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CURRENT AFFAIRS : BANKING & FINANCE

RBI Permits District Central Cooperative Banks (DCCBs) to Close Branches Without Prior Notice to the Central Bank

• The Reserve Bank of India (RBI) has granted permission to District Central Cooperative Banks (DCCBs) to close unprofitable branches without the need for prior approval from the central bank.
• However, DCCBs must obtain approval from the Registrar of Cooperative Societies of the concerned state before closing branches.

Key Highlights :

• The circular issued by the RBI stipulates that the decision to close branches should be made by the board of the DCCB.
• This decision should take into account all relevant factors.
• DCCBs planning to close a branch should provide a two-month notice to all existing depositors and customers of the branch.
• This notice should be issued through a press release in local leading newspapers.
• Additionally, each constituent of the branch should be informed well in advance of the branch’s closure.
• After closing a branch, the DCCB is required to return the original license issued for the closed branch to the relevant regional office of the Reserve Bank.
• It’s important to note that if the RBI has imposed any restrictions on a DCCB, the bank will not be allowed to close branches.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar

Mahindra Finance Collaborates with State Bank of India for Co-Lending Partnership

• Mahindra Finance, a prominent Non-Banking Finance Company (NBFC) within the Mahindra Group, has entered into a strategic co-lending partnership with State Bank of India (SBI), India’s largest public sector bank.

Aim :

• To provide affordable financial solutions to NBFC customers.
• Notably, this collaboration marks Mahindra Finance’s first co-lending tie-up with a bank.

Key Highlights :

• The co-lending model is designed to leverage the distribution strength of NBFCs and the cost-efficient capital of banks.
• This model aims to ensure broader outreach and offer more competitive interest rates to customers.
• The partnership was launched by Ramesh Iyer, VC and MD, Mahindra Finance and the Deputy Managing Director, SBI in the presence of Raul Rebello, MD and CEO – Designate, Mahindra Finance and the CGM (SME) from SBI.
• This collaboration is expected to unlock the potential of priority sector lending, reflecting the commitment of both Mahindra Finance and SBI to empower the Micro, Small, and Medium Enterprises (MSME) sector.

About Mahindra & Mahindra Financial Services Limited (MMFSL) :

• Founded : 1991
• Headquarters : Mumbai, Maharashtra
• MMFSL is an Indian rural non-banking financial company.

SBI and LIC should be recognised as Maharatnas           

• In the fiscal year 2022-23, only one Maharatna company, ONGC (Oil and Natural Gas Corporation), is included in the list of the top ten profit-making companies in India, according to a special report by the State Bank of India’s Economic Research Department (ERD).

Key Highlights :

• The State Bank of India (SBI) and Life Insurance Corporation (LIC) are two public sector financial institutions that have made it to the list of the top 10 most profitable companies.
• Notably, SBI and LIC are not part of the list of Maharatna companies, even though they have a strong presence in the top profit-making companies.
• Among the 13 Maharatna Central Public Sector Enterprises (CPSEs), ONGC is identified as the one that is sufficiently similar to SBI and LIC in terms of profitability and financial performance.
• The report suggests that SBI, LIC, and ONGC could be distinguished as “Amrit Ratna” to recognize their significant contributions to nation-building during the Amrit Kaal.

About LIC :

• Established : 1956
• Headquarters : Mumbai, Maharashtra
• Slogan : Yogakshemam Vahamyaham” meaning “Your welfare is our responsibility
• The Government of India completely (100%) owns LIC.

About ONGC :

• Established : 1956.
• Headquarters : New Delhi
• Chairman & CEO : Arun Kumar Singh
• It comes under the Ministry of Petroleum and Natural Gas.
• Hindustan Petroleum Corporation is a subsidiary of ONGC.

HSBC introduces e-Bank Guarantees to digitise trade finance

• The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) has introduced Electronic Bank Guarantee (E-BG) services to facilitate digitization of trade finance.
• HSBC is the first foreign bank in the country to offer this facility which is made possible through a collaboration with National E-Governance Services Limited (NeSL), a digital solutions provider.

What is E-BG?

• The E-BG platform simplifies and expedites the guarantee issuance process by introducing electronic stamping (E-stamping) and electronic signing (E-signing), effectively eliminating the need for paper documentation.
• It also digitizes every step, from application to verification and delivery.
• This digital substitute offers near-instantaneous processing, substantially reducing the transaction cycle time.

What is meant by Bank guarantee?

• A Bank guarantee is a financial instrument provided by a bank or financial institution on behalf of a customer, usually a business or individual, to ensure that the customer fulfills their financial or contractual obligations to a third party.

About HSBC India :

• Established : 1853
• Headquarters : Mumbai, Maharashtra
• CEO : Hitendra Dave

About NeSL :

• Established : 2016
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Debajyoti Ray Chaudhuri
• NeSL, under the aegis of the Insolvency and Bankruptcy Code, 2016 serves as a repository of legal evidence holding the information about any debt/claim, as submitted by the financial or operational creditor and verified and authenticated by the parties to the debt.

RBI’s Global Hackathon 2023: Indian FinTechs dominate winners with innovative apps

• The Reserve Bank of India (RBI) has announced the results of its Global Hackathon 2023, which focused on innovative FinTech solutions.
• The hackathon aimed to address various challenges, from inclusive digital services to compliance and CBDC (Central Bank Digital Currency) transactions.
• The second edition of RBI’s global hackathon, named “HARBINGER 2023 – Innovation for Transformation,” had the theme of ‘Inclusive Digital Services.’
• This theme emphasized creating financial services that are accessible and beneficial to a wide range of users.
• The hackathon received a significant response, with 154 proposals submitted by teams from both within India and 28 participating teams/entities from various countries, including Australia, Canada, Germany, Singapore, Sweden, the United Kingdom (UK), and the United States (US).

Key Highlights :

Winning Solutions :

• For its problem statement ‘Innovative, easy-to-use, digital banking services for differently abled (Divyaang)’, Ezetap Mobile Solutions Pvt Ltd (Now acquired by Razorpay), India, was the winner, with a solution DrishtiPay that facilitates effortless Card/UPI payments for the visually challenged.
• For the problem statement ‘RegTech solutions to facilitate more efficient compliance for Regulated Entities (REs)’, the winner WeavAir, Singapore’s solution provides efficient data collection and analytics to facilitate compliance by regulated entities, facilitating financial institutions to improve their regulatory reporting and risk management.
• For the problem statement ‘Exploring use cases/solutions for CBDC-R transactions, including transactions in offline mode’, the winner is Dygnify Ventures Private Limited, India, whose mobile application runs on encrypted SMS rails for CBDC-Retail transactions without needing internet.
• For the problem statement ‘Increasing Transactions Per Second (TPS)/ throughput and scalability of blockchains’, the winner Fortis Net Ltd, UK’s solution is a token-based architecture based on two-phase commit protocol.
• The winners were awarded ₹40 lakh, while the runners-up received ₹20 lakh in recognition of their innovative solutions.

EscrowPay Achieves India’s First IFSCA Digital Escrow Authorization                       

• EscrowPay, a digital escrow platform, has received the first digital escrow regulatory fintech authorization from the International Financial Services Centres Authority (IFSCA) in Gujarat International Finance Tec-City (Gift City), Gandhinagar, Gujarat marking a major milestone in its commitment to compliance and innovation in digital payments.
• The digital escrow regulatory authorisation is a testament to Escrowpay’s dedication to providing secure and efficient financial solutions to 70 million Small & Medium Enterprises (SMEs) in India.
• The authorisation will position Escrowpay as a responsible and trusted player with regulatory oversight in the fintech sector.
• The authorisation will enable the company to further bolster its suite of offerings and commence cross-border transactions in over 14 world currencies.

What is escrow?

• An escrow is a contractual arrangement in which a third party (the stakeholder or escrow agent) receives and disburses money or property for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties.

About Escrow Pay :

• Founded : 2015
• Headquarters : Gurugram, Haryana
• Managing Director : Ashwin Chawwla

CURRENT AFFAIRS: NATIONAL NEWS

I&B ministry appoints officers to curb online piracy of movies

• The Ministry of Information and Broadcasting (MIB) has appointed nodal officers to receive complaints against piracy.
• These nodal officers have also been appointed to direct the intermediaries to remove pirated content on digital platforms.

Key Highlights

• MIB has taken this step after the Cinematograph (Amendment) Act, 2023 was passed by the Parliament in this year’s Monsoon session.
• The Act was last time amended in 1984. It has now been amended after 40 years and provisions against film piracy, including digital piracy have been incorporated.
• The amendment provide for punishment of at least 3 months imprisonment. It also provide for a fine of Rs 3 lakh.
• The fine can be extended up to 3 years imprisonment and upto 5% of the audited gross production cost.
• The nodal officers have been appointed in the Ministry and Central Board of Film Certification (CBFC) Mumbai office and regional offices.
• The need to renew film licenses every ten years has been done away.
• An original copyright holder or anybody authorised by original copyright holder can apply to the Nodal Officer for removal of pirated content.
• The digital platform shall remove internet links with pirated content within 48 hours of receiving instructions from the Nodal Officer.
• Section 79 of the Information Technology (IT) Act permits the “appropriate Government or its agency” to notify the intermediary about the use of its services for committing an unlawful act.

India’s first 50-year bond fully sold on growing insurer demand

• India’s first 50-year Government Security (G-Sec) fully sold.
• RBI accepted 54 bids worth ₹9,988 cr at the cut-off yield of 7.46%.
• The maiden auction of the 50-year G-Sec was held.
• Investors, especially insurance companies and pension funds have shown enthusiastic bidding.
• Before this auction, the longest available government bond was of 40-year duration.
• The notified amount for the 50-year G-Sec (maturing in 2073) was ₹10,000 crore.
• The investors placed 216 competitive bids aggregating Rs 40,200 crore at the auction.
• France was first G7 country to issue 50-year bonds in 2005. China issued 50-year bonds in 2009.
• Government plans to issue 50-year bonds worth ₹30,000 crore between October 2023 and February 2024.

Key Highlights

• RBI is the banker and debt manager to the government.
• The central government has planned to borrow Rs 6.6 trillion in the second half (H2) of the current financial year.
• This forms 42% of a total Rs 15.43 trillion planned for the current financial year.

UPSC tightens guidelines for appointment of State DGPs

• UPSC amended guidelines for the appointment of the Director General of Police of a State.
• As per the new guidelines, police officers with at least six months of service left before retirement will be considered for the Director General of Police of a State.
• If the Home Ministry informs the State government that “it will not be possible to relieve the officers”, the Committee constituted by the UPSC will not con sider Indian Police Service (IPS) officers on central deputation for a State DGP’s post.
• Many states have appointed DGPs on the verge of retirement and appointed acting DGPs to avoid the UPSC process.
• The guidelines have been revised to discourage States from appointing “favourite officers” on the verge of retirement.
• As per the new guidelines, officers with 25 years’ experience are to be appointed as a DGP, the earlier requirement was a minimum of 30 years of service.
• More than three candidates couldn’t be shortlisted for the appointment of DGP.
• Officers will not be shortlisted in the panel unless they are willing.
• UPSC first created guidelines for the preparation of a panel for appointment to the post of State DGPs in 2009.

NMC Will Launch Its One Nation, One Registration Platform For Doctors Across India

• ‘One nation, One registration platform’ for doctors will be launched by the National Medical Commission.
• The regulatory body for medical education and medical professionals, the National Medical Commission, has launched “one nation, one registration platform’‘.
• The aim of the platform is to eliminate duplication and allow the public to get information about any physician working in India.
• In the next six months, NMC will launch the National Medical Register (NMR) on a trial basis.
• Under this pilot project, doctors will be allotted a unique identification number and they can apply for their license to work in any state.
• “Registration of Medical Practitioners and Licence to Practice Medicine Regulations, 2023” gazette notification was issued by the government.
• A masked ID will be granted to undergraduate students on the NMR and when they complete their course the ID will get unmasked and allotted.
• The data of 14 lakh doctors will be transferred to the National Medical Register.
• National Medical Commission has also laid down the process of registration of additional qualifications, renewal of licence to practice medicine, transfer of licence to practice, etc.
• The National Medical Commission has also inked an MoU with the Quality Council of India (QCI) to give ratings to medical institutions in India.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Bangladesh to Construct Memorial Honouring Indian Heroes of 1971 War     

• A memorial to honor the Indian soldiers who sacrificed their lives in the Liberation War of Bangladesh in 1971 at Ashuganj in Bangladesh is in the advanced stages of completion.
• This will be the first memorial in Bangladesh to exclusively honour Indian soldiers from the 1971 war.
• The foundation stone for the memorial at Ashuganj, Brahmanbaria was laid by Prime Minister Shri Narendra Modi and Bangladesh Prime Minister Sheikh Hasina in March 2021.
• The memorial will feature the names of approximately 1,600 Indian soldiers who made the ultimate sacrifice during the war.
• The purpose of the memorial is to ensure that the names of the Indian soldiers who contributed to Bangladesh’s liberation are engraved for all to see, emphasising their role in the nation’s emancipation.
• The memorial’s location in Ashuganj, close to the India-Bangladesh border, is significant.
• It was near this area that Indian forces crossed the Meghna River on their way to Dhaka during the liberation war.
• The project aims to raise awareness of the 1971 Liberation War among the youth and will include facilities for children’s recreation on the premises.

About Bangladesh :

• President : Mohammed Shahabuddin
• Prime Minister : Sheikh Hasina
• Capital : Dhaka
• Currency : Taka

CURRENT AFFAIRS : STATE NEWS

Kasaragod in India Becomes the First District to Officially Declare Tree, Flower, Bird, and Species                                   

• Kasaragod district of Kerala has achieved the distinction of becoming the first district in India to officially declare its own tree, flower, bird, and species.
• This recognition reflects the region’s unique biodiversity and natural heritage.
• The official tree of Kasaragod district is the ‘Kanjiram’ (Strychnos nux-vomica Linn).
• The tree derives its name from ‘kasara,’ meaning wormwood, which is linked to the origin of the district’s name.
• This declaration aims to contribute to the conservation of these trees and prevent their unnecessary felling.
• The district bird chosen is the White Bellied Sea Hawk, native to the region spanning from Mahe to Manjeswaram.
• Notably, it is listed under Schedule I of the Wildlife Protection Act, and its nest-building habits play a crucial role in protecting the trees where it resides.
• Kasaragod district has designated the Cantor’s Giant Softshell Turtle, locally known as ‘Bheemanama,’ as the district species.
• This rare species is listed on the Red List of Endangered Freshwater Turtles and relies on estuaries for laying eggs, making its conservation of utmost importance.
• The district flower, ‘Periya Polathali’ or Crinum malabarica, with its distinctive white flowers tinged with red, is another remarkable addition to the list.
• This plant is found exclusively in the streams originating from the laterite hills in Kasaragod, emphasising its significance.

About Kerala:

• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammad Khan
• National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park, Silent Valley National Park, Indira Gandhi National Park

Odisha Chief Minister Naveen Patnaik Introduces Affordable Bus Service in Gajapati District                    

• Odisha Chief Minister (CM) Shri Naveen Patnaik launched the affordable bus service under the Location Accessible Multimodal Initiative (LAccMI) scheme in the tribal-dominated Malkangiri district.
• Alongside the LAccMI scheme, the Chief Minister also inaugurated projects with a total worth of Rs 793 crore for the Malkangiri district.
• These projects are aimed at enhancing infrastructure and services in the region.
• He undertook a one-day visit to Malkangiri district, flagged off 36 buses under the scheme in the district which aims to connect all the 111 gram panchayats with the district headquarters and Bhubaneswar thus reaffirming his government’s commitment for development of the State’s remote areas.
• The state government will operate at least 1,000 buses in the rural areas with an allocated budget of Rs 3,178 crore under the scheme.

About Odisha :

• Governor : Raghubar Das
• Chief Minister : Naveen Patnaik
• Capital : Bhubaneswar
• National Park : Bhitarkanika National Park, Simlipal National Park

CURRENT AFFAIRS : APPOINTMENTS &  RESIGNATIONS

Swarup Mohanty Becomes the First Non-Korean Vice Chairman of Mirae Asset Financial Group                     

• Mirae Asset Financial Group of South Korea has promoted Swarup Mohanty to the position of Vice Chairman.
• This is a historic milestone as Mohanty becomes the first individual of non-Korean descent to occupy this prestigious role within the financial conglomerate.
• As part of this shuffle, Choi Hyun Man, the co-CEO and Chairman of Mirae Asset Financial Group, is stepping down from his position.
• This development comes as part of a larger organisational shuffle at Mirae Asset Financial Group.
• The reshuffle aims to turbocharge global growth and address generational change.

About Swarup Mohanty :

• He first graced the Mirae team in India in July 2011 as the Head of Sales.
• In less than five years, he assumed the mantle of Chief Executive Officer for the Indian subsidiary, Mirae Asset Investment Managers Private., a position he has held since February 2016.

About Mirae Asset Financial Group :

• Founded : 1997
• Headquarters : Seoul, South Korea.
• Founder : Park Hyeon-Joo

Lay’s ropes in MS Dhoni as its brand ambassador                         

• PepsiCo India has chosen MS Dhoni as the brand ambassador for its potato chips brand Lay’s.
• This strategic move is capitalizing on the excitement generated by the ongoing World Cup and the concurrent festival season.
• Dhoni has been associated with the brand in the past too.

Key Highlights :

• Lay’s has reintroduced MS Dhoni as its brand ambassador in its new campaign.
• It is a global campaign associated with sports tournaments, purposely displayed to the Indian audience during the ongoing ICC cricket world cup.
• Lay’s is a brand of potato chips with different flavours, as well as the name of the company that founded the chip brand in the United States.
• It has been a wholly owned subsidiary of PepsiCo since 1965.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Yes Bank acquires additional shares in JC Flowers ARC, raises stake to 9.9%                                  

• YES Bank has acquired additional shares in C. Flowers Asset Reconstruction (JC Flowers ARC) to reinstate its stake to 9.9% in the company.
• The bank acquired 24,643,558 equity shares of JC Flowers ARC at Rs 29.68 per equity share, having face value of Rs 10 at a premium of Rs 19.68 per unit for an amount aggregating to Rs 731,420,804.
• On November 28, 2022, the bank had acquired 9.9% of the equity share capital of JC Flower ARC, which fell to 5.01% as a result of certain corporate actions in JC Flowers ARC.
• YES Bank reported a 47.4% year-on-year (YoY) growth in net profit for the quarter ended September to Rs 225 crore.
• Total income from operations increased by 25% on year to Rs 7,921 crore.

About Yes Bank :

• Established : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience our expertise

About JC Flowers ARC :

• Headquarters : Mumbai, Maharashtra
• JC Flowers ARC is a company incorporated on May 6, 2015 under the Companies Act, 1956 and existing under the Companies Act, 2013 and registered as an asset reconstruction company pursuant to section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

CURRENT AFFAIRS : DEFENCE NEWS

Sweden’s Saab secures India’s first 100% FDI in defence project              

• Swedish defence company Saab’s has reportedly become the first foreign company that has bagged 100% FDI in India’s defence projects.
• Sweden’s Saab will set up a new facility in the country that will manufacture shoulder-fired rockets.
• The FDI proposal, valued under Rs 500 crore, was cleared in October, 2023.
• Currently, India allows only 74% FDI in the defence sector under the automatic route.
• Beyond that, clearance can be obtained on a case-by-case basis.
• The relaxation of FDI rules in 2015 had not led to any foreign firm securing permission for 100% FDI in defense.
• The Government has liberalised and allowed FDI under automatic route up to 74% and up to 100% through Government route wherever it is likely to result in access to modern technology.

Key Highlights :

• During the April-September period of FY 2023, India received FDI worth $3.21 million in the defense sector, signifying a growing interest from foreign investors.
• FDI inflows in the defense sector have varied in previous fiscal years, with $2.36 million in 2021-22, $0.63 million in 2020-21, $2.20 million in 2019-20, $2.18 million in 2018-19, and $0.01 million in 2017-18, as per government data.
• Saab FFV India, a subsidiary of Saab, has been registered to manufacture the latest generation of the Carl-Gustaf M4 system in India.
• This marks the first instance of Saab producing the Carl-Gustaf M4 system outside of Sweden.
• The shoulder-fired rockets produced by Saab are extensively used by the Indian armed forces and are employed by countries such as the US and European nations for taking down fortified enemy positions, armor, and personnel.
• Previous FDI Request by DCNS : In 2016, French company DCNS sought approval for 100% FDI to establish a subsidiary in India, aiming to develop advanced systems that would enhance submarine underwater endurance.
• However, the request from the French firm to invest over ₹100 crore in its Indian subsidiary, DCNS India Pvt Ltd, for developing high-end critical defense technologies did not receive permission.

About Saab :

• Founded : 1937
• Headquarters : Stockholm, Sweden
• Chairman : Marcus Wallenberg
• President & CEO : Micael Johansson

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

ECI Develops ‘ENCORE’ In-House Software for Comprehensive Candidate and Election Management           

• The Election Commission of India (ECI) has developed an in-house software known as ENCORE, which stands for “Enabling Communications On Real-Time Environment.”
• This software is designed to facilitate complete candidate and election management.

Key Highlights :

• ENCORE provides a seamless facility for Returning Officers to manage candidate nominations, affidavits, voter turnout, counting, results, and data management in a real-time environment.
• The ENCORE counting application is an end-to-end tool for Returning Officers to digitize votes cast, tabulate round-wise data, and generate various statutory reports during the counting process.
• Another application within ENCORE is the Scrutiny Application, which enables Returning Officers to scrutinize candidate nominations online. After verification, the status of nominations is marked as Accepted, Rejected, or Withdrawn, aiding in the preparation of the final list of contesting candidates and symbol allocation.
• The ECI has an online portal that allows candidates to file nominations and affidavits.
• Candidates can create accounts, complete nomination forms, deposit security, and plan their interactions with the Returning Officer.
• The Candidate Affidavit Portal displays financial information, assets, and liabilities of candidates, providing transparency regarding their financial status.
• The ENCORE Nodal App serves as a platform for various departments such as fire, education, police, environment, and CPWD to issue ‘no objection’ certificates.
• These certificates are issued in response to permission requests from political parties or candidates for holding rallies, road shows, and meetings.

About Election Commission of India :

• Headquarters : New Delhi, Delhi, India
• Chief Election Commissioner of India : Rajiv Kumar
• Election Commissioner of India : Anup Chandra Pandey
• The Election Commission of India (ECI) is a constitutional body.
• It was established by the Constitution of India to conduct and regulate elections in the country.
• The ECI comprises a Chief Election Commissioner (CEC) and two Election Commissioners (ECs).
• According to Article 324(2), the President appoints the CEC and other ECs.

Pakistan successfully conducts training launch of Ghauri Weapon System                                          

• Pakistan successfully conducted a training launch of the Ghauri Weapon System.
• This test comes shortly after another significant missile test, demonstrating the country’s commitment to enhancing its missile capabilities.
• Prior to the Ghauri Weapon System test, Pakistan conducted a flight test of the Ababeel Weapon System.
• The primary objective of this test was to strengthen Pakistan’s deterrence capabilities.
• The latest test of the ballistic missile system was aimed at “re-validating various design, technical parameters, and performance evaluation of different sub-systems.”
• This indicates that Pakistan is focused on ensuring the reliability and effectiveness of its missile systems.
• In 2021, Pakistan successfully conducted a test flight of the locally developed Fatah-1 Guided Multi-Launch Rocket System.
• This rocket system has a range of 140 kilometers, contributing to Pakistan’s overall missile capabilities.

About Pakistan:

• Capital: Islamabad
• Currency: Rupee
• President: Arif Alvi

CURRENT AFFAIRS: BUSINESS NEWS

Govt authorises SBI to issue and encash Electoral Bonds with effect from November 6 to 20

• The Government of India has authorised the State Bank of India SBI, in the 29th Phase of sale, to issue and encash Electoral Bonds through its 29 Authorised Branches with effect from 6th to 20th of this month.
• The Electoral Bonds shall be valid for 15 calendar days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period.
• The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.

About SBI

• Founded: 1 July 1955
• Headquarters: Mumbai
• Chairman: Dinesh Kumar Khara
• CFO: Kameshwar Rao Kodavanti

Fiscal deficit in H1 hits 39% of BE; Railways, Roads, Fertilizer Ministries lead spending

• Fiscal deficit in first half (April–September period) of current fiscal year reached over 39% of Budget Estimate (BE).
• Fiscal deficit for April–September period of FY24 was higher than 37% for the corresponding period of the last fiscal.
• Railways, fertiliser, and road ministries led the government spending during first half of the current fiscal as per the Controller General of Accounts (CGA) data released on 31 October 2023.
• The ministries that need to increase spending in the coming six months to achieve the budget target include Petroleum & Natural Gas and Co-operation.
• Fiscal deficit is the difference between expenditure and income.
• Net tax revenues for the April-September period were ₹11-lakh crore (49.8% of annual estimate).
• Total expenditure during April-September period stood at ₹21.19-lakh crore.
• Six months of income and expenditure data are used to make final a revised estimate for the current fiscal year.

GST collections rise to ₹1.72 lakh crore in October

• GST collections increased to ₹1.72 lakh corers in October.
• This is the second-highest-ever level, next only to April 2023.
• GST collection for October is 13% higher compared to a year ago.
• In October 2022, the collection stood at Rs 1.52 lakh crore.
• The highest-ever Goods and Services Tax (GST) revenue was recorded in April 2023 at Rs 1.87 lakh crore.
• The average gross monthly collection of GST in the FY24 is Rs 1.66 lakh crore.
• This is 11% higher than the year-ago period.

CURRENT AFFAIRS: AWARDS AND HONOURS

10-year-old Bangalore kid wins prestigious ‘Wildlife Photographer of the Year’ award

• A 10 year-old-Bangalore kid, Vihaan Talya Vikas, won the Wildlife Photographer of the Year (WPY) competition in the under-10 category.
• Vihaan’s photograph captured a spider in an intriguing position with a sculpture of Lord Krishna, nestled on the outskirts of Banglore.
• This photograph has been selected among the 50,000 entries from 95 countries.

Key Highlights

• Vihaan’s photograph will become part of the prestigious WPY59 collection and will be showcased in the upcoming Wildlife Photographer of the Year Exhibition at the Natural History Museum.
• This exhibition will be organized at 25 venues in four continents.
• The main aim of the exhibition is to raise awareness about the need for wildlife conservation.
• The Natural History Museum organizes this competition every year. It is also known as the ‘Oscars of Photography’.
• It is a global platform for showcasing the world’s most exceptional wildlife photography.
• Karine Aigner from the USA had won the Wildlife Photographer of the Year 2022.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and UAE Strengthen Educational Ties with Landmark MoU

• India’s Union Education and Skill Development & Entrepreneurship Minister and Minister of Education for the United Arab Emirates signed the MoU in Abu Dhabi.
• The MoU signed by Dharmendra Pradhan and Dr. Ahmad Al Falasi on 01 November 2023 aims to fortify educational cooperation between the two countries.
• The primary aim of this MoU is to facilitate student and faculty mobility.
• The Ministers reviewed their bilateral engagements in education and skill development.
• They particularly focused on the progress achieved after their previous meeting on the sidelines of the 4th Education Working Group (EdWG) as part of the G20 framework.
• They also discussed ways to facilitate student exchange programmes between India and the UAE.
• The MoU will lead to the creation of a Joint Working Group (JWG).
• This will be chaired alternately by a representative from the Ministry of Education in India and the UAE.

CURRENT AFFAIRS: RANKING AND INDEX

Mumbai jumps to fourth rank in Knight Frank Prime Global Cities Index; Delhi secures 10th spot

• Prime Global Cities Index Q3 2023 has been released by real estate consultant Knight Frank India.
• Mumbai has got fourth place among 46 cities globally in terms of price rise of luxury homes.
• Mumbai was ranked at 22nd place in Q3 2022.
• So, its rank improved by 18 places.
• A rise has been recorded in average annual prices of prime residential or luxury homes in the July-September period in Mumbai, Bengaluru and New Delhi.
• The rank of Bengaluru has improved to 17th in Q3 2023 from 27th rank in the third quarter of 2022.
• National Capital Region (NCR) moved to 10th rank in July-September of 2023 from 36th rank in the year-ago period.
• Manila is in the top spot of ranking with a 21.2% annual rise in prices.
• Dubai with an annual growth of 15.9% is in the second place on the ranking. It has been displaced from the top position for the first time in eight quarters.
• Shanghai is in the third place with an annual growth of 10.4%.
• The index tracks nominal prices in local currency.
• San Francisco was ranked at last (46th) place.

CURRENT AFFAIRS: SPORTS NEWS

Sunil Joliya Jinabhai of Gujarat sets new record in 3000 metre steeplechase at National Games in Goa

• Gujarat’s Sunil Joliya Jinabhai made a new national games record in the steeplechase 3000m with an impressive time of 8 minutes and 37.15 seconds. Sanjana Sood from Haryana won the Gold Medal in Shotgun Skeet (Female).
• Exhilarating performances from sportspersons across the country were witnessed at The 37th National Games in Goa.
• Games like hockey, cycling, and lawn tennis are ongoing.
• In addition to these games the traditional games of India Kabaddi and Kho-Kho began in the National Games.

Key Highlights

• In Lawn Bowls, Chottukumari of Jharkhand won Gold in Woman Single and Sunil Bahadur, and Dinesh Kumar won Gold in Men Pairs.
• In cycling track race Omnium IV 20 KM Point Race, Meenakshi of Haryana won Gold medal.
• In Men’s Wushu, Santosh Kumar Mishra of Uttar Pradesh emerged as gold medal winner in 48kg category, Manish of Haryana won gold in 52 kg and Aethokpam James Meiti of Manipur won gold in 56 Kg category.
• Maharashtra has retained its lead in the medal table in the National Games 2023 with 182 medals including 64 gold.
• Defending champion Services Sport Control Board continued second position with a total of 99 medals including 51 Gold medals.
• Haryana is placed at third position with a total of 121 medals including 45 gold medals.
• The event will take place till November 9th at 28 venues across Goa.

CURRENT AFFAIRS : OBITUARIES

Noted musician and researcher Dr Leela Omchery passed away                           

• Musician, art researcher, writer and former professor at Delhi University, Leela Omchery passed away at the age of 94 in New Delhi.

About Leela Omchery :

• Leela Omchery was born on May 31, 1929, in the Kanyakumari district of Tamil Nadu.
• She was a multifaceted individual with a career as a classical musician, musicologist, art researcher, writer, and former professor at Delhi University.
• She was well-known for her extensive research work in various streams of Indian classical and folk music.
• Her contributions spanned different musical forms, including folk songs, Sopana Sangeetham, Hindustani music, and Carnatic music.
• She played a significant role in bringing public attention to various musical forms such as Thevaram songs, Kathakali Sangeetham, and dance forms like Krishnanattam.
• She headed the Music Department in Delhi University, from where she retired in 1994 after serving 28 years at the prestigious institution.
• Some of her notable books include “Immortals of Indian Music,” “Gleanings in Indian Music,” “Abhinayasangeetham,” “Keralathile Laasya Rachanakal,” and “Leela Omcheriyude Pathangal.”

Awards & Honors :

• In recognition of her significant contributions to the field of music, Leela Omchery received the Padma Shri, India’s fourth-highest civilian honor, in 2005.
• She was also a recipient of Sahitya Akademi awards from both Kerala and the central government, further highlighting her remarkable contributions to the arts and literature.

CURRENT AFFAIRS: IMPORTANT DAYS

World Tsunami Awareness Day: 5th November

• World Tsunami Awareness Day 2023 is observed on the 5th of November
• World Tsunami Awareness Day 2023 Theme set for this year is “fighting inequality for a resilient future.”
• On November 5th, 1854, Hiromura a little village which is located in the western part of Japan started celebrating their Traditional Practice, the Burning of Rice Sheaves.
• A farmer who lived in the village anticipated that a big Tsunami would come when he noticed the lowering of the Tide and the natural decrease in the level of Well Water which is a natural sign for a Tsunami warning.
• Later the Villagers guided the entire village to the hilltop by burning rice sheaves to indicate the signs of danger.
• Later from the hilltop, they witnessed the tsunami destroy their village.
• They understood that the Fire actually saved them from the Tsunami.
• Japan proposed this day as World Tsunami Awareness Day because of the intent to protect the precious lives of people.

International Day for Preventing Exploitation of Environment in War and Armed Conflict 2023: 6th November

• International Day for Preventing the Exploitation of the Environment in War and Armed Conflict 2023 is observed on 6th November 2023.
• The United Nations Environmental Programme (UNEP) has found that for over 60 years 40 per cent of all internal Conflicts have been directly linked to the exploitation of Natural Resources connecting higher value resources like Diamond, timber, gold, and oil and scarce resources like fertile land and water.
• On 5th November 2001, the UN General Assembly declared the 6th November of each year as an International Day for Preventing the Exploitation of the Environment in War and Armed Conflict.

Daily CA One- Liner: November 5^th & 6^th

• The Ministry of Information and Broadcasting (MIB) has appointed nodal officers to receive complaints against piracy.
• India’s first 50-year Government Security (G-Sec) fully sold.
• UPSC amended guidelines for the appointment of the Director General of Police of a State
• ‘One nation, One registration platform’ for doctors will be launched by the National Medical Commission.
• The Government of India has authorised the State Bank of India SBI, in the 29th Phase of sale, to issue and encash Electoral Bonds through its 29 Authorised Branches with effect from 6th to 20th of this month.
• Fiscal deficit in first half (April–September period) of current fiscal year reached over 39% of Budget Estimate (BE).
• GST collections increased to ₹1.72 lakh corers in
• A 10 year-old-Bangalore kid, Vihaan Talya Vikas, won the Wildlife Photographer of the Year (WPY) competition in the under-10 category.
• India’s Union Education and Skill Development & Entrepreneurship Minister and Minister of Education for the United Arab Emirates signed the MoU in Abu Dhabi.
• Prime Global Cities Index Q3 2023 has been released by real estate consultant Knight Frank India.
• Gujarat’s Sunil Joliya Jinabhai made a new national games record in the steeplechase 3000m with an impressive time of 8 minutes and 37.15 seconds. Sanjana Sood from Haryana won the Gold Medal in Shotgun Skeet (Female).
• The Reserve Bank of India (RBI) has granted permission to District Central Cooperative Banks (DCCBs) to close unprofitable branches without the need for prior approval from the central bank.
• Mahindra Finance, a prominent Non-Banking Finance Company (NBFC) within the Mahindra Group, has entered into a strategic co-lending partnership with State Bank of India (SBI), India’s largest public sector bank.
• In the fiscal year 2022-23, only one Maharatna company, ONGC (Oil and Natural Gas Corporation), is included in the list of the top ten profit-making companies in India, according to a special report by the State Bank of India’s Economic Research Department (ERD).
• The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) has introduced Electronic Bank Guarantee (E-BG) services to facilitate digitization of trade finance.
• The Reserve Bank of India (RBI) has announced the results of its Global Hackathon 2023, which focused on innovative FinTech solutions.
• EscrowPay, a digital escrow platform, has received the first digital escrow regulatory fintech authorization from the International Financial Services Centres Authority (IFSCA) in Gujarat International Finance Tec-City (Gift City), Gandhinagar, Gujarat marking a major milestone in its commitment to compliance and innovation in digital payments.
• A memorial to honor the Indian soldiers who sacrificed their lives in the Liberation War of Bangladesh in 1971 at Ashuganj in Bangladesh is in the advanced stages of completion.
• Kasaragod district of Kerala has achieved the distinction of becoming the first district in India to officially declare its own tree, flower, bird, and species.
• Odisha Chief Minister (CM) Shri Naveen Patnaik launched the affordable bus service under the Location Accessible Multimodal Initiative (LAccMI) scheme in the tribal-dominated Malkangiri district.
• Mirae Asset Financial Group of South Korea has promoted Swarup Mohanty to the position of Vice Chairman.
• PepsiCo India has chosen MS Dhoni as the brand ambassador for its potato chips brand Lay’s.
• YES Bank has acquired additional shares in C. Flowers Asset Reconstruction (JC Flowers ARC) to reinstate its stake to 9.9% in the company.
• Swedish defence company Saab’s has reportedly become the first foreign company that has bagged 100% FDI in India’s defence projects.

• The Election Commission of India (ECI) has developed an in-house software known as ENCORE, which stands for “Enabling Communications On Real-Time Environment.”
• Pakistan successfully conducted a training launch of the Ghauri Weapon System.
• Musician, art researcher, writer and former professor at Delhi University, Leela Omchery passed away at the age of 94 in New Delhi.
• World Tsunami Awareness Day 2023 is observed on the 5th of November
• International Day for Preventing the Exploitation of the Environment in War and Armed Conflict 2023 is observed on 6th November 2023