# EWS Quota

• The Supreme Court on Monday, by a 3:2 verdict upheld validity of the 103rd constitutional amendment carried out to provide legal sanction to the government’s decision to carve out 10% reservation for the economically weaker section from unreserved classes.
• These reservations are applied for admission in educational institutions and government jobs.
• It held that the 50% cap on quota is not inviolable and affirmative action on economic basis may go a long way in eradicating caste based reservation.
• A five judge bench of chief justice U U Lalit and justice Dinesh Maheswari, S Ravindra Bhat, Bela M Trivedi and J B Pardiwala approved the amendment by majority 3:2.

# COP27

• UN Secretary-General Antonio Guterres on Monday unveiled an action plan at Egypt’s Sharm al Sheikh at COP27 to achieve “early warning for all” regarding extreme weather events in the next five years.
• The plan drawn up by the World meteorological organization and its partners calls for initial new targeted investments of $3.1 billion between 2023 and 2027.
• It will cover disaster risk knowledge, observations and forecasting, preparedness and response.

# Indian banks

• Indian commercial banks have reported a combined profit of nearly of ₹59000 crore for the September quarter an increase of 57% over the ₹37567 crore net in the year ago period.
• After major banks reported their results on Saturday, the bank nifty index touched 41779 on Monday, close to its historic high of 41840.

# Rupee

• The rupee gained to close above 82 levels against the dollars for the the first time in over a month.
• The rupee ended at 81.92, 52 paise stronger than Friday’s close of 82.44 against the dollar.