October 30-October 31, 2024

Table of content

1. FM Nirmala Sitharaman approves creation of CGM below board level in 5 more nationalised banks
2. Dr. Mansukh Mandaviya Launches ‘eShram – One Stop Solution’ for Welfare of Unorganised Workers
3. The 75th International Astronautical Congress (IAC) in Milan, Italy, is set for 14-18 October 2024
4. Equitas Small Finance Bank introduces ‘Selfe Loans’ to support small businesses ahead of the festive season
5. Solex Energy collaborates with State Bank of India to offer financing for solar projects Solex Energy has partnered with the State
6. India-Spain Joint Statement during the visit of President of Government of Spain to India
7. The US, Japan, and South Korea launched the DiGi Framework to bolster digital infrastructure in India, focusing on 5G, AI, and smart cities
8. Shaktikanta Das receives A+ grade in the central bank report cards 2024
9. Union Minister Piyush Goyal visits Saudi Arabia to strengthen India-Saudi Partnership
10. Prime Minister Modi Launches Multiple Health Sector Projects on Dhanvantari ayanti and Ayurveda Day

1. FM Nirmala Sitharaman approves creation of CGM below board level in 5 more nationalised banks:

Finance Minister Nirmala Sitharaman has approved the creation of Chief General Manager post (CGM), below board level, in five more nationalised banks.

• The name of banks include Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab and Sind Bank, and UCO Bank.
• The number of CGM posts in all 11 Nationalised Banks has been increased from 80 to 144.
• The number of posts is revised based on the business structure of the banks, with one CGM for every four General Managers.
• The move is aimed at enhancing the administrative structure and efficiency of banks.
• CGM posts act as an administrative and functional layer between the General Manager (GM) and the Executive Director (board level post).
• The increase will improve monitoring of critical positions such as digitalisation, cyber security, fin-tech, risk, compliance, rural banking, financial inclusion, and sub-domains like retail credit, agri credit, MSME Credit.

About Chief General Manager Role in Nationalized Banks

• Interacts with General Manager and Executive Director.
• Monitors critical positions in digitalization, cyber security, fintech, risk, compliance, rural banking, and financial inclusion.
• Improves asset management and operational efficiency.
• Enhances administrative structure and efficiency.

Nationalization of Banks in India

• Transfers ownership and control of private banks to the government.
• Implemented by Prime Minister Indira Gandhi in 1969.
• Aimed to spread banking infrastructure to rural areas.
• Made affordable finance available to farmers.
• Promoted financial inclusion.
• Distributed financial resources more equally.
• Diversed resources to sectors like agriculture, small-scale industries, and developmental projects.
• Boosted the financial system, increased bank penetration, reduced bank dominance, and led to increased economic growth.

2. Dr. Mansukh Mandaviya Launches ‘eShram – One Stop Solution’ for Welfare of Unorganised Workers:

Union Minister of Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya launched “eShram – One Stop Solution” in New Delhi today. Union Minister of State for Labour & Employment, Sushri Shobha Karandlaje, Secretary and other senior officials of Ministry of Labour & Employment were also present on the occasion.

Key Highlights

• Dr. Mandaviya highlighted the growing trust in the eShram portal, stating that daily, around 60,000 to 90,000 workers join the platform, demonstrating their confidence in the One Stop Solution for unorganized workers.
• Dr. Mandaviya emphasized the eShram One Stop Solution’s primary aim is to encourage the registration process for unorganized workers and facilitate their access to government welfare schemes, making the registration process more transparent and easier.
• Dr. Mandaviya urges unorganized workers to register on eShram for access to various welfare schemes.
• Key welfare schemes like One Nation One Ration Card, Mahatma Gandhi National Rural Employment Guarantee Act, National Social Assistance Programme, National Career Service, Pradhan Mantri Shram Yogi Maandhan integrated with eShram.

e-Shram Portal Overview

• Database for unorganized workers in India, originally launched in August 2021.
• Aims to provide social security and welfare benefits.
• Includes details like name, occupation, address, educational qualification, and skill types.
• Includes workers like construction, migrant, gig and platform, street vendors, domestic, and agriculture workers of age between 16 to 59 years.
• Provides identity cards to unorganized workers.
• Improves social security services implementation.
• Shares information with stakeholders for welfare schemes.
• Includes a national crisis database.
• Developed by the Ministry of Labour & Employment.

3. The 75th International Astronautical Congress (IAC) in Milan, Italy, is set for 14-18 October 2024: The event will bring together over 8,000 experts from industry, research, and institutions. The event aims to highlight the importance of Space as an environment for peaceful exploration, peaceful use, and international cooperation. The motto of the IAC 2024 is “Responsible Space for Sustainability.”

• The event is organized by AIM Group International and will take place at the Milano Congress Center.
• Italy is leading in using Space responsibly for sustainability, with a complete supply chain from manufacturing to satellite services management.
• Focuses on sustainable development of space technologies.
• Over 200 technical sessions held on topics like sustainable Moon and Mars exploration, climate change observation, private companies’ role in space development, and AI applications.

International Astronautical Congress (IAC) Overview

• Founded in: 1951
• Erasmo Carrera is the chairman of the 2024 International Astronautical Congress (IAC) in Milan, Italy. He is also the president of the Italian Association of Aeronautics and Astronautics (AIDAA)

• Annual event for space professionals worldwide.
• Organized by the International Astronautical Federation (IAF) with support from the International Academy of Astronautics and the International Institute of Space Law.
• Covers all space sectors and topics, including latest space developments.
• Provides networking opportunities, contacts, and potential partnerships.
• IAF was formed by European space researchers post-Iron Curtain fall for collaboration.

4. Equitas Small Finance Bank introduces ‘Selfe Loans’ to support small businesses ahead of the festive season:

Equitas Small Finance Bank Launches Selfe Loans

• Equitas Small Finance Bank introduces Selfe Loans, the first mobile loan application for small businesses.
• The user-friendly app allows users to apply for loans from their location.
• The bank aims to meet the financial needs of small businesses like provision stores, teashops, and repair centers during the festive season.
• The Selfe Loans app offers long-term credit, term loans secured against the borrower’s property, combining digital lending with tailored financial products.
• The app offers secured loans without income proof, home loans, merchant overdraft, new and used car and commercial vehicle loans.
• The bank plans to expand loan products within the app.
• The Selfe Loans App is available on both iOS and Android platforms, with a user-friendly interface.

Equitas Small Finance Bank Overview

• Equitas Microfinance Ltd, founded in 2016, aims to create a world where human rights education is lifelong, positive values are encouraged.
• Anil Kumar Sharma is the current Part-time Chairman and Additional Director (Independent) of Equitas Small Finance Bank. 
• Provides banking services to underserved and unserved segments of India.
• Offers a range of banking products and services, including commercial vehicle finance.
• Promotes financial inclusion in India’s informal sectors.
• Values based on fairness, transparency, and trust.
• Headquarters: Chennai, Subsidiary of Equitas Holdings Ltd.
• Number of branches: 960 across 18 states, over 20,000 bankers.

5. Solex Energy collaborates with State Bank of India to offer financing for solar projects Solex Energy has partnered with the State:

Solex Energy and SBI Partner for Solar Financing

• Solex Energy and SBI collaborate to simplify solar financing for businesses.
• Under SBI’s Surya Shakti Solar Finance Scheme, companies can apply for loans up to Rs 10 crore for solar projects.
• Solex Energy handles project planning, while SBI provides a digital platform for loan application.
• The partnership aligns with India’s renewable energy goals, making solar more accessible and affordable.
• The collaboration is part of a broader trend towards renewable energy in India.

Solex Energy Limited: India’s Solar Energy Solutions

Products:

• Manufacturing of solar panels, water heaters, lanterns, and lighting systems.
• Offers end-to-end engineering, procurement, and construction services.

Services:

• Provides EPC services for solar power plants and water pumps.

Applications:

• Solar solutions suitable for residential rooftops, industrial, and large utility-scale installations.

History:

• Started in 1995 in Anand, Gujarat.
• Fully automated factory in Surat uses Industry 4.0 and Big Data.

Presence:

• Presence in 16 Indian states and 4 countries.
• Has completed projects in Jharkhand, Bihar, Gujarat, etc.

State Bank of India Overview

• Largest banking organization in India.
• Founded in 1806 as Bank of Calcutta.
• Oldest commercial bank in Indian subcontinent.
• Chairman: Challa Sreenivasulu Setty

Surya Shakti Solar Finance Scheme Overview

• SBI’s program for SMEs and businesses to install solar power systems.
• Loan amounts range from Rs 10 crore for commercial and industrial customers to Rs 10 lakh for residential customers.
• Interest rates based on borrower’s rating, external rating, or scheme-specific rating.
• Repayment period: Up to 10 years.
• Down payment: Minimum of 20%.
• Processing fee: 1% of loan amount plus GST.
• Centralized processing handled by Surya Shakti Cell in Mumbai.

6. India-Spain Joint Statement during the visit of President of Government of Spain to India:

President Pedro Sanchez’s Official Visit to India

• President Sanchez visited India on 28-29 October 2024, marking his first visit to the country after 18 years.
• The visit renewed the bilateral relationship and set the stage for enhanced cooperation across various sectors.
• They instructed their teams to continue upgrading the bilateral agenda and forging cooperation in all dimensions of political, economic, security, defence, people-to-people, and cultural cooperation.
• The leaders inaugurated the Final Assembly Line Plant of C-295 aircraft co-produced by Airbus Spain and Tata Advanced Systems Ltd. at Vadodara, with the first ‘Made in India’ C295 aircraft to be manufactured in India in 2026.

India-Spain Defense and Economic Partnerships

• Airbus C295 transport aircraft project highlights India-Spain defence ties.
• 40 Indian aircraft manufactured by Tata Advanced Systems Limited, 16 from Spain.
• Leaders Modi and Sánchez encourage joint defence projects.
• Navantia and ThyssenKrupp Marine Systems compete for India’s P75I submarine project.
• Trade between India and Spain reached $10 billion, with $5 billion in investments.
• Memorandum of Understanding on rail transport and fast-track investment mechanism signed.
• 2026 declared as India-Spain Year of Culture, Tourism, and Artificial Intelligence.
• New diplomatic establishments include India’s Consulate General in Barcelona and Spain’s consulate in Bengaluru.
• Discussions on global conflicts and counter terrorism efforts.
• Support for India’s UNSC candidature for 2031-32 and Spain’s for 2028-29.
• Spain endorses India’s application to join the Ibero-American Conference.

7. The US, Japan, and South Korea launched the DiGi Framework to bolster digital infrastructure in India, focusing on 5G, AI, and smart cities:

US, Japan, South Korea Launch DiGi Framework for India

• Focuses on 5G, AI, smart cities.
• Promotes financial institutions’ support with Indian private sectors.
• US, Japan, and South Korea’s Digital Infrastructure Growth Initiative for India (DiGi Framework)
• The DiGi Framework, signed by DFC, JBIC, and Korea Eximbank, aims to support key technological advancements in India.
• The framework provides a streamlined collaboration process for financial institutions to partner with Indian private sectors, facilitating easier access to financing for strategic digital infrastructure.
• The initiative aims to strengthen Indo-Pacific connectivity and development, aligning with goals from the US-Japan-ROK trilateral summit and a March 2024 memorandum.
• The framework underscores the commitment of the US, Japan, and South Korea to support India’s vision for high-quality digital infrastructure and sustainable growth.

United States International Development Finance Corporation (DFC)

Formed	December 20, 2019
Preceding agency	Overseas Private Investment Corporation (OPIC) and Development Credit Authority (DCA) of the United States Agency for International Development (USAID)
Headquarters	Washington, D.C.
Motto	Investing in Development
Agency executives	Scott A. Nathan, Chief Executive Officer Nisha Desai Biswal, Deputy Chief Executive Officer

8. Shaktikanta Das receives A+ grade in the central bank report cards 2024:

RBI Governor Shaktikanta Das Receives A+ Grade in Central Bank Report Cards 2024

• Received for the second consecutive year.
• Grades assigned on an “A+” to “F” scale.
• Achieved success in inflation control, economic growth targets, currency stability, and interest rate management.
• Global Finance publishes the report annually, grading central bank governors from nearly 100 countries.

Governor Das’ Achievements and Foreign Exchange Reserve Expansion

• Navigated pandemic and European war challenges amid rising interest rates.
• Improved profitability and healthy capital in the banking sector.
• Expansion of India’s foreign exchange reserve by $311 billion.
• Net increase of $68 billion in reserves up to October 11, 2024.
• Positioned India as the second-largest accumulator of foreign reserves, behind China.
• Reserves cover 11.8 months of imports and exceed 101% of total external debt as of June 2024.

RBI Overview

• Established on April 1, 1935, under the Reserve Bank of India Act, 1934.
• Functions include regulating the Indian rupee, managing payment systems, regulating the banking sector, and supporting government development projects.
• Owned by the Ministry of Finance, Government of India.
• Central Office moved from Kolkata to Mumbai in 1937.
• Governor: Shaktikanta Das (born 26 February 1957) is serving as the current & 25th governor of the Reserve Bank of India (RBI). 

9. Union Minister Piyush Goyal visits Saudi Arabia to strengthen India-Saudi Partnership:

Union Minister Piyush Goyal Visits Saudi Arabia Highlights

• Union Minister Piyush Goyal visits Saudi Arabia to promote trade, cultural exchange, and mutual investment.
• Visit coincides with Diwali and the closing ceremony of Pravasi Parichay, an initiative connecting Indian expatriates in Saudi Arabia with their cultural roots.
• Goyal pays tribute to Sardar Vallabhbhai Patel, the “Unifier of India,” recognizing the significance of October 31 as the Day of Unity.
• The “One District One Product” (ODOP) Wall at the Indian Embassy is inaugurated, showcasing district-specific products on global platforms.
• Goyal encourages the Indian community in Saudi Arabia to support the initiative by gifting ODOP products and promoting Indian tourism.
• Goyal acknowledges the significant role of the Indian diaspora in sustaining India’s economy through remittances and cultural influence.
• He encourages members of the Institute of Chartered Accountants of India (ICAI) in Riyadh to adopt best practices and contribute to strengthening India-Saudi economic relations.
• Goyal details India’s economic journey, highlighting achievements under Prime Minister Narendra Modi’s leadership.
• He projects that by 2027, India will become the world’s third-largest economy, with a goal to reach $35 trillion by 2047.
• Goyal emphasizes the mutual benefits of a strong partnership with Saudi Arabia, particularly in energy, infrastructure, and technology.
• Emphasizes India’s economic growth, sustainable development, and opportunities in renewable energy, digital infrastructure, and AI.
• Engages with global investors to position India as a premier investment destination.
• Holds bilateral discussions with key Saudi ministers on energy transition, digital transformation, and trade facilitation.
• Co-chairs the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council.

One District One Product (ODOP) Program in India

Goals:

• Promote holistic socio-economic development.
• Attract investment for manufacturing and exports.
• Generate employment.
• Create an ecosystem for innovation and technology use.

Products:

• 1,102 products identified from 761 districts.
• Products include perishable agricultural produce, cereal-based products, food products.

Selection Process:

• States and union territories select products based on existing ecosystem, Export Hubs, and GI-tagged products.

10. Prime Minister Modi Launches Multiple Health Sector Projects on Dhanvantari ayanti and Ayurveda Day:

Prime Minister Narendra Modi’s Health Initiatives and Initiatives

• Launched health projects worth ₹12,850 crore at the All India Institute of Ayurveda (AIIA), New Delhi.
• Celebrated the historic lighting of Lord Shri Ram’s temple in Ayodhya.
• Emphasized India’s traditional values of health and prosperity.
• Initiated Phase II of the AIIA, integrating modern research with ancient practices.
• Outlined five key pillars of the government’s health policy: preventive healthcare, early diagnosis, affordable treatment, doctor availability in rural areas, and advanced health technology.
• Inaugurated major health infrastructure projects worth ₹13,000 crore, including four AYUSH Centers of Excellence, AIIMS services expansion, and ESIC Hospitals and Nursing Colleges.
• Expanded Ayushman Bharat Yojana, covering 4 crore individuals with up to ₹5 lakh in treatment costs.
• Reduced healthcare costs with over 14,000 PM Jan Aushadhi Kendras providing medicines at 80% discount.
• Launched U-WIN platform to digitize vaccination records and e-Sanjeevani platform for online consultations.
• Increased medical education opportunities with over 1 lakh MBBS and MD seats added in the last decade.
• Expanded AYUSH industry from $3 billion in 2014 to $24 billion.
• Launched Prakriti Parikshan Abhiyan for lifestyle and health risk analysis.

Some other findings

• Prime Minister Narendra Modi highlights the fusion of Ayurveda knowledge with modern medicine in India.
• The All India Institute of Ayurveda is a key focus of this new chapter.
• The Prime Minister congratulates 7.5 lakh registered Ayush practitioners for their contribution to healthcare.
• He emphasizes the need to increase this number and the growing demand for medical and wellness tourism.
• Modi emphasizes the need for youth and Ayush practitioners to prepare for expanding fields like preventive cardiology, Ayurvedic orthopedics, and Ayurvedic rehabilitation centers.
• He emphasizes the importance of validating traditional herbs like Ashwagandha, turmeric, and black pepper through scientific studies.

Ayush’s Impact on Health and Economy

• Ayush manufacturing sector has grown from USD 3 billion in 2014 to nearly USD 24 billion today, an 8-fold increase in 10 years.
• Union Minister of State (Independent Charge) Ayush and Minister of State, Health & Family Welfare Shri Prataprao Jadhav highlighted the growing awareness of Ayurveda.
• Ayurveda Day is celebrated in over 150 countries, highlighting the global prominence of Ayurveda in health.
• A nationwide campaign called ‘Desh Ka Prakriti Parikshan’ is being launched to design ideal lifestyles and conduct risk analysis to prevent diseases.
• Prime Minister Narendra Modi inaugurated the second phase of the All India Institute of Ayurveda, a modern facility with an investment of ₹275 crore.