Daily Current Affairs November 16th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Report Calls for Major Reforms in Civic Bodies to Boost Revenue Generation

• According to a report released by the Reserve Bank of India (RBI), the Municipal corporations (MCs) in the country need comprehensive reforms to boost their own sources of revenue through tax reforms, rationalisation of user charges, and strengthening of collection mechanisms to plug leakages.
• The RBI report, titled ‘Own Sources of Revenue Generation in Municipal Corporations: Opportunities and Challenges’, analysed budget data from 232 MCs, covering over 90% of India’s total MCs.

Key Highlights :

• Reliance on Transfers: While MCs have surplus revenue accounts, they heavily rely on transfers and grants from higher government levels.
• Their own sources of revenue are insufficient to cover expenses, affecting their functional and financial autonomy.
• Revenue Growth: MCs’ revenue receipts increased by 20.1% year-over-year to Rs 1.7 trillion in FY24 (up from Rs 1.42 trillion in FY23 and Rs 1.37 trillion in FY22).
• Own Resource Contribution: The share of own resources in receipts stood at 61.9% in FY24, up from 59.7% in FY23.
• Impact of COVID-19: Municipal revenues were negatively impacted in 2020-21 due to the pandemic but saw recovery in 2021-22 and 2022-23.
• Revenue Concentration: The top 10 MCs contribute over 58% of total municipal revenue receipts in India, indicating revenue concentration.
• Revenue Expenditure: The revenue expenditure for MCs increased by 13.9% to Rs 1.49 trillion in FY24 (from Rs 1.31 trillion in FY23 and Rs 1.23 trillion in FY22).
• Surplus Trends: MCs’ revenue account surplus decreased to Rs 1,034 crore in 2020-21 (from Rs 4,914 crore in 2019-20) but was budgeted at Rs 20,819 crore in FY24.
• Property Tax Revenue: Improving property tax revenues could involve Geographic Information System (GIS) mapping, digital payments, dynamic valuations, and better monitoring systems.
• State Transfers: Timely, predictable transfers from state governments to MCs are crucial for financial stability and effective service delivery, with calls for a formula-based system to account for inflation and growth potential.
• Role of State Finance Commissions (SFCs): The regular formation of SFCs, prompt tabling of SFC reports in state assemblies, and timely implementation of their recommendations are emphasized for enhanced funding and financial stability of MCs.

State Bank of India Aims for $1.25 Billion in India’s Biggest Dollar-Denominated Loan of 2024

• State Bank of India (SBI) is reportedly planning to borrow $1.25 billion, which would be the largest dollar-denominated loan by India’s financial sector in 2024.

Key Highlights :

• Loan Arrangement and Interest Margin:The five-year loan is being arranged by CTBC Bank, HSBC Holdings Plc, and Taipei Fubon Bank.
• The interest margin is set at 92.5 basis points above the Secured Overnight Financing Rate (SOFR), a benchmark rate used in the US for short-term lending.
• Purpose and Location:The loan is being secured for general corporate purposes through SBI’s branch in the Gujarat International Finance Tec-City (GIFT City).
• SBI plans to syndicate the loan to other financiers to distribute risk.
• Rising Foreign Currency Borrowing Trend:SBI is among several Indian financial institutions turning to foreign currency debt due to stricter domestic financing regulations.
• Other institutions, such as Cholamandalam Investment & Finance Co. ($300 million loan) and Union Bank of India’s Sydney branch (A$125 million loan), have also sought foreign funds recently.
• Decline in Dollar-Denominated Loans in India:Despite active borrowing, India’s overall dollar loan volume has decreased by 27% to $14.2 billion in 2023, largely due to fewer large corporate borrowings.
• SBI’s Recent Funding Activities:This planned loan follows SBI’s $750 million three-year loan in July 2023, part of its strategy to diversify its funding sources.
• Designation as a Domestic Systemically Important Bank (D-SIB):The Reserve Bank of India reaffirmed SBI’s designation as a D-SIB, requiring it to hold additional capital buffers.\
• SBI is in the top D-SIB category (bucket 4), which mandates an extra 0.80% in Common Equity Tier 1 (CET1) by April 2025.

About SBI :

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

State Bank of India Increases Marginal Cost of Fund-Based Lending Rate by 0.05%

• State Bank of India (SBI) has increased the Marginal Cost of Fund-Based Lending Rate (MCLR) by 0.05% for certain tenors.
• One-Year MCLR: The one-year MCLR, which is commonly linked to long-term loans like home loans, has been raised to 9%.
• Other Tenor Increases: SBI has also raised the MCLR for the three-month and six-month tenors, while keeping the overnight, one-month, two-year, and three-year MCLRs unchanged.
• Recent Hikes: This marks the second time SBI has raised the MCLR recently, as a response to higher deposit costs and market conditions, including the impact of inflation and global events like the war.
• Bank’s Strategy: The Chairman of SBI, C S Setty, noted that 42% of SBI’s loan book is linked to the MCLR, while the rest is linked to external benchmarks.
• The bank also indicated it will not use interest rates as a customer-pulling strategy anymore.

What is the Marginal Cost of a fund based lending rate?

• Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank is not permitted to lend.
• MCLR replaced the earlier base rate system to determine the lending rates for commercial banks.

Karnataka Bank Unveils Two New Financial Products: ‘KBL Peak’ Education Loan and ‘KBL Genius’ Student Savings Account

• Karnataka Bank Limited. has launched two financial products – ‘KBL Peak’, an education loan with financing of up to ₹2 crore and comprehensive coverage, and ‘KBL Genius’, a student savings account featuring free cyber insurance.

Key Highlights :

KBL Peak:

• Purpose: Education loan designed to support students pursuing higher education in India and abroad.
• Loan Limit: Up to ₹2 crore.
• Coverage: Tuition fees, accommodation, travel, books, and laptops.
• Additional Features:Pre-admission sanction letter to simplify the admission process.
• Credit life insurance for both the student and the parent for financial protection.

KBL Genius:

• Purpose: A student savings account aimed at helping students manage their finances effectively.
• Variants: Two variants – KBL Genius Signature and KBL Genius Advantage.
• Features:
  • Minimum average balance requirement.
  • Seamless digital transactions.
  • Exclusive benefits on debit cards.
  • Free cyber insurance.

About Karnataka Bank :

• Founded : 18 February 1924
• Headquarters : Mangalore, Karnataka, India
• MD & CEO : Srikrishnan Hari Hara Sarma

IDFC First Bank enables real-time tracking for international money transfers via SWIFT

• IDFC First Bank has become the first Indian bank to offer real-time tracking for international money transfers via SWIFT, enhancing cross-border payment transparency.
• The service is accessible through the bank’s mobile application and internet banking platforms, aligning with the increasing demand for real-time updates on digital financial transactions.
• This service mirrors the real-time tracking features of domestic digital payments like UPI and IMPS, which are widely used in India, making international transfers more traceable.
• The bank has addressed the gap in visibility for international transfers, offering end-to-end tracking of money sent abroad, similar to parcel or food delivery tracking systems.
• The new feature is particularly beneficial for transactions under RBI’s LRS, which allows Indian residents to send up to USD 2,50,000 per financial year for various purposes, including gifts, education, medical expenses, and investments.

About IDFC First Bank :

• Founded : October 2015
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : V. Vaidyanathan

Asian Development Bank Boosts Climate Financing Following World’s First Sovereign Guarantees by U.S. and Japan

• The Asian Development Bank (ADB) will expand its climate-related lending by up to $7.2 billion following sovereign guarantees from the United States and Japan.
• The U.S. and Japan are the first countries to provide sovereign guarantees for climate finance, covering risks on certain existing ADB loans to allow for increased lending.

Key Highlights :

• Template for Development Banks:This strategy could serve as a model for other development banks to follow, especially in line with the N. COP29 climate summit held in Baku, Azerbaijan, focusing on enhancing climate finance for developing nations.
• ADB’s Long-Term Climate Finance Target:ADB aims to reach a cumulative climate finance target of $100 billion between 2019 and 2030. In 2023, ADB’s climate lending amounted to $9.8 billion.
• Details of Sovereign Guarantees:The U.S. will guarantee up to $1 billion of existing loans, while Japan will underwrite $600 million, enabling ADB to allocate more funds for climate projects.
• Project Beneficiaries:A sustainable aviation fuel project in Pakistan, using cooking oil as a resource, will be one of the initial beneficiaries of this increased ADB climate finance.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

CURRENT AFFAIRS: NATIONAL NEWS

India’s Fossil-Based CO2 Emissions to Rise by 4.6% in 2024

• India’s fossil-based CO2 emissions are projected to increase by 4.6% in 2024, contributing significantly to the global challenge of climate change.
• The Global Carbon Project (GCP) has flagged this concerning trend as part of its annual report on emissions.

Key Global Findings on CO2 Emissions:

1. Global Fossil CO2 Emissions:
   • Expected to hit a record 37.4 billion tonnes in 2024.
   • Largest contributors in 2023:
     • China: 31%
     • USA: 13%
     • India: 8%
     • European Union: 7%
   • These four regions together account for 59% of global fossil CO2 emissions.
2. Land-Use Change Emissions:
   • Global emissions from deforestation and land-use changes have dropped by 20% over the last decade.
   • Efforts in reforestation and afforestation have offset about half of deforestation emissions globally.
3. CO2 Sinks (Land and Oceans):
   • Natural CO2 sinks, including forests and oceans, absorb 50% of total CO2 emissions annually.
   • However, climate change continues to weaken these sinks’ effectiveness.
4. Temperature Threshold:
   • Current emission rates give a 50% chance of global temperatures exceeding 1.5°C above pre-industrial levels within six years.
   • This year may be the first where the 1.5°C threshold is temporarily crossed.

India’s Position and Role:

• India contributed 8% of global fossil CO2 emissions in 2023, reflecting its growing energy demands and reliance on fossil fuels.
• The projected 4.6% rise in emissions emphasizes the need for stronger measures to transition toward renewable energy and sustainable practices.

Global Carbon Project (GCP):

• Established: 2001.
• Purpose: Tracks global carbon emissions and CO2 sinks, providing critical data to measure progress toward the Paris Agreement targets.
• Scope:
  • Publishes global budgets for key greenhouse gases: carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O).

Ministry of Mines Shines in National Learning Week 2024

• The Ministry of Mines has been lauded for its exceptional performance during the National Learning Week (NLW), a nationwide learning initiative hosted on the iGOT platform.
• The event, launched by Prime Minister Narendra Modi on October 19, 2024, concluded on October 27, 2024, aiming to enhance skill development across central government organizations.

Recognitions and Achievements

• Three organizations under the Ministry of Mines received prestigious awards during the valedictory ceremony held by the Capacity Building Commission (CBC) on November 14, 2024, at Vigyan Bhawan:

1. Hindustan Copper Limited (HCL)
   • Rank: 3rd
   • Category: Medium (M)
2. Mineral Exploration and Consultancy Limited (MECL)
   • Rank: 1st
   • Category: Small (S)
3. Jawaharlal Nehru Aluminium Research Development and Design Centre (JNARDDC)
   • Rank: 2nd
   • Category: Extra Small (XS)

Each organization achieved excellence in the “Minimum 4-hour Learning Goal” set by CBC, where employees were required to complete at least four hours of iGOT courses during NLW.

Mission Karmayogi Alignment

This achievement highlights the Ministry of Mines’ dedication to Mission Karmayogi, a flagship program of the Indian Government aimed at:

• Transitioning from a “Rule-Based” to a “Role-Based” civil service structure.
• Fostering citizen-centric governance.

The Ministry of Mines has consistently ranked as a top performer among ministries for effectively implementing this transformative program.

THINGS TO REMEMBER

1. National Learning Week (NLW):
   • Organized on the iGOT platform to promote learning and development.
   • Dates: October 19–27, 2024.
2. Recognition Ceremony:
   • Hosted by the Capacity Building Commission (CBC) on November 14, 2024, at Vigyan Bhawan.
3. Award-Winning Organizations:
   • HCL (3rd in M category), MECL (1st in S category), JNARDDC (2nd in XS category).
4. Mission Karmayogi:
   • Aims to build citizen-centric governance.
   • Focuses on a “Role-Based” approach for civil servants.

DDA Launches Phase II of 2024 Sasta Ghar Housing Scheme

• The Delhi Development Authority (DDA) has rolled out Phase II of the 2024 Sasta Ghar Housing Scheme, offering over 2,600 affordable flats across several locations in Delhi.
• This initiative aims to meet the growing demand for affordable housing, providing opportunities for economically weaker sections (EWS), lower income groups (LIG), and others to own homes.

Key Highlights of Phase II

• Locations: Flats are available in Narela, Rohini, Manglapuri (Dwarka), Siraspur, and Loknayakpuram.
• Demand Surge: Over 600 flats were sold within hours of the scheme’s launch.
  • Manglapuri (Dwarka): All 191 EWS flats sold out quickly.
  • Narela: Over 200 EWS flats were sold in just a few hours.
• Pricing: Flats are offered at discounted rates to ensure affordability.

Affordable Housing Options

1. Sasta Ghar Housing Scheme:
   • Flats: EWS and LIG categories.
   • Locations: Ramgarh Colony, Siraspur, Loknayakpuram, Rohini, and Narela.
   • Price Range: Starting at ₹11.5 lakh.
   • Mode: First Come First Serve (FCFS).
2. General Housing Scheme:
   • Flats: All categories (HIG, MIG, LIG, EWS).
   • Locations: Jasola, Loknayakpuram, Narela.
   • Price Range: Starting at ₹29 lakh.
   • Units: Around 5,400 flats at 2023 prices with no escalation.
3. Dwarka Housing Scheme:
   • Flats: MIG, HIG, and premium categories.
   • Locations: Dwarka Sectors 14, 16B, and 19B.
   • Price Range: Starting at ₹128 lakh.
   • Units: 173 flats available via e-auction.

Significance of the Scheme

• Increased Accessibility: Offers affordable housing for economically weaker sections and low-income groups.
• Upscale Opportunities: Provides housing options in prime locations like Dwarka at competitive rates.
• No Price Escalation: General housing scheme flats are available at last year’s prices, benefiting buyers.
• Massive Scale: A total of around 34,000 flats are planned under the Sasta Ghar initiative.

Union Minister Launches ‘Tulip’ Platform to Empower Marginalised Artisans

• Union Minister for Social Justice and Empowerment, Virendra Kumar, inaugurated ‘Tulip’, a new digital platform designed to improve market access for artisans from marginalised communities.
• The launch took place during the 15-day Shilp Samagam Mela at Dilli Haat, which showcases traditional handicrafts and skill demonstrations while enabling direct support for artisan communities.

Key Features of Tulip

1. Target Beneficiaries:
   • Scheduled Castes (SCs), Scheduled Tribes (STs), Other Backward Classes (OBCs), Safai Karmacharis, Persons with Disabilities, and minority groups.
2. Platform Goals:
   • Connect artisans to domestic and global markets.
   • Eliminate intermediaries to ensure fair compensation.
   • Promote financial independence and self-reliance for traditional craft workers.
3. Registration and Support:
   • Artisans can register on the platform for enhanced market access.
   • Additional assistance available via NBCFDC’s helpline.

Key Highlights from the Launch

• Empowering Artisans: The initiative aligns with the government’s commitment to Aatmanirbhar Bharat (self-reliant India) by bringing marginalised artisans into the economic mainstream.
• Inclusive Growth: Tulip embodies the principle of “Sabka Saath, Sabka Vikas, Sabka Prayas, Sabka Vishwas” for inclusive development.
• Future Plans: The government aims to identify artisans nationwide and connect them to Tulip for wider opportunities.

Benefits of Tulip for Artisans

1. Direct Sales: Reduces dependency on intermediaries, ensuring better earnings.
2. Market Expansion: Provides artisans access to global markets.
3. Visibility and Recognition: Offers a digital presence for artisans’ crafts, increasing their reach and visibility.

Shilp Samagam Mela at Dilli Haat

The event, running for 15 days, features:

• Traditional Handicrafts: Displays by artisans from various states.
• Skill Demonstrations: Live showcases of craftsmanship.
• Direct Artisan Support: Visitors can directly purchase from artisans, promoting sustainable livelihoods.

35th Triservices Commanders’ Conference (TSTCC) Held in Kochi

• The 35th Triservices Commanders’ Conference (TSTCC) was chaired by Chief of Defence Staff (CDS), General Anil Chauhan, on 13 November 2024 at the Southern Naval Command (SNC), Kochi.
• Attended by commanders and officers from all three services, the event emphasized jointmanship, synergy, and training integration in a rapidly evolving multi-domain battlespace.

Key Highlights

1. Focus on Jointmanship and Synergy

• Integrated Training: The CDS highlighted the necessity for joint training across the Army, Navy, and Air Force to address future security challenges and execute operations as a theaterised force.
• Innovative Approaches: Emphasis was placed on utilizing modern technology, optimizing resources, and adopting innovative training strategies to align with the dynamics of modern warfare.

2. Review of Progress and Future Plans

• Continuation from 34th TSTCC: Building on the Shimla conference in 2023, the 35th edition reviewed the progress in joint training and outlined measures to optimize shared facilities across the services.
• Geo-Strategic Orientation: Discussions included adapting training doctrines to address regional geo-strategic developments and emerging security scenarios.

3. Optimization of Resources

• Efforts to enhance the utilization of existing training infrastructure while exploiting the collective potential of the respective service training establishments were explored.

4. Enhancing Collaboration

• The conference provided a platform for exchanging best practices and enhancing cooperation among training commands, fostering combat readiness and operational effectiveness.

Importance of TSTCC

• Annual Rotational Event: Conducted by the Training Commands of the three services, the conference aims to strengthen collaboration and align training strategies to enhance joint operational capabilities.
• Forum for Cohesion: It serves as a forum to integrate training philosophies and prepare for future challenges collectively, reinforcing the concept of singularity of effort in multi-domain operations.

CDS’s Maiden Visit to Southern Naval Command

• Interaction with Leadership: General Chauhan interacted with Vice Admiral V Srinivas, Flag Officer Commanding-in-Chief, Southern Naval Command, to discuss joint training and triservices coordination.
• Comprehensive Briefing: A detailed presentation was made to the CDS on the Command’s role, functioning, and capabilities.
• Address to Officers: The CDS shared his vision, underscoring the significance of innovative and collaborative training to meet future operational demands.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United States Deputy Secretary of State Kurt Campbell to Participate in First US-India Indian Ocean Dialogue in Delhi

• The first United States (US)-India Indian Ocean Dialogue will be held on November 14, 2024, aimed at deepening cooperation in the Indian Ocean Region.
• US Deputy Secretary of State Kurt Campbell and Principal Deputy National Security Advisor Jon Finer will attend the event virtually due to flight issues.

Key Highlights :

• Focus of the Dialogue:The two sides will discuss measures to promote security and prosperity across the Indo-Pacific region.
• The dialogue highlights ongoing cooperation on security and stability in the Indian Ocean.
• iCET (India-US Critical and Emerging Technologies Initiative):A session on the Critical and Emerging Technologies (iCET) will also be held, focusing on expanding cooperation between the two countries on technological innovation and production.
• Background of the US-India Cooperation:US-India cooperation in the Indo-Pacific region has evolved over several years.
• In January 2015, during President Barack Obama’s visit, both countries issued a Joint Strategic Vision for the Asia-Pacific and Indian Ocean Region.
• Quad Grouping:The Quad (India, Australia, Japan, and the US) is a key group focusing on the Indian Ocean Region and has announced the Indo-Pacific Maritime Domain Awareness Initiative, aimed at improving maritime security in the region.
• Transition in US Leadership:The dialogue occurs after the US Presidential elections, where Donald Trump secured a decisive victory, signaling a leadership transition.
• Leadership of iCET:The iCET initiative on high-tech cooperation is led by National Security Adviser Ajit Doval (India) and Jake Sullivan (US).

CURRENT AFFAIRS : STATE NEWS

18th Pravasi Bharatiya Divas to Take Place in Bhubaneswar, Odisha, from January 8-10, 2025

• The 18th Pravasi Bharatiya Divas will be held in Bhubaneswar, Odisha, from January 8 to January 10, 2025.
• The event will be inaugurated by Prime Minister Narendra Modi.
• Other dignitaries include President Droupadi Murmu, Union Ministers, and Odisha Chief Minister Mohan Charan Majhi.
• The event will take place at Janata Maidan in Bhubaneswar.
• The theme for the 18th PBD Convention is “Diaspora’s Contribution to a Viksit Bharat” (Developed India).
• Purpose of PBD: The PBD Convention commemorates the arrival of Mahatma Gandhi in India from South Africa on January 9, 1915, and celebrates the contributions of the Overseas Indian Community to India’s development.
• A youth edition of the convention will be organized in partnership with the Ministry of Youth Affairs and Sports.
• The Pravasi Bharatiya Samman Awards will be conferred by President Droupadi Murmu during the valedictory session.
• The official website for the 18th PBD Convention has been launched, enabling online registration and accommodation reservations in Odisha.
• External Affairs Minister S. Jaishankar emphasized the Indian government’s focus on the well-being of the 3.5 crore-strong Indian diaspora, under the leadership of Prime Minister Modi.
• Odisha CM Mohan Charan Majhi invited the Indian diaspora to visit Odisha and experience its historical, cultural, and spiritual heritage while participating in the PBD Convention.

About Odisha :

• Governor : Raghubar Das
• Chief Minister : Mohan Charan Majhi
• Capital : Bhubaneswar

Meghalaya to Celebrate ‘Year of Legends’ with Shillong Cherry Blossom Festival Starting November 15

• Meghalaya is celebrating the “Year of Legends” with the return of the Shillong Cherry Blossom Festival 2024.
• The festival will take place on November 15-16, 2024, at the RDSA Sports Complex in Shillong.
• The Shillong Cherry Blossom Festival has become one of India’s most anticipated cultural events, blending culture, music, and nature.
• The celebration of Cherry Blossoms (Hanami) has been a part of Japanese tradition for over a thousand years.
• The Shillong Cherry Blossom Festival, first launched in 2016, is the world’s first autumn Cherry Blossom festival.

About Meghalaya :

• Governor : C. H. Vijayashankar
• Chief Minister : Conrad Sangma
• Capital : Shillong

CURRENT AFFAIRS: AWARDS AND HONOURS

Dominica’s Highest National Award to Be Conferred on Prime Minister Narendra Modi

• The Commonwealth of Dominica is set to honor Indian Prime Minister Narendra Modi with its highest national accolade, the Dominica Award of Honour, for his significant contributions to the Caribbean nation during the Covid-19 pandemic and his efforts to strengthen bilateral ties.

Key Details

• Award Ceremony:
  The award will be presented by Dominican President Sylvanie Burton during the upcoming India-CARICOM Summit in Georgetown, Guyana, from November 19 to 21, 2024.
• Reason for Recognition:
  • Vaccine Diplomacy: PM Modi supplied 70,000 doses of AstraZeneca vaccines to Dominica in February 2021, assisting the nation during the critical phase of the pandemic.
  • Bilateral Partnership: Acknowledgment of PM Modi’s efforts in strengthening ties between India and Dominica in areas such as healthcare, education, and information technology.
  • Climate and Sustainability: His global leadership in promoting climate resilience and sustainable development initiatives.

Significance of the Award

• Dominica Award of Honour:
  • This is Dominica’s highest national recognition, bestowed on individuals who have made exceptional contributions to the nation or its people.
• Symbol of Strengthened Relations:
  • The award reflects the growing partnership between India and Dominica, showcasing India’s role as a global ally in addressing both domestic and international challenges faced by smaller nations.

India-CARICOM Summit 2024

The India-CARICOM Summit serves as a platform to enhance India’s engagement with the Caribbean Community (CARICOM), focusing on:

1. Healthcare Cooperation – Supporting regional public health infrastructure.
2. Climate Resilience – Promoting sustainable development and renewable energy initiatives.
3. Economic and Technological Ties – Strengthening partnerships in trade, education, and IT sectors.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Praveena Rai Assumes Role as Chief Executive Officer of Multi Commodity Exchange of India

• Praveena Rai has taken office as the CEO and Managing Director of the Multi Commodity Exchange of India (MCX) for a five-year term.
• She succeeds P S Reddy, who completed his five-year tenure in May 2024.

Previous Experience:

• Rai was the Chief Operating Officer at the National Payments Corporation of India (NPCI), where she managed marketing, business development, product management, and operations.
• She previously served as Regional Head of Payments for Asia Pacific at HSBC.
• She managed the cash management portfolio at Kotak Mahindra Bank, which is MCX’s largest shareholder.
• With over 20 years in banking, Rai has expertise in payments, cards, retail banking, and transaction banking.

About MCX :

• Founded : November 10, 2003
• Headquarters : Mumbai, Maharashtra, India
• MCX is India’s largest commodity derivatives exchange.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Life Insurance Corporation Sells 2.02% Stake in Tata Power for ₹2,888 Crore

• Life Insurance Corporation (LIC) sold a 2.02% stake in Tata Power for ₹2,888 crore, reducing its holding in the company from 5.906% to 3.881%.
• LIC sold 6.47 crore shares of Tata Power, reducing its stake from 18,87,06,367 shares to 12,39,91,097 shares.
• The shares were sold between June 20, 2024, and November 11, 2024, through an open market sale.
• The shares were sold at an average price of ₹446.402 per share.
• After the sale, LIC’s remaining stake in Tata Power stands at 3.88%.
• LIC’s shares closed at ₹921.45 apiece, up 0.32% from the previous close on the Bombay Stock Exchange (BSE).
• The stake sale is part of LIC’s strategy to reduce its holdings in non-core investments.

About LIC :

• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Siddhartha Mohanty

Air India and Vistara merger finalized; Singapore Airlines acquires 25.1% stake

• The Air India Group completed the operational and legal merger between Air India and Vistara, enabling Singapore Airlines (SIA) to hold a 25.1 per cent stake in the merged entity.

Key Highlights :

• Previous Structure of Vistara: Vistara was previously a joint venture with a 51:49 shareholding ratio between Tata Group and Singapore Airlines.
• Consolidation within Tata Group: This merger comes after the October 2024 consolidation of Tata’s low-cost carriers, Air India Express and AIX Connect (formerly AirAsia India).
• Fleet and Routes:Air India Group Fleet: The merged Air India Group operates 300 aircraft.
• Air India Full-Service Operations: Air India will now operate 5,600 weekly flights across 90 destinations with 208 aircraft.
• Air India Express: It will run 2,700 weekly flights to 45 destinations with a fleet of 90 aircraft.
• Identification of Vistara Flights: Starting November 12, all Vistara flights will operate under the Air India banner with a four-digit flight code starting with “2.”
• SIA’s Commitment to India: Singapore Airlines stated that the merger aligns with its “multi-hub strategy” and reinforces its commitment to India’s growing aviation market.
• Government Support: Campbell Wilson, CEO of Air India, acknowledged support from the Directorate General of Civil Aviation (DGCA), Ministry of Civil Aviation (MoCA), and the Bureau of Civil Aviation Security (BCAS).
• Strategic Objective: The merger, initially announced in 2022, aims to enhance synergies and expand market share in India’s fast-growing aviation sector.

About Air India :

• Founded : 15 October 1932 (Commenced operations-29 July 1946)
• Headquarters : Gurgaon, Haryana, India
• Chairman : Natarajan Chandrasekaran
• MD & CEO : Campbell Wilson

About Vistara :

• Founded : 2013 (Commenced operations-9 January 2015 & 12 November 2024 (merged into Air India))
• Headquarters : Gurgaon, Haryana, India
• Chairman : Bhaskar Bhat
• CEO : Vinod Kannan

CURRENT AFFAIRS: IMPORTANT DAYS

International Day for Tolerance: 16th November

• International Day for Tolerance 2024 is observed on the 16th of November 2024.
• In 1993, at the initiative of UNESCO, the United Nations proclaimed 1995 as “The Year for Tolerance”.
• UNESCO’s 1995 Declaration of Principles on Tolerance was that tolerance is respect, acceptance, and appreciation of the rich diversity of our world’s cultures, our forms of expression, and our ways of being human.
• The United Nations General Assembly decided to celebrate International Day for Tolerance every year.
• One year later in 1996, the UN General Assembly decided 16th of November was the International Day for Tolerance and it would be celebrated every year.

Daily CA One- Liner: November 16

• India’s fossil-based CO2 emissions are projected to increase by 4.6% in 2024, contributing significantly to the global challenge of climate change.
• The Ministry of Mines has been lauded for its exceptional performance during the National Learning Week (NLW), a nationwide learning initiative hosted on the iGOT platform
• The Delhi Development Authority (DDA) has rolled out Phase II of the 2024 Sasta Ghar Housing Scheme, offering over 2,600 affordable flats across several locations in Delhi.
• Union Minister for Social Justice and Empowerment, Virendra Kumar, inaugurated ‘Tulip’, a new digital platform designed to improve market access for artisans from marginalised communities.
• The 35th Triservices Commanders’ Conference (TSTCC) was chaired by Chief of Defence Staff (CDS), General Anil Chauhan, on 13 November 2024 at the Southern Naval Command (SNC), Kochi
• The Commonwealth of Dominica is set to honor Indian Prime Minister Narendra Modi with its highest national accolade, the Dominica Award of Honour, for his significant contributions to the Caribbean nation during the Covid-19 pandemic and his efforts to strengthen bilateral ties.
• According to a report released by the Reserve Bank of India (RBI), the Municipal corporations (MCs) in the country need comprehensive reforms to boost their own sources of revenue through tax reforms, rationalisation of user charges, and strengthening of collection mechanisms to plug leakages.
• State Bank of India (SBI) is reportedly planning to borrow $1.25 billion, which would be the largest dollar-denominated loan by India’s financial sector in 2024.
• State Bank of India (SBI) has increased the Marginal Cost of Fund-Based Lending Rate (MCLR) by 0.05% for certain tenors.
• Karnataka Bank Limited. has launched two financial products – ‘KBL Peak’, an education loan with financing of up to ₹2 crore and comprehensive coverage, and ‘KBL Genius’, a student savings account featuring free cyber insurance.
• IDFC First Bank has become the first Indian bank to offer real-time tracking for international money transfers via SWIFT, enhancing cross-border payment transparency.
• The Asian Development Bank (ADB) will expand its climate-related lending by up to $7.2 billion following sovereign guarantees from the United States and Japan.
• The first United States (US)-India Indian Ocean Dialogue will be held on November 14, 2024, aimed at deepening cooperation in the Indian Ocean Region.
• The 18th Pravasi Bharatiya Divas will be held in Bhubaneswar, Odisha, from January 8 to January 10, 2025.
• Meghalaya is celebrating the “Year of Legends” with the return of the Shillong Cherry Blossom Festival 2024.
• Praveena Rai has taken office as the CEO and Managing Director of the Multi Commodity Exchange of India (MCX) for a five-year term.
• Life Insurance Corporation (LIC) sold a 2.02% stake in Tata Power for ₹2,888 crore, reducing its holding in the company from 5.906% to 3.881%.
• The Air India Group completed the operational and legal merger between Air India and Vistara, enabling Singapore Airlines (SIA) to hold a 25.1 per cent stake in the merged entity.
• International Day for Tolerance 2024 is observed on the 16th of November 2024