Daily Current Affairs November 24 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI Grants Approval for Hinduja Group Directors to Join Board of Bankrupt Reliance Capital                            

• The Reserve Bank of India (RBI) grants approval for Hinduja Group’s resolution plan for Reliance Capital (RCap), paving the way for the group’s takeover of RCap.
• RBI approves Hinduja Group to appoint 5 directors on the board of RCap, contingent upon the National Company Law Tribunal’s (NCLT) approval of the resolution plan.
• The 5 directors approved by RBI from the Hinduja Group are Amar Chintopanth, Shardchandra V Zaregaonkar, Moses Newling Harding John, Bhumika Batra, and Arun Tiwari.
• Any change in the shareholding of the resolution applicant (Hinduja Group) post-implementation of the resolution plan requires prior approval from the RBI.
• It also directed RCap that a copy of the NCLT approval, once accorded, be submitted to the RBI.
• Hinduja Group’s company IIHL emerged as the highest bidder with an offer of Rs 9,650 crore in the second round of the auction held in April to take over debt-ridden Reliance Capital.
• The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues.
• The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the firm.
• Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC).
• The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).

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

Karnataka Bank Shares Gain Attention Following HDFC Life Collaboration on Insurance Products                               

• Karnataka Bank has entered into a strategic corporate tie-up with HDFC Life to offer life insurance products to its customers.
• The partnership is a testament to the stated commitment to offer customers a range of innovative and customer-centric financial solutions.

About HDFC Life Insurance Company Limited :

• Founded : 14 August 2000
• Headquarters : Mumbai,Maharashtra
• HDFC Life Insurance Company Limited is a long-term life insurance provider offering individual and group insurance services.

About Karnataka Bank :

• Established : 18 February 1924
• Headquarters : Mangalore, Karnataka, India
• MD & CEO : Srikrishnan Hari Hara Sarma

First Tranche of Sovereign Gold Bond Investors Anticipate Golden Harvest                                   

• Investors in the inaugural tranche of sovereign gold bonds (SGBs), who have held onto their investments until maturity, are poised to receive significant returns as gold prices have more than doubled in the last 8 years.

Key Highlights :

• Issuance and Redemption Price : The first tranche of SGB was issued by the RBI in November 2015 at ₹2,684 per gram.
• The redemption price for these bonds, to be announced by the RBI soon, is expected to reflect the substantial appreciation in gold prices.
• In Oct 2023, the RBI declared a redemption price of ₹6,079 per unit for premature redemption of SGBs, showcasing the significant price appreciation.
• Interest Rate and Earnings : In addition to price appreciation, SGB investors receive an annual interest payment at the rate of 2.75%.
• An investment of ₹1 lakh made in the first tranche of SGB would now fetch about ₹2.26 lakh at the last announced redemption price set by RBI.
• Investors would have earned an interest of about ₹22,000.
• Maturity and Early Redemption : The maiden tranche of SGB will finally mature on November 30, 2023.
• Though the tenor of SGB is 8 years, investors can opt for early redemption of gold bonds after the fifth year from the date of issuance, coinciding with the interest payment date.
• RBI’s Redemption Price Calculation : RBI determines the SGB redemption price by taking the simple average of the closing gold prices with 999 purity over the three preceding business days from the redemption date, as reported by the India Bullion and Jewellers Association (IBJA).
• Issuance Details and Subscriptions : RBI issued only two SGBs this fiscal at the prices of ₹5,923 and ₹5,926 per gram.
• A total of 62,169 applications had been accepted for a total subscription of 915.953 kg in the first tranche of SGB.
• While the bonds issued in 2015 bear an interest rate of 2.75% per annum, it was brought down subsequently to 2.5% per annum.

SGB Features :

• Issuance – Issued by the Reserve Bank of India on behalf of the Government of India.
• Eligibility – SGBs will be restricted for sale to resident individuals, HUFs (Hindu Undivided Family), Trusts, Universities and Charitable Institutions.
• Tenor– The tenor of the SGB will be for a period of eight years with an option of premature redemption after 5th year.
• Minimum size- Minimum permissible investment will be One gram of gold.
• Maximum limit– The maximum limit of subscription shall be 4 Kg for individuals, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal year (April-March) notified by the Government from time to time.
• Joint holder – In case of joint holding, the investment limit of 4 Kg will be applied to the first applicant only.
• SGBs will be sold through Scheduled Commercial banks (except Small Finance Banks, Payment Banks and Regional Rural Banks), Stock Holding Corporation of India Limited, Clearing Corporation of India Limited, designated post offices and National Stock Exchange of India Limited and Bombay Stock Exchange Limited, either directly or through agents.

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister Shri Nitin Gadkari Inaugurates the 8th India Water Impact Summit (IWIS) in New Delhi

• Shri Nitin Gadkari, the Union Minister of Road Transport and Highways of India, inaugurated the 8th Edition of the India Water Impact Summit (IWIS) at the Dr Ambedkar International Centre in New Delhi.
• The summit, organized by the National Mission for Clean Ganga (NMCG) and the Center for Ganga River Basin Management and Studies (Ganga), spans three days from November 22 to 24, 2023.
• The theme of IWIS 2023 is ‘Development vis-à-vis Land, Water and Rivers,’ aimed at uniting scientific experts, stakeholders, and government representatives to address dynamic challenges and opportunities in India’s water sector.
• Among the distinguished speakers were Ms Debashree Mukherjee, Secretary, DoWR, RD & GR, Shri G. Asok Kumar, DG-NMCG, Shri Igor Papič, Minister of Science, Technology, and Innovation from the Republic of Slovenia, Dr. Vinod Tare, Founding head of cGanga and Professor at IIT Kanpur, and Shri Sanmit Ahuja (cGanga).
• International Water Innovation Summit 2023 (IWIS) and the 1st CITIS Summit, a special session titled “River Cities Alliance – A Global Step Forward (GRCA) was also held and was attended by delegates from Ethiopia, Denmark, Mexico, the Federal Republic of Germany, Bhutan, United Kingdom, Nepal and Japan.
• Addressing the session, Shri G. Asok Kumar, DG-NMCG, announced the upcoming launch of the Global River Cities Alliance (GRCA) in COP28 on December 10, 2023, in Dubai.

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh Government Prohibits Halal Branding on Food Products                                                 

• The Uttar Pradesh government has imposed a ban on halal-branded food items.
• The State Food Commissioner’s office has banned halal-labelled food items such as dairy products, sugar, bakery items, peppermint oil, savouries and edible oil.
• The State Food Commissioner’s office issued an order, citing that halal labelling contradicts legislation passed in 2006 aimed at ensuring product quality.
• Reasons for Ban : Halal labelling is considered to create confusion among consumers and is deemed contrary to the principles of the state government’s law on the quality of edible products.

Key Highlights :

• As per the law, creating confusion is a punishable offence.
• The halal certification is operating as a parallel system.
• Only export products have been exempted from this ban.
• All acts related to the certification of food products were scrapped and the Food Safety and Standards Authority of India (FSSAI) is now the sole authority for the certification.

What is meant by Halal Certification?

• Halal certification serves as a guarantee that the product is prepared in accordance with Islamic law and is free from adulteration.
• It is typically issued by a third-party body.

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

Uttarakhand Products Secure Geographical Indication (GI) Tags                                             

• From a local brick tea to textiles made from a Himalayan plant, over 15 products from Uttarakhand have been given the coveted GI tag by the Geographical Indications Registry.

Uttarakhand’s GI Tagged Products :

• Uttarakhand’s Berinag tea, highly sought-after by London tea houses and tea blenders, is made from the leaves of a plant that grows wild in the Himalayas, which are then compressed into a solid mass.
• Bichhubuti fabrics, made from Himalayan nettle fibres, was also on the list of products that bagged the GI tag. As the plant’s fibres are hollow, they have the unique ability to accumulate air inside, thus creating a natural insulation and making an ideal clothing material for both winters and summers.
• The Uttarakhand mandua, a finger millet grown in Garhwal and Kumaon that is part of the staple diet in many parts of the State, was among the products granted GI tags.
• Similarly, jhangora, a home grown millet commonly cultivated in the rain-fed areas of the Himalayas in Uttarakhand, got a tag.
• Gahat is one of the most important pulses growing in the dry regions of the State, whose medicinal uses have been known to Ayurveda and traditional physicians for centuries.
• Uttarakhand lal chawal, a red rice organically grown in the Purola region, was also on the list.

About GI Tag :

• A GI, a kind of Intellectual Property Rights (IPR), is primarily an agricultural, natural or manufactured product (handicraft and industrial goods) originating from a definite geographical territory.
• A GI is a label that is applied to products that have a specific geographical origin and that have characteristics related to a particular location.
• The tag is valid for a period of 10 years after which it is renewed.
• The Geographical Indications of Goods (Registration and Protection) Act, 1999 seeks to provide for the registration and better protection of geographical indications relating to goods in India

Bengaluru Becomes India’s Top Destination for Women-Led Startups with 1,783 Enterprises                                 

• According to data from startup data platform Tracxn, Bengaluru (Karnataka) has the highest number (1,783) of women-led startups in India.
• It is followed by Mumbai and Delhi with 1,480 and 1,195 women-led startups respectively.
• Noida, Kolkata, and Ahmedabad are ranked at the 8th,9th, and 10th places with 324, 184, and 181 women-led startups respectively.

Key Highlights :

• Karnataka is the first state in India to provide a grant-in-aid of Rs 50 lakh to encourage innovators.
• According to Tracxn, Zomato, Byju’s, Ofbusiness, Upstox, Lenskart, and Open are among the top 10 women-led startups in India.
• The funding for women-led startups has decreased from 183 startups in 2014 to 7 in 2023.
• As per the data, the number of women-led unicorns from 2008 to 2018 was 14.
• Bengaluru-based neobank Open, with two women co-founders, became the 100th unicorn.
• Other Indian unicorns with at least one women co-founder are Nykaa, Mamaearth, Hasura, Pristyn Care, OfBusiness, Mobikwik, The Good Glamm Group, and Livspace.
• There are currently 14 women-led unicorns in India.
• With more than 61,400 startups, India’s startup ecosystem has added more firepower to become the third-largest hub globally after the US and China.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Former Finance Minister Frieden Assumes Role of Luxembourg’s New Prime Minister                                   

• Luc Frieden, the former finance minister of Luxembourg, has assumed the position of the new Prime Minister of the country.
• Luc Frieden leads a government coalition that includes his Christian Social People’s Party and the liberal party of former Prime Minister Xavier Bettel.
• Luc Frieden’s Christian Social People’s Party secured victory in the recent election.
• On November 16, 2023, a coalition agreement was signed between the Christian Social People’s Party and Xavier Bettel’s Democratic Party after approximately six weeks of negotiations.
• The coalition holds a majority of 35 seats in the 60-seat Luxembourg parliament.

Other Appointments :

• Xavier Bettel, the former Prime Minister, assumes the role of Foreign Affairs Minister in the new government.
• Gilles Roth is appointed as the new Finance Minister.

About Luc Frieden :

• In 1998, he became Minister of Justice in the Government led by Prime Minister Jean-Claude Juncker.
• He also served as Minister for the Treasury and Budget from 1998 to 2009, as Minister of Defence from 2004 to 2006 and Minister of Finance from 2009 to 2013.
• For 15 years (1998 to 2013), he served as Governor of the World Bank and acted as chairman of the Board of Governors of the International Monetary Fund and the World Bank Group in 2013.
• He joined Deutsche Bank as Vice Chairman in September 2014.
• He was president of the Luxembourgish Chamber of Commerce and Eurochambres, the business federation of European Chambers of Commerce and Industry.

About Luxembourg :

• Capital : Luxembourg
• Currency : Euro
• Luxembourg is a landlocked country in Western Europe.
• It borders Belgium to the west and north, Germany to the east, and France to the south.

Argentina Elects Right-Wing Populist Javier Milei in Presidential Runoff Election               

• Right-wing libertarian Javier Milei emerged victorious in Argentina’s presidential election.
• In the election, Javier Miley got 55.8% votes and Economy Minister Sergio Massa got 44.2% votes.

Key Highlights :

• In his first address as President-elect, Javier Milei acknowledged the challenging situation in Argentina.
• He pledged to implement significant changes to address the country’s dire circumstances after assuming the presidency.

About Javier Milei :

• Milei was born in Palermo, Buenos Aires, on 22 October, 1970.
• He is an Argentine politician, economist, and author who is the president-elect of Argentina.
• Before entering politics, Milei gained notability as an economist, as the author of multiple books on economics and politics, and for his distinct political philosophy.
• In 2021, Milei entered politics and was elected as a national deputy representing the City of Buenos Aires for La Libertad Avanza.

About Argentina :

• Capital : Buenos Aires
• Currency : Argentina peso
• Argentina is the 3rd largest economy in Latin America and is struggling with the problems of inflation, increasing recession, and increasing poverty.

Indian diplomat Surendra Adhana re-elected to serve on UN Advisory Committee on Administrative and Budgetary Questions                         

• Senior Indian diplomat Surendra Adhana has been re-elected to serve on the Advisory Committee on Administrative and Budgetary Questions (ACABQ) at the UN for the term 2024-26.

About UN-ACABQ :

• The Advisory Committee is an expert Committee of 21 Members elected by the General Assembly for a period of 3 years, on the basis of a broad geographical representation.
• Members serve in a personal capacity and not as representatives of member states.
• The major functions of the Advisory Committee, which is a subsidiary organ of the General Assembly, are to examine and report on the budget submitted by the Secretary-General to the General Assembly; to advise the General Assembly concerning any administrative and budgetary matters referred to it; to examine on behalf of the General Assembly the administrative budgets of the specialised agencies and proposals for financial arrangements with such agencies; and to consider and report to the General Assembly on the auditors’ reports on the accounts of the United Nations and of the specialised agencies.

About United Nations :

• Established : 24 October 1945
• Headquarters: New York,United States
• President : Dennis Francis
• Secretary general: António Guterres.
• The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, achieve international cooperation, and serve as a centre for harmonizing the actions of nations.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Formation of Earth’s Mysterious New Layer Linked to Deep Infiltration of Surface Water: Study                                   

• The formation of new enigmatic layer – E prime layer – at the outermost part of Earth’s core is a result of “surface water penetrating deep into the planet,” altering the composition of the metallic liquid core’s outermost region, a study by an international team of researchers, including those from Arizona State University (ASU)
• Earth comprises 4 primary layers: an inner core at the planet’s center, surrounded by the outer core, mantle, and crust.

About E prime layer :

• It was believed that a material exchange between the core and mantle is small.
• But the experiments revealed that when water reaches the core-mantle boundary, it reacts with silicon in the core, forming silica.

How did this layer develop over time?

• This latest research suggests that tectonic plates carrying surface water have transported it deep into the Earth over billions of years.
• Upon reaching the core-mantle boundary about 1,800 miles below the surface, this water initiates significant chemical changes, influencing the core’s structure.
• This reaction leads to the formation of a hydrogen-rich, silicon-depleted layer at the outer core, resembling a film-like structure.
• Silica crystals generated by this process ascend and blend into the mantle, impacting the overall composition.
• These modifications in the liquid metallic layer could potentially result in reduced density and altered seismic characteristics, aligning with anomalies detected by seismologists.

CURRENT AFFAIRS: AWARDS AND HONOUR

REC was Honoured with ‘Best Employer in Diversity & Inclusion’ Award by Assocham

• REC Limited, a Maharatna CPSE under Ministry of Power, received the “Best Employer for Policies in Diversity & Inclusion” Award at the 4th Diversity & Inclusion Excellence Awards and Conclave organised by Assocham.
• Shri TSC Bosh, Executive Director, REC, graciously accepted the award on behalf of REC.
• The award ceremony witnessed REC’s unwavering commitment to fostering diversity and inclusion being acknowledged on a national platform.
• This accolade is a testament to REC’s exemplary practices in crafting inclusive policies that extend beyond the conventional norms.
• The company’s dedication to embracing diversity across its workforce is mirrored in its thoughtful policies, setting a commendable standard in the industry.
• The ‘Best Employer for Policies in Diversity & Inclusion’ award highlights REC’s commitment to creating a workplace that celebrates differences, fosters innovation, and promotes equal opportunities for all employees.
• Policies in the HR front of REC are conducive, employee-friendly and played pivotal role in achieving this milestone.
• Recently, REC was recognized for its exceptional performance in risk management with the esteemed ‘Golden Peacock Award’.
• The award was presented by the Institute of Directors (IOD).
• Additionally, the company was conferred the ‘Best Central PSU’ Award in the Financial Services category at the Dun & Bradstreet PSU Awards 2023.

About REC

• REC Limited, a Maharatna CPSE established in 1969, under Ministry of Power, provides long term loans and other finance products for Power-Infrastructure sector comprising of Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Green Hydrogen etc. More recently REC has also diversified into the Non-Power Infrastructure sector comprising of Roadand expresswaysys, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. The loan book of REC exceeds Rs 4,74,275 Crore.

Vir Das wins maiden International Emmy Award for best comedy

• Renowned comedian Vir Das won the 51st International Emmy Award for Comedy.
• At the International Emmy Awards 2023, Vir Das and Derry Girls Season 3 won the International Emmy for Comedy.
• Vir Das received the award for his Netflix comedy special titled Vir Das: Landing.
• It is Vir’s second International Emmy nomination. He is one of the pioneers in India’s modern stand-up comedy scene.
• He has appeared in more than 100 stand-up shows and acted in more than 15 films.
• In 2021, he performed at the John F Kennedy Centre in Washington DC, which sparked the controversy.
• UK actor Martin Freeman won the Best Actor award while Mexico’s Karla Souza received the Best Performance by an Actress award.
• ‘Mariupol: The People’s Story’ has been named as the best documentary at the International Emmy Awards.
• ‘The Empress’ has been acknowledged as the Best Drama series.
• Ektaa Kapoor received the International Emmy Directorate Award.
• Shefali Shah missed out on the International Emmy for Best Actress for her performance in Delhi Crime. The award went to Mexican actor Karla Souza for her role in Dive.
• The International Emmy Award is presented by the International Academy of Television Arts & Sciences (IATAS). It was first presented in 2007.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Commerce Ministry to collaborate with e-commerce companies to promote exports from districts

• In a significant move to enable micro, small and medium enterprises (MSMEs) and boost e-commerce exports from the country, the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India is collaborating with the various e-commerce players to leverage the Districts as Export Hubs initiative and promote e-commerce exports from the country. In first such collaboration with different e-commerce platforms, DGFT has signed a memorandum of understanding (MoU) with Amazon India.
• As a part of this MoU, Amazon and DGFT will co-create capacity-building sessions, training and workshops for MSMEs in districts identified by the DGFT as part of the District as Exports Hub initiative outlined in the Foreign Trade Policy 2023, in a phased manner.
• The initiative seeks to link local producers even in rural and remote districts with global supply chains.
• The collaboration aims to enable exporters/MSMEs to sell their ‘Made in India’ products to customers internationally.
• The MoU was signed in the presence of Shri. Santosh Sarangi (Additional Secretary and Director General, DGFT), Chetan Krishnaswamy (Vice President, Public Policy – Amazon) and Bhupen Wakankar (Director of Global Trade – Amazon India).
• The core objective of this collaboration is to leverage e-commerce platforms to support local exporters, manufacturers, and MSMEs in reaching potential international buyers.
• The partnership aligns with the Foreign Trade Policy 2023, which identifies e-commerce as a focus area for amplifying India’s exports.

Headquarters, Integrated Defence Staff & Council of Scientific and Industrial Research ink MoU on joint research and development in field of Defence Technology

• A Memorandum of Understanding between the Headquarters, Integrated Defence Staff and the Council of Scientific and Industrial Research (CSIR) was signed in New Delhi for technical collaboration and joint research and development in the field of Defence Technology.
• The MoU was signed by Lt General JP Mathew, Chief of Integrated Defence Staff to the Chairman Chiefs of Staff Committee (CISC), Ministry of Defence (MoD) and Dr. N Kalaiselvi, Director General, CSIR & Secretary, Department of Scientific and Industrial Research (DSIR), Ministry of Science & Technology (MoST).
• The MoU between the HQ IDS and CSIR aims to provide an umbrella framework for initiating collaborative interaction between CSIR Labs, HQ IDS and Armed Forces, namely Indian Army, Indian Navy and Indian Air Force, for enhancing scientific understanding of technologies related to defence and undertaking joint research and development in dual use technologies.
• The HQ IDS and CSIR both share a common interest to undertake joint research and development in defence technologies for mutual benefit, in the true spirit of ‘scientific cooperation in support of Indian Armed Forces’.
• This partnership will also accelerate the indigenisation efforts of Armed Forces for achieving ‘Atma Nirbhar Bharat’.

Nasha Mukt Bharat Abhiyaan (NMBA) – MoU signed between Department of Social Justice & Empowerment and International Society for Krishna Consciousness (ISKCON)

• The Department of Social Justice & Empowerment signed a MoU with the International Society for Krishna Consciousness (ISKCON) for Nasha Mukt Bharat Abhiyaan (NMBA) in the presence of Union Minister of Social Justice & Empowerment Dr. Virender Kumar, senior officers of the Department and senior members of the ISKCON in New Delhi
• The Ministry has initiated ambitious Nasha Mukt Bharat Abhiyaan (NMBA) currently operational in all the districts of the country with an aim to create awareness about the ill effects of substance abuse among the youth, with special focus on higher education institutes, university campuses, schools and reaching out into the community and garnering community involvement and ownership of the Abhiyaan.
• Till now, more than 10.71 crore people including more than 3.37 crore youth, more than 2.26 crore women and more than 3.27 lakh educational institutions have become part of the Drug Free India Campaign.

Achievements of NMBA

10. Till now through the various activities undertaken on-ground 10.71+ crore people reached out so far.
11. 8,000 Master Volunteers have been selected and trained to lead the Abhiyaan activities in the NMBA districts.
12. More than 3.37+ crore youth have actively participated in the activities of the Abhiyaan and spreading on-ground the message against substance use. Around 4,000+ Yuva Mandals, NYKS & NSS Volunteers, Youth Clubs have also been associated with the Abhiyaan.
13. The contribution of 2.26+ Crore women have also been vital in reaching out to a larger community through the Anganwadi & ASHA Workers, ANMs, Mahila Mandals & Women SHGs.

National Institute for the Empowerment of Persons with Visual Disabilities (Divyangjan), Dehradun, signed MOU with Nation Book Trust

• The National Institute for the Empowerment of Persons with Visual Disabilities (Divyangjan) took significant strides towards inclusivity through two groundbreaking Memoranda of Understanding (MOUs) signed
• MOU with National Book Trust, New Delhi Under the mentorship of the Secretary, Ministry of Social Justice & Empowerment, Government of India, NIEPVD and the National Book Trust, New Delhi, formalized their commitment to fostering collaboration.
• The MOU paves the way for the establishment of a Universal Design Center for Reading in Dehradun, Uttarakhand.
• This centre will showcase the National Book Trust’s extensive collection of publications and learning materials in various accessible formats, including physical books, Braille books, e-books, and audiobooks.
• The collaboration aims to make reading materials more accessible to individuals with visual disabilities, ensuring equal opportunities for learning and education.
• The MOU was signed by Er. Manish Verma, Director (Offg), NIEPVD, and Shri Yuvraj Malik, Director, National Book Trust India, marking a commitment to empower persons with visual disabilities and advance accessibility to reading materials.
• The MOU was signed by Er. Manish Verma, Director (Offg), NIEPVD, and Shri Dipendra Manocha, President, DFI, solidify their commitment to enhancing accessibility to literature and educational resources for individuals with print disabilities across India.
• These strategic partnerships underscore NIEPVD’s dedication to breaking barriers and creating an inclusive environment for persons with disabilities, ensuring that no one is left behind in the pursuit of knowledge and education.

Key Highlights

• The National Institute for the Empowerment of Persons with Visual Disabilities (Divyangjan), Dehradun, is a premier organization working towards the empowerment of individuals with visual disabilities.
• Through innovative initiatives and partnerships, NIEPVD is committed to creating an inclusive society that ensures equal opportunities for all.
• The National Book Trust, an autonomous body under the Ministry of Education, Government of India, is dedicated to the promotion of books and the habit of reading.
• By collaborating with NIEPVD, NBT aims to make its diverse collection accessible to a wider audience, particularly individuals with visual disabilities.
• Daisy Forum of India is a leading organization advocating for accessible reading materials for persons with print disabilities.
• The collaboration with NIEPVD signifies a joint effort to expand the reach of accessible literature and educational resources.

Technology Development Board and Small Industries Development Bank of India forge strategic alliance to boost MSMEs through Technology-Focused Financing

• To bolster the Micro, Small, and Medium Enterprise (MSME) sector in India, the Technology Development Board (TDB) and the Small Industries Development Bank of India (SIDBI) have formalized a Memorandum of Understanding (MoU).
• Through this MoU, TDB and SIDBI have entered into a credit alliance, wherein TDB and SIDBI shall refer additional funding needs of companies they have previously funded to each other.
• With dedicated key contacts, both organizations will streamline coordination for seamless referral exchange.
• TDB and SIDBI will also provide financial support to eligible MSMEs, following their respective policy guidelines.

About TDB

• Technology Development Board is a statutory body constituted under the Technology Development Board Act, 1995.
• It aims to promote the development and commercialization of indigenous technology and the adaptation of imported technology for wider application.
• The board consists of 11 Board members.

About SIDBI

• Small Industries Development Bank of India (SIDBI) was established under an Act of Parliament in 1990.
• It is the Principal Financial Institution engaged in the promotion, financing & development of the Micro, Small and Medium Enterprises (MSMEs) sector and the coordination of the functions of the various institutions engaged in similar activities.

CURRENT AFFAIRS : OBITUARIES

Sankara Nethralaya founder Dr SS Badrinath passed away     

• Founder and Chairman Emeritus of Sankara Nethralaya, SS Badrinath, passed away at the age of 83.

About Dr SS Badrinath :

• SS Badrinath, born in Triplicane, a suburb of Chennai, Tamil Nadu, India.
• He was the founder of one of India’s biggest charitable eye hospitals, Sankara Nethralaya, in Chennai.
• Dr Badrinath founded the organisation in 1978, after completing his studies and research overseas.

Three key objectives of Sankara Nethralaya :

1. Quality eye care at affordable costs.
2. Teaching and training of ophthalmologists and paramedical personnel.
3. Research in vision sciences to address India-specific ophthalmological problems.

• He was considered a medical marvel who worked towards a noble cause – helping economically weaker sections of society seek free medical treatment.
• He was an elected fellow of the National Academy of Medical Sciences.
• He also served as a consultant in opthalmology to the Indian Armed Forces and was a non-official member of the Armed Forces Medical Research committee.

Awards & Honors :

• For providing charitable eyecare through decades, Dr SS Badrinath was awarded the Padma Shri in 1983 and the Padma Vibhushan in 1999.
• Annamalai and Tamilnadu Dr MGR Medical University also awarded him honorary doctorate degrees in 1995.

Daily CA One- Liner: November 24 

• The Reserve Bank of India (RBI) grants approval for Hinduja Group’s resolution plan for Reliance Capital (RCap), paving the way for the group’s takeover of RCap.
• Karnataka Bank has entered into a strategic corporate tie-up with HDFC Life to offer life insurance products to its customers.
• Investors in the inaugural tranche of sovereign gold bonds (SGBs), who have held onto their investments until maturity, are poised to receive significant returns as gold prices have more than doubled in the last 8 years.
• Shri Nitin Gadkari, the Union Minister of Road Transport and Highways of India, inaugurated the 8th Edition of the India Water Impact Summit (IWIS) at the Dr Ambedkar International Centre in New Delhi.
• REC Limited, a Maharatna CPSE under Ministry of Power, received the “Best Employer for Policies in Diversity & Inclusion” Award at the 4th Diversity & Inclusion Excellence Awards and Conclave organised by Assocham.
• Renowned comedian Vir Das won the 51st International Emmy Award for Comedy.
• In a significant move to enable micro, small and medium enterprises (MSMEs) and boost e-commerce exports from the country, the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India is collaborating with the various e-commerce players to leverage the Districts as Export Hubs initiative and promote e-commerce exports from the country. In first such collaboration with different e-commerce platforms, DGFT has signed a memorandum of understanding (MoU) with Amazon India.
• A Memorandum of Understanding between the Headquarters, Integrated Defence Staff and the Council of Scientific and Industrial Research (CSIR) was signed in New Delhi for technical collaboration and joint research and development in the field of Defence Technology.
• The Department of Social Justice & Empowerment signed a MoU with the International Society for Krishna Consciousness (ISKCON) for Nasha Mukt Bharat Abhiyaan (NMBA) in the presence of Union Minister of Social Justice & Empowerment Dr. Virender Kumar, senior officers of the Department and senior members of the ISKCON in New Delhi
• The National Institute for the Empowerment of Persons with Visual Disabilities (Divyangjan) took significant strides towards inclusivity through two groundbreaking Memoranda of Understanding (MOUs) signed
• To bolster the Micro, Small, and Medium Enterprise (MSME) sector in India, the Technology Development Board (TDB) and the Small Industries Development Bank of India (SIDBI) have formalized a Memorandum of Understanding (MoU).
• The Uttar Pradesh government has imposed a ban on halal-branded food items.
• From a local brick tea to textiles made from a Himalayan plant, over 15 products from Uttarakhand have been given the coveted GI tag by the Geographical Indications Registry.
• According to data from startup data platform Tracxn, Bengaluru (Karnataka) has the highest number (1,783) of women-led startups in India.
• Luc Frieden, the former finance minister of Luxembourg, has assumed the position of the new Prime Minister of the country.
• Senior Indian diplomat Surendra Adhana has been re-elected to serve on the Advisory Committee on Administrative and Budgetary Questions (ACABQ) at the UN for the term 2024-26.
• The formation of new enigmatic layer – E prime layer – at the outermost part of Earth’s core is a result of “surface water penetrating deep into the planet,” altering the composition of the metallic liquid core’s outermost region, a study by an international team of researchers, including those from Arizona State University (ASU)
• Founder and Chairman Emeritus of Sankara Nethralaya, SS Badrinath, passed away at the age of 83.