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Daily Current Affairs – November 09, 2023

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Daily Current Affairs - Banking - November 09, 2023

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National News

National Symposium on ‘Promotion of Organic Products through Cooperatives’

  • Union Home Minister and Minister of Cooperation Amit Shah addressed the National Symposium on ‘Promotion of Organic Products through Cooperatives’ organized by National Cooperative Organics Limited (NCOL) as the Chief Guest in New Delhi.
  • Amit Shah launched the logo, website and brochure of NCOL and also distributed membership certificates to NCOL members.
  • National Cooperative Organics Limited is jointly promoted by Amul, National Cooperative Consumers’ Federation of India Ltd (NCCF), National Agricultural Cooperative Marketing Federation of India Ltd (NAFED), National Dairy Development Board (NDDB) and National Cooperative Development Corporation (NCDC).
  • It is launched with an authorized capital of Rs 500 crore.
  • Till now, it has more than 950 members in Madhya Pradesh, Gujarat, Uttar Pradesh, Andhra Pradesh, Maharashtra and Nagaland and membership applications from more than 2000 cooperative institutions have been received.
  • Ministry of Cooperation – Amit Anil Chandra Shah,Union Minister (Gandhinagar,Gujarat) – B. L. Verma, Minister of State (Rajya Sabha MP,UP)

Indian Railways to add new 'anti-injury' feature to passenger coaches

  • Indian Railways (IR) are looking to add passenger coaches with an “anti-injury” feature that could revolutionise railway travel by improving safety of passengers.
  • The aim of “anti-injury” is to reduce risk and increase the safety of passengers caused by sharp edges or protrusions in fittings inside passenger coaches.
  • This is especially important in cases where the train can make sudden brakes or “jerks”, causing unsuspecting passengers to get hurt.

Five-days 'Diwali Utsav’

  • The Chairman of the Khadi and Village Industries Commission (KVIC), Manoj Kumar inaugurated a five-days ‘Diwali Utsav’ Gramshilpa, Khadi Lounge in Connaught Place, New Delhi.
  • Khadi and Village Industries Commission (KVIC) – 1957 (Founded) – Mumbai (HQ) – Manoj Kumar (Chairman)

Workshop by NITI Aayog

  • NITI Aayog in partnership with Council on Energy, Environment, and Water (CEEW) organized a workshop on the “Green Development Pact (GDP) for a Sustainable Future” in India at Le Meridien, Connaught Place, New Delhi.
  • The workshop aims to gather practical insights for implementing the Geen Development Pact, as part of a series of discussions related to the G20 New Delhi Leaders’ Declaration.
  • NITI Aayog, in partnership with the Indian Council of Research on International Economic Relations (ICRIER), is organising a workshop to facilitate discussions and actions to strengthen the Multilateral Development Banks (MDBs) to leverage greater official and private capital for inclusive and sustainable development, at Taj Palace, Chanakyapuri, New Delhi.
  • The workshop will focus on raising awareness regarding the commitments outlined in the G20 New Delhi Leaders’ Declaration (NDLD) and will set the stage for the formulation of a comprehensive action plan to monitor the progress of these commitments.
  • The workshop aims to raise awareness of the significance of India’s contribution to the agenda of reforming MDBs as laid down in the NDLD and the 4th FMCBG communique and to encourage an informed discussion on the implications of these reforms on India’s own engagement with the MDBs as well as the role of the various stakeholders – Central government, the State governments, private sector, think tanks and the civil society – to make MDBs better, bigger and more effective. Key objectives of the workshop include understanding India’s role in MDB reforms, exploring the implications of these reforms on India’s engagements with MDBs, and identifying key issues and actionable points to enhance the effectiveness of these critical financial institutions.
  • The workshop is focused on three distinct sessions with each segment aimed to coalesce into specific action points and strategies that are required to implement the vision laid out in the NDLD:
  1. Making MDBs accountable, efficient, and responsive to their clients
  2. Implications for a strengthened and bigger MDB system for India
  3. Reorienting MDBs to leverage greater private capital for green investment
  • NITI Aayog – 01/01/2015 (Founded) – New Delhi (HQ) – B. V. R. Subrahmanyam (CEO)

NTPC and NHAI introduced ash into road development

  • NTPC and the National Highways Authority of India (NHAI) have formed a joint collaboration to incorporate ash from thermal power plants in road construction.
  • Around 70% of the road construction ash by NHAI will be obtained from NTPC, highlighting a shared vision of sustainable development.
  • NTPC’s initiatives in ash utilisation underline the potential of utilising industrial by-products to stimulate economic growth while upholding environmental accountability.
  • With this collaboration, these entities intend to strengthen India’s infrastructure as well as enhance the durability, strength, and eco-friendliness of India’s roads.
  • NTPC’s Rs 3,000 crore contract through GeM demonstrates its commitment to developing environmentally friendly and long-lasting roadways.
  • NTPC Limited (National Thermal Power Corporation Limited) – 07/11/1975 (Founded) – New Delhi (HQ) – Gurdeep Singh (Chairman & MD)
  • National Highways Authority of India (NHAI) – 1995 (Founded) – New Delhi (HQ) -Santosh Kumar Yadav (Chairman)

International News

6th Session of India-Ethiopia Joint Trade Committee

  • The 6th Session of India-Ethiopia Joint Trade Committee (JTC) was conducted in Addis Ababa, Ethiopia.
  • The meeting was co-chaired by the Economic Advisor, Department of Commerce, Ministry of Commerce and Industry Priya P. Nair and the Lead Executive of the International and Regional Trade Integration, Ministry of Trade & Regional Integration, Ethiopia, Mr. Tages Mulugeta.
  • Both sides agreed to expeditiously address all issues impeding bilateral trade and facilitate trade promotion between the two countries.
  • The Indian side invited the Ethiopian side to collaborate on the Unified Payment Interface (UPI) of India with Ethswitch of Ethiopia.
  • Further, the Indian side also urged Ethiopia to explore the possibility of settlement of trade transactions in local currency which will help boost bilateral trade and conserve foreign exchange.
  • The deliberations of the 6th Sessions of India-Ethiopia JTC were cordial and forward-looking, reflecting the traditionally friendly and special relations between the two countries.
  • Both sides undertook a detailed review of recent developments in bilateral trade and investment ties and noted that the relationship has a huge potential to be scaled up even further. 
  • To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments.
  • These include health and pharmaceuticals, automobiles, textiles, infrastructure projects, food and agro processing and so on.
  • Both sides also reviewed the progress of ongoing discussions for Memorandum of Understanding (MoUs) in the field of Standardization & Quality assurance and Customs procedure and agreed to conclude them expeditiously.
  • The Indian side also requested the Ethiopian side to expedite the early finalization of the Bilateral Investment Treaty.
  • Ethiopia – Addis Ababa (Capital) – Euro (Currency) – Sahle-Work Zewde (President) – Abiy Ahmed (Prime Minister) – Afar, Amharic, Oromo, Somali, Tigrinya (Language)

First INDUS-X Investors Meet

  • Innovations for Defence Excellence (iDEX) under the Department of Defence Production, Ministry of Defence and US Department of Defence, organised the maiden INDUS-X Investors Meet at New Delhi as a pre-cursor to the 2+2 Indo-US Ministerial Dialogue.
  • The INDUS-X Educational Series (Gurukul) was also launched during the event. Mr Doug Beck, Director Defense Innovation Unit (DIU), US DoD led the US delegation and Mr Vivek Virmani, PO (G) & COO/iDEX-DIO the Indian delegation.
  • The event was co-ordinated by US India Strategic Partnership Forum (USISPF), IndusTech, and mach33.aero (Social Alpha).
  • The first-ever INDUS-X Investors Event evinced the interest of the investors in the start-ups and MSMEs operating in the defence sector and the emerging   opportunities under the INDUS-X initiative.
  • The interactive meet brought all the stakeholders viz Startups/MSMEs, Investors, Incubators, Industry from both sides under one roof to discuss the collaborative agendas and opportunities thereon.
  • The event also had focused panel discussions with a select audience of 50 thought leaders, including start-ups, investors, government officials and business leaders from the defence industry.
  • The panel discussed on ‘Investment Opportunities in the Defence Sector’, elaborating upon establishing a sustainable commercial foundation for defence collaboration and co-production.
  • United States of America – Washington, D.C. (Capital) – US Dollar (Currency) – Joe Biden (President) – English (Language)

State News

Karnataka Governor released stamp to commemorate Raman Research Institute platinum jubilee

  • A new stamp was released at the Raman Research Institute by Karnataka Governor Thawar Chand Gehlot, commemorating the platinum jubilee of the institution.
  • The stamp, which has a face value of Rs 5, was designed by artist Avijit Dutta and depicts a portrait of eminent physicist Sir CV Raman over the main building of the Institute.
  • Karnataka – Bengaluru (Capital) – Siddaramaiah (CM) –Thawarchand Gehlot (Governor) – Kannada (Language)

Banking and Finance

PayGlocal got RBI nod for payment aggregator license

  • PayGlocal, a cross-border focused payments platform provider, has received in-principle approval from the Reserve Bank of India for Payment Aggregator (PA) license.
  • This process, once completed, will enable PayGlocal to onboard merchants onto its platform for online payment processing.
  • Founded in 2021 by Prachi Dharani, Rohit Sukhija and Yogesh Lokhande, PayGlocal offers its technology platform to various players in the market for payment processing and transaction risk management.
  • This helps them accept online payments securely through various payment instruments including cards and global alternative payment methods, per the company.
  • PayGlocal’s technology platform offers a comprehensive suite of services designed to meet the evolving needs of merchants, payment aggregators, and banks.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

Business and Economy

UBS India’s GDP forecast

  • UBS has upped India’s GDP growth forecast by 10 basis points (100 basis points mean 1 percentage point) to 6.3%.
  • Also, it has increased India’s FY25 GDP growth forecast upwards by 20 basis points to 6.2%.
  • UBS Group AG – 29/06/1998 (Founded) – Paradeplatz, Zürich, Switzerland (HQ) – Colm Kelleher (Chairman)

S&P Global Ratings India’s GDP forecast

  • The National Health Mission of Assam signed Memorandum of Association (MoA) with United Nations Development Programme (UNDP) to provide technical support to Assam for strengthening the health system of the state.
  • Under the terms of the MoA UNDP’s Health and Governance Unit will provide technical support to the state in Health System Strengthening and in the implementation of various health programmes such as CoWIN, eVIN, Swasthaya Sewa Abhiyan, Swasthaya Sewa Utsav and upcoming digitization initiatives to strengthen the health system in Assam.
  • United Nations Development Programme (UNDP) – 22/11/1965 (Founded) – New York (HQ) – Achim Steiner (Administrator)

Agreements and MoUs signed

India signed Memorandum of Intent with Netherlands

  • India had signed a Memorandum of Intent (MoI) with Netherlands to cooperate on medical product regulation and enhance the quality of medical products and healthcare services for both countries at Hague, Netherlands.
  • The MoI was signed during a meeting of Bhagwant Khuba, Union Minister of State for Chemicals and Fertilizers with Ernst Kuipers Minister of Health, Welfare and Sports of the Kingdom of Netherlands.
  • Netherlands – Amsterdam (Capital) – Euro & United States dollar (Currency) – Willem-Alexander (Monarch) – Mark Rutte (Prime Minister) – Dutch (Language)

Indian Institute of Corporate Affairs (IICA) signed MoU with FSR Global

  • A Memorandum of Understanding (MoU) was signed between the Indian Institute of Corporate Affairs (IICA) and the FSR Global at IICA Campus in Manesar, Gurugram.
  • The MoU was signed by Prof. (Dr.) Naveen Sirohi, representing IICA, and Ms. Swetha Ravi Kumar, representing FSR Global.
  • IICA and FSR Global aim to foster collaborative efforts and explore pragmatic approaches for establishing mutually beneficial partnerships.
  • The primary focus of this partnership is to enhance operational capabilities within the regulatory landscape of the energy sector, both in India and worldwide.
  • The MoU solidifies the collaboration between IICA and FSR Global, underscoring their formal dedication to the exploration of innovative strategies in the realm of energy regulation and power management.
  • It is designed to facilitate and promote a deeper understanding of the energy sector and its regulation, aiming to drive positive change and sustainable practices.
  • Under the terms of the MoU, IICA, and FSR Global will jointly offer capacity-building, research, and advisory services across different facets of the energy sector.
  • The Indian Institute of Corporate Affairs (IICA) is an institution established by the Ministry of Corporate Affairs (MCA) as an autonomous body to act as a think-tank and a centre of excellence to support the growth of the corporate sector in India through an integrated and multi-disciplinary approach.
  • The FSR Global is an independent and neutral regulatory hub of excellence focused on the Global South.
  • FSR Global fosters collaborations with energy stakeholders from around the world to improve the quality of infrastructure regulation and policy by co-creating knowledge that is accessible and actionable.
  • Ministry of Corporate Affairs – Nirmala Sitharaman, Union Minister (Rajya Sabha MP, Karnataka) – Raja Rao Inderjit Singh Yadav, Minister of State (Gurgaon,Haryana)

Axis Bank signed an MoU with IRMA

  • Axis Bank have entered into a Memorandum of Understanding (MoU) with Institute of Rural Management Anand (IRMA).
  • The idea behind entering the MoU is to establish the Axis Bank Chair for financial inclusion at IRMA.
  • Established for five years, the Chair’s primary objectives include conducting research, fostering closer collaboration between the industry and academia, promoting thought leadership, and advocating for policy development.
  • The Chair’s overarching goal is to enhance and expedite the advancement of financial inclusion (FI) and financial literacy in India.
  • The Chair’s main goal is to lead and manage field-based research efforts that contribute to the development of national and state-level financial inclusion policies.
  • Axis Bank – 03/12/1993 (Founded) – Mumbai (HQ) – Amitabh Chaudhry (MD & CEO) – “Badhti Ka Naam Zindagi” (Tagline)

Science and Technology

Infosys and AWS entered strategic collaboration to accelerate cloud transformation

  • Infosys announced a new strategic collaboration agreement (SCA) with Amazon Web Services Inc (AWS).
  • The three-year collaboration will deliver technology transformation and industry-specific solutions to financial organisations supported by joint investments into go-to-market and delivery capabilities across the EMEA region.
  • Infosys and AWS will support financial organisations, like retail banking at NatWest Group, in accelerating their cloud adoption journeys leveraging industry-proven capabilities to deliver specialised end-to-end cloud migration and modernisation services.
  • Customers will receive transformative cloud services from AWS, domain knowledge and delivery from Infosys, and Infosys Capital Markets’ expertise to transform business models and modernize applications, delivering operational efficiency.
  • Infosys Limited – 02/07/1981 (Founded) – Bangalore (HQ) –  Nandan Nilekani (chairman) – Salil Parekh (MD & CEO)
  • Amazon Web Services, Inc. (AWS) – July 2002 (Founded) – Adam Selipsky (CEO)

Appointments

CEO of Association of Mutual Funds in India (AMFI)

  • Association of Mutual Funds in India (AMFI) had appointed Venkat Nageswar Chalasani, former deputy managing director of State Bank of India, as its new chief executive officer.
  • This announcement followed the end of NS Venkatesh’s tenure, who served two consecutive terms of three years each.
  • Association of Mutual Funds in India (AMFI) – 22/08/1995 (Founded) – Mumbai (HQ) – Venkat Nageswar Chalasani (Chief Executive Officer)

CMD of Konkan Railway

  • Santosh Kumar Jha is set to be next Chairman & Managing Director (CMD) of Konkan Railway Corporation Limited (KRCL).
  • He has been recommended for the post by the Public Enterprises Selection Panel (PESB) panel.

Centre gave ex-post approval to extend Digital Competition Law panel’s term

  • The Ministry of Corporate Affairs (MCA) extended the term of the 16-member Committee on Digital Competition Law (CDCL) up to December 31, 2023.
  • The extended term of this panel, which was tasked to submit a draft Bill of proposed digital competition law, had expired on October 31.
  • CDCL will have to submit its report to the government including a draft Digital Competition Act (DCA), MCA.
  • This inter-ministerial panel, which is now chaired by MCA Secretary Manoj Govil, was set up on February 6 and tasked to finalise its report and frame a draft for the proposed law in three months.

Sports News

Meg Lanning announced retirement from international cricket

  • Meg Lanning announced her retirement from international cricket after being the Captain of Australian Cricket Women’s team for almost 13 years.
  • She led the Australian Cricket Women’s team to five World Cup wins, scored 8,352 runs in 241 matches over all three formats.
  • She made her international debut in December 2010 in a T20I against Trans-Tasman rival New Zealand.
  • She is the youngest Australian to score an international century, when she made an unbeaten 104 against England at the WACA Ground in Perth in 2011 aged 18 years and 288 days.
  • Australia – Canberra (Capital) – Australian dollar (Currency) – Charles III (Monarch) – Anthony Albanese (Prime Minister) – English (Language)

Important Days

National Legal Services Day

  • National Legal Services Day is annually observed on November 09.
  • The day is celebrated to commemorate the adoption of the Legal Services Authorities Act 1987.
  • This Act officially came into force on 9th November 1995.
  • Since then, Legal Services Day has been celebrated throughout the Indian states to spread legal awareness among citizens.

Defence

S-400 missiles, Tejas fighters take part in Air Force's mega drill in northeast

  • The Indian Air Force recently conducted the ‘Poorvi Akash’ mega aerial exercise to test its major weapon systems.
  • The exercise featured the S-400 air defence missiles, indigenous fighter aircraft Tejas, and the LCH Prachand.
  • The Indian Air Force has acquired three squadrons of S-400 air defence missile systems from Russia, naming them Sudarshan after Lord Krishna’s Sudarshan chakra weapon.
  • This exercise involved the S-400 missiles, fighter jets like Su-30, Rafales, and Tejas, along with ground troops.
  • Indian Air Force (IAF) – 26/01/1950 (Founded) – New Delhi (HQ) – Airforce Day (October 08) – Air Chief Marshal Vivek Ram Chaudhari (Chief of Air Staff) – ‘Touch the sky with Glory’ (Motto)

Daily Current Affairs - November 09, 2023 - Consolidated

  • National Symposium on ‘Promotion of Organic Products through Cooperatives’
  • Indian Railways to add new ‘anti-injury’ feature to passenger coaches
  • Five-days ‘Diwali Utsav’
  • Workshop by NITI Aayog
  • NTPC and NHAI introduced ash into road development
  • 6th Session of India-Ethiopia Joint Trade Committee
  • First INDUS-X Investors Meet
  • Karnataka Governor released stamp to commemorate Raman Research Institute platinum jubilee
  • PayGlocal got RBI nod for payment aggregator license
  • UBS India’s GDP forecast
  • S&P Global Ratings India’s GDP forecast
  • India signed Memorandum of Intent with Netherlands
  • Indian Institute of Corporate Affairs (IICA) signed MoU with FSR Global
  • Axis Bank signed an MoU with IRMA
  • Infosys and AWS entered strategic collaboration to accelerate cloud transformation
  • CEO of Association of Mutual Funds in India (AMFI)
  • CMD of Konkan Railway
  • Centre gave ex-post approval to extend Digital Competition Law panel’s term
  • Meg Lanning announced retirement from international cricket
  • National Legal Services Day
  • S-400 missiles, Tejas fighters take part in Air Force’s mega drill in northeast

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