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CURRENT AFFAIRS : BANKING & FINANCE

Groww applies to IRDAI for corporate agent insurance licence

Groww, a financial services platform, has applied for a ‘corporate agent’ license with the Insurance Regulatory and Development Authority of India (IRDAI).
This license would enable the company to partner with up to three insurance companies per category.
This comes at a time when discount broker Groww has nudged past Zerodha to become the country’s largest broker in terms of number of active investors.
The company has also received approval from the Securities and Exchange Board of India (SEBI) to launch its first index fund.
Groww plans to introduce the Groww Nifty Total Markets Index Fund through a new fund offering (NFO).

About Groww :

Founded : 2017
Founders : Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal,
Groww offers new ways for stockbroking, equity-linked savings, SIPs, IPOs, ETFs, and direct mutual funds.

RBI cancels certificate of registration of Ind Bank Housing

The Reserve Bank of India (RBI) has cancelled the Certificate of Registration of Chennai-based Ind Bank Housing Limited.
Indian Bank and HUDCO (Housing and Urban Development Corporation Ltd) are major shareholders in the housing finance company, holding 51% and 25% stake, respectively.
The housing finance company, Ind Bank Housing Limited, was established in 1991.
Following the RBI’s decision, the company is prohibited from conducting the business of either a Housing Finance Institution or a Non-Banking Financial Institution, as defined in the National Housing Bank Act of 1987 and the RBI Act of 1934, respectively.

About RBI :

Established : 1 April 1935
Headquarters : Mumbai, Maharashtra, India
Governor : Shaktikanta Das
Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar

CURRENT AFFAIRS: NATIONAL NEWS

CABINET APPROVALS:

(a) Cabinet approves Productivity Linked Bonus (PLB) of Rs 1968.87 Crores for railway employees

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved a Productivity Linked Bonus (PLB) equivalent to 78 days’ wages for the financial year 2022-23 to all eligible non-gazetted Railway employees namely Track maintainers, Loco Pilots, Train Managers (Guards), Station Masters, Supervisors, Technicians, Technician Helpers, Pointsman, Ministerial Staff and other Group ‘C’ staff (excluding RPF/RPSF personnel).
In recognition of this excellent performance by the Railway staff, the Union Government has approved payment of PLB of Rs 1968.87 crore to 11,07,346 railway employees.
The performance of Railways in the year 2022-2023 was very good.
Railways loaded a record cargo of 1509 Million Tonnes and carried nearly 6.5 Billion Passengers.
Many factors contributed to this record performance.
These include improvement in infrastructure due to infusion of record Capex by the Government in Railways, efficiency in operations and better technology etc.
Payment of PLB will act as an incentive to motivate the Railway employees to work towards further performance improvement.

(b) Cabinet approves release of an additional instalment of Dearness Allowance and Dearness Relief

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 01.07.2023 representing an increase of 4% over the existing rate of 42% of the Basic Pay/Pension, to compensate against price rise.
This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission.
The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be Rs.12,857 crore per annum.
This will benefit about 48.67 lakh Central Government employees and 67.95 lakh pensioners.

(c) Cabinet approves Green Energy Corridor (GEC) Phase-II – Inter-State Transmission System (ISTS) for 13 GW Renewable Energy Project in Ladakh

The Cabinet Committee on Economic Affairs, chaired by the Hon’ble Prime Minister, Shri Narendra Modi, approved the project on Green Energy Corridor (GEC) Phase-II – Inter-State Transmission System (ISTS) for 13 GW Renewable Energy Project in Ladakh.
The project is targeted to be set up by FY 2029-30 with a total estimated cost of Rs.20,773.70 crore and Central Financial Assistance (CFA) @ 40 percent of the project cost i.e. Rs.8,309.48 crore.
Keeping in view the complex terrain, adverse climatic conditions and defence sensitivities of Ladakh region, Power Grid Corporation of India Limited (POWERGRID) will be the Implementing Agency for this project. State of the art Voltage Source Converter (VSC) based High Voltage Direct Current (HVDC) system and Extra High Voltage Alternating Current (EHVAC) systems will be deployed.
The project will contribute to achieving the target of 500 GW of installed electricity capacity from non-fossil fuels by year 2030.
The project will also help develop the country’s long-term energy security and promote ecologically sustainable growth by reducing carbon footprint.
It will generate large direct & indirect employment opportunities for both skilled and unskilled personnel in power and other related sectors, especially in Ladakh region.

(d) Cabinet approves Minimum Support Prices (MSP) for Rabi Crops for Marketing Season 2024-25

The Cabinet Committee on Economic Affairs, chaired by the Hon’ble Prime Minister Shri Narendra Modi, has approved the increase in the Minimum Support Prices (MSP) for all mandated Rabi Crops for Marketing Season 2024-25.
Government has increased the MSP of Rabi Crops for Marketing Season 2024-25, to ensure remunerative prices to the growers for their produce.
The absolute highest increase in MSP has been approved for lentil (masur) at Rs.425 per quintal followed by rapeseed & mustard at Rs.200 per quintal.
An increase of Rs.150 per quintal each has been approved for wheat and safflower.
For barley and gram an increase of Rs.115 per quintal and Rs.105 per quintal respectively, has been approved.

PM to launch India’s first Regional Rapid Transit System (RRTS)

Prime Minister Shri Narendra Modi will inaugurate the priority section of Delhi-Ghaziabad-Meerut RRTS Corridor at Sahibabad RapidX Station, Uttar Pradesh.
He will also flag off the RapidX train connecting Sahibabad to Duhai Depot, marking the launch of the Regional Rapid Transit System (RRTS) in India.
Prime Minister will preside over a public programme in Sahibabad where he will address the gathering on the occasion of the launch of RRTS in the country.
Further, he will also dedicate to the nation two stretches of east west corridor of Bengaluru Metro.

Delhi-Ghaziabad-Meerut RRTS Corridor

The 17 Km priority section of Delhi-Ghaziabad-Meerut RRTS Corridor that will be inaugurated, will connect Sahibabad to ‘Duhai Depot’ with stations at Ghaziabad, Guldhar and Duhai on the way.
The foundation stone for Delhi-Ghaziabad-Meerut corridor was laid by the Prime Minister on 8th March 2019.

Bengaluru Metro

The two metro stretches that will be formally dedicated to the nation by the Prime Minister connect Baiyappanahalli to Krishnarajapura and Kengeri to Challaghatta. These two metro stretches were opened for public service from 9th October 2023 to provide convenience to the public commuting on this corridor, without waiting for formal inauguration.

G20 expert group presents roadmap for ‘bigger, bolder, better’ MDBs

The G20 expert group has presented a roadmap (in its report The Triple Agenda: A Roadmap for Better, Bolder and Bigger MDBs) for enhancing the performance of Multilateral Development Banks (MDBs) to be bigger, better, and bolder by 2030.
The group, led by Lawrence Summers (US treasury secretary) and NK Singh (chair of the 15th Finance Commission), has recommended several measures for MDBs.
Volume one of the report, submitted to the G20 ministers in July in Gandhinagar, had recommended tripling the annual lending levels of MDBs to $390 billion by 2030; adopting a triple mandate for MDBs of eliminating extreme poverty, boosting shared prosperity and contributing to global public goods; and expanding and modernising funding models.

Key Highlights

The final report has focused on three broad sets of recommendations:
Convert MDB operating models to support transformational investments.
Place the engagement with the private sector at the center
Scale up financing at an affordable cost.
An ideal MDB by 2030, should see its processing time, from concept note to first disbursement, shrink from 25 months (the average in 2017 for World Bank Group) to 12 months.
It should enhance private capital mobilization from 0.6 dollars, (the average in 2019) for each dollar they lend to 1.5-2 dollars.
MDBs should be investing $3 trillion by 2030 to transition on to the path of “low-carbon, equitable, resilient and rapid economic growth”.
To achieve these funding demands, MDB financing support must triple to $390 billion by 2030 in addition to their role in promoting and catalyzing private investment.
It has proposed to set up a Global Challenges Funding Mechanism (GCFM) to target investors that are seeking a vehicle to earn a financial return while also supporting SDGs, GPGs and other impact areas.
GCFM would support projects nested in the activities of the MDB, using the project selection, governance, and quality assurances of the institution.
Triple MDB concessional finance, which requires more donor pledges for the International Development Association (another arm of World Bank Group).
The World requires MDBs to accelerate new investments in EMDEs.
G20 Leaders’ Declaration called for effective implementation of the 2030 agenda on sustainable development, acceleration of efforts and enhancement of resources to meet Paris Agreement goals, and reforms for better, bigger and more effective MDBs.

About MDB:

MDB is a financial institution established by multiple member countries and falls under international law. E.g., International Monetary Fund, World Bank, Asian Development Bank etc.

Notification issued for Green Credit Program (GCP) and Ecomark scheme Under LiFE Initiative to Promote Sustainable Lifestyle and Environmental Conservation

The Ecomark Certification Rules (hereinafter referred to as ‘the Ecomark Rules’) is for labelling of products which will have lesser adverse impacts on the environment, with the objective to encourage the consumers to adopt such products as well as the manufacturers to transition to production of Ecomark certified products for promoting sustainability.
The Ecomark Rules are intended to encourage the demand for environmental friendly products that cause lesser adverse impacts on the environment thereby supporting the principles of ‘LiFE (Lifestyle for Environment)’, promoting resource efficiency & circular economy and preventing misleading information on environmental aspects of products.
The Environmental criteria for each product /product category under Ecomark Rules shall be notified by the Central Government.
The criteria shall be for broad environmental levels and aspects, with specific criteria at the product level.
In line with this approach, the MoEF&CC has recast its Ecomark notification so that consumers are able to make choices among products and thereby opt for those products that are eco-friendly in their design, process etc.
The Ecomark Scheme, notified, replaces the previous Notification. It provides accreditation and labelling for household and consumer products that meet specific environmental criteria while maintaining quality standards as per Indian norms.
Products accredited under the Ecomark Scheme will adhere to specific environmental criteria, ensuring minimal environmental impact.

Key Highlights

The Central Pollution Control Board administers the Ecomark Scheme in partnership with Bureau of Indian Standards (BIS), which is the national body for standards and certification.
The logo of Eco Mark scheme is unique, its message has the ability to reach out to the people and can help to promote a greater awareness of the need to be kind to the environment.
An Earthen pot which is the logo of the Eco Mark Scheme, signifying the use of renewable resource like clay, which does not produce hazardous waste and consumes less energy in making.
Its solid and graceful form represents both the strength and fragility, which also characterize the Eco-System. Thus as a symbol, it puts across its environmental message.

About Central Pollution Control Board of India

The Central Pollution Control Board of India is a statutory organization under the Ministry of Environment, Forest and Climate Change. It was established in 1974 under the Water Act, 1974. Tanmay Kumar (Chairperson).

About BIS

The Bureau of Indian Standards is the National Standards Body of India under Department of Consumer affairs, Ministry of Consumer Affairs, Food & Public Distribution, Government of India.
It is established by the Bureau of Indian Standards Act, 2016 which came into effect on 12 October 2017.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Dubai Ranks as the World’s Fastest-Recovering Services Hub in 2023

Dubai, a global economic powerhouse, achieved a remarkable growth rate of 3.2% in the services sector during the first half of 2023, making it the world’s fastest-recovering destination in this sector.
Dubai’s rapid economic recovery underlines its resilience and its ability to thrive in the face of economic challenges, which is attributed to visionary leadership.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, lauded this achievement and emphasised its alignment with the goals of the Dubai Economic Agenda D33.
A key objective of the Dubai Economic Agenda (D33) is to double the size of Dubai’s economy over the next decade and secure its position among the top three global cities.
Dubai’s success story in the first half of 2023 was characterised by significant growth in various key sectors, including transportation, wholesale and retail trade, financial and insurance, accommodation and food services, real estate, information and communication, and manufacturing.
These sectors collectively contributed to about 93.9% of the overall growth, with the transportation and storage sector leading with a remarkable 10.5% growth.

International Olympic Committee Suspends Russia’s Olympic Committee for Violations Related to Ukraine

Russia’s Olympic Committee has been suspended by the International Olympic Committee (IOC) with immediate effect and until further notice for violating the Olympic Charter after it involved sports bodies from four regions associated with Ukraine.
Russia’s suspension is a response to its recognition of Olympic councils in the occupied territories of Luhansk, Donetsk, Kherson, and Zaporizhia, which is viewed as a violation of the territorial integrity of the Ukrainian Olympic Committee.
This move violated the territorial integrity of the Ukrainian Olympic Committee.
As a result of the suspension, Russia is not eligible to receive any funding from the IOC.
The suspension does not immediately affect the chances of neutral Russian athletes competing in the Paris Olympics next year.
A decision regarding their participation will be made at a later date.
This is not the first time that the Russian Olympic Committee (ROC) has faced punishment from the IOC.
In 2017, it was banned from the Winter Olympics in Pyeongchang and was ordered to pay a $15 million fine for multiple doping offences.
Russian athletes were also previously banned from competing under their national flag following the invasion of Ukraine in 2022.

About Russia :

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

Parliament of India Hosts Ninth G20 Parliamentary Speakers’ Summit (P20 Summit) in Cooperation with IPU in New Delhi

The 9th G20 Parliamentary Speakers’ Summit, also known as the P20 Summit, was hosted by the Parliament of India in cooperation with the Inter-Parliamentary Union (IPU, in New Delhi.

About P20 Summit :

The P20 Summit was established in Canada in 2010 with the objective of strengthening parliaments to make them more representative and effective.
During the summit, India registered its protest against the European Parliament’s recent resolution on the Manipur issue.
The theme of the summit was “Parliaments for One Earth, One Family, One Future.”
During discussions with his Turkish counterpart, Lok Sabha Speaker mentioned Operation Dost, which symbolises India’s friendship towards Turkey.
Operation Dost was a search and rescue operation initiated by the Government of India to aid Syria and Turkey after the 2023 Turkey-Syria earthquake.

About IPU :

The IPU (Inter-Parliamentary Union) is a global organisation of national parliaments.
It began in 1889 as a small group of parliamentarians. It has since grown into a truly global organization with 179 Members and 14 Associate Members.
Headquarters: Geneva, Switzerland
Slogan: For democracy. For everyone

CURRENT AFFAIRS: MOUS AND AGREEMENT

Indian Institute of Corporate Affairs and National Institute of Communication Finance sign MoU for Academic and Research Collaboration to synergize professional capabilities of both institutions

A Memorandum of Understanding (MoU) was signed between Indian Institute of Corporate Affairs (IICA) and National Institute of Communication Finance (NICF).
The MoU intends to synergise the professional capabilities of both institutions towards advocacy, research support, technical and handholding assistance and capacity building services in the various areas of finance, restructuring, turnaround, competition law, corporate law, corporate governance, Insolvency and Bankruptcy law, leadership, organisational effectiveness, telecommunication policies, spectrum auction etc.
The MoU was signed by Prof (Dr) Naveen Sirohi from IICA and Shri A K Singh, Deputy Director General from NICF.

ABOUT IICA

Indian Institute of Corporate Affairs (IICA) is an institution established by the Ministry of Corporate Affairs (MCA), Government of India as an autonomous body to act as a think-tank and a centre of excellence to support the growth of the corporate sector in India through an integrated and multi-disciplinary approach.

ABOUT NICF

National Institute of Communication Finance (NICF) is an apex level training institute, operating under the aegis of the Department of Telecommunications, Ministry of Communications, which caters to the training needs of Indian Posts and Telecom Accounts and Finance Service (IP&TAFS) officers.

DOLR signs MoU with NRSC to monitor watershed development projects

The Department of Land Resources, DOLR and National Remote Sensing Centre, NRSC signed an MoU for monitoring of Pradhan Mantri Krishi Sinchayee Yojana – Watershed Development Component, WDC 2.O.
It aims to restore the ecological balance by harnessing, conserving, and developing degraded natural resources such as soil and water.
The MoU was signed in the presence of the Secretary, of the Department of Land Resources Ajay Tirkey and the Secretary, of the Department of Space Somanath in New Delhi.
MoU will aid in better utilization of wasteland and help in ground water recharge.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Conducts Two-Day Coastal Security Exercise ‘Sagar Kavach’

A two-day comprehensive Coastal Security Exercise Sagar Kavach 02/23 involving all maritime security agencies was conducted by the Indian Navy in Andhra Pradesh (AP), Tamil Nadu (TN) and the Union Territory (UT) of Puducherry.
Aim: To assess the efficacy and robustness of the coastal security mechanism while dealing with asymmetric threat emanating from the sea.
The exercise was executed under the leadership of the Flag Officer Commanding-in-Chief Eastern Naval Command (FOCINC East), who also holds the authority of Commander-in-Chief, Coastal Defence (East).

Key Highlights :

Approximately 2,500 personnel from various maritime security agencies were involved in the exercise.
This included the Indian Navy, Coast Guard, State and Union Territory Administrations, Marine Police, Fisheries Department, Customs, Intelligence Agencies, Lighthouses, Ports, and Forest Departments.
Indian Naval Ships, along with assets from the Coast Guard and other coastal security agencies, were deployed to enhance surveillance in the designated area.
Extensive aerial surveillance was conducted using Dornier aircraft and helicopters operating from Visakhapatnam, Chennai, and Ramanathapuram.
The exercise was closely monitored at the Joint Operations Centre (East) located in Visakhapatnam, which serves as the central hub for coordinating all coastal security operations and exercises within the operational area.

About Ministry of Defence :

Defence Minister : Rajnath Singh
Minister of State : Ministry of Defence
Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS: SPORTS NEWS

Grandmaster Raunak Sadhwani has been crowned the U-20 world junior rapid chess champion.

Raunak Sadhwani has won at the FIDE World Junior Rapid Chess Championship 2023.
He is Maharashtra’s youngest Grandmaster.
He emerged as the U-20 World Junior Rapid Chess champion in Italy.
The 11-round rapid tournament was organized by the World Chess Federation (FIDE).
In a decisive match against Tobias Koelle, Raunak emerged victorious.
Tobias Koelle led the competition for the majority of the event.
Raunak became a grandmaster at the age of 13.
He is the ninth youngest player in history and the fourth youngest Indian to be awarded the title.

About FIDE

International Chess Federation commonly known by its French acronym FIDE, it is the global governing body for chess.
It was established in 1924, in Paris, France.

Daily CA One- Liner: October 19

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved a Productivity Linked Bonus (PLB) equivalent to 78 days’ wages for the financial year 2022-23 to all eligible non-gazetted Railway employees.
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 01.07.2023 representing an increase of 4% over the existing rate of 42% of the Basic Pay/Pension, to compensate against price rise.
The Cabinet Committee on Economic Affairs, chaired by the Hon’ble Prime Minister, Shri Narendra Modi, approved the project on Green Energy Corridor (GEC) Phase-II – Inter-State Transmission System (ISTS) for 13 GW Renewable Energy Project in Ladakh.
The Cabinet Committee on Economic Affairs, chaired by the Hon’ble Prime Minister Shri Narendra Modi, has approved the increase in the Minimum Support Prices (MSP) for all mandated Rabi Crops for Marketing Season 2024-25.
Prime Minister Shri Narendra Modi will inaugurate the priority section of Delhi-Ghaziabad-Meerut RRTS Corridor at Sahibabad RapidX Station, Uttar Pradesh.
The G20 expert group has presented a roadmap (in its report The Triple Agenda: A Roadmap for Better, Bolder and Bigger MDBs) for enhancing the performance of Multilateral Development Banks (MDBs) to be bigger, better, and bolder by 2030.
The Ecomark Certification Rules (hereinafter referred to as ‘the Ecomark Rules’) is for labelling of products which will have lesser adverse impacts on the environment, with the objective to encourage the consumers to adopt such products as well as the manufacturers to transition to production of Ecomark certified products for promoting sustainability.
A Memorandum of Understanding (MoU) was signed between Indian Institute of Corporate Affairs (IICA) and National Institute of Communication Finance.
The Department of Land Resources, DOLR and National Remote Sensing Centre, NRSC signed an MoU for monitoring of Pradhan Mantri Krishi Sinchayee Yojana – Watershed Development Component, WDC 2.O.
Groww, a financial services platform, has applied for a ‘corporate agent’ license with the Insurance Regulatory and Development Authority of India
The Reserve Bank of India (RBI) has cancelled the Certificate of Registration of Chennai-based Ind Bank Housing Limited
Dubai, a global economic powerhouse, achieved a remarkable growth rate of 3.2% in the services sector during the first half of 2023, making it the world’s fastest-recovering destination in this sector
Russia’s Olympic Committee has been suspended by the International Olympic Committee (IOC) with immediate effect and until further notice for violating the Olympic Charter after it involved sports bodies from four regions associated with Ukraine
The 9th G20 Parliamentary Speakers’ Summit, also known as the P20 Summit, was hosted by the Parliament of India in cooperation with the Inter-Parliamentary Union (IPU, in New Delhi.
A two-day comprehensive Coastal Security Exercise Sagar Kavach 02/23 involving all maritime security agencies was conducted by the Indian Navy in Andhra Pradesh (AP), Tamil Nadu (TN) and the Union Territory (UT) of Puducherry
Raunak Sadhwani has won at the FIDE World Junior Rapid Chess Championship 2023.

Daily Current Affairs October 19 2023 | Latest News | Download PDF