31st October, 2023
Special Purpose Vehicle, 6G Research and Development centre, India’s Hunger, Project, Financial Action Task Force, corporate guarantee, inward remittance service, Asset Reconstruction Company, merger, Bulk deposits, Mahatma Gandhi National Rual Employment Guarantee Scheme, KAZIND-2023, World Stroke Day, Birth Anniversary of Dr Homi Jehangir Bhabha, Vigilance Awareness Week, World Cities Day, impactful contributions, corporate social responsibility, US-India Strategic Partnership Forum’s 2023 Global Leadership Award, 37th National Games, official Brand Ambassador
- REC Power Development and Consultancy Limited (RECPDCL) has handed over the project specific Special Purpose Vehicle (SPV) to Power Grid Corporation of India Limited.
- Ericsson has announced to set up a 6G Research and Development centre in Chennai, Tamil Nadu.
- Norway will support India’s Hunger Project in Uttarakhand.
- Financial Action Task Force (FATF) has removed Cayman Island from its grey list in its review published on 27 October, 2023.
- Ministry of Finance has notified 18% GST on parent corporate guarantee.
- IndusInd Bank has collaborated with Viamericas to offer inward remittance service to NRIs in USA.
- Yes Bank has raised its stake to 9% in JC Flower Asset Reconstruction Company.
- AU Small Finance Bank board has approved merger with Fincare SFB.
- RBI has raised the criteria for ‘Bulk deposits’ for Regional Rural Banks from ₹ 15 lakh to ₹1 Crore.
- Swan Energy has paid ₹231.42 crore to acquire Reliance Naval & Engineering.
- Mahatma Gandhi National Rual Employment Guarantee Scheme (MGNREGS) has seen a 5% decrease in active workforce participation as per the report by LibTech India.
- 25T Bollard Pull (BP) Tug, ‘Mahabali’ has been launched at M/s Shoft Shipyard Pvt Ltd, Bharuch, Gujarat.
- Personnel from the Indian Army and the Indian Air Force have departed for Kazakhstan to participate in the 7th edition of the Joint Military ‘Exercise KAZIND-2023.’
- October 29– World Stroke Day
- October 30– Birth Anniversary of Dr Homi Jehangir Bhabha
- October 30- November 5– Vigilance Awareness Week
- October 31– World Cities Day
- UST has won the 2023 Mahatma Awards for sustainable and impactful contributions to corporate social responsibility (CSR).
- Nita Ambani has received US-India Strategic Partnership Forum’s 2023 Global Leadership Award for Philanthropy and CSR.
- Paytm has become the official sponsor of 37th National Games to be held in Goa.
- India has won 111 Medals at 4th Asian Para Games held in Hangzhou, China.
- State Bank of India has appointed Indian cricketer MS Dhoni as the bank’s official Brand Ambassador.
- Katrina Kaif has been appointed as the brand ambassador of Swiss Watchmaker Rado.
- Former Chinese Premier Li Keqiang has passed away. Actor Mathew Perry has died at the age of 54.
- Baijnath Agarwal, Trustee of Geeta Press Gorakhpur has passed away.
Table of Content
National News
- REC Power Development and Consultancy Limited (RECPDCL) has handed over the project specific Special Purpose Vehicle (SPV) to Power Grid Corporation of India Limited.
- SPV is formed for the construction of ‘Ramgarh II Transmission Limited’
- SPV involves the implementation of a 765/400kV & 2×500 MVA 400/220 kV pooling station at Ramgarh along with 765kV D/c line (Ramgarh PS to Bhadla-3 PS) in the state of Rajasthan.
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What is Special Purpose Vehicle- • A special purpose vehicle, also called a special purpose entity (SPE), is a subsidiary created by a parent company to isolate financial risk. • Its legal status as a separate company makes its obligations secure even if the parent company goes bankrupt. About REC Limited- • It is a Maharatna Central Public Sector Enterprise under the Ministry of Power, is an NBFC focusing on Power Sector Financing and Development across India. • Headquarters- New Delhi • Established- 1969 • Chairman & MD- Vivek Kumar Dewangan Power Grid Corporation of India Limited- • Power Grid Corporation of India Limited (POWERGRID), a Schedule ‘A’ ‘Maharatna’ Public Sector Enterprise under the Ministry of Power. • Headquarters- Gurugram, Haryana • Established- 1989 • Chairman & MD- K. Shreekant |
Source: PIB, REC,
- Ericsson has announced to set up a 6G Research and Development centre in Chennai, Tamil Nadu.
- Objective-
- To develop the technology which will help to deliver a cyber-physical continuum where networks will deliver-
- critical services
- immersive communications
- omnipresent IoT
- To ensure the integrity of the delivered information.
Source: Financial Express
- Norway will support India’s Hunger Project in Uttarakhand.
- Objective–
- To help strengthen women leaders to protect the environment and promote food security in Uttarakhand.
- Objective–
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About Hunger project- • The hunger project organizes capacity-building training for elected women representatives (EWRs) and federations. • It focuses on strengthening van panchayats (forest councils) which in turn will ensure food security and livelihood opportunities for marginalized households. • The programme will strengthen elected women’s leadership in gram panchayats so that they can play an important role in conserving forests and natural resources. • Project Implementation- Implemented in- 3 districts, 9 blocks, 172-gram panchayats and 145 van panchayats of Uttarakhand |
Source: livemint
International News
- Financial Action Task Force (FATF) has removed Cayman Island from its grey list in its review published on 27 October, 2023.
- About FATF Grey list–
- These are jurisdiction which are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
- Other countries removed–
- Panama, Jordan and Albania
- Country added to the list–
- Bulgaria
- About FATF Grey list–
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About FATF- • The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. • The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. • Headquarters- Paris • Established- 1989 • President- T. Raja Kumar of Singapore • Tenure of T. Raja Kumar is from 2022 to 2024 |
Source: Business Standard, FATF
Banking and Economy
- Ministry of Finance has notified 18% GST on parent corporate guarantee.
- Key points–
- Parent company’s corporate guarantee to its subsidiary for a bank loan will attract 18% GST.
- The value of supply of services will be deemed to be 1 % of the amount of such guarantee offered, or the actual consideration, whichever is higher.
- Key points–
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About Parent Corporate Guarantee- o A parent company guarantee (PCG) is a contract between a company and its client to ensure a performance requirement is met. o These agreements are used when a contractor or subsidiary enter into a contract with clients. |
Source: Hindu Business Line, contractcounsel
- IndusInd Bank has collaborated with Viamericas to offer inward remittance service to NRIs in USA.
- About collaboration–
- This collaboration has enabled NRIs in USA to use effortless inward remittance services to India.
- This partnership works under the Rupee Drawing Arrangement scheme of RBI.
- It will allow NRIs to effectively transfer funds to their beneficiaries in India through the reliable Indus Fast Remit platform.
- About Indus Fast Remit platform–
- It offers NRIs the flexibility to initiate remittance transactions using the auto-debit payment method (Automated Clearing House – ACH) or by transferring funds directly from their overseas bank accounts.
- How it will work?
- With its established IndusInd Bank Vostro relationship Viamericas Corporation will utilise the RBI’s RDA scheme to credit the beneficiary’s account in India.
- About collaboration–
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About IndusInd Bank- • IndusInd Bank Ltd is one of the new generation private sector banks in India. • Headquarters- Mumbai • Established- 1994 • CEO- Sumanth Kathpalia About Viamericas Corporation- Headquarters- Florida, USA Established- 1999 CEO- Paul S Dwyer |
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About Yes Bank- • Yes Bank is a Private Sector Indian bank. • Headquarters- Mumbai • Established- 2004 • CEO- Prashant Kumar About JC Flower ARC- • JC Flowers ARC is a company incorporated under the Companies Act, 1956 and existing under the Companies Act, 2013. • It is registered as an asset reconstruction company pursuant to section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. • Headquarters- Mumbai • Established- 2015 |
Source: Business Standard
- AU Small Finance Bank board has approved merger with Fincare SFB.
- Objective–
- To extend the bank’s footprint in southern India and entering the microfinance sector
- Managing Director & CEO of Fincare SFB will become the Deputy CEO of AU SFB after the merger.
- The shareholders of Fincare SFB will receive 579 shares in AU SFB for every 2000 shares they hold in Fincare SFB.
Source: livemint
- Objective–
- RBI has raised the criteria for ‘Bulk deposits’ for Regional Rural Banks from ₹ 15 lakh to ₹1 Crore.
- “Bulk Deposit” means:
- Single Rupee term deposits of Rupees two crore and above for Scheduled Commercial Banks (excluding Regional Rural banks) and Small Finance Banks.
- Single Rupee term deposits of Rupees one crore and above for RRBs.
- “Bulk Deposit” means:
![Picture 1](https://currentaffairs.anujjindal.in/wp-content/uploads/2023/11/Picture-1.png)
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About RRB- • Regional Rural Banks were established under the provisions of an Ordinance passed on 26 September 1975 and the RRB Act 1987 to provide sufficient banking and credit facility for agriculture and other rural sectors. • Regional Rural Banks (RRB) are Indian Scheduled Commercial Banks (Government Banks) operating at regional level in different states of India. • They have been created with a view of serving primarily the rural areas of India with basic banking and financial services. |
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About Swan Energy- Swan Energy Limited is an India-based company engaged in the textile, real estate, energy and petrochemical sectors. Established-1909 |
Source: ET
Reports and Indices
- Mahatma Gandhi National Rual Employment Guarantee Scheme (MGNREGS) has seen a 7.5% decrease in active workforce participation as per the report by LibTech India.
- Key Observations–
- Workforce Contraction:
- The data analysis for April-September 2023 shows a 7.5% reduction in the number of active workers, from 15.49 crore to 14.33 crore.
- There has been a net deletion of 80 lakh workers in the ongoing financial year.
- Increased Demand for Work:
- Despite the reduction in the workforce, there has been a 9% increase in person days (total work days by a person registered under the scheme in a financial year) compared to the previous fiscal year.
- Interesting Trend in Person Days:
- 188 crore person days were generated in the ongoing fiscal year compared to 172.24 crore person days in the previous fiscal year, despite the reduction in the number of active job cards and workers, indicating a persistent demand for employment opportunities.
- State-level Variations:
- Fourteen states reported an increase in employment, while six states experienced a decline.
- West Bengal witnessed a significant drop (99.5%) as the scheme was suspended by the Union government due to alleged corruption.
- Chhattisgarh, Jharkhand, and Tamil Nadu saw the highest increases in employment.
- Workforce Contraction:
- Key Observations–
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About MGNERGS- • Mahatma Gandhi National Rual Employment Guarantee Scheme is an Indian social measure welfare which aims to guarantee the right to work under MGNREGA Act,2005, • It aims to enhance livelihood security in rural areas by providing at least 100 days of wage employment in a financial year to at least one member of every household whose adult members volunteer to do unskilled manual work. About LibTech India- • Liberation Technology (LibTech India) is a team of engineers, social workers, and social scientists who, inspired by the Right to Information movement and the idea of social audits, focus on various aspects of improving transparency, accountability, and democratic engagement in rural public services delivery. |
Source: The Hindu, LibTech.in
Defence News
- 25T Bollard Pull (BP) Tug, ‘Mahabali’ has been launched at M/s Shoft Shipyard Pvt Ltd, Bharuch, Gujarat.
- These Tugs are built under the classification rules of Indian Register of Shipping (IRS).
- Uses–
- The availability of Tug will provide momentum to Operational commitments of Indian Navyby facilitating assistance to Naval ships and submarines during berthing and un-berthing, turning and manoeuvring in confined waters.
Source: PIB
- The availability of Tug will provide momentum to Operational commitments of Indian Navyby facilitating assistance to Naval ships and submarines during berthing and un-berthing, turning and manoeuvring in confined waters.
- Personnel from the Indian Army and the Indian Air Force have departed for Kazakhstan to participate in the 7th edition of the Joint Military ‘Exercise KAZIND-2023.’
- Participation– India & Kazakhstan
- Venue– Otar, Kazakhstan
- Objective-
- To improve the capabilities of both sides in counter-terrorism operations within a sub-conventional environment under the purview of United Nations mandates.
Source: Financial Express
- To improve the capabilities of both sides in counter-terrorism operations within a sub-conventional environment under the purview of United Nations mandates.
Important Days
- October 29– World Stroke Day; Theme– Together we are #Greater Than Stroke
Source: livemint - October 30- November 5– Vigilance Awareness Week; Theme– Say no to corruption; Commit to the Nation
Source: AIR - October 30– Birth Anniversary of Dr Homi Jehangir Bhabha
Source: CNBC - October 31– World Cities Day; Theme– Financing a sustainable urban future for all
Source: UN
Awards
- UST has won the 2023 Mahatma Awards for sustainable and impactful contributions to corporate social responsibility (CSR).
- About Mahatma Awards–
- It is an initiative of Aditya Birla Group.
- Award is presented on Mahatma Gandhi’s birth anniversary.
- Mahatma Award is the highest honour for social impact leaders and change makers, who are working towards making this world a better place.
- About Mahatma Awards–
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About UST- • UST is a global digital transformation solution provider. • Headquarters- California, USA • Established- 1998 • CEO- Krishna Sudheendra What is CSR? • Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. |
Source: ANI, mahatma award, UN
- Nita Ambani has received US-India Strategic Partnership Forum’s 2023 Global Leadership Award for Philanthropy and CSR.
- She has been awarded for being at the forefront of women’s empowerment, children’s education, promoting Indian arts and sports.
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About US-India Strategic Partnership Forum- • The US-India Strategic Partnership Forum (USISPF), is an independent non-profit, non-governmental, and non-partisan organization. • Established- 2017 • Headquarter- Washington, D.C |
Source: Business Today, usispf
Sports
- Paytm has become the official sponsor of 37th National Games to be held in Goa.
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About Paytm- • Paytm is an Indian multinational financial technology company, that specializes in digital payments and financial services. • Headquarters- Noida, Uttar Pradesh • Established- 2010 • CEO- Vijay Shekhar Sharma • Parent Organization- One97 Communications About National Games- • The National Games are India’s homespun Olympic-style multi-sport event where athletes from the various states and Union Territories compete for medals. • National Games 2023 will be held in Goa from October 26 to November 9. |
Source: ET, Olympics.com
- India has won 111 Medals at 4th Asian Para Games held in Hangzhou, China.
- It is the biggest victory for the country in any major international multi-sport event.
- India finished at fifth place in the medals tally.
- Medal tally-
![Screenshot 2023-11-02 at 10.11.15 AM](https://currentaffairs.anujjindal.in/wp-content/uploads/2023/11/Screenshot-2023-11-02-at-10.11.15-AM.png)
Source: The Hindu
Appointments
- State Bank of India has appointed Indian cricketer MS Dhoni as the bank’s official Brand Ambassador.
- Objective–
- To strengthen its connection, especially with the younger population.
- He will play an important role in various marketing and promotional campaigns of SBI.
- Objective–
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About SBI- • Headquarters- Mumbai • Established- 1955 • Chairperson- Dinesh Kumar Khara |
Source: Business Standard
- Katrina Kaif has been appointed as the brand ambassador of Swiss Watchmaker Rado.
Source: HT
Miscellaneous
- Former Chinese Premier Li Keqiang has passed away.
Source: Reuters - Actor Mathew Perry has died at the age of 54.
- He was best known for his portrayal of the wise-cracking Chandler Bing on the most famous show ‘Friends’.
Source: The Hindu
- He was best known for his portrayal of the wise-cracking Chandler Bing on the most famous show ‘Friends’.
- Baijnath Agarwal, Trustee of Geeta Press Gorakhpur has passed away.
Source: HT
![Anuj Jindal CEO of Anujjindal.in](https://currentaffairs.anujjindal.in/wp-content/uploads/2022/06/Anuj-Jindal.jpeg)
About Anuj Jindal
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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 5 years of experience in the field of Education.
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