Month: December 2023

MoEF&CC launched the Indian Forest and Wood Certification SchemeThe Ministry of Environment, Forest and Climate Change (MoEF&CC) has launched the Indian Forest and Wood Certification Scheme (IFWCS) to encourage sustainable forest management and agroforestry in India by offering voluntary third-party certification.
About the Indian Forest and Wood Certification Scheme:
The scheme has three main components:

• Forest Management Certification
• Tree Outside Forest(TOF) Management Certification
• Chain of Custody(COC) Certification

IFWCS is governed by the Indian Forest and Wood Certification Council (IFWCC) and operated by the Indian Institute of Forest Management (IIFM) in Bhopal(Madhya Pradesh) as the designated Scheme Operating Agency (SOA).
About Ministry of Environment, Forest and Climate Change (MoEF&CC):
Union Minister– Bhupendra Yadav(Rajya Sabha- Rajasthan)
Minister of State– Ashwini Kumar Choubey(Constituency- Buxar, Bihar)

NITI Aayog, IFPRI sign SoI to Strengthen Policy Frameworks for Agricultural TransformationOn December 13, 2023, National Institution for Transforming India (NITI Aayog) and the International Food Policy Research Institute (IFPRI) have signed a 5-year long Statement of Intent (SoI) to strengthen the policy and programme frameworks that will contribute to the development of India.
About the SoI:
i.This SoI will broaden the mandate of IFPRI to support the Agriculture Vertical of NITI Aayog in key areas.
ii.IFPRI will provide policy analytics and support to NITI in mutually identified areas within the broader realm of food systems transformation, initially focusing on agriculture, rural development, trade, and climate change policies in India
iii.The activities under the SoI includes

• developing and tracking Rural Transformation Indicators
• supporting the design and evaluation of flagship programs,
• providing policy analytical tools
• generating evidence on India’s agri-food trade in regional and global contexts

Note: NITI Aayog has been guiding the development programs through periodic monitoring and evaluation with focus on agriculture to ensure sustainable and inclusive agricultural and rural transformation.
Key People:
Chief Guest- Suman Bery, Vice Chairman, NITI Aayog.
Participants:
Johan Swinnen, Director General of IFPRI and Managing Director of Systems Transformation, CGIAR(Consultative Group on International Agricultural Research), France. Prof. Ramesh Chand, Member, NITI Aayog,
About National Institution for Transforming India (NITI) Aayog:
Chairman– Prime Minister (PM) of India (Currently- Narendra Modi)
CEO–  B.V.R. Subrahmanyam
Establishment– 2015
Headquarters– New Delhi, Delhi
About International Food Policy Research Institute (IFPRI):
Director General– Johan Swinnen
Headquarters– Washington, DC, United States of America (USA)
Establishment– 1975

India’s Women Voters to Surpass Male Voters from 2029 General Election: SBI’s ERD ReportOn December 14, 2023, the State Bank of India’s (SBI) Economic Research Department (ERD) released a report titled ‘Women Empowerment & Ladli Behna_Dec23‘ which states that women voters in India will surpass male voters from the 2029 General Election onwards.

• In 2029, the total voter turnout is expected to be 73 crores of which women voters will be at 37 crore, which will be higher than the registered men voters at 36 crore.
• The report projects that the total voter turnout in the 2024 general election will be around 68 crores of which 33 crore (49%) will be women.

The 2047 General Election Voter Turnout Projection:
ERD projects that in 2047 (probable election year 2049), women voter turnout should increase to 55% and men voter turnout might decrease to 45%.

• It is projected that in 2047, around 115 crore would be registered electors.
• The voter turnout is projected to be at 80% (92 crore), with women outnumbering men (50.6 crore women, 41.4 crore men).

Rise of Voter Count:
i.In 1951, 8 crore voted; by 2009, it rose to 42 crores, with 19 crores women.
ii.In 2014, the voter turnout increased by 13.7 crores to 55 crores. This includes 26 crore women.

• This was 5.5 time higher than average voter turnout between 1962 and 2009. The same was 5.8x for women and 5.2x for men.
• 2014 witnessed the highest increase in voter turnout with 8.23% increase in voter turnout adding nearly 13.6 crore  (6.9 crore women & 6.7 crore men) voters in polling vote.

iii.In 2019 Lok Sabha elections, 67.18% women voted as compared to 67.01% men.
iv.In state assembly elections (in last 5 years) across 23 major states, women’s voter turnout surpassed men’s in 18 states.
Key Points:
i.The report highlights Madhya Pradesh (MP) Mukhya Mantri Ladli Behna scheme as a key women empowerment initiative, offering financial support to women aged 21-60 for enhancing the health and nutrition of themselves and their dependent children.
The 17th Lok Sabha of India has the highest ever number of women politicians with a total of 78 which is nearly 14%.

• On the other hand, Scandinavian countries such as Sweden Norway, and South Africa have more than 45% women representation in their national legislatures. Japan at 10%, lags behind India.

iii.On the basis National Sample Survey (NSS) data, the report indicates that unpaid women’s total economic contribution amounts to approximately Rs 22.7 lakh crore, constituting 7.5% of India’s Gross Domestic Product/GDP (Rural: Rs 14.7 lakh crore, Urban: Rs 8 lakh crore).

Report on “Logistics Costs in India: Assessment and Long-Term Framework”: Released by DPIITThe Logistics Division of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry (MoCI) has launched a report titled “Logistics Cost in India: Assessment and Long-Term Framework” in New Delhi, Delhi.

• The Report was prepared by the National Council of Applied Economic Research (NCAER), along with Asian Development Bank (ADB) experts and task force members.

About the report:
i.The report offers reliable estimates regarding the efficient movement of goods and services.
ii.This report presents

• a baseline aggregated logistics cost estimate.
• a framework for long-term logistics cost calculation

About the Ministry of Commerce and Industry (MoCI):
Union Minister – Piyush Goyal (Rajya Sabha – Maharashtra)
Minister of States(MoS) – Anupriya Singh Patel (Constituency: Mirzapur, Uttar Pradesh) ; Som Parkash (Constituency: Hoshiarpur, Punjab)

WHO’s 5th Global Status Reports on Road Safety 2023: Global Road Traffic Deaths Drops by 5%; Rise in India’s Global ShareThe World Health Organisation (WHO) launched the report titled “Global Status Reports on Road Safety 2023”, which shows that the annual number of road traffic deaths across the world has slightly decreased to 1.19 million from 1.25 million, marking a 5% decrease in 10 years between 2010 and 2021.

• The 2023 report provides an overview of progress between 2010 and 2021. This is the 5th edition in the series published since 2009.
• As of 2019, road traffic injuries are the primary cause of death for those aged 5-29, and the 12th leading cause of death globally when all ages are considered.
• In India, the total number of road traffic fatalities went up from 1.34 lakh in 2010 to 1.54 lakh in 2021, and India’s share in global road fatalities also increased from 11% to 13%.

About World Health Organisation (WHO):
Director General– Dr Tedros Adhanom Ghebreyesus
Headquarters– Geneva, Switzerland
Founded on– 7 April 1948

LIC Cards, IDFC First & Mastercard Collaborate to Launch Co-Branded Credit CardLIC Cards Services Limited (LIC CSL), IDFC FIRST Bank Limited and Mastercard has collaborated to launch “LIC IDFC FIRST Credit Cards”, a co-branded credit card to meet the dynamic financial needs of India.

• The card is available in  two variants: LIC Classic Credit Card and LIC Select Credit Card.
• The Lifetime free card is (zero joining fee and zero annual fee) specially designed for the customers in Tier II and Tier III cities.

Co-branded Credit Card:
i.The card provides reward points on payment of every Life Insurance Corporation of India (LIC) insurance premium.
ii.These reward points (valid for 3years) can be redeemed by a cardholder against any online purchase, including the payment of LIC insurance premiums.
iii.The card comes with Zero Joining Fee and Zero Annual Fee with no minimum spend conditions.
Eligibility:
i.Primary cardholder should be above the age of 21 years.
ii.The annual income of a cardholder should be Rs.3 lakhs or more.
Benefits:
i.The card offers low interest rate of 9% per annum.
ii.The card provides upto Rs 50,000 cover for lost card liability and a personal accident insurance cover of up to Rs 5 lakh.
iii.The card gives complimentary access to lounges at airports and railway stations insurance.
iv.The cardholders also avail a 1% fuel surcharge waiver along with roadside vehicle assistance worth Rs 1,399.
v.The cardholders can use the card to withdraw cash from an Automated Teller Machine (ATM) at zero interest rate.
About IDFC FIRST Bank Limited: 
Managing Director & Chief Executive Officer (CEO)– V. Vaidyanathan
Headquarter– Mumbai, Maharashtra
Established– 2015
Tagline– “Always You First”
About LIC Cards Services Limited (LIC CSL):
LIC Cards Services Ltd., (LIC CSL) is a wholly owned subsidiary of Life Insurance Corporation of India (LIC) of India.
Headquarters – New Delhi, Delhi
Established in–  2008

Cashfree Payments Launches India’s First Self-Hosted Payments Orchestration Platform
Cashfree Payments has introduced India’s first self-hosted payments orchestration platform ‘FlowWise’ which allows payment management to take place directly on the merchant’s infrastructure.
About FlowWise:
i.FlowWise is one setup solution for Indian businesses for managing different payment systems. It simplifies the complexity and effort of using multiple Payment Gateways (PGs) for businesses.
ii.The platform is considered to be secure as there is no scope for data leaks.
iii.The platform allows to send payments to different partners by cutting processing costs by up to 40% and improving success rates up to 10%.

RIL & DBS Bank India Collaborates to Promote CBG Plants Across IndiaReliance Industries Limited (RIL) and DBS Bank India have collaborated to introduce a customised supply chain financing program meet the requirements of compressed biogas (CBG) project initiated by RIL.

• This initiative is a part of RIL’s net zero emissios roadmap.

Note: DBS Bank India’s customized funding structure facilitates the development of a competitive logistics and scalable CBG industry.
Key Points:
i.DBS Bank India customizes its supply chain financing model to accommodate the unique challenges presented by the highly fragmented and seasonally variable CBG industry.
ii.The financing will enable the development of an ecosystem where vendor partners can aggregate agricultural residue as raw material for Reliance’s CBG production plants across India.
Reliance’s Green Vision:
i.RIL sees agricultural residue as pivotal in its net-zero roadmap and plans to invest nationwide in producing CBG as an eco-friendly alternative to imported Compressed Natural Gas (CNG) and other fossil fuels.
ii.It has planned to set up 100 CBG plants over 5 years that will not only meet domestic gas demand but also position India as a key biofuel source.
iii.The focus is on converting over 5.5 million tonnes per annum of agricultural residue and organic waste.

• The initiative contributes to India’s net-zero goals, reducing carbon dioxide (CO2) emissions by nearly 2 million tonnes annually.

Benefits of CBG Plants:
i.CBG plants play a crucial role in controlling air pollution, caused primarily by burning organic waste.
ii.These plants not only manage waste effectively but also contribute significantly to reducing carbon emissions.
iii.It will also contribute towards the production of Fermented Organic Manure (FOM) which will enhance soil fertility and reduce the consumption of chemical fertilizers over a period.
iv.It can benefit farmers from an additional revenue stream, avoiding penalties tied to residue burning.
About Reliance Industries Limited (RIL):
Chairman and Managing Director(CMD)– Mukesh D. Ambani
Headquarters– Mumbai, Maharashtra
About DBS Bank India Limited:
It is a wholly owned subsidiary of DBS Bank Ltd, Singapore.
MD & CEO– Surojit Shome
Headquarters– Mumbai, Maharashtra

Music Conductor Daniel Barenboim & Peace Activist Ali Abu Awwad honourd with Indira Gandhi Prize for Peace 2023The Indira Gandhi Prize for Peace, Disarmament, and Development for 2023 has been jointly awarded to Daniel Barenboim, an Argentine-Israeli classical pianist and conductor, and Ali Abu Awwad, Palestinian peace activist, for their efforts towards a non-violent resolution of the Israel-Palestine conflict.

• They utilised instruments of music and people’s action to promote meaningful political and humanitarian dialogue, mutual social and cultural understanding, and peaceful public cooperation.
• They brought together the youth and peoples of Israel and the Arab World for a peaceful resolution of the ongoing conflict in the Middle East

About Indira Gandhi Memorial Trust:
Chairperson– Sonia Gandhi
Headquarters- New Delhi, Delhi

India’s first woman candidate, Uma Sekhar, elected to Governing Council of UNIDROITIndia’s first woman candidate, Uma Sekhar was elected to the Governing Council of the International Institute for the Unification of Private Law (UNIDROIT) in its 82nd session, by winning 45 out of 59 votes in the initial round of elections held in Rome, Italy on 14 December 2023.

• The election consisted of 32 contestants from different countries.
• With this, India will be a member of the Governing Council for the period from 1 January 2024 – 31 December 2028.
• Uma Sekhar is an Additional Secretary and Legal Adviser in the Ministry of External Affairs (MEA), India.

Note:
The current President of this Governing Council is Maria Chiara Malaguti (As of December 14 2023).
Key Points:
i.To be elected to the Governing Council, 21 votes were required
ii.The Governing Council consists of 25 positions which are held by distinguished legal experts.
iii.India, as a Governing Council member, is positioned to significantly influence UNIDROIT’s direction and policies in its term.
iv.UNIDROIT aims to study and develop uniform laws to modernize, harmonize, and coordinate private and commercial laws among states and state groups.
About International Institute for the Unification of Private Law (UNIDROIT):
Secretary-General– Professor Ignacio Tirado
Headquarters– Rome, Italy
Members– 65 Nations
Re-established in – 1940

CCI Approves Acquisition of 100% Shareholding in Constantia by Capripack
On December 12, 2023, the Competition Commission of India (CCI) approved the acquisition of sole control over Constantia Flexibles Holding GmbH (Constantia) by Capripack BidCo GmbH (Capripak).

• The sole control will be acquired by the acquisition of 100% of Constantia’s shareholding and voting rights from Constantia Lux S.à r.l.

Acquirer– Capripak
Target – Constantia
Seller– Constantia Lux S.à r.l.
About Capripack:
i.Capripack  is an acquisition vehicle owned by investment funds managed and advised by One Rock Capital Partners, LLC (ORC), a private equity firm based in New York, United States of America(USA).
ii.ORC manages funds that invest in portfolio companies operating across diverse industries like chemicals, specialty manufacturing, healthcare, food, and environmental services.
About Constantia:
i.Constantia, headquartered in Austria, is a wholly owned subsidiary of Constantia Lux S.à r.l. It is indirectly controlled by funds managed or advised by Wendel SE, a French investment company.
ii.It is global producer of flexible packaging products for everyday use products.

• Its products are mainly based on aluminium (foil), film and paper.

About Competition Commission of India (CCI):
Chairperson– Ravneet Kaur
Headquarters– New Delhi, Delhi
Establishment– 2003
Tagline– Fair Competition for greater Good

India’s Fastest’ Solar-Electric Boat Barracuda Launched in Kerala
India’s fastest solar-electric boat, Barracuda was launched at the Navgathi Panavally Yard in Alappuzha, Kerala. The vessel was jointly developed by Mazagon Dock Shipbuilders Limited and Navalt Solar & Electric Boats Private Limited.
About the vessel:
i.Barracuda has twin 50 kilowatt (kW) electric motors, a marine-grade LFP battery, and 6 kW solar power system.
ii.The vessel can be deployed in the rough seas as a workboat to ferry up to 12 passengers and cargo.
ii.The vessel is of 14-metre-long and 4.4-metre-wide.
iii.It can travel at a top speed of 12.5 knots (23 kmph) and has a range of seven hours on a single charge.

China Launches Uncrewed Reusable Spacecraft Into the Orbit
China launched a reusable uncrewed spacecraft atop a Long March 2F rocket from the Jiuquan Satellite Launch Center, China.

• The launch marked the third instance of a reusable robotic spacecraft after 2020 and 2022.
• The spacecraft was developed by the China Aerospace Science and Technology Corporation (CASC)
• The spacecraft was launched in a series of secretive orbital test flights which is aimed at developing reusable technologies to reduce space mission costs.
• The spacecraft will operate in orbit for a certain period of time and return to the designated landing site in China.
• China’s reusable spacecraft mission coincides with the United States of America(USA)’s X-37B.

China starts up world’s first fourth-generation nuclear reactor
China has commenced the operations of 200 megawatt (MW) High-Temperature, Gas-Cooled Reactor (HTGCR) plant which is the world’s first fourth-generation nuclear reactor in Shandong, China.

• The plant was developed jointly by state-run utility Huaneng, Tsinghua University and China National Nuclear Corporation.
• The plant uses a modular design(less than 300MW) which can be constructed off-site.
• China has a goal to produce 10% of electricity from nuclear by 2035 and 18% by 2060.

About People’s Republic of China:
President – Xi Jinping
Capital – Beijing
Currency – Renminbi(Yuan )

Leander Paes & Vijay Amritraj Become 1st Indians to be inducted into the International Tennis Hall of FameIndian tennis legends Leander Paes; Indian sports commentator and promoter Vijay Amritraj; and British sports journalist and writer Richard Evans were inducted into the International Tennis Hall of Fame as a part of the class of 2024.

• Leander Paes was selected under Player Category and Vijay Amritraj and Richard Evans were selected under Contributer Cateogry.
• Paes and Amritraj have became the 1st two Indians to receive the honours and the 1st Asian men to be selected in their respective categories.

Note: With this, India has became the 28th nation represented in the Hall of Fame.
About Association of Tennis Professionals (ATP):
Chairman– Andrea Gaudenzi
Chief Executive Officer– Massimo Calvelli
Headquarters– London, United Kingdom (UK)
Formed in– September 1972

BCCI Retires MS Dhoni’s Iconic Jersey Number 7 The Board of Control for Cricket in India (BCCI) has announced the retirement of the former Indian cricketer Mahendra Singh Dhoni’s (MS Dhoni) iconic jersey number “7” to honour his achievements in Indian cricket.
About the Retirement of Jersey Number:
i.MS Dhoni becomes the second Indian to be given this honour after Sachin Tendulkar, whose jersey number “10” retired in 2017.

• Since both the two jersey numbers “7” and “10” were retired, they will not be designated for any other Indian cricket players.

ii.According to International Cricket Council(ICC) rules, the numbers 1-100 were allotted to cricket players as jersey numbers when they debuted for the national team.

• BCCI also reported that around 60 out of 100 numbers were already designated to the players who currently plays for the Indian team and those in contention. Thus, the upcoming debutant will choose from the remaining undesignated numbers.
• The present Indian players with popular jersey numbers are Virat Kohli (18) and Rohit Sharma (45).

About MS Dhoni:
i.MS Dhoni, a Ranchi(Jharkhand)-born cricketer, made his international debut for the Indian cricket team in December 2004 against Bangladesh.
ii.He has represented India in 90 test matches, scoring 350 One-Day Internationals (ODI) and 98 Twenty20 Internationals (T20I), with 4876, 10773, and 1617 runs respectively.
iii.MS Dhoni announced his retirement from international cricket on 15th August 2020. He made his last appearance wearing India’s jersey No.7 in the 2019 World Cup (England & Wales) semi-final against New Zealand .
iv.He played in the Indian Premier League(IPL) for Chennai Super Kings(CSK)(2008 – 2015 & 2018 – Present)and Rising Pune Supergiants(2016 – 2017).
Records:
i.MS Dhoni is the only captain in the history of cricket to win three ICC trophies: the World T20 in 2007 (held in South Africa), the ODI World Cup in 2011 (held in India, Sri Lanka, and Bangladesh), and the ICC Champions Trophy in 2013 (held in England and Wales).
ii.He holds the record for most dismissals by an Indian keeper, with 634 catches and 195 stumpings in his cricket career.
iii.He had also won 5 IPL trophies (2010,2011,2018,2021 & 2023)
Honors & Awards:
i.He was the recipient of Padma Shri (2009) and Padma Bhushan (2018) for sports.
ii.He is the 2nd cricketer to be awarded Rajiv Gandhi Khel Ratna (now Major Dhyan Chand Khel Ratna) in 2007 after Sachin Tendulkar in 1997–1998.
iii.He was bestowed the honorary rank of Lieutenant Colonel in the Indian Army in 2011.

Novak Djokovic and Aryna Sabalenka wins ITF World Champion awards 2023Novak Djokovic, a Serbian tennis player, has been named men’s International Tennis Federation (ITF) World Champion 2023 for the eighth time in his career.

• Aryna Sabalenka, a Belarusian tennis player, has been named as the women’s ITF World Champion for the first time for her consistent performance in the 2023 season.
• The ITF World Champions Awards honours tennis players for their outstanding performances from the previous season.

Winners of ITF World Champion Awards 2023:

• In the 2023 season, Djokovic won three out of four grand slams, including the Australian Open 2023, the French Open 2023, and the US Open 2023.
• He also holds the record for the most number of grand slam titles(24).

ii.Women’s Singles:In the 2023 season, Aryna Sabalenka won the Australian Open women’s singles title and reached the semifinals of the French Open, Wimbledon, and the finals of the US Open.

iii.Men’s Doubles: Rajeev Ram (United States of America) and Joe Salisbury (United Kingdom) have been named men’s doubles ITF World Champions for a second time.

• In 2023, the pair won the men’s doubles title at the US Open and Nitto Association of Tennis Professionals (ATP) Finals.

ICICI Prudential Life & Ujjivan SFB enters Bancassurance Partnership to Distribute Life Insurance ProductsICICI Prudential Life Insurance limited have have entered into a bancassurance partnership Ujjivan Small Finance Bank (SFB) Limited for the distribution of life insurance product .
Key Points:
i.Under this partnership, Ujjivan SFB’s 700+ branches across 26 states and Union Territories will offer the entire suite of ICICI Prudential Life’s customer-friendly protection, long-term savings, and retirement products to its customers.
ii.Through this partnership, Ujjivan SFB aims to increase access to insurance solutions for the middle class and enable them to secure their financial future.
iii.This partnership will bridge the demand gap for insurance services, and strengthen Ujjivan’s position in offering insurance solutions for its customers.
Highlighted Products:
i.On the pure protection platform, ICICI Pru iProtect Smart and ICICI Pru iProtect Return of Premium will be available.

• The protection products can serve as crucial income replacements in the unfortunate loss of the primary breadwinner.

ii.For long-term savings, customers will be able to conveniently purchase ICICI Pru GIFT Pro, ICICI Pru Gold, and ICICI Pru Signature.

• Long-term savings products will aid customers in building a savings pool and creating supplementary income sources.

iii.For retirement planning, ICICI Pru Guaranteed Pension Plan Flexi will aid Ujjivan SFB customers in systematically planning for their retirement.

• Retirement planning products will ensure customers receive guaranteed life-long income, promoting financially independent retired lives.

iv.Introduction of ICICI Pru Stack, a suite of digital capabilities, enables efficient customer segmentation, lead generation, and end-to-end digital policy issuance.

• The stack provides customers with a virtually paperless buying journey.

About ICICI Prudential Life Insurance Company Limited:
It is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Managing Director & CEO– Anup Bagchi
Headquarters– Mumbai, Maharashtra
Started operating in 2001

ADB approves USD 250mn to support NICDP Subprogram 2; USD 200mn Loan to improve Waste Management in Indiai.On December 8, 2023, the Asian Development Bank (ADB) approved a USD 250 million policy-based loan to develop industrial corridors in India aligning with the National Industrial Corridor Development Program (NICDP).
ii.This funding supports NICDP subprogram 2 for development of multimodal logistics in industrial corridors under the Prime Minister (PM) Gati Shakti– National Master Plan for Multi-modal Connectivity platform.
iii.On December 13, 2023, ADB approved USD 200 million loan to improve solid waste management and sanitation in Indian cities.  It will support GoI’s Swachh Bharat Mission (Clean India Mission)–Urban 2.0 targeting garbage free Indian cities by 2026.
iv.ADB announced plans to launch the Climate Action Catalyst Fund (CACF) on January 1, 2024. It is a first-of-its-kind carbon fund under the Paris Agreement.
About National Industrial Corridor Development Program (NICDP):
CEO & MD– Rajat Kumar Saini
Headquarters– New Delhi, Delhi

SBI Signs 70 Million Euro Loan with Germany’s KfW For Solar PV ProjectsThe State Bank of India (SBI) has signed a 70 million Euro (approximately Rs 636 crore) Line of Credit (LoC) with KfW Development Bank, Germany, to support solar photovoltaic(PV) projects in India.

• The agreement was signed at the International Financial Services Centres (IFSC) Gujarat International Finance Tec-City (GIFT City) Branch of SBI in Ahmedabad, Gujarat.

India’s COP Commitments:
i.The agreement is in line with India’s commitment made at 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC – COP 28) summit held at Dubai in November 2023.
ii.COP 28 calls for deep, rapid and sustained reduction in greenhouse gas (GHG) emissions” and “transitioning” away from fossil fuels in the energy system in an orderly and equitable manner
iii.India’s commitment at COP26 in 2021, promising five key climate goals, including 500 Gigawatt (GW) of non-fossil energy by 2030 and generating half of all energy requirements from renewables, to reducing emissions by 1 billion tonnes by 2030.
iv.India  aims to reduce the GHG  emissions intensity of Gross Domestic Product (GDP) by 45 per cent.
v.India also commits to net-zero emissions by 2070.
About State Bank of India (SBI):
Chairperson – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
Established in – 1955
About Kwf Development Bank:
Chief Executive Officer (CEO) –  Stefan Wintels
Headquarters – Frankfurt, Germany
Established in – 1948

Federal Bank recognised as Top Performer of 2023 CAFI Award for Climate Reporting by IFCInternational Finance Corporation (IFC), a member of the World Bank Group, has recognised Federal Bank Limited as the top performer of the 2023 Climate Assessment for Financial Institutions (CAFI) Awards for Climate Reporting.

• Federal Bank emerged as a standout performer by securing 2 positions on the global stage and 4 recognitions in South Asian Region.

Note: Around 258 financial institutions across the globe are participating in climate reporting through the CAFI tool.
Accolades Received by Federal Bank: 
Global recognition: 

• Highest Climate Loan Amount Reported
• Most (Greenhouse Gas) GHG Mitigated.

FY23 Regional Award (South Asia):

• Most Transactions Reported
• Highest Climate Loan Amount Reported
• Most GHG Mitigated
• Best Achievement vs Climate Targets

The awards recognise the Federal Bank’s dedication to climate-conscious practices.
2023 CAFI Awards for Climate Reporting: 
i.The 2023 CAFI Awards for Climate Reporting acknowledges the IFC clients using the CAFI tool to report on their climate investments and commitments in emerging markets.
ii.Apart from Federal Bank, 2 other financial institutions were recognized as the 2023’s top global reporting financial institutions, they are:

• Most Transactions Reported-  Equity Bank, Kenya
• Best Achievement vs Climate Targets-  Banco de la Producción, Ecuador

iii.The award also recognized the top performers in each IFC’s region
Click here for the complete list of 2023 awardees
Key Points:
i.As of June 2023, IFC has committed USD 15.2 billion to climate-related projects through more than 210 emerging market financial institution partners, leveraging an additional USD 5.8 billion.
ii.The CAFI tool enables these partners to evaluate the climate eligibility and impact of their investment decisions.
iii.CAFI was used by the IFC clients to report more than USD 12 billion worth of climate loans distributed in emerging markets.
iv.Annually, these loans will reduce GHG emissions by more than 31 million tons, generate 45 terawatt hours of renewable energy, and finance 2.8 million square metres of certified green buildings.
v.In the Fiscal year 2023, IFC contributed about USD 43.7 billion to private companies and financial institutions in developing countries.
About Federal Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO)– Shyam Srinivasan
Headquarters– Aluva, Kerala
Established in – 1931
Tagline– Your Perfect Banking Partner

RBI authorised Bandhan Bank to Disburse Pensions to Railway Employees
Bandhan Bank Limited has received authorisation from Reserve Bank of India (RBI) to distribute pensions through Electronic Pension Payment Order (e-PPOs) on behalf of the Ministry of Railways (MoR).

• The authorisation is in line with the mandate of the Ministry of Finance(MoF), MoR and RBI.
• The bank will be able to provide pension services to around 50,000 retirees each year across 17 zonal offices and 8 production units of the Indian Railways.

About Bandhan Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO)– Chandra Shekhar Ghosh
Headquarters – Kolkata, West Bengal
Established in – 2015
Tagline – Aapka Bhala. Sabki Bhalai

ADB raises India FY24 growth forecast to 6.7%
On December 13, 2023, the Asian Development Bank (ADB) in its Asian Development Outlook (ADO) December 2023 raised its economic forecast for India to 6.7% for Fiscal 2023-2024 (FY24) from the 6.3% forecast made in September 2023.
This increase is driven by India’s higher-than-expected gross domestic product (GDP) growth of 7.6% year-on-year in the July-September quarter.

• On the other hand, Real GDP growth for Q1 FY25 is projected at 6.7%; Q2 at 6.5%; and Q3 at 6.4%.
• India’s inflation also unchanged at 5.5% in FY24.

For Asia:
i.For whole of Asia, ADB projected its economic growth forecast in 2023 at 4.9% which higher than the September 2023 forecast of 4.7%.
ii.The outlook for 2024 is retained at 4.8%.
iii.Inflation has been lowered from the original 3.6% to 3.5% in 2023.

• In 2024, it is expected to be 3.6%, slightly higher than the previous forecast of 3.5%.

iv.ADB also revised the Developing Asia’s growth projection to 4.9% for the calendar year 2023 from 4.7% earlier, on account of robust domestic demand.
v.While, Southeast Asia will grow slower than expected due to downward revisions for Malaysia, Thailand, and Vietnam. It has been cut from 4.6% to 4.3%.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Establishment – 1966
Members – 68

Indian Actor Actor Kabir Bedi honoured with Italy’s Order of Merit
Kabir Bedi, a renowned Indian actor, was honoured  with “Officer Order of Merit of the Italian Republic” (Ufficiale Ordine al Merito della Repubblica Italiana), the one of the most prestigious Italian civilian award, for his contributions in promoting better relations between India and Italy.

• The Scroll of Honour was read aloud by Consul General Alessandro de Masi at a private ceremony held in Mumbai, Maharashtra.

Note:
The Scroll of Honour was signed by Italian President Sergio Mattarella and counter-signed by Italian Prime Minister(PM) Giorgia Meloni.
About Kabir Bedi:
i.Kabir Bedi is an international actor, writer and a producer.
ii.As an actor, he has worked in Bollywood, Hollywood, and Europe, in film television and theatre.
iii.He has also starred in the James Bond film “Octopussy” as Gobinda, villain’s aide.
iv.He has acted in more than 65 Hindi Movies which include Khoon Bhari Maang, Main Hoon Na, Mohenjo Daro.
vi.In theatre, Kabir starred in M.M Kaye’s “Far Pavillions” in London’s West End at the Shaftesbury Theatre. He has also played the title role of “Othello”, and the role of Emperor Shah Jahan in “TAJ”, by Canada’s award-winning playwright John Murrell, which opened Toronto’s Luminato Theatre Festival. vii.In 2010, Italian Government honoured him with Cavaliere Ordine al Merito della Repubblica Italiana (Knight of the Order of Merit of the Italian Republic), for his lifetime achievements as an actor.
About “Order of Merit of the Italian Republic”:
i.The Order of Merit was established in 1951 by Luigi Einaudi, the second President of Italy.
ii.The order is awarded for outstanding merits in the fields of literature, the arts and economy; philanthropic, social and humanitarian activities.
iii.The President of the Italian Republic is the Head of the Order.
iv.The degrees of the award is

• Knight Grand Cross with Colla – Cavaliere di Gran Croce Decorato di Gran Cordone Ordine al Merito della Repubblica Italiana
• 1st Class / Knight Grand Cross – Cavaliere di Gran Croce Ordine al Merito della Repubblica Italiana
• 2nd Class / Grand Officer – Grande Ufficiale Ordine al Merito della Repubblica Italiana
• 3rd Class / Commander – Commendatore Ordine al Merito della Repubblica Italiana
• 4th Class / Officer – Ufficiale Ordine al Merito della Repubblica Italiana

5th Class / Knight – Cavaliere Ordine al Merito della Repubblica Italiana

Telangana’s Tiriyani Block Ranked First in NITI Aayog’s Inaugural Delta Ranking of Aspirational Blocks Programme Tiriyani Block of Kumuram Bheem Asifabad district, Telangana secured the first position in the National Institution for Transforming India(NITI) Aayog’s inaugural delta rankings of Aspirational Blocks Programme (ABP) for the first Quarter of 2023-2024.

• The Kaushambi block of Kaushambi District in Uttar Pradesh secured second position.
• This is the first time that the ranking of blocks was calculated as part of the Aspirational Blocks Programme.

About Aspirational Blocks Programme:
The Aspirational Blocks Programme (ABP) was launched in January 2023 with a focus on improving governance to enhance citizens’ quality of life in underdeveloped blocks in India.
Ranking of Blocks Zone-wise:
i.the blocks are also divided geographically into six zones and ranking is given to two blocks from each zone.

• 500 blocks from 329 districts across 27 states and 4 Union Territories participated in the ranking.
• Apart from the overall ABP ranking, blocks are also ranked zone-wise.

Royal Society of Chemistry: Prof Savita Ladage from Mumbai honoured with Nyholm Prize for Education
Savita Ladage Professor at Homi Bhabha Centre for Science Education, Tata Institute of Fundamental Research in Mumbai, Maharashtra, has been honoured with the Royal Society of Chemistry (RSC)’s Nyholm Prize for Education, in recognition for her contributions to chemistry education.

• As a part of the prize, Prof. Ladage will receive a cash prize of awarded 5,000 British pound sterling (GBP), along with a medal and a certificate.
• Savita Ladage has been honoured for advocating chemical education, including efforts like mentoring chemistry educators and initiating programs for teachers and students that promote chemistry education in India.

The Nyholm Prize for Education recognises inspirational, innovative, and dedicated individuals or teams making a substantial and sustained impact within education.

• The award runs annually but alternates between being open internationally and being open only to nominations from the United Kingdom(UK) and Ireland.

Vishnu Deo Sai Sworn in as 4th Chief Minister of ChhattisgarhVishnu Deo Sai of Bharatiya Janata Party(BJP) was sworn in as the 4th Chief Minister (CM) of Chhattisgarh. BJP legislators Vijay Sharma and Arun Sao were sworn in as the Deputy Chief Ministers.

• They were administered the oath of office and secrecy by Governor Biswabhusan Harichandan in Raipur, Chhattisgarh on 13th December 2023.
•  Vishnu Deo Sai replaced Bhupesh Baghel(Congress) who served as the CM of Chhattisgarh from 2018 to 2023.

About Vishnu Deo Sai:  
i.Vishnu Deo Sai became the first tribal chief minister of Chhattisgarh.
ii.Vishnu Deo Sai served as the Member of the Parliament(MP) from the  Raigarh Lok Sabha constituency from 1999 to 2019( four consecutive terms).

• He was appointed as the Union Minister of State (MoS) for mines, steel, and labour and employment in 2014.

iii.He had won two consecutive Assembly elections in 1990 and 1993 from the Tapkara constituency in the undivided Madhya Pradesh assembly before the state of Chhattisgarh was formed.
About the election:
i.In the Chhattisgarh assembly general election, BJP won 54 of the 90 seats while Congress won 35 seats. Gondvana Gantantra Party (GGP) has won 1 seat.
iii.Vishnu Deo Sai was elected as the Member of Legislative(MLA) from the Kunkuri Assembly constituency.
About Chhattisgarh: 
Chhattisgarh was created as an Indian state on 1st November 2000 by partitioning 16 Chhattisgarhi-speaking southeastern districts of Madhya Pradesh.
Chief Minister (CM) – Vishnu Deo Sai
Governor – Biswabhusan Harichandan
Dances – Panthi Dance, Raut Nacha, Gendi
Festivals – Bastar Dussehra, Bastar Lokotsav, Fagun Wadai

Bain Capital Sold 1.08% Stake in Axis Bank for Rs 3737 Cr
Bain Capital, an American Private Equity (PE) firm, has sold 1.08% stake or 33.38 million shares worth Rs 3737 crore in Axis Bank in a block trade.
The shares were sold by 3 affiliate firms of Bain Capital: BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV at Rs 1119.7 apiece.

• This was the 2nd sell down of Axis bank by Bain in 2023. Previously, in June 2023, Bain has sold 0.73% stake for Rs 2178 crore at Rs 968 per share.
• In November 2017, Bain had bought stake worth Rs 6,854 crore in Axis Bank and has sold shares in several tranches since then.

Note:
The block trade was carried out by Goldman Sachs Group, Inc..
The top buyers of the shares includes Société Générale S.A., Goldman Sachs, Union Bank of Switzerland (UBS) and Morgan Stanley & Co Limited Liable Company (LLC.)
About Axis Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO)– Amitabh Chaudhry
Headquarters – Mumbai, Maharashtra
Established in – 1993
Tagline – Badhti Ka Naam Zindagi

KPIT Unveils India’s First Sodium-Ion Battery TechnologyKPIT Technologies unveiled India’s first Sodium (Na)-Ion battery technology which was developed in collaboration with the Indian Institute of Science Education and Research (IISER), Pune, Maharashtra.

• KPIT is the first company in India and the fourth in the world to possess a proven technology solution for sodium-ion battery storage.
• The technology can reduce the cost of an Electric Vehicle(EV) battery by 25-30% as compared to current lithium-ion batteries.

About Sodium (Na)-Ion battery:
i.Sodium-ion batteries are considered alternatives to lithium-ion batteries, leveraging the abundance and lower cost of sodium.

• Lithium availability is limited to only a few countries like China, Bolivia, etc.

ii.Sodium Ion batteries can significantly reduce import dependency on core battery materials.
Advantages:
i.Sodium-ion battery technology offers an extended lifespan with 80% capacity retention for 3000-6000 cycles and faster charging capability as compared to lithium-ion batteries and increases uptime of the vehicle.
ii.One of the key advantages of sodium-ion batteries over lithium-ion batteries is their superior sub-zero temperature tolerance.
iii.The battery also possesses high-temperature tolerance with minimal thermal management.
iv.The battery is available in multiple variants with diverse performance characteristics and energy density ranging from 100-170  Watthour/ kilogram (Wh/Kg).
Applications:
i.The battery finds its application in the automotive and mobility sector, especially for electric two and 3-wheelers and commercial vehicles.
ii.These batteries are also used in stationary deployments, such as Uninterruptible Power Supply (UPS) backups and grid storage, as well as in the marine and defence sectors.
About KPIT Technologies:
Co-founder, Managing Director(MD) & Chief Executive Officer(CEO) – Kishor Patil (Ravi Pandit is also the co-founder)
Headquarters – Pune, Maharashtra
Established in – 1990

Ministry of Defence Approved Rs. 2800 Cr Order for Buying 6,400 Rockets for Pinaka Weapon SystemThe Ministry of Defence (MoD) has approved the Rs 2,800 crore proposal to purchase about 6,400 rockets for Pinaka Multi-Barrel Rocket Launcher (MBRL) systems, for boosting the Indian Army’s capabilities.
Key Points:
i.MoD’s Defence Acquisition Council (DAC) approved the proposal for the acquisition of 2 variants of these rockets, known as Area Denial Munition Type 2 and Type-3.
ii.The Indian Army will only purchase the rockets from domestic suppliers and the 2 main contenders are Munitions India Limited and Economic Explosives Limited of Solar Industries.
Note: Munitions India Limited is one of the ammunition-producing companies created by the corporatisation of the erstwhile Ordnance Factories.
Pinaka MBRL System:
i.Named after the bow of the Hindu deity ‘Shiva’, the Indian-made Pinaka weapon system was developed by the Defence Research and Development Organisation (DRDO) of India.

• It stands as a battle-proven, all-weather artillery weapon system, strategically designed for indirect area fire.

ii.The system is designed to deliver a large volume of fire swiftly, making it a difficult force against critical targets.
iii.The rocket system, which is currently in service with the Indian Army, can fire a salvo of 12 rockets in 44 seconds.
iv.The Pinaka system one of the first few military technologies to be exported from India to foreign countries like Armenia.
Points to note:
i.Private companies involved in the project include Larsen & Toubro (L&T), Tata Defence, and Economic Explosives Limited which have set up production lines for the Pinaka system that are being supplied in bulk to the armed forces.
ii.22 Pinaka MBRL regiments are needed by the army as part of larger plans for artillery modernization.
iii.The Indian Army’s Pinaka regiments are comprised of command posts and launchers with automated gun aiming and positioning systems.

Indian Navy Commissioned INS Tarmugli at Naval Dockyard in Visakhapatnam
On December 14, 2023, The Indian Navy commissioned the Fast Attack Craft, Indian Naval Ship (INS) Tarmugli at the Naval Dockyard in Visakhapatnam, Andhra Pradesh(AP). VAdm Sandeep Naithani, Chief of Materiel was the Chief Guest for the commissioning ceremony.

• The ship has served under the flags of 2 nations (India and Maldives) and bearing 3 names (INS Tillanchang; MCGS Huravee and INS Tarmugli) during its commendable service. 3
• The vessel was build by Garden Reach Shipbuilders and Engineers, Kolkata, West Bengal in 2001.

Details:
i.It was commissioned in the Indian Navy as INS Tillanchang, a Trinkat Class ship, and served till 2006. It was gifted to Maldives National Defence Force (MNDF) as a part of diplomatic outreach in Indian Ocean Region (IOR).
ii.On 16 April 2006, the MNDF commissioned the ship as MCGS Huravee and was decommissioned in May 2023 and was returned to the Indian Navy.
iii.Indian Navy has repaired and upgraded the ship a the Naval Dockyard, Visakhapatnam, and commissioned it as INS Tarmugli.
Note: Indian Navy has provided an in-service Waterjet Fast Attack Craft, INS Tarmugli, to MNDF as the new MCGS Huravee.

National Energy Conservation Day 2023- December 14 National Energy Conservation Day is annually observed across India on 14 December to raise awareness about the importance of conserving energy and to promote sustainable energy practices. The day also aims to showcase the achievements of India in energy efficiency and conservation.

• The National Energy Conservation Day is annually organised by the Bureau of Energy Efficiency (BEE), under the Ministry of Power, Government of India (GoI).

MoD to buy 70,000 More Sig Sauer Semi-Automatic Assault Rifles for Rs 800crThe Indian Ministry of Defence (MoD) has approved the purchase of 70,000 semi-automatic assault rifles for the Indian Army (IA) at a cost of Rs 800 crore, during a high-level MoD meeting. They will be bought from the United States (US) based Sig Sauer Inc.

• The rifles will be used in counter terrorism operations and other duties at borders.

Key Points:
i.India has been using Sig Sauer rifles since 2019 when it bought 72,400 SiG 716 rifles of 7.62 x 51mm caliber viz. 66,400 for IA, 4,000 for the Indian Air Force (IAF) and 2,000 for the Indian Navy (IN),.
ii.The rifles are being purchased to boost the capabilities of soldiers stationed along the borders with China and Pakistan.
iii.This acquisition provides an alternative to the domestically produced Indian Small Arms System(INSAS) and AK-47 or Avtomat Kalashnikova rifles.
iv.India and Russia made the joint production of AK 203 rifles at a factory in Amethi, Uttar Pradesh.

• A Joint venture Indo-Russia Rifles Private Limited was established between the Indian Ordnance Factory Board (OFB), Kalashnikov Concern, and Rosoboronexport, (both subsidiaries of the Rostec State Corporation).

About Sig Sauer 716 assault rifle:
Weighs 3.82 kg without the magazine, it has an effective kill range of 600 meters. It is more accurate than the INSAS (Indian Small Arms System) because it has a higher caliber.
About Ministry of Defence (MoD):
Union Minister– Raj Nath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)

India’s First Bullet Train Terminal Built At Sabarmati In Ahmedabad
According to Union Minister Ashwini Vaishnaw, Ministry of Railways (MoR), India’s first bullet train terminal is built at the Sabarmati Multimodal transport hub in Ahmedabad, Gujarat.

• The terminal is equipped with state-of-the-art and modern features, and it will host the inaugural bullet train which is scheduled to operate between Ahmedabad and Mumbai(Maharashtra).

About Bullet Train Project:
i.The foundation stone for India’s Mumbai-Ahmedabad High-Speed Rail Project was laid in 2017.
ii.The bullet train project is currently under construction and is expected to be completed in 2026. 
iii.The bullet train is being constructed with technical and financial support from the Government of Japan.
iv.National High-Speed Rail Corporation Limited (NHSRCL), a ‘Special Purpose Vehicle’ was incorporated to finance, construct, maintain, and manage the High-Speed Rail Corridor in India.
Note: NHSRCL is jointly owned by the Ministry of Railways, the Government of Gujarat, and the Government of Maharashtra.

Tracxn Geo Annual Report:India Tech 2023, India Slips to 5th Spot in Global RankingTracxn Technologies Ltd., a leading global market intelligence platform, released its ‘Tracxn Geo Annual Report: India Tech 2023,’ which reveals a notable 73% decline in funding for the Indian tech startup ecosystem in 2023, compared to USD 25 billion in 2022, making it the lowest-funded year in the last 5 years.

• India, with total funding of USD 7 billion (till 5 December 2023), has slipped from 4th place (in 2022 and 2021) to 5th place among the highest-funded geographies globally in the 3rd Quarter (Q3) of 2023.
• The top 4 highest-funded countries are the United States of America (USA), the United Kingdom (UK), China, and France respectively.

Note: The last quarter (Q4) 2023 marked the lowest funding quarter since Q3 2016, recording a mere USD 957 million in investments.
Tracxn Geo Annual Report: India Tech 2023: India’s Tech Startup Funding Drops 72% in 2023, Slips to 5th Spot in Global Ranking
About Tracxn Technologies Ltd:
Managing Director and Chairperson– Ms. Neha Singh
Headquarters– Bengaluru, Karnataka

74.1% of Indians Unable to Afford a Healthy Diet: FAO ReportThe Food and Agriculture Organisation (FAO) of the United Nations(UN) launched a digital report on the 5th edition of Asia and the Pacific- Regional Overview of Food Security and Nutrition 2023: Statistics and Trends‘. As per it, 74.1% of Indians were unable to afford a healthy diet in 2021.  In 2020, it was 76.2%.

• It is an annual report published by FAO’s Regional Office for Asia and the Pacific (RAP).
• It provides a glimpse on the progress in meeting Sustainable Development Goals (SDGs) and World Health Assembly (WHA) global nutrition targets.

Statistics Info of India :
i.In India, the report indicates that 74.1% of the population, equivalent to 104.3 million people, could afford a healthy diet in 2021.
ii.The cost of a healthy diet was documented at 3.0 PPP (Purchasing Power Parity) dollars per person per day in 2021.
iii.The prevalence of undernourishment was reported as 16.6% for the period spanning from 2020 to 2022.
Key Points
i.The Asia-Pacific region, with 370.7 million undernourished, represents half the global total.
ii.An estimated 232.8 million people in the region couldn’t afford a healthy diet in 2021.
iii.In Pakistan, 82.2%, and in Bangladesh, 66.1% faced challenges accessing healthy food.
iv.Rising food costs without income increases may lead to more people unable to afford a nutritious diet.
v.Urgent, coordinated efforts and investments are needed for agrifood systems transformation to meet the 2030 SDG agenda.
Notes:
i.SDG 2.1 is for Undernourishment and Food Insecurity
ii.SDG 2.2 is for Malnutrition

IDFC FIRST Bank & MasterCard Unveiled the “FIRST SWYP” Credit CardIDFC First Bank Limited, in collaboration with MasterCard, has launched “FIRST SWYP credit card”, designed exclusively for Gen Z generation.

• The card, powered by Mastercard, aims to provide various lifestyle requirements of the youth, focused on affordability, convenience and increased customer engagement.

IDFC FIRST Bank has launched IDFC FIRST Bank digital RuPay credit cards
IDFC FIRST bank has introduced “IDFC FIRST Bank digital RuPay credit card”, powered for UPI (Unified Payments Interface). This is a digital credit card on the Rupay network.
Objective: It focuses to enhance customer convenience and simplify transaction experience for them. In addition, it will blend the UPI transactions and main credit card facilities.
About IDFC FIRST Bank Limited:
Managing Director & CEO– V. Vaidyanathan
Headquarter– Mumbai, Maharashtra
Established– 2015
Tagline– “Always You First”
About MasterCard:
CEO– Michael Miebach
Established– 1966
Headquarter– New York, the United States of America (U.S.A)

SEBI allows brokers to Invest Clients’ Fund in overnight MF Scheme; Suspends Registration of Religare Commoditiesi.On December 12, 2023, SEBI has allowed Stock Brokers (SBs) and Clearing Members (CMs) to park client funds in Mutual Fund Overnight Schemes (MFOS). Currently, they invest only in risk-free government securities.
ii.This follows the revision in framework for upstreaming of clients’ funds to clearing corporations by SBs and CMs which was issued in June 2023.
iii.MFOS ensures minimal risk transformation of client funds because of overnight tenure and exposure to only risk-free government securities.
iv.On December 13, 2023, SEBI suspended the registration of Religare Commodities, a brokerage firm, for its alleged involvement in illegal paired contracts on the National Spot Exchange Ltd (NSEL).
About Securities and Exchange Board of India (SEBI):
It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992) came into force on January 30, 1992.
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra

Canara HSBC Life Insurance Launches ‘Alpha Wealth’ Plan with Option to Modify Premiums Canara HSBC Life Insurance introduced the Alpha Wealth plan to provide extensive financial security for policyholders and their families. The plan encourages long-term savings, with loyalty additions and wealth boosters enhancing the attractiveness of the plan.
Canara Bank, a public sector bank in India launched new products and services for customers on its 118th Founder’s Day (19 November). These include Corporate ai1, Whatsapp Banking Channel, and Canara Unified Payments Interface (UPI) 123 Pay.
About Canara Bank:
MD and CEO– K.Satyanarayana Raju
Headquarters– Bengaluru, Karnataka
Founded on– 1 July 1906
Tagline– Together we can

World Bank & WFP Deepen Partnership against Backdrop of Record Food Insecurity
World Bank (WB) and the World Food Programme (WFP) have strengthened their partnership amidst growing concerns about record levels of food insecurity worldwide.

• The partnership aims to build robust food systems along with a preparation plan to handle future shocks.
• The collaboration also addresses the interconnected challenges of food insecurity such as climate change, fragility, and poverty.
• They also help governments and communities to boost food security, transform food systems, and expand adaptive social protection programs.
• The partnership will improve programmatic alignment with a sharp focus on strengthening the capacities of institutions in the poorest and most vulnerable countries.

Donald Tusk Elected as Prime Minister of PolandDonald Tusk, leader of Civic Coalition (KO), was elected as the Prime Minister(PM) of  Poland by winning a vote of confidence in parliament on 11th December 2023.

• He takes oath as PM at the presidential palace by Poland’s President Andrzej Duda.

Background:
i.Mateusz Morawiecki, leader of the Law and Justice (PiS) party had been elected as the Prime Minister after his party emerged as the single biggest party in the election held in October 2023. Mateusz Morawiecki previously served as the PM of Poland from 2017–23.

• But Morawiecki lost a vote of confidence in the Polish parliament on 11th December.

ii.Later Donald Tusk won the vote of confidence in the parliament by support of 248 members out of 460 members.
 About Donald Tusk:
i.Donald Tusk was born in Gdańsk(Poland) in 1957.
ii.Donald Tusk served as the prime minister of Poland between 2007 and 2014. In that period, he was in office for seven years, which made him the longest-serving Prime Minister in democratic Poland
iii. He also served as the European Council president from 2014-2019.
About Poland:
Capital– Warsaw
Currency– Polish złoty
President – Andrzej Duda

Guinea-Bissau President Reappoints Geraldo Martins as Prime MinisterOn 12th December 2023, the President of the Republic of Guinea-Bissau, Umaro Sissoco Embalo issued the decree reappointing Geraldo João Martins as Prime Minister(PM) to the Government of  Guinea-Bissau.
About Geraldo João Martins:
i.He was initially appointed as PM in August 2023 after winning the legislative elections conducted in June 2023.
ii.He belongs to the African Party for the Independence of Guinea and Cape Verde (PAIGC) party since 2018.
iii.Prior to the appointment, he served as a Finance Minister to the Government of  Guinea-Bissau.
An attempted coup:
The elected government was dissolved by the President due to a attempted coup on 2nd December 2023
About Guinea-Bissau:
President – Umaro Sissoco Embalo
Capital – Bissau
Currency – West African CFA Franc

Mohan Yadav Sworn in as 19th CM of Madhya Pradesh; Rajendra Shukla and Jagdish Devda as Deputy CMsMohan Yadav, the Bharatiya Janata Party (BJP) legislature party leader was sworn in as the 19th Chief Minister (CM) of Madhya Pradesh (MP). BJP legislators Rajendra Shukla and Jagdish Devda were sworn in as the Deputy Chief Ministers.

• They were administered the oath of office and secrecy by Governor Mangubhai Patel at the Lal Parade Ground in Bhopal, MP.
• Mohan Yadav replaced Shivraj Singh Chouhan who served as the CM of MP for a record 4 terms of more than 16 years and 5 months in office.

Note: Shivraj Singh Chouhan, BJP’s longest-serving CM in India from 2005 to 2023, except for 15 months from December 2018 to March 2020 when the Congress governed the state.
Key People:
Prime Minister Narendra Modi; Union Minister Amit Shah, Ministry of Home Affairs;  JP Nadda, BJP national president were also present at the ceremony.
Assembly Elections:
From the results of the State Assembly elections held in November 2023, the BJP had retained power in MP with a huge 163-66 seats win over the Congress Party.

• Mohan Yadav won from his Ujjain Dakshin constituency by a margin of 12,941 votes.

About Mohan Yadav:
i.He is a 3-time Member of the Legislative Assembly (MLA) from the Ujjain-Dakshin South Assembly constituency and won the seat consecutively in 2013, 2018, and 2023.
ii.He was holding the position of minister of higher education in the outgoing Shivraj Singh Chouhan government.
Key Points:
i.Mohan Yadav is the 7th politician from the 66 assembly seats-strong Malwa-Nimar (western and southwestern MP region) to have become the CM of MP.
ii.He is the 2nd politician from Ujjain district to have become MP CM, after Congress’s PC Sethi, who was the CM from 1972-75.
iii.Ex-Union Minister Narendra Singh Tomar, Ministry of Agriculture and Farmers Welfare has been elected as the speaker of the MP Assembly.

CCI approves Temasek & MO Alternate Investment Advisors Stake Buy in Niva Bupa Health Insurance The Competition Commission of India (CCI) has given its approval to acquire the stakes in Niva Bupa Health Insurance Company Limited by
Temasek-controlled entity and Motilal Oswal(MO) Alternate Investment Advisors Private Limited.
Background:
i.In October 2023, Niva Bupa Health Insurance company opened the windows for new investors to invest Rs.800 crore in the firm for a minority stake.
ii.Following this, investors like Motilal Oswal Private Equity, Temasek and Paragon Partners Growth Fund II invested in Niva Bupa.
iii.This investment is subjected to regulatory approval.
Temasek:
i.Temasek invested in Niva Bupa Health Insurance through its investment arm V-Sciences Investments Pte Ltd. 
ii.Temasek is a global investment company.
Motilal Oswal Alternate Investment Advisors:
i.Motilal Oswal Private Equity through India Business Excellence Fund-IV(IBEF IV) invested in Niva Bupa Health Insurance Limited.

• IBEF IV which is a private equity fund managed by Motilal Oswal Private Equity.

ii.IBEF-IV acquired certain equity shares and special rights in Niva Bupa Health Insurance Limited.
iii.It is a Category II Alternative Investment Fund(AIF) registered with the Securities and Exchange Board of India(SEBI).
Earlier Acquisition:
i.In September 2023, True North Managers Limited Liable Partnership (a majority shareholder), announced that it would be selling 20% of its holding in Niva Bupa for Rs.2,700 crore.
ii.Bupa Singapore Holdings Pte Limited bought these shares and CCI approved it in November 2023.

• Bupa Singapore Holdings is a shareholder of Niva Bupa and a subsidiary of the international healthcare group The British United Provident Association Ltd (Bupa).

About Competition Commission of India (CCI):
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established in  –  2003

SBI Mutual Fund Buys 1.5% Stake Karur Vysya Bank for Rs 194.4 cr
SBI Mutual Fund (MF)  has acquired 1.5% of paid-up equity share capital in Karur Vysya Bank (KVB) Limited through open market transactions.
About the Acquisition:
i.SBI Mutual Fund (MF) purchased a total of 1.2 crore shares of KVB for Rs 194.4 crore with the average price per share being Rs 162.
ii.In November 2023, the Reserve Bank of India(RBI) granted its approval to SBI MF to acquire an aggregate holding of up to 9.99% in KVB.
iii.The acquisition should take place within one year from the date of RBI’s letter; Otherwise the approval shall stand cancelled.
About Karur Vysya Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – B. Ramesh Babu
Headquarters – Karur, Tamil Nadu
Established in – 1916
Tagline – Smart Way to Bank

Russian President Putin Unveils 2 New Nuclear-powered Submarines “Krasnoyarsk” and “Emperor Alexander III”Russian President Vladimir Putin unveiled 2 newly built nuclear-powered submarines namely the “Krasnoyarsk” and “Emperor Alexander III,” at the Sevmash shipyard in Severodvinsk in Russia’s northwestern Archangelsk region. The 2 vessels will join the Russian Navy’s Pacific fleet and will start patrolling the Pacific.

• He also visited the Admiral Kasatonov frigate, one of the most advanced ships in Russia’s Northern Fleet. This vessel is equipped with new Zircon hypersonic cruise missiles.
• The President also took part in a flag-hoisting ceremony in Severodvinsk on the White Sea where the 2 new nuclear-powered submarines were built over the past 6 years.

The Krasnoyarsk:
i.It is a nuclear-powered submarine of the new Yasen (Ash Tree) class of multi-purpose submarines equipped with long-range, high-precision missiles.
ii.It is armed with cruise missiles and torpedoes and is designed to hunt for enemy submarines.
iii.It is also capable of attacking ground targets.
The Emperor Alexander III:
i.It is the 7th Borei (Arctic Wind)-class atomic-powered submarine to enter service.

• The Borei is the first new generation of undersea vessels Russia has launched since the Cold War.

ii.Each of them is armed with 16 nuclear-tipped Bulava intercontinental ballistic missiles.
Note: Alexander III was known as a fervent Russian nationalist and strongman, who ruled from 1881 until he died in 1894.
Key Points:
i.The 2 submarines would strengthen the combat readiness of the Russian navy, and Russian naval power in the Arctic, in the Middle East, in the Black and Baltic Seas, in the Caspian.
ii.According to the Global Firepower website, Russia has the world’s second-largest submarine fleet with 70 submarines after China.
Note: In addition to these 2 vessels, Russia is building 8 nuclear submarines, 3 Borei-class and 5 Yasen-class.

RattanIndia arm Introduces Compact Delivery Drone for Health Care and  E-Commerce
Throttle Aerospace Systems Private Limited (TAS), a subsidiary of  RattanIndia Enterprises Limited has unveiled a compact delivery drone, L07 under TAS L-series.

• L07 drone finds its application in the healthcare and e-commerce industries with a reliable and efficient delivery solution.

About L07:
i.L07 is a vertical take-off and landing (VTOL) drone designed to meet the specific requirements of scenarios.
ii.This indigenous drone has a carrying capacity of up to 7 kg, and can be deployed single-handedly in less than 5 minutes.
iii.The drone can fly up to 2,000 metres above Mean Sea Level (MSL).
iv.The drone has a high wind tolerance of 43 km/hr (12 metres/sec) and endurance of up to 30 minutes.
v.It adheres to the guidelines set by the Directorate General of Civil Aviation (DGCA) for cargo drone operations.

Demaorchestia Alanensis: New Marine Amphipod Discovered in Chilika LakeResearchers from Berhampur University, Odisha have discovered a new species of marine amphipod in the Odisha’s Chilika lake on east coast of India.

• The new species is given the scientific nomenclature ‘Demaorchestia alanensis’ after Professor Alan Myers who made a significant contribution to global marine amphipod studies.
• The discovery of the specie was published in online edition of journal ‘Zootaxa’.

About Demaorchestia Alanensis:
i.The new specie is added to the genus Demaorchestia.
ii.It belongs to the family Talitridae, subfamily Platorchestiinae and suborder Senticaudata.
iii.The discovery raised the global species number in the genus to six.
Appearance:
i.The newly discovered Demaorchestia alanensis is white in colour.
ii.The length of the specie is less than 15 millimeters.
iii.This marine amphipod contains 13 pairs of legs.
About Family Talitridae:
i.The Talitridae family is one of the oldest groups of amphipods existing since the Jurassic age.
ii.The family consists of four subfamilies namely Talitrinae, Floresorchestiinae, Pseudorchestoideinae and Platorchestiinae.
iii.However, only two sub families (Talitrinae and Floresorchestiinae) are found in India.
Research Team:
i.The team consists of three researcher scholar from (Department of Marine Sciences, Berhampur University) namely Shesdev Patro, Lipika Tarafdar and Gitanjali Bhoi.
ii.The team conducted the research by collecting eight specimens of the species from Barkul beach in Ganjam district, Odisha on the shore of the Chilika lake.
Additional Info:
In March 2023, Shesdev Patro and Gitanjali Bhoi discovered two marine amphipods Quadrivisio Chilikensis (discovered in Nalaban bird sanctuary, Odisha) and Talorchestia buensis (discovered in West Bengal coastal area)

Indian Navy’s 56th Submarine Day 2023- December 8 Indian Navy annually observes Submarine Day on 8 December to commemorate the induction of the Indian Navy’s 1st submarine, the erstwhile Indian Naval Ship (INS) Kalvari (a Soviet Foxtrot Class submarine) on 08 December 1967.

• 8 December 2023 marks the observance of the 56th Submarine Day.

Background:
The Indian Navy submarine arm was born on 8 December 1967, with the commissioning of INS Kalvari, the 1st Scorpene class submarine in India under the command of Commander K.S. Subramanian at Riga in Latvia, the erstwhile Union Soviet Socialist Republics (USSR) in 1967.

• Since then this day has been celebrated as “Submarine Day” by the Indian Navy.

About INS Kalvari:
i.Kalvari is the Malayalam name for Tiger Shark, a predator in the Indian Ocean.
ii.INS Kalvari commenced her maiden voyage from Riga on 18 April 1968, covering 19,000 nautical miles and the submarine arrived at Vishakhapatnam, Andhra Pradesh on 16 July 1968.

• Commander KS Subramanian, the 1st Commanding Officer of INS Kalvari, brought the submarine from St Petersberg in Russia to Vishakhapatnam in India.

iii.It was a diesel-electric submarine and was 91.3-metre long, which carried a crew of 75.
iv.It had a surface speed of 16 knots while the submerged speed was 15 knots.
v.It had a range of 32,000 kilometers at a speed of 8 knots when on the surface and a submerged range of 610 km at a speed of 10 knots.
vi.After nearly 3 decades of service, INS Kalvari was decommissioned on 31 May 1996.

• Post decommissioning of the submarine, its fin has been displayed at Beach Road, Visakhapatnam as part of the city’s Maritime Museum.

MoD Inks Rs 588.68 Cr Contract with TCIL for Digital Coast Guard projectOn 8th December 2023, Ministry of Defence (MoD) has signed a contract worth Rs. 588.68 crore with Telecommunications Consultants India Limited (TCIL), Ministry of Communications (MoC), to acquire the Digital Coast Guard (DCG) project under the Buy (Indian) category.

• This contract in line with Government of India’s strategic vision for Digital Armed Forces will contribute to the efforts to achieve ‘Atmanirbharta’ in defence.

About DCG:
i.The Digital Coast Guard (DCG) project is a pivotal initiative of the Indian Coast Guard (ICG).
ii.The project includes the establishment of a Disaster Recovery Data Center; amplification of connectivity across ICG sites and the development of the Enterprise Resource Planning (ERP) system.
iii.The project also uses the secured MultiProtocol Label Switching (MPLS)/Very Small Aperture Terminal (VSAT) connectivity.
iv.This marks the establishment of a Tier-III standard Data Centre with latest technological capabilities.

• This will enable the centralised monitoring and management of applications deployed by the ICG and ensures vigilant oversight of critical IT(Information technology) assets of the ICG.

About Ministry of Defence:
Union Minister – Raj Nath Singh (Lucknow, Uttar Pradesh)
Minister of State (MoS) – Ajay Bhatt (Constituency: Nainital-Udhamsingh Nagar, Uttarakhand)
About Telecommunications Consultants India Limited (TCIL):
TCIL is a Public Sector Enterprise (PSE) under the administrative control of the Department of Telecommunications (DOT), Ministry of Communications.
Chairman & Managing Director – Sanjeev Kumar
Headquarters – New Delhi, Delhi
Established in – 1978

PM Narendra Modi Inaugurated 2nd Edition of IFSCA’s Infinity Forum On 9th December 2023, Prime Minister (PM) Narendra Modi virtually inaugurated and addressed the InFinity Forum  2.0, the 2nd Edition International Financial Services Centres Authority (IFSCA)’s flagship financial technology event, held at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat.
Note:

• The first edition of InFinity Forum was organised in December 2021.
• The 2nd edition of InFinity Forum is organised as a precursor event to Vibrant Gujarat Global Summit 2024.

About InFinity Forum 2.0:
Organiser: IFSCA under the aegis of Government of India and GIFT City.

• International partner: Bloomberg
• Domestic Partners: Federation of Indian Chambers of Commerce & Industry (FICCI); Invest India; Institute of Chartered Accountants of India(ICAI) and Institute of Company Secretaries of India(ICSI).
• Knowledge Partner: Boston Consulting Group.

Theme:‘GIFT-IFSC: Nerve Centre for New Age Global Financial Services’
Objective: To unite the world’s leading minds in policy, business, and technology to explore and advance the biggest ideas in finance and technology and to develop those ideas into global solutions and opportunities.
Key Highlights:
i.The Infinity Forum 2.0 was primarily focused on three tracks:

• Plenary Track: Making of a New Age International Financial Centre
• Green Track: Making a case for a “Green Stack”
• Silver Track: Longevity Finance Hub at GIFT IFSC

ii.During the event, Memorandum of Understandings (MoUs) were exchanged by  IFSCA with Ahmedabad University of Gujarat and Software Technology Parks of India (STPI), under the Ministry of Electronics & Information Technology(MeitY), for mutual collaboration.
iii.The Forum also witnessed the launch of the Longevity Economy Cohort, which will focus on ‘Integrating Age-Tech’ with financial services and will be mentored by renowned experts from India and across the globe.
iv.As a precursor to the Infinity Forum 2.0, an Investors Meet was organized on December 8, 2023, to provide a platform for the collaboration of fintech entities with the investment ecosystem.

• The investor meeting witnessed the participation of 10 investors, of whom 14 FinTechs made their pitches.

About International Financial Services Centres Authority (IFSCA):
IFSCA is a statutory authority established by the Government of India on April 27, 2020, under the International Financial Services Centres Authority Act, 2019
Chairperson–K Rajaraman
Headquarters– GIFT City, Gandhinagar, Gujarat

UAE Hosted the 28th UNFCCC COP: Advancing Global Climate Action

The 28^th edition of Conference of Parties (COP) of the UN Framework Convention on Climate Change (UNFCCC) held in Dubai, UAE (United Arabs of Emirates). The annual climate summit was held from November 30, 2023 to December12, 2023. The summit witnessed the participation of more than 70,000 delegates from nearly 200 countries.

• Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Changes served as President of COP28.
• UN Climate Change conferences (or COPs) take place every year, and are the world’s only multilateral decision-making forum on climate change with almost complete membership of every country in the world.
• India is the 3^rd highest emitter of Carbon Dioxide from Fossil Fuels.
• Global Climate Report declared 2023 as Hottest Year on Record
• 7^th edition of Yearbook of Global Climate Action released at UNFCC COP28 in Dubai, UAE.

• CHD Group, Manguluru based global health organization will lead an international delegation at the COP28 meeting of UNFCCC in Dubai.
• UAE inaugurated the 2-GW (Gigawatt) Al Dhafra Solar Photovoltaic Independent Power Project ,the world’s largest single-site solar power plant.

VINBAX-2023: 4th Joint Military Exercise between India & Veitnam held in HanoiVINBAX-2023, the 4th edition of Joint Military Exercise is being held between India and Vietnam in Hanoi, Vietnam from 11th to 21st December 2023.
Aim: To foster collaborative partnership, inter-operability and share best practices between the India and Vietnam under Chapter VII of United Nations (UN) Charter on Peace Keeping Operations.
About VINBAX:
i.VINBAX, is an annual training exercise instituted in 2018 and the first edition was conducted at Jabalpur, Madhya Pradesh (MP)(India).
ii.The exercise is annnually conducted alternatively in India and Vietnam.

• The 3rd edition of VINBAX was conducted at Chandimandir Military Station, Panchkula District in Haryana in August 2022.

About VINBAX-2023:
Participants:
i.The Indian contingent is represented by 45 personnel including 39 personnel from the Engineer Regiment of the Bengal Engineer Group, and 6 personnel from the Army Medical Corps.
ii.The Vietnam People’s Army contingent is also represented by 45 personnel.
Key Points:
i.The exercise is conducted as Command Post Exercise and Field Training Exercise, emphasizing the deployment and use of an Engineer Company and a Medical Team.
ii.The exercise involve rehearsing tactics, techniques, and procedures for combat engineering and medical tasks.
iii.There will be exchange of ideas on modern methods to construct roads, culverts, helipads, ammunition shelter and observation posts in operational areas.
iv.The Exercise ends with a Validation showcasing both contingents’ standards through UN-akin technical military operations.

RITES signed Pact with CFM Mozambique for Supply of 10 Diesel Locomotives
RITES Limited (formerly known as Rail India Technical and Economic Service Limited), a Navratna and Schedule ‘A’ Central Public Sector Enterprise (CPSE) under the Ministry of Railways (MoR) has entered into an agreement with Mozambique Ports and Railways (CFM), Mozambique.
About the Agreement:
i.As per the agreement, RITES will supply 10 diesel locomotives along with incidental services to CFM, Mozambique.
ii.The contract is valued at USD 37.68 million (approximately Rs 314.1 crores)
About RITES Limited:
Chairman & Managing Director (CMD)– Rahul Mithal
Headquarter– Gurugram, Haryana
Established in – 1974

Bank of India Launches Exclusive SB Account “Nari Shakti Savings Account” for WomenBank of India (BOI), a leading public sector bank in India, has launched an exclusive Saving Bank (SB) Account named Nari Shakti Savings Account, specifically designed for women aged 18 and above who have an independent source of income.

• This account offers benefits and features designed to empower women financially and promote their well-being.

Key People:
The Nari Shakti Savings Account was unveiled by Rajneesh Karnatak, Managing Director and Chief Executive Officer (MD & CEO) of BOI at its Head Office in Mumbaim Maharashtra, in the presence of its Board of Directors.
Features:
i.It offers advanced benefits and features including discounted health insurance and wellness products, and complimentary facilities for Platinum SB account holders.
ii.Discounts on locker facilities for Gold and Diamond SB account holders and personal accident insurance cover up to Rs. 1 crore.
iii.It also offers free issuance of credit cards, a lower usage limit of up to Rs. 5 lakh for point-of-sale (POS) transactions, and preferential interest rates on personal loans.
iv.It also provides a lower rate of interest on Retail Loans and a remission of processing fees on Retail Loans.
v.This account comes with a comprehensive personal accident insurance cover of up to Rs. 100 lakhs, ensuring the safety and security of women account holders.
Note:

• For every new Nari Shakti account opened, the bank contributes Rs 10/- to the Corporate Social Responsibility (CSR) fund, which will be used for the socio-economic development of underprivileged women and girls.
• All 5132 domestic branches as well as online platforms offer the Nari Shakti savings account.

About Bank of India (BOI):
MD and CEO– Rajneesh Karnatak
Headquarters– Mumbai, Maharashtra
Founded on– 7 September 1906
Tagline– Relationship Beyond Banking

Intellect Signs a Rs.80 Cr Deal with Indian Bank to Deploy CMS
Chennai(Tamil Nadu) based Intellect Design Arena Limited has signed a Rs 80 crore worth 5–year deal with Indian Bank to deploy its eMACH.ai powered Cash Management System(CMS) to bolster their Corporate Banking Modernisation.

• Under ‘INDLEAP’ Project, the Indian Bank Indian Bank has adopted the goal of digital transformation, by leveraging technology wherever possible with transaction banking and supply chain management as growth engines.

Through this partnership, Intellect will offer various services including

• Omni-channel access across Desktop, Mobility, Host to Host & Application Programming Interface(API).
• Treasury persona aligned dashboard to drive Contextual Banking eXperience
• Extensive coverage of Payments across electronic and physical channels
• Coverage of Multi-Modal Collections offerings for Indian Corporates
• Ready Open APIs across Portfolio, Payment, and Collections to curate Banking-as-a-Service from Indian Bank.

About Indian Bank:
MD & CEO–  Shanti Lal Jain
Headquarters– Chennai, Tamil Nadu
Established in 1907
Tagline– Your own bank

RBI Report State’s Finances Improved for 2nd Consecutive Year; Combined GFD Stood at 2.8% i.On 11th December 2023, the Reserve Bank of India (RBI) released its annual report titled “State Finances: A Study of Budgets of 2023-24” under the theme “Revenue Dynamics and Fiscal Capacity of Indian States”.
ii.The report states that the improvement achieved in State finances in 2021-22 was sustained in 2022-23, with the combined States’ gross fiscal deficit (GFD) stood at 2.8% of gross domestic product (GDP).
iii.This was below the budget estimate of 3.2% and Central Government’s limit of 4% for the second consecutive year due to a reduction in the revenue deficit.
iv.The report has been prepared in the Division of State Finances (DSF) in the Department of Economic and Policy Research (DEPR), RBI under the supervision of Muneesh Kapur, Executive Director, RBI.
v.Fiscal outlook is positive for states in FY24 with adequate fiscal space for higher capital expenditure due to resilient domestic economic activity and consolidation efforts
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra

ACKO Partnered With PhonePe to Sell Car and Bike Insurance
ACKO General Insurance and PhonePe have partnered to offer car and bike insurance products directly through the PhonePe platform which aims to deliver intuitive, affordable, and reliable insurance coverage to the users.
About the Partnership:
i.The partnership combines ACKO’s customer-first approach with PhonePe’s extensive distribution network.
ii.This collaboration  is facilitated through the cutting-edge partnership Application programming interface (API) stack for seamless integration.
About API Stack:
i.The API stack is specifically designed to enable  quick and efficient collaborations with online distributors.
ii.API stack ensures that ACKO’s personalized pricing, innovative Stock Keeping Units (SKUs), and consistent user experience are seamlessly extended to all partners.

In a world first, China’s Methane Powered rocket Zhuque-2 Launched Satellites into orbit
On 9th December 2023, China-based private space technology firm, LandSpace Technology Corporation, successfully launched the Zhuque-2 Yao-3, the world’s first liquid oxygen-methane powered launch vehicle, carrying 3 satellites, from the Jiuquan Satellite Launch Center, Inner Mongolia region, China.

• With this, LandSpace became the World’s first company to launch satellites using a rocket fueled by Methane and liquid oxygen.

iSpace completes China’s First reusable Rocket test
China-based Beijing Interstellar Glory Space Technology Ltd., also known as iSpace, has launched “Hyperbola-2”, fuelled by methane–liquid oxygen, from the Jiuquan Satellite Launch Center, China.

• With this, iSpace completed China’s first reusable launch vehicle test.

About China:
President– Xi Jinping
Capital– Beijing
Currency– Renminbi (Chinese Yuan )

Former President Ram Nath Kovind Launches Book Titled “Naye Bharat ka Samveda” Authored by PM Narendra Modi
Former(14th) President of India Ram Nath Kovind launched a book titled “Naye Bharat ka Samveda” in an event held in Indira Gandhi National Centre for the Arts(IGNCA), New Delhi, Delhi.
About the book:
i.The book was authored by Prime Minister(PM) Narendra Modi.
ii.The book is a compilation of speeches of Narendra Modi on the Indian Constitution.
iii.The book is published by Prabhat Prakashan Private Limited.
About the launch event:
i.The event was chaired by  Rambahdur Rai, President of IGNCA.
ii.Meenakashi Lekhi, Minister of State(MoS) for Ministry of Culture and External Affairs.

International Mountain Day 2023- December 11 The United Nations (UN) International Mountain Day is annually observed across the globe on 11 December to create awareness about the importance of mountains to life.
The theme of International Mountain Day 2023 is “Restoring Mountain Ecosystems”.

• The Food and Agriculture Organization of the UN (FAO) is the coordinating agency for the preparation and animation of this celebration and it is mandated to lead observance globally.

Background:
i.International Mountain Day has its origins in 1992 when the adoption of Chapter 13 of Agenda 21, titled “Managing Fragile Ecosystems: Sustainable Mountain Development,” at the UN Conference on Environment and Development (UNCED).

• It is often known as the Earth Summit, which was held in Rio de Janeiro, Brazil to recognise the important role of mountains in sustainable development.

ii.The increasing attention to the importance of mountains led the United Nations General Assembly (UNGA) to declare 2002 as the International Year of Mountains (IYM2002).

• UNGA also adopted the resolution A/RES/57/245 and declared 11 December as International Mountain Day, as of 11 December 2003.

iii.The first-ever International Mountain Day was observed on 11 December 2003.

International Day of Neutrality 2023- December 12 The United Nations (UN) International Day of Neutrality is annually observed across the globe on 12 December to raise public awareness of the importance of neutrality in intergovernmental relations.

• The Day also aims to develop peaceful, friendly, and mutually beneficial relations and encourages cooperation between different countries globally.

Note: Article 2 of the UN Charter compels member states to settle international disputes peacefully and avoid using force.
Background:
i.On 2 February 2017, the United Nations General Assembly (UNGA) adopted the resolution A/RES/71/275, introduced by Turkmenistan, and declared the 12 December of every year the International Day of Neutrality.

• Turkmenistan has been recognised by the UN as a permanently neutral state since 12 December 1995.
• The resolution highlighted the link between the preservation of peace and the 2030 Agenda for Sustainable Development.

ii.The 1st International Day of Neutrality was observed on 12 December 2017.
About United Nations (UN):
Secretary-General– António Guterres
Headquarters– New York, United States of America (USA)
Founded in– 1945

Universal Health Coverage Day 2023- December 12 The United Nations (UN) Universal Health Coverage Day (UHC Day) is annually observed across the globe on 12 December to raise awareness about the importance of strong and resilient health systems in achieving universal health coverage and to celebrate the progress towards health for all.
The 2023 UHC global campaign theme is, “Health For All: Time for Action.”
Background:
i.The Universal Health Coverage Day was first organised on 12 December 2014 by the Universal Health Coverage Coalition.
ii.On 12 December 2017, the United Nations General Assembly (UNGA) adopted the resolution A/RES/72/138 and proclaimed the 12 December of every year as International Universal Health Coverage (UHC) Day.
iii.The first-ever official UN-designated International UHC Day was observed on 12 December 2018.

Punjab Govt launches ‘Bhagwant Mann Sarkar, Tuhade Dwaar‘ SchemeOn December 10, 2023, the Government of Punjab launched “Bhagwant Mann Sarkar Tuhade Dwar”, a state government scheme to deliver 43 citizen-centric services at people’s doorstep.

• It was launched by the  Arvind Kejriwal,Chief Minister (CM) of Delhi and AAP (Aam Aadmi Party) national convenor; and Punjab CM Bhagwant Mann during the event held in Ludhiana, Punjab.

CRB’s Crime In India 2022: Around 58 lakh crimes registered in 2022; registration of cases declined by 4.5%The National Crime Records Bureau(NCRB) has released its annual report titled “Crime in India – 2022”. The report shows that a total of 58,24,946 cognisable crimes which includes 35,61,379 Indian Penal Code(IPC) crimes and 22,63,567 Special & Local laws(SLL) crimes were registered in 2022.

• It shows a decline of 4.5% in registration of cases compared to 2021.
• The crime rate registered per lakh population has declined from 445.9 in 2021 to 422.2 in 2022.
• This (2022) is the 70th edition of Crime in India, the annual report published by NCRB.
• Kolkata (West Bengal) emerged as the safest city in India for the 3rd consecutive year among major metropolis.

About NCRB (National Crime Records Bureau):
NCRB under the Ministry of Home Affairs(MoHA) is a repository of information on crime and criminals so as to assist the investigators.
Director– Vivek Gogia
Headquarter– New Delhi, Delhi
Established in 1986

Kenyan President William Ruto’s visit to India from December – 4 to 6 2023The President of the Republic of Kenya, William Samoei Ruto was on an official visit to India from December 4 to 8, 2023 at the invitation of the President of India.  This marks Ruto’s 1st visit to India as President representing Kenya.
i.India announced USD 250 million Line of Credit (LOC) to Kenya to modernize its agri-sector.
ii.India and Kenya have signed 5 Memorandum of Understanding (MoUs)  in various sectors such as: sports, education, culture and digital solutions.
iii.The Indian Council For Cultural Relations (ICCR) scholarships to be increased from 48 to 80 per year.
iv.India and Kenya unveiled a blueprint on”Joint Vision Statement on Maritime Cooperation in the Indian Ocean Region- BAHARI (Ocean in Swahili)”.
About Kenya:
President – William Samoei Ruto
Capital –  Nairobi
Currency – Kenyan Shilling

Indian Army and MeitY Partners to Infuse Digital Infrastructure in Army
Indian Army (IA) and the Ministry of Electronics and Information Technology (MeitY) collaborated to infuse cutting-edge technology and digital infrastructure into the core of the Indian Army’s operational framework.
About the Collaboration:
i.The collaboration is rooted in a ‘Whole of the Nation’ approach.
ii.The partnership aims to establish indigenous fifth Generation(5G) labs and plans to designate the Military College of Telecommunication Engineering in Madhya Pradesh as a sixth generation (6G) test bed, to drive technological advancements.
iii.IA is developing military-grade 5G and 6G telecom apps in collaboration with MeitY

• This includes the creation of Artificial Intelligence (AI)-enabled decision-making tools, predictive analytics, and advanced cybersecurity measures.

Mercom’s ‘Leading Global Large-Scale Solar PV Developers’ report: Adani Green Energy Ranked 2nd
Adani Green Energy Ltd (AGEL), a part of Adani Group, is ranked as the World’s 2nd largest large-scale solar PhotoVoltaic (PV) developer in  the Mercom Capital Groups’s annual global report titled “Leading Global Large-Scale Solar PV Developers”. AGEL has a total solar portfolio of 18.1 GigaWatt (GW).