Daily Current Affairs October 28 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI Establishes Rs 100 Daily Compensation for Customers if Credit Institutions Fail to Resolve Complaints Within 30 Days

• The Reserve Bank of India (RBI) has instructed lenders, financial institutions, and credit bureaus to address customer complaints within a specified period of 30 days.
• Failure to do so will result in a fine of ₹100 per day.
• The RBI also directed credit institutions (CIs) and credit information companies (CICs) to introduce a compensation framework for delayed updation or rectification of credit information.

Key Highlights :

• Conditions for Compensation by CICs: A CIC must compensate a complainant if they fail to resolve the complaint within 30 calendar days after being informed, despite the CI providing updated credit information to the CIC within 21 calendar days after being informed.
• Role of Credit Information Companies (CICs): CICs maintain credit information records of various borrowers, including individuals, corporates, and small businesses.
• These records are accessed by banks and other lending institutions to assess creditworthiness.
• Previous Penalties Imposed: In June, the RBI imposed a combined penalty of ₹1.01 crore on four CICs for issues such as inaccurate and incomplete data, and for not updating credit information within 30 days of receiving complaints from borrowers.
• Individual Fines: Specific fines were imposed on the following CICs
• TransUnion CIBIL Ltd: ₹26 lakh
• Experian Credit Information Company of India Pvt Ltd (Experian India): ₹24.75 lakh
• Equifax Credit Information Services Pvt Ltd: ₹24.75 lakh
• CRIF High Mark Credit Information Services Pvt Ltd: ₹25.75 lakh
• Applicability of the Framework: This framework applies to a wide range of financial institutions, including commercial banks (including small finance banks, local area banks, and regional rural banks), primary (urban) co-operative banks, state co-operative banks, central co-operative banks, non-banking financial companies (including housing finance companies), all-India financial institutions (Exim Bank, NABARD, NHB, SIDBI, and NaBFID), asset reconstruction companies, and credit information companies.

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

SEBI Selects 12 Entities for Onsite Digital Forensic Services

• Capital markets regulator Securities and Exchange Board of India (SEBI) has empanelled 12 entities, including Ernst & Young LLP and KPMG Assurance and Consulting Services LLP, to provide assistance to its search team for onsite data acquisition during search and seizure operations.
• The other empanelled entities are Baker Tilly Business Advisory Services, Cybermate Forensics & Data Security Solutions, Cyint Technologies, ECS Info Tech, Innefu Labs, Mahen Technologies, Nangia & Co LLP, Netrika Consulting India, Pelorus Technologies and Systools Software.
• They have been empanelled for providing digital forensic services to the regulator following the completion of the empanelment process.
• The empanelment will be valid for a period of 2 years.

History and Previous Initiatives :

• In August,2023 the SEBI invited applications for empanelment of service providers experienced in the field of digital forensic services.
• The applications were invited from eligible service providers experienced in digital forensic services for acquisition, extraction and analysis of digital evidence from mobile, computers, and tablets, among others, on an ongoing basis.
• As per the notice, the entities will be required to provide onsite and offsite assistance to the search team and onsite data acquisition during search and seizure operations.
• In addition, they will have to undertake forensic acquisition or imaging of different types of digital devices, such as laptops, mobile phones, tablets, hard drives, USB drives, CDs/DVDs, servers etc.
• Further, they will be required to do onsite acquisition of cloud data from cloud apps like Gmail, Facebook, Youtube, Instagram, Telegram, WhatsApp and any other app or database as decided by the search party
• In 2022, SEBI initiated a crackdown against entities allegedly involved in a front-running scam using messaging app Telegram.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Credit Growth in FY24 Expected to Outpace GDP Growth by 1.7 Times  

• According to an SBI report, the growth in the asset and liability of the banking system during the last 9 years (FY14-FY23) is 3 times higher than the growth observed in the previous 63 years (FY1951-2014).
• The total share of unsecured retail loans in the portfolio of all scheduled commercial banks (ASCBs) is approximately one-tenth.
• This suggests that the risk associated with unsecured retail loans is contained.

Key Highlights :

• The SBI’s Ecowrap report anticipates that the credit-to-nominal GDP ratio in FY24 will increase to 7 times, up from 1.2 times in FY23.
• During FY14-FY23, a growth of Rs 187 lakh crore has been recorded in assets and liabilities of all scheduled commercial banks (ASCBs).
• During the FY1951-2014, the cumulative growth of Rs 142 lakh crore was observed.
• The report draws information from CIBIL CMI data (March 2023) and highlights that personal loans of Rs 50,000 or more constitute around 98% of the total personal loan book size in terms of value.
• Personal loans of less than Rs 50,000 account for approximately 2% of the personal loan book size in terms of value and only 0.3% of the total retail loan book size at the industry level.
• The report notes that outstanding credit card balances in India have either remained static or declined.
• There was a 13% increase in outstanding balances in nominal terms in August, which marked a notable decrease from the 24% rise observed in January.

CURRENT AFFAIRS: NATIONAL NEWS

PM Narendra Modi inaugurates the 37th National Games at Jawaharlal Nehru Stadium in Goa

• Prime Minister Narendra Modi inaugurated the 37th National Games at the Jawaharlal Nehru Stadium in Goa.
• The Prime minister informed, India is advancing in various domains and setting unprecedented benchmarks.
• Mr Modi informed that from Khelo India to TOPS (Target Olympic Podium Scheme), the government has created a new ecosystem to support players in the country.
• He added that Khelo India has been successful as more than 125 players have done a good job in Asian Games.
• He informed that the development of the Sports Sector in any country is directly related to the progress of that country’s economy.

Key Highlights

• The Prime Minister informed, the Asian Para Games are currently taking place and Indian athletes have achieved a remarkable feat by securing over record number of medals and it celebrates the country’s exceptional sporting prowess.
• The Prime minister informed that India is full of talent and has the capacity to do better even in adverse conditions.
• He informed that the government has brought changes in sports infrastructure, selection process, training, and mentality of people towards sports which resulted in improvement in sports performance.
• He informed that currently, the sports budget is three times of 9 years ago’s government.
• He expressed confidence that India is ready to conduct the 2036 Olympics in India.
• The Governor of Goa Sreedharan Pillai, Union Minister of Youth Affairs and Sports Shri Anurag Singh Thakur, Chief Minister of Goa Dr Pramod Sawant, Indian Olympic Association President P T Usha and other dignitaries were present at the event.
• It featured performances by renowned artists, including Sukhwinder Singh and others.

PM inaugurates the 7th Edition of the India Mobile Congress (IMC)

• The Prime Minister, Shri Narendra Modi inaugurated the 7th Edition of the India Mobile Congress 2023 at Bharat Mandapam in New Delhi.
• India Mobile Congress (IMC) is the largest telecom, media, and technology forum in Asia to be held from 27th to 29th October 2023 with the theme ‘Global Digital Innovation’.
• The IMC 2023 aims to strengthen India’s position as a developer, manufacturer, and exporter of key cutting-edge technologies.
• During the program, the Prime Minister awarded 100 ‘5G Use Case Labs’ to educational institutions across the country.

Background

• The ‘100 5G labs initiative’, is an endeavour to realize the opportunities associated with 5G technology by encouraging the development of 5G applications which cater, both to India’s unique needs as well as the global demands. The unique initiative will foster innovation across various socioeconomic sectors like education, agriculture, health, power, transportation etc, and propel the country into the forefront of usage of 5G technology. The initiative is also a pivotal step for building a 6G-ready academic and start-up ecosystem in the country. More importantly, the initiative is a step towards the development of indigenous telecom technology which is critical for national security.

About IMC

• India Mobile Congress (IMC) is the largest telecom, media, and technology forum in Asia and will be held from 27th to 29th October, 2023. The event will act as a platform to highlight India’s incredible advancements in telecommunications and technology, bring forth significant announcements and provide an opportunity for start-ups to display their innovative products and solutions.
• With the theme ‘Global Digital Innovation,’ the IMC 2023 aims to strengthen India’s position as a developer, manufacturer, and exporter of key cutting-edge technologies. The three-day congress will highlight technologies such as 5G, 6G, and Artificial intelligence (AI) and discuss issues pertaining to the semiconductor industry, green technology, cybersecurity etc.
• This year, IMC is introducing a startup program – ‘Aspire’.
• It will foster connections between startups, investors, and established businesses with an aim to catalyze fresh entrepreneurial initiatives and collaborations.
• IMC 2023 will be attended by over one lakh participants from about 22 countries including about 5000 CEO-level delegates, 230 exhibitors, 400 startups, and other stakeholders.

Ayodhya Ram Temple Trust gets FCRA licence to receive foreign donations

• The Ayodhya Ram temple trust, known as the Shri Ram Janmbhoomi Teerth Kshetra, hasreceived a license to accept foreign donations under the Foreign Contribution Regulation Act (FCRA).
• The trust has already collected ₹3,500 crores in donations given by people across India.
• Foreign donations will only be accepted at one State Bank of India (SBI) branch located at 11 Sansad Marg, New Delhi.
• The trust had applied for the FCRA licence earlier this year.
• The Ram temple is being built after the Supreme Court’s 2019 judgement, which maintained that the Muslim community was wrongfully deprived of the 450-year-old Babri masjid demolished in 1992, but rejected its claim for exclusive title and possession of the land in Ayodhya.
• The temple will thus be situated on3 acres of land according to the trust in the SC judgment.
• The temple construction committee has also acquired an additional 71 acres of land to build public utilities near the temple.
• Registration under the FCRA is mandatory to receive donations from outside of India.
• The NGOs applying for an FCRA license must define their activities under a category such as cultural, economic, educational, religious, or social programmes.
• It may be mentioned that Ram Temple “Pran Pratishtha” or the consecration ceremony is expected to take place in January next year and Prime Minister Narendra Modi is likely to attend the event.
• The first phase of the construction of the Ram Temple is scheduled to be completed by December this year.

NCERT panel suggests replacing India with Bharat in textbooks

• A committee constituted by the National Council of Educational Research and Training (NCERT) has recommended replacing “India” with “Bharat” in the school textbooks for all classes, and that “classical history” be taught instead of “ancient history” to correct narrative about the country’s past
• NCERT Chairman Dinesh Saklani, however, stated that till now no decision has been taken on the panel’s recommendations.
• Panel chairman Prof C.I. Issac (Retd), a historian and RSS ideologue, says the committee has also suggested toning down the focus on ‘Hindu defeats’ in the social sciences curriculum.

Key Highlights

• The NCERT is revising the curriculum of the school textbooks in line with the National Education Policy (NEP) 2020.
• The council recently constituted a 19-member National Syllabus and Teaching Learning Material Committee (NSTC) to finalize the curriculum, textbooks and learning material for these classes.
• Article 1(1) of the Constitution states “India, that is Bharat, shall be a Union of States”.Issac was conferred the Padma Shri in January this year(2023).

Amit Shah Launches National Cooperative For Exports Limited To Help Farmers

• The Union Home Minister and Minister has recently launched the National Cooperative Exports Limited (NCEL).
• The government has also decided to route the sale of 12 Lakh Metric Tonnes (LMT) of non-basmati white rice to 11 countries through NCEL.
• The National Cooperative Exports Limited is an umbrella organization that is formed by the union of cooperative sectors in order to boost India’s exports, especially agricultural exports, increasing farmers’ income, and changing crop patterns.
• It will enable 2 crore farmers of the country to declare their land as natural by 2027, by selling them organic products.

About NCEL

• NCEL is launched in the cooperative sector with 6 objectives of increasing exports, prospering the farmer, changing the crop pattern, providing a global market for organic products, gaining a place for India in the global market for biofuel and strengthening the cooperative sector.
• It was registered under the Multi-State Co-operative Societies Act, 2002.
• Cooperatives account for 30% of our country’s total food production, 30% of sugar production and about 17% of milk production.
• Its chief promoter is the Gujarat Cooperative Milk Marketing Federation Limited (GCMMF), with many other promoters.
• It will act as a link between the farmers and the global demand for milk products, Isabgol (Psyllium husk), cumin, ethanol and a variety of organic products.

6 objectives:

(i) increasing exports

(ii) prospering the farmer

(iii) changing the crop pattern

(iv) providing global market for organic products

(v) gaining a place for India in the global market for biofuel

(vi) strengthening the cooperative sector.

• The procurement will be done from the farmer at the Minimum Support Price (MSP).
• After the balance sheet of 6 months is prepared, 50% of the profit in addition to the payment made as per MSP, will go directly to the bank account of the farmer.

Union Government approves inclusion of Jamrani Dam under PMKSY-AIBP

• The government of India approved the inclusion of the Jamrani Dam Multipurpose Project under the Pradhan Mantri Krishi Sinchayee Yojana-Accelerated Irrigation Benefit Programme (PMKSY-AIBP).
• The project envisages the construction of a dam near Jamrani village across river Gola, a tributary of river RamGanga, in the Nainital district of Uttarakhand.
• A substantial part of the irrigation benefits of the project would flow to the neighbouring state of Uttar Pradesh.
• This project is the seventh project to be included in the PMKSY-AIBP list.

About PMKSY

• Pradhan Mantri Krishi Sinchayee Yojana was launched in 2015-16 to enhance physical access to water on farms, expand cultivable areas under assured irrigation, improve on-farm water use efficiency, and introduce sustainable water conservation practices.

Components:

• Accelerated Irrigation Benefit Programme (AIBP): To focus on faster completion of ongoing Major and Medium Irrigation including National Projects.
• Har Khet Ko Pani (HKKP): It consists of four sub-components, being Command Area Development & Water Management (CAD&WM), Surface Minor Irrigation (SMI), Repair, Renovation and Restoration (RRR) of Water Bodies, and GroundWater (GW) Development component.

Other components

• Per Drop More Crop(PDMC): It is being implemented by the Department of Agriculture and Farmers Welfare.
• The Watershed Development component (WDC): It is being implemented by the Department of Land Resources
• Nodal Ministry: Department of Agriculture & Farmers Welfare, Ministry of Agriculture & Farmers Welfare.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India Meteorological Department : Cyclone Tej in the Arabian Sea Upgrades to ‘Extremely Severe Cyclonic Storm’

• The India Meteorological Department (IMD) predicted that Cyclone Tej, a depression gathering force in the Arabian Sea, intensified into an ‘extremely severe cyclonic storm’ near the coasts of Oman and Yemen.
• Cyclone Tej is currently moving west-northwest towards the coast of Maharashtra, India.

About Cyclone Tej :

• The cyclone is expected to bring heavy rainfall, strong winds, storm surges, and coastal flooding to the affected areas.
• Cyclone Tej was named by India and is part of the list of storm names adopted by the WMO/ESCAP (World Meteorological Organization/United Nations Economic and Social Commission for Asia and the Pacific) panel in April 2020.
• The India Meteorological Department is one of the six Regional Specialized Meteorological Centres (RSMCs) responsible for providing tropical cyclone and storm surge advisories to 13 member countries.
• Names for cyclones are chosen by 13 member countries and must adhere to specific criteria.
• They should be neutral in terms of politics, political figures, religion, and should not hurt the sentiments of any community.
• They must also be short, easy to pronounce, and have eight letters or less.
• Cyclone Tej will be followed by Cyclone Hamoon, named for Iran.
• Cyclone Hamoon will be the next cyclone on the list of names.
• The previous cyclone on the list was Cyclone Biparjoy, named by Bangladesh, which made landfall in Gujarat as an ‘extremely severe cyclonic storm’ in mid-June.

About IMD :

• Established : 15 January 1875
• Headquarters : New Delhi, Delhi, India
• Director General : Mrutyunjay Mohapatra

US Emerges As India’s Biggest Trading Partner During H1FY24 Despite Decline In Exports, Imports  

• According to government data, the United States (US) has emerged as India’s biggest trading partner during the first half of the current financial year despite global economic uncertainties and declining exports and imports.

Key Highlights :

• As per provisional data from the commerce ministry, the bilateral trade between India and the US decreased by 11.3% to USD 59.67 billion during April-September 2023, down from USD 67.28 billion in the same period the previous year.
• Exports to the US have come down to USD 38.28 billion during April-September 2023 from USD 41.49 billion a year ago.
• Imports also declined to USD 21.39 billion during the first six months of the current fiscal compared to USD 25.79 billion in the same period last year.
• Bilateral trade between India and China also experienced a decline, dropping by 3.56% to USD 58.11 billion.
• Exports to China marginally contracted to USD 7.74 billion in H1FY24 from USD 7.84 billion in the previous year.
• Imports fell to USD 50.47 billion, down from USD 52.42 billion in the same period last year.
• America is one of the few countries with which India has a trade surplus.
• The US was India’s biggest trading partner in 2022-23.
• The bilateral trade between India and the US rose 7.65% to USD 128.55 in 2022-23 against USD 119.5 billion in 2021-22.
• It was USD 80.51 billion in 2020-21.
• Earlier, China was India’s top trading partner from 2013-14 till 2017-18 and also in 2020-21.
• Before China, the UAE was the country’s largest trading partner.
• In 2022-23, the UAE, with USD 76.16 billion bilateral trade, was the third largest trading partner of India, followed by Saudi Arabia (USD 52.72 billion) and Singapore (USD 35.55 billion).
• During April-September 2023, the bilateral trade between India and the United Arab Emirates (UAE) stood at USD 36.16 billion.

Cyclone Hamoon intensified into a severe cyclonic storm over Bay of Bengal

• The India Meteorological Department (IMD) confirmed that Cyclone ‘Hamoon’ intensified into a severe cyclonic storm over the north-western Bay of Bengal.

About Cyclone ‘Hamoon’ :

• Cyclone ‘Hamoon’ is the fourth storm of the 2023 North Indian Ocean cyclone season.
• It originated on October 21, 2023, from a low-pressure area over the west-central Bay of Bengal.
• On October 25, the cyclonic storm moved north-northeast wards and crossed Bangladesh between Khepupara and Chittagong.
• The storm’s movement prompted warnings and preparations in affected regions.
• 7 Indian states were put on alert due to Cyclone Hamoon & these states include Odisha, West Bengal, Manipur, Tripura, Mizoram, Assam, and Meghalaya.
• Fishermen were cautioned not to venture into the Bay of Bengal until October 25 due to the cyclone’s influence.
• The name ‘Hamoon’ was given to the cyclonic storm by Iran.
• The word ‘Hamoon’ is a Persian word that refers to inland desert lakes or marshlands.
• They are formed as natural seasonal reservoirs in areas adjoining the Helmand basin.
• The next cyclone that can hit the Indian subcontinent is called ‘Midhili’ which Maldives has named.
• Names for the cyclones are proposed alphabetically and are used in rotation

China to build the world’s largest “ghost particle” detector – Trident

• China is constructing an enormous telescope named Trident in the South China Sea with the purpose of detecting neutrinos, often referred to as “ghost particles.”

About Trident :

• Trident is projected to cover an area of 7.5 cubic kilometres, making it significantly larger than existing underwater neutrino telescopes.
• This size will enhance its sensitivity, making it approximately 10,000 times more sensitive than its predecessors.
• Neutrinos are subatomic particles similar to electrons but lack electrical charge and have a very small, possibly zero, mass.
• Neutrinos are challenging to detect due to their weak charge and almost negligible mass, earning them the nickname “ghost particles.”
• Most neutrinos pass through matter undetected.

About Indian Neutrino Observatory (INO) :

• The Indian Neutrino Observatory (INO), approved in 2015, is a proposed particle physics research mega project.
• Objective: To study neutrinos in a 1,200-metre-deep cave.
• Neutrino detectors are often situated underground to shield them from cosmic rays and background radiation, which could interfere with their observations.
• The first phase of the INO project focuses on the study of atmospheric neutrinos, which are produced by interactions of cosmic rays in Earth’s atmosphere.
• Both neutrinos and antineutrinos of different species or flavours are generated in this process.
• Many long-term options are associated with the project.
• For instance, researchers can use the INO Project for solar and supernova studies in the future.

About China :

• Capital : Beijing
• Currency : Renminbi

CURRENT AFFAIRS : STATE NEWS

Bihar Government Establishes Committee for College Assessment and State Educational Institution Rankings

• The Bihar government has set up a committee tasked with the assessment of colleges and the implementation of state rankings for educational institutions in Bihar.
• The Bihar government has expressed concern regarding the underperformance of the state’s colleges in the National Assessment and Accreditation Council (NAAC) grading process.
• It has established a committee to assess the colleges and their academic performance.

Key Highlights :

• The committee’s main task is to evaluate the performance of all 270 constituent colleges affiliated with state universities.
• In contrast to previous years, only 35 colleges under state universities have obtained NAAC accreditation in the current year.
• In 2021, 95 colleges achieved this accreditation.
• NAAC accreditation is determined based on factors such as student-teacher ratio, teacher quality, laboratory availability, educational quality, research output, and overall infrastructure.
• The state government has decided to introduce its own ranking system for colleges using criteria similar to those of NAAC.
• These rankings may subsequently influence the allocation of government grants to colleges.

About Bihar :

• Governor : Rajendra Arlekar
• Chief Minister : Nitish Kumar
• Capital : Patna

Self-help group sets up flower nursery under UMEED scheme to empower rural women in Budgam

• A self-help group (SHG) in Budgam, Jammu and Kashmir, has established a flower nursery as part of the UMEED scheme.

About UMEED Scheme :

• The UMEED scheme operates under the Jammu and Kashmir Rural Livelihoods Mission (JKRLM) and is a centrally sponsored scheme.
• Its primary objective is to empower women in rural areas to become self-dependent and self-sufficient.

Aim :

• To uplift the rural poor in the region of Jammu and Kashmir.
• It provides support and opportunities for women to improve their livelihoods.
• The UMEED scheme also encourages women to save money, thereby enabling their Self-Help Groups (SHGs) to become eligible for loans from financial institutions at reduced interest rates.
• This promotes financial inclusion among women.
• The scheme supports women entrepreneurs by providing them with opportunities to showcase and market their products.
• This helps in expanding their businesses and reaching a wider audience.
• The UMEED scheme is implemented by the Jammu & Kashmir State Rural Livelihoods Society.·

About J&K :

• Lieutenant Governor : Manoj Sinha
• Capitals : Srinagar, Jammu

Uttar Pradesh Chief Minister Yogi Adityanath to inaugurate UP’s firstMission Shakti café in Gonda

• Uttar Pradesh (UP) Chief Minister Shri Yogi Adityanath inaugurated Uttar Pradesh’s first ‘Mission Shakti Cafe’ in the Gonda district.
• The cafe is operated by self-help group members, and its primary aim is to empower women.
• The main goal of the cafe is to provide nutritious and wholesome meals to students.

About ‘Mission Shakti Cafe’ :

• The ‘Mission Shakti Cafe’ has been established at the government-aided Shri Lal Bahadur Shastri College in Gonda.
• The ‘Mission Shakti Cafe’ model is intended to be expanded to schools and colleges in Uttar Pradesh.
• As part of this initiative, the ‘Navdevi Honour‘ was presented to women who have excelled in various fields such as police, entrepreneurship, education, health, agriculture, and self-help groups.
• Poshan Potli (nutrition kits) and hygiene kits were provided to girls, and a Kanya Bhoj (a meal for girls) for 11,000 girls was organized.
• A special wall has been dedicated to pay homage to exceptional women across various fields in the country.

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National ParkWildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

CCI approves proposed combination involving re-balancing of existing cross-shareholdings between Renault and Nissan

• The Competition Commission of India (CCI) has approved a proposed combination involving re-balancing of the existing cross-shareholdings between Renault and Nissan.
• The proposed combination, inter alia, relates to the re-balancing of the existing cross-shareholdings between Renault S.A. (Renault) and Nissan Motor Co. Ltd. (Nissan) (Rebalancing) and certain changes to the shareholding of two of their joint ventures in India, i.e., Renault Nissan Automotive India Private Limited (RNAIPL) and Renault Nissan Technology & Business Centre India Private Limited (RNTBCI).
• As part of the Rebalancing, Nissan, through Nissan Finance Co. Ltd. (NFC), will retain its 15% shareholding in Renault.
• Renault will transfer 28.4% of its Nissan shares into a trust estate administered by a trustee governed by French law, where the entrusted shares will be voted neutrally, subject to limited exceptions.
• Renault would continue to fully benefit from the economic rights from the entrusted shares until such shares are sold.
• Accordingly, Renault and Nissan will have a cross-shareholding of 15% of the total issued share capital and freely exercisable voting rights in each other, i.e., both Renault and Nissan will hold 15% shareholding in each other.

Nissan: Nissan and its affiliate entities in India are engaged in the sale of passenger vehicles and automotive parts, through its wholly-owned subsidiary, Nissan Motor India Private Limited (NMIPL). NMIPL offers passenger vehicles in India, currently under the ‘Nissan’ brand.

Renault: Renault and its affiliate entities in India, sell automobiles and parts through its wholly-owned subsidiary Renault India Private Limited (RIPL). It offers passenger and utility vehicles in India under the ‘Renault’ brand.

RNAIPL: RNAIPL is currently engaged in the manufacturing and assembly of passenger vehicles, including transmissions, components, vehicle parts and provision of related services captively to Renault and Nissan.

RNTBCI: RNTBCI is a captive automotive technology and business centre supporting Renault and Nissan activities in relation to research and development, engineering, manufacturing, technology, product planning, process and information technology.

India, and Singapore working to expand the digital payment link

• India and Singapore are set to expand the scope of their digital payment link after they announced the landmark linkage between India’s Unified Payments Interface (UPI) and Singapore’s PayNow .
• The countries are looking to add more banks to the digital payments link, expanding the number of banks to 14 from the present six that can receive remittances from Singapore.
• In February, both countries announced the payments platform linkage to ease the flow of remittances.
• According to the National Payments Corporation of India (NPCI), the six Indian banks participating in the scheme are Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India.
• All six can receive remittances from Singapore through the linkage.
• With the exception of Axis Bank and DBS Bank, the other four can also send remittances through the linkage.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

BCCI appoints Amol Muzumdar as the new head coach of the Indian women’s cricket team

• Amol Muzumdar, a prominent figure in Indian domestic cricket, has been chosen as the new head coach of the senior women’s cricket team by the Board of Control for Cricket in India (BCCI)
• The position of head coach for the women’s team had been vacant since December 2022, following the abrupt removal of Ramesh Powar as part of the BCCI’s “restructuring module & this move occurred just two months ahead of the T20 World Cup in South Africa.
• In the interim period after Ramesh Powar’s removal, Hrishikesh Kanitkar served as the acting head coach, overseeing the women’s cricket team during various significant events.

About Amol Muzumdar :

• Amol Muzumdar is a former right-handed batsman with an illustrious career in first-class cricket, where he scored 11,167 runs in 171 matches.
• Muzumdar held the record for the most runs scored in the Ranji Trophy, which is India’s premier domestic first-class cricket competition, surpassing the previous record held by Amarjit Kaypee.
• Before his appointment as the head coach of the senior women’s team, Muzumdar served as the head coach for the Mumbai squad.
• He also worked as a batting coach for the Rajasthan Royals and took up an interim role for the South Africa national cricket team during their tour of India.
• Amol Muzumdar’s coaching experience extends to working with the India Under-19 and Under-23 cricket teams.
• He has also served as a batting consultant for the Netherlands cricket team.

About BCCI :

• Headquarters : Mumbai, Maharashtra
• President : Roger Binny
• CEO : Hemang Amin

Election Commission appoints ‘Newton’ actor Rajkummar Rao as National Icon

• Rajkummar Rao, a renowned Indian actor known for his role in the film “Newton,” has been inducted as a National Icon by the Election Commission of India.
• Rajkummar Rao gained recognition for his portrayal of an official responsible for conducting elections in Naxal-affected areas of Chhattisgarh in the Hindi film “Newton.
• The poll panel comprising Chief Election Commissioner Rajiv Kumar and Election Commissioners Anup Chandra Pandey and Arun Goel exchanged a memorandum of understanding with Rao appointing him as an EC icon.
• The movie Newton won the National Award for Best Feature Film in Hindi and was also India’s nominee for the Best Foreign Language Film category at the 90th Academy Awards, popularly known as Oscars.
• Earlier, the EC recognised actors Pankaj Tripathi and Aamir Khan, and sports persons such as Sachin Tendulkar, M S Dhoni and M C Mary Kom, as national icons.
• The Election Commission of India has a tradition of appointing prominent individuals as National Icons, whose exemplary contributions inspire and encourage citizens to engage in the democratic process.
• These National Icons serve as role models, demonstrating the importance of voting, upholding democratic values, and fostering a sense of duty towards the nation.

About Election Commission of India :

• Established : 25 January 1950
• Headquarters : New De;hi, Delhi
• The ECI is a constitutional body.
• It was established by the Constitution of India to conduct and regulate elections in the country.
• Article 324 of the Constitution provides that the power of superintendence, direction, and control of elections to parliament, state legislatures, and the office of the president of India.

Choice Insurance Broking Chosen as Intermediary for Karnataka’s Livestock Insurance Scheme 2023-24

• Choice International Limited has announced that its subsidiary, Choice Insurance Broking India Private Limited, has been appointed as the intermediary for Karnataka’s centrally sponsored livestock insurance scheme for the fiscal year 2023-24.
• The formal agreement for this collaboration was signed between the Karnataka Livestock Development Agency and IFFCO Tokio General Insurance Company Limited.
• The initiative aims to provide insurance coverage for the livelihoods and assets of approximately 1.5 lakh livestock owners across 31 districts in Karnataka.
• Currently, less than 1% of the cattle population in the nation is insured, and the average monthly premium amounts to 4.5% of the insured sum.

About Choice International Limited :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra
• CEO : Arun Poddar

Vasanthaganesan to lead the Association of Natural Rubber Producing Countries  

• Vasanthagesan, the Executive Director of the Rubber Board, has taken over as the Chairman of the Association of Natural Rubber Producing Countries (ANRPC) in its 45th Assembly meetings.
• He succeeded the previous Chairman, Dato Zailani Bin Haji Hashim, who was the Deputy Secretary-General of the Ministry of Plantations & Commodities of the Malaysian Government.

About ANRPC :

• Established : 1970
• The ANRPC is an intergovernmental organisation of natural rubber-producing countries.
• Membership is open to the governments of such countries.
• Currently, there are 13 member countries, including India, Bangladesh, Cambodia, China, Indonesia, Malaysia, Myanmar, Papua New Guinea, Philippines, Singapore, Sri Lanka, Thailand, and Vietnam.
• The member countries of the ANRPC account for 84% of global natural rubber production.
• India hosted the ANRPC annual meetings in Guwahati from October 9 to 13, highlighting its role in facilitating international discussions and cooperation in the rubber industry.

CURRENT AFFAIRS : DEFENCE NEWS

South Korea, US and Japan hold first-ever trilateral aerial exercise

• South Korea conducted a joint aerial exercise in collaboration with Japan and the United States (US).
• This exercise marked the first-ever joint collaboration between these 3 countries.
• The trilateral exercise took place south of the Korean peninsula, highlighting the regional nature of the cooperation.

Aim :

• To enhance South Korea’s response capabilities in the face of potential threats posed by North Korea.

About the Exercise :

Participation of US B-52 Bomber :

• The exercise included the participation of a S. B-52 bomber, known for its subsonic speed.
• The B-52 bomber is capable of travelling over 8,800 miles without the need for refuelling and can reach an altitude of 50,000 feet.

Participating Aircraft :

• The joint exercise featured the S. Air Force B-52 strategic bomber, C-17 aircraft, along with South Korea’s Air Force F-35As.
• In addition to the joint aerial exercise, a joint anti-submarine exercise called “Silent Shark” was conducted on 22nd October, 2023.

About US :

• President : Joe Biden
• Capital : Washington, D.C
• Currency : U.S. dollar ($)

About South Korea :

• President : Yoon Suk Yeol
• Prime Minister : Han Duck-soo
• Capital : Seoul
• Currency : Korean Republic won

About Japan :

• Prime Minister : Fumio Kishida
• Capital : Tokyo
• Currency : Japanese yen

CURRENT AFFAIRS : OBITUARIES

Distinguished Academic, Singer, and Lyricist Birendra Nath Datta Passed away

• Eminent academician, singer and lyricist Birendranath Datta passed away at the age of 88 in Guwahati, Assam.

About Birendra Nath Datta :

• Birendra Nath Datta was born on 1 March 1935 in Nagaon, Assam.
• He was an Indian academician, linguist, author, researcher of folklore, singer, and lyricist.
• In 1957, He started his career as a lecturer at B. Borooah College.
• In 1964, he joined Pramathesh Barua College at Gauripur in Lower Assam as the founder principal.
• In 1995 he joined Tezpur University as a professor in the department of Traditional Culture and Art Forms.
• Datta was elected as the president of Asom Sahitya Sabha for the 2003 North Lakhimpur Session, and the 2004 Hojai Session.
• He also wrote a number of scholarly books & One of his books, Cultural Contours of Northeast India, was published by Oxford University Press.

Awards & Honors :

• In 2009, he was awarded the Padma Shri, the fourth highest civilian award, for Literature and Education,and in 2010 he received the Jagaddhatri-Harmohan Das Literary award.

England World Cup winner and Manchester United legend Sir Bobby Charlton Passed away

• Legendary Manchester United and England football player Sir Bobby Charlton passed away at the age of 86.

About Sir Bobby Charlton :

• Sir Bobby Charlton was born on October 11, 1937, in Ashington, Northumberland.
• He joined Manchester United as a schoolboy in 1953.
• During his 20-year career with Manchester United, Charlton played a significant role in the club’s success.
• He was known for his powerful shooting ability.
• He was a key part of the Manchester United team that won three league titles.
• Bobby Charlton was a crucial member of the England national football team & He played a pivotal role in England’s historic victory in the 1966 World Cup.
• During his early years, he was part of the Manchester United youth team that won the FA Youth Cup three times in a row, between 1954 and 1956.

Awards & Honors :

• He was awarded the Ballon d’Or in 1966 after playing every minute of England’s World Cup victory.
• In June 1984, he became a director at United and 10 years later he was knighted, having previously been awarded an OBE and CBE.
• Charlton came second in the BBC Sports Personality of the Year Award in 1958 and 1959.
• In 2008, he received the Lifetime Achievement award.
• United renamed Old Trafford’s South Stand in his honour in 2016 as it became the Sir Bobby Charlton Stand.

Former Chief of Election Body and Congress Leader, MS Gill, Passed Away

• Former Chief Election Commissioner (CEC) of India and Congress leader Manohar Singh Gill Passed away at the age of 86.

About MS Gill :

• MS Gill, was an Indian bureaucrat, politician, and writer.
• He served under Parkash Singh Badal as a young officer when the Shiromani Akali Dal patriarch was the Punjab chief minister.
• As a bureaucrat, he served as a member of the Indian Administrative Service from 1958 until his retirement in 2001 as Chief Election Commissioner (CEC) of India.
• He is perhaps the first former CEC to have joined politics.
• During his tenure as CEC, he successfully conducted various elections, including the general elections to the 12th Lok Sabha (1998) and 13th Lok Sabha (1999), presidential and vice-presidential elections in 1997, and general elections in more than 20 states.
• He joined the Indian National Congress and was elected to the Rajya Sabha from Punjab in 2004 and served as a member of the upper house until his retirement in 2016.
• He also served as Minister of Youth Affairs and Sports from 2008 to 2011 and as Minister of Statistics and Programme Implementation in 2011.
• Gill and GVG Krishnamurty were made members of the Election Commission when TN Seshan was heading the poll panel.
• He was also a writer and authored notable books such as “Himalayan Wonder: Travels in Lahaul and Spiti” (1972) and “Tales from the Hills: Lahaul’s Enduring Myths and Legends” (2014).

Awards & Honors :

• He was awarded the Padma Vibhushan in the year 2000 for his exceptional and distinguished services as a civil servant, recognizing his significant contributions.

CURRENT AFFAIRS: BOOKS AND AUTHOR

ISRO chairman S. Somanath pens autobiography, wants to inspire people chase their dreams

• ISRO Chairman S. Somnath wrote his autobiography.
• The autobiography in Malayalam is titled Nilavu Kudicha Simhangal– translated as ‘Lions that Drank the Moonlight’.
• This book focuses on the power of hard work and perseverance in the face of difficulties.
• It is inspired by the massive success of ISRO’s moon mission, Chandrayaan-3, under the chairmanship of Shri Somnath, which catapulted India into an exclusive league of countries.
• The book will be published by Kerala-based Lipi Publications, which is scheduled to launch in the market in November 2023.
• The ISRO chairman said the purpose of this book is not to teach my life story. Its sole purpose is to inspire people to pursue their dreams while battling adversities in life.

Daily CA One- Liner: October 28

• The Reserve Bank of India (RBI) has instructed lenders, financial institutions, and credit bureaus to address customer complaints within a specified period of 30 days.
• Capital markets regulator Securities and Exchange Board of India (SEBI) has empanelled 12 entities, including Ernst & Young LLP and KPMG Assurance and Consulting Services LLP, to provide assistance to its search team for onsite data acquisition during search and seizure operations.
• According to an SBI report, the growth in the asset and liability of the banking system during the last 9 years (FY14-FY23) is 3 times higher than the growth observed in the previous 63 years (FY1951-2014).
• Prime Minister Narendra Modi inaugurated the 37th National Games at the Jawaharlal Nehru Stadium in Goa
• Prime Minister, Shri Narendra Modi inaugurated the 7th Edition of the India Mobile Congress 2023 at Bharat Mandapam in New Delhi
• The Ayodhya Ram temple trust, known as the Shri Ram Janmbhoomi Teerth Kshetra, hasreceived a license to accept foreign donations under the Foreign Contribution Regulation Act (FCRA).
• A committee constituted by the National Council of Educational Research and Training (NCERT) has recommended replacing “India” with “Bharat” in the school textbooks for all classes, and that “classical history” be taught instead of “ancient history” to correct narrative about the country’s past
• The Union Home Minister and Minister has recently launched the National Cooperative Exports Limited (NCEL).
• The government of India approved the inclusion of the Jamrani Dam Multipurpose Project under the Pradhan Mantri Krishi Sinchayee Yojana-Accelerated Irrigation Benefit Programme (PMKSY-AIBP).
• The Competition Commission of India (CCI) has approved the proposed combination involving re-balancing of the existing cross-shareholdings between Renault and Nissan
• India and Singapore are set to expand the scope of their digital payment link after they announced the landmark linkage between India’s Unified Payments Interface (UPI) and Singapore’s PayNow.
• The India Meteorological Department (IMD) predicted that Cyclone Tej, a depression gathering force in the Arabian Sea, intensified into an ‘extremely severe cyclonic storm’ near the coasts of Oman and Yemen.
• According to government data, the United States (US) has emerged as India’s biggest trading partner during the first half of the current financial year despite global economic uncertainties and declining exports and imports.
• The India Meteorological Department (IMD) confirmed that Cyclone ‘Hamoon’ intensified into a severe cyclonic storm over the north-western Bay of Bengal.
• China is constructing an enormous telescope named Trident in the South China Sea with the purpose of detecting neutrinos, often referred to as “ghost particles.”
• The Bihar government has set up a committee tasked with the assessment of colleges and the implementation of state rankings for educational institutions in bihar.
• A self-help group (SHG) in Budgam, Jammu and Kashmir, has established a flower nursery as part of the UMEED scheme.
• Uttar Pradesh (UP) Chief Minister Shri Yogi Adityanath inaugurated Uttar Pradesh’s first ‘Mission Shakti Cafe’ in the Gonda district.
• Amol Muzumdar, a prominent figure in Indian domestic cricket, has been chosen as the new head coach of the senior women’s cricket team by the Board of Control for Cricket in India (BCCI)
• Rajkummar Rao, a renowned Indian actor known for his role in the film “Newton,” has been inducted as a National Icon by the Election Commission of India.
• Choice International Limited has announced that its subsidiary, Choice Insurance Broking India Private Limited, has been appointed as the intermediary for Karnataka’s centrally sponsored livestock insurance scheme for the fiscal year 2023-24.
• Vasanthagesan, the Executive Director of the Rubber Board, has taken over as the Chairman of the Association of Natural Rubber Producing Countries (ANRPC) in its 45th Assembly meetings.
• South Korea conducted a joint aerial exercise in collaboration with Japan and the United States (US).
• Eminent academician, singer and lyricist Birendranath Datta passed away at the age of 88 in Guwahati, Assam.
• Legendary Manchester United and England football player Sir Bobby Charlton passed away at the age of 86.
• Former Chief Election Commissioner (CEC) of India and Congress leader Manohar Singh Gill Passed away at the age of 86.
• ISRO Chairman S. Somnath wrote his autobiography