01st-15th November (Pt.2), 2024

1. Indian Railways Signs MoU with Switzerland for Technical Cooperation
2. Australia selected as the “Country of Focus” for the IFFI 2024
3. Govt Appoints S. Gopalakrishnan as the Chairman of SSC
4. Meluri officially Declared as 17th District of Nagaland
5. 7th Session of ISA Assembly held in New Delhi from November 3rd to 6th, 2024
6. 16th Meeting of the CBD COP Held in Cali, Colombia
7. ADB issues First Biodiversity and Nature Bond worth USD 100 million
8. Indian Actor Darasing Khurana Receives the Mahatma Gandhi Leadership Award in UK
9. RBI approves Pranav Chawda as CEO of JP Morgan Chase Bank India
10. U-23 Wrestling World Championships 2024: Chirag Chikkara clinches gold as India shine with nine medals
11. Financial Expert Ajay Thakur launched his New Book titled “Vision to Victory: Unleashing India’s SME platform”
12. Durgesh Aranya Zoological Park: India’s First IGBC-Certified Zoo in Kangra, HP
13. Ex Vajra Prahar 2024: 15th Indo-US Joint Special Forces Exercise Commenced at Idaho, USA
14. 9th India-Indonesia Joint Exercise ‘GARUD SHAKTI’ held in Jakarta, Indonesia
15. IFC Invests USD 400 million in Bajaj Finance, Aiming to Quadruple Climate Loans by 2027
16. ICA Elects Hindalco Industries as its New Member
17. VINBAX-2024: 5th Joint Military Exercise between India & Vietnam held in Haryana
18. ADB Report: India to Face 24.7% GDP Loss by 2070 Due to Climate Change
19. FIH Star Awards 2024: Harmanpreet Singh Named as the Men’s Player of the Year; PR Sreejesh Bagged Men’s Goalkeeper of the Year Award
20. Thiruvananthapuram Corporation: 1st Indian City to win Global Award for Sustainable Development in Cities
21. Justice Sanjiv Khanna Sworn in as 51st Chief Justice of India
22. MS Dhoni Appointed as Brand Ambassador for Jharkhand Assembly Election
23. ISRO launches India’s 1st Analog Space Mission in Ladakh’s Leh
24. Union Minister Dr. Virendra Kumar Inaugurated ‘Ship Samagam Mela 2024’ & ‘TULIP’ brand
25. Cairn Oil & Gas joins UN’s Methane Reduction Initiative, 1st in India
26. SBI named Best Bank in India for 2024 by Global Finance Magazine
27. VD Chafekar appointed as 7th ED of ReCAAP ISC for 3 years
28. Fintech startup Slice completes merger with NESFB to Operate as Single Entity
29. Ashwin Fernandes presented his new book “‘”Modialogue” on PM Modi’s Mann Ki Baat to Ram Nath Kovind’
30. India-Bhutan’s First Integrated Check Post Launched in Assam’s Darranga

Banking and Economy

1. HDFC Bank Opens First Branch in Singapore
   • What:
     • HDFC Bank inaugurated its first branch in Singapore on October 15, 2024.
     • The bank received a wholesale banking license from the Monetary Authority of Singapore (MAS).
   • Why:
     • The branch aims to expand HDFC Bank’s international operations and provide a wide range of banking services to residents of Singapore.
     • It will cater to the banking needs of various clients, including multinational corporations (MNCs) and non-resident Indians (NRIs).
   • Tell me more:
     • The Singapore branch will continue to offer loan-related services for NRIs, including housing loans and property purchases in India.
     • The inauguration was attended by Mr. Rakesh Singh, Group Head of International Banking, and Mr. Gaurav Khandelwal, CEO of HDFC Bank Singapore.
     • HDFC Bank now has five international branches located in Hong Kong, Bahrain, Dubai, Singapore, and an IFSC Banking Unit in Gujarat.

2. Canara HSBC Life Insurance Launches ‘Promise4Future’ Plan
   • What:
     • Canara HSBC Life Insurance has launched a new plan called ‘Promise4Future’ (UIN: 136N119V01).
     • This is a Non-Linked, Participating plan that combines life protection with savings.
   • Why:
     • The plan aims to meet the needs of Indian consumers who prioritize savings and financial security for their families.
   • Tell me more:
     • ‘Promise4Future’ offers two variants:
       • Savings4Future: Provides savings growth and higher benefits in case of death or at the end of the policy term.
       • Income4Future: Ensures a steady income stream and lump-sum benefits for financial needs.
     • The plan includes flexible premium payments, high-premium boosters, and options for partial or full withdrawals.
     • The product will be available through multiple distribution channels for easy access.

3. ADB Issues First Biodiversity and Nature Bond
   • What:
     • The Asian Development Bank (ADB) has launched its first biodiversity and nature theme bond.
     • The bond is worth A$150 million (approximately US$100 million) and has a duration of 10 years.
   • Why:
     • The bond aims to finance projects that support biodiversity and sustainable management of nature across Asia and the Pacific.
   • Tell me more:
     • The bond was purchased by Dai-ichi Life Insurance Company, Limited of Japan and arranged by Credit Agricole CIB.
     • ADB’s theme bonds help support the United Nations Sustainable Development Goals and the Kunming-Montreal Global Biodiversity Framework.
     • ADB has a long-standing commitment to biodiversity, being a founding partner of the Coral Triangle Initiative since 2009.

4. IFC Partners with Bajaj Finance to Boost Climate Finance
   • What:
     • The International Finance Corporation (IFC) has partnered with Bajaj Finance Limited (BFL) to invest $400 million to improve access to climate finance for electric vehicles (EVs) and energy-efficient consumer goods (EECG).
     • This investment is part of a $1 billion fundraising effort by BFL.
   • Why:
     • The funding aims to enhance competitiveness in the climate finance market, support India’s climate goals, and promote financial inclusion, particularly for women-owned microenterprises and women micro-borrowers.
   • Tell me more:
     • BFL is one of India’s largest non-banking finance companies and has a strong presence in the EV and EECG sectors.
     • The partnership will help BFL expand financing options for customers purchasing EVs, including two-wheelers, three-wheelers, and four-wheelers.
     • The loan is expected to increase BFL’s outstanding climate loans from over $150 million in 2024 to $600 million by 2027.

5. Hindalco Joins International Copper Association
   • What:
     • The International Copper Association (ICA) has elected Hindalco Industries Ltd, a part of the Aditya Birla Group, as its newest member.
   • Why:
     • Joining ICA allows Hindalco to collaborate with the global copper industry to enhance the value chain for copper, which is essential for achieving net-zero emissions.
   • Tell me more:
     • Hindalco Industries has been operational since 1958 and produces copper cathodes and continuous cast copper rods for both domestic and international markets.
     • Rohit Pathak, CEO of Hindalco’s Copper Business
     • Hindalco has emerged as the World’s Most Sustainable Aluminium Company for the fifth consecutive year in the 2024 edition of the S&P Global Corporate Sustainability Assessment (CSA) rankings.
       • It leads in climate action with initiatives like a 100 MW carbon-free power project in Odisha, which won the ‘Energy Transition Changemaker’ award at COP28.

6. ADB Report Warns of Economic Losses Due to Climate Change
   • What:
     • The Asian Development Bank (ADB) released a report indicating that climate change could lead to a 16.9% GDP loss in the Asia-Pacific region by 2070, with India projected to lose 24.7%.
   • Why:
     • The ADB report aims to raise awareness about the severe economic impacts of climate change and the urgent need for coordinated climate action.
   • Tell me more:
     • Up to 300 million people in the region could face coastal inundation by 2070, risking trillions of dollars in coastal assets.
     • Intensified rainfall and extreme storms may increase landslides and floods, particularly in vulnerable regions like the India-China border.
     • The report forecasts annual capital damage from riverine flooding could reach USD 1.3 trillion, affecting over 110 million people annually.
     • Developing Asia contributed 45.9% of global greenhouse gas emissions in 2021, with China alone accounting for 30%.
     • Labor productivity losses due to climate change could result in a 4.9% GDP reduction for the region.
     • The report calls for urgent climate action, highlighting the need for increased awareness and understanding of energy-efficient consumer goods (EECG) and electric vehicles (EVs) as part of India’s decarbonization efforts.
       Source: BS
7. Cairn Oil & Gas Commits to Reducing Methane Emissions
   • What:
     • Cairn Oil & Gas has become the first oil producer in India to commit to reducing methane emissions.
     • The company signed a Memorandum of Understanding (MoU) with the United Nations Environment Programme’s Oil & Gas Methane Partnership (OGMP) 2.0.
   • Why:
     • This commitment is part of Cairn’s goal to achieve Net Zero Carbon emissions by 2030.
   • Tell me more:
     • The OGMP 2.0 provides a framework for best practices in emissions management and emphasizes accurate measurement and reporting of methane emissions.
     • Cairn will set a five-year methane reduction target and report its progress transparently.
     • The partnership covers over 40% of global oil and gas production, with Cairn’s membership doubling OGMP 2.0 coverage to about one-fourth of India’s domestic oil and gas production.

8. Slice Merges with North East Small Finance Bank
   • What:
     • Bengaluru-based fintech startup Slice has completed its merger with North East Small Finance Bank (NESFB) effective October 27.
   • Why:
     • The merger aims to create a technology-driven bank that enhances financial stability and customer experience.
   • Tell me more:
     • CEO of Slice: Rajan Bajaj
     • This merger comes after Slice received approval from the Reserve Bank of India (RBI) in October 2023.
     • The Competition Commission of India approved the merger in March, and the National Company Law Tribunal gave its nod in August.
     • The merged entity aims to leverage technology for better service delivery and financial inclusion.
       Source: ET
9. RBI Cancels License of The Durga Co-operative Urban Bank
   • What:
     • The Reserve Bank of India (RBI) has cancelled the license of The Durga Co-operative Urban Bank in Vijayawada due to inadequate capital and earning prospects.
   • Why:
     • The bank failed to comply with the Banking Regulation Act, 1949, leading to its license cancellation.
   • Tell me more:
     • The bank ceased its banking operations effective November 12, 2024, and the Andhra Pradesh Registrar has been asked to wind up the bank and appoint a liquidator.
     • Depositors are entitled to receive a deposit insurance claim of up to ₹5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

10. Central Bank of India to Enter Insurance Sector
    • The Central Bank of India has received approval from the Reserve Bank of India (RBI) to enter the insurance business.
    • This will be done through a joint venture with the Generali group, involving Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company Ltd (FGILICL).
    • The RBI’s approval is contingent upon ongoing compliance with stipulated conditions and obtaining approval from the Insurance Regulatory and Development Authority of India (IRDAI).
      Source: BS
11. ICICI Prudential Launches Increasing Income Annuity Feature
    • What:
      • ICICI Prudential Life Insurance has launched an ‘Increasing Income’ feature in its ICICI Pru Guaranteed Pension Plan Flexi.
      • This feature provides a 5% annual increase in annuity pay-outs to help retirees cope with inflation.
    • Why:
      • It addresses the issue of fixed incomes losing value over time, offering a solution for financial security.
    • Tell me more:
      • The introduction of this feature aims to ensure that retirees can maintain their standard of living despite rising costs due to inflation.
      • The Increasing Income feature guarantees a rising income stream for policyholders each year.
      • Amit Palta, Chief Product and Distribution Officer at ICICI Prudential Life, highlighted the need for such features in traditional annuity products.
        Source: CNBC

12. Muthoot Microfin Launches Co-Lending Initiative with SBI
    • What:
      • Muthoot Microfin has started loan disbursals through a co-lending partnership with the State Bank of India (SBI).
    • Why:
      • The initiative aims to provide loans ranging from Rs 50,000 to Rs 3 lakhs to eligible customers.
    • Tell me more:
      • Focus is primarily on members of Joint Liability Groups (JLGs) involved in agricultural and allied activities, as well as other income-generating ventures.
      • SBI has sanctioned an asset creation cap of Rs 500 crore, to be disbursed in tranches of Rs 100 crore.
      • Muthoot Microfin operates across 20 states and 369 districts in India.
        Source: BS

Reports and Indices

1. Brand Finance Global City Index 2024
   • Top Rank – London (1st), New York City (2nd), Paris (3rd), Tokyo (4th), and Dubai (5th)
   • Parameters – The ranking assesses the top 100 city brands based on respondents’ perceptions of Familiarity, Reputation, and personal Consideration of each city for living, working (locally and remotely), investing, retiring, studying, and visiting.
     Source: BF

GDP Forecasts

1. S&P Global Lowers India’s Economic Growth Forecast
   • What:
     • S&P Global Ratings has revised its economic growth estimates for India for the next two financial years.
     • The agency projects a GDP growth rate of 6.7% for the financial year 2025-26 and 6.8% for the following year.
   • Why:
     • The downward revision is attributed to high interest rates and a lower fiscal impulse, which are expected to temper urban demand.
   • Tell me more:
     • For FY25, S&P Global estimates India’s GDP growth at 6.8%.
     • The agency also retained its growth forecast for China at 4.8% in 2024 but reduced the estimates for subsequent years due to potential US trade tariffs.

Source: BS

Defence News

1. SIMBEX 2024: Strengthening India-Singapore Naval Ties
   • What:
     • The 31st edition of the Singapore India Maritime Bilateral Exercise (SIMBEX) is taking place from October 23 to 29, 2024, at the Eastern Naval Command in Visakhapatnam.
     • The Republic of Singapore Navy Ship RSS Tenacious, along with an embarked helicopter, arrived in Visakhapatnam to participate in the exercise.
   • Tell me more:
     • SIMBEX began as ‘Exercise Lion King’ in 1994 and has evolved into a key bilateral maritime collaboration.
     • The exercise consists of two phases:
       • Harbour Phase (October 23-25): Includes Subject Matter Expert Exchanges (SMEEs), cross-deck visits, sports fixtures, and pre-sail briefings.
       • Sea Phase (October 28-29): Features advanced naval drills such as live weapon firings, anti-submarine warfare (ASW) training, and tactical maneuvers in the Bay of Bengal.
     • The opening ceremony for SIMBEX 2024 was held on October 24 onboard INS Shivalik.
     • SIMBEX is the longest continuous bilateral maritime exercise conducted by the Indian Navy with any foreign navy.
       Source: PIB
2. Launch of ‘Abhay’: New Anti-Submarine Warfare Craft
   • What:
     • The seventh Anti-Submarine Warfare Shallow Water Craft (ASW SWC), named ‘Abhay’, was launched at L&T’s Kattupalli facility.
   • Tell me more:
     • The contract for building eight ASW SWC ships was signed between the Ministry of Defence and Garden Reach Shipbuilders & Engineers (GRSE) in April 2019.
     • The Arnala-class ships are designed for anti-submarine operations, Low Intensity Maritime Operations (LIMO), and mine-laying activities.
     • Each ship measures approximately 77 meters in length, can reach speeds of up to 25 knots, and has an endurance of 1800 nautical miles.

3. Rajnath Singh Launches ADITI 3.0 and DISC 13 Initiatives
   • What:
     • Union Minister Rajnath Singh launched the third edition of ADITI 3.0 and the 13th edition of the Defence India Start-up Challenges (DISC) during the ‘Swavlamban’ seminar in New Delhi.
   • Why:
     • These initiatives aim to promote indigenous defence technologies and improve operational efficiencies in the Indian armed forces.
   • Tell me more:
     • ADITI 3.0 includes a challenge from the Indian Navy to design a High-Power Microwave Weapon System.
     • DISC 13 features seven challenges from various branches of the armed forces, focusing on areas like Artificial Intelligence, military communication, and autonomous bots.

4. India and US Conduct Joint Special Forces Exercise
   • What:
     • The Indian Army contingent has departed for the 15th edition of the India-US joint Special Forces Exercise VAJRA PRAHAR.
     • The exercise will take place from November 2 to November 22, 2024, at the Orchard Combat Training Centre in Idaho, USA.
   • Why:
     • It focuses on improving interoperability, jointness, and the exchange of special operations tactics.
   • Tell me more:
     • This is the second joint exercise between the two armies in 2024, following Exercise YUDH ABHYAS conducted in Rajasthan in September.
     • The last edition of VAJRA PRAHAR was held in December 2023 at Umroi, Meghalaya.
       Source: PIB
5. India-Indonesia Joint Special Forces Exercise Concludes
   • What:
     • The closing ceremony for the 9th edition of the India-Indonesia Joint Special Forces Exercise Garuda Shakti was held on November 12, 2024, in Cijantung, Indonesia.
     • The exercise took place from November 1 to November 12, 2024.
   • Why:
     • It focuses on developing joint capabilities for counter-terrorism operations in sub-conventional environments.
   • Tell me more:
     • The event was attended by Indian Ambassador Sandeep Chakravorty and Colonel J. S. Aling of the Indonesian Army.
     • This exercise showcases the strong defense ties between India and Indonesia, which are celebrating 75 years of diplomatic relations this year.
     • The exercise follows the declaration of 2024 as the “Year of Tech Absorption” by the Indian Army.
       Source: BS
6. VINBAX 2024: India-Vietnam Joint Army Exercise Begins
   • What:
     • The 5th edition of the India-Vietnam Joint Special Forces Exercise “VINBAX 2024” commenced today in Ambala, India.
     • The exercise is scheduled to run from November 4 to November 23, 2024.
   • Tell me more:
     • This edition features bi-service participation for the first time, involving personnel from both the Indian Army and Air Force.
     • VINBAX is a sequel to previous exercises conducted in Vietnam in 2023.
       Source: PIB
7. India Supplies Pinaka Rocket Launchers to Armenia
   • What:
     • India has begun supplying the Pinaka multi-barrel rocket launchers to Armenia.
     • This agreement was finalized after two years of negotiations, making Armenia one of India’s top three arms importers.
   • Tell me more:
     • The Pinaka system can strike targets over 80 kilometers away, addressing regional security needs.
     • The first lot of Pinaka systems has been delivered around the same time as the Akash air defense missile system.
     • Countries from Southeast Asia and Europe, including France, have shown interest in the Pinaka rockets.

8. NCC Celebrates 76th Raising Day with Activities
   • What:
     • The National Cadet Corps (NCC) celebrated its 76th Raising Day on November 24, 2024.
     • Defence Secretary Shri Rajesh Kumar Singh laid a wreath at the National War Memorial in New Delhi to honor fallen heroes.
   • Why:
     • The NCC supports the Viksit Bharat Campaign, a government initiative focused on developing a progressive India.
   • Tell me more:
     • NCC was established in 1948 and is the largest uniformed youth organization in the world.
     • The NCC syllabus and training have been updated to align with government initiatives like Skill Manthan and Cyber Awareness.
       Source: PIB

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