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NATIONAL AFFAIRS
Eight products used by Assam’s Bodo Tribe Received GI tag
The Geographical Indications (GI) Registry (Chennai, Tamil Nadu-TN) under the Department for Promotion of Industry and Internal Trade(DPIIT), Ministry of Commerce & Industry(MoCI) has granted the GI tag to 8 products from the Assam.
The 8 new GI products – Jou Gwran; Maibra Jou Bidwi; Jou Gishi; Napham – Fermented Fish; Ondla / Onla; Gwkha – Gwkhwi; Narzi; and Aronai.
- This include traditional food items and unique varieties of rice beer reflecting the practices of the Bodo Tribe of Assam.
FCI launches ANNA DARPAN: A new era of digital transformation in supply chain management
The Food Corporation of India (FCI) under the Department of Food & Public Distribution, Ministry of Consumer Affairs, Food, and Public Distribution, has launched a comprehensive digital transformation initiative to modernize its existing supply chain management system ‘Depot Online System’, with the implementation of a new, microservices-based integrated supply chain management system named ‘Anna Darpan’.
About ANNA DARPAN :
i.The system is being developed to streamline and improve supply chain operations and services at all levels, including Mandis, Mills, Depots (both owned and hired), divisional, regional, zonal, and headquarters operations.
ii.M/s Coforge Limited has been selected as the System Integrator (SI) by FCI. This selection was finalized with the signing of the contract on 14th June 2024.
iii.ANNA DARPAN system’s end-to-end design, development, implementation, and maintenance is under the responsibility of M/s Coforge Limited.
Note: M/s Coforge Limited in collaboration with the Information Technology(IT) Division at FCI Headquarters have initiated a series of requirement-gathering activities, including visits to numerous field offices.
Key Objectives :
The strategic vision of FCI leadership is to achieve the key objectives that the ANNA DARPAN system is intended to accomplish. These objectives are essential for overcoming the limitations of the current systems and include:
i.Improved Efficiency and Productivity: Streamlining processes to optimize performance across the supply chain.
ii.Interactive and User-Friendly User interface(UI) Design: Creating an intuitive interface that enhances user interaction.
iii.Data-Driven Decision Making: Leveraging data analytics to support strategic and operational decisions.
iv.Integration with Internal and External Systems: Facilitating smooth interoperability with other systems, both within and outside FCI.
v.Merger of Existing Internal Systems: Merging and optimizing current applications to reduce redundancy and improve efficiency.
vi.Mobile-First Approach: Prioritizing mobile accessibility to ensure the system is accessible anytime, anywhere.
About Food Corporation of India (FCI):
Chairman & Managing Director(MD) – Ashok Kumar Meena
Headquarters – New Delhi(Delhi)
Established – 1965
DoT and TSPs Launch New System to Stop Fraudulent Calls
The Department of Telecommunications (DoT) which operates under the Ministry of Communications(MoC) has teamed up with major Telecom Service Providers (TSPs) to launch a two-tiered system to addressed the growing problem of telecom fraud, where scammers use tricks to manipulate Caller Line Identification (CLI) and commit financial scams.
About two-tiered system System :
i.The system is designed to identify and block incoming international calls that are disguised to show Indian mobile numbers. This mechanism is crucial in preventing scams before they reach consumer.
ii.The DoT is working closely with TSPs to ensure that the technology used to block these calls is effective and widespread.
- This partnership aims to leverage the capabilities of multiple telecom operators to create a comprehensive defense against fraudulent calls
iii. This system will be implemented in two stages –
- Initially, it will operate at the TSP level to block calls that are masked with the phone numbers of their own subscribers.
- In the second phase, it will function at a central level to prevent calls that use the numbers of subscribers from other TSPs.
Note: As of now, all 4 TSPs have successfully implemented the system. About 1/3 of total spoofed calls at 4.5 million spoofed calls are being stopped from entering the Indian telecom network.
iv.The DoT plans to run awareness campaigns to educate the public about the dangers of misleading calls and how to identify them.
- By informing consumers, the DoT aims to reduce the likelihood of individuals falling victim to these scams
Initiatives :
- Sanchar Saathi portal (www.sancharsaathi.gov.in) individuals can easily share their experiences and alert authorities about potential fraud, enhancing the system’s effectiveness.
- Digital Intelligence Platform that enables information sharing between local authorities, central agencies, banks, telecom operators, and other stakeholders to prevent online scams.
- The Telecom Regulatory Authority of India (TRAI) directed all telecom operators to enable AI/ML spam detection systems to curb unwanted calls and SMSes from unregistered telemarketers (UTM).
Reason for Implementing the New System :
i.There has been a big rise in fraudulent calls, with criminals using tricks to hide their real identities.
- These scams often involve pretending to be officials from the government or banks, leading to large financial losses for victims
ii.The DoT’s main goal is to keep consumers safe. By stopping these misleading calls, the ministry wants to lessen the financial and emotional impact on people who might be targeted by scammers, encouraging them to use their phones without fear of scams.
About Department of Telecommunications (DoT)
Secretary– Niraj Mittal
Headquarters- New Delhi, India
Formed -1985
About Ministry of Communications & Information Technology
Union Minister-Jyotiraditya Scindia (Constituency Guna, Madhya Pradesh)
Minister of State (MoS)- Devusinh Chauhan (Constituency Kheda, Gujarat)
Indian Army gets High-Altitude Firing Range in Tawang, Arunachal Pradesh
The Indian Army (IA) has opened a new artillery firing range in the Tawang sector of Arunachal Pradesh (AR), which falls under the Eastern Command of the IA. This is the first artillery firing range in a high-altitude area.
- This range will allows the IA to practice firing howitzers and other weapon systems.
- The IA has identified 2 firing ranges in AR – one in Tawang (operationalised) and the other is in the process of getting notified.
- Two more ranges have been identified in the north and the work was ongoing in consonance with respective state governments.
Regional Labour Institute-Chennai gets Accredited as “Uttam” by Capacity Building Commission
The Regional Labour Institute(RLI)Chennai, Tamil Nadu(TN) has been awarded with Accreditation (6890-n) by the Capacity Building Commission(CBC) under the National Standards for Civil Service Training Institutions (NSCSTI).
- It has received the Certificate of Accreditation with the grading of “Uttam”.
- RLI Chennai has been awarded for rendering nesting services and maintaining high standards in the Occupational Safety and Health (OSH) Training field.
- The accreditation will pave the way to align its activities with the changes and advancements in the field of OSH in a collaborative and corroborative mode towards a sustainable future.
i.RLI Chennai is a subordinate office of the Directorate General Factory Advice Service And Labour Institutes (DGFASLI), under the Ministry of Labour and Employment (MoLE).
ii.The Institute established in 1960 was formally inaugurated by then TN Chief Minister(CM) M. Bhakthavathchalam in 1963.
iii.The Adyar-based institute caters to the OSH needs of the stakeholders from the Southern Region of India covering the states of Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, Telangana and UTs of Puducherry, Lakshadweep and Andaman & Nicobar Islands.
INTERNATIONAL AFFAIRS
Bilateral Investment Treaty Between India & UAE Comes into Effect
The Bilateral Investment Treaty (BIT) between India and the United Arab Emirates (UAE) came into effect on August 31, 2024. BIT was signed in Abu Dhabi, UAE on 13th February 2024.
- The treaty replaces the earlier Bilateral Investment Promotion and Protection Agreement (BIPPA) between India and UAE which expired on 12th September 2024, ensuring ongoing investment protection for both nations’ investors. BIPPA was signed in December 2013.
Key features of the India-UAE BIT 2024:
i.Closed Asset-Based Definition of Investment: Includes portfolio investments.
ii.Fair Treatment of Investments: Obligations include no denial of justice, no fundamental breaches of due process, no targeted discrimination, and no arbitrary treatment.
iii.Scope Carve-Outs: Excludes measures related to taxation, local governance, government procurement, and compulsory licensing.
iv.Investor-State Dispute Settlement (ISDS): Requires mandatory exhaustion of local remedies for three years before arbitration.
v.General and Security Exceptions: Ensures states can regulate in the public interest.
vi.No Claims for Corruption: Investors cannot claim for investments linked to corruption or fraud.
vii.National Treatment Provision: Guarantees non-discriminatory treatment.
viii.Protection Against Expropriation: Includes transparency and compensation for losses.
Key Points:
i.UAE ranks 7th, accounting for 3% of the total Foreign Direct Investment (FDI) received in India. Between April 2000 and June 2024, UAE invested roughly USD 19 billion.
ii.India’s Overseas Direct Investment (ODI) in the UAE stands at USD 15.26 billion from April 2000 to August 2024.
iii.The BIT is expected to enhance investor confidence by assuring minimum standards of treatment and offering an independent arbitration forum for disputes, while also respecting the state’s regulatory rights and maintaining policy space.
About The United Arab Emirates (UAE):
President– Sheikh Mohamed bin Zayed Al Nahyan
Capital– Abu Dhabi
Currency– Dirham
BANKING & FINANCE
BoB launches ‘Masterstroke Savings Account’ for High-End Customers
On 7th October 2024, Bank of Baroda (BoB) launched ‘BoB Masterstroke Savings Account’, a new savings bank account, designed especially for high-end customers desiring premium services.
- BoB also named Cricketer Sachin Tendulkar as its global brand ambassador.
About BoB Masterstroke Savings Accounts:
i.This account provides higher interest rates via the Flexi Fixed Deposit facility, catering to premium customers.
ii.It offers 0.25% concessional interest rates on retail loans, making borrowing more accessible.
iii.Account holders receive the bob World Opulence Visa Infinite Debit Card (Metal Edition) and a lifetime-free Eterna Credit Card (subject to eligibility).
iv.Daily withdrawal limits are set at Rs 5 lakh for ATMs (Automatic Teller Machine) and Rs 10 lakh for Point of Sale (POS) transactions.
v.The account allows unlimited free NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service), enhancing transaction convenience.
vi.A sweep facility is available for account balances exceeding Rs 20 lakh, allowing for more efficient management of funds.
vii.To enjoy these benefits, a Quarterly Average Balance (QAB) of Rs 10 lakh must be maintained, with a Rs 3,000 penalty for non-compliance each quarter.
Sachin Tendulkar as Global Brand Ambassador:
i.As Brand Ambassador, Sachin will enhance visibility, promote financial literacy, and and fraud prevention.
ii.He will be featured in all branding campaigns, starting with “Play The Masterstroke”.
BoB to sell Oman operation to Bank Dhofar :
BoB is set to sell its Oman operations to Bank Dhofar as part of its strategy to rationalize foreign operations. This acquisition is on a going concern basis. It has been approved by BoB, but has pending approval from relevant regulatory authorities.
i.This is subject to approval from concerned regulatory authorities
ii.The total business of BoB operation in Oman was 113.35 million Omani Rial while the net worth stood at 25.54 million Omani Rial.
About Bank of Baroda (BoB):
Managing Director (MD) & Chief Executive Officer (CEO)– Debadatta Chand
Headquarters– Vadodara, Gujarat
Establishment– 1908
Tagline– India’s International Bank
ICICI Bank Partners with PhonePe to Offer Instant Credit on UPI
On 8th October 2024, ICICI Bank Limited, India’s leading Private Sector Bank, announced that it has partnered with PhonePe, India’s largest digital platform, to offer instant credit on Unified Payments Interface (UPI) to its pre-approved customers through the PhonePe application (app).
- This strategic partnership enables the pre-approved customers of ICICI Bank to use this credit line facility for UPI transactions in a seamless and secure manner.
- This facility is announced ahead of the festive season to empower customers to purchase high ticket items like electronics, travel, and hotel bookings, bill payments, among others.
Key Points:
i.Under this instant credit offer, eligible customers can access up to Rs 2 lakh credit with a 45-day repayment period.
ii.This credit line facility is interoperable across different UP payment apps, offering flexibility and convenience.
Points to Note:
i.PhonePe leads the market share on UPI transactions, which is 49% of the total UPI transaction volumes in the country, followed by Google Pay (38%).
- Also, PhonePe platform registers transactions worth nearly Rs 200 crore per month.
ii.In 2023, the National Payments Corporation of India (NPCI) launched the “credit line on UPI” service, which offers low-ticket, high-volume retail loans to individuals and businesses.
iii.Other than ICICI Bank, some of the major lending banks such as: Axis Bank, HDFC Bank, Indian Bank, Punjab National Bank (PNB) and the State Bank of India (SBI) have also adopted this facility, making instant credit accessible on various platforms such as: Google Pay, Bharat Interface for Money (BHIM), Paytm, among others.
About the ICICI Bank Limited:
Managing Director (MD) and Chief Executive Officer (CEO)- Sandeep Bakshi
Headquarters– Mumbai, Maharashtra
Tag line- “Hum Hai Na, Khyal Apka”
Established- 1994
About PhonePe:
Chief Executive Officer (CEO)- Sameer Nigam
Headquarters- Bengaluru, Karnataka
Established- 2015
PFC Secures largest-ever foreign currency term loan of USD 1.265 billion
Power Finance Corporation Limited (PFC), a Maharatna public sector company and one of India’s top non-banking financial companies (NBFC), operating under the Ministry of Power(MoP), secured its largest ever foreign currency loan of USD 1.265 billion.
- This transaction was executed through a facility agreement with multiple banks based in the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar, Gujarat.
- PFC plans to use this fund to finance projects not related to thermal power (coal based), promoting green and sustainable energy initiatives. This supports India’s goals of reducing carbon emissions and increasing renewable energy capacity.
Key Highlights :
i.The USD 1.265 billion loan sets a record for Indian Public Sector Units (PSUs). It is structured as a floating-rate loan with an average interest rate of 4.21% per annum.
ii.It is issued in three major Currencies-United States Dollar (USD), Euro (EUR), and Japanese Yen (JPY). The loan’s interest rates are linked to global benchmarks- Secured Overnight Financing Rate (SOFR) for USD, the Euro Interbank Offered Rate (EURIBOR) for EUR, and the Tokyo Overnight Average Rate (TONA) for JPY.
iii. The loan has a five-year term, offering PFC the flexibility needed to manage its investments and projects efficiently.
iv.Several well-known banks helped organize the loan, including the State Bank of India (SBI), Industrial Development Bank of India (IDBI) Bank Limited,Axis Bank Limited, Mitsubishi UFJ Financial Group (MUFG Bank), Deutsche Bank, Sumitomo Mitsui Banking Corporation (SMBC).
- SBI was the main lender and also managed the overall arrangement of the loan.
v.This landmark agreement enables PFC to expand its investments in green energy, diversify its funding base, and strengthen its presence in global markets.
vi.This is a significant step towards supporting India’s vision for sustainable economic development and energy transition.
About Power Finance Corporation (PFC)
Chairman & Managing Director (CMD)- Parminder Chopra
Headquarters- New Delhi(Delhi)
Founded-1986
About Ministry of Power(MoP):
Union Minister- Manohar Lal Khattar (Constituency-Karnal, Haryana)
Minister of State (MoS)- Shripad Yesso Naik (Constituency- North Goa)
JFSL & Black Rock Received In-Principle Approval from SEBI to Set up Mutual Fund Business
On 3rd October 2024, Jio Financial Services Limited (JFSL), a Non-Banking Financial Company (NBFC) backed by Reliance Industries Limited (RIL) has received the in-principal approval from the Securities and Exchange Board of India (SEBI), to establish a Mutual Fund (MF) business, in partnership with New York (the United States of America (US))-based BlackRock Financial Management Inc., the world’s largest asset manager.
- The final approval for registration will be granted by SEBI subject to the fulfillment of the requirements by JFSL and BlackRock laid out by SEBI in its official notification.
Key Points:
i.JFSL will invest an amount of Rs 3 crore towards initial subscription of 30 lakh equity shares of face value Rs 10 each.
ii.Also, both the companies had announced an investment of USD 150 million each for the MF business in India.
Points to note:
i.In July 2023, Jio Financial Services announced the formation of a 50:50 joint venture with BlackRock to launch asset management services in India each committing an initial investment of USD 150 million.
ii.The partners filed an application with SEBI for in-principle sponsor approval in 3rd Quarter of Financial year 2024 (Q3 FY24)
iii.On 15th April 2024, the partnership was expanded to include wealth management and broking services.
Additional info:
i.On 6th September 2024, Jio Financial Services and BlackRock Advisors Singapore Pte. Ltd. formed a joint venture (JV) named “Jio BlackRock Investment Advisers Private Limited,” focused on providing investment advisory services as its core business.
ii.The Certificate of Incorporation was received from the Ministry of Corporate Affairs (MoCA) on 7th September 2024.
Note: The MF Industry in India is one of the fastest growing as its Assets Under Management (AUM) has doubled from Rs 25.48 lakh (in 2019)to Rs 66.67 lakh crore (in 2024).
About Jio Financial Services Limited(JFSL):
It is an Indian financial service company and offers various financial services such as payment services, insurance broking, among others.
Managing Director (MD) and Chief Executive Officer (CEO)– Hitesh Kumar Sethia
Headquarters– Mumbai, Maharashtra
Established– 2023
AWARDS & RECOGNITIONS
John J. Hopfield & Geoffrey E. Hinton won the Nobel Prize in Physics 2024
American physicist John J. Hopfield and British-Canadian Computer scientist Geoffrey E. Hinton were jointly awarded the Nobel Prize in Physics 2024 by the Royal Swedish Academy of Sciences in Stockholm, Sweden on 8th October 2024.
- They were awarded “for foundational discoveries and inventions that enable machine learning with artificial neural networks”.
- Prize amount: 11 million Swedish kronor will be shared equally between the laureates.
APPOINTMENTS & RESIGNATIONS
Udhayanidhi Stalin Takes Oath as Deputy Chief Minister of Tamil Nadu
On 29th September 2024, Tamil Nadu(TN)’s Minister of Youth Welfare and Sports Development, Udhayanidhi Stalin took oath as the Deputy Chief Minister(Dy CM) of TN. The post has been vacant since 2021.
- Udhayanidhi was sworn in as Dy CM by TN Governor R.N. Ravi. He became the youngest person in TN’s history to hold the post of Dy CM.
4 other Dravida Munnetra Kazhagam (DMK) legislators were sworn in as cabinet ministers by the TN Governor. The New Cabinet ministers are
- V. Senthilbalaji- Ministry of Electricity, Prohibition and Excise
- Govi Chezhiaan– Ministry of Higher Education
- R. Rajendran– Ministry of Tourism
- SM Nasar– Ministry of Minorities Welfare and Non-Resident Tamils Welfare
i.Udhayanidhi Stalin, son of TN Chief Minister (CM) MK Stalin, made his political debut in 2019 as the youth wing secretary of DMK.
ii.In 2021, he was elected as the Member of Legislative Assembly (MLA) from Chepauk-Tiruvallikeni constituency and later sworn in as Minister of Youth Welfare and Sports Development in 2022.
iii.Before joining politics, Udhayanidhi had a career in the Tamil Film industry as a film producer and an actor. He started his career as a Film distributor and later founded the “Red Giant Movies”, a film production house.
SPORTS
Bangladesh Tour of India Test Series 2024: India won the 2-Match Series 
The Bangladesh cricket team captained by Najmul Hossain Shanto are touring India in September and October 2024 to play against India. The tour includes 2 Test matches and 3 Twenty20 International (T20I) matches.
- Indian Men’s Cricket team captained by Rohit Sharma won the Two-match test series against Bangladesh (2-0).
- This marks Team India’s 180th win in Test history.
With this, India secured the 4th Place in the list of most Test wins. the list is topped by Australia (414) followed by England (397) and West Indies (183).
>> Read Full News
OBITUARY
Organic farmer and Padma awardee Pappammal dies at the age of 109
Padma Shri Awardee Pappammal alias Rangammal, an Indian organic farmer from Tamil Nadu(TN), has passed away at the age of 109. She was born in 1914 and resides in Thekampatti near Mettupalayam, Coimbatore, TN.
- The Government of India (GoI) honoured her with Padma Shri(Others) in 2021.
i.She has been associated with the Tamil Nadu Agricultural University(TNAU) and has organised various discussion forums of TNAU’s extension department. She has also apprised thousands of farmers about the TNAU’s farming technologies and practices.
ii.She was a member of the Dravida Munnetra Kazhagam (DMK) and served as a ward member of the Thekkampatti Panchayat in 1959. She has also served as a councillor in the Karamadai Panchayat Union.
IMPORTANT DAYS
World Animal Day 2024 – October 4
World Animal Day (WAD) is annually observed across the globe on 4th October to emphasize the significance of animals and raise awareness about their welfare to maintain ecological balance.
- The theme for World Animal Day 2024 is “The world is their home too”.
Background:
i.The World Animal Day was proposed byCynologist and animal protection advocate Heinrich Zimmerman to promote animal welfare.
ii.The first World Animal Day was organised by Zimmerman on 24th March 1925, at the Sports Palace in Berlin, Germany.
iii.In 1931, Zimmermann’s proposal to officially designate 4th October of every year as World Animal Day was accepted and enacted as a resolution during the International Animal Protection Congress held in Florence, Italy.
>> Read Full News
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