Daily Current Affairs September 30 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI asks banks to display information on borrowers linked to SARFAESI Act

• The Reserve Bank of India (RBI) has issued a directive requiring banks to publicly display information about borrowers who are linked to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.
• Banks are instructed to upload detailed information about these borrowers, including the branch name, state, borrower’s name and registered address, guarantor’s details (where applicable), outstanding loan amount, asset classification, and date of asset classification, among other data.
• Some bankers have expressed concerns about the task’s complexity, especially for uploading historical data dating back to 2002, within the 6-month deadline set by RBI.
• The directive applies to a range of financial institutions, including commercial banks, non-banking finance companies (NBFCs), housing finance companies, and asset reconstruction companies.
• RBI’s move is part of its broader efforts to enhance transparency in the financial sector.

Key Highlights :

• The SARFAESI Act empowers banks and financial institutions to auction commercial or residential properties to recover outstanding loans when borrowers fail to repay them.
• It enables banks to reduce their Non-Performing Assets (NPA) through recovery methods and reconstruction.
• Financial institutions are required to display the first list of such borrowers on their websites within 6 months from the date of the circular’s issuance.
• Subsequently, they must update this list on a monthly basis.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

RBI imposes monetary penalty on 3 co-operative banks – Saraswat Co-operative Bank, Bassein Catholic Co-operative Bank, Rajkot Nagarik Sahakari Bank

• The Reserve Bank of India (RBI) has imposed monetary penalties on 3 cooperative banks – Saraswat Co-operative Bank Limited, Bassein Catholic Co-operative Bank Limited, and Rajkot Nagarik Sahakari Bank Limited – due to deficiencies in regulatory compliance.

Penalty on Saraswat Co-operative Bank:

• Saraswat Co-operative Bank Limited, based in Mumbai, has been fined ₹23 lakh.
• The penalty was imposed for contravention of various provisions of the Banking Regulation Act, 1949 (BR Act), and RBI’s directions on ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested.’
• The bank renewed a credit facility to a borrower company while a director of the bank held the position of an independent director in the borrower company.

Penalty on Bassein Catholic Co-operative Bank:

• Bassein Catholic Co-operative Bank Ltd., located in Vasai, Maharashtra, received a monetary penalty of ₹25 lakh.
• This penalty was imposed for contravention of the provisions of Section 20 of the BR Act, along with Section 56, and RBI’s directions on ‘Exposure Norms and Statutory / Other Restrictions.‘
• The bank granted multiple unsecured loans to one of its directors and his proprietorship firm.

Penalty on Rajkot Nagarik Sahakari Bank:

• Rajkot Nagarik Sahakari Bank Ltd., situated in Rajkot, faced a monetary penalty of ₹13 lakh.
• This penalty was imposed for non-compliance with RBI’s directions on ‘Interest Rate on Deposits.’
• The bank failed to pay eligible interest on term deposits that matured on a Sunday/holiday or non-business working day and paid on the succeeding working days.
• Additionally, it didn’t pay eligible interest on matured unpaid term deposits for the period they remained unclaimed with the bank.

Objective of RBI Actions:

• The RBI’s actions were taken based on identified deficiencies in regulatory compliance and were not intended to determine the validity of any transactions or agreements entered into by the banks with their customers.

RBI imposes monetary penalty on State Bank of India, Indian Bank and Punjab & Sind Bank

• The Reserve Bank of India (RBI) has imposed monetary penalties on 3 banks viz, State Bank of India, Indian Bank and Punjab & Sind Bank in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

Penalty on SBI :

• The RBI imposed a monetary penalty of ₹1.30 Crore on State Bank of India (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’ and ‘Guidelines on Management of Intra-Group Transactions and Exposures’.
• In the statutory Inspection of the banks for FY21, it was found that they had sanctioned a term loan to a corporation without undertaking due diligence on the viability and bankability of the projects.
• SBI also violated norms on ‘Management of Intra-Group Transactions and Exposures’.

Penalty on Indian Bank :

• The RBI imposed a monetary penalty of ₹1.62 crore on Indian Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’, ‘Reserve Bank of India [Know Your Customer (KYC)] Directions, 2016’ and ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’.

Penalty on Punjab & Sind Bank :

• The RBI imposed a monetary penalty of ₹1.00 crore on Punjab & Sind Bank (the bank) for non-compliance with the provisions of sub-section (2) of Section 26A of the Banking Regulation Act, 1949 (BR Act) read with directions issued by RBI on ‘The Depositor Education and Awareness Fund Scheme, 2014-Section 26A of Banking Regulation Act, 1949-Operational Guidelines’.
• RBI also imposed a monetary penalty of Rs 8.80 lakh on Fedbank Financial Services, a non Non Banking Financial Company (NBFC) in Mumbai, Maharashtra for non compliance with certain provisions of the monitoring frauds in NBFCs (Reserve Bank) Directions, 2016.

Worldline Unveils India Digital Payments Report for the First Half of 2023

• Worldline, a global leader in payment services, has released its India Digital Payments Report for the first half of 2023 (January to June 2023), offering insights into significant trends in the digital payments landscape.
• The report highlights the continued success of the Unified Payments Interface (UPI) and expects it to maintain its dominance in the Indian digital payments space.

Key Highlights :

• The report reveals that the number of UPI transactions in January 2018 which was 151 million has reached 9.3 billion in June 2023, primarily driven by the growth in Person-to-Merchant (P2M) transactions.
• In January 2022, P2M transactions accounted for 40.3% of all UPI transactions compared to 57.5% in June 2023 and this percentage is likely expected to keep growing.
• The top 10 states and Union Territories with the highest number of transactions at physical touchpoints in 2022 for Worldline India were Maharashtra, Kerala, Tamil Nadu, Karnataka, Delhi, Telangana, Uttar Pradesh, Gujarat, Andhra Pradesh, and West Bengal.

Top UPI apps, Remitter and Beneficiary banks :

• 3 UPI apps are dominant in terms of volume and value; PhonePe, Google Pay, and
• In terms of transaction volume, in June 2023, the 3 apps accounted for 95.68% of all transactions compared to 94.55% a year before.
• In terms of transaction value, the 3 accounted for 93.65% in June 2023 compared to 93.38% in June 2022.
• PhonePe continues to dominate and remain a market leader for UPI transactions as its market share alone in terms of total value stood at 49.8% in June 2023.
• Google Pay retained its second position with 3,266.8 million transactions in June 2023, followed by Paytm with 1,197.3 million transactions.

Credit, Debit & Prepaid cards :

• The total number of cards in circulation has shown a modest growth over the last 18 months. In June 2023, the total number of cards was 1376 billion, a 9% YoY increase.
• In June 2023, the number of credit cards was 88.68 million, 975.8 million debit cards and 312.1 prepaid cards
• The top 5 issuers of credit cards are HDFC, SBI, ICICI, Axis and Kotak respectively and the top 5 issuers of debit cards are SBI, Bank of Baroda, Canara Bank, HDFC and Bank of India.

About Worldline :

• Headquarters : Bezons, France
• Chairman & CEO : Gilles Grapinet

HDFC Securities Launches All-In-One Discount Broking App ‘HDFC SKY’ Open to All Investors and Traders

• HDFC Securities Limited has introduced a discount broking all-in-one mobile app called “HDFC SKY.”
• The app is designed to cater to investors and traders of all experience levels, aiming to provide a seamless experience for individuals looking to participate in the financial markets and achieve their financial objectives.

About HDFC SKY :

• HDFC SKY adopts a simple and uniform pricing structure, with a flat rate of ₹20 for both intraday and delivery trades across various market segments.
• This straightforward pricing approach simplifies cost calculations for traders
• The app offers a Margin Trading Facility (MTF) with a rate set at 12%, which can be beneficial for traders looking to leverage their investments.
• HDFC SKY offers the advantage of zero account opening and maintenance charges for the first year.
• This can make it cost-effective for users.
• HDFC Sky, like several trading apps, is open to all investors and traders, unlike HDFC Securities which is only for HDFC Bank customers.

About HDFC Securities Limited :

• Established : 2000
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Dhiraj Relli
• HDFC Securities Limited is a subsidiary of India’s leading financial establishment, HDFC Bank.

RBI Sets Ways and Means Advances (WMA) Limit at ₹50,000 Crore for Government for H2 of FY 2023-24

• The Reserve Bank of India (RBI) has set the limit for Ways and Means Advances (WMA) for the government for the second half (Oct-Mar) of the financial year 2023-24 at ₹50,000 crore.
• The RBI initiates the issuance of market loans when the government utilises 75% of the WMA limit.
• This is done to maintain financial discipline.

Key Highlights :

• Interest Rates on WMA: The RBI charges the prevailing repo rate as interest on Ways and Means Advances.
• For overdrafts beyond the WMA limit, an interest rate of 2% above the repo rate is applied.
• Purpose of WMA: WMA serves as a special feature of the Indian economy, offering temporary advances by the RBI to both central and state governments to address any financial mismatches in their receipts and payments.

About WMA :

• It was introduced in 1997 and comes under Section 17(5) of the RBI Act of 1934.
• It was introduced to end the four-decade-old system of ad-hoc treasury bills to finance the central government deficit.
• It was designed to provide immediate cash support to the government when needed, helping to manage deficits and ensure smooth financial operations.
• The government is required to repay the amount within 90 days.

CURRENT AFFAIRS: NATIONAL NEWS

4th edition of Indo-Latin American Cultural Festival organised by ICCR begins in New Delhi

• The fourth edition of Indo-Latin American Cultural Festival organised by the Indian Council for Cultural Relations (ICCR) began in New Delhi.
• Total 34 artists from three countries – Colombia, Ecuador and Chile are participating in the two-day festival.
• ICCR President Vinay Sahasrabuddhe stated that the vibrant celebration of culture and art aims to showcase the rich cultural heritage of Latin America.
• He stated that the festival is bringing together key stakeholders from India and Latin America to deliberate on the prospects of cultural and educational collaborations.
• Akashvani correspondent reports that the Indo-Latin American Cultural Festival serves as a testament to the enduring cultural bonds between India and Latin America, fostering mutual understanding and appreciation of the rich traditions and artistic expressions from both regions.

PM Modi to launch week-long programme ‘Sankalp Saptaah’ for Aspirational Blocks

• Prime Minister Narendra Modi will launch a week-long programme for Aspirational Blocks in the country called Sankalp Saptaah in New Delhi.
• The inaugural programme will witness participation of about 3,000 panchayat and block level people’s representatives and functionaries from across the country in Bharat Mandapam.
• In addition, about 2 lakh people including block and panchayat level functionaries, farmers, and persons from other walks of life, will join the programme virtually.
• Sankalp Saptaah is linked to the effective implementation of Aspirational Blocks Programme ABP.
• The nationwide programme was launched by the Prime Minister on 7th January this year (2023) to improve governance at the block level and enhance the quality of life of citizens.
• It is being implemented in 500 Aspirational Blocks across 329 districts.
• For implementing the Aspirational Blocks Programme and to prepare an effective block development strategy, chintan shivirs were organised at village and block levels across the country.
• The Sankalp Saptaah is a culmination of the chintan shivirs.
• The themes for the first six days include Sampoorna Swasthya, Suposhit Pariwaar, Swachhta, Krishi, Shiksha, and Samridhi Diwas.
• The last day of the week 9th October will be a celebration of the work conducted during the entire week, as Sankalp Saptaah – Samavesh Samaroh.

28% GST rate on online gaming from October 1

• India is set to implement a 28 per cent Goods and Service Tax on online gaming from October 1, 2023.
• The announcement was made by Central Board of Indirect Taxes and Customs chairperson Sanjay Agarwal.
• The announcement comes nearly two months after the Lok Sabha had passed amendments to two GST laws with a voice vote.
• The amendments are related to the insertion of provision in the third schedule of CGST Act, 2017 to provide clarity on the taxation of supplies in the casinos, horse racing and online gaming.
• On the other hand, amendment in the IGST Act relates to inserting a provision to impose GST liability on online money gaming provided by offshore entities.
• Such entities would be required to get GST registration in India. The review of the GST on online gaming and casinos is likely to be taken in the next fiscal.
• The Centre has stated that these amendments will provide much-needed clarity regarding the taxation of supplies in casinos, horse racing, and online gaming.

CURRENT AFFAIRS : INTERNATIONAL NEWS

ICMR Study Reveals Indians Consume 8g of Salt Daily, Exceeding WHO Standards by 3%

• According to a study conducted by the Indian Council of Medical Research (ICMR), the average daily salt consumption among Indians is 8 grams, which exceeds the World Health Organization (WHO) standard by 3%.

Key Highlights :

• The study reveals that men tend to consume more salt, with an average of 8.9 grams per day.
• Employed individuals also have a relatively high salt intake, at 8.6 grams daily.
• Salt consumption is notably higher among individuals who are obese (9.2 grams) and those with high blood pressure (8.5 grams).
• In contrast, women’s average daily salt intake is 7.9 grams.
• The WHO recommends a daily salt intake of 5 grams for maintaining a healthy life.
• Reducing salt intake to this level can potentially lower high blood pressure by 25%.
• Excessive salt consumption is associated with an increased risk of hypertension or high blood pressure.
• This condition can lead to severe health issues such as heart attacks and strokes.
• Globally, a reduction in dietary sodium consumption by at least 1.2 grams per day could significantly decrease the number of individuals requiring treatment for hypertension, potentially reducing it by 50%.

About ICMR :

• Headquarters : New Delhi, Delhi, India
• Director General : Rajiv Bahl
• The ICMR, the apex body in India for the formulation, coordination and promotion of biomedical research, is one of the oldest and largest medical research bodies in the world.

About WHO :

• Established : 7 April 1948
• Headquarters : Geneva, Switzerland
• Director general : Tedros Adhanom Ghebreyesus
• The WHO is a specialised agency of the United Nations responsible for international public health.

SDG Summit 2023 Initiates Accelerated Progress Toward Sustainable Development Goals (SDGs) in New York

• The SDG Summit 2023 was a significant international event held in New York.
• The summit marked the beginning of a new phase focused on accelerating progress toward achieving the Sustainable Development Goals (SDGs).

Key Highlights :

• The President of the General Assembly convened the summit, underlining its importance on the global stage.
• The summit coincided with the halfway point in the timeline set for achieving the 2030 Agenda and the SDGs.
• In 2015, countries worldwide adopted the SDGs as part of the 2030 Agenda for Sustainable Development.
• The primary aim of the SDGs is to promote global prosperity, address inequalities, and protect the environment while pursuing sustainable development.
• There are a total of 17 Sustainable Development Goals, each addressing different aspects of global challenges, including poverty, inequality, climate change, and more.
• The SDGs are recognized as a practical and effective pathway for addressing various global issues, such as poverty reduction, prevention of violent conflicts, protection of human rights, combating climate change, and addressing environmental degradation.
• Currently, only 12% of the SDGs are considered to be on track for achievement.
• This indicates that global progress toward meeting the SDGs is falling short of the target, especially given that this assessment was made at the halfway mark to the year 2030.
• The Declaration includes a resolute commitment to financing for developing countries, endorsing the proposal for an annual SDG Stimulus of at least $500 billion, as well as an effective debt-relief mechanism.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Senior bureaucrat Piyush Goyal’s tenure as National Intelligence Grid chief extended

• The Centre has granted an extension to senior bureaucrat Piyush Goyal’s tenure as the Chief Executive Officer (CEO) of National Intelligence Grid (NATGRID).

About Piyush Goyal :

• Piyush Goyal is a 1994-batch Indian Administrative Service (IAS) officer belonging to the Nagaland cadre.
• He assumed the role of NATGRID CEO in August 2022.
• The Appointments Committee of the Cabinet (ACC) has approved extension in Goyal’s tenure as the CEO, NATGRID beyond March 25, 2024 for a period up to November 19, 2025.
• The government has also approved the extension of Sukriti Likhi’s tenure as Additional Secretary & Financial Adviser.
• She is a 1993-batch IAS officer from the Haryana cadre, and her tenure is extended until September 19, 2025.

About NATGRID :

• National Intelligence Grid (NATGRID) is an integrated intelligence master database structure for counter-terrorism purposes
• NATGRID was conceptualised and developed in the aftermath of the 2008 Mumbai attacks.
• It aims to enhance national security by enabling seamless information sharing and analysis among various intelligence and law enforcement agencies.

CURRENT AFFAIRS: AWARDS & HONORS

Nikhil Wagh, Public Relations Officer, Goa Shipyard Limited, was honored with the award

• Nikhil Mukund Wagh, Public Relations Officer of Goa Shipyard Limited, a company under the Ministry of Defence, Government of India, was honoured with the “Promising PR Person of the Year” award in New Delhi.
• The award was given at an event held by the Public Relations Council of India in Delhi.
• The award was given by the Chairman of the Parliamentary Standing Committee on Defense and MP Jual Oram and on this occasion former Secretary of Tourism Department Vinod Zutshi, Chief Guide of PRCI Jairam and National President of PRCI Geeta Shankar attended the event.
• Wagh was presented with the award in the presence of public relations, corporate communication and media professionals.

About Nikhil Mukund Wagh:

• Wagh, who is originally from Barshi.
• Graduated in Mass Communication from Babasaheb Ambedkar Marathwada University, Chhatrapati Sambhajinagar.
• After stints at Lokmat and ABP Mazha, he took over as PRO– Public Relations Officer of Goa Shipyard Limited (GSL) in 2011.
• Wagh, recognizing the steps of time, has brought Goa Shipyard on all social media platforms, thereby helping the work of Goa Shipyard to reach millions of people.

‘2018-Everyone is a Hero’ India’s official entry to Oscars 2024

• In a significant development for the Indian film industry, the Malayalam movie “2018 – Everyone is a Hero” has been selected as India’s official entry for the 96th Academy Awards, also known as the Oscars, set to take place in 2024.
• Directed by the talented filmmaker Jude Anthany Joseph, the movie “2018 – Everyone is a Hero” has garnered critical acclaim and box office success for its compelling storytelling, remarkable performances, and its thoughtful exploration of the events surrounding the severe 2018 Kerala floods that devastated the region.
• The film revolves around the lives of ordinary people and their heroism in the face of this calamity, emphasizing the idea that heroes can emerge from the most unexpected places.
• As the official entry from India, this film will compete to be in the nomination list for the Best International Feature Film category at the Oscars.
• It’s a tremendous honour for the Malayalam film industry and a testament to the exceptional cinematic talent found in the region.  

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

RBI Grants Approval for the Merger of Sahebrao Deshmukh Urban Co-operative Bank with Cosmos Co-operative Bank

• The Reserve Bank of India (RBI) has approved the Scheme of Amalgamation of The Sahebrao Deshmukh Co-operative Bank, which is located in Mumbai, Maharashtra, with The Cosmos Co-operative Bank Limited, based in Pune, Maharashtra.
• The approval for this amalgamation is granted by the RBI in accordance with its powers conferred under Sub-Section (4) of Section 44A of the Banking Regulation Act, 1949, and in conjunction with Section 56 of the same Act.
• As a result of the amalgamation, the branches of The Sahebrao Deshmukh Co-operative Bank Ltd will continue their operations, but they will now function as branches of The Cosmos Co-operative Bank Ltd.

OneWeb set to offer services in India soon as Eutelsat-OneWeb merger finalized                                                 

• Eutelsat Communications SA and OneWeb completed an all-share merger after getting approval from shareholders.
• This merger will create Eutelsat Group, with OneWeb now serving as a subsidiary and will operate commercially as Eutelsat OneWeb.
• Headquartered out of Paris, the merged entity will have Bharti Enterprises as its largest shareholder with a 21.2% share.
• The group has named Sunil Bharti Mittal as co-chair and Shravin Bharti Mittal as the director on the board of Eutelsat Group.
• Akhil Gupta will continue as a director on the board of OneWeb, now a 100% subsidiary of Eutelsat, with its centre of operations remaining in London.

CURRENT AFFAIRS: BUSINESS NEWS

TCS continues to be India’s most valuable brand, but combined value of top brands drops 4%

• Tata Consultancy Services(TCS) continues to be India’s most valuable brand at $43 billion, according to Kantar BrandZ Top 75 most valuable Indian brands report.
• TCS continues to successfully capitalise on global demand for digital transformation, despite a tough year for the business technology category in general, the data, insights and consulting company
• India’s top 75 brands have a combined brand value of $379 billion, a decline of 4 percent from 2022.
• TCS and Infosys recorded a drop of 6 percent and 17 percent, respectively in 2023.
• HDFC Bank, Infosys and Airtel also retained the top four spots, while State Bank of India (SBI) entered the list, Kantar stated in a report.
• He further stated that India’s GDP (gross domestic product) growth has been 7 percent CAGR (compound annual growth rate) over the last 10 years while brand value growth is 19 percent.
• The automotive category produced the top 75’s two fastest risers — TVS with a brand value of $1.90 billion and Mahindra at $2.01 billion.
• The category recorded the second highest category growth at 19 percent.
• TVS gained 59 percent in value and Mahindra grew its value by 48 percent.

CURRENT AFFAIRS: MOUs & AGREEMENTS

ONGC inks pact with NTPC Green for renewable energy projects

• State-owned Oil and Natural Gas Corporation (ONGC) has signed an initial agreement with NTPC Green Energy Ltd to explore setting up green hydrogen and offshore wind projects.
• The MoU was signed by ONGC executive director Debdulal Adhikari and NTPC Green Energy Ltd (NGEL) CEO Mohit Bhargava in the presence of ONGC chairman and CEO Arun Kumar Singh and NTPC chairman and managing director Gurdeep Singh.
• ONGC is India’s largest crude oil and natural gas producer while NGEL is a subsidiary of the country’s largest power utility NTPC.

About ONGC:

• The Oil and Natural Gas Corporation Limited (ONGC) is an Indian central public sector undertaking under the ownership of Ministry of Petroleum and Natural Gas, Government of India.
• The company is headquartered in New Delhi.
• ONGC was founded on 14 August 1956 by the Government of India.
• It is the largest government-owned-oil and gas explorer and producer in the country and produces around 70 percent of India’s domestic production of crude oil and around 84 percent of natural gas.
• In November 2010, the Government of India conferred the Maharatnastatus to ONGC.

About NTPC Green Energy Ltd:

• NTPC Green Energy Limited is an unlisted public company as a Government of India.
• Established: 07 April, 2022
• Headquarters: New Delhi
• CEO: Mohit Bhargava

ONGC inks crude oil pact with MRPL

• Oil and Natural Gas Corporation (ONGC) Ltd has inked the Crude Oil Sales Agreement (COSA) with Mangalore Refinery and Petrochemicals Ltd (MRPL) for the sale and purchase of crude oil.
• The current agreement between ONGC and MRPL will be applicable till March 31, 2024.
• A statement by MRPL stated that the agreement between the two group companies is expected to bring synergy and is expected to streamline the sale and purchase transactions of crude oil from ONGC’s fields in Mumbai
• Sanjay Kumar, Executive Director (Marketing) of ONGC, and Chandermani, Group General Manager (Impex and Shipping) of MRPL, signed the agreement on behalf of the two entities in Mangalore.
• Sanjay Varma, Managing Director of MRPL, Vivek Tongaonkar, Director (Finance), BHV Prasad, Executive Director (Projects), and Shyamprasad Kamath Executive Director (Refinery) were present.

About MRPL:

• Mangalore Refinery and Petrochemicals Limited (MRPL), is a division of Oil and Natural Gas Corporation (ONGC) which is under the ownership of the Ministry of Petroleum and Natural Gas of the Government of India.
• Established in 1988, the refinery is located at Katipalla, north from the centre of
• The refinery was established after displacing five villages, namely, Bala, Kalavar, Kuthetoor, Katipalla, and Adyapadi.

Brookfield to invest up to $845 million in joint venture with Axis Energy

• Brookfield Asset Management has entered into a joint venture with Hyderabad-based Axis Energy Ventures India to set up a renewable energy development platform, with the investment management company investing up to $845 million.
• The Indian firm will provide its existing pipeline of wind and solar power projects that are under various stages of development in the country.
• Brookfield would be making the investments through its Brookfield Global Transition Fund II (BGTF II).

Energy Services Provided:

• Under the partnership, the companies will jointly provide energy solutions to various industry participants including government entities, corporate customers and emerging industries, such as green hydrogen.

Objective of energy security:

• “We foresee strong growth in India on the back of the government’s target of 500 GW of renewable energy by 2030, and its stated objective of energy security. This demand will be increasingly fulfilled by scaled renewable assets, combining multiple technologies, such as solar, wind and storage,” stated Brookfield managing director Nawal Saini.
• Brookfield has more than 16 GW of wind and solar assets in operation or in the pipeline across India.
• This is Brookfield’s second joint venture with Axis Energy, and since 2019, Brookfield and Axis Energy have developed over 1.8 GW of solar and wind assets.

Brookfield with Axis in 2022:

• Earlier in 2022, Brookfield Renewable India commissioned its 1st greenfield solar project with a 445 MW capacity in Jodhpur, Rajasthan.
• This project was developed in partnership with Axis Energy.
• The companies had also signed a 25-year power purchase agreement pact with NTPCto sell electricity to Madhya Pradesh Power Management Company and Puducherry electricity department.

HP announces collaboration with Google to make Chromebook in India

• HP, a well-known brand for computers and printers, has teamed up with Google to make Chromebooks right here in India, supporting the ‘Make in India’
• These Chromebook devices will be created at the Flex Facility near Chennai, where HP has been making laptops and desktops since August 2020.
• This production of HP Chromebooks will begin on October 2, mainly focusing on providing affordable PCs for the education sector in India.
• Vickram Bedi, Senior Director-Personal Systems at HP India, expressed that making Chromebook laptops in India will make it easier for Indian students to get their hands on budget-friendly PCs.
• This move also aligns with the Indian government’s ‘Make in India’

About Chrome:

• According to the company, Chromebooks are widely used in education, benefiting over 50 million students and teachers worldwide.
• They run on ChromeOS, offering features for easy accessibility and robust security, which is especially important in educational settings.

About HP:

• Since December 2021, HP has been producing a variety of laptops in India, including HP EliteBooks, HP ProBooks, and HP G8 series notebooks.
• They’ve also expanded their lineup of locally made commercial desktops, offering different models to cater to various customer needs, including options with both Intel and AMD processors.
• This collaboration between HP and Google not only boosts the ‘Make in India’ initiative but also ensures that students in India have easier access to affordable and reliable PCs, which is crucial for their education in today’s digital age.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Taiwan launches the island’s first domestically made submarine Narwhal/Hai Kun for testing

• Taiwan’s President Tsai Ing-wen inaugurated the island’s first domestically manufactured submarine named “Hai Kun” during its testing phase at a port in Kaohsiung city, Taiwan.
• The submarine received its official name, “Hai Kun,” which is derived from a mythological fish of gigantic proportions known for its ability to transform into an equally enormous bird.
• The submarine’s English name is “Narwhal,” inspired by the narwhal, a single-tusked whale featured in National Geographic’s list of the world’s weirdest creatures.

About Hai Kun :

• The “Hai Kun” submarine is equipped with a combat system developed by Lockheed Martin, a renowned U.S. aerospace and defense company.
• It is armed with MK-48 Mod 6 AT heavy-duty torpedoes, which are currently in service with the U.S. Navy.
• The submarine boasts a top speed of 55 knots, equivalent to approximately 101 kilometres per hour.
• This speed is notably 60% faster than the German-made SUT torpedoes used by the existing Stegosaurus-class submarines in Taiwan’s service.
• It will only be handed over to the military after passing both its harbour and ocean-faring tests.
• Taiwan plans to build another submarine if successful, with both to be deployed by 2027

About Taiwan :

• President : Tsai Ing-wen
• Capital : Taipei
• Currency : New Taiwan dollar

CURRENT AFFAIRS: SPORTS NEWS

Swapnil-Aishwary-Akhil Trio Bags Asian Games Gold, Break World Record In Men’s 50m Rifle 3P Team

• The Indian shooting contingent continues to dominate at the ongoing Asian Games in Hangzhou as the men’s trio of Swapnil Kusal, Aishwary Pratap Singh Tomar and Akhil Sheoran clinched a gold medal at the 50 m rifle men’s 3P event.
• With a score of 1769 points, Team India secured the gold.
• The silver medal was won by China with 1763 points and the bronze medal went to South Korea with 1748 points.
• With their score, India also broke the world record of 1761 points held by the USA since last year. 

Asian Games: Nepal break T20I records; Yuvi’s fastest 50 record shattered

• Nepal’s Kushal Malla shattered multiple all-time batting records in T20Is as he scored a sensational century in the first match of Group A in the ongoing Asian Games men’s cricket competition against Mongolia on September 27.
• Malla’s ton saw him take down the long-standing record of Rohit Sharma.
• Malla only took 34 balls to reach the three-figure mark against Mongolia and became the fastest centurion in the T20I format shattering Rohit Sharma’s record of 35-ball 100 in T20Is.
• Meanwhile, his teammate Dipendra Singh Airee reached his half-century in just nine balls and broke Yuvraj Singh’s 12-ball 50 record.
• Nepal broke numerous records in the match against Mongolia as they secured a 273-run win.
• No team had scored a 300 before in T20I cricket and Nepal’s score of 314 is the highest in T20Is.
• The previous highest team score was set by Afghanistan when they racked up 278 against Ireland in Dehradun (2019).
• Malla is now the fastest centurion in the T20I format.
• He broke the record that was jointly held by Sudesh Wickramasekara of the Czech Republic, South Africa’s David Miller and Rohit Sharma of India.
• Sudesh, Miller and Rohit had reached the milestone in 35 balls respectively.
• Nepal’s victory over Mongolia by 273 runs is the largest margin of victory in T20I cricket.
• The previous highest was the Czech Republic’s staggering win over Panama in 2021.

Asian Games 2023 India’s Medal Tally: Complete list of medals won by India across sports

• The Indian contingent once again looks gritty to showcase a stellar performance in the 19th edition of the event which is currently going on in Hangzhou, China.
• Taking inspiration from such an astonishing show, the Indian athletes will again be gunning to win as many medals as possible and surpass the record that they established in Indonesia.
• Though it will be a daunting task, it is certainly possible as the Indian contingent in Hangzhou features some iconic and promising names.

Here is the complete list of medals and medal winners for India at the Hangzhou Asian Games:

CURRENT AFFAIRS : OBITUARIES

Actor Michael Gambon, Famous for Role as Dumbledore in ‘Harry Potter,’ Passed Away

• British-Irish actor Michael Gambon, renowned for his portrayal of the wizard Albus Dumbledore in the later “Harry Potter” movies, has passed away at the age of 82.

About Michael Gambon :

• Michael John Gambon was born on October 19, 1940, in the Cabra suburb of Dublin, Ireland.
• He began his acting career with Laurence Olivier as one of the original members of the Royal National Theatre.
• Gambon made his film debut in Othello (1965).
• Michael Gambon appeared in several notable films, including “The Cook, the Thief, His Wife & Her Lover” (1989), “The Wings of the Dove” (1997), “The Insider” (1999), “Gosford Park” (2001), “Amazing Grace” (2006), “The King’s Speech” (2010), “Quartet” (2012), and “Victoria & Abdul” (2017).
• He also had roles in Wes Anderson’s films “The Life Aquatic with Steve Zissou” (2004) and “Fantastic Mr. Fox” (2009).
• Gambon’s powerful voice and presence were highlighted in John Dexter’s staging of Bertolt Brecht’s “The Life of Galileo” at the National Theatre in 1980, which became a popular success.

Awards & Honors :

• Over his six-decade-long career, he received 3 Olivier Awards for A Chorus of Disapproval (1985), A View from the Bridge (1987), and Man of the Moment (1990), 2 Screen Actors Guild Awards, and 4 BAFTA Awards for The Singing Detective (1986), Wives and Daughters (1999), Longitude (2000), and Perfect Strangers (2001).
• He also received 2 Primetime Emmy Award nominations for Path to War (2002) and Emma (2009).
• In 2017, he received the Irish Film & Television Academy Lifetime Achievement Award.

Daily CA on Sep 30 :

• The Reserve Bank of India (RBI) has issued a directive requiring banks to publicly display information about borrowers who are linked to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.
• The Reserve Bank of India (RBI) has imposed monetary penalties on 3 cooperative banks – Saraswat Co-operative Bank Limited, Bassein Catholic Co-operative Bank Limited, and Rajkot Nagarik Sahakari Bank Limited – due to deficiencies in regulatory compliance.
• The Reserve Bank of India (RBI) has imposed monetary penalties on 3 banks viz, State Bank of India, Indian Bank and Punjab & Sind Bank in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
• Worldline, a global leader in payment services, has released its India Digital Payments Report for the first half of 2023 (January to June 2023), offering insights into significant trends in the digital payments landscape.
• HDFC Securities Limited has introduced a discount broking all-in-one mobile app called “HDFC SKY.”
• The Reserve Bank of India (RBI) has set the limit for Ways and Means Advances (WMA) for the government for the second half (Oct-Mar) of the financial year 2023-24 at ₹50,000 crore.
• According to a study conducted by the Indian Council of Medical Research (ICMR), the average daily salt consumption among Indians is 8 grams, which exceeds the World Health Organization (WHO) standard by 3%.
• The SDG Summit 2023 was a significant international event held in New York.
• The Centre has granted an extension to senior bureaucrat Piyush Goyal’s tenure as the Chief Executive Officer (CEO) of National Intelligence Grid (NATGRID).
• The Reserve Bank of India (RBI) has approved the Scheme of Amalgamation of The Sahebrao Deshmukh Co-operative Bank, which is located in Mumbai, Maharashtra, with The Cosmos Co-operative Bank Limited, based in Pune, Maharashtra.
• Taiwan’s President Tsai Ing-wen inaugurated the island’s first domestically manufactured submarine named “Hai Kun” during its testing phase at a port in Kaohsiung city, Taiwan.
• British-Irish actor Michael Gambon, renowned for his portrayal of the wizard Albus Dumbledore in the later “Harry Potter” movies, has passed away at the age of 82.
• State-owned Oil and Natural Gas Corporation (ONGC) has signed an initial agreement with NTPC Green Energy Ltd to explore setting up green hydrogen and offshore wind projects.
• Oil and Natural Gas Corporation (ONGC) Ltd has inked the Crude Oil Sales Agreement (COSA) with Mangalore Refinery and Petrochemicals Ltd (MRPL) for the sale and purchase of crude oil.
• Brookfield Asset Management has entered into a joint venture with Hyderabad-based Axis Energy Ventures India to set up a renewable energy development platform, with the investment management company investing up to $845 million.
• HP, a well-known brand for computers and printers, has teamed up with Google to make Chromebooks right here in India, supporting the ‘Make in India’
• Eutelsat Communications SA and OneWeb completed an all-share merger after getting approval from shareholders.

• Tata Consultancy Services(TCS) continues to be India’s most valuable brand at $43 billion, according to Kantar BrandZ Top 75 most valuable Indian brands report.
• The Indian shooting contingent continues to dominate at the ongoing Asian Games in Hangzhou as the men’s trio of Swapnil Kusal, Aishwary Pratap Singh Tomar and Akhil Sheoran clinched a gold medal at the 50 m rifle men’s 3P event.

• Nepal’s Kushal Malla shattered multiple all-time batting records in T20Is as he scored a sensational century in the first match of Group A in the ongoing Asian Games men’s cricket competition against Mongolia
• Nikhil Mukund Wagh, Public Relations Officer of Goa Shipyard Limited, a company under the Ministry of Defence, Government of India, was honored with the “Promising PR Person of the Year” award in New Delhi.
• In a significant development for the Indian film industry, the Malayalam movie “2018 – Everyone is a Hero” has been selected as India’s official entry for the 96th Academy Awards, also known as the Oscars, set to take place in 2024.
• The fourth edition of Indo-Latin America Cultural Festival organised by the Indian Council for Cultural Relations (ICCR) began in New Delhi.
• Prime Minister Narendra Modi will launch a week-long programme for Aspirational Blocks in the country called Sankalp Saptaah in New Delhi.
• India is set to implement a 28 per cent Goods and Service Tax on online gaming from October 1, 2023.

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