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CURRENT AFFAIRS : BANKING & FINANCE
Public Sector Banks to Introduce Micro, small and Medium Enterprises Credit Model with Loan Range of ₹25 Lakh to ₹5 Crore
- Most Public Sector Banks (PSBs) are set to launch a credit risk assessment model for MSMEs (Micro, Small, and Medium Enterprises) to assess loans ranging from ₹25 lakh to ₹5 crore.
- Launch Timeline:November 25, 2024: Bank of India, Punjab & Sind Bank, and Indian Bank to launch the model.
- November 30, 2024: Six other PSBs (Bank of Baroda, Union Bank of India, UCO Bank, Central Bank of India, Indian Overseas Bank, and Punjab National Bank) to roll out the model.
Key Highlights :
Maximum Loan Amount by Bank:
- Bank of Baroda: ₹0.25 crore*
- Canara Bank: ₹0.25 crore*
- Punjab National Bank: ₹0.25 crore*
- Bank of India: ₹1.0 crore
- State Bank of India: ₹5.0 crore
- Indian Bank: ₹5.0 crore
- (*Amounts under review for possible increase.)
- Key Features of the Model:Evaluates factors such as supply chain dynamics, digital footprint, and industry-specific conditions for accurate credit risk assessment.
MSME Credit Disbursement Data (FY 2024-25 as of September 30, 2024):
- SBI: ₹52,154.23 crore
- PNB: ₹25,028 crore
- Bank of Baroda: ₹16,271.80 crore
- Canara Bank: ₹16,613 crore
- Growth Trends in MSME Credit:Credit to micro and small industries grew at 9.9% Y-o-Y (till June 2, 2024), slower than overall bank loan growth of 15.4%.
- Credit to medium enterprises increased by 11% in the same period.
- Budget Provisions for MSMEs:Introduction of a ₹100 crore credit guarantee scheme for MSMEs to improve financial access and recovery post-pandemic.
- Significance of MSMEs in the Economy:MSMEs contribute over 30% of GDP and nearly 50% of exports in India, making them vital for economic growth.
Government Set to Urge Banks to Return Unclaimed Deposits to Beneficiaries
- The government will nudge banks to begin a new campaign to trace unclaimed account holders or their legal heirs to return their deposits.
- The total amount of unclaimed deposits has crossed ₹78,000 crore.
What is the meaning of unclaimed deposits?
- Balances in savings / current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as “Unclaimed Deposits”.
- These amounts are transferred by banks to the “Depositor Education and Awareness” (DEA) Fund maintained by the Reserve Bank of India.
Key Highlights :
- RBI’s Previous Campaign:In April 2023, the Reserve Bank of India (RBI) launched the “100 Days 100 Pays” campaign to return unclaimed deposits from inactive accounts before they were transferred to the Depositor Education and Awareness (DEA) Fund.
- This initiative had some success, returning ₹5,729 crore in deposits to rightful owners.
- DEA Fund:The DEA Fund was established by the RBI on May 24, 2014, to manage deposits from bank accounts that have been inactive for 10 years or more.
- The fund covers deposits from various account types, including savings, current, and term deposit accounts, as well as other banking instruments like demand drafts, telegraphic transfers, and inter-bank clearing adjustments.
- As of March 31, 2024, the DEA Fund holds ₹78,812.25 crore.
- Challenges:Despite previous efforts, automation and other measures have been insufficient in returning the bulk of unclaimed deposits, which continues to grow.
- Limited success was achieved between June 1 and September 8, 2023, despite the extensive unclaimed amount.
- Future Initiatives:A new drive will be launched, building on the learnings from the previous campaign, with more aspirational targets.
- The drive will aim to clean up the accumulated unclaimed deposits, which will require several years of effort.
- Centralized Portal:In August 2023, RBI launched the UDGAM portal to help depositors search for unclaimed deposits across multiple banks.
- Purpose of DEA Fund:The DEA Fund supports financial literacy programs and covers the costs of awareness campaigns but does not return funds directly to depositors once the funds have been transferred to the DEA Fund.
Canara Bank designates RCom and its subsidiary as ‘fraud’ accounts
- Canara Bank has classified Reliance Communications (RCom) and its subsidiary, Reliance Telecom, as “fraud” accounts due to non-utilization of funds as per the sanctioned terms.
Key Highlights :
- Misuse of Loan Amount:The bank alleges that the loan amount was routed through RCom to Reliance Telecom for settling liabilities to connected or related parties, violating the terms of the loan agreement.
- Investment of Loans:The loans availed by RCom were invested in mutual funds and fixed assets, which were liquidated immediately to make payments to related and non-related parties.
- Loan Sanctioned:Canara Bank had sanctioned a loan of Rs 1,050 crore to Reliance Communications.
- Non-Performing Asset (NPA):Reliance Communications was classified as a non-performing asset (NPA) in March 2017.
- Insolvency Process:Ericsson India initiated insolvency proceedings against Reliance Communications, leading to the company’s admission into the Corporate Insolvency Resolution Process (CIRP) in May 2018.
About Canara Bank :
- Founded : 1906
- Headquarters : Bengaluru, Karnataka, India
- MD & CEO : K Satyanarayana Raju
- Tagline : Together we can
Unifi Asset Management receives SEBI approval to launch mutual fund operations
- Unifi Asset Management Private Limited, a subsidiary of Unifi Capital, has received final approval from the Securities and Exchange Board of India (SEBI) to launch its mutual fund operations.
- Company Background:Unifi Capital, established in 2001 as a portfolio manager, currently manages assets worth Rs 27,000 crore as of October 31, 2024.
- The company manages equity and debt through its Portfolio Management Services (PMS) and Alternative Investment Fund (AIF) platforms, both domestically and internationally.
- Strategic Milestone:The mutual fund venture marks a significant step in Unifi Capital’s growth after 23 years as a portfolio manager.
- Unifi plans to offer mutual funds that complement its existing services with a focus on “absolute value investing.”
- Expansion and Presence:Unifi Capital has expanded its presence across major cities including Bengaluru, Hyderabad, Mumbai, Delhi, Kolkata, Pune, Ahmedabad, Gandhinagar, and other locations in Gujarat.
- Founder of Unifi Capital : Sarath Reddy
- CEO of Unifi Mutual Fund : George Alexander
Public Sector Banks Focus on Expanding Corporate Loan Portfolio and Infrastructure Lending
- Large Public Sector Banks (PSBs) like State Bank of India (SBI), Punjab National Bank (PNB), Canara Bank, and Bank of India are expanding their corporate loan books, particularly in sectors such as infrastructure, energy, and renewable energy.
Key Highlights :
- Loan Growth : State Bank of India (SBI) reported an 18.35% YoY growth in its corporate loan book for the September quarter and is targeting 14-16% growth in FY25, supported by a corporate pipeline worth Rs 6 lakh crore.
- Canara Bank aims for a 10% growth in its corporate loan book.
- Bank of India saw a 9.16% growth in its corporate book for Q2 FY25, with a strong focus on energy sector demand.
- Project Finance Participation:Banks like SBI and Bank of India are increasing their participation in project finance, essential for the country’s infrastructure development.
- SBI’s CS Setty emphasized the importance of large banks in participating in project finance, especially for infrastructure, to ensure national development.
- Punjab National Bank’s (PNB) Growth Strategy:PNB is focused on expanding its corporate book by the end of FY25.
- It has committed Rs 79,000 crore toward renewable energy and other infrastructure sectors.
- Bank of Baroda’s Loan Growth:Bank of Baroda aims for 10-11% growth in its corporate loan book, contributing to overall advances growth of 12-14% in FY25.
- Focus on Renewable Energy:The renewable energy sector is seeing significant investments from PSBs, with SBI committing Rs 5 trillion and PNB Rs 79,000 crore towards renewable energy projects by 2030.
- By 2030, approximately $386 billion (Rs 32.45 trillion) is pledged for renewable energy development.
- RBI’s Draft Guidelines Impact:The RBI’s draft guidelines on project finance suggest increasing standard asset provisioning for loans to 5%, but PSBs continue to see substantial growth in their infrastructure loan books, despite the potential impact on provisioning requirements.
Reserve Bank of India cancels licence of Vijayawada-based Durga Co-operative Urban Bank
- The Reserve Bank of India (RBI) cancelled the licence of Vijayawada-based The Durga Co-operative Urban Bank as the lender does not have adequate capital and earning prospects.
Reason for License Cancellation:
- The bank failed to meet regulatory requirements, particularly:
- Inadequate Capital & Earning Prospects: The bank did not comply with Section 11(1) and Section 22(3)(d) of the Banking Regulation Act, 1949.
- Non-Compliance with Requirements: The bank failed to comply with Sections 22(3)(a), (b), (c), (d), and (e) of the Banking Regulation Act, 1949.
- Prejudicial to Depositors: The continuation of the bank’s operations was deemed harmful to depositors’ interests.
- Inability to Pay Depositors: The bank’s financial position was such that it could not fully repay its depositors.
- Adverse Public Impact: Allowing the bank to continue operating would negatively impact public interest.
- Consequences of License Cancellation:The bank is prohibited from conducting banking operations, including accepting or repaying deposits.
- The Commissioner for Cooperation and the Registrar of Cooperative Societies, Andhra Pradesh, has been instructed to initiate the winding-up process and appoint a liquidator.
- Deposit Insurance:Depositors will be entitled to insurance claims up to ₹5,00,000 under the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961.
- As of August 31, 2024, 95.80% of the depositors are eligible to receive the full insured amount.
- DICGC Payment:DICGC has already paid ₹9.84 crore of the total insured deposits to eligible depositors as of August 31, 2024.
CURRENT AFFAIRS: NATIONAL NEWS
UN COP29: Mobilizing $1 Trillion Annually for Climate Finance by 2030
- A new report by the Independent High-Level Expert Group on Climate Finance highlights the urgent need for $2.4 trillion annually by 2030 to support climate action in Emerging Market and Developing Countries (EMDCs), excluding China.
- This includes investments in clean energy transitions, adaptation, resilience, and natural capital.
Key Insights from the Report
Global Climate Investment Needs
- Total Requirement by 2030: $6.3-6.7 trillion annually.
- Advanced Economies: $2.7-2.8 trillion.
- China: $1.3-1.4 trillion.
- EMDCs (excluding China): $2.4 trillion.
- By 2035: Global annual needs increase to $7-8.1 trillion, with EMDCs requiring $3.1-3.5 trillion.
Breakdown of EMDCs’ $2.4 Trillion Annual Investment
- Clean Energy Transition: $1.6 trillion.
- Adaptation and Resilience: $0.25 trillion.
- Loss and Damage: $0.25 trillion.
- Natural Capital and Sustainable Agriculture: $0.3 trillion.
- Just Transition: $0.04 trillion.
Funding Mechanisms for EMDCs
Domestic Funding
- $1.4 trillion needed domestically:
- Public Finance: $800-900 billion (2.7-3x growth).
- Private Finance: $550-630 billion (5-7x growth).
International Funding
- $1 trillion required from global sources:
- Private Finance: $450-550 billion.
- Multilateral Development Banks (MDBs): $140-160 billion.
- South-South Cooperation: $80-100 billion.
- Other Concessional Finance: $240-300 billion.
Significance of the Report
- Presented at COP29 in Azerbaijan, during discussions on the New Collective Quantified Goal for Climate Finance (NCQG).
- Provides actionable targets for policymakers, addressing gaps in previous commitments.
- Aligns with the need for increased commitments beyond the $100 billion annual goal set at COP15, which was only achieved in 2022.
Calls to Action
- Developed Nations:
- Triple their $100 billion commitment by 2025.
- Contribute significantly to concessional financing.
- MDBs and Private Sector:
- Enhance financing contributions, especially for clean energy transitions.
- Developing Countries (South-South Cooperation):
- Expand their support for global climate finance efforts.
Partnerships for Accelerated Innovation and Research (PAIR) Initiative
- The Government of India has launched the PAIR initiative under the Anusandhan National Research Foundation (ANRF) to foster research excellence and innovation in central and state public universities, especially those with limited research infrastructure.
Key Features of the PAIR Initiative
Objectives
- Enhance Research Capacity: Support internationally competitive research and stimulate innovation in emerging institutions.
- Collaborative Networks: Build productive partnerships between top-ranking and emerging institutions.
- Mentorship-Driven Model: Foster research excellence through a hub-and-spoke model, where leading institutions mentor others.
- Institutional Development:
- Upscale research infrastructure.
- Improve research quality.
- Introduce best practices in research culture.
Programme Structure
- Hub and Spoke Model:
- Hubs: Top 25 NIRF-ranking institutions and Institutes of National Importance within the top 50 NIRF ranking.
- Spokes: Central and State Public Universities, select NITs, and IIITs.
- Each network consists of 1 hub and up to 7 spokes.
- Regional Diversity: Ensures participation from diverse geographical regions.
- Eligibility:
- Initial phase: Limited to top-ranking institutions.
- Later phases: Expanded to include other universities and institutions.
- Proposal Guidelines:
- One proposal per hub institution.
- Must involve multi-departmental teams from spoke institutions.
Impact of PAIR
- Nurtures Emerging Institutions: Bridges the research gap by leveraging the expertise of top-tier institutions.
- Strengthens the Research Ecosystem: Creates a robust network for collaborative research.
- Supports NEP 2020 Goals: Aligns with the National Education Policy’s focus on innovation, access, and equity in education.
Anusandhan National Research Foundation (ANRF)
Overview
- Established under the ANRF 2023 Act.
- Apex body to provide strategic direction for scientific research in India.
- Key Functions:
- Promote research and innovation across universities, research institutions, and R&D labs.
- Facilitate collaborations between industry, academia, and government.
- Integrate Science and Engineering Research Board (SERB) functions into ANRF.
Significance
- Catalyst for Innovation: Seeds and supports R&D initiatives nationwide.
- Public-Private Partnership: Encourages industry and state government contributions to research.
Alignment with NEP 2020
The National Education Policy (NEP) 2020 aims to transform India’s education system with reforms centered on Access, Equity, Quality, Affordability, and Accountability, aligned with the 2030 Agenda for Sustainable Development.
Relevance to PAIR
- Focus on Innovation: Strengthens research and technical education.
- Collaborative Approach: Encourages partnerships across institutions.
- Infrastructure Development: Propels research capacity-building in under-resourced universities.
FSSAI’s Nationwide Food Safety and Hygiene Initiative
- The Food Safety and Standards Authority of India (FSSAI) has announced a comprehensive plan to train approximately 2.5 million food handlers across the country by March 2026.
- The initiative aims to enhance food safety and hygiene standards, especially in institutional canteens and e-commerce-related facilities.
Key Highlights of the Initiative
Training Focus
- Target Group: Food handlers in universities, colleges, and hostel canteens.
- Objective: Ensure hygienically handled and safe food availability.
- Framework: Training under the Food Safety Training and Certification (FoSTaC) program.
45th Central Advisory Committee (CAC) Meeting
- Chaired by: FSSAI CEO, G. Kamala Vardhana Rao.
- Core Agenda:
- Regular food safety surveillance across all States and Union Territories.
- Increased surveillance of warehouses and e-commerce platforms, with guidelines for standardized procedures.
- Deployment of Food Safety on Wheels (FSW) mobile vans at strategic locations for testing and awareness.
- Enhanced vigilance at tourist hotspots to ensure safety during the peak tourist season (November-March).
Collaborative and Integrated Food Safety Approach
- Consumer Engagement:
- Part of the Eat Right India Movement to promote healthier eating habits.
- States encouraged to conduct awareness activities such as fairs, walkathons, and street plays (Nukkad Nataks).
- Cross-Sector Collaboration:
- Active participation of ministries, stakeholders, and food safety commissioners.
- Emphasis on state and district-level advisory committee meetings.
CURRENT AFFAIRS: AWARDS AND HONOURS
46th Jamnalal Bajaj Foundation Awards: Honoring Gandhian Contributions
- The 46th Jamnalal Bajaj Foundation Awards 2024 were conferred in Mumbai. Four distinguished individuals were recognized for their exceptional contributions to education, health, employment, and promoting Gandhian values.
About the Awards
- Instituted to promote Gandhian values and the ideologies of Jamnalal Bajaj.
- Categories and their introduction:
- Constructive Work and Application of Science and Technology for Rural Development (1978).
- Development and Welfare of Women and Children (1980, in memory of Jankidevi Bajaj).
- International Award for Promoting Gandhian Values Outside India (1988).
- Each award includes a cash prize of ₹20 lakh.
- Chief Guest: Dr. Abhay Bang, Founder, Society for Education, Action and Research in Community Health.
Awardees and Contributions
- Rashmi Bharti (Uttarakhand)
Category: Application of Science and Technology for Rural Development
- Key Contributions:
- Co-founder of Avani, empowering over 2,000 artisans through sustainable livelihoods and preserving traditional crafts.
- Advocated renewable energy, enabling the installation of 3,000 solar lights in 25 villages.
- Revived hand-spinning and weaving, creating significant employment in rural communities.
- Dr. Tulasi Munda (Odisha)
Category: Development and Welfare of Women and Children
- Key Contributions:
- Known as “Tulasi Apa”, dedicated over six decades to tribal welfare and education in mining regions.
- Founder of Adivasi Vikash Samity, educating over 20,000 children and promoting Gram Swaraj.
- Mediated labour disputes and advocating for marginalised communities, advancing Gandhian self-governance principles.
- Reverend Erik Kumedisa (Democratic Republic of Congo)
Category: International Award for Promoting Gandhian Values Outside India
- Key Contributions:
- Founder of Gandhi Monks Community and the Gandhi Science and Peace Institute in Kikwit.
- Advocated non-violence and inter-religious harmony through education and community initiatives.
- Established a community FM radio station, distributed Gandhian literature, and organized peace-building programs.
- Girija Nandan (Bihar & Jharkhand)
Category: Constructive Work
- Key Contributions:
- Co-founder of Nav Bharat Jagriti Kendra, addressing education, healthcare, and social justice.
- Worked with Lok Nayak Jayprakash Narayan during famines, fostering inter-caste harmony and community resilience.
- Dedicated his life to advancing Gandhian ideals in marginalized communities.
Victoria Kjær Theilvig of Denmark Crowned Miss Universe 2024
- Victoria Kjær Theilvig from Denmark has been crowned Miss Universe 2024, marking the first time a Danish contestant has won the prestigious title.
- Kjær, an animal protection advocate and diamond industry professional, emerged victorious after competing against Miss Nigeria, who was the runner-up, while Miss Mexico placed third.
- The 73rd edition of Miss Universe was held in the Mexico City Arena, with a capacity of 20,000 people, creating a vibrant atmosphere with supporters waving flags from around the world.
- The event began with a performance from 131 mariachi musicians and a special appearance by Taboo of the Black Eyed Peas, who performed “Mexicana,” a song created by Emilio Estefan for the contest.
- The gala was hosted by Mario López, Olivia Culpo (Miss Universe 2012), Zuri Hall, and Catriona Gray (Miss Universe 2018).
- This year saw representation from 120+ contestants, with some countries making their debut, including Belarus, Eritrea, Guinea, Macau, Maldives, Moldova, and Uzbekistan.
- Mexico hosted the Miss Universe competition for the third time.
CURRENT AFFAIRS: MOUS AND AGREEMENT
GAIL Signs Landmark 10-Year LNG Supply Agreement with ADNOC Gas
- GAIL (India) Limited has entered into a 10-year sales and purchase agreement (SPA) with ADNOC Gas, marking a significant step in India’s efforts to secure energy resources and expand its natural gas portfolio.
- This is ADNOC Gas’s first SPA with an Indian buyer, underlining the strengthening ties between the two nations in the energy sector.
Key Highlights of the Agreement
- LNG Supply Details:
- Up to 0.52 MMTPA (million metric tonnes per annum) of LNG will be delivered.
- Shipments will commence in 2026, with six cargoes per year from ADNOC Gas’s Das Island facility.
- Das Island LNG facility, with a processing capacity of 6.0 MMTPA, is among the longest-operating LNG plants globally.
- India’s Growing LNG Demand:
- India ranked as the fourth-largest global LNG importer in 2023.
- With a national target to raise natural gas’s share in the energy mix to 15% by 2030 (from the current 6%), the agreement aligns with India’s broader energy transition goals.
Strategic Implications
- Energy Security for India:
- The SPA enhances India’s access to reliable LNG supply, supporting its industrial, transportation, and residential sectors amid a broader transition toward cleaner energy.
- Strengthened Bilateral Energy Cooperation:
- Marks a deepening of India-UAE relations in the energy sector, fostering long-term strategic collaboration.
- Global LNG Market Dynamics:
- The deal coincides with an expected 15% rise in global LNG demand over the next decade, driven by industrial coal-to-gas transitions in countries like China and increasing adoption in Southeast Asia.
- Infrastructure Growth in India:
- India’s LNG regasification capacity nearly doubled last year, increasing from 21 MMTPA in 2014. This expanded infrastructure ensures readiness for greater LNG imports in the years ahead.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Indian Space Research Organisation to Launch NISAR Satellite in Early 2025 and Propose Earth Observation Satellite Collaboration with Mexico
- The Indian Space Research Organisation (ISRO) plans to launch the NASA-ISRO Synthetic Aperture Radar (NISAR) Earth Observation Satellite in early 2025.
- The satellite will be launched from the Satish Dhawan Space Centre (SDSC), Andhra Pradesh (AP)
- ISRO has shown interest in building an Earth Observation (EO) satellite for Mexico to strengthen bilateral relations.
- This cooperation is aimed at enhancing the 75-year-old diplomatic relationship between India and Mexico.
Key Highlights :
- Meeting Between ISRO and Mexican Ambassador:Mexico’s Ambassador to India, Federico Salas, met ISRO Chairman S. Somanath in Bengaluru.
- The meeting highlighted the successful cooperation between the two countries’ space agencies.
- Expansion of Space Cooperation:Ambassador Salas emphasized expanding cooperation with Agencia Espacial Mexicana (AEM) (Mexico’s space agency) and increasing collaboration with the Latin American and Caribbean Space Agency (ALCE).
- The aim is to ensure peaceful use and exploration of outer space.
- ISRO’s G20 Satellite Mission:ISRO Chairman S. Somanath mentioned the G20 Satellite mission for environmental and climate observation.
- There are also potential industry-level collaborations between India and Mexico.
- G20 Satellite Proposal:In 2023, Somanath proposed building a satellite for G20 nations, inviting contributions in the form of payloads and instruments developed in India and planned for launch within two years.
About ISRO :
- Established: 15 August 1969
- Headquarters: Bangalore, Karnataka, India
- Chairman: S. Somanath
CURRENT AFFAIRS : DEFENCE NEWS
Defence Research and Development Organisation Successfully Conducts Flight Tests of Guided Pinaka Rocket System
- Defence Research and Development Organisation (DRDO) has successfully completed the Flight Tests of Guided Pinaka Weapon System as part of Provisional Staff Qualitative Requirements (PSQR) Validation Trials.
Key Highlights :
- Historical Context:First deployed during the 1999 Kargil War, the Pinaka MBRL (Multiple Barrel Rocket Launcher) impressed the Army, leading to its adoption as a replacement for the Soviet-era GRAD BM-21.
- Specifications and Capabilities:
- Original Pinaka (Mark I):
- Range: 37.5 km.
- Accuracy: 500 meters.
- Enhanced Pinaka:
- Range: 75 km.
- Accuracy: Within 10 meters of the target.
- Rapid deployment: Takes 3 minutes to set up and fire.
- High firepower: A battery can launch 216 rockets, delivering 7 tonnes of explosives within 44 seconds.
- Pinaka Mark II:
- Equipped with individual inertial navigation systems (INS) and thrust vectoring for precision.
Collaborations:
- Led by DRDO labs: Armament Research & Development Establishment (ARDE) and High Energy Materials Research Laboratory (HEMRL), Pune.
- Supported by private firms: Larsen & Toubro (L&T) and Tata Power Company Ltd (TPCL).
- Small and medium-scale industries and PSUs like Bharat Earth Movers Ltd, Bharat Electronics Ltd, and Bharat Dynamics Ltd contributed.
- Foreign Expertise:Assistance from SAGEM (France) and Fuchs Electronics (South Africa).
Production and Deployment:
- First two regiments (2006-2010): Built by L&T and Tata Power.
- Total Pinaka regiments:
- 10 Pinaka regiments, with 6 equipped with Pinaka-ER rockets.
- Upcoming: 12 Pinaka Mark II regiments.
- Total cost: ₹21,000 crore.
- Rocket ammunition manufacturing technology transferred to Economic Explosives, Nagpur.
- Technological Advancements:Individual guidance: Rockets are equipped with onboard computers for flight path corrections every 20 microseconds using a radio link.
- Applications:Capable of striking terrorist camps, enemy posts, and logistics depots without requiring troop deployment across borders.
Indian Navy’s New 25T Bollard Pull Tug “Yuvan” Unveiled in Kolkata
- The contract for constructing and delivering six 25T BP Tugs was signed with M/s Titagarh Rail Systems Limited (TRSL).
- The project aligns with the Government of India’s initiatives: ‘Make in India’ and ‘Aatmanirbhar Bharat’.
Key Highlights :
- Construction Details:The tugs are being built under the classification rules of the Indian Register of Shipping (IRS).
- Delivery of the tugs is being carried out progressively, with operations planned for the Indian Navy.
- Operational Commands:These tugs will be operated by the Indian Navy at the Andaman and Nicobar Command and the Eastern Naval Command.
- Ceremony Details:The launch of the fourth tug (named Yuvan) and the keel laying of the fifth and sixth tugs (named Ojas and Sabal) took place on 17 Nov 2024.
- The ceremony was presided over by Cmde Ceasar Basu, Group Commander NCC, Kolkata, at M/s Titagarh Rail Systems Limited, Kolkata.
- Delivery Timeline:The tugs are expected to be delivered to the Indian Navy in 2025.
- Functions of the Tugs:The 25T BP Tugs will assist in berthing, un-berthing, turning, and manoeuvring naval ships and submarines in confined waters.
- These tugs will also support afloat firefighting operations for Indian Navy platforms, both alongside and at anchorage.
- Additionally, the tugs have the capability to conduct limited Search and Rescue (SAR) operations.
About Indian Navy :
- Founded : 26 January 1950
- Headquarters : New Delhi, India
- Chief of the Naval Staff (CNS) : Admiral Dinesh K Tripathi
Indian and Sri Lankan Coast Guards hold 7th Annual High-Level Meeting in Colombo to Address Transnational Maritime Crime and Strengthen Regional Cooperation
- The 7th Annual High-Level Meeting (HLM) between the Indian Coast Guard (ICG) and the Sri Lanka Coast Guard (SLCG) was conducted at Colombo, Sri Lanka.
- Its primary goal is to enhance cooperation to address transnational maritime crime and promote regional maritime safety and security.
- This meeting is held annually as part of the Memorandum of Understanding (MoU) signed between the two agencies in May 2018.
Key Highlights :
- Delegation Leadership:The ICG delegation was led by Director General S. Paramesh, Chief of the Indian Coast Guard.
- The SLCG delegation was led by Rear Admiral YR Serasinghe, Director General of the Sri Lanka Coast Guard.
- Meeting Focus:Discussions included combatting drug trafficking, marine pollution, mariner safety, and the adoption of best practices in maritime operations.
- Topics also covered capacity-building programs and collaborative arrangements for addressing various maritime challenges.
- Outcome:The meeting reinforced both countries’ commitment to strengthening maritime safety and security in the region.
- The 8th Annual Meeting will be hosted by the Indian Coast Guard in 2025.
- Related Event:The 34th India-Sri Lanka Navy & Coast Guard International Maritime Boundary Line (IMBL) Meeting took place just a week earlier, focusing on maritime security in Palk Bay & Gulf of Mannar and safety of fishermen.
About Sri Lanka :
- President : Anura Kumara Dissanayake
- Prime Minister : Harini Amarasuriya
- Capital : Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
- Currency : Sri Lankan rupee (Rs)
CURRENT AFFAIRS : OBITUARIES
Bela Karolyi, gymnastics coach who mentored Nadia, Mary Lou, and courted controversy, passes away
- Bela Karolyi, the charismatic, polarising gymnastics coach who turned young women into champions and the United States into an international power, has passed away at the age of 82.
About Bela Karolyi :
- Bela and his wife Marta Karolyi defected from Romania to the United States in 1981, becoming influential figures in American gymnastics.
- Mentorship of Famous Gymnasts: Bela Karolyi coached several prominent gymnasts, including Nadia Comaneci, Mary Lou Retton, and Kerri Strug.
- Mary Lou Retton: Helped guide Retton to the 1984 Olympic all-around gold medal at the age of 16.
- Kerri Strug: Famously assisted Strug in the 1996 Atlanta Olympics after Strug’s vault secured a team gold for the U.S.
- Bela briefly served as the National Team Coordinator for USA Gymnastics’ women’s elite program in 1999, helping create a semi-centralized system that turned U.S. gymnastics into a dominant force in the sport.
- Karolyi was known for his intense coaching tactics, often criticized for pushing athletes physically and mentally.
- His methods led to his removal as National Team Coordinator after the 2000 Olympics, following complaints from athletes.
CURRENT AFFAIRS: SPORTS NEWS
Magnus Carlsen Clinches Tata Steel Chess India Blitz Title, Arjun Erigaisi’s Campaign Collapses
- Magnus Carlsen triumphed in the sixth edition of Tata Steel Chess India Blitz after a dramatic turn of events.
- Arjun Erigaisi, who had been leading the tournament with three rounds left, faltered dramatically, ending off the podium.
- Carlsen finished 1.5 points ahead of second-placed Wesley So, clinching his second title in five days and his 10th major title of the year.
- Arjun Erigaisi‘s over-ambitious strategy led to losses in his final three games, including a critical defeat to Carlsen in the penultimate round.
- Wesley So capitalized on Arjun’s collapse, securing second place with an outstanding 8.0/9 score on the final day.
Arjun’s Fall and Carlsen’s Rise:
- Carlsen had been trailing by 0.5 points after 15 rounds but surged in the final stretch with decisive wins.
- Arjun’s downfall began in the 16th round, where he lost to Vidit Gujrathi after overextending himself, causing a downward spiral in his performance.
- R. Praggnanandhaa, who had been in second place heading into the final day, also faltered, finishing outside the top three.
Final Blitz Standings (Open Section):
- Magnus Carlsen (13 points)
- Wesley So (11.5 points)
- Arjun Erigaisi (10.5 points)
- R. Praggnanandhaa (9.5 points)
- Vidit Gujrathi (9 points)
- Daniil Dubov (9 points)
- Nodirbek Abdusattorov (8 points)
- Nihal Sarin (7 points)
- S.L. Narayanan (6.5 points)
- Vincent Keymer (6 points)
Women’s Section:
- Kateryna Lagno, the overnight leader, clinched the title with one round to spare, showcasing composure amidst fierce competition.
- Valentina Gunina and Aleksandra Goryachkina completed the podium, finishing second and third, respectively.
- Vantika Agrawal showed strong performances in both the rapid and blitz formats, narrowly missing out on a podium finish due to a tiebreak loss to Goryachkina.
Final Blitz Standings (Women’s Section):
- Kateryna Lagno (11.5 points)
- Valentina Gunina (11 points)
- Aleksandra Goryachkina (9.5 points)
- Vantika Agrawal (9.5 points)
- Alexandra Kosteniuk (9 points)
- Koneru Humpy (9 points)
- Harika Dronavalli (8.5 points)
- R. Vaishali (8 points)
- Divya Deshmukh (7.5 points)
- Nana Dzagnidze (6.5 points)
- Jyothi Surekha Wins Gold at World Indoor Archery Series in Luxembourg
- V. Jyothi Surekha, the 28-year-old ace archer from Vijayawada, clinched the gold in the compound category of the World Indoor Archery Series in Luxembourg.
- Surekha defeated Paasmeeri Marita of Belgium with a score of 147-145 in the final.
- In the semifinal, she triumphed over Roner Elisa of Italy after a shoot-out, with both archers scoring 148, but Surekha won the shoot-out.
- This victory marks Surekha’s second gold in the Indoor Series.
- She had previously won a bronze at the JVD Open Indoor Archery Championship.
Jorge Martin Clinches First MotoGP World Championship
- Jorge Martin of Prima Pramac Ducati has won his first MotoGP World Championship in the 2024 season.
- Martin only needed a 9th place finish or higher in the Solidarity Grand Prix of Barcelona to secure the title, with a 19-point lead over Pecco Bagnaia.
- Throughout the 24-lap race, Martin maintained a measured pace, while Pecco Bagnaia led the race, with Marc Marquez pursuing him on the Gresini Ducati.
- Aleix Espargaro, riding for Factory Aprilia, helped Martin by keeping pressure off him, staying ahead of Alex Marquez and acting as a defensive buffer.
- Jorge Martin crossed the finish line, realizing his long-held dream and securing the championship, finishing with 10 points more than Pecco.
- Marc Marquez completed the season in third place, a notable achievement riding a year-old Ducati for a satellite team.
Looking Ahead:
- Jorge Martin will move to the Factory Aprilia team in 2025.
- Marc Marquez will join Pecco Bagnaia at the Factory Ducati team for the next season.
CURRENT AFFAIRS: IMPORTANT DAYS
International Men’s Day: 19th November
- International Men’s Day 2024 is observed on the 19th of November 2024
- In 1968, an American journalist named John P. Harris communicated that there was a celebration for International Women’s Day for female workers but failed to deliver a male counterpart.
- He said that there should be International Men’s Day and it should be celebrated every year insisting on Men’s health, and his achievements and contribution to the nation.
- In the early 1990s Thomas Oaster, the director of the Missouri Center for Men’s Studies, invited organizations in the U.S., Australia, and Malta to hold small International Men’s Day events during the month of February.
- Oyster celebrated this small event for two years successfully and later the celebration did not take place well. Malta is the sole country that celebrates this event continuously.
- Teelucksingh understood the importance of a male role in society as his father had been an excellent example for him and chose to celebrate International Men’s Day on November 19th, the day of his father’s birthday as well as the day a local soccer team had united his country with their endeavors to qualify for the world cup.
- After that, all Countries celebrated International Men’s Day on 19th November. Malta celebrated in February then changed the celebration day to November.
World Toilet Day: 19th November
- World Toilet Day 2024 is observed on the 19th of November 2024
- This year’s theme is ‘Toilets – A Place for Peace’ which emphasizes that billions of people face heightened threats to sanitation due to conflict, climate change, natural disasters, and systemic neglect.
World Toilet Day History
- Jack Sim, a philanthropist from Singapore, founded the World Toilet Organization on November 19, 2001, He declared that day as World Toilet Day. Toilets are only the first stage of sanitation apparatuses.
- World Toilet Day was made to spread and increase public awareness of broader sanitation systems such as wastewater treatment, stormwater management, and hand washing.
- UN Sustainable Development Goal 6 says that waste should be safely processed.
- Their efforts to call attention to the sanitation crisis were strengthened in 2010.
- In 2013, the Government of Singapore and the World Toilet Organization led to Singapore’s first UN resolution called “Sanitation for All.”
- This resolution decided to take action to end the world sanitation crisis by 2025.
- As a result, World Toilet Day was declared an official UN day, and the resolution was adopted by 122 countries at the 67th session of the UN General Assembly in New York.
Daily CA One- Liner: November 19
- A new report by the Independent High-Level Expert Group on Climate Finance highlights the urgent need for $2.4 trillion annually by 2030 to support climate action in Emerging Market and Developing Countries (EMDCs), excluding China
- The Government of India has launched the PAIR initiative under the Anusandhan National Research Foundation (ANRF) to foster research excellence and innovation in central and state public universities, especially those with limited research infrastructure.
- The Food Safety and Standards Authority of India (FSSAI) has announced a comprehensive plan to train approximately 5 million food handlers across the country by March 2026
- The 46th Jamnalal Bajaj Foundation Awards 2024 were conferred in Mumbai. Four distinguished individuals were recognized for their exceptional contributions to education, health, employment, and promoting Gandhian values
- Victoria Kjær Theilvig from Denmark has been crowned Miss Universe 2024, marking the first time a Danish contestant has won the prestigious title
- GAIL (India) Limited has entered into a 10-year sales and purchase agreement (SPA) with ADNOC Gas, marking a significant step in India’s efforts to secure energy resources and expand its natural gas portfolio
- Magnus Carlsen triumphed in the sixth edition of Tata Steel Chess India Blitz after a dramatic turn of events
- Jyothi Surekha, the 28-year-old ace archer from Vijayawada, clinched the gold in the compound category of the World Indoor Archery Series in Luxembourg
- Jorge Martin of Prima Pramac Ducati has won his first MotoGP World Championship in the 2024 season
- Most Public Sector Banks (PSBs) are set to launch a credit risk assessment model for MSMEs (Micro, Small, and Medium Enterprises) to assess loans ranging from ₹25 lakh to ₹5 crore.
- The government will nudge banks to begin a new campaign to trace unclaimed account holders or their legal heirs to return their deposits.
- Canara Bank has classified Reliance Communications (RCom) and its subsidiary, Reliance Telecom, as “fraud” accounts due to non-utilization of funds as per the sanctioned terms.
- Unifi Asset Management Private Limited, a subsidiary of Unifi Capital, has received final approval from the Securities and Exchange Board of India (SEBI) to launch its mutual fund operations.
- Large Public Sector Banks (PSBs) like State Bank of India (SBI), Punjab National Bank (PNB), Canara Bank, and Bank of India are expanding their corporate loan books, particularly in sectors such as infrastructure, energy, and renewable energy.
- The Reserve Bank of India (RBI) cancelled the licence of Vijayawada-based The Durga Co-operative Urban Bank as the lender does not have adequate capital and earning prospects.
- The Indian Space Research Organisation (ISRO) plans to launch the NASA-ISRO Synthetic Aperture Radar (NISAR) Earth Observation Satellite in early 2025.
- Defence Research and Development Organisation (DRDO) has successfully completed the Flight Tests of Guided Pinaka Weapon System as part of Provisional Staff Qualitative Requirements (PSQR) Validation Trials.
- The contract for constructing and delivering six 25T BP Tugs was signed with M/s Titagarh Rail Systems Limited (TRSL).
- The 7th Annual High-Level Meeting (HLM) between the Indian Coast Guard (ICG) and the Sri Lanka Coast Guard (SLCG) was conducted at Colombo, Sri Lanka.
- Bela Karolyi, the charismatic, polarising gymnastics coach who turned young women into champions and the United States into an international power, has passed away at the age of 82.
- International Men’s Day 2024 is observed on the 19th of November 2024
- World Toilet Day 2024 is observed on the 19th of November 2024
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