Daily Current Affairs September 27 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India Introduces New Rules: Unified Payments Interface Required for Bids Up to ₹5 Lakh in Public Debt Issues Starting November 1, 2024

• The Securities and Exchange Board of India (SEBI) has introduced new guidelines to streamline the application process for public issues of debt securities.
• Retail investors applying for public issues of debt securities through stock brokers for amounts up to Rs 5 lakh should only use UPI to block funds.
• Individual investors would continue to have the choice of availing other modes through the stock exchange platform for making an application in the public issue.
• The new rules apply to:
• Public issues of debt securities
• Non-convertible redeemable preference shares
• Municipal debt securities
• Securitised debt instruments
• The new rules will come into effect on November 1, 2024.

Key Changes :

• Bank Account Linking: Investors need to provide their UPI-linked bank account details in the application form.
• Shorter Review Periods: SEBI reduced the period for seeking public comments on the draft offer documents from 7 working days to 1 day for issuers whose specified securities are already listed and 5 days for other issuers.
• Flexibility in Price Band Revisions: Issuers can now extend the bidding period by one working day in case of price band or yield revisions.
• The minimum subscription period has been cut from 3 working days to 2 working days.
• Further, in case of revision in the price band or yield, the bidding period disclosed in the offer documents, can be extended by one working day instead of 3 working days.
• Alternative Options: Investors will continue to have the option of using Self-Certified Syndicate Banks or the stock exchange platform for applications.
• Mandatory UPI for Public Debt Issues:SEBI has mandated that individual investors applying for public issues of debt securities through intermediaries (syndicate members, stock brokers, registrars, depository participants) for amounts up to ₹5 lakh must use UPI for blocking funds.
• Rationale for the Change:Alignment: This move aligns the application process for debt securities with that of equity shares and convertibles.
• Efficiency: UPI adoption is expected to streamline the application process, reduce paperwork, and save time.

Benefits to Investors:

• Investors will experience a more convenient and efficient application process.
• The use of UPI minimises the need for physical documentation.
• UPI transactions are faster and more efficient than traditional banking methods.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Bank of India secures ₹2,500 crore through tier-II bonds at 7.49%

• Bank of India (BoI) raised Rs 2,500 crore through tier-II bonds at a coupon rate of 7.49%.

Key Highlights :

• Investor Demand:The total order book was around ₹6,000 crore, reflecting strong investor interest.
• 76 investors, including banks and insurance companies, submitted bids for the issuance.
• Market Context:The issuance followed a 50-basis-point rate cut by the US Federal Reserve, which influenced market sentiment and softened bond yields.
• Capital Adequacy Impact:The funds raised will improve BoI’s capital adequacy ratio by approximately 40 basis points, bringing it to around 16% (from 16.18% as of June 30).
• Future Fundraising Plans:BoI plans to raise an additional ₹2,500 crore through Additional Tier-I bonds by December 2024.
• It also plans to raise ₹5,000 crore through infrastructure bonds.
• Previous Fundraising:In July,2024 BoI raised ₹5,000 crore through 10-year infrastructure bonds at a 7.54% coupon rate.
• The coupon rate for the recent Tier-II bonds was lower than a previous issuance, where the rate was 7.88%.
• Comparison with SBI:In Sep 2024, State Bank of India (SBI) raised ₹7,500 crore at a coupon rate of 7.33% via Tier-II bonds, part of its ₹15,000 crore fundraising through Basel III-compliant bonds in FY25.

About Bank of India :

• Established : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajneesh Karnatak

National Payments Corporation of India Plans to Expand Unified Payments Interface Digital Payments to Africa and South America

• India is in discussions with several countries in Africa and South America to help them build digital payment systems using the Unified Payments Interface (UPI) as a model.
• Two UPI-like systems are expected to launch by late 2026 or early 2027.
• The National Payments Corporation of India (NPCI) oversees retail payment systems in India and operates UPI, the most popular digital payment method in the country.
• UPI’s monthly transaction volume surged by 41% to nearly 15 billion in August, 2024.

Key Highlights :

• NPCI International (NIPL):NPCI’s international arm, NIPL, promotes the adoption of India’s payment systems overseas.
• NIPL has held discussions with at least 20 countries in Africa and South America for developing UPI-like payment systems.
• Agreements with Peru and Namibia have been signed to help them develop real-time payment systems, with expected launches by 2026-2027.
• Global Linkages:NIPL is working to link UPI with other countries’ real-time payment systems, like Singapore’s PayNow. Currently, there are seven such links with more in development.
• NIPL Team Expansion:NIPL plans to double its current 60-member team by March 2025, expanding its overseas operations beyond Singapore and the Middle East.
• CEO of NPCI International Payments Ltd (NIPL) : Ritesh Shukla

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization that operates retail payments and settlement systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment & Settlement Infrastructure in India.

ICRA predicts organised gold loan market to surpass ₹10 lakh crore in FY25

• According to an assessment by ICRA, the organised gold loan market, comprising banks and non-banking financial companies (NBFCs), is set to cross the ₹10-lakh-crore mark in the current fiscal from ₹9.2 lakh crore in FY24 and touch ₹15 lakh crore by March 2027.
• Banks are the dominant players in the gold loan segment, primarily driven by gold jewellery-backed agricultural loans.

Key Highlights :

• NBFC Growth:Non-banking financial companies (NBFCs) are positioned to lead in retail gold loans, with an expected growth rate of 17-19% in FY25 and a compound annual growth rate (CAGR) of 14-15% during FY26-27.
• Market Share Trends:Public Sector Banks (PSBs) held about 63% of the gold loan market as of March 2024, up from 54% in March 2019.
• The share of NBFCs and private banks decreased during the same period, while NBFCs maintained a stable share in retail gold loans over the past 3-4 years.
• Competitive Landscape:A moderation in competitive intensity has led to some expansion in loan yields for NBFCs, although these yields still lag behind previous peaks by 200-300 basis points.
• CAGR Performance:The organised gold loan segment experienced a CAGR of 25% during FY2020-24, with bank gold loans growing at a CAGR of 26% and NBFCs at 18%.
• Retail Loan Dynamics:Bank retail gold loans grew by 32% on a lower base, resulting in a reduced share for NBFCs as they focused more on retail loans for consumption or business.
• Collateral Growth:Growth in the gold loan book for NBFCs is largely influenced by gold prices, with modest branch additions and gold jewellery tonnage growth at 3-4%, compared to a higher growth of 18% during FY2020-24 for larger players.
• Concentration of Market Share:The top four NBFC players accounted for 83% of the gold loan book share in March 2024, down from 90% two years ago, as new players entered the market.
• Yield Pressures: While yield pressures faced by NBFCs in FY2022 and FY2023 have eased, they remain 200-300 basis points lower than their peak in FY20-21.
• Credit costs have consistently remained below 0.5% over the past five years.

Banks Shift Focus to Certificates of Deposit Issuances in September 2024 Due to Slow Deposit Growth

• According to data from the Clearing Corporation of India, Banks issued ₹1.35 trillion worth of Certificates of Deposit (CDs) in September 2024, a 65% increase compared to August.

Key Highlights :

• Highest Issuance in FY25: The issuance in September is the second-highest monthly CD issuance for FY25, after ₹1.45 trillion in June.
• Year-on-Year Growth: Banks issued ₹7.78 trillion in CDs between January and August 2024, compared to ₹4.9 trillion in the same period of 2023, reflecting a 59% growth.
• Future Pressure on Deposits: Banks are expected to face ongoing pressure to raise deposits in Q3 (October-December 2024), driven by upcoming Reserve Bank of India (RBI) guidelines related to liquidity coverage ratio (LCR).
• Impact of RBI Guidelines: New RBI guidelines could increase demand for high-quality liquid assets (HQLA), particularly statutory liquidity ratio (SLR) investments, necessitating funding from borrowings and deposits.
• Significant Contributors: Canara Bank was the largest issuer with Rs 68,250 crore, followed by Bank of Baroda (Rs 63,325 crore) and HDFC Bank (Rs 60,230 crore).
• Dominance of State-Owned Banks: The top five issuers included four state-owned banks and HDFC Bank, which collectively accounted for 61% of total CD issuances, with state-owned banks making up 68% of the total amount raised.
• Issuance Duration: Approximately 72% of the issuances in September were for the three-month segment, totaling Rs 3.8 trillion.
• Rising Rates: Interest rates on three-month and six-month CDs have increased by 2 basis points in September 2024.

Private Capex Set to Rise with ₹4 Lakh Crore Credit Demand Pipeline from Indian Corporates: SBI Chairman

• State Bank of India (SBI) Chairman C. S. Setty announced that the bank has secured a strong credit pipeline of ₹4 lakh crore from Indian corporates.
• There is an expectation for an increase in private sector capital expenditure in the second half of the fiscal year.

Key Highlights :

• Key sectors for infrastructure financing include:
• Roads
• Renewable energy
• Refineries
• Government Capital Expenditure:Finance Minister Nirmala Sitharaman proposed an 11.1% increase in capital expenditure to ₹11.11 lakh crore for the fiscal year 2024-25.
• This proposed expenditure represents 3.4% of India’s GDP.
• Corporate Capital Expenditure:Some corporates are undertaking brownfield expansion funded by their own cash accruals and balances.
• SBI General Insurance:SBI infused an additional capital of ₹489.67 crore into SBI General Insurance Company Ltd during the 2023-24 fiscal year.
• The bank’s stake in SBI General Insurance has decreased from 69.95% to 69.11% due to the allotment of Employee Stock Ownership Plans (ESOPs) to employees.
• Reserve Bank of India (RBI) Policy Rate:Setty indicated that the RBI is unlikely to ease the benchmark policy rate in 2024, citing concerns over food inflation.
• US Federal Reserve Interest Rate Cut:The US Federal Reserve recently cut the interest rate by 50 basis points, marking its first reduction in over four years.
• The federal funds rate is now in the range of 4.75% to 5%.

About SBI :

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

Finance Ministry calls on Debt Recovery Tribunals and banks to accelerate loan recovery efforts

• The Finance Ministry has urged banks to establish a clearly defined policy for handling small and high-value cases pending in Debt Recovery Tribunals (DRTs).
• It has been emphasised that some of the best practices can be adopted across DRTs for better outcomes.

Key Highlights :

• Regulatory Updates: The DRT Regulations 2024 will introduce improved features compared to the earlier 2015 regulations, aiming to make the DRT process more effective and less time-consuming.
• Role of DRTs: DRTs are specialized judicial bodies set up under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (DRT Act), crucial for enforcing creditor rights and expediting debt recovery.
• Case Threshold: DRTs can handle cases involving disputed loans exceeding ₹20 lakh.
• SARFAESI Act: The Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (SARFAESI Act) allows banks and financial institutions to recover secured debts without court intervention at the initial stage.
• Current Infrastructure: There are currently 39 DRTs and 5 Debt Recovery Appellate Tribunals (DRATs) operating across India, each led by a Presiding Officer and a Chairperson, respectively.
• Debt Recovery Importance: The effectiveness of DRTs is crucial for maintaining creditor confidence and improving the overall financial health of banks and financial institutions in India.

About Ministry of Finance :

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

CURRENT AFFAIRS: NATIONAL NEWS

Ship-Building and Repair Clusters in Five States, Major Maritime Developments Announced

• The Ministry of Ports, Shipping and Waterways (MoPSW) announced the establishment of ship-building and repair clusters in five states: Gujarat, Andhra Pradesh, Maharashtra, Kerala, and Odisha.
• These clusters aim to enhance the strategic importance of India’s shipbuilding and ship repair industry.

1. Container Handling Projections:
   • Over the next five years, container handling capacity across Indian ports is expected to reach 40 million TEUs (Twenty-foot Equivalent Units).
   • This expansion is projected to create 2 million job opportunities.
   • Jawaharlal Nehru Port Authority (JNPA) will increase its capacity from 6 million TEUs to 10 million TEUs, becoming the first Indian port to reach this milestone.
2. Hydrogen Manufacturing Hubs:
   • The ministry has allotted 3,900 acres of land in Deendayal Port Authority (DPA) and O. Chidambaranar Port Trust (VoCPA) for the development of hydrogen manufacturing hubs.
   • This initiative is expected to attract investments worth over ₹5 lakh crore.
3. International Container Transshipment Port (ICTP) at Galathea Bay:
   • Galathea Bay, located in Great Nicobar Island, will become a major transshipment hub, improving shipping connectivity.
4. Vadhvan Port:
   • Vadhvan Port, India’s first major port project of the 21st century, is positioned to become one of the largest all-weather deep-water ports with a capacity of 298 MMTPA.
   • The port is expected to generate 1.2 million employment opportunities and rank an Indian port among the top 10 container ports globally, significantly reducing transit times and costs.

Prime Minister Narendra Modi’s Visit to Pune, Maharashtra

• Prime Minister Narendra Modi visit Pune in Maharashtra.
• He will inaugurate, lay the foundation stone, and dedicate to the nation various projects worth over 22 thousand 600 crore rupees

1. Pune Metro (Phase-1) Completion

• Inauguration:
  • Metro Section: District Court to Swargate
  • Cost: ₹1,810 crore
• Foundation Stone:
  • Project: Swargate-Katraj Extension (5.46 km, underground)
  • Cost: ₹2,950 crore

2. Krantijyoti Savitribai Phule Memorial

• Foundation Stone:
  • Location: Bhidewada
  • Significance: First Girls’ School initiative

3. Supercomputing and Meteorology Initiatives

• PARAM Rudra Supercomputers:
  • Count: Three
  • Cost: ₹130 crore
  • Locations: Pune, Delhi, Kolkata
• High-Performance Computing (HPC) System:
  • Investment: ₹850 crore
  • Purpose: Enhancing weather and climate research
  • Names of Systems: ‘Arka’ and ‘Arunika’

4. Petroleum and Natural Gas Sector Projects

• Total Investment: ₹10,400 crore
• Focus Areas: Energy infrastructure, clean mobility, driver conveniences
• Way Side Amenities for Truck Drivers:
  • Number of Locations: 1,000 retail outlets
  • Cost: ₹2,170 crore
• Energy Stations Launch:
  • Investment: ₹6,000 crore
  • Objective: Providing multi-energy options

5. Electric Vehicle (EV) Charging and LNG Stations

• EV Charging Facilities:
  • Number: 500
  • Target: 10,000 charging stations by FY 2025
  • Investment: ₹1,500 crore
• LNG Stations:
  • Count: 20 across the country
  • Future Development: 50 LNG Fuel Stations worth ₹500 crore

6. Solapur Airport Inauguration

• Capacity: 4.1 lakh passengers annually
• Impact: Improved connectivity

7. Bidkin Industrial Area Dedication

• Area: 7,855 acres
• Program: National Industrial Corridor Development
• Overall Project Cost: Over ₹6,400 crore
• Significance: Economic hub development in Marathwada

Ministry of Textiles introduces Quality Control Order for Medical Textiles to enhance Public Health and Safety

• The Ministry of Textiles has announced the Medical Textiles (Quality Control) Order, 2023, which will come into effect on October 1, 2024.
• This landmark initiative aims to establish stringent quality standards for critical medical textile products.

Scope of the Regulation
The Quality Control Order (QCO) applies to essential medical textile products including:

• Sanitary Napkins
• Baby Diapers
• Reusable Sanitary Pads
• Dental Bibs

Objectives and Compliance

• Mandatory Certifications: To ensure that these products consistently meet essential quality benchmarks.
• Legal Requirement: Compliance with the standards will be legally required, with penalties for non-compliance.
• Exemptions: Small-scale enterprises and Self-Help Groups (SHGs) are exempt from the QCO requirements to address potential challenges.

Specifications and Testing

• Standards: The QCO refers to specific standards such as:
  • IS 5404:2019 for sanitary napkins
  • IS 17509:2021 for disposable baby diapers
• Performance Criteria: Includes testing for:
  • pH Levels
  • Hygiene
  • Bacterial and Fungal Bioburden
  • Biocompatibility Evaluations
  • Biodegradability
  • Phthalate Levels: Special emphasis on testing for phthalates in baby diapers due to their potential health and environmental risks.

Implementation and Licensing

• Bureau of Indian Standards (BIS) License: Required for manufacturing, importing, distributing, selling, hiring, leasing, storing, or displaying products covered by the QCO.
• Objective: To ensure all products meet high safety standards, protecting public health and environmental safety.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Prime Minister Shri Narendra Modi Presents US President Mr. Joe Biden with Antique Silver Hand-Engraved Train Model

• Prime Minister Shri Narendra Modi presented gifts to United States (US) President Mr Joe Biden and First Lady Jill Biden, symbolizing India’s rich cultural heritage.
• President Biden received an antique silver, hand-engraved train model with “Delhi-Delaware” inscribed on the main carriage, signifying strong India-US ties.
• First Lady Jill Biden was gifted a Pashmina shawl in an intricately designed Papier Mache box.

About Antique Silver Train Model:

• Crafted by artisans from Maharashtra, known for its heritage in silver craftsmanship.
• Made of 92.5% silver with intricate detailing achieved through techniques like engraving, repousse, and filigree work.
• Inscribed with “Delhi-Delaware” on the carriage and “Indian Railways” on the engine in both English and Hindi, reflecting standard passenger train formats in India.

About Pashmina Shawl:

• A Pashmina shawl, known for its high quality, was gifted to First Lady Jill Biden.
• The shawl is sourced from Jammu and Kashmir and features vibrant hues from natural dyes derived from plants and minerals.

About US :

• President : Joe Biden
• Vice President : Kamala Harris
• Capital : Washington, D.C
• Currency : U.S. dollar ($)

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh International Trade Show-2024: Yogi Adityanath announces Uttar Pradesh as the state with the largest Micro, Small, and Medium Enterprises base in India

• Uttar Pradesh (U.P.) has the largest base of Micro, Small, and Medium Enterprises (MSMEs) in India, with 96 lakh MSME units spread across 75 districts.
• MSMEs are the second-largest job creators in the U.P. after agriculture, playing a major role in the state’s industrial transformation.

Key Highlights :

• One District One Product (ODOP) Scheme: U.P.’s ODOP scheme promotes unique products from each of the 75 districts, boosting local industries.
• P. Infrastructure: 6 expressways are operational, and construction is ongoing for seven more.
• 11 airports are operational, with work progressing on 10 others.
• 4 international airports are functional, with Noida International Airport (Jewar) expected to be completed by the end of the year.
• The Ganga Expressway, the longest in the country, is expected to be completed before the Prayagraj Mahakumbh in 2025.
• P. International Trade Show-2024: Over 2,500 exhibitors and 350 foreign buyers attended the trade show, highlighting U.P.’s potential in business, culture, and diversity.
• G2G and G2B Initiatives: Government-to-Government (G2G) and Government-to-Business (G2B) initiatives are being showcased to emphasize U.P.’s growth and industrial capabilities.

About UP :

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

CURRENT AFFAIRS: BUSINESS NEWS

GoM Favours Reducing GST on Education Materials, Considers Raising Tax on Textiles

• The Group of Ministers (GoM) on GST rate rationalisation is leaning towards reducing the GST on education materials from 12% to 5%. This move is intended to provide relief to a large section of people.
• Increase in GST on Textiles and Apparel:
  • The GoM is also considering raising the GST rate on textiles and apparel priced above ₹1,000 from the current 5% to either 12% or 18%.
  • The goal is to achieve revenue neutrality, raising the weighted average GST rate closer to its original target of 15.5%, as it had fallen below 11% due to various rate reductions since the introduction of GST in July 2017.
• Revenue Neutral Rate (RNR):
  • When GST was implemented, the Revenue Neutral Rate (RNR) was calculated at 15.5%, but subsequent tax rate cuts on various items reduced the actual weighted average GST rate to below 11%.
• Pending Issues:
  • Health insurance and its possible exemption from GST, as well as changes to the four-slab GST structure (5%, 12%, 18%, and 28%), were not discussed in this meeting. These will be taken up in subsequent GoM meetings scheduled for October 19 and 20.
• Potential GST Structure Changes:
  • There have been discussions about moving to a three-slab GST structure. The proposed slabs are 9%, 18%, and 27%, which would replace the existing four-slab structure.
  • The fitment committee of the GST Council has already submitted its recommendations to the GoM, which will deliberate on them in future meetings.
• GoM Members:
  • The GoM is led by Bihar Deputy Chief Minister Samrat Chaudhary and includes six members, such as Uttar Pradesh Finance Minister Suresh Kumar Khanna, Rajasthan Health Services Minister Gajendra Singh, Kerala Finance Minister K N Balagopal, and West Bengal FM Chandrima Bhattacharya.

Airtel Launches India’s First AI-Powered Spam Detection Solution

• In a groundbreaking initiative to tackle the growing issue of spam calls and messages in India, Bharti Airtel has launched the country’s first network-based, AI-powered spam detection solution.
• This pioneering tool aims to reduce spam communication for its customers significantly.

Key Features of the Spam Detection Solution

• Real-Time Alerts:
  The solution notifies customers in real-time about suspected spam calls and SMS, enhancing protection against unwanted communications.
• Automatic Activation:
  The spam detection service is free of charge and will be automatically activated for all Airtel customers, eliminating the need for service requests or app downloads.
• Dual-Layer Protection:
  Developed in-house by Airtel’s data scientists, the solution employs a dual-layered AI shield:
  • Network Layer: Filters spam at the network level.
  • IT Systems Layer: Offers an additional layer of security.
• High Processing Capability:
  The system processes approximately:
  • 1.5 billion SMS and
  • 2.5 billion calls daily. This efficiency allows it to evaluate up to 1 trillion records in real-time.

How the AI Algorithm Works

• Dynamic Analysis:
  The AI algorithm analyzes various real-time factors, including:
  • Caller or sender’s usage patterns
  • Frequency and duration of calls/SMS
  • Other communication parameters
• Spam Pattern Recognition:
  By cross-referencing communication behaviors against known spam patterns, the system effectively flags suspected spam calls and messages.
• Protection Against Malicious Links:
  The solution alerts customers about potentially harmful links received via SMS:
  • A centralized database of blacklisted URLs is utilized.
  • Each SMS is scanned in real-time to warn users against clicking suspicious links.
• Anomaly Detection:
  The system can also identify unusual activities, such as frequent changes in IMEI numbers, which are common indicators of fraudulent behavior.

Impact and Performance

• Spam Identification:
  Since its implementation, the solution has successfully identified:
  • 100 million potential spam calls and
  • 3 million spam SMS on a daily basis.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Set to Host the 5th edition of Goa Maritime Symposium

• The 5th edition of Goa Maritime Symposium (GMS) 2024 was hosted by the Indian Navy from 23-24 September 24 under the aegis of Naval War College, Goa.
• This edition of the Goa Maritime Symposium was conducted in the newly inaugurated, state-of-the-art Chola building of the Naval War College.
• Goa Maritime Symposium 2024 is a forum for fostering collaborative thinking, cooperation, and mutual understanding between India and key maritime nations of the Indian Ocean Region.
• Theme : The theme for GMS 2024 was “Common Maritime Security Challenges in the Indian Ocean Region (IOR) – Progressing Lines of Effort to Mitigate Dynamic Threats such as IUU Fishing and Other Illegal Maritime Activities.”
• The theme aligns with the Indian Government’s vision of Security and Growth for All in the Region (SAGAR).
• Participants: Representatives from 12 Indian Ocean Littoral countries: Bangladesh, Comoros, Indonesia, Madagascar, Malaysia, Maldives, Mauritius, Myanmar, Seychelles, Singapore, Sri Lanka, and Thailand.
• Observers from Kenya and Tanzania.
• Participants were officers of Captain/ Commander equivalent rank from the navies or maritime security agencies of friendly foreign countries.
• Key Discussions: Focused on non-traditional maritime threats in the IOR, such as Illegal, Unreported, and Unregulated (IUU) fishing and other maritime crimes.
• Discussions on collaborative information-sharing mechanisms, regional cooperation, and strategies to mitigate emerging maritime threats.
• Strategic Importance: Deliberations from GMS 2024 will feed into the Goa Maritime Conclave scheduled for 2025.

About Goa Maritime Symposium (GMS) :

• It was conceptualised and instituted by the Indian Navy in 2016.
• The symposium is conducted biennially by the Naval War College (NWC), Goa.
• 4th edition of the biennial Goa Maritime Symposium was conducted successfully by the Indian Navy at Goa from 31 October to 01 November 2022.

About the Indian Ocean Rim Association :

• Established in 1997 as an intergovernmental organization of states on the rim of the Indian Ocean.
• The association has 23 member states and 11 dialogue partners from regions including Africa, West Asia, South Asia, Southeast Asia, Europe, and Oceania.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Bengaluru Startup Bellatrix Aerospace Launches Project 200: A New Satellite for Ultra-Low Earth Orbit Operations at Bengaluru Space Expo 2024

• Bengaluru-based space startup Bellatrix Aerospace unveiled Project 200, an innovative satellite designed to operate at an Ultra-Low Earth Orbit (180 km-250 km) on the inaugural day of the Bengaluru Space Expo 2024.

About Project 200 :        

• “Project 200 is a technology demonstration mission to qualify a new unconventional satellite powered by an innovative propulsion system at around 200 km.
• Traditionally, satellites have been deployed in orbits at altitudes well above 450 km.
• This altitude choice has been influenced by various considerations, such as the desire to minimise the impact of atmospheric interference on satellite operations.
• Though it is known that a satellite’s capabilities improve significantly at 200 km, limitations on propulsion technology have prevented satellites from operating at this orbit.
• According to Bellatrix, at 200 km, a satellite’s capability would improve significantly since the communication latency is reduced by half and image resolution is improved by three times.
• The cost of the satellite is also less when compared to spacecraft placed in 450 km orbits.

About Bellatrix Aerospace :

• Founded : 2015
• Headquarters : Bangalore, Karnataka, India
• Founders : Rohan M Ganapathy, Yashas Karanam

CURRENT AFFAIRS: MOUS AND AGREEMENT

Zoho Joins ONDC With Seller App Vikra, Launches Low-Code Platform Zoho IoT

• Chennai-based global technology company Zoho has introduced two major offerings at its annual user conference, Zoholics India.
• These new products—Vikra and Zoho IoT—represent significant advancements in digital commerce and Internet of Things (IoT) solutions.

Vikra: Seller App for ONDC

• Purpose:
  Vikra is designed to facilitate the onboarding of businesses onto the Open Network for Digital Commerce (ONDC). It streamlines the process of setting up online stores and managing product catalogues within the ONDC network.
• Features:
  • Business Onboarding: Simplifies the integration of businesses into the ONDC ecosystem.
  • Operational Management: Provides tools for managing operations and reconciling payments from the ONDC network.
  • Customer Dispute Resolution: Offers solutions for addressing and resolving customer disputes.
  • Integration: Can be integrated with Zoho’s existing applications like Zoho Books, Zoho Inventory, and Zoho Commerce.
  • Cost: Introductory fee of 1% of the total transaction amount per sale.

Zoho IoT: Low-Code Platform for Custom IoT Solutions

• Purpose:
  Zoho IoT enables businesses to build and deploy custom IoT solutions with ease. It is a low-code platform designed to collect, manage, and analyze IoT device data in real time.
• Features:
  • Real-Time Data Management: Collects and manages data from IoT devices.
  • AI Capabilities: Provides actionable insights, predicts system outages, identifies anomalies, and forecasts trends.
  • Operational Optimization: Helps in optimizing operations and improving customer experiences.
  • Pricing: Plans start from INR 2,940 for up to 25 devices and INR 29,940 for up to 500 devices.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day for the Total Elimination of Nuclear Weapons: September 26

• The International Day for the Total Elimination of Nuclear Weapons is celebrated on September 26th every year to raise awareness about the threat of nuclear weapons and to promote their elimination.

Overview

• Purpose: To raise awareness about the threat posed by nuclear weapons and promote their elimination.
• Established: Declared by the UN General Assembly (UNGA) in 2013.

Historical Context

• 1978: First Special Session of the UNGA focused on disarmament, reaffirming the priority of nuclear disarmament.
• 1946: Formation of the Atomic Energy Commission aimed at proposing measures for controlling nuclear energy and eliminating weapons of mass destruction.

Key UNGA Initiatives

1. Comprehensive Disarmament (1959)
2. Special Session on Disarmament (1978)
3. Support for the Treaty on the Prohibition of Nuclear Weapons (TPNW)

International Cooperation

• Membership in Groups:
  • Wassenaar Arrangement: Controls the transfer of conventional arms and dual-use goods and technologies.
  • Australia Group (AG): Aims to prevent the proliferation of chemical and biological weapons.
  • Missile Technology Control Regime (MTCR): Aims to prevent the proliferation of missile technology capable of delivering weapons of mass destruction.

World Maritime Day 2024: September 26, 2024

• World Maritime Day, observed annually on the last Thursday of September, This year, the World Maritime Day is taking place on September 26
• Recognize and honour the contributions of those in the maritime industry, including seafarers, marine officials, and service agents.

Theme for 2024

• Theme: “Navigating the Future: Safety First!”
• Focus: The theme emphasises:
  • Enhancing safety and security in the maritime sector.
  • Protecting the marine environment while adapting to technological advancements.
• Alignment with SDGs:
  • Connected to the UN 2030 Agenda for Sustainable Development and several Sustainable Development Goals (SDGs):
    • SDG 7: Affordable and sustainable energy.
    • SDG 8: Economic growth and decent work.
    • SDG 9: Resilient infrastructure and sustainable industrialization.
    • SDG 13: Climate action.
    • SDG 14: Conservation of oceans and marine resources.

Key Events and Initiatives

• WMO-IMO Symposium on Extreme Maritime Weather:
  • Dates: September 23-26, 2024
  • Location: IMO Headquarters, London
  • Purpose: Discussing extreme maritime weather and its impacts.

Historical Context

• Formation of IMO:
• An international conference in Geneva in 1948 led to the creation of the International Maritime Organization (IMO).
• The IMO was established to oversee technological collaboration, environmental regulation, legal issues, and ensure safety within the maritime sector.
• First World Maritime Day:
  • Celebrated for the first time on March 17, 1978, marking the establishment of the IMO Convention.

World Tourism Day 2024: September 27

• World Tourism Day is celebrated annually on 27th September. For 2024, the host country is Tbilisi, Georgia, and the theme is “Tourism and Peace”.

History and Background

• First Observance: World Tourism Day was first celebrated as an international observance on 27th September 1980 by the United Nations World Tourism Organization (UNWTO).
• Significance of the Date: The date was chosen to commemorate the adoption of the statutes of the UNWTO on 27th September 1970.
• Host Country Selection: At the Twelfth Session in Istanbul, Turkey in 1997, the UNWTO General Assembly decided that each year a different country would host World Tourism Day as a partner in the celebration.

• Initiation of the Day
  The idea for World Tourism Day was proposed by the late Ignatius Amaduwa Atigbi, a Nigerian who played a key role in advocating for its establishment.
• World Tourism Day Symbolism
  The colour associated with World Tourism Day is blue, symbolizing peace, the sea, and the sky, which are closely linked with travel and tourism.

Daily CA One- Liner: September 27

• The Ministry of Ports, Shipping and Waterways (MoPSW) announced the establishment of ship-building and repair clusters in five states: Gujarat, Andhra Pradesh, Maharashtra, Kerala, and Odisha.
• Prime Minister Narendra Modi visit Pune in Maharashtra.
• The Ministry of Textiles has announced the Medical Textiles (Quality Control) Order, 2023, which will come into effect on October 1, 2024.
• The Group of Ministers (GoM) on GST rate rationalisation is leaning towards reducing the GST on education materials from 12% to 5%. This move is intended to provide relief to a large section of people
• In a groundbreaking initiative to tackle the growing issue of spam calls and messages in India, Bharti Airtel has launched the country’s first network-based, AI-powered spam detection solution
• Chennai-based global technology company Zoho has introduced two major offerings at its annual user conference, Zoholics India.
• The Securities and Exchange Board of India (SEBI) has introduced new guidelines to streamline the application process for public issues of debt securities.
• State-owned Bank of India (BoI) raised Rs 2,500 crore through tier-II bonds at a coupon rate of 7.49%.
• India is in discussions with several countries in Africa and South America to help them build digital payment systems using the Unified Payments Interface (UPI) as a model.
• According to an assessment by ICRA, the organised gold loan market, comprising banks and non-banking financial companies (NBFCs), is set to cross the ₹10-lakh-crore mark in the current fiscal from ₹9.2 lakh crore in FY24 and touch ₹15 lakh crore by March 2027.
• According to data from the Clearing Corporation of India, Banks issued ₹1.35 trillion worth of Certificates of Deposit (CDs) in September 2024, a 65% increase compared to August.
• State Bank of India (SBI) Chairman C. S. Setty announced that the bank has secured a strong credit pipeline of ₹4 lakh crore from Indian corporates.
• The Finance Ministry has urged banks to establish a clearly defined policy for handling small and high-value cases pending in Debt Recovery Tribunals (DRTs).
• Prime Minister Shri Narendra Modi presented gifts to United States (US) President Mr Joe Biden and First Lady Jill Biden, symbolizing India’s rich cultural heritage.
• Uttar Pradesh (U.P.) has the largest base of Micro, Small, and Medium Enterprises (MSMEs) in India, with 96 lakh MSME units spread across 75 districts.
• The 5th edition of Goa Maritime Symposium (GMS) 2024 was hosted by the Indian Navy from 23-24 September 24 under the aegis of Naval War College, Goa.
• Bengaluru-based space startup Bellatrix Aerospace unveiled Project 200, an innovative satellite designed to operate at an Ultra-Low Earth Orbit (180 km-250 km) on the inaugural day of the Bengaluru Space Expo 2024.
• The International Day for the Total Elimination of Nuclear Weapons is celebrated on September 26th every year to raise awareness about the threat of nuclear weapons and to promote their elimination.
• World Maritime Day, observed annually on the last Thursday of September, This year, the World Maritime Day is taking place on September 26.
• World Tourism Day is celebrated annually on 27th September. For 2024, the host country is Tbilisi, Georgia, and the theme is “Tourism and Peace”.