Daily BeePedia

12th November 2024

INDEX

RBI, Banking and Economy ___________________________________________ 3

SEBI and Financial Awareness _________________________________________ 3

NABARD and Agriculture ___________________________________________

National __________________________________________________________ 4

International _____________________________________________________ 5

States____________________________________________________________ 6

Reports and Indexes _______________________________________________ 6

Science and Technology ___________________________________________ 7

Defence __________________________________________________________ 7

Events ___________________________________________________________ 8

Awards & Rewards ___________________________________________________

Appointments _____________________________________________________ 9

Important Days ___________________________________________________

Obituaries_________________________________________________________

Books ___________________________________________________________

Sports ___________________________________________________________ 9
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12th November 2024

Memory check 11th November 2024

1. What is the main objective of the SBI Innovation Hub launched at the Singapore Fintech
Festival?
a) To reduce banking fees for international transactions
b) To provide a secure sandbox with 250+ financial service APIs
c) To expand SBI's traditional banking services internationally
d) To partner with telecom companies for better connectivity
e) To enhance rural banking access in India

2. Which new branches did Union Finance Minister Nirmala Sitharaman inaugurate in
Bengaluru as part of promoting MSME financial access?
a) Six branches of ICICI Bank
b) Four branches of the Reserve Bank of India
c) Six new SIDBI branches
d) Four HDFC Bank branches for women
e) Seven NABARD branches for MSME loans

3. What did the Supreme Court of India emphasize as a fundamental right for people with
disabilities (PwDs)?
a) Free education in public institutions
b) Accessible infrastructure and services
c) Exclusive voting rights
d) Tax exemptions for caregivers
e) Reserved employment in all private companies

4. According to the FAO's 2024 State of Food and Agriculture report, what is the main driver
behind the $1.3 trillion hidden cost of India’s agrifood systems?
a) High carbon emissions from livestock
b) Unstable monsoon patterns affecting crops
c) Unhealthy dietary patterns causing non-communicable diseases
d) Overuse of chemical fertilizers in agriculture
e) Land degradation due to deforestation

5. What was the total implicit tax faced by Indian farmers in 2023 due to export restrictions
and market policies?
a) $50 billion
b) $85 billion
c) $100 billion
d) $120 billion
e) $150 billion

Answer key at the

end of the file

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12th November 2024

RBI, Banking and Economy

Stanchart opens international banking centre in Chennai

 Standard Chartered launched its second international banking centre for global Indians in Chennai.
 The bank plans to establish more centres in key hubs within the next 12-18 months.
 The international banking centre focuses on the needs of affluent and high net worth individuals.
 It offers tailored cross-border investment and wealth lending solutions.
 The announcement was made by Aditya Mandloi, MD and head of wealth and retail banking for India
and South Asia.

India's online gaming market grew by 23% in FY24 despite GST burden

 India’s gaming market grew 23% Y-o-Y to $3.8 billion in FY24 despite a 28% GST on online gaming,
as per a Lumikai report.
 The market is projected to reach $9.2 billion by FY29, with a 20% CAGR, driven by in-app purchases
and ad revenue.
 Real-money gaming (RMG) contributed $2.4 billion in FY24, but in-app purchase revenue grew fastest
at 41% Y-o-Y.
 By FY29, in-app purchases, with a 44% CAGR, are expected to surpass RMG revenues.
 Mid-core games saw a 53% Y-o-Y revenue increase, while casual and hyper-casual games had 10%
growth.
 Time spent on casual games rose by 20% in FY24, with 25% of gamers spending money, motivated by
unlocking content and upgrades.
 The gaming segment added 23 million new gamers, totaling 590 million in FY24, with average weekly
playtime rising 30% to 13 hours.
 Women gamers increased to 44% of the total, and 66% of gamers are from non-metro cities; 43% are
first-time earners aged 18-30, showing high spending potential.
 RMG firms absorbed GST impacts but faced 30% margin drops and working capital challenges for
smaller players.

SEBI and FINANCIAL AWARENESS

RBI, Sebi unveil rules for converting excess investment by FPIs into FDI

 RBI and SEBI issued new guidelines requiring foreign portfolio investors (FPIs) to obtain government
approval and investee company concurrence if equity stakes exceed prescribed limits.
 An operational framework has been established for reclassifying FPI investments to foreign direct
investments (FDI) if holdings surpass the 10% threshold under the Foreign Exchange Management
Act (Fema).
 FPIs breaching the limit have five days from trade settlement to either divest holdings or reclassify to
FDI, subject to conditions.
 Once reclassified, the investment will remain FDI even if holdings later fall below the 10% threshold.
 The framework emphasizes necessary government approvals, including provisions for investments from
land-bordering countries.
 The reclassification is restricted in prohibited sectors and must adhere to FDI norms like sectoral caps
and pricing guidelines.
 The guidelines aim to create a favorable investment environment and enable FPIs to engage more
strategically with Indian companies.
 Reporting procedures for breaches and reclassification have been detailed, ensuring smooth processing
and compliance.
Learn Along:
About SEBI

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12th November 2024

 The Securities and Exchange Board of India was established as a statutory body in the year 1992 and the
provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992) came into force on January 30,
1992.
 Chairperson: Ms. Madhabi Puri Buch Headquarters: Mumbai, Maharashtra

FinMin revokes 8-year-old circular: CPSEs no longer need NITI nod for JVs

 The Ministry of Finance has revoked an eight-year-old circular, granting more autonomy to Maharatna,
Navratna, and Miniratna CPSEs.
 CPSEs no longer need NITI Aayog’s prior approval for forming joint ventures (JVs) or wholly owned
subsidiaries (WoS), simplifying and speeding up the process.
 The Department of Public Enterprises (DPE) announced this change to make procedures more efficient
and less time-consuming.
 However, CPSEs must still seek approval from DIPAM for capital restructuring and management
decisions.
 The requirement for NITI Aayog’s clearance had been in place since 2016 to ensure investments align
with strategic government needs and fiscal prudence.
 The DPE’s shift to the Finance Ministry in 2021 eliminated the need for NITI Aayog's intervention.
 There are currently 14 Maharatna, 24 Navratna, and 69 Miniratna CPSEs in India.
 The government aims to make CPSEs autonomous Board-managed companies, with Boards holding
authority over strategic decisions and operations.
 A parliamentary committee previously recommended empowering CPSE Boards with independent
experts to enhance decision-making and governance efficiency.

Net direct tax collection rises 15.4% to Rs 12.1 trn in April-Nov

 Net direct tax collection in India grew 15.4% year-on-year to Rs 12.1 trillion from April 1 to November
10.
 Gross direct taxes, including corporate and personal tax, increased over 21% to Rs 15 trillion.
 The government issued tax refunds totaling Rs 2.9 trillion during this period.

NATIONAL
Tata Power to power Noida airport with renewables

 Tata Power and Noida International Airport (NIA) signed two power purchase agreements for solar and
wind power development and supply.
 $66 million will be allocated by Tata Power for this 25-year agreement.
 Tata Power Trading Company Ltd. (TPTCL) will supply 10.8 MW of wind power using assets from Tata
Power Renewable Energy Ltd. (TPREL).
 A 13 MW onsite solar plant will be developed, operated, and maintained by TPREL to meet NIA’s energy
needs.
 Tata Power will build essential dry utilities and electrical infrastructure and provide operation and
maintenance (O&M) services for 25 years.
 This collaboration aims to contribute to the development of Net Zero Airports and support India’s green
energy goals.
 The project represents a significant step toward sustainability and reducing carbon emissions in airport
operations.

New Scheme to Boost Medical Device Industry

 The Government of India has launched a new scheme to boost the medical device industry, announced
by Union Minister Jagat Prakash Nadda.

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 The initiative aims to make India self-reliant in medical device manufacturing, complemented by the
Production Linked Incentive (PLI) scheme.
 With a budget of 500 crore rupees, the scheme seeks to enhance domestic production and reduce
reliance on imports, strengthening healthcare infrastructure.
 Key components include Common Facilities for Clusters, Capacity Building and Skill Development,
Reducing Import Dependence, Clinical Studies Support, and a Promotion Scheme for Medical
Devices.
 Common Facilities will provide shared resources, while skill development programs will train the
workforce.
 Strategies to reduce import dependence and support clinical trials aim to ensure product safety and
efficacy.
 The government highlights the scheme’s potential for job creation and economic growth, aligning with
efforts to improve healthcare access.
 The initiative is expected to attract investment and innovation, boosting local manufacturing and
enhancing India’s global competitiveness.
 Future prospects include advancements in medical technology, development of products tailored to local
needs, and a skilled workforce for sustainable growth.

INTERNATIONAL
ADB increases climate finance backed by U.S., Japan pledge

 The Asian Development Bank (ADB) will increase its climate-related lending by up to $7.2 billion after
the U.S. and Japan agreed to underwrite risk for some loans, marking the first use of sovereign
guarantees for climate finance.
 The strategy could serve as a model for other development banks as the COP29 climate summit in Baku
focuses on increasing climate finance for developing nations.
 ADB aims for $100 billion in cumulative climate finance lending from 2019 to 2030; in 2023, it lent $9.8
billion.
 The U.S. will guarantee $1 billion, and Japan will underwrite $600 million, allowing ADB to extend
climate-related project funding.
 The extra lending capacity will be used over the next five years, with the guarantees lasting 25 years.
 The first project under this initiative is in Pakistan, generating sustainable aviation fuel from cooking oil,
with half of the $90 million funding from ADB.
 ADB is collaborating with the World Bank, Inter-American Development Bank, and European
Investment Bank to scale up climate finance efforts.
 Sovereign guarantees have previously funded areas like education but are now being adapted for climate
finance.
 Developing nations need over $2 trillion annually by 2030 to address climate challenges, with hopes for
a financing deal at COP29 that leverages development banks and private investors.
Learn Along:
About ADB
 Established in 1966, the ADB is a multilateral development bank with the mission to promote economic growth
and cooperation in the Asia-Pacific region.
 Headquartered in Manila, Philippines, ADB comprises 68 member states and is governed by a board of governors,
funded by member contributions, retained earnings, and loan repayments.
 President: Masatsugu Asakawa

Canada Govt ends fast-track student visas for India, 13 other countries

 The Canadian government has ended the Student Direct Stream (SDS) program, affecting lakhs of
prospective students from countries like India, China, and Pakistan.
 The SDS program, introduced in 2018, offered faster processing for post-secondary students and
included legal residents from several countries, such as Brazil, Senegal, and Vietnam.

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12th November 2024

 The Nigeria Student Express (NSE) for Nigerian students has also ended.
 Future applicants will have to use the regular study permit process, requiring a Provincial Attestation
Letter (PAL) or Territorial Attestation Letter (TAL) to study at designated learning institutions (DLIs).
 The decision comes amid diplomatic tensions between Canada and India, following allegations
regarding India's involvement in a high-profile case, which India has denied.
Learn Along:
About Canada
Capital: Ottawa Prime minister: Justin Trudeau Currency: Canadian dollar

STATES
Rajasthan Govt signs MoUs worth Rs 63,463 crore in mines and petroleum sector

 The Rajasthan Government signed MoUs worth Rs 63,463 crore during the 'Rising Rajasthan' Pre
Summit in the Mines and Petroleum Department.
 The Chief Minister invited investors to contribute to the Rising Rajasthan Summit on December 8-10 to
boost the state's development and employment opportunities.
 Rajasthan has created a favorable investment environment, with significant interest from Japanese
and Korean companies, including Korean Stone Company.
 The state has abundant mineral reserves, including gold, silver, lead, zinc, marble, and granite, and
has issued a Letter of Intent to Uranium Corporation of India for uranium mining in Sikar.
 Rare Earth Element deposits have been discovered in Barmer, Jalore, and Nagaur.
 The state's new mineral policy emphasizes accelerated exploration, transparent allocation, and use
of advanced technology in mining, aiming to increase industrial investment and employment.
 Rajasthan contributes 15% of India's crude oil production and 3.3 million cubic meters of natural gas
per day.
Learn Along:
About Rajasthan
Governor: Haribhau Kisanrao Bagde Chief minister: Bhajan Lal Sharma Capital: Jaipur

REPORTS AND INDEXES

Hindalco ranked world’s most sustainable aluminium company

 Hindalco Industries Limited, part of the Aditya Birla Group, has been ranked the world’s most
sustainable aluminium company for the fifth consecutive year.
 In the 2024 S&P Global Corporate Sustainability Assessment (CSA) rankings, Hindalco secured the
top position with a score of 87 points, 22 points ahead of its closest peer.
 The company ranked in the 100th percentile in various ESG dimensions, excelling in climate strategy,
environmental reporting, and community engagement.
 Hindalco has undertaken initiatives like a 100 MW carbon-free power project for its Odisha smelter,
earning the “Energy Transition Changemaker” award at COP28.
 It achieved a 19.54% reduction in specific GHG emissions from its FY 2011-12 baseline and aims to
source 30% of its energy from renewables by 2030.
 85% of operational waste was recycled in FY24, with three units achieving zero-waste-to-landfill
certification.
 The company invested ₹154 crore in community programmes, impacting over 2.5 million lives in 2023-
24.
 In the social category, Hindalco scored 89%, 26 points ahead of its nearest peer, and in governance, it
scored 84%, 12 points higher than its closest competitor.
 The Dow Jones Sustainability Indices (DJSI), used for these rankings, evaluate companies based on
environmental, social, and governance (ESG) criteria.

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12th November 2024

SCIENCE AND TECHNOLOGY

Scientists discover a new fire-resilient, dual-blooming species of Dicliptera in the Northern Western
Ghats of India

 A new fire-resilient, dual-blooming species, Dicliptera polymorpha, has been discovered in the
Western Ghats by scientists from the Agharkar Research Institute (ARI), Pune.
 The Western Ghats are one of India's four global biodiversity hotspots and have been a long-standing
area of exploration by ARI.
 The species exhibits a pyrophytic habit, with flowering triggered by grassland fires and has a rare
spicate inflorescence structure, previously unseen in Indian species.
 The species blooms twice a year: post-monsoon and during fire-triggered bursts, adapting to harsh
grassland conditions, including summer droughts and human-induced fires.
 The species' novelty and unique traits were confirmed by global expert Dr. I. Darbyshire from Kew
Botanic Garden, London and published in the Kew Bulletin.
 Conservation implications emphasize the need for careful grassland management to balance fire use
and prevent habitat degradation.
 This discovery highlights the critical role of the Western Ghats in harboring unique species and the
importance of ecosystem preservation.
 The species' adaptation underscores the need for sustainable fire management practices to protect
grassland biodiversity.

LignoSat: First Wooden Satellite Launches for Space Testing

 On November 5, 2024, the world’s first wood-panelled satellite, LignoSat, was launched to explore
timber’s viability as a renewable building material for space missions.
 LignoSat is a small satellite, measuring 10 cm per side and weighing 900 grams, made from magnolia
wood panels using traditional Japanese craftsmanship without screws or glue.
 Developed by Kyoto University and Sumitomo Forestry, LignoSat was sent to the International Space
Station (ISS) aboard a SpaceX Dragon.
 The mission tests wood’s durability in extreme space conditions, including temperature swings from -
100 to 100 degrees Celsius and its ability to shield semiconductors from space radiation.
 Wood advantages include its non-flammable nature and durability in the absence of water and oxygen,
with potential applications for future habitats on the Moon and Mars.
 Environmental benefits: Wooden satellites like LignoSat could reduce pollution compared to aluminium-
based satellites, which harm the ozone layer upon re-entry.
 LignoSat combines wooden panels with traditional aluminium structures and electronic components,
aiming to monitor wood's performance over six months.
 Successful results could lead to sustainable timber-based habitats and structures in space,
revolutionising space exploration practices.
 Kyoto University is a key institution behind LignoSat, with astronaut Takao Doi contributing expertise in
human space activities.

DEFENCE
First Ever Space Exercise ‘Antariksha Abhyas – 2024’ hosted by Defence Space Agency begins in
New Delhi

 ‘Antariksha Abhyas – 2024’ is a three-day exercise conducted by the Defence Space Agency from 11-
13 Nov 2024 to address threats to and from space-based assets.
 It is the first of its kind exercise aimed at securing national strategic objectives in space and integrating
space capabilities into military operations.

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 The exercise focuses on understanding operational dependency on space assets, vulnerabilities during
disruptions, and the importance of securing space interests.
 Participants include personnel from the Army, Navy, Air Force, and specialist branches like the Defence
Cyber Agency, Defence Intelligence Agency, and Strategic Forces Command.
 The Indian Space Research Organisation (ISRO) and Defence Research & Development
Organisation (DRDO) will also participate.
 The exercise highlights the growing congestion, competition, and commercialization of space and the
necessity of collaboration among DRDO, ISRO, and academia.
 It aims to enhance awareness of space-based services and identify vulnerabilities in military operations.
 The event underscores India’s readiness to address challenges and secure national interests in space.

Indian & Sri Lankan Coast Guards hold 7th Annual High Level Meeting in Colombo to combat
transnational maritime crime & promote regional cooperation

 The 7th Annual High-Level Meeting between the Indian Coast Guard (ICG) and Sri Lanka Coast
Guard (SLCG) was held in Colombo on November 11, 2024.
 The ICG delegation was led by Director General DG S Paramesh, and the SLCG delegation was
headed by Director General Rear Admiral YR Serasinghe.
 The meeting highlighted joint efforts to address maritime challenges, focusing on issues like drug
trafficking, marine pollution, mariner safety, best practices, and capacity-building programs.
 Both coast guards committed to enhancing mutual cooperation to strengthen the maritime safety and
security framework in the region.
 This meeting is part of the institutionalised mechanism under the MoU signed in May 2018 between
the two agencies.
 The collaboration emphasizes adopting best practices and fostering joint initiatives to address regional
maritime contemporary issues.
 The 8th edition of the meeting will be hosted by the ICG in 2025.

EVENTS
NESTS organizes 5th National EMRS Cultural & Literary Fest and Kala Utsav at Bhubaneswar

 The National Education Society for Tribal Students (NESTS) will host the 5th National EMRS Cultural
& Literary Fest and Kala Utsav - 2024 from 12th to 15th November in Bhubaneswar, Odisha.
 The event is organized by Odisha Model Tribal Educational Society (OMTES) and coincides with the
150th Birth Anniversary of Bhagwan Birsa Munda.
 The theme is "A Tribute to Bhagwan Birsa Munda & Tribal Freedom Fighters," adding historical and
cultural significance.
 Over 2,000 tribal students from Eklavya Model Residential Schools (EMRSs) will participate,
showcasing India's diverse tribal heritage.
 The festival will feature 35 events, including Vocal Music, Dance, Theatre, and Visual Arts, with winners
advancing to the National Level Kala Utsav in Bhopal.
 The event promotes holistic development, aiming to bridge the gap between tribal and mainstream
communities and foster equal opportunities.
 NESTS emphasizes tribal education and empowerment, nurturing students' artistic and cultural talents.
 The fest aims to enhance students' social and academic engagement through cultural expression and
skill development.
Learn Along:
About Odisha
Chief minister: Mohan Charan Majhi Capital: Bhubaneswar Governor: Raghubar Das

COP29 kicks off; host asks nations to resolve differences on finance goal

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12th November 2024

 Azerbaijan, the host of COP29, called for urgent action to resolve outstanding issues for a new climate
finance goal to support developing nations.
 COP29 President Mukhtar Babayev stressed that current policies could lead to 3°C of global warming,
posing catastrophic risks for billions.
 The top priority is to agree on a New Collective Quantified Goal (NCQG) to replace the $100 billion
annual target set in 2009.
 The NCQG must be ambitious and adequate to address the scale of climate change, with only 12 days
left to finalize negotiations.
 The UNFCCC requires Annex II countries (e.g., the US, UK, EU members) to finance and support
developing nations' climate efforts.
 Developed nations argue that wealthier countries like China and Gulf states should now contribute to
climate finance.
 Developing countries insist this shift undermines the principle of equity, as they still face poverty and
inadequate infrastructure.
 Babayev highlighted the immense cost of climate inaction, noting its impact on global security, prosperity,
and well-being.
 The negotiations remain complex, with significant political and financial hurdles still to overcome.
Learn Along:
About UNFCCC
 The UNFCCC entered into force on 21 March 1994.
 Today, it has near-universal membership. The 198 countries that have ratified the Convention are called Parties
to the Convention. Preventing “dangerous” human interference with the climate system is the ultimate aim of the
UNFCCC.

APPOINTMENTS
Organization News Learn Along
Name
International Incumbent president Tayyab Ikram was re-elected for another term at the Headquarters
Hockey Federation helm of the International Hockey Federation (FIH) at the 49th FIH : Lausanne,
Statutory Congress in Muscat, Oman. Switzerland
Founded:
7 January
1924

OBITUARIES
Name of Person Field Points to Remember
Madan Mohan Freedom Fighter Freedom fighter Madan Mohan Somtiya, a warrior of Mewar Praja
Somtiya Mandal, who played an important role during India's freedom
struggle, passed away at the age of 102.

Answer key to Memory check

Q:1- b Q:2- c Q:3- b Q:4- c Q:5- d

Sources of the News:

The Hindu,The Indian Express,Business Standard, The Financial Express ,PIB, etc.

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