We are here for you to provide the important Recent and Latest Current Affairs 17 October 2024, which have unique updates of Latest Current Affairs 2024 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.
Our Current Affairs October 2024 events will help you to get more marks in Banking, Insurance, SSC, Railways, UPSC, CLAT and all State Government Exams. Also, try our Latest Current Affairs Quiz and Monthly Current Affairs 2024 PDF which will be a pedestrian to crack your exams.
Read Current Affairs in CareersCloud APP, Course Name – Learn Current Affairs – Free Course – Click Here to Download the APP
Click here for Current Affairs 16 October 2024
Click here for Affairscloud Hindu Free Vocabs telegram channel
NATIONAL AFFAIRS
India, Japan, US & Australia hold 28th Malabar Naval Exercise off the Indian Coast
The 28th edition of the multi-national maritime exercise MALABAR(2024) commenced off the coast of Visakhapatnam, Andhra Pradesh(AP) under the Eastern Naval Command (ENC). The exercise saw participation from the Indian Navy (IN), the United States Navy (USN), the Japan Maritime Self-Defense Force (JMSDF) and the Royal Australian Navy (RAN) from October 8-18, 2024.
- The MALABAR 2024 Exercise is hosted by the IN to enhance interoperability and strengthen maritime cooperation.
About MALABAR Exercise :
i.The MALABAR Exercise began in 1992 as a bilateral exercise between India and the United States of America (USA).
ii.Over the years, it has expanded to include Japan, which became a permanent member in 2015, and Australia, which joined permanently in 2020, made it a four Quad coalition.
ii.In 2023, it was hosted by RAN at the East coast of Australia off Sydney.
Representatives from India:
i.Indian Naval Ship (INS) Delhi (D 61)– The first-in-class guided-missile destroyer leads India’s fleet in the exercise.
ii.The IN’s contingent includes at least four other surface combatants and various aircraft, showcasing its maritime strength and capabilities in regional defense.
Representatives from other Nations:
i.The USN is represented by the P-8 Poseidon, the Arleigh Burke-class guided missile destroyer USS Dewey (DDG 105), and Destroyer Squadron (DESRON) 15, the largest DESRON and the principal surface force of the U.S. 7th Fleet, is also participating.
ii.The JMSDF is represented by the Murasame-class destroyer JS Ariake (DD 109).
iii.The RAN has deployed the Anzac-class frigate HMAS Stuart (FFH 153).
- A Royal Australian Air Force P-8A Poseidon maritime patrol aircraft.
MALABAR 2024:
The MALABAR -2024 is conducted in two phases, Harbor and Sea
i.The Harbor Phase phase takes place at Visakhapatnam, focusing on planning sessions, cultural exchanges, and briefings for operational coordination.
ii.The Sea Phase occurs in the Bay of Bengal, where participating navies engage in anti-submarine warfare (ASW) exercises, surface and air defense operations, and joint tactical maneuvers.
Recent Related News:
The 22nd edition of India-France Naval Exercise ‘Varuna’ was held in the Mediterranean Sea from 2nd September to 4th September 2024, showcasing the deepening defense collaboration between two nations.
About Andhra Pradesh(AP):
Chief Minister (CM)- N. Chandrababu Naidu
Governor– S. Abdul Nazeer
Capital- Amaravati
National Park– Rajiv Gandhi National Park and Sri Venketeswara National Park
Highlights of ITU WTSA Hackathon 2024 Phase-2 
The Phase-2 of the International Telecommunication Union (ITU) World Telecommunication Standardization Assembly (WTSA) Hackathon 2024 concluded on October 8, 2024, at Bharat Mandapam in New Delhi, Delhi.
- It was organized by the ITU and hosted by the Department of Telecommunications (DoT), Ministry of Communications (MoC) of India under the theme “AI Bharat 5G/6G Sandbox.“
- The Hackthon event was launched by Dr. Neeraj Mittal, Secretary of DoT.
- This event served as a precursor to the WTSA 2024, which will take place from October 15-24, 2024, with Prime Minister (PM) Narendra Modi inaugurating it alongside the India Mobile Congress (IMC) in New Delhi.
About Hackathon:
The ITU WTSA Hackathon attracted 88 registered teams, with 12 advancing to the 40-hour in-person Phase-2 competition .Participants engaged in expert talks, mentoring sessions, and live demonstrations, focusing on integrating Artificial Intelligence AI/ML (Machine Learning) into 5G/6G networks while aligning with the United Nations Sustainable Development Goals (SDGs).
Notable Projects:
- 5G-enabled smart city public transportation system
- Flood monitoring and alerting system
- Waste management solutions for river beds
- AI-based 6G standards barrier reduction
- Dynamic beamforming optimization
- Traffic optimization to enhance urban mobility
- AuratRaksha solution for advanced protection measures
- SIM fraud protection
- Real-time network reliability prediction
Key Points
i.Teams were evaluated on their preparedness, problem statement design, and solution effectiveness.
ii.Each team received cloud credits worth Rs. 83,500 (USD 1,000) to optimize their AI solutions.
iii.The hackathon benefitted from a panel of 12 Indian and two international mentors, alongside guidance from an ITU Programme Officer.
Phase I of ITU WTSA Hackathon:
The first phase ran from August 7 to September 30, 2024, with diverse teams competing online to integrate AI/ML into 5G/6G infrastructures. It focused on two problem statements:
- AI Bharat 5G/6G Sandbox – Build Your Own AI/ML Model for 5G/6G: Creating AI/ML pipelines leveraging ITU recommendations, including ITU-T Y.3172 and ITU-T Y.3061.
- AI Bharat 5G/6G Sandbox – Build Your Own xApp for Autonomous 5G/6G: Creating xApp for Autonomous 5G/6G.
WTSA 2024
World Telecommunication Standardization Assembly (WTSA) will be held in New Delhi from 15th – 24th Oct 2024, marking a significant step towards the advancements of 5G and 6G networks. For the first time in its 150-year history, the WTSA 2024 will be conducted in India.
- The WTSA is a key conference held every four years.
- It oversees the standardization work of ITU, which is the United Nations Agency for Digital Technologies.
- The ITU-WTSA will be hosted in India and the Asia-Pacific region for the first time.
INTERNATIONAL AFFAIRS
INS Talwar Arrives in South Africa to Join IBSAMAR VIII
On 6th October 2024, Indian Naval Ship (INS) Talwar, frontline stealth frigate of Indian Navy (IN) arrived at Simon’s Town in South Africa (SA) to participate in the 8th edition of India-Brazil-South Africa Maritime (IBSAMAR VIII), a joint multinational maritime exercise among the navies of India, Brazil and South Africa.
- The trilateral maritime exercise ,which commenced on 6th October 2024, will run till 18th October 2024.
- The exercise aims to improve interoperability and strengthen ties between the navies of 3 countries.
- This exercise takes place right before the upcoming 2024 BRICS Summit in Russia.
Note: The 7th edition of IBSAMAR was held at Port Gqeberha (also known as Port Elizabeth) in South Africa in 2022.
About IBSAMAR VIII:
i.The exercise is based on Blue Water Naval Warfare, covering the dimensions of Surface and Anti-Air Warfare.
ii.The harbour phase of exercise includes professional exchanges, Damage Control & Firefighting drills, Visit, Board, Search and Seizure drills (VBSS), cross-boarding, aviation safety lectures, joint diving operations, an Ocean Governance seminar, sports interactions, cross-deck visits, and interaction among Special Forces and Junior Officers.
Significance:
i.The defence cooperation between India and South Africa is on an upward trajectory, for instance: Operational Sea Training and Submarine Rescue Support have been commenced between the navies of both countries since the 12th edition of Navy-to-Navy talks held on 26th-28th August 2024 at New Delhi, Delhi.
ii.The participation of INS Talwar in IBSAMAR VIII aims to bolster the ties between two countries and reaffirm India’s commitment to constructive collaboration and mutual growth.
Point to Note: INS Talwar (F40) was commissioned in IN on 18th June, 2003, is part of the IN’s Western Fleet based in Mumbai, Maharashtra under the Western Naval Command. The ship is commanded by Captain Jithu George.
About Indian Navy (IN):
Chief of Naval Staff (CNS)- Dinesh Kumar Tripathi
Headquarters- New Delhi, Delhi
Established– 1950
About South Africa:
President– Matamela Cyril Ramaphosa
Capital- Pretoria (executive), Cape Town (legislative), and Bloemfontein (judicial)
Currency- South African Rand (ZAR)
BANKING & FINANCE
Highlights of RBI’s 4th Bi-monthly MPC Meeting 2024 : RBI Keeps Repo Rate Unchanged at 6.5%; Retains 7.2% GDP Growth for FY25 
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met from 7th October to 9th October 2024 and released its fourth Bi-Monthly Monetary Policy of Financial Year 2024-25 (FY25) which continues to expect India’s real Gross Domestic Product (GDP) to grow at 7.2% in FY25. The October FY25 meeting was RBI’s 51st MPC meeting.
- RBI has projected the real GDP growth for 2024-25 with Q2 at 7.0%; Q3 at 7.4% and Q4 at 7.4%. The real GDP growth for Q1:2025-26 is projected at 7.3%.
- The repo rate under the Liquidity Adjustment Facility (LAF) was kept unchanged at 6.50% for the 10th consecutive time with a majority vote of 5:1. Nagesh Kumar voted to reduce the policy repo rate by 25 basis points.
About Reserve Bank of India (RBI)
The Reserve Bank of India (RBI) was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. All shares in the capital of the Bank were deemed transferred to the Government of India(GoI) on payment of a suitable compensation.
Governor – Shaktikanta Das
Headquarters – Mumbai, Maharashtra
>> Read Full News
RBI Grants White-Label ATM Licence to Mumbai-based EPS Company
The Reserve Bank of India (RBI) has granted a White Label Automated Teller Machine (ATM) License (WLA) after a gap of 10 years to Mumbai-based Electronic Payment and Services Limited (EPS), a privately-owned ATM outsourcing company.
- It has issued the license under the Payment and Settlement Systems (PSS) Act, 2007, with the primary objective of expanding the ATM networks in rural and semi-urban areas of India.
- With this, EPS has become the 5th company to receive a license to operate WLAs in India.
Note: White-Label ATMs are those ATMs, owned and managed only by non-bank entities for instance: Non-Banking Financial Company (NBFC) and customers of any bank can use them.
Key Points:
i.EPS aims to deploy 9,000 WLAs across the country within the first 3 years under the brand name “EPS Bancs”.
ii.For the initial phase, the company plans to deploy around 2,000 ATMs by March 2025.
- Currently, EPS manages over 10,300 ATMs for banks in India.
Key Guidelines to Acquire License of WLAO:
i.As RBI guidelines, it is mandatory for applicant to mention about the proposed activity of operating the WLAs in its Memorandum of Association (MOA).
ii.The interested non-bank entity must have a minimum net worth of Rs 100 crore as per the last audited balance sheet. The minimum net worth has to be maintained at all times.
iii.The license issued by the RBI to set up the WLAs will be valid for 1 year.
- Also, the applicant is required to mention about the number of WLAs intended to be set up along with the scheme during the time of application.
iv.In 2019, RBI has relaxed some of the conditions for WLAOs operating in India such as:
- WLAOs were allowed to buy wholesale cash, above a threshold of 1 lakh pieces (and in multiples thereof) of any denomination directly from the RBI and currency chests against full payment, WLAOs were permitted to source cash from any scheduled bank including Cooperative Banks and Regional Rural Banks (RRBs), among others.
Points to Note:
i.At present, there are 4 companies which operate WLAs in India: Hitachi Payment Services Private Limited, Tata Communications Payment Solutions Limited (TCPSL), India1 Payments Limited(BTI Payments Private Limited) and Vakrangee Limited.
- As of 31st July 2024, all these WLA operators (WLAO) had about 34,000 ATMs in India.
ii.TCPSL established India’s 1st WLA by the name of “Indicash” in Chandrapada, a small village in Thane district, Maharashtra on 27th June, 2013.
Electronic Payment and Services Limited (EPS):
It is backed by investors like the United Kingdom (UK)-based Apis Partners and Dutch Entrepreneurial Development Bank FMO.
Chairman and Managing Director (CMD)- Mani Mamallan
Headquarters- Mumbai, Maharashtra
Established- 2011
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das (25th Governor of RBI)
Headquarter– Mumbai, Maharashtra
Established– 1 April, 1935
ICICI Bank and MakeMyTip Launched co-branded Premium Credit Card
Mumbai( Maharashtra) based ICICI Bank Limited has partnered with MakeMyTrip (MMT), a leading Travel company, to launch a premium co-branded credit card named “MakeMyTrip ICICI Bank Credit Card” specially curated for the aspirational travellers of India.
- This card is issued as a dual offering which comes with the convenience of two cards, one each powered by Mastercard and RuPay. There is a joining fee of Rs 999 and there is an annual/renewal fee from the second year.
- The Cardholders earn unlimited reward points that never expire. The card offers a unique value with myCash (MakeMyTrip’s reward currency), where 1 myCash is worth Rs 1 in spendable money.
- The RuPay credit card can be linked to Unified Payments Interface (UPI), enabling safe and secure transactions through UPI enabled Applications( App).
- The co-branded credit card also offers complimentary MMTBLACK Gold membership, providing exclusive benefits across hotels, flights, and holiday packages.
Google partners with Aditya Birla Finance & Muthoot Finance to offer personal & gold loans
Google, an American search engine company, has partnered with Aditya Birla Finance Limited(ABFL) and Muthoot Finance Limited to enhance its financial services on Google Pay at the 10th edition of Google for India event held on 3rd October 2024 in New Delhi, Delhi.
- Google has partnered with Aditya Birla Finance to offer personal loans and with Muthoot Finance to provide gold-backed loans.
- Under this partnership, Indians can access the credit product, with affordable interest rates and flexible usage options – delivering flexibility to the borrower, and security to the lender.
Note: The organised gold loan market is expected to surpass Rs 10 trillion in FY25 and may reach Rs 15 trillion by March 2027, according to ICRA Limited.
NBBL introduces national pension system on the Bharat Connect platform
NPCI Bharat BillPay Limited (NBBL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), has partnered with the Pension Fund Regulatory and Development Authority (PFRDA) to integrate the National Pension System (NPS) as a biller category on the Bharat Connect platform (formerly known as Bharat Bill Payment System-BBPS).
i.Under this partnership, individual investors will be able to contribute to existing NPS accounts with the support of Bharat Connect-enabled platforms.
ii.This category has gone live for contributions on platforms such as Bharat Interface for Money (BHIM), PhonePe, MobiKwik, and Kotak Mahindra Bank’s net banking channel.
iii.Bharat Connect has onboarded all central record-keeping agencies, including Protean, KFintech, and Computer Age Management Services Limited(CAMS), ensuring that every existing NPS customer can make their contributions via Bharat Connect.
Note: NBBL collaborated with Axis Bank Limited as a Biller Operating Unit (BOU) and technology service provider (TSP) Setu for integrating NPS with its platform.
AWARDS & RECOGNITIONS
Sister Rosita Milesi, Brazilian Nun and 4 Other Women Won UNHCR’s Nansen Refugee Award for their Life Changing work with Migrants
Sister Rosita Milesi (79), Brazilian nun, lawyer and social worker was honoured with the 2024 United Nations High Commissioner for Refugees (UNHCR) Nansen Refugee Award’s Global Laureate for championing the rights and dignity of refugees and migrants of different nationalities in Brazil for nearly four decades.
- The award was presented at a ceremony held in Geneva, Switzerland on 14th October, 2024.
Regional Winners 2024: Maimouna Ba (from Africa region, Jin Davod (from Europe region; Nada Fadol (from Middle East and North Africa region); Deepti Gurung (from Asia-Pacific region).
About United Nations High Commissioner for Refugees (UNHCR):
High Commissioner- Filippo Grandi
Headquarters- Geneva, Switzerland
Established- 1950
>> Read Full News
APPOINTMENTS & RESIGNATIONS
Sony Pictures appoints Ravi Ahuja as new CEO; Tony Vinciquerra to step down
On 1st October 2024, Sony Pictures Entertainment (SPE), a subsidiary of Tokyo(Japan)-based Sony Group Corporation, announced that Tony Vinciquerra, Chairman and Chief Executive Officer (CEO) of SPE will step down from his role as SPE CEO on 2nd January 2025.
- Vinciquerra will remain in an advisory role for SPE as non-executive Chairman until December 2025.
- Ravi Ahuja, the current Chairman of Global Television Studios, SPE and President and Chief Operating Officer (COO), will take charge as the President and CEO of SPE with effect from 2nd January 2025.
- Ahuja, based in Los Angeles(California, the United States of America-USA), will report to Kenichiro Yoshida, Chairman and CEO of Sony Group Corporation and Hiroki Totoki, President, COO and Chief Financial Officer (CFO) of Sony Group Corporation.
ACQUISITIONS & MERGERS
CCI Approved JM Financial’s 43% Stake Buy in JM Fin Credit Solutions
The Competition Commission of India (CCI) has approved the acquisition of 43% of the total paid up share capital of JM Financial Credit Solutions Limited (JMFCSL) by JM Financial Limited (JMFL), the operating cum holding company of the JM Financial Group, for consideration of approximately Rs 1,282 crore.
- Following the successful completion of transaction, the stake held by JMFL in JMFCSL will increase from 46.68% to 89.67%.
Note:
- JMFCSL is a Reserve Bank of India (RBI) registered systematically important Non-Deposit-taking Non-Banking Finance Company (NBFC)
- JMFL is a Bombay Stock Exchange (BSE) and National Stock Exchange of Limited (NSE)-listed entity.
- JMFRC is an Asset Reconstruction Company (ARC) registered with the RBI under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.
Key Points:
i.The board of CCI has also approved the acquisition of 71.79% of the total paid-up share capital of JM Financial Asset Reconstruction Company Limited (JMFARC), subsidiary of JMFL, by JMFSCL, for a consideration of Rs 856 crore.
- With this, the stake held by JMFSCL will increase exponentially from 9.98% to 81.77%.
ii.In July 2024, JM Financial Group announced that it had decided to consolidate its holdings in the wholesale debt syndication and distressed credit businesses under a unified platform.
- It aims to leverage the expertise of JM Financial Group to achieve higher risk-adjusted returns and shift towards a diversified syndication model.
iii.The transaction is expected to see net cash outflow of around Rs 426 crore from JMFL, which will be funded from its surplus cash.
CCI Approved Rs 1100 Crore Buyout of Patanjali Ayurved’s Home, Personal Care Biz
The CCI has approved the proposed acquisition of Home and Personal Care (HPC) business division (non-food business) of Patanjali Ayurved Limited (PAL), one of the promoters of Patanjali Foods by Patanjali Foods Limited (PFL) for Rs 1100 crore.
- The acquisition comes under related party transactions being undertaken on a fair value and arms’ length basis.
- Also, the acquisition will strengthen the Patanjali brand’s Fast-Moving Consumer Goods (FMCG) product portfolio, which will further boost the food growth of PFL.
Note: PFL which was acquired by PAL through an insolvency process, had registered a total revenue of Rs 31,961.62 crore in Financial Year 2023-24 (FY24) as against Rs 31,821.45 crore in FY23.
About Competition Commission of India(CCI):
It is a statutory body constituted under Competition Act, 2002.
Chairman- Ravneet Kaur
Headquarters– New Delhi, Delhi
Established- 2003
SCIENCE & TECHNOLOGY
Indian Army unveils its first upgraded T-90 ‘Bhishma’ Tank
On 7 October 2024, the Indian Army (IA) unveiled its first upgraded T-90 ‘Bhishma’ tank, marking a significant move toward enhancing the operational capabilities of its armored units. The rollout ceremony was attended by the Chief of the Army Staff(CoAS) of the IA, Upendra Dwivedi.
- This initiative is part of the Army’s ambitious “Decade of Transformation,” reflecting India’s growing indigenous capability to maintain and enhance critical military platforms.
Overview of the T-90 Tanks:
i.The T-90 tanks, manufactured under a license agreement with Russia, are produced at the Heavy Vehicles Factory (HVF) in Avadi, near Chennai, Tamil Nadu(TN).
ii.The IA has ordered 1,657 T-90 tanks and currently operates around 1,300 units. The first set is now undergoing a significant overhaul.
iii.The overhaul, showcasing the Army’s technical prowess, was carried out by the Corps of Electronics and Mechanical Engineers at the 505 Army Base Workshop in Delhi Cantonment, New Delhi(Delhi).
Key Points:
i.The next round of testing for the upgraded T-90 ‘Bhishma’ tank will include missile firing. The Defence Research and Development Organisation (DRDO) plans to complete various trials by January 2025.
ii.The user trials are anticipated to last between 12 to 18 months, during which the IA will assess the tank’s performance in different conditions, including summer, winter, and high-altitude environments.
- The goal is to ensure that the tank meets all operational requirements before it goes into mass production.
iii. The T-90 is expected to be ready for induction into active service by 2027.
About the Defence Research and Development Organization (DRDO)-
Chairman- Dr Samir V. Kamat
Headquarters– New Delhi, Delhi
Formed- 1958
IMPORTANT DAYS
World Cerebral Palsy Day 2024 – October 6
World Cerebral Palsy Day (WCPD) is annually observed across the globe on 6th October to raise awareness of Cerebral Palsy (CP) to ensure a future where children and adults with cerebral palsy have the same rights, access, and opportunities as everyone else in society.
- The theme of World Cerebral Palsy Day 2024 is “#UniquelyCP”.
- In 2012, the Cerebral Palsy Alliance declared 6th October as WCPD.
About Cerebral Palsy Alliance (CPA):
Chair– Andrew Buchanan
Headquarters– New South Wales, Australia
Founded– 1945
>> Read Full News
World Habitat Day 2024 – October 7
The United Nations (UN)’s World Habitat Day (WHD) is annually observed across the globe on the first Monday of October to reflect the condition of our habitats and to emphasize the fundamental right of every individual to adequate shelter.
- The WHD 2024 was observed on 7th October 2024.
- The theme of WHD 2024 is “Engaging youth to create a better urban future”.
- The WHD 2024 global ceremony was held in Mexico at the “Educational Cultural Center of the state of Querétaro”.
Background:
The WHD was first celebrated in 1986 with the theme “Shelter is My Right“. The city of Nairobi in Kenya hosted it.
About the United Nations:
Secretary general– António Guterres
Establishment– 1945
Headquarters– New York, The United States of America
>> Read Full News
World Cotton Day 2024 – October 7
The United Nations (UN)’s World Cotton Day (WCD) is annually observed across the globe on 7 October to raise the visibility of the cotton sector and create awareness about its critical role in economic development, international trade and poverty alleviation.
- The day also highlights the need for sustainable economic growth and decent work for all.
- 7th October 2024 marks the observance of the 4th World Cotton Day.
Background:
i.The idea of World Cotton Day was initiated in 2019, when 4 cotton producers in sub-Saharan Africa– Benin, Burkina Faso, Chad and Mali, known as the Cotton Four -proposed the World Trade Organization(WTO) for the observance of World Cotton Day celebration on October 7.
ii.In August 2021, The United Nations General Assembly (UNGA) adopted the resolution A/RES/75/318 and declared the 7th of October of every year as World Cotton Day.
iii.The first-ever World Cotton Day was observed on 7th October 2021.
Events 2024:
i.In 2024, World Cotton Day was celebrated on 7th October 2024 in Cotonou, Benin, marking the 1st time the event will be held in the country.
ii.This also marks the 1st WCD celebrated on the African Continent.
>> Read Full News
*******
Current Affairs Today (AffairsCloud Today)