National affairs
Inauguration of the 17th Urban Mobility India Conference & Exhibition 2024 in Gandhinagar
The 17th Urban Mobility India (UMI) Conference & Exhibition 2024 was inaugurated by Bhupendra Patel, the Chief Minister of Gujarat, at the Mahatma Mandir Convention Centre in Gandhinagar, Gujarat. The conference, held from 25th to 27th October 2024, focused on the theme of ‘Standardization and Optimization of Urban Transport Solutions’. Organized by the Ministry of Housing and Urban Affairs (MoHUA), in collaboration with the Institute of Urban Transport (India) and supported by the Government of Gujarat and Gujarat Metro Rail Corporation (GMRC), the event brought together experts and stakeholders to discuss urban mobility solutions.
During the closing ceremony, awards for Best Practices in Urban Transport were presented to state and city authorities across 9 categories for their contributions to urban transport projects.
Key Points:
- Bhupendra Patel, CM of Gujarat, inaugurated the conference at Mahatma Mandir Convention Centre.
- The theme of UMI 2024: ‘Standardization and Optimization of Urban Transport Solutions’.
- Organized by MoHUA, Institute of Urban Transport (India), with the support of Government of Gujarat and GMRC.
- Held from 25th October to 27th October 2024.
- Awards for Best Practices in Urban Transport presented in 9 categories during the closing ceremony.
About MoHUA:
- Union Minister: Manohar Lal Khattar (Constituency – Karnal, Haryana).
- Minister of State (MOS): Tokhan Sahu (Constituency – Bilaspur, Chhattisgarh).
Rajnath Singh Launches ADITI 3.0 and DISC 13 to Boost Indigenous Defence Innovation
Union Minister Rajnath Singh, from the Ministry of Defence (MoD), launched two key initiatives aimed at promoting indigenous defence technologies: the 3rd edition of the Acing Development of Innovative Technologies (ADITI 3.0) Challenge and the 13th Defence India Start-up Challenges (DISC 13). These initiatives were unveiled during Swavlamban 3.0, held at Bharat Mandapam, New Delhi, and organized by the Naval Innovation and Indigenisation Organisation (NIIO).
Key Points:
- ADITI 3.0 Challenge:
- Aims to foster innovation in defence technology by encouraging startups and enterprises to develop cutting-edge solutions.
- Notable challenge: The Indian Navy’s challenge to develop a High-Power Microwave Weapon System, reflecting India’s focus on advanced military capabilities.
- DISC 13:
- The 13th edition of DISC includes 7 challenges focused on improving operational efficiencies within the armed forces.
- Challenges span various domains to strengthen India’s defence capabilities through innovation.
Indian Railways Signs MoU with Switzerland to Strengthen Technical Cooperation
The Indian Railways (IR), under the Ministry of Railways (MoR), has signed a renewed Memorandum of Understanding (MoU) with the Federal Department of the Environment, Transport and Communications (DETEC) of Switzerland to enhance technical cooperation. The agreement was formalized through a video-conference and was jointly approved by the MoR and the Ministry of External Affairs (MEA), with the aim to bolster ties between India and Switzerland in the rail sector.
The event was attended by Mridul Kumar, India’s Ambassador to Switzerland, and Albert Roesti, head of DETEC, Switzerland.
Key Points:
- The MoU focuses on strengthening technical cooperation in areas such as technology sharing, track maintenance, management, and construction, aligning with India’s goals to modernize its railway system.
- Swiss companies will provide specialized machinery, materials, and consultancy services for tunneling projects in India.
About Ministry of Railways (MoR):
- Union Minister: Ashwini Vaishnaw (Rajya Sabha – Odisha)
- Ministers of State (MOS): V. Somanna (Constituency – Tumkur, Karnataka), Ravneet Singh (Rajya Sabha – Rajasthan)
About Switzerland:
- President: Viola Amherd
- Capital: Bern
- Currency: Swiss Franc
Australia Selected as “Country of Focus” for IFFI 2024
Australia has been chosen as the “Country of Focus” for the 55th edition of the International Film Festival of India (IFFI), which will be held in Panaji, Goa, from 20th to 28th November 2024. This recognition celebrates Australia’s significant contributions to the global film industry, showcasing its rich storytelling traditions and innovative cinematic techniques.
During IFFI 2024, 7 Australian films will be featured, representing a diverse range of genres, including critically acclaimed dramas, documentaries, thrillers, and comedies. The “Country of Focus” segment is one of the key highlights of IFFI, offering a dedicated platform to present contemporary films from the featured nation.
Key Points:
- Australia is named the “Country of Focus” for IFFI 2024 in Goa (20th to 28th November).
- The “Country of Focus” segment will showcase 7 Australian films, covering a range of genres from dramas to thrillers and comedies.
- This recognition celebrates Australia’s contributions to global cinema and highlights its rich film culture and cinematic innovation.
About IFFI (International Film Festival of India)
- Founded: 1952
- Location: Panaji, Goa, India (annually)
- Organizer: Ministry of Information & Broadcasting (MIB), Government of India
President Droupadi Murmu Embarks on First Visit to Indian Navy Ships Aboard INS Vikrant
On 7th November 2024, Honorable President Droupadi Murmu embarked on her first visit to Indian Navy ships at sea, marking a significant milestone in her engagement with the armed forces. The President boarded the **indigenous aircraft carrier INS Vikrant, where she observed a series of advanced operational demonstrations, highlighting the Indian Navy’s combat capabilities and maritime prowess. This visit underscores the growing significance of India’s naval strength and technological advancements, with the INS Vikrant being a key symbol of India’s indigenous defense manufacturing.
Key Points:
- President Droupadi Murmu visited INS Vikrant, the indigenous aircraft carrier of the Indian Navy, on her first visit to Navy ships at sea.
- The visit included advanced operational demonstrations, showcasing the Indian Navy’s combat capabilities.
- INS Vikrant represents a major milestone in India’s naval power and indigenous defense development.
- The event highlights the importance of maritime security and the strengthening of India’s naval forces.
International news
Brazil Rejects Participation in China’s Belt and Road Initiative (BRI)
Brazil has officially decided not to join China’s Belt and Road Initiative (BRI), becoming the second BRICS nation, after India, to reject participation in the infrastructure project. Brazilian President Luiz Inácio Lula da Silva, through his Special Adviser for International Affairs, Celso Amorim, clarified that Brazil intends to strengthen its relationship with China but without entering into a formal treaty or committing to the BRI framework. Instead, Brazil aims to use elements of the BRI to create synergies with its own infrastructure projects and attract Chinese investment without full participation in the initiative.
Key Points:
- Brazil has chosen not to join China’s Belt and Road Initiative (BRI), becoming the second BRICS country (after India) to reject the project.
- Brazil seeks to enhance relations with China but without entering into a formal contract to join the BRI.
- Brazil plans to leverage elements of the BRI framework to align its infrastructure projects with Chinese investment without formal participation.
- BRICS originally included Brazil, Russia, India, China, and South Africa, but Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE have been admitted as new members.
- The BRI, also known as the One Belt One Road or New Silk Road, is a global development strategy launched by China in 2013 to enhance connectivity and cooperation primarily across Asia, Europe, and Africa.
About Brazil:
- Capital– Brasília
- Currency– Brazilian real
- President– Luiz Inácio Lula da Silva
About China:
- Capital: Beijing
- Currency: Renminbi (RMB), commonly referred to as the Yuan (CNY).
- President: Xi Jinping
Election Commission of India Signs Electoral Cooperation Agreement with Uzbekistan
The Election Commission of India (ECI) signed an ‘electoral cooperation’ agreement with Uzbekistan’s Central Election Commission during the visit of Chief Election Commissioner (CEC) Rajiv Kumar to Tashkent. The signing took place as Rajiv Kumar visited Uzbekistan as an international observer for the country’s 27th October 2024 elections. The Memorandum of Understanding (MoU) aims to strengthen the interaction and cooperation between the two Election Management Bodies (EMBs) for mutual benefits in the field of electoral processes and democracy.
Key Points:
- The MoU will deepen bilateral cooperation between India’s ECI and Uzbekistan’s Central Election Commission, benefiting both democracies.
- Both countries have previously exchanged observers during elections. For instance, Uzbekistan’s officials observed India’s 2024 Lok Sabha elections.
- Both the ECI and Uzbekistan’s election body actively participate in global electoral forums like the Association of World Election Bodies (A-WEB) and the Association of Asian Election Authorities (AAEA), which promote the exchange of best practices and knowledge in electoral management.
- The MoU is part of a broader effort by the ECI, which has signed agreements with over 30 Election Management Bodies (EMBs) worldwide, strengthening India’s role in international electoral cooperation.
About Uzbekistan:
- President: Shavkat Mirziyoyev
- Capital: Tashkent
- Currency: Uzbekistani
Banking news
RBI Introduces Amendments to KYC Guidelines: Key Changes and Updates
The Reserve Bank of India (RBI) has introduced six amendments to the Master Direction – Know Your Customer (KYC) Directions, 2016, effective from November 6, 2024. These changes are aimed at enhancing the customer due diligence (CDD) process for Regulated Entities (REs) and aligning with recent legal developments.
Reasons for Amendments:
- Alignment with Amendments to the Prevention of Money Laundering (Maintenance of Records) Rules, 2005.
- Implementation of Section 51A of the Unlawful Activities (Prevention) Act (UAPA), 1967.
- Revision of existing KYC instructions.
Key Amendments:
- Customer Acceptance Policy (Paragraph 10f):
- CDD must be applied at the Unique Customer Identification Code (UCIC) level.
- Existing KYC-compliant customers can open new accounts or access services without undergoing a new CDD process.
- High-Risk Accounts Monitoring (Paragraph 37):
- The definition of high-risk accounts is clarified, emphasizing intensified monitoring for these accounts.
- KYC Updation (Paragraph 38):
- The term “periodic updation” replaces “updation” for clearer timing and process on KYC updates.
- KYC Records and CKYCR (Paragraph 56h & 56j):
- REs must update KYC data of individual and legal entities with the Central KYC Records Registry (CKYCR) within seven days of receiving new information.
- Changes in UAPA Procedures:
- The designation of the Central Nodal Officer under UAPA, 1967 is updated from ‘Additional Secretary’ to ‘Joint Secretary’.
- Terminology Update:
- References to “section” in the Master Direction are replaced with “paragraph” for consistency in legal language.
About RBI:
- Governor: Shaktikanta Das
- Deputy Governors: Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
- Established: April 1, 1935
- Headquarters: Mumbai, Maharashtra
SBI Raises Rs 5,000 Crore via AT-1 Bonds at 7.98% Coupon Rate
State Bank of India (SBI), based in Mumbai, Maharashtra, has successfully raised Rs 5,000 crore through its first Basel III compliant Additional Tier 1 (AT-1) bond issuance for the Financial Year 2025. The bonds were issued at a coupon rate of 7.98%.
Key Highlights:
Overwhelming Demand:
The bond issue attracted bids over 3.5 times the base issue size of Rs 2,000 crore, indicating strong investor interest.
Ratings:
The bonds have been assigned an AA+ rating with a stable outlook by both CRISIL and CARE Ratings.
Diverse Participation:
A total of 108 bids were received, reflecting wide participation from a range of qualified institutional bidders, including:
Provident funds,Pension funds, Insurance companies,Mutual funds, Non-Banking Financial Companies (NBFCs), Banks, etc.
Purpose of AT-1 Bonds:
AT-1 bonds are debt instruments issued by banks to raise capital and strengthen their capital base, helping them comply with regulatory capital requirements under Basel III norms.
State Bank of India (SBI)
- Type: Public Sector Bank
- Headquarters: Mumbai, Maharashtra
- Established: 1st July 1955
- Tagline: “The Banker to Every Indian”
- Chairman: Dinesh Kumar Khara (as of 2024)
SEBI Bars OCAL and Promoters Over Fund Diversion and Misrepresentation
The Securities and Exchange Board of India (SEBI) has banned Onelife Capital Advisors Limited (OCAL) and its promoters, Pandoo Naig and Prabhakara Naig, from participating in the securities market due to allegations of fund diversion and misrepresentation of financial records.
Key points:
- SEBI has prohibited the Naigs from serving as directors or key managerial personnel in any listed company that raises public funds or any SEBI-registered intermediary.
- OCAL has been found involved in hidden transactions among related parties, diversion of funds to related parties as loans, and failure in corporate governance practices.
- Regulatory violations include lack of proper disclosures and approvals for transactions.
- The company’s compliance officers, audit committee members, and statutory auditors are accused of overlooking or approving these irregularities.
- The SEBI action follows a complaint in October 2022 and an investigation by NSE into OCAL based on internal alerts.
About SEBI (Securities and Exchange Board of India)
- Established :1988
- Chairman of SEBI :Madhabi Puri Buch
- Headquarters: Mumbai
AWARDS AND RECOGNITION
Son Heung-min Named Asia’s International Player of the Year at AFC Awards 2024
On 29th October 2024, Son Heung-min, the 32-year-old forward for Tottenham Hotspur and the South Korean national team, was named Asia’s International Player of the Year at the Asian Football Confederation (AFC) annual award ceremony held at the Grand Peace Palace in Seoul, South Korea.
Key Highlights:
- Ellie Carpenter of Australia and Lyon won the inaugural Asian International Women’s Player of the Year Award.
- Akram Afif (Qatar, 27) was named the AFC Player of the Year for 2023.
- Kiko Seike (Japan, 28) received the AFC Women’s Player of the Year award for 2023.
- Park Youn-Jeong, a former South Korean centre-back, won the AFC Coach of the Year (Women) for 2023.
- Go Oiwa of Japan was awarded AFC Coach of the Year (Men) for 2023.
- The Saudi Arabian Football Federation (SAFF) received the AFC President’s Recognition Award (Gold).
- The All India Football Federation (AIFF) was honored with the AFC President’s Recognition Award (Silver) for Grassroots Football.
About Asian Football Confederation (AFC):
- President- Shaikh Salman bin Ebrahim Al Khalifa
- Headquarters- Kuala Lumpur, Malaysia
- Established- 1954
APPOINTMENTS AND RESIGNATION
Government Appoints S. Gopalakrishnan as Chairman of SSC; Key Administrative Appointments Announced
On 31st October 2024, S. Gopalakrishnan, a 1991-batch IAS officer, was appointed as the Chairman of the Staff Selection Commission (SSC). The appointment was made by the Government of India (GoI) through the Department of Personnel and Training (DOPT), Ministry of Personnel, Public Grievances, and Pensions (MoPP&P).
Key Points:
- Gopalakrishnan succeeds Rakesh Ranjan (a 1992-batch IAS officer) who retired voluntarily and was to remain in the post until May 15, 2029.
Other Administrative Appointments:
- V. Umashankar (1993-batch IAS officer) has been appointed as the Secretary of the Ministry of Road Transport and Highways (MORTH).
- Vikram Dev Dutt, previously Director General of the Civil Aviation (DGCA), has been appointed as the Secretary of the Ministry of Coal (MoC).
- Tanmay Kumar, Special Secretary in the Ministry of Environment, Forest and Climate Change (MoEFCC), will become the Secretary of MoEFCC in December after the retirement of Leena Nandan.
- Subrata Gupta (1990-batch IAS officer) has been appointed as the Secretary of the Ministry of Food Processing Industries (MoFPI) following the retirement of Anita Parveen.
ACQUISITIONS & MERGERS
CCI Approves Fortis Healthcare’s Acquisition of Additional Stake in Agilus Diagnostics
On 29th October 2024, the Competition Commission of India (CCI) approved Fortis Healthcare Limited (FHL)‘s proposal to acquire an additional 31.52% stake in Agilus Diagnostics Limited (Agilus). This will increase FHL’s shareholding in Agilus from 57.68% to 89.2%.
Key Highlights:
- Merger of Diligent Power Private Limited (DPPL) into its wholly-owned subsidiary DB Power Limited (DBPL) and the reorganization of Decore Thermal Power Private Limited (DTPPL), following the buyback of certain securities.
- CCI also approved the acquisition of additional stake in Thoughtworks Holding, Inc. by Apax Partners LLP (based in the United Kingdom) and Temasek Holdings (Private) Limited (based in Singapore).
About the Competition Commission of India (CCI):
- Established: 2003 under the Competition Act, 2002.
- Chairman: Ravneet Kaur.
- Headquarters: New Delhi, Delhi.
SCIENCE AND TECHNOLOGY
China Launches Shenzhou-19 Space Mission with 3 Astronauts to Tiangong Space Station
On 30th October 2024, China successfully launched its Shenzhou-19 spaceship carrying three astronauts—two men and one woman—on a six-month mission to its Tiangong Space Station (TSS) in low Earth orbit. The spacecraft was launched aboard a Long March-2F carrier rocket from the Jiuquan Satellite Launch Centre in northwest China.
Key Highlights:
- This marks the 33rd flight mission of China’s manned space program and the 4th crewed mission related to the application and development of the Tiangong Space Station.
- Crew Members:
- Cai Xuzhe (Mission Commander), who previously flew in the Shenzhou-14 mission in 2022.
- Song Lingdong, an air force pilot, and Wang Haoze, China’s only female spaceflight engineer with China Aerospace Science and Technology Corporation.
- Wang Haoze becomes the 3rd Chinese woman to participate in a crewed spaceflight mission.
- Both Song and Wang are flying in space for the first time and were born in the 1990s.
Key Functions of the Mission:
- The spaceship will perform a fast, automated rendezvous and docking with the Tianhe core module of the Tiangong Space Station within 6.5 hours.
- The mission aims to form a combination of 3 modules and 3 spacecraft.
- The crew will conduct 86 space experiments in fields like space life science, microgravity physics, and space material science, among others.
IMPORTANT DAYS
National Cancer Awareness Day (NCAD) Observed on 7th November to Promote Cancer Awareness
National Cancer Awareness Day (NCAD) is observed annually on 7th November across India to raise awareness about the prevention, early detection, and treatment of various types of cancer. The day aims to educate the public about the importance of early detection, adopting a healthy lifestyle, and ensuring access to quality cancer care.
Key Points:
- Initiated in September 2014 by Dr. Harsh Vardhan, the former Union Minister of Health and Family Welfare.
- A committee was formed to declare 7th November as NCAD every year, with a focus on the early detection of cancer and the avoidance of cancer-causing behaviors.
- The first National Cancer Awareness Day was observed on 7th November 2014.
STATE NEWS
Meluri Becomes the 17th District of Nagaland on November 4, 2024
On November 4, 2024, Meluri officially became the 17th district of Nagaland, following a notification from the Governor of Nagaland, La. Ganesan. This transition elevates Meluri from a sub-division of Phek district to an independent district.
Key Points:
- Meluri covers 31 villages across 1011 square kilometers (km²) and includes four administrative headquarters, such as the industrial town of Wazeho and the International Trade Centre (ITC) in Avangkhu, Nagaland.
- The district is primarily inhabited by the Pochury Naga tribe and is located near the international border with Myanmar.
- Meluri is the fifth district established in Nagaland in the last three years as part of the state’s efforts to improve administrative efficiency.
- In 2021, Tseminyu district was created by splitting Kohima, and Chümoukedima and Niuland districts were formed from Dimapur.
- In 2022, Shamator district was formed from the eastern Tuensang district.
About Nagaland:
- Chief Minister (CM): Neiphiu Rio
- Governor: La. Ganesan
- National Park: Intanki National Park
