Daily Current Affairs October 09 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

India and Maldives reach currency swap agreements and agree to discuss a Free Trade Agreement

• Maldivian President Mohamed Muizzu thanked India for its financial assistance amid the country’s debt crisis, which is estimated at 110% of its Gross Domestic Product (GDP).

Key Highlights :

• Currency Swap Agreements: India extended two currency swap agreements to the Maldives:
• One worth $400 million.
• Another worth ₹3,000 crore.
• These agreements aim to help the Maldives enhance its access to foreign currency and bolster its foreign exchange reserves.
• Bilateral Free Trade Agreement (FTA): The two countries agreed to discuss a bilateral free trade agreement to strengthen economic ties.
• Strategic Partnership: A comprehensive economic and maritime security partnership was adopted, adding a strategic dimension to the bilateral relationship.
• Launch of RuPay Card: Prime Minister Modi and President Muizzu launched the RuPay card in the Maldives, facilitating cashless transactions.
• Infrastructure Projects:The new runway at Hanimaadhoo International Airport was virtually inaugurated.
• Collaboration on developing a commercial port at Thilafushi Island to enhance cargo handling capacity and decongest Malé port.
• India agreed to repair and refit the Maldivian Coast Guard Ship Huravee free of charge.
• Airport Development: Joint efforts to develop Hanimaadhoo and Gan airports with Indian assistance, along with discussions on establishing an agriculture economic zone and tourism investments in Haa Dhaalu Atoll.
• Fish Processing Facility: Plans for a fish processing and canning facility at Haa Alif Atoll with Indian support.
• Consulate Establishment: Discussion on opening an Indian consulate in Addu and a Maldivian consulate in Bengaluru to strengthen diplomatic relations.
• Development of Transshipment and Bunkering Facilities:Both nations agreed to explore collaboration on transshipment facilities, bunkering services, and the Maldives Economic Gateway project at Ihavandhippolhu and Gaadhoo islands.
• Historical Context: This visit comes after President Muizzu’s election campaign that sought to reduce India’s influence in Maldives and draw closer to China, raising concerns about military personnel and political ties.

About Maldives :

• President : Mohamed Muizzu
• Capital : Malé
• Currency : Maldivian rufiyaa (MVR)

Government Anticipates Increased ₹20,000 Crore Dividend from Public Sector Banks in FY25

• The government anticipates public sector banks to pay higher dividends in FY25, projecting a figure over ₹20,000 crore, up from ₹18,000 crore received in FY24.

Reasons for Optimism:

• Anticipated higher profits due to stronger growth in loan books.
• Improved interest margins and robust credit offtake, particularly in rural areas.
• A good monsoon and potential interest rate cuts by the Reserve Bank of India (RBI) could further boost profitability.
• Previous Performance: In FY24, the Centre received ₹18,000 crore in dividends from PSBs, a 30% increase from ₹13,800 crore in FY23, reflecting strong financial performance.
• Economic Indicators:Capital investment growth rose to 7.5% in Q1 FY25, driven by private sector and household spending.
• Average return on assets (ROA) for PSBs doubled from 0.52% in FY23 to 0.95% in FY24.
• Average return on equity (ROE) increased from 9.3% in FY22 to 16.8% in FY24.
• Factors Impacting Future Performance:Profitability may face pressure due to rising deposit costs and expectations of a rate cut in H2 FY25.
• Loan growth is expected to stabilize around 12%-12.5% in FY25, contributing to steady operating profits.
• Dividend Payout Ratio: The dividend payout ratio for PSBs is expected to remain between 10-11%, consistent with trends from the last two years.
• Long-Term Growth Outlook:Despite short-term challenges, PSBs are projected to achieve a compound annual growth rate (CAGR) of 15% from FY24 to FY26.
• A recent increase in deposit growth in Q2 FY25 will allow banks to mobilize cheaper funds for lending, positively impacting margins.

Government of India Floating Rate Bond 2028 Interest Rate Set at 7.30% for October 2024 to April 2025

• The interest rate for the Government of India Floating Rate Bond 2028 (GOI FRB 2028) is set at 7.30% per annum for the period from October 4, 2024, to April 3, 2025.
• The interest rate for the Government of India Floating Rate Bond 2033 (GOI FRB 2033) is set at 7.93% per annum for the period from September 22, 2024, to March 21, 2025.

About RBI Floating Rate Savings Bonds ;

• The RBI Floating Rate Savings Bonds are a type of government bond that offers a floating interest rate.
• RBI Floating Rate Savings Bonds have a seven-year lock-in period.
• Premature withdrawal is generally not allowed, except for senior citizens who can withdraw early with a penalty after a minimum lock-in period.
• Lock-in Period for Senior Citizens:
• 6 years for those aged 60 to 70.
• 5 years for those aged 70 to 80.
• 4 years for those over 80.
• Interest Rate Reset: The interest rate on these bonds is reset twice a year.
• Minimum Subscription: The minimum subscription amount is ₹1,000, with subsequent investments in multiples of ₹1,000.
• Maximum Investment Limit: There is no maximum investment limit.
• Sovereign Guarantee: The bond is issued by the RBI and comes with a sovereign guarantee.
• Interest Rate Benchmark: The interest rate of RBI Floating Rate Savings Bonds is linked to the interest rate of the National Savings Certificate (NSC).
• Rate Comparison: The interest rate of RBI Floating Rate Savings Bonds is 0.35% higher than the interest rate offered by the NSC.

Reserve Bank of India advises banks to refrain from making aggressive positions against the rupee: Report

• The Reserve Bank of India (RBI) has asked state-run and private banks to refrain from making aggressive bets against the Indian rupee.
• The instructions were communicated informally via phone calls as the rupee neared a record low of 83.9850 per US dollar.

Reason for RBI Action:

• The rupee has been under pressure due to:
• Portfolio outflows (approximately $4 billion in recent sessions).
• Rising oil prices.
• Strength in the US dollar after economic data reduced expectations for large rate cuts by the Federal Reserve.
• RBI’s Defensive Measures:The RBI’s instructions act as “oral intervention” to support the rupee.
• The RBI has intervened in both the non-deliverable forwards (NDF) and local spot markets to prevent the rupee from breaching the critical 84 level.
• Moral Suasion:RBI occasionally uses moral suasion, asking banks to avoid large speculative positions, as seen in early August and now.
• Commerce Minister’s Statement:Commerce and Industry Minister Piyush Goyal stated that it is time for the rupee to appreciate, citing strong inflows in debt and equity markets and India’s $700 billion forex reserves.
• Impact on Other Asian Currencies:Despite the RBI’s intervention, the rupee has fallen 0.3% over the last week, while other Asian currencies have dropped between 0.6% to 2.7% during the same period.

Reserve Bank of India and Securities and Exchange Board of India express caution as Russia pushes for increased rupee-rouble trade

• The Indian government and financial regulators, including Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI), are cautious about expanding rupee-rouble trade due to existing sanctions on Russia.
• Proposals from Sberbank AG, Russia’s largest bank, are under scrutiny, with several yet to be approved.
• Sberbank aims to enhance Indo-Russian trade through various initiatives.

Key Highlights :

• High-Risk Assessment: ECGC Ltd has classified Russia as a ‘high risk’ country, retaining this rating despite requests for reassessment from the Russian side.
• Restricted FPI License: SEBI has limited Sberbank’s Foreign Portfolio Investor (FPI) license to trading only in West Texas Intermediate (WTI) oil and natural gas derivatives.
• E-Rupee Pilot Exclusion: Sberbank is not participating in the e-rupee pilot project initiated by the Reserve Bank of India, indicating restrictions on their involvement in innovative financial services.
• Gold Export License Application: Sberbank sought RBI’s approval to export 100 tonnes of Russian gold bars to India and sell them in national currencies but faced rejection due to “supervisory concerns.”
• Import Duty Comparison: Russia highlighted a 15% import duty on its gold, which is higher than the 14% on UAE gold, advocating for a similar trade agreement with India as that with the UAE.
• FATF Membership Uncertainty: There are questions regarding Russia’s status as a member of the Financial Action Task Force (FATF) since its suspension following the Ukraine invasion; Sberbank asserts it remains a member.
• Access Issues for Russian Banks: Russian stakeholders have reported difficulties accessing Indian government and financial regulatory sites due to internet firewalls, hindering business operations.
• Call for Clarifications: Sberbank has requested the Indian government to clarify its position regarding FATF membership and improve access to necessary online resources for smoother trade operations.

State Bank of India classifies Mahanagar Telephone Nigam Limited as a non-performing asset over Rs 325.53 crore outstanding debt

• State Bank of India (SBI) has declared the loan accounts of Mahanagar Telephone Nigam Limited (MTNL) as sub-standard non-performing assets due to non-payment of instalments and interest since June 30, 2024.

Key Highlights :

• Outstanding Debt:The total outstanding debt on the MTNL loan account was ₹325.52 crore as of September 30, as per SBI’s letter dated October 1.
• Overdue Amount:SBI indicated that ₹281.62 crore is overdue, requiring immediate payment to regularise the account.
• Previous Actions:This action follows a similar downgrade by Punjab National Bank (PNB) on September 9 and actions by other public sector banks against MTNL.
• Other Banks’ Actions:Union Bank of India has frozen all accounts of MTNL for non-payment of dues, while other banks, including Bank of India, have categorized MTNL’s debt as NPA.
• Government Assurance:SBI has sought the status of the government’s assurance to clear MTNL’s dues.
• Total Borrowings:MTNL has total borrowings of ₹7,873.52 crore from banks and financial institutions, with the total debt of the company standing at ₹31,944.51 crore.
• Impact on Financial Institutions:The classification of MTNL as an NPA by SBI could lead to further actions by other lenders, including Punjab & Sind Bank and UCO Bank, potentially affecting MTNL’s financial stability.

About MTNL :

• Founded : 1 April 1986
• Headquarters : New Delhi, India
• Chairman & MD : Ravi A. Robert
• MTNL is a wholly owned subsidiary of Bharat Sanchar Nigam Limited.
• It has its name derived from Hindi: mahanagar meaning “metropolis” (maha “big”, nagar “city”) and nigam meaning “corporation”.

Reliance Nippon Life Insurance unveils ‘Nishchit Pension’ deferred annuity plan to provide guaranteed lifelong income for retirement   

• Reliance Nippon Life Insurance Company Limited has introduced a new deferred annuity plan named Reliance Nippon Life Nishchit Pension.
• The plan is designed to provide a guaranteed lifelong income, ensuring financial stability during retirement.
• It aims to help customers streamline their retirement income and protect against declines in long-term interest rates.
• As per the Economic Survey, Govt of India, by 2041, 15.9% of India’s population is estimated to be above 60 years of age (up from 9.7% in 2021).
• According to the company, a lifetime rate guarantee for self and family is key to effective retirement planning and RNL Nishchit Pension solves this crucial need.

About Reliance Nippon Life Insurance Company : 

• Founded : 14 May 2001
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Anil Ambani
• ED & CEO : Ashish Vohra

Ujjivan Small Finance Bank secures Reserve Bank of India approval and AD 1 License to provide comprehensive forex products and services

• Ujjivan Small Finance Bank, announced that it has received approval from The Reserve Bank of India (RBI) and secured an AD 1 Licence from RBI to offer full-fledged bouquet of forex products and services.
• The bank can now provide forex products, including buying, selling, and borrowing foreign currencies for domestic and international customers.

Retail Forex Offerings: Services include:

• Remittances (international money transfers)
• Foreign Currency Non-Resident (FCNR) accounts
• Resident Foreign Currency (RFC) deposits
• Forex cards and currency exchange
• Capital transactions like External Commercial Borrowing (ECB), Overseas Direct Investment (ODI), and Foreign Direct Investment (FDI).

International Trade Support: The bank can now facilitate trade-related activities, such as:

• Export-Import financing
• EEFC accounts (Exchange Earners’ Foreign Currency accounts)
• Bill discounting
• Letters of credit
• Bank guarantees
• Access to Sub-FCRA Accounts: Ujjivan SFB can manage Sub-FCRA (Foreign Contribution Regulation Act) accounts for Trusts, Associations, Societies, and Clubs (TASC).

About Ujjivan Small Finance Bank :

• Founded : 1 February 2017
• Headquarters : Bangalore, Karnataka, India
• MD & CEO : Sanjeev Nautiyal
• Ujjivan Financial Services holds an 80% stake in the bank.
• It is licensed under Section 22 (1) of the Banking Regulation Act, 1949 to carry out small finance bank business and received Scheduled Bank status from the Reserve Bank of India in August 2017.

CURRENT AFFAIRS: NATIONAL NEWS

Union Health Ministry Doubles Nutrition Support for TB Patients Under Ni-kshay Poshan Yojana

• The Union Health Ministry announced a significant boost to its anti-tuberculosis (TB) efforts by doubling the monthly nutrition support for TB patients from ₹500 to ₹1,000 under the Ni-kshay Poshan Yojana (NPY).
• This move aims to enhance the well-being of TB patients by addressing their nutritional needs during treatment.

Key Initiatives:

• Increased Nutrition Support:
  • TB patients will now receive ₹1,000 per month, up from the previous ₹500, to aid in their recovery.
  • Additionally, patients will be eligible for ₹3,000 to ₹6,000 in total support under the enhanced NPY.
• Pradhan Mantri TB Mukt Bharat Abhiyaan (PMTBMBA):
  • All household contacts of TB patients will be included in the PMTBMBA initiative and will be eligible for community support to further strengthen India’s TB elimination efforts.
• Energy Dense Nutrition Supplementation (EDNS):
  • The Ministry has introduced EDNS for patients with Body Mass Index (BMI) less than 18.5 kg/m² at the time of diagnosis.
  • EDNS will cover approximately 12 lakh underweight patients and will be provided for the first two months of treatment.

India’s TB Elimination Goals:

• 2025 Target:
  • While the Sustainable Development Goals (SDGs) aim for global TB elimination by 2030, India has set an ambitious target to eliminate TB by 2025.
• Current Scenario:
  • Despite over 50 years of TB control efforts, the disease remains a critical health challenge, killing an estimated 4,80,000 Indians every year.

Government Sets Cotton Yield Target of 1,000 kg per Hectare

• Union Minister Giriraj Singh announced the government’s ambitious target of achieving a cotton yield of 1,000 kilograms per hectare across 11 top cotton-producing states in India.
• This initiative aims to replicate successful practices from Akola, Maharashtra.

Key Details

• Akola Model: The High-Density Planting System (HDPS) model being utilized in Akola involves planting more cotton plants in a smaller area, enhancing overall yield.
• Current Yield: India’s current cotton yield stands at approximately 450 kg per hectare, significantly lower than that of global competitors like China, Australia, and Brazil, which report yields of 2,000-2,200 kg per hectare.
• Top Cotton-Producing States: The target will be implemented in states including Gujarat, Maharashtra, Telangana, Rajasthan, Karnataka, Andhra Pradesh, Haryana, Madhya Pradesh, Punjab, and Odisha.

CURRENT AFFAIRS: BUSINESS NEWS

Union Government Launches Income Tax Regime Revamp

• The Union government has officially initiated a comprehensive review of the Income-tax Act, 1961, to revamp the existing income-tax regime.
• This effort aims to simplify tax laws and enhance compliance for taxpayers.

Key Objectives

1. Simplification of Language: Make the Income-tax Act concise and clear for better understanding.
2. Reduction of Litigations: Minimize disputes and legal challenges related to tax laws.
3. Ease of Compliance: Streamline the compliance process for taxpayers.
4. Scrapping Obsolete Provisions: Remove outdated clauses that are no longer relevant.

Background

• This initiative follows announcements made in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman in July, shortly after the Narendra Modi government began its third term.
• The Central Board of Direct Taxes (CBDT) has established an internal committee to oversee the review process and has invited public suggestions through a dedicated webpage on the e-filing portal.

Expected Timeline

• The comprehensive review is projected to be completed within six months.
• Initial changes will be reflected in the Finance Bill, focusing on simplifying tax regimes for charities, TDS rate structures, reassessment and search provisions, and capital gains taxation.

Past Reforms
The government has previously enacted significant reforms in both direct and indirect taxes, including:

• The introduction of the Goods and Services Tax (GST) on July 1, 2017, marking a major shift in the indirect tax framework.
• A reduction in corporate tax rates for domestic manufacturing companies from 30% to 22% and for new manufacturing firms from 25% to 15% in 2019, aimed at boosting investments and economic growth.

CURRENT AFFAIRS: AWARDS AND HONOURS

Nobel Prize in Medicine 2024: Awarded to Victor Ambros and Gary Ruvkun

• The 2024 Nobel Prize in Medicine was awarded to Victor Ambros and Gary Ruvkun for their discovery of microRNA (miRNA) and its role in post-transcriptional gene regulation.
• Their groundbreaking work has deepened our understanding of gene expression, revealing a new principle that is crucial for multicellular life, including humans.

Key Contributions:

• Discovery of microRNA:
  • Ambros and Ruvkun identified a new class of tiny RNA molecules called microRNAs, which play a critical role in gene regulation.
  • MicroRNAs regulate gene expression by controlling the translation of messenger RNA (mRNA) into proteins, ensuring the correct genes are active in the appropriate cell types.
  • This discovery opened up new avenues in understanding how cells develop distinct characteristics despite having the same genetic instructions.
• Mechanism of Gene Regulation:
  • Their studies revealed that microRNA functions at a post-transcriptional level, meaning it regulates gene expression after the mRNA is produced, affecting protein production.
  • The key experiment involved the C. elegans roundworm, where they studied two mutant strains, lin-4 and lin-14, leading to the identification of the regulatory role of microRNA.
• Impact on Molecular Biology:
  • Their work has shown that over 1,000 microRNAs are encoded in the human genome, playing a fundamental role in development and health.
  • MicroRNA regulation is now recognized as essential in various biological processes and is linked to many diseases.

Gene Regulation: Overview

• Flow of Genetic Information:
  • DNA → mRNA → Protein: Genetic instructions are stored in DNA, transcribed into mRNA, and then translated into proteins, which carry out cellular functions.
• Same DNA, Different Functions:
  • All cells contain identical DNA, but gene regulation ensures only the necessary genes are active in each cell type (e.g., muscle vs. nerve cells).
• Dynamic Regulation:
  • Gene regulation allows cells to adapt to changing conditions and maintain healthy functions by fine-tuning gene activity.

The Research:

• Victor Ambros’s Work:
  • Ambros discovered that the lin-4 gene produced a short RNA molecule that did not code for a protein but played a regulatory role by inhibiting the lin-14 gene.
• Gary Ruvkun’s Research:
  • Ruvkun found that the lin-4 microRNA did not prevent the production of lin-14 mRNA but instead blocked the translation of lin-14 mRNA into protein. This revealed a novel mechanism of gene regulation.
• Breakthrough Discovery:
  • The two researchers compared their findings, discovering that lin-4 microRNA binds to complementary sequences in lin-14 mRNA, preventing protein production. This established a new principle of gene regulation involving microRNA.

About the Laureates:

• Victor Ambros:
  • Born in 1953, Hanover, New Hampshire, USA.
  • PhD from Massachusetts Institute of Technology (MIT) in 1979.
  • Currently, Silverman Professor of Natural Science at the University of Massachusetts Medical School, Worcester, MA.
• Gary Ruvkun:
  • Born in 1952, Berkeley, California, USA.
  • PhD from Harvard University in 1982.
  • Currently, Professor of Genetics at Harvard Medical School and Massachusetts General Hospital.

The Nobel Prize:

• History:
  • The Nobel Prize was established by Alfred Nobel to reward those who have conferred the greatest benefit to humankind. It was first awarded in 1901.
• Categories:
  • Nobel Prizes are awarded in Physics, Chemistry, Medicine (Physiology), Literature, and Peace. The Nobel Memorial Prize in Economic Sciences was added in 1968.
• 2024 Nobel Prize Amount:
  • The prize amount for 2024 is 11 million Swedish kronor (SEK).

Union Finance Minister Nirmala Sitharaman to Attend FE Best Banks Awards

• Union Finance Minister Nirmala Sitharaman is set to be the Chief Guest at the Financial Express (FE) Best Banks Awards, celebrating outstanding performances by banks, non-banking finance companies (NBFCs), small finance banks, and fintechs in India.
• The event will be attended by top bankers and corporate leaders, highlighting the robust growth of India’s financial sector.

Key Highlights

• Celebration of Excellence: The awards recognize exemplary performances across the financial sector, showcasing institutions and individuals who have made significant contributions.
• Significant Awardees:
  • Banker of the Year: V Vaidyanathan, MD & CEO of IDFC First Bank.
  • Lifetime Achievement Award: Dinesh Kumar Khara, former Chairman of the State Bank of India.

Over recent years, Sitharaman has played a pivotal role in shaping policies to foster growth and financial inclusion within the financial sector, including:

• Capitalization of Banks: Ensuring banks are well-capitalized to support credit flow to vital sectors, particularly for underserved communities.
• Jan Dhan Scheme: The operational Jan Dhan accounts have reached 531 million, with deposits totaling ₹2.31 lakh crore, demonstrating a significant achievement in financial inclusion.
• Support During Pandemic: The introduction of the Emergency Credit Line Guarantee Scheme (ECLGS) provided crucial support to banks amid the COVID-19 pandemic.
• Bank Consolidation: The consolidation of 27 public sector banks into 12 has streamlined operations and improved efficiency.
• Insolvency and Bankruptcy Code (IBC): Amendments to the IBC have facilitated smoother corporate insolvency resolutions.

Financial Sector Growth
India’s financial sector is currently thriving, characterized by:

• Low Delinquencies: The sector is experiencing growth with a healthy reduction in loan defaults.
• Global Bond Markets: India’s inclusion in global bond indices has further opened up its bond markets to foreign investors.

Award Selection Process
The winners are chosen by an independent jury, which this year is chaired by S Ramadorai, former Vice Chairman of Tata Consultancy Services. The jury evaluated candidates based on three years of Reserve Bank of India data, incorporating both financial metrics and corporate governance standards.

CURRENT AFFAIRS: MOUS AND AGREEMENT

NCERT Partners with Amazon for Nationwide Textbook Distribution

• The National Council of Educational Research and Training (NCERT) has joined with Amazon to enhance textbook accessibility across India, particularly targeting remote areas.
• The initiative, announced by Education Minister Dharmendra Pradhan, addresses textbook distribution challenges and ensures that all students have easy access to authentic NCERT materials.

Key Highlights of the Partnership:

• Amazon NCERT Storefront:
  • A dedicated Amazon storefront will sell NCERT textbooks at printed prices, with no extra markup.
  • The partnership also aims to curb the sale of pirated copies, ensuring students receive genuine books.
• 15 Crore Textbooks for 2025-26:
  • NCERT plans to print 15 crore textbooks for the 2025-26 academic year to meet the growing demand.
• Digital Learning Initiatives:
  • NCERT is developing interactive, AI-driven e-books as part of its move towards a digital learning environment, adapting to modern educational needs.
• Feedback System:
  • Amazon will provide customer insights to NCERT, helping improve future editions of textbooks by incorporating user feedback.

Significance:

• Widespread Reach: This collaboration will help NCERT extend its reach, particularly to students in remote areas who often face difficulties accessing textbooks.
• Supply Chain Solutions: By leveraging Amazon’s logistical network, NCERT aims to streamline its supply chain and reduce distribution issues.
• Digital Transformation: The introduction of AI-powered e-books indicates NCERT’s push towards digital education, enhancing interactive learning for students.

India and Maldives Strengthen Ties with Financial Support and New Initiatives

• India has committed over ₹6,300 crore to support the Maldives amid a foreign exchange crisis, marking a significant step in bilateral relations as Maldivian President Mohamed Muizzu engages in discussions with Prime Minister Narendra Modi for a reset of ties.

Key Highlights

• Financial Support: The agreement includes a currency swap arrangement worth $400 million and ₹3,000 crore, aimed at addressing the Maldives’ foreign exchange issues.
• Trade Agreement Talks: Discussions were initiated on a free trade agreement to enhance economic cooperation and trade settlements in local currencies.

Joint Vision Document
The two nations unveiled a vision document for a comprehensive economic and maritime security partnership. Key elements include:

• Maritime Surveillance: Enhancements to the Maldives’ maritime surveillance capabilities through Indian radar systems and other equipment.
• Economic Cooperation: Strengthened collaboration in trade, digitalization, and finance.

Support Measures

• Economic Stability: The currency swap agreement, valid until June 2027, is designed to provide short-term liquidity for the Maldives.
• Development Projects: India has rolled over treasury bills worth $100 million and supported housing projects, with 700 out of 4,000 units being developed under Indian assistance.

Maritime Security Initiatives
The nations agreed on joint measures to address maritime challenges, including piracy and illegal fishing. India will aid in enhancing the Maldives National Defence Force’s (MNDF) operational capabilities through various initiatives, including the repair of a naval patrol vessel and hydrographic support.

Cooperation Agreements
Multiple memoranda of understanding (MoUs) were signed to enhance cooperation in areas such as:

• Judicial training for Maldivian officers.
• Anti-corruption measures between India’s CBI and Maldives’ Anti-Corruption Commission.
• Sports collaboration.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Ministry of External Affairs Appoints Sanjeev Singla and Ajit Gupte as Ambassadors to France and Germany     

• Ajit Vinayak Gupte has been appointed as the next Ambassador of India to the Federal Republic of Germany.
• Sanjeev Kumar Singla has been appointed as the next Ambassador of India to France.

About Ajit Vinayak Gupte:

• Batch: 1991 Indian Foreign Service (IFS) officer.
• Current Position: Ambassador of India to Egypt.
• Previous Role: Served as the Ambassador of India to the Kingdom of Denmark from November 2017 to March 2021.
• Transition: Expected to take up his new assignment in Germany shortly.

About Sanjeev Kumar Singla:

• Batch: 1997 Indian Foreign Service (IFS) officer.
• Current Position: Ambassador of India to Israel.
• Previous Role: Appointed as India’s Ambassador to Israel on July 19, 2019, succeeding Pavan Kapoor (1990 cadre IFS officer).
• Former Role: Served as Private Secretary to Prime Minister Narendra Modi.
• Background: Previously posted at the Indian Embassy in Tel Aviv.
• Transition: Expected to take up his new assignment in France shortly.

Significance:

• The appointments reflect India’s strategic diplomatic engagement with key European nations, Germany and France.
• They are essential for enhancing bilateral relations, trade, and cooperation on international issues.
• Both appointments were announced by the Ministry of External Affairs in India, underscoring the importance of these roles in India’s foreign policy strategy.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Launches First Upgraded T-90 ‘Bhishma’ Tank

• The Indian Army rolled out its first overhauled T-90 ‘Bhishma’ tank, a step towards ensuring the operational readiness of its armoured formations.
• The overhaul involved completely disassembling the tank and rebuilding it, with over 200 assemblies and sub-assemblies reworked.
• The overhaul, part of the Army’s “Decade of Transformation” initiative, was witnessed by General Upendra Dwivedi, Chief of the Army Staff.

Key Highlights :

• Importance of T-90 Bhishma Tank:T-90 tanks, built under license from Russia at the Heavy Vehicles Factory (HVF) in Avadi, Chennai, have been a critical part of India’s mechanized forces since 2003.
• The Army operates around 1,300 T-90 tanks out of the 1,657 ordered, and the first batch is now being overhauled.
• Known for firepower, mobility, and protection, the T-90 plays a vital role in India’s defense.
• Role of Corps of Electronics and Mechanical Engineers (EME):The overhaul was executed by the Corps of Electronics and Mechanical Engineers (EME) at the 505 Army Base Workshop in Delhi Cantonment.
• The process involved advanced machining and resetting techniques, showcasing the technical expertise of the EME.
• Zorawar Light Tank Development:The development of the Zorawar light tank, designed for rapid deployment and high mobility in mountainous terrain, was a recent achievement.
• The 25-tonne tank is being developed jointly by the Defence Research and Development Organisation (DRDO) and Larsen & Toubro under Project Zorawar.
• Zorawar will undergo various trials, including missile firing, with user trials scheduled to start in early 2025 and potential induction in 2027.
• Operational Trials for Zorawar:Extensive trials of Zorawar are expected to take 12 to 18 months, testing the tank in different conditions such as summer, winter, and high-altitude regions.
• The tank aims to fulfill the Indian Army’s need for 354 light tanks suited for operations in mountainous terrain.

About Indian Army :

• Founded : 26 January 1950
• Headquarters : New Delhi
• Chief of the Army Staff (COAS) : General Upendra Dwivedi
• Vice Chief of the Army Staff (VCOAS) : Lieutenant General N. S. Raja Subramani

CURRENT AFFAIRS: SPORTS NEWS

Dipa Karmakar Announces Retirement from Gymnastics

• Dipa Karmakar, renowned for her groundbreaking performances in gymnastics, has announced her retirement from the sport.
• Karmakar, who became a national icon after finishing 4th in the Rio 2016 Olympics, leaves behind a legacy characterized by her daring spirit and commitment to excellence.

Key Highlights

• Produnova Vault: Karmakar is famous for executing the extremely challenging “Produnova” vault, known as the “vault of death,” which only a few gymnasts attempt due to its high difficulty and risk.
• Career Achievements:
  • Achieved a historic 4th place finish at the Rio Olympics, capturing global attention despite missing out on a medal.
  • Won a bronze medal at the 2014 Commonwealth Games.
• Injuries and Setbacks: Karmakar’s journey was marred by injuries and surgeries on both knees, which significantly impacted her performance and ultimately led to her retirement after not qualifying for the 2024 Paris Olympics.

Ajinkya Rahane Highlights the Importance of ‘Freedom’ and ‘Confidence’ in Cricket

• Veteran Indian batter Ajinkya Rahane emphasized the crucial role of granting players ‘freedom’ and ‘confidence’ following Mumbai’s remarkable victory in the Irani Cup.

Key Achievements

• Rahane successfully led the Mumbai team to victory, ending a 27-year drought in the tournament by defeating the Rest of India team based on the first-innings lead in Lucknow.
• As a reward for their achievement, the Mumbai Cricket Association (MCA) presented the team with Rs 1 crore at a felicitation ceremony.

Additional Recognition

• The Board of Control for Cricket in India (BCCI) also awarded the Mumbai team Rs 50 lakh for their victory, highlighting the significance of this achievement in Indian cricket.

Sanath Jayasuriya Appointed Head Coach of Sri Lanka National Team

• Sanath Jayasuriya has been appointed as the head coach of the Sri Lanka national cricket team, as announced by Sri Lanka Cricket (SLC) .

• The SLC Executive Committee made this decision after evaluating the team’s recent performances, which included:
  • Winning their first bilateral ODI series against India in 27 years.
  • Emerging victorious in a Test match against England after 10 years.
  • Prevailing in a 2-0 home Test series against New Zealand.

Interim Coach Role

• Jayasuriya had previously served as the interim head coach during these successful tours, having taken over from Chris Silverwood, who resigned in June after the team’s poor showing in the T20 World Cup.

Coaching Tenure

• This marks Jayasuriya’s first role as an international coach following his illustrious playing career, during which he amassed over 21,000 international runs and claimed 440 wickets across all formats.
• His appointment is effective from October 1, with a contract running until March 31, 2026.

CURRENT AFFAIRS: IMPORTANT DAYS

World Post Day 2024: October 9

• World Post Day is celebrated on 9th October of every year.
• the World Post Day theme for 2024 is: “150 years of enabling communication and empowering peoples across nations”.
• World Post Day was first declared by the Universal Postal Union (UPU) Congress in Tokyo, Japan in the year of 1969.
• World Post Day was observed on 9th October because on this day the Universal Postal Day was started in the year 1874 in Switzerland.
• The Universal Postal Union started the global revolution in communication and it started the ability to write letters to others in the world.
• Since World Postal Day started, countries from all over the world took part in the celebrations which are conducted on this day.

Daily CA One- Liner: October 9

• The Union Health Ministry announced a significant boost to its anti-tuberculosis (TB) efforts by doubling the monthly nutrition support for TB patients from ₹500 to ₹1,000 under the Ni-kshay Poshan Yojana (NPY).
• Union Minister Giriraj Singh announced the government’s ambitious target of achieving a cotton yield of 1,000 kilograms per hectare across 11 top cotton-producing states in India
• The Union government has officially initiated a comprehensive review of the Income-tax Act, 1961, to revamp the existing income-tax regime.
• The 2024 Nobel Prize in Medicine was awarded to Victor Ambros and Gary Ruvkun for their discovery of microRNA (miRNA) and its role in post-transcriptional gene regulation.
• Union Finance Minister Nirmala Sitharaman is set to be the Chief Guest at the Financial Express (FE) Best Banks Awards, celebrating outstanding performances by banks, non-banking finance companies (NBFCs), small finance banks, and fintechs in India.
• The National Council of Educational Research and Training (NCERT) has joined with Amazon to enhance textbook accessibility across India, particularly targeting remote areas
• India has committed over ₹6,300 crore to support the Maldives amid a foreign exchange crisis, marking a significant step in bilateral relations as Maldivian President Mohamed Muizzu engages in discussions with Prime Minister Narendra Modi for a reset of ties.
• Dipa Karmakar, renowned for her groundbreaking performances in gymnastics, has announced her retirement from the sport
• Veteran Indian batter Ajinkya Rahane emphasized the crucial role of granting players ‘freedom’ and ‘confidence’ following Mumbai’s remarkable victory in the Irani Cup
• Sanath Jayasuriya has been appointed as the head coach of the Sri Lanka national cricket team, as announced by Sri Lanka Cricket (SLC)
• Maldivian President Mohamed Muizzu thanked India for its financial assistance amid the country’s debt crisis, which is estimated at 110% of its Gross Domestic Product (GDP).
• The government anticipates public sector banks to pay higher dividends in FY25, projecting a figure over ₹20,000 crore, up from ₹18,000 crore received in FY24.
• The interest rate for the Government of India Floating Rate Bond 2028 (GOI FRB 2028) is set at 7.30% per annum for the period from October 4, 2024, to April 3, 2025.
• The Reserve Bank of India (RBI) has asked state-run and private banks to refrain from making aggressive bets against the Indian rupee.
• The Indian government and financial regulators, including Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI), are cautious about expanding rupee-rouble trade due to existing sanctions on Russia.
• State Bank of India (SBI) has declared the loan accounts of Mahanagar Telephone Nigam Limited (MTNL) as sub-standard non-performing assets due to non-payment of instalments and interest since June 30, 2024.
• Reliance Nippon Life Insurance Company Limited has introduced a new deferred annuity plan named Reliance Nippon Life Nishchit Pension.
• Ujjivan Small Finance Bank, announced that it has received approval from The Reserve Bank of India (RBI) and secured an AD 1 Licence from RBI to offer full-fledged bouquet of forex products and services.
• Ajit Vinayak Gupte has been appointed as the next Ambassador of India to the Federal Republic of Germany.
• Sanjeev Kumar Singla has been appointed as the next Ambassador of India to France.
• The Indian Army rolled out its first overhauled T-90 ‘Bhishma’ tank, a step towards ensuring the operational readiness of its armoured formations.
• World Post Day is celebrated on 9th October of every year.