Daily Current Affairs October 12th to 14th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Unified Payment Interface Transaction Volume Increases by 52% and Value Rises by 40% in H1CY24: Report    

• The Unified Payment Interface (UPI) transaction volumes increased by 52% in the first six months of 2024 (H1CY24) compared to the same period in 2023 (H1CY23).
• The volume rose from 51.9 billion transactions in H1CY23 to 78.97 billion transactions in H1CY24.

Key Highlights :

• Growth in Transaction Value:The value of UPI transactions grew by 40%, increasing from Rs 83.16 trillion in H1CY23 to Rs 116.63 trillion in H1CY24.
• Average Ticket Size:The average ticket size of UPI transactions decreased to Rs 1,478 in H1CY24 from Rs 1,603 in H1CY23, indicating a trend towards smaller value transactions.
• Daily Transactions Milestone:In September 2024, daily UPI transactions surpassed 501 million, marking the highest volume since UPI’s launch in 2016.
• Comparison with Other Payment Methods:The average ticket size for debit card transactions increased to Rs 2,830 in H1CY24 from Rs 2,302 in H1CY23.
• The average ticket size for credit card transactions was significantly higher, at Rs 5,190 in H1CY24 compared to Rs 4,992 in H1CY23, making it 3.5 times larger than the UPI ticket size.
• Contribution from Merchant Categories:In-store merchant categories, including grocery stores, restaurants, service stations, clothing stores, government services, pharmacies, and hospitals, accounted for a significant portion of UPI transactions:
• These categories captured about 68% of transaction volumes.
• They accounted for 53% of transaction values.
• Drivers of Digital Transactions: In the digital ecosystem, sectors such as e-commerce, gaming, utilities, government, and financial services were key drivers of transaction volumes and values.

Reserve Bank of India directs Asset Reconstruction Companies to join all credit information companies   

• The Reserve Bank of India (RBI) asked the asset reconstruction companies (ARCs) to become members of all the credit information companies (CICs) and submit the required data to them as per the Uniform Credit Reporting Format.
• Currently, there are four CICs-TransUnion CIBIL, Experian, Equifax, and CRIF High Mark.

Key Highlights :

• Alignment with Reporting Standards:The updated guidelines aim to align Asset Reconstruction Companies (ARCs) with the same reporting standards used by banks and Non-Banking Financial Companies (NBFCs).
• Mandatory Membership in Credit Information Companies (CICs):ARCs are now required to become members of all Credit Information Companies (CICs), rather than just one as per the previous rule.
• Uniform Credit Reporting Format:ARCs must report credit data in the Uniform Credit Reporting Format as prescribed by the Reserve Bank of India (RBI).
• Regular Updates Requirement:ARCs are mandated to submit borrower information to CICs every fortnight.
• This requirement will commence by January 1, 2025, ensuring that borrowers’ credit profiles remain updated and accurately reflect their repayment behavior.
• Best Practices for ARCs:The RBI has advised ARCs to adopt best practices, which include:
• Appointing a nodal officer to oversee matters related to CICs.
• Centralising the issuance of No-Objection Certificates (NOCs) for borrowers who have fully repaid their loans.
• Prioritising customer grievance redressal mechanisms.
• Legal Authority:The circular outlining these guidelines has been issued under the authority conferred by Section 12 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002).

What are ARCs?

• ARCs are financial institutions that buy bad assets, or Non-Performing Assets (NPAs), from banks and financial institutions.
• ARCs are regulated by the Reserve Bank of India (RBI).
• The concept of ARCs was introduced based on the recommendations of the Narasimhan Committee – II in 1998.
• ARCs are required to resolve the assets within a maximum of 8 years of acquisition.

Non-Banking Financial Companies secured ₹3.23 trillion from the domestic debt capital market in H1FY25  

• Funds raised by non-banking financial companies (NBFCs), including state-owned finance companies and refinance institutions, from the domestic debt capital market exceeded Rs 3.2 trillion in the April to September period of financial year 2025 (H1FY25).
• Out of the total funds, over Rs 74,507 crore were raised in September, 2024 alone, marking the highest amount in the current financial year and second highest in the calendar year.

Key Highlights :

• Year-on-Year Growth : According to Prime Database, in H1FY25, funds raised by NBFCs from debt capital markets totaled to Rs 3.23 trillion, up 3.11% year-on-year (Y-o-Y) during the same period last year.
• Total Funds in 2024: Up to September 2024, the total funds raised by NBFCs amounted to ₹5.09 trillion, reflecting a nearly 4% increase year-on-year.
• Private Sector NBFCs: Private sector NBFCs raised ₹1.91 trillion in H1FY25, which is comparable to the amount raised during the same period last year.
• Impact of HDFC Limited: In FY24, HDFC Limited raised ₹44,427 crore before its merger with HDFC Bank on July 1,2024 which influenced the total funds raised by private sector NBFCs.
• Excluding HDFC Limited: When excluding HDFC Limited, the funds raised by private sector NBFCs in Q2FY25 rose 59% year-on-year, reaching ₹1.04 trillion compared to ₹65,684 crore in the same quarter last year.
• Shift to Domestic Debt Market: NBFCs are increasingly relying on the domestic debt capital market for funding due to a slowdown in bank financing.
• This change is a response to the Reserve Bank of India’s (RBI) increased risk weights on bank lending to NBFCs.
• Regulatory Concerns: The RBI’s decision to raise risk weights for bank lending to NBFCs was triggered by concerns over the rising dependence of NBFCs on bank funding.
• Impact of RBI’s Measures: The RBI’s tightening of lending norms in November 2023 has led to increased borrowing costs for NBFCs, making it harder for them to secure affordable funding.
• Funding Sources: Higher-rated NBFCs have successfully raised funds through bonds, commercial papers, and some have accessed international bond markets. Securitisation has also been utilized to support growth.
• Moderated Bank Credit Growth: Bank credit to NBFCs grew by only 2%, reducing their share of incremental credit to the services sector to 26.9%.
• Market Conditions: While stronger, higher-rated NBFCs are obtaining favorable funding rates in the debt market, lower-rated NBFCs are struggling to secure financing.
• Dollar Bond Market Activity: Several NBFCs, including Shriram Finance and Piramal Capital & Housing Finance, are tapping the dollar bond market to diversify their funding sources, even though borrowing costs are typically higher in the international market compared to domestic options.

Reserve Bank of India Approves Bond Buyback Bids Close to Rs 25,000 Crore   

• The Reserve Bank of India (RBI) accepted bids worth ₹24,453.3 crore for government securities at the buyback auction.
• The notified amount for the auction was ₹25,000 crore.
• The bids offered by banks were more than double the notified amount, reflecting strong market appetite.
• Significance of the Auction:This auction was one of the most successful buyback auctions conducted by the RBI since resuming such operations in May 2024, after a six-year hiatus.

Key Highlights :

• Previous Auctions:In earlier auctions, the RBI accepted bids worth less than the total notified amount due to discomfort with the price levels banks were offering.
• Market Conditions:Bond Yields: Softer bond yields contributed to better bidding at this auction compared to previous ones.
• Recent Yield Changes: Since January 2024, yields on the 10-year benchmark government bond have decreased by 43 basis points, from 7.19% on January 1 to 6.76% as of Thursday.
• Buyback Mechanism:In a buyback operation, the government uses its cash balances to pay off some of its outstanding borrowings through bonds, which enhances banking system liquidity.
• As of October 9, banking system liquidity was at ₹1.29 lakh crore.

Bids Accepted by RBI & Buyback Bonds Maturity:

• New Norms for Banks:Under new regulations, banks must categorize bonds as “held-to-maturity” permanently, with the exception of 5% of the portfolio that can be withdrawn throughout the year.
• Any deviation from this rule requires approval from the bank’s board and the RBI, replacing the previous annual reclassification rule.

Securities and Exchange Board of India extends deadline for direct payout of securities to November 11, 2024  

• The Securities and Exchange Board of India (SEBI) extended the deadline to implement direct payout of securities to the Demat account from October 14 to November 11, 2024, to ensure a hassle-free implementation.

Reason for Extension:

• The decision follows representations from key market participants, including clearing corporations, exchanges, and stock brokers.
• A review meeting was conducted by SEBI with Market Infrastructure Institutions (MIIs) and the Brokers’ Industry Standards Forum (ISF).

Key Highlights :

• Direct Payout System:Under the direct payout system, clearing corporations (CCs) will directly transfer securities to the investors’ demat accounts.
• This replaces the current method, where securities are pooled at brokers and then transferred to clients’ accounts.
• Objective of the System:The direct payout system aims to protect clients’ securities and ensure that stock brokers segregate client securities to prevent misuse.
• The system eliminates the pooling of securities by brokers.
• Changes in Pledging Process:Brokers will not handle pledges for unpaid or margin-funded securities directly.
• If a security is not fully paid, the clearing corporation will mark the pledge directly in the client’s demat account until the payment is complete.
• Operational Guidelines:The operational guidelines by clearing corporations were issued later than the initial timeline, leading to the deadline extension.
• Revised Timing: The payout timing has been adjusted from 1:30 PM to 3:30 PM during phase-1, covering the equity cash segment.
• Same-Day Credit:With the direct payout system, securities will be credited to investors’ demat accounts on the same trading day (T+1) rather than the previous system, where it took one working day (T+2).
• This change enhances efficiency and reduces waiting time for investors.
• Circular Issued on October 10:SEBI issued a circular changing the timelines for securities payout under the T+1 settlement cycle, allowing for the direct payout system.
• Securities will now be credited on the same day as the payout from the exchange (T+1), compared to the previous T+2 timeline.

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.

Citigroup and Mastercard collaborate to facilitate cross-border debit card transactions         

• Mastercard and Citigroup have teamed up to enable 24/7 cross-border payments using debit cards, expanding payment options for consumers and businesses globally.
• Citigroup is the first global bank to implement the Mastercard Move service, allowing users to make various transactions, including insurance payouts, airline refunds, and e-commerce payments.
• The partnership aims to create a seamless payment experience, enabling clients to make cross-border transactions without concerns about borders, currencies, or constraints.

Key Highlights :

• Market Growth Potential: The initiative presents significant growth opportunities for both Mastercard and its main competitor, Visa Inc., as global commerce continues to expand.
• Previous Partnerships: Mastercard has previously collaborated with Alipay in China to facilitate money transfers to digital wallets, while Visa has partnered with Western Union to enable money transfers to eligible Visa cards and bank accounts in over 40 countries.
• Geographical Reach: The new debit card offering will be accessible to Citigroup customers in 65 countries, allowing them to initiate cross-border payments.
• Global Card Issuance: As of June 30, 2024 Mastercard has issued over4 billion debit, prepaid, and credit cards worldwide, highlighting its extensive reach in the payments industry.

About Mastercard :

• Founded : 1966
• Headquarters : New York, United States
• CEO : Michael Miebach

About Citigroup :

• Founded : October 8, 1998
• Headquarters : New York
• Chairman : John C. Dugan
• CEO : Jane Fraser

CURRENT AFFAIRS: NATIONAL NEWS

Cabinet Committee on Security (CCS) Approves Phase III of Space-Based Surveillance Mission

• The Cabinet Committee on Security (CCS), headed by Prime Minister Narendra Modi, has approved Phase III of the Space-Based Surveillance (SBS) mission for enhanced land and maritime domain awareness.
• The project serves both civilian and military applications and is being managed by the National Security Council Secretariat along with the Defence Space Agency under the Ministry of Defence.

1. Scope and Cost:
   • The mission involves the launch of 52 surveillance satellites in low earth orbit and geostationary orbit over the next decade.
   • The total cost of the project is estimated to be ₹26,968 crore, with 21 satellites constructed by ISRO and the remaining 31 satellites by private companies.
2. Historical Context:
   • The SBS mission started with SBS 1 under the Vajpayee government in 2001, followed by SBS 2 in 2013.
   • Previous missions involved key satellite launches such as Cartosat 2A, 2B, 3A, Risat 2, Microsat 1, among others.
3. Strategic Focus:
   • The new SBS 3 will enhance India’s capability to monitor adversaries’ activities on land and sea borders and detect enemy submarines in the Indo-Pacific.
   • A letter of intent was signed with France for the joint construction and launch of military satellites in January 2024, further strengthening India’s surveillance capabilities.
4. Additional Capabilities:
   • The acquisition of 31 Predator drones from US-based General Atomics will bolster India’s surveillance capabilities, complementing the SBS 3 mission.
   • India demonstrated its anti-satellite (ASAT) capabilities by successfully destroying a live satellite in orbit on March 29, 2019.

Central Government Releases ₹1.78 Lakh Crore Tax Devolution to States

• The central government has announced the release of over ₹1.78 lakh crore in tax devolution to state governments.
• This advance instalment aims to support states during the festive season and facilitate increased capital spending for development and welfare initiatives.

Key Highlights:

1. Tax Devolution Amounts:
   • The largest share was allocated to Uttar Pradesh, receiving ₹31,962 crore.
   • Other significant allocations include:
     • Bihar: ₹17,921 crore
     • Madhya Pradesh: ₹13,987 crore
     • West Bengal: ₹13,404 crore
     • Maharashtra: ₹11,255 crore
     • Rajasthan: ₹10,737 crore
     • Odisha: ₹8,068 crore
     • Tamil Nadu: ₹7,268 crore
     • Andhra Pradesh: ₹7,211 crore
     • Karnataka: ₹6,498 crore
     • Gujarat: ₹6,197 crore
   • Goa, Sikkim, and Mizoram received the least, with allocations of ₹688 crore, ₹691 crore, and ₹891 crore, respectively.
2. Economic Growth Trends:
   • India’s GDP growth moderated to 6.7% year-on-year in the April-June quarter, down from 7.8% in the previous quarter, as reported by the statistics ministry in August.
   • For FY24, quarterly GDP growth rates were recorded at 8.2%, 8.1%, 8.6%, and 7.8%, resulting in an annual growth rate of 8.2%.
3. Reasons for Slowdown:
   • The slowdown in economic growth during the April-June quarter was primarily due to a reduction in the central government’s capital expenditure, influenced by the upcoming general elections.
4. Future Outlook:
   • The finance ministry’s Economic Review for August projects a rebound in economic growth in subsequent quarters, driven by increased public spending that will stimulate investment.
   • Expectations of stronger rural incomes and demand, along with milder food inflation in the coming months (barring significant climate disruptions), are anticipated to support this growth.

CURRENT AFFAIRS : INTERNATIONAL NEWS

12th India-UAE High-Level Joint Task Force on Investments Held in Mumbai    

• The 12th Meeting of the India-United Arab Emirates (UAE) High-Level Joint Task Force on Investments (HLJTFI) took place in Mumbai, Maharashtra.
• Co-Chaired by:
• Shri Piyush Goyal, Minister of Commerce & Industry, Government of India.
• His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority (ADIA).
• The HLJTFI was established in 2013 to promote trade, investment, and economic ties between India and the UAE.

Key Highlights :

• India-UAE Food Corridor: India and the UAE will set up a food corridor with an expected investment of USD 2 billion.
• It will cater to the UAE market and beyond, helping Indian farmers earn higher incomes and create more jobs.
• Bilateral Investment Treaty (BIT): The India-UAE Bilateral Investment Treaty (BIT), signed during Prime Minister Modi’s visit to the UAE in February 2024, has been ratified by both sides.
• It entered into force on 31 August 2024.
• Comprehensive Economic Partnership Agreement (CEPA):The India-UAE CEPA came into force in May 2022.
• It is one of the fastest-ever negotiated Free Trade Agreements (FTA) between two countries.
• The Co-Chairs acknowledged the rapid rise in bilateral trade under CEPA.
• India-UAE Food Parks:Collaboration on food parks between India and UAE is expected to enhance farmers’ income, create jobs in the food processing sector, and improve UAE’s food security.
• Abu Dhabi Investment Authority (ADIA):ADIA has opened an office in GIFT City (Gujarat International Finance Tec-City) to enhance its investment activities in India.
• JAYWAN Card Scheme:NPCI International Payments Limited (NIPL) is collaborating with Al Etihad Payments (AEP) to create a domestic card scheme called JAYWAN in the UAE.
• The JAYWAN card is based on India’s RuPay card stack, enabling the UAE to have its own sovereign digital payments system.
• Cross-border Payment Platforms:India and UAE are working on interlinking UPI (India) and AANI (UAE) to facilitate seamless cross-border transactions between the two countries.
• Invest India Office in UAE:Invest India will open its first Middle East office in Dubai, UAE, to serve as a point of contact for potential UAE investors seeking to invest in India.
• This will be Invest India’s second overseas office after Singapore.
• India Pavilion at Expo City, Dubai:The India Pavilion at Expo City in Dubai will host the first overseas campus of the Indian Institute of Foreign Trade (IIFT).
• Indian Institute of Foreign Trade (IIFT):IIFT was established in 1963 as an autonomous body under the Ministry of Commerce and has gained Deemed University status.
• It is one of India’s premier institutions focusing on Foreign Trade.
• UAE Investments in India:The UAE is the largest Arab investor in India, with investments of around USD 3 billion in FY 2023-24.
• UAE was the sixth-largest FDI source for FY 2023-24 and seventh-largest overall since 2000.
• The 11th meeting of the UAE-India High Level Joint Task Force on Investments (‘the Joint Task Force’) was held in Abu Dhabi,United Arab Emirates co-chaired by His Highness Sheikh Hamed bin Zayed Al Nahyan, the Managing Director of Abu Dhabi Investment Authority (ADIA), and Shri Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Government of India.

CURRENT AFFAIRS : STATE NEWS

Ratapani Wildlife Sanctuary near Bhopal set to become Madhya Pradesh’s eighth tiger reserve, the first in India near a capital city   

• Ratapani Wildlife Sanctuary, located near Bhopal, Madhya Pradesh (MP), will soon be declared the state’s 8th tiger reserve.
• This will be the first tiger reserve in India located near a capital city.

Location and Area:

• Distance: 60 km from Bhopal.
• Total area: 1,270 sq km (763 sq km core area, 507 sq km buffer area).
• Will include both Ratapani Wildlife Sanctuary and Singhori Sanctuary.
• Tiger Population: As of the 2022 census, Ratapani Sanctuary is home to 56 tigers, 70 leopards, and a healthy population of herbivores.

Approval and Timeline:

• 2008: NTCA (National Tiger Conservation Authority) granted in-principle approval for the tiger reserve.
• 2019: Kamal Nath government initiated steps for the notification, which was delayed.
• 2023: Chief Minister Mohan Yadav has prioritized development; notification to be issued by October 31, 2024, with forest officials posted by November 15.
• Railway Developments: Underpasses are being constructed to prevent animals from being hit by trains passing through the area.
• Historical and Cultural Significance: The reserve includes the Bhimbetka rock shelters, a UNESCO World Heritage Site, and other historical landmarks.
• Madhya Pradesh – Tiger State: Madhya Pradesh holds the title of ‘Tiger State’ for being home to 825 tigers, the highest number of tigers in any Indian state as of 2022.

Existing Tiger Reserves in Madhya Pradesh:

• Kanha Tiger Reserve – Established in 1955.
• Bandhavgarh Tiger Reserve.
• Panna Tiger Reserve – Established in 1981.
• Pench Tiger Reserve.
• Sanjay Dubri Tiger Reserve.
• Satpura Tiger Reserve.
• Veerangana Durgavati Tiger Reserve.

About MP :

• Governor: Mangubhai C. Patel
• Chief Minister: Mohan Yadav
• Capital: Bhopal
• National Park: Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary: Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

Maharashtra Cabinet passes resolution recommending Bharat Ratna for Ratan Tata    

• The Maharashtra Cabinet, led by Chief Minister Eknath Shinde, passed a resolution urging the Central Government to confer the Bharat Ratna, India’s highest civilian award, to Ratan Tata.

Reason for the Resolution:

• The resolution is in recognition of Ratan Tata’s significant achievements as a veteran industrialist and philanthropist.
• Ratan Tata passed away in Mumbai on October 9, 2024.
• In honor of Ratan Tata’s demise, the Maharashtra government declared a one-day state mourning.
• All government entertainment programs across the state were cancelled, and national flags on government offices were flown at half-mast.
• The Cabinet also passed a condolence proposal expressing grief over Ratan Tata’s death.
• The Maharashtra government had awarded Ratan Tata the first ‘Udyog Ratna’ Award in 2023.

About Ratan Tata :

• Ratan Tata was born on December 28, 1937, in Mumbai.
• He served as the Chairman of Tata Sons from 1991 until his retirement in 2012 and was later appointed Chairman Emeritus of Tata Sons.
• He was the Chairman of the Ratan Tata Trust and Dorabji Tata Trust, which are among the largest private-sector philanthropic trusts in India.
• Ratan Tata was awarded the Padma Vibhushan, India’s second-highest civilian award, in 2008 for his contributions to industry and society.

About Maharashtra

• Governor: C. P. Radhakrishnan
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

CURRENT AFFAIRS: BUSINESS NEWS

Indian Oil Hosts Indane XTRATEJ HORECA Harmony Meet in Kolkata

• Indian Oil organised the Indane XTRATEJ HORECA Harmony Meet at JW Marriott, Kolkata, bringing together key players from the city’s hospitality industry including hoteliers, restaurateurs, and caterers.
• Master Chef Sanjeev Kapoor, brand ambassador for Indane XTRATEJ, was the chief guest at the event.

1. Product Launch:
   • The event featured the unveiling of the new Indane XTRATEJ Cylinder, specifically designed for commercial kitchens in the hospitality sector.
   • Indane XTRATEJ, developed by Indian Oil’s R&D division, is a revolutionary LPG solution enhanced with a special additive that improves fuel efficiency and performance, while ensuring safety and operational excellence in high-energy kitchens.
2. Industry Engagement:
   • Prominent members of Kolkata’s HORECA community were felicitated for their contributions to the local hospitality industry.
   • The event concluded with an Open Forum led by Master Chef Kapoor, where attendees shared ideas and discussed emerging trends and challenges in the food and hospitality sectors.

WTO Revises Global Trade Growth Forecasts

• The World Trade Organization (WTO) has updated its projections for global merchandise trade growth, presenting both upward and downward adjustments for the coming years.

Key Highlights:

1. Forecast Adjustments:
   • The WTO has revised downwards its projection for world merchandise trade growth in 2025 to 3%, down from 3.3%.
   • Conversely, the 2024 forecast for merchandise trade growth has been revised upwards to 2.7%, an increase from the prior estimate of 2.6%.
2. Risks to Forecast:
   • The organization warns that risks to these forecasts are predominantly on the downside due to regional conflicts, geopolitical tensions, and policy uncertainty.
   • Should the West Asia conflict escalate, its impact could extend to other regions, resulting in shipping disruptions and rising energy prices due to heightened risk premiums.
3. Impact of Regional Conflicts:
   • Although the disruptive impact of the Red Sea crisis has been contained so far, other shipping routes may face challenges in the event of a broader conflict.
   • There is an increased risk of energy supply disruptions given the region’s significant role in petroleum production, which could negatively affect economic growth in importing countries and indirectly impact trade.
4. 2023 and Early 2024 Trends:
   • In the first half of 2024, there was a 2.3% year-on-year increase in trade, following a 1.1% decline in 2023 attributed to high inflation and rising interest rates.
5. Regional Performance:
   • Europe continues to exert a negative influence on global merchandise trade in 2024, affecting both imports and exports. Key sectors contributing to this decline include:
     • Chemicals: The sector has seen a downturn following a pandemic-driven surge in demand.
     • Automotive: The contraction raises concerns about potential ripple effects across value chains.
   • European imports faced the largest contraction in machinery, particularly from China. This trend is mirrored in countries like the United States, South Korea, and Japan.
   • In contrast, imports from India and Vietnam are rising, indicating their emerging role as “connecting economies.”
6. Asian Export Trends:
   • Exports from Asia are witnessing a rebound, led by key manufacturing nations such as China, Singapore, and South Korea.
   • On the import front, while Chinese import growth remains moderate, countries like Singapore, Malaysia, India, and Vietnam are experiencing stronger growth.

CURRENT AFFAIRS: AWARDS AND HONOURS

Nobel Prize in Literature 2024: Han Kang’s Poetic Exploration of Trauma

• The 2024 Nobel Prize in Literature was awarded to Han Kang, a celebrated South Korean author, recognized for her intense poetic prose that delves into historical traumas and the fragility of human life.
• Her work profoundly explores the interplay between personal and societal histories, reflecting deep themes of memory, resistance, and identity.

Early Life and Influences

• Birth and Background: Han Kang was born on November 27, 1970, in Gwangju, South Korea.
• Impact of Gwangju Uprising: The 1980 Gwangju Uprising, a significant event marked by violence against civilians protesting martial law, deeply influenced her worldview.
• This backdrop of political unrest shaped her understanding of collective trauma, a recurring theme in her literary works.

Literary Achievements and Acclaimed Works

1. Global Success with ‘The Vegetarian’
   • Han Kang gained international acclaim with her novel ‘The Vegetarian’ (2016), which won the Man Booker International Prize.
   • The story follows Yeong-hye, a woman whose decision to become vegetarian leads to a personal and social transformation, exploring themes of autonomy, societal expectations, and inner conflict.
2. ‘Human Acts’ and Historical Trauma
   • In ‘Human Acts’, Han Kang revisits the Gwangju Uprising, depicting its profound impact through multiple perspectives.
   • The novel captures the trauma of violence and its effects across generations, resonating with global audiences for its universal exploration of memory, suffering, and resilience.

Characteristics of Han Kang’s Writing

• Quiet, Internal Revolutions: Her novels often feature protagonists, especially women, engaged in subtle, internal struggles rather than overt rebellions.
• Exploration of Identity and Oppression: Through her narratives, Han Kang raises intricate questions about identity, societal oppression, and the human condition, encouraging readers to confront uncomfortable truths.

Significance of the Nobel Prize Win

• Representation of Diverse Narratives: Han Kang’s Nobel Prize is a monumental achievement for South Korean literature and underscores the need for diverse voices in global storytelling.
• Themes of Trauma and Memory: Her works address the psychological repercussions of violence, promoting empathy, awareness, and understanding across cultures.
• Powerful Exploration of Universal Themes: The Nobel Committee’s recognition reflects a growing appreciation for literature that challenges conventional storytelling by focusing on the inner lives of characters affected by trauma.

Nihon Hidankyo Awarded 2024 Nobel Peace Prize for Advocacy Against Nuclear Weapons

• The Norwegian Nobel Committee has awarded the 2024 Nobel Peace Prize to Nihon Hidankyo, a Japanese organization representing the survivors of the atomic bombings of Hiroshima and Nagasaki.
• The award recognizes the group’s significant efforts in advocating for a nuclear-free world and its compelling witness testimonies about the horrors of nuclear warfare.

Key Highlights:

1. Background of Nihon Hidankyo:
   • Established in 1956, Nihon Hidankyo is the largest and most influential organization of atomic bomb survivors in Japan.
   • The organization aims to raise global awareness about the catastrophic humanitarian consequences of nuclear weapons.
2. Role of Hibakusha:
   • The survivors, known as Hibakusha, share personal stories of the devastation they experienced in August 1945, contributing to the international “nuclear taboo.”
   • Their testimonies have been pivotal in shaping a strong global opposition to nuclear weapons, providing first-hand accounts of the pain and suffering inflicted by such arms.
3. Committee’s Statement:
   • The Nobel Committee highlighted that “The Hibakusha help us to describe the indescribable, to think the unthinkable,” emphasizing their role in educating the world about the consequences of nuclear warfare.
4. Current Global Context:
   • The award comes at a time when nuclear weapons continue to pose a significant global threat, with modernization of nuclear arsenals and increasing pressures on norms against their use.
   • Ongoing conflicts, including the war in Ukraine and escalating violence in Gaza and Sudan, underscore the urgency of the prize’s message.
5. Anniversary of the Bombings:
   • Next year marks 80 years since the atomic bombings, which resulted in an estimated 120,000 deaths instantly, with many more succumbing to injuries and radiation later.
   • The Hibakusha’s accounts, shared through public appeals and delegations to the United Nations, have been crucial in promoting nuclear disarmament efforts.
6. Honoring Survivors:
   • The Nobel Committee aims to honor all survivors who, despite enduring physical suffering and painful memories, have chosen to leverage their experiences to foster hope and engagement for peace.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Indian Railway Finance Corporation Names Manoj Kumar Dubey as New Chairman and Managing Director   

•   Manoj Kumar Dubey has been appointed as the Chairman & Managing Director (CMD) and Chief Executive Officer (CEO) of the Indian Railway Finance Corporation (IRFC).
• His appointment is based on the recommendations of a Search-cum-Selection Committee.
• He succeeded an interim CMD role that had been in place for over two years.
• Dubey is a 1993-batch officer of the Indian Railway Accounts Service (IRAS).
• Prior to this role, he served as Director (Finance) at the Container Corporation of India (CONCOR).
• His long-standing service with Indian Railways includes spearheading initiatives such as introduction of e-tendering, e-auction systems and digitization of salary and pension processes during his leadership days in the Railways

About IRFC :

• Founded: December 12, 1986.
• Headquarters: New Delhi, India.
• Type: Public sector undertaking (PSU) of the Government of India.
• Ownership and Control:The Government of India holds a majority stake in IRFC.
• The Ministry of Railways has administrative control over the corporation.
• Primary Function:IRFC is primarily engaged in raising financial resources for the expansion and operation of Indian Railways.
• It raises funds through capital markets and other borrowing mechanisms.
• Financial Impact:With a market value of approximately INR 2.01 trillion, IRFC plays a significant role in meeting the financial requirements of Indian Railways.
• Supports the infrastructure development and modernization efforts of Indian Railways.

Ratan Tata’s Half-Brother Noel Tata Appointed as Chairman of Tata Trusts, Succeeding Ratan Tata  

• Noel Tata, the half-brother of Ratan Tata, has been appointed Chairman of Tata Trusts, following a board meeting held in Mumbai.
• He succeeds Ratan Tata who died at the age of 86 in a Mumbai hospital.
• Ratan Tata’s passing marks the end of an era in Indian business, where he significantly reshaped India’s industrial landscape and transformed the Tata Group into a global powerhouse.
• Noel’s appointment is of significance as Tata Trusts owns 66% of Tata Sons, the holding company of various firms under the Tata brand which is more than 150 years old.

About Noel Tata :

• Noel Tata is the half-brother of Ratan Tata and has been a prominent figure in the Tata Group since joining in the early 2000s.
• He has served as the Vice Chairman of Tata Steel and Titan, a watch company.
• His mother, Simone Tata, is the stepmother of Ratan Tata and currently chairs multiple Tata companies, including Trent, Voltas, Tata Investment Corporation, and Tata International.
• Previous Roles:Before his current appointment, Noel Tata served as Managing Director of Tata International Ltd from 2010 to 2021, where he grew the company’s turnover from $500 million to over $3 billion.
• As Managing Director of Trent Ltd, he expanded its operations from one store in 1998 to over 700 stores across various formats.
• Tata Trusts Structure:Tata Trusts is the umbrella organization managing the functions of all 14 Tata Trusts.
• The ownership of Tata Sons is primarily held by two key trusts: the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which together hold over 50% ownership.
• Executive Committee Members:Current executive committee members of Tata Trusts include Venu Srinivasan, Vijay Singh, and Mehli Mistry.
• Family Background:Ratan Tata’s younger brother, Jimmy Tata, is not involved in the family business and lives in a modest apartment in Colaba, Mumbai.
• Ratan Tata was born in 1937 into a traditional Parsi family.

Bandhan Bank Shares Jump 10% Following Reserve Bank of India Approval of Partha Sengupta as Chief Executive Officer    

• The Reserve Bank of India (RBI) approved Partha Pratim Sengupta as the new Managing Director and Chief Executive Officer (MD & CEO) of Bandhan Bank for a three-year term starting from November 10, 2024.
• Sengupta will replace Chandra Shekhar Ghosh, who retired in July 2024.
• He has previously held leadership positions at State Bank of India (SBI) and served as CEO and MD of Indian Overseas Bank (2020-2022).

Key Highlights :

• Impact on Bandhan Bank’s Shares:Bandhan Bank shares surged over 10% following the RBI’s approval of Partha Sengupta’s appointment as CEO.
• The appointment of a Public Sector Undertaking (PSU) banker provides stability for Bandhan Bank, which has experienced multiple exits in the past year.
• Audit and Claims Payout:The National Credit Guarantee Trustee Company completed an audit of loan claims filed by Bandhan Bank under a guarantee scheme.
• Remaining claims payout to the bank stood at ₹3.15 billion, boosting credibility and potentially aiding the bank in provisioning for stressed loans, supporting its capital base and earnings.
• Macquarie’s Profit Estimate:Macquarie estimated a 15% upside in Bandhan Bank’s FY25 profit, which it projects at ₹35 billion, due to the claims payout.
• Asset Quality Issues : Bandhan Bank has faced asset quality challenges, with gross non-performing assets (NPA) rising to 4.23% in June 2024 from 3.84% three months earlier.
• The bank has seen high bad loan formation over the past two years.
• Stock Performance:Bandhan Bank shares have lost about 15% in 2024, contrasting with the 7% rise in the broader Nifty bank index.
• ICRA Downgrade:On October 1, 2024, ICRA downgraded Bandhan Bank’s long-term ratings, citing sustained weakness in the Emerging Entrepreneur Business (EEB) portfolio due to borrower overleveraging in the sector.

About Bandhan Bank :

• Founded : 2015
• Headquarters : Kolkata, West Bengal, India

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Amazon Acquires MX Player, Integrates it with miniTV to Launch Amazon MX Player

• Amazon has acquired free streaming OTT platform MX Player and merged it with its content streaming service miniTV to launch ‘Amazon MX Player’.
• The merger aims to provide premium-free entertainment to a broader audience.

Key Highlights :

• Automatic Integration: The integration of Amazon miniTV and MX Player will occur automatically on the apps, with no need for users to reinstall or upgrade.
• Prime Video: Amazon also operates Prime Video, a subscription-based video-on-demand service.
• Leadership: Karan Bedi is the head of Amazon MX Player.
• History of MX Player: Initially developed by a South Korean developer as a media player for downloaded videos.
• Previous Acquisition: In 2018, Times Internet (owned by Bennett Coleman & Co Ltd) acquired MX Player for ₹1,000 crore (around $140 million) and relaunched it as an ad-supported video streaming platform.
• Ad-Supported Model: MX Player became an ad-supported video streaming service after its acquisition and relaunch.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

IIT Madras and Hindustan Zinc collaborate to develop cutting-edge zinc-air battery technology     

• Hindustan Zinc Limited and IIT Madras have signed a Memorandum of Understanding (MoU) to jointly develop a 1 kWh electrically-rechargeable zinc-air battery prototype.
• Significance of the Partnership:This partnership represents a significant advancement in zinc-based battery technology.
• It leverages the abundance, cost-effectiveness, and safety of zinc as a resource.
• Research Leadership:The research team from IIT Madras is led by Aravind Kumar Chandiran, Head of the Hyundai Hydrogen Innovation Hub at IIT Madras.
• The team has developed a prototype rechargeable zinc-air battery and holds three Indian patents related to innovations in:
• Leak resistance
• Anode recharging
• Anode replacement design

Key Highlights :

• Market Context:Lithium-ion batteries currently dominate the battery market, but they face challenges such as high costs, limited resource availability, and safety concerns.
• Zinc-based alternatives, like zinc-air batteries, can address these challenges effectively.
• Applications of Zinc-Air Batteries:The collaboration aims to enhance energy storage systems.
• Potential applications include renewable energy, data centers, and telecommunications.
• Advantages of Zinc-Air Batteries:Known for their long-duration storage capabilities and durability.
• Considered a more affordable alternative to lithium-ion batteries due to lower material costs.
• Cost Comparison:Zinc is over four times less expensive than lithium, providing a cost-effective solution with superior performance attributes.
• Hindustan Zinc Overview:Hindustan Zinc, part of the Vedanta Group, is the second-largest integrated zinc producer and the third-largest silver producer in the world.
• The company supplies products to over 40 countries and holds about 75% market share in the primary zinc market in India.

About Hindustan Zinc Limited :

• Founded : 1966
• Headquarters : Udaipur, Rajasthan, India
• Chairperson : Mrs. Priya Agarwal
• CEO : Arun Misra
• HZL is an Indian integrated mining and resources producer of zinc, lead, silver and cadmium.
• It is a subsidiary of Vedanta Limited.

CURRENT AFFAIRS: RANKING AND INDEX

Forbes Unveils 2024 ‘India’s 100 Richest’ List, Wealth Crosses Trillion-Dollar Mark

• The combined wealth of India’s richest individuals surpassed the trillion-dollar mark, reaching $1.1 trillion. This marks a doubling in wealth since 2019, with an addition of $316 billion in the past year alone.
• Wealth Distribution:
  Over 80% of the top 100 saw an increase in their net worth, with 58 individuals adding $1 billion or more. The top 12 alone account for nearly half of the total wealth of the top 100.

Top 10 Richest Individuals in India:

1. Mukesh Ambani – $119.5 billion (Reliance Industries, diversified assets)
   • Second biggest gainer, adding $27.5 billion.
2. Gautam Adani and Family – $116 billion (Adani Group, diversified assets)
   • Biggest gainer, adding $48 billion.
3. Savitri Jindal and Family – $43.7 billion (Metals and Mining)
   • India’s richest woman.
4. Shiv Nadar – $40.2 billion (HCL Enterprise)
5. Dilip Shanghvi and Family – $32.4 billion (Sun Pharmaceuticals)
6. Radhakishan Damani and Family – $31.5 billion
7. Sunil Mittal and Family – $30.7 billion
8. Kumar Birla – $24.8 billion
9. Cyrus Poonawalla – $24.5 billion
10. Bajaj Family – $23.4 billion

New Entrants and Notable Mentions:

• New Entrants:
  • Mahima Datla, head of Biological E, is the new female entrant on the list.
  • Others include B Partha Saradhi Reddy (Hetero Labs), Harish Ahuja (Shahi Exports), and Surender Saluja (Premier Energies).
• Industry Trends:
  • Owners of pharma and real estate companies saw a significant boost in wealth. Key individuals include Dilip Shanghvi (Sun Pharmaceuticals), Sudhir and Samir Mehta (Torrent Pharmaceuticals), Irfan Razack (Prestige Estates Projects), and the Godrej family.
• Youngest on the List:
  • Nikhil Kamath, 38, of Zerodha is the youngest individual on the list.
• Exclusion of Ratan Tata:
  • Ratan Tata, who passed away on October 9, was not on the list. Forbes’ list considers family fortunes rather than individual wealth, differing from its ‘World’s Billionaires’ list.

Compilation Details:

• The list was created using shareholding and financial data from various sources, including families, stock exchanges, analysts, and India’s regulatory bodies.
• It also includes foreign citizens with significant business, residential, or other ties to India.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Bihar Government Signs MoU with NASSCOM to Boost IT Sector

• The Bihar government signed a Memorandum of Understanding (MoU) with the National Association of Software and Service Companies (NASSCOM) to promote the state’s IT policy and investment potential.
• Bihar IT Minister Santosh Kumar Suman and NASSCOM Vice Presidents Srikanth Srinivasan and Nirupam Choudhary attended the signing.

1. Objective of the MoU:
   • The partnership aims to enhance IT infrastructure, attract investment, and promote skill development in Bihar.
   • NASSCOM will assist in organizing roadshows in major cities such as Bengaluru, Chennai, Mumbai, Hyderabad, and Pune to link Bihar with potential investors and technology companies.
2. Showcasing Bihar’s IT Growth:
   • Bihar will participate in NASSCOM’s national programs to highlight the state’s IT activities and progress.
   • This platform will present Bihar’s advancements in IT infrastructure, policy development, and skill initiatives to both national and international investors.
3. Roadshow Initiative:
   • The roadshows will facilitate direct interaction between Bihar government officials and key industry players, enhancing the state’s attractiveness as an IT investment hub.

CURRENT AFFAIRS: SPORTS NEWS

IPS Officer Anita Roy Makes History with Gold Medal at Commonwealth Bench Press Competition

• IPS Officer Anita Roy, Senior Superintendent of Police (SSP) in Puducherry, has become the first IPS officer to win a gold medal at the Commonwealth International Classic Bench Press Competition.
• The event was held in Sun City, South Africa, on October 4, 2024, where the 46-year-old lifted 70 kg, outperforming competitors from 43 countries.

1. Fitness Journey and Challenges:
   • Roy’s fitness journey began in 2019 and faced significant challenges, including contracting COVID-19 in 2021 and a subsequent knee injury.
   • After switching to bench pressing, she found success, winning the 2022 Delhi State Powerlifting Championship and the National Bench Press Championship in Bengaluru in 2023.

Rafael Nadal Announces Retirement After Legendary Tennis Career

• Rafael Nadal, the tennis legend, has confirmed his retirement after a 23-year career, with plans to conclude his professional journey following the upcoming Davis Cup final.

1. Career Overview:
   • The 38-year-old Spaniard announced his decision via a heartfelt video on social media platform X, reflecting on the challenges he faced in recent years due to injuries and limitations.
   • Nadal turned professional at 15 in 2001 and quickly became one of the sport’s foremost figures.
2. Remarkable Achievements:
   • Grand Slam Titles: 22
   • French Open Titles: 14 (record holder)
   • US Open Titles: 2
   • Wimbledon Titles: 2
   • Australian Open Titles: 2
   • Davis Cup Titles: 5
   • Olympic Gold Medals: 1 (Singles), 1 (Doubles)
   • ATP Tour Titles: 92
   • Career Prize Money: Over $130 million
3. Legacy:
   • Nadal’s legacy transcends his impressive records; he is celebrated for his sportsmanship and passion for the game. His influence on tennis will resonate with fans and players for generations to come.
4. Most Grand Slams in Tennis History:
   • Novak Djokovic: 24
   • Rafael Nadal: 22
   • Roger Federer: 20
   • Pete Sampras: 14
   • Roy Emerson: 12

CURRENT AFFAIRS: IMPORTANT DAYS

World Arthritis Day: October 12

• World Arthritis Day 2024 falls on October 12.
• The theme for World Arthritis Day 2024 is “Informed Choices, Better Outcomes.”
• The Arthritis Foundation established World Arthritis Day.
• ‘The Greek terms “arthro,” which means “joint,” and “itis,” which means “inflammation,” are the origin of the word “arthritis.” Inflammation of the joints is a symptom of arthritis.
• Any living organism with bones is susceptible.
• The existence of ankle arthritis in humans dates back to at least 4500 B.C., and there is evidence that it was present in dinosaurs as well! In actuality, it was among the most prevalent diseases among prehistoric populations.
• In William Musgrave’s 1715 book “De Arthritide Symptomatica,” it was first in-depth researched and categorized.

International Day for Disaster Risk Reduction: October 13

• The International Day for Disaster Risk Reduction 2024 is observed on the 13th of October.
• The International Day for Natural Disaster Reduction was established by a resolution passed by the UN General Assembly in 1989.
• However, the Assembly changed its resolution on December 21, 2009, deciding to observe the Day on October 13.
• Also, the day was renamed International Day for Disaster Risk Reduction.

World Standards Day: October 14

• World Standards Day is observed annually on the 14th of October 2024.
• The first World Standards Day was celebrated in 1946 in London, the same year that the International Organization for Standardization was founded.
• Every year on October 14, people all over the world, including members of the I.E.C., I.S.O., I.T.U., and other international standardization organizations, celebrate the collaborative efforts of experts, volunteers, and really everyone who participates in standardization activities globally.
• This celebration serves to highlight the significance of written standards for the global economy.

Daily CA One-Liner: October 12, 13, & 14

• The Cabinet Committee on Security (CCS), headed by Prime Minister Narendra Modi, has approved Phase III of the Space-Based Surveillance (SBS) mission for enhanced land and maritime domain awareness
• The central government has announced the release of over ₹1.78 lakh crore in tax devolution to state governments
• Indian Oil organised the Indane XTRATEJ HORECA Harmony Meet at JW Marriott, Kolkata, bringing together key players from the city’s hospitality industry including hoteliers, restaurateurs, and caterers
• The World Trade Organization (WTO) has updated its projections for global merchandise trade growth, presenting both upward and downward adjustments for the coming years
• The 2024 Nobel Prize in Literature was awarded to Han Kang, a celebrated South Korean author, recognized for her intense poetic prose that delves into historical traumas and the fragility of human life
• The Norwegian Nobel Committee has awarded the 2024 Nobel Peace Prize to Nihon Hidankyo, a Japanese organization representing the survivors of the atomic bombings of Hiroshima and Nagasaki.
• The combined wealth of India’s richest individuals surpassed the trillion-dollar mark, reaching $1.1 trillion. This marks a doubling in wealth since 2019, with an addition of $316 billion in the past year alone
• The Bihar government signed a Memorandum of Understanding (MoU) with the National Association of Software and Service Companies (NASSCOM) to promote the state’s IT policy and investment potential
• IPS Officer Anita Roy, Senior Superintendent of Police (SSP) in Puducherry, has become the first IPS officer to win a gold medal at the Commonwealth International Classic Bench Press Competition
• Rafael Nadal, the tennis legend, has confirmed his retirement after a 23-year career, with plans to conclude his professional journey following the upcoming Davis Cup final.
• The Unified Payment Interface (UPI) transaction volumes increased by 52% in the first six months of 2024 (H1CY24) compared to the same period in 2023 (H1CY23).
• The Reserve Bank of India (RBI) asked the asset reconstruction companies (ARCs) to become members of all the credit information companies (CICs) and submit the required data to them as per the Uniform Credit Reporting Format.
• Funds raised by non-banking financial companies (NBFCs), including state-owned finance companies and refinance institutions, from the domestic debt capital market exceeded Rs 3.2 trillion in the April to September period of the financial year 2025 (H1FY25).
• The Reserve Bank of India (RBI) accepted bids worth ₹24,453.3 crore for government securities at the buyback auction.
• The Securities and Exchange Board of India (SEBI) extended the deadline to implement direct payout of securities to Demat accounts from October 14 to November 11, 2024 to ensure a hassle-free implementation.
• Mastercard and Citigroup have teamed up to enable 24/7 cross-border payments using debit cards, expanding payment options for consumers and businesses globally.
• The 12th Meeting of the India-United Arab Emirates (UAE) High-Level Joint Task Force on Investments (HLJTFI) took place in Mumbai, Maharashtra.
• Ratapani Wildlife Sanctuary, located near Bhopal, Madhya Pradesh (MP), will soon be declared the state’s 8th tiger reserve.
• The Maharashtra Cabinet, led by Chief Minister Eknath Shinde, passed a resolution urging the Central Government to confer the Bharat Ratna, India’s highest civilian award, to Ratan Tata.
• Manoj Kumar Dubey has been appointed as the Chairman & Managing Director (CMD) and Chief Executive Officer (CEO) of the Indian Railway Finance Corporation (IRFC).
• Noel Tata, the half-brother of Ratan Tata, has been appointed Chairman of Tata Trusts, following a board meeting held in Mumbai.
• The Reserve Bank of India (RBI) approved Partha Pratim Sengupta as the new Managing Director and Chief Executive Officer (MD & CEO) of Bandhan Bank for a three-year term starting from November 10, 2024.
• Amazon has acquired the free streaming OTT platform MX Player and merged it with its content streaming service miniTV to launch ‘Amazon MX Player’.
• Hindustan Zinc Limited and IIT Madras have signed a Memorandum of Understanding (MoU) to jointly develop a 1 kWh electrically rechargeable zinc-air battery prototype.
• World Arthritis Day 2024 falls on October 12.
• The International Day for Disaster Risk Reduction 2024 is observed on the 13th of October
• World Standards Day is observed annually on the 14th of October 2024.

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