Daily Current Affairs November 15th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

State Bank of India, HDFC Bank, and ICICI Bank Included in RBI’s 2024 List of Domestic Systemically Important Banks (D-SIBs) 

• The Reserve Bank of India (RBI) announced that State Bank of India (SBI), HDFC Bank and ICICI Bank will continue to be identified as Domestic Systemically Important Banks (D-SIBs).
• The D-SIB designated banks have to maintain additional Common Equity Tier 1 (CET1) in addition to the capital conservation buffer.
• In order to be listed as a D-SIB, a bank needs to have assets that exceed 2% of the national GDP.
• Banks are classified into five buckets under Domestic Systemically Important Banks (D-SIBs).

Key Highlights :

Surcharge on CET1:

• SBI: Additional CET1 requirement of 0.80% (effective from April 1, 2025).
• HDFC Bank: Additional CET1 requirement of 0.40% (effective from April 1, 2025).
• ICICI Bank: Additional CET1 requirement of 0.20% as a percentage of their Risk Weighted Assets (RWAs)
• Transition Period for SBI and HDFC Bank:The higher CET1 surcharge for SBI and HDFC Bank will be applicable from April 1, 2025.
• Prior to this, the surcharge will be 0.60% for SBI and 0.20% for HDFC Bank until March 31, 2025.
• Within the CRAR (capital to risk-weighted assets ratio) of 11.5 per cent for banks, the CET-1 is at 5.5 per cent.
• Impact on Capital Ratios:SBI’s capital ratio: From FY26, it will need 12.3% of capital for loans, up from 12.1% now.
• HDFC Bank’s capital ratio: From FY26, it will need 11.9% of capital for loans, up from 11.7% now.
• Criteria for Identifying D-SIBs:Banks are classified based on size, interconnectedness, substitutability, and complexity.
• Size has a weightage of 40%, while the other three factors each have a weightage of 20%.
• D-SIB Framework:The framework, issued by the RBI in 2014, requires disclosure of D-SIBs’ names and classification into appropriate buckets based on their Systemic Importance Scores (SISs).
• Asset Size Threshold:To be classified as a D-SIB, a bank’s assets must exceed 2% of the national GDP.
• RBI’s Role:The RBI monitors and updates the D-SIB list annually, using data collected from banks (e.g., March 31, 2024 data for the current list).
• SBI, HDFC, and ICICI D-SIB Classification History:SBI and ICICI Bank were designated as D-SIBs in 2015 and 2016, respectively.
• HDFC Bank was classified as a D-SIB in 2017 along with SBI and ICICI Bank.
• D-SIB Framework Objective:To ensure that systemically important banks maintain extra capital to prevent potential risks to the banking system and financial stability.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

Securities and Exchange Board of India Exempts infrastructure investment trusts, real estate investment trusts from Allotment Rules in Employee Benefit Schemes   

• Markets Regulator Securities and Exchange Board of India (SEBI ) has exempted infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) from specific lock-in and allotment restrictions when issuing units to an employee benefit trust under unit-based employee benefit (UBEB) schemes.
• This will facilitate easier acquisition and distribution of units to employees.
• Objective: The exemption is part of SEBI’s efforts to promote ease of doing business, allowing more straightforward acquisition and distribution of units to employees under UBEB schemes.

Key Highlights :

• Standardised Reporting Format: SEBI has mandated that the Bharat InvITs Association and the Indian REITs Association implement a uniform format for quarterly reports and compliance certificates to improve operational efficiency and transparency.
• Public Availability: The standardized reports and compliance formats for InvITs and REITs must be made publicly available on the associations’ websites, enhancing consistency and accessibility across the sector.

Purpose of REITs and InvITs:

• REITs allow investors to invest in commercial real estate assets, providing a regulated way to access income-generating real estate.
• InvITs offer investment options in a portfolio of infrastructure assets, enabling investment in infrastructure projects like roads, power transmission lines, and other essential assets.

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.

Securities and Exchange Board of India Advocates Relaxation of Angel Fund Regulations to Support Startup Financing  

• Market regulator Securities and Exchange Board of India (Sebi) may soon allow angel funds to expand the scope of investors by including Hindu undivided families (HUFs), family trusts, and sole proprietorships, among others.

Key Highlights :

• Accredited Investor Focus: Angel funds may soon be limited to accredited investors (those with verified net worth and risk understanding), with accreditation verified by a third-party agency.
• Removal of Minimum Investment Requirement: SEBI proposes eliminating the minimum investment requirement of Rs 25 lakh for angel investors, reducing entry barriers for startup investments.
• Adjusted Investment Limits:SEBI suggests increasing the cap for investment in a single startup from Rs 10 crore to Rs 25 crore.
• The minimum investment limit may be reduced from Rs 25 lakh to Rs 10 lakh.
• Lower Lock-in Requirement: Proposals include a lower lock-in period for investments, improving liquidity options for investors.
• Minimum Corpus Requirement: SEBI may remove the minimum corpus requirement of Rs 5 crore if the angel fund has at least five accredited investors.
• Employee and Director Investments: SEBI proposes that employees and directors of angel funds should be able to invest with a minimum of Rs 5 lakh to have “skin in the game.”
• No Diversification Limit: The 25% diversification limit may be removed, allowing angel funds greater flexibility in startup portfolio composition.
• AIF Comparison: Unlike other Alternative Investment Funds (AIFs) requiring a minimum ticket size of Rs 1 crore, angel funds may offer lower minimum investment thresholds.
• Abolition of Angel Tax: The review aligns with the Budget announcement on abolishing the angel tax, which previously taxed startup investments at higher rates.

Securities and Exchange Board of India reviews custodian norms, proposes measures to streamline operations  

• The capital market regulator, Securities and Exchange Board of India (SEBI), has proposed measures to ease operations and compliance for custodians,entities that manage foreign portfolio investors (FPIs).

Key Highlights :

• Review of Net Worth Criteria: SEBI has proposed increasing the net worth requirement for custodians from Rs 50 crore (set in 1996) to Rs 100 crore.
• Existing custodians who do not meet the new threshold will have three years to comply.
• Simplification of KYC Process:SEBI is considering allowing local custodians and market participants to rely on Know Your Customer (KYC) documentation attested by global custodians. This aims to simplify operations.
• Enhanced Obligations for Custodians:SEBI is exploring measures to increase the obligations and monitoring requirements for custodians, ensuring their governance, risk management, and technical capabilities meet higher standards.
• These obligations will align custodians’ responsibilities with those of large, systemically important stock brokers.
• Recommendations from Working Group:A SEBI-constituted working group has suggested easing requirements for custodians, including the management of physical records, the code of conduct, and the process for changes in control.
• Growth in Assets Managed by Custodians:According to SEBI data, custodians managed assets worth Rs 278.5 trillion as of September 2024, a significant increase from Rs 2.7 trillion in March 2002.

Generative Artificial Intelligence Projected to Boost India’s GDP by $359-$438 Billion by FY30: RBI Deputy Governor Patra  

• Generative artificial intelligence (AI) is projected to add between $359 billion and $438 billion to India’s GDP by FY30 (2029-30).

Key Highlights :

• Increased AI Adoption in Indian Firms: AI integration in production processes by Indian companies increased from 8% in 2023 to 25% in 2024.
• India’s Unique Position for Growth in AI: India is well-positioned to leverage AI for growth, due to factors like its digital public infrastructure (DPI), a strong IT sector, and a large AI-skilled youth population.
• Digital Banking Integration in Indian Banks:
  • All Indian banks have implemented mobile and internet banking.
  • 75% provide online account opening, digital KYC, and doorstep banking.
  • 60% offer digital lending services, and 50% provide payment aggregator services.
  • 41% use chatbots, 24% have adopted open banking, and 10% have integrated IoT technology.
  • Private sector banks are leading in technology adoption.
• Global AI Impact on GDP: Generative AI is expected to contribute $7-10 trillion to global GDP over the next three years.
• Large language models alone may improve worker productivity by 8-36%.
• Role of Digital Assets in Business Efficiency: The declining prices of digital assets (e.g., ICT tools) support businesses in enhancing efficiency and competitiveness.
• Technological Innovation and Productivity:
  • Boosts productivity by improving financial intermediation and expanding financial products and services.
  • Improves service delivery efficiency and utilizes digital tools to mitigate risks.
  • Enables cross-border financial flows, reducing remittance costs and increasing speed and transparency.
• Policy Priorities for Productivity Gains: Emphasis on policies promoting competition, efficient resource reallocation, and reaping digital technology’s productivity gains.
• KLEMS Framework for Digitalisation Impact:
  • The KLEMS model (Capital, Labour, Energy, Materials, Service) captures digitalisation’s contributions to productivity.
  • Requires data on ICT capital, human capital, and complementary investments in digital assets.
  • Challenges in data disaggregation exist, making analysis complex.

Reserve Bank of India Issues Directive on Deployment of Note Sorting Machines (NSMs) by Banks in India  

• The Reserve Bank of India (RBI) issued a new directive mandating banks to deploy Note Sorting Machines (NSMs) that comply with updated standards.
• This directive builds on the guidelines from RBI’s circular on July 1, 2022, which specified authentication and sorting requirements for NSMs.
• RBI, in collaboration with the Bureau of Indian Standards (BIS) and other stakeholders, developed new standards for NSMs, published as IS 18663: 2024 in the Gazette of India on March 19, 2024.
• Starting from May 1, 2025, banks must only use NSM models that are compliant with the new standards and certified by BIS.
• These standards aim to enhance the infrastructure for sorting and processing banknotes across the banking system.
• This directive is part of RBI’s ongoing efforts to improve the integrity and efficiency of banknote processing in India.

Purpose of NSMs :

• The note sorting machines are used for counting, sorting and bundling of banknotes. These are primarily used in banks handling currency.

CURRENT AFFAIRS: NATIONAL NEWS

Central govt approves fire services projects worth Rs 725 cr for 3 states

• The Union Home Ministry, under the leadership of the Union Home Minister and Minister of Cooperation, has approved three major fire service modernization projects totaling 725.62 crore for the states of Chhattisgarh, Odisha, and West Bengal.

Funding Breakdown:

• Chhattisgarh: Rs. 147.76 crore
• Odisha: Rs. 201.10 crore
• West Bengal: Rs. 376.76 crore

Committee and Goals:

• The approval comes from a high-level committee comprising the Finance Minister, Agriculture Minister, and Vice Chairman of NITI Aayog.
• The initiative is aligned with Prime Minister Narendra Modi’s vision for a disaster-resilient India, aiming to enhance disaster management capabilities, focusing on fire services and disaster risk reduction.

Central Government Contributions:

• The Ministry of Home Affairs (MHA) has committed 5000 crore from the National Disaster Response Fund (NDRF) for the modernization of fire services in various states.
• Previous Approvals: Projects worth 2542.12 crore for 15 states have already received approval.

Disbursement for Disaster Management:

• The Central Government has disbursed over Rs. 21,026 crore this year for disaster management efforts across various states:
  • 14,878.40 crore from the State Disaster Response Fund (SDRF)
  • 4,637.66 crore from the NDRF
  • 1,385.45 crore from the State Disaster Mitigation Fund (SDMF)
  • 124.93 crore from the National Disaster Mitigation Fund (NDMF)

Prasar Bharti OTT to be launched on November 20

• Prasar Bharti, the public broadcaster, will officially launch its OTT platform on November 20 during the inaugural ceremony of the International Film Festival of India (IFFI) in
• This announcement was made by the secretary of the Ministry of Information and Broadcasting (MI&B) Sanjay Jaju.
• The Ministry of Information and Broadcasting (MI&B) will set up a Prasar Bharati OTT booth at the International Film Festival of India (IFFI) offering a sneak preview of the digital distribution service.

Key Features:

• Channels and Content:
  • The platform will feature nearly 60 channels currently available on Doordarshan (DD) Free Dish.
  • A large collection of archival material, including content from Doordarshan and All India Radio (AIR), will also be accessible.
  • Fresh content, live streaming, and integrated services from DD and AIR will be offered.
• Revenue Model and Intellectual Property:
  • The OTT service will operate on a revenue-sharing model.
  • Intellectual property rights for content will remain with the content creators.

Booth at IFFI:

• Prasar Bharti will set up an OTT booth at IFFI, offering a preview of the digital distribution service.
• The booth will be part of IFFIESTA, an entertainment event aimed at uniting people through film, food, art, and interactive experiences.
• The booth will allow IFFI guests and delegates to explore the new world of OTT content.

OTT Development:

• In August, Prasar Bharti issued bids for integrating OTT, gaming, educational, or other applications under a revenue share model.
• The platform will only include channels that have been licensed by the Ministry of Information and Broadcasting for downlinking or distribution.

Inaugural U.S.-India Indian Ocean Dialogue to be held on November 14

• US Deputy Secretary of State Kurt Campbell will be in New Delhi on November 13-14 to participate in the first India-US Indian Ocean Dialogue.
• This is the inaugural structured dialogue between the two countries focusing on promoting security and prosperity across the Indo-Pacific region.

Dialogue Goals and Participants:

• Focus: The dialogue will center on security and prosperity in the Indo-Pacific region.
• Participants:
  • Kurt Campbell (US Deputy Secretary of State)
  • Jon Finer (US Principal Deputy National Security Advisor)
  • Senior Indian officials

Key Discussions:

• The discussions will aim to address mutual concerns and explore opportunities for collaboration, particularly in security and economic growth in the Indo-Pacific.
• Technological Cooperation: Campbell will also participate in a meeting of the India-US initiative on Critical and Emerging Technologies (iCET), which focuses on expanding cooperation between the two countries in technological innovation and production.

Background:

• This marks the first time India and the US are holding a structured dialogue specifically on issues related to the Indian Ocean.
• Previous 2+2 meetings between Indian and US defense and foreign officials have discussed enhancing interoperability and logistics cooperation, including maritime engagements in the Indian Ocean.

Power Ministry likely to roll out ₹1,000 cr interest subvention scheme for energy efficiency in MSMEs              

• The Ministry of Power is set to launch a 1,000-crore scheme next month aimed at encouraging micro, small, and medium enterprises (MSMEs) to adopt energy-efficient technologies.

Scheme Overview:

• Name: Assistance in Deploying Energy Efficient Technologies in Industries & Establishment (ADEETIE)
• Managed by: Bureau of Energy Efficiency (BEE)
• Objective: To help MSMEs reduce energy costs and emissions, aligning with India’s commitment to meet its net-zero emissions target by 2070.
• Launch Timeline: Expected in December 2024.

Financial Support:

• Interest Subsidy:
  • 5% for small enterprises.
  • 3% for medium enterprises.
• The interest subsidy will be applicable to loans taken by MSMEs to implement energy-efficient technologies.

Supported Technologies:

• Automation systems
• Combustion control systems for boilers
• Methane capture systems
• Air-dyeing technology

Alignment with National Goals:

• The initiative is part of India’s broader efforts to reduce energy costs and lower emissions in the industrial sector.
• It aligns with the Energy Conservation (Amendment) Bill, 2022, which mandates the use of clean energy and the creation of carbon markets.
• MSMEs contribute 40% of India’s industrial output and exports, and around 37.54% to GDP, making them a key area of focus for India’s energy-saving initiatives.

Jawaharlal Nehru Memorial Fund to unveil Digital Archive in 2025, featuring PM’s iconic letters and books 

• On November 14, 2024, the Jawaharlal Nehru Memorial Fund (JNMF) revealed plans to launch The Nehru Archive, a comprehensive digital platform dedicated to preserving and sharing materials that chronicle the life and legacy of Jawaharlal Nehru, India’s first Prime Minister.
• Launch Date: The archive will officially be unveiled on November 14, 2025, marking Nehru’s 136th birth anniversary.

Content and Features of The Nehru Archive

• Extensive Collection: The platform will feature a rich selection of Nehru’s writings, including:
  • The Selected Works of Jawaharlal Nehru (100 volumes)
  • A compilation of letters to India’s chief ministers (1947–1964)
  • Renowned books by Nehru such as:
    • Letters from a Father to His Daughter
    • Glimpses of World History
    • An Autobiography
    • The Unity of India
    • The Discovery of India
  • Additional Materials:
    • Writings and reflections from Nehru’s contemporaries
    • Materials from international archives
    • Unpublished documents
  • Global Inspiration: Modeled after prestigious archives like those of Winston Churchill, Nelson Mandela, John F. Kennedy, and the Wilson Center, the platform aims to serve as a globally recognized resource for researchers, historians, and the general public.

Purpose of the Archive

• The Nehru Archive is an initiative by the JNMF, which also houses the Prime Minister’s Museum and Library.
• The archive seeks to honor Nehru’s vision and contributions to India’s democracy and international ideals, ensuring his legacy is preserved and accessible for future generations.
• This digital archive will play a crucial role in showcasing Nehru’s profound influence on India’s development and its global stance in the post-independence era.

CURRENT AFFAIRS : STATE NEWS

Chief Minister Yogi Adityanath Unveils Uttar Pradesh’s First Double-Decker Electric Bus     

• Uttar Pradesh Chief Minister Yogi Adityanath launched the state’s first double-decker electric bus service in Lucknow as part of efforts to improve public transportation and eco-friendly conveyance.
• Purpose:The initiative aims to reduce traffic congestion and promote environmental conservation in urban areas.

Key Highlights :

• Discounts and Concessions:50% ticket discount for women passengers using the double-decker electric bus.
• 10% discount on digital payments for all passengers.
• Route and Operations:Initially, the bus will operate as a heritage bus service in the morning and a regular passenger service in the evening.
• Later, it will serve the Kamta Crossing to airport route, via Shaheed Path.
• Capacity and Safety Features:The bus has a 65-passenger capacity.
• Equipped with five CCTV cameras and a panic button for enhanced women’s safety.
• Real-time location tracking is enabled through an electronic vehicle tracking device.
• Promotion of Local Art and Handicrafts:CM Yogi Adityanath emphasized the government’s focus on promoting local arts and handicrafts to support artisans and create employment opportunities in Uttar Pradesh.

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National ParkWildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

Meluri Declared as Nagaland’s 17th District  

• Meluri has been officially declared the 17th district of Nagaland, following its elevation from a sub-division of Phek District.
• Meluri is primarily inhabited by the Pochury Naga tribe, adding cultural significance to its district status.
• The elevation to district status was announced by the Nagaland state government with immediate effect.
• Meluri is the 5th district created in Nagaland within the last three years, reflecting an ongoing administrative restructuring.

Previous Districts Created:

• 2021:
  • Tseminyu district was created from Kohima district.
  • Chümoukedima and Niuland districts created by bifurcating Dimapur district.
• 2022: Shamator district created from Tuensang district in eastern Nagaland.
• These changes have been carried out under the People’s Democratic Alliance government led by Chief Minister Neiphiu Rio.

About Nagaland :

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

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Sonu Sood Named Brand Ambassador and Honorary Tourism Advisor for Thailand   

• Sonu Sood, the renowned actor, philanthropist, and humanitarian, has been appointed as the Brand Ambassador and Honorary Tourism Advisor for Thailand.

Role and Responsibilities:

• As Honorary Tourism Advisor, Sonu Sood will play a key role in shaping Thailand’s marketing strategies and public relations efforts to attract Indian tourists.
• His responsibilities include promoting Thailand as a prime tourism destination and enhancing tourism relations between India and Thailand.
• The official appointment was confirmed through a certificate issued by Thailand’s Ministry of Tourism and Sports, designating him as Honorary Tourism Advisor.
• Significance of the Appointment:This role highlights Sonu Sood’s growing global influence and expanding international presence, reflecting his popularity beyond the film industry.
• The appointment is an important step in promoting Thailand’s tourism in the Indian market.

About Thailand :

• Prime Minister : Paetongtarn Shinawatra
• Capital : Bangkok
• Currency : Thai baht

President-elect Donald Trump Names Elon Musk Co-Leader of Newly Established Department of Government Efficiency 

• United States (US) President-elect Donald Trump appointed Elon Musk as co-leader of the newly created Department of Government Efficiency (DOGE) on November 12, 2024.
• Vivek Ramaswami, former Republican presidential candidate, will co-lead with Musk.
• Objective of the Department:The Department of Government Efficiency aims to create a more efficient government by reducing government expenditure and developing profit-driven policies.
• Long-standing Republican Goal:This new department is designed to fulfill a Republican objective of providing external advice and guidance for government reform.
• Collaboration with Key Government Offices:The department will collaborate closely with the White House and the Office of Management and Budget (OMB) to implement structural reforms and adopt an entrepreneurial approach in government operations.
• Expected Impact:The initiative is intended to bring unprecedented structural changes to the government, promoting efficiency and a business-minded approach in public administration.

Arvindar Singh Sahney Appointed as New Chairman of Indian Oil Corporation                        

• Arvindar Singh Sahney, currently Executive Director at Indian Oil Corporation Limited (IOCL), has been appointed as the new Chairman of IOC.
• The Ministry of Petroleum and Natural Gas issued the official order for his appointment.
• Sahney was initially selected in August to become Director of Business Development but has now been elevated to Chairman.
• His appointment was approved by the Appointments Committee of the Cabinet (ACC) for a five-year term or until his superannuation, whichever occurs earlier.
• The Chairman position became vacant following Shrikant Madhav Vaidya’s tenure ending on August 31, 2024.
• Satish Kumar Vaduguri, Director of Marketing at IOC, was temporarily holding the additional charge of Chairman.
• Sahney will be the second person without board experience to be appointed directly as IOC Chairman, following B Ashok in 2014, who was also elevated from the position of Executive Director.

About IOCL :

• Founded : 30 June 1959
• Headquarters : New Delhi, India
• IOC is under the administrative control of the Ministry of Petroleum and Natural Gas.

Maia Sandu Re-elected as President of Moldova for a Second Term

• Moldova’s Pro-Western President, Maia Sandu, has been re-elected for a second term.
• Sandu defeated her opponent, Alexandr Stoianoglo, from the pro-Russian Party of Socialists, by over 10 percentage points.
• With more than 99 percent of the ballots counted, Sandu received 55.26 percent of the vote.
• The elections were marred by several incidents, including reported bomb threats at four polling stations in the diaspora, where Sandu received significant support.
• However, the election revealed public grievances, as Sandu’s overall vote increased largely due to the backing of Moldovans abroad. She lost by a narrow margin within Moldova.

About Moldova :

• Prime Minister : Dorin Recean
• Capital : Chisinau
• Currency : Moldovan leu

CURRENT AFFAIRS: AWARDS & HONOURS

Samantha Harvey’s ‘beautiful and ambitious’ Orbital wins Booker prize

Book Summary

• Orbital by Samantha Harvey is the winner of the 2024 Booker Prize, praised for its “beauty and ambition” by the judging panel.
• The novel follows six fictional astronauts aboard the International Space Station, reflecting on Earth, beauty, and human aspirations.
• The book takes place over the course of one day, with characters experiencing 16 sunrises and 16 sunsets. Its meditation on Earth and human existence was widely praised.

Judge’s Opinion

• The panel, led by Edmund de Waal, appreciated the novel’s intensity and its finely crafted narrative.
• The book was unanimously chosen by the judges, who commended its relevance and artistry, making it a fitting choice for the prize.

About the Book

• Orbital is Harvey’s fifth novel and has been lauded for its concise storytelling, spanning just 136 pages.
• Harvey’s decision to write about space, despite not having direct experience, was driven by her belief in the power of imagination.
• The novel drew the attention of astronaut Tim Peake, who appreciated her portrayal of space.
• Orbital was the highest-selling book on the shortlist, with 29,000 copies sold in the UK in 2024.

Prize and Significance

• Harvey’s win marks the first time in five years that a woman has won the Booker Prize.
• She was awarded £50,000 and plans to use the prize money for a new bike and a potential trip to Japan.

CURRENT AFFAIRS: BUSINESS NEWS

Municipal corporations’ borrowings from financial institutions rise over 4x in five years

Key Highlights from RBI’s Municipal Finance Report on Municipal Borrowings

1. Significant Increase in Borrowings

• Borrowings Rise: Municipal corporations’ borrowings from financial institutions rose from ₹2,886 crore in 2019-20 to ₹13,364 crore in 2023-24.
• Share of Municipal Receipts: Borrowings represented 2% of total municipal receipts in 2023-24, up from 1.9% in 2019-20.

2. Regional Borrowing Trends

• Top Borrowers: Municipal corporations in Odisha and Telangana had notably higher shares of borrowings at 4% and 15.1%, respectively.
• Per Capita Borrowings: Odisha had the highest per capita borrowing from financial institutions, reaching ₹1,258 per person in 2022-23.

3. Municipal Borrowings and Bonds in GDP Context

• Negligible Share in GDP: Municipal borrowings remain low, constituting less than 05% of India’s GDP.
• Municipal Bonds Outstanding: As of March 31, 2024, outstanding municipal bonds totaled ₹4,204 crore (0.01% of GDP), up from ₹1,100 crore in 2005.

4. Municipal Bond Coupon Rates and Market Share

• Coupon Rate Trends: Municipal bond coupon rates generally moved in tandem with government bonds in recent years.
• Share of Corporate Bond Market: Municipal bonds at ₹4,204 crore represented just 0.09% of the total corporate bonds outstanding as of March 2024.

NVIDIA and SoftBank Collaborate on AI Supercomputer and Telecom Initiatives

• SoftBank Corp. partners with NVIDIA to enhance AI capabilities within Japan’s industrial and telecommunications sectors.
• AI Sovereignty: The initiative aims to advance Japan’s sovereign AI capabilities, driving innovation and creating global revenue opportunities in telecommunications.

Major Announcements and Developments

1. AI Supercomputer with NVIDIA Blackwell Platform:

• At the NVIDIA AI Summit Japan, CEO Jensen Huang announced that SoftBank will build Japan’s most powerful AI supercomputer using NVIDIA’s Blackwell platform.
• The future use of NVIDIA Grace Blackwell will further strengthen SoftBank’s AI infrastructure.

1. AI and 5G Integration:

• SoftBank successfully piloted the world’s first integrated AI and 5G telecom network through NVIDIA’s AI Aerial platform.
• This integration has the potential to generate new revenue streams for telecom providers globally.

1. AI Marketplace with NVIDIA AI Enterprise:

• SoftBank plans to launch an AI marketplace utilizing NVIDIA AI Enterprise, targeting the rising demand for secure, localized AI computing solutions across Japan.
• This marketplace will enable new business opportunities across multiple sectors.

1. Deployment of NVIDIA DGX B200 Systems:

• SoftBank is the first to receive NVIDIA DGX B200 systems, integral to constructing its NVIDIA DGX SuperPOD supercomputer.
• The SuperPOD will support generative AI and enhance AI services across educational and commercial sectors.

Advancements in AI-RAN Technology

• AI-RAN Impact: AI-RAN (Artificial Intelligence Radio Access Network) technology enables SoftBank to monetize previously untapped capacities in telecommunications networks.
• Revenue Potential: For every $1 invested in AI-RAN infrastructure, telecom operators could gain $5 in AI inference revenue.
• Projected ROI: SoftBank estimates 219% returns for each AI-RAN server added, enhancing the profitability of AI-integrated telecom systems.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy to host fourth edition of coastal defence exercise ‘Sea Vigil-24’  

• The Indian Navy is set to conduct the 4th edition of the ‘Pan-India’ Coastal Defence Exercise ‘Sea Vigil-24’ on 20 & 21 Nov 2024.
• The exercise will span an unprecedented scale, both in terms of geographical reach and the magnitude of participation, with involvement of 06 Ministries and 21 Organisations/ agencies.
• The Coastal Defence & Security Readiness Evaluation (CDSRE) phase of the exercise is being conducted by Naval Officer-in-Charges of all coastal states and UTs (incl Lakshadweep & A&N Island) since end Oct 24, where in thorough audit of complete coastal defence and security infrastructure is being carried out.

Key Highlights :

• Participation : This year, National Security Council Secretariat officials will also be part of Indian Navy led CDSRE teams for the first time, along with personnel from State Marine Police, Coast Guard, Customs, Fisheries, etc.
• Focus Areas : The exercise will focus on strengthening the security of coastal assets like ports, oil rigs, Single Point Moorings, Cable Landing Points and critical coastal infrastructure including the coastal population.
• Enhanced Participation : This year participation by other Services (Indian Army and Air Force) and planned deployment of a large number of ships and aircraft have enhanced the tempo of the exercise.
• Background and Purpose : Originally conceptualised in 2018, Sea Vigil was designed to validate and enhance measures adopted to bolster Coastal Defence, post the 26/11 Mumbai terror attacks.
• Encompassing the entire 11,098 km coastline and vast Exclusive Economic Zone of 2.4 million square kilometres, this comprehensive exercise will engage complete coastal security infrastructure and all maritime stakeholders, including the fishing community and coastal populace, simultaneously.
• The 3rd edition of the ‘Pan-India’ Coastal Defence Exercise ‘Sea Vigil-22’ will be conducted on 15-16 Nov 22.
• Involvement of Local Communities:The exercise aims to raise awareness among coastal communities, involving fishing communities, coastal populations, and students from NCC and Bharat Scouts and Guides.
• National Level Coordination:While individual states conduct coastal security exercises, Sea Vigil is a national-level exercise coordinated by the Indian Navy, providing a holistic assessment of India’s maritime security capabilities.
• Objective:The exercise serves to evaluate preparedness, identify strengths and weaknesses, and strengthen India’s overall maritime defence framework.
• Precursor to TROPEX:Sea Vigil-24 acts as a precursor to the Theatre Level Readiness Operational Exercise (TROPEX), conducted biennially by the Indian Navy.

Defence Space Agency Conducts First ‘Exercise Antariksha Abhyas – 2024’ to Boost Space Warfare Strategic Readiness  

• The Defence Space Agency (DSA), under the Headquarters Integrated Defence Staff (IDS), conducted the Space Table Top Exercise titled Antariksha Abhyas-2024 from November 11-13, 2024.
• The exercise aimed to strengthen India’s space-based operational capabilities and enhance the tri-services integration for space security.

Objectives:

• To improve strategic readiness of the Indian Armed Forces in the space warfare domain.
• To develop and refine interoperability and cohesion between the tri-services (Army, Navy, Air Force) and the Defence Space Agency.
• To discuss strategies for operational preparedness and future collaboration in space security.

Key Components:

• Emerging space technologies: Focused discussions on the development of new space capabilities and how they integrate into military operations.
• Space situational awareness: Emphasis on monitoring and protecting critical space assets.
• India’s space programmes: Overview of current and future space initiatives in the context of national security.
• Expert Participation:Subject experts from various Ministries, Departments of the Government of India, military, scientific community, and academia were involved in the exercise.
• Discussions also covered the evolving nature of space safety, security, and international space laws.
• Scenario-Based Exercises:Participants engaged in real-time scenario-based exercises to test and refine strategies for space warfare and security.
• Focus on addressing specific challenges in defence space operations.
• Key Outcomes:Refined operational strategies for space security and defence.
• A robust framework for future collaboration between India’s armed forces and space agencies.
• A clear roadmap for advancing India’s space doctrine and capabilities, aligned with national security objectives.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Japan Just Launched Lingosat, the World’s First Wooden Satellite

• The world’s first wooden satellite, LignoSat, has been launched, aiming to revolutionize sustainable space exploration by tackling space debris and minimizing environmental impact. Here are the key details:

Overview

• Name: LignoSat
• Developed by: Kyoto University and Sumitomo Forestry
• Launch: Aboard a SpaceX rocket from NASA’s Kennedy Space Center
• Dimensions: Cube-shaped, 4 inches per side
• Materials: Primarily made from magnolia wood, crafted using traditional Japanese woodworking techniques

Purpose and Innovation

• Objective: To explore sustainable satellite designs that reduce harmful metal particle release upon atmospheric reentry.
• Environmental Impact: A wooden satellite may prevent the release of aluminum oxides and other pollutants that are problematic for the upper atmosphere, especially for the ozone layer.

Support and Skepticism

• Advocates: Scientists, including Takao Doi from Kyoto University, see wood as a sustainable alternative.
• Concerns: Experts like Aaron Boley argue that wooden satellites still ablate, releasing materials and metal components, meaning they are not an all-encompassing solution.

The Growing Issue of Space Debris

• Current Situation: With around 11,000 satellites orbiting Earth, the number is expected to grow as companies like SpaceX, Amazon, and OneWeb plan to deploy tens of thousands more.
• Impact: Conventional satellites contribute to atmospheric pollution during deorbit, adding to environmental risks.

Significance and Future Implications

• Testing: LignoSat’s six-month mission will assess wood’s resilience in space, potentially paving the way for sustainable alternatives in satellite manufacturing.
• Broader Impact: This experiment could lead to a new generation of satellites designed with environmentally friendly materials, helping mitigate space debris issues.

CURRENT AFFAIRS: MOUs & AGREEMENTS

Indonesia and Australia conduct joint military exercises following a new defence agreement

• The Keris Woomera 2024 exercise underscores Indonesia and Australia’s commitment to reinforcing regional stability and security amid shifting dynamics in the Indo-Pacific region.

Overview of Keris Woomera 2024 Drills

• Participants: Approximately 2,000 troops from both Indonesia and Australia
• Location: Off the coast of Java, Indonesia
• Operations Included:
  • Air, maritime, amphibious, and land operations
  • Live-fire exercises with tanks, artillery, infantry, and attack helicopters
  • Joint landing operation and a non-combat evacuation exercise simulating a disaster scenario

Purpose and Strategic Significance

• Objective: To strengthen the military partnership between Indonesia and Australia, enhancing trust, capabilities, and interoperability
• Part of: Australia’s Indo-Pacific Endeavour 2024, the nation’s largest international engagement initiative in the region
• Statement from Indonesia: Lt. Col. Empri Airudin emphasized the exercise’s role in bolstering regional security and stability
• Statement from Australia: Captain Chris Doherty noted that the drills would test all facets of Australia’s Amphibious Task Force, fostering quick, coordinated responses to diverse missions

Indonesia’s Expanding Defense Initiatives

• Leadership Focus: Under President Prabowo Subianto, Indonesia has prioritized strengthening its military capabilities, seeking advanced equipment like submarines, frigates, and fighter jets
• Regional Engagement: Besides exercises with Australia, Indonesia has held joint drills with other nations, including Russia, and has been involved in maritime confrontations with China over contested territories in the South China Sea

Context of Regional Tensions

• China’s Assertiveness: China’s expanding military presence in the South China Sea has led to disputes with nations such as the Philippines, Vietnam, Malaysia, Brunei, and Indonesia
• Diplomatic Outreach: President Subianto has engaged in diplomatic efforts to balance Indonesia’s interests, seeking cooperation with both China and the United States despite ongoing tensions

Nazara Partners ONDC To Launch In-Game Shopping Platform

• Nazara Technologies collaborates with ONDC Network to introduce gCommerce, an in-game eCommerce platform designed to blend shopping and gaming.
• To provide new revenue streams for game developers, leveraging an affiliate revenue-sharing model where developers earn a commission on successful transactions initiated by players.
• The gCommerce platform represents a forward-thinking step in in-game monetization, creating a new intersection of entertainment and digital commerce for a richer player experience.

Key Features and Benefits

• Revenue Model: Game developers can monetize through affiliate commissions on in-game transactions.
• Product Variety: ONDC Network enables Nazara’s platform to connect with sellers across 10+ categories, offering diverse product options within the gaming experience.
• Rollout Timeline: Currently in soft launch, with plans for a full release by the first quarter (Q1) of FY26.

About ONDC Network

• Launch Year: 2021
• Initiative By: Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce & Industry
• Mission: To foster open digital networks for the exchange of goods and services across 611 cities with 111 network participants.

CURRENT AFFAIRS: IMPORTANT DAYS

Jharkhand Foundation Day 2024: November 15

• Date: Celebrated on November 15 each year.
• Historical Background:
  • Formation: Jharkhand was officially carved out of Bihar in 2000 following the Bihar Reorganization Act, 2000 passed by the Indian Parliament.
  • Significance: The foundation day coincides with the birth anniversary of Birsa Munda, a revered tribal leader and freedom fighter, making it a day of cultural pride for the people of Jharkhand.

Birsa Munda – The Tribal Leader and Freedom Fighter

• Birth: 1875 in the Munda tribe.
• Titles: Known as Bhagwan Birsa (God Birsa) and Dharti Abba (Earth Father).

Contributions and Struggles

1. Ulgulan Movement:

• Birsa Munda led the Ulgulan (revolt) or Munda Rebellion against British rule and the feudal system that oppressed tribal people.
• Aim: His revolt aimed to end British control and establish Munda Rule in Jharkhand (then part of the Bengal Presidency).

1. Social and Economic Reforms:

• He mobilized masses against paying debts and taxes to British moneylenders and landlords.
• Organized Resistance: Birsa Munda set up two distinct military units:
  • One for military training and armed resistance.
  • Another for propaganda, spreading awareness and inspiring resistance.
• Combining Religion with Politics: Birsa connected his spiritual teachings with political objectives, traveling from village to village to build a strong politico-military organization.

1. Legacy – Chotanagpur Tenancy Act, 1908:

• His struggle against the exploitation of tribals resulted in the passing of the Chotanagpur Tenancy Act in 1908, which restricted the transfer of tribal land to non-tribals and sought to protect tribal land rights.

World Quality Week 2024:  November 11 to November 15, 2024

• The Chartered Quality Institute (CQI) World Quality Week serves as a platform to highlight and promote best practices in quality management across industries, fostering a culture that values continuous improvement and superior performance.

Celebration Details

• Date: 11 to 15 November 2024
• Initiative: Since 2021, the CQI shifted from observing World Quality Day on the second Thursday of November to celebrating World Quality Week.
• 2024 Theme: “Quality: From Compliance to Performance”
• Theme Focus: This year’s theme emphasizes the evolution of quality management practices, encouraging organizations to move beyond basic compliance and focus on enhancing performance.

Daily CA on Nov 15 :

• The Reserve Bank of India (RBI) announced that State Bank of India (SBI), HDFC Bank and ICICI Bank will continue to be identified as Domestic Systemically Important Banks (D-SIBs).
• Markets Regulator Securities and Exchange Board of India (SEBI ) has exempted infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) from specific lock-in and allotment restrictions when issuing units to an employee benefit trust under unit-based employee benefit (UBEB) schemes.
• Market regulator Securities and Exchange Board of India (Sebi) may soon allow angel funds to expand the scope of investors by including Hindu undivided families (HUFs), family trusts, and sole proprietorships, among others.
• The capital market regulator, Securities and Exchange Board of India (SEBI), has proposed measures to ease operations and compliance for custodians,entities that manage foreign portfolio investors (FPIs).
• Generative artificial intelligence (AI) is projected to add between $359 billion and $438 billion to India’s GDP by FY30 (2029-30).
• The Reserve Bank of India (RBI) issued a new directive mandating banks to deploy Note Sorting Machines (NSMs) that comply with updated standards.
• Uttar Pradesh Chief Minister Yogi Adityanath launched the state’s first double-decker electric bus service in Lucknow as part of efforts to improve public transportation and eco-friendly conveyance.
• Meluri has been officially declared the 17th district of Nagaland, following its elevation from a sub-division of Phek District.
• Sonu Sood, the renowned actor, philanthropist, and humanitarian, has been appointed as the Brand Ambassador and Honorary Tourism Advisor for Thailand.
• United States (US) President-elect Donald Trump appointed Elon Musk as co-leader of the newly created Department of Government Efficiency (DOGE) on November 12, 2024.
• Arvindar Singh Sahney, currently Executive Director at Indian Oil Corporation Limited (IOCL), has been appointed as the new Chairman of IOC.
• Moldova’s Pro-Western President, Maia Sandu, has been re-elected for a second term.
• The Indian Navy is set to conduct the 4th edition of the ‘Pan-India’ Coastal Defence Exercise ‘Sea Vigil-24’ on 20 & 21 Nov 2024.
• The Defence Space Agency (DSA), under the Headquarters Integrated Defence Staff (IDS), conducted the Space Table Top Exercise titled Antariksha Abhyas-2024 from November 11-13, 2024.
• The Union Home Ministry, under the leadership of the Union Home Minister and Minister of Cooperation, has approved three major fire service modernization projects totaling 725.62 crore for the states of Chhattisgarh, Odisha, and West Bengal.
• Prasar Bharti, the public broadcaster, will officially launch its OTT platform on November 20 during the inaugural ceremony of the International Film Festival of India (IFFI) in
• US Deputy Secretary of State Kurt Campbell will be in New Delhi on November 13-14 to participate in the first India-US Indian Ocean Dialogue.
• The Ministry of Power is set to launch a 1,000-crore Assistance in Deploying Energy Efficient Technologies in Industries & Establishment (ADEETIE) scheme next month aimed at encouraging micro, small, and medium enterprises (MSMEs) to adopt energy-efficient technologies.
• On November 14, 2024, the Jawaharlal Nehru Memorial Fund (JNMF) revealed plans to launch The Nehru Archive, a comprehensive digital platform dedicated to preserving and sharing materials that chronicle the life and legacy of Jawaharlal Nehru, India’s first Prime Minister.
• Orbital by Samantha Harvey is the winner of the 2024 Booker Prize, praised for its “beauty and ambition” by the judging panel. The novel follows six fictional astronauts aboard the International Space Station, reflecting on Earth, beauty, and human aspirations.
• According to the RBI’s Municipal Finance Report on Municipal Borrowings, Municipal corporations’ borrowings from financial institutions rose from ₹2,886 crore in 2019-20 to ₹13,364 crore in 2023-24.
• SoftBank Corp. partners with NVIDIA to enhance AI capabilities within Japan’s industrial and telecommunications sectors.
• The world’s first wooden satellite, LignoSat, has been launched, aiming to revolutionize sustainable space exploration by tackling space debris and minimizing environmental impact.
• The Keris Woomera 2024 exercise underscores Indonesia and Australia’s commitment to reinforcing regional stability and security amid shifting dynamics in the Indo-Pacific region.
• Nazara Technologies collaborates with ONDC Network to introduce gCommerce, an in-game eCommerce platform designed to blend shopping and gaming.
• Jharkhand Foundation Day coincides with the birth anniversary of Birsa Munda on November 15, a revered tribal leader and freedom fighter, making it a day of cultural pride for the people of Jharkhand.
• The Chartered Quality Institute (CQI) observed World Quality Week from November 11 to 15, 2024 with the theme of “Quality: From Compliance to Performance”

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