Daily Current Affairs September 25 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Banks submit bids exceeding ₹1 lakh crore to access funds through a 1-day Variable Rate Reverse Repo from the Reserve Bank of India  

• Banks placed bids totalling ₹1,02,655 crore to draw liquidity from the Reserve Bank of India (RBI) through the 1-day Variable Rate Repo (VRR) auction.
• The notified amount for the auction was ₹50,000 crore, and the RBI accepted bids worth ₹50,007 crore at a weighted average rate of 6.66%.

Key Highlights :

• Liquidity Deficit and Surplus:The banking system’s liquidity shifted from a surplus of ₹2.55 lakh crore on September 5, 2024 to a deficit of ₹5,000 crore on September 18 due to monthly GST and quarterly advance tax outflows.
• Liquidity returned to a mild surplus of around ₹25,000 crore post these outflows.
• RBI’s Liquidity Management:The RBI conducts liquidity management operations to ensure the weighted average call rate remains within the 6.40% to 6.60% range.
• RBI aims to manage liquidity flexibly to maintain orderly movement in money market interest rates.
• VRR Auctions in September 2024:The RBI conducted three VRR auctions in September 2024:
• 3-day VRR auction for ₹1 lakh crore on September 17.
• 14-day VRR auction for ₹25,000 crore on September 20.
• 1-day VRR auction for ₹50,000 crore on September 21.
• Monetary Policy Stance: During the August 8, 2024 bi-monthly monetary policy review, RBI Governor Shaktikanta Das stated that the central bank will continue to be nimble and flexible in its liquidity management to respond to evolving conditions.

Digitisation of land records poses a major challenge to implementing the Unique Land Parcel Identification Number (ULI) system  

• The Reserve Bank of India (RBI) plans to launch the Unified Lending Interface (ULI) at a national level to transform the lending sector.
• ULI is part of the digital public infrastructure aimed at streamlining the lending process for Micro, Small, and Medium Enterprises (MSMEs) and farmers.
• Purpose of ULI: ULI will facilitate the seamless flow of financial and non-financial data from multiple platforms, providing customised data to lenders.
• Lenders will gain access to customer data from various silos, such as land records, government databases, and satellite imagery.

Key Highlights :

• Key Challenge – Land Records Digitisation:Land records digitization is a major hurdle in implementing ULI, as land is a state subject, and digitization efforts depend on the willingness and cooperation of state governments.
• Many states face political, administrative, legal, and technological constraints, which delay digitization efforts.
• State-Level Constraints:Some states experience shortages of funds, staff, and equipment, making it difficult to convert land records into digital format.
• Lack of coordination and standardisation in land laws, policies, and systems across states further complicates digitization.
• Data Silos and Accessibility Issues:Land ownership is established through multiple documents maintained by different departments, and most departments work in silos, failing to update data in a streamlined manner.
• Opportunities for Fintechs and Lenders:ULI will enable fintechs to gain access to a variety of lenders on a single platform and offer deeper customer insights.
• Pilot Phase and Implementation Challenges:Although ULI is currently in the pilot phase, real implementation will be a challenge due to the large-scale nature of land records digitization, and many states are not prepared to invest in the required technology.

Recent News :

• In Aug 2024, RBI Governor Shaktikanta Das announced the launch of the Unified Lending Interface (ULI) during the Global Conference on Digital Public Infrastructure and Emerging Technologies in Bengaluru, Karnataka.

Non-Banking Financial Companies sector demonstrates resilience with robust credit growth and declining Non-Performing Asset under Reserve Bank of India’s scale-based regulatory framework: Report  

• The non-banking financial companies sector continues to demonstrate resilience within the Scale-Based Regulations framework.
• According to the RBI report ‘Peeling the Layers: A Review of the NBFC Sector in Recent Times’, The sector maintained double-digit credit growth, adequate capital levels and a low delinquency ratio by December, 2023.

Key Highlights :

• Improved Asset Quality : Since the introduction of SBR in October 2022, the gross non-performing asset (NPA) ratio has decreased markedly, falling from a range of4% to 10.6% in December 2021 to 2.4% to 6.3% by December 2023.
• This decline reflects enhanced asset quality and risk management practices in the sector.
• Ongoing Vigilance Required: The RBI bulletin emphasizes that NBFCs must remain vigilant regarding risk management, compliance, and internal audit functions amidst a rapidly changing financial environment.
• Extension of PCA Norms:The introduction of Prompt Corrective Action (PCA) norms for government-owned NBFCs is expected to strengthen the sector further.
• Diversification of Funding Sources:In response to rising risk weights on bank lending, NBFCs are diversifying funding sources to reduce reliance on bank borrowings.
• Growth in Secured Retail Credit:There is robust growth in secured retail credit segments, particularly in gold loans, vehicle loans, and housing loans.
• Continued expansion is noted in both the industrial and service sectors.
• Upper Layer NBFCs:The RBI has identified several major NBFCs as part of the Upper Layer under the SBR framework, including:
• LIC Housing Finance
• Bajaj Finance
• Shriram Finance
• Tata Sons
• L&T Finance
• Indiabulls Housing Finance
• Piramal Capital & Housing Finance
• Cholamandalam Investment and Finance
• Mahindra & Mahindra Financial Services
• PNB Housing Finance
• Tata Capital Financial Services
• Aditya Birla Finance
• HDB Financial Services
• Muthoot Finance
• Bajaj Housing Finance
• Compliance with Listing Requirements:
• All companies in the Upper Layer List, except Tata Sons, have complied or are initiating steps to meet listing requirements.

Reserve Bank of India’s Proposed Liquidity Coverage Ratio Norms to Further Restrict Bank Lending to Non-Banking Financial Companies 

• The Reserve Bank of India’s (RBI’s) proposed draft guidelines on the Liquidity Coverage Ratio (LCR) are under the Basel-III norms and are set to take effect in April 2025.

Key Highlights :

• Impact on Low-Rated NBFCs:If implemented, the guidelines may make it increasingly difficult for low-rated NBFCs to secure cheaper credit from banks, pushing them to rely on more expensive funding options.
• Bank Lending Bias:The draft guidelines are expected to skew bank lending towards higher-rated NBFCs, specifically those with AAA or AA ratings, making it harder for smaller or low-rated NBFCs to compete.
• Tighter Lending Norms:Due to existing tighter lending norms, bank credit to NBFCs has already fallen significantly, dropping from a year-on-year growth rate of 36% in October 2022 to just 8.5% as of June 2024.
• Increased Risk Weightage:Earlier in 2024, the RBI increased the risk weightage on loans to NBFCs by 25 basis points to 125%, further discouraging banks from lending to these institutions.
• Higher Run-Off Factors:Under the new LCR norms, banks will need to apply an additional 5% run-off factor for retail deposits facilitated through internet and mobile banking, increasing their requirements for high-quality liquid assets.
• Diminished Lending Capacity:As a result of these guidelines, banks will have fewer funds available for lending, raising concerns among NBFCs about the potential drying up of funds and the necessity to borrow at higher rates.
• Market Responses by NBFCs:In light of reduced credit availability from banks, NBFCs have turned to the debt market, raising ₹73,820 crore since August 1, 2024, as they seek funds to meet festive demand.
• Competition Among NBFCs:Higher-rated NBFCs (AAA and AA) are increasingly tapping into the bond market, leading to intensified competition for smaller, low-rated NBFCs.
• Exploration of Alternative Funding:Many NBFCs are exploring alternative funding sources, including overseas markets, to raise funds more affordably, especially following a 50 basis point cut by the US Federal Reserve, making external commercial borrowing cheaper than domestic options.

CURRENT AFFAIRS: NATIONAL NEWS

ANIMATE 2024: Fostering Creativity Through 2D Animation Hackathon

• ANIMATE 2024, a 2D animation hackathon organised by FOSSEE, IIT Bombay, in partnership with Whistling Woods International, concluded with an award ceremony at the Whistling Woods campus.
• Participants from across the country, including rural areas, participated in the hackathon.

Event: ANIMATE 2024
Organizer: FOSSEE, IIT Bombay in collaboration with Whistling Woods International
Concluded on: September 20, 2024
Location: Whistling Woods Campus, Mumbai

Key Highlights:

• Theme: “Celebrating India’s Innovation”
• Participation: Over 5,000 students from across India, including rural areas, took part in the 2D animation hackathon.

Empowering Participants:

• Free Learning Materials: Students were given access to free learning resources, including tutorials on Synfig Studio, through the Spoken Tutorial platform at IIT Bombay.
• Languages: Materials were provided in vernacular languages, making the event accessible to students from diverse backgrounds.

Awards and Recognition:

• Award Ceremony: Veteran filmmaker Subhash Ghai, actors Vikrant Massey and Medha Shankr, along with key dignitaries, presented the awards.
• Top Winners:
  • First Prize: Harshini VM’s team from Vellalar College, Tamil Nadu, for their animation on Forest Protection.
  • Third Prize: Seikh Nabab Uddin’s team from Dr. B.C. Roy Engineering College, West Bengal, for their project on Beehive Coolers.

Promoting Rural Creativity:

• Focus on Rural India: The event encouraged participation from tier-three and tier-four cities, aiming to equip India’s rural youth with animation and videography skills.

Prime Minister Address at the UN Summit of the Future

• Prime Minister Narendra Modi is set to address the UN Summit of the Future in New York, marking the final day of his three-day visit to the U.S.
• This comes a day after the UN General Assembly approved a 42-page plan to address global issues like climate change, AI, war, inequality, and poverty.

Summit Highlights:

• Theme: “Multilateral Solutions for a Better Tomorrow”
• Key Attendees: World leaders such as Iran’s Masoud Pezeshkian, Ukraine’s Volodymyr Zelenskyy, U.S. Secretary of State Antony Blinken, and Russian Deputy Foreign Minister Sergey Vershinin.

Main Objectives of the Summit:

1. Pact for the Future:
   • This key document will outline action-oriented solutions to tackle global challenges.
   • The Pact seeks to create international mechanisms reflecting 21st-century realities.
2. Reforming the UN Security Council:
   • A focus on making the Council more representative, particularly addressing the under-representation of Africa, Asia-Pacific, and Latin America.
3. Nuclear Disarmament and Preventing an Arms Race in Space:
   • World leaders commit to steps aimed at nuclear disarmament and preventing lethal autonomous weapons.
4. Global Digital Compact (GDC):
   • Aims to ensure technology, especially AI, is used responsibly and does not exacerbate global inequalities.
5. Declaration on Future Generations:
   • Focuses on safeguarding the interests of future generations, ensuring today’s decisions protect the rights and opportunities of future citizens.

MGNREGS Allocation for FY25: Current Status and Future Outlook

• The national rural job guarantee scheme that gives millions of the poorest Indians employment is unlikely to see a higher allocation in FY25, citing government hopes of improving the rural economy this year on the back of better rains.

Overview:

• Scheme: Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)
• Purpose: Provides guaranteed wage employment for the poorest households in rural India.

Key Points:

• Current Allocation: The budget for FY25 allocates ₹86,000 crore for MGNREGS.
• Comparison with Previous Years:
  • FY24 allocation was ₹60,000 crore, which was significantly lower than ₹89,400 crore for FY23.
  • Revised FY24 spending reached ₹1.06 trillion, indicating high demand for rural jobs.

Future Expectations:

• Allocation Likelihood: Experts suggest that there may not be an increase in allocation for FY25, unless significant rural economic issues arise (e.g., famine).
• Economic Context: Improved rainfall and favorable monsoon conditions have strengthened the rural economy, contributing to decreased demand for MGNREGS jobs compared to FY24.

Employment Trends:

• Current Data (April 1 – September 23, 2024):
  • Average days of employment per household: 33.93 days (compared to 52.08 days in FY24).
  • Total households employed under MGNREGS: 44.3 million (compared to 60 million in FY24).

India’s 100-Day Power Plan: Thermal Capacity Expansion and Future Energy Goals

• A total of 12.8 GW of thermal power capacity has been awarded during the first 100 days of the new National Democratic Alliance (NDA), according to Pankaj Agarwal, secretary to the Union Ministry of power.

Key Points:

1. Thermal Power Capacity Expansion:
   • A total of 12.8 GW of new thermal power capacity has been awarded for construction within the first 100 days of the new National Democratic Alliance (NDA) government.
   • 28.4 GW of the targeted 80 GW additional capacity by FY32 is already under construction.
2. Future Targets:
   • The government is committed to adding 80,000 MW of power capacity, with 28,400 MW already under construction and 12,800 MW awarded recently.
3. Need for Thermal Power:
   • The renewed focus on coal-based power generation comes in response to record-high power demand and the essential role thermal power plays in providing baseload power and grid stability.
   • Green power supply is not yet sufficient to meet rising demand, making thermal power necessary in the short term.
4. National Electricity Plan (2023-2032):
   • The plan, to be launched soon, will outline a strategy to meet a peak power demand of 425 GW by 2030 and 458 GW by 2032.
   • The transmission network will need to expand from 4.85 lakh circuit kilometers (ckm) in 2024 to 6.48 lakh ckm by 2032.
5. Financial Commitment:
   • The cost of implementing the National Electricity Plan is estimated at Rs 9.15 lakh crore. This will help meet rising electricity demand and integrate renewable energy and green hydrogen into the grid.

CURRENT AFFAIRS : INTERNATIONAL NEWS

European Union proposes €35 billion loan for Ukraine, secured by Russian assets     

• European Commission President Ursula von der Leyen announced a €35 billion loan to Ukraine, backed by profits from immobilized Russian central bank assets.
• The plan was revealed after a meeting with Ukrainian President Volodymyr Zelenskyy in Kyiv.

Key Highlights :

• Broader Financial Package:This loan is part of a larger $50 billion support package developed in coordination with the U.S. and G7 countries.
• The funds will provide stable financial assistance to Ukraine, particularly for its national budget.
• Allocation of Funds:Ukraine plans to use the funds in critical sectors such as energy, shelter construction, weapons production, and air-defense systems.
• The disbursement of funds is expected in the coming months.
• Approval Process:The loan plan requires approval from both the European Parliament and a qualified majority of EU member states.
• The package is tied to the G7 agreement from June 2024, which includes $50 billion in fresh aid to Ukraine.
• Use of Russian Assets:The repayments for the loan will come from the profits of $280 billion in frozen Russian Central Bank funds, mostly held in Europe.
• Sanctions and Renewal Challenges:The EU’s sanctions regime keeps Russian assets frozen, requiring unanimous renewal every six months by all 27 EU member states.
• Hungary has proposed delaying decisions on the loan until after the U.S. elections in November 2024.
• Extension Options:The European Commission is discussing options to extend the immobilization of Russian assets for 36 months or up to five years to ensure continued financial support for Ukraine.

About European Commission :

• Established :16 January 1958
• Headquarters : Brussels, Belgium
• President : Ursula von der Leyen
• Member States : 27

About Ukraine :

• President : Volodymyr Zelenskyy
• Prime Minister : Denys Shmyhal
• Capital : Kyiv
• Currency : Hryvnia

France Commits Comprehensive Support for Nuclear Submarines, Jet Engines, and Underwater Drones to India   

• The India-France strategic defence partnership is poised for significant advancements, particularly in the construction of nuclear attack submarines and the transfer of technology for aircraft engines and underwater drones.
• Discussions between Indian National Security Advisor Ajit Doval and French diplomatic advisor Emmanuel Bonne will take place in Paris from September 30 to October 1, 2024.
• France is prepared to offer a 100% transfer of technology for 110 kilo-Newton thrust aircraft engines and advanced underwater drones to India.
• This meeting marks the first bilateral strategic engagement following French President Emmanuel Macron’s visit to India in January 2024.

Key Highlights :

• Support for Ukraine Conflict Resolution:Doval is expected to brief Macron on India’s initiatives to end the Ukraine conflict, highlighting France’s support for India’s diplomatic efforts.
• Space Collaboration:India and France are collaborating in space defense, including a letter of intent on military satellites signed by Doval and French Defense Minister Sebastian Lecornu.
• Indian Navy Requirements:The Indian Navy is emphasizing the need for two nuclear attack submarines to bolster future operational capabilities, coinciding with France’s offer.
• Intelligence, Surveillance, and Reconnaissance (ISR):France has proposed full-spectrum autonomous systems to enhance India’s ISR capabilities and protect naval assets.
• Safran Engines Offer:Safran has proposed joint development of 110 kilo-Newton engines for the Advanced Medium Combat Aircraft (AMCA) project, with full technology transfer and advanced metallurgy training for Indian personnel.
• Sovereignty of Engine Development:The jointly developed engine will be considered sovereign property of India, allowing for unrestricted export to third countries.
• Naval Collaboration:Negotiations are ongoing for India to acquire 26 Rafale-Maritime fighters for its aircraft carriers, and the French Naval Group will build three more Kalvari class diesel attack submarines under Project 75.
• Expanding Air Force Capabilities:The Indian Air Force is looking to France for additional Rafale fighters to enhance its dwindling squadron strength.

About France :

• President : Emmanuel Macron
• Prime Minister : Michel Barnier
• Capital : Paris
• Currency : Euro

India and South Korea Engage in Talks to Enhance Trade Agreement and Boost Investments   

• India and South Korea discussed addressing non-tariff barriers affecting Indian exporters in the Korean market to promote more balanced trade.
• The meeting involved discussions on upgrading the existing Comprehensive Economic Partnership Agreement (CEPA), originally signed in 2009 and effective from 2010.
• The meeting was held at Vientiane in Laos on the sidelines of the ASEAN-India Economic Ministers’ meeting and the East Asia Summit Economic Ministers’ Meeting.

Key Highlights :

• Ongoing Negotiations: Negotiations to expand the CEPA are currently in progress, with 11 rounds of talks held since the review agreement in 2016.
• Completion of talks is anticipated by 2024.
• Trade Statistics: India’s exports to Korea increased from $3.7 billion in 2010-11 to $6.4 billion in 2023-24, while imports surged from $10.4 billion to $21.1 billion during the same period.
• Growing Trade Deficit: The trade deficit has widened significantly, reaching $114.7 billion in FY24 compared to $7.7 billion in 2010-11.
• Sectoral Requests: India and Korea have exchanged lists of requests for further trade opening, with Korea seeking concessions in automobiles, textiles, chemicals, and petrochemicals, while India aims for better access in steel, rice, shrimp, and clothing.
• Concerns Over Standards: Indian exporters highlighted challenges due to stringent South Korean standards, regulations, and certification requirements.
• Bilateral Trade Liberalization: Concerns have been raised regarding the effectiveness of bilateral trade liberalization, particularly due to exclusions of key export sectors like automobiles from concessions.
• Engagement with Other Nations: Commerce Minister Piyush Goyal also held bilateral meetings with ministers from Laos and Myanmar, discussing potential cooperation in sectors like electric vehicles and trade promotion mechanisms.

About South Korea :

• President : Yoon Suk Yeol
• Prime Minister : Han Duck-soo
• Capital : Seoul
• Currency : Korean Republic won

CURRENT AFFAIRS : STATE NEWS

Odisha prepares to join the Centre’s Ayushman Bharat health insurance scheme  

• Odisha is set to join the Ayushman Bharat Pradhan Mantri – Jan Arogya Yojana (AB PM-JAY), which offers health coverage of ₹5 lakh per family annually for secondary and tertiary hospitalization.
• A senior Health Ministry official confirmed that some technical issues are being resolved with the state before full implementation.

Key Highlights :

• Coexistence of Schemes: Odisha’s existing health scheme will continue alongside the Central scheme, with shared financial responsibilities between the Centre and the state.
• National Participation: Currently, 18 states have integrated their health schemes with AB PM-JAY. States like Punjab are being engaged for compliance, while Bihar has recently joined.
• Hospital Empanelment: As of September 1, 2024, 29,648 hospitals, including 12,696 private hospitals, have been empanelled under the scheme, which is active in 33 states and UTs, excluding Delhi, Odisha, and West Bengal.
• Beneficiary Demographics: 49% of Ayushman cards are issued to women, and of the 7.79 crore hospital admissions, approximately 3.61 crore are utilized by women.
• Utilization Statistics: The scheme shows a public-private utilization split, with 57% under public healthcare. Key specialties utilized include cancer, nephrology, cardiology, and general medicine.
• Comprehensive Coverage: The scheme covers all pre-existing diseases from day one and includes 1,949 medical procedures across 27 specialties, such as general medicine, surgery, oncology, and cardiology.
• Cost-Free Services: Beneficiaries receive cashless inpatient services at empanelled hospitals, which cover hospital services, drugs for 15 days post-discharge, diagnostics, food, and lodging at no cost.
• IT Infrastructure: The scheme operates through a robust IT platform, ensuring services are entirely paperless and cashless, enhancing efficiency and transparency.

About Ayushman Bharat Pradhan Mantri – Jan Arogya Yojana (AB PM-JAY) :

• Established : 23 September 2018
• It is a national public health insurance scheme of the Government of India that aims to provide free access to health insurance coverage for low income earners in the country.

CURRENT AFFAIRS: BUSINESS NEWS

Unemployment and Labour Force Report: July 2023 – June 2024

• Unemployment rate for persons aged 15 years and above has remained unchanged at 3.2 per cent in July 2023 to June 2024, according to the labour force survey annual report released

Key Statistics:

1. Unemployment Rate (UR):
   • Remained unchanged at 3.2% for persons aged 15 and above.
   • Male UR: Slight decline from 3.3% (2022-23) to 3.2% (2023-24).
   • Female UR: Increased from 2.9% to 3.2% during the same period.
2. Labour Force Participation Rate (LFPR):
   • Overall LFPR for persons aged 15+ rose to 60.1% from 57.9% (2022-23).
   • Male LFPR: Increased slightly from 78.5% to 78.8%.
   • Female LFPR: Notable rise from 37.0% to 41.7%.
3. Worker Population Ratio (WPR):
   • Overall WPR increased to 58.2% from 56.0%.
   • Male WPR: 76.3%.
   • Female WPR: Significant rise from 35.9% to 40.3%.

Definitions:

• Unemployment Rate (UR): Percentage of unemployed persons in the labour force.
• Labour Force Participation Rate (LFPR): Percentage of people working or seeking work in the total population.
• Worker Population Ratio (WPR): Percentage of employed persons in the total population.

PLFS Overview:

• Periodic Labour Force Survey (PLFS) was launched in April 2017 to provide regular updates on employment and unemployment.
• Objective: Estimate employment indicators like UR, LFPR, and WPR in both Usual Status and Current Weekly Status (CWS) for both rural and urban areas.

NHPC Pays Final Dividend of Rs 338.51 Crore to Government of India for FY 2023-24

• State-owned hydro power giant NHPC has paid a final dividend of Rs 338.51 crore to the Government of India for 2023-24.

Key Points:

1. Final Dividend Payment:
   • NHPC, a state-owned hydro power giant, has paid a final dividend of Rs 338.51 crore to the Government of India for the financial year 2023-24.
2. Total Dividend for 2023-24:
   • In addition to the final dividend, an interim dividend of Rs 947.82 crore was paid on March 5, 2024.
   • This brings the total dividend for FY 2023-24 to Rs 1,286.33 crore.
3. Per Share Dividend:
   • NHPC paid an interim dividend of Rs 1.40 per equity share (14% of the face value) in March 2024.
   • A total dividend of Rs 1.90 per equity share (19% of the face value) was paid for the entire fiscal year.
4. Shareholders and Dividend Payout:
   • NHPC has more than 38 lakh shareholders, and the total dividend payout for FY 2023-24, including interim dividends, was Rs 1,908.56 crore, compared to Rs 1,858.33 crore in FY 2022-23.
5. Dividend Policy:
   • As per DIPAM guidelines (May 27, 2016), Central Public Sector Enterprises (CPSEs) are required to pay a minimum annual dividend of 30% of net profit or 5% of net worth, whichever is higher.
   • NHPC earned a net profit of Rs 3,743.94 crore for FY 2023-24, slightly lower than the Rs 3,833.79 crore earned in the previous fiscal year.
6. Board and Approval:
   • NHPC’s board of directors recommended a final dividend of Rs 0.50 per equity share (5% of the face value) on May 17, 2024, which was approved during the annual general meeting held on August 28, 2024.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Lieutenant General Muhammad Asim Malik appointed as the new Director General of Pakistan’s Inter-Services Intelligence agency  

• Lieutenant General Muhammad Asim Malik has been appointed as the new Director General of Pakistan’s spy agency – Inter-Services Intelligence (ISI).
• He will assume office on September 30, 2024, replacing the current DG, Lt Gen Nadeem Anjum.
• Lt Gen Nadeem Anjum was appointed as the DG ISI in 2021 by former Prime Minister Imran Khan.
• Lt Gen Malik is currently serving as the Adjutant General at the General Headquarters (GHQ) in Rawalpindi.
• The ISI chief is appointed by the Prime Minister of Pakistan, but traditionally this is done in consultation with the Army Chief.
• The ISI is one of the most influential positions in Pakistan’s military, playing a key role in both domestic and international security operations.

About Lt Gen Malik :

• Lt Gen Malik previously commanded the Infantry Division in Balochistan and the Infantry Brigade in Waziristan.
• He has also received a Sword of Honour in his course and served as the chief instructor at National Defence University (NDU), as well as an instructor at Command and Staff College Quetta.
• He brings a wealth of experience and knowledge to his new position, having held various leadership roles in the military over the years.

About Inter-Services Intelligence :

• Formed : 1 January 1948
• Headquarters : Islamabad, Pakistan
• The ISI is the largest and best-known component of the Pakistani intelligence community.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Airtel collaborates with Italy’s Sparkle for Blue-Raman subsea cable project    

• Strengthening its global connectivity infrastructure, Bharti Airtel has partnered with Italy’s international service provider Sparkle to access capacity on Blue-Raman Submarine Cable Systems connecting India and Italy.
• The two companies will also work together on the development of new business opportunities and projects in the Indian sub-continent, leveraging their respective cable infrastructures.

Key Highlights :

• Sparkle is a major player in the telecommunication cable industry, which owns and manages a network of more than 600,000 km of fibre spanning from Europe to Africa and the Middle East, the Americas and Asia.
• Back in 2022, Airtel had announced partnerships with Meta and STC to extend 2Africa Pearls subsea cables to India connecting Airtel’s landing station in Mumbai.
• The 2Africa is among the longest subsea cable systems in the world, spanning over 45,000 km.
• It will have a capacity of 180 terabits per second (tbps), connecting 33 countries, including Sunil Mittal-led Airtel’s landing station in Mumbai.

CURRENT AFFAIRS: AWARDS AND HONOURS

Kiran Rao’s Laapataa Ladies Selected as India’s Official Entry for Oscars 2025

• Filmmaker Kiran Rao’s comedy-drama “Laapataa Ladies” has been chosen and submitted as India’s official entry in the Best Foreign Film Category for the Oscars 2025 by the Film Federation of India.

Overview

• Film: Laapataa Ladies
• Director: Kiran Rao
• Category: Best Foreign Film
• Submitted by: Film Federation of India (FFI)
• Oscars Date: March 2025

Competition

• Contended against 29 films, including:
  • Animal
  • Kill
  • Kalki 2898 AD
  • Srikanth
  • Chandu Champion
  • Joram
  • Maidaan
  • Sam Bahadur
  • Article 370
  • Aattam (National Award Winner)
  • All We Imagine As Light (Cannes Winner)

Selection Process

• Jury: 13-member panel led by Assamese director Jahnu Barua
• Notable Cast: Nitanshi Goel, Pratibha Ranta, Sparsh Shrivastava, Chhaya Kadam, Ravi Kishan

Release and Reception

• Japanese Release Date: October 4, 2024
• Director’s Comment: Kiran Rao expressed excitement about the release, stating it feels like a “full-circle moment” for her as an admirer of Japanese cinema.

Film Synopsis

• Premise: A slice-of-life comedy about two young brides who get separated on the same train, leading to mistaken identities and humorous escapades.
• Production:
  • Produced by Aamir Khan, Kiran Rao, and Jyoti Deshpande.
  • Based on an award-winning story by Biplab Goswami.
  • Screenplay by Sneha Desai, with additional dialogues by Divyanidhi Sharma.

CURRENT AFFAIRS: SPORTS NEWS

Alcaraz Secures Laver Cup Victory for Team Europe

• Four-time Grand Slam champion Carlos Alcaraz overcame Taylor Fritz 6-2, 7-5 as Team Europe rallied to beat Team World 13-11 and win the Laver Cup.
• Alcaraz broke the U.S. Open runner-up Fritz in the 11th game and then closed out victory on serve, sparking celebrations as the Europe team rejoiced with captain Bjrn Borg in Berlin.

• Event: Laver Cup 2024
• Date: September 23, 2024
• Location: Berlin

Match Summary:

• Final Score: Team Europe 13, Team World 11
• Decisive Match:
  • Player: Carlos Alcaraz (Europe)
  • Opponent: Taylor Fritz (World)
  • Score: 6-2, 7-5

Key Highlights:

• Comeback Victory:
  • Team World led 8-4 on points before Team Europe rallied to win.
  • Alcaraz and Casper Ruud won a crucial doubles match against Ben Shelton and Frances Tiafoe (6-2, 7-6).

Tournament Structure:

• Format: Similar to the Ryder Cup in golf, the first team to reach 13 points wins.
• Match Points: Each match on the final day was worth three points.

CURRENT AFFAIRS: IMPORTANT DAYS

World Pharmacists Day 2024: September 25

• Every year we observe 25th September as World Pharmacists Day.
• This year, the theme of World Pharmacy Day is “Pharmacists: Meeting Global Health Needs”.
• In 2009, at Turkey’s Istanbul, The International Pharmaceutical Federation Council announced that World Pharmacists Day would be celebrated on 25th September.
• In the year of 1912, the International Pharmaceutical Federation was established on September 25.
• So the Turkish members council put forward the 25th of September as World Pharmacists Day.
• The International Pharmaceutical Federation is the global federation of national associations of pharmacists and pharmaceutical scientists.

Daily CA One- Liner: September 25

• ANIMATE 2024, a 2D animation hackathon organised by FOSSEE, IIT Bombay, in partnership with Whistling Woods International, concluded with an award ceremony at the Whistling Woods campus
• Prime Minister Narendra Modi is set to address the UN Summit of the Future in New York, marking the final day of his three-day visit to the U.S
• The national rural job guarantee scheme that gives millions of the poorest Indians employment is unlikely to see a higher allocation in FY25, citing government hopes of improving the rural economy this year on the back of better rains.
• A total of 12.8 GW of thermal power capacity has been awarded during the first 100 days of the new National Democratic Alliance (NDA), according to Pankaj Agarwal, secretary to the Union Ministry of Power.
• Unemployment rate for persons aged 15 years and above has remained unchanged at 3.2 per cent in July 2023 to June 2024, according to the labour force survey annual report released
• State-owned hydro power giant NHPC has paid a final dividend of Rs 338.51 crore to the Government of India for 2023-24.
• Filmmaker Kiran Rao’s comedy-drama “Laapataa Ladies” has been chosen and submitted as India’s official entry in the Best Foreign Film Category for the Oscars 2025 by the Film Federation of India.
• Four-time Grand Slam champion Carlos Alcaraz overcame Taylor Fritz 6-2, 7-5 as Team Europe rallied to beat Team World 13-11 and win the Laver Cup.
• Banks placed bids totalling ₹1,02,655 crore to draw liquidity from the Reserve Bank of India (RBI) through the 1-day Variable Rate Repo (VRR) auction.
• The Reserve Bank of India (RBI) plans to launch the Unified Lending Interface (ULI) at a national level to transform the lending sector.
• The non-banking financial companies sector continues to demonstrate resilience within the Scale-Based Regulations framework.
• The Reserve Bank of India’s (RBI’s) proposed draft guidelines on the Liquidity Coverage Ratio (LCR) are under the Basel-III norms and are set to take effect in April 2025.
• European Commission President Ursula von der Leyen announced a €35 billion loan to Ukraine, backed by profits from immobilized Russian central bank assets.
• The India-France strategic defence partnership is poised for significant advancements, particularly in the construction of nuclear attack submarines and the transfer of technology for aircraft engines and underwater drones.
• India and South Korea discussed addressing non-tariff barriers affecting Indian exporters in the Korean market to promote more balanced trade.
• Odisha is set to join the Ayushman Bharat Pradhan Mantri – Jan Arogya Yojana (AB PM-JAY), which offers health coverage of ₹5 lakh per family annually for secondary and tertiary hospitalization.
• Lieutenant General Muhammad Asim Malik has been appointed as the new Director General of Pakistan’s spy agency – Inter-Services Intelligence (ISI).
• Strengthening its global connectivity infrastructure, Bharti Airtel has partnered with Italy’s international service provider Sparkle to access capacity on Blue-Raman Submarine Cable Systems connecting India and Italy.
• Every year we observe 25th September as World Pharmacists Day.