NATIONAL NEWS
Festival Wangala celebrated in MeghalayaThe Wangala Festival, also known as the 100 drum festival is celebrated with much zeal and enthusiasm in India’s north-eastern state of Meghalaya.
- Celebrated since 1976, it’s the most important festival of the Garo tribe and attracts a lot of tourists.
- During the Wangala, tribals offer sacrifices to please their deity Saljong, the Sun God.
INTERNATIONAL NEWS
India and Thai navies begin 3-day coordinated patrolThe Indian and Thai navies began a three-day coordinated patrol in the Andaman Sea amid growing concern over China's increasing maritime forays into the Indian Ocean region.
- The Indian Navy's indigenously built missile corvette Karmuk and Thailand's Khamrosin class anti-submarine patrol vessel Tayanchon along with maritime patrol aircraft from both navies are participating in the coordinated patrol (CORPAT), officials said.
BANKING & FINANCE
Geojit launches service for NRIs to open trading, demat accountsIn a first-of-its-kind initiative by a brokerage in India, Geojit Financial has launched a platform for Non-Resident External (NRE) and Non-Resident Ordinary (NRO) categories of investors to open online trading and demat account services through Central Depository Services Ltd (CDSL).
- So far, brokerages were offering trading and demat account opening facilities to NRI account holders only as a single category.All that is required of a prospective participant is to have an Aadhaar linked mobile number and a PAN.
- The online account opening platform was developed by Geojit Financial’s subsidiary, Geojit Technologies.
Fintech company Niyo, in association with SBM Bank India and Visa, said it now offers a digital savings account with Niyo Global.
- Along with zero forex mark-up, customers can now earn interest on the savings account, it said, adding that Niyo Global has a legacy of serving over 300,000 customers in the last two years and with this latest development aims to simplify foreign exchange spending for international travellers and students.
- As per the statement, Indian passport holders can enjoy all the features of Niyo Global card like zero forex markup on car rentals, flight and hotel bookings, live currency conversion and ATM locator on the app.
Fintech company BharatPe announced the launch of Merchant Shareholding Program (MSP) for its merchant partners.
- The company will be rolling out this program to its 7.5 million+ existing merchant partners and extend this to new merchants who join it.
- It plans to create an equity pool structure worth upto $100 mn for MSP to be allotted to eligible merchants over the course of the next 4 years. The company is aiming that the MSP pool will be worth close to $ 1bn by the time it goes public.
Mobile wallet and Buy Now Pay Later (BNPL) fintech company MobiKwik has collaborated with the National Payments Corporation of India (NPCI) and Axis Bank to launch "MobiKwik RuPay Card".
- The card will be free of charge to customers and purely digital.
- The card is being introduced in line with the growing demand for digital payments across online and brick and mortar stores, the company said.
Jana Small Finance Bank has tied up with M1xchange, RXIL, A.TReDS. The partnership with Jana Small Finance Bank will now provide buyers and suppliers registered on all the TReDS platforms with a variety of options to secure funds by discounting invoices after sale.
- The Trade Receivables Discounting System (TReDS) has been set up by RBI in order to resolve the credit challenges faced by the MSME suppliers by enabling discounting of their invoices and bills of exchange.
- TReDS ensures timely payments to MSMEs that access credit by posting their trade receivables on the system and getting them financed at a competitive rate through an auction mechanism where multiple financiers can bid on invoices accepted by PSUs, corporate buyers.
BUSINESS & ECONOMY
Retail inflation rises marginally to 4.48 per cent in OctoberRetail inflation inched up to 4.48 per cent in October due to an uptick in food prices, government data showed. The Consumer Price Index (CPI) based inflation was at 4.35 per cent in September and 7.61 per cent in October 2020.
- According to the data released by the National Statistical Office (NSO), inflation in food basket rose to 0.85 per cent in October, compared to 0.68 per cent in the preceding month.
- The retail inflation during April-June period of 2022-23 is projected at 5.2 per cent.
Markets regulator Sebi has amended rules to introduce silver exchange traded funds, a move that will expand the options available for investing in commodities through stock exchanges.
- Currently, Indian mutual funds are allowed to launch ETFs (Exchange Traded Funds) tracking gold. The watchdog has amended the rules to enable the introduction of silver ETFs, according to a notification issued.
- Sebi said that a silver ETF scheme means a mutual fund scheme that invests primarily in silver or silver-related instruments which have silver as the underlying product.
The National High-Speed Rail Corporation Limited (NHSRCL), signed an MoU with Japan Railway Track Consultant Co Limited (JRTC) for the designs of High-Speed Rail (HSR) track works.
- This MoU is for the T3 package of the Mumbai-Ahmedabad High-Speed Rail (MAHSR) Corridor Project. 116 km long T3 package runs between Vadodara and Sabarmati Depot in Gujarat.
- JRTC will provide detailed design and drawings of HSR track components like RC track bed, track slab arrangement and continuous Welded Rail (CWR) etc.
Leading stock exchange BSE said it has collaborated with the All India MSME Association (AIMA MSME) to encourage and promote the listing of MSMEs and startups.
- Through this pact, AIMA MSME will assist BSE in evaluating MSMEs and startups for listing on the exchange's SME platform while also sensitising its investor network for investing in listed MSMEs, the exchange.
Chennai-based TVS Motor Company said it has joined the United Nations Global Compact, the world's largest sustainability initiative.
- With this, the company will now support the 'Ten Principles' of the United Nations Global Compact on human rights, labour, environment and anti-corruption, TVS Motor Company said.
- The company claimed that it has become the first Indian two-wheeler and three-wheeler manufacturer to be a part of UN Global Compact.
APPOINTMENTS
Nicaragua's Ortega wins fourth term as presidentNicaragua's President Daniel Ortega clinched a fourth consecutive term, results showed, after jailing political rivals ahead of a vote that prompted threats of sanctions from the United States and international calls for free elections
- Nicaragua's Supreme Electoral Council said that with nearly all the ballots counted, a preliminary tally had Ortega's Sandinista alliance winning with about 76 per cent of votes.
Less than three months after being appointed as the secretary general of the Rajya Sabha, PPK Ramacharyulu has been replaced with former Central Board of Direct Taxes (CBDT) chairman PC Mody.
- Mody has been appointed as the new secretary general of the Rajya Sabha just weeks before the commencement of the Winter Session of Parliament, which is expected to start from 29 November.
SCIENCE & TECHNOLOGY
South Korea tests system for controlling air taxisSouth Korea demonstrated a system for controlling urban air mobility vehicles (UAM), which it hopes will serve as taxis between major airports and downtown Seoul as soon as 2025, cutting travel time by two-thirds.
- Last year, South Korea announced a roadmap to begin commercial urban air travel by 2025. The transport ministry estimates such services could cut travel time for distances between 30-50km (19-31 miles) from an hour by car to 20 minutes by air
OBITUARIES
Renowned author Anand Shankar Pandya passes away at 99Renowned author Anand Shankar Pandya has passed away at the age of 99.
- Anand Shankar was the Former Vice President of Vishwa Hindu Parishad (VHP).
- He was a prolific author and public intellectual who has authored extensively on history, public policy and spirituality. He was active in the VHP and served selflessly towards social service.
IMPORTANT DAYS
World Usability Day 2021World Usability Day, also known as the Make Things Easier Day, is celebrated on the second Thursday of November every year.This year it is fall on November 11,2021.
- It is aimed at making the world a better place for consumers of every kind and hue.
- The theme for World Usability Day 2021 is "Design of our Online World: Trust, Ethics, and Integrity."
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