Daily Current Affairs October 10 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Issues White-Label ATM License to Mumbai’s Electronic Payment and Services

• The Reserve Bank of India (RBI) granted a white-label ATM (WLA) license to Electronic Payment and Services (EPS), a Mumbai-based ATM outsourcing company.
• It is the first WLA license issued by RBI in a decade.
• EPS is a privately owned ATM outsourcing company based in Mumbai, backed by investors including Apis Partners (UK) and Dutch Entrepreneurial Development Bank (FMO).
• With this license, EPS becomes the 5th white-label ATM operator in India, joining Tata Communications Payment Solutions, India1 Payments, Hitachi Payment, and Vakrangee.
• The new license comes 10 years after the first one was issued.
• The country’s first WLA was set up by Indicash, established by Tata Communication Payment Solutions, in Chandrapada, a small village located in the Thane district of Maharashtra on June 27, 2013.
• Purpose of White-Label ATMs: These ATMs are owned and operated by non-banking entities, allowing customers from any bank to use them.
• This is aimed at expanding ATM availability, especially in tier 3 cities and rural areas.
• Earlier three other companies had surrendered their licenses.

Key Highlights :

• RBI’s Focus: The RBI is focusing on increasing ATM density to cater to cash needs in a growing economy, despite the rapid expansion of digital payment modes.
• Regulatory Framework: The license was issued under the Payment and Settlement Systems Act of 2007, aimed at enhancing ATM networks in rural and semi-urban areas.
• Operational Plans: EPS plans to set up 9,000 white-label ATMs in the first three years, with a goal of deploying around 2,000 ATMs by March 2025.
• Current ATM Landscape: As of now, India has approximately 34,740 white-label ATMs, which constitute about 14% of the total 256,000 ATMs in the country.
• Cash Circulation Growth: The currency in circulation has increased significantly, from ₹13.35 lakh crore in March 2017 to ₹35.15 lakh crore in March 2024.
• Digital Payments Index: The RBI’s Digital Payments Index (RBI-DPI) has risen to 50 by the end of March 2024, indicating a substantial increase in the digitization of payments across India.

Paytm Money introduces BSE Futures & Options trading to enhance wealth management services   

• Paytm Money, a wholly-owned subsidiary of One97 Communications (OCL), launched BSE Futures & Options (BSE F&O) trading service on its platform, as part of the Noida-based company’s efforts to expand its wealth management and financial services segment.
• This would enable users to trade index derivative contracts offered by the Bombay Stock Exchange, including SENSEX, BANKEX, and SENSEX50.
• The platform would enable users to trade both NSE and BSE F&O contracts in one app.
• The company, ranked the 11th largest broker, said trading charges excluding taxes have been set at Rs 20 per trade order.

Key Highlights :

• Platform Features: Includes real-time market data, advanced charting tools, and an integrated margin calculator for informed decision-making. Offers various order types (market, limit, stop-loss, intraday) with real-time tracking of positions and P&L.
• SEBI Report: The Securities and Exchange Board of India (SEBI) revealed that 93% of retail traders incurred an average loss of Rs 2 lakh over the past three years.
• Losses increased in F&O trading from 89% in FY22 to 91.1% in FY24.
• Regulatory Impact: The high loss rate in F&O trading may influence SEBI’s future policies regarding F&O regulations, where daily turnover exceeds Rs 500 trillion.

About Paytm Money:

• Founded: September 20, 2017
• CEO: Rakesh Singh
• Services: SEBI-registered stock broker and depository participant offering equity & derivatives trading, depository services, and IPO investments.

State Bank of India-led Committee Recommends Eliminating 18% GST on Co-Lending Activities

• The State Bank of India (SBI) led a committee to encourage co-lending partnerships between commercial banks and non-banking financial companies (NBFCs).
• The committee recommended eliminating the Goods and Services Tax (GST) of 18% on co-lending-related activities to promote co-lending growth.
• The committee suggested restricting co-lending to Priority Sector Lending (PSL) to avoid higher risks associated with other lending sectors.
• The report has been submitted to the Ministry of Finance for consideration.
• In May 2024, the Department of Financial Services (DFS) under the Finance Ministry directed SBI to form this committee to address issues related to the co-lending business model.

About SBI :

• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty

Securities and Exchange Board of India Proposes New Regulations for Sharing Financial Market Data

• The Securities and Exchange Board of India (SEBI) has proposed a revised framework for sharing data aimed at promoting more democratisation, privacy, and accountability.
• Based on Sebi’s market data advisory committee (MDAC) suggestion, the regulator has proposed that it can share data that is under its ownership, while market infrastructure institutions (MIIs) should share their generated data through their own policies.
• Under the proposed framework, Sebi has said each MII will have to frame their data sharing policies and share the data lists with the regulator within 60 days.

Key Highlights :

• Privacy Considerations:SEBI emphasizes the need for stock exchanges, depositories, and clearing corporations to create data sharing policies specifically for research purposes.
• Data shared for commercial purposes will not fall under this new framework.
• Data Categorization:The proposed framework categorizes data into two distinct “baskets”:
• Basket 1: Includes aggregated and analyzed data that can be publicly shared. This will encompass data already available on respective MIIs’ websites, along with a limited amount of anonymized data (up to 2 GB) available free for researchers.
• Basket 2: Contains sensitive data that cannot be publicly disclosed, such as Know Your Customer (KYC) details and certain trade logs.
• Access and User-Friendliness:Data in Basket 1 should be easily accessible and presented in a user-friendly manner.
• MIIs must provide samples of data from Basket 1 on their websites and include a “data seeking request form” for researchers.
• Implementation Timeline:The circular is effective immediately, and MIIs are required to report their compliance status to SEBI within three months.
• Research Facilitation:The guidelines aim to enhance data accessibility for researchers while maintaining data authenticity and privacy.
• Background:These proposals were made following discussions within SEBI’s Market Data Advisory Committee, highlighting the importance of sourcing data from reliable origins and developing robust policies for data handling.

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
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance, GoI.

HDFC Bank Secures Largest Securitisation Pool of ₹9,063 Crore, Rated AAA by India Ratings

• India’s largest private sector lender HDFC Bank has originated the largest securitisation pool of Rs 9,063 crore, rated AAA by domestic rating agency India Ratings.
• The asset-backed securitisation transaction is backed by a pool of new car loans.
• The loan pool has been assigned to India Universal Trust for a purchase consideration equal to 100% of the pool principal outstanding.

Key Highlights :

• The loan pool has been assigned to India Universal Trust for a purchase consideration equal to 100% of the pool’s principal outstanding.
• Pass Through Certificates (PTCs):
• Series A1 PTCs: 38.62% of the pool principal outstanding.
• Series A2 PTCs: 19.86% of the pool principal outstanding.
• Series A3 PTCs: 41.52% of the pool principal outstanding.
• Time-Tranched Redemption: Series A1 PTCs will be redeemed first, followed by Series A2, and then Series A3.
• Coupon Rates:
• Series A1 PTCs: 8.02% per annum.
• Series A2 PTCs: 8.12% per annum.
• Series A3 PTCs: 8.20% per annum. (Coupon payments are made monthly).
• Significance of Financial Institutions: India Ratings highlights the increasing role of financial institutions in driving India towards a $5 trillion economy and improving financial inclusivity.

About HDFC Bank :

• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• CEO : Sashidhar Jagdishan

Kotak Mahindra Bank Secures Branding Rights for BKC Metro Station on Mumbai Metro 3 Route Inaugurated by Prime Minister Narendra Modi

• Kotak Mahindra Bank has secured branding rights for the BKC metro station on the Mumbai Metro 3 route.
• The BKC metro station will be named “Kotak BKC Metro Station,” reflecting the bank’s branding.
• The Mumbai Metro 3 route, which includes the BKC station, was inaugurated by Prime Minister Narendra Modi.
• Kotak Mahindra Bank’s headquarters is located in the Bandra-Kurla Complex (BKC), and the bank owns two towers in the area, from which its subsidiaries operate.
• The Mumbai Metro Rail Corporation (MMRC) has awarded Kotak Mahindra Bank branding rights for BKC metro station till 2028.
• In addition to the BKC station, Kotak Mahindra Bank also holds branding rights for the CST (Chhatrapati Shivaji Terminus) station, which will be part of the same metro line in the second phase.

About Kotak Mahindra Bank :

• Established : 1985
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Ashok Vaswani
• Tagline : Let’s Make Money Simple

CURRENT AFFAIRS: NATIONAL NEWS

India Eliminates Trachoma as a Public Health Problem: WHO Certification

• The World Health Organisation (WHO) has declared that India has eliminated Trachoma as a public health problem.
• India becomes the third country in the WHO South-East Asia Region to achieve this milestone.
• The official certification was presented to Aradhana Patnaik, Additional Secretary and Mission Director of the National Health Mission, by Ms. Saima Wazed, Regional Director, WHO South-East Asia, at the WHO Regional Committee meeting in New Delhi.

1. About Trachoma:
   • Trachoma is a bacterial infection caused by Chlamydia Trachomatis.
   • It is a contagious disease, spread through contact with infected eyes, eyelids, or secretions from the nose or throat.
   • If untreated, it can lead to irreversible blindness.
   • Trachoma mainly affects underprivileged communities living in poor environmental conditions.
   • Globally, 150 million people are affected by Trachoma, and 6 million are either blind or at risk of severe visual complications.
2. Historical Efforts in India:
   • During the 1950s-60s, Trachoma was one of the leading causes of blindness in India.
   • The Government of India launched the National Trachoma Control Program in 1963.
   • Later, Trachoma control efforts were integrated into the National Program for Control of Blindness (NPCB).
3. Key Statistics and Strategies:
   • In 1971, 5% of blindness cases in India were due to Trachoma, but by 2017, the disease had been eradicated in its infectious form.
   • The WHO’s SAFE Strategy (Surgery, Antibiotics, Facial hygiene, and Environmental cleanliness) was implemented nationwide.
   • By 2024, the percentage of blindness due to Trachoma was reduced to less than 1%.
4. Final Surveillance and Elimination:
   • From 2019 to 2024, India continued surveillance for Trachoma cases in all districts.
   • The National Trachomatous Trichiasis (TT only) Survey was conducted in 200 endemic districts from 2021-2024 under the NPCBVI (National Programme for Control of Blindness & Visual Impairment).
   • After review by the WHO, India was officially declared Trachoma-free as a public health problem.

Prime Minister Modi’s Visit to Lao PDR for ASEAN-India and East Asia Summits Amid Geopolitical Challenges

• Prime Minister Narendra Modi is set to visit Lao PDR to participate in the 21st ASEAN-India and 19th East Asia Summit.
• This comes as ASEAN faces challenges from Myanmar’s civil conflict and rising tensions in the South China Sea.
• The visit underscores India’s decade of engagement with ASEAN under the Act East Policy.

Key Highlights:

ASEAN-India Summit:

• Objective: Review the progress of the Comprehensive Strategic Partnership between India and ASEAN and chart future cooperation.
• Significance: Relations with ASEAN remain a cornerstone of India’s Indo-Pacific vision, particularly as India marks ten years of its Act East Policy.

East Asia Summit:

• Significance: A premier platform for strategic dialogue, the East Asia Summit allows leaders to exchange views on pressing regional issues, strengthening strategic trust in East Asia.

India’s Growing Engagement with Southeast Asia:

1. Civilizational and Cultural Ties:
   • India’s historical connections with Southeast Asia, deeply rooted in Buddhism and the Ramayana, have evolved into modern-day relationships.
   • Initiatives such as the revival of Nalanda University and the restoration of World Heritage Sites in countries like Lao PDR, Cambodia, and Vietnam strengthen shared heritage.
2. Recent Diplomatic and Strategic Developments:
   • In 2024, India strengthened relations with ASEAN nations through high-level visits, including the Prime Ministers of Vietnam and Malaysia visiting New Delhi.
   • The Prime Minister’s visit to Brunei was the first bilateral visit by an Indian PM, signaling a deeper engagement with the region.
   • Several Memoranda of Understanding (MoUs) were signed, including a semiconductor partnership with Singapore and an agreement with Brunei on satellite tracking systems.
3. Act East Policy Achievements:
   • Over the past decade, India’s Act East Policy has led to enhanced trade, investment, and defense cooperation with ASEAN countries.
   • Direct flight connections between India and Southeast Asia, such as Cambodia and soon Brunei, have been initiated, promoting connectivity.
4. India as a First Responder in ASEAN:
   • Under Operation Sadbhav, India provided humanitarian assistance to Laos and Vietnam after Typhoon Yagi, reaffirming its role as a first responder in the region.
   • India’s commitment to disaster resilience is further emphasized by Vietnam’s decision to join the Coalition for Disaster Resilient Infrastructure (CDRI).

Summary of Recent Bilateral Relations:

• India-Vietnam: Inauguration of the Army Software Park and Vietnam’s joining of the CDRI.
• India-Brunei: MoU signed for cooperation in satellite and launch vehicle operations.
• India-Singapore: Semiconductor ecosystem partnership.

Future Prospects:

• The ASEAN-India Summit and the East Asia Summit are expected to further deepen India’s strategic partnerships with ASEAN and East Asia, while also addressing broader regional challenges such as security in the South China Sea and the Myanmar crisis.

Key Decisions of the 194th ESI Corporation Meeting Chaired by Dr. Mansukh Mandaviya

• Dr Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports, presided over the 194th meeting of the ESI Corporation, accompanied by Sushri Shobha Karandlaje, Union Minister of State for Labour & Employment and Micro, Small & Medium Enterprises.
• The meeting focused on pivotal decisions to enhance infrastructure and medical facilities under ESIC across India.

1. Establishment of New ESIC Medical Colleges

• Locations: Andheri (Maharashtra), Basaidarapur (Delhi), Guwahati-Beltola (Assam), Indore (Madhya Pradesh), Jaipur (Rajasthan), Ludhiana (Punjab), Naroda-Bapunagar (Gujarat), Noida & Varanasi (Uttar Pradesh), Ranchi (Jharkhand)
• Objective: To support the Prime Minister’s vision of adding 75,000 medical seats in the next five years.

2. Extension of Atal Beemit Vyakti Kalyan Yojna

• Period: Extended from 01.07.2024 to 30.06.2026
• Purpose: Provides Unemployment Allowance to insured persons during job search periods.

3. Medical Care Provision under AB-PMJAY

• Program: ESIC beneficiaries can now avail treatment at empanelled hospitals under Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) across India, without expenditure limits.

4. Introduction of Para-medical & B.Sc (Nursing) Courses

• Courses: Approved at ESIC Medical Colleges in various states including Rajasthan, Bihar, Haryana, West Bengal, Tamil Nadu, Telangana, and Karnataka.

5. Nursing Officer Recruitment through NORCET

• Adoption: ESIC will adopt AIIMS’ NORCET recruitment policy for Nursing Officers to address staffing needs in ESIC Hospitals, Colleges, and Dispensaries.

6. Acquisition of Land Parcels for Healthcare Facilities

• Projects: Includes construction of hospitals, dispensaries, and DCBOs (Doctor-cum-Branch Offices) at strategic locations across India.

7. 8. Other Agenda Items

• Deliberations: Covered improvements in medical care services, administration, financial matters, and review of ongoing construction projects.
• Participants: Included MPs, government officials, employer and employee representatives, and medical experts.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Myanmar to Participate in Association of Southeast Asian Nations Summit for the First Time in Three Years

• Myanmar will send a representative to the Association of Southeast Asian Nations (ASEAN) summit for the first time in three years.
• The decision to participate comes as the junta struggles to address an ongoing civil war and amid diplomatic isolation since the February 2021 coup.

Key Highlights :

• Agenda Focus:The civil conflict in Myanmar is expected to be a significant topic during the summit, which is being held in Vientiane, Laos from October 9, 2024.
• ASEAN’s Stance:Following the coup, ASEAN barred the junta leaders from its summits. Instead, Myanmar has been represented by a senior foreign ministry official.
• Five-Point Consensus:The junta initially agreed to a “five-point consensus” plan aimed at restoring peace, but it has largely ignored the agreement while continuing a crackdown on dissent.
• Significance of Participation:Myanmar’s attendance is viewed as a tacit acceptance of the five-point consensus, signaling a potential shift in its diplomatic approach.
• Previous Exclusions:Junta chief Min Aung Hlaing attended an emergency ASEAN summit in April 2021 but has not been invited to regular summits since then.
• Recent Developments:Recent talks in Jakarta, hosted by Indonesia, involved various stakeholders, including the European Union, United Nations, and anti-junta groups, emphasizing the need for inclusive dialogue.
• ASEAN Leadership Transition:Malaysia is set to take over as the ASEAN chair after this summit, with foreign minister Mohamad Hasan highlighting the importance of including all parties in discussions about Myanmar.

About ASEAN :

• Headquarters : Jakarta, Indonesia
• Secretary General : Dr. Kao Kim Hourn
• Membership : 10 member states (Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) & 2 Observer States (East Timor, Papua New Guinea)

About Myanmar :

• President : Min Aung Hlaing
• Capital : Naypyidaw
• Currency : Kyat

CURRENT AFFAIRS : STATE NEWS

Bihar Chief Minister Nitish Kumar Unveils Logo and Mascot for Women’s Asian Champions Trophy 2024 in Rajgir

• Bihar Chief Minister Nitish Kumar unveiled the logo and mascot for the Women’s Asian Champions Trophy-2024, which will be held in Rajgir from November 11-20.
• The mascot, named ‘Gudiya’, is inspired by the state bird of Bihar, Sparrow.
• The Women’s Asian Champions Trophy-2024 is a joint venture of Hockey India and the Bihar government and will be held at the newly developed Rajgir Hockey Stadium.
• The state cabinet recently sanctioned Rs 10 crore to Hockey India for the purpose.
• Six countries, including India, China, Thailand, Malaysia, South Korea and Japan, are participating in the championship.
• The hockey stick in Gudiya’s hand is the symbol of the hockey competition and the goalkeeper’s glove in the hand and the defensive posture reflect the strategic qualities of alertness.
• A ball kept nearby for the whole team reflects the necessity of playing together with sportsmanship.
• The design of the ‘logo’ of this competition is a symbol of the rich cultural heritage and all-round progress of glorious Bihar.
• The Bodhi tree and hockey stick have been kept in the logo.

About Bihar :

• Governor : Rajendra Arlekar
• Chief Minister : Nitish Kumar
• Capital : Patna
• Wildlife Sanctuaries : Kaimur Wildlife Sanctuary, Kanwar Lake Bird Sanctuary, Nagi Dam Bird Sanctuary

Nagaland Collaborates with Wales for 25th Hornbill Festival

• Nagaland government has signed Wales as one of the Country Partners for the upcoming 25th Edition of the Hornbill Festival.
• Chief Minister Neiphiu Rio, who is on an official visit to Wales, announced the signing of the agreement with the Welsh Government, the British Council, and Wales Arts International representatives in Cardiff.
• The festival has been organised by the Nagaland government since 2000 between December 1 and December 10 every year to showcase and promote the best of Naga culture, cuisines and music to the world.

About Nagaland :

• Governor : La. Ganesan
• Chief Minister : Neiphiu Rio
• Capital : Kohima
• National Park : Ntangki National Park
• Wildlife Sanctuaries : Fakim Wildlife Sanctuary, Puliebadze Wildlife Sanctuary, Singphan Wildlife Sanctuary
• Festival : Aoleng Festival

CURRENT AFFAIRS: AWARDS AND HONOURS

Nobel Prize in Physics 2024 Awarded to John J. Hopfield and Geoffrey E. Hinton

Award Recipients:

• John J. Hopfield (Princeton University, USA)
• Geoffrey E. Hinton (University of Toronto, Canada)

Topic:

• For their foundational discoveries and inventions that have advanced machine learning, particularly through the development of artificial neural networks.

Key Highlights:

1. Overview:
   • The 2024 Nobel Prize in Physics recognizes the groundbreaking work of John J. Hopfield and Geoffrey E. Hinton in the field of machine learning.
   • Both laureates have used principles from physics to develop techniques that form the backbone of today’s artificial intelligence (AI) technologies, particularly in the domain of neural networks.
2. John J. Hopfield’s Work:
   • Associative Memory Model:
     • Hopfield introduced a network that can store and recall patterns, similar to how the brain retrieves memories.
     • The Hopfield Network is based on concepts from physics, particularly atomic spin, where energy minimization leads to stability.
   • Pattern Reconstruction:
     • The network can reconstruct distorted or incomplete images by systematically updating its nodes, leading to the retrieval of the most accurate version of the saved pattern.
     • The goal is to minimize the network’s overall energy, ensuring stable pattern recognition.
3. Geoffrey E. Hinton’s Work:
   • Boltzmann Machine Foundations:
     • Hinton expanded on Hopfield’s model by developing the Boltzmann machine, a neural network that learns and recognizes patterns from data using principles of statistical physics.
   • Learning and Pattern Recognition:
     • The Boltzmann machine is trained with datasets, allowing it to classify images and generate new data points similar to the examples it was fed.
     • This model has significantly contributed to the modern development of machine learning.
4. Impact on Machine Learning and AI:
   • The work of Hopfield and Hinton laid the foundation for neural networks that are widely used in artificial intelligence, pattern recognition, and data analysis.
   • Their contributions continue to drive innovation in both AI and physics, influencing research in discovering new materials and improving machine learning applications.

About the Laureates:

1. John J. Hopfield:
   • Born: 1933 in Chicago, IL, USA.
   • PhD: 1958 from Cornell University, Ithaca, NY, USA.
   • Position: Professor at Princeton University, NJ, USA.
2. Geoffrey E. Hinton:
   • Born: 1947 in London, UK.
   • PhD: 1978 from The University of Edinburgh, UK.
   • Position: Professor at University of Toronto, Canada.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation’s Upper Stage Rocket Returns to Earth After 7-Year Journey

• The Indian Space Research Organisation (ISRO) announced that the upper stage of Polar Satellite Launch Vehicle C-37 (PSLV C-37 mission), which launched a record number of 104 satellites more than seven years ago, has re-entered the earth’s atmosphere as predicted.
• PSLV-C37 was launched on February 15, 2017 by the ISRO.
• The mission carried Cartosat-2D as the main payload, along with 103 co-passenger satellites, making it the first mission to launch 104 satellites with a single rocket.

Key Highlights :

• Upper Stage Details:After the satellite injections, the upper stage (PS4) of PSLV-C37 was left in an orbit of approximately 470 x 494 km.
• The PS4 upper stage was passivated (made inactive) after its mission, and its altitude slowly decayed due to atmospheric drag.
• Tracking and Re-entry:Since September 2024, ISRO’s IS4OM (Isro System for Safe and Sustainable Space Operations Management) has regularly monitored the orbital decay.
• The upper stage re-entered Earth’s atmosphere on October 6, 2024, with the impact point in the North Atlantic Ocean.
• International Debris Mitigation Guidelines:The re-entry complied with international debris mitigation guidelines, specifically those of the Inter-Agency Space Debris Coordination Committee (IADC).
• IADC guidelines recommend limiting the post-mission orbital life of defunct objects in Low-Earth Orbit (LEO) to 25 years.
• Passivation and Design:The mission’s passivation sequence was designed to lower the orbit of the PS4 upper stage after payload injection, ensuring it met debris mitigation standards.
• Future Initiatives for Orbital Lifetime Reduction:ISRO has initiated measures to reduce the residual orbital lifetime of PSLV upper stages to five years or less.
• This is achieved by actively de-orbiting them to lower altitude orbits using engine re-starts.
• These strategies have been implemented in missions such as PSLV-C38, PSLV-40, PSLV-C43, PSLV-C56, and PSLV-C58.
• Controlled Re-entry:Future PSLV missions will incorporate controlled re-entry plans for the upper stages to ensure safe disposal after mission completion.
• Long-term Sustainability Commitment:ISRO is committed to the long-term sustainability of space activities and aims to achieve the objectives of the Debris Free Space Mission by 2030.

About ISRO :

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

CURRENT AFFAIRS: MOUS AND AGREEMENT

Tata Technologies and BMW Group Launch BMW TechWorks India: A New Venture in Automotive Software Innovation

• Tata Technologies and BMW Group have launched a joint venture named BMW TechWorks India.
• The venture focuses on developing automotive software and digital transformation solutions for business IT.
• Both companies hold equal stakes in the venture.

1. Innovation Focus:
   • BMW TechWorks will design software for software-defined vehicles (SDV) and enable the integration of AI and Generative AI technologies in BMW cars.
   • The venture aims to enhance the digital capabilities of BMW’s vehicles and business operations.
2. Workforce Expansion:
   • The company has started with approximately 100 employees based in Pune, Bengaluru, and Chennai, and plans to scale this to a four-digit workforce by 2025.
3. Significance for India:
   • This collaboration offers a unique opportunity for Indian talent to shape the future of mobility and contribute to the growth of next-generation automotive technology.

CURRENT AFFAIRS: SPORTS NEWS

World Pickleball Championship Series event to be held in Mumbai from November 12-17

1. Weightlifting:
   • Gyaneshwari Yadav won the elite women’s 49kg title at the National Weightlifting Championships by lifting a total of 186kg.
   • Sufna Jasmin P.S. set new national records in snatch (76kg) and total (169kg) to win the women’s 45kg category.
2. Pickleball:
   • The World Pickleball Championship (WPC) Series will take place in Mumbai from November 12-17, 2024. This event will feature around 650 players from various countries. India had previously performed well in this competition, securing several medals in past editions held in Vietnam and Bali.
3. Sailing:
   • Indian sailors earned seven medals at the Mussanah Race Week in Oman. Notable performances include:
     • Shreya Krishna Lakshminarayanan won gold in the Optimist Girls U-15 category.
     • Shashank Batham (silver) and Akshat Kumar Dohare (bronze) secured podium finishes in the ILCA-4 U-16 category.

4. Tennis:
   • Rohan Bopanna and Ivan Dodig lost in the pre-quarterfinals of the Shanghai Masters to Wesley Koolhof and Nikola Mektic.
   • In the Fenesta National Sub-Junior Tennis Championship, Angel Patel upset top-seeded Anandita Upadhyay in the U-16 girls’ second round.

Marco Curto Receives 10-Game Ban from FIFA for Discriminatory Remarks

• FIFA has suspended Marco Curto, an Italian soccer player, for 10 games due to a discriminatory remark made against South Korean forward Hee Chan Hwang during a preseason match between Como and Wolverhampton.

1. Community Service and Education
   • In addition to the suspension, Curto is required to perform community service and undergo training and education with an organization approved by FIFA.
2. Incident Background
   • Como defended Curto’s remark, stating it was not intended to be derogatory. The comment, “thinks he’s Jackie Chan,” was made during the match in July.
   • The incident was reported by Hwang during the second half, prompting angry reactions from his teammates, including Daniel Podence, who received a red card for punching a Como player.
3. Formal Complaint
   • The South Korea Football Association lodged a formal complaint to FIFA, which led to Curto being notified of his disciplinary ban on Monday.
4. Loan and Game Impact
   • Following the incident, Curto has been loaned from Como to Serie B club Cesena and will miss five league games through November 10.
   • FIFA has deferred five games of the ban for a probationary period of two years.
5. FIFA’s Stance on Discrimination
   • This year, FIFA encouraged all 211 member federations to adopt a coordinated approach to tackling incidents of alleged racism and discrimination in soccer.

Mahmudullah Riyad Announces Retirement from T20 Cricket After Series in India

• Former Bangladesh captain Mahmudullah Riyad announced that his remaining two T20 matches in India will mark his final appearances.

1. Upcoming Matches
   • The 38-year-old player is set to participate in his 140th T20 match for Bangladesh in the second game on Wednesday in New Delhi. The final match of the series will take place in Hyderabad .
   • Bangladesh needs to win in New Delhi to stay alive in the three-match series, having lost the opener by seven wickets in Gwalior.
2. Career Overview
   • Since making his international debut in 2007, Mahmudullah has been a crucial player for Bangladesh, featuring in 50 Tests, 232 ODIs, and 139 T20 matches, amassing over 10,500 runs and taking 165 wickets with his off-spin.
3. Shakib Al Hasan’s Exit
   • His retirement follows shortly after all-rounder Shakib Al Hasan announced his decision to quit the T20 format during the recent Test series, which Bangladesh lost 2-0.

CURRENT AFFAIRS: IMPORTANT DAYS

Indian Foreign Service (IFS) Day 2024: October 9

• Indian Foreign Service (IFS) Day is observed annually on October 9, commemorating the establishment of the Indian Foreign Service in 1946.
• This day honors the dedicated diplomats and foreign service officers who play a crucial role in India’s diplomatic, consular, and commercial representation around the world.

Overview of IFS Day

• First Observed: 1946
• Purpose: To honor and recognize the contributions of Indian diplomats in safeguarding national interests and enhancing India’s global reputation.
• Celebrated By: Indian Foreign Service (IFS) officials and diplomatic missions globally.
• Events: Seminars, cultural programs, discussions on international diplomacy, and reflections on the history and achievements of the IFS.

Historical Context

• The IFS was officially established on October 9, 1946, just before India gained independence.
• It replaced the Indian Political Service, which had managed foreign relations during British rule.
• Jawaharlal Nehru, India’s first Prime Minister and Foreign Minister, envisioned the IFS as a key institution to present India as a leader in world affairs.
• During the colonial era, the Foreign Department managed interactions with foreign powers, laying the groundwork for what would evolve into the modern Indian Foreign Service.
• Since its inception, the IFS has played a pivotal role in maintaining diplomatic relations globally, promoting peace, and enhancing India’s economic and cultural influence on the international stage.

World Mental Health Day: October 10

• World Mental Health Day 2024 falls on the 10th of October.
• World Mental Health Day with the theme ‘It is Time to Prioritise Mental Health in the Workplace’
• A non-governmental organization called the World Federation for Mental Health (WFMH) was established in 1948.
• On October 10, 1992, Richard Hunter, who was the deputy secretary general of the WFMH at the time, declared the first World Mental Health Day.
• Every year since 1994, a unique theme has been chosen for the international celebration.

World Sight Day : October 10

• World Sight Day is an International Day of Awareness, held annually on the second Thursday of October. This year, World Sight Day is observed on the 10th of October 2024.
• Lions Clubs International partnered with blindness presentation organizations worldwide for the first World Sight Day in 1998.
• This event was later integrated into VISION 2020, a global initiative that the International Agency for the Prevention of Blindness (IAPB) coordinates.
• This initiative is a joint program between WHO and the IAPB.
• It involves non-government organizations, and professional associations, as well as eye-care institutions and corporations.

Daily CA One- Liner: October 10

• The World Health Organisation (WHO) has declared that India has eliminated Trachoma as a public health problem
• Prime Minister Narendra Modi is set to visit Lao PDR to participate in the 21st ASEAN-India and 19th East Asia Summit.
• Dr Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports, presided over the 194th meeting of the ESI Corporation, accompanied by Sushri Shobha Karandlaje, Union Minister of State for Labour & Employment and Micro, Small & Medium Enterprises
• The 2024 Nobel Prize in Physics recognizes the groundbreaking work of John J. Hopfield and Geoffrey E. Hinton in the field of machine learning.
• Tata Technologies and BMW Group have launched a joint venture named BMW TechWorks India
• Gyaneshwari Yadav won the elite women’s 49kg title at the National Weightlifting Championships by lifting a total of 186kg
• FIFA has suspended Marco Curto, an Italian soccer player, for 10 games due to a discriminatory remark made against South Korean forward Hee Chan Hwang during a preseason match between Como and Wolverhampton
• Former Bangladesh captain Mahmudullah Riyad announced that his remaining two T20 matches in India will mark his final appearances
• The Reserve Bank of India (RBI) granted a white-label ATM (WLA) license to Electronic Payment and Services (EPS), a Mumbai-based ATM outsourcing company.
• Paytm Money, a wholly-owned subsidiary of One97 Communications (OCL), launched BSE Futures & Options (BSE F&O) trading service on its platform, as part of the Noida-based company’s efforts to expand its wealth management and financial services segment.
• The State Bank of India (SBI) led a committee to encourage co-lending partnerships between commercial banks and non-banking financial companies (NBFCs).
• The Securities and Exchange Board of India (SEBI) has proposed a revised framework for sharing data aimed at promoting more democratisation, privacy, and accountability.
• India’s largest private sector lender HDFC Bank has originated the largest securitisation pool of Rs 9,063 crore, rated AAA by domestic rating agency India Ratings.
• Kotak Mahindra Bank has secured branding rights for the BKC metro station on the Mumbai Metro 3 route.
• Myanmar will send a representative to the Association of Southeast Asian Nations (ASEAN) summit for the first time in three years.
• Bihar Chief Minister Nitish Kumar unveiled the logo and mascot for the Women’s Asian Champions Trophy-2024, which will be held in Rajgir from November 11-20.
• Nagaland government has signed Wales as one of the Country Partners for the upcoming 25th Edition of the Hornbill Festival.
• The Indian Space Research Organisation (ISRO) announced that the upper stage of Polar Satellite Launch Vehicle C-37 (PSLV C-37 mission), which launched a record number of 104 satellites more than seven years ago, has re-entered the earth’s atmosphere as predicted.
• Indian Foreign Service (IFS) Day is observed annually on October 9, commemorating the establishment of the Indian Foreign Service in 1946
• World Mental Health Day 2024 falls on the 10th of October.
• World Sight Day is an International Day of Awareness, held annually on the second Thursday of October. This year, World Sight Day is observed on the 10th of October 2024