Daily Current Affairs September 26 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Finance Ministry establishes a ₹27.5 lakh crore target for agricultural credit in FY25

• The government has set an agriculture credit disbursement target of ₹27.5 lakh crore for the fiscal year 2024-25.
• This target represents an 11% increase compared to actual loans disbursed in FY24.

Key Highlights :

• Credit Approval Alignment:The finance ministry has instructed lenders to align credit approvals with the Gross Value Added (GVA) of crops for respective states to address regional imbalances in loan availability.
• Loan Distribution Plans
• ₹16 lakh crore is earmarked for short-term crop loans.
• ₹11.5 lakh crore is allocated for term loans for the fiscal year 2024-25.
• Contribution by Banks:Commercial banks will provide ₹20.62 lakh crore (75%) of the total agricultural credit, while the remainder will come from cooperative and regional rural banks.
• Sector-Specific Allocations : Livestock Sector Loans:Out of the total agri-credit flow, ₹4.2 lakh crore is designated for short-term loans to the livestock sector (dairy, fisheries, poultry).
• Criteria for Credit Allocation : Niti Aayog Member Ramesh Chand emphasized the need for criteria to allocate farm credit to state governments based on their respective farm outputs, preventing concentration in a few states.
• Credit Disbursal in FY24:Banks disbursed ₹24.84 trillion in 2023-24 under term and crop loans, marking a 15% increase compared to FY23.
• State-Specific Disbursal:
• The highest credit disbursal was to Tamil Nadu (₹4.39 trillion, 17.6% of total disbursal), followed by Andhra Pradesh (₹2.96 trillion, 12%).
• Over ₹12.5 trillion (50.5%) was disbursed to five southern states: Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, and Kerala.
• RBI Initiatives:The RBI has ranked districts based on per capita credit flow and is developing an incentive framework for districts with lower credit flow.
• Interest Subvention Scheme : Modified Interest Subvention Scheme (MISS):
• Farmers with Kisan Credit Cards (KCCs) can borrow up to ₹3 lakh at 7% interest per annum for working capital.
• An additional 3% interest subvention is provided for prompt repayment, effectively lowering the interest rate to 4%.
• Budget Allocation for FY25:A budgetary allocation of ₹22,600 crore has been made under the MISS.
• KCC Holder Breakdown:Out of 73.6 million KCC holders, 23.7 million belong to agri-allied sectors.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary

State Bank of India to invest in defaulter Supreme Infrastructure India Limited after agreeing to a haircut

• After taking a substantial haircut in a debt restructuring proposal of Supreme Infrastructure India Ltd (SIIL), the State Bank of India (SBI) has proposed to invest in the preferential share issue of the defaulting company.
• State Bank of India (SBI) proposed to invest ₹24.33 crore in the preferential share issue of Supreme Infrastructure India Ltd (SIIL).
• SBI will acquire 28.55 lakh shares at ₹85.23 per share, giving it a 2.08% equity stake in the company.

Key Highlights :

• Debt Restructuring and Haircut:The debt restructuring proposal resulted in a 79% haircut for the creditors, reducing outstanding debt from ₹2,200 crore to ₹464 crore.
• SBI had an outstanding debt of ₹1,023 crore in SIIL prior to restructuring.
• Key Financial Creditors:Other banks involved in the debt exposure include:
• Union Bank: ₹238 crore
• PNB (Punjab National Bank): ₹296 crore
• Bank of India: ₹148 crore
• Central Bank of India: ₹115 crore
• Canara Bank: ₹197 crore
• ICICI Bank: ₹122 crore
• SREI: ₹130 crore
• Caution Among Banks:Banks have been cautious about equity investments in defaulted companies due to past experiences, such as losses from the Kingfisher Airlines case.
• In that case, banks converted debt into equity at ₹65 per share, but suffered losses when the company collapsed.
• Voting on Debt Restructuring Plan:92% of financial creditors voted in favor of the “Composite Scheme of Compromise and Arrangement.”
• Company’s Financial Performance:SIIL reported a loss of ₹953.54 crore and a revenue of ₹81.45 crore for FY2023.
• In Q3 FY2024, it recorded a loss of ₹292.34 crore and revenue of ₹8.70 crore.
• NCLT Involvement:The debt restructuring plan is under final approval by the National Company Law Tribunal (NCLT).

About SIIL :

• Incorporated in 1983 under Indian Companies Act 1956 as Supreme Asphalts Private Ltd by Bhawani Shankar Sharma along with other promoters, the company got listed as a public limited company by the name Supreme Infrastructure India Ltd in 2007.
• The company has been actively engaged in government contract works with clients under various verticals like roads, bridges, buildings, railways, electrification, water and drainage.

ICRA Forecasts Bank Borrowings via Bonds to Hit Rs 1.2-1.3 Trillion in FY25 Due to Tight Liquidity and Rising Credit Demand

• According to rating agency ICRA, Banks’ borrowings through bonds are expected to reach Rs 1.2-1.3 trillion in this financial year (FY25) amid tight liquidity conditions and credit outpacing deposit growth.

Key Highlights :

• Historical Context:Bond issuances in FY25 may exceed the previous peak of Rs 1.1 trillion recorded in FY23.
• In FY24, banks issued bonds worth Rs 1 trillion.
• Public Sector Banks’ Dominance:Public sector banks are projected to account for 82-85% of total bank bond issuances in FY25.
• They have significantly increased their participation in infrastructure bond issuances, accounting for 77% of such issuances from FY23 to FY25 (year-to-date).
• Infrastructure Bonds:Infrastructure bonds are anticipated to make up over two-thirds of the total bond issuance in FY25.
• The Indian government’s emphasis on infrastructure spending is driving the demand for these bonds.
• Growth in Bond Issuances:As of FY25, banks have already issued bonds worth Rs 767 billion, reflecting a 225% year-on-year growth, and achieving 75% of total issuances in FY24.
• Credit-to-Deposit Ratio:Private banks are focusing on reducing their credit-to-deposit ratios, leading to a predominance of public sector lenders in bond fundraising.
• Capital Position and Infrastructure Loans:Public sector banks had a minimal share in infrastructure bond issuances from FY2015 to FY2022 but have since improved their capital position, allowing them to dominate this market segment.
• Investor Demand and Tenure:There is strong demand for long-term bonds from insurance companies and provident funds.
• Infrastructure bonds have been issued with tenures of 10 to 15 years, exceeding the minimum regulatory requirement of 7 years.
• Infrastructure Loan Book:As of June 30, advances to the infrastructure sector are estimated at Rs 13-14 trillion, with public sector banks holding a 75% share.
• Outstanding Infrastructure Bonds:An analysis of 13 large public and private sector banks revealed that they had outstanding infrastructure bonds totaling around Rs 2.2 trillion as of August 31,2024 with their overall infrastructure loan book amounting to approximately Rs 11 trillion as of June 30, 2024.

About ICRA :

• Founded : 1991
• Headquarters : Gurgaon, Haryana, India
• Managing Director : Ramnath Krishnan

S&P maintains India’s FY25 growth forecast at 6.8%, anticipates rate cut in October 2024

• The global credit ratings agency S&P Global, in its report, titled ‘Economic Outlook Asia-Pacific Q4 2024 retained India’s growth forecast at 6.8% for the current financial year 2024-2025 and expressed optimism that the Reserve Bank of India (RBI) would start cutting interest rates in its October, 2024 monetary policy review.
• The agency has projected growth at 6.9% for fiscal year 2025-26 and 7%for fiscal years 2026-27 and 2027-28.

Key Highlights :

• RBI’s Role in Interest Rate Cuts:The RBI has expressed concerns over food inflation, which remains a key hurdle for any immediate interest rate reduction.
• The RBI is tasked with maintaining headline inflation at 4%, with a tolerance range of +/- 2%, making inflation control a priority.
• Inflation Forecast:S&P Global has forecasted inflation to average 4.5% for FY25, which is above the RBI’s target of 4%, highlighting the challenge for the central bank in achieving its inflation target.
• The RBI has kept its benchmark interest rate steady at 6.5% since February 2023 to control inflation.
• US Federal Reserve’s Influence:After the US Federal Reserve cut its benchmark interest rate by 50 basis points, there is speculation that the RBI might cut interest rates by 25 basis points in the upcoming monetary policy review scheduled for October 7-9, 2024.

India’s Growth Forecast by Other Agencies:

Agency	GDP Growth Forecast
Moody’s Analytics (2024)	7.1%
Moody’s Analytics (2025)	6.5%
Moody’s Analytics (2026)	6.6%
International Monetary Fund (FY25)	7.0%
World Bank (FY25)	7.0%
Reserve Bank of India (FY25)	7.2%

• Economic Context:India’s post-pandemic economic recovery saw a 7.8% growth rate in 2023, driven by strong demand, which is expected to moderate in 2024 to 7.1%, according to Moody’s Analytics.
• For the next few years, growth is expected to stabilize, with 6.5% growth in 2025 and 6.6% in 2026.

UCO Bank unveils “Project Parivartan” to enhance the bank’s digital banking services

• Ashwani Kumar, Managing Director (MD) & Chief Executive Officer (CEO),UCO Bank launched “Project Parivartan”, a major transformation initiative in the existing digital banking facilities offered by the Bank.
• Key points of Project Parivartan include close collaboration with Fintechs and technology providers, customer engagement through personalization, analytics-driven campaigns, and the enhancement of digital journeys for both asset as well as liability products.
• The project underscores the Bank’s commitment to embracing the future of Banking through cutting-edge digital solutions.
• With the launch of Project Parivartan, Bank introduced several new end to end digital lending products.
• Apart from above, InBank’s continuous endeavour to enhance customer experience Bank has also launched UPI Circle & UPI Lite Auto Top-Up in issuer mode along with several new enhancements to existing mobile banking & internet banking services.

About UCO Bank :

• Founded : 6 January 1943
• Headquarters : Kolkata, West Bengal, India

Piramal Finance Collaborates with Digital India’s Common Service Centers to Improve Credit Access for Budget Customers in Bharat

• Piramal Capital & Housing Finance Ltd (Piramal Finance), a wholly-owned subsidiary of Piramal Enterprises Ltd, has partnered with Digital India’s Common Service Centers (CSCs) to meet the lending needs of Bharat by improving access to formal credit for underserved individuals and MSMEs (micro, small and medium enterprises).
• Through this collaboration, over Rs 100 crore has been successfully disbursed in August 2024 to boost credit availability in semi-urban areas, providing essential financial products such as home and business loans.
• By leveraging CSC’s extensive network of over 6 lakh centres, this initiative aims to support budget customers in tier 2 and tier 3 cities, effectively addressing the financial needs of underserved regions and advancing financial inclusion.

About Piramal Capital & Housing Finance Limited :

• Founded : 11 April 1984
• Headquarters : Mumbai, Maharashtra, India
• Managing Director : Jairam Sridharan

About Common Service Centers  :

• Founded : 16 July 2009
• Headquarters : Delhi, India
• MD & CEO : Sanjay Rakesh
• CSCs are a key component of the Digital India initiative launched by the Government of India.
• These centers aim to provide essential government and non-government services to citizens, particularly in rural and remote areas, through digital means.

Financial Action Task Force Commends India’s Initiatives to Combat Illicit Finance, Money Laundering, and Terror Funding

• The Financial Action Task Force (FATF) released its mutual evaluation report on India, highlighting the country’s significant progress in tackling illicit finance.
• The report commended India for achieving a high level of technical compliance across FATF recommendations and for its substantial measures in addressing financial crime.
• India has been placed in the “regular follow-up” category by FATF, a distinction awarded to countries that demonstrate significant compliance with FATF standards.

Key Highlights :

• Compliance with FATF Recommendations : India achieved a high level of technical compliance, being compliant or largely compliant with 37 out of 40 FATF recommendations.
• The threshold to qualify for the “regular follow-up” category is compliance with at least 32 out of 40 recommendations.
• India met this threshold, further receiving five ‘substantially effective’ or ‘highly effective’ ratings in Immediate Outcomes (IOs), with no low effectiveness ratings.
• Compliance with ‘Big-Five’ Recommendations:India is compliant or largely compliant in all five of the ‘Big-Five’ FATF recommendations.
• These ‘Big-Five’ recommendations are critical areas focused on combating money laundering and terror financing.
• Jan Dhan-Aadhaar-Mobile (JAM) Initiative:FATF praised India’s Jan Dhan-Aadhaar-Mobile (JAM) initiative, which has significantly improved financial inclusion and reduced dependency on cash transactions.
• Implementation of Goods and Services Tax (GST):India’s implementation of GST, which mandates e-invoices and e-bills, has enhanced supply chain transparency, helping to reduce the risk of financial crimes.
• Achievements of the NIA and ED:The National Investigation Agency (NIA) and Enforcement Directorate (ED) were commended for conducting effective investigations into cases of terror financing, enhancing India’s global reputation in combating financial crimes.

About FATF :

• Established : 1989
• Headquarters : Paris
• President : Elisa de Anda Modrazo
• Membership : 40

OLX teams up with IDFC FIRST Bank to offer innovative financing solutions for used vehicles

• OLX has launched a comprehensive used-vehicle financing solution in collaboration with IDFC FIRST Bank.
• This new service simplifies the purchasing process for pre-owned cars and bikes by offering quick and easy financing directly through the OLX platform, eliminating the need for multiple site visits.
• The collaboration aims to provide OLX customers with accessible vehicle financing directly on the platform.
• Buyers can now easily secure financing for pre-owned cars and bikes, streamlining the entire transaction process.
• MD & CEO of OLX India : Amit Kumar

About IDFC FIRST Bank :

• Founded : October 2015
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : V. Vaidyanathan

Reserve Bank of India Lifts Restrictions on IIFL Finance’s Gold Loan Operations   

• The Reserve Bank of India (RBI) has removed restrictions on IIFL Finance’s gold loan operations.
• Timeline of Restrictions: The restrictions were imposed on March 4, 2024, prohibiting IIFL Finance from sanctioning, disbursing, or selling any gold loans during this period.
• Impact on Operations: The lifting of these restrictions is anticipated to enhance IIFL Finance’s operations in the gold loan sector.
• Importance of Gold Loans: Gold loans represent a significant segment of IIFL Finance’s financial services portfolio, and resuming these operations is crucial for its growth.

About IIFL Finance Limited :

• Founded : 1995
• Headquarters : Mumbai, Maharashtra
• Chairman : Nirmal Jain

CURRENT AFFAIRS: NATIONAL NEWS

President Droupadi Murmu to Inaugurate the 16th ASOSAI Assembly in New Delhi

• President Droupadi Murmu will inaugurate the 16th Assembly of the Asian Organization of Supreme Audit Institutions (ASOSAI) in New Delhi.
• The assembly will focus on the evolving role of Supreme Audit Institutions (SAIs) in promoting transparency and accountability.

1. Chairmanship of ASOSAI:
   • Girish Chandra Murmu, the Comptroller and Auditor General (CAG) of India, will assume the ASOSAI chair for the term 2024-2027.
   • His leadership is expected to drive advancements in public auditing and strengthen governance frameworks across Asia.
2. Participation and Agenda:
   • The assembly, hosted by the CAG of India, will be held from September 24-27, 2024, with over 200 delegates from 42 countries and international organizations participating.
   • Delegates will engage in discussions on improving the effectiveness of public audits, fostering accountability, and sharing best practices in government operations.
   • A one-day symposium will address the theme: “Digital Public Infrastructure and Gender Divide – Issues of Inclusion and Accessibility”, exploring how technology can reduce gender disparities in accessing public services.
3. Historical Significance of ASOSAI:
   • ASOSAI was founded in 1979 with 11 member institutions and has grown to include 48 Supreme Audit Institutions (SAIs).
   • ASOSAI is a regional group within the International Organization of Supreme Audit Institutions (INTOSAI).
   • The first ASOSAI Assembly took place in New Delhi in May 1979; this year’s event continues the legacy.

FCRA Licence Cancellation of International Cooperative Alliance and Related NGOs

• The Union Home Ministry has cancelled the FCRA licence of the International Cooperative Alliance (ICA) due to alleged violations of rules.
• ICA, established in 1895, represents over 1 billion members worldwide in the cooperative sector.

1. FCRA Licence Cancellations for NGOs:
   • Several other NGOs like CNI Synodical Board of Social Service, Voluntary Health Association of India, and Indo-Global Social Service Society also had their FCRA licenses revoked.
   • The Ministry of Home Affairs (MHA) alleged these NGOs were involved in illegal activities such as illegal conversions and anti-CAA funding.
2. Watchlist for Foreign Donors:
   • 10 foreign donors from Australia, America, and Europe working in fields like climate change, environment, and child rights have been placed on the MHA’s watchlist.
   • The Reserve Bank of India (RBI) instructed banks to seek MHA permission before clearing funds from these donors.

Overview of the Foreign Contribution (Regulation) Act (FCRA), 2010

Key Aspects of FCRA, 2010:

• Regulates foreign funding for individuals and entities in India.
• NGOs must register every five years and can receive funds for social, educational, religious, economic, and cultural purposes.
• Individuals can accept foreign contributions below ₹25,000 without MHA permission.
• Restrictions include barring public servants from receiving foreign contributions and requiring Aadhaar for registration.

FCRA Amendment Act, 2020

Key Amendments:

1. Public Servants Restriction:
   • Public servants are prohibited from receiving foreign contributions.
2. Designated Accounts:
   • All foreign contributions must be deposited in designated State Bank of India accounts in New Delhi.
3. Administrative Expenses Cap:
   • NGOs’ administrative expenses must not exceed 20% of total foreign funds (previously 50%).

Issues Related to FCRA

1. Concerns:
   • The definition of “public interest” in the FCRA is vague, allowing the government discretionary powers.
   • Potential conflicts with freedom of speech (Article 19(1)(a)) and freedom of association (Article 19(1)(c)).
   • Fear that FCRA norms may induce self-censorship among NGOs due to fear of government action.

India Joins US-Led Minerals Security Finance Network to Strengthen Critical Mineral Supply Chains

• India has joined the Minerals Security Finance Network initiated by the United States.
• The network promotes cooperation, information exchange, and co-financing among participating institutions from the Indo-Pacific and Europe.

1. Objective of the Network:
   • It aims to advance secure, diverse, and sustainable supply chains for critical minerals essential to global industries.
   • The network is a part of the Minerals Security Partnership, which was established in 2022 with 13 countries and the European Commission.
2. Concerns Over Critical Minerals Supply Chains:
   • This initiative comes as a response to China’s dominance over global critical minerals supply.
   • Jose Fernandez, US Undersecretary of State, emphasized the need for more production capacity and resilient supply chains to support the global energy transition.
3. India’s Efforts to Secure Critical Minerals:
   • India is actively seeking to secure critical minerals from countries like Argentina, Chile, Australia, and several African nations.
   • Kazakhstan in Central Asia is also being explored as a potential source for these minerals.

Delhi Government Plans to Extend EV Policy Till March 2025

• Delhi’s Electric Vehicle (EV) policy is set to be extended until March 2025 as directed by Transport Minister Kailash Gahlot.
• The proposal will be submitted for Cabinet approval, ensuring the continuation of subsidies and perks like road tax exemption for EV buyers.
• Development of EV Policy 2.0:
  • A new version, EV Policy 2.0, is currently being drafted and is expected to be finalized within 2-3 months.
  • The existing policy, initially set to expire in August 2023, has already been extended and will remain active to avoid disruption for EV buyers.
• Background and Goals of the EV Policy:
  • Launched in August 2020, the EV policy aims to curb vehicular pollution and increase the share of electric vehicles (EVs) to 25% by 2024.
  • The policy has seen 9% of total vehicle registrations in Delhi being EVs since 2020, with over 2 lakh e-vehicles sold between 2020 and 2024.
• Electric Vehicle Growth in Delhi:
  • In 2023, Delhi’s EV sales accounted for 11.02% of the total vehicle sales, indicating strong growth in EV adoption.
  • 10.71% of EV sales were recorded until August 2024.

CURRENT AFFAIRS: BUSINESS NEWS

SEBI Introduces UPI Rules for Public Issues of Debt Securities to Simplify Investment Process

• Effective from November 1, 2024, the Securities and Exchange Board of India (SEBI) will mandate the use of the Unified Payments Interface (UPI) for individual investors applying for amounts up to ₹5 lakh through intermediaries.
• The new rule simplifies the application process for public issues of debt securities, aligning it with the process for public issues of equity shares and convertibles.
• Mandatory UPI for Retail Investors:
  • Retail investors applying through intermediaries like stock brokers, registrars, syndicate members, or depository participants must provide their UPI ID linked to their bank accounts in the bid-cum-application form.
• Reduced Time for Issuers to Access Funds:
  • SEBI has shortened the minimum subscription period for public issues of debt securities from three to two working days.
  • For price band or yield revisions, the bidding period can be extended by only one working day, as opposed to the earlier three-day extension.
• Faster Public Comment Period on Draft Offer Documents:
  • For issuers with already listed securities, the time allowed for public comments on draft offer documents has been reduced to one day.
  • For other issuers, the comment period has been shortened to five days.
• Impact on Retail Investors:
  • Makarand M Joshi, Founder of MMJC and Associates, highlighted that mandating UPI for bids up to ₹5 lakh will make the process easier and likely attract more retail investors to the debt market.
  • This move aligns with the surge in UPI transactions, which reached ₹1,669 lakh crore, as per the Ministry of Finance.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

First-Time Lawmaker Harini Amarasuriya Sworn in as Sri Lanka’s First Woman Prime Minister in 24 Years

• Harini Amarasuriya, a 54-year-old lawmaker and university professor, has been sworn in as Sri Lanka’s 16th Prime Minister.
• Amarasuriya is the leader of the National People’s Power (NPP) party.
• Harini is the first woman prime minister of Sri Lanka since the late Sirimavo Bandaranaike took up office in 1994 and the third female prime minister in Sri Lanka’s history.
• She replaces Dinesh Gunawardena, who resigned following the recent presidential election.
• President Anura Kumara Dissanayake appointed Amarasuriya along with a four-member cabinet, which includes NPP parliamentarians Vijitha Herath and Laxman Nipunarachchi as ministers.
• Amarasuriya has been assigned multiple key portfolios: Minister of Justice, Education, Labour, Industries, Science & Technology, Health, and Investment.
• The newly formed cabinet is a caretaker government pending the dissolution of parliament to facilitate a snap parliamentary election, expected to occur in late November.
• Anura Kumara Dissanayake was sworn in as Sri Lanka’s 9th president following his victory in the presidential election.

Note :

• Sirimavo Bandaranaike, who served as Prime Minister from 1960 to 2000, was the world’s first female head of government.
• Her daughter, Chandrika Kumaratunga, later served as Sri Lanka’s first and only female president from 1994 to 2005.

About Sri Lanka :

• Capital : Sri Jayawardenepura KotteColombo
• Currency : Sri Lankan rupee

KVS Manian Takes Charge as Chief Executive Officer of Federal Bank

• V.S. Manian has taken over as Managing Director (MD) and Chief Executive Officer (CEO) of Federal Bank.
• He replaces Shyam Srinivasan, who retired after leading the bank since September 2010.

About K.V.S. Manian :

• V.S. Manian has over 25 years of experience in the banking sector.
• Prior to joining Federal Bank, he worked at Kotak Mahindra Bank Limited.
• Manian played a significant role in the transformation of Kotak Mahindra Bank from a Non-Banking Financial Company (NBFC) to a prominent private sector bank.

About Federal Bank :

• Established : 23 April 1931
• Headquarters : Aluva, Kochi, Kerala, India
• Tagline : Your Perfect Banking Partner

UN Climate Change Appoints Ibrahima Cheikh Diong as First Director of Fund for Climate Disaster Relief

• Ibrahima Cheikh Diong, a Senegalese finance specialist, has been appointed as the first director of the Fund for Responding to Loss and Damage, as announced by the UN Framework Convention on Climate Change.
• This appointment is a significant milestone in the operationalization of the new fund, which is administered by the World Bank.
• The fund was created in 2022 to assist countries affected by climate-driven disasters.
• Diong is a dual U.S. citizen with extensive experience in finance.
• His selection comes after years of negotiations at United Nations climate talks, where developing countries sought financial support for catastrophic losses due to climate change.

Key Highlights : 

• Fund Location: The Philippines has been selected as the home for the fund, allowing it to begin utilizing the $800 million pledged during the COP28 climate summit in Dubai.
• Future Funding: Diong’s appointment enables the fund to convert pledges into tangible funding ready for disbursement, as COP29 will encourage countries to contribute additional financial resources.
• Context of Loss and Damage: The issue of loss and damage has been contentious in climate discussions, with less-developed countries advocating for a fund to address catastrophic losses, while wealthier nations have expressed concerns about potential compensation for emissions impacts.

Alok Ranjan named National Crime Records Bureau Director, Amit Garg appointed as National Police Academy Chief

• Alok Ranjan, a 1991-batch Indian Police Service (IPS) officer of Madhya Pradesh cadre, has been appointed as the Director, National Crime Records Bureau (NCRB) for a tenure up to his superannuation on June 30, 2026.
• Ranjan succeeds his service and batchmate Vivek Gogia, who has been repatriated to AGMUT (Arunachal Pradesh-Goa-Mizoram and Union Territory) cadre.
• Garg, a 1993-batch IPS officer of Andhra Pradesh cadre, has been appointed as the Director, Sardar Vallabhbhai Patel National Police Academy (SVPNPA) for a term up to his retirement on October 31, 2027.

Other Appointments :

• The Appointments Committee of the Cabinet (ACC) has approved the appointments of four senior IPS officers, all from 1993 batch – Rithwik Rudra (Himachal Pradesh cadre) , Mahesh Dixit (Andhra Pradesh cadre), Praveen Kumar (West Bengal cadre) and Arvind Kumar (Bihar cadre) as Special Director in the Intelligence Bureau (IB).
• All these officers were working as the Additional Director in the IB.
• Besides them, Praveer Ranjan has been appointed as Special Director General in Central Industrial Security Force (CISF) for a tenure of two years.
• Praveer Ranjan, a 1993-batch IPS officer of AGMUT cadre, is currently Additional Director General (ADG), CISF.
• Vitul Kumar, currently ADG in the Central Reserve Police Force (CRPF), has been appointed as Special DG in the same force, till the date of his superannuation on August 31, 2028.
• R Prasad Meena, at present ADG in the Border Security Force (BSF), has been appointed as Special DG in the force, till the date of his retirement, that is July 31, 2025.

About NCRB :

• Formed : 11 March 1986
• Headquarters : Delhi, India
• Parent Department : Ministry of Home Affairs
• NCRB is an Indian government agency responsible for collecting and analyzing crime data as defined by the Indian Penal Code (IPC) and Special and Local Laws (SLL).

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Grants Approval for Naspers Ventures B.V.’s Acquisition of Vastu Housing Finance Corporation Limited

• The Competition Commission of India (CCI) has approved the proposed acquisition by Naspers Ventures B.V. in Vastu Housing Finance Corporation Limited.
• Naspers Ventures B.V. (Naspers Ventures/ Acquirer) is an indirect, wholly owned subsidiary of Prosus N.V. (Prosus).
• The Acquirer is an investment holding company and its principal activity is to make investments by providing direct and indirect equity and debt funding.
• The proposed transaction involves the acquisition of less than 10% equity shareholding (on a fully diluted basis) in VHFCL by Naspers Ventures.

About Naspers Limited :

• Naspers Limited is a South African multinational internet, technology and multimedia holding company headquartered in Cape Town, with interests in online retail, publishing and venture capital investment.

CURRENT AFFAIRS: RANKING AND REPORTS

Wayanad Ranks Fifth in Kerala for Landslide Susceptibility in ISRO’s 2023 Landslide Atlas

• In the 2023 Landslide Atlas of India prepared by ISRO’s National Remote Sensing Centre (NRSC), Wayanad ranks fifth in Kerala and 13th nationally out of 147 districts across 17 states and two Union Territories.
• Wayanad’s landslide risk was highlighted after the July 30, 2024 disaster, underscoring the district’s vulnerability to such events.

1. Other Highly Prone Districts in Kerala:

• Other districts in Kerala identified as highly susceptible to landslides include:
  • Thrissur (3rd nationally)
  • Palakkad (5th nationally)
  • Malappuram (7th nationally)
  • Kozhikode (10th nationally)

1. ISRO’s Landslide Atlas of India:
   • The Landslide Atlas of India, published by the NRSC in February 2023, provides detailed mapping of landslide occurrences based on geospatial data and satellite imagery. It maps around 80,000 landslides from 1998 to 2022, categorized as seasonal, event-based, or route-wise inventories.
2. Kerala’s Landslide History:
   • Kerala has experienced consistent landslides, particularly after the severe floods of 2018, which led to significant landslide events from 2018 to 2021.
3. India’s Most Vulnerable District – Rudraprayag:
   • Rudraprayag in Uttarakhand is ranked the most vulnerable district for landslides in India, based on its landslide density and exposure to population and housing.

CURRENT AFFAIRS: SPORTS NEWS

Pratyasa Ray Wins 32nd Ekalabya Puraskar for 2024 for Swimming Achievements

• Pratyasa Ray, an emerging swimming talent from Odisha, has been selected for the prestigious 32nd Ekalabya Puraskar 2024 for her outstanding achievements in swimming.
• About Pratyasa Ray:
  • Hometown: Born in Bargarh district, Odisha.
  • Track Record: Known for her impressive performances in state and national swimming championships.
• Achievements:
  • 2024: Joint-Best Swimmer in Women’s Open category, winning 6 Gold medals at the 64th Odisha State Swimming Championship.
  • 2023: Won 6 Gold medals at the 63rd Odisha State Swimming Championship.
  • 2011: Best swimmer in the sub-junior category at the State Swimming Championship, bagging 4 Gold medals (50m butterfly, backstroke, freestyle, 100m freestyle) and 1 Silver medal in 50m breaststroke.
  • 2023: Secured 2 Silver and 1 Bronze at the 2nd Odisha National Swimming Ranking Championship.
  • International: Won 2 Silver medals in the 50m and 200m backstroke events at the Thailand Age Group Swimming Championships in Bangkok, April 2023.
• Prize Money:
  • Pratyasa Ray will receive a cash prize of Rs 7 lakh (up from the previous Rs 5 lakh) along with a citation during the award ceremony.
• Ekalabya Puraskar:
  • Instituted by Indian Metals Public Charitable Trust (IMPaCT) in 1993, this award is managed by IMFA, a leading ferro alloys producer in India.
  • The award is considered Odisha’s most prestigious sports award and is given annually to young sportspersons for their achievements over the previous two years.
• IMPaCT’s Remarks:
  • IMPaCT aims to recognize and encourage excellence in sports while also contributing to the welfare of society.
  • The Ekalabya Puraskar encourages young athletes to compete at both national and international levels.

Indian Duo Wins Men’s Doubles Title at 2024 Hangzhou Open

• Jeevan Nedunchezhiyan and Vijay Sundar Prashanth clinched the men’s doubles title at the 2024 Hangzhou Open.
• They triumphed over Germany’s Constantin Frantzen and Hendrik Jebens with a final score of 4-6, 7(7)-6(5), 10-7.

1. Individual Achievements:
   • This victory marks Jeevan’s second ATP title, his first being at the 2017 Chennai Open with Rohan Bopanna.
   • Vijay celebrated his first ATP title.
2. Path to the Title:
   • All victories in the Hangzhou Open for Jeevan and Vijay were achieved in super tiebreakers:
     • Quarterfinals: Defeated Australians Blake Bayldon and Thomas Fancutt (7(7)-6(4), 4-6, 10-7).
     • Semifinals: Overcame second-seeded British team Julian Cash and Lloyd Glasspool (6(4)-7(7), 7(8)-6(6), 10-8).
     • Finals: Defeated third-seeded Ariel Behar from Uruguay and Robert Galloway from the USA (0-6, 6-2, 10-4).

CURRENT AFFAIRS: IMPORTANT DAYS

Antyodaya Diwas 2024: September 25

• The Antyodaya Diwas is observed every year on 25th September in India.
• The theme of 2024 is “Empowering the Last Person.”
• This day is celebrated on September 25 to mark the birth anniversary of Pandit Deendayal Upadhyaya.
• Pandit Deendayal Upadhyaya was born on 25th September 1916 in Mathura.
• In 2014, Indian Prime Minister Modi assigned this day as a national holiday in order to commemorate the birth anniversary of Pandit Deendayal Upadhyaya.
• He died in the year of 1968 near Mughalsarai Junction railway station.
• Later the Railway station was renamed as “Deen Dayal Upadhyaya Junction” by the UP government in 2018.
• In 2014, on this day the Ministry of Rural Development relaunched its existing skill development program – Aajeevika Skills – National Rural Livelihoods Mission (NRLM).
• They renamed this program as Deendayal.

World Contraception Day 2024: September 26

• The World Contraception Day is observed on 26th September of every year.
• This day is observed to spread awareness about the available contraceptive methods.
• This year, 2024, the theme of World Contraception Day is “A choice for all. Freedom to plan, power to choose.”
• The ten international family planning organizations observed World Contraception Day on 26 September 2007 to raise awareness about contraception.
• World Contraception Day is supported by 15 international NGOs, governmental organizations, and scientific and medical societies to spread the right knowledge about sexual and reproductive health.
• In 1994, During the International Conference on Population and Development, it was stated that the right of all couples and people to choose the number and spacing of their children independently and responsibility.
• This day focuses not only on women but also their parents, health care professionals, and other relevant persons who shall be informed about contraception as possible.

World Environmental Health Day 2024: September 26

• World Environmental Health Day is observed on the 26th of September of every year.
• This day is observed in order to spread awareness about environmental health worldwide.
• World Environmental Health Day was established by the International Federation of Environmental Health(IFEH) on 26th September 2011.
• This day was established by IFEH in order to increase awareness of different issues surrounding environmental health.
• The IFEH has been working for more than 32 years to improve the health issues which threaten human well-being.

Daily CA One- Liner: September 26

• President Droupadi Murmu inaugurate the 16th Assembly of the Asian Organization of Supreme Audit Institutions (ASOSAI) in New Delhi.
• The Union Home Ministry has cancelled the FCRA licence of the International Cooperative Alliance (ICA) due to alleged violations of rules.
• India has joined the Minerals Security Finance Network initiated by the United States.
• Delhi’s Electric Vehicle (EV) policy is set to be extended until March 2025 as directed by Transport Minister Kailash Gahlot
• Effective from November 1, 2024, the Securities and Exchange Board of India (SEBI) will mandate the use of the Unified Payments Interface (UPI) for individual investors applying for amounts up to ₹5 lakh through intermediaries
• In the 2023 Landslide Atlas of India prepared by ISRO’s National Remote Sensing Centre (NRSC), Wayanad ranks fifth in Kerala and 13th nationally out of 147 districts across 17 states and two Union Territories
• Pratyasa Ray, an emerging swimming talent from Odisha, has been selected for the prestigious 32nd Ekalabya Puraskar 2024 for her outstanding achievements in swimming
• Jeevan Nedunchezhiyan and Vijay Sundar Prashanth clinched the men’s doubles title at the 2024 Hangzhou Open
• The government has set an agriculture credit disbursement target of ₹27.5 lakh crore for the fiscal year 2024-25.
• State Bank of India (SBI) proposed to invest ₹24.33 crore in the preferential share issue of Supreme Infrastructure India Ltd (SIIL).
• According to rating agency ICRA, Banks’ borrowings through bonds is expected to reach Rs 1.2-1.3 trillion in this financial year (FY25) amid tight liquidity conditions and credit outpacing deposit growth.
• The global credit ratings agency S&P Global, in its report, titled ‘Economic Outlook Asia-Pacific Q4 2024 retained India’s growth forecast at 6.8% for the current financial year 2024-2025 and expressed optimism that the Reserve Bank of India (RBI) would start cutting interest rates in its October, 2024 monetary policy review.
• Ashwani Kumar, Managing Director (MD) & Chief Executive Officer (CEO),UCO Bank launched “Project Parivartan”, a major transformation initiative in the existing digital banking facilities offered by the Bank.
• Piramal Capital & Housing Finance Ltd (Piramal Finance), a wholly-owned subsidiary of Piramal Enterprises Ltd, has partnered with Digital India’s Common Service Centers (CSCs) to meet the lending needs of Bharat by improving access to formal credit for underserved individuals and MSMEs (micro, small and medium enterprises).
• The Financial Action Task Force (FATF) released its mutual evaluation report on India, highlighting the country’s significant progress in tackling illicit finance.
• OLX has launched a comprehensive used-vehicle financing solution in collaboration with IDFC FIRST Bank.
• The Reserve Bank of India (RBI) has removed restrictions on IIFL Finance’s gold loan operations.
• Harini Amarasuriya, a 54-year-old lawmaker and university professor, has been sworn in as Sri Lanka’s 16th Prime Minister.
• V.S. Manian has taken over as Managing Director (MD) and Chief Executive Officer (CEO) of Federal Bank.
• Ibrahima Cheikh Diong, a Senegalese finance specialist, has been appointed as the first director of the Fund for Responding to Loss and Damage, as announced by the UN Framework Convention on Climate Change.
• Alok Ranjan, a 1991-batch Indian Police Service (IPS) officer of Madhya Pradesh cadre, has been appointed as the Director, National Crime Records Bureau (NCRB) for a tenure up to his superannuation on June 30, 2026.
• The Competition Commission of India (CCI) has approved the proposed acquisition by Naspers Ventures B.V. in Vastu Housing Finance Corporation Limited
• The Antyodaya Diwas is observed every year on 25th September in India.
• The World Contraception Day is observed on 26th September of every year.
• World Environmental Health Day is observed on the 26th of September of every year