Current Affairs Today 7th November 2024 Daily GK Update

Daily Current Affairs 7th November 2024 Daily GK Update

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 National News

Cabinet approves PM-Vidyalaxmi scheme to provide financial support to meritorious students

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved PM Vidyalaxmi, a new Central Sector scheme that seeks to provide financial support to meritorious students so that financial constraints do not prevent anyone from pursuing higher studies.
• As per the scheme, anybody who gets admission to Quality Higher Education Institutions (QHEIs) will be eligible to get collateral-free, guarantor-free loans from banks and financial institutions to cover the full amount of tuition fees and other expenses related to the course.
• An outlay of ₹3,600 crore has been approved for the scheme under which education loans will be facilitated to students securing admissions in the top 860 QHEIs of the country based on the National Institutional Ranking Framework (NIRF). This will cover more than 22 lakh students every year.
• The scheme will be applicable to the top QHEIs as determined by the NIRF rankings – including all HEIs, government and private that are ranked within the top 100 in NIRF in overall, category-specific and domain-specific rankings, state government HEIs ranked in 101-200 in the NIRF and all central government-run institutions.
• For loan amounts up to ₹7.5 lakhs, the student will also be eligible for a credit guarantee of 75 pc of outstanding default. This will give support to banks in making education loans available to students under the scheme.
• In addition, for students having an annual family income of up to ₹8 lakhs, and not eligible for benefits under any other government scholarship or interest subvention schemes, 3 percent interest subvention for loans up to ₹10 lakhs will also be provided during the moratorium period.
• The interest subvention support will be given to one lakh students every year. Preference will be given to students who are from government institutions and have opted for technical and professional courses. An outlay of ₹3,600 crore has been made during 2024-25 to 2030-31, and 7 lakh fresh students are expected to get the benefit of this interest subvention during the period.
• The Department of Higher Education will have a unified portal, ‘PM-Vidyalaxmi’, on which students will be able to apply for the education loan as well as interest subvention, through a simplified application process to be used by all banks. Payment of interest subvention will be made through e-vouchers and Central Bank Digital Currency (CBDC) wallets.

Cabinet approves infusion of Rs 10,700 crore equity in FCI to strengthen

• The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi, has approved infusion of equity of 10,700 crore for working capital in financial year 2024-25 in Food Corporation of India (FCI).
• The decision is aimed at bolstering the agricultural sector and ensuring the welfare of farmers nationwide. This strategic move shows the Government’s steadfast commitment to supporting farmers and fortifying India’s agrarian economy.
• FCI started its journey in 1964 with authorised capital of Rs. 100 Crores and equity of Rs. 4 Crores. The operations of FCI increased manifolds resulting in increase of authorised capital from Rs. 11,000 crores to Rs. 21,000 crores in February, 2024.
• The equity of FCI was Rs. 4,496 Crores in Financial Year 2019-20 which increased to Rs. 10,157 Crores in the Financial Year 2023-24. Now, Government of India has approved significant amount of equity of Rs. 10,700 Crores for FCI which will strengthen it financially and will give a big boost to the initiatives taken for its transformation.
• FCI plays a pivotal role in ensuring food security by procuring food grains at the Minimum Support Price, maintaining strategic food grain stocks, and stabilizing food grain prices in the market.

Andhra Pradesh CM launches Deepam 2.0 Scheme to provides free Gas Cylinders to Eligible Families

• Andhra Pradesh Chief Minister Chandrababu Naidu has launched the Deepam 2.0 scheme in Edupuram, Ichapuram Mandal, Srikakulam district, as part of the “Super Six Promises” initiative.
• This program provides free gas cylinders to eligible families, aiming to improve their quality of life.
• Marking the formal launch of the Deepam 2.0 scheme, the Chief Minister flagged off gas cylinder delivery vehicles and personally handed over the first cylinder to beneficiary Ambati Shantamma.
• Addressing the public meeting at ‘Praja Vedika,’ he assured that the cost of the gas cylinders would be refunded to all beneficiaries within 48 hours.
• He further announced that beneficiaries now could take social pensions once every three months.

About Andhra Pradesh

• Capital – Amaravati
• Chief Minister – N Chandrababu Naidu
• Deputy CM – Pawan Kalyan
• Governor – Abdul Nazeer
• Legislative Assembly Seat – 175

MP Cabinet Increases Women’s Reservation In State Government Jobs To 35%

• Madhya Pradesh cabinet has approved a proposal to raise the reservation for women in state government jobs from 33% to 35%. The decision was made during a cabinet meeting led by Chief Minister Mohan Yadav.
• The increased 35% women’s quota will apply to all recruitments conducted by the state Public Service Commission and the Employees Selection Board.
• The cabinet ratified the chief minister’s September 13, 2023, decision and subsequent notification under the Madhya Pradesh Civil Services (Special Provisions for Appointment of Women) Rules, 1997.

About Madhya Pradesh

• Capital – Bhopal
• Chief Minister – Dr Mohan Yadav (replace Shivraj Singh Chauhan)
• Deputy CM – Jagdish Devda & Rajendra Shukla
• Speaker of Madhya Pradesh Assembly – Narendra Singh Tomar
• Governor – Mangubhai C. Patel

ISA hosts the third edition of the High-level Conference on New Technologies for Clean Energy Transition

• The International Solar Alliance, in a global collaboration with the Ministry of New & Renewable Energy, the Government of India, the Asian Development Bank, and the International Solar Energy Society, organised the third edition of the High-level Conference on New Technologies for Clean Energy Transition.
• This significant event took place on the sidelines of the Seventh Session of the ISA Assembly in New Delhi uniting stakeholders worldwide.
• The conference’s overarching goal is to translate dialogue into action. Deep-dive sessions focusing on new-age solar technologies, emerging storage technologies, and unleashing solar’s role in accelerating equitable economic, and social.
• An added attraction at the inaugural was the launch of the third edition of the World Solar Report series. Launched in 2022, the series provides a concise overview of global advancements, challenges, and trends in solar technology, markets, and investments.

Key findings from the 2024 edition include:

• Rise in Solar Capacity.
• Solar Manufacturing to Exceed Demand with Over 1,100 GW by 2024.
• Solar Industry Employment Boom.
• Future Forecasts.
• Exponential Growth in Energy Investments.
• The Solar Investment Surge.
• APAC leads global solar investments.
• Record-Breaking Solar PV Panel Efficiency.
• Solar Manufacturing Now Uses 88% Less Silicon per Watt Peak than in 2004.
• Utility-Scale PV Costs Hitting New Low.
• The inaugural also witnessed the release of the ‘Readiness Assessment of Green Hydrogen African Countries’ report by ISA and Denmark.

21st Edition of India – US Military Cooperation Group meeting held in New Delhi

• The 21st edition of India – US Military Cooperation Group (MCG) meeting was conducted at the Manekshaw Centre, New Delhi.
• The meeting covered a wide range of topics, including capacity building, training exchanges, defence industrial cooperation and the advancement of joint exercises that bolster preparedness for conventional and hybrid threats.
• The MCG is a landmark forum aimed at enhancing defence cooperation and fostering strategic and operational defence collaboration between the Armed Forces of both countries.
• The 21st MCG meeting represents a step forward in advancing the shared objectives of India and US to ensure regional and global security, counter emerging threats and build mutual capabilities.

Banking and Financial

Paytm launches UPI statement download for easy expense tracking

• One97 Communications Limited (OCL), which owns Paytm, India’s leading digital payments and financial services provider, has launched a new feature allowing users to download UPI statements directly from the app.
• This service enables users to access and monitor their financial transactions for any date range or financial year in a simple PDF format.
• The UPI statement download feature addresses the rising demand among Paytm users for greater transparency and control over their finances. Users can now view detailed transaction data, including transaction amounts, recipient information, bank details, and timestamps, all organized for easy reference.
• In addition to this latest feature, Paytm offers other UPI-based services, such as Peer-to-Peer (P2P) bank transfers, UPI Lite for small transactions under ₹2,000 to prevent cluttered bank statements, and the option to link RuPay Credit Cards with UPI for seamless bill payments. Users can also check bank balances and make self-account transfers with ease on the app.

Indian Overseas Bank Unveils Online Re-KYC Service for Hassle-Free Updates

• Indian Overseas Bank (IOB) has unveiled an online Re-KYC service to simplify the Know Your Customer (KYC) update process for its customers.
• This digital initiative allows clients to update their KYC information without visiting a branch, enhancing convenience and accessibility.
• With this online Re-KYC option, customers who have already submitted valid KYC documents can update their information using one of three convenient channels:
• Website: Visit iob.in, go to the Self-Service Digital Hub on the homepage, select “Re-KYC,” and follow the prompts to complete the process.
• SMS: Send an SMS in the format “REKYC <Space> CIF ID” to 9643-01-9643 from your registered mobile number (e.g., REKYC 198979695).
• Email: Send an email with the subject “REKYC <Space> CIF ID” to rekyc@iob.in from your registered email address (e.g., REKYC 198979695).

GoI and ADB sign $200 million loan to upgrade water supply, sanitation, urban mobility, and other urban services

• The Government of India and the Asian Development Bank (ADB) signed a $200 million loan to help upgrade water supply, sanitation, urban mobility, and other urban services in the state of Uttarakhand.
• The project aims to create urban infrastructure that is resilient to climate and environmental risks such as floods and landslides, ensuring the safety and health of Uttarakhand’s population.
• The project will enhance transportation, urban mobility, drainage, flood management, and overall public services in Haldwani, the economic hub of the state. Additionally, it will improve water supply delivery in four cities – Champawat, Kichha, Kotdwar, and Vikasnagar – by developing efficient and climate-resilient water supply systems.

Recent Loan approved by ADB

• India and ADB sign $434.25 million for solar facility in Assam
• The Asian Development Bank (ADB) has approved a loan of $162 million to support tourism development in Himachal Pradesh
• India and ADB sign $50 million to improve water resources management, access to water, and community resilience to the effects of climate change in Meghalaya.
• India and ADB sign 530 crore to boost drinking water supply in 12 cities of Tripura state

IDFC FIRST Bank launches real-time tracking for international money

• IDFC FIRST Bank has become the first Indian bank to offer real-time tracking for money sent abroad. This service, developed in partnership with Swift, is accessible through the bank’s mobile app and internet banking platforms.
• The Swift GPI tracking plugin gives real-time updates on the status of funds, indicating whether the money is in transit or has been credited to the recipient’s account. The tracker also alerts users to potential issues, such as errors in receiver information, allowing them to resolve problems swiftly.
• Under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), resident individuals can send money abroad for various purposes, including education, medical expenses, and investments. Non-Resident Indians can also transfer funds from their NRO/NRE accounts through IDFC FIRST Bank.

SBI launches Innovation Hub in tie up with APIX 

• State Bank of India (SBI) has launched the SBI Innovation Hub in partnership with APIX, a global collaborative innovation platform for financial institutions and fintechs.
• SBI Innovation Hub provides a dedicated space for fintechs, startups, and innovators worldwide to design next-generation financial solutions tailored to meet the digital needs of SBI’s diverse customer base.
• The initiative is aimed at driving financial innovation and digital transformation as well as advancing financial inclusion.

Science

ISRO set to launch EU’s Proba 3 Sun observation mission in December 2024

• The Indian Space Research Organisation (ISRO) is set to launch the European Union’s Proba 3 Sun Observation Mission in December.
• The two satellites for the Proba-3 mission, aimed at studying the Sun, arrived at Sriharikota to be integrated with ISRO’s Polar Satellite Launch Vehicle (PSLV).
• The Proba-3 satellite, which arrived in Sriharikota this morning is designed to observe the Sun’s faint corona. This mission marks India’s third launch for the European Union, following support for the Proba-1 and Proba-2 satellites, but stands out due to its focus on solar observation.
• The two Proba-3 spacecraft will be launched together on a PSLV-XL launcher and placed in a highly elliptical orbit, reaching up to 60,000 km from Earth before descending as close as 600 km.
• This high orbit is essential because the spacecraft will conduct active formation flying for around six hours at maximum altitude, where Earth’s gravitational influence is weaker, reducing the amount of propellant needed for position adjustments.
• Proba-3’s twin satellites will allow continuous observations of the Sun’s faint corona, or outer atmosphere, which typically can only be seen briefly during solar eclipses from Earth.
• To achieve this, the shadow cast between the two spacecraft must remain precisely aligned, requiring them to autonomously maintain formation with millimeter-level accuracy— the thickness of a fingernail.
• This launch will mark the first time since the original Proba-1 Earth-observing mission in 2001 that an ESA mission has been launched from India.

Sports

Mandeep Jangra wins WBF super featherweight world title

• Haryana’s professional boxer Mandeep Jangra won the World Boxing Federation’s super featherweight world title by beating the British boxer Conor McIntosh.
• The World Boxing Federation’s super featherweight world title match was held in the Cayman Islands.
• The 31-year-old Indian boxer who trains under legendary American boxer Roy Jones Junior turned professional in 2021.
• Before turning professional, Mandeep Jangra won a silver medal in the 2013 Asian Championship and a silver medal at the 2014 Glasgow Commonwealth Games.
• In 2015, the government of India awarded Mandeep the Arjuna Award.

Important day

7 November – Infant Protection Day

• Infant Protection Day is observed every year on November 7.
• Objective – To raise awareness about the importance of ensuring the safety, health and well-being of infants.
• Theme 2024 – Protecting Our Future
• This day serves as a reminder of the vulnerabilities that newborns and infants face and the critical role that society plays in safeguarding their future. It encourages parents, caregivers, healthcare professionals and communities to come together and take actions that can reduce infant mortality rates, promote healthy development, and create a safe environment for infants to thrive.

Obituary

Bihar Kokila Sharda Sinha passes away

• Popular folk singer and ‘Bihar Kokila’, Sharda Sinha passed away at the age of 72.
• Sharda Sinha, who was a household name in Bihar for her Chhath Puja songs, died on the first day of the Puja this year.
• Bihar Kokila Sharda Sinha was born on 1 October 1952 in the Hulas village of Raghopur subdivision of the present-day Supaul district of Bihar. She started her singing career in 1971 with Akashvani (All India Radio).
• Her songs, sung in Bhojpuri, Maithili, and Magadhi dialects, based on the great festival of Chhath, Vivah Geet, and other rituals specific to Bihar, caught the public imagination, earning her the sobriquet of Bihar Kokila.
• Sharda Sinha was awarded India’s third highest civilian award Padma Bhushan in 2018, fourth highest civilian award Padma Shri in 1991 and the Sangeet Natak Akademi Award.

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