Daily Current Affairs November 05th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Banks Request Integration with Reserve Bank of India Platform for Monitoring Liberal Remittance Scheme Limits

• Banks have approached the Reserve Bank of India (RBI) to integrate with the Centralised Information Management System (CIMS) for real-time verification of limit utilization under the Liberal Remittance Scheme (LRS).

Key Highlights :

• Liberal Remittance Scheme (LRS):Under LRS, Indian citizens can remit up to $250,000 per financial year for various permissible transactions.
• Real-Time Monitoring:The integration with CIMS will allow banks to track LRS transactions in real time and flag breaches in the remittance limit.
• International Credit Card Spending:The move will facilitate the inclusion of international credit card spending under LRS regulations for seamless tax collection and remittance.
• CIMS Overview:The RBI’s CIMS platform is a next-generation data warehouse where banks submit data, including statutory returns.
• TCS Implementation:The government, through a May 2023 e-gazette notification, removed the differential treatment of credit cards under LRS.
• However, the full implementation was postponed to give banks time to develop IT solutions for reporting LRS transactions and remitting Tax Collected at Source (TCS).
• Reporting and SOP:In August 2023, a common Standard Operating Procedure (SOP) for reporting, levying, collecting, and remitting TCS on international credit card transactions under LRS was issued through the Indian Banks’ Association (IBA).
• Exemption for TCS:Initially, international credit card transactions were exempted from LRS. Later, the government restored a TCS exemption for transactions up to ₹7 lakh per financial year across all modes of LRS payments.
• Regulatory Changes:The Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023, aimed to align credit card transactions with other foreign exchange drawals under LRS.
• Policy Development:The government is working on implementing these regulatory changes in phases, considering stakeholder feedback and the readiness of IT systems.

Securities and Exchange Board of India Proposes ₹1 Crore Minimum Investment, Mandatory Demat Format for Securitised Debt Instruments

• Markets regulator Securities and Exchange Board of India (SEBI) has proposed a minimum ticket size or investment threshold of ₹1 crore for the Reserve Bank of India (RBI)-regulated originators and unregulated entities engaged in securitisation activities.

Key Highlights :

• Investor Limitations: In private placements, the number of investors for SDIs is limited to a maximum of 200.
• Exceeding this limit requires the issuance to be classified as a public issue.
• Public Offer Duration: Public offers for securitised debt instruments must remain open for a minimum of three days and a maximum of ten days, with advertising requirements in accordance with SEBI regulations for non-convertible securities.
• Demat Form Requirement: All securitised debt instruments are required to be issued and transferred exclusively in demat form.
• Definition of SDIs: Securitised debt instruments are financial products created by pooling various types of debt (e.g., loans, mortgages) and selling them as securities to investors, converting illiquid assets into liquid ones.
• Risk Management: SEBI proposes that originators retain a minimum risk retention of 10% of the securitised pool or 5% for receivables with a maturity of up to 24 months.
• Holding Period Requirements: SEBI will specify a minimum holding period for underlying receivables to ensure originators maintain an interest in the assets.
• Optional Clean-Up Call: An optional clean-up call may be included, allowing originators to repurchase up to 10% of the original value of the assets, helping manage the longevity of the pool.
• Liquidity Facilities: Liquidity facilities should be provided directly by the originator or through an appointed third party to manage cash flow timing mismatches.
• Permissible Assets: The updated definition of “debt/receivables” limits underlying assets to listed debt securities, accepted trade receivables, rental incomes, and equipment leases, while prohibiting single-asset securitisation.
• Minimum Track Record Requirements: Originators must have a minimum of three years of operating experience, and trade receivables must demonstrate at least two cycles of successful, default-free payments.
• Public Comments Period: SEBI is seeking public comments on the proposed regulatory framework until November 16, 2024.

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.

Banks and Fixed Income Money Market and Derivatives Association of India Explore Transition from Mumbai Interbank Offer Rate to a Collateralized Rate Framework

• Banks have suggested phasing out the uncollateralized Mumbai Interbank Offer Rate (MIBOR) and transitioning to a new benchmark for the interest rate derivatives market.
• The Reserve Bank of India (RBI) released a report on October 1, 2024 recommending changes to MIBOR’s methodology and proposing a shift to a new benchmark for derivative products.

Key Highlights :

• FIMMDA Meeting: The Fixed Income Money Market and Derivatives Association of India (FIMMDA) held a meeting with banks to discuss the transition from uncollateralized MIBOR to a collateralized framework, reflecting international standards.
• New Benchmark Proposal: Banks proposed a new benchmark for the interest rate derivatives market, suggesting a balanced 50-50 weighting between Tri-Party Repo (TREPS) and Collateralised Borrowing and Lending Obligations in the Overnight Money Market (CHROMs).
• Feedback Solicitation: FIMMDA is seeking feedback from member banks on the RBI’s report, with a deadline for feedback set for November 15.
• Operational Hours Discussion: The discussion included operational aspects, with suggestions to broaden the working hours for the new rate, as MIBOR is currently based on the first hour of trading.
• Timing Concerns: Banks raised concerns about potential timing discrepancies in publishing the new benchmark and its impact on market functionality.
• Collateralized Derivative Products: There was significant discussion about introducing a collateralized interest rate derivative product and how it would coexist with existing derivative instruments like the Overnight Index Swap (OIS).
• Consultation for Finalization: The next steps involve further consultation between FIMMDA and the RBI to finalize a market-aligned approach to the new benchmark.
• Foreign Portfolio Investor Access: A point raised in the MIBOR Committee’s report regarding broader access for foreign portfolio investors to the derivatives market for purposes beyond hedging was not discussed in detail during the meeting.

Punjab & Sind Bank Introduces Digital Bank Guarantee Service

• Punjab & Sind Bank (PSB), a public sector bank, has launched an e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services Ltd (NeSL).
• The e-BG facility replaces the traditional paper-based bank guarantee issuance, which requires physical stamping and signatures.

Benefits of the e-BG Facility:

• Secure Transmission: The new facility ensures secure transmission of bank guarantees.
• Enhanced Transparency: It increases transparency in the issuance process.
• Time and Effort Savings: Beneficiaries save time and effort on the verification of physical bank guarantees.
• Ease of Business: The e-BG facility is a significant step towards enhancing the ease of doing business for applicants and beneficiaries.
• Reduction in Turnaround Time (TAT): The implementation of the e-BG process aims to reduce the turnaround time for bank guarantee issuance.
• Fraud Prevention: The new system is designed to curb fraud and eliminate inconveniences associated with the physical movement of documents.

About Punjab & Sind Bank :

• Founded : 24 June 1908
• Headquarters : New Delhi, India
• MD & CEO : Swarup Kumar Saha

RBL Bank and Mahindra Finance receive RBI approval to introduce co-branded credit cards

• Non-bank lender Mahindra Finance announced that it will be launching a co-branded credit card with RBL Bank.
• Mahindra Finance has received the RBI nod for launching the offering.
• A Mahindra group entity has 3.53% “strategic” stake in RBL Bank which was bought for Rs 417 crore, while RBL Bank is attempting to decrease its reliance on Bajaj Finance to distribute credit cards.
• The partnership aims to leverage the growth potential in the credit card market, particularly with the rise of e-commerce and technological advancements in both metro and non-metro areas.
• Managing Director and CEO of Mahindra & Mahindra Financial Services Limited : Raul Rebello

About RBL Bank, formerly known as Ratnakar Bank Limited :

• Founded : 1943
• Headquarters : Mumbai, Maharashtra
• MD & CEO : R Subramaniakumar

CURRENT AFFAIRS: NATIONAL NEWS

Indonesia’s President Prabowo Subianto Likely as Republic Day Chief Guest for 2025

• India is likely to invite Indonesian President Prabowo Subianto as Chief Guest for the Republic Day parade in January 2025.
• This invitation aligns with India’s Act East Policy and reinforces India’s diplomatic ties in the Southeast Asian region.

2. Historical Visits by Indonesian Leaders

• This will be the fourth time an Indonesian leader is the chief guest for India’s Republic Day.
• Previous Instances:
  • 1950: President Sukarno (first Republic Day).
  • 2011: President Susilo Bambang Yudhoyono.
  • 2018: President Joko Widodo, alongside other ASEAN leaders.

3. Milestone Anniversaries and Regional Diplomacy

• This year marks important anniversaries in India’s relations with Southeast Asian nations:
  • 75 years with Indonesia and the Philippines
  • 60 years with Singapore
  • 40 years with Brunei
• Recent Diplomatic Engagements:
  • PM Modi has received the Prime Ministers of Vietnam and Malaysia in his third term.
  • President Droupadi Murmu visited Timor-Leste for the first-ever state visit from India.

4. India-Indonesia Relations

• Economic, Defense, and Cultural Ties: India and Indonesia share a strong partnership, bolstered by maritime proximity as neighbouring nations.
• Connectivity Initiatives: Both countries are exploring maritime connectivity between the Andaman and Nicobar Islands and Aceh to enhance strategic cooperation.

First Asian Buddhist Summit to Explore the Role of Buddha Dhamma in Strengthening Asia

• The Ministry of Culture, Government of India, in collaboration with the International Buddhist Confederation (IBC).
• Date and Location: Scheduled for November 5-6, 2024, in New Delhi.
• Theme: Focused on the ‘Role of Buddha Dhamma in Strengthening Asia’.
• Chief Guest: The Hon’ble President of India is expected to attend.

Objectives of the Summit

• To gather Sangha leaders, scholars, experts, and practitioners from various Buddhist traditions across Asia.
• To foster dialogue and promote understanding within the Buddhist community.
• To address contemporary challenges faced by Buddhism today.

Significance of Buddhism

• Buddhism plays a pivotal role in the spiritual and cultural history of India and Asia, uniting the region through common values.
• The teachings of the Buddha and his followers have significantly influenced India’s culture and foreign policy.
• Buddhist symbols have been incorporated into India’s national identity, reinforcing ties with Asian nations.

Alignment with Policy Initiatives

• The summit reflects India’s Act East Policy, which emphasizes collective, inclusive, and spiritual development in Asia, guided by Dhamma principles.

Key Themes to be Discussed

1. Buddhist Art, Architecture, and Heritage
2. Buddha Cārikā and Dissemination of Buddha Dhamma
3. Role of Holy Buddhist Relics and Their Societal Relevance
4. Significance of Buddha Dhamma in Scientific Research and Well-Being
5. Role of Buddhist Literature and Philosophy in the 21st Century

Special Exhibition

• A curated exhibition titled “India as the Dhamma Setu (Bridge) connecting Asia” will be showcased, highlighting India’s role in the dissemination of Buddhist values.

Government Plans ₹2,000 Crore Fund Infusion to Revive Pawan Hans Helicopter Services

• The Government of India is considering a ₹2,000 crore fund infusion to revive Pawan Hans, the national helicopter operator, after previously attempting to divest its stake in the company.
• The divestment process was halted in 2023 due to the disqualification of the successful bidder amidst pending litigation.

Funding Details

• The proposed fund infusion is intended to span two to three years and requires Pawan Hans to meet specific targets within a set timeline.
• The funding will facilitate the expansion of operations into new areas such as:
  • Consultation services for heliport construction.
  • Skill development initiatives.
  • Introduction of seaplane services.
  • Addition of new helicopters to the existing fleet.

Operational Improvements

• Pawan Hans aims to enhance its capabilities by:
  • Adding new capacities and accelerating hiring processes.
  • Starting Helicopter Emergency Medical Services (HEMS) in collaboration with state governments, particularly in Madhya Pradesh and Odisha.
  • Focusing on law enforcement deployments with two helicopters currently assigned to such tasks in Maharashtra and Jammu & Kashmir.

Financial Performance

• In FY24, Pawan Hans reported over ₹50 crore in operating profit, a significant turnaround from a net loss of approximately ₹22.32 crore the previous year.
• The company currently operates 46 helicopters but requires funding to replace 17 aging choppers.

Future Outlook

• Pawan Hans, a 51:49 joint venture between the Central Government and ONGC, plays a crucial role in providing services such as:
  • Offshore operations.
  • Last-mile connectivity in remote areas.
  • Charter services, search and rescue, VIP transportation, and heli-pilgrim services.
• The operator also participates in the Regional Air Connectivity Scheme (RCS) under UDAN-II, serving hilly and northeastern states.

India Strengthens Antibiotic Residue Norms to Combat Superbugs in Food Products

• India’s food safety regulator, the Food Safety and Standards Authority of India (FSSAI), has revised and tightened antibiotic residue norms for:
  • Meat and meat products
  • Milk and milk products
  • Poultry and eggs
  • Aquaculture
• The updated limits will be implemented from April 1, 2025, aiming to ensure safer food for consumers.

Addressing Superbugs

• The new regulations are a response to the increasing issue of ‘superbugs’, which are bacteria and fungi resistant to antibiotics due to misuse and overuse of drugs.
• These measures are expected to help combat antimicrobial resistance (AMR), a significant health threat worldwide.

Key Prohibitions and Limits

• The FSSAI has prohibited the use of antibiotics in the production of honey.
• New limits for harmful chemicals such as ochratoxin A and deoxynivalenol have been established for:
  • Wheat
  • Wheat bran
  • Barley
  • Rye
  • Coffee

Rising Threat of Antimicrobial Resistance

• AMR poses a critical challenge to public health, with India experiencing high rates of resistance to antibiotics used in both humans and livestock.
• Misuse of antibiotics in agriculture has been identified as a key factor contributing to this resistance, leading to the emergence of antibiotic-resistant strains.

Need for Urgent Action

• A recent report from the Indian Council of Medical Research (ICMR) highlights rising resistance in diseases such as:
  • Urinary tract infections (UTIs)
  • Blood infections
  • Pneumonia
  • Typhoid
• The report, analyzing 99,492 samples from healthcare facilities across India in 2023, underscores the urgency for stricter regulations and immediate action to address antibiotic misuse.

CURRENT AFFAIRS : STATE NEWS

Mizoram to Issue Special Ration Cards for Non-NFSA Households

• The Mizoram government is launching special ration cards for low-income families not covered under the National Food Security Act (NFSA).
• The initiative aims to benefit approximately 2,500 families, equating to about 1 lakh individuals with limited financial means.

Key Highlights :

Color-Coded Ration Card System:

• Red Cards: New special ration cards will be marked in red for the non-NFSA beneficiaries.
• Yellow Cards: Holders of yellow cards are part of the Antodaya Anna Yojana and are NFSA beneficiaries.
• Blue Cards: Holders of blue cards are classified as Priority Households under state eligibility criteria and are also NFSA beneficiaries.
• White Cards: Current white card holders are not covered under the NFSA.
• Ration Card System Revision: The government plans to revise the existing ration card system, potentially discontinuing subsidies for white card beneficiaries.
• Replacement of White Cards: The new red cards will replace the existing white cards, targeting individuals with limited means who currently hold white cards.
• Application Process: Beneficiaries seeking the new red card are advised to contact their respective district civil supply officers.
• Community Involvement: The government intends to involve local councils and NGOs in the beneficiary selection process to ensure equitable distribution of the new red cards.

About Mizoram :

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

CURRENT AFFAIRS: BUSINESS NEWS

Government Infuses ₹1,650 Crore into RINL to Address Operational and Financial Challenges

• The Government of India has injected approximately ₹1,650 crore into Rashtriya Ispat Nigam Limited (RINL), a state-owned enterprise facing significant operational and financial issues.
• This support comprises:
  • ₹500 crore allocated towards equity on September 19, 2024.
  • A working capital loan of ₹1,140 crore provided on September 27, 2024.

Government Initiatives

• The Ministry of Steel confirmed that the government is undertaking various measures to ensure RINL remains a going concern.
• SBICAPS (State Bank of India Capital Markets Ltd) is currently preparing a report to assess the sustainability of RINL.

Context and Implications

• This financial intervention is aimed at stabilizing RINL’s operations amidst ongoing challenges, ensuring its viability in the long term.
• The government’s proactive measures indicate a commitment to supporting vital public sector enterprises and maintaining employment and production capacities within the steel industry.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Kemi Badenoch makes history as the first black woman to lead a major UK political party after winning the Conservative Party leadership contest

• Kemi Badenoch won the Conservative Party leadership contest, becoming the first black woman to lead a major political party in the United Kingdom (UK).
• Badenoch secured her position by defeating fellow candidate Robert Jenrick with a margin of 12,418 votes.
• She succeeded Rishi Sunak, who faced significant losses in the July general election, leaving the Conservatives with a record low of 121 seats in the House of Commons.

About Kemi Badenoch :

• Born Olukemi Adegoke in London in 1980 to Nigerian parents, Badenoch spent part of her early life in Nigeria before returning to the UK at age 16.
• She worked part-time at McDonald’s while completing her education.
• Political Career:Elected to the London Assembly in 2015 and became a Member of Parliament (MP) in 2017.
• Served in various governmental roles under Prime Minister Boris Johnson (2019-2022), including Trade Secretary and Business Secretary under Liz Truss and Rishi Sunak.
• Political Ideology:Describes herself as a libertarian; advocates for a smaller government, lower taxes, and a free-market economy.
• Aims to transform the British state through innovative policies and admires Margaret Thatcher.
• Campaign Slogan:Her campaign encouraged supporters to “Be more Kemi.”

About United Kingdom :

• Capital : London
• Currency : Pound sterling

S.G.K. Kishore of GMR Airports was named president of Airport Council International (ACI) Asia Pacific & Middle East

• S.G.K. Kishore, Executive Director and Chief Innovation Officer of GMR Airports, has been appointed as the new president of Airport Council International (ACI) Asia Pacific & Middle East (ACI APAC & MID).
• He succeeds Emmanuel Menanteau, Board Director of Cambodia Airports/Regional Director.
• Kishore will assume office on January 1, 2025, for a two-year term.
• Focus Areas: His leadership will concentrate on:
• Driving environmental sustainability.
• Promoting innovation in airport operations.
• Ensuring the economic resilience of airports amid growth in the aviation sector.

Key Highlights :

• Indian Aviation Market: India is recognized as one of the fastest-growing aviation markets globally, currently holding the position of the third-largest domestic market.
• Growth Drivers: Factors contributing to growth in Indian aviation include:
• Increasing demand for air travel.
• Government-friendly policies.
• Infrastructure development.
• Adoption of cutting-edge innovations.
• Global Role: Kishore’s appointment is expected to enhance India’s role as a key player in the aviation sector, helping address challenges and seize opportunities while fostering collaboration with global stakeholders.

About ACI APAC & MID :

• ACI Asia-Pacific & Middle East (ACI APAC & MID) represents the interests of over 600 airports in 47 member countries/territories.
• The Asia-Pacific & Middle East region is projected to experience rapid growth in air travel, with passenger traffic estimated to grow from the current 3.4 billion to 9.7 billion by 2042—nearly half of global passenger traffic

State Bank of India names Debasish Mishra as Chief General Manager for New Delhi Circle

• State Bank of India (SBI) has appointed Debasish Mishra as the Chief General Manager of its New Delhi Circle, effective November 1, 2024.
• He replaces Kalpesh K Avasia, who has recently retired from the position.
• Mishra brings extensive experience in various sectors, including Credit, Operations, Forex, IT, HR, and MSME, both domestically and internationally.
• The New Delhi Circle, which includes over 1,700 branches, aims to strengthen SBI’s market position in line with the country’s growth objectives.
• SBI has 17 local head offices led by Chief General Managers, managing a network of approximately 22,600 branches across India.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Tata Power Secures 40% Stake in Khorlochhu Hydro Power for ₹830 Crore  

• Tata Power has acquired a 40% stake in Khorlochhu Hydro Power Limited located in Bhutan for ₹830 crore.
• The acquisition is part of an agreement with Druk Green Power Company (DGPC) to develop a hydroelectric project in Bhutan, with an estimated total project cost of ₹6,900 crore.

Key Highlights :

• Project Specifications:The project involves the construction of a 600 MW hydroelectric power plant, previously referred to as Kholongchhu Hydro Power Limited.
• Equity Stake Distribution:After the acquisition, DGPC will retain a 60% equity stake, while Tata Power will hold 40%.
• Financial Overview:The estimated total cost of the project, which includes financing charges, is approximately Nu 70 billion (Bhutanese currency).
• Timeline:The construction of the project is expected to take around five years.
• Strategic Goals:This initiative aligns with Bhutan’s goal to achieve a 20 GW hydropower generation capacity by the year 2040, emphasizing the country’s commitment to expanding its renewable energy infrastructure.

About Tata Power Company Limited :

• Founded : 18 September 1919
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Praveer Sinha
• Tata Power Company Limited is an Indian electric utility and electricity generation company based in Mumbai, India and is part of the Tata Group.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

United Kingdom’s National Health Service tests iPhone technology for throat cancer detection

• The United Kingdom’s (UK’s) National Health Service (NHS) is piloting a new device and app that turns an iPhone into a portable diagnostic tool for throat cancer detection.

Key Highlights :

• Device Specifications:The device includes a 32 mm lens and an app that captures live endoscopy examinations in high definition (HD).
• It enables nurses to perform examinations and share results securely with head and neck consultants via a data cloud.
• High-Definition Imaging:The device captures live endoscopy examinations in high definition (HD).
• Video footage can be securely shared with specialist consultants via a data cloud for quick analysis.
• Rapid Results:Patients can receive test results within 23 hours.
• The initial trial at North Midlands University Hospitals NHS Trust found no missed cancers among low-risk patients.
• Improved Patient Experience:The technology aims to reduce waiting times for patients and provide quicker reassurance regarding cancer diagnoses.
• It is designed to be less invasive and more convenient for patients.
• Rollout and Accessibility:The device is initially being rolled out in the West Midlands, with plans for wider adoption across NHS settings.
• Future use could extend to diagnostic centers and community settings, enabling testing closer to home.
• Government Support and Funding:The project is part of the NHS Cancer Programme Innovation Open Call, with GBP 25 million allocated to 14 innovative projects.
• Other innovations include a sponge for detecting oesophageal cancer and a home-testing kit for hereditary cancer predispositions.
• Statistics and Findings:Over 1,800 patients have been reassured that they do not have throat cancer within a few days of using the device.
• Among low-risk patients, the device ruled out cancer for the majority, with approximately 1% of this group still being diagnosed with cancer.
• Broader Impact:The initiative is part of the NHS’s 10-Year Health Plan to shift from analogue to digital healthcare.

CURRENT AFFAIRS: SPORTS NEWS

Malvika Bansod Reaches Final at Hylo Open Super 300; Ayush Shetty Falls Short

• Rising Indian shuttler Malvika Bansod reached the final of the women’s singles at the Hylo Open Super 300, defeating eighth seed Julie Dawall Jakobsen from Denmark in straight sets.
• Match Stats: Malvika, seeded sixth, won with scores of 23-21, 21-18 in a match lasting 44 minutes.
• Upcoming Title Clash: Malvika will face Denmark’s Mia Blichfeldt, seeded seventh, in the final.

Ayush Shetty Exits in Men’s Singles Semifinals

• Disappointment for Ayush Shetty, who was defeated in the men’s singles semifinals by fourth seed Christo Popov from France.
• Match Overview: Shetty, ranked 51st, started strong but lost momentum, eventually succumbing 17-21, 13-21 to Popov, ranked 28th.
• First Encounter: This was the first competitive match between Shetty and Popov, with the Indian shuttler coming up short.

Indian Boxers Excel at U-19 World Championships in Colorado with 17 Medals

• Indian boxers achieved a remarkable 17 medals at the inaugural U-19 World Championships held in Colorado, USA, showcasing their talent on an international platform.
• The female boxers particularly shone, with 10 athletes earning medals at this age group tournament.

Gold Medal Victories

• Parthavi Grewal dominated the women’s 65kg final, winning 5-0 against the Netherlands’ Aaliyah Hoppema.
• Vanshika Goswami triumphed in the women’s +80kg category, defeating Germany’s Victoria Gatt by Referee Stops Contest (RSC) in the first round.
• Hemant Sangwan secured the only gold medal in the men’s category by winning 4-1 against the USA’s Rishon Sims in the 90kg class.
• Additionally, Krisha Verma won gold in the 75kg category.

Silver and Bronze Medalists

• Several boxers earned silver medals:
  • Nisha (F51kg)
  • Supriya Devi Thokchom (F54kg)
  • Kritika Wasan (F80kg)
• Bronze medalists included:
  • Rishi Singh (M50kg)
  • Krrish Pal (M55kg)
  • Sumit (M70kg)
  • Aryan (M85kg)
  • Lakshay Rathi (M90+kg)

Contribution of Khelo India Athletes (KIAs) and NCOE Trainees

• The medal haul included 11 Khelo India Athletes, with 8 hailing from SAI National Centre of Excellence (NCOE).
• Notable KIA Performers:
  • Boys: Sumit, Lakshay Rathi, Krrish Pal (all from NCOE Rohtak), Aryan, and Rishi Singh.
  • Girls: Krisha Verma (NCOE Aurangabad), Chanchal Chaudhary, Nisha, Vini, Akansha Phalaswal, and Supriya Devi (all from NCOE Rohtak).

Summary of Medal Winners

• Gold: Parthavi Grewal, Vanshika Goswami, Hemant Sangwan, Krisha Verma.
• Silver: Nisha, Supriya Devi, Kritika Wasan, Chanchal Chaudhary, Anjali Singh, Vini, Akansha Phalaswal, Rahul Kundu.
• Bronze: Rishi Singh, Krrish Pal, Sumit, Aryan, Lakshay Rathi.

Myneni-Ramkumar Duo Clinches Doubles Title at ATP Challenger in Seoul

• The Indian pair of Saketh Myneni and Ramkumar Ramanathan emerged victorious at the ATP 100 Challenger event held in Seoul, South Korea, claiming the doubles title.

Match Details

• The duo triumphed in a thrilling final, winning against the American team of Vasil Kirkov and Bart Stevens from the Netherlands with scores of 6-4, 4-6, 10-3.
• The victory was secured after a tense match that culminated in a decisive tiebreaker.

Notable Achievements

• This win marks the second title of the year for Myneni and Ramkumar and their third overall as a partnership.
• They previously won the Bengaluru Open in 2022 and the Chennai Open earlier this season.

Anahat Singh Clinches Sixth PSA Challenger Title at Costa North Coast Open 2024

• Anahat Singh, the 16-year-old squash prodigy, secured her sixth PSA Challenger title of the year by winning the women’s singles crown at the Costa North Coast Open 2024 in Coffs Harbour, Australia.

Match Performance

• Seeded third, Anahat showcased her exceptional skills by defeating Japan’s sixth seed Akari Midorikawa in straight games with scores of 3-0 (11-6, 11-6, 11-7).
• Throughout the tournament, she demonstrated remarkable form, dropping only one game.

Path to the Final

• In the semifinals, Anahat overcame Hong Kong’s seventh seed Kirstie Wong with a score of 3-1 (11-5, 7-11, 11-7, 11-9).
• Earlier, she also triumphed over Bobo Lam and Helen Tang from Hong Kong in the previous rounds.

Notable Achievements

• Anahat received a bye in the first round due to her seeding.
• Earlier in the year, she won the JSW Willingdon Little Masters and Senior Tournament in January and the Hamdard Squashters Northern Slam PSA Challenger title in April.
• She also clinched titles in the Chennai and Kolkata legs of the HCL Squash Tour in June and August, respectively, and triumphed in the Reliance PSA Challenge 3 Tournament in August.

Max Verstappen’s Stunning Brazilian Grand Prix Victory Brings Fourth Title Within Reach

• Max Verstappen is on the verge of securing his fourth Formula One title after a spectacular comeback to win the Brazilian Grand Prix from 17th on the grid.
• The victory significantly impacts Lando Norris, who started in pole position and was 44 points behind Verstappen but finished sixth, causing the title gap to widen to 62 points with only three races left in the season.

Upcoming Opportunities

• Verstappen could potentially clinch the championship in the next race, scheduled on the Las Vegas Strip on November 23, depending on how the results unfold.

Noteworthy Performances

• In a surprising turn, Alpine secured a significant points haul with Esteban Ocon finishing second and Pierre Gasly taking third, propelling the team from ninth to sixth in the standings.
• Other notable finishers included George Russell in fourth for Mercedes and Charles Leclerc in fifth for Ferrari.
• Yuki Tsunoda finished seventh, followed by Oscar Piastri in eighth despite a 10-second penalty, Liam Lawson in ninth, and Lewis Hamilton, a seven-time champion, rounding out the top ten in tenth.

CURRENT AFFAIRS: IMPORTANT DAYS

World Jellyfish Day 2024: November 3

• World Jellyfish Day is observed on November 3 to raise awareness about the importance of jellyfish in marine ecosystems.
• Marine biologists established World Jellyfish Day in 2014 to raise awareness of jellyfish’s vital role in marine ecosystems.
• Some reports suggest November 3 was chosen to honour Ernst Haeckel, a renowned German biologist who was celebrated for his pioneering research on jellyfish and other marine life.
• NOAA’s Office of Ocean Exploration celebrates the day by sharing remarkable footage from their expeditions, showcasing diverse species and their habitats in the midwater zones of the ocean.

International Day for Biosphere Reserve: 3rd November

• Every year November 3 is celebrated as International Day for Biosphere Reserves.
• It was proclaimed by the United Nations Educational, Scientific and Cultural Organization (UNESCO) in 2021.

Why Are Biosphere Reserves Important?

• Biosphere Reserves serve as zones of harmony between nature and human culture, allowing sustainable development while protecting biodiversity.
• They are essential for balancing human progress with environmental conservation and cultural preservation, ensuring these resources endure for future generations.

What Are Biosphere Reserves (BR)?

• Definition: An international designation by UNESCO that encompasses terrestrial and/or marine ecosystems to maintain balance in economic, social, cultural, and environmental spheres.
• Nomination: National governments nominate areas for designation under the Man and the Biosphere (MAB) Programme by UNESCO.
• Scientific Goal: MAB promotes scientific research to improve the human-nature relationship.
• Recognition: BRs enjoy international recognition, though they remain under national jurisdiction.

Biosphere Reserves in India and Worldwide

In India

• Current Count: 18 biosphere reserves covering 60,000 square kilometers.
• First Reserve: Nilgiris, across Tamil Nadu, Karnataka, and Kerala.
• Largest and Smallest: Gulf of Kachchh in Gujarat is the largest, while Dibru-Saikhowa in Assam is the smallest.

World Tsunami Awareness Day: 5th November

• World Tsunami Awareness Day 2024 is observed on the 5th of November 2024.
• There is a story behind World Tsunami Awareness Day celebrated on November 5.
• On November 5th, 1854, Hiromura a little village which is located in the western part of Japan started celebrating their Traditional Practice, the Burning of Rice Sheaves.
• A farmer who lived in the village anticipated that a big Tsunami would come when he noticed the lowering of the Tide and the natural decrease in the level of Well Water which is a natural sign for a Tsunami warning.
• Later the Villagers guided the entire village to the hilltop by burning rice sheaves to indicate the signs of danger. Later from the hilltop, they witnessed the tsunami destroy their village.
• They understood that the Fire saved them from the Tsunami.
• Japan proposed this day as World Tsunami Awareness Day because of the intent to protect the precious lives of people.

Daily CA One- Liner: November 5

• India is likely to invite Indonesian President Prabowo Subianto as Chief Guest for the Republic Day parade in January 2025
• The Ministry of Culture, Government of India, in collaboration with the International Buddhist Confederation (IBC).
• Government of India is considering a ₹2,000 crore fund infusion to revive Pawan Hans, the national helicopter operator, after previously attempting to divest its stake in the company
• India’s food safety regulator, the Food Safety and Standards Authority of India (FSSAI), has revised and tightened antibiotic residue norms
• Government of India has injected approximately ₹1,650 crore into Rashtriya Ispat Nigam Limited (RINL), a state-owned enterprise facing significant operational and financial issues
• Rising Indian shuttler Malvika Bansod reached the final of the women’s singles at the Hylo Open Super 300, defeating eighth seed Julie Dawall Jakobsen from Denmark in straight sets.
• Indian boxers achieved a remarkable 17 medals at the inaugural U-19 World Championships held in Colorado, USA, showcasing their talent on an international platform.
• The Indian pair of Saketh Myneni and Ramkumar Ramanathan emerged victorious at the ATP 100 Challenger event held in Seoul, South Korea, claiming the doubles title.
• Anahat Singh, the 16-year-old squash prodigy, secured her sixth PSA Challenger title of the year by winning the women’s singles crown at the Costa North Coast Open 2024 in Coffs Harbour, Australia
• Max Verstappen is on the verge of securing his fourth Formula One title after a spectacular comeback to win the Brazilian Grand Prix from 17th on the grid.
• Banks have approached the Reserve Bank of India (RBI) to integrate with the Centralised Information Management System (CIMS) for real-time verification of limit utilization under the Liberal Remittance Scheme (LRS).
• Markets regulator Securities and Exchange Board of India (SEBI) has proposed a minimum ticket size or investment threshold of ₹1 crore for the Reserve Bank of India (RBI)-regulated originators and unregulated entities engaged in securitisation activities.
• Banks have suggested phasing out the uncollateralized Mumbai Interbank Offer Rate (MIBOR) and transitioning to a new benchmark for the interest rate derivatives market.
• Punjab & Sind Bank (PSB), a public sector bank, has launched an e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services Ltd (NeSL).
• Non-bank lender Mahindra Finance announced that it will be launching a co-branded credit card with RBL Bank.
• The Mizoram government is launching special ration cards for low-income families not covered under the National Food Security Act (NFSA).
• Kemi Badenoch won the Conservative Party leadership contest, becoming the first black woman to lead a major political party in the United Kingdom (UK).
• G.K. Kishore, Executive Director and Chief Innovation Officer of GMR Airports, has been appointed as the new president of Airport Council International (ACI) Asia Pacific & Middle East (ACI APAC & MID).
• State Bank of India (SBI) has appointed Debasish Mishra as the Chief General Manager of its New Delhi Circle, effective November 1, 2024.
• Tata Power has acquired a 40% stake in Khorlochhu Hydro Power Limited located in Bhutan for ₹830 crore.
• The United Kingdom’s (UK’s) National Health Service (NHS) is piloting a new device and app that turns an iPhone into a portable diagnostic tool for throat cancer detection.
• World Jellyfish Day is observed on November 3 to raise awareness about the importance of jellyfish in marine ecosystems
• Every year November 3 is celebrated as International Day for Biosphere Reserves.
• World Tsunami Awareness Day 2024 is observed on the 5th of November 2024.