Daily Current Affairs 10th November, 2022

Daily Current Affairs 10 November 2022 for Banking/Insurance/SSC and other related exams.

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INTERNATIONAL NEWS

Indian Navy participates Malabar Naval Exercise in Japan
India is participating in 26th International Malabar Naval Exercise began in Yokosuka of Japan. Australia, Japan and the USA are also participating in the Malabar Naval Exercise.

• The naval forces of these countries will take part in the exercise till the 18th of next month. Indian Naval Ships Shivalik and Kamorta are ready to demonstrate at the event.
• The presence of these indigenously built ships of the Indian Navy at these multi-national events will be an opportunity to showcase the ship-building capabilities of Indian Shipyards. The MALABAR exercise was initiated in 1992 between the navies of India and the United States.

BANKING & FINANCE

Kerala becomes 1st State to Introduce Uniform Gold Price Based on Bank Rate
Kerala is the first Indian state to implement uniform gold prices based on the bank rate. 

• The decision to implement a uniform price on 916 purity 22-carat gold was made at a meeting between officials from Malabar Gold and Diamonds, one of the country’s largest gold and diamond retail chains, and key members of the All Kerala Gold and Silver Merchants Association, which sets the gold board rate.
• Kerala, as the country’s top gold-consuming state, has the potential to set the stage for a countrywide rollout of uniform gold prices.

Paytm Payments Bank receives RBI observations on IT report
Paytm Payments Bank (PPBL) management has received an RBI-mandated IT auditors report and the central bank’s observation on it, more than six months after it was asked to pause onboarding new customers.

• According to the preliminary assessment conducted by the bank management team, the observations revolve primarily around the continued strengthening of IT outsourcing processes and operational risk management.
• The fintech firm also stated that it does not know when it will be permitted to resume onboarding new customers. It maintained, however, that the measures imposed on PPBL will have no material impact on Paytm’s overall business.

SBI commits to finance 1000 entrepreneurs in Nagaland
Business Association of Nagas (BAN) has signed a memorandum of understanding (MoU) with State Bank of India (SBI) at the concluding day of National Integrate Innovate Expand (NIIE) Trade Fair held at NER Agri Expo.

• The MoU envisages targeting of 1,000 Micro, Small and Medium Enterprises (MSMEs) for financing in the next two years, which is expected to create huge employment opportunities and contribute Rs 3 billion to the GDP.
• As per the MoU, BAN will facilitate identification and preparation of MSMEs through project screening, documentation and submission to SBI. Once the loan is sanctioned, BAN will be responsible in providing training on book keeping, GST filing, statutory compliances, etc.

BUSINESS & ECONOMY

Netherlands Turns Top Buyer of Indian Petro-Products Amid Ukraine War
The Netherlands has emerged as the top destination for India’s petroleum product exports such as petrol and diesel in the first half of the current fiscal year.

• This bump in exports has also resulted in the Netherlands becoming the third biggest market for India’s overall exports, thereby replacing China. 
• This change comes in the wake of the Ukraine war, with India continuing to buy discounted crude oil from sanctions-hit Russia. India is a key Asian refining hub, with an installed capacity of nearly 250 million tonnes per annum across 23 refineries.

AQUISITIONS & MERGERS

Reliance set to acquire METRO Cash & Carry India in ₹4,060 crore deal
Reliance Industries is set to acquire German retailer METRO AG’s Cash & Carry business in India in a deal estimated at around 500 million euros ( ₹4,060 crore), industry sources said.

• The deal includes 31 wholesale distribution centres, land banks and other assets owned by METRO Cash & Carry.
• This is going to help Reliance Retail, the country’s largest retailer, expand its presence in the B2B segment.

SPORTS

Pramod Bhagat-Manisha Ramadass won gold at BWF Para-Badminton Championships
Paralympics champion Pramod Bhagat and Manisha Ramadass emerged champions as India finished with a total of 16 medals at the BWF Para Badminton World Championships.

• Bhagat defended his men’s singles SL3 title as he defeated compatriot Nitesh Kumar 21-19 21-19 in 53 minutes to clinch the gold medal.
• Manisha beat local star Mamiko Toyoda 21-15 21-15 in the women’s singles SU5 final. Having started playing at the senior international level only in March this year, it was definitely a milestone for the 17-year-old from Chennai.

APPOINTMENTS

Justice DY Chandrachud takes oath as New Chief Justice of India
Justice DY Chandrachud took oath as the 50th Chief Justice of India (CJI), after over six years as a judge of the Supreme Court. He will have a tenure of two years at the Supreme Court.

• His father was former CJI YV Chandrachud. Justice Chandrachud and his father are the only father-son duo to have reached the position of the CJI in the country’s judicial history.
• Over all these years, Justice Chandrachud, who will be at the helm of affairs at the Supreme Court during crucial events in the future, has been known as someone who always speaks his mind by some and ‘ the liberals’ favourite and a progressive judge by others.

AWARDS

ICC Hall of Fame: Shivnarine Chanderpaul, Charlotte Edwards and Abdul Qadir inducted
The ICC announced that Pakistan legend Abdul Qadir, England trailblazer Charlotte Edwards and West Indies great Shivnarine Chanderpaul are the latest inductees number 107,108 and 109 into the ICC Hall of Fame.

• The trio were inducted following a voting process that included the existing Hall of Famers, media representatives plus senior executives from FICA and the ICC, the world cricket body said.

SCIENCE & TECHNOLOGY

Iran’s Revolutionary Guard launches new satellite-carrying rocket
Iran’s powerful paramilitary Revolutionary Guard launched a new satellite-carrying rocket, seeking to demonstrate the hard-line force’s prowess even as anti-government protests rage across the country.

• The Ghaem 100, Iran’s first three-stage launch vehicle, will be able to place satellites weighing 80 kg (180 pounds) in an orbit 500 km (300 miles) from the earth’s surface.
• Iran says its satellite program, like its nuclear activities, is aimed at scientific research and other civilian applications. The US and other Western countries have long been suspicious of the program because the same technology can be used to develop long-range missiles.

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