Daily Current Affairs November 08th 2024

 CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Updates Know Your Customer Norms to Comply with Anti-Money Laundering Regulations   

• The Reserve Bank of India (RBI) has announced amendments to the Master Directions on Know Your Customer (KYC) on November 6, 2024 and the amended provisions in the Master Direction shall come into force with immediate effect.
• According to the Amendment to the Master Direction – KYC Direction, 2016, regulated entities (REs) will have to apply the customer due diligence (CDD) procedure at the unique customer identification code (UCIC) level.

What is Digital KYC?

• Digital KYC” means the capturing live photo of the customer and officially valid document or the proof of possession of Aadhaar, where offline verification cannot be carried out, along with the latitude and longitude of the location where such live photo is being taken by an authorised officer of the RE as per the provisions contained in the Act.

Key Points on RBI’s Latest Amendments to KYC Rules:

• Alignment with PMLA and UAPA RulesThe amendments align with recent changes in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 and the Unlawful Activities (Prevention) Act (UAPA) instructions.
• Customer Acceptance Policy Single CDD Procedure: Customer Due Diligence (CDD) needs to be performed only once at the UCIC level.
• Existing KYC-compliant customers don’t require repeated CDD when opening new accounts or availing other products/services within the same Reporting Entity (RE).
• Enhanced Monitoring for High-Risk Accounts High-risk accounts must undergo intensified monitoring to mitigate associated risks.
• Central KYC Registry (CKYCR) Updates : CKYCR is an entity which receives, stores, safeguards and retrieves KYC records in the digital form of a customer.
• Mandatory KYC Record Uploading: REs must upload KYC data for all accounts to CKYCR during periodic updates or when new KYC information is received.
• Timely Updates to CKYCR: REs must update CKYCR within 7 days when obtaining additional KYC information, allowing other REs to access updated KYC records.
• Use of KYC Identifier: REs should retrieve the customer’s KYC record online using the KYC Identifier from CKYCR, avoiding repeated KYC document requests unless:
• Customer information has changed,
• Records are incomplete or outdated,
• Validity of documents has expired,
• Additional verification is required for risk profiling.
• Designation Change for UAPA Compliance (Annex II)The “Central Nodal Officer” for UAPA is re-designated from “Additional Secretary” to “Joint Secretary,” following the Government of India’s corrigendum.
• Terminology Change (Master Direction on KYC)Cross-references within the KYC Master Direction are now referred to as “paragraphs” instead of “sections” to standardize terminology.

IFC partners with Bajaj Finance to invest $400 million in climate finance initiatives   

• The International Finance Corporation (IFC), a part of the World Bank Group, will provide a $400 million loan to Bajaj Finance Limited (BFL).
• This investment is part of BFL’s $1 billion fundraising initiative aimed at climate finance expansion in India.

Key Highlights :

• Focus Areas of Investment:The funding is aimed at expanding access to financing for electric vehicles (EVs) across two-wheelers, three-wheelers, and four-wheelers.
• It also supports energy-efficient consumer goods (EECG) financing, which helps reduce energy consumption.
• Climate Finance Goals:The loan will help BFL increase its outstanding climate loans from $150 million in 2024 to $600 million by 2027, aiding India’s low carbon future and national climate targets.
• It aligns with India’s commitment to cut emissions intensity by 45% by 2030, especially as EECG is critical to reducing energy consumption and greenhouse gas emissions.
• Support for Financial Inclusion:The partnership also aims to empower women-owned micro-enterprises and support women micro-borrowers, contributing to gender equality and financial inclusion.
• Importance of EECG in India’s Energy Sector:With India being the third-largest energy consumer globally, there is a growing demand for efficient appliances and vehicles to curb future emissions.
• By 2050, the demand for air conditioners alone is projected to increase ninefold, making EECG adoption crucial.
• Challenges in EECG Awareness:Limited adoption of energy-efficient consumer goods due to low awareness; only 26% of goods needing mandatory star ratings are rated 4- or 5-star efficient.
• IFC’s Commitment to Climate Finance:IFC focuses on private sector development in emerging markets, having committed $56 billion in 2024 to private entities in developing countries.

About IFC :

• Formation : July 20, 1956
• Headquarters : Washington, D.C., United States
• Managing Director : Makhtar Diop
• The IFC is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries.

About Bajaj Finance Limited :

• Founded : 25 March 1987
• Headquarters : Pune, Maharashtra
• Chairman : Sanjiv Bajaj
• BFL is a deposit-taking Indian non-banking financial company.

Deutsche Bank invests ₹5,113 crore in its Indian operations  

• Deutsche Bank has infused an additional ₹5,113 crore into its Indian operations, marking its largest capital allocation to India in recent years.
• Purpose of Capital Infusion:The funds will be used to expand Deutsche Bank’s business lines in India, including corporate banking, investment banking, and private banking.

Key Highlights :

• Presence in India:Deutsche Bank has been operating in India for 45 years with 17 branches across the country.
• Its balance sheet size in India was reported at ₹1.45 lakh crore as of March 31, 2024, making it one of the largest foreign banks in India.
• Capital Increase:This capital infusion represents a 33% increase in Deutsche Bank India’s capital buffer over 2023 levels, bringing its regulatory capital to nearly ₹30,000 crore.
• The bank’s capital has tripled in the last decade in India, underscoring a strong commitment to the Indian market.
• Strategic Focus Areas:Deutsche Bank views India as a priority for global investment, with key focus areas including digital transformation, sustainable finance, technology, and infrastructure development.
• CEO, Deutsche Bank Group, India : Kaushik Shaparia

About Deutsche Bank :

• Founded : 10 March 1870
• Headquarters : Frankfurt, Germany
• CEO : Christian Sewing

India and Asian Development Bank Sign $200 Million Loan for Urban Infrastructure Development in Uttarakhand 

• The Government of India (GoI) and the Asian Development Bank (ADB) signed a $200 million loan to upgrade water supply, sanitation, urban mobility, and other urban services in Uttarakhand.
• The signatories to the loan agreement for the Uttarakhand Livability Improvement Project were Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance, for the Government of India, and Ms. Mio Oka, Country Director of India Resident Mission, for ADB.
• Objective of the Project:To align with the Government of India’s urban development agenda and the Government of Uttarakhand’s initiatives for improving urban services.
• Aimed at enhancing livability and sustainability in cities while building climate-resilient urban infrastructure.

Key Highlights :

• Focus Areas:Climate Resilient Infrastructure: Focus on making urban infrastructure resilient to climate and environmental risks like floods and landslides.
• Urban Services Improvement: Development in transportation, drainage, flood management, and public services.
• Water Supply Systems: Enhancing climate-resilient water supply delivery in four cities: Champawat, Kichha, Kotdwar, and Vikasnagar.

Key Developments in Haldwani:

• Development of 16 km of climate-resilient roads.
• Establishment of an intelligent traffic management system.
• Deployment of compressed natural gas (CNG) buses and pilot electric buses.
• Construction of 36 km of stormwater and roadside drains to improve flood management.
• Development of an early warning system.
• Creation of a green-certified administrative complex and bus terminal.
• Water and Sanitation Infrastructure:Construction of 1,024 km of climate-resilient pipelines with smart water meters.
• Construction of 26 tubewells, new reservoirs, and a 3.5 million-litre-per-day water treatment plant.
• Expansion of sanitation coverage in Vikasnagar to benefit 2,000 households through sewage treatment facilities.
• Women Empowerment Initiatives:Livelihood skills training for women in bus driving, ticketing, and operation of electric charging stations.
• Capacity building for women in managing water supply and sanitation services, particularly from vulnerable households.
• Cofinancing : The European Investment Bank is co financing the project with $191 million.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

Securities and Exchange Board of India Proposes ₹1 Crore Minimum Investment and Mandatory Demat Format for Securitized Debt Instruments   

• Market regulator Securities and Exchange Board of India (SEBI) has proposed new regulations that include a minimum investment threshold of Rs 1 crore for participants engaged in securitisation activities.
• This initiative, targeting both RBI-regulated originators and unregulated entities, seeks to streamline investment processes and protect investor interests.

Key Highlights :

• Investor Limit:The proposal also introduced limitations on the number of investors in private placements, allowing securitized debt instruments (SDIs) issued privately to be offered to a maximum of 200 investors.
• If this limit is exceeded, the issuance must be classified as a public issue.

What are securitized debt instruments?

• SDIs are financial products created by pooling together various types of debt — such as loans, mortgages, or receivables — and then selling them as securities to investors.
• This process, known as securitisation, allows the originator (such as a bank) to convert illiquid assets into liquid ones, providing an alternative source of funding.
• The current framework is based on Sebi’s 2008 regulations, with updates from the Reserve Bank of India’s (RBI) 2021 directions on securitising standard assets.
• Public Offer Regulations:Offer Duration: Public offers for SDIs should be open for a minimum of 3 days and a maximum of 10 days.
• Advertising: Must follow SEBI’s non-convertible securities regulations for transparency.
• Mandatory Dematerialization: All SDIs must be issued and transferred in dematerialized form to enhance transparency, reduce fraud risk, and streamline the settlement process.
• Risk Retention Requirement: Originators must retain a minimum of 10% risk exposure in the securitized pool (5% for receivables with a maturity of up to 24 months), aligning their interests with investors.
• Minimum Holding Period: SEBI proposes a minimum holding period for underlying receivables, ensuring originators maintain an interest in securitized assets for a set time.
• Optional Clean-Up Call: Originators can repurchase up to 10% of the original value of securitized assets, allowing them flexibility in managing the asset pool’s longevity.
• Liquidity Facilities: Originators or third parties must provide liquidity facilities to cover cash flow mismatches, ensuring timely payments to investors.
• Permissible Underlying Assets: Updated definition limits eligible assets to listed debt securities, accepted trade receivables, rental incomes, and equipment leases. Single-asset securitization is not allowed to promote diversification.
• Minimum Track Record:Originators: Must have at least three years of operational experience.
• Obligors: For trade receivables, obligors must show at least two cycles of successful, default-free payments.

About SEBI :

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

CURRENT AFFAIRS: NATIONAL NEWS

CCEA Approves ₹10,700 Crore Equity Infusion for FCI and Launches PM Vidyalaxmi Education Loan Scheme

• The Cabinet Committee on Economic Affairs (CCEA) has approved an equity infusion of ₹10,700 crore for the Food Corporation of India (FCI) to support food grain procurement and bolster financial stability amid rising costs.
• This funding will address working capital needs for the fiscal year, allowing FCI to manage the increasing stock volume and Minimum Support Price (MSP)
• Minister Ashwini Vaishnaw emphasized the government’s commitment to farmer welfare and agricultural resilience.
• FCI’s Capital Expansion:
  • Established in 1964, FCI’s capital needs have grown significantly, with its authorized capital increased from ₹11,000 crore to ₹21,000 crore in February 2023.
  • FCI’s stock value has consistently averaged around ₹80,000 crore, reaching ₹98,230 crore at the end of FY24, highlighting the need for this capital boost to reduce short-term borrowing dependency and ease subsidy pressures.

PM Vidyalaxmi Scheme: Collateral-Free Education Loans for Middle and Lower-Income Families

• The PM Vidyalaxmi scheme was introduced to provide collateral-free education loans up to ₹10 lakh for students from middle- and lower-income families.
• Aligned with the National Education Policy (NEP) 2020, this scheme aims to increase access to higher education by covering tuition and other course-related expenses for students admitted to top-ranking institutions.

PM Vidyalaxmi Scheme: New Central Initiative for Accessible Higher Education Loans

• The Union Cabinet approved the PM Vidyalaxmi scheme, chaired by Prime Minister Narendra Modi, to financially support meritorious students for pursuing higher education.
• Aligned with the National Education Policy (NEP) 2020, this scheme aims to remove financial barriers for students admitted to Quality Higher Education Institutions (QHEIs).

1. Eligibility and Loan Benefits:
   • Collateral-Free Loans: Students admitted to top-ranking higher education institutions can access collateral-free, guarantor-free loans covering tuition and course-related expenses.
   • Eligible Institutions: The scheme covers 860 QHEIs, including top 100 in NIRF rankings, state institutions ranked 101-200, and all central government institutions. Over 2.2 million students could benefit.
   • Credit Guarantee: For loans up to ₹7.5 lakhs, there is a 75% credit guarantee on outstanding defaults, encouraging banks to facilitate education loans.
2. Interest Subvention for Middle- and Low-Income Families:
   • For families with annual income up to ₹8 lakhs, students are eligible for a 3% interest subvention on loans up to ₹10 lakhs during the moratorium period.
   • Priority will be given to students from government institutions pursuing technical/professional courses.
   • Budget Outlay: ₹3,600 crore allocated for FY 2024-2031, expecting to benefit 700,000 students over this period.
3. Application and Disbursement:
   • A unified digital portal, “PM-Vidyalaxmi,” will streamline the application process for loans and interest subvention.
   • E-voucher and CBDC (Central Bank Digital Currency) wallets will be used for secure and efficient disbursement of interest subvention.
4. Supporting Schemes:
   • PM Vidyalaxmi complements existing schemes like the Central Sector Interest Subsidy (CSIS) and Credit Guarantee Fund Scheme for Education Loans (CGFSEL) under PM-USP.
   • PM-USP CSIS offers full interest subvention for education loans up to ₹10 lakhs for students with family incomes below ₹4.5 lakhs pursuing approved technical/professional courses.

Launch of Digital Life Certificate (DLC) Campaign 3.0 for Pensioners’ Digital Empowerment

• Jitendra Singh, Minister of State for Personnel, launched the Nationwide Digital Life Certificate (DLC) Campaign 3.0 to empower pensioners digitally.
• This campaign aligns with Prime Minister Modi’s vision for a “Nation First, Citizen First” approach to pensioners’ welfare.
• The campaign will operate from November 1-30, 2024, covering 800 cities and towns across India. Pensioners of Central and State Governments, EPFO, and Autonomous Bodies can submit their DLCs at designated locations.
• Key Features and Services:
  • Doorstep Services for Super Seniors: Pensioners over 80 years old can submit their certificates from home, with services provided by Gramin Dak Sewaks (GDS) and IPPB.
  • Collaborative Implementation: Major banks like SBI, PNB, CGDA, IPPB, and UIDAI will coordinate for smooth, accessible service delivery.
  • Large-Scale DLC Camps: Over 1900 DLC camps will be organized in 800 cities with 1.8 lakh GDS supporting IPPB in 785 cities and DLC camps run by Pension Disbursing Banks in 157 locations.
• Progressive Growth in DLC Campaigns:
  • DLC 1.0 (2022) began in 37 cities.
  • DLC 2.0 (2023) scaled up to 597 locations in 100 cities, generating 1.47 crore DLCs, including 25.41 lakh through Face Authentication and 30,500 for pensioners aged 90+.
  • DLC 3.0 is the largest campaign to date, with the Department of Pension & Pensioners’ Welfare (DPPW) spearheading an expansive media outreach and training programs.
• Event Attendance:
  • Shri V. Srinivas, Secretary DPPW, attended the launch; Shri Dhrubajyoti Sengupta, Joint Secretary DPPW; Devika Raghuvanshi, CGDA; Shri Sanjay Sharan, DG India Post; and Smt. Shalini Kacker, CGM SBI, among senior officials from Pension Disbursing Banks, IPPB, and UIDAI.

Shilp Samagam Mela 2024’ – Empowering Marginalized Artisans and Celebrating India’s Cultural Heritage

• ‘Shilp Samagam Mela 2024’ was inaugurated at Dilli Haat, New Delhi, aiming to empower marginalized artisans by offering them a platform to sell their crafts and products.
• The event focuses on economic inclusion and the promotion of cultural heritage.
• Inauguration Ceremony:
  • The Union Minister Dr. Virendra Kumar (Social Justice and Empowerment) officially opened the fair.
  • Shri B.L. Verma, Union Minister of State for SJE, along with other senior ministry officials, attended the inauguration.
• Launch of ‘TULIP’ – Traditional Artisans’ Upliftment Livelihood Programme:
  • TULIP aims to support artisans from marginalized communities such as Scheduled Castes (SC), Other Backward Classes (OBC), sanitation workers, and persons with disabilities.
  • This program offers an e-platform for artisans to sell their products globally, leveraging e-marketing to increase their exposure.
• Digital Initiatives:
  • PM-SURAKSHA Portal: Provides subsidized loan schemes for target groups.
  • PM-DAKSH Portal: Focuses on skill development training for marginalized communities.
  • Financial Schemes:
    1. Vishwas Yojana: Provides financial assistance to SC, BC, and sanitation worker communities.
    2. Namaste Yojana: Aims at financial protection and welfare support for sanitation workers.
  • Rang Paridhan Program:
    • This initiative showcases artisan-crafted uniforms, celebrating India’s cultural heritage.
    • Government corporations will adopt these handmade uniforms for their personnel.
  • Impact of Schemes:
    • Loan Assistance: Nearly 6 million beneficiaries and their families have accessed financial support.
    • Skill Training: Over 614,000 young individuals have benefited from skill development programs.
    • The overarching goal is to economically empower marginalized communities and integrate them into the mainstream economy.
  • Fair Details:
    • Dates: The mela runs from 5th to 15th November.
    • Stalls and Participants:
      1. 105 stalls from 16 states showcase a variety of traditional crafts, including metalwork, wooden artifacts, cane and bamboo products, pottery, handloom, jewelry, leather goods, and textiles.
    • Cultural Programs: Each evening, colorful cultural performances celebrate India’s diverse traditions and artistic expressions.

CURRENT AFFAIRS : STATE NEWS

12th Edition of North East Festival to be Held in Delhi                  

• The 12th edition of the North East Festival will take place from November 15-17, 2024 at the MDC National Stadium, India Gate, New Delhi.

Key Highlights :

• Cultural Participation:Over 200 communities from eight North-Eastern States of India will showcase their unique cultural traits, traditions, and crafts.
• Evolution of the Festival:Initially a cultural showcase, the festival has evolved into a platform for unity, mutual appreciation, shared experiences, and has grown to become one of Delhi’s major tourism festivals.
• Focus Areas:The festival highlights the artistic, culinary, and entrepreneurial diversity of the Northeast, focusing on heritage, talent, and innovation.
• A large number of MSME stalls will feature unique products such as farm produce, handloom, and handicrafts from the Northeast.
• Musical Performances:The NEF Music Stage will host top bands and artists from both the Northeast and Delhi.
• Folk performances from Northeast artists will showcase traditional dances.
• Support and Organization:The festival is organised by Socio-Cultural Trust Trend MMS with support from the Ministry of DoNER, Delhi Police, and various state governments.
• It aims to promote tourism, business, and creativity while fostering a better understanding of the Northeast.

About Delhi :

• Governor : Vinai Kumar Saxena
• Chief Minister : Atishi Marlena Singh

First Phase of Barda Wildlife Sanctuary and Jungle Safari Inaugurated in Gujarat

• The first phase of the Barda Wildlife Sanctuary and Barda Jungle Safari will be inaugurated at the Kapurdi check post in Devbhoomi Dwarka, Gujarat.
• This initiative aims to reduce the pressure on the nearby Sasan Gir National Park.
• Promoting Wildlife Tourism: The development of the sanctuary is intended to boost wildlife tourism in Gujarat, creating a new attraction for nature enthusiasts and tourists.
• Area and Scope: The sanctuary spans approximately 192 square kilometres of the Barda region, covering both high and low hills. This area has been designated as a wildlife sanctuary for protection and tourism.
• Picturesque Location: The Barda Jungle Safari includes some of the most scenic areas within the Bhanvad-Ranavav and Barda Wildlife Sanctuary regions.
• Flora: The sanctuary is home to 368 species of plants, with the majority (54%) being shrubs.

About Gujarat

• Capital: Gandhinagar
• Chief minister: Bhupendrabhai Patel
• Governor: Acharya Devvrat
• NP: Gir National Park, Marine National Park, Velavadar National Park
• Wildlife Sanctuary : Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga Wildlife Sanctuary

Supreme Court Sets New Guidelines to End Child Marriages in Rajasthan by 2030  

• The Supreme Court has issued guidelines aimed at the complete elimination of child marriages in India.
• The focus is on accountability of local panchayats, school authorities, and child protection officers for any child marriage that occurs under their jurisdiction.
• The Court emphasized the need for a prevention, protection, and prosecution model in enforcing the Prohibition of Child Marriage Act, 2006.

Key Highlights :

• National Family Health Survey-5 (NFHS-5) Data:4% of women aged between 20-24 years in Rajasthan were married before the age of 18, highlighting the prevalence of child marriage in the state.
• Just Rights for Children Alliance (JRCA) Efforts:JRCA, a civil society group, has pledged to intensify efforts on the ground to eliminate child marriages by 2030.
• The organization is working closely with village authorities to spread awareness and prevent child marriages.
• JRCA is a partner in the Child Marriage Free India campaign, which played a significant role in the case that led to the Supreme Court’s guidelines.
• Supreme Court’s Verdict on the Prohibition of Child Marriage Act, 2006:The Court ruled that personal laws cannot override the Prohibition of Child Marriage Act, 2006, asserting that marriages involving children violate the free will to choose a life partner.
• Rajasthan High Court’s Observations:The Rajasthan High Court in May 2024, under the Rajasthan Panchayati Raj Rules, 1996, held that sarpanches (village heads) are responsible for preventing child marriages in their villages.

About Rajasthan :

• Governor: Haribhau Kisanrao Bagade
• Chief Minister : Bhajan Lal Sharma
• Capital: Jaipur
• National Park: Keoladeo National Park, Ranthambore National Park

Wildlife Sanctuary: Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Starlink Agrees to Security and Data Requirements for Indian Satellite Broadband License

• Starlink, Elon Musk’s satellite broadband company, has agreed in principle to meet specific security and data storage conditions set by the Indian government as part of the licensing criteria.
• These requirements include storing all data within India and demonstrating data interception capabilities for intelligence agencies if necessary.
• Starlink is expected to formally submit its agreement to the Department of Telecommunications (DoT).
• Spectrum Allocation Consultation:
  • The Telecom Regulatory Authority of India (TRAI) is conducting consultations to finalize the approach for spectrum allocation and pricing for satellite services, with recommendations anticipated by the end of December.
  • Bharti’s Eutelsat OneWeb and Jio-SES already hold Satcom licenses and are awaiting spectrum allotment.
• Industry Concerns and Competition:
  • Telecom operators have raised concerns about competition from satellite providers, like Starlink, potentially impacting urban market share.
  • The Cellular Operators Association of India (COAI) has advocated for differentiated pricing strategies to maintain a level-playing field between terrestrial networks and satellite services.
• Spectrum Pricing Debate:
  • Jio has urged for an auction-based approach for satellite spectrum to ensure fair competition with telecom operators, highlighting concerns through a legal opinion from former Supreme Court judge Justice L Nageshwara Rao.
  • Global satcom players, including Starlink and Amazon’s Kuiper, advocate for no minimum charge on satellite spectrum and suggest levies below 1% of adjusted gross revenue (AGR) to keep satellite services affordable.
• Starlink’s Recommendations:
  • In its comments to TRAI, Starlink emphasized the need for affordable, reliable, and universally accessible satellite broadband. It suggested fair and predictable conditions for satellite operators to foster a favourable environment.

CURRENT AFFAIRS: AWARDS AND HONOURS

Union Minister Nitin Gadkari Receives YouTube’s ‘Golden Button’ Award

• Union Minister Nitin Gadkari received YouTube’s Golden Button Award, which acknowledges the popularity of his content on the platform.
• The award was presented by Ajay Vidyasagar, Regional Director of YouTube at Google Asia Pacific.
• Minister’s Response:
  • Gadkari expressed gratitude, calling the award a “symbol of people’s trust and support” and thanked YouTube for recognizing the public’s appreciation.
  • Sharing the news on social media platform X, Gadkari posted:
• Content Highlights:
  • Gadkari’s channel features videos of inaugural ceremonies, updates on new roadways and expressways, and speeches delivered at various organizations.
  • In 2021, he shared a personal video titled “Things to know about Nitin Gadkari,” describing himself as a “visionary leader with an impressive track record.” This video remains pinned on his channel.

Anil Pradhan Wins Third Rohini Nayyar Award for His Contributions to Rural STEM Education

• Anil Pradhan, an engineer and educationist from Odisha, has been honoured with the third Rohini Nayyar Prize for his outstanding contributions to rural development through STEM education.
• Pradhan co-founded the Young Tinker Foundation, a non-profit organization focused on hands-on STEM (science, technology, engineering, and mathematics) education in underserved areas, winning a cash prize of ₹10 lakh along with a citation and trophy.

Key Highlights:

• Award Background:
  • Rohini Nayyar Prize: Established in 2022 by the Nayyar Foundation for Social and Economic Purpose, in memory of Dr. Rohini Nayyar, an esteemed economist and IAS officer. The prize is awarded to individuals under 40 years of age who have significantly contributed to rural development.
  • Dr. Rohini Nayyar: A Padma Shri recipient, Nayyar served in the UP IAS cadre and worked with the Planning Commission of India from 1987 to 2005, leaving a legacy in social and economic policymaking for rural upliftment.
• Anil Pradhan’s Contributions:
  • Young Tinker Foundation: Pradhan’s organization runs ‘Tinker Spaces’, interactive learning labs for students to engage in STEM innovation through access to tools and materials that foster creativity.
  • Tinker-on-Wheels: To expand the reach of these STEM labs, Pradhan introduced mobile learning labs equipped with tools for robotics, 3D printing, and more. This initiative brings STEM education directly to students in rural areas, reducing geographical barriers.
  • Regional Impact: Originally based in Odisha, the Young Tinker Foundation has expanded to Telangana and Tamil Nadu, impacting a broader network of rural students.
• Award Ceremony:
  • Presented by: The award was conferred by Dr. R A Mashelkar, a distinguished scientist and former Director General of CSIR, highlighting Pradhan’s role in advancing STEM education as a tool for rural development.

The 55th International Film Festival of India (IFFI) – A Global Celebration of Cinema

• The 55th edition of the International Film Festival of India (IFFI) is set to open in Panaji, Goa, transforming the coastal city into a hub of global cinematic culture.
• The festival is an important platform for promoting diverse films, creating a bridge for filmmakers and audiences from all around the world to experience the power of cinema.
• IFFI not only showcases films but also provides networking opportunities, industry workshops, and an inclusive environment for global film culture.
• A Diverse Lineup of Films:
  • 16 curated segments will feature films from across the globe, including national and international premieres.
  • The International Cinema section will present the year’s best international films, selected by esteemed industry experts.
  • The Indian Panorama will feature 25 Feature Films and 20 Non-Feature Films, showcasing contemporary Indian filmmaking, including the opening film Swatantrya Veer Savarkar (Hindi).
  • Non-Feature Films will open with Ghar Jaisa Kuch (Ladakhi), directed by Harsh Sangani.
• New Award Category: Best Debut Director of Indian Feature Film:
  • A new award category has been introduced for debut directors in Indian cinema, showcasing films from regional voices that highlight India’s cultural diversity. Films like Boong (Manipuri) and Thanupp (Malayalam) will be featured.
• Centenary Tributes to Cinema Legends:
  • IFFI 2024 will honor Raj Kapoor, Tapan Sinha, Akkineni Nageswara Rao (ANR), and Mohammed Rafi, celebrating their contributions with restored classic films and special tributes during the opening ceremony.
• Australia as the Country of Focus:
  • Australia will be the Country of Focus, showcasing seven Australian films across genres like drama, documentary, thriller, and comedy, with a focus on indigenous and modern stories.
• Workshops, Masterclasses, and Networking:
  • Beyond screenings, IFFI will host workshops, masterclasses, and panel discussions. The IFFI Red Carpet event will celebrate the glamour of cinema, featuring renowned filmmakers and actors.
  • Events like Creative Minds of Tomorrow, Film Bazaar, and Cine Mela will offer emerging talent a chance to interact with industry professionals.
• Commitment to Accessibility and Inclusivity:
  • IFFI 2024 emphasizes accessibility for all by providing ramps, tactile pathways, braille signage, and other features to ensure a barrier-free experience for people with disabilities (Divyangjan).
• A Legacy of Cultural Exchange:
  • IFFI, founded in 1952, has grown into one of Asia’s premier film festivals, celebrating cinematic diversity and earning global recognition. Since 2004, Goa has been its permanent home, and it has gained accreditation from the International Federation of Film Producers’ Associations (FIAPF).

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Conducts MAHASAGAR Exercise on Maritime Security Training   

• The Indian Navy organised the third edition of MAHASAGAR, a virtual high-level interaction that brought together prominent maritime leaders from the Indian Ocean Region (IOR).
• Admiral Dinesh Kumar Tripathi led the discussions, engaging with representatives from countries including Bangladesh, the Maldives, and Kenya.

What is MAHASAGAR?

• MAHASAGAR translates to “vast ocean” in Hindi.
• It is the Indian Navy’s flagship initiative aimed at fostering dialogue among maritime heads in the IOR.
• The program promotes Active Security and Growth for All in the region.
• Launch and Frequency:MAHASAGAR was launched in 2023.
• It is conducted bi-annually and has gained growing participation from various nations.
• Theme of the Third Edition (2024):The theme for this edition was “Training Cooperation to Mitigate Common Maritime Security Challenges in IOR.”
• Focus on collaborative training to address shared maritime security issues like piracy, smuggling, etc.
• Participating Nations:The interaction involved representatives from IOR littoral states such as:Bangladesh, Comoros, Kenya, Madagascar, Maldives, Mauritius, Mozambique, Seychelles, Sri Lanka, and Tanzania.

Key Points from MAHASAGAR Meeting (2024):

Focus Areas of Discussion:

• Quality of Training:Emphasis was placed on enhancing the quality of training programs for naval forces to ensure operational excellence.
• Collaboration Opportunities:Countries discussed opportunities for joint training exercises and resource-sharing to improve operational synergy.
• Capacity Building:Highlighted the development of skilled manpower for effective maritime security operations across the region.
• Addressing Maritime Security Challenges:Focused on specific maritime security issues, including piracy and illegal fishing, and the need for joint efforts to tackle these threats.

About Indian Navy :

• Chief of the Naval Staff : Admiral Dinesh K Tripathi
• Vice Chief of the Naval Staff : Vice Admiral Krishna Swaminathan

CURRENT AFFAIRS : OBITUARIES

Chairman of Prime Minister Narendra Modi’s Economic Advisory Council, Bibek Debroy Passed away  

• Economist and Sanskrit scholar Bibek Debroy, Chairman of the Prime Minister’s Economic Advisory Council, passed away at the age of 69 in AIIMS, Delhi,

About Bibek Debroy :

• Debroy was appointed Chairman of the Prime Minister’s Economic Advisory Council (PM-EAC) on September 25, 2017.
• He was a full-time Member of NITI Aayog from 2015 to June 2019.
• As PM-EAC Chairman, Debroy effectively managed the council and attracted talent from independent think tanks and the private sector.
• The PM-EAC met with the Prime Minister at least once a year to discuss crucial economic issues.
• Contributions to Public Policy and Research:Debroy’s research focused on legal reforms, manufacturing competitiveness, Indian Railways, income and social inequality, and infrastructure financing.
• He worked to make ancient Indian texts like the Ramayana, Mahabharata, the Vedas, and Upanishads more accessible to the youth.
• He had a distinguished career in policy research across various institutions, including the Rajiv Gandhi Institute for Contemporary Studies, National Council of Applied Economic Research, and Centre for Policy Research.
• Academic Background and Career Milestones:
• Debroy worked at Presidency College, Kolkata (1979-83), Gokhale Institute of Politics and Economics, Pune (1983-87), and Indian Institute of Foreign Trade, Delhi (1987-93).
• He later worked on a Ministry of Finance/UNDP project on legal reforms (1993-98).
• His tenure at PHD Chamber of Commerce and Industry (2005-06) and Centre for Policy Research (2007-15) helped shape his reputation as a prominent economist.
• Other Notable Events:Debroy resigned as Chancellor of Gokhale Institute of Politics and Economics (GIPE) in September 2024 following a legal development regarding the Vice Chancellor’s position.

Awards and Recognition:

• Padma Shri award in 2015 for his contribution to the field of economics and public policy.
• Lifetime Achievement Award by the US-India Business Summit in 2016.

CURRENT AFFAIRS: SPORTS NEWS

ICC Test Rankings: Rishabh Pant, Daryl Mitchell, and Will Young Make Significant Gains

• India wicketkeeper Rishabh Pant and New Zealand all-rounder Daryl Mitchell are back in the top 10 of the ICC Men’s Test batting rankings after fine performances in the third match of their ICC World Test Championship series played in Mumbai.

Highlights:

1. Rishabh Pant:
   • Scored 60 and 64 in the two innings, moving him up five spots to sixth place in the ICC Test batting rankings.
   • Now just one position away from his career-best fifth position, which he achieved in July 2022.
2. Daryl Mitchell:
   • Advanced eight places to seventh following scores of 82 and 21.
   • Recently ranked as high as third in September but experienced a drop before his current rise.
3. Will Young:
   • Named Player of the Series; his scores of 71 and 51 helped him jump 29 places to 44th with a career-best 550 rating points.
4. Shubman Gill:
   • With a solid score of 90 in the first innings, Gill climbed from 20th to 16th in the batting rankings.
5. Yashasvi Jaiswal and Virat Kohli:
   • Yashasvi Jaiswal: Dropped to fourth position in the batting rankings.
   • Virat Kohli: Has fallen out of the top 20 Test batters for the first time since December 2014, marking an end to nearly a decade in the top ranks.

Bowling Rankings:

1. Ravindra Jadeja:
   • Jadeja’s third career 10-wicket match haul at Wankhede Stadium pushed him up two spots to sixth, surpassing the 800-point mark in the bowling rankings.
2. Ajaz Patel:
   • Awarded Player of the Match; his 11-wicket performance helped him rise 12 places to a career-best 22nd in the rankings.
3. Keshav Maharaj:
   • South African spinner Maharaj climbed from 23rd to 19th after a five-wicket haul against Bangladesh.
4. Kagiso Rabada:
   • Consolidated his top position among bowlers by gaining 11 rating points with a five-wicket haul in the first innings.
5. Other Movers:
   • Washington Sundar (India) showed improvement across all rankings.
   • Nayeem Hasan (Bangladesh), Ish Sodhi (New Zealand), and Akash Deep (India) also made upward moves in the bowling rankings.

CURRENT AFFAIRS: IMPORTANT DAYS

World Radiography Day: 8th November

• World Radiography Day 2024 is observed on the 8th of November 2024.
• 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 Cabinet Committee on Economic Affairs (CCEA) has approved an equity infusion of ₹10,700 crore for the Food Corporation of India (FCI) to support food grain procurement and bolster financial stability amid rising costs.
• The Union Cabinet approved the PM Vidyalaxmi scheme, chaired by Prime Minister Narendra Modi, to financially support meritorious students for pursuing higher education.
• Jitendra Singh, Minister of State for Personnel, launched the Nationwide Digital Life Certificate (DLC) Campaign 3.0 to empower pensioners digitally.
• ‘Shilp Samagam Mela 2024’ was inaugurated at Dilli Haat, New Delhi, aiming to empower marginalized artisans by offering them a platform to sell their crafts and products
• Starlink, Elon Musk’s satellite broadband company, has agreed in principle to meet specific security and data storage conditions set by the Indian government as part of the licensing criteria.
• Union Minister Nitin Gadkari received YouTube’s Golden Button Award, which acknowledges the popularity of his content on the platform.
• Anil Pradhan, an engineer and educationist from Odisha, has been honoured with the third Rohini Nayyar Prize for his outstanding contributions to rural development through STEM education.
• The 55th edition of the International Film Festival of India (IFFI) is set to open in Panaji, Goa, transforming the coastal city into a hub of global cinematic culture.
• India wicketkeeper Rishabh Pant and New Zealand all-rounder Daryl Mitchell are back in the top 10 of the ICC Men’s Test batting rankings after fine performances in the third match of their ICC World Test Championship series played in Mumbai.
• The Reserve Bank of India (RBI) has announced amendments to the Master Directions on Know Your Customer (KYC) on November 6, 2024 and the amended provisions in the Master Direction shall come into force with immediate effect.
• The International Finance Corporation (IFC), a part of the World Bank Group, will provide a $400 million loan to Bajaj Finance Limited (BFL).
• Deutsche Bank has infused an additional ₹5,113 crore into its Indian operations, marking its largest capital allocation to India in recent years.
• The Government of India (GoI) and the Asian Development Bank (ADB) signed a $200 million loan to upgrade water supply, sanitation, urban mobility, and other urban services in Uttarakhand.
• Market regulator Securities and Exchange Board of India (SEBI) has proposed new regulations that include a minimum investment threshold of Rs 1 crore for participants engaged in securitisation activities.
• The 12th edition of the North East Festival will take place from November 15-17, 2024 at the MDC National Stadium, India Gate, New Delhi.
• The first phase of the Barda Wildlife Sanctuary and Barda Jungle Safari will be inaugurated at the Kapurdi check post in Devbhoomi Dwarka, Gujarat.
• The Supreme Court has issued guidelines aimed at the complete elimination of child marriages in India.
• The Indian Navy organised the third edition of MAHASAGAR, a virtual high-level interaction that brought together prominent maritime leaders from the Indian Ocean Region (IOR).
• Economist and Sanskrit scholar Bibek Debroy, Chairman of the Prime Minister’s Economic Advisory Council, passed away at the age of 69 in AIIMS, Delhi,
• World Radiography Day 2024 is observed on the 8th of November 2024.