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CURRENT AFFAIRS: BANKING & FINANCE

RBI cancels licence of The Kapol Co-operative Bank

The Reserve Bank of India (RBI) has canceled license of The Kapol Co-operative Bank over inadequate capital and earning prospects.
“The continuance of the bank is prejudicial to the interests of its depositors, the bank with its present financial position would be unable to pay its present depositors in full, and public interest would be adversely affected if the bank is allowed to carry on its banking business any further,”.
The Additional Secretary & Central Registrar of Cooperative Societies, Ministry of Cooperation, Government of India has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank, release stated.
Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 25, 2023.
After the cancellation of the licence, the co-op bank has been prohibited from conducting banking businesses, including acceptance of deposits and repayment of deposits, the RBI added.
On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC)
subject to the provisions of DICGC Act, 1961, release stated.
The release also stated that as per the data submitted by the bank, 96.09 percent of the depositors are entitled to receive full amount of their deposits
from DICGC.
“As on July 24, 2023, DICGC has already paid Rs 230.16 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961
based on the willingness received from the concerned depositors of the bank,”.

Afghanistan currency emerges as best-performing unit globally in September quarter

Afghanistan’s currency has emerged as the world’s best-performing unit in the September quarter, rallying 9 percent during the three-month period and 14 percent so far this year amid foreign aid flows and the US releasing funds to the war-torn country.
The mostly agrarian economy of the now Taliban-ruled Afghanistan had tanked almost 30%, and its currency had dropped to 124.2 against the US dollar on August 16, 2021.
On August 14, the local currency quoted 80.96 against the greenback.
The analyst did not want to be named as the brokerage does not track the Afghan currency since the current Afghanistan regime has stopped sharing data.
According to a recent World Bank report, the economy steeped in unemployment and abject poverty of the vast majority is now facing deflation.
On the back of foreign exchange inflows, the Afghani has rallied from 85 to the US dollar in early August to 73.38 on August 31, 2023 its best-ever show since the Taliban takeover.
Since then in September, the unit lost the sheen by 6.5%, according to HDFC Securities.
Despite the fall, the Afghani was the best-performing currency across the world in the September quarter, gaining 9 percent in the quarter and 14% year-to-date.
There is no liquidity in the Afghani market, and the rally should be a one-off event and does not look like it will last.

SIDBI Collaborates with DLAI for Fintech-driven Small Loan Distribution

The Digital Lenders Association of India (DLAI) and the Small Industries Development Bank of India (SIDBI) have signed an agreement to collaborate to boost digital adoption in lending and develop policies to protect consumer interest.
The memorandum of understanding (MoU) for collaboration between SIDBI and DLAI was formalized at an event organized by DLAI in Goa.
SIDBI intends to explore the distribution of its credit products to micro-enterprises through fintechs that are members of DLAI.

Key Highlights :

DLAI’s latest version of the industry code of conduct (CoC) was launched by Sivasubramanian Ramann, chairman and managing director of SIDBI, at an event that was attended by the top 100 executives of the Indian fintech industry.
The new version of CoC is structured around the RBI’s Digital Lending Guidelines.
The MoU envisages collaboration between DLAI and SIDBI to develop standard protocols to expedite the adoption of digital lending partnerships, including alliances between banks and lending service providers (LSPs), co-lending collaborations, and developing model partnership agreements.
The development institution will also explore partnerships for its “Prayaas” scheme for informal enterprises, co-lending, GST Sahay, Express loan, green financing and other direct credit schemes SIDBI.

About SIDBI :

Founded: 2 April 1990
Headquarters: Lucknow, Uttar Pradesh, India
Chairman & MD : Sivasubramanian Ramann
Small Industries Development Bank of India is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India.

IREDA signs MoUs with Bank of Maharashtra for Financing Renewable Energy Projects

State-owned Indian Renewable Energy Development Agency (IREDA) and Bank of Maharashtra (BoM) have entered into an initial pact to finance renewable energy projects in India.
The collaboration aims to promote and facilitate co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation.
Under the agreement, Bank of Maharashtra (BoM) has the opportunity to invest in the bonds issued by IREDA in accordance with the specified terms and conditions of the offering.
The MoU was signed by General Manager (Technical Services), IREDA, Shri Bharat Singh Rajput and General Manager (Retail & MSME Credit), Bank of Maharashtra, Shri Rajesh Singh at IREDA’s Business Centre, New Delhi.

About the MoU :

The Memorandum of Understanding (MoU) between IREDA and Bank of Maharashtra includes several key services to support renewable energy projects, including:
Co-lending and co-origination assistance.
Loan Syndication and Underwriting Facility.
Management of trust and retention accounts for transparency.
Stable fixed interest rates for IREDA borrowings over 3-4 years.
This partnership underlines the importance of financial institutions and government bodies working together.
This alignment supports India’s ambitious target of achieving net zero emissions by 2070 as directed by the Honourable Prime Minister.
Under this agreement, Bank of Maharashtra can invest in the Bonds issued by IREDA in accordance with the specified terms and conditions of the offering.

About IREDA :

Established : 1987
Headquarters : New Delhi, Delhi
Chairman & Managing Director : Pradip Kumar Das
IREDA is formed as a Mini Ratna Government of India Enterprise under Government of India and administratively controlled by the Ministry of New and Renewable Energy.

About BoM :

Established : 1935
Headquarters : Pune, Maharashtra
Managing Director & CEO : Shri. A.S. Rajeev
Tagline : One Family One Bank

About Ministry of New and Renewable Energy :

Cabinet Minister : Raj Kumar Singh
Minister of State : Bhagwanth Khuba

CURRENT AFFAIRS: NATIONAL

Govt plans to develop electric highway between Delhi and Jaipur

Union Minister of Road Transport and Highway, Nitin Gadkari has stated that electric buses are very popular and the government is planning to make an electric highway from Delhi to Jaipur.
He stated this while addressing the 20th Indo-US Economic Summit in New Delhi.
Mr Gadkari stated the government is planning to bring buses with luxury facilities and people will get the same treatment as aviation class.
He added that the rate will be less than 30 percent as compared to diesel buses.
These buses will take approximately two hours and 50 minutes to cover Jaipur and Delhi.
The Union Minister also stated that the Indo-US economic summit has a lot of potential where both countries can work towards new joint ventures.
He stated India and US can mutually share technology which will further aid in development of the two countries.
Mr Gadkari also gave away the 7th Business Leadership Awards.

PM Modi to launch projects at Chhota Udepur in Gujarat

Prime Minister Narendra Modi will inaugurate and lay the foundation stone for projects worth over 5200 crore rupees at Chhota Udepur in Gujarat.
These projects include the school infrastructure projects worth over 4500 crore rupees under the programme ‘Mission Schools of Excellence’.
The PM will also preside over a function marking the two decades of the Vibrant Gujarat Global Summit.
Recent reports stated that the journey that started from Tagore Hall in Ahmedabad with merely 300 international participants in the year 2003, is completing a glorious 20 years on 28th of September 2023.
Vibrant Gujarat Global Summit, the initiative was conceptualised by the Chief Minister of Gujarat Narendra Modi to attract global businesses when the state was still suffering from the ill effects of the devastating earthquake.
Modi, who was the Gujarat chief minister when the summit was launched in September 2003.
Over the past 20 years, the summit has successfully established Gujarat as a leading brand for businesses.
The 2019 summit witnessed overwhelming participation from thousands of delegates from more than 135 nations.
A special event to mark the two-decade celebration of the summit which will be held at Science City in Ahmedabad in the presence of PM Narendra Modi will be attended by industry associations, prominent personalities from the sectors of trade & commerce, young entrepreneurs, and students.

About Gujarat:

Capital: Gandhinagar
Chief Minister: Bhupendrabhai Patel
Governor: Acharya Devvrat
National Park: Gir National Park, Marine National Park , Bhavnagar Blackbuck National Park, Vansda national park

CURRENT AFFAIRS: INTERNATIONAL NEWS

Dubai Unveils Comprehensive Guide to Generative AI in Media at the 21st Arab Media Forum

In a significant move towards harnessing the power of Artificial Intelligence (AI) in the media landscape, the UAE Ministry of Artificial Intelligence, Digital Economy and Remote Work Applications, in collaboration with the Dubai Media Council, has officially launched a groundbreaking guide titled ‘100 Practical Use Cases of Generative AI in Media.’
The unveiling took place on the opening day of the 21st Arab Media Forum in Dubai, which commenced on September 26th.
This comprehensive guide represents a treasure trove of insights and applications for media professionals keen on exploring the transformative potential of AI technologies across various industry sectors.
Offering a comprehensive roadmap, the guide meticulously outlines 100 practical applications of generative AI in media, spanning an array of domains from visual arts to audio content creation.
Omar Sultan Al Olama, the Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, expressed the Ministry’s commitment to proactively fostering the adoption of cutting-edge advancements aimed at ushering in new waves of growth and crafting a technology-rich future across sectors in the UAE.
Beyond serving as an informational resource, this guide symbolizes the UAE’s vision to champion innovation-driven transformations.
It also underscores the nation’s aspiration to elevate its global stature as a hub for AI application development, leveraging such innovations to foster sustainable development, enhance productivity and efficiency, and catalyze paradigm shifts in vital sectors.
The guide goes even further by offering an in-depth exploration of generative AI principles and optimal strategies for managing a spectrum of digital technologies. It prominently emphasizes data privacy considerations and underscores the paramount importance of harnessing AI technologies effectively.
Armed with the transformative insights and knowledge contained within the guide, creators, innovators, and media professionals are empowered to elevate their efficiency, performance, creativity, and productivity within their respective fields.
Moreover, the guide stands as an indispensable resource for policy-makers, entrepreneurs, industry leaders, and decision-makers actively seeking to integrate AI for advancing media innovation.
In an era where generative AI is poised to generate content mirroring human creativity, this guide is poised to stimulate the development of high-quality content resonating deeply with audiences not only in the UAE but also across the broader region and beyond.
As AI’s potential for creative content generation continues to burgeon, the guide’s launch signals a remarkable leap towards a future where AI and media coalesce to redefine storytelling and content creation

India-US 2 plus 2 Intersessional Dialogue held in Washington

India-US 2 plus 2 Intersessional Dialogue was held in Washington.
Underscoring the transformative momentum in the India-US relationship, the two countries held discussions on opportunities to further strengthen interoperability and logistics cooperation.
The Indian delegation was led by Additional Secretary in External Affairs Ministry Vani Rao and Joint Secretary in the Defence Ministry Vishwesh Negi.
The American side was led by Assistant Secretary of Defense for Indo-Pacific Security Affairs Ely Ratner and Assistant Secretary of State for South and Central Asian Affairs Donald Lu.
The officials also discussed regional security developments and strategic priorities across the Indo-Pacific region.
The 2 plus 2 Intersessional Dialogue advanced a wide range of ambitious initiatives across the breadth of the US-India partnership, including defense and security, emerging technologies, people-to-people ties, clean energy, and supply chain resilience.
The two sides reaffirmed that a strong partnership between the two countries is essential to upholding security and prosperity in the Indo-Pacific Region.

India, US, UAE, and Israel Collaborate on Joint Space Venture to Address Environmental Issues and Climate Change

Israel, India, the United Arab Emirates (UAE), and the United States have jointly announced a new space venture during the 78th United Nations General Assembly session in New York.
These countries are members of the I2U2 group, also known as the West Asia Quad.
The group was founded in October 2021 by the foreign ministers of these nations to promote collaboration in various sectors, including water, energy, transportation, space, health, and food security.
The participating countries are also signatories of the Artemis Accord, a nonbinding set of principles aimed at fostering international cooperation for space exploration, particularly to the Moon and Mars, with NASA’s involvement
The joint space venture primarily utilizes space-based observation data and capabilities from the four partner countries.
Its objective is to create a unique space-based tool that can be used by policymakers, institutions, and entrepreneurs to address environmental and climate change challenges.
The 4 countries’ foreign ministers founded the I2U2 group in October 2021.
The group also launched a new digital platform, inviting leaders in the private sector to submit their ideas for projects to meet various global challenges.
The group held their first virtual summit in July 2022.

About US :

President : Joe Biden
Capital : Washington, D.C.
Currency : U.S. dollar

About USA :

President : Mohamed bin Zayed Al Nahyan
Prime Minister : Mohammed bin Rashid Al Maktoum
Capital : Abu Dhabi
Currency : UAE dirham

About Israel :

President : Isaac Herzog
Prime Minister : Benjamin Netanyahu
Capital : Jerusalem
Currency : New shekel

CURRENT AFFAIRS: STATE NEWS

Tamil Nadu planning a Disney-like 100-acre amusement park outside Chennai

Tamil Nadu plans to develop a large-format 100-acre theme park along the lines of those run by Disney and Universal Studios on the outskirts of Chennai through private sector participation, according to its new tourism policy.
The state government’s tourism department released its tourism policy, under which it has outlined 12 priority tourism segments — Adventure Tourism, Recreation Tourism, Caravan Tourism, Rural and Plantation Tourism, Coastal Tourism, Cultural Tourism, Medical and Wellness Tourism, Religious Tourism, Eco Tourism, MICE Tourism, Heritage Tourism and Film Tourism.
The Indian amusement park sector is pegged at $500 million, only about 1% of the global industry of $49 billion.
There are only 15-20 amusement parks with more than 0.5 million footfalls a year, according to IBEF.
Some of the major ones include Imagica Adlabs (Lonavala), Kingdom of Dreams (Gurgaon), WonderLa (Bangalore and Kochi).
This tourism policy, which will be valid for a period of 5 years from the date of the policy notification, or till a new policy is announced, has also highlighted golf tourism as another area of interest under recreation tourism.
Besides, the southern state is also planning to promote film tourism across all segments – Bollywood, Kollywood, documentaries, TV productions, foreign movies and shows and other regional movies.
“A Film Tourism Scheme will be separately launched outlining guidelines and incentives for film shooting in Tamil Nadu,” it stated.
Similar film tourism schemes have already been announced by the states of Rajasthan, Gujarat and Madhya Pradesh.

CURRENT AFFAIRS: BUSINESS NEWS

Zepto most preferred startup for professionals in India: LinkedIn ranking

E-commerce platform Zepto, which has turned unicorn recently, has emerged as the top startup in India in terms of professionals’ preferred workplace, according to a list by a top recruiting platform.
Startups that followed the e-grocery app in the ranking include EV cab aggregator BluSmart, fintech company Ditto Insurance, audio OTT platform Pocket FM and Skyroot Aerospace, respectively.
LinkedIn released its ‘Top 25 Indian Startups List’, an annual ranking of emerging companies where professionals want to work, based on the hiring platform’s data of almost 1 crore members.
Zepto climbed three spots from number 4 last year as the top startup in terms of employee growth, jobseeker interest, member engagement within the company and its employees, and the startups pulling talent from LinkedIn’s Top Companies list.

Aditya Birla Fashion acquires 51% stake in TCNS Clothing

Aditya Birla Fashion Retail Ltd (ABFRL) has completed the acquisition of a 51 percent stake in TCNS Clothing to become a promoter of the women’s apparel brand.
TCNS has become a subsidiary of the company, and will also be a material subsidiary of the company in accordance with SEBI Listing Regulations.
On May 5, Aditya Birla Group firm had announced that it will acquire a majority stake in TCNS Clothing, in a deal worth Rs 1,650 crore.
As per the deal, it acquired TCNS Clothing’s founding promoter’s stake through an SPA (Share Purchase Agreement), followed by an open offer.
As per SPA, ABFRL acquired a total of 1.41 crore equity shares constituting 22 percent of the expanded share capital of the company.

Byju’s to rebrand WhiteHat Jr as Byju’s Future School

Byju’s has decided to rebrand its wholly-owned subsidiary WhiteHat Jr, while fully integrating the company’s assets into other business verticals including its holding entity Think & Learn Pvt, a move aimed at reducing costs to tide over an immediate liquidity crunch.
WhiteHat Jr, which Byju’s acquired for a whopping $300 million cash deal three years ago, has been one of the company’s biggest loss-making subsidiaries, thanks to its high marketing and employee benefit costs.
Byju’s infused over $100 million into the company since the acquisition for its expansion.
A merger with self would thus help the company in reducing its overall burn, which will be critical considering its impending cash needs.
Sourcesstated that it is set to rebrand WhiteHat Jr as “Byju’s Future School” with an expanded offline presence.
Byju’s Future School is a platform designed to teach coding to children outside of India and has enjoyed synergies with WhiteHat Jr since its inception three years ago.
Byju’s made headlines in August 2020 with WhiteHat Jr acquisition, which provided founder and CEO Karan Bajaj with one of the most significant exits in the history of India’s startup ecosystem.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

RBI deputy governor M Rajeshwar Rao gets term extension by one year.

The central government extended the term of M Rajeshwar Rao as the Reserve Bank of India’s (RBI) Deputy Governor by one year.
The re-appointment has been approved by the Cabinet’s Appointments Committee.
Rao was appointed as the Deputy Governor of the central bank in October 2020 for a period of three years.

Who is M Rajeshwar Rao?

An economics graduate and a masters of business administration from the University of Cochin, Rao joined the RBI in 1984.
He was elevated as RBI executive director in November 2016.
As a career central banker, he has exposure to various aspects of the RBI’s functioning.
He has previously held the charge of the Risk Monitoring Department.
He has also worked as the Banking Ombudsman in New Delhi and in the Reserve Bank’s regional offices in Ahmedabad, Hyderabad, Chennai and the national capital.

RBI Grants Approval for Sashidhar Jagdishan’s Re-Appointment as MD and CEO of HDFC Bank for 3 Years

The Reserve Bank of India (RBI) approved the re-appointment of Sashidhar Jagdishan as the managing director (MD) and chief executive officer (CEO) of HDFC Bank for 3 years starting from October 27, 2023.
In March 2023, HDFC Bank board had recommended the re-appointment of Jagdishan for a period of 3 years.
Sashidhar Jagdishan assumed the position of MD & CEO of HDFC Bank in October 2020, succeeding Aditya Puri upon his retirement.
His extension comes in the wake of the merger between HDFC Ltd and HDFC Bank, which created the second-largest bank in India after the State Bank of India.

About Sashidhar Jagdishan :

Jagdishan, who has an overall experience of 31 years in the industry, joined the bank in 1996 as a manager in the finance function.
He is a chartered accountant by profession and holds a Master’s degree in Economics of Money, Banking & Finance from the University of Sheffield, United Kingdom.
Prior to his appointment as MD & CEO, he served as the group head of the bank, in addition to overseeing the functions of finance, human resources, legal & secretarial, administration, among others.
In April 2022, HDFC Bank under the leadership of Jagdishan announced merger with HDFC.
The merger came into effect from 1 July, 2023.

About HDFC Bank :

Founded : 1994
Headquarters : Mumbai, Maharashtra
MD & CEO : Sashidhar Jagdishan.
Tagline : We Understand Your World

BYJU’S Names Arjun Mohan as India CEO Following Mrinal Mohit’s Resignation

Edtech giant BYJU’S has appointed Arjun Mohan as the Chief Executive Officer (CEO) for its India operations.
Arjun Mohan succeeds Mrinal Mohit, who was a founding partner and the outgoing head of India business at BYJU’s.
Mrinal Mohit served as the CEO of India operations at BYJU’s and left the company to pursue personal aspirations.
Mrinal Mohit had been leading BYJU’s India operations since May 2022, when BYJU Raveendran, co-founder and CEO of the company, shifted his focus towards the company’s international operations.
Arjun Mohan had previously served as BYJU’s Chief Business Officer but left the firm in 2020 to become the CEO of upGrad, Ronnie Screwvala’s upskilling unicorn.

Recent News :

In July 2023, BYJU’S had roped in upGrad’s former CEO, Arjun Mohan as the CEO of its international business

CURRENT AFFAIRS : DEFENCE NEWS

Indian Naval Ship Sahyadri participates in the maiden India-Indonesia-Australia trilateral Maritime Exercise

Indian Navy’s indigenously built warship Indian Naval Ship (INS) Sahyadri, mission deployed in Indo-Pacific, participated in the maiden trilateral Maritime Partnership Exercise with the ships and aircraft from the Royal Australian Navy (RAN) and Indonesian Navy .
INS Sahyadri, the third ship of the indigenously designed and built Project-17 class multirole stealth frigates was built at Mazagon Dock Ltd, Mumbai, Maharashtra and is commanded by Capt Rajan Kapoor.

Objective :

The trilateral exercise aimed to strengthen the partnership among the maritime nations of India, Australia, and Indonesia. It focused on enhancing their collective capability to support a stable, peaceful, and secure Indo-Pacific region.
The exercise provided an opportunity for the participating navies to share experiences and expertise, fostering cooperation and collaboration in the maritime domain.
During the exercise, complex tactical and manoeuvring exercises took place.
This included cross-deck visits and cross-deck landings of integral helicopters, which contributed to the training of crew members and the enhancement of interoperability among the participating navies.

Recent News :

On Sep 2023, Indian Naval Ships Ranvijay and Kavaratti and submarine INS Sindhukesari arrived in Singapore to participate in the 30th edition of the Singapore India Maritime Bilateral Exercise (SIMBEX), an annual bilateral Naval exercise between the Indian Navy and Republic of Singapore Navy (RSN), which is being conducted since 1994.

About Ministry of Defence :

Defence Minister : Rajnath Singh
Minister of State : Ajay Bhatt

CURRENT AFFAIRS: SPORTS

SAFF Under-19: India to take on hosts Nepal in semifinal

India will take on hosts Nepal in the semifinal of the SAFF Under-19 Football Championship in Kathmandu.
India reached the semi-finals as Group B winners with two consecutive victories.
On the other hand, Nepal claimed the second spot in Group A, following Pakistan.
Earlier, Pakistan will take on Bhutan in the first semi-final.
After blanking Bangladesh 3-0 in their opener, India struggled a bit against a gritty Bhutan while etching a 2-1 win.

About 2023 SAFF U-19:

The 2023 SAFF U-19 Championshipis the 5th edition of the SAFF U-19 Championship, an international football competition for men’s under-19 national teams organized by South Asian Football Federation (SAFF).
It taking place from 21–30 September 2023 in Kathmandu, Nepal
Indiaare the defending champions, who won their second title in 2022 by defeating Bangladesh in the final

India’s Sift Kaur Samra wins gold in women’s 50m Rifle event at Asian Games 2023

India’s Sift Kaur Samra won gold in the women’s 50m Rifle 3-P individual event at the Asian Games 2023 to give India its fifth gold at Hangzhou.
In women’s 25m pistol shooting event, Indian team composed of Manu Bhaker, Rhythm Sangwan and Esha Singh also claimed the gold
This brings the overall medal tally for India to 21 – 5 gold, 6 silver and 10 bronze.
Meanwhile, Esha Singh in an individual women’s 25m pistol event won Silver, behind China’s Rui Liu.
Vishnu Saravanan, has added another medal by securing a bronze in the ILCA- 7 event at the Asian Games 2023.
In a 50m rifle team event Indian trio of Sift Samra Kaur, Ashi Chouksey and Manini Kaushik clinched silver while Ashi Chouksey in an individual event of 50m rifles bagged bronze

About Asian Games 2023:

Hangzhou was officially awarded as the host city on September 16 2015.
The emblem of the Games, ‘Surging Tides’ was announced during a ceremony in Hangzhou, and it is designed to resemble a hand fan, a running track and the Qiantang River, and radio waves (symbolising wireless connectivity).

CURRENT AFFAIRS: IMPORTANT DAYS

Google’s 25th Birthday: The tech giant’s journey

September 27, 2023, is a big occasion in the tech world – Google’s 25th birthday.
The journey of this American multinational tech company had humble beginnings and the entire journey is nothing short of remarkable.
In the mid-’90s, two bright minds, Larry Page and Sergey Brin, crossed paths as doctoral students in Stanford University’s computer science program.

Little did they know that their collaboration would change the digital landscape of the world forever.
They started a research project initially called “BackRub,” which eventually turned into the search engine we now know as Google.
Larry Page explored the mathematical intricacies of the World Wide Web’s link structure.
He laid the foundation for a revolutionary search algorithm that made Google the search giant we know today.
By 1998, their project had evolved into Google, a name inspired by ‘Googol‘- a mathematical term that represents a very large number.
In August 1998, Google Inc. received its official birth certificate in the form of a $100,000 check from Andy Bechtolsheim, co-founder of Sun Microsystems.
From their Stanford dorm room, Page and Brin moved to their first “office” – a rented garage in Menlo Park, California.
The office had both computers and a ping pong table, which turned into their home for the next few years as they worked to realize their vision of a sorted internet.

Beyond Search

Today, Google’s impact extends far beyond its search engine. With products like YouTube, Android, Gmail, and Google Maps, Google has become an integral part of daily life for billions across the globe.
Google’s influence in the tech world spread when it became the default search engine for Yahoo in 2000.
AdWords was launched in October 2000, thereby laying the foundation for Google’s online advertising dominance.
The next big development came in 2004 when Google announced that Gmail will offer a staggering 1GB of storage capacity, thereby making Gmail an integral part of our lives, and helped push back the competition from the likes of YahooMail and Microsoft’s Hotmail. The company went public in August of the same year.

Birth of Google’s Android and YouTube

Google’s innovation didn’t stop with search and email. It ventured into mobile with the acquisition of Android in 2005 and the launch of Google Talk.
The acquisition of YouTube in 2006 signaled Google’s entry into the online video space.
Google’s acquisition spree continued with DoubleClick in 2007, expanding its influence in online advertising.
Universal search, introduced in 2007, allowed users to access a wide range of content types in one search.
In 2008, Google unveiled its first Android phone, the T-Mobile G1, and introduced the world to the Chrome web browser.
The following years saw the launch of Google Glass, the acquisition of mapping startup Waze, and the creation of Alphabet, Google’s parent company, with Sundar Pichai taking the helm as CEO of Google.

World Maritime Day: September 28, 2023

World Maritime Day is celebrated on the last Thursday of September each year.
This year it will be celebrated on Thursday, September 28, 2023.
This year’s World Maritime theme is “MARPOL at 50 – Our commitment goes on”.
The theme reflects the organization’s long history of protecting the environment from the impact of shipping via a robust regulatory framework and emphasizes its ongoing commitment to this important work.
The theme ‘MARPOL at 50 – Our commitment goes on’ spotlights the International Convention for the Prevention of Pollution from Ships (MARPOL), which covers prevention of pollution of the marine environment by ships from operational or accidental causes.

IMO-UNEP-Norway Innovation Forum 2023:

The event takes place on 28 September 2023 at IMO Headquarters, London, and online.
The Forum includes topics such as: Environmental performance; reducing plastic litter from ships; supporting innovation in marine fuel production; decarbonizing the maritime sector; unlocking green finance; and partnerships and collaboration.

World Maritime Day history

The International Maritime Organisation was established in 1948 to oversee the shipping industry.
The IMO maintains a comprehensive structure covering technological cooperation, environmental regulation, legal recourse and the safety of every member of its workforce.
To prepare for a green future, the International Maritime Organisation proclaimed the last Thursday in September each year as World Maritime Day, decades after it was founded. Each year a theme is chosen.

Daily CA on Sep 28 :

The Reserve Bank of India (RBI) has canceled license of The Kapol Co-operative Bank over inadequate capital and earning prospects.
Afghanistan’s currency has emerged as the world’s best-performing unit in the September quarter, rallying 9 percent during the three-month period and 14 percent so far this year amid foreign aid flows and the US releasing funds to the war-torn country.
The Digital Lenders Association of India (DLAI) and the Small Industries Development Bank of India (SIDBI) have signed an agreement to collaborate to boost digital adoption in lending and develop policies to protect consumer interest.
State-owned Indian Renewable Energy Development Agency (IREDA) and Bank of Maharashtra (BoM) have entered into an initial pact to finance renewable energy projects in India.
Union Minister of Road Transport and Highway, Nitin Gadkari has stated that electric buses are very popular and the government is planning to make an electric highway from Delhi to Jaipur.
Prime Minister Narendra Modi will inaugurate and lay the foundation stone for projects worth over 5200 crore rupees at Chhota Udepur in Gujarat.
In a significant move towards harnessing the power of Artificial Intelligence (AI) in the media landscape, the UAE Ministry of Artificial Intelligence, Digital Economy and Remote Work Applications, in collaboration with the Dubai Media Council, has officially launched a groundbreaking guide titled ‘100 Practical Use Cases of Generative AI in Media.’
India-US 2 plus 2 Intersessional Dialogue was held in Washington.
Israel, India, the United Arab Emirates (UAE), and the United States have jointly announced a new space venture during the 78th United Nations General Assembly session in New York.
Tamil Nadu plans to develop a large-format 100-acre theme park along the lines of those run by Disney and Universal Studios on the outskirts of Chennai through private sector participation, according to its new tourism policy.
E-commerce platform Zepto, which has turned unicorn recently, has emerged as the top startup in India in terms of professionals’ preferred workplace, according to a list by a top recruiting platform.
Aditya Birla Fashion Retail Ltd (ABFRL) has completed the acquisition of a 51 percent stake in TCNS Clothing to become a promoter of the women’s apparel brand.
Byju’s has decided to rebrand its wholly-owned subsidiary WhiteHat Jr, while fully integrating the company’s assets into other business verticals including its holding entity Think & Learn Pvt, a move aimed at reducing costs to tide over an immediate liquidity crunch.
The central government extended the term of M Rajeshwar Rao as the Reserve Bank of India’s (RBI) Deputy Governor by one year.
The Reserve Bank of India (RBI) approved the re-appointment of Sashidhar Jagdishan as the managing director (MD) and chief executive officer (CEO) of HDFC Bank for 3 years starting from October 27, 2023.
Edtech giant BYJU’S has appointed Arjun Mohan as the Chief Executive Officer (CEO) for its India operations.
Indian Navy’s indigenously built warship Indian Naval Ship (INS) Sahyadri, mission deployed in Indo-Pacific, participated in the maiden trilateral Maritime Partnership Exercise with the ships and aircraft from the Royal Australian Navy (RAN) and Indonesian Navy .
India will take on hosts Nepal in the semifinal of the SAFF Under-19 Football Championship in Kathmandu.
India’s Sift Kaur Samra won gold in the women’s 50m Rifle 3-P individual event at the Asian Games 2023 to give India its fifth gold at Hangzhou.
September 27, 2023, is a big occasion in the tech world – Google’s 25th birthday.
World Maritime Day is celebrated on the last Thursday of September each year & this year it will be celebrated on Thursday, September 28, 2023.

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