Daily Current Affairs September 20 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

State Bank of India secures ₹7,500 crore through Tier-2 bonds at a 7.33% interest rate   

• The State Bank of India (SBI) raised ₹7,500 crore through its second Basel III-compliant Tier-2 bond issuance of the current fiscal year.
• The bonds have a coupon rate of 7.33% and a 15-year maturity with a call option after 10 years and on each anniversary thereafter.

Key Highlights :

• Investor Response:The issuance received a strong response from investors.
• It attracted bids more than three times the base issue size of ₹4,000 crore.
• 77 bids were received from a diverse group of institutional investors, including provident funds, pension funds, mutual funds, and banks.
• Previous Issuance:SBI had previously raised ₹7,500 crore through a Tier-2 bond issuance on August 28, 2024, with a coupon rate of 7.42%, a 9 basis point difference.
• This earlier issuance also carried a AAA rating with a stable outlook from CRISIL Ratings and CARE Ratings.
• Total Fundraising for FY:For the current financial year, SBI has raised a total of ₹15,000 crore through Basel III-compliant Tier-2 bonds.
• Demand Comparison:The first issuance of the fiscal year attracted bids totaling over ₹8,800 crore against a base issue size of ₹5,000 crore, with 70 bids received.

About SBI :

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

Bank of Baroda Launches GenAI-Powered Virtual Relationship Manager for Conversational Banking   

• Bank of Baroda (BoB) has introduced ‘Aditi’, a GenAI-powered virtual relationship manager, to enhance the digital customer service experience.
• Aditi offers conversational banking through digital avatars with human-like interfaces.
• Available on BoB’s web portal, Aditi supports audio, video, and chat-based assistance, providing 24×7 banking services with multilingual support.

Other Key Launches :

• ‘GyanSahay.AI’ Knowledge Management Platform:BoB also launched a GenAI-enabled knowledge management platform called ‘GyanSahay.AI’ for its employees.
• The platform provides employees with instant and accurate answers, helping them handle customer queries more efficiently.
• It is trained in the bank’s product policies and processes, aiming to enhance customer satisfaction and service delivery.
• Empowering Workforce:The GenAI-enabled platform aims to empower BoB’s customer-facing workforce by providing the right information on products, policies, and processes, improving service delivery.
• Recruitment for AI Expansion:BoB plans to recruit specialised and skilled resources to drive the large-scale adoption of artificial intelligence technologies in its banking operations and services.

About BoB :

• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India’s International Bank

CURRENT AFFAIRS : INTERNATIONAL NEWS

Nepal Joins International Solar Alliance as Its 101st Full Member   

• Nepal became the 101st country to join the International Solar Alliance (ISA) as a full member.
• Nepal handed over its Instrument of Ratification to the ISA in New Delhi.
• ISA supports its member countries in enhancing solar deployment to improve energy access, ensure energy security, and transition toward low-carbon growth.
• The ISA is a collaborative initiative between India and France, conceptualized during the COP21 in Paris, 2015, to combat climate change by implementing solar energy solutions.
• After a 2020 amendment to its Framework Agreement, all UN member states are eligible to join the ISA.

About ISA :

• Founded : 30 November 2015
• Headquarters : Gurugram, Haryana, India
• Director General : Dr. Ajay Mathur
• The ISA was launched by Prime Minister Narendra Modi at the India-Africa Summit and a meeting of member countries before the 2015 UN Climate Change Conference in Paris.

The Hague Becomes World’s First City to Prohibit Ads for Fossil Fuels and Carbon-Intensive Services   

• The Hague became the first city in the world to ban advertisements promoting fossil fuel products and carbon-intensive services including cruise ships and air travel.
• The Dutch city’s local council passed legislation early Friday that takes effect on 1, 2025.
• The decision follows a call from United Nations Chief Antonio Guterres for governments to abolish such ads, similar to actions against tobacco that began in the 1960s.
• The Hague is a city on the North Sea coast of the western Netherlands.

United States to Supply High-Altitude Anti-Submarine Warfare Sonobuoys to India     

• The United States (US) has decided to sell High Altitude Anti-Submarine Warfare (HAASW) sonobuoys worth USD 52.8 million to India.
• It will enhance India’s capacity to conduct anti-submarine warfare operations from its MH-60R helicopters.
• The proposed sale will also strengthen the US-India strategic and defence relationship.
• India had urged to buy AN/SSQ-53O High Altitude Anti-Submarine Warfare (HAASW) sonobuoys; AN/ SSQ-62F HAASW sonobuoys; and AN/SSQ-36 sonobuoys.
• Sonobuoys are air-launched, expendable, electro-mechanical sensors designed to relay underwater sounds to remote processors.
• These are effective and affordable antisubmarine warfare (ASW) that are capable of being used by airborne ASW war fighters.

Algeria Granted Membership in BRICS New Development Bank   

• Algeria has been granted authorization to join the BRICS New Development Bank (NDB), a multilateral development bank.
• The NDB was established in 2015 by the BRICS countries-Brazil, Russia, India, China, and South Africa to support infrastructure and sustainable development projects in BRICS and other developing countries.
• In 2021, the NDB expanded its membership to include Bangladesh, Egypt, the United Arab Emirates, and Uruguay.
• Algeria, as Africa’s leading natural gas exporter, is expected to benefit from NDB membership through new opportunities to bolster and sustain its economic growth in the medium to long term.

About Algeria :

• President : Abdelmadjid Tebboune
• Prime Minister : Nadir Larbaoui
• Capital: Algiers
• Currency: Algerian Dinar.

CURRENT AFFAIRS: NATIONAL NEWS

Union Cabinet Approves National Centre of Excellence (NCoE) for AVGC-XR in Mumbai

• The Union Cabinet has approved the establishment of the National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) in Mumbai.
• This project aims to promote India’s AVGC sector and position the country as a global content hub.
• The centre will be formed as a Section 8 Company under the Companies Act, 2013.

Key Details:

• Partnership: The Federation of Indian Chambers of Commerce & Industry (FICCI) and the Confederation of Indian Industry (CII) will partner with the Government of India for this initiative.
• Objective: The NCoE aims to boost the media and entertainment industry in India, attracting foreign investment and enhancing India’s soft power globally.
• Industry Impact: The initiative follows the creation of an AVGC Task Force, announced in the 2022-23 budget, and will support the rapidly growing sectors of consumer behaviour, the creator economy, and disruptive technologies.

Union Cabinet Approves One Nation One Election Proposal

• The Union Cabinet has taken a significant step towards implementing One Nation One Election by clearing the proposal for simultaneous elections to the Lok Sabha and state Assemblies.
• This development follows the recommendations of a high-level committee chaired by former president Ram Nath Kovind, whose report was presented to the Cabinet.

Key Highlights:

1. Proposal for Simultaneous Polls:
   • The One Nation One Election bill is expected to be introduced in the upcoming winter session of Parliament.
   • Union Minister Ashwini Vaishnaw emphasized the broad support for the idea, noting that over 80% of respondents, especially youth, backed the proposal during consultations.
2. Phased Implementation:
   • The simultaneous polls would be implemented in two phases. The initial phase will focus on elections for the Lok Sabha and state Assemblies.
   • The second phase aims to synchronize elections to municipalities and panchayats with national and state polls.
3. Opposition and Support:
   • Opposition parties, including the Congress, AAP, and Shiv Sena (UBT), have raised concerns, alleging the reform might benefit the ruling party at the Centre.
   • NDA allies such as JD(U) and Chirag Paswan’s party have backed the initiative.
4. Constitutional Amendments:
   • The panel’s report recommends 18 constitutional amendments to make the policy a reality.
   • A major proposal component is synchronizing local body elections with national and state elections within 100 days. This phase requires ratification by at least half the states.

Amit Shah to Launch Key Dairy Sector Initiatives, Including White Revolution 2.0

• Union Cooperation Minister Amit Shah is set to unveil three significant initiatives to transform the Indian dairy sector.
• These include White Revolution 2.0, and measures to improve financial access for dairy farmers through micro-ATMs and Rupay-Kisan Credit Cards.
• These measures are expected to significantly boost milk production, enhance financial inclusion, and empower dairy farmers, contributing to a more organized and efficient dairy sector.
• NDDB will initially fund the White Revolution 2.0, with further support expected from the National Programme for Dairy Development 2.0.
• Additionally, the government has signed MoUs for related projects such as organic produce procurement and maize hybrid development for ethanol production.

Key Initiatives:

1. White Revolution 2.0:
   • Aimed at boosting milk procurement by 50% over the next five years through dairy cooperative societies.
   • Focuses on expanding milk procurement in uncovered villages and panchayats, and increasing the organized sector’s share in milk production.
   • Involves strengthening 1,00,000 cooperative societies, including Primary Agriculture Credit Societies (PACS), with funds provided by the National Dairy Development Board (NDDB).
2. Financial Access:
   • Distribution of Rupay-Kisan Credit Cards to dairy farmers, offering interest-free credit, a significant relief compared to the 24% interest many farmers currently face.
   • Micro-ATMs will be provided to dairy cooperative societies, transforming them into bank-mitras for District Cooperative Banks, bringing banking services directly to farmers.
3. Cooperative Sector Development:
   • The government plans the computerization of 67,930 PACS, benefiting around 13 crore farmers.
   • A broader strategy includes forming one lakh new PACS and cooperative societies in all gram panchayats over the next five years to meet domestic and export demands.

Union Cabinet Approves Pradhan Mantri Janjatiya Unnat Gram Abhiyan for Tribal Upliftment

• The Union Cabinet has given the green light to the Pradhan Mantri Janjatiya Unnat Gram Abhiyan, a scheme aimed at improving the socio-economic conditions of tribal communities in India.
• This initiative will cover approximately 63,000 villages across tribal-majority areas and aspirational districts, benefiting over 5 crore tribal people.

Total Outlay and Funding:

• Total Outlay: ₹79,156 crore.
• Central Share: ₹56,333 crore.
• State Share: ₹22,823 crore.
• Villages Covered: 63,000 across 549 districts and 2,740 blocks.
• Beneficiaries: Over 5 crore tribal people from more than 705 tribal communities across the country.

Key Highlights:

1. Targeted Coverage:
   • The program includes 25 interventions across various sectors and will be implemented by 17 ministries within a time frame of 5 years.
   • The scheme aims to ensure saturation coverage in tribal-majority villages, covering areas such as housing, healthcare, education, and infrastructure development.
2. Housing and Infrastructure:
   • 20 lakh pucca houses are to be built under Pradhan Mantri Awas Yojana (PMAY-Gramin) for Scheduled Tribe (ST) households, with provisions for tapped water and electricity.
   • The Ministry of Rural Development will also construct 25,000 km of roads, ensuring all-weather connectivity in tribal-majority areas.
3. Healthcare and Dignified Ageing:
   • Ayushman Bharat Cards (PMJAY) will be provided to eligible ST households for healthcare access.
   • Mobile Medical Units will be introduced in areas lacking sub-centers, particularly in hilly and remote regions. The plan includes setting up 1,000 such units.
4. Digital and Communication Access:
   • The program will focus on providing mobile connectivity, internet access, and other communication infrastructure to tribal villages, aiming to bridge the digital divide.
5. Education and Nutrition:
   • Emphasis will be placed on improving education and nutrition facilities, ensuring tribal communities have access to quality resources and support.

Union Cabinet approves Rs. 35,000 crore continuation of PM-AASHA schemes to support farmers and control price volatility

• The Union Cabinet has approved the continuation of the Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) scheme, with a financial allocation of ₹35,000 crore for the 15th Finance Commission cycle, which extends until 2025-26.
• This move aims to ensure that farmers receive remunerative prices for their produce while managing price volatility for consumers.

Key Features of PM-AASHA Scheme:

1. Integrated Program:
   • The scheme now consolidates the Price Support Scheme (PSS) and the Price Stabilization Fund (PSF), along with other components, to create a unified program for better price stabilization and farmer support.
   • The integrated components include:
     • Price Support Scheme (PSS)
     • Price Stabilization Fund (PSF)
     • Price Deficit Payment Scheme (PDPS)
     • Market Intervention Scheme (MIS)

2. Procurement of Pulses, Oilseeds, and Copra:
   • From the 2024-25 season, the procurement at Minimum Support Price (MSP) for pulses, oilseeds, and copra will cover 25% of national production.
   • Notably, 100% procurement will apply to Tur, Urad, and Masur pulses for the 2024-25 season, reducing the risk of distress sales for farmers.
3. Increased Guarantee for Procurement:
   • The government has raised its guarantee for the procurement of pulses, oilseeds, and copra to ₹45,000 crore, providing additional assurance to farmers.
   • Registered farmers on the eSamridhi and eSamyukti portals will also benefit from this initiative, helping to boost domestic production and reduce import dependency.
4. Price Stabilization Fund (PSF):
   • The extension of the PSF will help control price fluctuations of key agri-horticultural commodities such as pulses and onions by maintaining strategic buffer stocks.
   • The Department of Consumer Affairs (DoCA) will handle the procurement of pulses above MSP and maintain these buffer stocks to stabilize consumer prices.
5. Price Deficit Payment Scheme (PDPS):
   • The coverage for notified oilseeds has been expanded from 25% to 40% of state production.
   • The scheme will compensate farmers for the difference between MSP and market prices, with the government covering up to 15% of MSP.
6. Market Intervention Scheme (MIS):
   • The MIS has been extended and modified to better support farmers of perishable horticultural crops.
   • Coverage under MIS has increased to 25% of production, and a new provision allows for direct differential payments to farmers instead of physical procurement.
   • For Tomato, Onion, and Potato (TOP) crops, the government will cover transportation and storage costs, ensuring fair prices for both farmers and consumers.

Union Cabinet Approves Chandrayaan-4 and Venus Orbiter Mission (VOM)

• The Union Cabinet cleared the new moon mission Chandrayaan-4 and approved the development of the Venus Orbiter Mission (VOM) as part of the government’s vision to explore and study the Earth’s closest planet.

Key Points:

1. Chandrayaan-4 Mission:
   • Objective: To develop and demonstrate technologies for a lunar return mission, including landing on the moon, collecting lunar samples, and returning them to Earth.
   • Cost: Rs 2,104.06 crore.
     • Includes spacecraft development, two LVM3 launches, deep space network support, and special design validation tests.
   • Timeline: Expected to be completed within 36 months.
   • Technologies Demonstrated: Docking/undocking, landing, safe return, and lunar sample collection and analysis.
   • Participation: Involves industry and academia.
2. Venus Orbiter Mission (VOM):
   • Objective: To place a spacecraft in orbit around Venus to study its surface, subsurface, atmospheric processes, and the influence of the sun on its atmosphere.
   • Launch Date: Scheduled for March 2028.
   • Cost: Rs 1,236 crore.
     • Rs 824 crore allocated for spacecraft development, including specific payloads, technology elements, and global ground station support.
   • Scientific Goals: To understand Venus’s transformation from a potentially habitable planet to its current state, providing insights into planetary evolution.
   • Implementation: Indian Space Research Organisation (ISRO) will handle spacecraft development, launch, and data dissemination to the scientific community.
3. Long-Term Vision:
   • Indian Space Station: Bharatiya Antariksh Station by 2035.
   • Lunar Landing: Indian landing on the moon by 2040.
   • Gaganyaan and Chandrayaan Follow-ons: Includes developing space transportation and infrastructure capabilities.
4. Technological and Economic Impact:
   • Chandrayaan-4: Will enable India to be self-sufficient in foundational technologies for manned missions, lunar sample return, and scientific analysis.
   • Employment and Technology Spin-offs: Expected significant employment potential and technology transfer to other sectors.
   • Indian Industry and Academia: Large involvement and engagement through science meets and workshops.
5. Future Prospects:
   • Chandrayaan-4: Aims to build on the success of Chandrayaan-3 by demonstrating lunar sample return capabilities.
   • VOM: Will contribute valuable data to understanding Venus’s environment and planetary science.

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh Chief Minister Yogi Adityanath Opens Jatayu Conservation and Breeding Centre in Gorakhpur Forest Division 

• Uttar Pradesh Chief Minister Yogi Adityanath inaugurated the Jatayu Conservation and Breeding Centre in the Bharivaisi, Campierganj Range of the Gorakhpur Forest Division.
• The centre is the world’s first conservation and breeding centre specifically for the Asian King Vulture (red-headed vulture).
• While there are other Jatayu conservation and breeding centres for vultures in India, they cater to all breeds of vultures, unlike the Gorakhpur centre, which focuses on the Asian King Vulture.
• The Uttar Pradesh Forest Department, in collaboration with the Bombay Natural History Society (BNHS), established the centre.
• The centre is spread over 1.5 hectares in the Gorakhpur Forest Division and was constructed at a cost of Rs 2.8 crore.
• During the inauguration, CM Yogi Adityanath instructed the Forest Department to establish a forestry college in Gorakhpur.

About UP :

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

Zanskar Hosts 9th Edition of Ladakh Zanskar Festival 2024   

• The 9th Ladakh Zanskar Festival 2024 began with remarkable grandeur in the picturesque village of Sani, signifying a landmark event for the region.
• The festival was inaugurated by Lieutenant Governor Brigadier (Dr) BD Mishra.
• This year’s Zanskar Festival is especially significant as it marks the first celebration since Zanskar was officially declared a district.
• The two-day festival showcases a wide array of cultural performances, reflecting the diverse traditions of the region.
• Highlights include performances by the Purgi tribes from Kargil, the Shina community of Drass, the Dard-Aryans from Aryan Valley, and the Changpa nomads from Changthang.

About Ladakh :

• Lieutenant Governor : B. D. Mishra
• Capitals : Leh, Kargil
• Current Districts : 7

CURRENT AFFAIRS : DEFENCE NEWS

Second Edition of 2024 Naval Commanders’ Conference Kicks Off in New Delhi   

• The second edition of the four-day Naval Commanders’ Conference 2024 began in New Delhi.
• Aim : To foster collaboration among the three services (Army, Navy, Air Force) and progressing towards theaterisation.
• The conference is held biannually.

Key Participants:

• Admiral Dinesh K. Tripathi, Chief of the Naval Staff, delivered the inaugural address.
• Defence Minister Rajnath Singh will address the commanders on national security.
• Chief of Defence Staff General Anil Chauhan and the Chiefs of Army (General Upendra Dwivedi) and Air Force (Air Chief Marshal VR Chaudhari) will engage with naval commanders.
• Main Focus Areas:Operational, material, logistics, HR development, and administrative activities review of the Indian Navy over the last six months.
• Enhancing collaboration among the three services.
• Deliberation on theaterisation and strategic convergence.
• Strengthening maritime security in the Indian Ocean Region (IOR) against emerging threats like drones and missiles.
• Indigenisation Efforts:Discussion on ongoing naval projects under ‘Make in India’ and alignment with the vision of Aatmanirbharta (self-reliance) by 2047.
• Focus on promoting indigenisation and self-reliance in naval operations.
• Review of Operational Preparedness:Review of the Navy’s operational readiness, capability enhancement, and measures to ensure combat effectiveness.
• Response to regional challenges and evolving geo-political dynamics in West Asia.
• First Edition:The first edition of the 2024 Naval Commanders’ Conference took place from 5-8 March 2024.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Iran’s President Appoints First Sunni Governor in 45 Years   

• Iran’s new president, Masoud Pezeshkian, has appointed Arash Zerehtan as the governor of Kurdistan province.
• This marks the first time in 45 years that a Sunni Muslim has been appointed as a regional governor in Iran.
• Arash Zerehtan, 48, previously served as a member of parliament representing the city of Paveh from 2020 to 2024.
• Sunnis constitute approximately 10% of Iran’s population, with the majority being Shiite Muslims. Shiite Islam is the state religion of Iran.
• The appointment is significant because, since the 1979 Islamic Revolution, key positions of power in Iran have predominantly been held by Shiite Muslims, with rare representation of Sunnis.
• Masoud Pezeshkian, who assumed office in July after the death of ultraconservative President Ebrahim Raisi, has been vocal about the need for better representation of ethnic and religious minorities, including Sunni Kurds.
• In August,2024 President Pezeshkian appointed Abdolkarim Hosseinzadeh, another Sunni, as one of his vice presidents, reflecting his commitment to improving minority representation in significant governmental roles.

About Iran :

• Capital : Tehran
• Currency : Iranian rial

Anurag Garg Appointed as New Director General of Narcotics Control Bureau   

• Anurag Garg has been appointed as the new Director General (DG) of the Narcotics Control Bureau (NCB) by the Ministry of Home Affairs (MHA), effective from the date of assumption of charge until May 23, 2026, or until further orders.
• Garg is a 1993 batch Indian Police Service (IPS) officer from the Himachal Pradesh cadre and is currently serving as Additional DG in the Border Security Force (BSF).
• The NCB head position was temporarily filled by CRPF DG Anish Dayal Singh following the retirement of the previous DG, S N Pradhan, in August.

About NCB :

• Established: March 17, 1986
• Headquarters: New Delhi, Delhi
• Role: The NCB is a central law enforcement and intelligence agency under the Ministry of Home Affairs, Government of India, and serves as the federal anti-narcotics agency with offices across India.

Shashi Tharoor appointed as Chair of the Standing Committee on External Affairs       

• Senior Congress leader Shashi Tharoor will head the Standing Committee on External Affairs.
• Former Punjab Chief Minister Charanjit Singh Channi will lead the Parliamentary panel on Agriculture.
• Two-time Koraput MP Saptagiri Sankar Ulaka will head the panel on Rural Development.
• Rajya Sabha MP Digvijay Singh will head the Standing Committee on Education.
• The Congress party proposed its leadership selections for the four parliamentary panels it is entitled to head.

CURRENT AFFAIRS : DEFENCE NEWS

Hindustan Aeronautics Limited to Deliver Final 4 Light Combat Aircraft Mk-1 Trainer Aircraft to IAF Within Six Months   

• Hindustan Aeronautics Limited (HAL) will deliver the final four LCA Mk-1 trainers to the Indian Air Force (IAF) by March 31, 2025.
• The LCA Mk-1 trainers are twin-seater jets used for pilot training but can also function as fighters when required.

Key Highlights :

• Order Details: The delivery is part of an earlier order for 40 LCA Mk-1 aircraft, which includes 32 single-seater jets and 8 twin-seater trainers.
• Slow Progress: The LCA Mk-1 programme experienced delays. The Initial Operational Clearance (IOC) contract was signed in 2006 (completion by 2011), and the Final Operational Clearance (FOC) contract in 2010 (completion by 2016).
• Trainer Deliveries: HAL handed over the first LCA Mk-1 trainer in October 2023, with three more trainers delivered since then. The final four will be delivered by March 2025.
• LCA Mk-1A Programme: HAL is also working on the more advanced LCA Mk-1A variant under a ₹48,000-crore contract for 83 fighters, with delivery by 2028-29.
• Future Orders: The Defence Ministry may award HAL a contract for 97 additional LCA Mk-1A jets, worth ₹67,000 crore, by the end of 2024.
• Engine Supplies: GE Aerospace will start supplying two engines per month starting November 2024 for the LCA Mk-1A project.
• This aircraft is meant to replace the MiG-21 fighter in the IAF.

Defence Research and Development Organisation successfully completed initial phase of Developmental Field Firing Trials for Indian Light Tank ‘Zorawar’     

• The Defence Research and Development Organisation (DRDO), successfully conducted the preliminary automotive trials of the Indian light Tank, Zorawar, a highly versatile platform capable of deployment in high-altitude areas.
• The Light Tank showcased exceptional performance during field trials conducted in desert terrain, meeting all intended objectives, including accurate firing performance on designated targets.
• Zorawar has been successfully developed by the Combat Vehicles Research & Development Establishment (CVRDE), a unit of the Defence Research and Development Organisation (DRDO), in collaboration with Larsen & Toubro Limited.
• The tank integrates lessons from the Russia-Ukraine conflict, including Unmanned Surface Vehicles (USVs) and loitering munitions.
• It weighs 25 tonnes and can move at high speeds in mountainous valleys.
• The tank can be transported by the Indian Air Force’s C-17 aircraft, with two tanks being transportable at a time.
• Initially, 59 tanks will be supplied to the Indian Army.

About DRDO :

• Founded : 1958
• Headquarters : New Delhi, India
• Chairman : Sameer V. Kamat

CURRENT AFFAIRS: MOUS AND AGREEMENT

REC Signs MoUs for Renewable Energy Projects Worth ₹1.12 Lakh Crore

• REC has signed non-binding memorandum of understandings (MoUs) with Renewable Energy (RE) developers aggregating about Rs 1.12 lakh crore, which will be implemented over a period of 5 years.

Key Highlights:

1. MoUs and Financial Commitments:
   • Total MoUs Signed: Approximately ₹1.12 lakh crore.
   • Duration: Over a period of 5 years.
   • Types of Projects Covered: Solar and wind hybrid projects, solar and wind RTC projects, FDRE power, floating solar plants, ultra mega renewable energy parks, hydroelectric power projects, battery energy storage systems (BESS), pumped storage, hydropower, green ammonia/hydrogen, solar cell/module manufacturing, and other innovative technologies.
2. REC’s Strategic Goals:
   • Renewable Energy Loan Book: REC aims to increase its renewables loan book to over ₹3 lakh crore by 2030.
   • Renewable Energy Share: Increase the share of renewables from 8% to 30% by 2030.
   • Overall Loan Book Projection: Expected to reach ₹10 lakh crore by 2030.
3. RE-INVEST 2024:
   • Event Participation: REC participated in the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) held in Gandhinagar, Gujarat.
   • Key Discussions: Engaged with industry leaders, investors, and policymakers on various renewable energy projects and technologies.
4. Future Initiatives:
   • Green Energy Corridors: Discussions ongoing for financing.
   • Wind Turbine Manufacturing and EV Ecosystem: Exploring financing opportunities, including charging infrastructure.
   • C&I Segment Projects: Open to considering renewable projects for the Commercial & Industrial segment with top-rated offtakers.
5. Market Impact:
   • Stock Movement: REC’s stock rose by 0.74% to trade at ₹547.60 on the BSE.

REC’s Role:

• REC is a government-owned infrastructure finance company in India, supporting projects in power, roads, metro, IT, and more. The company is positioning itself as a major player in India’s renewable energy sector, aligning with the country’s target to expand its non-fossil-based generation capacity significantly by 2030.

CURRENT AFFAIRS: SPORTS NEWS

Punjab Kings Appoint Ricky Ponting as New Head Coach

• Ricky Ponting has been named the Head Coach of Punjab Kings for the 2025 season and beyond.
• Ponting’s Coaching Experience:
  • Coached Mumbai Indians and Delhi Capitals in the IPL, leading them to one championship and four playoff appearances.
  • Guided Washington Freedom to a title in the 2024 MLC season.
  • Head of Strategy for Hobart Hurricanes in the BBL since 2021.
• About Punjab Kings:
  • Background: One of the original eight IPL franchises, formerly Kings XI Punjab.
  • Ownership: Consists of Ness Wadia, Mohit Burman, Preity G Zinta, and Karan Paul.
  • Location: Based in Chandigarh, known for its vibrant spirit and commitment to showcasing local talent on a global platform.

Daily CA One- Liner: September 20

• The Union Cabinet has approved the establishment of the National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) in Mumbai.
• The Union Cabinet has taken a significant step towards implementing One Nation One Election by clearing the proposal for simultaneous elections to the Lok Sabha and state Assemblies
• Union Cooperation Minister Amit Shah is set to unveil three significant initiatives to transform the Indian dairy sector
• The Union Cabinet has given the green light to the Pradhan Mantri Janjatiya Unnat Gram Abhiyan, a scheme aimed at improving the socio-economic conditions of tribal communities in India
• The Union Cabinet has approved the continuation of the Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) scheme, with a financial allocation of ₹35,000 crore for the 15th Finance Commission cycle, which extends until 2025-26.
• The Union Cabinet cleared the new moon mission Chandrayaan-4 and approved the development of the Venus Orbiter Mission (VOM) as part of the government’s vision to explore and study the Earth’s closest planet.
• REC has signed non-binding memorandum of understandings (MoUs) with Renewable Energy (RE) developers aggregating about Rs 1.12 lakh crore, which will be implemented over a period of 5 years
• Ricky Ponting has been named the Head Coach of Punjab Kings for the 2025 season and beyond.
• The State Bank of India (SBI) raised ₹7,500 crore through its second Basel III-compliant Tier-2 bond issuance of the current fiscal year.
• Bank of Baroda (BoB) has introduced ‘Aditi’, a GenAI-powered virtual relationship manager, to enhance the digital customer service experience.
• Nepal became the 101st country to join the International Solar Alliance (ISA) as a full member.
• The Hague became the first city in the world to ban advertisements promoting fossil fuel products and carbon-intensive services including cruise ships and air travel.
• The United States (US) has decided to sell High Altitude Anti-Submarine Warfare (HAASW) sonobuoys worth USD 52.8 million to India.
• Algeria has been granted authorization to join the BRICS New Development Bank (NDB), a multilateral development bank.
• Uttar Pradesh Chief Minister Yogi Adityanath inaugurated the Jatayu Conservation and Breeding Centre in the Bharivaisi, Campierganj Range of the Gorakhpur Forest Division.
• The 9th Ladakh Zanskar Festival 2024 began with remarkable grandeur in the picturesque village of Sani, signifying a landmark event for the region.
• The second edition of the four-day Naval Commanders’ Conference 2024 began in New Delhi.
• Iran’s new president, Masoud Pezeshkian, has appointed Arash Zerehtan as the governor of Kurdistan province.
• Anurag Garg has been appointed as the new Director General (DG) of the Narcotics Control Bureau (NCB) by the Ministry of Home Affairs (MHA), effective from the date of assumption of charge until May 23, 2026, or until further orders.
• Senior Congress leader Shashi Tharoor will head the Standing Committee on External Affairs.
• Hindustan Aeronautics Limited (HAL) will deliver the final four LCA Mk-1 trainers to the Indian Air Force (IAF) by March 31, 2025.
• The Defence Research and Development Organisation (DRDO), successfully conducted the preliminary automotive trials of the Indian light Tank, Zorawar, a highly versatile platform capable of deployment in high-altitude areas.

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