Daily Current Affairs November 29 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Sorin Startup Fund to Receive Backing from Small Industries Development Bank of India and National Small Industries Corporation Subsidiary

• Small Industries Development Bank of India (SIDBI) and the National Small Industries Corporation (NSIC) will support Sorin Investments, the startup fund led by Sanjay Nayar, signalling confidence in the experienced banker and deal maker.

Key Highlights :

• Investment Amount and Source : SIDBI and the ₹10,000-crore Self Reliant India (SRI) Fund, a part of NSIC Venture Capital Fund (NVCFL), will collectively invest around ₹300 crore into Sorin Investments.
• Contribution to Maiden Fund : The fresh investments from SIDBI and NSIC will contribute to Sorin Investments’ maiden fund, helping it reach a total size of ₹1,300 crore.
• SRI Fund Investment Strategy : The Self Reliant India (SRI) Fund, under NSIC, will utilize a ‘Fund-of-Funds’ investment strategy.
• It will invest in SEBI-registered Category I and Category II alternative investment funds (daughter funds), which, in turn, will invest in Micro, Small, and Medium Enterprises (MSMEs).

About Small Industries Development Bank of India :

• Established : 2 April 1990
• Headquarters : Lucknow, Uttar Pradesh, India
• Chairman & MD : Sivasubramanian Ramann
• The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India.
• It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).

State Bank of India’s Stake in Jio Payments Bank Drops to 23% in FY23

• State Bank of India’s (SBI) shareholding in Jio Payments Bank fell to 23% in FY23 from the 30% that it has maintained since inception, indicating its disinterest in the payments bank business model.
• The fall below 25% also means SBI will no longer be able to block special resolutions at its 7-year-old joint venture (JV).

Key Highlights :

• SBI abstained from participating in two Jio Payments Bank rights issues.
• Meanwhile, Reliance Industries (RIL), SBI’s JV partner, acquired 10 million shares on November 29 and 70 million shares on January 23.
• In the previous fiscal year (FY22), SBI invested ₹9.48 crore in the joint venture.
• Payments banks, introduced during the tenure of former RBI governor Raghuram Rajan, were envisioned to cater to the under-banked and unbanked segments, allowing deposits of up to ₹2 lakh per customer without the ability to lend.
• Reliance Industries (RIL) was among the 11 applicants approved by RBI to establish payments banks in August 2015.
• The bank commenced operations in November 2016 in collaboration with SBI.
• The joint venture was established when Arundhati Bhattacharya was leading SBI.
• Bhattacharya is currently the chairperson and chief executive of Salesforce India.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

Razorpay Introduces ‘Returnship’ Program to Facilitate Women Rejoining the Workforce After Career Break               

• Fintech unicorn Razorpay has initiated a ‘returnship’ program designed for female professionals who have taken a career break and are seeking to re-enter the workforce.
• Last month, Razorpay introduced ‘Resume with Razorpay,’ offering a six-month internship to female professionals as part of their efforts to facilitate the return of women to the workforce.

Key Highlights :

• Eligibility Criteria for Women : The returnship program is available to women who have taken a break of two or more years from their professional careers.
• Over 1,300 women have reportedly applied for the program.
• Intent to Return to Work : Data from HerKey (formerly JobsForHer), a career engagement platform for women, indicates that 8 out of 10 women who have taken a career break express the intention to return to work.
• Furthermore, 4 out of 10 women are prepared for full-time job commitments.
• Internship Structure and Mentorship Program : During the six-month internship, participants in the program will be paired with mentors as part of Razorpay’s in-house mentorship initiative known as ‘MIND – Mentoring in New Directions.’

About Razorpay :

• Established : 2014
• Headquarters : Bangalore, Karnataka
• Co Founder & CEO : CEO: Harshil Mathur
• Co Founder & Managing Director : Shashank Kumar

Axis Bank Concentrates on Establishing a Completely Digital Bank Through Mobile App ‘Axis Open’ with Minimal Human Assistance                           

• Axis Bank is actively working towards establishing a fully digital bank, emphasizing the role of its mobile application “Axis Open.“
• The bank aims to eliminate the need for human assistance in its digital banking operations, emphasizing a seamless and automated customer experience.
• The decision to focus on building a digital bank is driven by the prospect of higher yields and improved fee income.

Key Highlights :

• Yield Disparity Between Digital and Conventional Loans : According to a CLSA report, loans originated through the Axis Open mobile app yield up to 150 basis points higher than traditional loans facilitated through physical branches.
• Impressive User Base and Financial Metrics : Axis Open currently has over 13 million monthly users, and has originated loans and deposits to the tune of over Rs 10,000 crore each till date.
• Rural and Semi-Urban Business Expansion : According to Motilal Oswal, Axis Bank is also focusing much higher on growing its rural and semi-urban business through “Bharat banking branches”. Currently, the lender has 2,372 such branches spread across 700 districts.
• Diversification and Growth in Product Offerings : The bank is increasing its wallet share by introducing new products tailored to meet diverse customer needs.
• Steady Growth in Cards Franchise : Axis Bank’s cards franchise is experiencing steady growth, with over 1 million new issuances recorded for several consecutive quarters.

About Axis Bank :

• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

CURRENT AFFAIRS: NATIONAL NEWS

The 42nd India International Trade Fair concluded in New Delhi

• The 42nd India International Trade Fair concluded in New Delhi.
• 10 lakh domestic and foreign visitors and business persons participated in this 14-day fair.
• The theme of the fair this year was based on Vasudhaiva Kutumbakam.
• Bihar and Kerala were the partner states of the fair and Delhi, Jammu and Kashmir, Jharkhand, Maharashtra, and Uttar Pradesh were the focus states.
• At the closing ceremony, many awards were conferred to several pavilions and states in different categories.

Key Highlights

• In the States and Union Territories category, Odisha won the Gold Medal, while the Silver Medal was presented to Assam and the Bronze Medal to Rajasthan.
• Madhya Pradesh won the Gold Medal in the Thematic Presentation by the States Category.
• Tripura bagged Silver Medal and Andhra Pradesh Bronze in the same category.
• On the occasion, Chairman and Managing Director of India Trade Promotion Organisation (ITPO), Pradeep Singh Kharola informed that over 1500 crore of rupees business generated in the fair, as compared to 950 crores last year.
• The fair touched a total number of one million visitors. He appreciated all enforcement agencies for making the event incident-free.
• On the last day of the trade fair there was a lot of enthusiasm among the people. Due to huge discounts, people have purchased the products in large numbers, especially on the foreign stalls.
• This time, Khadi India, Saras Livelihood Fair, GI Pavilion, and colorful lamps of Turkey attracted people in the fair.

Ministry of Education asks States to encourage use of online coaching platform SATHEE

• The Ministry of Education asks States to encourage use of online coaching platform SATHEE.
• SATHEE is an open learning platform available to students at no cost.
• It has launched a 45-day crash course for aspirants to test their level of preparation.
• The platform hosts live and recorded lectures, expertly designed curriculum and doubt-clearing sessions for students to brush up their knowledge.
• It uses Artificial Intelligence (AI) to interact with students, and can be customised to each student’s pace of learning.
• The integrated AI chatbot helps students align their learning needs.
• Pan India mock tests are conducted every weekend on SATHEE, with the same look and feel adopted by the National Testing Agency (NTA) for conducting the JEE.
• The time taken by an aspiring student to solve a question will be compared with that taken by an IIT-Kanpur student, and similar mappings will be done.

About SATHEE

• SATHEE mitras (friends) are being involved to increase rural coverage of students appearing for entrance tests, including the JEE and NEET.
• The portal intends to provide lectures and live courses on all National Council of Educational Research and Training (NCERT) syllabus topics.

Centre renames Ayushman Bharat Health and Wellness Centres as Ayushman Arogya Mandir

• The Central Government changed the name of Ayushman Bharat Health and Wellness Centres (AB-HWCs) to ‘Ayushman Arogya Mandir.’
• Its tagline is “Arogyam Paramam Dhanam.”
• All the states and union territories have been asked to change their current name appropriately by issuing guidelines through a letter.
• The ministry has also asked to upload photographs of the primary health centres after completing the renaming work.
• It is underlined that the logo of the National Health Mission (NHM) will be retained in the rebranded centres.
• The amount required to rename existing facilities has been proposed to be ₹3,000 per facility.
• There are currently over 1.6 lakh AB-HWCs in India.
• It aims to provide comprehensive primary health care including maternal and child health services and free essential medicines and diagnostic services close to people’s homes through AB-HWCs.
• The center provides screening for hypertension, diabetes, and oral, breast, and cervical cancer.

CURRENT AFFAIRS : INTERNATIONAL NEWS

IndiGo to be first airline to start flights from Noida International Airport

• IndiGo will be the first airline to start flights from Noida International Airport, which is scheduled to be operational by the end of 2024.
• Noida International Airport (NIA) formally entered into an Memorandum of Understanding (MoU) with IndiGo, the largest airline in the country, designating IndiGo as the launch carrier for the airport.

Key Highlights :

• Under the agreement, signed in Delhi, NIA and IndiGo will work together towards developing and strengthening air connectivity in Uttar Pradesh and beyond.
• Noida International Airport is a greenfield airport situated in the Jewar area of Gautam Buddh Nagar district in western Uttar Pradesh, approximately 75 km from Delhi.
• Once operational, Noida International Airport will be the second international airport and the third commercial airport overall in the National Capital Region (NCR).
• The partnership between NIA and IndiGo aims to explore novel and efficient strategies, with a focus on operational efficiency and an improved customer experience.
• Noida International Airport’s Chief Executive Officer (CEO) Christoph Schnellmann

About IndiGo :

• Headquarters : Gurgaon, Haryana, India
• CEO : Pieter Elbers.
• InterGlobe Aviation Limited, doing business as IndiGo, is an Indian low-cost airline.

CURRENT AFFAIRS: BUSINESS NEWS

Standard and Poors Global predicts India’s economic growth at 6.4 per cent for fiscal year 2024-25

• India’s economic growth is likely to rise at 6.4 percent for fiscal year 2024-25, according to Standard & Poors (S&P) Global.
• However, the agency cautioned that high food inflation and weak exports can cast a shadow on growth in the years ahead.
• In its Economic Outlook for Asia Pacific, growth this year and the next is on track to be the strongest in emerging market economies with higher domestic demand.
• This projection is in line with many agencies, though lower than the government and RBI projection of 6.5 percent.

New Investor Risk Reduction Access platform

• The Investor Risk Reduction Access (IRRA) is a platform that will act as a ‘safety net’ for investors in case of technical glitches faced by a trading member or a stock broker registered with SEBI.
• It will provide investors an opportunity to close open positions and cancel pending orders in case of disruption at the stock brokers’ end.
• India’s stock exchanges, including BSE and NSE, have jointly developed the IRRA platform to reduce risks faced by investors due to certain technical glitches.
• IRRA is a platform that will act as a safety net for investors in case of technical glitches faced by a trading member or a stock broker registered with SEBI.
• It will provide investors an opportunity to close open positions and cancel pending orders using the IRRA platform in case of technical glitches or unforeseen outages that render the trading member’s site inaccessible.
• It is not meant for taking fresh positions or orders, but only to cancel the pending orders.
• Jointly developed by BSE, NSE, NCDEX, MCX and Metropolitan Stock Exchange of India (MSE) & Launched by SEBI.
• IRRA is not available for algo trading and Institutional clients.
• Securities available for trading and settlement on a Trade-for-Trade basis will not be available for square-off.
• Trading members can invoke IRRA in the event of a technical glitch affecting their ability to serve clients across exchanges at both the primary site and the disaster recovery site.
• Stock exchanges can also monitor parameters like connectivity, order flow and social media posts, and suo moto initiate the enablement of the IRRA service if needed, irrespective of any such request by the trading member.
• Upon invocation, the platform downloads trades, notifies investors via SMS/email, and provides a link for access.
• Migration request to IRRA must be made before the market session or at least 2.5 hours before market closure.

What is the IRRA platform?

• IRRA platform has been developed to reduce risks faced by investors in the eventuality of technical glitches at the trading member’s end at both the primary site and disaster recovery site. Its purpose is to provide investors with an opportunity to square off/close their open positions and cancel pending orders using the IRRA platform in case of technical glitches or unforeseen outages that render the trading member’s site inaccessible.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Berkshire Hathaway Divests 2.46% Stake in Paytm for Rs 1,371 Crore, Incurring a 31% Loss per Share                         

• Billionaire Warren Buffet’s Berkshire Hathaway Inc has sold its entire 46% stake in Paytm for Rs 1,371 crore through an open market transaction at a loss of about 31% per share.
• Berkshire Hathaway initially acquired a 2.6% stake in Paytm at a cost of Rs 1,279.7 per share, amounting to an aggregate value of Rs 2,179 crore.
• The stake was sold by Berkshire Hathaway’s affiliate, BH International Holdings, which offloaded more than 1.56 crore shares of Paytm’s parent company, One97 Communications, on the National Stock Exchange (NSE).
• According to the bulk deal data available with the NSE, BH International Holdings offloaded 1,56,23,529 shares, or 2.46% stake, in Noida-based Paytm.
• As of the end of the September quarter, BH International Holdings held a 2.46% stake in Paytm, which has now been completely divested.
• It could not be immediately ascertained when the entity had offloaded the 0.14% stake.
• Meanwhile, Copthall Mauritius Investment picked up 75,75,529 shares and Ghisallo Master Fund LP acquired 42.75 lakh shares, amounting to a 1.19 per cent and 0.67 per cent stake in Paytm, respectively.
• The shares were purchased at an average price of Rs 877.20 per piece, taking the aggregate deal value to Rs 1,039.52 crore.
• Details of the other buyers could not be ascertained.Shares of One97
• Communications declined 3.08% to close at Rs 895 apiece on the NSE
• In October, Fintech company One97 Communications, which operates under the Paytm brand, reported the narrowing of consolidated loss to Rs 291.7 crore in the second quarter of the current fiscal.
• The company had posted a loss of Rs 571.5 crore in the year-ago period.
• The consolidated revenue from operations of the company increased about 32 per cent to Rs 2,518.6 crore during the quarter from Rs 1,914 crore a year ago.

About Berkshire Hathaway Inc :

• Headquarters : Omaha, Nebraska, United States
• Chairman & CEO : Warren Buffett
• Berkshire Hathaway Inc. is an American multinational conglomerate holding company.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

OneWeb India Secures Approval to Transform Satellite Broadband Connectivity Landscape in India                            

• OneWeb India has received the required approvals from IN-SPACe to launch Eutelsat OneWeb’s commercial satellite broadband services in India, marking a significant milestone as the first organization granted such authorization.
• IN-SPACe, the Government of India’s agency overseeing space activities, is responsible for regulating and granting authorization for space-related endeavors in the country.
• The approval means that Eutelsat OneWeb can initiate commercial connectivity services upon the allocation of spectrum by the government.
• With the completion of their Low Earth Orbit (LEO) constellation last year, Eutelsat OneWeb is well-positioned to deliver high-speed connectivity even to the most remote locations in India.
• This development solidifies Eutelsat OneWeb’s presence in the Indian market, with OneWeb India already holding licenses from the Department of Telecommunications for providing satellite-based broadband services.·
• OneWeb India has received in-principle approval to establish and operate two gateways in Gujarat and Tamil Nadu, further enhancing its operational infrastructure.

Lenovo Introduces PCs with PMA-Compliant Specifications Featuring Locally Manufactured Motherboards in India, Expands Manufacturing Operations

• Lenovo, India’s second-largest PC manufacturer, launched PMA-compliant (Government of India’s Preferential Market Access Policy) PCs with its Made-in-India motherboard.
• This marks a significant milestone in strengthening and expanding Lenovo’s manufacturing footprint in India.

Key Highlights :

• Lenovo qualifies for the Class 1 PMA bracket, indicating over 50% of components fulfilled through local manufacturing for specific products.
• The Class 1 PMA (Preferential Market Access) category refers to a classification system under the government’s preferential market access policy in India.
• This categorisation denotes the highest level of compliance with the policy’s guidelines for procuring goods or services from domestically manufactured products.
• With the recent announcement of approval to 27 firms under the PLI2.0 for IT Hardware Scheme, Lenovo has the additional impetus to increase PC production capability and, thereby, contribute to India’s Make in India initiative under the PLI 2.0 (Production Linked Incentive) scheme.

What is the Production Linked Incentive Scheme (PLI)?

• The PLI Scheme, short for the Production Linked Incentive Scheme, is an initiative introduced by the Government of India.
• Its primary goal is not only to entice foreign companies to seek a workforce within the country, thereby fostering employment but also to stimulate local production for the creation of smaller job opportunities.
• In Nov 2023, the government announced that 27 companies, such as Dell, HP, and Foxconn, received approval under the new production-linked incentive (PLI) scheme for IT hardware.
• This move aligns with India’s efforts to attract IT hardware entities by offering policy benefits and incentive packages, aiming to firmly establish itself as a global centre for cutting-edge manufacturing.

CURRENT AFFAIRS: MOUS AND AGREEMENT

MoU signed between Department of Social Justice & Empowerment and Shri Ramchandra Mission under Nasha Mukt Bharat Abhiyaan (NMBA)

• As per the report of first comprehensive National Survey on Extent and Pattern of Substance Use in India conducted by the Department of Social Justice & Empowerment through the National Drug Dependence Treatment Centre (NDDTC), AIIMS, New Delhi, Alcohol is the most common psychoactive substance used by Indians followed by Cannabis and Opioids.
• To curb the menace of drug demand, the Ministry of Social Justice and Empowerment (MoSJ&E), Government of India has been implementing National Action Plan for Drug Demand Reduction (NAPDDR), an umbrella scheme under which financial assistance is provided to State Governments/ Union Territories (UT) Administrations for Preventive Education and Awareness Generation, Capacity Building, Skill development, vocational training and livelihood support of ex-drug addicts etc.
• Since 2020, the Ministry is implementing the ambitious Nasha Mukt Bharat Abhiyaan  (NMBA) in all districts of the country with an aim to create awareness about ill effects of substance abuse among the youth, with special focus on higher education institutes, university campuses, schools and reaching out into the community and garnering community involvement and ownership of the Abhiyaan.
• With the signing of this MoU, Department of Social Justice & Empowerment feels that implementation of NMBA will get a boost towards achieving the objective of drug sensitized India.

Amazon India, AICTE join for skill development of women tech students

• Amazon India has recently signed a Memorandum of Understanding (MoU) with the All-India Council for Technical Education (AICTE) to extend its initiative Amazon WoW (Women of the World).
• The Amazon WoW is a programme that is designed to empower and equip women students enrolled in engineering colleges across India with essential skills to thrive in the technology industry.
• The eligible candidates are any women student who is currently pursuing a 4-year BTech/BE or 2-year MCA, M.Tech/ME programme or 5 year dual degree.
• The programme offered includes coding, problem-solving, tech interviews, data structures and algorithms, etc.
• It will help foster optimising resource utilisation, upskilling and promoting tech careers among women in STEM (Science, technology, engineering, and mathematics).
• T G Sitharam, Chairman of AICTE.

NSE, West Bengal government sign an MoU to facilitate fundraising for SMEs

• The National Stock Exchange of India and the West Bengal government have signed a Memorandum of Understanding (MoU) to facilitate fundraising for small and medium enterprises (SMEs) through the capital market.
• As part of the MoU, NSE with the support of the state government, will conduct awareness drives through seminars, knowledge sessions, road shows, and workshops to guide corporates in fundraising on the NSE Emerge platform.
• The platform has 16 companies listed from West Bengal on the SME Emerge platform, who have collectively raised Rs 224.43 crore.

About NSE:

• National Stock Exchange of India Limited is one of the leading stock exchanges in India, based in Mumbai.
• Girish Chandr Chaturvedi; (Chairperson);
• Ashishkumar Chauhan; (MD & CEO).

Daily CA One- Liner: November 29

• The Small Industries Development Bank of India (SIDBI) and the National Small Industries Corporation (NSIC) will support Sorin Investments, the startup fund led by Sanjay Nayar, signalling confidence in the experienced banker and deal maker.
• State Bank of India’s (SBI) shareholding in Jio Payments Bank fell to 23% in FY23 from the 30% that it has maintained since inception, indicating its disinterest in the payments bank business model.
• Fintech unicorn Razorpay has initiated a ‘returnship’ program designed for female professionals who have taken a career break and are seeking to re-enter the workforce.
• Axis Bank is actively working towards establishing a fully digital bank, emphasizing the role of its mobile application “Axis Open.“
• The 42nd India International Trade Fair concluded in New Delhi.
• The Ministry of Education asks States to encourage use of online coaching platform SATHEE.
• The Central Government changed the name of Ayushman Bharat Health and Wellness Centres (AB-HWCs) to ‘Ayushman Arogya Mandir.’
• India’s economic growth is likely to rise at 6.4 percent for fiscal year 2024-25, according to Standard & Poors (S&P) Global.
• The Investor Risk Reduction Access (IRRA) is a platform that will act as a ‘safety net’ for investors in case of technical glitches faced by a trading member or a stock broker registered with SEBI.
• As per report of first comprehensive National Survey on Extent and Pattern of Substance Use in India conducted by the Department of Social Justice & Empowerment through the National Drug Dependence Treatment Centre (NDDTC), AIIMS, New Delhi, Alcohol is the most common psychoactive substance used by Indians followed by Cannabis and Opioids.
• Amazon India has recently signed a Memorandum of Understanding (MoU) with the All-India Council for Technical Education (AICTE) to extend its initiative Amazon WoW (Women of the World).
• The National Stock Exchange of India and the West Bengal government have signed a Memorandum of Understanding (MoU) to facilitate fundraising for small and medium enterprises (SMEs) through the capital market.
• IndiGo will be the first airline to start flights from Noida International Airport, which is scheduled to be operational by the end of 2024.
• Billionaire Warren Buffet’s Berkshire Hathaway Inc has sold its entire 2.46% stake in Paytm for Rs 1,371 crore through an open market transaction at a loss of about 31% per share.
• OneWeb India has received the required approvals from IN-SPACe to launch Eutelsat OneWeb’s commercial satellite broadband services in India, marking a significant milestone as the first organization granted such authorization.
• Lenovo, India’s second-largest PC manufacturer, launched PMA-compliant (Government of India’s Preferential Market Access Policy) PCs with its Made-in-India motherboard.