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CURRENT AFFAIRS : BANKING & FINANCE
Public Sector Banks (PSBs) Report 11% Year-on-Year Growth in First Half of FY 2024-25
- Under the leadership of Prime Minister Shri Narendra Modi and Finance Minister Nirmala Sitharaman, major banking reforms were implemented, including:
- Enhanced Access and Service Excellence (EASE).
- Insolvency and Bankruptcy Code (IBC).
- Establishment of National Asset Reconstruction Company Ltd. (NARCL).
- Amalgamation of Public Sector Banks (PSBs).
Key Highlights :
- Review Meetings and Deliberations:The review meetings chaired by the Union Finance Minister facilitated deliberations on a range of current and emerging issues with the Chief Executives of PSBs.
- The reforms and regular monitoring have addressed many concerns and challenges, and resulted in setting-up enhanced systems and processes for credit discipline, recognition and resolution of stressed assets, responsible lending, improved governance, financial inclusion initiatives, technology adoption etc.
- Sustained Financial Health of PSBs : These measures have led to a sustained financial health and robustness of banking sector as a whole which is reflected in the current performance of the PSBs as following:
- Performance Metrics for H1 FY 2024-25 : The aggregate business stood at 236.04 lakh crore (11% YoY growth).
- Global credit and deposit portfolio grew by 12.9% and 9.5% YoY, and stood at Rs. 102.29 lakh crore and Rs. 133.75 lakh crore respectively.
- Profit Growth : The Operating and Net Profit for H1FY25 was 1,50,023 crore (14.4% YoY growth) and Rs.85,520 crore (25.6% YoY growth).
- Decline in NPAs : The Gross and Net NPA stood at 3.12% and 0.63% as on Sep-24 (Gross and Net NPA declined by 108 bps and 34 bps respectively YoY).
- Capital Adequacy : The Capital to RWA assets ratio (CRAR) stood at 15.43% in Sep-24 against regulatory requirement of 11.5%.
- Technological Advancements:PSBs have made significant progress in adopting new technologies like AI, cloud computing, and blockchain.
- Efforts have been made to upgrade digital infrastructure and implement systems to tackle cybersecurity risks.
- Customer Service Improvements:Steps have been taken to enhance customer service, aiming to provide best-in-class services.
Pension Fund Regulatory and Development Authority Calls for Bids to Select System Integrator for Design, Development, and Maintenance of PFRDA Connect Website
- The Pension Fund Regulatory and Development Authority (PFRDA) launched the PFRDA-Connect project as part of its Technology Architecture (TARCH) initiative.
- The goal is to enhance PFRDA’s digital presence by overhauling its official website to improve the user experience.
Key Highlights :
- Bid Invitation and Timeline:PFRDA has invited bids for selecting a System Integrator (SI) to design, develop, implement, and maintain the PFRDA-Connect platform.
- Last date for bid submission is 9th December 2024.
- User-Centric Focus:The enhancement targets the needs of PFRDA’s diverse user base through a modular, interactive, and easy-to-use solution.
- Aims to improve user experience across the user journey on the website.
- Technology and Hosting Requirements:The solution will be built with the latest technological advancements and include a future development roadmap.
- It will be hosted on a Virtual Private Cloud (VPC) from a MeITY-empanelled provider.
- System Integrator’s Role:The selected System Integrator will be responsible for:
- Studying the existing website.
- Providing design, development, customization, implementation, and maintenance for the new platform.
- PFRDA’s Digital Transformation:This project is part of PFRDA’s broader digital transformation efforts, with the System Integrator playing a key role in this journey.
About PFRDA :
- Established : 2003
- Headquarters : New Delhi, Delhi
- Chairman : Deepak Mohanty
- PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
- It operates under the jurisdiction of the Ministry of Finance in the Government of India.
Visa partners with Affirm to introduce flexible payment card in the US
- Visa has partnered with fintech company Affirm to introduce a single card in the U.S. that supports both debit transactions and “Buy Now, Pay Later” (BNPL) purchases, catering to the demand for flexible payment options.
- Visa is also launching this feature in the United Arab Emirates with Liv Bank, with plans to expand into Europe in the coming months.
Key Highlights :
- Market Demand: A Visa study highlights that 51% of card users prefer having access to multiple accounts and funding sources through a single credential, demonstrating a rising need for payment flexibility.
- Flexible Credential Feature: Visa’s “Flexible Credential” feature, which allows this multi-functionality, is already available in six Asian markets: Hong Kong, Japan, the Philippines, Singapore, Thailand, and Vietnam, with plans for expansion over the next year.
- Industry Collaboration: This Visa-Affirm collaboration underscores a trend of partnerships between fintechs and traditional financial institutions to leverage mutual strengths and create new revenue opportunities.
- Affirm’s User Base: Affirm had 1.4 million active cardholders as of the end of September, showcasing its established presence in the flexible payments sector.
- Customer Benefits: This initiative simplifies the user experience by reducing the need to carry separate debit and credit cards for everyday and larger purchases, enhancing convenience in a rapidly digitalizing payment landscape.
About Visa Inc :
- Founded : September 18, 1958
- Headquarters : San Francisco, California, United States
- CEO : Ryan McInerney
About Affirm Holdings, Inc :
- Founded : 2012
- Headquarters : San Francisco, CA, United States
- Chairman & CEO : Max Levchin
Federal Bank raises ₹1,500 crore through inaugural 10-year infrastructure bond issue
- Federal Bank raised ₹1,500 crore through its first 10-year infrastructure bonds, issued on a private placement basis.
- The bonds carry a coupon rate of 7.76%.
- The issuance included a base amount of ₹750 crore with an additional ₹750 crore greenshoe option, allowing for extra subscription.
- The bonds were priced with a spread of approximately 80 basis points over the 10-year benchmark Government Security.
- The bonds attracted substantial subscription, with primary investors including insurance companies, pension funds, and other institutional investors.
- These bonds will be listed on the National Stock Exchange of India (NSE).
- Following the success of this issuance, Federal Bank may consider another infrastructure bond issuance in the next six months.
- State Bank of India (SBI) is also expected to issue 15-year infrastructure bonds soon, with a target to raise up to ₹10,000 crore to fund sectors like steel, roads, and renewable energy.
About Federal Bank :
- Founded : 23 April 1931
- Headquarters : Aluva, Kochi, Kerala, India
- MD & CEO : KVS Manian
- Tagline : Your Perfect Banking Partner
Securities and Exchange Board of India Streamlines Registration Process for Select Foreign Portfolio Investors
- The Securities and Exchange Board of India (SEBI) has announced the introduction of an abridged application form for Foreign Portfolio Investors (FPIs), which includes auto-populated fields for certain categories, making the process quicker and easier.
- The simplified form will be implemented after three months, following the release of implementation standards by the Custodians and Designated Depository Participants Standards Setting Forum (CDSSF).
- The primary goal of these changes is to ease the burden on custodians and applicants, facilitating faster processing and improved efficiency in FPI registration.
Key Highlights :
- Targeted FPIs: The new form is intended for specific categories of FPIs, including:
- Funds operated by investment managers already registered as FPIs.
- Sub-funds, segregated portfolios, and schemes of insurance companies with a parent already registered as an FPI.
- Auto-Populated Fields: The simplified form will auto-populate or disable fields that are not relevant to certain applicants, reducing manual entry.
- Optional Process: FPIs will have the option to either continue with the current registration process or use the new, simpler version of the common application form (CAF).
- Role of DDPs: Designated Depository Participants (DDPs) will update the details in the CAF based on the applicant’s information and ensure the system reflects complete data for future reference.
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.
Razorpay introduces venture investment initiative to back early-stage B2B startups
- Fintech major Razorpay has launched its venture investment arm, Razorpay Venture Investment Program, to support the growth of early-stage B2B startups.
- The program is developed in collaboration with Peak XV Partners and Lightspeed.
Key Highlights :
- Funding Scope: Each startup can receive up to $1 million in funding, targeting over 50 B2B founders.
- Target Stage: Focused on startups from pre-seed to Series A across sectors like fintech, e-commerce, healthcare, education, and logistics.
- Support Offered:
- Financial Investment
- Mentorship and Guidance from Razorpay leadership, including its founders.
- Technical Resources: Access to Razorpay’s tech suite, API stack, and sandbox environments.
- Benefits:Access to Razorpay’s distribution network and customer base.
- Support for tech integration and market access to enhance growth and regulatory compliance.
- Growth Potential in B2B Sector: India is expected to add 10-15 new B2B unicorns within the next five years.
About Razorpay :
- Founded : 2014
- Headquarters : Bangalore, Karnataka
- Co-founder & CEO : Harshil Mathur
Finance Minister Nirmala Sitharaman Launches National MSME Cluster Outreach Programme, Opens New SIDBI Branches in Bengaluru, Karnataka
- Union Minister for Finance and Corporate Affairs Nirmala Sitharaman launched the National Micro, small and medium enterprises (MSME) Cluster Outreach Programme, organised jointly by the Department of Financial Services (DFS), Ministry of Finance, Government of India, and Small Industries Development Bank of India (SIDBI).
Key Highlights :
- Virtual Connection of MSME Clusters:150 MSME clusters were connected virtually for the launch, with senior bank officials present at each of these clusters.
- Inauguration of New SIDBI Branches:Six new SIDBI branches were inaugurated in Karnataka (Tumakuru, Raichur, Shivamogga, Kalaburagi, Mangaluru, and Vijayapura) to enhance financial assistance to MSMEs in these regions.
- Nari Shakti Branches of Union Bank of India:Four Nari Shakti Branches of Union Bank of India were inaugurated in Bengaluru, Chennai, Jaipur, and Vishakhapatnam to empower women entrepreneurs.
- Learning Centre by Canara Bank:A Learning Centre was inaugurated by Smt. Sitharaman at Bagaluru, Bengaluru, under the aegis of Canara Bank.
- MSME Credit Target:The Union Finance Minister set a target for Scheduled Commercial Banks and NBFCs to provide an additional 1.54 lakh crore in MSME credit for the current financial year.
- The credit growth targets are set at Rs. 5.75 lakh crore, Rs. 6.21 lakh crore, and Rs. 7 lakh crore for FY 2024-25, 2025-26, and 2026-27, respectively.
- MoU Between SIDBI and Peenya Industries Association:SIDBI signed an MoU with the Peenya Industries Association to support MSMEs through capacity building, credit facilities, and knowledge-sharing.
- Sanction Letters Distribution:Smt. Sitharaman distributed sanction letters to 11 MSME customers of SIDBI, totaling Rs. 25.75 crore, and 2 MSME customers of the Nari Shakti Branch of Union Bank totaling Rs. 11 crore.
- Support to MSMEs in Various Sectors:The sanction letters supported enterprises in sectors ranging from traditional industries to advanced fields like aerospace and quantum technology.
- Increased Loan Limit under PMMY:Smt. Sitharaman handed over sanction letters to five borrowers of Canara Bank under the newly launched Tarun Plus category of the Pradhan Mantri Mudra Yojna (PMMY).
- The loan limit under PMMY has been increased from Rs. 10 lakh to Rs. 20 lakh, as per the Union Budget 2024-25.
CURRENT AFFAIRS: NATIONAL NEWS
Prime Minister Narendra Modi’s Visit to Nigeria, Brazil, and Guyana: November 16-21, 2024
- Prime Minister Shri Narendra Modi is set to embark on a significant international trip from November 16 to 21, 2024, visiting Nigeria, Brazil, and Guyana.
- This tour will focus on strengthening bilateral ties, participating in key summits, and engaging with the Indian diaspora.
Key Details of the Visit
- Nigeria: Strengthening Strategic Partnership
- Dates: November 16-17, 2024
- Invitation: From Nigerian President H.E. Mr. Bola Ahmed Tinubu
- Significance: First Indian Prime Minister visit to Nigeria in 17 years.
- Focus Areas:
- Strategic Partnership Review: Enhancing economic, energy, and defense collaborations.
- Economic Ties: Over 200 Indian companies have invested USD 27 billion in Nigeria, bolstering economic ties.
- Community Engagement: Addressing the Indian community in Nigeria, reflecting India’s strong cultural and developmental connections with Nigeria.
- Brazil: Participation in the G20 Summit
- Dates: November 18-19, 2024
- Location: Rio De Janeiro
- Invitation: From Brazilian President H.E. Mr. Luis Inacio Lula Da Silva
- Role: India is part of the G20 Troika alongside Brazil and South Africa.
- Agenda:
- India’s Position on Global Issues: Emphasis on building upon India’s initiatives from the G20 New Delhi Leaders’ Declaration and the Voice of the Global South Summits.
- Bilateral Engagements: On the sidelines, PM Modi will meet with several world leaders to discuss issues of mutual interest.
- Guyana: Fostering Historic Ties and Regional Cooperation
- Dates: November 19-21, 2024
- Invitation: From Guyanese President H.E. Dr. Mohamed Irfaan Ali
- Significance: First Indian Prime Minister visit to Guyana since 1968.
- Objectives:
- Bilateral Discussions: Talks with President Ali and senior leaders to further solidify India-Guyana relations.
- Parliament Address: PM Modi will address the Parliament of Guyana and connect with the Indian diaspora.
- CARICOM-India Summit:
- Second CARICOM-India Summit in Georgetown.
- Regional Engagement: Meetings with CARICOM leaders to enhance India’s relations and cooperation with the Caribbean region.
Union government approves first-ever all-women battalion in CISF
- The Union government has approved the first all-women battalion within the Central Industrial Security Force (CISF), comprising 1,025 personnel.
- This decision aims to bolster the force’s capabilities in VIP security, airport security, and other essential installations.
Key Details:
- Composition:
- The battalion, termed a “reserve battalion,” will be led by a senior commandant and includes over 1,000 women personnel.
- The creation of this unit will be achieved within the current sanctioned CISF manpower of approximately 2 lakh personnel.
- Purpose and Role:
- This elite battalion is being specially trained to fulfill versatile roles, including VIP protection, airport and metro security, as well as duties at heritage sites like the Taj Mahal and Red Fort.
- Reserve units like this provide readiness and reinforcement for the CISF, useful in both temporary assignments (e.g., election duties) and permanent roles (e.g., guarding Parliament House, now under CISF cover).
- Current CISF Structure:
- CISF has 12 existing reserve battalions, which are currently mixed-gender units.
- Women already make up about 7% of the CISF’s 1.80 lakh personnel and are deployed at multiple CISF-protected facilities, including 68 civil airports and the Delhi Metro.
- Strategic Significance:
- The all-women unit aligns with Union Home Minister Amit Shah’s vision shared at the 53rd CISF Raising Day in 2023.
- It is seen as a step to inspire more women to join CISF, providing a unique platform for women in national security and promoting gender diversity in critical security roles.
Future Steps:
- Recruitment and Training: Preparations are underway for early recruitment and tailored training of the personnel, with specialized programs designed for elite-level readiness.
About CISF:
Established in 1969, CISF is known for its counter-terrorist security roles at high-risk facilities, including nuclear and aerospace installations and private sector sites like Infosys in Bangalore and Reliance’s Jamnagar refinery.
Defence Minister’s Address at Delhi Defence Dialogue 2024
- India aims to establish itself as a global drone hub, integrating advanced technologies and intellectual property (IP) creation in unmanned systems, which is crucial as drones redefine modern warfare.
- Strategies:
- Enhanced R&D: The government is enhancing research and development (R&D) with reliable certification mechanisms.
- IP Support: Focus on facilitating Indian IP creation, supporting Make in India and Aatmanirbhar Bharat (Self-Reliant India) goals.
- Innovation Rewards: Promoting innovation through iDEX (Innovations for Defence Excellence) and ADITI (Awards for Defence Technology Innovation).
- Delhi Defence Dialogue 2024
- Theme: “Adaptive Defence: Navigating the Changing Landscape of Modern Warfare”
- Organiser: Manohar Parrikar Institute for Defence Studies and Analyses (MP-IDSA).
- Focus: Exploring adaptive strategies to anticipate and address modern warfare challenges proactively.
- Defining Adaptive Defence
- Concept: Adaptive Defence is about not only responding to but anticipating future threats, fostering resilience, agility, and integration with futuristic technologies.
- Key Elements:
- Situational Awareness: Understanding dynamic threat landscapes.
- Strategic Flexibility: Ability to respond at both strategic and tactical levels.
- Resilience and Agility: Ensuring adaptability amid unpredictability.
- Technological Integration: Leveraging emerging technologies for operational advantage.
- Evolving Warfare and Strategy
- Transformation of Warfare: Traditional war strategies are being redefined with new technologies, strategic partnerships, and innovative doctrines.
- Focus on Modern Threats: With evolving threats, the Indian armed forces are adopting new operational concepts to stay ahead in modern and hybrid warfare.
New Water Pollution Penalty Rules: Streamlining Inquiry and Enforcement
- The Central Government has introduced the Water (Prevention and Control of Pollution) (Manner of Holding Inquiry and Imposition of Penalty) Rules, 2024, effective November 11, 2024.
- These rules aim to simplify and expedite the process of addressing water pollution offences under the Water (Prevention and Control of Pollution) Act, 1974.
Key Features of the New Rules:
- Complaint Filing: Complaints can now be filed electronically, via speed post, or in person, providing greater accessibility for citizens and organizations.
- Inquiry Timeline:
- Adjudicating officers are mandated to initiate inquiries within 30 days of receiving a complaint.
- The entire inquiry process, including evidence gathering and decision-making, must be completed within six months, significantly reducing delays.
- Efficient Process: The rules eliminate some procedural formalities, ensuring a faster and more efficient inquiry process.
- Stricter Enforcement: Authorities are empowered to take tougher actions against violators, including imposing penalties and other punitive measures.
Expected Impact:
- The new rules aim to strengthen the enforcement of water pollution laws and address environmental issues more quickly, ensuring better protection of India’s water resources.
NITI Aayog Launches ASSET Platform for Accelerating Green Energy Transition
- NITI Aayog, in collaboration with the Ministry of Power and the Ministry of New and Renewable Energy, has introduced the ASSET platform to support India’s green energy transition and assist states in developing energy transition blueprints.
- The platform aims to accelerate renewable energy adoption and sustainable growth in alignment with national goals.
Key Features of the ASSET Platform:
- Platform Objective: ASSET stands for Accelerating Sustainable Solutions for Energy Transition. It helps states create energy transition plans, implement projects, and showcase best practices in various energy sectors.
- Blueprints for Energy Transition: States must prepare comprehensive energy transition blueprints detailing strategies for renewable energy adoption to align with India’s national sustainability goals.
- Project Development: Bankable projects must be developed for effective energy transition, ensuring financial feasibility and successful implementation.
- Innovation Focus: Encouraging innovation in technologies such as Battery Energy Storage Systems (BESS), green hydrogen, and offshore wind is essential for accelerating the transition.
Financial Challenges and Solutions:
- The renewable energy sector faces financial challenges, and innovative funding mechanisms will be key to overcoming these hurdles. Private-sector-driven models can provide necessary financial support for green energy projects.
Technology and Best Practices:
- The ASSET platform will feature upcoming technologies and best practices in energy efficiency and e-mobility, fostering collaboration among states and contributing to the development of a robust energy ecosystem.
National Aspirations:
- India aims to become a Viksit Bharat (Developed India) by 2047, and the transition to net-zero greenhouse gas emissions by 2070 is a critical aspect of this vision.
Important Facts:
- ASSET: Stands for Accelerating Sustainable Solutions for Energy Transition.
- Viksit Bharat: Refers to India’s goal of becoming a developed nation by 2047.
- BESS: Stands for Battery Energy Storage Systems, which are vital for enhancing energy efficiency.
- ISEG Foundation: Serves as a knowledge partner to promote sustainable energy practices in collaboration with NITI Aayog.
CURRENT AFFAIRS: BUSINESS NEWS
India’s CPI inflation spikes to a 14-month high of 6.2% in October 2024
- India’s Consumer Price Index (CPI) inflation for October 2024 rose to 6.21% year-on-year, surpassing the 6% estimate marking an increase from 5.5% in September.
- This rate exceeds the Reserve Bank of India’s target range of 4% (±2%).
Key Inflation Drivers:
- Food Price Surge:
- Consumer Food Price Index (CFPI) hit a provisional 10.87%, driven by escalating food costs impacting household budgets.
- Rural vs. Urban Breakdown:
- Rural CPI inflation: 6.68%; Food inflation: 10.69%
- Urban CPI inflation: 5.62%; Food inflation: 11.09%
- Contributing Sectors:
- Sharp Increase in vegetable, fruit, and oil prices, with essentials like tomatoes, onions, and potatoes staying high.
- Declines were observed in pulses, eggs, sugar, and spices, offering slight relief in these categories.
- Housing and Energy Inflation:
- Urban Housing Inflation: Increased slightly to 2.81% from 2.72% in September.
- Electricity Costs: All India Electricity Index recorded 5.45% inflation, marginally higher than 5.39% in September.
- Core CPI:
- Core inflation (excluding food and energy) climbed to 3.7%, reaching a 10-month high, slightly higher than the expected 3.6%.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
DBS Bank appoints Rajat Verma as the next Chief Executive Officer for India
- Rajat Verma, the current Head of Institutional Banking at DBS Bank India, has been nominated to become the next Chief Executive Officer (CEO) of DBS India, succeeding Surojit Shome.
- Surojit Shome, the current CEO of DBS Bank India, will retire after leading the bank since 2015.
- The Reserve Bank of India (RBI) must approve all CEO appointments for banks in India, including the nomination of Rajat Verma.
- Prior to joining DBS, Rajat Verma had over 26 years of experience at HSBC, where he served as the Head of Commercial Banking in India.
- DBS Bank has been operating in India for over 30 years, with more than 530 branches across 19 states in the country.
About DBS Bank India :
- Headquarters : Mumbai, Maharashtra
- MD & CEO : Surojit Shome
CURRENT AFFAIRS: SCIENCE & TECHNOLOGY
Israeli Researchers Create Software for In-Memory Processing, Eliminating central processing unit Dependency
- Israeli researchers have developed software that enables computers to process data directly in memory, bypassing the need for the central processing unit (CPU).
Key Highlights :
- Addressing Bottlenecks:This technology addresses the energy- and time-intensive data transfer between memory and CPU, which has become a bottleneck in modern computing.
- Time and Energy Efficiency:By performing computations directly in memory, the approach reduces dependence on the CPU, leading to significant time and energy savings.
- The “Memory Wall” Problem:The research aims to solve the “memory wall” problem, where the speed of processors and memory capacity increases faster than the data transfer rates.
- Traditional Computing Model:Traditional programs rely on separate hardware components for memory and processing, requiring data transfer from memory to CPU for computation.
- PyPIM Platform:The researchers developed a platform called PyPIM that integrates the Python programming language with digital processing-in-memory (PIM) technology.
- New Instructions for In-Memory Operations:PyPIM enables operations to be performed directly in memory using new instructions.
- Developer-Friendly:PyPIM allows developers to write software for PIM-enabled computers using familiar languages like Python.
- Simulation Tool:A simulation tool was created to help developers estimate performance improvements from in-memory computing.
- Performance Gains:Using PyPIM for mathematical and algorithmic tasks led to significantly faster processing with minimal code adjustments.
CURRENT AFFAIRS : DEFENCE NEWS
Defence Research and Development Organisation Successfully Conducts First Flight Test of Long Range Land Attack Cruise Missile off Odisha Coast
- The Defence Research and Development Organisation (DRDO) conducted the first flight-test of the Long Range Land Attack Cruise Missile (LRLACM) on November 12, 2024.
- The test was conducted from the Integrated Test Range (ITR), Chandipur, off the coast of Odisha, using a mobile articulated launcher.
Key Highlights :
- Missile Features:The missile has a range of 1,000 km and is an improved variant of the Nirbhay LRLACM.
- Advanced avionics and software are integrated into the missile to ensure reliable performance.
- It is equipped with waypoint navigation and can perform various manoeuvres while flying at different altitudes and speeds.
- Test Observations:During the test, all sub-systems performed as expected and met the primary mission objectives.
- The missile’s flight was monitored by various sensors, including Radar, Electro Optical Tracking System, and telemetry, deployed by ITR to ensure complete coverage of the flight path.
- Development and Production:The LRLACM was developed by Aeronautical Development Establishment (ADE) in Bengaluru, with contributions from other DRDO laboratories and Indian industries.
- Bharat Dynamics Limited (BDL) and Bharat Electronics Limited (BEL) are the Development-Cum-Production-Partners for LRLACM and are involved in missile development and integration.
- Missile Launch Configuration:The missile is configured to be launched from ground-based mobile articulated launchers and also from frontline ships using a universal vertical launch module system.
- Significance and Approval:The missile was approved for procurement by the Defence Acquisition Council in July 2020, under a Mission Mode Project.
- The test marks a major milestone in indigenous cruise missile development.
- Recognition:Raksha Mantri Shri Rajnath Singh congratulated DRDO, the Armed Forces, and the industry on the successful maiden flight test, noting its importance for future indigenous missile development programmes.
About DRDO :
- Established : 1958
- Headquarters : New Delhi, India
- Chairman : Sameer V. Kamat
Air Marshal Ashutosh Dixit Launches C-295 Full Motion Simulator at Agra Air Force Station
- Air Marshal Ashutosh Dixit, AOC-in-C Central Air Command, inaugurated the IAF C-295 Full Motion Simulator (FMS) on 11th November 2024 at Air Force Station Agra.
- The FMS will allow significant portions of pilot training to be conducted in a simulator, conserving flying hours on the actual aircraft.
- Training Capabilities:The state-of-the-art simulator provides a realistic training environment for pilots, simulating various missions such as:
- Tactical airlift
- Para-dropping and para-trooping\
- Medical evacuation
- Disaster relief
- It also enables simulation of high-risk and critical situations, enhancing pilot readiness and safety.
- Flight Safety Enhancement:The simulator allows pilots to practice emergency handling requiring time-critical decisions, which contributes to improved flight safety during military operations.
- Atmanirbhar Bharat Initiative:The induction of C-295 aircraft marks a step toward “Atmanirbhar Bharat” (Self-Reliant India), as it involves private sector production of transport aircraft in India, boosting the aerospace ecosystem.
DRDO Transfers Authority Holding Sealed Specifications of P-7 Parachute System to Directorate General of Quality Assurance
- The Authority Holding Sealed Particulars (AHSP) of the P-7 Parachute System was handed over by DRDO’s Aerial Delivery Research and Development Establishment (ADRDE), Agra, to the Directorate General of Quality Assurance (DGQA) on November 11, 2024.
Key Highlights :
- Significance of AHSP: AHSP is responsible for managing the technical details, history, updates, and obsolescence of defence products.
- Design and Development: The P-7 Parachute System was designed, developed, and qualified by ADRDE, a DRDO laboratory.
- Manufacturing Partner: The parachute system was manufactured by Gliders India Limited (GIL) – Ordnance Parachute Factory (OPF) in Kanpur.
- Payload Capacity: The P-7 Parachute System is capable of airdropping payloads up to 9.5 tons from an IL-76 aircraft at altitudes up to 4 km.
- Operational Use: The Indian Army can use this parachute system to rapidly deploy equipment such as Light Field Guns and Jeeps in border or conflict areas.
- Army Indent: The Indian Army has ordered 146 P-7 Heavy Drop Parachute Systems from GIL (OPF), Kanpur.
- Evaluation and Induction: The system has successfully passed General Staff Evaluation and has been inducted into the Indian Armed Services.
- Event Dignitary: The AHSP transfer ceremony was attended by Dr. Samir V. Kamat, Secretary of the Department of Defence R&D and Chairman DRDO.
CURRENT AFFAIRS: SPORTS NEWS
ICC Players of the Month for October 2024: Amelia Kerr and Noman Ali
- The International Cricket Council (ICC) awarded New Zealand’s Amelia Kerr and Pakistan’s Noman Ali as the ICC Players of the Month for October 2024.
- Both athletes were vital in their teams’ recent successes, showcasing exceptional skill and determination.
Amelia Kerr: Leading New Zealand to World Cup Victory
- Impact on the Women’s T20 World Cup: Kerr’s all-round brilliance propelled New Zealand to their first-ever T20 World Cup victory in the UAE. She amassed 160 runs and an impressive 19 wickets throughout the tournament.
- Record-Breaking Achievements:
- Australia Match: Scored 29 runs and took 4 wickets.
- Sri Lanka: Contributed 34 runs and took 2 wickets.
- Pakistan and West Indies: Key bowling spells, including 3 for 14 against Pakistan and 2 for 14 in the semi-final.
- Final Performance: In the final against South Africa, Kerr scored a crucial 43 off 38 balls and took 3 for 24 to secure New Zealand’s victory. This performance solidified her status as a cricketing hero and earned her the Player of the Tournament award.
- Previous Accolades: Kerr is no stranger to recognition, having also won the ICC Player of the Month award in February 2022.
Noman Ali: The Backbone of Pakistan’s Test Success
- Series-Saving Bowling in Test Cricket: Noman’s stellar bowling was essential to Pakistan’s Test series comeback victory against England, helping them overturn a 1-0 deficit to win the series.
- Standout Performances:
- Second Test in Multan: Took eight wickets for 46 runs in the second innings, leading Pakistan to a 152-run win.
- Series Decider in Rawalpindi: Claimed three for 88 in the first innings and six for 42 in the second innings, sealing the series victory.
- Rise in Rankings: His performances vaulted him into the top ten of the ICC Men’s Test Bowling Rankings for the first time.
- Bowling Partnership: Noman’s coordination with fellow spinner Sajid Khan created a strong bowling duo that anchored Pakistan’s attack.
CURRENT AFFAIRS: IMPORTANT DAYS
World Usability Day: 14th November
- World Usability Day 2024 is observed on the 14th of November 2024.
- The User Experience Professional Association established World Usability Day in the year November 2005. The Association initially comprising of 50 members and it was started in the year 1991.
- The Association grew to serve a community of more than 2400 professionals around the world by promoting User Experience Concepts, conducting International Conference and publishing a Journal called “Journal of Usability Studies (JUS), publishing User Experience Magazine, and 59 local chapters in 30 countries”.
World Diabetes Day: 14th November
- World Diabetes Day 2024 is observed on the 14th of November 2024.
- The theme for World Diabetes Day 2024 is “Bridging Barriers and Bridging Gaps”.
- Diabetes is a disease but till now there is no permanent cure for it.
- World Diabetes Day became an official UN day in 2006. World Diabetes Day was established in 1991 by the International Diabetes Federation with support from WHO for the growing concerns about the health and economic threat posed by diabetes.
- Diabetes occurs due to insufficient secretion of Insulin by the Pancreas. In order to meet Insulin secretion for the body research took place and finally Insulin booster Injection was discovered by Sir Frederick G Banting (pictured), Charles H Best, and JJR Macleod at the University of Toronto in 1921 and it was later purified by James B Collip. It is one of the greatest discoveries.
- Till now Insulin injections have been given as a medicine for patients who have high glucose levels in the blood.
Children’s Day in India: 14th November
- Children’s Day in India is observed on the 14th of November 2024.
- Jawaharlal Nehru was born to a Kashmiri Brahmans Royal family on November 14th, 1889.
- Later he moved to Delhi and completed his Scholarship.
- His father’s name was Motilal Nehru. Jawaharlal was the eldest of four children, two of whom were girls.
- A sister, Vijaya Lakshmi Pandit, later became the first woman president of the United Nations General Assembly.
- Pandit Jawaharlal Nehru was called Chacha Nehru by the children.
- Jawaharlal Nehru believed that Children are the real strength of the nation and the foundation of society.
- After the death of Jawaharlal Nehru in 1964, a resolution was passed in the parliament unanimously to honour him, declaring his birth anniversary as the official date of Children’s Day.
Daily CA One- Liner: November 14
- Prime Minister Shri Narendra Modi is set to embark on a significant international trip from November 16 to 21, 2024, visiting Nigeria, Brazil, and Guyana.
- The Union government has approved the first all-women battalion within the Central Industrial Security Force (CISF), comprising 1,025 personnel
- India aims to establish itself as a global drone hub, integrating advanced technologies and intellectual property (IP) creation in unmanned systems, which is crucial as drones redefine modern warfare.
- The Central Government has introduced the Water (Prevention and Control of Pollution) (Manner of Holding Inquiry and Imposition of Penalty) Rules, 2024, effective November 11, 2024
- NITI Aayog, in collaboration with the Ministry of Power and the Ministry of New and Renewable Energy, has introduced the ASSET platform to support India’s green energy transition and assist states in developing energy transition blueprints
- India’s Consumer Price Index (CPI) inflation for October 2024 rose to 6.21% year-on-year, surpassing the 6% estimate marking an increase from 5.5% in September.
- The International Cricket Council (ICC) awarded New Zealand’s Amelia Kerr and Pakistan’s Noman Ali as the ICC Players of the Month for October 2024.
- Under the leadership of Prime Minister Shri Narendra Modi and Finance Minister Nirmala Sitharaman, major banking reforms were implemented, including:
- Enhanced Access and Service Excellence (EASE).
- Insolvency and Bankruptcy Code (IBC).
- Establishment of National Asset Reconstruction Company Ltd. (NARCL).
- Amalgamation of Public Sector Banks (PSBs).
- The Pension Fund Regulatory and Development Authority (PFRDA) launched the PFRDA-Connect project as part of its Technology Architecture (TARCH) initiative.
- Visa has partnered with fintech company Affirm to introduce a single card in the U.S. that supports both debit transactions and “Buy Now, Pay Later” (BNPL) purchases, catering to the demand for flexible payment options.
- Federal Bank raised ₹1,500 crore through its first 10-year infrastructure bonds, issued on a private placement basis.
- The Securities and Exchange Board of India (Sebi) has announced the introduction of an abridged application form for Foreign Portfolio Investors (FPIs), which includes auto-populated fields for certain categories, making the process quicker and easier.
- Fintech major Razorpay has launched its venture investment arm, Razorpay Venture Investment Program, to support the growth of early-stage B2B startups.
- Union Minister for Finance and Corporate Affairs Nirmala Sitharaman launched the National micro, small and medium enterprises (MSME) Cluster Outreach Programme, organised jointly by the Department of Financial Services (DFS), Ministry of Finance, Government of India, and Small Industries Development Bank of India (SIDBI).
- Rajat Verma, the current Head of Institutional Banking at DBS Bank India, has been nominated to become the next Chief Executive Officer (CEO) of DBS India, succeeding Surojit Shome.
- Israeli researchers have developed software that enables computers to process data directly in memory, bypassing the need for the central processing unit (CPU).
- The Defence Research and Development Organisation (DRDO) conducted the first flight test of the Long Range Land Attack Cruise Missile (LRLACM) on November 12, 2024.
- Air Marshal Ashutosh Dixit, AOC-in-C Central Air Command, inaugurated the IAF C-295 Full Motion Simulator (FMS) on 11th November 2024 at Air Force Station Agra.
- The Authority Holding Sealed Particulars (AHSP) of the P-7 Parachute System was handed over by DRDO’s Aerial Delivery Research and Development Establishment (ADRDE), Agra, to the Directorate General of Quality Assurance (DGQA) on November 11, 2024.
- World Usability Day 2024 is observed on the 14th of November 2024
- World Diabetes Day 2024 is observed on the 14th of November 2024.
- Children’s Day in India is observed on the 14th of November 2024.
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