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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Expands Access to Negotiated Dealing System-Order Matching Electronic Trading Platform

• The Reserve Bank of India (RBI) widened access to its Negotiated Dealing System-Order Matching (NDS-OM) electronic trading platform to more regulated entities (REs).
• Newly eligible entities include Regional Rural Banks (RRBs), Local Area Banks, Non-Banking Financial Companies (NBFCs), Housing Finance Companies, provident funds, pension funds, and Market Infrastructure Institutions (MIIs).

What is NDS-OM?

• The Negotiated Dealing System-Order Matching (NDS-OM) is a screen-based electronic trading platform for the secondary market trading of Government securities (G-Secs).
• It is owned by the Reserve Bank of India (RBI) and provides an anonymous order-matching system for efficient trading.
• Entities eligible for membership are those that maintain Subsidiary General Ledger (SGL) accounts with the RBI.
• These entities, called Primary Members (PM), include banks, primary dealers, insurance companies, mutual funds, and others permitted by the RBI.

Key Highlights :

• Direct Access:Direct access allows eligible entities to execute and report transactions directly on the NDS-OM platform.
• These entities must have a Subsidiary General Ledger (SGL) account and a current account with the RBI or a Designated Settlement Bank.
• Impact on Government Securities (G-Secs):The move is aligned with increased trading of Government Securities (G-Secs), driven by their inclusion in JP Morgan’s Emerging Markets Bond Index (GBI-EM GD), starting in January 2025, and FTSE Russell’s EM Government Bond Index (EMGBI) from September 2025.
• Indirect Access:Foreign Institutional Investors (FIIs) and corporates will continue with indirect access, meaning they execute transactions through entities with direct access.
• Eligibility Criteria:Entities must be members of the securities settlement segment of the Clearing Corporation of India Limited (CCIL) to obtain direct access to the NDS-OM platform.

India’s Software Services Exports Rise to $205.2 Billion in 2023-24: RBI Survey

• According to a Reserve Bank of India (RBI) survey, India’s total exports of software services, including services delivered by foreign affiliates of Indian companies, increased to $ 205.2 billion during 2023-24 from $ 200.6 billion in the previous fiscal.

Key Highlights :

• Excluding Overseas Commercial Presence:Software services exports (excluding sales through overseas commercial presence) grew by 2.8% to $190.7 billion in 2023-24.
• Major Export Destinations:The United States was the largest software export destination, accounting for 54% of the exports.
• Europe accounted for 31%, with the United Kingdom being a key destination.
• Survey Participants:The RBI survey covered 7,226 software export companies, and 2,266 firms responded, representing 89% of the total software exports.
• Types of Services:Computer services made up over two-thirds of India’s software services exports.
• BPO services remained the dominant component of ITES exports.
• Private vs. Public Companies:Private limited companies showed higher growth in software services exports compared to public limited companies.
• Invoicing Currency:The US dollar was the principal invoicing currency, with a 72% share, followed by the euro, rupee, and pound sterling.
• Modes of Delivery:Cross-border supply accounted for 83.5% of software services delivery in 2023-24.
• The share of overseas commercial presence mode declined to 7%, down from 7.5% in 2022-23.
• Offsite Services:Offsite services made up 90% of total software services exports in 2023-24, up from 80% a decade ago.

Reserve Bank of India removes lending restrictions imposed on JM Financial’s non-banking subsidiary

• The Reserve Bank of India (RBI) has lifted the ban on JM Financial Products, allowing it to resume financing activities, including loans for shares, debentures, and initial public offering (IPO) subscriptions.
• In March,2024 the RBI had imposed restrictions on JM Financial Products due to regulatory violations and concerns regarding governance practices.

Key Highlights :

• Resumption of Activities: JM Financial’s non-banking unit is now permitted to immediately offer loans against shares and debentures following the lifting of the ban.
• Regulatory Compliance Focus: The RBI has intensified its focus on regulatory compliance among banks and non-banking financial institutions (NBFCs) in recent years, as evidenced by increased supervision and scrutiny.
• Ongoing Investigations: Other non-banking finance companies are under the RBI’s scrutiny regarding their loan pricing practices, indicating a broader regulatory oversight in the sector.
• SEBI Investigation: Separately, the Securities and Exchange Board of India (SEBI) has barred JM Financial from accepting new bond issue assignments until March 2025 due to an ongoing preliminary investigation.
• Service Offerings: JM Financial provides short-term uncollateralized loans for IPO subscriptions through its non-banking arm, JM Financial Products.
• Company Response: JM Financial did not provide immediate comments on the RBI’s decision when contacted by Reuters.

About JM Financial :

• Founded : 1973
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Nimesh Kampani

State-owned banks eliminate processing fees on home loans to boost business

• Several state-owned banks, including Central Bank of India, Canara Bank, Indian Overseas Bank, Bank of Baroda, and Punjab National Bank, have waived processing fees on home loans to attract demand during the festive season, ranging from December 2024 to March 2025.

Key Highlights :

• Impact on Disbursals: Indian Overseas Bank reported a 19% quarter-on-quarter increase in home loan disbursals, reaching ₹1,849.67 crore in Q2 of the financial year after waiving processing fees.
• Comparison with Private Banks: Unlike public sector banks, private sector banks have not announced any similar waivers. Public sector banks generally offer more competitive home loan rates, making them attractive to borrowers.
• Interest Rate Comparison: For loans up to ₹30 lakh, private banks offer the lowest rates starting at 8.70%, whereas state-run banks offer rates as low as 8.35% for similar loan amounts with a tenure of up to 30 years.
• Business Sourcing: Private banks often rely on direct sales agents (DSAs) for business sourcing and typically do not waive processing fees due to the costs associated with the sanctioning process.
• Incentives for Waiving Fees: State-run banks are incentivized to waive processing fees to attract customers and improve their business targets, especially during the festive season when demand is heightened.
• Long Tenor Loans: Home loans are long-tenure assets, providing banks with opportunities to cross-sell other products to customers over time.
• Growth in Housing Sector Credit: Credit outstanding to the housing sector has increased by ₹10 lakh crore since 2022, primarily driven by pent-up demand post-Covid-19.
• As of August, the outstanding home loan credit stood at ₹28.33 lakh crore, up from ₹18.35 lakh crore two years prior.

World Bank and Asian Development Bank pledged $1.6 billion for Amaravati capital project starting January 2025

• The World Bank and the Asian Development Bank (ADB) have committed a total of $1.6 billion (₹13,600 crore) for the Phase-I development of Amaravati, the capital city of Andhra Pradesh.
• The funds will begin to be released from January 30, 2025.

Key Highlights :

• Project Cost Breakdown:The total cost for Phase-I development is ₹15,000 crore.
• The Central Government will fund the remaining ₹1,400 crore of the project.
• Funding Source:Both the World Bank (through the International Bank for Reconstruction and Development – IBRD) and ADB will provide $800 million (₹6,800 crore) each for the project.
• The repayment of loans from the World Bank and ADB will be managed by the Central Government.
• Utilization Timeline:The committed funds must be utilized within five years; otherwise, they will lapse.
• Implementation and Borrower Details:The Department of Economic Affairs at the Central Government is the borrower, while the Andhra Pradesh Capital Regional Development Authority is responsible for implementing the project.
• Support and Expertise:The support from the World Bank and ADB aims to fill financial gaps and provide global expertise in various areas, including:
• Urban planning and regulations
• Municipal governance and finance
• Infrastructure design and delivery
• Background Context:The World Bank was initially involved with the Amaravati Capital City project in 2016, but the engagement did not materialize at that time.
• The recent commitment reflects lessons learned from previous engagements and the current ground situation regarding Amaravati’s development.
• Land Pooling System:A voluntary Land Pooling System (LPS) was implemented, pooling 34,390 acres of farmland for the construction of Amaravati, providing residents with serviced residential and commercial plots in return.

About World Bank :

• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga

About ADB :

• Established : 19 December 1966
• Headquarters : Mandaluyong, Philippines
• President : Masatsugu Asakawa
• Membership : 68 countries

Reserve Bank of India Imposes Penalties of Rs 28.30 Lakh on SG Finserve and Rs 14 Lakh on Arunachal Pradesh Rural Bank for Regulatory Non-Compliance

Penalty on SG Finserve Limited:

• The Reserve Bank of India (RBI) imposed a penalty of Rs 28.30 lakh on SG Finserve Limited (formerly known as Moongipa Securities).
• The penalty is due to non-compliance with specific conditions under the Certificate of Registration (CoR) issued by RBI under Section 45IA(5) of the RBI Act, 1934.
• The action was taken under clause (a) of sub-section (1) of Section 58G read with sub-section (6) of Section 58B of the RBI Act.
• Non-compliance was revealed in the company’s FY23 financial statements.

Penalty on Arunachal Pradesh Rural Bank:

• A penalty of Rs 14 lakh was imposed on Arunachal Pradesh Rural Bank for non-compliance with:
• Directions on Strengthening of Prudential Norms (Provisioning, Asset Classification, Exposure Limit).
• Know Your Customer (KYC) norms.
• The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
• Regulatory Authority:Both penalties were imposed by RBI in exercise of its regulatory powers under different sections of the RBI Act, 1934 and Banking Regulation Act, 1949.

Reserve Bank of India to Extend Real-Time Gross Settlement System for US Dollar, Euro, and British Pound Transactions via Agreements

• The Reserve Bank of India (RBI) plans to expand the real-time gross settlement (RTGS) system to facilitate transactions in the United States dollar, Euro, and British pound through bilateral or multilateral agreements.
• RBI Governor Shaktikanta Das highlighted the potential of Central Bank Digital Currency (CBDC) to support cross-border payments.

Key Highlights :

RTGS Overview:

• RTGS allows for immediate transfer of funds between banks.
• The minimum transfer amount through RTGS is Rs 2 lakh, with no maximum limit.
• Currently, RTGS transactions are conducted only in rupees.

Benefits of RTGS Expansion:

• The expansion could enhance the efficiency and reduce costs associated with cross-border transactions.
• It aims to streamline international transactions and make them more accessible.

India’s Cross-Border Payment Initiatives:

• Project Nexus: Launched by the RBI to interlink India’s domestic instant payment systems (IPS) with Malaysia, the Philippines, Singapore, and Thailand.
• Project Nexus allows for standardized connections, enabling operators to connect to all countries in the network through a single interface.
• Bilateral Arrangements: Cross-border payment linkages have already been established with:
  • Singapore
  • United Arab Emirates
  • Mauritius
  • Sri Lanka
  • Nepal
• Importance of Cross-Border Payments:Global cross-border payments are projected to exceed $250 trillion in value by 2027 (according to the Bank of England).
• India’s remittances reached USD 111 billion last year, making it the top recipient globally (as per the World Migration Report 2024).
• Central Bank Digital Currency (CBDC):CBDCs can facilitate efficient cross-border payments.
• India is among the few countries that have launched both wholesale and retail CBDCs.
• CBDC Definition: A digital form of paper currency that is legal tender issued and backed by a central bank, exchangeable one-to-one with fiat currency.

New Development Bank Approves Tenders for ₹1,734 Crore Shimla Ropeway Projects    

• The New Development Bank (NDB) has approved the Himachal Pradesh Ropeways Corporation to float advance tenders for the construction of the Shimla ropeway project valued at ₹1,734 crore.
• The project aims to decongest the state capital, Shimla, by providing an efficient transportation alternative.

Key Highlights :

• Tender Process:The tender process is expected to begin soon, with plans to complete 50% of the 13.79-km ropeway within two years.
• Funding Details:The Himachal Pradesh government will contribute 20% of the project cost.
• The NDB will fund the remaining 80%, comprising 90% as a subsidy and 10% as a loan.
• Project Specifications:The ropeway will connect Tara Devi and Shimla and will be executed using the engineering, procurement, and construction (EPC) mode.
• Ticket prices for the ropeway are yet to be finalized.
• Construction Timeline:Construction is scheduled to begin by January 2025, with the goal of making the ropeway operational by 2026.
• Infrastructure Features:The Shimla Ropeway will span 13.79 kilometers and include 16 stations located at key sites throughout the city.

About New Development Bank :

• Headquarters : Shanghai, China

PhonePe Introduces Firecracker Insurance Policy for Diwali Celebrations

• PhonePe has collaborated with Bajaj Allianz General Insurance to offer an affordable firecracker-related accident insurance policy for Diwali.
• The policy is specifically aimed at protecting Diwali against accidents caused by firecrackers.

Key Highlights :

Coverage Details:

• Sum insured: Rs 25,000.
• Premium: Rs 9, inclusive of Goods and Services Tax (GST).
• Duration: Coverage for 10 days from October 25, 2024, to November 3, 2024.
• Sale of policies ends on November 3, 2024.

Inclusions:

• Covers hospitalization, day care treatment, and accidental death.
• Coverage is limited to the policyholder.

Family Coverage:

• The insurance also covers the policyholder’s family, including their spouse and two children (up to four family members).

Policy Availability:

• Available for purchase through the PhonePe app.
• Immediate coverage starts on October 25, 2024.
• CEO of PhonePe Insurance Broking Services : Vishal Gupta

About PhonePe :

• Founded : 2015
• Headquarters : Bangalore, Karnataka, India
• CEO : Sameer Nigam

CURRENT AFFAIRS : NATIONAL NEWS

Government plans stricter import regulations for laptops, PCs, and tablets from January 1, 2025

• The government is evaluating ways to tighten the import authorisation and management system for laptops, PCs and tablets to make imports more restricted through appropriate guidelines to be implemented on January 1, 2025.
• The tightened import regime aims to encourage domestic manufacturing and address security concerns, particularly related to China.
• The existing import regime for laptops and PCs, established in November, has minimally affected imports due to its liberal nature.
• Imports now require authorization but are still perceived as too lenient.

Key Highlights :

• Encouraging Domestic Production: The government seeks to reduce dependency on imports by formulating policies that promote local manufacturing, particularly under the Production Linked Incentive (PLI) scheme.
• Consultations: The Ministry of Electronics and Information Technology (MeiTY) is in talks with industry stakeholders to gauge acceptable import restrictions, alongside the Directorate General of Foreign Trade (DGFT), which is conducting parallel consultations.
• Licensing Regime: In August 2023, the DGFT first announced a licensing regime for imports of seven IT hardware products, which included laptops, PCs, tablets, ultra-small form factor computers, servers, mainframe computers and automatic data processing machines.
• However, the move had to be diluted following stiff resistance from the industry as it affected global majors such as HP, Dell, HP Enterprises, Apple, Acer, Asus, and Lenovo.
• The US government, too, lobbied hard for its companies.
• Current Authorisation System: As of November 1, 2023, an import authorization system was put in place for the seven IT hardware items, including laptops and PCs, but it allowed for automatic approvals with no limits on import volumes.
• Import Trends: Total imports of the specified IT hardware items saw a marginal decline of about 3.4% in 2023-24, amounting to $8.4 billion, compared to $8.7 billion in the previous fiscal year.
• China’s Share: China remains a major supplier, accounting for approximately 60% of imports, which raises concerns amid ongoing scrutiny.

Government likely to reduce spectrum lease tenure to 10 years

• The Department of Telecommunications (DoT) is evaluating a proposal to reduce the tenure of spectrum leased to telecom operators from 20 years to 10 years.
• The decision is based on the shortening lifecycle of technology and the erosion of spectrum value over longer periods, which prevents operators from realizing its full economic potential.
• If approved, the new lease tenure will be implemented in future auctions.

Key Highlights :

• Reserve Price Consideration: Industry sources have suggested that if the tenure is cut, the reserve price for spectrum should also be reduced to make it more accessible.
• Historical Context: The first spectrum auctions occurred in 2010, generating over Rs 1 lakh crore for the government through the sale of 3G spectrum. However, as 3G technology has become obsolete, its spectrum has lost value.
• Spectrum Re-farming: Operators typically need to re-farm spectrum if it becomes obsolete, meaning they would have to pay auction-determined prices for its reallocation to newer technologies like 4G or 5G.
• Operators’ Expenditure: Telecom operators currently spend 15-40% of their adjusted gross revenue (AGR) on spectrum-related costs, including annual payments for acquired spectrum.
• Previous Proposals: Two years ago, the government proposed increasing the lease tenure to 30 years, based on recommendations from the Telecom Regulatory Authority of India (Trai).
• Future Auction Strategy: The DoT plans to conduct studies on the longevity and demand-supply situation of any particular spectrum band before putting it up for auction.
• Surrender Option: Operators have been given the option to surrender spectrum purchased in auctions after 10 years.
• Request for Moratorium: Operators have requested Trai for a 5-6 year interest-free payment moratorium on the spectrum they intend to buy in auctions in 2025 and beyond, aiming to pay for only 14-15 years in equal annual instalments.

About Department of Telecommunications :

• Cabinet Minister : Jyotiraditya Scindia
• Minister of State : Devusinh Chauhan

CURRENT AFFAIRS : STATE NEWS

Karnataka Plans to Implement Fees for Gig Workers’ Welfare

• Karnataka is set to introduce a 1-2% welfare fee on transactions conducted through aggregator platforms (e.g., Zomato, Swiggy, Ola, Uber, Rapido, Amazon, Flipkart) to support gig workers.
• The Karnataka labour minister, Santosh Lad, stated that the state prefers to start with a lower fee of 1-2% instead of the proposed 5% under the Central Social Security Code.
• The welfare fee will be passed on to consumers, leading to a slight increase in transaction costs, estimated to be a few rupees per order.

Key Highlights :

• Funding Welfare Initiatives: The collected fees will fund a welfare board responsible for designing social security schemes for gig workers.
• Sunset Clause: A sunset clause is included to prevent duplication with existing central government taxes related to social security.
• Collaboration with Experts: The state government plans to work with organizations such as IIT Bangalore and the Azim Premji Foundation to create a transaction-monitoring system for the welfare fee.
• Stakeholder Engagement: The government has conducted 32 meetings with 26 stakeholders, including the International Labour Organisation (ILO), Nasscom, and the Confederation of Indian Industry (CII), to discuss the initiative.
• Legislative Context: The draft Platform Based Gig Workers (Social Security and Welfare) Bill 2024 was initially introduced in June and has faced opposition from industry bodies, such as Nasscom, due to concerns over operational impacts and potential tax duplications.
• Industry Concerns: The Internet and Mobile Association of India (IAMAI) has warned that the bill could negatively affect business operations in the gig economy.

About Karnataka :

• Governor : Thawar Chand Gehlot
• Chief Minister : Siddaramaiah
• Capital : Bangalore

Haryana Government, Led by Saini, Enacts Sub-Classifications for Scheduled Castes

• The Haryana Cabinet, led by Nayab Singh Saini, held its first meeting and announced the implementation of the Supreme Court’s order regarding the sub-classification of Scheduled Castes, effective immediately.
• Significance of the Move: This decision is notable as it is the first of its kind in India following the Supreme Court’s ruling.
• It aims to strengthen the Bharatiya Janata Party’s (BJP) outreach to Dalits in the state.

Key Highlights :

• Reservation Details: The government has earmarked a 20% reservation for SCs in government jobs and education.
• The Haryana Scheduled Caste Commission Report recommended a 10% sub-quota for ‘deprived SCs’ in state government jobs.
• Political Context: The move comes as part of the BJP’s strategy to regain support from Dalits, particularly after losing SC-reserved seats in the 2024 Lok Sabha elections.
• There is a focus on non-dominant SC groups, such as Balmikis and Dhanaks.
• Voting Patterns: Post-election analyses indicated that the Congress party received significant support from Jatavs, while the BJP garnered votes from ‘other’ or ‘deprived’ SCs, which contributed to the BJP’s electoral success.
• Historical Context: The previous BJP government had claimed that the benefits of reservation were primarily going to Jatavs.
• In 2020, a Bill was introduced to enhance the sub-quota for ‘deprived SCs’ in educational institutions.
• Census Data: According to the 2011 Census, SCs constitute 20.2% of Haryana’s population, with Jatavs making up nearly 50% of the SC population.
• The remaining SC population includes Balmikis (25-30%) and Dhanaks (10%).
• Supreme Court Verdict: The seven-judge Constitution Bench of the Supreme Court, led by Chief Justice D.Y. Chandrachud, allowed states to make sub-classifications within SC quotas, emphasizing the need for quantifiable data to justify these classifications.
• Previous Legal Challenges: In 2006, the Punjab and Haryana High Court quashed a previous notification that classified SCs into categories.
• However, the recent Supreme Court ruling has reinstated the states’ authority to create sub-classifications.

About Haryana :

• Governor : Bandaru Dattatreya
• Chief Minister : Nayab Singh Saini
• Capital : Chandigarh

Jammu and Kashmir Cabinet Passes Resolution Urging Restoration of StatehoodResolution

• The first cabinet meeting of the Omar Abdullah government in Jammu and Kashmir was held.
• The cabinet unanimously adopted a resolution calling for the restoration of statehood to Jammu and Kashmir.
• Background:Jammu and Kashmir lost its special status and was bifurcated into two Union Territories (J&K and Ladakh) following the abrogation of Article 370 in 2019.
• Approach to Centre:The J&K government plans to approach the Central government to advocate for the restoration of statehood.
• The resolution references previous commitments made by Prime Minister Narendra Modi and Union Home Minister Amit Shah regarding restoring statehood after the Assembly elections.
• Relation with Centre: The new government expressed a desire to maintain good and cordial relations with the Central government.
• Submission of Resolution: The Chief Minister is scheduled to submit the resolution to the Prime Minister during his upcoming visit to New Delhi in the next few days.

About J&K :

• Lieutenant Governor : Manoj Sinha
• Chief Minister : Omar Abdullah
• Capitals : Srinagar, Jammu

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Chief Justice of India DY Chandrachud Recommends Justice Sanjiv Khanna as His Successor

• Chief Justice of India (CJI) D.Y. Chandrachud has recommended Justice Sanjiv Khanna as his successor.
• The recommendation was made in a letter to the Ministry of Law and Justice.
• Justice Khanna is expected to become the 51st Chief Justice of India.
• His tenure is projected to last for six months, as he is set to retire on May 13, 2025.
• CJI Chandrachud is scheduled to retire on November 10, 2024.

About Justice Sanjiv Khanna :

• Justice Sanjiv Khanna was appointed as an additional judge of the Delhi High Court in 2005 and became a permanent judge in 2006.
• He was born on May 14, 1960, and studied law at the Campus Law Centre, Delhi University.
• Notable Judgments:EVM Security: Upheld the use of Electronic Voting Machines (EVMs) in elections, stating they eliminate booth capturing and bogus voting.
• Electoral Bonds: Part of the five-judge bench that declared the electoral bond scheme unconstitutional, which was intended for funding political parties.
• Article 370 Abrogation: Member of the five-judge bench that upheld the government’s 2019 decision to abrogate Article 370, which granted special status to Jammu and Kashmir.

Role of the Chief Justice of India:

• The CJI is the head of the judiciary and the Supreme Court of India.
• Appointed by the President of India under Article 124(2) of the Constitution.

Bima Sugam India Federation Names Prasun Sikdar as Its 1st Managing Director and Chief Executive Officer

• Prasun Sikdar has been appointed as the first Managing Director & Chief Executive Officer (MD & CEO) of the Bima Sugam India Federation for a three-year term.
• The appointment of the MD & CEO required approval from the Insurance Regulatory and Development Authority of India (IRDAI) as per their regulations.

About Prasun Sikdar :

• Prasun Sikdar has extensive experience in the Indian financial services sector.
• He is currently serving as the MD and CEO of Manipal Cigna Health Insurance and has played a significant role in developing the Bima Sugam project.

About Bima Sugam :

• Bima Sugam is a platform designed to democratize insurance in India and has the potential to be the first of its kind globally.
• It will function as a single-window digital platform that allows consumers to compare, purchase, and manage insurance policies across various sectors, including life, health, and general insurance.

Core Objectives of Bima Sugam:

• The primary goal of Bima Sugam is to bring inclusivity to the insurance ecosystem by leveraging technology to:
  • Reduce complexities in insurance processes.
  • Streamline operations.
  • Make insurance more accessible, especially in underserved regions.

CURRENT AFFAIRS : AWARDS & HONOURS

Indian Space Research Organisation Chairman S. Somanath honoured with the IAF World Space Award for Chandrayaan-3 achievement

• Indian Space Research Organisation (ISRO) announced that its Chairman S. Somanath has received the International Astronautical Federation’s (IAF) prestigious World Space Award for Chandrayaan-3’s remarkable achievement.
• This recognition celebrates India’s contributions to space exploration.
• Chandrayaan-3 mission by ISRO exemplifies the synergy of scientific curiosity and cost-effective engineering, symbolising India’s commitment to excellence and the vast potential that space exploration offers humanity.
• Chandrayaan-3 was launched July 6, 2023 from Sriharikota spaceport and it successfully made the soft landing near the South Pole on August 23.
• Achieving a historic milestone, Chandrayaan-3 becomes the first to touch down near the lunar South Pole, showcasing both aspiration and technological prowess on an international scale.

About ISRO :

• Formed : 15 August 1969
• Headquarters : Bengaluru, Karnataka
• Chairman : S. Somanath

CURRENT AFFAIRS : SPORTS NEWS

Ashalata Devi poised to make history as the first Indian woman footballer to reach 100 international appearances

• Captain Ashalata Devi will become the first Indian woman footballer to play 100 international matches when she competes in the opening match of the SAFF Championship against Pakistan.

About Captain Ashalata Devi :

• Ashalata was called up to the India U-17 team in 2008 at the age of 15 and began playing football at age 13.
• She made her debut for the Indian national team in March 2011 during the pre-Olympics tournament in Dhaka against Bangladesh.

Club Associations:

• Initially played for the Indian Railways football team.
• Joined New Radiant Women’s Football Club in Maldives in 2015.
• Played for various clubs in the Indian Women’s League, including Rising Student Club (Cuttack), KRYPHSA (Imphal), Sethu (Madurai), and Gokulam Kerala.
• Currently plays for East Bengal.

International Success:

• Part of the Indian team that won two South Asian Games gold medals in 2016 and 2019.
• Contributed to India’s victory in the SAFF Women’s Championship four consecutive times (2012, 2014, 2016, and 2019).

Awards and Recognition:

• Nominated for AFC Women’s Player of the Year in 2019.
• Named AIFF Women’s Player of the Year for the 2018-19 season.

Daily CA on Oct 20 & 21 :

• The Reserve Bank of India (RBI) widened access to its Negotiated Dealing System-Order Matching (NDS-OM) electronic trading platform to more regulated entities (REs).
• According to a Reserve Bank of India (RBI) survey, India’s total exports of software services, including services delivered by foreign affiliates of Indian companies, increased to $ 205.2 billion during 2023-24 from $ 200.6 billion in the previous fiscal.
• The Reserve Bank of India (RBI) has lifted the ban on JM Financial Products, allowing it to resume financing activities, including loans for shares, debentures, and initial public offering (IPO) subscriptions.
• Several state-owned banks, including Central Bank of India, Canara Bank, Indian Overseas Bank, Bank of Baroda, and Punjab National Bank, have waived processing fees on home loans to attract demand during the festive season, ranging from December 2024 to March 2025.
• The World Bank and the Asian Development Bank (ADB) have committed a total of $1.6 billion (₹13,600 crore) for the Phase-I development of Amaravati, the capital city of Andhra Pradesh.
• The Reserve Bank of India (RBI) imposed a penalty of Rs 28.30 lakh on SG Finserve Limited (formerly known as Moongipa Securities).
• The Reserve Bank of India (RBI) plans to expand the real-time gross settlement (RTGS) system to facilitate transactions in the United States dollar, Euro, and British pound through bilateral or multilateral agreements.
• The New Development Bank (NDB) has approved the Himachal Pradesh Ropeways Corporation to float advance tenders for the construction of the Shimla ropeway project valued at ₹1,734 crore.
• PhonePe has collaborated with Bajaj Allianz General Insurance to offer an affordable firecracker-related accident insurance policy for Diwali.
• The government is evaluating ways to tighten the import authorisation and management system for laptops, PCs and tablets to make imports more restricted through appropriate guidelines to be implemented on January 1, 2025.
• The Department of Telecommunications (DoT) is evaluating a proposal to reduce the tenure of spectrum leased to telecom operators from 20 years to 10 years.
• Karnataka is set to introduce a 1-2% welfare fee on transactions conducted through aggregator platforms (e.g., Zomato, Swiggy, Ola, Uber, Rapido, Amazon, Flipkart) to support gig workers.
• The Haryana Cabinet, led by Nayab Singh Saini, held its first meeting and announced the implementation of the Supreme Court’s order regarding the sub-classification of Scheduled Castes, effective immediately.
• The first cabinet meeting of the Omar Abdullah government in Jammu and Kashmir was held.
• Chief Justice of India (CJI) D.Y. Chandrachud has recommended Justice Sanjiv Khanna as his successor.
• Prasun Sikdar has been appointed as the first Managing Director & Chief Executive Officer (MD & CEO) of the Bima Sugam India Federation for a three-year term.
• The Indian Space Research Organisation (ISRO) announced that its Chairman S. Somanath has received the International Astronautical Federation’s (IAF) prestigious World Space Award for Chandrayaan-3’s remarkable achievement.
• Captain Ashalata Devi will become the first Indian woman footballer to play 100 international matches when she competes in the opening match of the SAFF Championship against Pakistan.