personnel Ministry.
• Misri’s extension comes beyond his superannuation date (November 30, 2024) and will be in effect until July 14, 2026, or until further orders.
• As Foreign Secretary, Misri continues to lead India’s foreign policy efforts and diplomatic missions globally.
• The extension is based on the provisions of FR 56 (d), which allows for an extension in the service of a Foreign Secretary beyond the superannuation date in the public interest.

About Vikram Misri :

• Misri is a 1989 batch Indian Foreign Service (IFS) officer.
• He assumed the role of Foreign Secretary on July 15, 2022, succeeding Vinay Kwatra.
• Previous Roles:Misri has served in various capacities at the Ministry of External Affairs, including as Ambassador to Spain (2014-2016) and Myanmar (2016-2018).
• He was also India’s Ambassador to China and is considered an expert on China affairs.
• Prior to his appointment as Foreign Secretary, Misri served as Deputy National Security Advisor in the National Security Council Secretariat (since January 2022).
• He has also served as Private Secretary to three Indian Prime Ministers: Narendra Modi, Dr. Manmohan Singh, and Inder Kumar Gujral.
• Key Diplomatic Contributions:Misri played a significant role in managing India-China relations, especially during the 2020 Galwan Valley clash and the standoff in eastern Ladakh.
• He has worked on strengthening India’s diplomatic ties across Europe, Africa, Asia, and North America.

Rakesh Sharma Takes Charge as Managing Director & CEO of Cent Bank Home Finance Limited  

• Shri Rakesh Sharma assumed the role of Managing Director (MD) & CEO of Cent Bank Home Finance Limited. (CBHFL), a subsidiary of the Central Bank of India, effective from 6th November 2024.
• Before joining CBHFL, Shri Rakesh Sharma was the CEO of Adani Housing Finance Limited.

About Shri Rakesh Sharma :

• Shri Sharma is an experienced banker with a varied background in the financial sector.
• He has held roles at several leading financial institutions, including ICICI Bank, Citi Financials, ICICI Prudential Life Insurance, India Infoline, and Aavas Financiers.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Institute of Technology Madras Collaborates with Indian Space Research Organisation to Set Up Research Centre for Spacecraft and Launch Vehicle Thermal Management  

• The Indian Institute of Technology Madras (IIT Madras) has partnered with Indian Space Research Organisation (ISRO) to set up a Centre of Excellence focused on ‘Fluid and Thermal Sciences’.
• ISRO has provided seed funding of ₹1.84 crore for the establishment of the research centre.
• The ISRO and IIT Madras had previously collaborated by setting up the ISRO-IIT-M Space Technology Cell in 1985.
• A Memorandum of Understanding (MoU) was signed by Manu Santhanam (Dean of Industrial Consultancy, IIT Madras) and Victor Joseph T. (Director, Directorate of Technology Development and Innovation, ISRO).

Key Highlights :

• Research Focus: The centre will focus on critical areas like spacecraft thermal management, combustion instability in hybrid rockets, and cryo-tank thermodynamics.
• Role of the Centre: The Centre will serve as the nodal point for spacecraft and launch vehicle thermal management research activities for ISRO, leveraging IIT Madras faculty expertise in design, analysis, and testing.
• Objective: To foster industry-academia collaboration, allowing ISRO scientists and IIT Madras faculty/students to advance research in thermal sciences.
• Key Areas of Research:
  • Spacecraft thermal management
  • Combustion instability in hybrid rockets
  • Cryo-tank thermodynamics

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS: SPORTS NEWS

V Pranav Triumphs in Chennai Grandmasters Tournament’s Challenger Section

• V Pranav achieved a notable victory in the Chennai Grandmasters Tournament’s Challenger section, adding to Tamil Nadu’s chess accolades.

Key Highlights

1. Tournament Performance:
   • Pranav, rated Elo 2602, displayed consistent and strategic gameplay.
   • He started strong, winning his first four games and drawing the last three, totaling 5.5 points in seven rounds.
   • His final match, a draw against Leon Mendonca, secured his title, as Mendonca needed a win to claim the top spot.
2. Prize and Career Opportunity:
   • Pranav earned a Rs 6 lakh prize from a total prize pool of Rs 20 lakh.
   • Qualification for Masters Section: This win grants him a spot in next year’s Masters section, a chance to gain invaluable experience in high-level competitive chess.
3. Association and Background:
   • The 18-year-old is associated with Westbridge Anand Chess Academy and represents Indian Oil.
   • He previously made headlines by defeating world No. 1 Magnus Carlsen in the Titled Tuesday online tournament and represented Carlsen’s team in the European Club Team Championship.
4. Standings and Tournament Impact:
   • Final Standings: Pranav topped with 5.5 points, followed by L. Mendonca (4.5 points) and R. Sadhwani (4 points).
   • His success emphasizes the role of opportunities in elevating young Indian chess players.
5. Notable Matches:
   • Pranav defeated notable players including D. Harika, Abhimanyu Puranik, Murali Karthikeyan, and R. Vaishali and drew against Raunak Sadhwani and M Pranesh.

CURRENT AFFAIRS: IMPORTANT DAYS

Public Service Broadcasting Day: 12th November

• Public Service Broadcasting Day is celebrated annually on 12th November to commemorate Mahatma Gandhi’s only visit to the Akashvani (All India Radio) studio in Delhi in 1947.
• This day remembers Gandhiji’s broadcast to displaced people settled in Kurukshetra, Haryana, following the Partition.

Key Highlights

1. Historical Significance:
   • On Diwali day in 1947, Mahatma Gandhi was unable to visit the people displaced by Partition, who were temporarily stationed in Kurukshetra.
   • Instead, Gandhiji decided to reach out to them through a radio broadcast from the Akashvani studio in Delhi.
   • This first and only live broadcast by Gandhi took place on 12th November 1947, where he addressed the suffering people, calling them his “brothers and sisters.”
2. Gandhiji’s Message and Belief in Radio:
   • Gandhi viewed radio as “Shakti,” or a powerful medium gifted by God, capable of connecting people and reaching out to those in need.
   • His address conveyed empathy and solidarity with those facing hardship during the turbulent times following Partition.

World Kindness Day: 13th November

• World Kindness Day 2024 is observed on the 13th of November 2024.
• nearly 27 countries around the world celebrate World Kindness Day.
• But yet the UN has not officially celebrated this day. Some of the countries which celebrate World Kindness Day are India, Brazil, Australia, Canada, Japan, Italy, etc.
• World Kindness Day was first celebrated in 1998 at the Tokyo Conference.
• World Kindness Day Movement has been started which helped to bring small Organizations together for the World Kindness Day Celebration.
• Now it helped to conduct a mega event to promote Kindness globally.

Daily CA One- Liner: November 13

• The Indian government has taken decisive steps to combat cybercrime by freezing approximately 450,000 “mule” bank accounts used to launder money obtained from cyber fraud
• The Indian government is enhancing the e-Shram portal to encourage self-employed workers—including owners of micro-enterprises, hawkers, and vendors—to register
• HFCL Ltd, a leading telecom equipment manufacturer, has emerged as the lowest bidder for optical fibre-based broadband projects valued at Rs 13,000 crore under the BharatNet Phase III initiative
• India’s commitment to innovation and intellectual property (IP) has paid off, with patent and industrial design filings doubling between 2018 and 2023, securing the country the 6th position globally, according to the World Intellectual Property Organisation’s (WIPO) latest report
• In a strategic shift, the Ministry of Finance has rescinded an eight-year-old directive, enhancing autonomy for Maharatna, Navratna, and Miniratna Central Public Sector Enterprises (CPSEs)
• The Reserve Bank of India (RBI) issued an operational framework for the reclassification of foreign portfolio investment (FPI) to foreign direct investment (FDI) if an FPI breaches the prescribed investment limit.
• Star India will produce a web series on the Reserve Bank of India’s 90-year journey, aimed at enhancing public understanding of the RBI’s role in India’s economy and contributing to financial literacy.
• The Securities and Exchange Board of India (SEBI) has mandated that qualified stock brokers (QSBs) offer either a UPI-based block mechanism for trading or a 3-in-1 trading account facility to clients.
• Shriram Mutual Fund is launching an industry-first Multi-Sector Rotation Fund, which will invest in 3-6 sectors that are expected to outperform in the near-to-long term.
• The Reserve Bank of India (RBI) has expanded the reporting of forex transactions to include foreign exchange spot deals to enhance completeness in the trade repository (TR) of the Clearing Corporation of India (CCIL).
• The Reserve Bank of India (RBI) had issued a new framework on Domestic Money Transfer (DMT) in July 2024 for regulated enterprises, requiring stronger Know Your Customer (KYC) record standards and focusing on banking services and payment systems.
• The National Payments Corporation of India (NPCI) has launched an auto top-up feature and increased transaction limits for UPI Lite, effective from November 1, 2024.
• Andhra Pradesh Chief Minister N Chandrababu Naidu launched a seaplane demo flight operation from Prakasam Barrage in Vijayawada to Srisailam in Nandyal district.
• The Indian Army, Indian Air Force, and Indian Navy will jointly conduct a command-level tri-service theatre exercise named ‘Poorvi Prahar’ along the India-China border.
• United States (US) President-elect Donald Trump nominated Congresswoman Elise Stefanik as the S. Ambassador to the United Nations.
• The Government of India has extended the tenure of Foreign Secretary Vikram Misri until July 14, 2026, as per an order from the Personnel Ministry.
• Shri Rakesh Sharma assumed the role of Managing Director (MD) & CEO of Cent Bank Home Finance Limited. (CBHFL), a subsidiary of the Central Bank of India, effective from 6th November 2024.
• The Indian Institute of Technology Madras (IIT Madras) has partnered with Indian Space Research Organisation (ISRO) to set up a Centre of Excellence focused on ‘Fluid and Thermal Sciences’.
• V Pranav achieved a notable victory in the Chennai Grandmasters Tournament’s Challenger section, adding to Tamil Nadu’s chess accolades.
• Public Service Broadcasting Day is celebrated annually on 12th November to commemorate Mahatma Gandhi’s only visit to the Akashvani (All India Radio) studio in Delhi in 1947
• World Kindness Day 2024 is observed on the 13th of November 2024.

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