Current Affairs 5 & 6 November 2023

We are here for you to provide the important Recent and Latest Current Affairs 5 & 6 November 2023, which have unique updates of Latest Current Affairs 2023 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.

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NATIONAL AFFAIRS

PM of India and Bangladesh jointly inaugurated Development Projects in Power and Rail SectorOn 1st November 2023, Narendra Modi, Prime Minister (PM) of India and Sheikh Hasina, PM of Bangladesh, jointly inaugurated three Indian–assisted development projects via video conferencing.

These 3 projects in the rail and power sector aims to strengthen connectivity and energy security in India and Bangladesh.

The 3 projects are:

• Akhaura – Agartala Cross-Border Rail Link.
• Khulna – Mongla Port Rail Line.
• Unit – II of the Maitree Super Thermal Power Plant.

About: Bangladesh
Prime Minister(PM) : Sheikh Hasina
Capital: Dhaka
Currency: Bangladeshi Taka
>> Read Full News

India-France signed LoI in Public Administration & Administrative Reforms Department of Administrative Reforms and Public Grievances (DARPG) under the Ministry of Personnel, Public Grievances and Pensions, Government of India, and Ministry of Public Sector Transformation & the Civil Service of the French Republic have signed a Letter of Intent (LoI) for Cooperation in the field of Public Administration and Administrative Reforms for 3 years.
Signatories:
The LoI was signed by V. Srinivas, Secretary, DARPG, and Thierry Mathou, Ambassador of France to India at a event held in New Delhi, Delhi.
About the LoI:
Aim: To enhance bilateral partnership between India and France through exchange visits, focused on administrative reforms, good governance webinars, research publications, capacity building programs, and replication of good governance practices.
Features:
i.Under this LoI, a Joint Working Group (JWG) will be established to create a roadmap for bilateral collaboration.
ii.Emphasis were laid upon high-level exchanges in the upcoming months.
iii.India presented Prime Minister (PM) Narendra Modi’s vision of ‘Maximum Governance – Minimum Government’ policy.

• Under this, India’s Next Generation Administrative Reforms include Meritocracy recognition, Good Governance Index benchmarking, quality e-services, and technology adoption in grievance redressal.

iv.The French government expressed its interest in exchanging information on effective Public Grievance Redressal, Secretariat Reforms adopted for digital transformation of the central secretariat and dissemination of award-winning Good Governance Practices.

EESL launched NECP & EEFP to Revolutionize India’s Energy LandscapeOn 2nd November 2023, Union Minister Raj Kumar Singh, Ministry of Power, has unveiled two new programs of Energy Efficiency Services Limited (EESL): National Efficient Cooking Programme (NECP) and the Energy Efficient Fans Programme (EEFP), during the event held in New Delhi, Delhi.

• NECP aims to revolutionise cooking practices in India.
• EEFP aims to emphasise the importance and urgency of energy-efficient fans.

Note: EESL, a Energy Service Company (ESCO), is a Joint Venture of 4 Public Sector Undertakings (PSUs) under the Ministry of Power – NTPC Limited, Power Finance Corporation Limited, REC Limited and POWERGRID Corporation of India Limited.
Key Points:
i.Under NECP, EESL will distribute 20 Lakh energy-efficient induction cook stoves to reduce the environmental impact of cooking practices, leading to cleaner air and improved health for the population.

• EESL collaborated with Modern Energy Cooking Services (MECS) to facilitate the widespread adoption of induction cooktops.

ii.Under EEFP, EESL will distribute 1 crore 5-star energy-efficient BLDC (brushless direct current) fans across India.
About National Efficient Cooking Programme (NECP):
i.NECP is a subset of the Pradhan Mantri Ujjawala Yojana (PMUY), a clean cooking energy scheme.
ii.NECP focuses on Non-Solar/Electricity-based Induction Cookstoves in line with the Go-electric initiative, launched by the Ministry of Power in 2021.
iii.NECP has introduced induction-based cookstoves, which will provide a 25-30% cost advantage compared to traditional cooking methods.
About Energy Efficient Fans Programme (EEFP):
i.EEFP is dedicated to encouraging the adoption of energy-efficient appliances, such as LED bulbs, tube lights, and high-performance fans.

• This aims to deploy energy-efficient BLDC fans, with the goal of distributing 1 crore ceiling fans.
• This will also reduce energy consumption and environmental impact.

ii.The adoption of the most efficient fans replacing the current ceiling fans  will reduce the total residential electricity consumption by 20%.
Note: The program for deploying 1 crore ceiling fans was initiated during the G20 (Group of 20) Energy Transitions Working Group in Goa in July 2023.

• Following this, EESL has invited bids for the initial batch of  20 lakh fans under EESF.

Additional Info:
Bureau of Energy Efficiency (BEE) has mandated that ceiling fans must bear star labels with effect from 1st January 2023.

India To Host World Telecommunication Standardisation Assembly In 2024
Union Minister Ashwini Vaishnaw, Ministry of Communications announced that India will be hosting the World Telecommunication Standardisation Assembly (WTSA) in 2024

• WTSA is the governing conference of the International Telecommunication Union  Telecommunication Standardization Sector (ITU-T).
• It is a quadrennial event (happening once in 4 years).
• WTSA20 was scheduled to happen in India. Due to COVID19 pandemic, it was held  in ​Geneva, Switzerland​ in March 2022.

3 World Conferences of ITU:
i.WTSA is one of the three world conferences organized by the ITU.
ii.Other two conferences are:

• World Radiocommunication Conference (WRC) – Held once in every three to four years
• World Telecommunication Development Conference (WTDC) – Held once in every four years

Note: WTSA24 will mark a significant step towards the advancements of Fifth Generation(5G) and Sixth Generation(6G) networks.

BANKING & FINANCE

RBI Ups Minimum Amount for Offering Non-Callable TDs from Rs 15 lakh to Rs 1 CrOn October 26, 2023, the Reserve Bank of India (RBI) increased the minimum amount for offering Non-Callable Term Deposits (TDs) from Rs 15 lakh to Rs 1 crore with immediate effect, allowing all customers to prematurely withdraw money from Fixed Deposit (FD) of up to Rs 1 crore. This mandate will cover all commercial banks and co-operative banks.

• This means all domestic TDs accepted from individuals for amounts of Rs 1 crore and below will have a premature-withdrawal-facility.
• These instructions will be applicable for Non-Resident (External) Rupee (NRE) Deposit / Ordinary Non-Resident (NRO) Deposits.

What are Non-callable FDs?
Non-callable FDs are TDs that do not permit premature withdrawals until the tenure is completed. Banks offer higher rates on non-callable FDs to discourage premature withdrawals.
Key Points:
i.These TDs should be from the individuals that can either be in single or joint name.
ii.Banks can set deposit maturity, but NRE term deposits must be at least one year, and NRO term deposits must be at least seven days.
ii.Bulk deposits will have different interest rates.
Click Here for Official Notification

IRDAI Forms Taskforce To Review Bancassurance NormsThe Insurance Regulatory and Development Authority of India (IRDAI) has formed a task force under the Chairmanship of Meena Kumari, Executive Director(Life) of IRDAI, to review the existing bancassurance framework.
About the Task Force:
i.The task force was formed in response to concerns about mis-selling/forced selling of insurance policies through the bancassurance channel.
ii.The taskforce will review the existing regulatory framework for bancassurance and suggest ways and means to increase the efficiency of it.
iii.The taskforce will also suggest regulatory stipulations on the market conduct requirements of bancassurance partners.
iv.The taskforce will also examine best international practices and suggest suitable changes.
v.The taskforce is asked to submit these recommendations within 31st December 2023.
Background:
Although banks have a large network of branches across India, they only contributed 5.93% of non-life insurance premiums and 17.44% of life insurance premiums in the new business for the financial year 2022-23.
Composition:
i.Members of the Taskforce:

• Yegna Priya Bharat, Chief General Manager (Health), IRDAI
• Surya Kumar, Chief General Manager (Supervision), IRDAI
• J. Anita, Chief General Manager (Intermediaries), IRDAI
• D.S.Murthy, General Manager(GM)(Non life), IRDAI

What is Bancassurance?
i.Bancassurance is a financial services model in which banking institutions and insurance companies collaborate to offer a wide range of financial products and services to customers.
ii.It involves the distribution of insurance products through banking channels, such as bank branches, Automated teller machines (ATMs), online banking platforms, and mobile banking apps.
Additional Info:
The review of the bancassurance framework is seen as a step towards the IRDAI’s goal of promoting insurance for all by 2047.
About  Insurance Regulatory and Development Authority of India (IRDAI):
Chairperson – Debasish Panda
Headquarters – Hyderabad, Telangana
Established in –  1999, Incorporated in 2000

RBI issues Norms to Regulate PA-CB in Cross-Border Payments; Imposes monetary penalty on PNB, Federal Banki.On 31st October 2023, The Reserve Bank of India (RBI) has issued the Regulation of Payment Aggregator – Cross Border (PA-CB). RBI has decided to include all entities facilitating cross-border payment transactions for import and export of goods and services under the direct regulation of the RBI.
ii.Apart from PAs-CB, entities including Authorised Dealer (AD) banks, PAs and PAs-CB shall comply with these instructions.
iii.All non-banks which provide PA-CB services must apply for authorization from the RBI by April 30, 2024.
iv.This directive by RBI is issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), and, Section 10 (4) and Section 11 (1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999).
v.The Reserve Bank of India (RBI) imposed monetary penalties on the following entities:

• Punjab National Bank (PNB): Rs 72 lakh penalty
• Federal Bank: Rs 30 lakh penalty
• Kosamattam Finance Limited: Rs 13.38 lakh penalty
• Mercedes-Benz Financial Services: Rs 10 lakh penalty
• L&T Finance Limited: Rs 2.50 crore penalty

About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
>> Read Full News

AFLI launches Super Cash Plan for Regular Income and Security
Ageas Federal Life Insurance (AFLI) has launched a new non-linked, participating, individual life insurance savings plan called Ageas Federal Life Insurance Super Cash Plan.

• The scheme is a combination of life insurance protection, guaranteed returns, and regular income.
• The scheme offers immediate cash flow starting from the end of 1st policy year/ month.
• There is also provision for Guaranteed boosters starting from end of every fifth policy year till the end of policy term.
• Additionally, the scheme also offers a lumpsum maturity benefit at the end of the policy term.

Note: If the policyholder is a female, the sum assured on maturity will be increased by a percentage of the annualized premium.

ICICI Prudential Multi-Asset Fund completes 21 years
On 31st October 2023, The ICICI Prudential Multi-Asset Fund scheme has completed 21 years. The scheme was incepted on 31st October 2002.

• The fund has a good track record, which generates a Compound Annual Growth Rate (CAGR) of 21%.
• As of 30 September 2023, the scheme manages an Assets Under Management (AUM) of Rs 24,060.99 crore or about 57% of the total AUM in the multi-asset allocation category.

ICICI Prudential Multi-Asset Fund is an open-ended scheme investing in equity, debt and exchange traded commodity derivatives/units of gold Exchange Traded Funds (ETF) / units of Real Estate Investment Trusts (REITs)&  InvITs (Infrastructure Investment Trust)/ preference shares.
What is Multi Asset Allocation Mutual Fund?
i.They are hybrid funds that must invest a minimum of 10% in at least 3 asset classes.

1. To reduce risk, these funds typically have a combination of equity, debt, and one more asset class like gold, real estate, etc.

AWARDS & RECOGNITIONS

5th Businessline Changemaker Awards: RBI wins Changemaker of the Year 2023; AMUL wins Iconic ChangemakerUnion Minister Raj Kumar Singh, Ministry of Power honoured the winners of the 5th edition of The Hindu BusinessLine Changemaker Awards during the award ceremony held in New Delhi, Delhi.

• Reserve Bank of India (RBI) was named the Changemaker of the Year 2023 and Amul, the brand of Gujarat Cooperative Milk Marketing Federation (GCMMF) based in Anand, Gujarat was named Iconic Changemaker.
• RBI Governor Shaktikanta Das and Jayen Mehta, Managing Director of GCMMF received the award on behalf of RBI and AMUL respectively.

About BL Changemaker Awards 2023:
I.BusinessLine Changemaker Awards recognises the  people and organizations that have brought a positive change in society since 2018.
ii.The Jury for the 2023 awards was chaired by M Damodaran, former Chairman, SEBI (Securities and Exchange Board of India).
iii.The award is presented under 6 categories:

• Changemaker of the year
• Iconic Changemaker
• Young Changemaker
• Changemaker – Digital Transformation
• Changemaker – Financial Transformation
• Changemaker – Social Transformation

Winners of The Hindu BusinessLine (BL) Changemaker Award 2023:

About the 2023 Winners:
i.Shrinidhi RS is the creator of CherriLearn, an education app which offers gamified lessons in regional languages to children of standards 1-5.
ii.Stellapps Technologies, is a first of its kind start-up in India that works on digitizing the dairy supply chain. .
iii. HerKey (formerly JobsForHer) ,founded by Neha Bagaria, aims to reverse the female brain drain from within the Indian workforce.
iv.EducateGirls is a Non-Government Organization(NGO) that aims to improve access and quality of education for girls.
v.PMJDY is the financial inclusion program under the Department of Financial Services. Ministry of Finance, government of India.

APPOINTMENTS & RESIGNATIONS

India’s Surendra Kumar Adhana Re-elected as a Member of UN Advisory Committee on Administrative and Budgetary Questions
Senior Indian diplomat Surendra Kumar Adhana was re-elected as a member of the United Nations (UN) Advisory Committee on Administrative and Budgetary Questions (ACABQ) for a three-year term, 2024–26, beginning on 1st January 2024.

• He has been a member of ACABQ, a subsidiary organ of the United Nations General Assembly (UNGA), since November 2022.

About Surendra Kumar Adhana:
i.Surendra Kumar is an Indian Foreign Service (IFS) officer of the 2010 Batch.

• He worked in the Ministry of External Affairs(MEA) from 2010 to 2012 at the Eurasian Division dealing with Russia. Then he worked in the Indian Embassy in Moscow(Russia) from 2012-2016.

ii.He also worked as the deputy Consulate General of India in Houston(United States) from 2016 to 2020.

• From 2020-2022, he worked as a Head of the Delhi Passport Office.

 About UN-ACABQ:
i.United Nations -Advisory Committee on Administrative and Budgetary Questions is an expert Committee of 21 Members elected by the UNGA for a term of three years.

• The members of UN-ACABQ serve in a personal capacity and not as representatives of member states.

ii.The major functions of the UN-ACABQ are

• To examine and report on the budget submitted by the Secretary-General to the UNGA.
• To advise the UNGA concerning any administrative and budgetary matters referred to it.
• To examine on behalf of the UNGA the administrative budgets of the specialised agencies and proposals for financial arrangements with such agencies.
• To consider and report to the UNGA on the auditors’ reports on the accounts of the UN and its specialised agencies.

About United Nations General Assembly(UNGA):
President – Dennis Francis (Trinidad and Tobago)
Headquarters – New York, United States of America(USA)
Established – 1945

Saima Wazed, Daughter of Bangladesh PM, nominated as Regional Director of WHO South East Asia On 1st November 2023, Saima Wazed, the candidate of Bangladesh, was nominated as the Regional Director of the World Health Organisation (WHO) South-East Asia Region (SEAR), one of the 6 WHO Regions.

• Saima Wazed, the daughter of Bangladesh Prime Minister(PM) Sheikh Hasina, won the election with 8 votes(including Bangladesh and India).
• Following the appointment, She will succeed the incumbent Regional director Dr. Poonam Khetrapal Singh (since 2014) from India on 1st February 2024.

About the Election:
The Election of Regional Director 2023 was held during the meeting at 76th session of WHO Regional committee of SEAR.

• Shambu Prasad Acharya, the candidate nominated for the post by Nepal secured only 2 votes.

The nomination will be submitted to the WHO Executive Board during the 154th session which will be held on 22−27 January 2024 in Geneva, Switzerland.
11 Members of SEAR: Bangladesh, Bhutan, Democratic People’s Republic of Korea(South Korea), India, Indonesia, Maldives, Myanmar, Nepal, Sri Lanka, Thailand and Timor-Leste.
Note: Myanmar was not eligible to vote.
About Saima Wazed:
i.Saima Wazed is a licensed school psychologist and expert on neurodevelopmental disorders, autism and mental health.
ii.She was made WHO- Regional Office for South-East Asia (SEARO)’s Regional Champion for Autism in 2015 and was appointed as WHO’s Goodwill Ambassador for Autism in SEAR in 2017.
iii.She is a member of WHO’s global Expert Advisory Panel on Mental Health.
iv.She also serves as the chairperson of the Bangladesh National Advisory Committee for Autism and Neurodevelopmental Disorders since 2012.
v.She is also the chief advisor for National Mental Health Strategic Plan Working Group, and the chairperson of the Shuchona Foundation (SF), Bangladesh.
Awards: In 2014, she became the first recipient of the Excellence in Public Health Award by WHO-SEARO.

SCIENCE & TECHNOLOGY

CSIR-NIIST & HAL Signs MoU to Strengthen Indigenisation in Aerospace, Defence Sectors Kerala-based Council of Scientific & Industrial Research-National Institute for Interdisciplinary Science and Technology (CSIR-NIIST) has signed a Memorandum of Understanding (MoU) with Hindustan Aeronautics Ltd (HAL) in Bengaluru (Karnataka) to collaborate in India’s aerospace and defense sectors.

• The collaboration aims to strengthen the indigenisation and import substitution program for India’s aerospace and defence sectors.

Note: The initiative is in line with the Government of India’s Atmanirbhar Bharat vision, promoting self-reliance in critical sectors.
About the collaboration:
i.The MoU involves the development of magnesium and aluminum alloy castings and related areas for the aerospace and defence sectors.
ii.The MoU facilitates CSIR-NIIST to collaborate on:

• Human resource and Facility utilisation; Technology support services; Consultancy services; and collaborative research works in the field of light alloys, for the design and development of aerospace components and welding.

iii.The specific areas of collaboration include:

• The manufacturing of aeronautical grade magnesium alloy castings using the Low-Pressure Casting (LPC) process;
• The design and development of filler materials for salvage welding of aluminum and magnesium alloy castings; and
• Other areas of research of mutual interest.

NIIST:
NIIST in Thiruvananthapuram (Kerala) is a constituent Laboratory of CSIR, engaged in conducting advanced Research and Development (R&D) programs, prioritising the optimal utilisation of regional resources vital to national development.

• CSIR NIIST is also a leader in R&D programs in agro-processing and technology, chemical sciences and technology, materials science and technology, etc.

About CSIR-National Institute for Interdisciplinary Science and Technology (CSIR-NIIST):
Initially it was established in 1975 as a CSIR Complex. It was named the Regional Research Laboratory in 1978 and later renamed NIIST in 2007.
Director– Dr. C. Anandharamakrishnan
Headquarters– Thiruvananthapuram, Kerala
About Hindustan Aeronautics Ltd (HAL):
HAL is a Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Defence which is involved in the design, development, manufacturing, supply, and maintenance of aircraft, helicopters, aerospace systems, and components.
Chairman and Managing Director (additional charge)-  C.B. Ananthakrishnan (Director (Finance) & Chief Financial Officer (CFO))
Headquarters– Bengaluru, Karnataka
HAL was incorporated on 23 December 1940 as Hindustan Aircraft Limited

SPORTS

India Wins 55 Medals(21 Gold, 21 Silver & 13 Bronze) in Asian Shooting Championships 2023India finished second in the medal tally with 55 medals (21 Gold, 21 Silver & 13 Bronze) in the Asian Shooting Championships 2023 held in Changwon, South Korea from 22nd October to 2nd November 2023.

• The 15th edition of the Asian Shooting Championships comprised both Junior and senior-level events, organised by Asian Shooting Confederation (ASC).

Medal Tally:

Winners list of Asian Shooting Championships 2023
Key Points:
i.Indian rifle shooter Aishwary Pratap Singh Tomar won two medals including

• Gold medal in the Individual men’s 50m rifle 3 positions
• Silver medal in 50m Rifle 3 Positions men’s team event along with Akhil Sheoran and Swapnil Kusale

ii.Harmehar Singh Lally won the gold medal in the Skeet Men Junior event (Shooting) and Bhavtegh Singh Gill won the silver medal in the same event.

• Darshna Rathore and Anant Jeet Singh Naruka won the gold medal in the Skeet mixed team event(Shotgun).
• The Indian men’s team comprising Anant Jeet Singh Naruka, Gurjoat Khangura and Angad Vir Singh Bajwa won the gold medal in the men’s skeet team event.

iii.Prithviraj Tondaiman and Manisha Keer won gold in a mixed trap event(Shotgun).
iv.The Asian Shooting Championships offered 24 Olympic quotas (two per event) for 12 Olympic shooting events, of which six Indians secured Olympic quotas, includes:

• Shriyanka Sadangi (women’s 50m rifle 3 positions), Anish Bhanwala (men’s 25m rapid fire pistol), Manu Bhaker (women’s 25m pistol), Arjun Babuta (men’s 10m air rifle), Tilottama Sen (women’s 10m air rifle) and Sarabjot Singh (men’s 10m air pistol).

Note –
International Shooting Sport Federation (ISSF) has announced that its logo has now been registered as an international trademark.

IMPORTANT DAYS

International Day for Biosphere Reserve 2023- November 03 The United Nations Educational, Scientific and Cultural Organization (UNESCO)’s International Day for Biosphere Reserve (BR) or World Biosphere Reserve Day is annually observed across the globe on 3 November to raise awareness of the importance of biosphere reserves and to promote their conservation and sustainable use.

• The day serves as a crucial reminder of the need to safeguard the delicate balance between humans and the environment.

3 November 2023 marks the 2nd observance of International Day for BR.
Background:
i.In 2021, UNESCO at its 41st session of General Conference (GC), adopted a resolution (41 C/37) and proclaimed the 3 November of each year as the International Day for Biosphere Reserves.
ii.At the request of Spain and Uruguay, the 211th session of the Executive Board included an agenda item on the proclamation of the International Day for BR.
iii.The first-ever International Day for BR was observed on 3 November 2022.
>> Read Full News

STATE NEWS

Jharkhand Cabinet Approves Rs 1,485cr Electrification Scheme
Jharkhand Cabinet chaired by Chief Minister(CM) Hemant Soren approved a new electrification scheme named “Mukhya Mantri Ujjwal Jharkhand Yojana”.

• The scheme aims to provide electricity facilities to un-electrified rural hamlets and households, as well as leftover urban areas.
• The cabinet has allocated Rs 1,485.39 crore for this scheme. 

About Jharkhand:
Governor– C. P. Radhakrishnan
Capital– Ranchi
State Animal– Indian Elephant

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