The Daily Current Affairs: Current Affairs & General Awareness for SSC, Bank, UPSC, Railway, Defence and All Govt Exam Updates

🆕PM Modi Receives Global Peace Award in Washington

☑️The Association of Indian American Minorities (AIAM), a newly launched non-governmental organization, was inaugurated on November 22, 2024, at the Sligo Seventh-day Adventist Church in Maryland, USA. The organization aims to foster unity and uplift minority communities within the Indian American diaspora. During the launch event, Prime Minister Narendra Modi was honored in absentia with the ‘Dr. Martin Luther King Jr. Global Peace Award for Minority Upliftment’, recognizing his efforts in inclusive development and minority welfare

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📕 #BOOK
💠 Poverty and un-British rule in India
▪️Book by : Dadabhai Naoroji

Dharmendra Pradhan, JP Nadda Witness Signing of Tripartite MoU between MoE, IMS-BHU & MoHFW

Shri Dharmendra Pradhan and Dr. Mansukh Mandaviya launch ‘Jobs at Your Doorstep’ Report by World Bank

Gross FDI in India rises 25.7% in H1FY25; net FDI moderates to $3.6 bn

Outward remittances under LRS drop 14.88% in H1FY25, shows RBI data

United States leads global Network Readiness Index 2024; India ranks 49th

J&K Bank Launches Virtual ATM Facility In Collaboration With Paymart India

India’s GDP growth estimated to decelerate to 6.3% in 2025, says Goldman Sachs

PM Modi honoured with Global Peace Award as Indian American minorities launch AIAM in Washington

World Heritage Week - November 19 to 25 2024

▪️Tilak Varma creates history, becomes first batter ever to score 3 consecutive hundreds in T20s.

✅ Sony Pictures Networks India (SPNI), a part of Japan's Sony Group Corporation, had bagged the media rights for all ACC tournaments from 2024 to 2031 for $170 million

# Miss Charm India 2024 🏆

🏆 Shivangi Desai, a 22-year-old law student from ILS Pune, has won the title of Miss Charm India 2024 and will represent India at Miss Charm 2024 in Vietnam

📚 India’s first Constitution Museum was inaugurated at O.P. Jindal Global University in Sonipat, Haryana.

📕Micro-Finances📕

Micro-Finance has been defined by RBI “as provision of thrift and credit and other financial services of very small amount to the poor in rural, semi urban and urban areas to improve their income and living standard”.

Micro-credit institutions are those which are engaged in providing credit and other facilities to these poor strata of the society. RBI has asked banks and financial institutions to formulate their own schemes, models, prescribe suitable criterions, choose suitable branches, credit norms and interest rates etc for this purpose. Accordingly, banks have to prepare micro-credit plans for blocks, districts and the whole state for this purpose and these plans are reviewed at State and National level.

The non-governmental organizations (NGOs), voluntary organization and self help groups are playing critical role in providing micro-finance facilities. Even NABARD is playing active role in supporting these organizations and even arranging financial assistance to them. Many states have also launched various schemes of micro-finance for increasing income of poorest of the poor in rural, semi urban and urban areas.

Micro-Finance products
1. Micro credit
2. Micro savings
3. Micro insurance
4. Micro leasing
5. Micro Money Transfer

Participants in Micro finance
– Financial institutions
– Donors
– Private equity
– Micro-finance institutions
– Self help groups
– Non-Government organizations (NGO's)

In India SHG‟s are playing key role in the field of Micro-finance with key objective like-
– To create habit of savings
– To secure financial technical and moral strength
– To avail loan from financial institutions
– To gain economic prosperity through loan/credit
– To save them from exploitation by money lenders.

Millennium Development Goals of Micro-finance
– Eradiate extreme proverty and hunger
– Universal primary education
– Women empowerment
– Reduce child mortality
– Control HIV/AIDS, Malaria etc.

The last two decades has seen the microfinance industry grow by leaps and bounds around the world. India is no exception, the number of non banking finance companies providing credit and savings products has gone from a few dozens to several hundreds. It is estimated by Sa-Dhan, a self regulatory organization that the total number of microfinance clients in India touched the figure of 30 million in mid 2017. This figure does not include the clients serviced by six micro-finance companies that have been given a banking license by the Reserve Bank Of India.

Demonetization, an ill conceived act of financial terrorism failed to deter the spirit of MFI’s, entrepreneurs and borrowers who continued to repay micro-loans albeit with minor hiccups in the repayment schedule. There was also some contraction in loan portfolio’s observed as demonetization hurt the poor the most and capital formation indicators turned negative.

Going forward it is important to collect and study empirical data from the industry to ensure that microfinance companies continues to strengthen the financial inclusion agenda in India. To enable this, Sa-Dhan has released the latest version of it’s Bharat Microfinance Report 2017. The data and figures from this report can be used until September 2018 when the next version will be released.

Headline:
Global Banks Consider Halting Fresh Credit to Adani Group Following U.S. Fraud Indictment

Key Points:

U.S. Indictment: Gautam Adani, founder of Adani Group, and seven others face fraud charges by U.S. prosecutors, accused of bribing Indian officials for contracts, including a solar power project.

Impact on Credit: Global banks are reassessing lending to the group, possibly pausing new credit but maintaining existing loans.
Adani's Response: The group denies the allegations, calling them "baseless."

Second Crisis: This marks the second major crisis for Adani Group in two years, impacting its financial stability and fundraising efforts.

Watch on Government Reaction: International banks are monitoring the Indian government's response to the situation.

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🏛#QUICK REVISION PART 01 BANKING AND FINANCE (OCTOBER MONTH)

RBI buys 32.63 tonnes of Gold in the first half of FY25 Total gold reserves at 854.73 ton

RBI announced that any entity seeking authorisation or recognition as a Central Counterparty(CCP) must have a minimum net worth of Rs. 300 crore at the time of submitting its application

RBI has revoked the certificate of authorisation of UAE exchange centre

RBIH , an RBI subsidiary, has developed MuleHunter AI, an artificial intelligence and machine learning model to help banks and financial institutions detect so- called mule accounts used by frauders

Shaktikanta das received A+ in central bank report card 2024
SBI named best bank in 2024

RBI has approved the merger of Tata Capital, an unlisted entity, with Tata Motors Finance, paving the way for the formation of India's 12th largest non-banking finance company.

RBI asks Arcs to become members of all credit information companies
Currently there are four CICs- Trans Union cibil, Experian, Equifax and Crif High mark

RBI has enhanced the pre- transaction limit to Rs.10,000 from Rs.5,000 for feature phone users through UPI123PAY.

RBI decided to enhance the per transaction limit on UPI Lite from Rs.500 to Rs.1,000 , and the overall limit from Rs.2,000 to Rs.5,000.

Government sets 7.53% interest on Floating Rate Bond (FRB) 2034 for October 30, 2024 to April 29,2025

Jio financial services has launched 'SmartGold' , a digital gold investment platform

Gst taxpayers will not be able to file monthly and annual gst returns after three years of the original filing due date

Equitas Small Finance Bank introduces Selfe Loans App for small businesses

Tata Power has acquired 40% stake in Bhutan based Khorlochu Hydro power limited for Rs.830 crore

Adani group plans Greenfield cement factory in Odisha

$25 million pandemic fund goes to curb 'Zoonotic ' diseases
The Fund, to be implemented in partnership with the ADB, the World Bank and the FAO, is to be utilised by August 2026

Government doubles Mudra loan ceiling to Rs. 20 lakh from Rs.10 lakh under a new "Tarun Plus" category

The Asian Development Bank has approved $434.25 million (about Rs.3,600 crore) loan to increase renewable energy capacity and improve energy security in Assam

ADB approves $162 mn loan for Himachal Tourism

World Bank to launch debt- for- development swap

IndiaAI' and Meta announces the establishment of the Center for Generative AI, Shrijan (सृजन) at IIT Jodhpur

RBI clears re- appointment of Amitabh Chaudhary as Axis Bank Md & CEO for three years

Financial Intelligence Unit has imposed a fine of Rs.54 lakh on the union Bank of India for PMLA violations

India's biggest IPO by Hyundai motor ₹27,870 cr(Launch date: October 15, 2024 
Listing date: October 22, 2024 
Issue price: ₹1,960 per share )

With IRDAI licence, Freo enters insurance market

Indian Overseas Bank launches Mahila Shaksham scheme to empower women entrepreneurs

Kotak Bank to acquire Rs.4,100 crore personal loan book of StanChart India

HDFC Bank inaugurates first branch in Singapore

InCorp Global , a provider of corporate solutions and professional services across the Asia - Pacific, has become the first firm at Gift IFSC to receive a BATF( Bookkeeping, Accounting, Taxation, and financial crime compliance) Licence

The government will sell up to 5% stake in Cochin Shipyard via an offer for sale (OFS) and has set a floor price of Rs 1,540 per share

Bank of Baroda rolls out 400- day 'Utsav Deposit scheme '

India aims for 15% ethanol blending in diesel by 2024.
Ananat Ambani plans to set up 600 Biomass - to Cng plants. Reliance aims to become a net zero company by 2035

Tata Power inks Rs.1.3 lakh crore MoU with Rajashthan

Centre appointed three new external MPC Members.
Ram Singh, Saugata Bhattacharya and Nagesh Kumar. Will replace Aashima Goyal, Shashanka Bhide and JR Varma

Anil Ambani's Reliance to set up solar , hydro projects in Bhutan

Lic boosts stake in Bank of Maharashtra from 4.05 % to 7.10%

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Union Minister for Education Dharmendra Pradhan along with Minister of Labour and Employment Mansukh Mandaviya on Friday launched a World Bank report titled ‘Jobs at Your Doorstep: A Jobs Diagnostics for Young People’ that cover six states (Himachal Pradesh, Madhya Pradesh, Maharashtra, Kerala, Rajasthan and Odisha) in India