National News

IIM Shillong Partners with SIDBI for Entrepreneurial Training Program.

• The Indian Institute of Management (IIM) Shillong has joined forces with the Small Industries Development Bank of India (SIDBI) to launch an entrepreneurship training program.
• This collaboration, facilitated through the IIM Shillong Foundation for Incubation and Enterprise (IIMSFIE), aims to provide aspiring entrepreneurs with comprehensive training and incubation support.
• By leveraging SIDBI's extensive network and IIMSFIE's resources, the initiative is designed to create a robust support system that nurtures innovative startups and small enterprises.
• This partnership marks a significant step toward fostering entrepreneurship and enhancing business development in the region.

Pradhan Mantri Mudra Yojana Loan Limit Raised to Rs. 20 Lakh.

• The Government of India has increased the loan limit under the Pradhan Mantri Mudra Yojana (PMMY) to Rs. 20 lakh, doubling the previous cap of Rs. 10 lakh.
• This enhancement falls under the new ‘Tarun Plus’ category, aimed at promoting entrepreneurship across the country.
• Announced by Finance Minister Nirmala Sitharaman during the Union Budget 2024-25, this increase is designed to support emerging entrepreneurs, facilitating their growth and expansion. Loans up to Rs. 20 lakh will be guaranteed under the Credit Guarantee Fund for Micro Units (CGFMU), further ensuring financial backing for small businesses.
• This initiative aims to empower non-corporate small businesses, micro-enterprises, and individuals in various sectors, including manufacturing, trading, and services.

  Who is Eligible for Mudra Loans?

• The Mudra loan scheme supports micro and small enterprises, including non-corporate businesses, micro-enterprises, and individuals engaged in manufacturing, trading, services, and agriculture.
• Launched by Prime Minister Narendra Modi on April 8, 2015, PMMY is aimed at facilitating business growth across various sectors in India.

Rajiv Ranjan Singh Launches Gram Panchayat-Level Weather Forecasting Initiative.

• Rajiv Ranjan Singh, also known as Lalan Singh, the Minister of Panchayati Raj, alongside Dr. Jitendra Singh, Minister of State for Science and Technology & Earth Sciences, and Prof. S. P. Singh Baghel, Minister of State for Panchayati Raj, has officially launched a groundbreaking weather forecasting initiative at Vigyan Bhawan, New Delhi.
• This innovative program, developed through a partnership between the Ministry of Panchayati Raj (MoPR) and the India Meteorological Department (IMD), aims to enhance climate preparedness at the grassroots level.
• The initiative will equip Gram Panchayats with access to a five-day weather forecast along with hourly updates, empowering rural communities to make informed decisions regarding agricultural planning and effectively prepare for weather-related challenges.

Reliance and Nvidia Collaborate to Develop Large-Scale AI Infrastructure in India.

• Reliance Industries has announced a strategic partnership with Nvidia to establish a large-scale artificial intelligence (AI) infrastructure in India.
• This collaboration is set to significantly enhance the country’s AI capabilities.
• The partnership was unveiled during a fireside chat between Reliance Chairman Mukesh Ambani and Nvidia CEO Jensen Huang at the Nvidia AI Summit 2024 held in Mumbai.
• As part of this initiative, Reliance will implement Nvidia’s cutting-edge GB 200 supercomputer technology to create an extensive AI framework.
• This collaboration aims to democratize AI technology, making it both accessible and affordable for India's vast population of 1.4 billion.
• The model is reminiscent of Reliance Jio's transformative approach to mobile data, promising to revolutionize how AI services are delivered and utilized across the nation.

Central Government Pensioners to Receive Additional Compassionate Pension After Age 80.

• The Department of Pension and Pensioners’ Welfare (DoPPW) has announced a new initiative for central government pensioners aged 80 and above, allowing them to qualify for an additional pension known as the compassionate allowance.
• New guidelines have been issued to streamline access to these supplementary benefits for retirees who reach this age milestone.

  The compassionate allowance will be distributed as follows:

• Ages 80 to 85: 20% of the basic pension as a compassionate allowance.
• Ages 85 to 90: 30% of the basic pension as a compassionate allowance.
• Ages 95 to 100: 50% of the basic pension as a compassionate allowance.
• Ages 100 and above: 100% of the basic pension as a compassionate allowance.

Bihar Chief Minister Unveils Panchayat Development Projects Worth Rs 7,160 Crore.

• Bihar Chief Minister Nitish Kumar has inaugurated and laid the foundation stone for significant development projects totaling Rs 7,160 crore.
• These initiatives aim to enhance infrastructure and governance at the grassroots level across the state.
• Among the key projects, the CM virtually laid the foundation for 2,615 panchayat government buildings in various blocks, along with a panchayat resource center in Sonepur, Saran district.
• Additionally, Kumar inaugurated 13 district panchayat resource centers, 65 panchayat government buildings, and an e-gram kachhari court management system.
• Several district council portals were also launched during a ceremony at the Chief Minister's official residence.
• The Bihar government has set an ambitious target to construct panchayat buildings in every gram panchayat.
• To date, 330 panchayat government buildings have been established, with 6,858 out of 8,053 total panchayat buildings approved. Of these, 1,548 are complete, while the remaining structures are currently under construction.

  About Bihar:

• Capital: Patna
• Chief Minister: Nitish Kumar (serving for the 9th time)
• Deputy Chief Ministers: Samrat Choudhary and Vijay Kumar Sinha
• Governor: Rajendra Vishwanath Arlekar

                  Banking and Financial

MobiKwik Launches Instant Fixed Deposit Product Offering Up to 9.5% Interest Rate.

• MobiKwik, a leading digital financial services platform, has introduced an Instant Fixed Deposit (FD) product through its mobile app, in collaboration with various financial services firms.
• This innovative offering aims to simplify the savings process for users by providing a hassle-free way to invest.
• With MobiKwik Fixed Deposits, users can start their investment journey with as little as Rs 1,000, earning competitive interest rates of up to 9.5% per annum without the need to open a new bank account.
• Customers have the flexibility to select tenures ranging from 7 days to 60 months, allowing for personalized savings strategies.
• The platform partners with RBI-regulated Small Finance Banks and Non-Banking Financial Companies (NBFCs), including Suryoday Small Finance Bank and Bajaj Finance, alongside technology provider Blostem.
• This collaboration ensures the security of fixed deposit bookings made on the MobiKwik platform.

  Recent Initiatives in the Banking & Insurance Sector

• Indian Overseas Bank: Launched the Mahila Saksham scheme to empower women entrepreneurs.
• Magma HDI General Insurance: Introduced Double Suraksha, providing affordable insurance for every income group.
• Bank of Baroda: Rolled out a 400-day Utsav Deposit Scheme with an interest rate of 7.3%.
• PhonePe: Unveiled the Firecracker Insurance plan for Diwali in partnership with Bajaj Allianz General Insurance.
• SBI Card: Launched the KrisFlyer SBI Card in collaboration with Singapore Airlines.

ADB Approves USD 434.25 Million Loan for Solar Energy Project in Assam.

• The Asian Development Bank (ADB) has announced a significant financial commitment of USD 434.25 million (approximately Rs 3,600 crore) aimed at enhancing renewable energy capacity and improving energy security in Assam.
• This initiative is part of ADB's strategy to support sustainable energy development in the region.
• The project will facilitate the creation of a renewable energy roadmap for Assam, targeting an increase in solar energy capacity to 3,000 megawatts (MW) by 2030.
• A key component of this initiative is the construction of a grid-connected solar photovoltaic (PV) facility in the Karbi Anglong district, which will have a capacity of 500 MW.
• To ensure grid stability and effectively manage peak power demand, the project will also establish a grid-connected battery energy storage system.
• This storage solution will be developed through a partnership between the Assam Power Distribution Company Limited (APDCL) and the Oil and Natural Gas Corporation Ltd (ONGC), along with Tripura Power Company Ltd.
• Additionally, the project aims to set up a Public-Private Partnership (PPP) agreement to develop an extra 250 MW solar PV facility in the Karbi Anglong district, further bolstering Assam's renewable energy infrastructure.

  About the Asian Development Bank (ADB)

• Founded: December 19, 1966
• Headquarters: Mandaluyong, Metro Manila, Philippines
• President: Masatsugu Asakawa
• Vice President: Ashok Lavasa
• Director for India: Mio Oka (succeeded Takeo Konishi)
• Executive Director: Vikas Sheel
• Adviser to the Executive Director: Smita Sarangi
• Member Countries: 69 (including Israel)

                          Appointment

Amitabh Chaudhry Reappointed as MD & CEO of Axis Bank.

• Axis Bank has announced the reappointment of Amitabh Chaudhry as its Managing Director (MD) and Chief Executive Officer (CEO) for an extended term of three years.
• His new tenure will begin in January 2025 and conclude on December 31, 2027.
• Amitabh Chaudhry has been instrumental in the growth and success of Axis Bank since joining in 2019, following a notable nine-year stint at HDFC Life.
• His leadership has significantly shaped the bank’s strategic direction and operational efficiency.

  Recent Appointments in the Banking & Insurance Sector

• CFO of HSBC Bank: Pam Kaur (First female CFO, succeeding Georges Elhedery)
• CEO of JP Morgan Chase Bank India: Pranav Chawda
• Chairperson of the National Pension System (NPS) Trust: Chitra Jayasimha (succeeded Venkata Rao Yadagani)
• CEO of Acko Life Insurance: Sandip Goenka
• MD & CEO of Bandhan Bank: Partha Pratim Sengupta (for three years)

                                 Sports

Maria Sharapova and Bryan Brothers Inducted into Tennis Hall of Fame.

• Maria Sharapova, the five-time Grand Slam singles champion from Russia, and American twins Bob and Mike Bryan, renowned as the most successful doubles team in tennis history, have been elected to the International Tennis Hall of Fame's Class of 2025.
• Sharapova is one of only ten women to achieve a career Grand Slam in singles and made history as the first Russian woman to attain the world number one ranking in 2005.
• In addition to her Grand Slam victories, she also secured a silver medal at the 2012 London Olympics.
• The Bryan brothers, Bob and Mike, won an impressive 16 Grand Slam men’s doubles titles and held the top world ranking for a record 438 weeks.
• Their accolades include a professional era record of 119 titles, which encompasses 39 ATP Masters 1000s and four ATP Finals titles.
• The duo also clinched an Olympic gold medal at the 2012 London Games and contributed to the U.S. Davis Cup victory in 2007.