National news
India and Maldives Sign MoU to Promote Use of Local Currencies in Cross-Border Transactions
India and Maldives have signed a Memorandum of Understanding (MoU) to promote the use of their local currencies, Indian Rupee (INR) and Maldivian Rufiyaa (MVR), in cross-border transactions.
- The MoU was signed by RBI Governor Shaktikanta Das and MMA Governor Ahmed Munawar in Mumbai.
- The agreement encourages the use of INR and MVR in current account transactions, permissible capital account transactions, and other financial dealings as agreed by both countries.
- The framework aims to optimize transaction costs and reduce settlement times for cross-border transactions.
- This initiative will allow exporters and importers to invoice and settle payments in their respective domestic currencies, promoting trade in the INR-MVR foreign exchange pair.
- This step will deepen financial integration and strengthen economic ties between India and the Maldives.
About Maldives:
- Governor: Ahmed Munawar
- capital : Malé.
- Currency: Maldivian Rufiyaa (MVR)
- Official Language: Dhivehi
EPFO Registers 18.81 Lakh New Members in September, Reflecting Growth in Employment
EPFO (Employees’ Provident Fund Organisation) added 18.81 lakh new members in September 2024, marking a 9.33% growth compared to the same month last year.
- The increase in membership is attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s outreach initiatives.
- The provisional payroll data revealed that 9.47 lakh new members were enrolled in September of the current fiscal year.
- The majority of new members (over 59%) belong to the 18 to 25 age group.
- 2.47 lakh women were added as new members, indicating a significant rise in female workforce participation.
About Employees’ Provident Fund Organisation (EPFO) :
- Established: 1952
- Headquarters: New Delhi, India
- Chairman: Bhupender Yadav
Jitendra Singh Launches VISION Portal to Empower Underprivileged Children with Skills
Dr. Jitendra Singh, the Minister of Science and Technology, inaugurated the VISION Portal (Viksit Bharat Initiative for Student Innovation and Outreach Network) in New Delhi.
- The initiative is focused on nurturing education, skill development, and innovation among underprivileged children across India.
- The Minister praised the entrepreneurial vision behind the portal and its efforts to democratize opportunities for students nationwide.
- The portal will act as a gateway for students, particularly those in remote areas, to access mentorship and training.
- Dr. Singh emphasized how reaching out to underprivileged youngsters helps in democratizing Startup skills.
- He highlighted India’s progress in startups, biotechnology, and space industries.
- The initiative aligns with the country’s goals under Vision India 2047, aiming to make India a global leader in technology, education, and economic growth.
Govt Directs EPFO to Ensure UAN Activation Through Aadhaar-Based OTP
The Government has directed the Employees’ Provident Fund Organisation (EPFO) to ensure the activation of the Universal Account Number (UAN) for employees through Aadhaar-based OTP.
- The Labour and Employment Ministry has instructed EPFO to collaborate with employers in a campaign mode to maximize the benefits of the Employment Linked Incentive Scheme announced in the Union Budget 2024-25.
- Stage 1: Employers must complete UAN activation through Aadhaar-based OTP for all employees joining in the current financial year by 30th November.
- Stage 2: Biometric authentication through face-recognition technology will be introduced for UAN activation.
- UAN activation will give employees seamless access to EPFO’s online services, such as managing Provident Fund accounts, submitting online claims, and tracking claims in real-time.
PM Modi to Inaugurate ICA Global Cooperative Conference on Nov 25
Prime Minister Narendra Modi will inaugurate the ICA Global Cooperative Conference on November 25 at Bharat Mandapam in New Delhi.
- This is the first time the Global Cooperative Conference and General Assembly are being held in India.
- Dr. Ashish Kumar Bhutani, Secretary of the Ministry of Cooperation, announced that PM Modi will also launch a commemorative stamp marking the International Year of Cooperatives 2025.
- The theme of the six-day conference is “Cooperatives Build Prosperity for All.”
- The conference will discuss the role of cooperatives in fostering a collective, peaceful, and prosperous future for all.
- Key international attendees include Prime Minister of Bhutan Dasho Tshering Tobgay and Deputy Prime Minister of Fiji Manoa Kamikamica.
International news
Armenia Becomes 104th Full Member of International Solar Alliance
Armenia has officially become the 104th full member of the International Solar Alliance (ISA).
- The Instrument of Ratification was handed over by Armenian Ambassador to India, Vahagn Afyan, in a meeting with Abhishek Singh, Joint Secretary of the Ministry of External Affairs, in New Delhi.
- The International Solar Alliance is a global intergovernmental organization committed to advancing the adoption of solar power and working toward a carbon-neutral future.
- ISA is a collaborative initiative between India and France, created to unite efforts in addressing climate change through solar energy solutions.
- The ISA was conceptualized during COP21 in Paris in 2015, with the aim of accelerating the global deployment of solar energy in support of Climate Action.
- The mission of the ISA includes overcoming barriers related to technology, finance, and capacity, while working towards $1 trillion in solar investments by 2030.
India Collaborates with WEF on Report for Advanced Air Mobility
India plays a pivotal role in the ISA’s mission by providing renewable energy solutions and fostering the global energy transition.India Collaborates with WEF on Report for Advanced Air Mobility.
- The Ministry of Civil Aviation (MoCA), Government of India, in collaboration with the World Economic Forum (WEF), has released a report titled ‘Skyways to the Future: Operational Concepts for Advanced Air Mobility in India’.
- The report emphasizes that Advanced Air Mobility (AAM) offers a transformative approach to transportation, especially in densely populated regions like India.
- The AAM sector is expected to witness significant growth, with projections of 1,000+ aircraft and 100,000+ daily flights within the next 15 years.
- The WEF report outlines a 3-stage plan for the development and growth of Urban Air Mobility (UAM) in India over the coming decade and a half.
About World Economic Forum (WEF):
- Founder and Executive Chairman: Prof. Klaus Schwab
- Headquarters: Cologny, Switzerland
- Founded: 1971
Iraq Conducts First Nationwide Census Since 1987
- Iraq is conducting its first nationwide census since 1987, when it was last held under Saddam Hussein’s regime.
- The census involves 120,000 researchers who will collect data from households across all 18 governorates of the country.
- The census operation is scheduled to take place over two days, with a two-day curfew imposed by the Ministry of Interior to ensure the process runs smoothly.
About Iraq :
- Prime Minister of Iraq: Mohammed Shia’ Al Sudani
- Capital: Baghdad
- Currency: Iraqi Dinar (IQD)
BANKING NEWS
SEBI Abolishes 1% Security Deposit Requirement for Public Issues
SEBI (Securities and Exchange Board of India) has removed the mandatory 1% security deposit requirement for companies launching public issues of equity shares, effective immediately.
- The 1% deposit was previously intended to address investor grievances post-issue.
- The deposit is now considered redundant due to the introduction of modern mechanisms like ASBA (Application Supported by Blocked Amount), UPI payments, and demat allotments.
- This decision aligns with SEBI’s efforts to enhance the ease of doing business, streamline market processes, and reduce compliance burdens for companies.
- The security deposit was a safeguard, but with evolving regulatory frameworks, its role is no longer necessary.
Securities and Exchange Board of India (SEBI):
- Established: 1988
- Headquarters: Mumbai, Maharashtra, India
- Chairman : Madhabi Puri Buch
Karnataka Bank Launches Financial Products for Students: ‘KBL Peak’ and ‘KBL Genius’
Karnataka Bank Ltd. has launched two student-focused financial products: ‘KBL Peak’ and ‘KBL Genius’.
- The ‘KBL Peak’ education loan offers financial support for higher education, providing loans of up to ₹2 crore.
- The ‘KBL Genius’ is a student savings account that includes free cyber insurance and other benefits.
- These products were launched on World Prematurity Day, showcasing the bank’s commitment to enhancing India’s educational and economic growth.
- The bank aims to provide financial freedom to students, helping them achieve their academic goals and manage finances efficiently.
- Through these initiatives, Karnataka Bank strengthens its partnerships with educational institutions across India.
About Karnataka Bank Ltd.:
- Karnataka Bank’s MD & CEO : Mr. Srikrishnan H
- Established: 1924
- Headquarters: Mangaluru, Karnataka, India
- Tagline: “Your Family Bank, Across India”
AWARDS AND RECOGNITION
Shivangi Desai Crowned Miss Charm India 2024
Shivangi Desai, a 22-year-old law student from ILS Pune, has won the title of Miss Charm India 2024.
- She will represent India at Miss Charm 2024 in Vietnam this December.
- Shivangi is passionate about promoting India’s culture and has previously won titles such as Miss Teen India North and Miss NDA.
- As a final-year law student, she combines academics, pageantry, and cultural advocacy, setting an example for young aspirants.
- Her preparation for the title was guided by Pageant Coach Ritika Ramtri and the Glamanand Supermodel India team, who helped refine her pageant skills and contributed to her success.
Hindustan Copper Limited, MECL, and JNARDDC Recognized for Exceptional Performance During National Learning Week
- Hindustan Copper Limited (HCL), Mineral Exploration and Consultancy Limited (MECL), and Jawaharlal Nehru Aluminium Research Development and Design Centre (JNARDDC) were honored for their outstanding performance during National Learning Week (NLW), held from 19th to 27th October 2024.
- The award ceremony was conducted by the Capacity Building Commission (CBC) at Vigyan Bhawan, New Delhi and the awards were presented by Union Minister of State (MOS) Dr. Jitendra Singh, Ministry of Personnel, Public Grievances, and Pensions (MoPP&P).
Key Highlights:
- The Ministry of Mines (MoM) has consistently been recognized as a top performer for its effective implementation of Mission Karmayogi, a flagship programme for training civil servants.
- HCL, MECL, and JNARDDC each won awards for achieving the “Minimum 4-hour Learning Goal”, which required employees to complete at least 4 hours of Integrated Government Online Training (IGOT) courses during NLW.
- This recognition underscores the Ministry’s dedication to Mission Karmayogi, focusing on enhancing the capacity and skill sets of civil servants.
About Hindustan Copper Limited (HCL):
- Chairman and Managing Director (CMD): Ghanshyam Sharma
- Headquarters: Kolkata, West Bengal.
- Established : 1967.
Important days
World Day for the Prevention of and Healing from Child Sexual Exploitation, Abuse, and Violence (18th November)
- World Day for the Prevention of and Healing from Child Sexual Exploitation, Abuse, and Violence is observed annually on 18th November to raise awareness about child abuse and violence.
- The day aims to prevent abuse, protect children, and support the recovery and healing of survivors.
- 18th November 2024 marks the 3rd observance of this significant day.
Key Highlights:
- Sexual abuse and exploitation of children are serious violations of human rights and constitute a public health problem, with profound consequences for global health and development.
- The day serves as a platform for open discussions about the need to prevent the stigmatization of survivors, promote their healing, affirm their dignity, and protect their rights.
National Naturopathy Day – 18th November
National Naturopathy Day is observed annually across India on 18th November to promote mental and physical health through Naturopathy, a holistic healthcare approach combining modern treatments with traditional methods.
- 18th November 2024 marks the 7th observance of National Naturopathy Day.
- The observance is led by the Ministry of AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha, Sowa Rigpa, and Homoeopathy).
- The theme for the 7th National Naturopathy Day is “Naturopathy for Healthy Aging and Longevity
Key points :
- In 2018, the Ministry of AYUSH declared 18th November as National Naturopathy Day.
- The first National Naturopathy Day was celebrated on 18th November 2018.
About Ministry of AYUSH:
- Full form : Acronym for Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy
- Formed : 9th November 2014.
- Joint Secretary of the Ministry: Ms. Kavita Garg
