Daily Current Affairs and GK | 16 November 2024

Topic: Banking System

1. State Bank of India has sought $1.25 billion in India's biggest bank loan in 2024.

• State Bank of India is looking to raise up to $1.25 billion for a five-year loan, which would be the largest dollar-denominated loan from India's financial sector in 2024.
• CTBC Bank, HSBC Holdings PLC and Taipei Fubon Bank are arranging the five-year loan, which carries an interest margin of 92.5 basis points over the risk-free secured overnight financing rate.
• SBI is raising this facility for general corporate purposes through its branch in Gujarat International Finance Tec-City, the country's newest financial hub.
• In 2024, State Bank of India is joining a growing list of local borrowers raising foreign currency loans, with non-banking financial companies (NBFCs) or "shadow banks" leading the way due to tighter domestic regulations.
• Despite a surge in activity, India’s dollar debt has fallen 27% this year to $14.2 billion, weighed down by low borrowings from large companies, according to data compiled by Bloomberg.
• According to data compiled by Bloomberg, the state bank raised a $750 million, three-year loan in July.

Topic: Important Days

2. National Press Day 2024: 16 November

• National Press Day is observed annually on 16 November to commemorate the setting up of the Press Council of India (PCI) in 1966.
• It is observed as a day to recognize the importance of the free and responsible press in a democratic society.
• The theme for National Press Day 2024 is “Changing nature of the press”.
• Press Council of India was formed on 4 July 1966 on the recommendations of the First Press Commission.
• The Press Council of India is a statutory and quasi-judicial body. It was re-established in the year 1979 under the Press Council Act, 1978.
• Justice Ranjana Prakash Desai is the current chairperson of the Press Council of India.

Topic: Government Schemes and Initiatives

3. Union Government has launched the Partnerships for Accelerated Innovation and Research (PAIR) programme.

• Partnerships for Accelerated Innovation and Research (PAIR) program will enhance the quality of research-oriented higher education in the country.
• The PAIR program will promote research excellence in central and state public universities via a mentorship-driven hub and spoke model.
• Under the hub and spoke model, such universities will be paired where research is at a nascent stage.
• The PAIR program will act as a catalyst for transformative research in universities. It will provide the necessary mentorship to elevate overall research standards.
• Hub institutions will include the top 25 NIRF overall ranking as well as Institutions of National Importance within the top 50 NIRF overall ranking.
• Every PAIR network would consist of one hub and up to seven spoke institutions.
• Only one proposal per hub institution will be allowed with the involvement of multi-departmental faculty teams from spoke institutions.
• The program’s main objective is to promote innovation in emerging institutions by leveraging mentorship from high-ranking institutions.

Topic: Art and Culture

4. Asia’s largest open-air trade fair ‘Bali Jatra’ started in Odisha.

• Bali Jatra, Asia’s largest open-air trade fair, is observed to celebrate Odisha’s ancient sea-trading history.
• This year’s fair started on the full moon day of Kartika and will end on 22nd November.
• It is observed in the memory of Odisha’s old tradition of traders sailing to distant lands in boats called Boitas from the Mahanadi River during Kartika Purnima.
• Cultural groups from Odisha and other states will perform dances like Odissi, Chhau, Bihu, Mahari, Gotipua, etc. on this occasion.

(Source: News on AIR)