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CURRENT AFFAIRS : BANKING & FINANCE

S&P Global Forecasts Reduction in Indian Banks’ NPAs to 3.5% and Net Interest Margin to 2.9% by FY25

• S&P Global projects a decrease in Indian banks’ non-performing assets (NPAs) to 4.5% by the end of Fiscal Year 2023-24 and a further reduction to 3.5% by the end of Fiscal Year 2024-25.
• S&P Global does not anticipate a significant rise in interest rates in the near future.

Definition of NPA?

• Non-performing assets (NPAs) are loan accounts where the principal or interest is due for a period of three months or more.

Key Highlights :

• S&P Global Ratings’ report is titled ‘Forewarned is Forearmed’ and is part of the Global Banks’ Country-By-Country Outlook 2024
• The report suggests that slower global growth and external demand may impact economic activity, potentially contributing to inflation.
• The improvement in NPAs is attributed to factors such as healthy corporate balance sheets.
• Tighter underwriting standards are mentioned as a contributing factor to the reduction in NPAs.
• Improved risk management practices are identified as playing a role in the positive trend of decreasing NPAs.
• Further, it forecasts that credit cost would normalise to 1.2% for the next couple of years.

About S&P Global Inc. :

• Founded : 1917
• Headquarters : Manhattan, New York City, United States
• President & CEO : Douglas L. Peterson
• S&P Global Inc. is an American publicly traded corporation.

IREDA Unveils ₹2,150-Crore IPO with a Price Band of ₹30-32

• State-run Indian Renewable Energy Development Agency (IREDA) has fixed a price band of ₹30-32 per share for its initial public offer (IPO).
• Investors can bid for a minimum of 460 shares in the IPO.
• This marks the first IPO by a government-run company since LIC’s entry into the market in May of the preceding year.

Key Highlights :

• IREDA is a mini-ratna under the Ministry of New and Renewable Energy (MNRE).
• It holds the status of a systemically important non-deposit-taking non-banking finance firm (NBFC-ND-SI) and operates as an infrastructure finance company (IFC).
• The IPO includes a fresh issue of up to 40.31 crore shares and an Offer for Sale (OFS) of up to 26.87 crore shares (valued at ₹860 crore) by the Union Government.
• The overall IPO size is approximately ₹2,150 crore.
• IREDA has reserved 50% of the shares for Qualified Institutional Buyers (QIB), 35% for retail investors, and 15% for Non-Institutional Investors (NII).
• IREDA’s net profit has shown a positive trajectory, increasing from ₹633.53 crore in FY22 to ₹864.63 crore in FY23.

What is an IPO?

• An Initial Public Offering (IPO) involves the sale of securities to the public in the primary market.
• The primary market deals with new securities being issued for the first time and is known as the new issues market.
• The secondary market involves the buying and selling of existing securities and is known as the stock market or stock exchange.
• An IPO occurs when an unlisted company issues securities for the first time to the public.
• Unlisted companies are those not listed on the stock exchange.
• New and medium-sized firms often use IPOs to raise funds for business growth and expansion.

Benefits of IPO :

• Funds raised through an IPO enable companies to invest in new capital equipment and infrastructure.
• An IPO paves the way for the listing and trading of the issuer’s securities on the stock exchange.
• IPOs allow companies to attract top talent by offering stock options to employees, providing an additional incentive.

Eligibility Criteria for IPO :

• Companies willing to float an IPO must have tangible assets of at least Rs 3 crore.
• Eligible companies must exhibit average operating profits of Rs 15 crore in the preceding three years with no operating losses in any one of those years.
• The company should have a net worth of Rs 1 crore in each of the three preceding years.

Who is allowed to invest in an IPO?

• Qualified Institutional Buyers (QIBs) is a category of investors that includes Foreign Portfolio Investors (FPIs), mutual funds, commercial banks, insurance companies, pension funds, etc.
• QIBs are those institutional investors who are generally perceived to possess expertise and the financial capacities to evaluate and invest in the capital markets.
• Individuals investing up to Rs 2 lakh in an issue are classified as retail investors.
• Retail investors investing above Rs 2 lakh are classified as high net worth individuals (HNIs).

About IREDA :

• Headquarters : New Delhi, Delhi
• Chairman and Managing director : Pradip Kumar Das
• Indian Renewable Energy Development Agency Limited (IREDA) was formed in 1987 as a Mini Ratna (Category – I) Government of India Enterprise under the Government of India and administratively controlled by the Ministry of New and Renewable Energy (MNRE).
• Currently fully owned by the government, post issue government holding in the company will reduce to 75%.

Fedbank Financial IPO Set to Open on November 22 with a Price Band of Rs 133 to Rs 140                      

• Fedbank Financial Services, a Non-Banking Financial Company (NBFC), will open its initial public offering (IPO) of equity shares on November 22, 2023, and close on November 24, 2023.
• The price band for the IPO has been set at Rs 133 to Rs 140 per equity share, with a face value of Rs 10 each.
• The company aims to raise approximately Rs 1,092 crore from the IPO.
• Fedbank Financial Services specializes in providing loans to MSMEs and emerging self-employed individuals.
• The NBFC has a widespread presence, operating across 17 states and Indian territories, covering 190 districts through its 584 branches.
• As of March 2023, the NBFC’s profitability has increased to Rs 180 crore, a notable rise from Rs 62 crore reported as of March 2021.
• Of the total net offer size, 50% is reserved for Qualified Institutional Buyers (QIBs), 15% for High Net-Worth Individuals (HNIs), and the remaining 35% for retail investors.
• Post-listing, Federal Bank will hold about 61% of the company, True North will have about 8.5% and approximately 31% will belong to new shareholders who join after the IPO. 

CURRENT AFFAIRS: NATIONAL NEWS

Union Fisheries Minister Shri ParshottamRupala will inaugurate Global Fisheries Conference India 2023

• The Union Minister for Fisheries, Animal Husbandry and Dairying Shri Parshottam Rupala will inaugurate the Global Fisheries Conference India 2023, a two-day mega event, at Gujarat Science City, Ahmedabad.
• Under the theme ‘Celebrating Fisheries and Aquaculture Wealth’, the conference aims to bring together key stakeholders on one platform for fruitful discussions, market insights and networking.
• Chief Minister of Gujarat Shri Bhupendrabhai Patel, Minister of State Fisheries, Animal Husbandry and Dairying , Information and Broadcasting Dr L Murugan and Minister of State Fisheries, Animal Husbandry and Dairying Dr Sanjeev Kumar Balyan, High level delegations  from about 10 countries, Delegates from International Organizations, Fisheries Associations, Fishers and other dignitaries will be present at the inaugural ceremony.
• Gujarat Minister for Agriculture, Animal Husbandry, Fisheries and Cow-breeding Shri. Raghavjibhai Patel, Union Fisheries Secretary Dr AbhilakshLikhi and India Head of Food and Agriculture Organization of the UN (FAO)Mr. Takayuki Hagiwara will speak on the occasion.
• Joint Secretaries of the Department of Fisheries Shri. Sagar Mehra and Ms Neetu Kumari will deliver welcome address and propose the vote of thanks respectively.

International Round Table led by Union Minister

• One of the major highlights of the conference is an International Round Table Conference chaired by Union Minister Shri. ParshottamRupala.
• This high-level dialogue, attended by different nations and representatives of various international agencies, will focus on international collaborative efforts to sustain the sector amid a range of critical challenges, including the climate crisis.
• Monique Tran representing Counsellor for Agricultural Affairs, France; Cristian Rodrigo Valdes Carter and Arti Bhatia Kumar from Norway; Dr Richard Niall, First Secretary (Agriculture) from Australian High Commission; Muratov Sergey, AdiatulinIlias and Shagushina Anna from Russia; Wagner Antunes, Head of the Trade Promotion Department of the Embassy of Brazil; Mr.DimitriosIoannou, Minister and Ambassador, Greece; Borja Velasco Tuduri, Counsellor, Spain; Melanie Phillips, Counsellor (Agriculture), New Zealand; and Peter Hobwani, Deputy Ambassador, Zimbabwe have will grace the occasion.
• About 50 Indian missions are also expected to join through virtual mode.

Exhibition

• The conference covers over 210 national and international exhibitors, including start-ups, exporters, fisheries associations, and processing industries. It will showcase their products, technology, success stories, and innovative solutions. This will offer a unique opportunity to the enterprises, startups, associations, co-operatives, Self Help Groups (SHGs) and small-medium fisheries enterprises to come together on one platform and showcase their range of products and services in the fisheries.

Union Minister Ashwini Vaishnaw announced around Rs 3,000 cr to be invested in IT hardware sector under (PLI) Scheme 2.0

• The Union Minister of Electronics and Information Technology Ashwini Vaishnaw announced that around 3 thousand crore rupees will be invested by 27 companies in the IT hardware sector under the Production Linked Incentive (PLI) Scheme 2.0. Briefing the media in New Delhi, Mr. Vaishnaw said that out of these companies, 23 will start the production of servers, laptops, and tablets immediately and the rest will do so within the next 90 days.
• Appreciating this significant milestone, the minister that these productions will also create nearly two lakh employment opportunities.
• He further added, India will reach 3 hundred million dollars of electronics production in the coming times.
• The minister said this achievement sets India as a significant player in the field of IT hardware production.
• India has an impressive design capability which adds immensely to the country’s value production.

FSSAI launches food safety compliance system portal in 4 regional languages

• Food safety regulator FSSAI has launched the Food Safety Compliance System (FoSCoS) portal in four regional languages, apart from Hindi and English, in order to enhance user experience and accessibility.
• The portal is now available in Gujarati, Tamil, Telugu and Marathi, apart from Hindi and English.
• The Food Safety and Standards Authority of India (FSSAI) also plans to launch the portal in Kannada, Punjabi, Malayalam, Assamese, Bengali and Odia soon.
• The latest advancement aims to enhance the user experience for local food businesses, allowing them to easily connect with the FSSAI’s online compliance portal FoSCoS, launched nationwide in 2020.

About FSSAI

• Food Safety and Standards Authority of India (FSSAI) is a statutory body established under the Food Safety and Standards Act, 2006 (FSS Act).
• FSS Act, of 2006 consolidated various acts & orders that had earlier handled food-related issues in various Ministries and Departments.
• Nodal ministry:Ministry of Health & Family Welfare.

GAIL does the world’s 1st ship-to-ship LNG transfer

• India’s top gas firm GAIL has done the world’s first ship-to-ship liquefied natural gas (LNG) transfer to save on shipping costs and cut emissions as the state-owned entity looks at innovative ways as a pivot to boost business.
• GAIL has contracted 5.8 million tonnes per annum of LNG (natural gas super-cooled to liquid form) from the US.
• The ship typically travels a distance of about 19,554 nautical miles for a round trip to transport LNG from Sabine Pass in the US to India via the Suez Canal and Gibraltar.
• This journey takes approximately 54 days and emits about 15,600 tonnes of CO2.
• Recently, the company-hired vessel Castillo De Santisteban moved a shipload of LNG from the US.
• But mid-way, it transferred the cargo to another chartered hired vessel Al Gharrafa of QatarGas.
• This is the world’s first STS between a large conventional LNG vessel and a Q-Flex LNG Vessel.
• This innovation plus the installation of the first floating CNG station helped GAIL win the ‘Innovation Award – India and Midstream Project of the Year’ at the Asian Oil and Gas Awards.
• GAIL few months back introduced a CNG station on a floating boat in the Ganges in Varanasi to refuel boats run on environment-friendly fuel.
• The Asian Oil and Gas Awards recognises exceptional initiatives in the oil and gas industry in Asia.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Indian Meteorological Department Announces the Formation of Cyclone Midhili in the Northwest Bay of Bengal

• The Indian Meteorological Department (IMD) has officially declared the development of Cyclone Midhili in the northwest Bay of Bengal.
• Under the influence of Cyclone Midhili, heavy rainfall is forecasted in coastal regions, specifically in Odisha, West Bengal, Tripura, and Mizoram.
• Wind speeds associated with the cyclone are expected to range between 40 kmph and 70 kmph in the affected areas.

Origin of the Name ‘Midhili’ :

• The name ‘Midhili’ for the cyclone was given by the Maldives, following the established practice of naming cyclones in the region.
• The next cyclone in the sequence will be named ‘Michaung,’ a name provided by Myanmar as part of the regional collaboration in cyclone nomenclature.

What are Cyclones?

• A cyclone is defined as a rapid inward air circulation in and around a low-pressure (LP) area.
• Cyclones are limited to the atmosphere between 30° N and 30° S latitudes.
• Cyclones in India : Tropical cyclones in the North Indian Ocean region develop during the pre-monsoon (April to June) and post-monsoon (October to December) periods.

Conditions for Formation :

• A large and constant supply of warm and moist air is required for the creation of a tropical cyclone.
• Strong Coriolis force is needed to prevent low pressure at the center from filling.
• Unstable conditions that cause local disruptions are favorable for cyclone formation.
• The absence of a strong vertical wind wedge that interferes with the vertical transmission of latent heat is essential.

Formation of cyclones:

• Tropical cyclones form over warm ocean waters near the equator.
• Warm, moist air over the ocean rises, creating an area of lower air pressure.
• Surrounding higher-pressure air moves into the low-pressure area, repeating the process.
• The system of clouds and wind spins and grows, forming an eye in the center.
• When winds reach 39 mph, it is termed a tropical storm; at 74 mph, it becomes a tropical cyclone.

Impact and Behavior :

• Tropical cyclones weaken on hitting land, as they lose the energy from warm ocean waters.
• They can still cause significant damage, including heavy rainfall and wind damage, when moving inland.
• The eye of the cyclone is calm, with low air pressure, and is surrounded by intense storm activity.

Types of Cyclones :

• Tropical Cyclones : Characterised by winds exceeding 74 mph and heavy rainfall.
• Severe Cyclonic Storms : More intense than tropical cyclones, with stronger winds and potential for storm surges.
• Very Severe Cyclonic Storms : Even more powerful, leading to extreme wind speeds and torrential rainfall.
• Super Cyclones : The most intense and destructive cyclones with wind speeds exceeding 131 mph, causing widespread devastation.

About IMD :

• Established : 15 January 1875
• Headquarters : New Delhi, Delhi
• Director General : Mrutyunjay Mohapatra
• The India Meteorological Department (IMD) is an agency of the Ministry of Earth Sciences of the Government of India.
• It is the principal agency responsible for meteorological observations, weather forecasting and seismology.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Spanish Lower House Votes to Re-elect Pedro Sánchez as Prime Minister for Another Term                                            

• The lower house of the Spanish Parliament voted to re-elect Pedro Sánchez as Prime Minister for another term.
• Pedro Sánchez’s Spanish Socialist Workers’ Party (PSOE) secured support through separate agreements with various regional parties.
• PSOE’s agreements included support for a controversial bill on amnesty for Catalan separatists, leading to protests across Spain.
• Pedro Sánchez won a majority of the vote, securing the support of 179 members out of Spain’s 350-member parliament.
• The conservative Popular Party had won the elections in July, but its leader, Alberto Núñez Feijú, failed to form a majority.
• Pedro Sánchez was first elected as Prime Minister in 2018.

About Spain :

• Prime Minister : Pedro Sánche
• Capital : Madrid
• Currency : Euro

P Vasudevan Takes Over as the New Head of RBI’s Fintech Department

• P Vasudevan was appointed as the new head of the Reserve Bank of India’s (RBI) fintech department earlier this month(November 2023).
• With this, Vasudevan has become the second top official of the department since its formation in early 2022.
• Vasudevan takes over from the outgoing chief, Ajay Kumar Choudhary, who reportedly retired from the position.
• Ajay Kumar Choudhary has been appointed to the board of the Reserve Bank Innovation Hub following his tenure as the head of the fintech department.
• The appointment of a dedicated head for the fintech department reflects the RBI’s commitment to fostering innovation and growth within the Indian fintech industry.

Key Highlights :

• Creation of Fintech Department in 2022 : The RBI established a separate fintech department in 2022 to support innovation and provide momentum to the growing fintech sector in India.
• Central Role in Regulatory Coordination : The fintech department serves as the primary interface for industry stakeholders to coordinate on regulatory matters and policymaking.

About P Vasudevan :

• P Vasudevan, a career central banker, was previously the chief general manager in charge of the Department of Payment and Settlement Systems.
• He assumed the role of executive director on July 6 and was entrusted with additional responsibilities, including currency management, enforcement department, and corporate strategy and budget department.
• He served as the Chief General Manager-in-charge of the Department of Payment and Settlement Systems.
• He has worked in the central office as well as at Bengaluru, Mumbai and New Delhi regional offices of the Reserve Bank.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Unveils 4th Anti-Submarine Warfare Craft, Named ‘Amini’                                

• ‘Amini’, an Arnala class of ship for the Indian Navy, was launched at L&T Shipbuilding’s facility in Kattupalli, Tamil Nadu.

About ‘Amini’ :

• ‘Amini’ is the fourth ship of the 08 x ASW Shallow Water Craft (SWC) project initiated by the state-owned Garden Reach Shipbuilders & Engineers Ltd (GRSE).
• The ship is designed to undertake anti-submarine operations in coastal waters, as well as low-intensity maritime operations (LIMO) and mine-laying operations.
• The launch ceremony was presided over by Vice Admiral Sandeep Naithani, Chief of Materiel.
• The ship was launched by his wife, Manju Naithani, with an invocation from Atharva Veda.
• The ship has been named Amini to signify the strategic maritime importance accorded to the island of Amini at Lakshadweep, located about 400 km west of Kochi.
• The contract for building eight ASW SWC ships was signed between the Ministry of Defence (MoD) and Kolkata -based GRSE on April 29, 2019.
• As per the build strategy, four ships are being built at the GRSE and the balance sub-contracted to L&T Shipbuilding for hull and part outfitting.
• The Arnala class of ships will replace the in-service Abhay class ASW Corvettes of the Indian Navy.
• The first ship of the project is planned to be delivered in early 2024.
• The ASW SWC ships will have over 80% indigenous content, thereby ensuring that large scale defence production is executed by Indian manufacturing units, generating employment and capability enhancement within the country.
• ASW SWC Project is the Anti-Submarine Warfare Shallow Water Craft project under which many ships are being built for the Indian Navy
• ASW SWC ships have a displacement of 900 tons with a maximum speed of 25 knots and an endurance of 1800 NM.
• The names of the other three ships in the project are Arnala, Androth, and

About Indian Navy :

• Headquarters : New Delhi, Delhi
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Naval Staff : Admiral R. Hari Kumar

About GRSE :

• Headquarters : Kolkata, West Bengal
• Chairman & MD : Commodore (Retd) PR Hari

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India’s Indigenous Light Tank “Zorawar” Nearing Trial Phase                   

• India’s indigenously designed and developed light tank, tentatively named Zorawar, is likely to be ready for trials soon.

About Zorawar Light Tank :

• It is an indigenously designed and developed Light Tank.
• It was developed by the Defence Research and Development Organisation (DRDO) in collaboration with Larsen & Toubro Limited.

Features :

• It is designed to operate in varying terrains, from high-altitude areas and marginal terrains to island territories.
• It will be highly transportable for rapid deployment to meet any operational situation.
• It will be equipped with all the modern technologies, such as artificial intelligence, drone integration, a high degree of situational awareness, and amphibious operation capability.
• It will weigh less than 25 tonnes with a high power-to-weight ratio as well as superior firepower and protection.

Who was Zorawar?

• Zorawar was a military general, Zorawar Singh Kahluria, and had served under Jammu’s Raja Gulab Singh in the 19th Century.
• He is honoured for his conquests in the Himalayas, including Ladakh, Tibet, Baltistan, and

China claims world’s fastest internet with 1.2 terabit-per-second network

• Huawei Technologies Co. and China Mobile Ltd. have built a 3,000 kilometre (1,860-mile) internet network linking Beijing to the south, which the country is touting as its latest technological breakthrough.
• The two firms teamed up with Tsinghua University and research provider Cernet.com Corp. to build what they claim is the world’s first internet network to achieve a “stable and reliable” bandwidth of 1.2 terabits per second, several times faster than typical speeds around the world.
• The Chinese firm in August made waves when it released a 5G smartphone with a sophisticated made-in-China processor, inspiring celebration in the Chinese state and social media.
• That event also spurred debate in Washington about whether the Biden administration has gone far enough in attempts to contain Chinese technological achievement.
• The network “is operated based on China’s domestically-owned key technologies.
• The majority of the world’s Internet backbone networks typically operate at a speed of just 100 gigabits per second.
• In February, Nokia, a global rival to Huawei, announced achieving 1.2 terabits per second over “metro distances” of about 118 km on an optical network in Europe.

About China:

• President: Xi Jinping
• Capital: Beijing
• Currency: Renminbi

CURRENT AFFAIRS: MOUS AND AGREEMENT

WHO and the Ministry of Ayush signed the Traditional and Complementary Medicine ‘Project Collaboration Agreement’

• The Ministry of Ayush and the World Health Organization (WHO) have signed Traditional and Complementary Medicine ‘Project Collaboration Agreement’ in Geneva, Switzerland
• The main objective of this agreement is to standardize Traditional and Complementary Medical Systems, integrate their quality and safety aspects into the National Health System, and disseminate them at the international level.
• Through this cooperation agreement, efforts will be made to connect Traditional and Complementary Medical Systems with the mainstream of the National Health System.
• To fulfil this objective, Traditional Medicine Global Strategy 2025-34 will be prepared by WHO with the support of the Ministry of Ayush.
• Other major objectives of the agreement include efforts to strengthen the system of training and practice in the field of Complementary Medicine System ‘Siddha’, formulation of guidelines for the listing of Traditional and Complementary Medicines, safety and related efforts, etc.
• An International Herbal Pharmacopoeia of herbs found in South-East Asia will be developed by the Ministry in collaboration with WHO.
• Efforts will be made under this agreement to integrate evidence-based Traditional and Complementary Medicines with the National Health System, conservation and management of biodiversity and medicinal plants, etc.

Key Highlights

• First phase of the contract will prove to be a milestone in the global development of Traditional and Complementary Medical Care System: Secretary, Ayush.
• This agreement will mainstream Traditional and Complementary Medicine into India’s National Health System and also serve the global health objectives: Bruce Aylward, ADG, Universal Health Coverage and Life Course Division, WHO
• The main objective is to integrate aspects like standardization, quality, and safety of Traditional and Complementary Medical Systems into the National Health System and to disseminate them at the international level.
• WHO (World Health Organization) and the Ministry of Ayush will jointly complete the work of formulation of the Traditional Medicine Global Strategy 2025-34.
• The Ministry of Ayush and WHO together will shoulder the responsibility of preserving the rich heritage of Traditional and Complementary Medicine as well as making it modern, authentic, and global.
• A total of two ‘Project Collaboration Agreements’ have already been signed by the Ministry of Ayush with WHO.
• The first contract was signed in 2016 to take Traditional Medical systems like Yoga, Ayurveda, Unani, and Panchakarma to the global level and the second contract was signed in 2017 to strengthen the system of Ayurveda, Unani and Siddha medical systems.
• This agreement was signed at an event organized in Geneva city, Switzerland. Shri Indra Mani Pandey, Permanent Representative of India to the United Nations, on behalf of the Ministry of Ayush, and Dr. Bruce Aylward, Assistant Director General, Universal Health Coverage and Life Course Division, on behalf of WHO.

About WHO

• Headquarters: Geneva, Switzerland
• Founded: 7 April 1948

Chennai Metro Rail launches PhonePe ticketing service      

• Chennai Metro Rail Ltd (CMRL) has partnered with PhonePe and launched digital QR-based ticketing for metro travellers.
• Chennai Metro passengers can now skip long queues at metro stations and ticket counters with seamless digital QR-based tickets.
• Passengers can book digital QR-based tickets on the PhonePe Switch platform.
• This service will also carry the existing 20 per cent discount.
• PhonePe will enable three services for commuters in phases – booking of single journey tickets, return journey tickets, and recharge of the smart card on PhonePe Switch.
• Along with its partnership with Chennai Metro, PhonePe has also collaborated with Hyderabad Metro, Mumbai Metro, and Delhi Metro.
• Commuters can get e-tickets for up to six people at the same time from a single device and can start their journey by scanning it at the entry and exit gates of Metro stations.

About PhonePe

• Founders: Sameer Nigam, Burzin Engineer, Rahul Chari
• CEO: Sameer Nigam
• Headquarters: Maharashtra
• Founded: 2015

CURRENT AFFAIRS : OBITUARIES

Former RBI Governor S Venkitaramanan passed away                       

• Venkitaramanan, the 18th Governor of the Reserve Bank of India (RBI), passed away at the age of 92 in Chennai, Tamil Nadu.

About S Venkitaramanan :

• S Venkitaramanan was born on 28 January 1931 in Nagercoil, Padmanabhapuram division, Travancore, India.
• He served as the finance secretary in the Ministry of Finance from 1985 to 1989 and was also an advisor to the government of Karnataka.
• He is seen by many as a brilliant crisis manager of the balance of payments crisis in India in the late 1980s and early 1990s.
• He served as the Governor of the Reserve Bank of India for a period of 2 years, from 1990 to 1992.
• Upon assuming the role of RBI Governor, Venkitaramanan faced the challenge of addressing India’s balance of payments crisis, marked by rapidly depleting foreign exchange reserves.
• Through decisive measures, he successfully navigated the country through this crisis.
• As a finance secretary in 1989, he was the one who advised the Rajiv Gandhi-led government at the Centre to consider loans from multilateral agencies like the International Monetary Fund to tide over the worsening economic situation.
• He took on key roles as the chairman of Ashok Leyland Investment Services Ltd., New Tirupur Area Development Corporation Ltd., and Ashok Leyland Finance Ltd.
• He contributed to various corporate boards, including Reliance Industries Limited, SPIC, Piramal Healthcare Ltd, Tamil Nadu Water Investment Co. Ltd, and Housing Development Finance Corp Limited.

CURRENT AFFAIRS: IMPORTANT DAYS

World Toilet Day: 19th November

• World Toilet Day 2023 is observed on the 19th of November 2023
• Jack Sim, a philanthropist from Singapore, founded the World Toilet Organization on November 19, 2001, He declared that day as World Toilet Day.
• Toilets are only the first stage of sanitation apparatuses.
• World Toilet Day was made to spread and increase public awareness of broader sanitation systems such as wastewater treatment, stormwater management, and hand washing.
• UN Sustainable Development Goal 6 says that waste should be safely processed.
• Their efforts to call attention to the sanitation crisis were strengthened in 2010.
• In 2013, the Government of Singapore and the World Toilet Organization led to Singapore’s first UN resolution called “Sanitation for All.”
• This resolution decided to take action to end the world sanitation crisis by 2025.
• As a result, World Toilet Day was declared an official UN day, and 122 countries adopted the resolution at the 67th session of the UN General Assembly in New York.

International Men’s Day 2023: 19th November

• International Men’s Day 2023 is observed on the 19th of November 2023
• In 1968, an American journalist named John P. Harris communicated that there was a celebration for International Women’s Day for female workers but failed to deliver a male counterpart.
• He said that there should be International Men’s Day and it should be celebrated every year insisting on Men’s health, and his achievements and contribution to the nation.
• In the early 1990s Thomas Oaster, the director of the Missouri Center for Men’s Studies, invited organizations in the U.S., Australia, and Malta to hold small International Men’s Day events during the month of February.
• Oyster celebrated this small event for two years successfully and later the celebration did not take place well.
• Malta is the sole country that celebrates this event continuously.
• Teelucksingh understood the importance of a male role in society as his father had been an excellent example for him and chose to celebrate International Men’s Day on November 19th, the day of his father’s birthday as well as the day a local soccer team had united his country with their endeavours to qualify for the world cup.

World Day of Remembrance for Road Traffic Victims:19th November

• World Day of Remembrance for Road Traffic Victims 2023 is observed on the 19th of November 2023.
• Brigitte Chaudhry MBE was living with his husband and her only son.
• At the age of 26, her son met with a fatal accident.
• A Van jumps the Red light signal and hits his son at the junction. She lost her son due to untimely first aid and negligence in proper medication. She fought for justice but it was in vain.
• Chaudhry founded RoadPeace, a British charity for road crash victims. RoadPeace operates a 24/7 helpline, providing emotional support and practical advocacy to the people affected by road crashes.
• In 1993, RoadPeace founded The World Day of Remembrance for Road Traffic Victims to give public recognition to the pain and suffering of millions of people.
• The day has reached more than 30 countries within the last decade and is now a global event, observed in solemn remembrance of the lives we have lost to the senseless tragedy of road crashes.
• Each year has a theme. Some past themes have been “Life is not a car part” and “First Responders.”
• The remembrance has also helped the U.K. Government change its posture towards the victims of road crashes and understand the enormity of the crisis.

Universal Children’s Day: 20th November

• Universal Children’s Day 2023 is observed on the 20th of November 2023.
• Children’s Day was first officially declared a national holiday by the Republic of Turkey in 1920 on April 23.
• Children’s Day has been celebrated nationally since 1920 by the Turkish government and is declared as the day for children.
• However, it was decided that an official confirmation was needed to clarify and justify this celebration, and the official declaration was made nationally in 1929 by the founder and the President of the Republic of Turkey, Mustafa Kemal Ataturk.
• Though Universal Children’s Day was established by the United Nations in 1954, it wasn’t until November 20, 1959, that the UN General Assembly adopted an extended form of the Declaration of the Rights of the Child. Originally acquired in 1924 by the League of Nations, the UN adopted this document as its own statement of children’s rights.

Daily CA One- Liner: November 19^th & 20^th

• The Union Minister for Fisheries, Animal Husbandry and Dairying Shri Parshottam Rupala will inaugurate the Global Fisheries Conference India 2023, a two-day mega event, at Gujarat Science City, Ahmedabad.
• Minister of Electronics and Information Technology Ashwini Vaishnaw announced that around 3 thousand crore rupees will be invested by 27 companies in the IT hardware sector under the Production Linked Incentive (PLI) Scheme 2.0. Briefing the media in New Delhi, Mr. Vaishnaw said that out of these companies, 23 will start the production of servers, laptops, and tablets immediately and the rest will do so within the next 90 days.
• Food safety regulator FSSAI has launched the Food Safety Compliance System (FoSCoS) portal in four regional languages, apart from Hindi and English, in order to enhance user experience and accessibility.
• India’s top gas firm GAIL has done the world’s first ship-to-ship liquefied natural gas (LNG) transfer to save on shipping costs and cut emissions as the state-owned entity looks at innovative ways as a pivot to boost business.
• The Ministry of Ayush and the World Health Organization (WHO) have signed the Traditional and Complementary Medicine ‘Project Collaboration Agreement’ in Geneva, Switzerland.
• Chennai Metro Rail Ltd (CMRL) has partnered with PhonePe and launched digital QR-based ticketing for metro travellers
• S&P Global projects a decrease in Indian banks’ non-performing assets (NPAs) to 4.5% by the end of Fiscal Year 2023-24 and a further reduction to 3.5% by the end of Fiscal Year 2024-25.
• State-run Indian Renewable Energy Development Agency (IREDA) has fixed a price band of ₹30-32 per share for its initial public offer (IPO).
• Fedbank Financial Services, a Non-Banking Financial Company (NBFC), will open its initial public offering (IPO) of equity shares on November 22, 2023, and close on November 24, 2023.
• The Indian Meteorological Department (IMD) has officially declared the development of Cyclone Midhili in the northwest Bay of Bengal.
• The lower house of the Spanish Parliament voted to re-elect Pedro Sánchez as Prime Minister for another term.
• P Vasudevan was appointed the new head of the Reserve Bank of India’s (RBI) fintech department earlier this month(November 2023).
• ‘Amini’, an Arnala class of ship for the Indian Navy, was launched at L&T Shipbuilding’s facility in Kattupalli, Tamil Nadu.
• India’s indigenously designed and developed light tank, tentatively named Zorawar, is likely to be ready for trials soon.
• Huawei Technologies Co. and China Mobile Ltd. have built a 3,000-kilometre (1,860-mile) internet network linking Beijing to the south, which the country is touting as its latest technological breakthrough.
• Venkitaramanan, the 18th Governor of the Reserve Bank of India (RBI), passed away at the age of 92 in Chennai, Tamil Nadu.
• World Toilet Day 2023 is observed on the 19th of November 2023
• International Men’s Day 2023 is observed on the 19th of November 2023.
• World Day of Remembrance for Road Traffic Victims 2023 is observed on the 19th of November 2023
• Universal Children’s Day 2023 is observed on the 20th of November 2023