Daily Current Affairs 25 November 2023, Important News Headlines (Daily GK Update)

Read the most important current affairs of 25 November 2023. Today Current Affairs covers the headlines on Afghanistan embassy closed, Hornbill Festival 2023, New President of FICCI, World’s largest Iceberg.

Top 20 Current Affairs and News Headlines of 25 November 2023

National News

1.India to Chair International Sugar Organisation

• India is set to take the helm as the chairman of the International Sugar Organisation (ISO) in 2024, marking a significant milestone for the country.
• As the world’s largest consumer and second-largest producer of sugar, this leadership role reflects India’s growing influence in the global sugar sector.
• The chairmanship for 2024 brings a unique opportunity for India to lead the global sugar sector towards more sustainable practices.
• The focus will be on uniting member countries to adopt environmentally friendly approaches in sugarcane cultivation, sugar and ethanol production, and the efficient utilization of by-products.

International News

2.Report: US Granted $677 billion In Aid To 213 Countries From 2001 to 2023

• According to the Organisation for Economic Co-operation and Development (OECD), the United States emerges as the foremost aid provider in 2022.
• A comprehensive analysis indicates that the US has disbursed a staggering $677 billion in aid to 213 countries from 2001 to 2023. This financial assistance spans various nations, addressing diverse needs and challenges.
• The aftermath of the 9/11 attacks and subsequent events in Afghanistan resulted in the country receiving a total of $111 billion of aid between 2001 and 2023.
• Examining the recipients of US aid, Israel emerges as the second-highest beneficiary, receiving $65 billion, followed closely by Iraq at $64 billion.

3.Afghanistan Closes Its Embassy In India Permanently

• The Afghanistan embassy in New Delhi has officially announced its permanent closure, citing persistent challenges from the Indian government as the primary reason.
• The embassy clarified that the closure should not be seen as an internal conflict or a result of diplomats switching allegiance to the Taliban.
• The embassy has handed over the mission solely to the Indian government, leaving it to decide the fate of the mission, including the possibility of handing it over to Taliban diplomats.

State News

4.Hornbill Festival 2023 (December 1-10) – A Cultural Extravaganza in Nagaland

• The Hornbill Festival 2023 is scheduled to occur from Friday, December 1, 2023, to Sunday, December 10, 2023.
• This 10-day extravaganza, initiated in 2000, has evolved into a mesmerizing spectacle of colorful costumes, rhythmic beats, and musical narratives, offering a unique window into the cultural tapestry of Nagaland.
• Named after the hornbill, a culturally significant bird embodying fidelity, beauty, and grace in Naga folklore, the Hornbill Festival symbolizes the collective celebration of identity.
• In 2022, it attracted 1,026 foreign tourists and 48,413 domestic visitors, with an impressive local footfall of 90,860, totaling 140,299.

Defence News

5.India and Nepal Convene for the 17th Edition of Joint Military Exercise SURYA KIRAN

• The 17th edition of the Joint Military Exercise SURYA KIRAN is set to strengthen the longstanding ties between India and Nepal as military contingents from both nations converge in Pithoragarh, Uttarakhand, for this annual event.
• The exercise, scheduled from 24th November to 7th December 2023, alternates between the two countries, underscoring their commitment to mutual cooperation.
• The primary aim of SURYA KIRAN is to enhance interoperability in specific military domains. The exercise will particularly focus on jungle warfare, counter-terrorism operations in mountainous terrain, and Humanitarian Assistance and Disaster Relief (HADR) operations.
• Notably, the troops will engage in activities involving the deployment of drones and counter-drone measures, medical training, aviation aspects, and environmental conservation.

Economy News

6.Indian Rupee Hits Record Low at 83.38 Against US Dollar

• The Indian rupee closed at a new low of 83.38 against the US dollar, marking a slight decline from the previous close of 83.34.
• This drop was attributed to increased dollar demand from oil companies and intervention by the Reserve Bank of India (RBI) to mitigate a steeper fall.
• The primary factor contributing to the rupee’s decline was the heightened demand for dollars from oil companies. This demand, coupled with RBI interventions, played a crucial role in shaping the day’s forex market dynamics.
• The Reserve Bank of India actively intervened to stabilize the rupee, preventing a more significant depreciation. Despite these efforts, the currency closed at a new low, indicating the challenges faced by the central bank in managing the forex market.

Banking News

7.Bandhan Bank Board Approves Reappointment of Chandra Shekhar Ghosh as MD & CEO

• The board of directors at Bandhan Bank has given the green light for the reappointment of Chandra Shekhar Ghosh as the Managing Director & Chief Executive Officer (MD&CEO).
• The Kolkata-based private sector lender has extended Ghosh’s tenure for a period of three years. The current term is set to expire on July 09, 2024.
• Chandra Shekhar Ghosh brings to the table over three decades of experience in microfinance, banking, and development. His leadership has played a crucial role in steering Bandhan Bank through various challenges and contributing to its growth.

8.RBI Takes Action Against Abhyudaya Cooperative Bank’s Governance Issues

• The Reserve Bank of India (RBI) announced on Friday that it has superseded the board of Abhyudaya Cooperative Bank for a duration of 12 months.
• This action comes as a response to certain material concerns arising from observed poor governance standards within the bank.
• The RBI invoked its powers under Section 36 AAA, read in conjunction with Section 56 of the Banking Regulation Act, 1949, specifically applicable to cooperative societies.
• This move signifies the regulator’s commitment to maintaining the integrity and stability of financial institutions in the country.

9.RBI Imposes Fine of ₹10.34 Crore on BoB, Citibank, and IOB

• The Reserve Bank of India, on 24 November, took stringent measures against Citibank, Bank of Baroda, and Indian Overseas Bank, imposing penalties totaling ₹10.34 crore.
• Indian Overseas Bank bore the brunt of a ₹1 crore penalty for non-compliance with specific directions issued by the RBI on ‘loans and advances – statutory and other restrictions.’
• Citibank, a major player in the banking sector, faced a hefty penalty of ₹5 crore for failing to comply with various directives.
• Bank of Baroda found itself in the regulatory crosshairs as the RBI imposed a penalty of ₹4.34 crore.

Business News

10.Svatantra Microfin’s Strategic Acquisition of Chaitanya India Fin Credit

• Svatantra Microfin Private Limited, founded by Ananya Birla, is set to acquire Chaitanya India Fin Credit Private Limited, a subsidiary of Sachin Bansal’s Navi Group, in a significant deal valued at Rs 1,479 crore. The transaction is anticipated to be finalized by the end of 2023.
• The acquisition positions Svatantra as the second-largest microfinance company in India, boasting a broad reach of over 3.6 million active customers through 1,517 branches across 20 states.
• The combined entity is projected to hold assets worth Rs 12,409 crore as of March 31, 2023, establishing a robust presence in the Indian microfinance sector.

11.Mastercard and U GRO Capital Collaborate for MSME Financing

• Mastercard, a prominent global technology company in the payments industry, has forged a strategic partnership with U GRO Capital, a Non-Banking Financial Company (NBFC) specializing in Micro, Small, and Medium Enterprises (MSME) financing.
• This collaboration aims to provide financial solutions to small businesses in India, addressing the longstanding challenge of limited access to capital faced by MSMEs.
• The Mastercard and U GRO Capital partnership is designed to create a holistic digital supply chain financing solution.
• By leveraging technology and financial expertise, the collaboration intends to bridge the credit gap and foster the growth of entrepreneurial ventures in India.

12.Warren Buffett’s Exit from Paytm: A Rs 507 Crore Loss

• Warren Buffett-led Berkshire Hathaway has made headlines by completely divesting its 2.46% stake in One 97 Communications, the parent company of Paytm.
• Berkshire Hathaway exited Paytm by selling its entire 2.46% stake at an average price of Rs 877.2 per share. The transaction, resulting in a Rs 507 crore loss.
• Prior to the exit, Paytm’s shares experienced a 3.23% decline, reaching Rs 893. The market response underscores the dynamic nature of investor sentiments, reflecting both challenges and opportunities for Paytm as it navigates its path to recovery.

13.ADB’s $170 Million Boost Transforms Kochi’s Water Landscape

• The Asian Development Bank (ADB) has approved a substantial $170 million loan to catalyze the modernization of water supply services in Kochi, Kerala.
• This transformative initiative aims to enhance urban living standards, ensure clean water access, and fortify climate resilience. The goal is to address the impact of climate change on water availability and ensure sustainable urban development.
• Rehabilitation and upgrade of five existing water treatment plants with a total production capacity of 325 million liters per day (MLD) and construction of a new plant with a capacity of 190 MLD.

Important Days News

14.International Day for the Elimination of Violence against Women 2023

• November 25 marks the International Day for the Elimination of Violence Against Women, a pivotal day designated by the United Nations to raise awareness and address the global issue of violence faced by women.
• This day, part of the 16 Days of Activism against Gender-based Violence campaign, aims to shed light on the pervasive nature of violence against women and promote proactive measures to prevent such atrocities.
• The global theme for the 16 Days of Activism against Gender-based Violence in 2023 is a powerful call to action: “UNITE! Invest to prevent violence against women and girls.”

Schemes News

15.‘AGNI’ Initiative to Promote Innovations by Ayurveda Practitioners

• The Central Council for Research in Ayurveda Sciences (CCRAS), under the Ministry of Ayush, has introduced the “Ayurveda Gyan Naipunya Initiative” (AGNI).
• This initiative is strategically designed to encourage Ayurveda practitioners to contribute, document, and validate innovative medical practices for the betterment of educational and academic realms.
• AGNI serves as a dedicated platform for Ayurveda practitioners to share their innovative practices and experiences across diverse disease conditions.

Appointments News

16.Anish Shah to Assume Presidency of FICCI

• The Federation of Indian Chambers of Commerce and Industry (FICCI), the country’s oldest and largest industry body, is set to welcome Anish Shah as its President-Elect.
• Holding a Ph.D. from Carnegie Mellon’s Tepper School of Business and a Post-Graduate Diploma in Management from the prestigious Indian Institute of Management, Ahmedabad, Shah brings a wealth of academic and professional expertise to his new role.
• His remarkable 14-year career at GE included holding various leadership positions at GE Capital’s US and global units.
• Beyond his tenure at GE, Shah led the Bank of America’s US Debit Products business and contributed his strategic insights at Bain & Company in Boston and Citibank in Mumbai.

Agreements News

17.India and EU ink Semiconductor Agreement To Boost Supply Chain

• India and the European Union (EU) marked a significant milestone on Friday by signing a Memorandum of Understanding (MoU) on semiconductors.
• This collaborative effort aims to establish a robust supply chain, promote innovation, and align both regions with global developments in the semiconductor industry.
• The agreement emphasizes the identification of areas for collaboration in research, development, and innovation among universities, research organizations, and businesses.

Sports News

18.Imad Wasim Retires From International Cricket

• Imad Wasim, the 34-year-old all-rounder from Pakistan, has decided to retire from all forms of international cricket. This marks the end of a journey that saw him don the green jersey for 121 appearances across ODIs and T20Is.
• Imad Wasim leaves behind a commendable record, having played in 55 ODIs and 66 T20Is for Pakistan. His contributions extend beyond the boundary, with 1472 runs and 109 wickets to his name.
• Wasim bid adieu to international cricket with a memorable performance in his last match against New Zealand earlier this year. His quick-fire 31 off 14 balls and two wickets were a fitting end to a remarkable career.

Science & Technology News

19.Scientists Uncover Mysterious Cosmic Ray Surpassing Three-Decade Record

• Scientists have detected a rare and extremely high-energy particle falling to Earth that is causing bafflement because it is coming from an apparently empty region of space.
• The particle, named Amaterasu after the sun goddess in Japanese mythology, is one of the highest-energy cosmic rays ever detected.
• With an estimated energy level of 240 exa-electronvolts (EeV), comparable to the record-breaking Oh-My-God particle discovered in 1991, the source and nature of this cosmic phenomenon remain elusive.

Miscellaneous News

20.World’s Biggest Iceberg On The Move After 30 Years

• The world’s largest iceberg, named A23a, has embarked on a rare journey after being largely stationary for more than three decades.
• Weighing nearly a trillion metric tonnes and spanning an area of 4,000 square km, this colossal iceberg originated from West Antarctica’s Filchner-Ronne Ice Shelf in 1986.
• For the first time in more than 30 years, A23a is on the move. Strong winds and ocean currents are propelling it past the northern tip of the Antarctic Peninsula.

25 NOVEMBER 2023 CURRENT AFFAIRS | ALL EXAMS IMP. CURRENT AFFAIRS | ASHISH GAUTAM SIR

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