National News

Ayush Ministry to Celebrate 9th Ayurveda Day on October 29.

• The Ayush Ministry will celebrate the 9th Ayurveda Day on October 29.
• This year’s theme is "Ayurveda Innovations for Global Health."
• The event will take place at the All India Institute of Ayurveda (AIIA) in New Delhi, with participation from over 150 countries worldwide.
• The celebration aims to promote Ayurveda as a comprehensive system of medicine for the well-being of people globally.

IFFI 2024 to Celebrate Australia’s Rich Film Traditions and Vibrant Cinema Culture.

• The International Film Festival of India (IFFI) 2024 will honor Australia as the "Country of Focus" at its 55th edition, taking place in Goa from November 20 to 28, 2024.
• This recognition aims to showcase Australia’s dynamic contributions to the global film industry, highlighting its rich storytelling traditions and innovative cinematic techniques.
• The festival serves as a significant platform for filmmakers worldwide, and Australia’s inclusion reflects the strengthening ties between the Indian and Australian film industries.

Cabinet Approves Two Major Railway Projects Worth Rs 6,798 Crore.

• The Cabinet Committee on Economic Affairs (CCEA), led by Prime Minister Narendra Modi, has approved two significant railway projects totaling an estimated cost of Rs 6,798 crore.

   Project Details

1. Doubling of the Narkatiaganj-Raxaul-Sitamarhi-Darbhanga and Sitamarhi-Muzaffarpur Sections: This project will cover 256 kilometers and enhance connectivity to Nepal, Northeast India, and border areas. It will facilitate the movement of both passenger and goods trains, promoting socio-economic growth in the region.
2. New Railway Line from Errupalem to Namburu via Amaravati: This 57-kilometer project will traverse through the NTR Vijayawada and Guntur districts of Andhra Pradesh, as well as Khammam district of Telangana.
3. These projects will collectively expand the Indian Railways network by approximately 313 kilometers across eight districts in Andhra Pradesh, Telangana, and Bihar.

   Additional Approvals

• In addition, the Union Cabinet has also approved the establishment of a Rs 1,000 crore venture capital fund dedicated to the space sector, under the IN-SPACe initiative.
• The fund aims to support private sector participation and is expected to deploy between Rs 150-250 crore annually over the next five years, depending on investment opportunities.

IASST Guwahati Signs Technology Transfer Agreement with Bharat Biotech.

• The Institute of Advanced Study in Science and Technology (IASST) in Guwahati has entered into a Memorandum of Understanding (MoU) with Bharat Biotech International Limited (BBIL) based in Hyderabad.

   Focus of the Agreement

• This partnership centers on technology transfer with the aim of bringing innovative health products, specifically probiotics, to market.
• These probiotics are derived from traditional fermented foods of Northeast India and have demonstrated promising potential in addressing various metabolic diseases, enhancing gut health, and promoting healthy aging.

   Bharat Biotech's Role

• Bharat Biotech, renowned for its expertise in developing vaccines and health solutions, will be responsible for conducting pre-clinical and clinical trials.
• These trials will ensure that the probiotics meet necessary regulatory standards and assess their effectiveness in combating lifestyle diseases such as diabetes and obesity.

Department of Posts Issues Commemorative Stamp for 200 Years of Kittur Vijayotsava.

• To celebrate the 200th anniversary of Kittur Vijayotsava, the Department of Posts has released a commemorative postage stamp at the historic Kittur Rani Channamma Stage within the Kittur Fort premises.

  Commemorating a Historic Victory

• This significant event honors Rani Channamma’s remarkable victory over British rule on October 23, 1824.
• The stamp, designed by Shri Brahm Prakash, features a powerful portrait of Rani Channamma, depicted on her horse with a sword drawn, symbolizing her bravery and strength in battle.

  Symbolism of the Stamp

• Surrounding her image are forts that represent the rich heritage of Kittur and the historic significance of the battle.
• This commemorative stamp not only celebrates a pivotal moment in Indian history but also pays tribute to the legacy of Rani Channamma as a symbol of resistance against colonial rule.

Government Launches Two-Year Nationwide Celebration for Sardar Patel’s 150th Birth Anniversary.

• The Indian government has announced a two-year nationwide celebration to commemorate the 150th birth anniversary of Sardar Vallabhbhai Patel, set to run from 2024 to 2026.
• Born on October 31, 1875, in Nadiad, Gujarat, Patel is celebrated for his monumental contributions to the nation.

  Honoring a Visionary Leader

• Sardar Patel, known as the architect of India's unity, played a crucial role in establishing one of the world’s strongest democracies and in unifying the country from Kashmir to Lakshadweep.
• This upcoming celebration aims to honor his remarkable achievements and the spirit of unity he embodied.

  National Unity Day

• Since 2014, the Central government has observed October 31 as Rashtriya Ekta Diwas (National Unity Day) to promote the importance of national integration and the security of the nation.
• This two-year program will serve as a testament to Patel's enduring legacy and will engage citizens in activities that reinforce the values of unity and integrity in India.

Liberty General Insurance Partners with Maruti Suzuki to Enhance Insurance Awareness in Punjab and Delhi.

• Liberty General Insurance, a leading non-life insurer in India, has partnered with Maruti Suzuki Insurance Broking to promote insurance awareness across both rural and urban areas in Punjab and Delhi.
• This initiative is part of the ‘Bima Prachaar Aur Prasaar’ campaign, which aims to raise awareness about insurance in Punjab’s Gram Panchayats while also increasing its penetration in urban Delhi.
• This collaboration supports the Insurance Regulatory and Development Authority of India (IRDAI)'s vision of achieving ‘Insurance for All by 2047.
• Liberty General Insurance has been proactive in launching awareness campaigns in Delhi and is now extending its outreach efforts into rural communities in Punjab.

  Recent MoUs in the Banking Sector

• Indian Navy collaborates with Bajaj Allianz Life Insurance to provide insurance for naval civilians.
• International Finance Corporation (IFC) partners with Axis Bank for a $500 million climate loan in India.
• NCRTC and Airtel Payments Bank launch co-branded National Common Mobility Cards to enhance commuter convenience.
• Federal Bank teams up with Bhashini to boost the Chatbot Feddy with vernacular language support.
• Bandhan Life Insurance partners with Bandhan Bank to strengthen its insurance business.
• SBI General Insurance collaborates with BLS E-Services to streamline access to insurance across India.

                    Banking and Financial

SBI Raises ?5,000 Crore Through AT-1 Bonds at 7.98% Coupon Rate.

• State Bank of India (SBI) successfully raised ?5,000 crore through the issuance of Basel III compliant Additional Tier 1 (AT-1) bonds, offering a competitive coupon rate of 7.98%.
• This marks SBI's first AT-1 bond issuance for the current financial year.

   Key Details of the Bond Issuance

• The tenor of these bonds is perpetual, featuring a call option after 10 years and on each anniversary date thereafter.
• The bonds have received an impressive rating of AA+ with a stable outlook from both CRISIL Ratings and CARE Ratings.

   High Demand from Investors

• The issuance attracted strong interest, with bids exceeding 3.5 times the base issue size of ?2,000 crore.
• A total of 108 bids were received from qualified institutional bidders, including provident funds, pension funds, insurance companies, mutual funds, non-banking financial companies (NBFCs), and banks.

1. Challa Sreenivasulu Setty, Chairman of SBI, emphasized that the diverse participation and high volume of bids reflect the strong trust investors have in India’s largest bank.
2. This successful bond issuance not only enhances SBI's capital base but also reinforces its position in the financial market.

FIU Imposes ?54 Lakh Fine on Union Bank of India for PMLA Violations.

• The Financial Intelligence Unit (FIU) has levied a fine of ?54 lakh on Union Bank of India due to multiple violations of the Prevention of Money Laundering Act (PMLA).
• The penalty arises from the bank's failure to report suspicious transaction reports and its inadequate due diligence for specific accounts at a Mumbai branch.
• On October 1, the FIU issued the penalty notice under Section 13 of the PMLA after concluding that the bank's actions were "substantiated."
• This decision followed a thorough investigation that began with observations from the FIU and a comprehensive review of the bank's operations, which revealed significant irregularities in compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

                             Awards

Urmila Chaudhary of Nepal Wins Global Anti-Racism Championship Award 2024.

• Urmila Chaudhary, a prominent abolitionist and labor activist from Nepal, has been honored with the Global Anti-Racism Championship Award 2024, presented by U.S. Secretary of State Antony J. Blinken.
• This prestigious award recognizes six exceptional civil society leaders for their courage, leadership, and unwavering commitment to promoting racial equity, justice, and human rights.
• Rescued from child servitude at the age of 17, Urmila co-founded the Freed Kamlari Development Forum and established 42 cooperatives aimed at empowering former bonded laborers.
• Currently pursuing a law degree, she seeks to strengthen her advocacy against injustice.
• Urmila is particularly recognized for her dedication to advancing the rights of marginalized castes and ethnic communities in Nepal, as well as her efforts to combat systemic racism and intersectional abuses.

   Recent Award Highlights:

• Conscious Companies Awards: Mohanji
• Femina Miss India 2024: Nikita Porwal (Madhya Pradesh)
• 54th Dadasaheb Phalke Award (2022): Mithun Chakraborty
• 32nd Ekalabya Puraskar by Odisha Government: Pratyasa Ray (Swimming)
• FIDE 100 Awards: Men's - Magnus Carlsen (Norway); Women's - Judit Polgar (Hungary)

                          Defence

Singapore-India Maritime Exercise SIMBEX 2024 Kicks Off at Eastern Naval Command Visakhapatnam.

• The 31st edition of the Singapore-India Maritime Bilateral Exercise (SIMBEX) commenced on October 23 and will run until October 29 at the Eastern Naval Command in Visakhapatnam.
• This year’s exercise is divided into two phases: the Harbour Phase from October 23 to 25 and the Sea Phase from October 28 to 29, taking place in the Bay of Bengal.
• Originally known as ‘Exercise Lion King’ when it started in 1994, SIMBEX serves as a key bilateral maritime exercise between the Indian Navy and the Republic of Singapore Navy (RSN).
• The RSN ship RSS Tenacious, along with an embarked helicopter, has arrived at the ENC to participate in SIMBEX 2024.
• The primary objective of this year's exercise is to further strengthen the strategic partnership between India and Singapore by enhancing interoperability, improving maritime domain awareness, and fostering cooperation to tackle common maritime challenges.

   Recent Military Exercises:

• Naseem Al Bahr: 18th edition of the joint naval drill between India and Oman, conducted off the coast of Goa.
• Exercise SWAVLAMBAN SHAKTI: Conducted by the Army’s Sudarshan Chakra Corps of Southern Command at Babina Field Firing Ranges near Jhansi.
• Malabar 2024: A maritime exercise involving India, Australia, Japan, and the USA, held in Visakhapatnam.
• KAZIND 2024: The 8th edition of military exercises between India and Kazakhstan in Auli, Uttarakhand.
• Eastern Bridge: The 7th edition of the exercise between the Indian Air Force and the Royal Oman Air Force at Masirah Air Force Base, Oman.
• Al NAJAH: The 5th edition of the exercise between the Indian Army and the Royal Army of Oman in the Rabkoot Training Area, Salalah, Oman.