Daily Current Affairs November 08 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI imposes monetary penalty on four co-operative banks, one NBFC

• The Reserve Bank of India (RBI) has imposed monetary penalties on 4 co-operative banks and a non-banking financial company (NBFC) for deficiencies in regulatory compliance.

Monetary Penalties :

• Shree Lodra Nagarik Sahakari Bank Limited, located in Gandhinagar, Gujarat, received a monetary penalty of ₹4.00 lakh.
• Malpur Nagarik Sahakari Bank Limited, located in Aravalli, Gujarat, received a monetary penalty of ₹3.50 lakh.
• Jolarpet Co-operative Urban Bank Limited in Vellore, Tamil Nadu, received a monetary penalty of ₹50,000.
• Limbasi Urban Co-operative Bank Ltd., situated in Kheda, Gujarat, received a monetary penalty of ₹25,000.
• Early Salary Services Private Limited, based in Pune, was penalized with a monetary penalty of ₹3.20 lakh.

Reasons for Penalties :

• The Penalty was imposed for non-compliance with the directions issued by RBI on ‘Loans and advances to directors, relatives and firms/concerns in which they are interested’ and ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.
• Bank had various compliance deficiencies, including
• Sanctioned a loan to a relative of one of its directors
• Sanctioned loans wherein relatives of its directors stood as guarantors;
• Breached the prudential inter-bank gross exposure limit;
• Breached the prudential inter-bank counterparty exposure limit.
• Malpur Nagarik Sahakari Bank breached prudential inter-bank gross exposure limits and prudential interbank counterparty exposure limits.
• Jolarpet Co-operative Urban Bank faced non-compliance with directions related to ‘Board of Directors – UCBs’ and ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested.’
• Early Salary Services Private Limited faced non-compliance with provisions of the “Non-Banking Financial Company – Non-Systemically Important Non-Deposit Taking Company (Reserve Bank) Directions, 2016″ related to the internal audit of outsourced activities.

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

Max Life Improves Customer Experience Through AI-Enabled WhatsApp Chatbot ‘Mili’

• Max Life Insurance Company Limited has undertaken a significant enhancement of its WhatsApp chatbot, ‘Mili,‘ with the aim of providing customers with highly interactive and real-time services.
• The chatbot offers multilingual support and is available in English, Hindi, Gujarati, Marathi, Bengali, Telugu and Tamil making it accessible to a broad spectrum of customers in a language that they are comfortable with.
• To engage with the chatbot, customers can simply initiate a conversation by saying ‘Hi’ on Max Life’s dedicated WhatsApp number, which is +91 7428396005.
• The bot offers self-service capabilities, and if customers are unable to find solutions to their queries, they will be seamlessly directed to chat with the Max Life customer support team without having to leave the WhatsApp platform.
• The WhatsApp chatbot will offer 24X7 services to its customers including:
• Native Bot: Self-servicing chatbot that does not direct customers to external websites or email.
• Upfront Policy Details: All policy details are readily available on the policy card, eliminating the need for customers to inquire
• Multilingual Support: Mili supports various vernacular languages, ensuring accessibility for a diverse customer base
• Instant Premium Receipts: Customers can access premium receipts immediately, with plans to introduce premium payments through the platform

About Max Life :

• Headquarters : New Delhi, Delhi, India
• MD & CEO : Prashant Tripathy
• Max Life is a Joint Venture between Max Financial Services Limited (‘MFSL’) and Axis Bank Limited.
• Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners.

Cooperative Banks Must Approach RBI’s Department of Supervision for Name Change

• Cooperative banks wishing to change their names are required to contact the Department of Supervision (DoS) at the Reserve Bank of India (RBI).
• The name change requests of cooperative banks cannot be approved by the Central Registrar of Cooperative Societies (CRCS) or the Registrar of Cooperative Societies (RCS).

Key Highlights :

• As per the RBI’s guidance, cooperative banks should approach the DoS of the concerned Regional Office to obtain a No Objection Certificate (NOC) for the name change.
• When submitting requests for a name change to the RBI, the approval of the cooperative bank’s general body is mandatory.
• RBI referred to the notification of the Banking Regulation (Amendment) Act of 2020 and emphasized in terms of Section 49B, CRCS/RCS cannot approve the name change of cooperative bank unless the RBI certifies that it has no objection to name change.
• Furthermore, under Section 49C, a cooperative cannot maintain an application for the confirmation of a bye-law modification unless the RBI certifies that the modification is acceptable.
• The RBI has issued a directive to urban co-operative banks, state co-operative banks, and district central co-operative banks regarding the “Banking Regulation (Amendment) Act 2020 – Change in Name of Co-operative Banks.”
• Even if the name change is a result of a government notification, the cooperative bank must follow the prescribed process as directed by the RBI.

CURRENT AFFAIRS: NATIONAL NEWS

CDSCO approves India’s first CAR-T cell therapy against certain blood cancer

• NexCAR19 is India’s first indigenously-developed CAR-T cell therapy.
• Recently, the Central Drugs Standard Control Organisation (CDSCO) granted market authorisation for NexCAR19 to ImmunoACT, a company incubated by IIT Bombay.
• This paves the way for the commercial launch of this therapy in India, where it is expected to be available to cancer patients at a tenth of the cost abroad.

About CAR-T

• CAR-T is a revolutionary therapy that modifies immune cells, specifically T-cells, by turning them into potent cancer fighters known as CAR-T cells.
• T-cells are special cells (white blood cells that find and fight illness and infection) whose primary function is cytotoxic, meaning it can kill other cells.
• CAR-T therapy, we genetically modify them into cancer-fighting cells.
• These supercharged cells are then put back into the body, and they go after cancer cells — especially in blood cancers like leukaemia and lymphomas.
• NexCar19 is a type of CAR-T and gene therapy developed indigenously in India by ImmunoACT, which is a company incubated at IIT Bombay.
• India is now one of the first developing countries to have its indigenous CAR-T and gene therapy platform.
• For now, ImmunoACT has received CDSCO approval for use in patients aged 15 years and older.
• The paediatric trial phase is currently underway at the Tata Memorial Hospital, in collaboration with IIT-Bombay.

Union Government may extend the export-boosting textile scheme

• The UnionGovernment is planning to extend the tenure of the Rebate of State and Central Levies and Taxes (RoSCTL) Scheme till 2025-26.
• It aims to reimburse all embedded State and Central taxes/levies for exports of manufactured goods and garments.
• The RoSCTL scheme was notified by the Ministry of Textiles in 2019.
• However, the scheme shall be implemented by the Department of Revenue, Ministry of Finance.
• This scheme has been introduced as a replacement for the previous Rebate of State Levies (RoSL) Scheme, which provided only rebates of state taxes.
• RoSCTL intends to compensate the State and Central Taxes and Levies in addition to the Duty Drawback Scheme on the export of apparel/ garments, and made-ups manufactured in India by way of a rebate.

Key Highlights

• Importer-Exporter Codes (IECs) are necessary in order to apply for the RoSCTL programme.
• The rebate under the RoSCTL Scheme shall be given to the exporter in the form of duty credit scrips, which will be maintained in the electronic duty credit ledger. The scrips shall be issued electronically on the Customs automated system.
• The duty credit scrips shall be used for payment of customs duties leviable under the First Schedule to the Customs Tariff Act, 1975. It cannot be utilized towards the payment of any other taxes, like IGST, Compensation Cess etc., upon the import of goods.
• The duty credit available in an e-scrip shall be transferred at a time for the entire amount in the said e-scrip to another person, and the transfer of the duty credit in part shall not be permitted.
• The value of the goods for calculation of duty credit to be allowed under the Scheme shall be the declared export Free on Board (FOB) value of the said goods or up to 1.5 times the market price of the said goods, whichever is less.
• All exporters of garments/Apparel and made-ups manufactured in India are eligible to take benefit under this scheme, except entities/ IECs under the Denied Entity List of the Directorate General of Foreign Trade (DGFT).

Rule allowing Indian companies to list overseas comes into force

• The Union government recently permitted certain Indian companies to directly list on select foreign stock exchanges.
• The Union Finance Minister had announced that the government had decided to enable listed and unlisted domestic companies to directly list their equity shares on the International Financial Services Centre (IFSC), Ahmedabad.
• In a notification issued earlier this week, the Ministry of Corporate Affairs (MCA) said the provision, which was announced in the Companies (Amendment) Bill, 2020, came into effect on October 30.
• The amendment empowered the central government to allow certain classes of public companies to list prescribed classes of securities in foreign jurisdictions.
• This essentially means certain classes of domestic public companies can be listed on prescribed foreign stock exchanges, including GIFT IFSC, Ahmedabad.
• Currently, domestic listed companies depository receipts — use American Depository Receipts (ADR) or Global Depository Receipts (GDR) — to list in the overseas market.
• A depositary receipt (DR) is a negotiable certificate issued by a bank.
• It represents shares in a foreign company traded on a local stock exchange and gives investors the opportunity to hold shares in the equity of foreign countries.
• It gives them an alternative to trading on an international market.
• Between 2008 and 2018, 109 companies raised more than Rs 51,000 crore through the ADRs/GDRs route.
• After 2018, none of the companies got listed overseas.
• With direct listing, domestic companies can tap foreign markets to raise funds.
• A direct listing abroad would help Indian companies attract a large and diverse pool of capital.

IIT-Kharagpur Study Reveals Alarming Projected Rise In Indian Surface Temperatures By 2100

• Surface temperatures over India were likely to increase by 1.1 to 5.1 degree Celsius by the year 2100, a new study by IIT-Kharagpur has indicated.
• A study was conducted by the Indian Institute of Technology, Kharagpur (IIT-KGP) recently.
• This study, titled ‘Surface Temperature Increase over India during 1980-2020 and Future Projections: Causal Relationships Between Drivers and Trends,’ was published in the journal Nature last month.
• The study was conducted in association with Indian Institute of Tropical Meteorology in Pune.
• It was conducted by investigating the long-term trends of surface temperature in India using surface, satellite and reanalysis data for the period of 1980-2020.
• It also assessed the influence of geophysical drivers on temperature change using causal discovery.
• The study found increasing temperature trends during the pre-monsoon and post-monsoon seasons in the northwest, northeast, and north central regions of India.
• The actual rise in temperatures over the Indian region till now has been significantly lower than the global average.
• The research, conducted over a span of more than two years, outlines that the temperature rise in India over the last 40 years has been evident.
• During the pre-monsoon season, temperatures have increased by 0.1 to 0.3 degrees Celsius per decade, while during the post-monsoon season, the increase is more pronounced, ranging from 0.2 to 0.4 degrees Celsius per decade.
• Under moderate emission scenarios, the study projects that the average surface temperature over India may rise by about 1.2-2°C by 2100.
• However, under a high emission scenario, with emissions increasing significantly by 2075, the temperature increase could reach 3.5-5.1°C by the end of the century.
• It’s worth noting that efforts to reduce emissions may mitigate the high-emission scenario, but it is crucial to address and reduce emissions to avoid extreme temperature rises.

India extends free ration scheme for 5 years

• PM Modi has announced an extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) free ration scheme for another five years.
• The scheme was to end in December 2023.
• PMGKAY was introduced in 2020 during the Covid-19 pandemic to provide free food grains to beneficiaries under the National Food Security Act, 2013.
• The PM Garib Kalyan Ann Yojana (PMGKAY) scheme was to end this December.
• The NFSA, 2013 was notified to provide for food and nutritional security, by ensuring access to adequate quantity of quality food at affordable prices to people to live a life with dignity.
• It provides a legal right to persons belonging to “eligible households” to receive food grains at subsidised price/central issue prices under the Targeted Public Distribution System (TPDS).

Key Highlights

• State governments are tasked with identifying Antyodaya Anna Yojana (AAY – poorest of the poor) and priority households (PHH) beneficiaries within the TPDS-covered population.
• Every person in the PHH category receives 5 kg of food grains per month at – rice at Rs 3/kg, wheat at Rs 2/kg and coarse grain at Re 1/kg.
• Each Antyodaya Anna Yojana (AAY) household gets Rs 35 kg of food grains per month.
• The Act covers up to 75% of the rural population and up to 50% of the urban population for receiving subsidized food grains (overall 67% of the total population).
• The NFSA covers about 20 Crore families, or a total 81.35 crore beneficiaries, who account for two-thirds of population – 50% urban and 75% rural.
• Since the scheme was introduced in 2020, the government has allocated 1,118 lakh metric tonnes of foodgrains from its central procurement pool at a cost of Rs 3.9 lakh crore.
• Implementing Agency: Department of Food and Public Distribution, Ministry of Consumer Affairs, Food and Public Distribution.

What is Pradhan Mantri Garib Kalyan Anna Yojana (PM-GKAY)?

• According to the official site, Pradhan Mantri Garib Kalyan Anna Yojana or PM-GKAY has been introduced as a part of Atmanirbhar Bharat envisioned by PM Modi. PM-GKAY aims to supply free food grains every month to poor people.
• Under the PM-GKAY scheme, the Centre provides a total of 5kg of free food grains per month to the poor along with the subsidized ration costing ₹ 2-3 per kg that is provided under the National Food Security Act (NFSA). It is given to the families that fall under the Public Distribution System (PDS). However, the amount of food grains provided could vary depending on the categories of beneficiaries.

Eligibility for Pradhan Mantri Garib Kalyan Anna Yojana (PM-GKAY)

• According to the official website, families belonging to Antyodaya Anna Yojana (AAY) and Priority Households (PHH) categories are eligible for the PM-GKAY scheme.
• PHH is meant to be identified by State Governments/Union Territory Administrations as per criteria evolved by them. Similarly, the AAY families are to be identified by States/UTs, as per the criteria prescribed by the Central Government.

CURRENT AFFAIRS : STATE NEWS

Uttarakhand Cabinet Approves Establishment of Rajaji Tiger Reserve Conservation Foundation

• The Uttarakhand government has made a decision to establish the Rajaji Tiger Reserve Conservation Foundation to promote ecological, economic, social, and cultural development in the areas surrounding the Rajaji Tiger Reserve.
• The decision to create the Rajaji Tiger Reserve Conservation Foundation was taken during a meeting of the state Cabinet.
• The meeting was chaired by Chief Minister Pushkar Singh Dhami, along with Chief Secretary S S Sandhu.

About Rajaji Tiger Reserve :

• The Rajaji Tiger Reserve, formerly known as Rajaji National Park, is situated in the Shivalik range of the Himalayas.
• It covers a vast area of 820 square kilometers.
• The reserve spans across three districts in Uttarakhand: Haridwar, Dehradun, and Pauri Garhwal.
• It was named after the renowned freedom fighter Rajgopalachari, commonly known as “Rajaji.”
• The Rajaji Tiger Reserve was created in 1983 by amalgamating three sanctuaries: Rajaji Sanctuary and National Park (established in 1948), Motichur Sanctuary (established in 1964), and Chilla Sanctuary (established in 1977).
• In 2015, its name was changed to the Rajaji Tiger Reserve under the Wild Life Protection Act 1972.

About Rajaji Tiger Reserve Conservation Foundation :

• The foundation was established in alignment with the model of the Corbett Tiger Foundation and based on provisions outlined in Section 38 of the state forest act.
• Aim: To empower local communities in the Rajaji Tiger Reserve landscape to benefit from ecotourism and to address human-wildlife conflicts.
• The state government is responsible for periodic assessments of the foundation’s operations and providing guidance on Memorandum of Association (MoA) and Standard Operating Procedures (SOP) as necessary.

Other Approvals :

• The state Cabinet also decided to amend the new tourism policy with an aim to implement this policy through a single-window system, simplifying procedures for business operators in the tourism sector.
• The Cabinet approved the upgrade of the Municipal Council of Muni Ki Reti-Dhalwala from category-2 to category-1.
• This decision was made considering the popularity of this destination among tourists, yoga enthusiasts, and adventure sports enthusiasts.

About Uttarakhand:

• Capital: Dehradun
• Chief Minister: Pushkar Singh Dhami
• Governor: Gurmit Singh
• National Parks: Govind National Park, Nanda Devi National Park, Gangotri National Park, Rajaji National Park, Jim Corbett National Park

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Information Commissioner Heeralal Samariya sworn in as Chief Information Commissioner

• Heeralal Samariya, an Information Commissioner, was sworn in as the Chief Information Commissioner (CIC) by President Droupadi Murmu.
• Heeralal Samariya became India’s 1st Dalit Chief Information Commissioner.
• The top position of the Central Information Commission (CIC) had been vacant after the completion of K. Sinha’s tenure on October 3, 2023.
• The oath of office was administered to Heeralal Samariya at a ceremony held at the Rashtrapati Bhavan, with President Droupadi Murmu officiating the event.

About Heeralal Samariya :

• Heeralal Samariya, a former Indian Administrative Service (IAS) officer, had previously served as the Secretary of Labour and Employment.
• He was sworn in as the Information Commissioner in the CIC on November 7, 2020.
• At present, there are two Information Commissioners in the Commission.

Other Appointments :

• Heeralal Samariya administered the oath of office to Information Commissioners Anandi Ramalingam and Shri Vinod Kumar Tiwari at a swearing-in ceremony organized in Central Information Commission
• Before joining as Information Commissioner in CIC, Smt. Anandi Ramalingam,, was holding the post of Chairman & Managing Director, Bharat Electronics Ltd. (MoD, GOI).
• Before joining as Information Commissioner in CIC, Shri Vinod Kumar Tiwari, an Indian Forest Service Officer, was holding the post of Head of Force-cum-Principal Chief Conservator of Forests as Head of Himachal Pradesh Forest Department, Shimla.

About CIC :

• The Central Information Commission was established in October 2005 under the Right to Information Act, 2005 (RTI Act).
• The Commission is headed by the Chief Information Commissioner and can have a maximum of 10 Information Commissioners.

Appointment Committee and Process :

• The Chief Information Commissioner and Information Commissioners shall be appointed by the President on the recommendation of a committee consisting of:

1. the Prime Minister, who shall be the chairperson of the committee.
2. the Leader of Opposition in the Lok Sabha.
3. A Union Cabinet Minister to be nominated by the PM.

Tenure and Age Limit :

• Both the Chief Information Commissioner and Information Commissioners can hold their office until they reach the age of 65.

Role of CIC in India’s Democracy :

• The Constitution of India ensures the principles of democracy by granting its citizens certain Fundamental Rights.
• Article 19(1)(a) and Article 21 of the Constitution of India, by implication, guarantee to the citizens of India the right to know everything done by public functionaries.

IPS officer Pravin Madhukar Pawar appointed as Joint Director of CBI for 5 years

• Pravin Madhukar Pawar, an Indian Police Service (IPS) officer, has been appointed as the Joint Director of the Central Bureau of Investigation (CBI) for a duration of 5 years from the date of assumption of charge of the post or until further orders, whichever is earlier.
• The appointment has been approved by the Appointments Committee of the Cabinet (ACC).
• Prior to this appointment, Praveen Sood served as the director of the Central Bureau of Investigation (CBI) for a two-year term.

Director of CBI Appointment Process :

• The director of CBI is typically appointed for a fixed tenure of 2 years.
• The appointment is made by a committee comprising the Prime Minister, the Chief Justice of India (CJI), and the leader of the opposition in the Lok Sabha.

Recent News :

• In May 2023, the Centre had appointed Praveen Sood, the incumbent director general of police (DGP) of Karnataka, as the next director of the Central Bureau of Investigation (CBI) for a two-year period.

About CBI :

• CBI is a premier investigating agency in India, responsible for handling cases of national importance.
• It was established on April 1, 1963, through a resolution of the Ministry of Home Affairs.
• It was established on the recommendation of the Santhanam Committee.

CURRENT AFFAIRS: AWARDS AND HONORS

Rohini Nayyar prize: Social worker’s contribution in Bastar recognised with award

• Deenanath Rajput, a former engineer who transitioned into social work, received the prestigious Second Rohini Nayyar Prize for hisexceptional dedication to rural development.
• Deenanath Rajput received the Second Rohini Nayyar Prize for his remarkable work in empowering tribal women in Bastar, Chhattisgarh.
• The prize was presented by N K Singh, Chairman of the Fifteenth Finance Commission.
• The jury panel included Dr. Ashok Khosla, Dr. Rajesh Tandon, Renana Jhabvala, and Professor Seeta Prabhu.
• The award, commemorating the late economist-administrator Dr. Rohini Nayyar, included a trophy, a citation, and a cash prize of Rs 10 lakh.
• Rajput started with a team of three and expanded to 52, focusing on providing agricultural extension services to women farmers and establishing cold storage infrastructure.

British film ‘Catching Dust’ to be open at 54th International Film Festival of India (IFFI), to be held in Goa

• British film ‘Catching Dust’ will be opening at the 54th International Film Festival of India (IFFI), to be held in Goa from November 20 to 28.
• The American film ‘The Featherweight’ will be the closing movie, whereas Turkish film About Dry Grasses will be the midfest movie.
• This was disclosed by Union Minister of Information and Broadcasting Anurag Thakur at the curtain raiser press conference of IFFI 2023 in New Delhi.
• Hollywood star Michael Douglas will be honored with the Satyajit Ray Lifetime Achievement Award at IFFI this year.
• During the 9-day festival, more than 270 films will be showcased.
• 198 films will be shown in the International Section including 13 world premiers.
• The Indian Panorama section will showcase 25 feature films and 20 non-feature films from India.
• The opening Film in the feature section is a Malayalam film, Aattam, and in the non-feature section is Andro Dreams from Manipur.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Zurich Insurance set to acquire 51% stake in Kotak General Insurance for Rs 4,051 cr

• Switzerland’s Zurich Insurance is set to acquire a 51% stake in Kotak General Insurance for INR 4,051 crore.
• Within 3 years from the initial acquisition, Zurich plans to buy an additional 19% stake in Kotak General Insurance.
• Zurich’s investment represents the single largest investment by a global strategic insurer in an Indian non-life insurer.
• The acquisition is expected to be completed by June 30, 2024.
• Zurich will invest INR 1,609 crore in Kotak General Insurance as fresh growth capital to support the company’s operations and expansion.

Key Highlights :

• As of September, Kotak General Insurance held a 0.52% market share in the non-life insurance sector by premiums.
• Its gross written premium for the financial year 2022-23 stood at INR 1,148.30 crore.
• The share sale values Kotak General Insurance at INR 7,943 crore on a post-money valuation basis.
• Kotak General Insurance received its license to operate from the Insurance Regulatory and Development Authority of India (IRDAI) in 2015.
• The company offers a wide range of non-life insurance products, including motor, health, and home insurance.
• It has a paid up equity capital of Rs 680 crore.
• Kotak Mahindra Bank, Kotak General Insurance, and Zurich Insurance group have entered into definitive agreements for the transaction.
• The completion of the transaction is subject to customary conditions precedent, including regulatory approvals from the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and the Competition Commission of India (CCI).

About Zurich Insurance :

• Headquarters : Zürich, Switzerland
• CEO : Mario Greco
• Zurich Insurance is a subsidiary of Zurich Insurance Group, which serves people and businesses in more than 200 countries and territories
• Zurich Insurance Group is listed on the SIX Swiss Exchange.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Retires IL-38 SD Long Range Maritime Patrol Aircraft

• The Indian Navy bid farewell to its Ilyushin-38 Sea Dragon long-range maritime patrol aircraft after 46 years of distinguished service.
• The decommissioning ceremony for the IL-38 SD aircraft took place at INS Hansa, Dabolim in Goa.

INAS 315 Commissioning :

• INAS 315 was commissioned on October 1, 1977.
• The induction of IL-38 aircraft marked a significant milestone, ushering in a modern era of airborne long-range maritime reconnaissance and anti-submarine warfare capabilities in the Indian Navy.

Role of Maritime Patrol Aircraft (MPA) :

• A maritime patrol aircraft (MPA), also known as a maritime reconnaissance aircraft, is a fixed-wing aircraft designed for extended operations over water, particularly in maritime patrol roles.
• These roles encompass anti-submarine warfare (ASW), anti-ship warfare (AShW), and search and rescue (SAR) missions.
• While the active flying service of the IL-38 SD aircraft is ending, two of these aircraft will be permanently stationed for preservation.
• One will be located at the National Maritime Heritage Museum in Lothal, Gujarat, and the other in Nipani, Karnataka, with the aim of inspiring future generations with the legacy of these aircraft.

About Indian Navy :

• Headquarters : New Delhi, Delhi
• Chief of Defence Staff : GeneralAnil Chauhan
• Chief of the Naval Staff : AdmiralR. Hari Kumar

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Russia Successfully Tests Bulava Ballistic Missile Designed for Nuclear Warheads

• Russia conducted a successful test launch of the Bulava ballistic missile, which is designed to carry nuclear warheads.

About  Bulava ballistic missile :

• The Bulava ballistic missile is a newly developed Russian submarine-launched Intercontinental Ballistic Missile (ICBM).
• Development of the Bulava missile began in 1998.
• The first powered flight test of the Bulava missile occurred in September 2005, followed by its first submerged test launch in December.
• The Bulava missile was designed to be deployed on Russia’s Borey-class ballistic missile submarines (SSBNs).
• It was designed to be the backbone of Moscow’s nuclear triad and has a range of over 8,000 kilometres (close to 5,000 miles).
• It is 12-13.5 m in length and has a diameter of approximately 2.0 m.
• Launch Weight: 36,800 kg It is a three-stage solid-fuel missile.

What is a Ballistic Missile?

• Ballistic Missile is a rocket-propelled self-guided strategic weapon system that follows a ballistic trajectory to deliver a payload from its launch site to a predetermined target.
• Ballistic missiles can carry conventional high explosives as well as chemical, biological, or nuclear munitions.
• The R-7 Semyorka was the first intercontinental ballistic missile.

About Russia :

• President : Vladimir Putin
• Prime Minister : Mikhail Mishustin
• Capital : Moscow
• Currency : Ruble

CURRENT AFFAIRS: RANKING AND REPORTS

 Indians 6th most hard working globally at 48 hours a week: ILO

• According to the latest International Labour Organisation (ILO) data on working hours, Indians are already the sixth most hardworking out of 163 countries in the world.
• The ranking is based on taking the average number of hours per week for each employed person in India, which works out to 47.7 hours.
• This figure shows that Indians work longer than workers in China (46.1 hours), Vietnam (41.5 hours), Malaysia (43.2 hours), the Philippines (39.2 hours), Japan (36.6 hours), the United States (36.4 hours) and the United Kingdom (35.9 hours).
• However, India’s working hours are shorter than those in smaller nations like Bhutan, the Congo, Lesotho, and Gambia.
• The central concern, as highlighted in discussions with industrialists like Murthy, revolves around productivity rather than the number of hours worked.
• India’s global economic ranking is 131 out of 189 countries in 2021, based on GDP per hour worked, with data adjusted for purchasing power parity and GDP held constant at 2017 values.
• Recently Infosys co-founder Narayana Murthy has set the stage for a debate about work productivity and the merits of long working hours, a topic that resonates with many in our fast-paced world.
• Murthy’s call for 70-hour workweeks among India’s youth prompted both applause and skepticism.

About ILO:

• The International Labour Organization (ILO) is the United Nations agency for the world of work.
• Headquarters: Geneva, Switzerland.

Adaptation Gap Report 2023: Funding to developing nations declines 15% despite international pledges and rising costs

• Climate adaptation funding declined by 15% to developing countries: Adaptation Gap Report 2023.
• According to the 2023 Adaptation Gap Report, Climate adaptation funding from the World Bank and bilateral sources has declined by 15 per cent to around $21 billion in 2021.
• Climate adaptation funding has declined despite the pledge to double the funding to $40 billion per year by 2025 at the 26th COP of the United Nations Framework Convention on Climate Change in Glasgow.

Key Highlights

• In many developing countries, the domestic budget is one of the largest sources of funding for adaptation.
• In low-income countries, neither domestic nor private funding sources could bridge the adaptation finance gaps.
• More than 85% of countries have at least one national-level adaptation planning instrument.
• The finance needs of developing countries have now become 10-18 times more than international public finance flows.
• The total cost of adaptation is $215 billion per year for developing countries.
• The cost of adaptation is for planning and implementing measures for reducing harm from climate change.
• The adaptation costs for Least Developing Countries and Small Island Developed nations are estimated at $25 billion per year (2 percent of GDP) and $4.7 billion per year (0.7 per cent of GDP), respectively.

CURRENT AFFAIRS: IMPORTANT DAYS

World Radiography Day: 8th November

• World Radiography Day 2023 is observed on the 8th of November 2023.
• This year, 2023, the World Radiography Day Theme is “Celebrating patient safety”.
• X-Ray was discovered in 1895 by Wilhelm Roentgen. In his laboratory, he accidentally discovered a new Electromagnetic wave that is transparent through flesh but won’t transfer through metals and bones.
• It is a great invention that is used in the medical field. He later named this unknown Electromagnetic wave an X-ray.
• In detail, Wilhelm Roentgen was working with a Cathode Ray tube in his laboratory.
• He found a fluorescent glow of crystals from the tube near his table which contains a bulb with positive and negative electrodes. Roentgen applied high voltage to the electrodes and evacuated the air in the tube. He shielded the tube with black paper. From this application, he saw a new green fluorescent light in the nearby material from the cathode tube.
• From this, he concluded that the tube emits a new type of phosphorescent material light which is capable of passing through paper and causing shadow in the Solid object. He named it X-Ray which is capable of passing through flesh and creating shadows of solid objects like bones.
• Since the discovery of X-rays happened on November 8th, this day is celebrated as World Radiography Day every year.

Daily CA One- Liner: November 8

• The Reserve Bank of India (RBI) has imposed monetary penalties on 4 co-operative banks and a non-banking financial company (NBFC) for deficiencies in regulatory compliance.
• Max Life Insurance Company Limited has undertaken a significant enhancement of its WhatsApp chatbot, ‘Mili,‘ with the aim of providing customers with highly interactive and real-time services.
• Cooperative banks wishing to change their names are required to contact the Department of Supervision (DoS) at the Reserve Bank of India (RBI).
• NexCAR19 is India’s first indigenously-developed CAR-T cell therapy.
• The Government is planning to extend the tenure of the Rebate of State and Central Levies and Taxes (RoSCTL) Scheme till 2025-26.
• The Union government recently permitted certain Indian companies to directly list on select foreign stock exchanges.
• Surface temperatures over India were likely to increase by 1.1 to 5.1 degree Celsius by the year 2100, a new study by IIT-Kharagpur has indicated.
• PM Modi has announced an extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) free ration scheme for another five years.
• Deenanath Rajput, a former engineer who transitioned into social work, received the prestigious Second Rohini Nayyar Prize for hisexceptional dedication to rural development.
• British film ‘Catching Dust’ will be opening at the 54th International Film Festival of India (IFFI), to be held in Goa from November 20 to 28.
• According to the latest International Labour Organisation (ILO) data on working hours, Indians are already the sixth most hardworking out of 163 countries in the world.
• Climate adaptation funding declined by 15% to developing countries: Adaptation Gap Report 2023.
• World Radiography Day 2023 is observed on the 8th of November 2023.
• The Uttarakhand government has made a decision to establish the Rajaji Tiger Reserve Conservation Foundation to promote ecological, economic, social, and cultural development in the areas surrounding the Rajaji Tiger Reserve.
• Heeralal Samariya, an Information Commissioner, was sworn in as the Chief Information Commissioner (CIC) by President Droupadi Murmu.
• Pravin Madhukar Pawar, an Indian Police Service (IPS) officer, has been appointed as the Joint Director of the Central Bureau of Investigation (CBI) for a duration of 5 years from the date of assumption of charge of the post or until further orders, whichever is earlier.
• Switzerland’s Zurich Insurance is set to acquire a 51% stake in Kotak General Insurance for INR 4,051 crore.
• The Indian Navy bid farewell to its Ilyushin-38 Sea Dragon long-range maritime patrol aircraft after 46 years of distinguished service.
• Russia conducted a successful test launch of the Bulava ballistic missile, which is designed to carry nuclear warheads.

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