Weekly Current Affiars Week 2-2-2

Welcome to the Endeavor Editors’ Weekly Current Affairs Choicest Blog series. Get a weekly roundup – on news from business, economy, markets, policy, and more. A quick capsule format news summary and update to keep you abreast with all the latest current affairs.

Current Affairs October 2021 – Week 2

1.  International News and Global Economy

World leaders reach landmark deal on global corporate tax rate

The Organization for Economic Cooperation and Development announced a major breakthrough on corporate tax rates, after years of disagreement. The group of developed nations agreed to a global minimum corporate tax rate of 15 percent. This marks a huge shift for smaller economies, such as the Republic of Ireland, which have attracted international firms — to a large extent — via a lower tax rate. The deal marks a shift in tax policy because it not only imposes a minimum corporate tax rate, but it also forces companies to pay taxes where they operate — not just where they have their headquarters. The exact formula for working out how much companies will owe across the various jurisdictions is one detail that still needs to be finalized.

For details visit.

OECD Says 136 Nations Agree to Global Corporate-Tax Accord

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‘Taiwan question’ will be resolved, no external interference needed: China

Chinese President Xi Jinping made a strong pitch for the reunification of Taiwan with the mainland amidst heightened tensions with the estranged island, saying the “Taiwan question” will be resolved and it brooks “no external interference”. Xi’s comments came after China sent a record number of military jets into Taiwan’s air defense zone for four days in a row, in a public show of force. Taiwan considers itself a sovereign state – but China views the self-ruled island as a breakaway province. Beijing has not ruled out the possible use of force to achieve unification. Since he took over power in 2012, President Xi, 68, has made the rejuvenation of the Chinese nation and realization of the Chinese Dream, and integration of Taiwan with mainland China his main goals.

For details visit.

Is Taiwan part of China? | The Economist

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Nobel Peace Prize: Journalists Maria Ressa and Dmitry Muratov share award

Journalists Maria Ressa and Dmitry Muratov have won the Nobel Peace Prize for their fights to defend freedom of expression in the Philippines and Russia. Ms Ressa, who co-founded the news site Rappler, was commended for using freedom of expression to “expose abuse of power, use of violence and growing authoritarianism in her native country, the Philippines”. The Nobel committee said Mr Muratov, the co-founder and editor of independent newspaper Novaya Gazeta, had for decades defended freedom of speech in Russia under increasingly challenging conditions. Ms Ressa and Mr Muratov are the 102nd winners of the prize. Last year’s winner was the United Nations World Food Programme (WFP), which was awarded for its efforts to combat hunger and improve conditions for peace.

For details visit.

Nobel Peace Prize 2021: Why two journalists won the coveted award this year

EU summit: No firm timeline for Western Balkans accession

EU and Western Balkan leaders have wrapped up a one-day summit in Brdo Castle in Slovenia with promises for greater integration but didn’t commit to a solid timeline for the six countries to join the 27-member bloc. “The Western Balkans are part of same Europe as the European Union. The EU is not complete without them,” EU Commission President Ursula von der Leyen said. “My commission will do its utmost to advance the accession process.” But the EU’s executive arm, her Commission, is paralyzed by leaders of the EU’s national governments, all of whom possess a veto option on opening negotiations.

For details visit.

Facebook grapples with another global outage

Facebook said users around the world again had problems accessing its services for hours due to a tweak of its system, just days after a massive outage caused in a similar fashion. Website trouble tracker DownDetector showed spikes in reports of problems accessing or using Facebook and its photo-centric Instagram network as well as Messenger and WhatsApp starting about three hours earlier. Facebook attributed the trouble to a configuration change at its computing platform and said that it affected users of the social network and Instagram, Messenger and Workplace globally.

For details visit.


Facebook is back online, but the company continues to face allegations of misconduct | DW News

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Oil surges to $80 as global energy crisis threatens supplies

US crude futures topped $80 a barrel for the first time since November 2014 as a global energy crisis boosts demand at a time when OPEC+ producers are keeping supplies tight. This week brought many indications that supplies will remain constrained: Saudi Aramco said a global natural gas shortage was already boosting oil demand for power generation and heating, and the U.S. Energy Department said that it had no plans “at this time” to tap the nation’s oil reserves. Saudi Arabia and its partners opted to only modestly increase output in November. Many analysts had expected OPEC+ to deliver a bigger hike as the surge in natural gas prices looks set to cause a further spike in oil demand this winter.

For details visit.

Crude Oil Prices Surge Nearing $83 Per Barrel

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All of Lebanon without power due to fuel shortage | DW News

Lebanon has been plunged into darkness, after its two largest power stations were shut down due to a prolonged fuel shortage. Officials say the outage will last several days. Many in the country rely on private generators, but diesel is in short supply. Neighbouring Iran has pledged to send more fuel shipments. Lebanon has suffered several power cuts in recent months amid an economic crisis that has seen the value of its currency fall by 90 percent since 2019. The army has been deployed to stop bank runs in Beirut.

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13th round of India, China military talks under way

The 13th round of Corps Commander talks between India and China are under way at Moldo on the Chinese side with efforts to work out the third phase of disengagement from Patrolling Point (PP) 15 in Hot Springs as part of overall disengagement and de-escalation along the Line of Actual Control (LAC) in eastern Ladakh. In addition to the disengagement and de-escalation, the two sides had also agreed to work out new protocols for patrolling to ensure such instances do not occur again. Since the stand-off began in May last year, the two sides have held a series of talks at different levels — political, diplomatic and military — and as part of agreements reached have undertaken disengagement from both sides of Pangong Tso in February and the PP17 at Gogra area in August.

For details visit.

After Panama, it’s Pandora: facing regulatory heat, elite Indians find new ways to ringfence wealth in secret havens

Seven leaks later, after regulators worldwide have begun cracking down on global money flows, the elite are finding ingenious new ways to ring-fence their assets from scrutiny at home reshaping the secrecy industry in international finance. This has been revealed in Pandora Papers, the latest leak of offshore financial records, the most voluminous ever: as many as 12 million documents from 14 companies in offshore tax havens with details of ownership of 29,000 offshore companies and Trusts. Of the 300-plus Indian names, the offshore holdings of as many as 60 prominent individuals and companies were corroborated and investigated. These will be revealed in the coming days.

For details visit.

What Is the Pandora Papers Expose?

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2) India  

Covid update

India’s Covid-19 vaccine tally set to cross 100-crore mark as Serum keeps supplies going

Serum Institute of India (SII) has contributed a lion’s share to the national Covid-19 vaccination programme. Between January 15 and October 6 this year, the country got 66.98 crore Covishield doses from SII. It accounted for 88.01% of the total vaccines administered. India’s total number of administered vaccine doses is set to cross the 100-crore milestone in the next few days. The country has already vaccinated 70% of its eligible citizens with the first dose of the Covid-19 vaccine. Serum Institute of India (SII) has contributed a lion’s share to the national Covid-19 vaccination programme. Between January 15 and October 6 this year, the country got 66.98 crore Covishield doses from SII. It accounted for 88.01% of the total vaccines administered.

For details visit.

Other updates

NIA searches multiple locations in connection with Mundra Adani port drug haul case

The National Investigation Agency (NIA) conducted searches at multiple locations across the country in connection with its probe into the drug haul at Mundra Adani Port in Gujarat. The case is related to the seizure of 2,988.21 kg of heroin by the Directorate of Revenue Intelligence (DRI) at the Mundra Port in Gujarat on September 16. The heroin was found in two containers, which were declared to be carrying “semi-processed talc stones”, that landed at the Mundra Port. The containers came from Afghanistan via Iran’s Bandar Abbas Port. Till date, nine people have been arrested in the case, including four Afghans and an Uzbek national, according to a release issued by the Press Information Bureau (PIB). All the arrests have been made by the DRI. The Narcotics Control Bureau and the Enforcement Directorate are also probing the case.

For details visit.

GI tag for basmati rice: Nepal poses big threat to India, increase acreage

Nepal is planning to increase area under aromatic rice and wants to sell it as basmati, which experts here see as a threat to India’s efforts in getting a geographical indication (GI) for the rice variety. India filed to register the name ‘basmati’ under GI in Europe in 2018, and the European Commission last year sought public comments. Nepal was reported to have submitted an objection that the aromatic variety was also grown there. India’s application also prompted Pakistan to pass a GI law and claim trademark over the rice variety. What is likely to work in India’s favour is that neither Pakistan nor Nepal has filed a claim over the basmati variety, and both have merely filed objections, experts said. India, meanwhile, has followed the proper procedure for several years for the GI, they said.

For details visit.

Delhi could face power shortage because of coal crisis: Kejriwal seeks PM intervention

Delhi could soon face a power shortage with the coal crisis across the country affecting supply at power plants that supply electricity to the capital as well, Chief Minister Arvind Kejriwal said. The CM has written to Prime Minister Narendra Modi seeking intervention to make adequate arrangements for coal at power plants and gas to generation plants. A bulk of Delhi’s power allocation is met by the NTPC plant in Dadri and thermal power plant in Jhajjar. There are no thermal power plants in Delhi anymore as three have been shut over the past 12 years.

For details visit.

Govt enables imported coal power plants to sell in markets; Adani, Tata plants to ease crisis

The government invoked provisions under National Tariff Policy that will immediately enable imported coal-based power projects to sell electricity on the exchanges to cool prices in the spot market averaging at a record Rs 16 per unit. With this order Adani Power and Tata Power are expected to begin generation in some units of their imported coal-based projects in Gujarat in a day or two as they have imported coal stocks. Most imported coal-based power plants are not operating despite high power scenario in the country since coal prices in international market have touched $150 a tonne. The Union power ministry’s new guidelines will act to build consensus between the imported coal-based plants that will restart generation, while states would agree to not schedule the electricity so that it can be sold on the exchanges.

For details visit.

India & China face energy crisis, power cuts & load shedding as coal prices rise & supply fall

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CEA K V Subramanian to step down, return to academia

Chief Economic Advisor (CEA) K V Subramanian will be leaving the finance ministry and returning to academia on completion of his three-year term. The government had appointed Subramanian, an ISB Hyderabad professor, as the CEA in December 2018. He had succeeded Arvind Subramanian, who quit the position close to a year ahead of his extended tenure. Subramanian’s three-year term would have come up for renewal in December but he decided to return to academia. The government will have to look for a new person for the crucial post at a time when the economy is coming out of the pandemic-induced decline. Another important task before the new CEA would be to prepare the Economic Survey to be tabled in Parliament on the last working day of January.

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3) Economy

Explained: Why has Moody’s upgraded India’s sovereign rating outlook?

Asserting that India’s downside risks from negative feedback between real economy and financial system are receding, ratings agency Moody’s changed India’s sovereign rating outlook from ‘negative’ to ‘stable’, while affirming the country’s foreign-currency and local-currency long-term issuer ratings at Baa3. Last year, Moody’s downgraded India’s sovereign rating from ‘Baa2’ to ‘Baa3’, the lowest investment grade, saying there will be challenges in implementation of policies to mitigate risks of a sustained period of low growth and deteriorating fiscal position. The outlook on the rating was kept negative. With higher capital cushions and greater liquidity, banks and non-bank financial institutions pose much lesser risk to the sovereign than Moody’s previously anticipated. And while risks stemming from a high debt burden and weak debt affordability remain, Moody’s expects that the economic environment will allow for a gradual reduction of the general government fiscal deficit over the next few years, preventing further deterioration of the sovereign credit profile.

For details visit.

Moody’s upgrades India outlook to Stable citing receding risks

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4) Markets, Banking and Finance

RBI begins policy normalisation; maintains status quo on rates

The Reserve Bank of India (RBI) kept its policy rates and stance unchanged, but decisively moved to withdraw excess liquidity from the system through its least disruptive liquidity management tool. The six-member monetary policy committee (MPC), headed by RBI Governor Shaktikanta Das, voted unanimously to keep the repo rate at 4 per cent and the reverse repo rate at 3.35 per cent. The stance would remain ‘accommodative’ for “as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of Covid-19 on the economy”, the central bank said.

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Industrial loan growth turns negative in 2020-21 due to Covid: RBI data

Industrial loan growth, which has been decelerating during the last decade, turned negative for the first time during 2020-21 as economic activity slowed down in the aftermath of the COVID-19 pandemic, according to the latest RBI data. Working capital loans in the form of cash credit, overdraft and demand loans, which accounted for a third of total credit, contracted during 2020-21, the RBI said. Personal loans, however continued to grow at robust pace in the last decade and their share in outstanding bank credit increased to 25.9 per cent in March 2021 from 16.4 per cent 10 years ago. It recorded double-digit growth in all the years during the interregnum, the data showed.

For details visit.

Bombay HC dismisses Srei Group petition against RBI bankruptcy move

The Bombay High Court dismissed the writ petition filed by Manoj Kanoria, promoter of Srei Group against the RBI move to supersede the board of the two group companies. Manoj Kanoria, promoter of Srei Group, has challenged the decision of the RBI to initiate bankruptcy proceedings against the group in the Bombay High Court through his company Adisri Commercial Pvt Ltd. While countering this, counsel representing the RBI argued that the Central Bank is pointing out governance issues in the two Non-Banking Finance Companies (NBFCs) as early as 2016 and the company had enough time to put its house in order. The counsel for the RBI further argued that the inspection reports indicate that the group was involved in related party transactions and was also indulging in the evergreening of loans.

For details visit.

Four more PSUs BPCL, SCI, BEML, NINL will be privatised by Q4 along with LIC IPO: DIPAM Secy

Indian government expects to list state-owned Life Insurance Corp by the end of the current fiscal. DIPAM secretary Tuhin Kanta Pandey said, “We intend to do privatisation of BPCL, BEML, SCI, Neelanchal Ispat this year. The process is in the second stage.” DIPAM Secy has successfully kickstarted the Divestment Drive with Air India, what’s next on the list? Watch to find out!

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5) Business

After 68 years, Tatas win back Air India with ?18,000-crore bid

After 68 years, Air India is all set to return to the Tata fold. Tata Sons subsidiary Talace Pvt Ltd emerged as the winning bidder for the debt-laden national carrier after quoting an enterprise value of ?18,000 crore. The government will take a hit of ?28,844 crore. The Tatas will own 100% stake in Air India, as also 100% in its international low-cost arm Air India Express and 50% in the ground handling joint venture, Air India SATS. Apart from 141 planes and access to a network of 173 destinations including 55 international ones, Tatas will also have the ownership of iconic brands like Air India, Indian Airlines and the Maharajah.

For details visit:

Explainer | From Tata to Tata: How Air India Flies a Full Circle | A Brief History

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Explained: What Air India deal means for Govt, Tatas

From the government’s perspective, there are two ways to look at it. One, it underscores PM Modi’s commitment to reducing the government’s role in the economy; he can claim to have saved taxpayers from paying for daily losses of AI. Given the historical difficulties in AI’s disinvestment, or any disinvestment at all (see table), this is a significant achievement. From the Tatas’ perspective, apart from the emotional aspect of regaining control of an airline that they started, AI’s acquisition is a long-term bet. The Tatas are expected to invest far more than what they have paid the government if this bet is to work for them.

For details visit.

Invesco is trying to takeover ZEE in a clandestine manner: Subhash Chandra

Subhash Chandra, founder and chairman emeritus of Zee Entertainment Enterprises (ZEE) called out Invesco’s requisition for removal of MD & CEO Punit Goenka and reconstitution of the company’s board, a “clandestine attempt” for an “illegal” takeover of the company. Talking to Zee News, Chandra said that Invesco, the largest investor, should realise that they are mere shareholders of the company and not the owners. On September 11th, Invesco sent a requisition to the company, seeking an extraordinary general meeting (EGM) of the shareholders to remove Goenka and two other directors, and induction of six independent directors. While the matter is being heard by the Mumbai bench of the National Company Law Tribunal (NCLT), ZEE has also filed a civil suit in the Bombay high court seeking a direction to declare the notice invalid on multiple legal infirmities.

For details visit.

Ola Electric raises $200M at over $5B valuation: Sources

Ola Electric has raised about $200 million (around Rs 1,500 crore) from a clutch of investors in a fresh funding round, valuing the electric vehicle maker at over $5 billion, according to sources. This is a jump of almost 70 percent from the previous round, the sources added. On September 30, Ola had announced raising over $200 million in funding from Falcon Edge, SoftBank, and others, valuing it at $3 billion. In September, Ola had said the sales of its S1 electric scooters crossed Rs 1,100 crore in two days. The two e-scooters — Ola S1 and S1 Pro — were unveiled in August this year. The purchase window will re-open in November. Ola has completed Phase I construction of its manufacturing plant, spread across 500 acres, in Tamil Nadu. The company had announced an investment of Rs 2,400 crore towards the facility. The factory will be run entirely by women and employ over 10,000 women at full scale.

For details visit.

6) Technology

Crypto exchanges overtake Zerodha in user base

India’s largest stockbroker Zerodha has been overtaken by some of the country’s popular crypto exchanges in the number of users. Zerodha has a little over 7 million users, of which almost 5 million are active users. Active users are defined as those who have conducted at least one trade in a year. Coinswitch Kuber has a userbase of 11 million, said Ashish Singhal, its founder and CEO. A spokesperson for WazirX, another large cryptocurrency exchange, said it has a userbase of 8.5 million. According to some estimates, India had around 1.5 crore crypto investors around the start of 2021. This is likely to have gone up considerably.

For details visit.

Exclusive: CarDekho set to turn unicorn with Mirae, AIA Group-led funding round

Automobile marketplace CarDekho is in advanced talks to raise $100-150 million in a funding round led by Hong Kong-based insurance giant AIA Group and South Korea’s Mirae Asset Group, said three people with knowledge of the development. Founded in 2008, Jaipur-based CarDekho operates auto sites such as CarDekho.com, Gaadi.com, ZigWheels.com and BikeDekho.com. Its fintech platform is the fourth largest used car retail loan originator in India, behind HDFC Bank, ICICI Bank and Mahindra Finance. The company is targeting a double-digit market share in India’s pre-owned cars space over the next five years but faces stiff competition from younger competitors such as Cars24 and Spinny, which have also seen an uptick in business. Ola is the newest entrant in this space.

For details visit.

TCS says seeing very good deal wins from cryptocurrency space

India’s largest information technology services company Tata Consultancy Services said that it is seeing healthy deal wins from new areas in its platform business such as cryptocurrency exchanges. TCS’ comment is another indication of the rapid growth that the cryptocurrency industry in the country is witnessing despite the uncertainties around regulations. The rapid growth is thanks to the increased adoption of the digital asset among Indian investors, particularly, the youth. India is one of the fastest-growing areas in the world when it comes to the adoption of cryptocurrency.

For details visit.

DeFi bug accidentally gives $90 million to users, founder begs them to return it

About $90.1 million has mistakenly gone out to users of popular decentralized finance, or DeFi, staking protocol Compound, after an upgrade gone epically wrong. Now, the founder is making a plea — and issuing a few threats — to incentivize the voluntary return of the platform’s crypto tokens. The price of Compound’s native token, comp, initially plunged nearly 13% in a day on news of the bug, but it’s since gained back ground. Whether reward recipients choose to return many millions of dollars to the platform remains to be seen, though if history is any indication, it is certainly possible.

For details visit.

Crypto’s Next Big Thing: Decentralized Finance Takes on Wall Street

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7) Politics

Farmers to march to UP’s Lakhimpur, block trains, hold ‘Mahapanchayat’

Farmers’ groups will hold a ‘rail roko’ on October 18 and a mahapanchayat in Lucknow on October 26 to protest the death of eight people, including four farmers, in UP’s Lakhimpur Kheri on Sunday. They have also demanded the sacking of junior Union Home Minister Ajay Mishra and the arrest of his son Ashish, who remains a free man despite being named as a murder accused in the FIR. Eight people died after a SUV – a Mahindra Thar – owned by Ajay Mishra rammed into a group of farmers holding a peaceful protest (as part of the national agitation against the centre’s farm laws). The farmers have alleged Ashish Mishra was in the SUV.

For details visit.

EC should ban pre-poll surveys by media outlets 6 months before elections: Mayawati

Bahujan Samaj Party chief Mayawati said she will write to the Election Commission demanding surveys by media organisations and other agencies be banned six months before any elections, so that the polls in the particular state are not influenced by it. “You know that when the Assembly elections in West Bengal were going on, surveys were showing that Mamata Banerjee was trailing, but when the results came, it was the opposite. Those who were dreaming of (gaining) power, their dreams were shattered, and Mamata (Banerjee) staged a comeback with a huge majority. Hence, you should not be misled by these surveys,” the BSP chief told the public.

For details visit.

8) Sports

India’s Anshu Malik wins silver medal at World Wrestling Championships; Sarita bags Bronze

Indian wrestler Anshu Malik won the silver medal at the World wrestling championships held in Oslo, Norway losing to two-time Olympic medallist Helen Maroulis of the USA in the final. In the Bronze medal match, Sarita won by 8-2 points winning a bronze medal. It was a moment to cherish for the Indians as two wrestlers won medals at the World Wrestling Championships.

For details visit.

Indian Hockey team pulls out of 2022 Commonwealth Games citing UK’s 10-day quarantine norm

In a massive development, the Indian Hockey Team pulled out of the upcoming Birmingham Commonwealth Games 2022 reportedly citing COVID concerns and the UK govt’s mandatory 10-day quarantine. India’s move to pull out of the Commonwealth Games comes amid the Boris Johnson-led government travel advisory which considers Indians travelling to UK ‘unvaccinated’ even if they were double jabbed. As per reports, the decision of the Indian Hockey Team to pull out of the Birmingham 2022 came a day after England withdrew from this year’s FIH Junior World Cup in Bhubaneswar citing the 10-day quarantine rule imposed by India.

For details visit.

9) Opinion

Will the Quad Tangle with the O-RAN Alliance?

While China and Huawei may have won the 5G race, all is definitely not lost for those looking to reduce their dependencies on the Chinese telecom infrastructure. A 5G deployment and diversification effort is already in the works with the “support and the critical role of Quad governments in fostering and promoting a diverse, resilient and secure telecommunications ecosystem,” as mentioned by White House officials. This is where open radio access networks (O-RAN) and the O-RAN alliance come into the picture. The O-RAN is an expanded system benefitting from the contributions of multiple vendors. This means better innovation, additional services, usage of third-party products and no more propriety equipment related to RAN. With Nokia and other Chinese companies out of the way, there would be more market space that can be occupied by the Quad states’ companies. Network operators from these states now get a chance to become global suppliers and vendors, helping lower their deployment costs and improve network performance.

For details visit.

Does RBI’s digital currency affect the future of Crypto in India?

According to the Atlantic Council, a US-based think tank, 81 countries representing 90% of the world’s GDP are exploring some form of CBDC. The People’s Bank of China (PBOC) has already launched a digital version of the Chinese Yuan while the Central Banks of Europe, the UK, and the US are experimenting with pilots. Meanwhile, the Governor of Reserve Bank of India (RBI), Shaktikanta Das, announced recently that the Central Bank is looking to launch its first Digital Currency trial program by December. Cryptocurrency and its underlying technology will likely disrupt the existing financial structures and is here to stay for the foreseeable future. Governments and regulators around the world are bracing in anticipation of such a change. And corporations are busy dipping their feet adding cryptocurrency to their balance sheets. However, what remains to be seen is the long-term effects of digital currencies.

For details visit.

How equipped is the Fintech industry to implement RBI’s norms on recurring payments?

In August 2019, the Reserve Bank of India came up with a framework for e-mandate-based recurring transactions. According to the RBI directive, an issuer shall send a pre-transaction notification to the cardholder at least 24 hours before the actual charge/debit happens as a risk mitigation and customer facilitation measure. As per the new rules, the cardholder can opt out of that particular transaction or the e-mandate after receiving the pre-transaction notification. Thus, a subscriber will have the time to withdraw the e-mandate every time an issuer raises an invoice for the recurring transaction. Almost all industry players agree that the RBI’s new rules are customer-centric. But they cite inadequate infrastructure and the lack of coordination among merchants, fintech players and banks as the key reasons why banks and merchants could not implement the directive that came with a sunset clause.

For details visit.

10) Weekly special

Decoding Vedantu’s journey as a category creator as the EdTech start-up turns unicorn.

The freedom to click and connect is at the heart of the EdTech story in India that has seen a sea change in the traditional model of learning especially during the pandemic with the closure of schools and millions of children cut off from the knowledge system.  As schools had to adapt to hybrid models of learning, the EdTech start-up space too saw a burgeoning boom — one that revolutionised the landscape of learning in India like never before. Vedantu Co-founder and CEO Vamsi Krishna, in an exclusive video interaction with YourStory Founder and CEO Shradha Sharma, gets candid on the EdTech start-up’s journey to becoming a unicorn, what it means to hit this new milestone, and the road ahead to an eventual IPO.

For details visit.

11) Did you know?

What is “sportswashing”? 

Over the past several years, sportswashing has emerged in countries which have repressive governments, but what does the term mean? Sportswashing is when countries or states use sports clubs or events to airbrush past human rights abuses and improve the image of their country by hosting a global sporting event such as the Olympic Games or a big world title boxing fight. For many decades, sport has been used as a political tool. The 1934 FIFA World Cup in Mussolini’s Italy and the 1936 Olympic Games in Hitler’s Germany being two examples of countries who used sporting events to sportswash human rights abuses that were being committed by their respective governments.

Is the Saudi Arabia-backed takeover of Newcastle united ‘sportswashing’ – or is it good for Football?

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With that, we come to an end for our Weekly Current Affairs October 2021 -Week 2. Hope you have liked it. Write your feedback in the comments below and let us know if there is anything else you would like us to cover.

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