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NATIONAL AFFAIRS
Union Minister Jyotiraditya M. Scindia Unveiled BSNL’s new Logo and Launched 7 Customer Centric Services
On 22nd October 2024, Union Minister Jyotiraditya Madhavrao Scindia, Ministry of Communications (MoC) and Ministry of Development of North Eastern Region (MDoNER) unveiled the new logo of Bharat Sanchar Nigam Limited (BSNL) and launched its 7 customer centric services at Bharat Sanchar Bhavan in New Delhi, Delhi.
- These newly launched services focus on delivering secure, affordable, and reliable connectivity across India.
i.The new logo of BSNL signifies strength, trust, and accessibility. It includes green and white arrows surrounding India which emphasize the company’s expansive nationwide coverage, while the orange backdrop symbolizes warmth and inclusivity.
ii.While addressing the event, Union Minister Jyotiraditya Scindia announced that BSNL will soon deploy 5G services across the country and it has already conducted successful trials of 5G Radio Access Network (RAN) and core in both the 3.6 Giga Hertz (GHz) and 700 Mega Hertz (MHz) bands.
About Bharat Sanchar Nigam Limited (BSNL):
Chairman and Managing Director (CMD)- A. Robert Jerad Ravi
Headquarters- New Delhi, Delhi
Established- 2000
>> Read Full News
International Workshop on Modern Technologies in Survey-Resurvey for Urban Land Records Held in New Delhi
On 21st October 2024, Union Minister Shivraj Singh Chouhan, Ministry of Rural Development (MoRD), virtually inaugurated an International Workshop on “Modern Technologies in Survey-Resurvey for Urban Land Records” at the Dr. Ambedkar International Centre (DAIC) in New Delhi, Delhi.
- This two-day workshop held from 21st to 22nd October 2024, was organised by the Department of Land Resources (DoLR) under the MoRD.
About the Ministry of Rural Development (MoRD):
Union Minister– Shivraj Singh Chouhan(Constituency- Vidisha, Madhya Pradesh-MP)
Minister of State(MoS)– Chandra Sekhar Pemmasani (Constituency- Guntur, Andhra Pradesh-AP); Kamlesh Paswan (Constituency- Bansgaon, Uttar Pradesh-UP)
>> Read Full News
INTERNATIONAL AFFAIRS
USA, Japan & South Korea Partners to Support Digital Infrastructure in India
The United States of America(USA), Japan and South Korea have signed the Digital Infrastructure Growth Initiative for India Framework (DiGi Framework) to strengthen the digital infrastructure development in India.
- The framework was signed between US International Development Finance Corporation (DFC), the Japan Bank for International Cooperation (JBIC), and the Export-Import Bank of Korea (Korea Eximbank–KEXIM) at the DFC headquarters in Washington D.C., the USA.
Signatories: Yoon Hee-sung, Chairman & President of KEXIM; Scott Nathan, Chief Executive Officer(CEO) of DFC and Hayashi Nobumitsu, Governor of JBIC were the signatories of the DiGi Framework.
About DiGi Framework:
i.The DiGi Framework will further the collaboration of DFC, JBIC and KEXIM with the Indian private sector to support digital infrastructure in India.
ii.This will support the projects in the Information and Communications Technology(ICT) sector such as 5G, Open Radio Access Network (RAN), submarine cables, optical fibre networks, telecom towers, data centres, smart city, e-commerce, Artificial Intelligence (AI), and quantum technology.
iii.The DiGi Framework will create a systematic process where DFC, JBIC, and Korea Exim bank, in partnership with the Indian private sector, can provide support to fulfil the needs of strategic digital infrastructure deals in India.
- It will also facilitate support to the policy dialogues with the Indian Government and private sector to promote private sector financing for digital infrastructure projects in India.
About U.S. International Development Finance Corporation (DFC):
Chief Executive Officer (CEO) – Scott Nathan
Headquarters – Washington, D.C.
Founded – December, 2019
About Japan Bank for International Cooperation (JBIC):
President and CEO – Tadashi Maeda
Headquarters– Tokyo, Japan
Formed – October, 1999
BANKING & FINANCE
IRDAI Extended the Implementation deadline of IFRS 17 to FY27
The Insurance Regulatory and Development Authority of India (IRDAI) has extended the timeline for the implementation of International Financial Reporting Standard (IFRS 17) regulations by the Financial Year 2026-27 (FY27). This move will give ample time to both bank-sponsored and non-bank sponsored insurance companies for implementation of IFRS 17 regulations.
- Earlier, IRDAI had fixed a timeline of FY25 for the implementation of IFRS 17 regulations in the insurance sector.
About IFRS 17:
i.It is an accounting standard that offers a framework for reporting insurance contracts.
ii.It was developed by London(the United Kingdom, UK) based International Accounting Standards Board (IASB) and was introduced in May 2017. It has replaced IFRS 4 and came into effect on 1st January, 2023.
iii.It lay out the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard.
iv.It aims to ensure that an entity provides relevant information that represents insurance contracts in a faithful manner.
- The information given in these contracts gives a basis for users of financial statements to examine the effect that insurance contracts have on the financial position, financial performance and cash flows of an entity.
v.IFRS 17 will help international investors to compare the financials of domestic insurers with their international counterparts. These new standard accounting regulations will require domestic insurers to strengthen their disclosure needs, which will lead to greater transparency and better-decision making.
About Insurance Regulatory and Development Authority of India (IRDAI):
It was constituted in 1999 as an apex body to regulate and develop the insurance industry in India. Later, it was incorporated as a statutory body in April 2000 under the IRDA Act, 1999. It works under the Ministry of Finance (MoF).
Chairman– Debasish Panda
Headquarters-Hyderabad, Telangana
ECONOMY & BUSINESS
Mintoak & Axis Bank Partnered to Enable SMEs with Merchant Payments & Business Solutions
Mumbai(Maharashtra) based Mintoak Innovations Private Limited(Mintoak ), a merchant software-as-a-service (SaaS) platform, has partnered with Mumbai based Axis Bank Limited to make payment solutions more seamless for Small and Medium-sized Enterprises(SMEs).
- Under this partnership, Axis Bank will use Mintoak’s SaaS platform to enable SMEs to accept payments, access transaction reports and submit service requests directly through the app.
- Mintoak and Axis Bank have jointly launched neo for merchants, a payment acceptance and commerce enablement application(app).
AWARDS & RECOGNITIONS
Shaktikanta Das receives A+ grade in Central Bank Report Cards 2024
On 26th October 2024, Shaktikanta Das, the Governor of Reserve Bank of India (RBI) received an ‘A+’ grade in Central Bank Report Cards 2024 for the second consecutive year during an event in Washington D.C., the United States of America (USA).
i.The USA based Global Finance Magazine presented the award to Shaktikanta Das, appreciating the RBI Governor’s excellent performance and effective leadership in guiding and regulating India’s central bank through complex economic challenges.
ii.He has been placed at the top of the list of three central bank governors, who have been rated A+.
- Denmark’s Christian Kettel Thomsen, and Switzerland’s Thomas Jordan have also been ranked under the ‘A+’ category of central bankers.
APPOINTMENTS & RESIGNATIONS
Indian Neuroscientist Shubha Tole Appointed as President-Elect in IBRO
Indian neuroscientist Shubha Tole has been appointed as the president-elect of the International Brain Research Organisation (IBRO), marking her as the first scientist from a developing country to attain this prestigious position. She will replace Tracy Bale, an American neuroscientist.
- It was announced at the IBRO’s annual assembly in Chicago, the United States of America(USA).
- Shubha Tole will join the IBRO advisory board on January 1, 2025 for one year term and will assume her role as president on January 1, 2026. Her tenure will end on December 31, 2028, after which she will also serve a two-year term on the IBRO advisory board as past president.
About Shubha Tole:
i.She currently serves as the dean of graduate studies at Mumbai(Maharashtra) based Tata Institute of Fundamental Research (TIFR).
ii.She has held several positions within the IBRO Asia-Pacific Regional Committee and the Society for Neuroscience (SfN) and is currently the President of the International Society for Developmental Neuroscience (ISDN).
- She has also chaired the Women in Science Committee of the Indian Academy of Sciences and actively contributes to the ALBA network, which advocates for diversity in neuroscience.
iii.She was the recipient of the Infosys Science Foundation Award for Life Sciences in 2014 and the Shanti Swarup Bhatnagar Award, India’s highest scientific honour awarded by the Council of Scientific and Industrial Research(CSIR) in 2010.
About IBRO:
i.Paris(France) based the IBRO is a global federation of neuroscience organizations that promotes and supports neuroscience worldwide through training, education, collaborative research, advocacy, and outreach initiatives.
ii.The IBRO governing council, which represents 69 scientific societies and federations across 57 countries.
iii.The current IBRO president Tracy Bale will continue to serve her term until December 2025.
About International Brain Research Organisation (IBRO):
President – Tracy Bale
Headquarters – Paris, France
Established – 1961
PESB appointed Amit Kumar as CMD of AIAHL
The Public Enterprise Selection Board (PESB) appointed Amit Kumar as the Chairman and Managing Director (CMD) of AI Assets Holding Limited (AIAHL), a Schedule ‘B’ Central Public Sector Undertaking (PSU).
- His appointment awaits clearance and approval from the Appointments Committee of the Cabinet (ACC).
- He currently serves as the Executive Director(ED) and Asset Manager at Oil & Natural Gas Corporation Limited (ONGC) in Jorhat, Assam.
Note: AIAHL is a Special Purpose Vehicle (SPV) formed under the Ministry of Civil Aviation(MoCA) to deliver unified asset holding services, as outlined in the object clauses of its Memorandum of Association.
SCIENCE & TECHNOLOGY
Indian Navy Launched 4th Nuclear-Powered Submarine ‘S4*’ in Visakhapatnam, AP
The Indian Navy(IN) has launched its 4th nuclear-powered ballistic missile submarine (also known as Ship, Submersible, Ballistic, Nuclear, SSBN) under the code name “S4*” at the Ship Building Centre (SBC) in Visakhapatnam, Andhra Pradesh (AP). This marks a significant milestone in India’s efforts to enhance its naval capabilities and maintain strategic stability in the Indo-Pacific region.
- The launch of S4* follows the commissioning of Indian Naval Ship (INS) Arighaat (2nd SSBN) by Union Defence Minister Rajnath Singh on 29th August, 2024, while INS Aridhaman(3rd SSBN) is expected to be commissioned in 2025.
- It is equipped with K-4 ballistic missiles that have a target range of 3,500 kilometers (kms) and can be launched through vertical systems, compared to 1st SSBN, INS Arihant which carries K-15 nuclear missiles with a range of 750 kms.
About Indian Navy (IN):
Chief of Naval Staff (CNS) – Admiral Dinesh Kumar Tripathi
Headquarters- New Delhi, Delhi
Established- 1950
>> Read Full News
ICG Launched Two Fast Patrol Vessels ‘Adamya’ & ‘Akshar’ Built by GSL
On 28th October 2024, the Indian Coast Guard (ICG) launched two domestic Fast Patrol Vessels (FPVs), named ‘Adamya’ and ‘Akshar’, built by the Goa Shipyard Limited (GSL).
- The vessels, with over 60% indigenous content, were launched by Priya Paramesh, wife of Paramesh Sivamani, Director General of ICG.
- These vessels aim to enhance security around offshore assets and island territories and bolster surveillance capabilities.
Note:
Giridhar Aramane, Secretary of the Ministry of Defence (MoD) laid the keels for the FPVs Adamya and Akshar on 25th August 2024.
About ‘Adamya’ and ‘Akshar’:
i.The FPVs state-of-the-art FPVs are a part of the contract signed between ICG and GSL for 8 FPVs to be built at a cost of Rs 473 crore.
ii.Each FPV has a length of 52 meters(m) and a breadth of 8m.
iii.The FPV with Controllable Pitch Propeller-based propulsion system can attain a maximum speed of 27 knots, and displacement of 320 tons.
iv.The FPVs were designed and constructed to meet the specific requirements of the ICG under stringent dual class certification of the American Bureau of Shipping and the Indian Register of Shipping.
About Goa Shipyard Limited (GSL):
Chairman and Managing Director(CMD)– Brajesh Kumar Upadhyay
Headquarters– Vasco-da-Gama, Goa
Founded– 1957
About Indian Coast Guard (ICG):
Director General – Paramesh Sivamani
Headquarters– New Delhi, Delhi
Formed – 1977
SPORTS
Formula 1: Ferrari’s Carlos Sainz won the Mexico City Grand Prix.
Ferrari’s Carlos Sainz (Spain) won the Mexico City Grand Prix (GP) 2024 (officially Formula 1(F1) Gran Premio De La Ciudad De México 2024) on 27th October 2024 at the Autodromo Hermanos Rodriguez in Mexico City, Mexico. This marks Carlos Sainz’s 4th career title and 2nd title of the 2024 season.
- Lando Norris of McLaren finished 2nd (18 points) and Ferrari’s Charles Leclerc finished 3rd.
- Mexico City GP 2024 is the 20th round of the 2024 F1 World Championship.
Note:
i.Carlos Sainz is set to leave Ferrari to join Williams Racing, a British F1 team and constructor, at the end of the 2024 season.
ii.Brazil Grand Prix 2024, the 21st round of the F1 World Championship will be held in November 2024 in São Paulo, Brazil.
Result:
| Position | Rider |
|---|---|
| 1 | Carlos Sainz (Ferrari) |
| 2 | Lando Norris (McLaren) |
| 3 | Charles Leclerc (Ferrari) |
About Carlos Sainz:
i.Carlos then joined Renault in 2017 and raced with Renault until the end of the 2018 season.
ii.In 2019, Sainz moved to the McLaren F1 Team and he achieved his first F1 podium finish at the Brazilian GP 2019.
iii.He joined Scuderia Ferrari on a two-year contract from the 2021 season partnering Charles Leclerc and replacing Sebastian Vettel. In 2022, he extended his contract for 2 years utill 2024.
Career highlights:
i.As of the 2024 Mexico City Grand Prix, Carlos Sainz has achieved 4 race wins, 6 pole positions, 4 fastest laps and 25 podium finishes.
ii.He won his first championship at the 2011 Formula Renault 2.0 Northern European Cup.
iii.He won his first F1 title at the 2022 British GP. He also won the Singapore GP 2023 and Australian GP 2024.
About the Mexico City GP:
i.Mexico City GP was first started as a non-championship event in 1962 before being held as a championship event in 1963–1970 and 1986–1992.
ii.The Mexico City Grand Prix rejoined the F1 calendar in 2015 after a 23-year absence.
iii.The event takes place over 71 laps of the 4.304-kilometre Autodromo Hermanos Rodriguez.
IMPORTANT DAYS
‘Karmayogi Saptah’ – National Learning Week – 19th to 25th October 2024
On 19th October 2024, Narendra Modi, Prime Minister (PM) of India, launched the ‘Karmayogi Saptah’ – National Learning Week(NLW), running from 19th to 25th October 2024, at Dr Ambedkar International Centre in New Delhi, Delhi.
- The week-long program aims to foster a ‘One Government’ vision by instilling a commitment to lifelong learning and self-improvement for over 30 lakh central civil servants.
- The observance of the week-long Karmayogi Saptah was extended to 27th October 2024.
i.On 21st October 2024 (3rd day of National Learning Week), Union Minister, G Kishan Reddy, Ministry of Mines, awarded the Adarsh Karmayogi Awards to 13 employees who completed over 100 courses on the iGOT Karmayogi portal.
ii.Sanjay Kumar Aggarwal, Chairman of the Central Board of Indirect Taxes and Customs (CBIC), under the Department of Revenue under the Ministry of Finance, launched a nationwide Behavioral Sensitization program in CBIC.
>> Read Full News
Police Commemoration Day 2024 – October 21
Police Commemoration Day is annually observed across India on 21st October to honour police personnel who have lost their lives in the line of duty.
- The day remembers the martyrdom of 10 policemen who were killed by Chinese troops during a reconnaissance mission in Hot Springs, Ladakh, in 1959.
Background:
i.In January 1960, a resolution was passed at the Annual Conference of Inspectors General of Police of States and Union territories, recognising October 21st of every year as the Police Commemoration Day.
- 21st October of every year since 1960 is observed as “Police Commemoration Day.
World Snow Leopard Day 2024 – October 23
World Snow Leopard Day(WSLD), also known as International Snow Leopard Day, is annually observed across the globe on 23rd October to raise awareness about the conservation and protection of Snow Leopard (Panthera uncia), one of the world’s most elusive and endangered big cats, and their natural habitat.
- 23rd October 2024 marks the observance of the 11th International Snow Leopard Day.
- The theme of WSLD 2024 is “Safeguarding Snow Leopard Habitats for Future Generations”.
Background:
i.During the Global Snow Leopard Conservation Forum held in Bishkek, Kyrgyz Republic, from 22-23 October 2013, the 12 snow Leopard range countries adopted the Bishkek Declaration on the Conservation of the Snow Leopard and declared the 23rd October of every year as the International Snow Leopard Day.
ii.The first-ever International Snow Leopard Day was observed on 23 October 2014.
>> Read Full News
International Lead Poisoning Prevention Week 2024 – October 20 to 26
International Lead Poisoning Prevention Week(ILPPW) is annually observed across the globe in the last full week of October to raise awareness about the harmful effects of lead poisoning(lead exposure).
i.The 12th ILPPW (2024) took place from 20th -26th October 2024.
- ILPPW 2023 was observed from 22nd to 28th October 2023 and ILPPW 2025 will be observed from 19th to 25th October 2025.
ii.The 2024 campaign focused on “Bright Futures begin Lead-Free”.
- This acts as a reminder for governments, civil society organisations, health partners, industry and others of the unacceptable risks of lead exposure and the need for action to protect children’s health.
iii.The annual observance of ILPPW is led by the Global Alliance to Eliminate Lead Paint(Lead Paint Alliance), jointly with the United Nations Environment Programme (UNEP) and the World Health Organisation(WHO).
Points to Note:
The Institute for Health Metrics and Evaluation (IHME) estimates that more than 1.5 million deaths globally were attributed to lead exposure in 2021, primarily due to cardiovascular effects.
- Additionally, lead exposure was estimated to account for more than 33 million years lost to disability (Disability-Adjusted Life Years, DALYs) worldwide in 2021.
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