Daily Current Affairs October 17th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Mastercard launches new Technology Hub in Pune to enhance growth and innovation    

• Mastercard inaugurated a state-of-the-art Tech Hub in Pune,Maharashtra, India, aimed at supporting growth and innovation within the company.
• The new campus covers nearly half a million square meters and is located at Bluegrass Business Park in Yerwada, Pune.

Key Highlights :

• Workforce: The Tech Hub will accommodate over 6,000 professionals, including technologists, engineers, and experts in fields such as software development, data architecture, finance, and cybersecurity, making it Mastercard’s largest workforce in a single city globally.
• Global Tech Hub Ecosystem: This facility is part of Mastercard’s global Tech Hub ecosystem, which includes seven locations: Arlington, Dublin, New York, Pune, St. Louis, Sydney, and Vancouver.
• Significance to India: The Pune Tech Hub enhances Mastercard’s existing presence in India, which includes offices in Gurugram, Mumbai, Hyderabad, Bengaluru, and Vadodara.
• Growth of Workforce: Since its establishment in 2014, the Pune Tech Hub has grown significantly from a small workforce, showcasing Mastercard’s commitment to investing in the local economy and talent.
• Key Initiatives: The facility will support initiatives like the Community Pass financial inclusion platform and the Payment Passkey Service, which enhances secure online checkouts through biometrics and tokenization.
• Collaboration Focus: The Pune Tech Hub will facilitate collaboration to tackle complex technological challenges and ensure the reliability of critical infrastructure for secure payments worldwide.
• Integration with Indian Tech Ecosystem: The new facility aims to deepen cooperation between Mastercard’s global teams and the vibrant Indian technology ecosystem, fostering innovation and development in financial services.

About Mastercard :

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

Reserve Bank of India Governor Shaktikanta Das warns that excessive dependence on Artificial Intelligence may threaten financial stability   

• Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized that while Artificial Intelligence (AI) and machine learning (ML) offer opportunities for growth in the financial sector, excessive dependence on these technologies could threaten financial stability.

Key Highlights :

• Risk Mitigation Measures: Banks and financial institutions are urged to implement adequate risk mitigation measures to manage the potential risks associated with AI reliance.
• Concentration Risks: Over-reliance on a few dominant tech players in the market can create concentration risks, which may amplify systemic risks and lead to widespread disruptions if these systems fail.
• Vulnerabilities Introduced by AI: The increasing use of AI heightens vulnerabilities to cyberattacks and data breaches. AI’s opaque nature makes auditing and interpreting decision-driving algorithms challenging, potentially resulting in unpredictable market outcomes.
• RTGS Expansion: He suggested exploring the feasibility of expanding India’s 24×7 real-time gross settlement system (RTGS) to settle transactions in major trade currencies like the US dollar, euro, and British pound through bilateral or multilateral agreements.
• Cross-Border Payment Systems: Highlighted efforts to link cross-border fast payment systems, with remittances serving as a key starting point for emerging economies, including India, to investigate cross-border peer-to-peer payments.
• Central Bank Digital Currencies (CBDCs): He noted the potential of CBDCs to facilitate efficient cross-border payments, mentioning that India has launched both wholesale and retail CBDCs.
• Global Monetary Policy Divergence: He warned that divergences in global monetary policies could result in volatility in capital flows and exchange rates, disrupting financial stability.
• He cited the sharp appreciation of the Japanese yen in August as an example.
• Private Credit Market Risks: Raised concerns about the rapid growth of private credit markets, which lack sufficient regulation and stress-testing, posing risks to financial stability, particularly in the face of rising interest rates.
• Asset Valuation Concerns: Stretched asset valuations could trigger contagion across financial markets, with corrections in commercial real estate prices potentially putting stress on small and medium-sized banks due to their significant exposure to this sector.
• Interconnectedness Risks: Highlighted the interconnectedness between commercial real estate, non-bank financial institutions, and the broader banking system, which amplifies risks to financial stability.

Reserve Bank of India Directs Credit Institutions to Submit Borrower Credit Information to Credit Information Companies Before License Cancellation or Loan Cycle Completion    

• The Reserve Bank of India (RBI) has mandated credit institutions (CIs) to provide credit information of onboarded borrowers to credit information companies (CICs) before:
• The cancellation of their license.
• The shutdown of operations.
• The completion of the borrower’s loan cycle, whichever occurs first.

Key Highlights :

• Current Status of CIs: Entities whose licenses or Certificates of Registration (CoR) have been canceled by the RBI are not recognized as CIs under the Credit Information Companies (Regulation) Act, 2005 (CICRA).
• Consequently, their credit information cannot be accepted by CICs.
• Impact on Borrowers: Due to the current regulation, the repayment history of borrowers from these entities is not updated, even if they continue to repay or clear their dues, which can adversely affect their creditworthiness.
• Redress Mechanism: To address the difficulties faced by borrowers of entities with canceled licenses, the RBI has instructed CICs and CIs to establish a credit information reporting mechanism post-license cancellation for banks or Non-Banking Financial Companies (NBFCs).
• Tagging System: CICs are required to classify these entities as “Licence Cancelled Entities” in their Credit Information Reports (CIR).
• This tagging will be based on:
• Information available on the RBI’s official website.
• The cancellation order received from the banking regulator.
• Implementation Timeline: The circular will be implemented within six months from the date of issuance, affecting entities whose licenses have been canceled before the circular’s issuance.
• Applicability: The provisions apply to:
  • All Commercial Banks (including Small Finance Banks, Local Area Banks, and Regional Rural Banks, excluding Payments Banks).
  • All Primary (Urban) Co-operative Banks, State Co-operative Banks, and Central Co-operative Banks.
  • All Non-Banking Financial Companies (including Housing Finance Companies).
  • All Asset Reconstruction Companies.
  • All Credit Information Companies.

International Finance Corporation grants $500 million loan to Axis Bank to support green projects in India   

• International Finance Corporation (IFC), part of the World Bank Group, has partnered with Axis Bank to provide a $500 million (approx. ₹4,200 crore) loan.
• The purpose of the loan is to develop a blue finance market and scale up financing for green projects in India.
• This is IFC’s first blue investment in India and the first blue transaction by a financial institution in the country.

What are Blue loans?

• Blue loans are financing instruments that raise and earmark funds for investments such as water and wastewater management, reduction of marine plastic pollution, restoration of marine ecosystems, sustainable shipping, eco-friendly tourism, and offshore renewable energy.

Key Highlights :

• Market Insights:India’s water and wastewater treatment market was valued at $1.6 billion in 2022, with expectations to reach $3 billion by 2029.
• Axis Bank’s Pioneering Role:Axis Bank has been a leader in issuing sustainable instruments among Indian financial institutions.
• In 2016, Axis Bank issued the first green US dollar bond from India.
• In 2021, it issued India’s first sustainable US dollar AT1 bond.
• Green Financing:This transaction represents the largest green financing by IFC in India, reinforcing support for sustainable development projects.

About IFC :

• Established : July 20, 1956
• Headquarters : Washington, D.C., United States
• Managing Director : Makhtar Diop

About Axis Bank :

• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

Bank of Baroda unveils ‘Masterstroke Savings Account’ for premium customers      

• Bank of Baroda (BoB) launched the ‘bob Masterstroke Savings Account’ tailored for high-end customers.

Premium Features:

• Quarterly average balance requirement of ₹10 lakh.
• Higher interest rate on balances through the Flexi Fixed Deposit facility.
• Concessional interest rates on retail loans.
• Exclusive bob World Opulence Visa Infinite Debit Card (Metal Edition).
• Lifetime-free Eterna Credit Card (subject to eligibility).
• Cricket legend Sachin Tendulkar appointed as BoB’s global brand ambassador.

About BoB :

• Founded: July 20, 1908, by Sir Maharaja Sayajirao Gaekwad III.
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India’s International Bank

Reserve Bank of India Proposes Ban on Banks Using Group Entities to Evade Regulatory Compliance

• The Reserve Bank of India (RBI) has proposed that banks should not use group entities to circumvent regulations applicable to them, as per a draft circular on ‘forms of business and prudential regulations for investments.’

Key Highlights :

• Restriction on Group Entities: Group entities cannot be used to engage in business activities that are not permitted for the parent bank or other group entities. There should also be no overlap in lending activities between a bank and its group entities.
• RBI Approval Requirement: Banks must seek approval from the RBI’s Department of Regulation before starting any new activity through group entities, apart from already permitted activities.
• Investment Restrictions:
• Banks’ investments in any company are capped at a maximum stake of 30%.
• Banks are prohibited from investing in Category III Alternative Investment Funds (AIFs).
• Subsidiary investments in Category III AIFs are restricted by SEBI regulations.
• Limits on Sponsoring ARCs: Banks can sponsor only one Asset Reconstruction Company (ARC) at a time, with the group’s shareholding in an ARC limited to 20%.
• Equity Investment Rules: Banks need regulatory approval to invest 20% or more in the equity capital of any financial services company, Category I or II AIF, or non-financial services company (including bank-controlled mutual funds).
• Overseas Branch Activities: Indian banks’ overseas branches are prohibited from engaging in activities that are not allowed for the bank in India.
• Scope of Application: The circular applies to all non-banking financial companies (NBFCs), including Housing Finance Companies, that are group entities of Scheduled Commercial Banks and Non-Operative Financial Holding Companies.

CURRENT AFFAIRS: NATIONAL NEWS

46th Foundation Day Celebration of Telecommunications Consultants India Limited (TCIL)

• Telecommunications Consultants India Limited (TCIL) marked its 46th Foundation Day on 15th October 2024 at the SCOPE Convention Center, New Delhi.
• The event was attended by esteemed dignitaries, former CMDs/Directors of TCIL, and employees, celebrating the company’s achievements and growth.

Key Highlights:

1. Inauguration and Opening Ceremony:
   • The event commenced with a traditional lamp lighting ceremony, followed by a recitation of Ganesh Vandana.
   • An audio-visual film was showcased, reflecting TCIL’s journey from building communication infrastructure in remote regions to becoming a global leader in telecommunications across over 80 countries.
2. Chairman & Managing Director’s Address:
   • Shri Sanjeev Kumar, CMD of TCIL, delivered the keynote address, expressing gratitude to the employees for their dedication and contributions.
   • He highlighted TCIL’s alignment with the government’s ‘Make in India’ initiative and its ambitious plans for global expansion.
   • Acknowledged the company’s strong financial performance, including a cumulative dividend of ₹4,055.69 crore paid to the government.
3. Annual Awards and Recognitions:
   • Winners of the Annual Awards for FY 2023-24 were felicitated for their contributions to the company’s success.
   • A souvenir commemorating TCIL’s role in India’s Digital Infrastructure development was released, in collaboration with Elets Technomedia Pvt Ltd, the media partner for the event.
4. Release of Updated HR Manual:
   • An updated version of TCIL’s HR Manual was launched, reflecting the company’s focus on evolving HR practices.

SECL Inaugurates 216th AMRIT Pharmacy in Bilaspur, Enhancing Affordable Healthcare Access

• South Eastern Coalfields Limited (SECL), a Chhattisgarh-based subsidiary of Coal India, inaugurated the 216th AMRIT (Affordable Medicines and Reliable Implants for Treatment) Pharmacy at the Health Centre in Indira Vihar Colony, Bilaspur.
• With this addition, SECL became India’s first coal company to operate four AMRIT pharmacies.

Key Highlights:

1. About AMRIT Pharmacies:
   • The AMRIT pharmacies are part of a flagship initiative by the Ministry of Health and Family Welfare, launched in 2015.
   • These pharmacies offer a wide range of generic and life-saving branded drugs, implants, and surgical consumables at subsidized rates.
   • The goal is to provide affordable healthcare by ensuring easy access to essential medicines for both inpatients and outpatients, including employees and the general public, especially in tribal and rural areas.
2. SECL’s Commitment to Healthcare:
   • Dr. Prem Sagar Mishra, CMD of SECL, highlighted the company’s dedication to inclusive growth and healthcare access.
   • The initiative aligns with Special Campaign 4.0, emphasizing inclusivity, and utilizes vacant spaces to establish pharmacies, showcasing best practices in efficient space utilization.
   • SECL’s four pharmacies are located at:
     • Indira Vihar Colony Health Centre, Bilaspur (CG)
     • Central Hospital, Gevra, Korba District (CG)
     • Central Hospital, Sohagpur, Shahdol District (MP)
     • Central Hospital, Chirimiri, Manendragarh-Chirimiri-Bharatpur District (CG)
3. Impact on Local Communities:
   • SECL’s AMRIT pharmacies serve a critical role in providing affordable healthcare, particularly in underserved regions within the coal belt.
   • The pharmacies ensure that essential medications for common and critical conditions such as cancer and cardiovascular diseases are available, thus improving overall health outcomes in the region.
4. Cost Efficiency for Employees:
   • By supplying medicines directly through these pharmacies, SECL reduces medical reimbursement costs for its employees, while ensuring quality treatment.
   • This approach promotes the judicious use of medical resources and helps control overall healthcare expenses for the organization.

Cabinet Committee Approves Increase in Minimum Support Prices (MSP) for Rabi Crops for Marketing Season 2025-26

• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved increasing Minimum Support Prices (MSP) for all mandated Rabi crops for the 2025-26 marketing season.
• This decision aims to ensure remunerative prices for farmers and promote crop diversification.

Key Highlights:

1. Highest MSP Increase:
   • Rapeseed & Mustard: ₹300 per quintal (highest increase).
   • Lentil (Masur): ₹275 per quintal.
2. Other Crops:
   • Gram: ₹210 per quintal.
   • Wheat: ₹150 per quintal.
   • Safflower: ₹140 per quintal.
   • Barley: ₹130 per quintal.

MSP and Production Cost for Rabi Crops (2025-26):

Significance:

• Alignment with Union Budget 2018-19: The increase follows the government’s policy of setting MSP at 1.5 times the All-India weighted average cost of production.
• Expected Margins:
  • 105% margin for wheat.
  • 98% margin for rapeseed & mustard.
  • 89% margin for lentil.
  • 60% margin for gram and barley.
  • 50% margin for safflower.

Union Cabinet Approves Multi-Tracking Railway Project Worth ₹2,642 Crore

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved a significant multi-tracking railway project with an estimated cost of ₹2,642 crore.
• This initiative, spearheaded by the Ministry of Railways, focuses on easing congestion and enhancing infrastructure on one of the busiest railway sections, traversing through Varanasi and Chandauli districts in Uttar Pradesh.

Key Highlights:

1. Enhanced Infrastructure:
   • Varanasi Railway Station: A critical hub, the station connects key zones and caters to pilgrims, tourists, and the local population.
   • The Varanasi-Pt. Deen Dayal Upadhyaya (DDU) Junction route faces heavy congestion due to its dual role in passenger and freight traffic.
   • Key goods transported include coal, cement, and food grains, alongside the demands from growing tourism and industry.
2. Proposed Upgrades:
   • Construction of a new rail-cum-road bridge over the Ganga River.
   • Addition of 3rd and 4th railway lines on the stretch.
   • The expansion will increase the existing network by approximately 30 km.
3. Benefits:
   • The project will reduce congestion, particularly on busy stretches.
   • It will facilitate the transport of an estimated 27.83 MTPA (Million Tonnes Per Annum) of freight.
   • Supports the socio-economic growth of the region by boosting employment and self-employment opportunities, aligning with the vision of making the region “Atmanirbhar” (self-reliant).
4. Sustainability and Efficiency:
   • The project aligns with the PM-Gati Shakti National Master Plan for multi-modal connectivity, which emphasizes integrated planning for seamless movement of people, goods, and services.
   • Railways, being an environmentally friendly mode of transport, will help achieve climate goals by reducing CO2 emissions (149 crore kg), equivalent to the plantation of 6 crore trees.
   • Promotes an energy-efficient and cost-effective logistics network, contributing to the overall economic development.

CURRENT AFFAIRS : INTERNATIONAL NEWS

World Health Organisation declares India free from Trachoma as a public health problem in 2024  

• The World Health Organization (WHO) declared India free from Trachoma as a public health problem in 2024.
• India is the third country in the South-East Asia Region to achieve this milestone.

What is Trachoma?:

• Trachoma is a bacterial infection caused by Chlamydia trachomatis that affects the eyes.
• It is classified as a neglected tropical disease by the WHO.

Key Highlights :

• Global Context:As of October 2024, 20 countries worldwide have eliminated Trachoma as a public health issue.
• The World Health Assembly has set a global target of 2030 for the elimination of Trachoma.
• Economic Impact:Economic losses due to blindness and visual impairment from Trachoma are estimated between $2.9 billion to $5.3 billion annually.
• WHO SAFE Strategy:The WHO adopted the SAFE strategy in 1993, consisting of:
• Surgery for advanced cases.
• Antibiotics to treat infections.
• Facial hygiene to prevent transmission.
• Environmental cleanliness to reduce disease incidence.
• India implemented the SAFE strategy nationwide.
• Previous Milestone:India was declared free from infective Trachoma in 2017, but surveillance continued in all districts until 2024 to monitor cases.
• Regional Achievements:India now joins Nepal, Myanmar, and 19 other countries in successfully eliminating Trachoma as a public health issue.
• However, Trachoma remains a challenge in 39 countries, affecting about 1.9 million people globally and causing irreversible blindness in many cases.

About WHO :

• Established : 7 April 1948
• Headquarters : Geneva, Switzerland
• Director General : Tedros Adhanom Ghebreyesus
• Parent Organization : United Nations Economic and Social Council

Prime Minister Shri Narendra Modi Calls for Peace, Stability, and an Inclusive Indo-Pacific at 19th East Asia Summit      

• Prime Minister Shri Narendra Modi attended the 19th East Asia Summit (EAS) on 11 October 2024 in Vientiane, Lao PDR.
• In his address, PM Modi emphasized ASEAN’s central role in the Indo-Pacific regional architecture, India’s Indo-Pacific Vision, and Quad cooperation.

About East Asia Summit :

• The East Asia Summit (EAS) is a forum for leaders of countries in the Indo-Pacific region to discuss political, security, and economic challenges.
• The EAS was established in 2005 by the Association of Southeast Asian Nations (ASEAN) and is held annually.
• The EAS was launched in Kuala Lumpur, Malaysia in 2005.
• The EAS was originally attended by 16 countries from East Asia, Southeast Asia, South Asia, and Oceania.
• In 2011, membership expanded to 18 countries, including Russia and the United States.
• Currently, EAS is a forum of 18 countries that represent 54% of the world’s population and 58% of global GDP.
• The 18 countries are:
• Ten ASEAN member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
• Other members: Australia, China, Japan, India, New Zealand, the Republic of Korea, Russia, and the United States.
• Leaders-Led Forum: The East Asia Summit (EAS) is the only leaders-led forum that brings together major global powers including the US, China, Russia, India, Republic of Korea (RoK), and Australia.

EAS Membership Criteria:

• Sign the ASEAN Treaty of Amity and Cooperation (TAC).
• Be a formal dialogue partner of ASEAN.
• Have substantive cooperative relations with ASEAN.

Six Priority Areas of Regional Cooperation:

1. Environment and Energy.
2. Education.
3. Finance.
4. Global Health Issues and Pandemic Diseases.
5. Natural Disaster Management.
6. ASEAN Connectivity.

• India and EAS:India has been a member of the EAS since its inception in 2005.
• At the 4th EAS in Thailand (2009), leaders endorsed the revival of Nalanda University.
• The revival idea was first proposed by former President APJ Abdul Kalam in 2006.

Key Points :

21st ASEAN-India Summit:

• Held on 10 October 2024 in Vientiane, Lao PDR.
• Marked a decade of India’s Act East Policy.
• Prime Minister Modi participated for the 11th time.
• Focused on assessing the ASEAN-India Comprehensive Strategic Partnership and shaping future cooperation.

ASEAN Overview:

• Association of Southeast Asian Nations (ASEAN) is a regional grouping aimed at promoting economic and security cooperation.

Timor-Leste’s Status:

• Timor-Leste joined ASEAN as an Observer in 2022.
• ASEAN has agreed in principle to accept Timor-Leste as its 11th member.

Establishment of ASEAN:

• Founded on 8 August 1967 in Bangkok, Thailand.
• Created through the signing of the ASEAN Declaration (Bangkok Declaration).

ASEAN Secretariat:

• Located in Jakarta, Indonesia.

CURRENT AFFAIRS : STATE NEWS

Gujarat Government Allocates ₹10 Crore for Caracal Breeding and Conservation Center in Kutch’s Chadva Rakhal Region    

• The Gujarat government has announced the creation of a Caracal Breeding and Conservation Center in the Chadva Rakhal region of Kutch.
• A budget of ₹10 crore has been allocated for the establishment of this center.
• The center aims to protect and breed the rare and critically endangered Caracal species found in Gujarat’s Kutch district.
• The International Union for Conservation of Nature (IUCN) lists Caracals as a species of ‘least concern’ due to their larger populations in Africa, but their numbers in India are significantly lower.
• A study on the historical and current extent of Caracals in India reported 19 sightings in Gujarat, all within the Kutch district, with nine authenticated by photographs.
• In India, the Caracal is referred to as “siya gosh,” which translates from Persian as ‘black ear.’
• Caracals are nocturnal animals recognized for their agility, hunting prowess, and distinctive ear tufts. They typically inhabit dry, arid regions and moist woodlands and are known to live in small herds.

About Gujarat :

• Capital: Gandhinagar
• Chief minister: Bhupendrabhai Patel
• Governor: Acharya Devvrat
• NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga Wildlife Sanctuary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Director General Paramesh Sivamani appointed as the 26th Director General of the Indian Coast Guard   

• Director General Paramesh Sivamani took over as the 26th Director General of the Indian Coast Guard (ICG).

About Paramesh Sivamani :

• He has over 35 years of experience in various roles both onshore and offshore within the ICG.
• He specialises in Navigation & Direction and his sea commands include all major vessels of ICG which include Advanced Offshore Patrol Vessel ‘Samar’ & Offshore Patrol Vessel ‘Vishwast’.
• He was at the helm of Coast Guard Region (East), Coast Guard Region (West), Coast Guard Commander Eastern Seaboard).
• He was elevated to the rank of Additional Director General in September 2022, and was subsequently posted at the Coast Guard Headquarters, New Delhi.
• He was given the additional charge of Director General Coast Guard in August 2024.
• He was conferred with the Tatrakshak Medal in 2014 and the President Tatrakshak Medal in 2019 for his illustrious service.
• He was also awarded the DG Coast Guard Commendation in 2012 and Flag Officer Commanding-in-Chief (East) Commendation in 2009.

About Indian Coast Guard :

• Founded : 18 August 1978
• Headquarters : New Delhi, India

TV Narendran appointed as Chairman of worldsteel; becomes second Indian to lead the global organisation  

• Global body World Steel Association (worldsteel) has elected Tata Steel Managing Director (MD) and Chief Executive Officer (CEO) Thachat Viswanath Narendran as its chairman.
• He is the second Indian to hold this position, following Sajjan Jindal of JSW Group, who served as chairman in 2021.
• Vice Chair Elections:Ugur Dalbeler (Colakoglu Metalurji AS) and Leon Topalian (President and CEO of Nucor Corporation) have been elected as Vice Chairs.
• Executive Committee Membership:Narendran is also a member of the 17-member Executive Committee, which includes prominent industry leaders such as:
• Sajjan Jindal (JSW Group)
• LN Mittal (Executive Chairman of ArcelorMittal)
• Ugur Dalbeler
• Leon Topalian

About World Steel Association :

• Founded : 10 July 1967
• Headquarters : Brussels, Belgium
• The World Steel Association members represent approximately 85% of the world’s steel production, comprising over 160 steel producers, national and regional steel industry associations, and steel research institutes.

Amit Kumar Appointed as Chairman and Managing Director of AI Assets Holding Limited   

• Amit Kumar was selected by the Public Enterprise Selection Board (PESB) for the role of Chairman & Managing Director (CMD) of AI Assets Holding Limited (AIAHL), a Schedule ‘B’ Public Sector Undertaking (PSU).
• Kumar is currently serving as the Executive Director Asset Manager at ONGC (Oil and Natural Gas Corporation).
• He was chosen from a pool of seven candidates for this position.
• His appointment is subject to necessary clearances and approval from the Appointments Committee of the Cabinet (ACC).
• Role of AIAHL: AI Assets Holding Limited is a Special Purpose Vehicle (SPV) established by the Government of India to provide unified asset holding services, as outlined in its Memorandum of Association.

About AIAHL :

• Founded : January 22, 2018
• Headquarters : New Delhi, India
• Ownership: AIAHL is a Public Sector Undertaking that is 100% owned by the Government of India.

CURRENT AFFAIRS : DEFENCE NEWS

Sea Phase of Exercise MALABAR 2024 Begins Near Visakhapatnam Coast   

• The Sea Phase of Exercise MALABAR 2024 commenced on October 14, 2024, off the coast of Visakhapatnam.
• Participating Nations: The exercise involves naval forces from Australia, India, Japan, and the USA.
• Operational Focus: The participating navies are conducting a variety of maritime warfare operations, including:
• Surface warfare
• Sub-surface warfare
• Air warfare

Objectives:

• Enhance mutual understanding and coordination among the participating navies.
• Aim for seamless operation as a Combined Task Force at sea.
• Submarine Participation: Indian Naval submarines are participating in the sub-surface warfare exercises.
• Special Forces Drills: Combined drills involving Special Forces from the participating nations are also part of this phase.
• Interoperability and Regional Security: The Sea Phase aims to strengthen interoperability among the navies and contribute to enhancing regional security and stability in the Indo-Pacific.
• Culmination of the Exercise: The Sea Phase will conclude with a closing ceremony on October 18, 2024.

INS Talwar Arrives in South Africa for Participation in IBSAMAR VIII Naval Exercise   

• INS Talwar, a frontline stealth frigate of the Indian Navy, arrived at Simon’s Town, South Africa, on 6 October 2024 to participate in IBSAMAR VIII.
• Purpose: IBSAMAR is a joint maritime exercise among India, Brazil, and South Africa, scheduled from 6 to 18 October 2024.
• Objective: The exercise aims to enhance interoperability and strengthen naval cohesion between the three participating nations.

Key Highlights :

• Key Focus: IBSAMAR VIII focuses on Blue Water Naval Warfare, with an emphasis on Surface and Anti-Air Warfare.
• Harbour Phase: Activities include professional exchanges, damage control & firefighting drills, Visit, Board, Search, and Seizure (VBSS) drills, aviation safety lectures, joint diving operations, and sports interactions.
• India-South Africa Cooperation: Defence cooperation between India and South Africa has strengthened, with operational sea training and Submarine Rescue Support initiated during the 12th Navy-to-Navy talks held in New Delhi in August 2024.
• INS Talwar: The ship was commissioned on 18 June 2003, serves under the Western Naval Command, and is commanded by Captain Jithu George.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Reserve Bank of India grants approval for merger of Tata Capital and Tata Motors Finance    

• The Reserve Bank of India (RBI) has approved the merger of Tata Capital, an unlisted entity, with Tata Motors Finance (TMFL), paving the way for the formation of India’s 12th largest non-banking finance company.
• The RBI sent its “no-objection” to both companies in October 2024, as per their regulatory filings.
• As part of the merger consideration, Tata Capital will issue equity shares to TMFL shareholders, resulting in Tata Motors holding a 4.7% stake in the merged entity.

Key Highlights :

• Competition Commission Clearance: The Competition Commission of India approved the merger in September 2024, which was crucial for advancing the merger process.
• Listing Mandate: The merged entity is expected to list its shares by September 2025, following RBI’s requirement for upper-layer non-banking financial companies to be listed.
• Ownership Structure: As of March 31, 2024, Tata Sons directly owns 92.83% of Tata Capital, with the rest held by other Tata Group companies and trusts.
• Strategic Objectives: Through this merger, Tata Capital aims to expand its customer base in the commercial vehicle and passenger car financing segments, enhancing customer service with digital solutions.
• Investment by Tata Sons: Over the past five years, Tata Sons has invested ₹6,097 crore in Tata Capital, reflecting the group’s commitment to strengthening its lending business.
• Support for Tata Group Affiliates: Tata Capital provides funding solutions for various Tata Group affiliates, including suppliers, vendors, and dealers.
• Additional Acquisition Plans: Tata Sons plans to acquire an additional 12.65% stake in Tata AutoComp Systems for ₹2,122 crore, further solidifying its investment in automotive components.
• Currently, Tata Sons holds a 40 per cent stake in the company, while Tata Motors holds a 26 per cent stake in Tata AutoComp, an automotive components firm.

Competition Commission of India Greenlights Central Bank of India’s 24.91% Acquisition in Future Generali India Insurance  

• The Competition Commission of India (CCI) has approved Central Bank of India’s acquisition of stakes in Future Generali India Insurance.

Acquisition Details:

• Central Bank of India will acquire:
• 24.91% equity stake in Future Generali India Insurance Company Limited (FGIICL).
• 25.18% equity stake in Future Generali India Life Insurance Company Limited (FGILICL).
• Regulatory Framework:The acquisition is part of a bid/resolution plan submitted by Central Bank of India under the Insolvency and Bankruptcy Board of India (IBBI) regulations pertaining to the Insolvency Resolution Process for Corporate Persons.

About Central Bank of India:

• Founded: December 21, 1911.
• Headquarters: Mumbai, Maharashtra, India.
• Managing Director & CEO: Matam Venkata Rao.
• Type: Scheduled commercial bank.

About Future Generali India Insurance Company Limited (FGIICL):

• Founded: 2006.
• Headquarters: Mumbai, Maharashtra.
• Managing Director & CEO: Anup Rau.
• It provides personal insurance, commercial insurance, social & rural insurance etc.
• It provides savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

National Space Commission Approves India’s Fifth Lunar Mission: Lunar Polar Exploration Mission   

• The National Space Commission has cleared India’s fifth lunar mission, named the Lunar Polar Exploration Mission (LUPEX).
• LUPEX is a joint mission between the Indian Space Research Organisation (ISRO) and the Japan Aerospace Exploration Agency (JAXA).
• It will also involve observation instruments from NASA and the European Space Agency (ESA).
• The mission aims to explore the Moon’s southern polar region, focusing on investigating the presence of water and other elements, potentially as surface ice.

Key Highlights :

• Technological Innovation: The mission intends to showcase advanced surface exploration technologies, particularly in vehicular transport and lunar night survival.
• Mission Components: LUPEX will consist of a lander and a rover, distinguishing it from previous missions (Chandrayaan 1 to 4).
• Long-term Goals: This mission is part of India’s broader lunar series, which aims to send an Indian astronaut to the Moon and return safely.
• Launch Schedule: The LUPEX mission is currently scheduled for launch in 2025.
• Operational Duration: It is expected to operate for up to 100 days on the lunar surface, significantly longer than Chandrayaan-3’s operational period.
• Lander Features: The ISRO-built lander will carry the rover and advanced scientific instruments, including:
• Ground-penetrating radar
• Mid-infrared spectrometer
• Raman Spectrometer
• Permittivity and Thermophysical Investigation for Moon’s Aquatic Scout (PRATHIMA) payload
• Scientific Goals: Instruments aboard the lander will study the distribution and quantity of water and conduct in-situ experiments to analyze the lunar surface.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day for the Eradication of Poverty 2024

• The International Day for the Eradication of Poverty 2024 will be observed on October 17th, focusing on global efforts to eliminate poverty and uphold human rights.

History of the International Day for the Eradication of Poverty

1. Origins and First Commemoration (1987):
   • The day was first commemorated on October 17, 1987, at the Trocadéro in Paris, where more than 100,000 people gathered.
   • It marked the unveiling of a memorial stone by Joseph Wresinski, a French priest and humanitarian activist.
   • The event honored those who had died from extreme poverty, violence, and hunger, and proclaimed that poverty is a violation of human rights. It emphasized the need for collective action to protect these rights.
2. Official Recognition by the United Nations (1992):
   • On December 22, 1992, the United Nations General Assembly declared October 17th as the International Day for the Eradication of Poverty.
   • This decision was made four years after the passing of Joseph Wresinski in 1988.
   • The UN invited nations worldwide to promote and implement initiatives aimed at eliminating poverty and reducing misery, aligning with global development goals.

Daily CA One Liner: October 17

• Telecommunications Consultants India Limited (TCIL) marked its 46th Foundation Day on 15th October 2024 at the SCOPE Convention Center, New Delhi.
• South Eastern Coalfields Limited (SECL), a Chhattisgarh-based subsidiary of Coal India, inaugurated the 216th AMRIT (Affordable Medicines and Reliable Implants for Treatment) Pharmacy at the Health Centre in Indira Vihar Colony, Bilaspur.
• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved increasing Minimum Support Prices (MSP) for all mandated Rabi crops for the 2025-26 marketing season
• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved a significant multi-tracking railway project with an estimated cost of ₹2,642 crore

• Mastercard inaugurated a state-of-the-art Tech Hub in Pune,Maharashtra, India, aimed at supporting growth and innovation within the company.
• Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized that while Artificial Intelligence (AI) and machine learning (ML) offer opportunities for growth in the financial sector, excessive dependence on these technologies could threaten financial stability.
• The Reserve Bank of India (RBI) has mandated credit institutions (CIs) to provide credit information of onboarded borrowers to credit information companies (CICs) before:
  • The cancellation of their license.
  • The shutdown of operations.
  • The completion of the borrower’s loan cycle, whichever occurs first.
• International Finance Corporation (IFC), part of the World Bank Group, has partnered with Axis Bank to provide a $500 million (approx. ₹4,200 crore) loan.
• Bank of Baroda (BoB) launched the ‘bob Masterstroke Savings Account’ tailored for high-end customers.
• The Reserve Bank of India (RBI) has proposed that banks should not use group entities to circumvent regulations applicable to them, as per a draft circular on ‘forms of business and prudential regulations for investments.’
• The World Health Organization (WHO) declared India free from Trachoma as a public health problem in 2024.
• Prime Minister Shri Narendra Modi attended the 19th East Asia Summit (EAS) on 11 October 2024 in Vientiane, Lao PDR.
• The Gujarat government has announced the creation of a Caracal Breeding and Conservation Center in the Chadva Rakhal region of Kutch.
• Director General Paramesh Sivamani took over as the 26th Director General of the Indian Coast Guard (ICG).
• Global body World Steel Association (worldsteel) has elected Tata Steel Managing Director (MD) and Chief Executive Officer (CEO) Thachat Viswanath Narendran as its chairman.
• Amit Kumar was selected by the Public Enterprise Selection Board (PESB) for the role of Chairman & Managing Director (CMD) of AI Assets Holding Limited (AIAHL), a Schedule ‘B’ Public Sector Undertaking (PSU).
• The Sea Phase of Exercise MALABAR 2024 commenced on October 14, 2024, off the coast of Visakhapatnam.
• INS Talwar, a frontline stealth frigate of the Indian Navy, arrived at Simon’s Town, South Africa, on 6 October 2024 to participate in IBSAMAR VIII.
• The Reserve Bank of India (RBI) has approved the merger of Tata Capital, an unlisted entity, with Tata Motors Finance (TMFL), paving the way for the formation of India’s 12th largest non-banking finance company.
• The Competition Commission of India (CCI) has approved Central Bank of India’s acquisition of stakes in Future Generali India Insurance.
• The National Space Commission has cleared India’s fifth lunar mission, named the Lunar Polar Exploration Mission (LUPEX).

• The International Day for the Eradication of Poverty 2024 will be observed on October 17th, focusing on global efforts to eliminate poverty and uphold human rights.

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