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Daily Current Affairs 26th and 27th October 2024 Daily GK Update
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National News
IIM Shillong signs MoU with SIDBI to launch entrepreneurship training and incubation programme
- The Indian Institute of Management Shillong, through its IIM Shillong Foundation for Incubation and Enterprise (IIMSFIE), has signed an MoU with the Small Industries Development Bank of India (SIDBI).
- The partnership aimed at providing comprehensive entrepreneurship training and incubation support to aspiring entrepreneurs.
- By leveraging SIDBI’s vast network and IIMSFIE’s infrastructure and experience, the initiative will create a robust support system to nurture innovative startups and enterprises.
Loan limit under Pradhan Mantri Mudra Yojana (PMMY) increased to Rs.20 lakh from Rs.10 lakh
- The government has doubled the limit of Mudra loan amount under the Pradhan Mantri Mudra Yojana (PMMY) to Rs 20 lakh from Rs 10 lakh under a new ‘Tarun Plus’ category to promote entrepreneurship in the country.
- The increase aims to further the objective of the Mudra Scheme, which is to fund the unfunded. This enhancement is specifically beneficial to emerging entrepreneurs, facilitating their growth and expansion.
- The enhanced limit for Mudra loans was announced by Finance Minister Nirmala Sitharman in the Union Budget 2024-25 on July 23 this year.
- The guarantee coverage of PMMY loans up to Rs 20 lakh will be provided under the Credit Guarantee Fund for Micro Units (CGFMU).
Who is Eligible for Mudra Loan?
- Mudra loan is a government scheme in India that provides financial support to micro and small enterprises for business development. Eligibility includes non-corporate small businesses, micro-enterprises, and individuals in manufacturing, trading, services, and agriculture-related sectors.
- Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by Prime Minister Narendra Modi on April 8, 2015 for providing loans up to 10 lakh to micro and small enterprises.
- Loans under the PM mudra loan scheme are available to non-farm micro or small enterprises engaged in income generation through manufacturing, trading and services. Eligibility includes non-corporate small businesses, micro-enterprises, and individuals in manufacturing, trading, services, and agriculture-related sectors.
Rajiv Ranjan Singh launches “Weather Forecasting at the Gram Panchayat Level” in Vigyan Bhawan
- Rajiv Ranjan Singh alias Lalan Singh, Minister of Panchayati Raj, Dr. Jitendra Singh, Minister of State (Independent Charge) for Science and Technology & Earth Sciences, and Prof. S. P. Singh Baghel, Minister of State for Panchayati Raj, launched Gram Panchayat-Level Weather Forecasting in Vigyan Bhawan, New Delhi.
- This initiative, developed in collaboration between the Ministry of Panchayati Raj (MoPR) and the India Meteorological Department (IMD), Ministry of Earth Sciences (MoES), marks a major step forward in climate preparedness at the grassroots level.
- The initiative will provide Gram Panchayats with a five-day weather forecast and hourly updates, enabling rural communities to better plan agricultural activities and prepare for weather-related risks.
Reliance, Nvidia partner to build large-scale AI infrastructure in India
- Reliance Industries has partnered with Nvidia to build large-scale AI infrastructure in India that could accelerate India’s artificial intelligence capabilities.
- The announcement came during a fireside chat between Reliance Chairman Mukesh Ambani and Nvidia CEO Jensen Huang at the Nvidia AI Summit 2024 in Mumbai.
- The partnership will see Reliance deploying Nvidia’s latest GB 200 supercomputer technology to build a massive AI infrastructure.
- The collaboration aims to make AI accessible and affordable to India’s 1.4 billion population, following a model similar to what Reliance’s Jio did for mobile data.
Central govt pensioners to get additional compassionate pension after 80
- The Department of Pension and Pensioners’ Welfare (DoPPW) announced that central government pensioners aged 80 and older will qualify for an additional pension called compassionate allowance.
- New guidelines have been issued for central government civil service retirees who reach the age of 80 to access these supplementary benefits.
- The guidelines simplify the process for distributing these additional allowances –
From 80 to 85 years of age: 20 percent of basic pension/compassionate allowance.
From 85 to 90 years of age: 30 percent of basic pension/compassionate allowance.
From 95 to 100 years of age: 50 percent of basic pension/compassionate allowance.
100 years or more: 100 percent of basic pension/compassionate allowance.
- The additional pension or compassionate allowance will be effective from the first day of the month in which the pensioner reaches the designated age.
Bihar CM unveils panchayat projects worth Rs 7,160 cr.
- Bihar Chief Minister Nitish Kumar has inaugurated and laid the foundation stone for various projects worth Rs 7,160 crore.
- The projects for which the CM virtually laid the foundation stones include 2,615 panchayat government buildings in different blocks in the state and a panchayat resource center in Sonepur in the Saran district.
- Kumar also inaugurated 13 district panchayat resource centres, 65 panchayat government buildings, an e-gram kachhari court management system and portals of several district councils at a function held at the official residence of the CM.The government has set a target of constructing such buildings in every gram panchayat.
- Initially, 330 panchayat government buildings were built. Of 8,053 panchayat buildings in the state, 6,858 have been approved. Out of these, 1,548 are complete and the rest are under construction.
About Bihar
- Capital – Patna
- Chief Minister – Nitish Kumar (9th time)
- Deputy CM – Samrat Choudhary and Vijay Kumar Sinha
- Governor – Rajendra Vishwanath Arlekar
Banking and Financial
MobiKwik launches fixed deposit product with up to 9.5% interest rate
- MobiKwik, a digital financial services platform, has launched an Instant Fixed Deposit (FD) product on its mobile app, in partnership with financial services firms. The product aims to simplify the savings process for its users.
- MobiKwik Fixed Deposits allows users to start investing with as little as Rs 1,000 and earn up to 9.5 per cent returns per annum without opening a new bank account.
- Users can choose a tenure ranging from 7 days to 60 months depending on their convenience.
- Through its partnership with RBI-regulated Small Finance Banks and NBFCs such as Suryoday Small Finance Bank, Bajaj Finance, and others along with technology service provider Blostem, MobiKwik aims to provide security of fixed deposit bookings made on its platform.
Recent Facilities Launched in Banking & Insurance Sector
- Indian Overseas Bank launched Mahila Saksham scheme to empower women entrepreneurs
- Magma HDI General Insurance launches ‘Double Suraksha’: Affordable Insurance for Every Income Group
- Bank of Baroda introduces 400-day ‘Utsav Deposit Scheme’ at 7.3%
- PhonePe launches new plan Firecracker Insurance for Diwali with Bajaj Allianz General Insurance
- SBI Card launches KrisFlyer SBI Card in partnership with Singapore
ADB commits USD 434.25 million loan for solar facility in Assam
- The Asian Development Bank (ADB) has approved a USD 434.25 million (about Rs 3,600 crore) loan to increase renewable energy capacity and improve energy security in Assam.
- This project will help Assam develop a renewable energy road map and increase its solar energy capacity to achieve its target of 3,000 megawatts (MW) by 2030.
- The Assam Solar Project will construct a grid-connected solar photovoltaic (PV) facility in Karbi Anglong district with a capacity of 500 MW. The project will support the development of a grid-connected battery energy storage system to ensure grid stability and meet peak power demand.
- This storage system will be established through a joint venture between the Assam Power Distribution Company Limited (APDCL) and the Oil and Natural Gas Corporation Ltd. Tripura Power Company Ltd.
- The project will help establish a PPP agreement to develop an additional 250 MW solar PV facility in the Karbi Anglong district.
About Asian Development Bank (ADB)
- Founded – 19 December 1966
- Headquarters – Mandaluyong, Metro Manila, Philippines
- President – Masatsugu Asakawa
- Vice President – Ashok Lavasa
- Director of ADB for India – Mio Oka (replace Takeo Konishi)
- Executive Director – Vikas Sheel
- Adviser to the Executive Director – Smita Sarangi
- Member Countries – 69 (Israel)
Appointment
Amitabh Chaudhry appoints as MD & CEO of Axis Bank
- Axis Bank has reappointed Amitabh Chaudhry as the Managing Director and Chief Executive Officer of the bank for the next three years.
- Chaudhry’s extended term will commence in January 2025 and conclude on December 31, 2027.
- Chaudhry, who joined Axis Bank in 2019 after a nine-year tenure with HDFC Life, has played a pivotal role in the bank’s growth.
Recent Appointment in Banking & Insurance Sector
- CFO of HSBC Bank – Pam Kaur (first female CFO; replace Georges Elhedery)
- CEO of JP Morgan Chase Bank India CEO – Pranav Chawda
- Chairperson of the Board of National Pension System (NPS) Trust – Chitra Jayasimha (replace Venkata Rao Yadagani)
- CEO of Acko Life Insurance – Sandip Goenka
- MD & CEO of Bandhan Bank – Partha Pratim Sengupta (for 3 year)
Sports
Sharapova, Bryan brothers elected into Tennis Hall of Fame
- Five-time singles Grand Slam champion Maria Sharapova, Russia, and American twins Bob and Mike Bryan, who formed the most successful doubles team in history, were named to the International Tennis Hall of Fame’s Class of 2025.
- Sharapova, one of only 10 women to achieve a career Grand Slam in singles, became the first Russian woman to reach the world number one ranking in 2005. She also won a silver medal at the 2012 London Olympics.
- The Bryans won 16 Grand Slam men’s doubles titles together and were the world’s top-ranked team for a record 438 weeks.
- The Californian pair won a professional era record 119 titles together, including 16 Grand Slams, 39 ATP Masters 1000s and the ATP Finals title four times.
- The Bryans also won Olympic gold at London 2012 and were part of the U.S. Davis Cup-winning team in 2007.
Important day
24 October – World Polio Day
- World Polio Day is observed on October 24 every year.
- Objective – To raise awareness about the fight against poliomyelitis.
- Theme 2024 – A Global Mission to Reach Every Child
- This day was established by Rotary International in honor of Dr Jonas Salk. He developed the first successful polio vaccine. The day serves to highlight ongoing efforts by the Global Polio Eradication Initiative (GPEI), founded in 1988. This initiative has reduced polio cases worldwide by 99 percent.
About Polio
- Polio, or poliomyelitis, is a serious infectious disease caused by the poliovirus. It mainly affects children under the age of 5.
- The virus can lead to paralysis and, in severe cases, death. Vaccination is crucial to prevent the disease and protect vulnerable populations.
24 October 2024 – 63rd ITBP Raising Day
- The Indo-Tibetan Border Police (ITBP) has celebrated its Raising Day on October 24 every year.
- The ITBP Raising Day commemorates the founding of this elite paramilitary force, which was raised in the aftermath of the 1962 Sino-Indian War.
- The force is entrusted with the security of the India-China border in the Himalayas and plays a critical role in safeguarding the nation’s sovereignty.
- The Indo-Tibetan Border Police (ITBP) was formally raised on October 24, 1962, as a direct response to the Sino-Indian War that highlighted the vulnerabilities in India’s border security.
24 October – World Development Information Day
- World Development Information Day is observed every year on October 24, coinciding with the United Nations Day.
- The day focuses on the need to mobilise public opinion in both developing and developed countries in a bid to accelerate their economic and social progress.
- In 1972, the General Assembly established World Development Information Day to draw the attention of the world to development problems and the need to strengthen international cooperation to solve them (resolution 3038(XXVII)).
- The Assembly decided that the date for the Day should coincide with United Nations Day, 24 October, which was also the date of the adoption, in 1970, of the International Development Strategy for the Second United Nations Development Decade.
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