Daily Current Affairs October 11 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI imposes monetary penalty on 5 cooperative banks for Violating Regulations                          

• The Reserve Bank of India (RBI) has imposed monetary penalties on 5 cooperative banks for deficiencies in regulatory compliance
• These co-operative banks are:

1. SBPP Co-operative Bank Limited – ₹13 lakh
2. The Sahayadri Sahakari Bank Ltd – ₹6.00 lakh
3. Rahimatpur Sahakari Bank Ltd – ₹1.00 lakh
4. The Gadhinglaj Urban Co-operative Bank Ltd – ₹3.00 lakh
5. The Kalyan Janata Sahakari Bank Ltd – ₹4.50 lakh

Reason :

Penalty on SBPP Co-operative Bank Ltd :

• The penalty was imposed on SBPP Co-operative Bank Ltd for non-compliance with RBI directions on ‘Interest Rate on Deposits.‘
• The penalty has been imposed in exercise of powers conferred on RBI under the provisions Banking Regulation Act, 1949.
• The bank had opened savings deposit accounts of trusts, whose entire income was not exempt from payment of income-tax under the Income Tax Act, 1961.

Penalty on The Sahayadri Sahakari Bank Ltd :

• This bank was penalized for contravention of sections of the Banking Regulation Act, 1949, non-compliance with RBI’s ‘Know Your Customer (KYC)’ and ‘Maintenance of Deposit Accounts’ directions, and not transferring eligible amounts to the Depositor Education and Awareness Fund (DEA Fund).

Penalty on Rahimatpur Sahakari Bank Ltd :

• This bank was penalized for non-compliance with RBI directions related to the ‘Maintenance of Deposit Accounts-Primary (Urban) Co-operative Banks.’

Penalty on The Gadhinglaj Urban Co-operative Bank Ltd :

• The penalty was imposed in exercise of powers conferred on RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.
• The Gadhinglaj Urban Co-operative Bank Ltd had not transferred eligible amounts to Depositor Education and Awareness Fund, and allotted multiple UCICs to its customers.

Penalty on The Kalyan Janata Sahakari Bank Ltd :

• This bank received a penalty for non-compliance with RBI directions on ‘Interest Rates on Deposits’ and ‘Maintenance of Deposit Accounts.’
• It had opened savings bank accounts for ineligible institutions and levied charges for non-maintenance of minimum balances without notifying customers.

Key Highlights of RBI Monetary Policy: Repo Rate Remains Unchanged at 6.5%

• Reserve Bank of India (RBI) Governor Shaktikanta Das released the 4th bi-monthly monetary policy for the financial year 2023-24.

RBI’s Policy Rates :

Category	Rate
Policy repo rate	6.50%
Standing deposit facility (SDF) rate	6.25%
Marginal standing facility (MSF) rate	6.75%
Bank Rate	6.75%
Cash Reserve Ratio (CRR)	4.5%

Key takeaways from RBI Policy :

Policy Repo Rate :

• RBI has maintained the repo rate steady at 6.5%.
• It is the 4th time that RBI has kept the repo rate unchanged.
• Liquidity adjustment facility (LAF) unchanged at 6.50%.

GDP Projections:

• Real GDP growth projection for FY24 retained at 6.5%
• GDP forecast for Q2FY24 unchanged at 6.5%
• GDP forecast for Q3FY24 unchanged at 6%
• GDP forecast for Q4FY24 unchanged at 5.7%
• GDP growth forecast for April-June 2024, or Q1FY25, unchanged at 6.6%
• Real gross domestic product (GDP) posted a growth of 7.8% year-on-year (y-o-y) in Q1:2023-24 (April-June), underpinned by private consumption and investment demand.

Inflation Forecast

• RBI maintains CPI inflation forecast for FY24 at 5.4%
• CPI inflation forecast for Q2FY24 raised to 6.4% from 6.2%
• CPI inflation forecast for Q3FY24 cut to 5.6% from 5.7%
• CPI inflation forecast for Q4FY24 left unchanged at 5.2%
• CPI inflation forecast for April-June 2024, or Q1FY25, unchanged at 5.2%

Factors Affecting Inflation:

• The information highlights that headline inflation increased due to the rise in the prices of tomatoes and other vegetables.
• This demonstrates how specific factors can impact inflation rates and how central banks monitor and respond to these changes.
• The next meeting of the MPC is scheduled during December 6-8, 2023.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

RBI Doubles Gold loan limit for urban co-operative banks to ₹4 lakh

• The Reserve Bank of India (RBI) has raised the limit for gold loans under the Bullet Repayment Scheme from ₹2 lakh to ₹4 lakh for Urban Co-operative Banks (UCBs) that have met their target and sub-targets under Priority Sector Lending (PSL) as of March 31, 2023.
• This change in the limit is significant for UCBs and borrowers seeking gold loans.

What is a bullet repayment scheme?

• A bullet repayment scheme is one in which a borrower repays interest and principal at the conclusion of a loan term without having to worry about repayment during the loan term.

Key Highlights :

• On November 26, 2007, RBI allowed bullet repayment of gold loans up to ₹1 lakh.
• This was increased on October 30, 2014 to ₹2 lakh and the repayment was limited to 12 months.
• Urban Co-operative Banks are allowed to extend gold loans under both the Bullet Repayment and Equated Monthly Instalment (EMI) Repayment routes for one year.
• This flexibility in repayment options can be advantageous for borrowers and banks.
• Under the bullet repayment, the borrower pays the principal and interest on a loan in lump sum to the lender at the end of the loan tenure.

RBI keeps Open Market Operation (OMO) Sale of Government Securities for Liquidity Management

• The Reserve Bank of India’s (RBI) decision to consider Open Market Operations (OMO) sale of government securities is a significant tool in its arsenal for managing liquidity in the financial system.
• OMOs involve the sale or purchase of government securities to influence the money supply and interest rates.
• OMOs are conducted by the RBI by way of sale and purchase of G-Secs (government securities) to and from the market with an objective to adjust the rupee liquidity conditions in the market on a durable basis.
• When the Reserve Bank feels that there is excess liquidity in the market, it resorts to sale of securities thereby sucking out the rupee liquidity.

Key Highlights :

• The timing and quantum of such operation will depend upon evolving liquidity conditions.
• Currently, the liquidity in the banking system is estimated to be in deficit of around Rs 34,000 crore.
• In response to the RBI Governor’s announcement, the yield on the benchmark 10-year government bonds increased to 7.34% as the market anticipates an OMO shortly which is expected to tighten liquidity in the system.

Key Notes :

Government Securities (G-Secs):

• A Government Security (G-Sec) is a tradable instrument issued by the Central Government or the State Governments.
• G-Secs carry practically no risk of default and, hence, are called risk-free gilt-edged instruments.
• It acknowledges the Government’s debt obligation. Such securities are short term (usually called treasury bills, with original maturities of less than one year) or long term (usually called Government bonds or dated securities with original maturity of one year or more).

State Development Loans (SDLs):

• In India, the Central Government issues both, treasury bills and bonds or dated securities while the State Governments issue only bonds or dated securities, which are called the State Development Loans (SDLs).

Treasury Bills (T-Bills):

• Treasury bills or T-bills are short term debt instruments issued by the Government of India and are presently issued in three tenors, namely, 91-day, 182-day and 364-day.
• G-Secs are issued through auctions conducted by the RBI.
• Auctions are conducted on the electronic platform called the E-Kuber, the Core Banking Solution (CBS) platform of RBI.

RBI Authorised Middle and Base Layer NBFCs to Employ Credit Risk Mitigation Tools                      

• Reserve Bank of India (RBI) has allowed Non-Banking Financial Companies (NBFCs) classified as middle and base layer entities, to utilise credit risk mitigation tools to offset their exposure with eligible credit risk transfer instruments.
• The step has been taken to harmonise norms across NBFCs; currently, upper layer NBFCS under the Large Exposures Framework, are permitted to use Credit Risk Mitigation (CRM) instruments to reduce their exposure to a counterparty.
• Large Exposure Framework norms allow upper-layer NBFCs’ exposure to the original counterparty to be offset with certain credit risk transfer instruments.
• However, there is no such mechanism at present for other NBFCs.
• The central bank will shortly issue instructions on the credit concentration norms.
• After the regulatory overhaul in October 2022, NBFCs are categorised into 4 layers: Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL), and Top Layer (NBFC-TL) based on their size, activity, and perceived level of riskiness.

CURRENT AFFAIRS: NATIONAL NEWS

8th BRICS International Competition Conference to be held in Delhi

• The 8th BRICS International Competition Conference will be held in New Delhi.
• The Chairperson of the Competition Commission of India (CCI), Ravneet Kaur, has announced that the theme of the upcoming conference will be “New Issues in Competition Law and Policy: Dimensions, Perspectives, and Challenges.”
• The conference is a significant event as it is being held in India after a decade.
• Over 600 delegates from competition authorities of both BRICS and non-BRICS nations, competition law experts, non-government advisors, and domestic invitees are expected to participate in the conference.
• Ms Kaur also added that the heads of BRICS competition authorities will address the closing ceremony

About BRICS :

• Headquarters : Shanghai, China
• Brazil, Russia, India, China, and South Africa make up the BRICS group of countries.
• It makes up around 26% of the world’s Gross Domestic Product (GDP) and more than 40% of the world’s population.

Principal Scientific Advisor to GOI Ajay Kumar Sood inaugurates ‘Bharat NCX 2023

• Principal Scientific Advisor to the Government of India Ajay Kumar Sood inaugurated the Bharat NCX 2023.
• Addressing the event, Mr Sood laid out the importance of Digital Public Infrastructure protection, hardware security needs and Post Quantum Cryptography.

Key Highlights

• The second edition of the National Cyber Security Exercise 2023 ‘Bharat NCX 2023’ will be conducted as a hybrid exercise over a period of twelve days till the 20th of this month.
• The exercise aims to train senior management and technical personnel of Government and Critical Sector organizations and Public and Private agencies on contemporary cyber threats and handling cyber incidents and response.
• The programme is being conducted by the National Security Council Secretariat in strategic partnership with Rashtriya Raksha University.
• The participants will be trained in various key cyber security areas such as Intrusion Detection Techniques, Malware Information Sharing Platform, Vulnerability Handling and Penetration Testing, Network Protocols and Data Flows, Digital Forensics.

NLC India Ltd secures 810 MW Grid Connected Solar Photovoltaic Power Project in Rajasthan

• NLC India Limited, a Navratna Central Public Sector Undertaking (CPSE) under the Ministry of Coal has won an 810 MW Solar PV project capacity from Rajasthan Rajya Vidyut Nigam Limited (RRVUNL).
• NLCIL has successfully garnered the entire capacity of the 810 MW tender floated by RRVUNL in December 2022, for developing the project RRVUNL’s 2000 MW Ultra Mega Solar Park at Pugal Tehsil, Bikaner District,
• The Letter of Intent for this project has been issued by RRVUNL.
• This achievement marks a significant step forward in NLCIL’s commitment to clean and sustainable energy solutions.
• The land for the project and the power evacuation system connected to STU will be offered by RVUNL, paving the way for completion of the project in a shorter
• This is the largest Renewable project to be developed by the company. With this project, the capacity of power projects in Rajasthan will be 1.36 GW including 1.1 GW of green power, bringing economies of scale and optimized fixed costs.
• Considering the good Solar radiation at Rajasthan, the higher CUF for the project is possible and will generate green power of more than 50 Billion Units and offsets more than 50,000 tonnes of carbon dioxide emissions during the life of the project.

About NLCIL:

• For more than six decades, NLC India Limited has been a forerunner amongst the Public Sector Enterprises in the country in the energy sector, contributing to a lion’s share in lignite production and significant share in thermal and renewable energy generation.

About Rajasthan :

• Governor : Kalraj Mishra
• Chief Minister : Ashok Gehlot
• Capital : Jaipur
• National Park : Keoladeo National Park, Ranthambore National Park
• Wildlife Sanctuary : Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary

Union Minister Shri Parshottam Rupala to inaugurate 16th Agriculture Science Congress at Kochi

• Union Minister for Fisheries, Animal Husbandry and Dairying Shri Parshottam Rupala will inaugurate the 16th Agricultural Science Congress (ASC) at Hotel Le Meridien, Kochi, Kerala.
• Renowned agricultural economists, scientists, policymakers, academicians, farmers and entrepreneurs are set to converge in Kochi for four days to attend the 16th Agricultural Science Congress.

Key Highlights

• Secretary of the Department of Agricultural Research and Education (DARE) and Director General of the Indian Council of Agricultural Research (ICAR), Dr Himanshu Pathak will deliver the presidential address.
• Minister for Agriculture P Prasad, Kerala; MP Hibi Eden; Chairperson of Protection of Plant Varieties and Farmers’ Rights Authority Dr Trilochan Mohapatra; and Chairman of NABARD K V Shaji will be the guests of honour. Former President of the NAAS Prof. Panjab Singh will deliver Dr AB Joshi Memorial Lecture.

Objectives

• The primary aim of the ASC is to generate a scientific discourse around transforming India’s agri-food systems into sustainable enterprises to facilitate its benefit for generations to come. Organised by the National Academy of Agricultural Sciences (NAAS), the Agricultural Science Congress is being held for the first time in Kerala, hosted by the ICAR-Central Marine Fisheries Research Institute (CMFRI).

About Kerala :

• Governor: Arif Mohammad Khan
• Chief Minister: Pinarayi Vijayan
• Capital : Thiruvananthapuram
• National Park: Eravikulam National Park, Silent Valley National Park
• Wildlife Sanctuary: Chinnar Wildlife Sanctuary, Periyar Wildlife Sanctuary

President of India inaugurates international research conference on ‘from research to impact: towards just and resilient agri-food systems’

• President Smt Droupadi Murmu inaugurated an International Research Conference on ‘From research to impact: Towards Just and Resilient Agri-Food Systems’.
• It is hosted by the Indian Council of Agricultural Research and Consultative Group on International Agricultural Research (CGIAR) Gender Platform will host this four-day conference.
• The conference will resolve the gender and social inequalities issues in the food system.
• The main aim of the conference is to promote the sharing of cutting-edge knowledge on gender and inclusion in agri-food systems.
• It will help in reducing the gap between research and practice and foster gender-equal and socially inclusive, resilient food systems.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Sri Lanka to Assume Chairmanship of Indian Ocean Rim Association at 23rd Council of Ministers’ Meeting

• Sri Lanka is set to take over the chairmanship of the Indian Ocean Rim Association (IORA) during the 23rd Council of Ministers’ Meeting, which is scheduled for October 11, 2023, in Colombo.
• Sri Lanka will hold the chairmanship of the IORA for a period of 2 years, from 2023 to 2025.
• The chairmanship will be ceremoniously handed over by the Foreign Minister of Bangladesh to Sri Lanka’s Foreign Minister M.U.M. Ali Sabry.
• Participating Countries: The Council of Ministers meeting in Colombo will see the participation of 16 Ministers, including the Foreign Ministers of Bangladesh, India, Iran, Mauritius, Malaysia and South Africa as well as ministerial and senior-level participation from Australia, Comoros, France, Indonesia, Kenya, Madagascar, Maldives, Mozambique, Oman, Seychelles, Singapore, Sri Lanka, Somalia, Tanzania, Thailand, United Arab Emirates and Yemen (member countries) and from China, Egypt, Saudi Arabia, Germany, Italy, Japan, Republic of Korea, Russia, Turkiye, the United Kingdom and United States of America (dialogue partners).
• Priority Areas: The Ministers will deliberate on cooperation in 6 priority areas identified by the IORA, including Trade and Investment, Maritime Safety and Security, Fisheries Management, Disaster Risk Management, and Blue Economy.
• Prior to the Council of Ministers meeting, the 25th meeting of the Committee of IORA Senior Officials will take place on October 9-10, chaired by Foreign Secretary Aruni Wijewardane.
• Meanwhile, India and Sri Lanka will launch a long-pending ferry service connecting Nagapattinam in Tamil Nadu (TN) with Kankesanthurai in the Northern Province of Sri Lanka this week, as part of the countries’ decision to enhance connectivity.

About IORA :

• Established : 1997
• The Indian Ocean Rim Association (IORA) is an intergovernmental organisation of 23 member states and 11 dialogue partners from Africa, West Asia, South Asia, South-East Asia, and Oceania.
• The IORA Council of Ministers meeting is the highest decision-making body of the Association.
• It is held annually to discuss and decide on IORA priorities.

About Sri Lanka :

• President : Ranil Wickremesinghe
• Prime Minister : Dinesh Gunawardena
• Currency : Sri Lankan rupee

Russian President Vladimir Putin Announces Successful Test of Nuclear-Powered Missile and Hints at Potential Withdrawal from Global Atomic Test Ban

• President Vladimir V. Putin claimed that Russia had successfully tested the Burevestnik missile.

About Burevestnik Missile :

• The Burevestnik, whose name translates as “storm petrel”, is a ground-launched, low-flying cruise missile that is not only capable of carrying a nuclear warhead but is also nuclear-powered.
• The Burevestnik is one of six strategic weapons that the Russian President introduced in a 2018 speech.
• NATO has given the Burevestnik missile the code name ‘SSC-X-9 Skyfall’.
• In theory, nuclear energy could let it fly around the world several times before hitting its target.
• It is powered by a small nuclear reactor, which heats up air to propel the missile forward.
• It has a range of up to 14,000 miles (22000 km).
• It is designed to fly at low altitudes, significantly lower than conventionally powered cruise missiles.
• This characteristic makes it more challenging for air-defence radar to detect.

About Russia :

• President : Vladimir Putin
• Prime Minister : Mikhail Mishustin
• Capital : Moscow
• Currency : Ruble

CURRENT AFFAIRS : STATE NEWS

Delhi Government’s ‘Green War Room’ Initiates 24×7 Air Pollution Monitoring

• The Delhi government has established a ‘green war room’ with the aim of addressing air pollution by implementing a 24×7 monitoring system and the Winter Action Plan.

Key Highlights :

• The war room is connected to a mobile application called the Green Delhi app, which serves as a platform for citizens to report pollution-related complaints.
• The Green Delhi app is a consolidated platform involving 28 different departments including those from the central government, Delhi government, and the Municipal Corporation of Delhi (MCD) enabling streamlined complaint reporting and management.
• Through the Green Delhi app, citizens can report pollution sources, and these complaints are closely monitored by the Green War Room.
• A significant 90% of the 70,684 complaints received on the Green Delhi App have been successfully resolved, indicating the effectiveness of the platform.
• Despite experiencing lower air pollution levels during the previous winter season, Delhi remained the most polluted among the five major cities in the national capital region.
• The air quality index (AQI) value of Delhi was 155 on October 3, 2023, falling in the moderate range.
• An AQI ranging from zero to 50 falls under the “good” category, while an AQI between 51 and 100 is in the “satisfactory” range.
• A value between 201 to 300 falls under the “poor” category, which can deteriorate to “very poor” for values between 301 and 400 & values ranging from 401-500 are “severe”.

Recent News :

• On September 29, 2023, Chief Minister Arvind Kejriwal announced a 15-point Winter Action Plan to control air pollution in Delhi during the winter season.

About Delhi :

• Governor : Vinai Kumar Saxena
• Chief Minister : Arvind Kejriwal

CURRENT AFFAIRS: BUSINESS NEWS

GST collection rose to ₹1.63 lakh crores in September 2023, pace of growth slowed down

• GST collection increased to ₹1.63 lakh crores in September 2023 year-on-year.
• This is the second-highest collection in the fiscal year.
• The pace of growth has slowed down.
• GST collection in September relates to goods consumed and services availed in August.
• The revenues for September 2023 are 10% higher than the GST revenues in September 2022.
• During September 2023, the revenues from domestic transactions (including import of services) are 14% higher than the revenues from these sources during September 2022.
• The gross GST collections have for the fourth time crossed the ₹1.60 lakh crore mark in the current fiscal.

CURRENT AFFAIRS: AWARDS AND HONOURS

Tanzania President Dr Samia Suluhu Hassan conferred with an Honorary Doctorate by JNU

• Tanzania President Dr Samia Suluhu Hassan was conferred with an Honorary Doctorate by Jawaharlal Nehru University for her pivotal role in fostering stronger India-Tanzania relations.
• Dr Hassan expressed gratitude for the honour.
• This honour will forever be etched in her memory as it is the first award to her in a foreign country.
• External Affairs Minister, Dr S Jaishankar informed that it is a matter of great pride for India to confer the honorary doctorate on Tanzanian President Samia Suluhu Hassan from JNU.
• He informed that education and capacity building are important facets of India – Tanzania ties.
• Dr Jaishankar said, over five thousand Tanzanian nationals have been trained in educational institutions in India.
• He informed that economic ties between the two countries have always been a strong pillar and despite the global disruption and challenges posed by the pandemic, the bilateral trade between India and Tanzania have witnessed strong growth from both sides.

About Tanzania :

• President : Samia Suluhu Hassan
• Prime Minister : Kassim Majaliwa
• Capital: Dodoma
• Currency: Tanzanian Shilling.

Prof. Dr Joyeeta Gupta received Spinoza Prize in the field of climate change

• Indian-origin professor Dr Joyeeta Gupta has received the Spinoza Prize, the highest distinction in Dutch science for her work in the field of climate change at a ceremony in the Netherlands.
• Joyeeta Gupta is a Dutch environmental scientist.
• She is a professor of Environment and Development in the Global South at the University of Amsterdam.

About Dr Joyeeta Gupta

• Dr Joyeeta Gupta is an Indian-origin professor. She has received this prize for her work in the field of climate change at a ceremony in the Netherlands.
• The prestigious Spinoza Prize by the Dutch Research Council (NWO), which Dr. Gupta has won, is also known as the ‘Dutch Nobel’.
• The Netherlands’ Minister for Education, Science, and Culture, Robert Dijkgraaf presented the prize to her at The Hague on 04 October 2023.

About The Spinoza Prize

• The Spinoza Prize is the highest distinction in Dutch science.
• The Dutch Research Council prize is worth 1.5 million euros.
• Dr Joyeeta Gupta intends to spend it on scientific research and activities related to knowledge utilisation.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Ramaswamy N Appointed as Chairman and Managing Director of General Insurance Corporation

• Ramaswamy N has been appointed as the Chairman and Managing Director (CMD) of General Insurance Corporation of India (GIC Re).
• This appointment was made based on the decision of the Ministry of Finance, Government of India.
• Ramaswamy N will succeed Devesh Srivastava, whose 4-year term as CMD ended in September 2023 when he reached the age of 60 years.

About Ramaswamy N :

• Ramaswamy N is a seasoned professional in the insurance industry, with a career spanning over three decades at GIC Re.
• He joined GIC Re in 1988 as a direct recruit officer and has held various roles in the company since then.
• Throughout his career, he has managed a wide range of non-life insurance classes, including Fire, Engineering, Miscellaneous, Motor, Liability, Aviation, Marine, and Agriculture.
• He has also served as the CEO of GIC Re in the United Kingdom (UK), showcasing his international expertise in the insurance sector.

About GIC Re :

• Founded : 1972
• Headquarters : Mumbai, Maharashtra, India

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Grants Approval for 12 Autonomous Weaponized Boat Swarms Developed by Sagar Defence Engineering

• The Indian Navy, in collaboration with the State Bank of India (SBI), introduced the ‘Nav-eCash’ card, an innovative e-cash card designed to function in both online and offline modes, even at sea without direct connectivity to the bank.
• This initiative is a significant step towards India’s goal of achieving complete self-reliance and advancing its digital transformation efforts.

Key Highlights :

• The SBI Nav-eCash card is set to be implemented across the entire Indian Navy.
• The State Bank of India played a key role in developing the project by embedding an offline solution into their existing online system and conducting maiden trials on board Indian Naval Ship (INS) Vikramaditya in 2021.
• The Indian Navy has granted “Accordance of Necessity” (AON) approval for 12 autonomous weaponized boat swarms, which were developed by Pune-based Sagar Defence Engineering.
• Sagar Defence Engineering Private Limited emerged as the winner of the iDEX (Innovations for Defence Excellence) DISC-7 program, particularly under the SPRINT (Supporting Pole-Vaulting in R&D through iDEX) framework.
• The agreement between the Indian Navy and Sagar Defence Engineering marks the 50th contract awarded under the SPRINT program.
• These boat swarms are strategically designed for naval tactics, utilizing coordinated deployment of multiple small unmanned boats to overwhelm an adversary’s naval defences.
• SPRINT is an initiative aimed at fostering the development of niche defence technologies by domestic companies.
• The Naval Innovation and Indigenisation Organisation (NIIO) and the Defence Innovation Organisation (DIO) aim to introduce at least 75 new indigenous technologies/products into the Indian Navy as part of the Azadi ka Amrit Mahotsav celebration.
• This collaborative project is named SPRINT – Supporting Pole-Vaulting in R&D through iDEX (Innovations for Defence Excellence), NIIO and TDAC (Technology Development Acceleration Cell).
• It was launched by the Prime Minister in July, 2022.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Air India acquires India’s first Airbus A350-900 aircraft via GIFT City                     

• Air India has successfully acquired its inaugural A350-900 aircraft through a finance lease transaction facilitated by HSBC, with the transaction taking place within the Gujarat International Finance Tec-City (GIFT City).
• This marks a significant development as it is the first wide-body aircraft to be leased through GIFT City, which is India’s inaugural International Financial Services Centre (IFSC).
• The transaction was facilitated by AI Fleet Services Limited (AIFS), a wholly owned subsidiary of Air India, and a finance company registered within GIFT IFSC.
• Both the Air India group and IndiGo have established leasing units in GIFT City, highlighting their role in fostering the aircraft leasing ecosystem in India.

Key Highlights :

• Tata Group-owned Air India, which is undergoing an ambitious transformation plan, anticipates the arrival of its first A350-900 aircraft in India by the end of the current year.
• The airline has ordered six A350-900 planes and 5 of them are scheduled for delivery through March 2024.
• Apart from these, the airline’s firm orders for 470 new aircraft include 34 A350-1000s, 20 Boeing 787 Dreamliners, 10 Boeing 777Xs, 140 A320 neos, 70 A321 neos and 190 Boeing 737MAXs.
• Air India signed purchase agreements to acquire these aircraft with Airbus and Boeing in June this year. Currently, Air India has a fleet of 116 planes, including 49 wide body aircraft.
• The total includes 27 B787-8s, 14 B777-300s, 8 B777-200LRs, 14 A319s, 36 A320 neos, 13 A321 ceos and 4 A321 neos.

About Air India :

• Commenced Operations : 29 July 1946
• Headquarters : New Delhi, Delhi, India
• MD & CEO: Campbell Wilson.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Saudi Arabia decide to promote investment in New & Renewable Energy

• India and Saudi Arabia have agreed to promote investments in each other’s country in the new and renewable energy sector.
• Union Power & NRE Minister R.K. Singh held bilateral discussions with Saudi Minister of Investment H.E. Khalid Al-Falih.
• Later on, Shri Singh addressed a gathering of Saudi business personalities and investors and invited them to invest in India in the new and renewable energy sectors like solar energy, wind power, green hydrogen etc.
• All major business houses in Saudi Arabia including ACWA Power, Alfanar, AWJ Energy, Almajdouie, Abdulkarim, Aljomaih Energy and Water Company, Kanoo Industrial & Energy, L&T, Nesma Renewable Energy, Petromin, NextGen Infra participated in the meet. NVEST India made a brief presentation on the power sector areas where Saudi Arabian business houses could potentially invest in India.
• Investment opportunities in India in areas like RE Generation projects, Energy Storage, Electricity Transmission and Green Hydrogen were highlighted during the Meet.
• Shri R. K. Singh along with the delegation also visited the Sudair Solar Power Plant in Riyadh.
• The plant is the largest Solar plant in the Kingdom and the work is executed by an Indian company.
• Saudi-India Business Council also hosted a dinner in honour of the Hon’ble Minister.

Objectives:

• An MoU between India and Saudi Arabia in the fields of Electrical Interconnections, Green / Clean Hydrogen and Supply Chains was signed between the Union Minister for Power and New & Renewable Energy, Government of India, Shri R.K.
• Singh and the Minister of Energy, Government of Saudi Arabia, Mr. Abdulaziz bin Salman Al-Saud on the sidelines of the MENA Climate Week in Riyadh.
• This MoU aims to establish a general framework for cooperation between the two countries in the field of electrical interconnection; exchange of electricity during peak times and emergencies; co-development of projects; co-production of green/clean hydrogen and renewable energy; and also establishing secure, reliable and resilient supply chains of materials used in green/clean hydrogen and the renewable energy sector.

About Saudi Arabia :

• Prime Minister : Mohammed bin Salman Al Saud
• Capital : Riyadh
• Currency : Saudi riyal

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Girl Child: October 11

• International Day of Girl Child 2023 will occur on October 11.
• “Invest in Girls’ Rights: Our Leadership, Our Well-being” is the theme for this year’s International Day of the Girl.
• In 1995 at the World Conference on Women in Beijing, countries unanimously adopted the Beijing Declaration and Platform for Action – the most progressive blueprint ever for advancing the rights of not only women but girls.
• According to the United Nations, the Beijing Declaration is the first to specifically call out girls’ rights.
• On December 19, 2011, the United Nations General Assembly adopted Resolution 66/170 to declare October 11 as the International Day of the Girl Child, to recognize girls’ rights and the unique challenges girls face around the world.

Daily Ca One- Liner: October 11

• The Reserve Bank of India (RBI) has imposed monetary penalties on 5 cooperative banks for deficiencies in regulatory compliance, These co-operative banks are: SBPP Co-operative Bank Limited – ₹13 lakh, The Sahayadri Sahakari Bank Ltd – ₹6.00 lakh, Rahimatpur Sahakari Bank Ltd – ₹1.00 lakh, The Gadhinglaj Urban Co-operative Bank Ltd – ₹3.00 lakh, The Kalyan Janata Sahakari Bank Ltd – ₹4.50 lakh.
• Reserve Bank of India (RBI) Governor Shaktikanta Das released the 4th bi-monthly monetary policy for 2023-24.
• The Reserve Bank of India (RBI) has raised the limit for gold loans under the Bullet Repayment Scheme from ₹2 lakh to ₹4 lakh for Urban Co-operative Banks (UCBs) that have met their target and sub-targets under Priority Sector Lending (PSL) as of March 31, 2023.
• The Reserve Bank of India’s (RBI) decision to consider Open Market Operations (OMO) sale of government securities is a significant tool in its arsenal for managing liquidity in the financial system.
• Reserve Bank of India (RBI) has allowed Non-Banking Financial Companies (NBFCs) classified as middle and base layer entities, to utilise credit risk mitigation tools to offset their exposure with eligible credit risk transfer instruments.
• The 8th BRICS International Competition Conference will be held in New Delhi.
• Principal Scientific Advisor to the Government of India Ajay Kumar Sood inaugurated the Bharat NCX 2023.
• NLC India Limited, a Navratna Central Public Sector Undertaking (CPSE) under the Ministry of Coal has won 810 MW Solar PV project capacity from Rajasthan Rajya Vidyut Nigam Limited.
• Union Minister for Fisheries, Animal Husbandry and Dairying Shri Parshottam Rupala will inaugurate the 16th Agricultural Science Congress (ASC) at Hotel Le Meridien, Kochi, Kerala.
• President Smt Droupadi Murmu inaugurated an International Research Conference on ‘From research to impact: Towards Just and Resilient Agri-Food Systems’.
• GST collection increased to ₹1.63 lakh cr in September year-on-year.
• Tanzania President Dr Samia Suluhu Hassan was conferred with an Honorary Doctorate by Jawaharlal Nehru University for her pivotal role in fostering stronger India-Tanzania relations.
• Indian-origin professor Dr Joyeeta Gupta has received the Spinoza Prize, the highest distinction in Dutch science for her work in the field of climate change at a ceremony in the Netherlands.
• India and Saudi Arabia have agreed to promote investments in each other’s country in the new and renewable energy sector.
• Sri Lanka is set to take over the chairmanship of the Indian Ocean Rim Association (IORA) during the 23rd Council of Ministers’ Meeting, which is scheduled for October 11, 2023, in Colombo.
• President Vladimir V. Putin claimed that Russia had successfully tested the Burevestnik missile.
• The Delhi government has established a ‘green war room’ with the aim of addressing air pollution by implementing a 24×7 monitoring system and the Winter Action Plan.
• Ramaswamy N has been appointed as the Chairman and Managing Director (CMD) of General Insurance Corporation of India (GIC Re).
• The Indian Navy, in collaboration with the State Bank of India (SBI), introduced the ‘Nav-eCash’ card, an innovative e-cash card designed to function in both online and offline modes, even at sea without direct connectivity to the bank.
• Air India has successfully acquired its inaugural A350-900 aircraft through a finance lease transaction facilitated by HSBC, with the transaction taking place within the Gujarat International Finance Tec-City (GIFT City).
• International Day of Girl Child 2023 will occur on October 11.