National News.

FATF On-Site Review in India: Evaluating Anti-Money Laundering and Counter-Terror Financing Framework

• A team from the Financial Action Task Force (FATF), headquartered in Paris, has initiated on-site review meetings in India to assess the country's legal framework in combating money laundering and terrorist financing.
• The objective of this evaluation is paramount, considering the implications on the global stage.
• The assessment report, slated for discussion during the June 2024 FATF plenary, undergoes rigorous cycles of discussions and reviews before the final report is adopted for publication.
• This scrutiny reflects the international community's commitment to maintaining stringent measures against financial crimes.

India To Become World’s Third-Largest Economy by 2027: FM Nirmala Sitharaman

• Finance Minister Nirmala Sitharaman, in her recent address at the Indo-Pacific Regional Dialogue, brought attention to India's impressive economic trajectory amid global challenges.
• She boldly predicted that by 2027, India would surpass Japan and Germany, securing its position as the world's third-largest economy.
• The resilience of the Indian economy, even in the face of global uncertainties, was a focal point. Conservative estimates from the IMF align with this prophecy, indicating India's ascent to a GDP crossing the USD 5 trillion mark by 2027.
• This optimistic projection signifies India's growing influence on the global economic stage.

Banking News

RBI Directs Bajaj Finance To Halt Loans For ‘ECOM’ And ‘Insta EMI’ Products

• The Reserve Bank of India (RBI) issued a directive on November 15, instructing Bajaj Finance to cease the sanction and disbursal of loans under its 'eCOM' and 'Insta EMI Card'
• This swift action resulted from the company's non-adherence to the Digital Lending Guidelines of the RBI.
• The central bank made it clear that supervisory restrictions on Bajaj Finance would be lifted only upon the rectification of identified deficiencies.
• This move underscores the RBI's commitment to maintaining the integrity and compliance of financial institutions in the digital lending landscape.

IndusInd Bank Pioneers As First Live Financial Information Provider Under RBI’s Account Aggregator Framework

• IndusInd Bank has made history by becoming the first live 'Financial Information Provider' (FIP) under the newly introduced 'Account Aggregator Framework' by the Reserve Bank of India.
• This development opens a gateway for customers to conveniently access a variety of financial services through a unified window.
• From viewing account statements to planning investments and availing credit cards, the new framework eliminates the conventional, time-consuming process of physical document submission.
• IndusInd Bank's pioneering role in this initiative signals a shift towards a more seamless and customer-friendly financial ecosystem.

Important Days News

National Press Day 2023

• November 16th marks National Press Day in India, commemorating the establishment of the Press Council of India (PCI), the regulatory body for the country's news media.
• This day serves as a crucial occasion to reflect on the press's role in a democratic society, appreciating the efforts of journalists in upholding journalistic values.
• As India celebrates National Press Day, it reaffirms its commitment to a free, responsible, and ethical press, recognizing its integral role in preserving the democratic ethos of the nation.

International Day For Tolerance 2023

• The International Day for Tolerance, observed annually on November 16th, provides a global platform to champion tolerance, respect, and understanding among people of diverse backgrounds and cultures.
• In 2023, the theme, "Tolerance: A Path to Peace and Reconciliation," emphasizes the pivotal role of tolerance in building peaceful and inclusive societies.
• Originating from a United Nations General Assembly resolution in 1995, this day promotes tolerance globally.
• By celebrating tolerance, the international community acknowledges its role in fostering harmony and coexistence.

World Philosophy Day 2023

• World Philosophy Day, observed annually on the third Thursday of November, stands as a testament to the enduring significance of philosophy in human thought, cultural enrichment, and individual growth.
• Organized by UNESCO, this day emphasizes philosophy's inspiring influence as both a discipline and an everyday practice capable of transforming societies and fostering intercultural dialogue.
• The theme for World Philosophy Day 2023, "Philosophical Reflection in a Multicultural World," underscores the importance of philosophy in promoting understanding and dialogue between different cultures and perspectives.

Janjatiya Gaurav Diwas 2023

• Prime Minister Narendra Modi celebrated 'Janjatiya Gaurav Diwas' at Birsa College, Khunti, Jharkhand, on 15th November 2023.
• This day, also known as Tribal Pride Day, honors the birth anniversary of the revered tribal freedom fighter, Birsa Munda.
• The celebration witnessed the release of the 15th installment of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, showcasing the government's commitment to supporting farmers and promoting inclusive agricultural development.
• 'Janjatiya Gaurav Diwas' serves as a reminder of the rich tribal heritage and the government's dedication to uplift tribal communities.

Awards News

Pakistan-Based Startup She-Guard Wins Top Climate Innovation Competition

• In a groundbreaking triumph at the 'ClimateLaunchpad Asia-Pacific' finals, Pakistan-based cleantech startup She-Guard secured the top spot.
• Their innovative approach involves transforming banana crop waste into biodegradable and plastic-free sanitary products, addressing the intricate challenges of climate change, public health, and solid waste management in Pakistan.
• This victory not only signifies the success of sustainable initiatives but also underscores the potential for climate-conscious startups to make a meaningful impact on a global scale.

Salman Rushdie Honored With First ‘Lifetime Disturbing the Peace Award’

• World-renowned author Salman Rushdie was recently honored with the inaugural 'Lifetime Disturbing the Peace Award' by the Vaclav Havel Center.
• This recognition comes on the heels of Rushdie receiving the Peace Prize of the German Book Trade.
• The award, humorously pondered by Rushdie, adds another layer to his distinguished literary career.
• Additionally, the Vaclav Havel Center presented the 'Disturbing the Peace Award to a Courageous Writer at Risk' to Egyptian activist Alaa Abdel-Fattah, highlighting the intersection of literature and activism on a global stage.

Suresh Wadkar Named For Maharashtra’s ‘Lata Mangeshkar Award 2023’

• The Maharashtra government has bestowed the prestigious 'Gansamragini Lata Mangeshkar Award' for 2023 upon the esteemed playback singer Suresh Ishwar Wadkar.
• This recognition reflects Wadkar's significant contributions to the music industry, marked by his National Award win and Sangeet Natak Akademi laureate title.
• From winning a singing competition in 1976 to Lata Mangeshkar recommending him to renowned music composers, Wadkar's journey is not only a testament to his talent but also a celebration of the symbiotic relationships within the music fraternity.

Agreements News

India And US Strengthen Innovation Ties With Landmark Pact

• In a significant stride towards fostering innovation and collaboration, India and the United States inked a memorandum of understanding (MoU) in San Francisco on November 14.
• This landmark pact focuses on bolstering ties in the startup ecosystem, overcoming regulatory obstacles, and sharing best practices for fundraising.
• The ultimate aim is to stimulate innovation and job growth, particularly in critical and emerging technologies (CET) identified under the India-US initiative for Critical and Emerging Technology (iCET). This strategic partnership holds immense potential for mutual economic advancement.

Sports News

Rohit Sharma Now First Batsman To Hit 50 Sixes In World Cup

• Indian cricket captain Rohit Sharma has etched his name in history by becoming the first player to hit 50 sixes in the World Cup.
• Achieving this milestone during the semifinal clash against New Zealand in Mumbai, Sharma's stellar performance not only surpassed Chris Gayle's record but also set a new benchmark for the most sixes in a single edition of the World Cup.
• Beyond the individual achievement, Sharma's feat symbolizes the evolving dynamics of the sport and his prowess as a formidable batsman.

Science & Technology News

Popular Video Chat Service Omegle Shuts Down After 14 Years

• After more than 14 years of operation, the once-popular online chat service Omegle has announced its shutdown.
• Founded in 2009, Omegle gained widespread popularity but faced challenges, leading to its closure.
• The platform, allowing individuals to connect with strangers, witnessed a surge in usage, especially during the pandemic.
• However, concerns about user safety and misuse ultimately contributed to its demise. The closure of Omegle marks the end of an era in online communication platforms.

Obituaries News

Freedom Fighter And Communist Leader N Sankaraiah Passed Away At The Age Of 102

• The country mourns the passing of N Sankaraiah, one of the oldest communist leaders, who succumbed to a brief illness at the age of 102 in a Chennai hospital.
• A dedicated proponent of communist principles and the struggle for a just society, Sankaraiah's legacy includes being elected to the state assembly thrice and serving as the CPI-M state secretary of Tamil Nadu.
• His life's work exemplifies a commitment to social justice and the enduring spirit of those who fought for a more equitable society.