Daily Current Affairs November 24th & 25th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Infuses ₹25,000 Crore Through VRR Auction to Enhance Liquidity in Banking System  

• The Reserve Bank of India (RBI) injected ₹25,000 crore into the banking system via a variable rate repo auction (VRR) to manage liquidity and prevent increased borrowing costs for banks.

Key Highlights :

• Call Rate and Repo Rate: The weighted average call rate rose by 23 basis points above the policy repo rate, reaching 6.73%.
• This rise indicates increased short-term borrowing costs for banks.
• Surplus Liquidity: Surplus liquidity in the banking system dropped to ₹84,154.75 crore due to monthly GST outflows, highlighting the need for RBI intervention to maintain balance.
• VRR Auction: The RBI conducted the VRR auction to ensure recent overseas outflows from local debt and equity markets did not drive up banks’ cost of funds. It was the second such auction since the RBI shifted its policy stance to neutral from withdrawal of accommodation.
• Liquidity Management: RBI aims to keep durable liquidity positive, targeting about 1% to 1.2% of Net Demand and Time Liabilities (NDTL) to maintain call rates near the repo rate and ensure smooth financial functioning.
• Market Response: In the auction, the RBI received ₹35,420 crore in bids, exceeding the notified amount of ₹25,000 crore, indicating high demand for funds from banks.
• Impact on Rupee: The rupee weakened by nearly 5% in November to ₹84.45/$, and foreign investors sold $4 billion in Indian stocks and bonds.
• The RBI likely intervened to stabilize the rupee.

Axis Mutual Fund Introduces Momentum Fund; New Fund Offer Available Until December 6, 2024  

• Axis Mutual Fund has launched the Axis Momentum Fund, an open-ended equity scheme based on the momentum investment strategy.
• The New Fund Offer (NFO) is open from November 22, 2024, to December 6, 2024.
• The fund aims to generate long-term capital appreciation by investing in equity and equity-related securities with strong price momentum.

Key Highlights :

• Investment Strategy:The fund follows a model-driven approach to identify high-momentum stocks across various sectors.
• The securities are evaluated based on price momentum trends, integrating risk metrics to maintain a balanced portfolio.

Key Features:

• Sector diversification to minimize concentration risks.
• Optimized position sizes for improved performance and better risk control.
• Agile portfolio rebalancing and sector risk mitigation to ensure strong momentum plays.
• Benchmark:The fund is benchmarked against the NIFTY 500 TRI.
• Management:The fund will be managed by Karthik Kumar and Mayank Hyanki.
• Investment Approach:The strategy focuses on capturing stocks with strong upward price trends and follows a disciplined approach to momentum investing.
• Target Audience:Suitable for investors seeking a data-driven approach to momentum investing and those looking for growth opportunities in high-momentum stocks.

About Axis Mutual Fund :

• Founded : 2009
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : B Gopkumar

India Infrastructure Finance Company Limited Explores USD 600 Million Funding from Asian Development Bank and Korean Exim Bank   

• India Infrastructure Finance Company Limited (IIFCL) is in talks with the Asian Development Bank (ADB) and Korean Exim Bank to raise USD 600 million in blended finance.
• The purpose is to expand its investor base and reduce borrowing costs.
• Blended Finance Agreement:The agreement is expected to be signed in December 2024, and the funding will be raised in stages, with about USD 200 million expected this fiscal year (FY 2024-25) and the remaining portion in FY 2025-26.
• External Commercial Borrowings (ECB):IIFCL also plans to raise USD 200 million via external commercial borrowings (ECB) by January 2025.
• Overseas Borrowing Strategy:The strategy includes borrowing from multilateral organizations such as ADB, World Bank, and Japan International Cooperation Agency (JICA) for cost-effective and long-term financing.
• Previous Fundraising:IIFCL has already raised funds in the past through multilateral organizations, including:
  • 50 billion yen from JICA.
  • USD 1.9 billion from ADB.
  • USD 195 million from the World Bank.
• Green Bond Approval:The Indian government has approved IIFCL’s plan to raise funds through overseas green bonds.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa

Jammu Kashmir Bank Introduces Virtual ATM Service 

• Jammu and Kashmir Bank (J&K Bank) has launched the Virtual ATM (vATM) facility, aimed at leveraging technology for financial empowerment, especially in rural areas lacking ATMs and other banking channels.
• The vATM service is developed in collaboration with Paymart India Pvt Ltd. This initiative is designed to make banking more accessible to customers, particularly in ATM-deficient areas.
• The virtual ATM platform was inaugurated by J&K Bank’s Managing Director and CEO, Baldev Prakash, alongside Amit Narang, Director and CEO of Paymart India Private Limited.

Key Highlights :

• Technology and Customer Empowerment: The vATM is a cutting-edge technology platform that aims to provide easy access to banking services in rural regions.
• It allows customers to withdraw cash at Paymart India-enrolled merchants through digital tokens generated via the bank’s mobile app, mPay Delight+.
• Focus on Financial Inclusion: The bank emphasizes how the vATM facility will serve people in rural areas where physical ATMs are not present, improving access to banking services.
• Vision for a Customer-Centric Ecosystem: Baldev Prakash highlighted the importance of creating an accessible and customer-focused banking ecosystem, ensuring that technology is used to enhance customer service.
• Security and Convenience: The virtual ATM service is described as convenient, secure, and hassle-free, making it a valuable service in India, the world’s largest cash economy.

About Jammu and Kashmir Bank :

• Founded : 1 October 1938
• Headquarters : Srinagar, Jammu and Kashmir, India
• MD & CEO : Baldev Prakash

Government Revises PLI Scheme for public sector banks Executives to Reward Value Creation 

• The central government has revised the PLI scheme for whole-time directors (WTDs) and senior executives of public sector banks (PSBs) to incentivize employees for significant value creation.

Key Highlights :

• Scope of the Revised Scheme:The scheme now applies not only to Whole-Time Directors (MDs & CEOs) and Executive Directors but also to senior executives at the Chief Manager level and above.
• PLI Ceiling:Chief General Manager and General Manager can receive up to 90% of their annual basic pay.
• Deputy General Manager and Assistant General Manager have a ceiling of 80% of their annual basic pay.
• The Chief Manager has a ceiling of 70%.

Eligibility Criteria for Banks:

• For a bank to be eligible for the PLI scheme, it must meet at least three out of four criteria:
  • Return on Assets (RoA) must be positive.
  • Net NPA must be ≤ 1.5%, or if higher, a reduction of 25 basis points or more from the opening net NPA of the financial year.
  • Cost to Income Ratio (CIR) must be ≤ 50%, or show year-on-year improvement if higher than 50%.
  • Capital to Risk (Weighted) Assets Ratio must meet the minimum regulatory requirements.
• Assessment Basis:The assessment will be based on the bank’s audited financial performance as of March 31 of the preceding financial year.
• Eligibility of Employees:Permanent employees including lateral hires and officers on deputation in Scale IV and above are eligible for the scheme.
• Employees dismissed, removed, or terminated from service will not be eligible for the incentive.
• Effective Date:The scheme will come into force retrospectively from the financial year 2023-24.

Delegates from 18 Countries Attend RBI Conference for Central Banks of the Global South  

• A high-level policy conference for central banks of the Global South was organized by the Reserve Bank of India (RBI) as part of its 90th anniversary celebrations.
• Delegates from 18 countries, including central bank governors and officials, attended.

Key Highlights :

• RBI Governor’s Address: RBI Governor Shaktikanta Das highlighted the challenges faced by countries in the Global South, including global spillovers, external sector imbalances, limited fiscal space, high debt levels, and financial market volatility. He emphasized the need for more robust and adaptable policy frameworks.
• RBI Deputy Governor’s Views: Michael Debabrata Patra discussed the challenges of monetary policy, especially at higher rates.
• He noted that forward guidance is effective at low rates but its utility diminishes as rates rise.
• He also touched on market speculation and the asymmetric nature of the monetary policy cycle.
• Focus of the Conference: The conference aimed to foster mutually beneficial partnerships for a prosperous and stable future for the Global South by sharing experiences and perspectives on contemporary economic issues.
• Participants: The event included senior officials from central banks, commercial banks, multilateral institutions, the RBI Central Board, and economists, as well as officials from the Indian government.
• Significance: The conference focused on strengthening the voice of the Global South in shaping the global policy agenda.

Central Bank of India Gets Reserve Bank of India Approval to Enter Insurance Sector via JV with Future Generali    

• The Reserve Bank of India (RBI) approved the Central Bank of India’s (CBI) entry into life and non-life insurance businesses through a joint venture with Generali Group, subject to compliance with conditions and sectoral regulator IRDAI’s approval.

Key Highlights :

• CCI Clearance:In October, the Competition Commission of India (CCI) cleared the Central Bank of India’s acquisition of stakes in:
  • Future Generali India Insurance Company Ltd (FGIICL) (non-life insurance).
  • Future Generali India Life Insurance Company Ltd (FGILICL) (life insurance).
• Stake Acquisition:Central Bank of India to acquire:
  • 18% equity shares in the life insurance division (FGILICL).
  • 91% equity shares in the non-life insurance division (FGIICL).
• Insurance Offerings:FGIICL: Provides personal, commercial, social, and rural insurance.
• FGILICL: Offers savings insurance, term plans, ULIPs, child plans, retirement plans, health plans, rural insurance, and group insurance.
• Acquisition Background:The Central Bank of India emerged as the successful bidder for Future Enterprises Ltd’s stakes in FGILICL and FGIICL in August 2024, following approval by the Committee of Creditors.
• Existing Ventures:With this acquisition, the Central Bank of India will have two additional joint ventures in insurance, complementing its existing partnerships in home finance and financial services.

About CBI :

• Founded : 21 December 1911
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Matam Venkata Rao

Punjab National Bank Joins Partnership for Carbon Accounting Financials (PCAF) to Enhance Climate Responsibility   

• Punjab National Bank (PNB) has joined the globally recognized Partnership for Carbon Accounting Financials (PCAF), signalling its commitment to sustainability and climate action.
• By joining PCAF, PNB will use internationally recognized standards to measure and disclose greenhouse gas (GHG) emissions linked to its lending and investment activities.

Key Highlights :

• Disclosure of Financed Emissions: In FY 2023-24, PNB disclosed its financed emissions in the Business Responsibility and Sustainability Report (BRSR) using the PCAF Standard, aligning with global GHG accounting practices.
• Alignment with RBI’s Framework: PNB’s decision aligns with the Reserve Bank of India’s (RBI) draft framework, which mandates banks to report climate-related financial risks and opportunities from FY 2025-26.
• Access to Support and Training: As a PCAF signatory, PNB gains access to technical support, industry-leading training, and country-specific emissions data, including insights relevant to India.
• Global Collaboration: PNB will participate in global working groups, workshops, and webinars, benefiting from peer-to-peer knowledge sharing on GHG accounting.
• Strengthening Sustainable Banking: This initiative reflects PNB’s dedication to incorporating environmental responsibility into its core strategy, enhancing its role as a leader in sustainable banking.
• Contributing to Climate Action: PNB’s partnership with PCAF highlights its ongoing efforts to contribute meaningfully to global climate action and to adopt practices that align with global sustainability efforts.

About PNB :

• Founded : 19 May 1894
• Headquarters : Delhi, India
• MD & CEO : Atul Kumar Goel
• Tagline : The Name You Can Bank Upon

Reserve Bank of India Raises UPI 123Pay Transaction Limit to Rs 10,000 for Higher-Value Payments via Feature Phones  

• The Reserve Bank of India (RBI) has increased the transaction limit for UPI 123Pay from Rs 5,000 to Rs 10,000, allowing users to make higher-value digital payments via feature phones.

What is UPI 123Pay?

• UPI 123Pay facilitates digital payments on feature phones, enabling users to access UPI services without an internet connection.
• It supports four payment methods:

1. IVR (Interactive Voice Response): Users interact with a voice-based system to carry out transactions.
2. Missed Calls: A feature where users can make payments by dialing specific numbers and hanging up, triggering a payment process.
3. OEM (Original Equipment Manufacturer) Apps: Special apps installed on feature phones that allow users to make payments.
4. Sound Technology: Using sound waves to securely transfer payment information between devices

• Implementation Timeline:The new transaction limit of Rs 10,000 is effective immediately, but full compliance with the new limit must be completed by January 1, 2025.
• Security Measures:Aadhaar OTP authentication will be implemented to enhance security for UPI 123Pay transactions.
• Purpose Code Introduction:A new purpose code (86) has been introduced for UPI 123Pay transactions to enable better tracking and reporting. The previous initiation mode (31) is now invalid.
• Integration Requirements:Banks and service providers must integrate with the UPI numeric ID mapper to enable UPI number functionality for these transactions.
• Role of NPCI:The National Payments Corporation of India (NPCI) manages UPI and has instructed banks and service providers to implement the changes related to the transaction limit and other features.

Reserve Bank of India Introduces Scheme for Writing Original Hindi Books on Economics, Banking, and Finance  

• The Reserve Bank of India (RBI) has introduced a scheme for awarding professors who write original books in Hindi on Economics, Banking, and Financial subjects.
• Purpose of the Scheme: The scheme aims to encourage the creation of academic literature in Hindi on crucial subjects like Economics, Banking, and Finance.

Key Highlights :

• Eligibility Criteria:Professors (including Assistant and Associate Professors) working or retired from UGC-recognized Indian Universities are eligible.
• Authors must have written at least one book of a minimum of 200 pages on Economics/Banking/Finance subjects, originally in Hindi.
• Award Details:Three prizes of ₹1,25,000 each will be awarded to the authors.
• The awards are for books originally written in Hindi on the specified subjects.
• Assessment Process:The content of the book will be evaluated by Professors of Economics, Banking, and Finance, with 60% weightage.
• The language and style of the book will be assessed by Professors of Hindi Literature or Linguistics, with 40% weightage.
• Award Limitations:A maximum of three awards will be given annually.
• An author can win the award twice consecutively but will be ineligible for the third year.
• After a cooling-off period of one year, they can reapply.

Yes Bank Collaborates with Vegapay to Enable Credit Line on UPI

• Yes Bank has partnered with Vegapay, a banking software technology innovator, to launch a hyper-configurable platform called ‘Credit Line on UPI’.
• Platform Features:The platform enables Yes Bank to create customised credit programs tailored to customer needs.
• Key features include:
  • Options for interest-free or interest-bearing credit.
  • Flexibility to offer EMI payment options.
  • Rule customisation through an intuitive interface.
• Objective:The collaboration seeks to redefine credit access across India by empowering banking institutions to deliver modern credit experiences to customers.
• Market Insights:UPI growth: Transactions are projected to grow at an annual rate of 57% through FY 2024.
• Credit market potential: UPI-linked credit products are expected to exceed $50 billion by 2025.

About YES Bank :

• Founded : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar

Sohan Lal Commodity Management Partners with Bank of Baroda to Offer Collateral Management Services for Agri Financing

• Warehousing and collateral management firm Sohan Lal Commodity Management (SLCM) has entered into a partnership with the Bank of Baroda (BoB) to provide collateral management services for agricultural financing.
• This partnership will allow farmers to access credit against their crops through Bank of Baroda’s nationwide network.
• SLCM reported a 73% increase in assets under management (AUM), rising from ₹6,911 crore in H1 FY2023-24 to ₹11,952 crore in H1 FY2024-25.
• Sandeep Sabharwal, SLCM Group CEO, highlighted the company’s Agri Reach technology and physical infrastructure to help reduce default risks and improve financial access within the agricultural ecosystem.
• SLCM has partnerships with more than 20 financial institutions in India and Myanmar, supporting agricultural financing efforts.

About Bank of Baroda :

• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand

CURRENT AFFAIRS: NATIONAL NEWS

India to Offer $5 Billion Incentives to Boost Electronics Component Manufacturing

• India is preparing to launch a $5 billion incentive scheme to promote the domestic production of essential electronics components, including printed circuit boards (PCBs), to enhance self-reliance and reduce dependence on imports, particularly from China.
• This initiative underscores the government’s commitment to building a robust tech manufacturing ecosystem and positioning India as a global electronics hub.

Key Highlights

1. Scope of the Initiative:
   • Targets domestic production of critical components for smartphones, laptops, and other electronic devices.
   • Focuses on PCBs, which are integral to modern electronics manufacturing.
   • Financial incentives of $4 billion to $5 billion will be provided to global and domestic companies meeting the scheme’s criteria.
2. Current Status of Electronics Manufacturing in India:
   • India’s electronics production has doubled in six years, reaching $115 billion in 2024.
   • India is now the fourth-largest global smartphone supplier, with major players like Apple and Samsung driving growth.
   • However, the sector remains heavily reliant on imports, with over 50% of electronics imports coming from China and Hong Kong.
3. Economic and Strategic Goals:
   • The scheme aims to support India’s goal of expanding the electronics manufacturing sector to $500 billion by 2030, including $150 billion from component production.
   • Encourages local value addition and strengthens domestic supply chains, crucial for reducing vulnerabilities to geopolitical disruptions.
4. Challenges and Motivation:
   • In FY24, India imported electronics worth $89.8 billion, highlighting a critical reliance on external suppliers.
   • The government sees this initiative as essential to mitigating risks associated with supply chain dependencies and bolstering competitiveness in global markets.
5. Industry Response:
   • Pankaj Mohindroo, head of the Cellular and Electronics Association, praised the move, calling it a “critical step to keep India competitive” in the global tech arena.
   • Industry experts view the scheme as pivotal in attracting global investment and promoting the domestic ecosystem.

6th ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee Meeting Concludes in New Delhi

• The 6th ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee meeting, along with related discussions, took place from 15-22 November 2024 at Vanijya Bhawan, New Delhi, focusing on reviewing the agreement to enhance trade and economic collaboration between India and the 10 ASEAN countries.

Key Highlights of the Meeting

1. Joint Committee Leadership:
   • Co-chaired by:
     • Shri Rajesh Agrawal, Additional Secretary, Department of Commerce, India.
     • Ms. Mastura Ahmad Mustafa, Deputy Secretary General (Trade), Ministry of Investment, Trade & Industry, Malaysia.
   • Delegations from all 10 ASEAN countries (Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) attended.
2. Focus Areas:
   • Eight Sub-Committees addressed:
     • Market access
     • Rules of origin
     • Sanitary and Phytosanitary (SPS) measures
     • Standards and technical regulations
     • Customs procedures
     • Economic and technical cooperation
     • Trade remedies
     • Legal and institutional provisions
   • Five of these Subcommittees conducted physical meetings on the sidelines.
3. Progress Achieved:
   • Substantial progress in textual discussions.
   • Initiation of tariff negotiations, laying the groundwork for future agreements.
4. Bilateral Discussions:
   • India held bilateral meetings with Thailand and Indonesia to address specific trade concerns.
   • Indian and ASEAN Chief Negotiators also convened to align on priorities and the roadmap ahead.
5. Key Preceding Meetings:
   • 21st ASEAN-India Economic Ministers Meeting (September 2024, Vientiane, Laos).
   • 21st ASEAN-India Summit (October 2024, Vientiane, Laos).
   • Leaders emphasized expediting negotiations and finalizing the AITIGA review by 2025.
6. Trade Snapshot:
   • ASEAN accounts for 11% of India’s global trade.
   • Bilateral trade reached USD 121 billion in 2023-24 and USD 73 billion during April-October 2024, showing a 5.2% growth.
7. Next Steps:
   • The next AITIGA Joint Committee meeting is scheduled for February 2025 in Jakarta, Indonesia.

Significance of AITIGA Review

1. Enhancing Trade Ties:
   • The review aims to modernize trade practices and address challenges to bolster India-ASEAN trade relations.
2. Sustainable Growth:
   • The agreement will pave the way for sustainable economic cooperation in the region.
3. Strengthening Partnerships:
   • The review is expected to unlock new avenues for trade and investment, reinforcing India-ASEAN collaboration.

Prime Minister Shri Narendra Modi Addresses News 9 Global Summit in Stuttgart: Strengthening Indo-German Ties for Sustainable Growth

• Prime Minister Shri Narendra Modi addressed the News 9 Global Summit in Stuttgart, Germany, via video conference.
• The summit, jointly organized by TV9 India, A.U. Stuttgart, and Baden-Württemberg, aimed to foster Indo-German collaboration under the theme “India-Germany: A Roadmap for Sustainable Growth.”

Key Highlights

1. Indo-German Strategic Partnership: A Historic Milestone

• 2024 marks the 25th anniversary of the Indo-German Strategic Partnership.
• Significant events include:
  • German Chancellor Olaf Scholz’s third visit to India.
  • The Asia-Pacific Conference of German Businesses hosted in Delhi after 12 years.
  • Germany’s release of:
    • “Focus on India” document.
    • Its first country-specific Skilled Labor Strategy for India.
• PM Modi emphasized that India-Germany relations date back centuries, citing cultural exchanges such as:
  • Germany’s creation of Europe’s first Sanskrit grammar books.
  • German merchants introducing Tamil and Telugu printing in Europe.

2. Strong Economic Ties

• Over 1,800 German companies have invested $15 billion in India in the past 3-4 years.
• Nearly 300,000 Indians live in Germany, including 50,000 students.
• Bilateral trade stands at $34 billion, expected to grow with stronger ties.

3. India: A Global Economic Powerhouse

• India is the world’s fastest-growing large economy.
• Key reforms enhancing India’s global appeal:
  • Goods and Services Tax (GST).
  • Reduction of over 30,000 compliance burdens.
  • Stabilization of the banking sector.
• Achievements in manufacturing:
  • Leading in mobile and electronics manufacturing.
  • World’s largest producer of two-wheelers.
  • Second-largest producer of steel and cement.
  • Fourth-largest manufacturer of four-wheelers.
  • Rapid progress in the semiconductor industry.

4. Infrastructure and Digital Leadership

• India has built a unique digital public infrastructure, recognized globally.
• Significant advancements in physical, social, and digital infrastructure are reducing logistics costs and creating a business-friendly environment.

5. Call for Deeper German Investments

• PM Modi encouraged German companies already in India to expand operations and invited new companies to explore opportunities.
• He highlighted India’s “Make in India” initiative and production-linked incentives for manufacturers.

Launch of Nayi Chetna 3.0: A National Campaign Against Gender-Based Violence

• Union Minister of Rural Development and Agriculture & Farmers’ Welfare, Shri Shivraj Singh Chouhan, will inaugurate the third edition of Nayi Chetna – Pahal Badlaav Ki, a national campaign against gender-based violence.
• The launch event will take place at the Rang Bhawan Auditorium, All India Radio, New Delhi, with Union Minister of Women and Child Development Annpurna Devi is also in attendance.

Key Details of the Campaign

1. Duration and Reach

• The month-long campaign will run from 25th November to 23rd December 2024.
• Organized under the Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM), Ministry of Rural Development.
• Coverage across all States and Union Territories with a grassroots focus.

2. Collaborative Effort

• The campaign embodies a Jan Andolan (people’s movement) approach and involves partnerships with:
  • 9 Ministries/Departments, including:
    • Ministry of Women and Child Development.
    • Ministry of Health and Family Welfare.
    • Department of School Education and Literacy.
    • Ministry of Home Affairs.
    • Ministry of Panchayati Raj.
    • Ministry of Social Justice and Empowerment.
    • Ministry of Youth Affairs and Sports.
    • Ministry of Information and Broadcasting.
    • Department of Justice.

3. Objectives

• Raise Awareness: Inform communities about all forms of gender-based violence.
• Foster Action: Encourage individuals to speak out and demand interventions.
• Provide Support: Ensure access to assistance and support systems.
• Empower Local Institutions: Strengthen the capacity of grassroots institutions to take decisive action.

4. Previous Campaign Success

• Nayi Chetna 1.0: Reached 3.5 crore people, supported by multiple ministries.
• Nayi Chetna 2.0: Engaged 5.5 crore participants across 31 States and Union Territories with over 9 lakh awareness activities conducted nationwide.

5. Slogan and Approach

• Campaign slogan: “Ek Saath, Ek Awaaz, Hinsa Ke Khilaaf” (Together, One Voice Against Violence).
• Emphasizes a whole-of-society and whole-of-government strategy for collective action.

Impact and Vision

• The Nayi Chetna 3.0 campaign represents a unified national effort to eliminate gender-based violence, leveraging DAY-NRLM’s extensive Self-Help Group (SHG) network. By amplifying awareness, empowering communities, and fostering institutional accountability, the initiative aims to create a safer and more equitable society for all.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Kenya Terminates Airport and Energy Agreements with Adani Group Following US Indictments   

• Kenya’s president has cancelled multimillion-dollar deals with the Adani Group following US bribery and fraud indictments against Gautam Adani, one of Asia’s richest individuals.
• Cancelled Deals:Airport Expansion: The Adani Group had been negotiating a deal to modernize Kenya’s main airport in Nairobi, including building a new runway and terminal. The deal would have given Adani Group operational control of the airport for 30 years.
• Energy Deal: Adani Group has been awarded a contract to construct power transmission lines in Kenya, a key infrastructure project for East Africa’s business hub.
• Legal Background:The cancellations follow legal challenges related to corruption, fraud, and bribery that led to the US indictments of Gautam Adani and his group.

About Kenya :

• President : William Ruto
• Capital : Nairobi
• Currency : Kenyan shilling

CURRENT AFFAIRS: BUSINESS NEWS

DGGI, RBI, and Banks to Track Real-Time Transactions of Offshore Online Gaming Firms

• In a significant move to address tax evasion by offshore online gaming companies, the Directorate General of GST Intelligence (DGGI) is collaborating with the Reserve Bank of India (RBI) and commercial banks to create a mechanism for real-time transaction tracking.

Key Developments

1. Real-Time Data Sharing:
   • Banks will share real-time data of transactions from online gaming firms with the DGGI.
   • This will allow the agency to monitor transaction values and assess the tax liabilities of these firms.
2. Massive Tax Evasion:
   • In FY24, online gaming companies were responsible for tax evasions totaling ₹82,000 crore, which accounted for 41% of the total ₹2 lakh crore evasion detected that year.
   • Many of these firms operate from offshore tax havens like Malta, Curacao, British Virgin Islands, and Cyprus, making enforcement and compliance difficult.
3. Steps Taken:
   • Over 650 offshore gaming firms have been identified as non-compliant with GST regulations.
   • The DGGI has recommended blocking 167 websites to the Ministry of Electronics and Information Technology (MeitY).
4. Recommended Approach:
   • The DGGI has advocated for a multipronged strategy:
     • Formation of an inter-departmental committee with participation from CBIC, CBDT, MeitY, MCA, RBI, and consumer affairs bodies.
     • Integration of GST tracking with global payment systems, including cryptocurrency wallets, for monitoring cross-border transactions.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

RBL Bank Appoints Chess Prodigy Gukesh Dommaraju as Brand Ambassador 

• RBL Bank, India’s private sector bank, has appointed Indian Chess prodigy Gukesh Dommaraju as its brand ambassador.
• Gukesh has broken new ground by qualifying for the World Chess Championship.
• If victorious, he will become the youngest undisputed World Chess Champion by defeating reigning champion Ding Liren of China.
• The championship match is scheduled to take place in Singapore starting from November 25, 2024.

About RBL Bank :

• Founded : August 1943
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : R Subramaniakumar

CURRENT AFFAIRS : DEFENCE NEWS

Bharat NCX 2024 Launched: Enhancing Cyber Defense and Strategic Decision-Making Nationwide  

• The Bharat National Cyber Security Exercise (Bharat NCX 2024), a landmark initiative to fortify India’s cybersecurity resilience, was inaugurated at a high-profile ceremony organized by the National Security Council Secretariat (NSCS) in collaboration with Rashtriya Raksha University (RRU) in New Delhi.
• The initiative aims to strengthen India’s cybersecurity resilience by preparing professionals and leadership to handle evolving cyber threats with advanced defense mechanisms.
• The exercise is 12 days long, running from November 18 to November 29, 2024.

Key Features:

• Cyber Defense & Incident Response Training: Includes immersive training on cyber defense, and live-fire simulations of cyberattacks on IT and OT systems.
• Strategic Decision-Making Exercise: Involves senior management from various sectors to simulate national-level cyber crisis scenarios, enhancing decision-making capabilities under pressure.
• CISO’s Conclave: Features Chief Information Security Officers (CISOs) from government, public, and private sectors discussing trends and government cybersecurity initiatives.
• Cybersecurity Startup Exhibition: Showcases innovative cybersecurity solutions from Indian startups, highlighting their contributions to national defence infrastructure.
• Focus Areas:Leadership Engagement & Capacity Building: Fosters collaboration across government and industry stakeholders, promoting a unified approach to emerging cyber threats.
• Consolidating Best Practices: The exercise will culminate in a debrief to consolidate lessons learned and establish best practices in cybersecurity.
• Significance:Bharat NCX 2024 is a strategic effort to prepare India’s cybersecurity ecosystem for the rapidly evolving digital landscape, ensuring a coordinated national response to cyber threats.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Institute of Technology Bombay Unveils AroTrack: A Cost-Effective and Portable Device for Detecting Harmful Pollutants in Water 

• Indian Institute of Technology Bombay (IIT Bombay) have introduced AroTrack, an economical and portable device to accurately detect harmful pollutants such as phenol or benzene in water.

About AroTrack :

• AroTrack targets aromatic xenobiotic pollutants such as phenol, benzene, and xylenols, which are commonly found in polluted water.
• Use of Bacterial Proteins: The device leverages proteins typically found in bacteria living in polluted environments to detect aromatic pollutants.
• These proteins undergo a selective ATP hydrolysis reaction when they come in contact with pollutants, indicating their presence.
• Biosensing Module – MopR: The key component of AroTrack is the MopR biosensor, which is highly sensitive for detecting phenol in water.
• LED-Phototransistor Assembly: The device uses a light-emitting diode (LED)-phototransistor system to shine light through the sample.
• The amount of light absorbed by the sample helps detect the concentration of pollutants.
• Performance in High Temperatures: AroTrack operates effectively in water temperatures up to 50°C, demonstrating its robustness in various environmental conditions.
• Quick Results: The device can complete tests in under 30 minutes, providing quick and reliable results for water quality testing.

CURRENT AFFAIRS: SPORTS NEWS

Sony Pictures Networks India Acquires ACC Media Rights for $170 Million (2024–2031)

• Sony Pictures Networks India (SPNI) has secured the media rights for all Asian Cricket Council (ACC) tournaments from 2024 to 2031 at a base price of $170 million, representing a 70% increase over the previous cycle.
• This marks a milestone for SPNI, which successfully acquired the rights without competitive bidding—a rarity in cricket’s fiercely contested media landscape.

Key Highlights

1. Significant Milestone for SPNI:
   • This is SPNI’s first cricket property acquisition in a rights auction.
   • It complements its existing portfolio, which includes the England Cricket Board and New Zealand Cricket rights.
   • SPNI’s cricket calendar now ensures the Indian cricket team’s participation every year through Asia Cups and bilateral series.
2. Valuation and Unique Auction Outcome:
   • The deal was closed at the base price, marking the first time since 2012 that premium cricket rights have been sold at this valuation level.
   • Gaurav Banerjee, SPNI’s newly appointed MD and CEO, emphasized the deal’s financial prudence and strategic importance for Sony’s multi-team sports strategy.
3. Asia Cup Tournaments:
   • The package includes marquee tournaments such as:
     • Men’s and Women’s Asia Cups
     • U-19 Asia Cups
     • Emerging Teams Asia Cups
   • India-Pakistan matches, a key draw for global cricket fans, are part of the Asia Cup, driving viewership and advertising revenue.
4. Strategic Shift by JioStar:
   • JioStar (the merged entity of Star India and Viacom18) opted out of the bidding process, signalling a strategic shift away from escalating rights valuations.
   • Uday Shankar, Vice Chairman of JioStar, remarked on avoiding a “fear of missing out” (FOMO) approach to premium rights.
5. Growth in Sony’s Viewership:
   • Sony Entertainment Television has seen a steady rise in viewership, with Gross Rating Points (GRPs) increasing from 60 to 89 in just two months.
6. Boost for Asian Cricket:
   • Jay Shah, President of the ACC, highlighted the role of the increased rights value in fostering grassroots programs, infrastructure, and pathways for emerging talent.
   • The deal ensures extensive coverage across TV, digital, and audio platforms, elevating cricket’s profile in associate nations.

Industry Implications

• Strategic Advantage for SPNI:
  • The acquisition positions Sony as a strong player in cricket broadcasting, alongside its existing properties.
  • The absence of competitive bidding provided Sony with a significant asset at a moderate price.
• Changing Dynamics in Media Rights:
  • JioStar’s absence underscores changing priorities among broadcasters, focusing on profitability over market domination.
• Growth Potential for ACC:
  • With a 70% valuation increase, the ACC has the resources to expand cricket’s regional footprint, particularly among associate nations.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day for the Elimination of Violence Against Women: 25th November

• International Day for the Elimination of Violence Against Women 2024 is observed on the 25th of November 2024.
• On November 25, 1960, the Mirabal sisters of the Dominican Republic were assassinated by dictator Rafael Trujillo.
• The sisters, who had been active in movements against the Trujillo regime, were beaten and strangled to death, then placed in a Jeep that was driven off a mountainous road in order to make their deaths appear accidental.
• According to a report by the United Nations, 19 per cent of women between the ages of 15 and 49 years of age have experienced physical or sexual violence “by an intimate partner.”
• In some cases, this violence ends in the woman’s death.
• In December 1999, the United Nations General Assembly designated November 25 as the International Day for the Elimination of Violence Against Women.

Daily CA One-Liner: November 24 & 25

• India is preparing to launch a $5 billion incentive scheme to promote the domestic production of essential electronics components, including printed circuit boards (PCBs), to enhance self-reliance and reduce dependence on imports, particularly from China
• The 6th ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee meeting, along with related discussions, took place from 15-22 November 2024 at Vanijya Bhawan, New Delhi, focusing on reviewing the agreement to enhance trade and economic collaboration between India and the 10 ASEAN countries.
• Prime Minister Shri Narendra Modi addressed the News 9 Global Summit in Stuttgart, Germany, via video conference.
• Union Minister of Rural Development and Agriculture & Farmers’ Welfare, Shri Shivraj Singh Chouhan, will inaugurate the third edition of Nayi Chetna – Pahal Badlaav Ki, a national campaign against gender-based violence.
• In a significant move to address tax evasion by offshore online gaming companies, the Directorate General of GST Intelligence (DGGI) is collaborating with the Reserve Bank of India (RBI) and commercial banks to create a mechanism for real-time transaction tracking.
• Sony Pictures Networks India (SPNI) has secured the media rights for all Asian Cricket Council (ACC) tournaments from 2024 to 2031 at a base price of $170 million, representing a 70% increase over the previous cycle.
• The Reserve Bank of India (RBI) injected ₹25,000 crore into the banking system via a variable rate repo auction (VRR) to manage liquidity and prevent increased borrowing costs for banks.
• Axis Mutual Fund has launched the Axis Momentum Fund, an open-ended equity scheme based on the momentum investment strategy.
• India Infrastructure Finance Company Limited (IIFCL) is in talks with the Asian Development Bank (ADB) and Korean Exim Bank to raise USD 600 million in blended finance.
• Jammu and Kashmir Bank (J&K Bank) has launched the Virtual ATM (vATM) facility, aimed at leveraging technology for financial empowerment, especially in rural areas lacking ATMs and other banking channels.
• The central government has revised the PLI scheme for whole-time directors (WTDs) and senior executives of public sector banks (PSBs) to incentivize employees for significant value creation.
• A high-level policy conference for central banks of the Global South was organized by the Reserve Bank of India (RBI) as part of its 90th anniversary celebrations.
• The Reserve Bank of India (RBI) approved the Central Bank of India’s (CBI) entry into life and non-life insurance businesses through a joint venture with Generali Group, subject to compliance with conditions and sectoral regulator IRDAI’s approval.
• Punjab National Bank (PNB) has joined the globally recognized Partnership for Carbon Accounting Financials (PCAF), signalling its commitment to sustainability and climate action.
• The Reserve Bank of India (RBI) has increased the transaction limit for UPI 123Pay from Rs 5,000 to Rs 10,000, allowing users to make higher-value digital payments via feature phones.
• The Reserve Bank of India (RBI) has introduced a scheme for awarding professors who write original books in Hindi on Economics, Banking, and Financial subjects.
• Yes Bank has partnered with Vegapay, a banking software technology innovator, to launch a hyper-configurable platform called ‘Credit Line on UPI’.
• Warehousing and collateral management firm Sohan Lal Commodity Management (SLCM) has entered into a partnership with Bank of Baroda (BoB) to provide collateral management services for agricultural financing.
• Kenya’s president has cancelled multimillion-dollar deals with the Adani Group following US bribery and fraud indictments against Gautam Adani, one of Asia’s richest individuals.
• RBL Bank, India’s private sector bank, has appointed Indian Chess prodigy Gukesh Dommaraju as its brand ambassador.
• The Bharat National Cyber Security Exercise (Bharat NCX 2024), a landmark initiative to fortify India’s cybersecurity resilience, was inaugurated at a high-profile ceremony organized by the National Security Council Secretariat (NSCS) in collaboration with Rashtriya Raksha University (RRU) in New Delhi.
• Indian Institute of Technology Bombay (IIT Bombay) have introduced AroTrack, an economical and portable device to accurately detect harmful pollutants such as phenol or benzene in water.
• International Day for the Elimination of Violence Against Women 2024 is observed on the 25th of November 2024.

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