Indian Oil Corporation Launches India’s 1st Gasoline & Diesel Reference Fuels
Union Minister Hardeep Singh Puri, Ministry of Petroleum and Natural Gas (MoPNG) launchedIndia’s 1st Reference Gasoline and Diesel Fuels produced by Indian Oil Corporation Limited (IOCL).With this launch, India joined the elite group of nations with domestic production of ‘Reference’ Petrol and Diesel and IOCL becomes the 4th refiner in the world to produce ‘reference’ grade petrol and diesel.IOCL’s Paradip refinery (Odisha) will produce ‘reference’ grade petrol; IOCL’s Panipat Refinery (Haryana) will produce ‘reference’ quality diesel
About Indian Oil Corporation Limited (IOCL):
IOCL is a Maharatna Public Sector Enterprise (PSE) under MoPNG. It was incorporated in 1964 by merging Indian Refineries Limited with Indian Oil Company under the Indian Companies Act, 1956.
Chairman– Shrikant Madhav Vaidya
Headquarters– New Delhi, Delhi
Coal Ministry & MNRE Collaborate to Work Jointly to Promote Green Energy
- The Ministry of Coal and the Ministry of New & Renewable Energy (MNRE) collaborated to work together for the promotion of green energy.MNRE will provide technical, policy, and capacity-building assistance, while the Ministry of Coal will supply land and capital to construct solar energy, green hydrogen, and other renewable energy projects.
- Through this collaboration, the rooftop solar will be installed in all the government buildings and houses of CPSE employees in Mission Mode.
- The de-coaled and surplus land masses will be offered for the setting up of green hydrogen projects by private investors.
- MNRE is set to support the Ministry of Coal and its CPSEs for capacity-building training of engineers, technicians, and other functionaries through the National Institute of Solar Energy (NISE)Gurgaon (Haryana).
- MNRE will provide knowledge partnerships through the Indian Institute of Technology (IIT), Roorkee (Uttarakhand), the Solar Energy Corporation of India, and its other resource agencies.
Reserve Bank of India (RBI) Issues New Guidelines NBFC – SBR Master Directions 2023
Reserve Bank of India (RBI) has recently published a new set of guidelines called the “Master Direction – Reserve Bank of India [Non-Banking Financial Company (NBFC)– Scale Based Regulation(SBR)] Directions, 2023″.It replaces the Non-Banking Financial Company–Non-Systemically Important Non-Deposit taking (Reserve Bank) Directions, 2016, and the Non-Banking Financial Company–Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.
Key Points:
- As the regulatory structure envisages scale based as well as activity-based regulation, the following prescriptions shall apply in respect of the NBFCs.NBFC-P2P, NBFC-AA, NOFHC, and NBFCs without public funds and customer interaction will consistently fall within the Base Layer of the regulatory structure.NBFC-D, CIC, NBFC-IFC, and HFC will be categorized in either the Middle Layer or Upper Layer, as appropriate, excluding the Base Layer. SPD and IDF-NBFC will always remain in the Middle Layer.
- The Reserve Bank of India is mandating Credit Information Companies (CICs) and Credit Institutions (CIs) to enhance customer service and grievance redress mechanisms, pursuant to Section 11(1) of the Credit Information Companies (Regulation) Act, 2005
AU Small Finance Bank Launches ‘Planet first – AU Green Fixed Deposit’ with 8.5% Interest Rate
AU Small Finance Bank (AU SFB) Limited launched its first Green Fixed Deposit (FD)namely Planet First – AU Green Fixed Depositwith an interest rate of up to 8.50%. This launch represents bank’s commitment towards climate action, and also allows customers to contribute to sustainability by dedicating proceeds to green projects.
The Green FD was launched on 25th October 2023, last Wednesday of October, which is celebrated as the Sustainability Day.Features of Planet First-AU Green Fixed Deposit:
- Interest rate of up to 8.50%
- Minimum investment of Rs. 5,000
- Tenure options from two to five years
- Interest payment options including monthly, quarterly, and cumulative
Key Points:
- With this launch, customers can secure Green FDs through Video Banking, the AU 0101 App, Net Banking, or by visiting AU Small Finance Bank branches, both existing and new AU SFB customers.
- A green fixed deposit (FD) is an interest-bearing deposit that funds projects with environmental benefits. Green FDs are also known as environmentally friendly fixed deposits.
- The Green Fixed Deposits will enable customers to contribute to sustainability of planet through AU’s green offering.
Escrowpay secures India’s 1st digital Escrow authorization from IFSCA
Escrowpay, a leading digital escrow platform, has secured India‘s 1st digital escrow regulatory fintech authorisationfrom International Financial Services Centres Authority (IFSCA), Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat.The authorization will provide secured and efficient financial solutions to 70 million Small and Medium Enterprises (SMEs) in India.The authorization will also enable Escrowpay to further expand its suite of offerings and commence crossborder transactions in over 14 world currencies.It will also help to make escrow banking more accessible, affordable, and secure for all users.
What is Escrow?
Escrow is a financial arrangement in which a third party, known as an escrow agent, holds money or property on behalf of two other parties that are in the process of completing a transaction.
About Escrowpay:
MD– Ashwin Chawwla
Headquarters– Gurugram, Haryana Established in 2015
3 Indian Technology Experts Named in the 39-member UN High-level Advisory Bodyon AI
On 26 October 2023, the United Nations (UN) Secretary-General (SG) António Guterres revealed the formation of a 39-member High-Level Multistakeholder Advisory Body on Artificial Intelligence (AI) in New York, the United States of America (USA).The list featured 3 Indian technology experts namely Amandeep Singh Gill, UN SG’s Envoy on Technology(since 2022); Nazneen Rajani, Lead Researcher at Hugging Face; and Sharad Sharma, Co-founder of iSPIRT Foundation.The Board will support the international community’s efforts to govern AI and its members’ list comprises experts from the government, private sector, research community, civil society, and academia.
About United Nations (UN):
Secretary-General– António Guterres
Headquarters– New York City, United States of America (USA)
Established on– 24 October 1945.
Actor Rajkummar Rao Named as ‘National Icon’ for Election Commission of India
Bollywood Actor Rajkummar Rao was named as the ‘National Icon’ for voter awareness and education by the Election Commission of India(ECI)
Rajkummar Rao and ECI entered into a Memorandum of Understanding (MoU) for a period of 3 years at the event held in New Delhi, Delhi, in the presence of the Chief Election Commissioner (CEC), Rajiv Kumar, and Election Commissioners Anup Chandra Pandey and Arun Goel.
About this Partnership:
- This collaboration aims to use Rajkummar Rao’s impact and popularity to inspire citizens, especially youth, across the country to actively engage in the voting process.
- Through this collaboration, Rajkummar Rao will promote voter awareness in various TV talk shows/ programs and digital campaigns about the importance of voting and strengthening the roots of democracy by fostering a more engaged and informed electorate
- ECI collaborates with renowned Indians from various fields and designates them as ECI’s national icons to inspire voters to join in the celebration of democracy.
- Former Indian cricketer and Bharat Ratna awardee Sachin Ramesh Tendulkar as the National Icon in August 2023.
- Actor Pankaj Tripathi was named as the National Icon in 2022.
- Singer Jasbir Jassi and diversity and inclusion consultant Dr. Niru Kumar were named as the National Icons in 2020.
- During the 2019 Lok Sabha Elections, Mahendra Singh Dhoni, Aamir Khan and Mary Kom were the ECI National Icons
Worldsteel elects Nucor’s Leon Topalian as Chairman & TATA Steel’s T V Narendran as Vice Chairman
Leon J. Topalian, President and Chief Executive Officer(CEO) of Nucor Corporation (the United States ofAmerica-USA), was elected as the 45th Chairman of the World Steel Association(worldsteel), the international industry association for the iron and steel sector.India’s Thachat Viswanath(TV) Narendran, CEO & Managing Director(MD) of Tata Steel Limited and Choi Jeong-Woo, CEO of POSCO Holdings were elected as the Vice Chairman of Worldsteel.Choi Jeong-Woo served as the 44th Chairman of the WorldSteel
Key Points:
- Leon J. Topalian, TV Narendran and Choi Jeong-Woo were also elected as the members of the 2023-2024 Executive Committee
- The board members of Worldsteel has also elected the executive board of directors for the period 2023-2024. The executives of the board of Worldsteel will hold office for 1 year.
About World Steel Association(worldsteel):
Worldsteel was founded as the International Iron and Steel Institute on 10 July 1967 and renamed as Worldsteel in 2008.
This represents steel producers, national and regional steel industry associations, and steel research institutes. Its Members represent around 85% of global steel production.
Director General– Edwin Basson
Headquarters– Brussels, Belgium
India’s HAL, France’s Safran ink MoU to Manufacture Commercial Engine Parts
On October 27, 2023, a memorandum of understanding (MoU) was signed between Hindustan Aeronautics Limited (HAL) and Safran Aircraft Engines, a French aerospace engine manufacturer, to develop industrial cooperation in ring forging manufacturing for commercial engines.
Key Points:
- An Industrial Cooperation Contract was also signed by Anil Kumar VN, GM (F&F) of HAL, and Jean Michel, Strategy Director and India Development for Safran Military Division to further strengthen this strategic partnership
- Safran already has three production facilities in India (between Hyderabad, Telangana and Bengaluru), which will be completed by a fourth site at Hyderabad dedicated to the LEAP MRO activities by 2025. The Helicopter Engine MRO (HE-MRO) facility being developed in Goa jointly with HAL will be 5th Safran facility in India. This will become operational by 2025
About Hindustan Aeronautics Ltd. (HAL):
Chairman and Managing Director (Additional Charge)– CB Ananthakrishnan
Headquarters– Bengaluru, Karnataka
Establishment– 1964
About Safran Aircraft Engines:
CEO– Jean-Paul Alary
Headquarters– Paris, France
International Animation Day 2023- October 28
- International Animation Day (IAD) is annually observed across the globe on 28 October to honour the birth of animation, recognised as the first public performance of projected moving images at Emile Reynaud’s Théâtre Optique in Paris (France), on the 28th of October 1892
- 28 October 2023 marks the observance of the 22nd International Animation Day
- IAD is annually coordinated and promoted by the Association Internationale du Film d’Animation (ASIFA) (International Animated Film Association).
- In 2002, the Association Internationale du Film d’Animation (ASIFA) decided to observe the 28th of October every year as International Animation Day (IAD) to commemorate the birth of Animation.
- The first IAD was observed on 28 October 2002.
About Association Internationale du Film d’Animation (ASIFA):
President – Deanna Morse
Founded in– 1960
Headquarters– Annecy, France
Karnataka launches ‘HAWK’ centralized wildlife crime management system
The Karnataka Forest Department, along with Wildlife Trust of India(WTI) has launched the Hostile Activity Watch Kernel (HAWK) system, a specialised software platform to monitor all aspects of forest and wildlife crime.
The initiative is supported by NTT DATA, an Information technology (IT) services provider, under its Corporate Social Responsibility(CSR) programme.
Key Points:
- HAWK has been an official system of the Kerala Forest Department since it was launched in 2019.
- In 2022, The implementation of a customised version of HAWK began in Karnataka in collaboration with the Karnataka forest department’s ICT (Information and Communication Technology) cell.
- HAWK is a cloud-based information Management System designed to manage interlinked databases of wildlife crime, wildlife criminals, and wildlife mortality.It helps officials to analyse the information and develop actionable intelligence to prevent wildlife crimes.
- It acts as a tool in catching poachers and smugglers slipping past state borders and boosts the forest department’s legal arm by expediting the process to ensure conviction.
- The system connects the entire state forest department in real-time and the access is restricted through access levels.
- Frontline forest staff will be trained to use the system and a dedicated helpdesk will assist them in the integration process under the supervision of the Chief Wildlife Warden’s office.
- The platform will be available on mobile through which forest personnel can monitor the movement of suspects, vehicles, and live responses and exchange intelligence with their counterparts in the neighbouring states
About Karnataka:
Chief Minister – Siddaramaiah
Governor – Thaawar Chand Gehlot
Tiger Reserve – Biligiri Ranganathaswamy Temple (BRT) Tiger Reserve, Bandipur Tiger Reserve
Festivals – Hampi Festival,Karaga Festival
Indigenous ATMAS inaugurated at Biju Patnaik Airport, Odisha
- The Indigenously built state of the art Air Traffic Management Automation System(ATMAS) inaugurated at the Biju Patnaik International Airport, in Bhubaneswar, Odisha.The ATMAS was jointly developed by Airports Authority of India (AAI) and Bharat Electronics Limited (BEL).
- The MoU for the development of the indigenous ATMAS was signed during the Wings India 2022 in Hyderabad, Telangana in 2022.
- The ATMAS was jointly inaugurated by Sanjeev Kumar, Chairman of AAI and Bhanu Prakash Srivastava , Chairman and Managing Director(CMD) of BEL.
- The ATMAS will help to improve the safety, efficiency, and capacity of air traffic management in India.
- This will reduce the AAI’s foreign dependency for procurement of Air Navigation Services(ANS) infrastructure and save foreign exchange outlay.
FATF Removed Cayman Islands from Its ‘Grey List’
According to the review published by the Financial Action Task Force (FATF) on 27th October 2023, Cayman Islands was removed from theFATF ‘grey list’ – Jurisdictions under Increased Monitoring. Panama, Jordan, and Albania were also removed from FATF’s Grey list while Bulgaria was added to the list.FATF is an inter-governmental body that sets anti-money launderingstandards
Points to note:
- Cayman was added to the grey list in 2021 following the outcome of the jurisdiction’s mutual evaluation. At the time, the FATF acknowledged that the jurisdiction had met 60 out of 63 recommended actions.
- According to the National Securities Depository (NSDL), around 385 Foreign portfolio investors registered in India are based in the Cayman Islands and 1 is based in Panama.
What is Grey List?
The grey list identifies countries that are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing
IndusInd Bank Collaborates with Viamericas to Offer Inward Remittance Services to NRIs in USA
IndusInd Bank Limited has announced a strategic collaboration with Viamericas Corporation to offer digital inward remittance services to Non Resident Indians (NRIs) in the United States of America (USA). This collaboration will enable NRIs to send money to their beneficiaries in India through IndusInd Bank’s digital remittance platform Indus Fast Remit(IFR).
Key Points:
- The Indus Fast Remit platform will allow NRIs to send money to India either through auto debit payment mode (Automated clearing House – ACH) and through the overseas Bank account.
- Through IndusInd Bank Vostro relationship, Viamericas Corporation will credit the beneficiary’s account in India using the Reserve Bank of India (RBI)’s Rupee Drawing Arrangement (RDA) scheme.
Indus Fast Remit(IFR):
- Indus Fast Remit is a first-of-its-kind multi-partner digital platform facilitating remittances to India especially by Non Resident Indians (NRI).
- The users of IFR will have the option to choose from multiple Exchange Houses/Money Transfer Companies offering competitive rates
- The remittance service will be offered through the licensed overseas Exchange Houses/Money Transfer Companies and the amount will be transferred to the beneficiary’s account in India under RDA Scheme.
About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in 1994
Tagline – We Make You Feel Richer
About Viamericas Corporation:
Chief Executive Officer(CEO) – Paul S. Dwyer
Founders – Paul S. Dwyer, Joseph D. Argilagos Lillian & M. Argilagos
Headquarters – Coral Gables, Florida, USA
Established in – 199
UST Won Mahatma Awards 2023 for CSR Excellence in Community Initiatives
UST, a leading digital transformation solutions company, has been recognized by the 2023 Mahatma Awards for Corporate Social Responsibility (CSR) Excellence in Community Initiatives, for sustainable and impactful contributions to CSR in areas such as education, health, livelihood, environment, and disaster relief.The Mahatma Awards serve to highlight individuals and organisations addressing complex global challenges including poverty, hunger, education, climate change, and healthcare accessibility.
The Mahatma Award 2023 consolidates UST’s profound commitment to community welfare and global impact
CSR Initiatives of UST:
- UST’s impactful CSR initiative, the Adopt-a-School program, has significantly influenced the lives of more than 32,000 students across India and Mexico.• UST supports over 104 schools, emphasizing the importance of accessible and quality education.
- UST’s humanitarian steps extend to medical aid for individuals with disabilities, and habitat restoration projects in Kerala.
- A noteworthy conservation and sustainable livelihood project that cultivated 75,000 medicinal saplings in 2022, benefiting farmers in diverse Indian regions
- Demonstrating its global standards, UST pledged USD 100,000 to aid victims of the conflict in Ukraine.
- In a display of social responsibility, UST’s Bengaluru (Karnataka) CSR team acted promptly during the devastating 2023 floods
World Stroke Day 2023- October 29
World Stroke Day is annually observed across the globe on 29 October to raise awareness of the serious nature and high rates of stroke, and the effective treatment options available to drive action on stroke prevention.The theme for World Stroke Day 2023, designated by the World Stroke Organisation (WSO), is ‘Together we are #GreaterThan Stroke.’
Key Points:
- The World Stroke Congress in Vancouver, Canada, in 2004 established World Stroke Day, which falls on October 29.Dr. Vladimir Hachinski led the formation of a working group, which in October 2006 became a World Stroke Proclamation.In 2006, WSO was formed by the merger of International Stroke Society (ISS) and the World Stroke Federation (WSF).
- The first World Stroke Day was observed on 29th October 2006.
About World Stroke Organisation (WSO):
President– Sheila Martins (Brazil)
President-Elect– Jeyaraj Pandian (India)
Headquarters– Geneva, Switzerland
First ever UN’s International Day of Care and Support – 29th October 2023
The United Nations (UN)’s first-ever International Day of Care and Support was observed across the globe on 29 October 2023 to emphasise the importance of caregiving, recognize the contributions of caregivers, and advocate for policies and initiatives that support and enhance care in all its forms.
Key Points:
- On 24 July 2023, the United Nations General Assembly (UNGA) adopted a resolution A/RES/77/317 and decided to proclaim the 29 October of every year as the International Day of Care and Support.
- 29 October 2023 marks the first observance of the International Day of Care and Support.
Vigilance Awareness Week 2023 – October 30 to November 05
Vigilance Awareness Week is annually observed across India during the week in which the birthanniversary of Sardar Vallabhbhai Patel (31st October) falls.The week is observed by the Central Vigilance Commission (CVC) to promote integrity, transparency, and ethical practices, emphasising the crucial role of vigilance in preventing corruption and ensuring accountability within organizations.Vigilance Awareness Week 2023 is observed from 30th October to 5th November 2023.The 2023 theme of Vigilance Awareness Week is, “Say no to corruption; commit to the Nation.”
About Central Vigilance Commission (CVC):
Central Vigilance Commissioner– Praveen Kumar Srivastava
Headquarters– New Delhi, Delhi
CVC is an apex governmental body in India, established in 1964 as a result of the recommendations of the Santhanam Committee on Prevention of Corruption.