Current Affairs | National | International | SSC

1. Loan limit under Pradhan Mantri Mudra Yojana (PMMY) increased to Rs.20 lakh from Rs.10 lakh

The government has doubled the limit of Mudra loan amount under the Pradhan Mantri Mudra Yojana (PMMY) to Rs 20 lakh from Rs 10 lakh under a new ‘Tarun Plus’ category to promote entrepreneurship in the country.
The increase aims to further the objective of the Mudra Scheme, which is to fund the unfunded. This enhancement is specifically beneficial to emerging entrepreneurs, facilitating their growth and expansion.
The enhanced limit for Mudra loans was announced by Finance Minister Nirmala Sitharman in the Union Budget 2024-25 on July 23 this year.
The guarantee coverage of PMMY loans up to Rs 20 lakh will be provided under the Credit Guarantee Fund for Micro Units (CGFMU).

Mudra loan is a government scheme in India that provides financial support to micro and small enterprises for business development. Eligibility includes non-corporate small businesses, micro-enterprises, and individuals in manufacturing, trading, services, and agriculture-related sectors.
Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by Prime Minister Narendra Modi on April 8, 2015 for providing loans up to 10 lakh to micro and small enterprises.
Loans under the PM mudra loan scheme are available to non-farm micro or small enterprises engaged in income generation through manufacturing, trading and services. Eligibility includes non-corporate small businesses, micro-enterprises, and individuals in manufacturing, trading, services, and agriculture-related sectors.

World Development Information Day is observed every year on October 24, coinciding with the United Nations Day.
The day focuses on the need to mobilise public opinion in both developing and developed countries in a bid to accelerate their economic and social progress.
In 1972, the General Assembly established World Development Information Day to draw the attention of the world to development problems and the need to strengthen international cooperation to solve them (resolution 3038(XXVII)).
The Assembly decided that the date for the Day should coincide with United Nations Day, 24 October, which was also the date of the adoption, in 1970, of the International Development Strategy for the Second United Nations Development Decade.

Reliance Industries has partnered with Nvidia to build large-scale AI infrastructure in India that could accelerate India’s artificial intelligence capabilities.
The announcement came during a fireside chat between Reliance Chairman Mukesh Ambani and Nvidia CEO Jensen Huang at the Nvidia AI Summit 2024 in Mumbai.
The partnership will see Reliance deploying Nvidia’s latest GB 200 supercomputer technology to build a massive AI infrastructure.
The collaboration aims to make AI accessible and affordable to India’s 1.4 billion population, following a model similar to what Reliance’s Jio did for mobile data.

The Department of Pension and Pensioners’ Welfare (DoPPW) announced that central government pensioners aged 80 and older will qualify for an additional pension called compassionate allowance.
New guidelines have been issued for central government civil service retirees who reach the age of 80 to access these supplementary benefits.

From 80 to 85 years of age: 20 percent of basic pension/compassionate allowance.
From 85 to 90 years of age: 30 percent of basic pension/compassionate allowance.
From 95 to 100 years of age: 50 percent of basic pension/compassionate allowance.
100 years or more: 100 percent of basic pension/compassionate allowance.
The additional pension or compassionate allowance will be effective from the first day of the month in which the pensioner reaches the designated age.

Bihar Chief Minister Nitish Kumar has inaugurated and laid the foundation stone for various projects worth Rs 7,160 crore.
The projects for which the CM virtually laid the foundation stones include 2,615 panchayat government buildings in different blocks in the state and a panchayat resource center in Sonepur in the Saran district.
Kumar also inaugurated 13 district panchayat resource centres, 65 panchayat government buildings, an e-gram kachhari court management system and portals of several district councils at a function held at the official residence of the CM.The government has set a target of constructing such buildings in every gram panchayat.
Initially, 330 panchayat government buildings were built. Of 8,053 panchayat buildings in the state, 6,858 have been approved. Out of these, 1,548 are complete and the rest are under construction.

Axis Bank has reappointed Amitabh Chaudhry as the Managing Director and Chief Executive Officer of the bank for the next three years.
Chaudhry’s extended term will commence in January 2025 and conclude on December 31, 2027.
Chaudhry, who joined Axis Bank in 2019 after a nine-year tenure with HDFC Life, has played a pivotal role in the bank’s growth.

CFO of HSBC Bank – Pam Kaur (first female CFO; replace Georges Elhedery)
CEO of JP Morgan Chase Bank India CEO – Pranav Chawda
Chairperson of the Board of National Pension System (NPS) Trust – Chitra Jayasimha (replace Venkata Rao Yadagani)
CEO of Acko Life Insurance – Sandip Goenka
MD & CEO of Bandhan Bank – Partha Pratim Sengupta (for 3 year)

The Indo-Tibetan Border Police (ITBP) has celebrated its Raising Day on October 24 every year.
The ITBP Raising Day commemorates the founding of this elite paramilitary force, which was raised in the aftermath of the 1962 Sino-Indian War.
The force is entrusted with the security of the India-China border in the Himalayas and plays a critical role in safeguarding the nation’s sovereignty.
The Indo-Tibetan Border Police (ITBP) was formally raised on October 24, 1962, as a direct response to the Sino-Indian War that highlighted the vulnerabilities in India’s border security.