Topic: RBI
1. The RBI has added 10-year Sovereign Green Bonds (SGrBs) to the list of designated government securities that non-residents can purchase through the Fully Accessible Route (FAR).
- The RBI has made the decision to designate 10-year SGrBs that the government will issue during the second half of fiscal year 2024–2025 as "specified securities" under the FAR.
- Following the inclusion of Indian Government Securities (G-Secs) in JPMorgan Chase's benchmark Emerging Markets Bond Index Global Diversified (GBI-EM GD) index on June 28, 2024, this has come.
- Additionally, beginning in January 2025, the G-Secs will be incorporated into the Bloomberg EM Local Currency Government indices.
- Beginning in September 2025, FTSE Russell will incorporate G-Secs into the FTSE Emerging Markets Government Bond Index (EMGBI).
- In order to allow non-residents to invest in specific Government of India-dated securities, the RBI established FAR as a distinct route in 2020 after consulting with the government.
- There are no restrictions on the amount of money that qualified investors can invest in certain government securities.
- These investors include Overseas Citizens of India (OCIs), Foreign Portfolio Investors (FPIs), Non-Resident Indians (NRIs), and other organisations that are allowed to purchase government securities under the Debt Regulations.
Topic: Miscellaneous
2. The ₹3,022-crore BharatNet Network project has been awarded to an ITI-led consortium.
- The lowest bidder (L1) for two packages totalling ₹3,022 crore in the BharatNet Phase-3 Project is ITI Limited and its consortium partner.
- The contracts for Package 8, which covers Himachal Pradesh, and Package 9, which covers West Bengal and the Andaman and Nicobar Islands, were awarded to the state-owned telecom equipment maker.
- The Middle Mile Network of BharatNet will be designed, supplied, built, installed, upgraded, and maintained as part of this project.
- The Universal Service Obligation Fund provides funding for the project.
- Under previous BharatNet phases, ITI Ltd is now working on optical fibre network projects in Tamil Nadu, Maharashtra, and Gujarat that are valued at about ₹5,400 crore.
- With a 100Mbps bandwidth, the BharatNet project seeks to connect all 640,000 Indian villages, blocks, and Gram Panchayats to high-speed broadband.
Topic: Indian Economy/Financial Market
3. The GDP data release time is advanced by the government by ninety minutes to 4 pm.
- The GDP figures will be released by the Ministry of Statistics and Programme Implementation (MoSPI) around ninety minutes earlier, at 4 p.m.
- According to current practice, GDP press releases are scheduled for the designated release dates at 5:30 p.m.
- MoSPI has made the decision to move the GDP estimate press release schedule from 5:30 p.m. to 4:00 p.m.
- This was done to provide the public, media, and users more time to access GDP data on the day of publication.
- The revised release time coincides with the hours at which India's main financial markets close.
- As a result, on November 29, 2024, at 4 PM, the GDP estimates for the second quarter (July–September) of the fiscal year 2024–2025 will be available for press release.
- The National Statistical Office (NSO), MoSPI publishes quarterly and annual GDP estimates.
- Additionally, earlier this month, MoSPI changed the schedule of the Consumer Price Index (CPI) and Index of Industrial Production (IIP) releases from 5:30 to 4:00 p.m.
Topic: Reports and Indices
4. Shiv Nadar topped the Hurun India Philanthropy List 2024.
- According to the Hurun India Philanthropy List 2024, HCL Technologies founder Shiv Nadar and family with ₹2,153 crore donation are the leading philanthropists in India.
- Mukesh Ambani and his family are on the second spot with a philanthropic contribution of ₹407 crore.
- The Bajaj family, with a donation of ₹352 crore, secured third position on the list.
- Krishna Chivukula became the most generous person to feature in the list this time with a donation of ₹228 crore.
- Adani Group, with a philanthropic contribution of ₹330 crore, secured the fifth position.
- Among the top 10 most generous women, Rohini Nilekani occupied the top spot with ₹154 crore donation.
- Zerodha co-founder Nikhil Kamath is the youngest philanthropist on the list with ₹120 crore contribution to the Rainmatter Foundation.
Topic: Banking System
5. State Bank of India has launched innovation hub at Singapore Fintech Festival.
- The State Bank of India (SBI) Innovation Hub was launched in partnership with APIX.
- It is to provide dedicated space for fintechs and startups globally to design next-generation financial solutions to meet the digital needs of diverse customer base of SBI.
- APIX is a leading global collaborative innovation platform for fintechs and financial institutions at the festival. It is a Singapore-based platform.
- Singapore Fintech Festival was held from 6-8 November.
Topic: Corporates/Companies
6. On failure of the resolution plan, the Supreme Court ordered Jet Airways’ liquidation.
- Takeover bid by Kalrock Capital and Murari Lal Jalan has been rejected.
- The court determined that the NCLAT's approval of the proposal ignored a Supreme Court ruling from January 2023.
- The court decided that liquidation was best for employees and lenders.
- By permitting the adjustment of a Rs 150 crore performance bank guarantee (PBG) against an infusion need of Rs 350 crore from the Jalan-Kalrock Consortium (JKC), NCLAT disregarded the Court's January 2023 judgement.
- The resolution applicant for Jet Airways is Jalan-Kalrock Consortium (JKC).
- Five years after the resolution plan was approved, the Supreme Court observed that the Jalan-Kalrock Consortium had not carried it out.
- Additionally, the National Company Law Tribunal (NCLT), Mumbai, was instructed by the SC bench to proceed with the appointment of a liquidator.
- The bench comprised of Chief Justice D Y Chandrachud, Justices J B Pardiwala and Manoj Misra.
Topic: Miscellaneous
7. Supreme Court restored DRI officers’ powers to recover dues under the Customs Act.
- The Supreme Court overturned the 2021 verdict and stated that Directorate of Revenue Intelligence (DRI) officers have the authority to issue notices and recover dues under the Customs Act, 1962.
- The Supreme Court has reviewed the decision of the Canon India Pvt Ltd vs Commissioner of Customs case filed by the customs department in 2021.
- A circular was issued by the CBEC in 1999 that empowered officers of the DRI to issue notices under Section 28 of the Customs Act.
- A notification was also issued in 2011 which stated that DRI officers could perform the functions of a “proper officer” under the Customs Act.
- The Directorate of Revenue Intelligence (DRI) is an Indian intelligence agency.
- It is India's apex anti-smuggling intelligence, investigations and operations agency.
Topic: Corporates/Companies
8. To strengthen FCI, the Cabinet has approved an equity investment of Rs 10,700 crore.
- The Food Corporation of India will get 10,700 crore rupees in new equity from the government.
- This is an important step in improving FCI's operating capability.
- The burden of interest will be lessened with this infusion, which will ultimately lessen the government's need for subsidies.
- The growth in the Minimum Support Price (MSP) and the acquisition of food grains over the past ten years has led to an expansion in the scope of FCI operations.
- Food grain purchase, storage and preservation, transportation, and distribution throughout the nation are among FCI's primary responsibilities.
- With an approved capital of Rs 100 crore and equity of Rs 4 crore, FCI began operations in 1964.
- As a result of its businesses' substantial growth over time, its allowed capital increased to Rs 21,000 crore in February 2023.
- In FY24, FCI's equity amounted to Rs 10,157 crore.
Topic: Banking/Financial/Govt Schemes
9. PM-Vidyalaxmi scheme has been approved by the government to provide financial support to meritorious students.
- In order to pursue higher education, the students will be eligible for loans that are free of collateral and guarantors.
- The program was created to ensure that no Indian youth will be prevented from pursuing high-quality higher education due to financial limitations.
- According to the scheme, the government will offer a 75% credit guarantee for loans up to 7.5 lakh rupees in order to help banks increase their coverage.
- Students with an annual family income of up to eight lakh rupees will also be eligible for a three percent interest subvention for loans up to 10 lakh rupees during the moratorium period.
- Seven lakh students are anticipated to benefit from this program.
- Students can apply for an education loan on the unified site PM Vidyalaxmi in order to take advantage of the program.
Topic: Reports and Indices
10. Singapore is ranked as the world’s most powerful passport on the Henley Passport Index.
- The Henley Passport Index ranks Singapore as the world’s most powerful passport. It has visa-free access to 195 countries.
- Italy, Japan, Germany, Spain, and France are in the second spot.
- Indian passport ranks 83rd with visa-free travel to 58 countries.
- The ranking is based on the number of countries that can be travelled without a visa.
- Austria, Denmark, Finland, Ireland, Luxembourg, the Netherlands, South Korea, and Sweden are in the third spot with visa-free access to 191 countries.
- The United States is in the 8th spot with visa-free access to 186 countries.
- Afghanistan, Syria, Iraq, Yemen, Somalia, and Pakistan are the least powerful passports in the world.
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