NATIONAL UPDATES:
1. Central Government Hikes Minimum Wage Rates, Effective From 1st October: The central government has announced an increase in minimum wage rates by revising the Variable Dearness Allowance.The new wage rates will take effect from 1st October. The minimum wage rates are categorized based on skill levels-unskilled, semi-skilled, skilled, and highly skilled, as well as by geographical areas A, B, and C.After the revision, minimum wage rates for workers in area ‘A’ in construction, sweeping, cleaning, and loading & unloading for unskilled work will be 783 rupees a day.For semi-skilled workers, the minimum wage will be 868 rupees a day, and for skilled, clerical, and watch & ward (without arms), the minimum wage will be 954 rupees a day.
For highly skilled workers and watch & ward (with arms), the revised wage will be 1,035 rupees a day.
2. Ministry of Tourism announces Winners of Best Tourism Villages Competition-2024: On the occasion of World Tourism Day on 27 September 2024, the Union Ministry of Tourism has announced the winners of the 2024 Best Tourism Villages Competition.The Ministry introduced the Best Tourism Villages Competition in 2023 to promote tourism in India’s soul (village).The first edition of the Best Tourism Villages Competition in 2023 saw applications from 795 villages.In the second edition of the Best Tourism Villages Competition, a total of 991 applications were received from 30 States and UTs, out of which 36 villages were recognized as winners across 8 categories of the Best Tourism Villages competition 2024.
3. Nitin Gadkari to inaugurate Oxygen Bird Park (Amrit Mahotsav Park): Union Minister for Road Transport and Highways Nitin Gadkari has inaugurated Oxygen Bird Park (Amrit Mahotsav Park) along the Nagpur-Hyderabad National Highway-44.Oxygen Bird Park (Amrit Mahotsav Park) is an eco-initiative developed by the National Highways Authority of India (NHAI) near Jamtha, along the Nagpur-Hyderabad National Highway-44.The project, which integrates environmental sustainability and recreational facilities, was formally approved in March 2023 with a development cost of ₹14.31 crores.A key aspect of the park is its focus on sustainability, showcased through its “Oxygen Park” feature
4. PK Gupta reappointed as Chairman of Utkarsh Small Finance Bank: Reserve Bank of India has approved the reappointment of Parveen Kumar Gupta as Non-Executive Chairman of Utkarsh Small Finance Bank.Gupta retired as a Managing Director of State Bank of India, after working for 38 years in India and abroad.He was also associated with Bank of Baroda as a senior advisor post-retirement.
5. Sumant Kathpalia reappointed as MD & CEO for IndusInd Bank: The board of directors of private sector lender IndusInd Bank has approved the re-appointment of Sumant Kathpalia as the managing director and chief executive officer (MD&CEO) of the bank for a period of three years.
The re-appointment will be effective March 24, 2025 upto March 23, 2028. Kathpalia has been the MD&CEO of the company since March 24, 2020.Kathpalia is a seasoned banker, with over 3 and a half decades of experience, and has previously worked in large multi-national banks such as Citibank etc.
INTERNATIONAL UPDATES:
1. Tourism Ministry Launches ‘Paryatan Mitra’ and ‘Paryatan Didi’ on World Tourism Day: On the occasion of World Tourism Day, the Ministry of Tourism has launched a national responsible tourism initiative titled Paryatan Mitra and Paryatan Didi.The primary aim of this initiative is to elevate the overall experience for tourists in destinations, by having them meet ‘tourist-friendly’ people who are proud Ambassadors and Storytellers for their destination.Under this initiative, special emphasis is being placed on the training of women and youth to enable them develop new tourism products and experiences like heritage walks, food tours, craft tours, nature treks, homestay experiences, and other innovative tourism products based on the potential of the destination.
2. India elected to GlobE Steering Committee on combating corruption: India has been elected to the fifteen-member steering committee of the GlobE Network following a multi-stage voting process during a plenary session in Beijing.The Global Operational Network of Anti-Corruption Law Enforcement Authorities (GlobE Network) is an initiative launched under the G20 framework to address international corruption and financial crime.India’s election to the steering committee will allow it to actively contribute to global efforts in combating corruption and facilitating asset recovery.The GlobE Network provides a platform for international cooperation, enhancing the ability of member countries to address cross-border corruption and financial crime.India has been a supporter of this initiative since 2020, with the network officially launched on June 3, 2021, during a UN General Assembly Special Session against Corruption (UNGASS).
3. Global Innovation Index 2024 – India at 39th; topped by Switzerland: India’s ranking in the 2024 Global Innovation Index (GII) has improved to 39, up from 40 in the last edition.India’s ranking has improved by 42 in the last nine years, from 81st in 2015 to 39 in 2024.Switzerland maintained its position as the top-ranked country, while Angola, an African country, was at the bottom.The Global Innovation Index has been published by the World Intellectual Property Organisation (WIPO) every year since 2007. In the 17th edition, 133 countries and the world’s top 100 science and technology clusters were ranked based on innovation performance.The countries are evaluated using around 80 indicators grouped into four parameters: science and innovation investment, technological progress, technology adoption and the socioeconomic impact of innovation.
4. 28 September – World Rabies Day: World Rabies Day is observed every year on September 28. Objective – To raise awareness about rabies prevention and to highlight progress in defeating this horrifying disease.Theme – Breaking Rabies Boundary
5. 29 September – World Heart Day: World Heart Day is celebrated annually on September 29th.
Objective – To raise awareness about the importance of heart health and preventing cardiovascular diseases.Theme 2024 – Use Heart for ActionThe day brings people together to increase awareness, engage communities and advocate for universal access to cardiovascular disease prevention, detection and treatment.The concept of World Heart Day was inspired by Antoni Bayes de Luna, who served as WHF president from 1997 to 1999. While it was first established in 1999, the first celebration did not take place until September 24, 2000.
6. 30 September – International Translation Day: International Translation Day is celebrated on September 30th every year to honor the work of translators and interpreters.Objective – To promote dialogue and understanding between people from different cultures and linguistic backgrounds.Theme 2024 – Translation, an Art Worth Protecting: Moral and Material Rights for Indigenous Languages.Established by the United Nations in 2017, International Translation Day serves as a tribute to the tireless efforts of translators and interpreters in promoting dialogue, peace, and mutual understanding among individuals from diverse linguistic and cultural backgrounds,” according to UNESCO.
7. 29 September – International Day of Awareness on Food Loss and Waste Reduction: The International Day of Awareness of Food Loss and Waste (IDAFLW) is celebrated on September 29th each year.The day’s goal is to raise awareness about food loss and waste, and to encourage action to reduce it.Theme 2024 – Climate Finance for Food Loss and Waste ReductionThe 2030 Agenda for Sustainable Development – specifically SDG 12, Target 12.3 – calls for halving per-capita global food waste at the retail and consumer levels and reducing food losses along production and supply chains.
OTHER UPDATES:
DEFENCE
1. 8th edition of India -Kazakhstan military EX KAZIND 2024 begins in Auli: India -Kazakhstan joint military exercise KAZIND -2024 commenced at the mountainous Surya Foreign Training node in Auli, Uttarakhand.The 8th edition of KAZIND-2024 will be held in Auli from 30 September to 13 October 2024.The last edition of the annual bilateral military exercise was held in Otar, Kazakhstan, from 30 October to 11 November 2023.For the first time, the Air Forces of both countries and the Airborne Assault Forces of Kazakhstan participated.The Indian Armed Forces, comprising 120 personnel, are being represented by a battalion of the KUMAON Regiment of the Indian Army, along with other arms and services, as well as personnel from the Indian Air Force.
SPORTS
1. Kamal Chawla clinches Gold in IBSF World 6 Red Snooker Championship: In snooker, Indian veteran Kamal Chawla has clinched his maiden IBSF World 6-Red title with a commanding 6-2 victory over Pakistan’s Asjad Iqbal in the final at Ulaanbaatar, Mongolia.This triumph marks a significant turnaround for Chawla, who was the runner-up in the 2017 edition of the tournament. India also won three more bronze medals through Malkeet Singh, Vidya Pillai, and Keerthana Pandian.In the women’s category, India’s Vidya was unable to defend her title, finishing with a bronze medal after a hard-fought semifinal loss to Hong Kong’s Ng On Yee, with the scoreline at 2-4.
2. BCCI inaugurates state-of-the-art ‘Centre of Excellence’ in Bengaluru: The Board of Control for Cricket in India (BCCI) has officially opened the new National Cricket Academy (NCA) in Bengaluru, now named the BCCI Centre of Excellence.This state-of-the-art facility, envisioned by BCCI Secretary Jay Shah, aims to cultivate the next generation of cricket talent while promoting advancements in sports science across India.Spanning over 40 acres, the Centre of Excellence is equipped with three cricket grounds and a total of 86 pitches, offering both indoor and outdoor training options.The main ground, Ground A, features an 85-yard boundary and 13 meticulously maintained pitches made from Mumbai red soil, ready for action.
3. Gulveer Singh breaks his 5000m National Record in Japan: Gulveer Singh broke his national record in the men’s 5000m event by clocking 13:11.82 to win gold at the World Athletics Continental Tour in Niigata, Japan.Gulveer, in June this year, had broken Avinash Sable’s record at the 2024 Portland Track Festival by clocking 13:18.92.The 26-year-old surpassed Avinash’s record of 13:19.30 set at the Sound Running On Track Fest 2023 in LA to secure a personal best.
The 26-year-old missed the Paris Olympic qualification mark by over 13 seconds.
BANKING AND FINANCE
1. IDBI Bank launched Sugam Rinn Bhugtan Yojana for one time settlement of retail NPAs: IDBI Bank has launched a special Scheme “Sugam Rinn Bhugtan Yojana (SUGAM)”, to boost its recovery efforts through one time settlement of Retail NPAs up to March 31, 2021.The scheme will be applicable to borrower’s principal outstanding above Rs.0.10 crore and up to Rs.10 crore (subject to eligibility criteria), at relaxed terms.It will provide a renewed opportunity to the borrowers who are in distress and are willing to settle their dues to avoid legal entanglement. The scheme will end on March on 2025.The scheme will not be applicable where the sanction given under general One Time Settlement (OTS)/ Negotiated Settlement (NS), if it is in currency, where formal offer for settlement along with upfront amount has been received before launch of this scheme and the proposal is under consideration.
2. HDFC Bank launches instant SIP via SmartWealth app: HDFC Bank has launched updates to its SmartWealth app. One of the key additions is the Instant SIP, which allows users to invest in mutual funds on the same day they identify an opportunity.This feature enables users to capitalise on favorable market conditions immediately. It caters to those who wish to respond quickly to market changes.Alongside the Instant SIP, the Unified Dashboard has received a makeover. It now provides a consolidated view of all investments, including mutual funds, demat accounts, and fixed deposits.This revamped dashboard offers users a clearer understanding of their overall financial health, simplifying money management and keeping users informed.
3. Axis Bank’s new economy group launches Corporate Credit Card Suite for startups: Axis Bank has unveiled its Corporate Credit Card Suite designed specifically for start-ups within the New Economy Group (NEG).This innovative offering is tailored to streamline various financial processes for start-ups, including travel, expenses, and vendor payments.The suite consists of two distinct cards: the Executive Corporate Credit Card, catering to founders, and the Purchase Reward Credit Card, focused on expense management.
4. RBI organizes conference on Governance in Small Finance Banks in Bengaluru: The Reserve Bank of India had organized a daylong conference for the Directors of Small Finance Banks, SFBs in Bengaluru.The theme of the conference was ‘Governance in SFBs – Driving Sustainable Growth and Stability’.Delivering the keynote address, RBI Deputy Governor Mr. Swaminathan J. encouraged the Directors to be vigilant and proactive in identifying and mitigating emerging risks.
He emphasised the need for strengthening cybersecurity and a stronger focus on financial inclusion, customer service and grievance redressal. He also highlighted the importance of sustainable business models.
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