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NATIONAL AFFAIRS
PM Modi commenced 150th Birth Anniversary Year of Birsa Munda on Janjatiya Gaurav DivasPrime Minister (PM) Narendra Modi visited Jamui, Bihar on 15th November 2024 on the occasion of ‘Janjatiya Gaurav Divas’ and paid tribute to tribal leader Dharti Aaba Bhagwan Birsa Munda.
- Janjatiya Gaurav Divas 2024 marks the commencement of 150th Birth Anniversary Year celebration of Bhagwan Birsa Munda.
i.PM Modi inaugurated and laid the foundation stone of multiple development projects worth over Rs 6,640 crore in Jamui, Bihar
ii.Union Minister Amit Shah, Ministry of Home Affairs and Ministry of Cooperation, unveiled a grand statue of Bhagwan Birsa Munda at Baansera Park in New Delhi, Delhi on the occasion of his 150th birth anniversary year.
iii.He also renamed the Sarai Kale Khan Chowk outside Sarai Kale Khan inter-state bus terminus (ISBT) in south-east Delhi as Birsa Munda Chowk.
About Bihar:
Chief minister – Nitish Kumar
Governor – Rajendra Arlekar
Capital – Patna
>> ReadFull News
Govt reconstituted ISC with PM Modi as chairman; state CMs & 9 Union ministers as membersThe Government of India(GoI) has reconstituted the Inter-State Council (ISC), an important body for enhancing Centre-State and interstate coordination, with Prime Minister (PM) Narendra Modi as its chairman.
- The council aims to strengthen cooperative federalism by fostering dialogue and cooperation between the GoI and the states.
- The GoI also restructured the Standing Committee of the ISC and appointed Union Minister Amit Shah as its chairman.
- The committee is responsible for reviewing the implementation of ISC recommendations and addressing issues referred by the Chairman or the Council.
Union Home Ministry Approves First All-Women Battalion in CISFThe Ministry of Home Affairs (MHA) has approved establishment of the 1st all-women battalion of Central Industrial Security Force (CISF) to enhance women’s role in CISF. The addition of a ‘Mahila Battalion’ would encourage more aspiring young women across the country to join the force and serve India.
Key Points:
i.Women constitute over 7% of the CISF and has been the preferred choice for them from among the central armed police forces (CAPF).
ii.The establishment of the all-women battalion will encourage more aspiring young women to join CISF.
iii.The CISF headquarters has started preparations for the early recruitment, training and selection of locations for the headquarters of the new battalion.
iv.The training is specially designed to create an elite battalion capable of performing multifarious roles as commandos in Very important person(VIP) security and security at airports, Delhi metro rail, etc.
About Central Industrial Security Force (CISF):
CISF is an armed force of the Union established under an Act of Parliament, Central Industrial Security Force Act, 1968 (50 of 1968).
Director General– Rajwinder Singh Bhatti
Established In – 1969
Headquarters– New Delhi, Delhi
India Signs MOU with Russia for Advanced Pantsir Air Defence SystemsIndia’s Bharat Dynamics Limited (BDL), top state-owned defense manufacturer and Russia’s Rosoboronexport (ROB), Russia’s main weapons export agency signed the Memorandum of Understanding (MOU) to boost India’s air defense capabilities, particularly with the acquisition of advanced variants of the Pantsir air defense system from Russia.
- The MoU was signed at the 5th India-Russia Inter-Governmental Commission (IRIGC) Subgroup meeting which held in Goa.
- The Pantsir is a Russian self-propelled anti-aircraft gun/missile system (SPAAGM), designed for point-defense.
Signatories:
The MOU was inked between BDL’s Chairman and Managing Director A Madhavarao (Retired) and Mr Kovalenko German,Deputy Director General of the Naval Department of Rosoboronexport (ROB).
Points to Note:
i.The Pantsir air defence system is a highly versatile and mobile platform designed to protect military installations from aerial threats, including aircraft, drones, and precision-guided munitions.
ii.The system combines short- to medium-range surface-to-air missiles with dual 30 mm automatic cannons, creating a multi-layered defence.
iii.Equipped with advanced radar and tracking systems, the Pantsir can detect and engage targets up to 36 kilometers away and at altitudes of up to 15 kilometers including Russia, China, and India, as part of a layered defense strategy alongside longer-range systems like the S-400.
Note –
- The Pantsir-S1 is the most common version, deployed globally.
About Russia:
President- Vladimir Putin
Capital- Moscow, Russia
Currency-Russian Ruble (RUB)
NITI Aayog Organised Symposium on “Green Transition in States” in New DelhiThe National Institution for Transforming India (NITI Aayog) has organized a symposium on the “Green Transition in States” in collaboration with the New Delhi (Delhi) based Institute for Sustainability, Employment and Growth Foundation (ISEG Foundation), as a knowledge partner at Vigyan Bhawan, New Delhi.
- This initiative supports India’s larger goal of achieving Net-Zero Greenhouse Gas (GHG) emissions by 2070 and fulfilling the vision of a “Viksit Bharat” by 2047.
Key Dignitaries: The symposium featured participation from senior dignitaries across central and state governments, including Suman Bery, Vice Chairperson of NITI Aayog, B. V. R. Subrahmanyam, Chief Operating Officer (CEO) of NITI Aayog, and officials from various ministries.
Key Highlights:
i.NITI Aayog launched the Accelerating Sustainable Solutions for Energy Transition(ASSET) platform in partnership with the Ministry of Power (MoP) and the Ministry of New and Renewable Energy (MNRE).
- This platform is designed to assist states in advancing their green transition by helping them create energy transition blueprints, develop investible projects, and showcase emerging technologies such as Battery Energy Storage Systems (BESS), Green Hydrogen, e-mobility, and offshore wind energy.
- States need to develop and implement energy transition plans that align with overall national goals. This involves 3 key steps: i)preparing comprehensive energy transition blueprints; ii)developing investible projects and ensuring their effective implementation; and iii) fostering innovation in emerging technologies.
ii.The symposium also featured the launch of the “Facilitating Energy Transition Across States (FETS)” initiative by B.V.R. Subrahmanyam, CEO of NITI Aayog, along with a panel discussion on “Enabling Green Transition in India”.
iii.The symposium included two Best Practices Sessions, where various states highlighted their advancements in e-mobility, waste-to-energy conversion and energy efficiency.
About National Institution for Transforming India (NITI Aayog):
Chairperson- Narendra Modi (Prime Minister of India)
Chief Operating Officer (CEO) – B. V. R. Subrahmanyam
Headquarters– New Delhi, Delhi
Founded– 2015
IREL and UKTMP to set up Joint Venture Titanium Slag in Odisha
Mumbai(Maharashtra) based IREL (India) Limited (previously known as Indian Rare Earths Limited), and Kazakhstan based Ust–Kamenogorsk Titanium and Magnesium Plant JSC(UKTMP) signed a Joint Venture(JV) to establish IREUK Titanium Limited for production of titanium slag(Ti Slag) in Odisha.
- The agreement was signed by Dr. Deependra Singh, Chairman and Managing Director (CMD), IREL (India) Limited and Assem Mamutova, President UKTMP JSC in the presence of Dr. A.K. Mohanty, Secretary of the Department of Atomic Energy (DAE) & Chairman, Atomic Energy Commission (AEC) and Nurlan Zhalgasbayev (Ambassador of Kazakhstan).
i.This partnership aims to strengthen India’s titanium value chain by converting low-grade ilmenite (Titanium oxide) into high-grade feedstock, also generating local employment opportunities.
ii.UKTMP JSC will provide the technology of producing Ti Slag and will take the agreed quantities for an input in their Ti sponge plant.
Note: IREL (India) Limited is a Public Sector Undertaking (PSU) under the DAE. It was incorporated on August 18,1950, with its first unit Rare Earths Division (RED) in Aluva(Kerala).
INTERNATIONAL AFFAIRS
India ranks in top 10 countries in Patents, Trademarks, and Industrial Designs: WIPO 2024 ReportAccording to the World Intellectual Property Indicators 2024, the annual report published by the World Intellectual Property Organization (WIPO), India has made a significant growth in terms of the global intellectual property (IP) and has secured a position in the top 10 countries for all three major IP rights – patents, trademarks, and industrial designs.
- The report published by WIPO assesses the global trends in IP filings and shows significant growth in patent, trademark, and industrial design applications across top economies.
About World Intellectual Property Organization (WIPO):
Director General(DG)– Daren Tang
Headquarters– Geneva, Switzerland
Founded– 1967
Member States – 193
>> ReadFull News
BANKING & FINANCE
RBI Expands Forex Monitoring with Mandatory “Spot Deals” ReportingOn November 8 2024, the Reserve Bank of India (RBI) expanded its foreign exchange (forex) reporting requirements to include spot deals to ensure completeness of transaction data in the trade repository (TR) of the Clearing Corporation of India Limited (CCI) of the Indian forex market.
- With effect from February 10 2025, the authorized dealers must report all inter-bank foreign exchange spots including cash and tom (tomorrow-next day) transactions, undertaken by them to the TR of CCIL.
- Previously, Authorized dealers reported all over-the-counter (OTC) forex derivative contracts and foreign currency interest rate derivative contracts either directly or through their overseas entities to the TR of CCIL.
Spot Deals for Reference
i.A spot deal in forex is a transaction where two currencies are exchanged at the current market rate, with settlement typically occurring within two business days.
ii.A foreign exchange deal is considered a spot deal when it is settled within two business days of the transaction being agreed upon.
iii.Cash deals settle on the same day while tomorrow or TOMs settle on the next working day.
Reason for the Change:
i.RBI aims to ensure transparency and data completeness from the forex market, which helps to manage risks, maintain market stability, and ensure compliance with existing forex regulations.
ii.With the expanded reporting framework, RBI effectively tracks real-time forex market trends and better assess liquidity and volatility, which makes authorized dealers more responsible for the accuracy of transactions.
RBI Imposes Penalty on South Indian Bank:
i.The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 59.20 lakh on South Indian Bank (SIB) for non-compliance with certain directions on ‘interest rate on deposits’ and ‘customer service’ in banks. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A (1) (c) with Section 46 (4) (i) of (BR) Banking Regulation Act.
ii.The RBI found that the bank penalized some customers for not maintaining minimum balances without proper notification and wrongly marked liens on certain NRE savings accounts.
About Reserve Bank of India (RBI):
Governor- Shaktikanta Das
Deputy Governor- T. Rabi Sankar, Michael Debabrata Patra, M Rajeshwar Rao, R Gandhi
Establishment- April 1, 1935
Headquarters- Mumbai, Maharashtra
RBI Extends Implementation of ATM Cassette Swap Mechanism till March 2025The Reserve Bank of India (RBI) has granted an extension to the banks and Automated Teller Machine (ATM) operators to implement the cassette swap mechanism for money replenishment in ATMs till March 31, 2025.
- The banking regulator has granted an exemption for Cash Recycler Machines (CRMs) from cassette swap requirement for money replenishment.
- This exemption also applies to banks that do not use third-party agencies for cash replenishment in ATMs.
Background:
i.In 2018, RBI asked banks to implement the cassette swap mechanism in phases, aiming to cover at least one-third of their ATMs annually.
ii.However, due to the slow process, the deadline has now been extended to March 31, 2025.
iii.The recommendation to switch to lockable cassettes in ATMs was based on a report of the Committee on Currency Movement set up by the central bank.
Cassette Swap Mechanism:
i.A cassette swap mechanism involves swapping lockable cassettes, pre-filled with currency notes, during the cash replenishment in ATMs.
ii.Each ATM will require 3 sets of five cassettes. One set in the ATM, one in transit, and another at the branch/cash-in-transit (CIT) company .
- The cost of each cassette is in the range of Rs.15,000 to Rs.20,000.
Keyfacts :
i.The world’s 1st ATM was introduced by Barclays Bank in 1967.
ii.In India, ATM was 1st introduced by HSBC Bank in 1987.
iii.ICICI bank is the 1st bank to introduce mobile ATM in India.
iv.In India, ATMs are controlled by the National Payments Corporation of India (NPCI).
v.As of August 2024, there were 2.55 lakh ATMs in India. Of these, 2.20 lakh were bank-owned ATMs, and 35,000 were owned by White Label ATM Operators.
Karnataka Bank Launches 2 Financial Products for Students: KBL Peak & KBL GeniusKarnataka Bank Limited(KBL) has launched 2 financial products, “KBL Peak” and “KBL Genius” to empower the younger generations and contribute to India’s growing knowledge economy.
- ‘KBL Peak’ is an education loan with financing of up to Rs 2 crore and comprehensive coverage, and ‘KBL Genius’ is a student savings account featuring free cyber insurance.
- These products aim to help students pursue their academic goals and aspirations with financial freedom, contributing to a brighter future for both individuals and the nation.
About KBL Peak:
i.KBL Peak supports students pursuing higher education in India and abroad.
ii.The loan amount will covers tuition fees and expenses related to accommodation, travel, books and laptops.
iii.This will provide pre-admission sanction letter, simplifying the admission process, and includes credit life insurance for both the student and the parent, ensuring comprehensive financial protection.
iv.It also offers a concession in the Rate of interest for female student pursuing higher studies in STEM( Science, Engineering, Technology and Mathematics) courses.
About KBL Genius:
i.KBL Genius savings account is a student-focused product available in two variants: ‘KBL Genius Signature’ and ‘KBL Genius Advantage’.
ii.With features like a minimum average balance requirement, seamless digital transactions and exclusive benefits on debit cards.
iii.‘KBL Genius’ empowers students to manage their finances effectively.
About Karnataka Bank Limited(KBL):
Managing Director(MD) & Chief Executive Officer(CEO)– Srikrishnan Hari Hara Sarma
Headquarters– Mangaluru, Karnataka
Incorporated– 18th February 1924
Tagline– Your Family Bank Across India
Punjab & Sind Bank Launches e-Bank Guarantee Facility
New Delhi(Delhi) based Punjab & Sind Bank(PSB), a public sector bank, launched e-Bank Guarantee (e-BG) facility in partnership with Bengaluru(Karnataka) based National e-Governance Services Limited (NeSL) to replace the paper-based BG issuance process with e-stamping and e-signatures.
- With the secured transmission and enhanced transparency, the beneficiaries will save efforts and time in the verification of physical BGs.
- This will enhance the ease of business for applicants and beneficiaries. It will reduce the TAT (Turn Around Time) and curb the frauds and inconvenience caused on the physical movement of documents.
ECONOMY & BUSINESS
India’s overall exports during April-October 2024 at USD 468.27 Billion with an estimated growth of 7.28% : MoC&IAccording to the data released by the Ministry of Commerce and Industry(MoC&I), India’s total exports (Merchandise and Services combined) for October 2024 estimated at USD 73.21 billion, showing a positive growth of 19.08% from October 2023.
- Total imports (Merchandise and Services combined) for October 2024 are estimated at USD 83.33 billion, attaining a growth of 7.77% from October 2023.
- Cumulative exports during April-October2024 are projected to be USD 468.27 billion showing a growth of 7.28%.
- Cumulative imports during April-October 2024 are estimated at USD 531.51 billion, increasing by 7.05%.
About Ministry of Commerce and Industry(MoC&I):
Union Minister – Piyush Goyal( Constituency – Mumbai North, Maharashtra)
Minister of State(MoS) – Jitin Prasada( Constituency – Pilibhit, Uttar Pradesh, UP)
>> ReadFull News
AWARDS & RECOGNITIONS
Elon Musk Topped Fortune’s Inaugural 100 Most Powerful People in Business List; Reliance’s Mukesh Ambani Ranked at 12th SpotOn 14th November 2024, Fortune, an American global business magazine released the inaugural list of the “Fortune 100 Most Powerful People (MPP) in Business”. Elon Musk, Founder and Chief Executive Officer (CEO) of Tesla and Space Exploration Technologies Corporation commonly referred to as SpaceX, has secured the top position in the list.
- He is followed by Jensen Huang, CEO of Nvidia Corporation and Satya Nadella, CEO of Microsoft Corporation ranked at 2nd and 3rd positions, respectively, showcasing their transformative influence in technology and Artificial Intelligence (AI).
i.Mukesh Ambani, Chairman and Managing Director (CMD) of Reliance Industries Limited (RIL) who ranked at 12th spot is the only Indian to be featured on the list.
ii.The list has featured 18 female CEOs and Business leaders including: Julie Sweet, Chair and CEO of Accenture (the USA) and Emma Walmsley, CEO of the United Kingdom (UK)-based pharmaceutical company GlaxoSmithKline (GSK), ranked at 23rd and 25th position respectively.
About Fortune Magazine:
Chief Executive Officer (CEO)- Anastasia Nyrkovskaya
Headquarters- New York City, the United States of America (USA)
Established- 1929
>> ReadFull News
APPOINTMENTS & RESIGNATIONS
Mohammad Tayyab Ikram Elected as New FIH PresidentMohammad Tayyab Ikram was elected as new 13th president of International Hockey Federation’s (FIH) at the 49th FIH Statutory Congress held in Muscat, Oman.The current tenure will be continued until 2032.
- Ikram assumed the FIH presidency on an interim basis in 2022 for a two-year term of 2022-2024, following Indian Narinder Batra’s (India) mid-term resignation.
About Mohammad Tayyab Ikram:
i.He was born in Pakistan but he was also a former coach of Hong Kong and Macau Hockey teams. Mohammad Tayyab Ikram served as FIH Head of International Relations & Continental Development Officer.
ii.He was the Co-Chairman of FIH Development and Education Committee and the Chairman of FIH International and Olympic Relations.
iii.He has served as Chief Executive/Secretary General International Olympic Committee (IOC) and has been the key member of the Coordination and Evaluation Commission (CEC) for the Asian Games 2010 to 2022 and also Asian Winter Games Changchun 2009.
iv.He has been the Vice Chair of Olympic Council of Asia (OCA) Athletes Commission and also the member of OCA Disciplinary Commission.
v.He was awarded a Prestigious title of Dato’ from Malaysia (2010), FIH President’s Award (2002), Performance Medal by Governo de Macau (1998), Macau Medalha de Merito Sportivo Nacional – Macau National Medal of Merit in Sports (1999).
About Fédération Internationale de Hockey (FIH-International Hockey Federation):
President-Mohammad Tayyab Ikram
Headquarters-Lausanne,Switzerland
Established-1924
Arvindar Singh Sahney Appointed as New Chairman of Indian Oil CorporationThe Appointments Committee of the Cabinet (ACC) has approved the proposal of Ministry of Petroleum and Natural Gas (MoPNG), for the appointment of Arvindar Singh Sahney as the new Chairman of Indian Oil Corporation Limited (IOCL) for a 5-year tenure with effect from the date of assuming office or until superannuation.
- He replaced Satish Kumar Vaduguri, IOC’s Director of Marketing (DOM), who was handling the additional charge of Chairman from September 2024 after Shrikant Madhav Vaidya’s tenure ended on August 31, 2024.
- Prior to the appointment, Sahney served as the Executive Director of Business Development (EDBD) in the Petrochemicals division at IOC.
About Arvindar Singh Sahney:
i.Sahney was a chemical engineer at Harcourt Butler Technical University (HBTU), Kanpur.
ii.He started his career at IOC in 1993 following a brief stint at Tata Chemicals and was appointed as Executive Director (ED) in February 2022, gaining over 3 decades of experience in the refinery and petrochemicals sectors in the IOC.
iii.He was the second member after B Ashok, Executive Director of Retail) in July 2014, to be elevated to the top position of the company without a board experience.
iv.In August 2024, he was initially selected to be the company’s Director for Business Development (DBD) position but has now been elevated to the position of Chairman of IOC.
v.He also chairs Terra Clean Ltd, a subsidiary of Indian Oil focused on sustainable solutions.
About IOCL (Indian Oil Corporation Limited):
Indian Oil Corporation Limited (IOCL) also known as Indian Oil Corporation (IOC) is one of the largest companies in India and is listed on the Fortune 500.
Chairman and Managing Director (CMD)- Arvindar Singh Sahney
Headquarters- New Delhi, India
Establishment- 1964
About Ministry of Petroleum and Natural Gas (MoPNG):
Union Minister– Hardeep Singh Puri, constituency – Uttar Pradesh
Ministry of State (MoS) – Suresh Gopi
SCIENCE & TECHNOLOGY
Scientists of PRL Discover “TOI-6651b”, new planet five times larger than Earth
An international team of scientists from the Physical Research Laboratory (PRL) in Ahmedabad(Gujarat), has discovered a new Saturn–sized exoplanet named “TOI-6651b” orbiting a Sun-like star TOI-6651.
- TOI-6651b, an exoplanet outside our solar system, is five times bigger and 60 times heavier than the Earth.
- The planet was identified using the advanced PARAS-2 (PRL Advanced Radial velocity Abu Sky Search-2) spectrograph. This is the 4th exoplanet discovery by PRL scientists.
About TOI-6651b:
i.The planet is located at the edge of “Neptunian desert”, a sub-Jovian desert which is defined as the region close to a star (period < 2–4 days) where no Neptune-sized (> 0.1 MJ) exoplanets are found.
ii.The planet’s orbits TOI-6651 in a close, 5.06-day cycle.
iii.The planet orbit is slightly oval in shape, or eccentric, further distinguishing it from typical gas giants like Saturn in our solar system.
iv.The star, TOI-6651, is a G-type sub-giant that’s slightly larger and hotter than our Sun, with a surface temperature of about 5940 Kelvin(K).
v.The planet’s high density shows that around 87% of its mass consists of rocky and iron-rich materials. The remaining mass forms a lighter envelope of hydrogen and helium.
vi.The dense structure of TOI-6651b suggests that this planet may have undergone unique evolutionary processes, merging with other objects or losing much of its original atmosphere due to tidal heating effects.
SPORTS
Wriddhiman Saha Announces Retirement from All Forms of Cricket
Indian Wicket-keeper and Batter, Wriddhiman Saha(40) has announced his retirement from all forms of cricket, marking the end of a successful career that lasted nearly 20 years. The ongoing Ranji Trophy season would be his last .
i.Wriddhiman Saha represented India in 40 Tests(1,353 runs) and 9 ODI’s (One Day International). He holds the record for the second-most Test centuries among Indian keepers.
ii.He was India’s first-choice wicketkeeper-batter in red-ball cricket for some period after Mahendra Singh Dhoni’s retirement and also appeared in 170 Indian Premier League (IPL) matches and made his last Test appearance in 2021, against New Zealand.
iii. He has been a key player for Bengal in domestic cricket, especially in the Ranji Trophy. He played for 5 Indian IPL franchises : Kolkata Knight Riders(KKR), Chennai Super Kings(CSK), Punjab Kings (PBKS), SunRisers Hyderabad(SRH) and Gujarat Titans(GT).
iv.Wriddhiman Saha won West Bengal’s highest civilian award ‘Banga Bibhushan’ award.
IMPORTANT DAYS
International Day for Tolerance 2024 – November 16 The United Nations (UN)’s International Day for Tolerance is celebrated annually across the globe on 16 November to raise awareness about the value of tolerance and promote understanding, respect, and appreciation across different cultures and communities.
- The day also emphasizes the harmful impact of intolerance and promotes policies that promote equality and opportunity for all.
Background:
i.In 1993, the UN General Assembly (UNGA) adopted the resolution A/RES/48/126 and proclaimed the year 1995 as the United Nations Year for Tolerance.
ii.In 1996, the UNGA adopted resolution A/RES/51/95 and declared November 16 each year as the International Day for Tolerance.
iii.The first International Day for Tolerance was observed on 16 November 1996.
>> ReadFull News
National Press Day 2024 – November 16National Press Day (NPD) is annually observed across India on 16th November to commemorate the day on which the Press Council of India (PCI) started its function as the moral watchdog to ensure that the press maintains high standards and is not fettered by any form of influence or threats.
- The theme for National Press Day 2024 is “Changing Nature of the Press”.
- According to Reporters Without Borders (Reporters sans frontières – RSF)’s 22nd World Press Freedom Index (WPFI 2024), India ranked 159th position out of 180 countries with a score of 31.28.
Background:
i.The 1st Press Commission held in 1954 concluded that a statutory authority body with people connected with the industry should be created to maintain professional ethics in journalism.
ii.Following this, the Press Council of India(PCI) was established on 4th July 1966 under the Press Council Act of 1965 and started its functions on 16th November 1966.
About Press Council of India(PCI):
Chairman– Justice Ranjana Prakash Desai
Headquarters– New Delhi, Delhi
Established in – 1966
>> ReadFull News
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