#current affairs for competitive examinations

Current Affairs Daily Digest – 18 January 2024

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Gujarat, Kerala, Karnataka are Best Performing States in Startup Ranking 2022; National Startup Awards 2023 Announcedi.On the occasion of 8th National Startup Day 2024 i.e. on January 16, 2024, the results of the 4th edition of ‘States’ Startup Ranking 2022- On support to Startup Ecosystems of States and Union Territories‘ & 4th ‘National Startup Awards (NSA) 2023- Celebrating Achievers Ahead of the Curve‘ were declared by Startup India, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoCI) during an event at Bharat Mandapam in New Delhi, Delhi.
ii.The winners were felicitated by the Union Minister Piyush Goyal, Ministry of Commerce and Industry (MoCI) in New Delhi, Delhi.
iii.In the State’s Startup Ranking 2022, Gujarat, Karnataka Kerala, and Tamil Nadu (TN) emerged as the best-performing States in Category A (Population above 1 Cr) for developing startup ecosystems for budding entrepreneurs while Himachal Pradesh is emerged as the best performer in Category B (Population below 1 Cr).
iv.During the event, the 4th edition of NSA 2023 was also held which recognizes, rewards, promotes and offers exclusive handholding support to outstanding startups. NSA 2023 acknowledges 21 winners in 16 categories from 84 finalists for the competition.
v.The winning startups will get Rs 10 Lakh each.
About Department for Promotion of Industry and Internal Trade (DPIIT):
Secretary– Rajesh Kumar Singh
Parent Ministry– Ministry of Commerce and Industry
Headquarter– New Delhi, Delhi

Defence Minister Rajnath Singh Approves Proposal to Launch Group (Term) Insurance Scheme for CPLs Engaged by BROOn January 13, 2024, Union Minister Rajnath Singh, Ministry of Defence (MoD), approved the proposal to launch Group (Term) Insurance Scheme for Casual Paid Labourers (CPLs) engaged by Border Roads Organisation(BRO)/General Reserve Engineer Force(GREF) for their ongoing projects.
The scheme provides Rs 10 lakh as insurance to CPLs’families/Next of Kin in case of death.
Reason behind this:
i.To address risks faced by CPLs in hazardous work environments.
ii.To boost morale considering reported deaths
Key Points:
i.The insurance scheme functions as a crucial social security and welfare measure for CPLs operating in remote and far-flung regions of India.
ii.It plays a pivotal role in securing the livelihoods of CPLs’ families, offering financial support in the face of unforeseen circumstances.
Recent Measures taken by MoD for the betterment of the CPLs:
i.Preservation of mortal remains, Transport Allowance for attendants.
ii.Funeral Assistance increased from Rs 1,000 to Rs 10,000.
iii.Rs 50,000 advance payment for immediate help in case of death.
About Ministry of Defence (MoD):
Union Minister– Rajnath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State (MoS)– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)

INS Cheetah, Guldar and Kumbhir Decommissioned in A&NThree Indian Navy Ships (INS) namely INS Cheetah, INS Guldar and INS Kumbhir were decommissioned simultaneously during a ceremony conducted at Port Blair, Andaman & Nicobar (A&N).

  • All three ships rendered nearly 40 years of glorious service to India.

Delegates:
The ceremony was attended by Air Marshal Saju Balakrishnan, Commander-in-Chief Andaman and Nicobar Command (CINCAN) and Vice Admiral Tarun Sobti, Deputy Chief of Naval Staff of India.
Historical Background:
i.Built by: All three ships were built at Gdynia Shipyard, Poland; They belonged to the Polnocny class Landing Ships
ii.Commissioned in: The ships were commissioned in 1984 (Cheetah), 1985 (Guldar), and 1986 (Kumbhir).

  • Commissioned in the presence of then Ambassadors of India to Poland, S K Arora (Cheetah and Guldar) and A K Das (Kumbhir).

iii.Commanding Officers: The Commanding Officers of the three ships were Commander V B Mishra, Lieutenant Commander SK Singh and Lieutenant Commander J Banerjee respectively.
Operational History:
i.INS Cheetah was initially deployed at Kochi(Kerala) and Chennai(Tamil Nadu) whereas INS Kumbhir and INS Guldar were based at Visakhapatnam(Andhra Pradesh).
ii.Later, all three were re-based at the A&N Command where they served till their decommissioning process.
iii.The ships have travelled about 17 lakh nautical miles and spent over 12,300 days at sea.
iv.During their illustrious journeys, these ships participated in numerous maritime security missions and Humanitarian Assistance and Disaster Relief operations.
About Indian Navy(IN):
Chief of the Naval Staff (CNS) – Admiral Radhakrishnan Hari Kumar
Headquarters – New Delhi, Delhi
Established in –  1950

NITI Aayog Report: Over 24.8 Cr People Moved Out of Multidimensional Poverty in 9 YearsAccording to the National Institution for Transforming India‘s (NITI Aayog) discussion paper on the National Multidimensional Poverty Index (MPI), ‘National Multidimensional Poverty: A Progress Review -2023,’ India’s Multidimensional poverty, reduced from 29.17% (2013-14) to 11.28% (2022-23), with about 24.82 crore individuals emerged from poverty during this transformative period.

  • At the State level, Uttar Pradesh leads the list with 5.94 crore people escaping poverty, followed by Bihar at 3.77 crore and Madhya Pradesh at 2.30 crore.

About National Institution for Transforming India (NITI Aayog):
Chairperson– Narendra Modi
Chief Executive Officer (CEO)- B.V.R. Subrahmanyam
Headquarters– New Delhi, Delhi
NITI Aayog was formed via a resolution of the Union Cabinet on 1 January 2015. It is a policy think tank for the Indian government. It came into effect on 16 February 2015 via a notification by the Cabinet Secretariat.

DEPWD and NHRDN Join Hands to Offer Employment Oppurtunity for Divyangjans
The Department of Empowerment of Persons with Disabilities (DEPWD) under the Ministry of Social Justice & Empowerment (MoSJE) and the National Human Resources Development Network (NHRDN) have signed a Memorandum of Understanding (MoU) to provide employment opportunities for Persons with Disabilities (Divyangjans).

  • The employment opportunities will be offered through PM-DAKSH-DEPWD digital portal of DEPWD by connecting with Human Resources (HR) professionals across India.

NITI Aayog & WFP launched a Compendium on Mainstreaming Millets in Asia & AfricaOn 12th January 2024, NITI Aayog (National Institution for Transforming India) and World Food Programme (WFP) launched a compendium featuring the field stories showcasing the use of millets in Asian and African countries, including India, in New Delhi, Delhi.
The launch also marks the successful completion of Mapping and Exchange of Good Practices (MEGP) Initiative for Millets Mainstreaming in Asia and Africa.
Note: MEGP, started in July 2022, is a joint initiative of NITI Aayog and WFP.
About the compendium:
i.This compendium serves as a valuable resource for capacity building and disseminating best practices in millet adoption worldwide.
ii.It will also encourage countries to invest in climate-resilient crops like millets.
iii.It will acts as a reference guide for integrating millets into mainstream food systems.
iv.It also facilitates informed decision-making and knowledge exchange through South-South Cooperation and policy dialogues.
v.It should be noted that India successfully promoted millets for climate resilience, food security, and small farmers’ livelihoods, especially women, during the International Year of Millets 2023.
Attendees:
The event was attended by Suman Bery, Vice Chairman, NITI Aayog, Elisabeth Faure, Country Director, WFP, India, among others.
Additional information:
i.The United Nations (UN) has declared 2023 as the International Year of Millets (IYM). ii.Millets are a group of cereal grains that belong to the Poaceae family, commonly known as the grass family. They are widely consumed in developing countries throughout Africa and Asia
iii.In 2023, India’s Ministry of Food Processing Industries (MoFPI) has implemented the Production Linked Incentive Scheme for Food Processing Industry for Millet-based products (PLISMBP) during 2022-23 to 2026-27 with an outlay of Rs. 800 crores.
iv.Pearl millet (Bajra), Sorghum (Jowar) and Finger Millet (Ragi) constitutes the largest share in India’s total production of millets.

DLabs at ISB launches `Build for Billions’ jointly with RBIH & UBIDLabs at the Indian School of Business (ISB) in Hyderabad, Telangana launched “Build for Billions”, a startup accelerator program, in collaboration with the Reserve Bank Innovation Hub (RBIH) and Union Bank of India (UBI).

  • It is themed around financial inclusion for the informal economy by addressing the gap of address the gap between financial services and the informal economy.

Reason behind the Program:
Informal economy is represented by Gig workers, migrant workers, domestic workers, street vendors, carpenters, plumbers, electricians, and construction labourers. Their challenges include low and volatile income; irregular income streams; limited access to credit and savings; and a lack of social security nets.

  • Now, Build for Billions Program will support fintech startups dedicated to addressing these issues.

What is in the accelerator program?
This 50-day equity-free accelerator by DLabs, offers comprehensive support, including mentorship, capacity building, resources, networking opportunities, the chance to pitch to banks and investors, and a unique piloting opportunity with Union Bank.

  • DLabs, a business incubator at the Indian School of Business (ISB), specialises in incubation, acceleration, and funding for startups.

Eligibility:
Startups aiming to improve access, usage, and quality of financial services in the informal economy can apply for the program until January 21, 2024. Following the submission period, selected startups will undergo evaluation, with customized goals set for each.
About Reserve Bank Innovation Hub (RBIH):
It is a wholly-owned subsidiary of the Reserve Bank of India, focuses on promoting and facilitating an environment that accelerates innovation across the financial sector,
CEO– Rajesh Bansal
Headquarters– Bengaluru, Karnataka
Established – 2022

SEBI allowed Voluntary Freezing Of Clients’ Trading Account from July 1, 2024On January 12, 2023, the Securities and Exchange Board of India (SEBI) notified that Investors will be allowed to freeze or block their trading account any suspicious activity is detected.  The framework for the same will be laid down on or before 1st April 2024 and will be implemented from 1st July 2024.

  • This information was SEBI is provided in its exercise of powers conferred under Section 11(1) of SEBI  Act, 1992  read  with  Regulation 30 of SEBI  (Stock Brokers) Regulations, 1992,  to  protect  the  interests  of  investors  in securities  and  to promote  the  development  of securities markets.

About the framework:
i.The framework will be developed by the Brokers’ Industry Standards Forum (ISF) under the aegis of stock exchanges, and in consultation with the capital markets regulator.
ii.The framework outlines the process for voluntarily freezing online access to trading accounts. It includes details on how clients can request account blocking, the processing timeframe, and communication protocols. Stock exchanges are mandated to ensure the implementation of these guidelines by Trading Members starting from July 1, 2024.
Reason:
Investor concerns over suspicious activities in trading accounts resulted to propose a facility for blocking such accounts, While voluntary blocking of demat accounts is already in place for investors, the proposal now extends this option to their trading accounts as well.

  • Demat accounts allow investors to hold their financial instruments in an electronic form, while, trading accounts, actually carry out trades in the stock market.

Click Here for Official Notification
Trading Account: A trading account is an investment account which helps retail investors to buy or sell securities. Trading account is opened with a stock broking firm which, in turn, provides access to the trading platform of a stock exchange, and allows the execution of trades on behalf of the account holder. It works as a link between the demat account and the bank account.
About Securities and Exchange Board of India (SEBI):
SEBI is the regulatory authority for the capital market. 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

KBL and NBFC Clix Capital Enter Co-Lending Partnership for MSME
Karnataka Bank Limited (KBL) and Gurugram (Haryana) based Non-Banking Financial Company (NBFC) Clix Capital Services Private Limited have entered into a digital co-lending partnership.

  • The partnership aims to provide loans to the Indian Micro, Small & Medium Enterprises (MSME) sector  through the Yubi Co.lend Platform.
  • The agreement is in line with the Reserve Bank of India (RBI)’s guidelines on co-lending by banks and NBFCs to priority sectors.

RBI Cancels Licence of Karnataka’s Hiriyur Urban Co-Op Bank 
Reserve Bank of India (RBI) cancelled the licence of Karnataka based The Hiriyur Urban Co-operative Bank Limited as the bank does not have adequate capital and earning prospects.
Key Points: 
i.The bank also does not comply with the provisions of Section 11(1) Sections 22(3)(a), 22 (3)(b), 22(3)(c), 22(3)(d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949.
ii.Upon bank liquidation, each depositor is entitled to a deposit insurance claim of up to Rs.5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC), as per the provisions of the DICGC Act, 1961.
iii.Registrar of Cooperative Societies (Karnataka) will issue an order for winding up the bank. and appoint a liquidator for the bank.

REC Limited issues inaugural Yen Denominated Green Bonds aggregating to JPY 61.1 Billion
REC Limited (formerly Rural Electrification Corporation Limited), a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power (MoP) has successfully issued its inaugural Japanese Yen (JPY) 61.1 billion worth Green bonds under its USD 10 billion Global Medium Term Notes Programme. 

  • It is the first Yen Green Bonds issuance by any Indian Public Sector Unit (PSU).

About the issuance:
i.The bond is issued in three tenure namely 5-year, 5.25-year and 10-year at yield of 1.76%, 1.79% and 2.20% respectively.
ii.It is the largest Yen-denominated issuance from India and the largest ever Euro-Yen issuance in South and South East Asia.
iii.The proceeds from the issue of the Bonds will be used to fund Eligible Green Projects in line with the REC’s Green Finance Framework and Reserve Bank of India (RBI)’s External Commercial Borrowings Guidelines.

Taiwan VP William Lai Ching-te Won Presidential Election William Lai Ching-te (64 years) of  Democratic Progressive Party (DPP) won the Taiwan Presidential election with 40.05% of the vote and has been elected as the President of Taiwan.

  • William Lai Ching-te has been serving as the Vice President of Taiwan since 2020.
  • He will succeed Tsai Ing-Wen, the current and the first female president of Taiwan.
  • The formal swearing-in ceremony will be held in May 2024 in Taiwan and Lai Ching-te will be holding the post for 4 years(till 2028) .

About the Election:
i.Lai Ching-te secured 40.1% of the votes whereas Huo Yu-ih the Mayor of Taipei from the Kuomintang (KMT) party secured only 33.5% of the votes and Ko Wen-je from the Taiwan People’s Party (TPP) got 26.5% of the votes.
ii.The election made DPP as the first party in Taiwan to secure three consecutive terms in office.

  • DPP initially came to power in 2016 under the Presidentship of Tsai Ing-Wen; the second term was from 2020-24.

iii.The election was held on 13th January 2024.
About William Lai Ching-te:
i.In 2010, he was elected as the first mayor of Tainan Special Municipality.
ii.He was appointed as 15th Vice-President of  Taiwan in 2020.
iii.He has been serving as the Chairperson of DPP since January 2023.
About Taiwan:
President – Tsai Ing-Wen
Capital – Taipei
Currency – New Taiwan Dollar

Padma Vibhushan Awardee & Renowned Classical Singer Prabha Atre Passed AwayPrabha Atre, a Hindustani classical vocalist, who received all 3 Padma Awards from the government of India passed away in Pune, Maharashtra at the age of 92. She was born on 13 September 1932 in Pune.

  • She was one of the senior-most, and leading female vocalists in India representing the Kirana Gharaanaa of Hindustani classical music.

Awards/Honours:
i.She was honoured with the Padma Shri in 1990;  Padma Bhushan in 2002; and Padma Vibhushan in 2022 for Arts.
ii.In 1991, she received the Sangeet Natak Akademi Award as an appreciation for her outstanding role in enriching, preserving, and popularizing Indian art, and music.
iii.Her first book `Swaramayee’ which is a compilation of many of her articles on music and has bagged the Maharashtra State Govt. Award in 1989.
About Prabha Atre:
i.She was also an author, academician, composer, researcher, and reformer. She worked as an Assistant Producer with All India Radio (AIR).
ii.She was a former Producer-Director of the recording company `Swarashree’, devoted only to Classical Music.
iii.She also served as a Professor and Head of the Department of Post-Graduate Studies and Research in Music at Shreemati Nathibai Damodar Thackersey Women’s University.
iv.She held the world record of releasing 11 books on a single subject (Music), from a single stage.
v.She was the 1st woman performer to compose and publish 3 books containing 550 compositions from classical to light music.
vi.She established the Dr. Prabha Atre Foundation and Swaramayee Gurukul.

Renowned Urdu Poet Munawwar Rana Passed AwayRenowned Urdu poet Munawwar Rana passed away at the age of 71 in Lucknow, Uttar Pradesh (UP). He was born on 26th November 1952 in Raebareli, UP.
About Munawwar Rana:
i.He was particularly recognized for his ghazals, a poetic form consisting of rhyming couplets and a refrain.

  • One of his most popular poems was ‘Maa’, celebrating the virtues of a mother in traditional ghazal form​​.

ii.He used more Hindi or Hindustani words in his poetry instead of Arabic or Persian words.
iii.His works have been translated into several languages​​.
Awards:
i.He was awarded the Sahitya Akademi Award in 2014 for his poetry book ‘Shahdaba’. However, he returned the award due to political reasons in 2015.

  • He also returned the Maati Ratan Samman Award which was given by Shaheed Shodha Sansthan for his service to Urdu literature in 2012.

ii.He also received other notable awards including the Ameer Khusro Award, Mir Taqi Mir Award, Ghalib Award, Dr Zakir Hussain Award, and the Saraswati Samaj Award.
iii.He was also awarded the Gyanpeeth Award in 2014.

8th Armed Forces Veterans’ Day – January 14 2024Armed Forces Veterans’ Day is annually celebrated across India on 14 January to honour and recognise the service of Field Marshal Kodandera Madappa Cariappa, the 1st Indian Commander-in-Chief (C-in-C) of the Indian Armed Forces, who retired from the military on 14 January 1953 and led Indian forces to victory in the 1947 war.

  • 14 January 2024 marks the 8th Armed Forces Veterans’ Day observance.

Background:
i.The Armed Forces Veterans’ Day was first celebrated in 2017.
ii.Since then the day has been commemorated by all the 3 services by hosting interactive events in honour of the Ex-Servicemen, who have selflessly served the nation.
About Ministry of Defence:
Union Minister– Rajnath Singh (Constituency: Lucknow, Uttar Pradesh)
Minister of State– Ajay Bhatt (Constituency: Nainital-Udhamsingh Nagar, Uttarakhand)

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Current Affairs Daily Digest – 17 January 2024

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Indian & Japan Coast Guards Conducts Joint ‘Exercise Sahyog Kaijin’ off Chennai CoastThe Indian Coast Guard (ICG) and Japan Coast Guard (JCG) conducted a 5-day annual joint exercise, ‘Sahyog Kaijin,’ off the coast of Chennai, Tamil Nadu from 8–12 January 2024. This marks the 20th edition joint exercise between the Japanese and Indian Coast Guards since its institution in 2000.

  • The exercise was held as per the Memorandum of Cooperation (MoC) signed between India and Japan in 2006, promoting interactions between the 2 Coast Guard organisations.
  • The MoC also includes high-level visits, annual joint exercises, training exchanges, and participation in workshops and seminars.

Note: The 19th Sahyog-Kaijin joint exercise was conducted off the Chennai coast on January 2020.
Participating Units:
ICG: Shaunak, Shaurya, Sujay, Rani Abbakka, Annie Besant, C-440, Sagar Anveshika, Matsya Drishti, Chetak helicopters.
JCG: Yahsima and Samudra Paheredar with an integral helicopter.
Points to note:
i.The 5-day training and exercise covers important aspects of chemical pollution at sea, and safety equipment including hands-on practical training on the response equipment.
ii.The joint training particularly focused on chemical pollution response training on hazardous and narcotics substances to combat maritime pollution at sea.
iii.This Joint Exercise was coordinated by Headquarters, Coast Guard Region (East), under the leadership of Inspector General Donny Michael, TM.
Objectives of the Exercise:

  • Strengthening bilateral ties and mutual understanding.
  • Enhancing interoperability in communication.
  • Strengthening Standard Operating Procedures (SOPs).
  • Sharing best practices for mutual benefit.

Practical Scenarios:
Conducted off the coast of Chennai, the exercise simulated joint response actions against a situation of collision between 2 vessels, resulting in a man overboard and an oil spill from a tanker.

MNRE launches Rs 515-cr Solar Scheme for Electrification of Houses in PVTG AreasThe Ministry of New and Renewable Energy (MNRE) has launched the ‘New Solar Power Scheme’ with an outlay of Rs 515 crore for electrification in habitations and villages of Particularly Vulnerable Tribal Groups (PVTG).

  • The scheme was launched under the Pradhan Mantri Janjati Adivasi Nyaya Abhiyan (PM-JANMAN) programme.
  • The scheme launched for the tenure expanding from Financial Year 2023-24 (FY24) to Financial Year 2025-26 (FY26).

New Solar Power Scheme:
i.The scheme aims to provide solar power in one lakh un-electrified households identified by the Ministry of Tribal Affairs (MoTA) in 18 states across India and the Union Territories (UT) of Andaman & Nicobar.

  • The 18 states are –  Andhra Pradesh, Bihar, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Odisha, Rajasthan, Tamil Nadu, Telangana, Tripura, Uttar Pradesh, Uttarakhand, West Bengal.

ii.The scheme has made provisions for 0.3 kiloWatt off-grid solar systems in places where power supply is not techno-economically feasible through the grid.
iii.The scheme also provides solar lighting in 1,500 Multi-Purpose Centres (MPCs) at the cost of 15 crore in PVTG areas where electricity through the grid is not possible.
iv.The fund for the implementation of the scheme will be provided by the MNRE’s Development Action Plan for Scheduled Tribes (DAPST).
Fund Distribution:
Out of the allocated fund, 20 crore will be allocated in FY24, Rs.255 crore in FY25, and Rs 240 crore in FY26.
PM-JANMAN:
i.The scheme was launched in November 2023 with MoTA as the nodal agency.
ii.Through the scheme, the government aims to reach tribal groups and primitive tribes.
iii.The scheme will focus on 11 important areas/critical interventions across nine ministries(including MNRE).
Additional Info:
i.For the electrification of houses, the government provides Rs 50,000 crore per household or the actual cost.
ii.For solar lighting, the government will provide Rs 1 lakh per MPC.

Denmark in partnership with India launched Green Fuels Alliance India Denmark has launched “Green Fuels Alliance India” (GFAI), an initiative to boost collaborative efforts between India and Denmark in the sustainable energy solutions sector, at the Tamil Nadu Global Investors Meet (GIM) 2024, Chennai, Tamil Nadu.
i.This will also support both nations in advancing the joint global goal towards carbon neutrality.
ii.The initiative is led by the Danish Embassy and Consulate General of Denmark in India.
About GFAI:
i.The initiative will play a pivotal role in advancing the green fuels sector which includes green hydrogen by fostering innovation, collaboration, and partnerships between Danish industries and their counterparts in India.
ii.India has set the target to achieve carbon neutrality by 2070.
iii.Denmark has topped the global Climate Performance Index (2024) and is on the path to achieving carbon neutrality by 2050.
Key Points:
i.The initiative aims to promote sustainable growth in India by fostering collaboration among businesses, government entities, research institutions and financial stakeholders from both the Indian and Danish sectors.
ii.Nine prominent organisations in Denmark have pledged to support the GFAI initiative as founding members.

  • The 9 organisations are Maersk, Haldor Topsoe, Umwelt Energy, Mash Makes, European Sustainable Solutions, Novozymes, Danfoss, Brdr. Christensen and Hydrogen Denmark.

Advisory Group of GFAI: 
Members of the advisory board of GFAI include the India Hydrogen Alliance, the Energy Consortium at the Indian Institute of Technology (IIT, Madras), The Danish Energy Agency and the State of Green.
Background:
i.GFAI was developed under the Green Strategic Partnership (GSP) signed in 2020 between the Prime of India and Denmark.
ii.GSP mainly focus on green hydrogen, renewable energy and wastewater management.

  • Green Hydrogen can be produced using renewable energy sources like wind, and solar power. It does not emit any greenhouse gases.

Additional info: Maersk has set a target to achieve net-zero greenhouse gas emissions by 2040 across the entire business and has also set an ambitious short-term target for 2030 to ensure progress in green hydrogen.
About Denmark:
Prime Minister– Mette Frederiksen
Capital– Copenhagen
Currency– Danish Krone

IEA’s Renewables 2023 report: The world added 50%  more renewable energy but needed moreInternational Energy Agency (IEA) released the report titled “Renewables 2023”. It highlighted the important finding of the report that the world added 50% more renewable energy capacity in 2023 compared to 2022 but it also mentioned that still world need to adopt more robust efforts to counter climate change.
Key Highlights:
i.The increase in renewable energy saw the fastest growth in the last 20 years and consecutively for 22 years. It also mentioned that renewable energy capacity reached around 510 GigaWatts (GWs) in last year.
ii.Top Countries which contributed maximum in rise of renewable energy at global level:
China (which is the largest emitter of greenhouse gases) led the overall maximum increase in renewable energy followed by Europe, United States of America (U.S.A) and Brazil.
iii.It emphasized on the deployment of solar and wind power to reduce dependence on fossil fuels usage in order to achieve the goal to limit global warming to 1.5 degree Celsius from pre-industrial levels.
iv.As per the report global renewable energy capacity is expected to increase 2.5 times from 2022 levels by the end of the decade.
v.The report highlighted that world efforts are not sufficient to achieve the goal to triple renewable energy capacity by 2030.
Note: During UN COP28 Climate Summit which was held in Dubai, United Arabs of Emirates (UAE) in December, 2023. Nearly 200 countries pledged the target to triple renewable energy capacity by 2030.
vi.The report projected global renewable power capacity is expected to increase by 7300GW over 2023-2028 periods.
Solar Photovoltaic (PV) and Wind Energy:
As per the report Solar Photovoltaic and wind energy will emerged as the largest source of global electricity by early 2025. Solar PV and wind power will contribute 95% of the total growth in renewable energy.
Key points:
i.Solar Photovoltaic (PV) contributed nearly three-quarter of additional renewable energy worldwide.
ii.China commissioned an amount of Solar Photovoltaic (PV) in 2023 as much as whole world in 2022 and China’s wind power increased by 66% year-on-year.
iii.Prices for solar PV devices decreased by 50% in 2023 compared to 2022 and they are further expected to decrease as global manufacturing capacity is predicted to exceed demand by the end of 2024.
iv.Challenges for wind energy: It will face more hurdles due to disruption in supply chain, higher costs and long permitting timelines.
Renewable Energy Progress Tracker: It was launched by IEA and allows users to explore historical data and predictions at regional and country level. It will also help to keep track on the progress of goal to triple renewable energy.
About International Energy Agency (IEA):
It is an autonomous intergovernmental organization which provides policy recommendations, analysis and data on entire global energy sector.
Established: 1974
Executive Director: Fatih Birol
Headquarter: Paris, France
Member nations: 31(India joined IEA as association member nation in 2017)

WHO Launched ICD-11 Traditional Medicine Module 2; Integrates Ayurveda, Siddha, and Unani SystemsOn January 10, 2024, the World Health Organization (WHO) launched the International Classification of Diseases (ICD-11), Traditional Medicine (TM) Chapter Module 2 at the event held in India Habitat Centre in New Delhi, Delhi.
i.ICD 11 TM module 2 includes data and terminology related to diseases based on Ayurveda, Siddha, and Unani(ASU) Systems.
ii.With this, the terms defining diseases in these traditional systems are indexed as morbidity codes and included in the WHO Disease Classification Series ICD-11.
Key Points:
i.The final draft of the module comprises a total of 529 codes distributed across 18 chapters.
ii.The module features 2 distinct types of terminologies or top-level blocks, namely Traditional Medicine Disorder and Traditional Medicine Pattern.
iii.This will ensure global uniformity in ASU medicine as a code of vocabulary defining diseases.
iv.Traditional medicinal diseases, including infectious diseases like Malaria and lifestyle diseases like chronic insomnia, are included in this classification.
Collaboration Between Ministry of AYUSH & WHO:
i.The Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy (AYUSH) in collaboration with WHO has prepared a classification of diseases used in ASU systems under the TM-2 module of the ICD-11 series.
ii.A Donor Agreement has also been signed between WHO and the Ministry of AYUSH for this classification initiative.
iii.This collaboration aims to strengthen India’s healthcare system, research, Ayush insurance coverage, research & development, and policymaking.
iv.The Ministry of Ayush has already developed the Code for ASU Medicine through the National Ayush Morbidity and Standardized Electronic Portal (NAMSTE).

  • In addition, these codes can also be used in the formulation of future strategies to control various diseases in society.

About ICD-11:
ICD 11 is the 11th revision of the ICD which replaced ICD 10 as the global standard for recording health information and causes of death. It is annually updated by the WHO.
ICD-11 was adopted by the 72nd World Health Assembly in 2019 and came into effect on 1st January 2022.
Additional info: Central Bureau of Health Intelligence (CBHI), under the Ministry of Health and Family Welfare(MoHFW), serves as the WHO Collaboration Centre for ICD-related activities. CBHI facilitates data collection and dissemination for diseases and mortality.

ICICI Bank Canada Launches “Money2India (Canada)”, a Mobile Banking AppICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank Limited, launched its mobile banking application, “Money2India (Canada)”.

  • The app enables customers of any bank to instantly transfer money to any bank in India without opening an account with ICICI Bank Canada.
  • With this launch, ICICI Bank Canada enters into the remittance market of Canada.

About Money2India (Canada):
i.Users can complete their identity verification digitally from anywhere in Canada.
ii.Users can add beneficiaries immediately and transfer their money instantly.
iii.Customers can use Visa or MasterCard debit cards to send money via the app.
iv.The app offers security standards prescribed for digital channels along with two-factor authentication including a one-time password (OTP). 
v.This also offers regular updates on transactions through text messages or email.
Points to note: 
i.User can transfer up to CAD (Canadian Dollar) 30,000 in a single transaction with a confirmed exchange rate.
ii.Users can also execute future dated and recurring transfers to beneficiaries in India at a defined frequency.
iii.Users can also execute future dated and recurring transfers to beneficiaries in India at a defined frequency.
About ICICI Bank Canada: 
President & CEO– Vikash Sharma
Established in December 2003
Headquarters– Toronto, Canada

Reserve Bank of India imposes Rs.2.49 crore Monetary Penalty on 3 BanksThe Reserve Bank of India (RBI) has imposed monetary penalties of about Rs.2.49 crore on three banks namely Dhanlaxmi Bank Limited, Punjab & Sind Bank and ESAF Small Finance Bank Limited for contravention of regulatory norms.
Dhanlaxmi Bank Ltd – Rs.1.20 crores (or Rs.120.74 lakhs):
Reason: Non-compliance with certain directions issued by RBI on

  • Loans and Advances – Statutory and Other Restrictions
  • RBI (Know Your Customer (KYC) Directions, 2016
  • RBI (Interest Rate on Deposits) Directions, 2016’

ESAF Small Finance Bank Limited – Rs.29.55 Lakh:
Reason: Non-compliance with the directions issued by RBI on ‘Customer Service in Banks’.
Note- This penalty for the above two banks was imposed under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
Punjab & Sind Bank – Rs.1 crore:
i.Reason: Non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’
ii.This penalty has been imposed under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 51(1) of the Banking Regulation Act, 1949.
RBI Imposes Monetary Penalty on Five Co-Operative Banks
RBI has imposed monetary penalties on five cooperative banks for deficiencies in regulatory compliance. All these penalties was imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Gujarat-based Navsarjan Industrial Co-operative Bank Limited – 7 lakh:
Reason: Non-compliance with the directions on placement of deposits with other banks by primary (urban) co-operative banks, non-compliance with RBI (KYC) Directions, 2016 and contravention of certain norms of the Banking Regulation Act, 1949.
Gujarat-based Mehsana Jilla Panchayat Karmachari Co-operative Bank Limited – 3 lakh:
Reason: Non-compliance with the directions issued by the RBI on ‘placement of deposits with other banks by primary (urban) co-operative banks’ and contravention of certain provisions of the Banking Regulation Act, 1949.
Gujarat-based Halol Urban Co-operative Bank Limited – 2 lakh:
Reason: Non-compliance with the directions issued by the RBI on ‘loans and advances to directors, relatives and firms/concerns in which they are interested’ and ‘placement of deposits with other banks by primary (urban) co-operative banks’.
Telangana-based Stambhadri Co-operative Urban Bank Limited – Rs.50,000
Reason: Non-compliance with the directions issued by the RBI on ‘loans and advances to directors, their relatives, and firms/concerns in which they are interested
Tamil Nadu-based Subramanianagar Co-operative Urban Bank Limited – Rs.25,000
Reason: Non-compliance with the directions issued by the RBI on ‘loans and advances to directors, their relatives, and firms/concerns in which they are interested’. 

Indian Economy will Grow at 6.2% in FY25: UBS Securities
Mumbai(Maharashtra) based UBS Securities India Private Limited has reduced the growth of the Indian economy for the financial year 2024-25 (FY25) to 6.2% from 6.3%.

  • India’s Gross domestic product (GDP) is projected to reach USD 3.9 trillion in FY25, up from USD 3.57 trillion in FY24.
  • Consumption growth is anticipated to stabilize at 4.7% in FY25, compared to 4.5% in FY24.
  • The growth is stimulated by neutral policy settings, positive credit momentum, and manageable macros amid a 15-year high household debt levels.

Swachh Survekshan Awards 2023: Indore & Surat Adjudged as ‘Cleanest Cities’ in India Droupadi Murmu, President of India, presented the Swachh Survekshan(Cleanliness Survey) Awards 2023 at the ceremony hosted by the Ministry of Housing and Urban Affairs (MoHUA) at Bharat Mandapam, New Delhi, Delhi.
i.Surat (Gujarat) and Indore (Madhya Pradesh/MP) were jointly recognised as the cleanest city in India under category of cities with a population more than 1 lakh.
ii.Indore has ranked No 1 in All India Clean city for the 6th Consecutive time.
iii.President Murmu also launched the Swachh Survekshan(SS) 2023 dashboard during the event.
About the Ministry of Housing & Urban Affairs:
Union Minister– Hardeep Singh Puri(Rajya Sabha- Uttar Pradesh)
Minister of State (MoS)– Kaushal Kishore(Constituency- Mohanlalganj, Uttar Pradesh)

ACC Approved the Reappointment of MD Patra as Deputy Governor of RBI
Appointments Committee of the Cabinet (ACC) headed by Prime Minister (PM) Narendra Modi has approved the reappointment of Michael Debabrata Patra as Deputy Governor of the Reserve Bank of India (RBI) for the second time.

  • His tenure was extended by one year with effect from 15th January 2024 or until further orders, whichever is earlier.

About Michael Debabrata Patra:
i.Patra was initially appointed as RBI Deputy Governor in 2020 for a tenure of three years (till 2023) by replacing Viral Acharya.
ii.In 2023, his tenure was extended for one year which expired on 14th January 2024.

MoHUA Appointed Maheshwar Rao as MD of Bengaluru Metro Rail Corporation Limited
The Ministry of Housing & Urban Affairs (MoHUA) has appointed Maheshwar Rao IAS as the new Full-time Managing Director (MD) of the Bangalore Metro Rail Corporation Limited (BMRCL).

  • Maheshwar Rao is a 1995 batch Indian Administrative Services (IAS) officer of the Karnataka cadre.
  • He will replace Anjum Parwez (1994 batch IAS officer) who has been serving the post since 2021.
  • MoHUA holds a 50 percent equity stake in BMRCL.

Note: BMRCL also known as Namma Metro is the fourth-longest operational metro network in India.

CAS Launches ‘Einstein Probe’ Satellite to Observe Violent Cosmic Phenomena The Chinese Academy of Sciences (CAS) launched the lotus-shaped astronomical satellite Einstein Probe (EP) to observe violent cosmic phenomena on a Chang Zheng (Long March) 2C carrier rocket from the Xichang Satellite Launch Centre in southwest Sichuan Province of China, on 9th January 2024.
About Einstein Probe satellite:
i.Einstein Probe is a collaboration led by CAS with the European Space Agency (ESA) and the Max Planck Institute for Extraterrestrial Physics (MPE), Germany.
ii.The lotus-shaped satellite features twelve petals and two stamens, where the twelve petals are twelve modules consisting of wide-field X-ray telescope (WXT), and the two “stamens” consist of two modules of Follow-up X-ray Telescope (FXT).

  • The satellite weighs 1.45 tonnes and the design of WXT’s optics is inspired by the eyes of lobster.

iii.The wide-field X-ray telescopes(12 modules) can keep an eye on one-tenth of the entire sky at one glance.
iv.FXT features high sensitivity for rapid follow-up observation and is also able to independently discover explosive and transient sources.
v.The satellite will help in the following ways:

  • To capture the first light stemming from supernova explosions.
  • To search for and pinpoint X-ray signals accompanying gravitational wave events.
  • To discover dormant black holes and other faint, transient, and variable celestial objects at the far reaches of the universe.

vi.Neutron stars, white dwarfs, supernovae, and gamma-ray bursts are also observation targets for this mission.
Working:
i.When WXT receives X-ray signals from a transient source, the onboard computer will process the data in real time and turn the spacecraft to target the celestial body with FXT for high-precision follow-up observation.
ii.ESA’s ground stations will be used to download the data from the spacecraft for the entire mission.
Naming Reason:
The satellite is named after Albert Einstein Since black holes and gravitational waves are predictions made by Einstein’s theory of general relativity.

SAMBHAV: Indian Army’s Indigenously Developed End-to-end Secure Mobile Ecosystem  The Indian Army has indigenously developed an end-to-end secure mobile ecosystem called SAMBHAV (Secure Army Mobile Bharat Version) to enhance national defense capabilities.

  • SAMBHAV operates on state-of-the-art contemporary 5G technology and aims to provide secure communication with instant connectivity, even on the move.
  • It was developed in collaboration with the National Centres of Excellence from academia and industry.

Points to note:
i.SAMBHAV addresses the vulnerability of mobile networks to eavesdropping, thereby minimizing the risk of compromising information security on mobile devices.
ii.This initiative aligns with the Government of India’s (GoI) efforts towards “dual-use infrastructure and demonstrates the concept of “civil-military fusion” in the field of emerging technology.
Phased implementation:
i.The ecosystem is designed to provide a secure communication platform and is set to configure 35,000 sets in two phases.
ii.The initial phase aims to configure 2,500 sets (by 15 January 2024), with the remaining 32,500 sets scheduled to be completed by May 31, 2024.
Features:
i.SAMBHAV will be having a multi-layered encryption system, with the Pan India Secure ecosystem.
ii.The ecosystem features indigenously developed secure applications and an operating system.
iii.It operates on a commercial network with built-in security measures.
Command Cyber Operations Support Wings (CCOSWs):
i.CCOSWs are being established, which are “special sub-units” to enhance cyber capability.
ii.Cyber capability is being enhanced and integrated at all levels with defense cyber agencies at a strategic level, while CCOSWs will be functional at “operational and tactical levels.

  • For each command, 6 CCOSWs are being set up, and personnel will undergo specialist training and validation exercises.

About Indian Army:
Chief of Army Staff (CoAS)- General Manoj Pande
Headquarters– New Delhi, Delhi
Formed on– 1 April 1895

Researchers from Mizoram University Discover New Coral Snake Species ‘Sinomicrurus Gorei’The Indian Researchers from Mizoram University have discovered a new species of coral snake called ‘Sinomicrurus Gorei’ in Mizoram.

  • The discovery was published in the British science journal, Systematics & Biodiversity (Taylor & Francis Group) with the title ‘Reappraisal of the systematics of two sympatric coral snakes (Reptilia: Elapidae)’.

About Sinomicrurus Gorei:
i.The newly discovered Sinomicrurus Gorei is one of the nine Sinomicrurus coral snake species found across the world.
ii.This species is often confused with another species called ‘Sinomicrurus Macclellandi’ found in North East India belonging to the same genus.

  • Sinomicrurus Gorei with its unique patterns, scales, Deoxyribonucleic acid(DNA), and skull characteristics differ from Macclellandi.

iii.It belongs to the family ‘Elapidae’ which contains venomous snakes.
iv.The species is named after British Indian doctor ‘Gore’.
v.The species resembles a Mizo traditional amber necklace called ‘Ṭhi Hna’ thereby locally called ‘Rul Thi Hna’.
vi.Sinomicrurus gorei is found in both low-lying and hilly areas in Mizoram.

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Current Affairs Daily Digest – 14,15 & 16 January 2024

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Indian Army Declares 2024 as the “Year of Technology Absorption” for Transformative ChangeThe Indian Army has officially declared 2024 as the “Year of Technology Absorption“, symbolising a dedicated commitment to integrating cutting-edge technologies, fostering development, and promoting innovation.

  • The objective is to transform the Indian Army into a modern and agile force, with a strong emphasis on indigenization.

Note: The year 2023 was declared as the “Year of Transformation.”
Technology:
i.Technology is recognized as a catalyst for transformative change and fostering self-reliance within the Indian Army.
ii.The Army aims to leverage in-house expertise to innovate solutions for operational and logistic requirements, collaborating with the domestic defense industry.
Modern Forces:
i.Indian Army’s step towards transforming into a modern force with a redefined operational philosophy move encompasses various aspects, including:

  • The induction of drones and counter-drone systems;
  • Restructuring across infantry, artillery, and armored battalions; and
  • The establishment of Command Cyber Operations Support Wings (CCOSWs).

ii.CCOSWs are being organised into 4 verticals:

  • Computer Emergency Response Team for immediate response to emergencies;
  • Cyber Security Section for auditing Computers and Networks;
  • Security Operations Control for monitoring and analysis of Networks; and
  • Test and Evaluation Section for testing new applications/software.

iii.Beyond technological integration, the Indian Army aims to bridge conventional asymmetries prevalent in its current structure.
Cyberspace Capabilities:
i.The Indian Army emphasises exploring capabilities in the cyberspace domain.
ii.Indian Army personnel are undergoing training to adeptly engage in the cyber domain through Project SAMBHAV (Secure Army Mobile Bharat Version).

  • SAMBHAV introduces a secure end-to-end mobile ecosystem powered by advanced 5G technology.

iii.Indian Army has already inducted 2500 SAMBHAV handsets, indigenously developed in close collaboration with National Centres of Excellence and industry.
iv.The Army is also trying to create a pool of specialist officers through the Territorial Army (TA).

  • This approach extends to cyber experts, who will be inducted into the TA through civil-military infusion.

Haldia Petrochemicals Becomes India’s First BSI Certified ISO 27001:2022 Petrochemical FirmHaldia Petrochemicals Limited (HPL) has become the first International Organization for Standardization (ISO) / International Electrotechnical Commission (IEC) 27001:2022 certified petrochemical organisation in India.

  • The certification was awarded by the United Kingdom (UK) based certification body, British Standards Institution (BSI) in a ceremony held in Kolkata, West Bengal (WB).

Key Points:
i.The certification highlights HPLs commitment to a secure and reliable digital environment for a seamless exchange of information across internal and external stakeholders.
ii.This certification also demonstrated its ability to protect sensitive information and ensure the confidentiality, integrity, and availability of valuable data and systems.
ii.The digitally transformed HPL empowers employees with cutting-edge tools specifically designed to their needs, thereby increasing teamwork and a digital culture that encourages creativity and efficiency.
About ISO/IEC 27001:2022
i.ISO/IEC 27001:2022 is the latest iteration of the Information Security Management System (ISMS) program published in October 2022.

  • It was initially published as a “Code of Practice” in February 2022.

ii.It outlines the best practices for protecting vital intellectual property and information assets.
iii.It also aligns the information security posture of an organisation with the digitalization of business practices and the accompanying threats.
About British Standards Institution (BSI):
BSI is the world’s first Standards Body and founding member of ISO.
Chief Executive– Susan Taylor Martin
Founded by – Sir John Wolfe-Barry 
Established in – 1901
About Haldia Petrochemicals Limited (HPL):
Chief Executive Officer(CEO) – Navanit Narayan
Headquarters –  Kolkata, West Bengal (WB)
Established in – 1985

LPAI Releases Report on Gender-Inclusive Framework for Cross-Border Trade in IndiaThe Land Ports Authority of India (LPAI), working under the aegis of Ministry of Home Affairs (MoHA), released a report title ‘Engendering Land Ports in India’, which highlights LPAI’s target to make all land ports gender friendly in the next 3 years.

  • The study aims for gender-inclusive framework for cross-border trade and tourism through land ports in India. Land Ports are also known as Integrated Check Posts(IPCs).

Note: LPAI is responsible for developing and managing facilities for the cross-border movement of goods and passengers at designated points along India’s international borders.
About the Study:
i.The study maps the existing infrastructure and services at select land ports to understand the gaps in promoting women’s participation in cross-border trade and tourism.
ii.Purpose: To recommend action areas and intitiatives to make land ports gender responsive.
Key Points:
i.The report provided insights to the gender assessment undertaken at three selected land ports in India viz. ICP Agartala (Tripura), ICP Petrapole (West Bengal), and ICP Raxual (Bihar).
ii.It highlighted the importance of gender responsiveness of land ports, and policy reforms, women-friendly eco-system under the purview of LPAI for promoting cross-border trade in Bhutan, Bangladesh, Northeast India and Nepal (BBIN) region.
Key Findings:
i.ICP Agartala and ICP Petrapole, 2 of the 3 land ports with gender audit scores of 0.59 and 0.55 were assessed as satisfying minimum requirements for gender responsiveness.
ii.ICP Raxual with the score of 0.39 is considered to be approaching minimum requirements.
iii.All three land ports fell short of satisfying the minimum standards for gender responsiveness within the institutional mechanism.
iv.Around 71% of the women surveyed reported satisfaction with the facilities at the land ports, with 23% being adequately satisfied and only 6% reporting as not being satisfied.
v.In terms of safety, all the women surveyed reported feeling almost or very safe.

Maharashtra’s Pench Tiger Reserve Becomes India’s First Dark Sky Park
The Pench Tiger Reserve (PTR) in Maharashtra has been designated as India’s first Dark Sky Park and Asia’s fifth park for protecting the night sky and preventing light pollution, making the place ideal for astronomy enthusiasts.

  • The Dark Sky Place certification focuses on lighting policy, dark sky-friendly retrofits, outreach and education, and monitoring the night sky.
  • A night observatory has also been inaugurated under the innovation scheme of the district planning committee (DPC) fund. It is noted that the area near Bagholi has been reserved for stargazing.
  • The Pench Tiger Reserve, named after the Pench River, is spread across the two states of Maharashtra and Madhya Pradesh.

SBI Inks Pact with MoRD to Provide Loan Credit Facility to SHGsMinistry of Rural Development (MoRD) and State Bank of India (SBI) have signed a Memorandum of Understanding (MoU) to provide loans to rural Self-Help Groups (SHGs).
i.SBI unveils Specialised financial product:

  • SBI launched Svyam Siddha, a specialised financial product developed exclusively for women Self-Help Groups (SHGs).
  • Training Toolkit Package was launched to encourage SHG women entrepreneurs to get access to formal financial assistance in form of loans.
  • It is developed in collaboration with International Finance Corporation (IFC) under World Bank aided National Rural Economic Transformation Project (NRETP).

About State Bank of India:
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
Established in – 1955

Indian Bank in Collaboration with Three Other Entities launches Indian Bank One Co-Branded Credit CardIndian Bank in partnership with firms namely FPL Technologies Private Limited, Visa & National Payments Corporation of India (NPCI) has launched the ‘Indian Bank One co-branded credit card’ to offer customized features to Indian consumers.

  • The metal credit card is powered by Visa and RuPay contactless technology.

About the card:
i.The co-branded card will be issued by Indian Bank and managed by FPL Technologies.
ii.By operating in two networks, the card aims to introduce a new paradigm in credit accessibility and usability.
iii.The card comes with Zero Joining Fees, Zero Annual Fees and Zero Rewards Redemption Fees.
iv.The card can be used across the globe with a 1% forex fee.
v.The card offers features like tracking transactions in real-time, managing expenses, converting purchases into Equated Monthly Installment (EMI), redeeming rewards, making Unified Payments Interface (UPI) payments, planning monthly budgets, adjusting credit limits, and facilitating seamless payments.
vi.The Cardholder can control all aspects of the credit card through the OneCard mobile application.
Note: OneCard is a co-branded credit card issued by, Reserve Bank of India (RBI) approved Banks and Financial Institutions in partnership with OneCard. OneReward is the reward program of OneCard.
About Indian Bank:
Managing Director(MD) and Chief Executive Officer(CEO) –  Shanti Lal Jain
Headquarters –  Chennai, Tamil Nadu
Established in – 1907
Tagline – Your own bank

SBI Launches Green Rupee Term-Deposit FD Scheme to Support Green Finance Ecosystem
The State Bank of India (SBI) launched a special Fixed Deposit (FD) scheme named SBI Green Rupee Term Deposit (SGRTD), to mobilise funds for environment-friendly projects and initiatives. The SGRTD scheme is open to Resident individuals, Non-individuals, and Non-Resident Indians (NRIs).

  • The SGRTD scheme offers 3 distinct tenors: 1,111 days, 1,777 days, and 2,222 days. It is initially available through SBI’s branch network.
  • The interest rate on SGRTD will be 10 Basis Points (BPS) lower than the card rate for retail and bulk Deposits for respective tenors.
  • Senior Citizens/ Staff/ Staff Senior Citizens are eligible for an additional interest rate over the applicable rate for the public excluding NRI Senior Citizens NRI Staff.

Note: Green deposits are interest-bearing deposits, received by a Regulated Entity (RE) for a fixed period, and the earmarked proceeds from green deposits are specifically for green finance.

PFC Gets RBI Approval to Set-up Wholly-owned Finance Company in Gujarat
Power Finance Corporation (PFC), a Maharatna Central Public Sector Enterprises (CPSEs) has received approval from the Reserve Bank of India (RBI) to establish a wholly-owned finance company at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT-City), Gujarat.

  • This establishment opens up new business opportunities for PFC and contributes to the growth of India’s power sector.
  • The GIFT City platform is said to provide a favorable environment for international lending activities and world-class infrastructure.
  • PFC is an infrastructure finance company under the administrative control of the Ministry of Power.
  • PFC is also registered as a Systematically Important Non-Banking Financial Company (SI-NBFC) with the RBI.

ILO Report Increases Global Unemployment Rate to 5.2% in 2024The International Labour Organization (ILO) has released a report titled “World Employment and Social Outlook: Trends 2024”. The report projected slight increase in the global unemployment rate to 5.2% in year 2024 as compared to 5.1% in year 2023.
Report highlighted that unemployment will increase mostly in developed economies.
Key Findings of the Report:
i.The report predicted that the number of unemployed individuals will increase by 2 million at global level in 2024.
ii.As per the report, both the unemployment rate and job rate has decreased to pre-pandemic levels.
Note: Job Rate means numbers of persons without employment are interested in finding a job.
iii.It projected both the labour market outlook and global unemployment will deteriorate further.
iv.The report predicted informal work rate to remain same around 58% of the global workforce in 2024.
v.The report cautioned that real disposable income and real wages are prone to sudden price shocks during the period of slow productivity growth.
vi.Disposable incomes have declined in most of the G-20 countries and it is unlikely to recover quickly.
vii.The report predicted informal work rate to remain same around 58% of the global workforce in 2024.
viii.The report highlighted that labour productivity has decreased to the lowest level as compared to previous decade despite technological advances and increased investment.
Main reasons cited by the report for decrease in labour productivity:
i.Large amount of investments were made in less productive sectors such as services and construction.
ii.Skill shortages and supremacy of large digital monopolies obstructs faster technological adoption especially in developing countries.
iii.Sectors with a predominance of low productivity firms.
Key Findings related to High-Income and Low-Income Countries:
i.ILO report revealed jobs growth rate for high-income countries in 2023 was 8.2% while, for low-income countries jobs growth rate was 20.5% in 2023.
ii.For high-income countries, employment growth is expected to turn negative in 2024 and only slight growth can be expected in 2025.
iii.Unemployment rate remain constant for high-income countries at 4.5 %( 2023) while for low-income countries was 5.7 %( 2023).
About International Labour Organisation (ILO):
Director-General –  Gilbert Fossoun Houngbo
Headquarters – Geneva, Switzerland
Established – 1919
Member nations – 187

India’s GDP to surpass USD 4 trillion in 2024-25: PHDCCI reportAccording to a PHD Chamber of Commerce and Industry (PHDCCI) report, India’s Gross domestic product (GDP) is expected to surpass USD 4 trillion in 2024-2025 and reach USD 5 trillion by 2026-2027.

  • It also projected India’s GDP to reach USD 7 trillion by 2030, as India is committed to attaining the status of a developed economy by 2047 under the initiative of ‘Viksit Bharat’.

Key Points:
i.The retail inflation in India is expected to be around 4.5% on average in 2024.
ii.The report recommended the Government to focus more on the informal sector because sometimes the reforms are not made at the ground level.
iii.It also recommends enhancing banking system resilience to support small business growth in line with demand trends.
iv.As per the report, the growth promising sectors will be Agriculture and food processing, Infrastructure, Textile and Apparel, Pharmaceutical, Defence Manufacturing, Electronics and Fintech.
v.PHDCCI also expects the Reserve Bank of India (RBI) to reduce the repo rate by 100 basis points in a calibrated manner by the end of 2024. The repo rate will be brought to the level of 5.5% by the end of 2024.
Assessment:
The analysis is based on lead macroeconomic indicators, including GDP Growth, Export Growth, Gross National Savings, Total Investments and Debt of GDP Ratio.
The analysis for the report has been conducted for four sets of periods, Pre Pandemic Years (2018, 2019), Pandemic Years (2020, 2021), Post Pandemic Years (2022,2023) and Futuristic Outlook Years (2024,2025).

Narayana Health Received IRDAI Approval to Launch Health Insurance Business Bengaluru(Karnataka)-based Narayana Health Insurance Limited (Narayana One Health), a subsidiary of Narayana Hrudayalaya Limited, has received a license from the Insurance Regulatory and Development Authority of India (IRDAI) to operate independently as a health insurance company.

  • The approval from IRDAI will allow the healthcare provider to diversify its business into the health insurance business through the subsidiary and also offer integrated healthcare.

Points to note:
i.The IRDAI in its 124th meeting held on 28 December 2023 has granted a Certificate of Registration to a new health insurer Narayana Health Insurance Limited to carry out health insurance business in India after a gap of 5 years.
ii.Post the approval, the number of Standalone Health Insurance Companies (SAHI) rose to 6 from the existing 5.
iii.This was the 5th approval from IRDAI in the calendar year 2023 in any line of insurance business.
Key Points:
i.The license will be renewed on an annual basis in terms of IRDAI (Registration of Indian Insurance Companies) Regulations, 2000.
ii.Narayana Health operates a network of 38 multi-specialty and super specialty hospitals, heart centers, and primary care facilities across India.

  • It also has an international hospital (Included) in the Cayman Islands, a British overseas territory located in the Western Caribbean Sea.

Global Recognition:
Narayana Health stands as the first healthcare group in India and the 6th globally to secure an Enterprise Accreditation from the Joint Commission International (JCI).

  • JCI’s accreditation extends to 8 individual hospitals within the Narayana Health group.

About Narayana Health
Founder and Chairman– Dr. Devi Prasad Shetty
Headquarters– Bengaluru, Karnataka
Established in– 2000

DRDO Conducts Successful Flight-test of New Generation AKASH Missile off Odisha coast On 12th January 2024, The Defence Research and Development Organisation (DRDO) successfully conducted a flight test of the New Generation AKASH (AKASH-NG) missile from the Integrated Test Range (ITR) in Chandipur off the coast of Odisha.

  • The AKASH-NG system is a state-of-the-art missile system, capable of intercepting high-speed, agile aerial threats.

Key People: The flight test was witnessed by senior officials from DRDO, Indian Air Force (IAF), Bharat Dynamics Limited (BDL) and Bharat Electronics Limited (BEL).
Details of the Test:
i.The missile was tested against a high-speed unmanned aerial target at a very low altitude.
ii.The weapon system effectively intercepted and destroyed the high-speed unmanned aerial target during the flight test.
iii.The flight test validated the seamless integration and functioning of the entire weapon system which includes indigenously developed Radio Frequency Seeker, Launcher, Multi-Function Radar, Command, Control, and Communication system.
iv.The system performance was also validated through the data captured by Radars, Telemetry, and Electro-Optical Tracking Systems deployed by ITR, Chandipur.
Akash Weapon System:
i.It is indigenously designed and developed by the DRDO and produced by defense public sector units and other industries.
ii.It has been in service for over 10 years, with multiple advanced versions of the missile under development by the Akash Team.
iii.It has been inducted and is operational with the Indian Air Force (IAF) as well as the Indian Army (IA).
About Defence Research and Development Organisation (DRDO):
It is the Research and Development (R&D) wing of the Ministry of Defence(MoD), Government of India.
Chairman – Dr Samir Vankatpati Kamat
Headquarters– New Delhi, Delhi
Established in– 1958

Mitsubishi Heavy Industries Launches H-IIA Rocket Carrying Japan’s IGS
Mitsubishi Heavy Industries Limited has launched an H-IIA rocket carrying Japan’s Cabinet Satellite Information Center’s Information-Gathering Satellite (IGS) “Optical-8” into a 500-kilometre-altitude sun-synchronous orbit (SSO) from Tanegashima Space Centre (TNSC) in Japan on 12th January 2024.

  • It was the 48th launch from the H-IIA launch vehicle since it was developed by the Japan Aerospace Exploration Agency (JAXA) in 2001.
  • TheIGS satellites serve “both Japan’s national defense and civil natural disaster monitoring and capture high-resolution images at night and in bad weather.
  • Japan plans to retire the H-IIA after two more launches and replace it with an H3 rocket.

New butterfly species ‘Cigaritis Conjuncta’ Discovered in Bramhagiri Wildlife SanctuaryResearchers from the National Centre for Biological Sciences (NCBS) in Bengaluru, Karnataka, have discovered a new butterfly species Cigaritis conjuncta (also known as Conjoined Silverline butterfly) in Bramhagiri Wildlife Sanctuary in Kodagu district (also known as Coorg), Karnataka.
i.The new species is named after its most “unique” feature: the “conjoined” bands on its wings.
ii.The findings about the new species were published in ‘Zootaxa’, a peer-reviewed international journal on 10th January 2023.
Cigaritis Conjuncta:
i.The species ‘Cigaritis conjuncta’ belongs to the butterfly family ‘Lycaenidae’ in the order Lepidoptera.
ii.Features:

  • Males have “dark shining blue” wings with some black edges and the females have “dark brown” wings with some “orange-red” patches.
  • Both have a “pale yellow” coloring with “silver lines” and “conjoined” bands.
  • The species live in “mid-elevation evergreen forests” and are most active “on sunny days,”
  • The new species were distinguished from other congeners in India and Sri Lanka by its coloring, wing pattern and other physical features.

About the discovery:
i.The butterflies were first seen in the Iruppu Falls area of the Brahmagiri Wildlife Sanctuary in Kodagu in 2008. The species was studied extensively when a large number of them were spotted in the Honey Valley in Kodagy in 2021.
ii.The new species is described based on the five male and four female specimens from Honey Valley, Kodagu District(a part of the Western Ghats biodiversity hotspot)
Note: The research team includes Krushnamegh Kunte, Ashok Sengupta, Ujwala Pawar, and Viraj Nawge.

Assam CM unveils ‘Mukhya Mantri Mahila Udyamita Abhiyan’ scheme to assist women of SGH The Chief Minister (CM) of Assam Himanta Biswa Sarma launched a ‘Mukhya Mantri Mahila Udyamita Abhiyan’ scheme to develop 4 million Self-Help-Group (SHG) women as rural micro-entrepreneurs and help them become ‘lakhpati baidos (elder sister)’.

  • The outlay of the scheme is Rs 4,000 crore and will be offered to SHG members who are committed to personal business plan along with their group activity.

About Mukhya Mantri Mahila Udyamita Abhiyan:
i.Under the scheme, eligible women gets Rs 35,000 over three years.

  • Phase I – Each eligible woman will get Rs 10,000 in the first year (Entrepreneurship Fund).
  • Phase II –  Loam amount of Rs 25,000 will be availed to the SHG Members from the bank over the next two years.
  • Rs 25,000 will be split into two halves for which Rs 12,500 is of government’s money (Capital Subsidy, non-refundable) and Rs 12,500 of the bank must be repaid.

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Current Affairs Daily Digest – 13 January 2024

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Henley Passport Index 2024: Indian Passport Ranks 80th; Gives visa free Entry to 62 countriesAccording to the The Henley Passport Index 2024 Global Ranking released by Henley and Partners, Indian passport is ranked 80th by providing visa-free or visas on arrival access to 62 countries. India shares the 80th rank with Uzbekistan.
i.Previously in 2023, India was ranked 83rd and provided visa free entry to 58 countries.
ii.The top spot is grabbed by 6 countries: France, Germany, Italy, Japan, Singapore, and Spain with citizens enjoying visa-free access to 194 travel destinations.
iii.Japan and Singapore have consistently held the top spot for the past five years.
iv.The world’s weakest passports globally is of Afghanistan at 104th rank with access to 28 nations only.
About Henley & Partners:
Chief Executive Officer– Dr. Juerg Steffen
Headquarters– London, United Kingdom (UK)
Establishment– 1997

India Ranks 2nd in MSCI EM Index; China TopsIndia has secured a 2nd rank in the MSCI Emerging Markets (EM) index by surpassing Taiwan. The first spot is grabbed by China.

  • India’s share in MSCI Emerging Markets index saw an increase in over eight years from 7% to 17.1% and is projected to rise further to 20% by early 2024.
  • India witnessed the highest inflows observed in the last 11 years.
  • This makes India as an attractive investment option in emerging markets.

Key Points:
i.India’s representation in MSCI EM doubled from 8% in October 2020 to 17.1% amid standardized Foreign Ownership Limit (FOL) in 2020 and strong performance in midcap equities.
ii.In 2023, India’s stock count in MSCI Standard index increased to 131 after inducting 17 new Indian stocks.
iii.Consistent flow from domestic institutional investors and potential for India to exceed 20% weight in MSCI EM Index by early 2024.
iv.Top 5 countries in MSCI EM Index (8 Jan ‘24 ) – China (26.6), India (17.1), Taiwan (15.8), South Korea (12.6), and Brazil (5.7).
About MSCI EM Index:

  • In 1988, MSCI Inc., formerly Morgan Stanley Capital International launched the MSCI Emerging Markets Index which is one of the first investable benchmark index global equity markets in the space. It captures large and mid cap representation across 24 EM countries. With 1,441 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
  • This index is a collection of stocks that tracks the performance of companies in fast-growing countries.

Dun & Bradstreet and Jupiter Wagons Unveiled Indian Railway Freight Activity IndexFlorida(United State of America)- based Dun & Bradstreet (D&B), in collaboration with Jupiter Wagons Ltd., unveiled the Indian Railway Freight Activity (IRFA) Index during the 15th International Railway Equipment Exhibition (IREE 2023) in Pragati Maidan, New Delhi, Delhi from 12th to 14th October 2023.

  • It is a quarterly report providing a comprehensive and data-driven assessment of the dynamics of Indian Railway freight activity.
  • The IRFA Index has become a first-of-its-kind tool for monitoring and understanding the intricacies of Indian railway freight activity.

Note: D&B is a leading global provider of business decisioning data and analytics for almost 200 years.
About Jupiter Wagons Ltd:
Managing Director (MD)- Mr. Vivek Lohia
Headquarters– Kolkata, West Bengal
Incorporated in– 2006
About Dun & Bradstreet (D&B) India:
Managing Director (MD) and Chief Executive Officer (CEO)- Avinash Gupta
Headquarters– Mumbai, Maharashtra
Started operations in– 1995

India and U.K. signed LoA and MoU for Defence Collaboration in R&D and cadet exchange programme respectivelyUnion Defence Minister Rajnath Singh made a two day visit to the United Kingdom (U.K) on 9 & 10 January 2024 and held the bilateral meeting with his British Counterpart Grant Shapps. The visit also saw signing of LoA and MoU by both the countries.
The bilateral meeting resulted in signing of two important agreements between India and U.K.
i.A Memorandum of Understanding (MoU) was signed between India and U.K. on conduct of bilateral international cadet exchange programme.
ii.Letter of Arrangement was signed between Defence Research and Development Organisation (DRDO), India and Defence Science and Technology Laboratory (DSTL), U.K. on defence collaboration in Research and Development (R&D).
Significance of these Agreements:
i.These agreements will give boost and promote people-to-people exchanges particularly among the youth.
ii.It will expand areas of defence research collaboration between India and U.K.
Note: This is the first visit by an Indian Defence Minister to U.K. over 20 years (Previously visited by MoD George Fernandes  in 2002).
About Ministry of Defence:
Union Minister: Rajnath Singh (Lok Sabha Constituency: Lucknow, Uttar Pradesh)
Minister of State (MoS): Ajay Bhatt (Lok Sabha Constituency: Nainital-UdhamSingh Nagar, Uttarakhand)
About United Kingdom (U.K.):
Prime Minister: Rishi Sunak
Capital: London
Currency: The Pound Sterling(GBP)
About Defence Research Development and Organisation(DRDO):
Chairman: Dr. Samir Vankatpati Kamat
Headquarters: New Delhi, Delhi
Established: 1958

IIT Madras to Establish New Campus in Kandy, Sri Lanka
The Indian Institute of Technology Madras (IIT-Madras) based in Chennai, Tamil Nadu is set to start a new campus of its Tech univerity in Kandy, Sri Lanka in 2024.
Dr. Susil Premajayantha, Education minister of Sri Lanka, announced that this proposal was part of the Budget 2024 presented by Sri Lanka President Ranil Wickremasinghe in his capacity as Finance Minister.

  • In January 2024, officials of the IIT-Madras will visit Sri Lanka to begin the process of setting up a branch of its campus in Sri Lanka.
  • The process involves presenting a report to the University Grants Commission (UGC) outlining courses and initiating the establishment process of the campus branch.
  • The campus is expected to help Sri Lankan students pursue higher education locally at an affordable price.

SBI’s Proposed Dollar-Denominated Bond Gets BBB- Rating from S&P and FitchThe S&P Global Ratings assigned its ‘BBB-‘ long-term issue rating to the proposed dollar-denominated bonds to be issued by the London branch of State Bank of India (SBI).
Fitch Rating has given an expected rating of ‘BBB-(EXP)’ to these senior unsecured notes.
SBI raises USD 600 million via 5-year senior unsecured fixed rate notes
SBI raised USD 600 million through senior unsecured fixed rate notes having maturity of 5 years at a coupon of 5%, payable semi-annually, under Regulation-S. Under Regulation-S, offers and sales of securities that happen outside the United States are exempt from Securities and Exchange Commission (SEC) registration requirements.

  • The Bonds will be issued through SBI London branch in the United Kingdom (UK) as of January 17, 2024 and will be listed on Singapore Stock Exchange and India International Exchange, Gujarat International Finance Tec-City (GIFT) City in Ahmedabad, Gujarat.

Key Points:
i.This fundraising is on the lines of the bank concluding placement of USD 250 million senior unsecured Green floating rate notes, aka “The Green Notes.”
ii.This “Green Notes” issuance, maturing on December 29, 2028, is part of SBI’s USD 10 Billion medium-term note program and was conducted through a private placement facilitated by its London branch.

  • The Green Notes rated BBB- by S&P, were issued on a floating rate basis of 1.20% above SOFR (secured overnight financing rate).

IPPB & Hindustan Zinc Partners to Offer Financial Inclusion Services in RajasthanIndia Post Payments Bank (IPPB) and Hindustan Zinc Limited (HZL) have signed a Memorandum of Understanding (MoU) to transform the financial landscape of rural Rajasthan.
Note: IPPB is a 100% government owned entity under the Department of Posts, Ministry of Communication(MoC). HZL is a subsidiary of Vedanta Limited
Signatories: The MoU was signed by Gursharan Rai Bansal, Chief Sales & Marketing Officer, IPPB and Arun Misra, Chief Executive Officer(CEO) of HZL
About the MoU:
i.The MoU aims to provide financial inclusion services to the beneficiaries of HZL’s Corporate Social Responsibility (CSR) activities.

  • These services include helping people open bank accounts, providing access to pension plans, granting income-generating loans and offering long-term savings and investment options.

ii.The MoU is aligned with IPPB’s commitment to providing best-in-class digital banking services to the unserved and underserved population of India.
iii.IPPB also empowers over 3.5 lakh beneficiaries, including Self-Help Group (SHG) women, farmers, and youth to make them Individual Business Correspondents (BC).
iv.IPPB will also support government social welfare programs through its banking channels.
About India Post Payments Bank Ltd (IPPB):
Chief Executive Officer(CEO) –  Venkatram Jayanthy
Headquarters – New Delhi, Delhi
Established in – 2018
Tagline – Aapka Bank, Aapke Dwaar
About Hindustan Zinc Limited (HZL):
HZL is India’s largest and the world’s second-largest integrated zinc producer. At present, Government of India owns 29.5% stake in HZL while Vedanta owns 64.9% stake.
Chief Executive Officer(CEO)- Arun Misra
Headquarters- Udaipur, Rajasthan
Established in 1966

Bloomberg Index Services Ltd to Include India’s FAR Bonds into its EM Index from September 2024
Bloomberg Index Services Ltd (BISL) proposed the incorporation of India’s Fully Accessible Route (FAR) bonds into its Emerging Market (EM) Local Currency Index. As per the proposal, the inclusion of Indian government bonds will be a phased implementation plan spanning over 5 months starting in September 2024.

  • Each month will add 20% of the bonds’ full market value (100%) falling under the FAR category which does not involve any restrictions on foreign investors. The process will be completed in January 2025.
  • Once completely phased into the Bloomberg EM 10% Country Capped Index, India FAR bonds will be fully capped at 10% weight within the index.
  • At that point, the Indian Rupee will become the 3rd largest currency component, following the Chinese Renminbi and the South Korean Won, within the Bloomberg EM Local Currency Index.

Note:

  • India’s FAR bonds are those that foreign investors can buy without any limits.
  • In September 2023, JPMorgan said that Indian government bonds will be a part of its Government Bond Index-EM (GBI-EM) global index suite from June 2024.

President Droupadi Murmu Honoured Winners of Tenzing Norgay National Adventure Award 2022 Droupadi Murmu, President of India, honoured the Four winners of Tenzing Norgay National Adventure Award (TNNAA) 2022 during the Sports and Adventure Award 2023 event held in Rashtrapati Bhavan, New Delhi, Delhi.

  • The 4 winners of TNNAA 2022 are: Savita Kanswal (posthumous), Praveen Singh, Tulsi Chaitanya Mothukuri, and Anshu Kumar Tiwari.
  • TNNAA award honours the achievements of individuals in adventure sports.

Points to note:
During the event, President honoured the winners of Major Dhyan Chand Khel Ratna Awards-2023; Dronacharya Awards-2023; Arjuna Awards-2023; Dhyan Chand Awards-2023; Rashtriya Khel Protsahan Puruskar-2023; and Maulana Abul Kalam Azad Trophy-2023.
Click here for the complete list of winners
Winners of TNNAA 2022:

  • She lost her life in an avalanche in Draupadi’s Danda-2 mountain peak in Uttarakhand on 4 October 2022.

ii.Tulsi Chaitanya Mothukuri is the 1st Indian poice officer to achieve the triple crown of the open water swimming.

  • He swam the English Channel in 15 hours(hr) 18 minutes(min) 45 seconds(sec); Gilbraltar Strail in 4 hr 25 mins; Palk Strait in 8hr 15 min and Catalina Channel in 12rh 40 min.

iii.Anshu Kumar Tiwari has completed 2214 hrs of flying including 250 hrs in night for skydiving, training and dispatching.
iv.Pravin Singh has scaled more than 20 himalayan peaks including Mt Everest twice and Mt Kanchenjunga.
About Tenzing Norgay National Adventure Awards (TNNAA):
i.TNNAA was instituted in 1993-1994, and the first awards were given for the year 1994 in 1995. TNNAA is named after Tenzing Norgay, who was one of the first 2 people to reach the 8,849-meter summit of Mount Everest on May 29, 1953.
ii.Objective: to encourage youths to develop the spirit of endurance, cooperative teamwork, and effective reflexes in challenging situations.
iii.Categories: The TNNAA is presented in 4 categories namely: Land Adventure; Water (Sea) Adventure; Air Adventure; and Life Time Achievement for adventure activities on Land, Sea, and Air.

  • Achievements for the last 3 years are considered for the 3 categories namely Land Adventure, Water (Sea) Adventure, and Air Adventure;
  • For the Life Time Achievement award, the achievement of an entire career is considered.

iv.Award Value: The award includes a bronze statuette, a certificate, a blazer with a silken tie/a saree, and award money of Rs. 15 Lakh.

FIFA President Gianni Infantino Receives Award for International Sports Personality for 2023 in Dubai
Gianni Infantino, President of the International Federation of Association Football (FIFA), received the Award for International Sports Personality for 2023 at the 12th annual Mohammed Bin Rashid Al Maktoum Creative Sports Awards held in Dubai, the United Arab Emirates (UAE).

  • He received the award in recognition of FIFA’s impactful contributions to football development through various means, including Video Assistant Referee (VAR) technology, doping detection, and player injury monitoring.

i.The award was established in 2009 inspired by Sheikh Mohammed bin Rashid Al Maktoum’s passion for sports.
ii.The award recognizes outstanding individual achievements across diverse sport-related fields and acknowledges global innovators fostering sports development and enhancing fair competition.
iii.International recipients have been eligible for recognition since 2012, and this award is the highest international honour.

Indian Navy Received the 1st Indigenous Drishti 10 Starliner Drone   from Adani Defence and Aerospace The Indian Navy received Drishti 10 Starliner (also known as Elbit Hermes 900), the 1st indigenously manufactured Medium Altitude Long Endurance (MALE) Unmanned Aerial Vehicle (UAV), manufactured at the Adani Defence and Aerospace(ADA) facility in Hyderabad, Telangana.
The drone was unveiled by dmiral R Hari Kumar, Chief of Naval Staff (CNS), Indian Navy, in Hyderabad, Telangana.
Note:
The drone with 75 Navy personnel is set to be transported from Hyderabad to Porbandar, Gujarat, where it will be officially inducted into naval maritime operations.
This will enhance surveillance and reconnaissance capabilities in the Arabian Sea.
About Drishti 10 Starliner:
i.The Drishti 10 drones were produced by Adani Group in partnerhsip with Israel’s Elbit Systems. Around 70% of the drone has been indigenised.
ii.It has 36 hours endurance and 450 kg payload capacity
Features:
i.This UAV is a cutting-edge Intelligence, Surveillance, and Reconnaissance (ISR) platform, equipped with state-of-the-art sensors, and advanced communication capabilities.
ii.It’s the only all-weather military platform with the North Atlantic Treaty Organization’s (NATO) STANAG 4671 (Standardized Agreement 4671) certification for the UAV system’s airworthiness.

  • It holds authorization for flight in both segregated and unsegregated airspaces.

iii.With advanced technologies such as Automatic Take Off and Landing (ATOL), Drishti would be a strong force multiplier, adding capability and credibility in undertaking ISR across the Indian Ocean Region (IOR).
Background:
i.In 2023, Ministry of Defence(MoD) and ADA signed a contract to suppy four MALE drones for Indian Army and Navy (2 each).
ii.The contract was signed using the emergency financial powers granted by MoD.
iii.The combined value of the deals is around Rs 550 crore.
About Adani Defence and Aerospace:
Adani Defence and Aerospace is a part of Adani Group.
Chief Executive Officer (CEO)– Ashish Rajvanshi
Headquarters– Ahmedabad, Gujarat

NSPAAD Launches ‘Report Fish Disease’ Mobile App to Monitor  Disease OutbreaksThe National Surveillance Programme for Aquatic Animal Diseases (NSPAAD) project has introduced a mobile app ‘Report Fish Disease’ (RFD) to track and monitor fish diseases across India.
Developers of the App:
i.The ‘Report Fish Disease’ app has been developed by ICAR(Indian Council of Agricultural Research)-NBFGR(National Bureau of Fish Genetic Resources) in Lucknow (Uttar Pradesh)under the National Surveillance Programme for Aquatic Animal Diseases (NSPAAD), funded under Pradhan Mantri Matsya Sampada Yojana(PMMSY) by the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying (MoFAH&D), Government of India.
ii.The Central Institute of Fisheries Technology (CIFT) in Kochi (Kerala) is one of the collaborative partners of the NSPAAD project.
About Report Fish Disease app:
i.Fish farmers can report disease outbreaks by providing essential information such as location, species affected, symptoms observed, and images of species.
ii.Geo-tagging technology in the app helps to identify a farm’s location, facilitates swift response from authorities and farmers get real-time updates on the status of their reported cases.
iii.It also ensures transparency and accountability in the disease management process.
About the National Surveillance Programme on Aquatic Animal Diseases (NSPAAD) Phase-II:
i.In February 2023, MoFAH&D launched NSPAAD Phase-II under PMMSY with a total cost of Rs.33.8 crores for implementation in all States and Union Territories for a period of 3 years.
ii.It is launched to improve the collection of information on the distribution and occurrence of aquatic animal diseases.
About PMMSY:
i.The Pradhan Mantri Matsya Sampada Yojana (PMMSY) is being implemented by the Department of Fisheries at a total estimated investment of Rs. 20,050 Crore for a period of 5 years from 2020-21 to 2024-25.
ii.The scheme aims to bring about the Blue Revolution (aquaculture production) through sustainable and responsible development of the fisheries sector in India.
iii.PMMSY is designed to address critical gaps in the fisheries value chain from fish production, productivity, and quality to technology, post-harvest infrastructure, and marketing.

China’s OrienSpace Launches its Maiden Rocket Gravity-1OrienSpace, a Chinese space startup firm has launched its maiden rocket Gravity-1(Yinli-1) from Defu-15002 the mobile sea platform off the coast of Haiyang (Yellow Sea) in the eastern Shandong province of China.

  • Gravity-1 carried three Yunyao-1 weather satellites to 500km low earth orbit(LEO).

About the Gravity-1 rocket:
i.Gravity-1 is a three-stage solid fuel-propelled rocket that can carry a payload of up to 6,500 kg into LEO and 4200 kg into sun-synchronous orbit, making it the most powerful launch vehicle developed by a private Chinese enterprise.

  • The medium-sized rocket stands 30 meters high, and its core stages and boosters are 2.65 meters in diameter.
  • Gravity-1 has the capability to deploy up to 30 satellites in a single launch.

ii.The satellites deployed through the launch were built by Changguang Satellite Technology (a Chinese State-owned enterprise) and will be operated by Tianjin Yunyao Aerospace Technology for meteorological analysis and forecasting, spatial environmental detection, and ground disaster research and prevention.
iii.Orienspace’s successful launch of Gravity-1 establishes them as the fifth private Chinese company to operate their own carrier rocket, following i-Space, Galactic Energy, Space Pioneer, and LandSpace
iv.The mission is the ninth sea-based rocket launch in China.

Union Minister Giriraj Singh Releases “Panchayats Free From GBV – A Handbook for Elected Representatives”
Union Minister Giriraj Singh, Ministry of Panchayati Raj (MoPR) released a handbook titled “Panchayats Free From Gender-Based Violence (GBV) – A Handbook for Elected Representatives” during the virtual inauguration of the one-day National Workshop n Role of Panchayati Raj Institutions in Addressing Gender-Based Violence (GBV) in New Delhi, Delhi.

  • The workshop was organized by the MoPR in collaboration with the United Nations Population Fund (UNFPA) India in New Delhi, Delhi.
  • The book was released in the presence of Vivek Bharadwaj, Secretary, MoPR; Dr. Chandra Shekhar Kumar, Additional Secretary, MoPR; Ms. Andrea M. Wojnar, Resident Representative for UNFPA.

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Current Affairs Daily Digest – 12 January 2024

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MoT & MoEF&CC Conducts Training Program in Chilika Lake under Amrit Dharohar Capacity Building Scheme Ministry of Tourism (MoT) in collaboration with the Ministry of Environment, Forest & Climate Change (MoEF&CC) has launched the fifth training program under the Amrit Dharohar Capacity Building Scheme in Chilika Lake, a Ramsar Site in Odisha on 6th January 2024.

  • Under this initiative, two training programmes of 15 days each namely the Alternative Livelihood program (ALP), and the Paryatan Navik Certificate (PNC) will be conducted.
  • Capacity building is the main part of the Amrit Dharohar scheme which promotes unique conservation values of Ramsar Sites.

About Ramsar Bureau:
Secretary General – Musonda Mumba
Headquarters – Gland, Switzerland
i.Ramsar Sites are wetlands of international importance under the Ramsar Convention on Wetlands (1971). It is named after the city of Ramsar in Iran.
ii.As of January 2024, there are 75 Ramsar Sites in India.

MoHFW Notifies Revised Pharma Manufacturing Rules under Schedule M to Ensure Quality ControlThe Ministry of Health and Family Welfare (MoHFW) notified the revised Pharma manufacturing rules under Schedule M guidelines of the Drugs and Cosmetics Rules, 1945, in the Gazette of India to ensure robust quality control for pharma and biopharmaceutical products.

  • Schedule M prescribes Good Manufacturing Practices (GMP) for pharmaceutical products. The revised Schedule M will upgrade the GMP in India to global standards.
  • The revised Schedule M has been notified as rules to ensure ‘Good Manufacturing Practices (GMP) and Requirements of Premises, Plant and Equipment for Pharmaceutical Products.’

Note: Schedule M part of the Drugs and Cosmetics Act 1940 deals with ‘GMP’ to be followed by pharmaceutical manufacturing units in India.
Objective: This aims to ensure compliance with the standards of drugs, promoting exports, and building trust in the quality of drugs manufactured and sold.
Revised Schedule M:
i.After consultation with the Drugs Technical Advisory Board (DTAB), the Central government notified the revised rules under the Drugs (Amendment) Rules, 2023.
ii.The revised Schedule M includes the following for the adoption of quality standards on par with the international standards:

  • Introduction of a Pharmaceutical Quality System (PQS);
  • Retesting of expired Active Pharmaceutical Ingredients (APIs);
  • Annual Product Quality Review (PQR);
  • Quality Risk Management (QRM);
  • Guidelines for equipment qualification and validation;
  • A computerized storage system for all drug products.

iii.The revised Schedule M has 13 parts that provide GMP guidelines for the specific requirements for manufacturing pharmaceutical drugs.
iv.The revised guidelines require the applicability of World Health Organisation (WHO) guidelines on water and Heating, Ventilation, and Air-Conditioning (HVAC) systems.
v.The revised rules are to be implemented based on company turnovers:

  • The medium and small manufacturers including those with an annual turnover of less than Rs. 250 crores will have to implement the revised rules within 12 months from the date of publication;
  • Large manufacturers with an annual turnover of over Rs. 250 crore will be given 6 months to implement the changes.

New Categories:
The revised rules introduce 5 new categories of drugs including pharmaceutical products containing hazardous substances such as:

  • Sex hormones; Steroids (anabolic and androgenic); Cytotoxic substances; Biological products; Radiopharmaceuticals, Phytopharmaceuticals, and Investigational pharmaceutical products for human clinical trials.

GMP:
GMPs are mandatory standards that build and bring quality into products by controlling materials, methods, machines, processes, personnel, and facility/environment.
It was first incorporated under Schedule M of the Drugs and Cosmetics Rules, 1945 in 1988, and the last amendment was done in June 2005.
Points to note:
i.India is a major exporter of medicines to low and middle-income countries which require WHO-GMP certification.
ii.On August 2, 2023, the MoHFW set a 6-month deadline for small manufacturers and 12 months for large units to get their WHO-GMP certification.

DGCA Revises New Flight Duty Time Rules for Flight Crew to Reduce Pilot Fatigue & Enhance Flight SafetyThe Directorate General of Civil Aviation (DGCA) has introduced substantial revisions to its Flight Duty Time Limitations (FDTL) Regulations’ to address fatigue among pilots and crew and enhance overall flight safety.

  • The revised FDTL Regulations include increased rest periods, redefining night duty, and regular fatigue reports to be shared by airlines.
  • The crucial changes implemented in FDTL regulations for flight crew, align with global standards to ensure aviation safety.

Timeline: The revised FDTL regulations are effective immediately, and compliance is mandatory by June 1, 2024.
Revised Regulations:
i.DGCA has increased the mandatory weekly rest period for flight crew to 48 hours from the previous 36 hours.
ii.DGCA also cut the maximum flight duty period to 10 hours from 13 hours for pilots working at night (between 12 AM and 6 AM).

  • It also limited the number of flight landings during this period to 2, from 6, during night operations.

iii.The definition of night has also been adjusted, now spanning 12 AM to 6 AM compared to the previous 12 AM to 5 AM.

  • This adjustment of 1 hour during the early morning will facilitate adequate rest and synchronize the night duty period, particularly within the Window of Circadian Low (WOCL) spanning from 0200-0600 hours.

iv.The revised regulations have also taken into consideration different types of operations across time zones.

  • Maximum Flight Time: Limited to 8 hours during flight operations encroaching night.
  • Maximum Flight Duty Period: Restricted to 10 hours for night operations.

v.DGCA mandates that all airline operators must submit quarterly fatigue reports after thorough analysis, including the Action Taken on such reports.

  • Further, it has been stipulated that the fatigue reports shall follow a non-punitive and confidentiality policy.

vi.DGCA has capped the maximum flight time for flights exceeding 14 hours at 17 hours and mandated airlines to provide a minimum rest period of 120 hours after each flight.

  • After 2 consecutive Ultra Long Range (ULR) flights, the mandated rest period increases by 24 hours.

Fatigue Risk Management System (FRMS):
In addition, DGCA will soon transition towards the adoption of a new regime of fatigue management i.e. Fatigue Risk Management System (FRMS), which will be a data-driven approach to enhance monitoring of flight crew fatigue.
About Directorate General of Civil Aviation (DGCA):
DGCA is an attached office of the Ministry of Civil Aviation.
Director General– Vikram Dev Dutt
Headquarters– New Delhi, Delhi

ICG & SAIL Signs MoU to Increase Indigenous Content Ship
Indian Coast Guard (ICG) and the Steel Authority of India Limited (SAIL) have signed a Memorandum of Understanding (MoU) to enhance the Indigenous Content (IC) in the ship of ICG  in New Delhi, Delhi.

  • As per the MoU, SAIL will supply indigenous marine-grade steel to Indian shipyards, for ICG Ships.
  • The MoU was signed in the presence of Rakesh Pal, Director General Indian Coast Guard (DGICG).

About  Steel Authority of India Limited (SAIL):
SAIL is a Maharatna Central Public Sector Enterprise (CPSE) functioning under the Ministry of Steel(MoS)
Chairman – Amarendu Prakash
Headquarters – New Delhi, Delhi
Established in – 1973

Indore, Bhopal, Udaipur nominated for International Wetland City AccreditationMinistry of Environment, Forest and Climate Change (MoEF&CC) has nominated three Indian cities viz. Indore and Bhopal in Madhya Pradesh (MP) and Udaipur in Rajasthan for the Wetland City Accreditation (WCA) scheme under the Ramsar Convention. These are the 1st three Indian cities to be nonimated for WCA.
About WCA:
The WCA is a voluntary accreditation system established by the Ramsar Convention during the Conference of the Contracting Parties (COP) 12, 2015
i.Aim:
To recognize cities that have taken exceptional steps to safeguard their urban wetlands.
To promote conservation and wise use of urban and peri-urban wetlands as well as sustainable socio-economic benefits for local populations.
ii.Criteria: The get accreditation, the candidates must satisfy 6 international criteria which includes presence of Ramsar Sites or other significant wetlands in its territory or in its close vicinity.
iii.Accredited cities: The convention has recognised 18 cities during COP13  and 25 cities during COP14. These 43 cities includes 13 from China and 6 from France.
Key Points:
i.The wetlands situated in and around the nominated Indian cities are
Indore – SirpurWetland (Ramsar site); Yashwant Sagar (Ramsar site)
Bhopal- Bhoj Wetland (Ramsar site),
Udaipur – surrounded by 5 major wetlands, namely, Pichola, Fateh Sagar, Rang Sagar, Swaroop Sagar, and Doodh Talai
ii.Indore, founded by Holkar Dynasty, is the cleanest city in India and the recipient of India’s Smart City Award 2023. Bhopal is the 6th cleanest city in India.
About Ramsar Convention:
Ramsar Convention (Convention on Wetlands of International Importance) is an intergovernmental treaty adopted on February 2, 1971, in the city of Ramsar, on the shores of the Caspian Sea, in Iran.

  • It provides a framework for the conservation and sustainable use of wetlands and their resources across its 172-member countries including India.
  • At present, 75 wetlands in India are protected under the treaty.

Secretary General– Dr Musonda Mumba
Headquarters– Gland, Switzerland.

Indian Navy’s P-8I Participates in 4th Edition of ASW Exercise Sea Dragon 24 at Guam, USAThe Indian Navy’s (IN) P8I aircraft participate in the on-going 4th edition of the anti-submarine warfare (ASW) ‘Exercise Sea Dragon 24’ from January 10th to January 22nd, 2024, held at Anderson Air Force Base in Guam, United States of America (USA).
About Sea Dragon 24:
i.Sea Dragon is an annual, multinational ASW exercise for Long Range Maritime Reconnaissance (MR) ASW aircraft conducted by the US Navy.
ii.Participants: Six countries that are participating in the exercise are India, USA, Australia, Japan, Canada, and the Republic of Korea (South Korea).
iii.Under the exercise, the coordinated ASW will be held by two Royal Australian Air Force (RAAF) P-8A Poseidon aircraft and 51 personnel.

  • US Navy P-8A Poseidon, Republic of Korea Navy P-3CK Orion, Royal Canadian Air Force’s CP-140 and Japan Maritime Self-Defense Force Kawasaki P-1 aircraft are also participating in the exercise.

iv.A series of flying missions will be conducted to track, identify and target submarine vessels.
v.The exercise also acts as a platform to enhance synergy and interoperability among participating navies.
About Indian Navy(IN):
Chief of the Naval Staff (CNS) – Admiral Radhakrishnan Hari Kumar
Headquarters – New Delhi, Delhi
Established in – 1950

Zerodha Fund House Launches India’s 1st Growth Liquid ETF Scheme Named ‘Zerodha Nifty 1D Rate Liquid ETF’Zerodha Fund House announced the launch of India’s 1st Growth Liquid Exchange-Traded Fund (ETF) – Zerodha Nifty 1D Rate Liquid ETF, that offer a Growth Net Asset Value (NAV).
About Zerodha Nifty 1D Rate Liquid ETF:
i.The new scheme follows Nifty 1D Rate Index, which measures the returns generated by market participants lending in the overnight market, as its benchmark.
ii.The scheme is designed to prioritize liquidity while maintaining a relatively low-risk profile.
iii.The fund is expected to be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) exchanges by the 24th January 2024.
Note: It is a simple ETF for effectively parking and managing extra cash. The New Fund Offer (NFO) is open for public subscription until 12 January 2024.
Objective: To mirror the total returns of securities represented by the Nifty 50 Total Returns index before expenses, subject to tracking errors, fees, and expenses.
Key Points:
i.The scheme invests in overnight instruments such as Tri-Party Repo on Government Securities or Treasury Bills Repurchase (TREPS), T-bills, Reverse repo, Cash and Cash equivalents, and G-Sec(s) traded on the Clearing Corporation of India Ltd (CCIL) platform.
ii.Unlike other ETFs that face continuous taxation due to dividend payouts, Zerodha Nifty 1D Rate Liquid ETF incurs taxes only when the ETF is sold.
Benefits:
i.This ETF proves to be an excellent choice for investors/Traders those with surplus funds seeking both liquidity and growth in a short period.
ii.It offers a simple and effective way to manage cash with a relatively low interest rate and credit risk.
iii.Investors can initiate their investment in Zerodha Nifty 1D Rate Liquid ETF through their preferred stock brokers.
iv.Investors can invest under the scheme with a minimum application amount of Rs. 500 per plan/option and in multiples of Re 1.

  • There is no upper limit for investment.

v.To further enable more retail investors, the ETF will have a lower ticket size, starting with an NAV of 100.
About Zerodha Fund House:
Zerodha Fund House, an Asset Management Company (AMC), is a joint venture (JV) between Zerodha Broking Limited and Smallcase Technologies Pvt Ltd.
Chief Executive Officer (CEO) and Sales Head- Vishal Jain
Headquarters– Bengaluru, Karnataka
Incorporated in– 2021

Karnataka Bank & Digivriddhi Partners to offer Financial Service to Dairy Farmers Karnataka Bank Limited (KBL) has partnered with Digivriddhi Technologies Private Limited (DGV) to offer financial services to support the requirements of dairy farmers and Dairy Societies.

  • The services will be offered to the Village Dairy Co-operative Societies, associated with Milk unions of Karnataka Milk Federation (KMF).

Key Points:
i.This partnership with DGV will enable the KBL to offer seamless and innovative end-to-end digital product for dairy farmers.
ii.This partnership will also provide access to institutional credit, ease and digitise payment across the dairy value chain.
iii.Initially, the services are now made available to milk societies associated with Chamarajnagar Milk Union and will be expanded to other milk unions in the near future.
Products of DGV:
i.DGV PAY – Simplify payments value chain for dairy farmers and micro-enterprises
ii.DGV MONEY – Facilitate digital working capital and bovine loans to farmers using its unique underwriting mechanism.
iii.DGV CONNECT – address the gaps in bovine discovery, pricing and productivity with embedded financing options
About Karnataka Bank Limited(KBL):
Managing Director(MD) & Chief Executive Officer(CEO) – Srikrishnan Harihara Sarma
Headquarters – Mangaluru, Karnataka
Established in – 1924
Tagline – Your Family Bank Across India
About Digivriddhi Technologies Private Limited (DGV):
DGV is India’s first integrated dairy fintech and marketplace platform.
Founder and MD & CEO- Ragavan Venkatesan
Headquarters – Bengaluru, Karnataka
Established in – 2019

WB forecasts 2024 Global Growth to slow for 3rd Consecutive Year to 2.4%; India to Grow at 6.4% in FY25i.On January 9, 2024, the World Bank (WB) has released its ‘January, 2024 Global Economic Prospects‘ (GEP) report projecting a third consecutive year of slowdown for global Gross Domestic Product (GDP) growth with a decrease to 2.4% in 2024. It was 2.6% in 2023, 3% in 2022 and 6.2% in 2021.
ii.Notably, the growth in 2020-2024 period is weaker than the years around 2008-2009 global financial crisis, the late 1990s Asian financial crisis and downturns in the early 2000s.
iii.The report forecasts 2025 global growth slightly higher at 2.7%, but this was marked down from a June forecast of 3% due to anticipated slowdowns among advanced economies.
iv.The WB has kept India’s GDP growth forecast unchanged at 6.3% for FY23-24 and 6.4% for FY24-25 driven by robust investment and services. It will edge up to 6.5% in FY26.
About World Bank (WB):
President (WB Group)– Ajay Banga
Establishment– 1944
Headquarters– Washington D.C, United States (US)
Members– 189 member states

Indra Mani Pandey appointed as 4th SG of BIMSTEC; becomes 1st Indian to hold the post On 4th January 2024, Ambassador Indra Mani Pandey took charge as the 4th Secretary General (SG) of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
i.With this, Pandey becomes the first Indian to hold the post. He will remain SG for a period of 3 years.
ii.He succeds Tenzin Lekphell of Bhutan, who served as the 3rd SG of BIMSTEC from 6 November 2020 to 5 November 2023.
Note: Pandey has been serving as the Permanent Representative of India to the United Nations(UN) and other International Organisations in Geneva, Switzerland since September 2020.
About Indra Mani Pandey:
i.Indra Mani Pandey is an Indian Foreign Service (IFS) Officer of 1990 batch.
ii.Before his appointment as Permanent Representative of India to the UN, he served as Additional Secretary in Ministry of External Affairs(MEA) in-charge of Disarmament & International Security Affairs Division.
iii.He also served as:

  • Ambassador of India to the Sultanate of Oman from 2015 to 2018;
  • Deputy Ambassador of India to France from 2013 to 2015;
  • Consul General of India at Guangzhou in China;
  • Counselor (disarmament) at the Permanent Mission to the Conference on Disarmament from September 2003.

iv.He served in various capacities at Indian Missions in Cairo (Egypt), Damascus (Syria), Islamabad (Pakistan), and Kabul (Afghanistan) and Permanent Mission of India to Conference on Disarmament in Geneva.
About Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC):
BIMSTEC, a regional organisation, was established as BIST-EC (Bangladesh-India-Sri Lanka-Thailand Economic Cooperation) on 6th June 1997 with the signing of Bangkok Declaration.
Renamed as BIMSTEC on 22nd December 1997 after the admission of Myanmar.
Current Members: Bangladesh; Bhutan; India; Myanmar; Nepal; Sri Lanka and Thailand.
Secretary General– Indra Mani Pandey
Director General– Mr. Abdul Motaleb Sarker
Headquarters– Dhaka, Bangladesh

LIC to pick up to 10% equity stake in NHB promoted ‘RMBS’ entity
On January 8, 2024, the Board of Directors of Life Insurance Corporation of India (LIC) approved the  proposal to acquire up to 10% equity stake in a company promoted by the National Housing Bank (NHB). The investment in the NHB promoted company would focus on residential mortgage-backed securities (RMBS).

  • RMBS are debt-based assets/bonds secured by interest from residential loans (Home loans), making them generally considered a safer investment than some other asset types.
  • RMBS comprises various tranches with different credit ratings reflecting risk and seniority. Investors receive monthly interest and principal payments from the pooled mortgages.

CCI Approved Acquisition of 30% Stake in Signet by IMCD India
The Competition Commission of India (CCI) has approved the acquisition of the remaining 30% paid-up share capital in Mumbai(Maharashtra) based Signet Excipients Private Limited (Signet) by Mumbai-based IMCD India Private Limited (IMCD India).

  • IMCD India is currently holding 70% paid-up share capital in Signet since 2020; whereas the remaining 30% of the share capital is held by the promoters.
  • The acquisition will be exercised through a call option.

Note: IMCD India is an indirect wholly-owned subsidiary of Dutch-based IMCD NV.

Union Minister Bhupendra Yadav launches book titled ‘Modi: Energising a Green Future’ by
The Union Minister Bhupender Yadav, Ministry of Environment, Forest and Climate Change (MoEF&CC) unveiled a book titled “Modi Energising A Green Future”, published by Pentagon Press in association with Dr. Shyama Prasad Mookerjee Reserach Foundation.
The book analyzes PM Narendra Modi’s environmental leadership, highlighting India’s ambitious contributions to a sustainable and eco-friendly future.

  • The book was edited by RK Pachnanda, former chairman of the Haryana Electricity Regulatory Commission, Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister(PM), Anirban Ganguly, and Uttam Kumar Sinha.
  • The contributors of the book includes Union Minister Bhupender Yadav; Manohar Lal, Chief Minister of Haryana; and others.

National Road Safety Week – January 11 to 17 2024National Road Safety Week is annually observed across India from 11–17 January to raise awareness about the importance of road safety and highlight the significance of road safety measures to prevent and reduce road accidents and save lives.

  • It emphasises the importance of responsible driving, pedestrian safety, and the need for improved road infrastructure.
  • 2024 marks the observance of the 35th National Road Safety Week.

The annual observance is led by the Ministry of Road Transport and Highways (MoRTH) to promote road safety practices.
Note: The National Safety Council of India (NSC), under the Ministry of Labour & Employment(MoLE), also organises the National Road Safety Week.
Background:
i.The National Road Safety Week was introduced by the Ministry of Road Transport and Highways (MoRTH) in 1989.
ii.The first-ever National Road Safety Week was observed by the MoRTH in 1989.
National Road Safety Month (RSM):
i.This is an annual observance introduced by the MoRTH to sensitize citizens and road users about the severity of the challenges of road safety.

  • In 2024 the National RSM will be observed from the 15th January to 14th February 2024.

Key Facts:
i.According to the “Road Accidents in India-2022” report released by the MoRTH:

  • In the calendar year 2022, there were 4,61,312 road accidents reported, which claimed 1,68,491 lives, and caused injuries to 4,43,366 persons.
  • This marks an 11.9% increase in accidents, 9.4% in fatalities, and 15.3% in injuries from 2021.

ii.This report is derived from data provided by the police departments of States/Union Territories on a calendar year following the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).

  • This information is part of the Asia Pacific Road Accident Data (APRAD) base project.

UN’s Global Road Safety Week:
The United Nations Global Road Safety Week (UNGRSW) is a biennial campaign that aims to raise awareness of road safety and reduce the number of road deaths.

  • This week-long event is observed across the globe in May. In 2023, it was observed from 15-21 May 2023.

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Current Affairs Daily Digest – 11 January 2024

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First Meeting of IWDC commits Rs 45,000 crore for development of River Cruise TourismOn 8th January 2024, the first meeting of Inland Waterways Development Council (IWDC), chaired by the Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping & Waterways(MoPSW), committed an investment of Rs 45,000 crore for development of river cruise tourism in India.

  • Rs 35,000 crore of this sum has been allocated for cruise vessels and Rs 10,000 crore is set aside for development of cruise terminal infrastructure by 2047(end of Amrit Kaal).
  • The Union Minister also launched ‘Harit Nauka– Guidelines for Green Transition of Inland Vessels’ and ‘River Cruise Tourism Roadmap, 2047’ during the meet.

i.The meeting was held on board vessel MV Ganges Queen at the Kolkata Dock Complex in Kolkata, West Bengal.
ii.The meeting was organised by the Inland Waterways Authority of India(IWAI), nodal agency for inland waterways in India, under MoPSW.
About Ministry of Ports, Shipping, and Waterways:
Union Minister – Sarbananda Sonowal, (Rajya Sabha Constituency – Assam)
Minister of State (MoS) – Shripad Yesso Naik; Shantanu Thakur

Overview of EAM S Jaishankar’s visit to Nepal on 4 & 5 January 2024The Union External Affairs Minister (EAM) Dr. Subrahmanyam Jaishankar visited Nepal on 4 & 5 January 2024. He was invited by the Foreign Minister of Nepal, Narayan Prakash Saud to co-chair the 7th India-Nepal Commission meeting in Kathmandu.
Highlights:
i.Nepal inked long term power deal with India to export 10000 MW electricity over 10 years.
ii.India and Nepal signed four major agreements that deal with areas such as renewable energy, power, space and technology and for implementing High Impact Community Development Projects (HICDPs).
iii.India will extend financial assistance of USD 75 million to Nepal for reconstruction efforts in earthquake hit-areas.
About Nepal:
Prime Minister – Pushpa Kamal Dahal ‘Prachanda’
Capital – Kathmandu
Currency – Nepalese Rupee (NPR)

India to Chair & Host UNESCO’s World Heritage Committee in July 2024India is set to chair and host the 46th session of the UNESCO (United Nations Educational, Scientific and Cultural Organization) World Heritage Committee from July 21–31, 2024 in New Delhi, Delhi.

  • This marks the first time for India to chair and host the UNESCO heritage committee.

Note: During the 19th Extraordinary session, the World Heritage Committee decided that the 46th session will take place in India.
Bureau Members:
Chairperson–  Vishal V Sharma(Permanent Representative of India to UNESCO)
Rapporteur: Mr Martin Ouaklani (Belgium)
Vice–Chairpersons: Bulgaria, Greece, Kenya, Qatar, Saint Vincent and the Grenadines
Key Points:
i.The World Heritage Committee determines inclusions, additions, and removals from the World Heritage List and the List of World Heritage in Danger.
ii.The committee meets once a year, and consists of representatives from 21 member states
iii.UNESCO is a specialised agency of United Nations that aims at promoting the world peace and national security through international cooperation in education, arts, science and culture.
Additional info:
The 45th session of the UNESCO World Heritage Committee was chaired and hosted by Saudi Arabia in Riyadh.
Chairperson- Dr Abdulelah Al-Tokhais
About United Nations Educational, Scientific and Cultural Organization (UNESCO):
UNESCO’s Constitution was adopted in London (United Kingdom) in 1945, it entered into force in 1946.
Director-General– Audrey Azoulay
Headquarters– Paris, France

IndusInd Bank introduces Samman RuPay Credit Card for Government EmployeesIndusInd Bank Limited in collaboration with National Payments Corporation of India (NPCI) has launched the Unified Payments Interface (UPI)-enabled ‘IndusInd Bank Samman RuPay Credit Card’ for government sector employees. 
About the card:
i.The contactless credit card enhances the day-to-day transactional experience of the cardholders thereby offering them a multitude of convenient payment options.
ii.The card offers 1% cashback on retail spends in every statement cycle.
iii.The cardholders are eligible for 1% Railway surcharge waivers for transactions made through the Indian Railway Catering and Tourism Corporation (IRCTC).
iv.The cardholder can also avail 1%  Waivers on  fuel surcharges.
v.The cardholders need not pay any additional charges to withdraw cash withdrawal using the card.
About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer
About National Payments Corporation of India (NPCI):
Managing Director(MD) & Chief Executive Officer(CEO) – Dilip Asbe
Headquarters – Mumbai, Maharashtra
Established in – 2008
Established under –  Payment and Settlement Systems Act, 2007

IOB Introduced Savings Account Portability Online Scheme to Transfer Savings Account Online
Chennai (Tamil Nadu)-based public sector bank, Indian Overseas Bank (IOB) introduced a ‘Savings Account Portability Online’ scheme to simplify the savings account portability process for customers who move to different locations (for work or education).

  • The scheme aims to streamline the process, eliminating manual paperwork and reducing the waiting period to relocate bank accounts.
  • To initiate an account transfer, customers can access the ‘Transfer of Savings Accounts’ section on the IOB website (www.iob.in).

Gabriel Attal Appointed as Youngest-ever PM of France; PM Élisabeth Borne ResignsFrench President Emmanuel Macron has appointed 34-year-old Gabriel Attal as the New Prime Minister (PM) of France. With this, Attal becomes the youngest-ever PM of France since the founding of the French Fifth Republic in 1958. He is also the first openly gay PM of France.

  • Gabriel Attal replaces Élisabeth Borne, who resigned after 20 months in office on 8 January 2024. She was appointed as the PM of France in May 2022.
  • Prior to the appointment, Attal has been serving as the Minister of National Education and Youth (since July 2023).

Note:
i.The record of youngest PM of France was previously held by Laurent Fabius, who was 37 years old when he was named PM of France in 1984.
ii.Élisabeth Borne was the 2nd and longest serving female PM of France after Édith Cresson, the 1st female PM of France (May 1991- April 1992).
About Gabriel Attal:
i.Gabriel Attal joined the Socialist Party in 2006 and supported its presidential candidate, Ségolène Royal, in the 2007 election.
ii.In 2016, he left the Socialist Party and joined Emmanuel Macron’s nascent centrist political party En March, which later became La République En Marche (LREM).
iii.He was elected to the parliament in 2017 and became the youngest Cabinet member in 2018, serving as secretary of state for the youth.
iv.He served as government spokesperson from 2020 to 2022 and was then named budget minister.
v.He was elected to the Assemblée National in June 2023 and was appointed as a junior minister in the finance ministry and as Education Minister in July 2023.
About France:
President– Emmanuel Macron
PM– Gabriel Attal
Capital– Paris
Currency– Euro

ACC Acquires Remaining 55% Stake in ACCPL at an Enterprise Value of Rs. 775 Cr
ACC Limited, a subsidiary of Adani-owned Ambuja Cements Limited, acquired the remaining 55% stake (valued at Rs 425.96 crores) in Asian Concretes and Cements Private Limited (ACCPL) from its existing promoter at an enterprise value of Rs. 775 crores, making it a fully-owned subsidiary. The acquisition has been completely funded by internal accruals and includes cash and equivalents of Rs 35 crore with at Asian Concretes.

  • Prior to the acquisition, ACC Ltd held a 45% stake in ACCPL.
  • With this acquisition, ACC Ltd will add 2.8 million to its existing cement production capacity, taking it to a total of 38.55 million tonnes per annum (MTPA).
  • ACC Ltd when combined with Ambuja Cements Ltd (also referred to as Adani Cement), will increase ACC’s cement capacity and progress on the overall target of 140 MTPA capacity of Adani’s cement business by 2028 from the current 77.40 MTPA.

DRDO launches Assault Rifle ‘Ugram‘ for Indian ArmyThe Defence Research and Development Organisation (DRDO) launched the “Ugram (ferocious)” assault rifle for the Indian Army (IA).

  • It was unveiled by Shailendra Gade, the Director General of the Armament and Combat Engineering (ACE) system of the DRDO during a program organised at Armament Research and Development Establishment (ARDE), Pune, Maharashtra.

Developers:
It has been developed by Armament Research and Development Establishment (ARDE), Pune, Maharashtra and a Hyderabad-based private firm Dvipa Armour India Private Limited (DAIPL).
Features:
i.It is 7.62 x 51 mm caliber, weighs less than four kilograms, and has a 500-meter firing range. It has a 20-round magazine and fires in full auto mode.
ii.It has a rivet-free design.
iii.The rifle was developed based on the General Staff Qualitative Requirements (GSQRs) issued by the Indian Army for assault rifles.
Key Points:
i.This is the first time that DRDO lab has collaborated with a private industry to manufacture a 7.62 x 51 mm calibre rifle.
ii.The weapon will meet the operational requirements of the Indian armed forces, paramilitary forces and state police forces
iii.During the program, the small arms’ barrel manufacturing facility of ARDE was also inaugurated that will provide barrels for small arms’ manufacturing to both the Indian armed forces as well as to the private sector.
About Armament Research & Development Establishment (ARDE):
Director– Ankathi Raju
Headquarters– Pune, Maharashtra
Establishment– 1958

Swedish Researchers Developed Electronic Soil for Hydroponics
Researchers from Sweden’s Linköping University, have developed an electrically conductive growing medium called electronic soil (e-Soil) which finds its application in soil-less gardening or hydroponics.

  • The study on e-Soil was published in Proceedings of the National Academy of Sciences (PNAS), a peer reviewed journal of the National Academy of Sciences (NAS).

eSoil:
i.eSoil electrically stimulate the root system and growth environment of plants.
ii.By using  an organic mixed-ionic electronic conductor, e-soil surpasses the limitations of the commonly used mineral wool substrate in hydroponics.
iii.This environmentally friendly substrate derived from cellulose and a conductive polymer called Poly(3,4-ethylenedioxythiophene) (PEDOT).

Overview of India tour of South Africa 10th Dec 2023 – 7th January 2024The Indian cricket team toured South Africa from 10th December 2023 to 07th January 2024 to play Thee Twenty20 International (T20I), Three One Day International (ODI), and two test matches.

  • Indian cricket team won the ODI series while T20I and test series ended in a draw.
  • South African former Test captain Dean Elgar has announced his retirement from international cricket after the last test match against India.
  • South African batsman Heinrich Klaasen has announced his retirement from Test cricket. He continues to play in ODI and T20I matches.

About Board of Control for Cricket in India (BCCI):
President – Roger Binny
Secretary – Jay Shah
Headquarters – Mumbai, Maharashtra
Established – 1928

Music Maestro & Padma Awardee Ustad Rashid Khan Passed Away Renowned Hindustani classical singer and music maestro, and Padma awardee, Ustad Rashid Khan (55) passed away in Kolkata, West Bengal. He was born on 1st July 1968, in Badaun, Uttar Pradesh (UP).
About Ustad Rashid Khan:
i.Ustad Rashid Khan belongs to Rampur-Sahaswan gayaki (style of singing) which is related to the Gwalior gharana.
ii.He was the great-grandson of Inayat Hussain Khan who founded Rampur-Sahaswan style of singing.
iii.In 1994, ITC Sangeet Research Academy (SRA), Kolkata, acknowledged him as a musician at the academy.
iv.He also worked for Bollywood(Hindi) and Tollywood (Bengali) movies.
Awards:
i.Ustad Rashid Khan was awarded the Padma Shri, the fourth highest civilian award, in 2006 and Padma Bhushan, the third highest civilian award in 2022 in the field of arts.
ii.Rashid Khan received the Sangeet Natak Akademi Award in 2006 for his contribution to Hindustani vocal music.
iii.He also received the Global Indian Music Academy Awards (GIMA -2010), Maha Sangeet Samman Award (2012) and Mirchi Music Awards (2013).
Additional Info:
i.Through Shakhri Begum Memorial Trust, Rashid Khan created a musical village “Sangeet Graam” in Agartala, Tripura.
ii.He is the 31st generation of Mian Tansen, a legendary Hindustani classical musician who lived during the 16th century.

Renowned Hindi Poet Hariram Dwivedi Passed Away
Noted Hindi and Bhojpuri poet, lyricist and litterateur Pandit Hariram Dwivedi passed away in Uttar Pradesh (UP). He was born on 12th March 1936 in Sherwan village of UP.
i.Hariram Dwivedi was conferred with Sahitya Akademi’s Bhasha Samman 2013 for his contribution to Bhojpuri language and literature.
ii.He is known for his poetry collections like ‘Anganaiya’, ‘Nadiyan Gail Dubray’ and ‘Jeevandayini Ganga’.
iii.He also received awards such as Sahitya Bhushan, Hindi Sahitya Saraswat Samman, Rahul Sankrityayan.

World Hindi Day 2024- January 10World Hindi Day or Vishwa Hindi Diwas is annually observed across the globe on 10 January to highlight and educate the importance of the Hindi language and honour the contributions of Hindi speakers across the globe.

  • The Day is also a recognition of linguistic diversity, cultural heritage, and the impact of Hindi on a global scale.

Background:
i.The decision to designate January 10 as World Hindi Day was made during the meeting of the follow-up committee on the World Hindi Conference held on June 8, 2005.

  • The decision was made by then-Prime Minister of India, Dr. Manmohan Singh

ii.The first-ever World Hindi Day was celebrated on 10 January 2006.
iii.Since then, World Hindi Day has been celebrated by the Ministry of External Affairs (MEA), which organises events and activities to promote the language.

Odisha Govt Signs MoU with NDDB to Set up new GMP facility to Produce Anthrax & ENT VaccinesThe Fisheries and Animal Resources Development (ARD) Department of the Government of Odisha signed a Memorandum of Understanding (MoU) with the National Dairy Development Board (NDDB) for establishing a Good Manufacturing Practice (GMP) facility.

  • The GMP facility is for the production of Anthrax and Enterotoxaemia (ENT) vaccines at the Satellite Unit of Odisha Biological Products Institute (OBPI) in Berhampur.

Project Estimation:
i.The project is estimated with an investment of Rs 52.20 crore for the production of these vaccines.
ii.The construction work of the laboratory will be completed within 36 months.
Current Production Status:
The existing Satellite unit of OBPI in Berhampur currently produces:

  • 22 lakh doses of Anthrax Spore Vaccine (ASV); and
  • 14 lakh doses of ENT Vaccine (ENTV) annually using conventional methods.

Upgrading Technology:
The establishment of a GMP laboratory will adhere to the World Health Organisation (WHO) norms and the Drugs and Cosmetics Act 1940 of India for superior vaccine quality.

  • Once operational, it will produce 2 crore doses of ENTV and 50 lakh of ASV vaccines respectively.

Role of NDDB:
i.NDDB will provide consultancy and supervisory services for GMP unit setup.
ii.NDDB’s involvement includes overseeing trial runs and final commissioning of the plant.
Key Points:
The project is initiated under the 5T initiative to transform healthcare and disease management for livestock and poultry in Odisha.

  • The 5T initiative is a governance model in Odisha that stands for Teamwork, Transparency, Technology, Time, and Transformation.

About Odisha:
Chief Minister– Naveen Patnaik
Governor– Raghubar Das
Tiger Reserve–  Similipal Tiger Reserve and Satkosia Tiger Reserve
Wildlife Sanctuary– Satkosia Gorge sanctuary (Angul) and Nandankanan sanctuary (Bhubaneswar)
About National Dairy Development Board (NDDB):
Chairman– Dr. Meenesh C Shah
Headquarters– Anand, Gujarat
Established in– 1965

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Current Affairs Daily Digest – 10 January 2024

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Cabinet Approvals on 5th January 2024The Union Cabinet chaired by Prime Minister(PM) Narendra Modi has approved the following proposals on 5th January 2024,
i.Cabinet approves overarching scheme “PRITHvi VIgyan (PRITHVI)” of the Ministry of Earth Sciences
ii.Cabinet approves MoU between ISRO and MRIC concerning cooperation on the development of a Joint Small Satellite
iii.Cabinet approves signing of a MoU between USAID/India for supporting Indian Railways to achieve Mission Net Zero Carbon Emission
iv.Cabinet approves Ayodhya Airport as an International Airport & naming it as “Maharishi Valmiki International Airport, Ayodhyadham”
v.Cabinet approves signing of Memorandum of Understanding between India and Guyana on cooperation in the hydrocarbon sector
About Mauritius:
Capital– Port Louis
Currency– Mauritian rupee
President– Prithvirajsing Roopun

CBRE India’s report: Maharashtra Contributes Highest Share of MSMEs in India; TN & UP among top 3 According to a report titled MSMEs: Unleashing the Engines of Economic Prosperity, prepared by CBRE India Research, Maharashtra has accounted for the highest share (17%) of Micro, Small, and Medium Enterprises (MSMEs) in India followed by Tamil Nadu (TN) (10%) and Uttar Pradesh (UP) (9%).

  • The report was unveiled during the CREDAI National New India Summit 2024 (5th edition) held in Varansi, UP from 7th to 9th January 2024.
  • CBRE India Research is the knowledge partner of the New India Summit 2024.

Points to note:
i.According to the report, Maharashtra, TN, and UP contributed to nearly 40% of the total MSMEs registered in India.

  • Maharashtra holds 38.09 lakh MSMEs, followed by Tamil Nadu (TN) with 22.32 lakh MSMEs, and UP stands out with 20.95 lakh registered MSMEs.

ii.Rajasthan with 16 lakh and Gujarat with 15.96 lakh MSMEs were the other top destinations for registered units in India.
Note: As of 8 January 2023, official data from the Ministry of MSME reveals a substantial presence of 2.21 crore registered MSMEs, excluding Udyam Assist Portal registrations.
Key Contributions of MSMEs in India:
i.The MSME sector plays a vital component in the economic progress of India, contributing nearly 30% to India’s Gross Domestic Product (GDP), and about 44% of Exports in India.

  • UP in particular has a 90-lakh MSME base and contributes around 14% share of India’s total MEMEs.

ii.The development of MSME is crucial to achieving financial inclusion and generating significant employment opportunities across urban and rural areas.
Udyam Scheme’s Impact:
i.This report emphasises the pivotal role played by the Udyam scheme, a government initiative designed to promote and foster the growth of MSMEs.
ii.MSME clusters have emerged in cities like Agra, Kanpur, Varanasi, Lucknow, Meerut, and Ghaziabad.

  • The Udyam scheme plays a pivotal role, in facilitating widespread enrollment across these cities.

Sector-wise Opportunities:
i.The report highlights the construction sector, contributing approximately 8% to the GDP, as a strategic opportunity for Indian MSMEs.
ii.Unorganized firms in the construction sector are expected to benefit by registering under the MSME ambit.
iii.Integration of digitization, traditional banking, and open protocols has created a more inclusive financing ecosystem.

Coal India Limited signs MoU with NSDC for Establishing Multi Skill Development InstitutesCoal India Limited (CIL) and the National Skill Development Corporation (NSDC) have signed a Memorandum of Understanding (MoU) to establish Multi Skill Development Institutes (MSDIs) in each subsidiary companies of CIL.

Note: CIL is a Maharatna Public Sector Undertaking (PSU) under the Ministry of Coal and NSDC is a not-for-profit public limited company set up by the Ministry of Finance as Public-Private Partnership (PPP) model.
Phased Implementation:
As per the MoU, MSDIs will be established in each CIL’s subsidiaries starting with, Central Coalfields Limited (CCL); Bharat Coking Coal Limited (BCCL); Mahanadi Coalfields Limited (MCL); Northern Coalfields Limited (NCL); and South Eastern Coalfields Limited (SECL) in the 1st phase.

  • The remaining subsidiaries will be covered in the subsequent phase.

Repurposing Existing Infrastructure:
Existing infrastructure within CIL subsidiaries will be repurposed and developed to serve as MSDIs. The project encompasses:

  • One-time capital expenditure (capex) for repurposing existing infrastructure as MSDIs;
  • Annual Recurring and Project Monitoring Unit (PMU) expenses.

Note: This initiative reflects CIL’s commitment to fostering skill development and creating sustainable employment for the local youth in coal-bearing areas.
CIL Signs MoU with EdCIL for Digitizing Education in 11 districts of Jharkhand
CIL  signed a MoU with EdCIL (India) Limited to digitise education in 11 districts of Jharkhand. The MoU was signed as a part of CIL’s Corporate Social Responsibility (CSR) initiative.

  • The project will be implemented in the 11 districts of Jharkhand with mining areas of 3 subsidiaries of CIL namely Eastern Coalfields Ltd (ECL), Bharat Coking Coal Ltd (BCCL), and Central Coalfields Ltd (CCL).
  • The estimated cost of the project is Rs 27.08 crore and will be implemented over 3 years.

Objective:
The initiative in line with the New Education Policy (NEP) 2020, aims to empower students with rich educational content, improving learning outcomes in schools around the coal mining areas of CIL subsidiaries ECL, BCCL, and CCL in Jharkhand.
Key Project Details:
i.As a part of this project, one smart classroom and one Information & Communication Technology (ICT) lab will be set up in each identified school.
ii.The project also includes provisions for teacher training and 3 years of maintenance of the installed equipment.
Key People:
The MoUs were signed in the presence of Rupinder Brar, Additional Secretary, Ministry of Coal; Vinay Ranjan, Director (Personnel and Industrial Relations), CIL and Manoj Kumar, Chairman and Managing (CMD) Director, EdCIL (India) Ltd.

Individual Income Inequality has declined during FY14-FY22: SBI ERD Reporti.On January 8, 2023, the State Bank of India (SBI) Economic Research Department (ERD) released a report titled ‘SBI Research: Debunking K-shaped recovery‘ which stated that individual income inequality in India has declined during 2013–2014(FY14) to 2021–2022(FY22).
ii.The Gini coefficient of taxable income, which captured income inequality, dropped from 0.472 to 0.402 during this period.
iii.36.3% taxpayers moved to higher income groups, leading to a 21.3% income increase.
iv.Top 2.5% taxpayers’ share dropped from 2.81% to 2.28% (2014–2021).
About State Bank of India(SBI):
Chairman– Dinesh Kumar Khara
Establishment– 1955
Headquartered– Mumbai, Maharashtra
Tagline – The Banker to Every Indian

RBI doubles Minimum Capital Requirement to Rs 200 cr for SFBs On January 8, 2024, the Reserve Bank of India (RBI) increased the minimum capital requirement for Small Finance Banks (SFBs) from Rs 100 crore to Rs 200 crore, and permitted Payments Banks to upgrade as SFBs.

  • The reason behind this is to improve the financial resilience of SFBs and ensure their long-term sustainability.
  • It is noted that the net worth of all operational SFBs is in excess of Rs 200 crore.

Key Points:
i.Urban Co-operative Banks (UCBs) transitioning to Small Finance Banks (SFBs) need an initial net worth of Rs 100 crore, to be increased to Rs 200 crore within five years.
ii.Payments Banks, eligible as per guidelines, can apply for SFB conversion after five years of operation.
iii.SFBs will be granted scheduled bank status immediately upon commencement of operations, and will get immediate general permission to open banking outlets.
iv.The key difference between SFBs and Payments Bank is that the latter is not allowed to do lending.

  • SFBs can provide basic banking services like lending and accepting deposits. SFBs target customers like small farmers, small businessmen, unorganized workers, and micro small and medium enterprises.
  • Payment Banks offer limited banking services, such as debit card issuance, remittances, and deposit accounts.

About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Headquarter– Mumbai, Maharashtra
Establishment– April 1, 1935

Overview of 81st Golden Globe Award 2024: Christopher Nolan’s “Oppenheimer” bagged 5 Awards81st edition of Golden Globe Awards (2024) held on 8th January, 2024 at the Beverly Hilton in Beverly Hills, California, United States of America (U.S.A.).
i.Five-time Oscar nominee Christopher Nolan’s film “Oppenheimer” steals the entire spotlight at 81st Golden Globe Awards by securing 5 awards in coveted categories such as: Best Film in Drama, Best Actor in Drama, Best Supporting Actor and for best original score by Ludwig Goranson.

  • Christopher Nolan won his career 1st Golden Globe Award for Best Director for his film “Oppenheimer”. Though, he was nominated for Golden Globe 6 times.

ii.Cillian Murphy won the Golden Globe for best male actor in Drama for his role as the father of the atomic bomb ”J. Robert Oppenheimer”.
iii.Lily Gladstone won best female actor in Drama for Martin Scorsese’s Killers of the Flower Moon.
iv.Greta Gerwig’s film Barbie became the 1st film to win “Cinematic and Box Office Achievement” at Golden Globes.
About Golden Globe Awards:
Golden Globe Awards are one of the most prestigious awards given in both American and international film and television.

  • 1st Golden Globe Award held in 1944.
  • The Awards were founded and presented annually by Hollywood Foreign Press Association (HFPA).

Bengali Writer Shirshendu Mukyopadhyaya Named for 2023 Kuvempu Award
Bengali writer and novelist, Shirshendhu Mukyopadhyaya (87), has been honoured with the Kuvempu Rashtriya Puraskar 2023 by the Rashtrakavi Kuvempu Trust.

  • The award recognises the litterateurs who had contributed to any language recognised by the constitution of India.
  • The award includes a cash award of Rs 5 lakh, a silver medal and a citation.

Note: The annual award was instituted in 2013 as a tribute to the late Kannada poet Kuvempu.
About Shirshendhu Mukyopadhyaya:
He has authored more than 90 books, including travelogues and fiction for children.
He received the Sahitya Akademi Award in 1989 for his novel Manabajamina and became a fellow of the Sahitya Akademi in 2021.

Justice BR Gavai Nominated As Chairperson of SCLSC; Justice Sanjiv Khanna Nominated as Executive Chairman of NALSAThe National Legal Services Authority (NALSA) has nominated Justice Bhushan Ramakrishna (BR) Gavai, a judge of the Supreme Court of India, as the Chairman of the Supreme Court Legal Services Committee (SCLSC).
He succeeds Justice Sanjiv Khanna, the senior most puisne judge of the Supreme court.
Note: The Department of Justice, under the Ministry of Law & Justice, issued the notification to this effect on 29th December 2023.
About BR Gavai:
i.BR Gavai started his career as an advocate in the Nagpur Bench of the Bombay High Court in 1985.
ii.He was appointed as Government Pleader and Public Prosecutor for Nagpur Bench in 2000.
iii.In 2003, he was appointed as an Additional Judge of the Bombay High Court and later became the permanent judge in 2005.
iv.In 2019, he was elevated as the Judge of the Supreme Court. He is due to retire on 23rd November 2025.
About SCLSC:
i.SCLSC was established under Section 3A of the Legal Services Authorities Act, 1987.
ii.The committee aims to provide free and competent legal services to the weaker sections of society.
iii.SCLSC consists of a sitting judge of Supreme court as the chairman and 9 members nominated by Chief Justice of India(CJI).
Sanjiv Khanna Appointed as Executive Chairman of NALSA:
The President of India, Droupadi Murmu, in exercise of the powers conferred under Clause (b) of sub-section (2) of Section 3 of the Legal Services Authorities Act, 1987 has nominated Justice Sanjiv Khanna as the Executive Chairperson of NALSA with effect from 26th December 2023.

  • He succeeds Justice Sanjay Kishan Kaul, who retired on 25th December 2023.

Note: He was was appointed as a Judge of the Supreme Court in 2019 and he is set to retire on 13th May 2025.
Additional Info:
i.The President, in consultation with the CJI, appoints an active or retired Supreme Court judge as the Executive Chairman of NALSA.
ii.As per convention, the post of Executive Chairman of NALSA is occupied by the second-senior judge of the Supreme Court.
About Supreme Court of India:
Chief Justice of India (CJI) – Justice Dhananjaya Yeshwant (DY) Chandrachud
Located in New Delhi, Delhi
Established in 1950

ACC Appoints Aruna Nayar as Secretary to Railway Board in IRMS
The Appointments Committee of Cabinet (ACC) has appointed Aruna Nayar, Indian Railway Personnel Service (IRPS) Officer of 1987 Batch, as Secretary to Railway Board in Indian Railway Management Service (IRMS) Level-16 with effect from 6th January 2024.

  •  Aruna Nayar is the 1st IRPS officer to be empanelled in IRMS at Level 16.
  • Prior to the appointment, she has been serving on the Railway Board as an Additional Member, Staff since May 2023.
  • She has aslo served as the Principal Executive Director/Staff, Railway Board from February 2022 to May 2023.

Canada’s Brookfield set to Acquire ATC India for USD 2.5 bn 
Canada-based Brookfield Asset Management(BAM) through its affiliate Data Infrastructure Trust(DIT) is set to fully acquire the Indian unit of American Tower Corporation (ATC) for an enterprise value of around USD 2.5 Billion.
The transaction is subject to regulatory approvals and expected to close in the second half of 2024.

  • Following the acquisition, Brookfield will become India’s largest tower company with 2.53 lakh towers.
  • Reliance Jio Infocomm Limited (RJIL) is the anchor client of Brookfield whereas Vodafone Idea Limited (VI) is the anchor client of ATC.

NASA Tested Rotating Detonation Rocket Engine in USA National Aeronautics and Space Administration (NASA) has successfully tested the 3-dimensionally (3-D) printed innovative propulsion system called “Rotating Detonation Rocket Engine (RDRE)” at Marshall Space Flight Center in Huntsville, Alabama, the United States of America (USA).

  • RDRE is NASA’s first engine which generates thrust using a supersonic combustion phenomenon known as a detonation.

About the Engine:
i.RDRE is managed and funded by the Game Changing Development Program within NASA’s Space Technology Mission Directorate.
ii.The engine can power both human landers and interplanetary vehicles.
iii.The RDRE incorporates the NASA-developed GRCop-42, a copper, chromium and niobium alloy, with the powder bed fusion additive manufacturing process
iv.The engine increases the capacity of a spacecraft to carry more payload and mass to deep space destinations.
v.The engine aims to change the structure of future propulsion systems which helps in NASA’s Moon to Mars vision.
About the Testing:
i.RDRE was tested for 251 seconds (4 minutes & 11 seconds).
ii.The testing was aimed at scaling the combustor to different thrust classes, supporting engine systems of all types and maximizing the variety of missions it could serve.
iii.The engine produced more than 5,800 pounds( 25,810 newtons) of thrust during testing.
iv.The hot fire test of the engine was conducted in 2022 by NASA in partnership with In Space LLC of Indiana (USA) and Purdue University of Indiana.
About National Aeronautics and Space Administration (NASA):
Administrator – Bill Nelson
Headquarters – Washington, D.C., the United States of America (USA)
Established in – 1958

NASA Launched Peregrine Mission One to Moon with Five PayloadsOn 08th January 2024, the National Aeronautics and Space Administration (NASA) launched five payloads to soft land on the Moon’s surface aboard Peregrine Mission One (PM1) (TO2-AB). The mission was launched through United Launch Alliance (ULA)’s  Vulcan Centaur Launch Vehicle (VC2S) from Cape Canaveral, Florida, United States of America (USA).

  • This is the first launch of NASA under the Commercial Lunar Payload Services(CLPS) Initiative.
  • PM1 is the first commercial mission of Astrobotic Technology to land on another planetary body.
  • Sharad Bhaskaran, who is of Indian origin, is the mission director.

About the Mission:
i.This is the first lunar mission of NASA after the launch of Apollo 17 in 1972.
ii.The mission aims to identify water molecules on the Moon, measure radiation and gases around the lander, and assess the lunar exosphere.
iii.The mission consists of a Peregrine Lunar Lander, which carries scientific instruments and other payloads to the Moon’s surface.
iii.The Lunar Lander will land at Sinus Viscositatis (also known as the Bay of Stickiness), a lunar feature near the Gruithuisen Domes on the Moon on 23rd February 2024.
iv.The mission is said to be operated for about 10 Earth days.

i.Peregrine is a small-class lander that delivers payloads to lunar orbit and the lunar surface.
ii.Payloads can be mounted above or below the decks, inside or outside of enclosures, and can remain attached or deployed.
Payloads:
The five payloads of the mission are:

  • Laser Retro-Reflector Array (LRA) – function as a permanent location marker on the Moon.
  • Linear Energy Transfer Spectrometer (LETS) – demonstrates the capabilities of the radiation monitors on the lunar surface.
  • Near-Infrared Volatile Spectrometer System (NIRVSS) – Studies lunar soil composition and finds hidden minerals and volatiles.
  • Peregrine Ion-Trap Mass Spectrometer (PITMS) – analyses thin lunar atmosphere and studies escaping gases & molecules.
  • Neutron Spectrometer System (NSS) – detects potential water present in the lunar soil.

CLPS Initiative:
i.Through the CLPS initiative, NASA establishes a commercial marketplace for science, exploration, and technology development investigations on the Moon’s surface and in lunar orbit.
ii.The initiative was launched in 2018.
iii.14 vendors under CLPS are eligible to carry NASA payloads to the Moon.
Note –
United Launch Alliance (ULA) is a venture of Boeing-Lockheed Martin.
About Astrobotic Technology:
Chief Executive Officer (CEO) – John Thornton
Headquarters – Pennsylvania, United States of America (USA)
Established in – 2008

Franz Beckenbauer, Germany’s World Cup Winning Football Player & Manager, Passed AwayFormer German football player and manager Franz Beckenbauer, who won Two World Cup titles, passed away at the age of 78 in Salzburg, Austria. He was born on 11 September 1945 in Munich, Germany.

  • He was nicknamed “Der Kaiser” (“The Emperor”), who invented a new style of play as a central defensive sweeper role or ‘libero’, where he found the most success.

World Cup Records:
i.He captained the West Germany national team which won the Federation Internationale de Football Association(FIFA) World Cup in 1974 held in Munich, Germany.
ii.He was the Manager of the West Germany Football team that won the World Cup 1990 held in Italy.
Note: He is one of the 3 individuals that have won the FIFA world cup both as player and as Manager. The other 2 are: Brazil’s Mario Zagallo and France’s Didier Deschamps
Franz Beckenbauer’s Career:
i.He played for Bayern Munich from 1964 to 1977; New York Cosmos from 1977 to 1980 and 1982 to 1983 and Hamburger SV from 1980 to 1932.
ii.After his retirement 1983, he served as the manager of West Germany team from 1984 to 1990.
iii.He has also served as the President of Bayern Munich from 1994 to 2009 and as Honorary President of  Bayern Munich from 2009 till his death.
Highlights:
i.He represented West Germany 103 times scoring 14 goals. He has scored 74 goals in 582 games representing Bayern Munich.
ii.He was a part of the West Germany team that won the European Championship in 1971.
iii.During his stint with Bayern Munich, the club won Three European Cup and one European Cup Winners’ cup and one Intercontinental Cup.
Awards:
i.He won the Ballon d’Or twice for the best European Footballer of the year in 1972 and 1976.
ii.He was named Germany’s Footballer of the year four time in 1966, 1968, 1974, 1976

Pravasi Bharatiya Divas 2024- January 9 Pravasi Bharatiya Divas (PBD), also known as Non-Resident Indian (NRI) Day, is celebrated on 9 January to recognise the remarkable contributions and accomplishments of the Overseas Indian community (Indian diaspora) across the world to the development of India.
Pravasi Bharatiya Divas (PBD) Convention:
i.PBD Convention is the flagship event of the Ministry of External Affairs (MEA), Government of India (GoI).
ii.It aims to provide a platform for the overseas Indian community to engage with the GoI and share their experiences and expertise with the Indian community.
Background:
i.The 1st PBD Convention was organised on 9 January 2003 (Delhi).
ii.Since 2003, it has been celebrated as an annual event, but in 2015, the government revised its format to celebrate PBD once every 2 years (biennial).

  • The 18th PBD will be organised on 9 January 2025.

iii.The MEA has held 17 conventions since its inception.

  • The 17th PBD Convention took place from 08-10 January 2023 in Indore, Madhya Pradesh.
  • The theme for the 17th PBD was “Diaspora: Reliable Partners for India’s Progress in Amrit Kaal”.

Why January 9?
It was on the same date in 1915, that Mahatma Gandhi returned to India from South Africa.

  • To mark this day, the tradition of celebrating PBD started in 2003.

Overseas Indians/Indian Diaspora:
i.Indian Diaspora is a generic term used for addressing people who have migrated from the territories that are currently within the borders of the Republic of India.
ii.It constitutes NRIs, who are citizens of India but live outside India, and Persons of Indian origins (PIOs) including Overseas Citizens of India (OCI), who are foreign nationals with Indian roots.

  • NRIs have rights like voting in India, which PIOs don’t have.

iii.As of October 2023, there are around 3,22,85,425 overseas Indians around the world (data by MEA).
Note: To streamline processes and enhance engagement, the government merged PIO and OCI cardholders into a unified category, OCI, in 2015.
Regional Pravasi Bhartiya Divas (RPBD):
i.It is a strategic initiative by the MEA to engage with the diaspora beyond the main biennial event in India.

  • It aims to connect with the diaspora, who are all unable to attend the main event in India.

ii.So far, 10 RPBDs have been held:

  • The 10th RPBD was held in Singapore from 6-7 January 2018.

Earth’s Rotation Day 2024 – January 8 Earth’s Rotation Day is annually observed across the globe on 8 January to highlight the significance of Earth’s rotational motion. It commemorates the anniversary of the scientific demonstration of Earth’s rotation by the French physicist Léon Foucault in 1851.

  • Earth’s Rotation Day 2024 observed on 8th January 2024 commemorates 173rd anniversary of Léon Foucault‘s demonstration.

Basics of Earth’s Rotation:
i.The spinning of the Earth around its axis is called ‘rotation.’ Earth completes a full rotation on its axis every 23 hours and 56 minutes, which is rounded up to 24 hours.
ii.This rotation around its axis is known as one Earth Day and this rotation is responsible for day and night cycles.
ii.Earth rotates on its axis from West to East, and the Sun and Moon appear to move from East to West across the sky.
History:
i.In 470 BC, the Greeks claimed that the earth rotates on its own back.
ii.In 1851, Léon Foucault demonstrated the earth’s rotation with the help of his pendulum called the Foucault Pendulum.
iii.The principle of the Foucault Pendulum was 1st demonstrated in the Pantheon in Paris Observatory in 1851 by suspending the pendulum from the dome of the Panthéon.

  • The experiment involved suspending a 28-kilogram brass bob, 38 centimeters in diameter, hanging on a 67-meter (220-foot) long wire.

iv.It was the 1st satisfactory demonstration of the earth’s rotation using laboratory apparatus rather than astronomical observations.
Note: Later, it was displayed at the Pantheon in Greece.

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Current Affairs Daily Digest – 9 January 2024

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Union Housing & Urban Affairs Minister Hardeep S Puri Launched  Refereshed PAiSA Portal  & PM SVANidhi Portal Union Minister Hardeep Singh Puri, Ministry of Housing and Urban Affairs (MoHUA), launched 2 portals namely the refreshed Portal for Affordable Credit and Interest Subvention Access (PAiSA Portal) Dashboard; and the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Mission Monitoring Portal during the inauguration of a seminar on ‘Grievance Redressal Committee (GRC) for Street Vendors.

  • These portals will provide real-time progress updates on the mission and scheme, fostering transparency and accountability.
  • The seminar on ‘GRC for Street Vendors’ was organised by the MoHUA on January 04, 2024 at the India Habitat Centre, New Delhi, Delhi.

About PM SVANidh:
The MoHUA launched the PM SVANidhi scheme on 1 June 2020, to address challenges faced by Street Vendors and help them resume businesses affected by the COVID-19 pandemic.
About PAiSA Portal:
The PAiSA portal was launched on November 26, 2018. The web portal was designed and developed by Allahabad Bank.
It is a centralized hub for processing interest subvention on bank loans to beneficiaries under the Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM).
Seminar on GRC for Street Vendors:
i.The seminar aimed to sensitize all States and Union territories (UTs) about the significance of robust GRCs and brought together key stakeholders, including GRC members, to enhance their understanding of the legal provisions within the Street Vendors Act 2014.
ii.The event provides a platform for capacity building among State officials and GRC members to address the challenges faced by street vendors..
Role of GRC:
i.During the inauguration, the minister emphasised the importance of establishing robust GRCs under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.
ii.GRCs play a crucial role in ensuring fair treatment, resolving disputes and conflicts among street vendors, and upholding the rights of street vendors as per the Street Vendors Act of 2014.
Street Vendors Act, 2014:
i.It is an Act to protect the rights of urban street vendors and to regulate street vending activities in India and for matters connected therewith or incidental thereto.
ii.The Act safeguards vendors from arbitrary evictions, fostering economic sustainability and contributing to vibrant urban spaces by:

  • Forming, 4,342 Town Vending Committees;
  • Demarcating 13,403 vending zones;
  • Constructing 1,350 vending markets; and
  • Issuing 38.06 lakh Certificates of Vending.

Note: Street vendors contribute significantly to the urban informal economy.

Union Minister Mansukh Mandaviya inaugurates “PRASADAM”, India’s 1st Healthy & Hygienic Food Street, at MP
On 7th January 2024, Dr. Mansukh Mandaviya, Union Minister for Health & Family Welfare, inaugurated “PRASADAM”, India’s 1st Healthy & Hygienic Food Street, at Neelkanth Van, Mahakal Lok, in Ujjain, Madhya Pradesh(MP).

  • Dr. Mohan Yadav, Chief Minister(CM) of MP along with other dignitaries were present during the inauguration.

PRASADAM, with a total number of 17 shops spread across 939 square meters  offers convenient and culturally rich dining options for devotees of Mahakaleshwar Temple.
Other noted Launches:
i.Union Minister also launched the official website for the Healthy & Hygienic Food Street initiative and the brochure outlining the Standard Operating Procedure for Healthy & Hygienic Food Streets.
ii.They also launched the Mannhit app, an initiative facilitating screening for mental health.
iii.Food Safety and Standards Authority of India (FSSAI) released “The DART Book” to empower consumers to tackle adulteration at home with simple tests.
iv.A mobile food testing van called Food Safety on Wheels (FSW) was also launched to conduct training and awareness activities.

DoT makes mandatory M2M, WPAN/WLAN registration to All Entities The Department of Telecommunications (DoT), under the Ministry of Communications (MoC), has mandated Machine-to-Machine (M2M) and Wireless Personal Area Network/Wireless Local Area Network (WPAN/WLAN) registration to all entities engaged in these businesses.

  • The registration process must be completed by March 31, 2024, through the SaralSanchar portal (saralsanchar.gov.in)
  • The reason behind this mandate is to broaden the scope of registration to foster a standard-based and secure M2M/IoT ecosystem.

Key Points:
i.All entities, include Companies, Government departments, Organizations, Partnerships, LLPs (Limited Liability Partnerships), Institutions, Undertakings, Proprietorship firms, Societies, Trusts engaged in M2M service provisioning and WPAN/WLAN Connectivity Provisioning,
ii.Non-compliance may result in the withdrawal or disconnection of telecom resources from Authorized Telecom Licensees.
iii.This mandate will addresses the concerns of M2M Service Providers and WPAN/WLAN Connectivity Providers related to interface with Telecom Service Providers (TSPs), KYC (Know Your Customer), Security, Encryption, and more.
iv.The above mandate also followed the recommendations of TRAI (Telecom Regulatory Authority of India) on Spectrum, Roaming and Quality of service (QoS) related requirements in M2M communications.
About Telecom Regulatory Authority of India (TRAI):
Establishment– 1997
Headquarters– New Delhi, Delhi

FAO Food Price Index  December 2023 stood at 10.1% below 2022 levelsFood and Agriculture Organization of the United Nations (FAO) Food Price Index (FFPI) December 2023 stood at 118.5 points, 1.8 points (1.5%) lower than November 2023 level(120.3) and 13.3 points (10.1%) lower than December 2022 level(130.4).

  • For 2023 as a whole, FFPI stood at 124.0 points, 19.7 points (13.7%) lower than the average value in 2022.
  • The FAO’s World Food Price Index tracks monthly changes in the international prices of a set of globally-traded food commodities.

FAO Food Price Index: 

  • In December 2023, the FAO All Rice Price Index rose 1.6% above its November 2023 level.
  • The International rice prices saw a 21% annual increase in 2023, primarily due to concerns about the impact of El Niño on rice production and the aftermath of export restrictions imposed by India.

ii.Compared to November 2023, FAO Vegetable Oil Price Index decreased by 1.4% (1.7 points) in December 2023.
iii.The FAO Dairy Price Index increased by 1.6% (1.9 points) in December 2023, marking the third consecutive monthly rise but standing 16.1% lower than a year ago.
v.The FAO Meat Price Index decreased by 1%(1.1 points) in December, standing 1.8% below its value from December 2022.
v.The FAO Sugar Price Index in December dropped by 16.6% from November 2023, marking the lowest level in the past nine months but remained 14.9% above its level in the December 2023.

India & Saudi Arabia signed Bilateral Haj Agreement 2024 in Jeddah 
On 7th January 2024, India and the Kingdom of Saudi Arabia signed the Bilateral Haj Agreement 2024 under which a total quota of 1,75,025 pilgrims from India has been finalised for Haj 2024 with 1,40,020 seats reserved for pilgrims to proceed through Haj Committee whereas 35,005 pilgrims would be permitted to proceed through private operators
Signatories:  The agreement was signed by Smriti Irani, Union Minister for Minority Affairs and Dr. Tawfiq bin Fawzan, Saudi Minister of Hajj and Umrah in Jeddah in Saudi Arabia in the presence of  V Muraleedharan, Union Minister of State(MoS) for External Affairs.
Points to note: 
i.Union Minister Irani & MoS Haj Muraleedharan visited the Terminal of King Abdulaziz International Airport, Jeddah, to oversee the arrangements for pilgrims.
ii.On 8th January 2024, Union Minister Irani attended the opening ceremony of the 3rd ‘Haj and Umrah Conference’ in Jeddah organised by the Saudi Ministry of Haj and Umrah Affairs.

IRDAI Eases Norms for Investment in Infrastructure by Insurance CompaniesThe Insurance Regulatory and Development Authority of India (IRDAI) has removed the requirement of case-to-case approval for investment in Infrastructure Debt Funds Non-Banking Financial Companies (IDF – NBFCs) by insurance companies.

  • The move aims to encourage investment in the infrastructure sector and enhance the ease of doing business.
  • This is in line with the updated regulations for IDF-NBFCs provided by the Reserve Bank of India (RBI) effective from August 2023.

Criteria:
The investment of  insurers in IDF-NBFCs is subjected to the following criteria:
i.IDF – NBFCs should be registered with RBI.
ii.The minimum credit rating of AA or its equivalent by a Credit Rating Agency(CRA) registered with the Securities and Exchange Board of India (SEBI) to be eligible for the investment.
iii.These debt securities will have a residual tenure of at least five years.
iv.The investment should be in line with Note 3 of Regulation 9 of  IDRAI (Investment) Regulations 2016.
Note: The requirement of case-to-case approval was dictated by Note 2 of Regulation 9 of IDRAI (Investment) Regulations 2016.
What is IDF-NBFC ?
i.An IDF can be established either as a trust or a company.

  • If established as a trust, it is designated as an IDF-Mutual Fund (IDF-MF) and is regulated by SEBI.
  • If established as a company, it’s labelled as an IDF-NBFC and is subject to regulation by RBI.

ii.An IDF-NBFC means a non-deposit-taking NBFC which is authorized to the following:

  • Refinance post Commencement Operations Date (COD) infrastructure projects that have completed at least one year of satisfactory commercial operations.
  • They can finance toll operates transfer (TOT) projects as the direct lender.

About Insurance Regulatory and Development Authority of India (IRDAI):
Chairperson – Debasish Panda
Headquarters – Hyderabad, Telangana
Established in – 1999 (But Incorporated in 2000)

ADB Sells USD 5 Billion in Dual Tranche 3Yr and 10Yr Bonds to Promote Development in the RegionThe Asian Development Bank (ADB) sells a dual-tranche global benchmark bond valued at USD 3 billion with a maturity of 3 years and at USD 2 billion with a maturity of 10 years to raise USD 5 Billion to promote social and economic development across its member countries in Asia and the Pacific region.

  • The raised funds will be contributed to ADB’s ordinary capital resources.

USD 3 Billion – 3year Bond:
i.This 3 year bond will be maturing on 12th January 2027.
ii.Bond Details:

  • Coupon Rate: 4.125% per annum
  • Coupon Payment Frequency: Semi-annually
  • Priced at: 99.663%
  • Yield: 11.9 basis points

iii.The bond’s yield is referenced to a benchmark, which is the 4.375% United States (US) Treasury notes due December 2026.
Investor Distribution:

  • By Investor Type- Central Banks and Official Institutions (66%), Banks (21%), Fund Managers and Other Investors (13%)
  • By Geography – Europe, the Middle East, and Africa (36%), Asia (33%), Americas (31%)

USD 2 Billion – 10year Bond:
i.This 10-year bond will be maturing on 12th January 2034.
ii.Bond Details:

  • Coupon Rate: 4.125% per annum
  • Coupon Payment Frequency: Semi-annually
  • Priced at: 99.530%
  • Yield: 21.3 basis points

iii.The bond’s yield is referenced to a benchmark, which is the 4.5% US Treasury notes due November 2033.
Investor Distribution:

  • By Investor Type- Banks (50%), Central Banks and Official Institutions (28%), Fund Managers and Other Investors (22%)
  • By Geography – Europe, the Middle East, and Africa (54%), Americas (29%), Asia (17%)

Transaction:
i.BofA Securities, Morgan Stanley, Royal Bank of Canada (RBC) Capital Markets, and TD Securities took the lead in managing the transaction.
ii.This is ADB’s first US dollar global benchmark outing for 2024.
Additional Info:
i.A syndicate group, including Canadian Imperial Bank of Commerce (CIBC) Capital Markets, Daiwa Capital Markets Europe, NatWest Markets, Scotiabank, and Standard Chartered Bank, was also formed.
ii.ADB plans to raise about USD 30 billion to USD 34 billion from capital markets in 2024.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Estbalished in – 1966
Members – 68 countries (49 countries are from within Asia and the Pacific and 19 outside)

Former US President Barack Obama won 75th Creative Arts Emmy Awards: Outstanding Narrator 
Barack Obama, former President of the United States of America(USA) (2009-2017), won the 75th Creative Arts Emmy Award under the Outstanding Narrator category for his Netflix documentary series title Working: What We Do All Day “The Middle”.

  • Previously, he won the award in the same category in 2022 for the Netflix documentary series Our Great National Parks “A World Of Wonder”.
  • He also has 2 Grammys under the Best Spoken Word Album category for “The Audacity Of Hope: Thoughts On Reclaiming The American Dream” in 2008 and Dreams From My Father (Senator Barack Obama) in 2006.

Note:The Television Academy  presented the 75th Creative Arts Emmy® Awards honouring outstanding artistic and technical achievement in television on 6th and 7th January 2024 at Peacock Theater in Los Angeles, California, USA.
List of winners of the 75th Creative Arts Emmy Award(List 1 & List 2)

Sheikh Hasina won 5th Term as the Prime Minister of BangladeshSheikh Hasina (76) , President of Awami League and incumbent Prime Minister of Bangladesh has been re-elected as the PM for the 5th term. This also marks’s her 4th consecutive term as PM of Bangladesh.

  • With this win, Sheikh Hasina retains her title as world’s longest-serving female head of state.

Bangladesh General Election 2024:
i.Awami League won the Bangladesh General Election 2024 held on 7th January 2024 securing 216 seats out of 224 seats.
ii.This marks Awami League’s 4th consecutive term.
iii.The 12th parliamentary election has recorded the 2nd lowest voter turnout since the reinstatement of democracy in 1991.
About Sheikh Hasina:
i.She is a daughter of Sheikh Mujibur Rahman, the founding father and first President of Bangladesh. He was killed during the 1975 Bangladeshi coup d’état along with most of his family members.
ii.Following the 1975 massacre of her family, she lived in exile in India for 6 years.
iii.she was elected as the President of the Awami League and returned to Bangladesh in 1981.
iv.She was elected as the Prime Minister of Bangladesh for the first time in 1996. She was re-elected as PM of Bangladesh in 2008, 2014 and 2018.
Awards and honours:
i.United Nations Educational, Scientific and Cultural Organization (UNESCO) Houphouet-Boigny Peace Prize in 1998
ii.Indira Gandhi Peace Prize in 2009.
iii.United Nations(UN)’s Champions of the Earth award in 2015.
About Bangladesh:
President– Mohammed Shahabuddin
Prime Minister– Sheikh Hasina
Capital– Dhaka
Currency– Bangladeshi Taka

Former IPL official Raghuram Iyer Appointed as CEO of IOAOn January 5, 2024, the Indian Olympic Association (IOA) appointed Raghuram Iyer as the its Chief Executive Officer (CEO). Previously, he has served as the CEO of Indian Premier League (IPL) teams such as Rajasthan Royals, Lucknow Super Giants and Rising Pune Supergiant.

  • Raghuram Iyer was unanimously selected for the post by IOA Nomination Committee

Points to note:
i.Prior to this appointment, the functions of the CEO at IOA were managed by Kalyan Chaubey, the joint secretary of the IOA and the President of the All India Football Federation (AIFF).
ii.Raghuram Iyer has also worked with Indian Super League (ISL) club ATK Mohun Bagan in football and Ultimate Table Tennis (UTT) franchise RPSG Mavericks.
Background:
i.The new constitution of the IOA was approved and ratified by General Assembly of IOA in November 2022.
ii.As per the new constitution, the IOA was to appoint a CEO to perform the functions of the erstwhile Secretary General of IOA.
iii.According to Article 15.3 of the amended IOA constitution, the CEO must be proposed by a nomination committee consisting of the IOA president, chairman of the Athletes’ Commission, and one IOC member from India.
iv.The CEO of IOA will be an ex-officio member of the Executive Council without voting rights. The CEO is not an elected member but a salaried official of IOA.
Eligibility: A candidate with at least 10 years of CEO experience in a company/entity with an annual turnover of Rs 25 crore or more is eligible to be appointed as CEO of IOA.
About Indian Olympic Association (IOA):
President– Pilavullakandi Thekkeparambil Usha(P.T. Usha)
Headquarters– New Delhi, Delhi
Establishment– 1927

ISRO successfully Tests Fuel Cell based Power System in Space
Indian Space Research Organisation (ISRO) has tested a 100-watt(W) class Polymer Electrolyte Membrane Fuel Cell based Power System (FCPS) to assess its operation in space and to collect data to facilitate the design of systems for future missions.
VSSC Tested Si–Graphite Anode-Based Lithium-Ion Cells
ISRO’s Vikram Sarabhai Space Centre (VSSC) has tested 10 Ampere Hour (Ah) Silicon(Si)–Graphite anode based High Energy Density Lithium(Li)-ion cells through the POEM3 experiment to assess the anode’s capability to survive and perform in the space environment.
About Indian Space Research Organisation(ISRO):
Chairman – Sreedhara Panicker Somanath
Headquarters –  Bengaluru, Karnataka
Established in – 1969

Australian Cricketer David Warner Retires from ODI  & Test CricketAustralian batsman David Warner announced his retirement from one-day international (ODI) cricket and test cricket during his last test match against Pakistan, held from 3-6 January 2024 in Sydney, Australia.
About David Warner’s cricket Career:
i.David Warner made his test debut in 2011 against New Zealand in Brisbane, Australia.

  • He made his ODI debut in 2009 against South Africa.

ii.David Warner represented Australia in 112 tests and 161 ODI matches, scoring 8786 runs and 6932 runs, respectively.
iii.David Warner was awarded Australian Cricket Awards(formerly Allan Border Medal) three times in 2020,2017 & 2016 by Cricket Australia(The national governing body for cricket in Australia) for his outstanding performance.
iv.He was part of the cup-winning Australian team in the following tournaments, including

  • ODI World Cup (2015) hosted by New Zealand and Australia
  • Twenty20 (T20) World Cup (2021) held in the United Arab Emirates (UAE) and Oman
  • World Test Championship (2021–2023) held in London, United Kingdom(UK)
  • ODI World Cup (2023) held in India

v.He played in the Indian Premier League (IPL) for the Delhi Capitals (2009-2013 & 2022-Present) and Sunrisers Hyderabad (2014–2021).
vi.David Warner holds the record for Australia’s second-highest run scorer across all three formats(ODI,T20I and Test) with 18,612 runs, behind Ricky Ponting (27,483 runs).

Germany wins United Cup 2024 title by Defeating Poland in FinalsThe German tennis team won the United Cup 2024 title by defeating Poland 2-1 in the finals held at the Ken Rosewall Arena in Sydney, Australia.

  • The second edition of the United Cup was held from 29th December 2023 – 7th January 2024 in Perth and Sydney, Australia.

Key Points:
i.Each tie (round) in the United Cup 2024 features three matches (men’s singles, women’s singles, and mixed doubles).
ii.Germany’sAlexander Zverev (6th in the ATP ranking) defeated Poland’s Hubert Hurkacz (9th ranked) in the men’s singles finals.
iii.In the women’s singles finals, Poland’s Iga Swiatek(1st in WTA ranking) defeated Angelique Kerber (Germany).
iv.In the mixed doubles event, Alexander Zverev and Laura Siegemund (Germany) defeated Hubert Hurkacz and Iga Swiatek (Poland) in the finals.
Prize Money:
i.Winners of men’s singles and women’s singles in the final receive USD 251,000 prize money, while mixed doubles winners get USD 47,255.
ii.The final winning team received USD 23,155 in prize money.
Results of  final Match:

  • Each team is represented by three men and women players to compete in the events..

ii.The 2024 United Cup was jointly organised  by the Association of Tennis Professionals (ATP) and the Women’s Tennis Association (WTA) in partnership with Tennis Australia.
iii.Court: It is played on an outdoor hard-court surface.

Mario Zagallo, Brazil’s World Cup Winning Football Player & Coach Passed AwayFormer Brazilian Football player, coach and Manager Mário Jorge Lobo Zagallo,who won 4 World Cup titles, passed away at the age of 92 in Rio de Janeiro, Brazil. Mario Zagallo, nicknamed ‘Old Wolf’ & “The Professor”, was born on August 9, 1931, in Maceio, Brazil.
Mario Zagallo’s World Cup records:
i.He was a part of the Brazillian Football team that won Four Federation Internationale de Football Association(FIFA) World Cup titles.

  • He won two World Cups (1958 – Sweden and 1962 – Chile) as a player, one as a Head coach/Manager (1970 – Mexico) and one as an assistant coach (1994 – the United States of America/USA) for Brazil.

ii.He was the first person to win the World Cup as both a player and a Manager.
iii.In 1970, Zagallo (38 years) became the 2nd youngest coach to win a World Cup. Alberto Suppici(31 years) won the world cup in 1930 with Uruguay.
Career Overview:
i.Mario Zagallo started his career with Rio de Janeiro’s America Football Club in 1948 and retired in 1966.
ii.He has served as the Manager of the Brazil football team from 1967 to 1974, 1994-1998 and in 2002.
iii.He served as the Manager of all four traditional Rio clubs — CR Flamengo, Fluminense Fc, CR Vasco Da Gama, Botafogo FR and the national teams of Kuwait, Saudi Arabia and the United Arab Emirates (UAE).
Awards:
In 1992 Zagallo received the FIFA Order of Merit, the highest honor awarded by FIFA, for his contributions to football.

Baayu: Assam launched India’s 1st first 100% Electric Bike Taxi ServiceAssam State Transport Corporation (ASTC) has launched an initiative called ‘Baayu’ a Clean Air Movement  to improve air quality in Assam’s cities.

  • It is India’s First 100% electric and decentralized open mobility electric bike (e-bike) taxi service.
  • The e-bike taxi service was launched by Parimal Suklabaidya, Minister of Transport of  Assam Government, in Guwahati, Assam.

Baayu Clean Air Movement:
i.Baayu Clean Air Movement is a sustainable mobility initiative launched by ASTC in collaboration with Guwahati based Bikozee Ecotech Private Limited led by the Department of Transport, Government of Assam.
ii.The movement is supported by the National Institution for Transforming India (NITI) Aayog’s Shoonya Zero Pollution Mobility campaign.
iii.By deploying electric vehicles (EVs) in the transport and logistics sectors, the movement aims to improve the air quality in Assam.
iv.It also implements the Beckn protocol to develop digital public infrastructures to be deployed on the Open Network for Digital Commerce (ONDC).
v.The movement strongly emphasises sustainability, innovation, and inclusivity.
vi.The movement helps in reducing about 29,000 tons of carbon emissions by saving the fuel which may cost of Rs 73 crore.
Services Provided by Baayu:
i.Baayu ASTC has launched a mobile application called ‘Baayu Rider’.
ii.Baayu offers e-bike taxi services, Business to Business (B2B) fleet services and Hyperlocal delivery services.
iii.Baayu operates on three ‘Zero’ model.

  • Zero emission
  • Zero commission
  • Zero cancellation

Shoonya Zero Pollution Mobility Campaign:
i.The Shoonya Zero Pollution Mobility Campaign aims to promote zero-pollution delivery vehicles by collaborating with consumers and industry.
ii.The campaign was launched by NITI Aayog in September 2021.

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Current Affairs Daily Digest – 6 January 2024

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Union Cooperation Minister Amit Shah launched ‘e-samridhi portal’, a Tur Dal Procurement portal for FarmersOn 4th January 2024, Union Minister Amit Shah, Ministry of Cooperation, launched the ‘e-samridhi portal‘, a platform for registration, purchase, and payment of tur dal producing farmers across India. the portal was launched during the national symposium on ‘Self-reliance in Pulses’ held in New Delhi, Delhi.
The portal was developed by National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) and National Cooperative Consumers’ Federation of India Limited (NCCF).
Key People: Arjun Munda, Union Minister of Agriculture and Farmers Welfare; Ashwini Choubey, Minister of State for Consumer Affairs , B. L. Verma, Minister of State for Cooperation and many other dignitaries were present during the event.
About e-samridhi portal:
i.The portal offers a unified platform in which farmers can register directly or through Primary Agricultural Cooperative Societies (PACS) and Farmer Producer Organizations (FPOs).
ii.NAFED will ensure seamless fund transfers directly into farmers’ mapped bank accounts, eliminating intermediary agencies.
iii.The multi-lingual portal will streamline the entire process for tur dal growers in Maharashtra, Andhra Pradesh, Telangana, Gujarat, Karnataka and Jharkhand.
Points to note:
i.The portal will enable farmers to register themselves for selling the commodity to the NAFED and NCCF at the minimum support price (MSP) or market price, whichever is higher.
ii.The initiative to procure pulses at market price will be supported by the existing schemes of Price Stabilisation Fund (PSF) and Price Support Scheme (PSS).
iii.The portal aims to reduce dependence on imports by purchasing 80% of the buffer stock directly from farmers.
Key Points:
Union Minister also transferred about Rs 68 lakh, via Direct Benefit Transfer (DBT), to 25 farmers towards payment for sale of tur dal using the portal.
Note: India has set target to become self sufficient (Atmanirbhar) in the pulses sector by 2027.

MeitY Secretary S Krishnan launches ERNET India’s web portal for Educational InstitutionsOn January 4, 2023, S Krishnan, Secretary, Ministry of Electronics & Information Technology (MeitY) and chairperson of the Executive committee of Education and Research Network (ERNET), India, launched integrated web portal (https://ernet.in/) of ERNET India for educational institutes in India.

  • The portal was created using open-source software and advanced technologies like Artificial Intelligence (AI) and Machine Learning (ML).
  • He also inaugurated new conference hall of ERNET India.

Key Points:
i.The portal will offer domain registration, DNS (Domain Name System) and value-added services viz. Website as a Service (WaaS) and Learning Management as a Service (LMaaS).
ii.Users can choose templates available for schools, colleges, or universities, meeting their needs, to effortlessly create websites and Learning Management Systems.
ERNET India:
i.ERNET India, a not-for-profit autonomous scientific society under MeitY, is the exclusive registrar for education and research institutes’ domains with ac.in, edu.in, and res.in.
ii.It offers web accessibility, campus Wi-Fi, smart classrooms, and connectivity via Terrestrial and Satellite systems to educational and research institutes.
iii.It is also involved in establishing data centers.
About Education and Research Network (ERNET), India:
Chairperson(governing Council)– Union Minister of MeitY (Ashwini Vaishnaw)
Director General– Sanjeev Banzal
Headquarters– New Delhi, Delhi.

Overview of PM Modi’s visit to Tamil Nadu, Lakshadweep & Kerala on 2nd & 3rd January 2024 Prime Minister (PM) Narendra Modi visited Tamil Naidu(TN), Lakshadweep and Kerala from 2nd to 3rd January 2024.
i.During his visit to Tamil Nadu on 2nd January 2024, PM Modi inaugurated and laid the foundation stone for multiple development projects worth more than Rs 20,000 crores in the Tiruchirappalli (Trichy) district of Tamil Nadu.
ii.PM inaugurated and laid the foundation stone for multiple development projects worth Rs 1150 crore at Kavaratti Island in Lakshadweep on 3rd January 2024.
iii.On 3rd January 2024, PM Modi held a mega roadshow in Thrissur during his visit to Kerala. He also addressed the Bharatiya Janata Party’s women’s conference “Sthree Shakti Modikkoppam” held at Thekkinkadu Maidan, Thrissur, Kerala.
About Tamil Nadu:
Chief Minister– M.K. Stalin
Governor– R.N. Ravi
Airport– Coimbatore International Airport, Chennai International Airport
National Parks– Mudumalai Tiger Reserve, Aanamali Tiger Reserve

Three varieties of handloom Sarees in West Bengal & 7 Products from Odisha get GI tagi.The Geographical Indications Registry under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry in Chennai, has recently awarded geographical indication (GI) tags to 3 handloom sarees of West Bengal, namely Tangail, Korial and Garad received geographical indication (GI) tags under the goods of Textiles.
ii.The tangail sarees are woven in Nadia and Purba Bardhhaman districts, while korial and garad are woven in Murshidabad and Birbhum.
iii.The Geographical Indications Registry also awarded GI tags to 7 distinct products of Odisha. These include two local foods, three agricultural products and one each for Textile and Handicraft products viz. Lanjia Saura painting, Dungaria Kondh embroidered shawl, Gajapati Date Palm, Dhenkanal Magji, Mayurbhanj Kai Chutney, Nayagarh Kanteimundi Brinjal and Koraput Kalajeera Rice.
About Odisha:
Chief Minister– Naveen Patnaik
Governor– Raghubar Das
Stadium– DRIEMS Ground, Kalinga Stadium, Barabati Stadium

MoD Signs Contracts worth Rs 802 Cr with Jupiter Wagons Ltd & BEML for Military Equipment The Ministry of Defence (MoD) has inked 2 contracts worth Rs 802 crore for indigenous military equipment. The 1st contract, worth Rs 473 crore, was inked with M/s Jupiter Wagons Limited for the procurement of 697 Bogie Open Military (BOM) wagons.

  • The 2nd contract, worth Rs 329.87 crore, was signed with M/s BEML Limited (Formerly Bharat Earth Movers Limited ) for the procurement of 56 Mechanical Minefield Marking Equipment (MMME) Mark II.
  • The procurements were made under the Buy Indian-IDDM (Indigenously Designed, Developed, and Manufactured) category.

Note:
Both BOM Wagons and MMME Mark II will be produced using equipment and sub-systems from indigenous manufacturers.
About Bogie Open Military (BOM) wagons:
i.The BOM wagons, designed by Research Design and Standard Organization (RDSO) are specialist wagons used by the Indian Army for mobilization of the Army units.
ii.BOM wagons are used to transport light vehicles, Artillery Guns, BMPs, Engineering Equipment, etc. from their peacetime locations to operational areas.

  • BMP stands for Boyevaya Mashina Pekhoty, which is a Russian phrase that translates to “fighting vehicle of infantry”.

iii.Critical Rolling Stock ensures rapid and simultaneous deployment of units and equipment into operational areas during conflict and supports peacetime movements for military exercises and unit transfers.
About MMME-Mark II:
i.Marking of all minefields is a mandatory requirement under the amended Protocol-II of ‘the Convention on Certain Conventional Weapons by United Nations Office for Disarmament Affairs (UNODA)’ to which India is a signatory.
ii.MMME is designed to operate cross-country with a full load of stores and carry out marking of minefields with minimal time and manpower employment.
iii.The equipment is based on an in-service High Mobility Vehicle leveraging advanced mechanical and electrical systems.

  • This integration will reduce the timings for minefield marking during operations and will enhance the overall operational capability of the Indian Army.

Customer Complaints should be communicated in 30 days: RBI IO for RE Directions, 2023The Reserve Bank of India (RBI) issued the Master Direction – Reserve Bank of India (Internal Ombudsman for Regulated Entities) Directions, 2023, as per which the regulated entities (REs) and their Internal Ombudsmen (IOs) should communicate a final decision to customers within 30 days of receiving a complaint.

  • This directive aims to enhance consumer grievance redress and customer service standards within RE by facilitating a thorough review before the rejection of customer complaints by IO.
  • IOs usually deal with customer complaints related to deficiency in service.

This directive by RBI is issued in exercise of its powers conferred by Section 35A of the Banking Regulation Act, 1949, Section 45L read with 45M of the RBI Act, 1934, sub-section (1) of Section 11 of Credit Information Companies (Regulation) Act, 2005 and Section 18 of the Payment and Settlement Systems Act, 2007,
Repeal of Existing Schemes:
With the issue of new Directions, the guidelines contained in Internal Ombudsman Scheme 2018 – Implementation by banks; Internal Ombudsman Scheme for Non-Bank System Participants, 2019; Appointment of IO by Non-Banking Financial Companies, 2021; and RBI (Credit Information Companies- Internal Ombudsman) Directions, 2022 stand repealed.
Key Guidelines:
i.REs must implement a fully-automated Complaints Management Software, escalating all partly or wholly rejected complaints by the internal grievance redress mechanism to the IO within 20 days for a final decision.
ii.If  Internal Ombudsman / Deputy Internal Ombudsman(DIO) appointments are contractual, it should not exceed 70 years before tenure completion.

  • If IO/DIO tenure is fixed, it should not be less than 3 years and also should not exceed 5 years, with no eligibility for reappointment or extension in the same RE.

iii.The IO should report to the Competent Authority of the RE administratively, and to the Board of regulated entity functionally.
Applicability:
i.Applicable to banks (meeting specific criteria as per Directions) with 10 or more outlets in India, regardless of incorporation location.
ii.Applicable to NBFCs meeting specific criteria, including deposit-taking NBFCs with 10 or more branches and non-deposit taking NBFCs with an asset size of Rs 5,000 crore and above, having public customer interface.
iii.Applies to all Non-bank System Participants (NBSPs) with more than one crore Pre-paid Payment Instruments outstanding as of March 31, 2023, or thereafter.
iv.Mandatory for all Credit Information Companies.
v.REs with these thresholds must establish an IO framework within 6 months.

REC & BoB sign MoU to Finance Power, Infra and Logistics Projects          
REC Limited (formerly Rural Electrification Corporation Limited) signed a Memorandum of Understanding (MoU) with Bank of Baroda (BoB) to jointly offer loans for power, infrastructure and logistics projects for a duration of three years (till 2026).
The MoU was signed in presence of Vivek Kumar Dewangan, Chairman and Managing Director (CMD), REC Limited and Debadatta Chand, MD and CEO, Bank of Baroda
i.The MoU aims to catalyse transformative projects that will positively impact communities and drive socio-economic progress in India.
ii.The MoU integrates REC’s expertise in the power sector with BoB’s financial prowess.
Note: REC Limited is a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power (MoP).

Ola Electric Becomes First Indian e2W Company Eligible for PLI Scheme
Ola Electric Mobility Private Limited(Ola), has become the 1st Indian electric two-wheeler (e2W) company to get eligible for the Production-Linked Incentive (PLI) scheme after receiving approval from the Ministry of Heavy Industries (MHI).
i.The PLI certification offers Ola a financial benefit of Rs 15,000 to Rs 18,000 per unit.
ii.This financial incentives will help to increase the penetration of Electric Vehicles (EVs) across India.
iii.Ola Electric has fulfilled all the requirements outlined in the PLI Scheme, including a minimum of 50% domestic value addition to its vehicles.
About Ola Electric Mobility Private Limited:
Co-Founder– Bhavish Aggarwal (CEO) & Ankit Bhati
Headquarters – Bengaluru, Karnataka
Established in – 2017

MoYAS Announced Winners of ‘Rashtriya Khel Protsahan Puruskar’ 2023On 4th January 2023, the Ministry of Youth Affairs & Sports(MoYAS) announced the winners of ‘Rashtriya Khel Protsahan Puruskar’ 2023 which recognises the corporate entities and individuals for outstanding contribution in the area of sports promotion and development.

  • The award will be presented by the President of India, Droupadi Murmu, during a special event organised at the Rashtrapati Bhavan on 9th January 2024.

Winners of 2023 Rashtriya Khel Protsahan Puruskar:
The 2023 award was announced under 2 categories:

Succes Masra Appointed as Chad’s Prime MinisterSucces Masra, president of ‘The Transformers’ party and former opposition leader, was appointed as the Prime Minister (PM) of the Republic of Chad by transitional government under the presidentship of General Mahamat Idriss Deby Itno  following a referendum.

  • Succes Masra will replace Saleh Kebzabo who resigned from the post in December 2023.

About Succes Masra:
i.Succes Masra is a former Senior Economist at the African Development Bank (AfDB), and a former Senior Consultant at Ernst & Young Global Limited and BNP Paribas Bank Group (Paris, France).
ii.He started the Les Transformateurs (“The Transformers” in English) party in 2018.
iii.Masra’s appointment through a referendum (with 86% of the vote) paved the way to a new constitution and put an end to military rule.
iv.He was nominated for Chad Presidential election in 2021.
About Republic of Chad:
Prime Minister – Succes Masra
Capital – N’Djamena
Currency – Central African CFA Franc

Kuwait Emir Appoints Sheikh Mohammed Sabah al-Salem al-Sabah as PM of KuwaitSheikh Meshal al-Ahmad Al-Jaber al-Sabah, Emir of Kuwait, has appointed Sheikh Mohammed Sabah al-Salem al-Sabah as the Prime Minister(PM) of Kuwait and has been tasked to form a new cabinet.

  • He succeeds Sheikh Ahmad Nawaf Al Ahmad Al Sabah, the son of late Emir Nawaf Al-Ahmad Al-Jaber Al-Sabah, who has been serving as the PM of Kuwait since 2022.

About Sheikh Mohammed Sabah al-Salem al-Sabah: 
i.Sheikh Mohammed was born in 1955 and is the fourth son of Sheikh Sabah Al Salem Al Sabah, the 12th Emir of Kuwait, who ruled Kuwait from 1965 until 1977.
ii.He served as the ambassador of Kuwait to the United States of America from 1993 to 2001.
iii.He has also served as the minister of state for foreign affairs from 2001 to 2003, and minister of foreign affairs from 2003 to 2011.
iv.He served as the deputy PM of Kuwait from 2006 to 2011.
v.He has served as the chairman of the Sabah Al Salem Al Sabah Foundation, named after his father.
About Kuwait: 
Emir(head of state/monarch)– Sheikh Meshal al-Ahmad Al-Jaber al-Sabah
Prime Minister– Sheikh Mohammed Sabah al-Salem al-Sabah
Capital– Kuwait City
Currency– Kuwaiti Dinar (KWD)

Shashi Kumar Singh Elected as President of All India Rubber Industries AssociationShashi Kumar Singh, Director of Osaka Rubber Private Limited, was elected as the President of All India Rubber Industries Association (AIRIA) (2023-24), the apex body for rubber industries in India.

  • He will succeed Ramesh Kejriwal, who served as the President of AIRIA from 2022-23.
  • Prior to the appointment, Shashi Singh was serving as the senior vice president (VP) within AIRIA.

Other Appointments: 
The election of the new office bearers for 2023-24 was held during the Annual General Meeting on 23rd December 2023 in Mumbai, Maharashtra.
i.Zafar Ahmed, Managing Director of New India Rubber Works Pvt Ltd was elected as the senior vice-president of AIRIA for 2023-24.
ii.Indra Parekh, Director at RI Impex Private Limited has been elected as the vice president of AIRIA for 2023-24.
About Shashi Kumar Singh:
i.Shashi Kumar Singh is Director at various Industries Cement and construction based such as M/s. Chunar Churk Cement Limited, Hi-Span Developers Private Limited & Shree Salasar Developers Private Limited.
ii.He is also a member of the Governing Council of the Indian Rubber Manufacturers Research Association (IRMRA) & Governing Council of the Rubber Chemical & Petrochemical Skill Development Council (RCPSDC) under Skill India.
iii.He served as the Chief Convener for the Western Region,
About All India Rubber Industries Association (AIRIA):
President- Shashi Kumar Singh
Headquarters- Mumbai, Maharashtra
Established in – 1945

ISRO’s NSIL to launch GSAT-N2 Satellite onboard SpaceX’s Falcon-9NewSpace India Limited (NSIL), the commercial arm of the Indian Space Research Organisation (ISRO), is set to launch GSAT-20 (renamed GSAT-N2), a Ka-band high throughput satellite (HTS), onboard the Falcon-9 rocket of Space Exploration Technologies Corporation (SpaceX) in the 2nd quarter of 2024.

  • This will be ISRO’s first partnership with SpaceX to launch the satellites.

About GSAT-N2:
i.GSAT-N2 is specifically designed to meet the broadband, In-flight and Maritime Connectivity (IFMC) and cellular backhaul service needs of remote/ unconnected regions.

  • It offers 32 user beams in the Ka-Ka band having Pan-India coverage including Andaman and Nicobar Islands and Lakshadweep islands.

ii.GSAT-N2 weighing 4700 kg, offers an HTS capacity of nearly 48 Gigabytes Per Second(Gpbs).
iii.GSAT-N2 satellite will be fully owned, operated and funded by NSIL.
Background:
i.NSIL builds, launches, owns and operates satellites in “Demand-driven mode” to meet the service needs of the user.
ii.NSIL launched 1st demand-driven satellite mission, GSAT-24, in June 2022, in which the capacity onboard the GSAT-24 was fully secured by TataPlay.
iii.In line with this, GSAT-N2 is the NSIL’s 2nd Demand driven communication satellite mission.
About Falcon 9 rocket: 
i.Falcon 9 is a reusable, two-stage rocket designed and manufactured by SpaceX for the reliable and safe transport of people and payloads into Earth orbit and beyond. It is the world’s first orbital-class reusable rocket.
ii.As of 5th Jan’24, it has undertaken 286 launches, 244 landings, and 218 re-flights.
Relying on SpaceX:
Reason for relying on SpaceX rather than ISRO’s launch vehicles.
i.The communication satellites are launched into an orbit called the Geosynchronous Transfer Orbit (GTO).
ii.The Geosynchronous Satellite Launch Vehicle (GSLV) can only deliver around 2250 kg to GTO; the LVM3 can deliver a payload of 4000kg to GTO. Which can’t successfully lift the GSAT-N2 payload weight of 4,700 kg.
iii.Whereas SpaceX’s Falcon 9 has a payload capacity of 8,300 kg to GTO.
About NewSpace India Limited (NSIL):
NewSpace India Limited (NSIL) is a wholly owned Government of India company, under the administrative control of the Department of Space (DOS).
Chairman and Managing Director(CMD) – Radhakrishnan Durairaj
Headquarters – Bengaluru, Karnataka
Incorporated – 2019

GlobalSpace Technologies launches  ‘GoRoga’, India’s 1st Anti-Stress Wearable      
Navi Mumbai (Maharashtra) based GlobalSpace Technologies Limited has unveiled ‘GoRoga’ India’s first anti-stress wearable. The device uses non-invasive brain stimulation (NIBS) technology to reduce anxiety and promote mental wellness.
i.The device is manufactured and patented as RogaLife in the United States of America (USA) and the software is developed in India under the ‘Make in India’ initiative.
ii.‘GoRoga’ is designed to activate cortisol(steroid hormone) by connecting to a phone and utilizing sticky pads on the ears.

Polygonum Chaturbhujanum: New Herbaceous Plant Species Discovered in Maharashtra’s Pench Tiger Reserve
A New Herbaceous Plant Species named “Polygonum Chaturbhujanum” was discovered at Gol Pahadi Island of the Pench Tiger Reserve (PTR) in Nagpur Maharashtra. The new species was discovered during the floral survey carried out in Pench with technical support of the Forest Survey of India(FSI).
Note: This one of kind species belongs to the genus Polygonum which includes flowering plants in the knotweed and buckwheat family Polygonaceae.
About the Floral Survey in Pench:
The floral survey, carried out over 1 year in Pench, reported over 863 plant species belonging to 554 genera and 117 families.
i.Out of this, 46 species are indigenous to India, 32 plant species are of rare distribution and 6 plant species are endemic to the Indian subcontinent.

  • The 6 endermic species are: Aegineta Indica; Boerhavia Crispa; Habenaria Gibsonii var Foetida; Iphigenia Pallida; Petalidium Barlerioides; and Gibson’s Barleria.

ii.294 species are herbs; 157 are natural trees; 131 are climbers; 131 belong to grasses; 52 are species of shrubs; the remaining are avenue trees and epiphytic plants.
Note: During this survey, most of the biodiversity found is of grass species, Pench does not have extensive grasslands and most grasses are under the canopy.
Key Points:
i.According to a flora study of Nagpur district (Maharashtra) in 1986, 1,136 plant species fall under 669 genera and 142 families.
ii.The floral diversity of Pench constitutes around 5.8% of India’s floral diversity.

  • It comprises 45,000 plant species, representing about 7% of the world’s flora, including over 15,000 flowering plants.Released of book titled “Flowering Plants of Pench Tiger Reserve”:

Book after the Survey:
After the survey, Dr K Chandramohan and Dr D Ravivarma, who worked on the floral survey in Pench, authored a book titled ‘Flowering Plants of Pench Tiger Reserve’.  The book was edited by Dr. Prabhu Nath Shukla and Chaturbhuja Behera.
i.The book was released by Devendra Fadnavis, Deputy Chief Minister (Dy CM) of Maharashtra.
ii.The book provides popular names, families, key characters, global distribution, and medicinal importance of each species.
The Forest Survey of India (FSI) in its floral survey at Pench Tiger Reserve (PTR) in Maharashtra discovered a new Herbaceous Plant Species Polygonum Chaturbhujanum, at Gol Pahadi Island of the PTR.
Note: The new species has been submitted for further research and an article will soon be published in a scientific journal.
Genus and Species:
Genus: Polygonum
Species: Chaturbhujanum
Polygonum is a genus of flowering plants in the buckwheat and knotweed family Polygonaceae

  • It is one of the largest genera in the family of flowering plants.

Findings in the Survey:
i.The floral survey was carried out over 1 year in Pench during which 863 plant species belonging to 554 genera and 117 families were recorded.
ii.Out of the total number of species reported, 32 plant species are in rare distribution; 6 plant species are endemic to the Indian subcontinent; and 46 species are indigenous to India.
iii.Among these species, 294 are herbs; 157 are natural trees; 131 are climbers; 131 belong to grasses; 52 are species of shrubs; the remaining are avenue trees and epiphytic plants.
Note: During this survey, most of the biodiversity found is of grass species, Pench does not have extensive grasslands and most grasses are under the canopy.
6 Plant Species Endemic to India:
The 6 species found in Pench, which are only found in India, and are rare in the world are:

  • Aegineta Indica; Boerhavia Crispa; Habenaria Gibsonii var Foetida; Iphigenia Pallida; Petalidium Barlerioides; and Gibson’s Barleria.

Key Points:
i.According to a flora study of Nagpur district (Maharashtra) in 1986, 1,136 plant species fall under 669 genera and 142 families.
ii.The floral diversity of Pench constitutes around 5.8% of India’s floral diversity.

  • It comprises 45,000 plant species, representing about 7% of the world’s flora, including over 15,000 flowering plants.

About the Survey:
The survey was carried out through the technical support of FSI. Dr. K. Chandramohan; Dr. D. Ravivarma, and their team had been working on this survey for more than a year.
Book after the Survey:
i.After the survey, Dr. K. Chandramohan; and Dr. D. Ravivarma authored a book titled “Flowering Plants of Pench Tiger Reserve Maharashtra,” which was edited by Dr. Prabhu Nath Shukla and Chaturbhuja Behera.
ii.The book provides popular names, families, key characters, global distribution, and medicinal importance of each species.
iii.The book was released by the Deputy Chief Minister (CM) of Maharashtra Devendra Fadnavis.

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Current Affairs Daily Digest – 5 January 2024

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EPFO extends Deadline to Upload Wage Details for Higher Pension Options till May 31On January 3, 2024, the Employees’ Provident Fund Organisation (EPFO) has approved a five months extension for employers for uploading wage details of higher pension options online i.e. till 31st May, 2024 from 31st December 2023.

  • The information for the same was provided by Ministry of Labour and Employment.

Reason behind the extension:
With over 3.6 lakh pending applications for the Validation of Options/ Joint Options, the EPFO has approved an extension to facilitate employers in processing these outstanding submissions.
Background:
i.In response to a Supreme Court order in October 2022, EPFO introduced an online application facility for pension option validation in February 2023, with an initial deadline of May 3, 2023.
ii.Following the representations from the employees, the deadline was extended to June 26, 2023 with subsequent extensions till July 11, 2023.
iii.The deadline was further extended till December 31, 2023 after receiving more representations from Employers & Employers’ Associations.
About Employees’ Provident Fund Organisation (EPFO)
EPFO works under the administrative control of the Ministry of Labour and Employment(MoLE).
Chief Executive Officer– Neelam Shami Rao
Headquarters– New Delhi, Delhi
Establishment– 1952

NHAI & NRSC Entered into MoU to Develop and Report Green Cover Index for National Highways in IndiaThe National Highways Authority of India (NHAI) signed a Memorandum of Understanding (MoU) with the National Remote Sensing Centre (NRSC), one of the primary centres of the Indian Space Research Organization (ISRO), for 3 years to develop and report a “Green Cover Index” for the vast National Highways network in India.
Green Highways Policy:
Ministry of Road Transport and Highways (MoRTH) and NHAI has prioritised greening Highway Corridors since initiation of the Green Highways Policy in 2015.
At present, the monitoring of plantations is based on site visits by field personnel.
Comprehensive Pan-India Estimation:
i.By using high-resolution satellite imagery, NRSC will undertake a comprehensive pan-India estimation of green cover referred to as the ‘Green Cover Index’ for National Highways.

  • This approach not only enhances in-situ data collection but also supplements plantation management and monitoring, including performance audits conducted by NHAI.

ii.This innovative approach aims to streamline the assessment process and facilitate targeted interventions where green cover is insufficient.
Benefits: It promises a time-saving and cost-effective solution for generating macro-level estimates of greenness along National Highways.
Capturing Green Cover Index Region-Wise:
i.The primary goal of the project is to capture the Green Cover Index region-wise for National Highways in the initial assessment cycle.
ii.Subsequent annual cycles will focus on utilizing scientific techniques to estimate the growth patterns of green cover for National Highways.
iii.The findings of the Green Cover Index will enable the comparison and ranking of various National Highways.

  • This information will support timely and periodic interventions to enhance green cover.

Granular Metrics for Individual Projects:
Green cover will be estimated for every 1 kilometer (km) length of National Highways, allowing for the generation of granular metrics for individual projects/packages as well.
About National Remote Sensing Centre (NRSC):
NRSC has been converted into full-fledged centers of ISRO since September 1, 2008. Earlier, it was an autonomous body called the National Remote Sensing Agency (NRSA) under the Department of Space (DOS).
Director– Dr. Prakash Chauhan
Headquarters– Hyderabad, Telangana
Established in– 1974

President Droupadi Murmu Gives Assent to Two Bills on December 2023President of India Droupadi Murmu gave assent to two bills including The Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) Bill, 2023, and The Press and Registration of Periodicals (PRP) Bill, 2023
i.The Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) Bill, 2023

  • The key purpose of the bill is to put in place a mechanism for the appointment of the Chief Election Commissioner (CEC) and other Election Commissioners (ECs).
  • The Bill replaces the Election Commission (Conditions of Service of Election Commissioners and Transaction of Business) Act, 1991

ii.The Press and Registration of Periodicals Bill, 2023 replaces the Press and Registration of Books Act, 1867

  • The Ministry of Information and Broadcasting is the concerned ministry Highlights of Bill.
  • The bill aims to modernize and simplify the registration and declaration process. It will help publishers in easing up the procedures and reducing the number of declarations and fillings.

About Ministry of Information and Broadcasting
Union Minister: Anurag Singh Thakur(Lok Sabha- Hamirpur, Himachal Pradesh)
Minister of State: Dr. L. Murugan (Rajya Sabha – Madhya Pradesh)

3 Products from Arunachal Pradesh gets GI tag: Adi Kekir, Handmade Carpets & Wancho CraftChennai, Tamil Nadu (TN) based Geographical Indications Registry has awarded the Geographical Indication (GI) tag 3 indigenous products from Arunachal Pradesh (AR) namely Adi Kekir (ginger), Handmade Carpet (by Tibetan settlers), and Wancho Wooden Craft.
i.With the addition of 3 new GI products, Arunachal Pradesh now has a total of 8 GI products. 
ii.The other 5 products are: Arunachal (Wakro) Orange;  Idu Mishmi Textile;  Khaw Tai (Khamti Rice); Yak Churpi and Tangsa Textile
About the 3 New GI products:

About:
i.Adi Kiker is a flavourful ginger variant produced in the East Siang, Siang, and Upper Siang districts of AR.
ii.Handmade Carpet made by the Tibetan refugees across AR are known for their designs, motifs and texture.
iii.Wancho Wooden Craft featuring human head includes tobacco pipes with head-shaped bowls and drinking mugs with warriors carrying heads.

  • The wooden items made by the Wancho community also includes sculptures of Lord Buddha, animals, and dolls with intricate details.

Points to note:
National Bank for Agriculture and Rural Development (NABARD) supports and provides financial assistance to the initiatives of the AR government under ‘vocal for local’.
So far, 6 out of the 18 such products supported by NABARD have received GI registration.

QCI & KVIC Signed MoU to Enhance Quality of Khadi Products; Introduce Made-in-India Khadi Labels
The Quality Council of India (QCI) and the Khadi and Village Industries Commission (KVIC) signed a Memorandum of Understanding (MoU) at Kochrab Ashram in Ahmedabad (Gujarat) to improve the quality of Khadi products, introduce Made-in-India label for khadi, and empower khadi artisans.
The MoU was exchanged in the presence of Manoj Kumar, Chairman of KVIC; and Jaxay Shah, Chairman of QCI.

  • As per the MoU, QCI will assist KVIC in various activities, including training for enhanced product quality, improving productivity, and marketability of Khadi and Village Industries products domestically and internationally.
  • This collaboration will give a new identity to Khadi as a ‘Made in India’ label, and aims to position Khadi products as a symbol of quality globally, fostering increased production and sales.
  • This will also provide new employment opportunities to Khadi artisans with greater productivity and efficiency by empowering them with enhanced skills and knowledge.

RBI Issues Master Direction on Commercial Paper & Non-Convertible Debentures 2024i.On January 3, 2024, the Reserve Bank of India (RBI) issued Master Direction – RBI (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024 which will come into effect from April 01, 2024.
ii.These Directions have been issued in exercise of the powers conferred under section 45J, 45K, 45L and 45W of RBI Act, 1934 read with section 45U of the Act and of all the powers enabling it in this behalf.
iii.Non-Convertible Debenture (NCD) means a secured money market instrument with a tenor between 90 days and one year.
iv.Commercial Paper (CP) means an unsecured money market instrument issued in the form of a promissory note with maturity between a minimum of 7 days and a maximum of up to one year from the date of issue.
v.The minimum credit rating, assigned by a Credit Rating Agency (CRA), for the issuance of CPs and NCDs is ‘A3’.
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Deputy Governors–Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar, and
Swaminathan Janakiraman
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra

Bajaj Finserv launched India’s First Credit Pass, Powered by CIBIL Bajaj Finserv Limited has launched a Credit Pass, a first-of-its-kind subscription in India,  that enables its customers to get real-time access to their credit dashboard to track and monitor credit health.

  • The credit pass is powered by TransUnion CIBIL Limited (formerly Credit Information Bureau (India) Limited), a credit information company (CIC) operating in India.

Eligibility:
Any customer who has applied for a loan or credit card in the past or anyone who is looking to apply for a loan in the future is eligible to apply for the Credit Pass.
Credit pass:
i.The credit pass account can be accessed through a 12-digit unique number.
ii.The pass offers access to the credit dashboard which gives information such as credit enquiries & repayment history.
iii.The credit pass comes with interactive tools like the Credit Score Simulator and Equated Monthly Instalment (EMI) Calculator.
iv.Monthly CIBIL Score checks, Credit Health Report, and Tracking Credit factors are some of the features of credit pass.
What is the CIBIL score?
i.CIBIL score introduced in 2007 was India’s 1st generic risk scoring model for banks and financial institutions.
ii.A CIBIL score is a three-digit number between 300-900, 300 being the lowest, that represents an individual’s credit-worthiness.
iii.A higher CIBIL score suggests a good credit history and responsible repayment behaviour.
Bajaj Finance Ltd announces Digital FD with Interest Rate of 8.85%
Bajaj Finance Limited (BFL), a Non-Banking Financial Company (NBFC), and a subsidiary of Bajaj Finserv Limited, has launched digital Fixed Deposit (FD) which offers interest rates of up to 8.85%.
About the FD:
i.The digital FDs can be booked through the Bajaj Finserv mobile application and website.
ii.The revised rates will be applicable on fresh deposits and renewals of maturing deposits of up to Rs 5 crore for a tenure of 42 months (3.5 years).
iii.Senior citizens (above 60 years) will be offered 8.85% interest rates whereas other depositors(below 60 years) will be paid interest rates of 8.6%.
Additional Info:
At present there are 4 CICs regulated and authorized by the Reserve Bank of India(RBI). They are,
i.TransUnion CIBIL Limited
ii.Equifax Credit Information Services Private Limited,
iii.Experian Credit Information Company of India Private Limited and
iv.CRIF High Mark Credit Information Services Private Limited
About Bajaj Finserv Limited:
Bajaj Finserv Limited is the financial arm of the Bajaj group.
Chairman and Managing Director(CMD) – Sanjiv Bajaj
Headquarters – Pune, Maharashtra
Established in – 2007 

AU SFB Collaborated With Mastercard To Launch Platinum Debit CardOn 3rd January 2024, AU Small Finance Bank (SFB) Limited in partnership with United States of America (USA) based Mastercard has launched ‘Mastercard Platinum Debit Card’ designed for Corporate Salary Customers. The card was introduced under the theme #Swipe&Save.
About the card:
i.The contactless Platinum Debit Card provides exclusive and convenient benefits to Corporate Salary class people in their daily lives.
ii.The card aims to transform every purchase into a rewarding experience.
iii.The card comes with entertainment offers, dining offers, online food delivery offers along with providing offers on purchase of  groceries, travel bookings and online shopping.
Features:
i.The cardholders can withdraw and make purchases upto Rs 2 lakh per day.
ii.The Automated Teller Machine (ATM) fund transfer limit made by the card is limited to Rs.20,000 and contactless transactions are limited to Rs.5000.
Insurance Coverage:
i.The card offers a personal accident insurance cover of Rs.2 lakh and purchase protection benefits up to Rs.25,000.
ii.The cardholder can also avail card liability cover of Rs.2 lakh.
Additional Info:
With the launch of this card, AU SFB has expanded its card offerings in all the payments network (MasterCard, Rupay and Visa) in India.
About Au Small Finance Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Sanjay Agarwal
Headquarters – Jaipur, Rajasthan
Established in – 1996
Tagline – Badlaav Humse Hai

WB Issued Bonds in Three Currencies to Finance Social Projects
The World Bank (WB) has raised funds by issuing bonds in three different currencies namely Canadian dollars (CAD), Australian dollars(AUD), and United States Dollars (USD) to support the financing of green and social projects, programs and activities in the member countries.

  • World Bank’s arm International Bank for Reconstruction and Development (IBRD) acts as the issuer.

Launched Bonds:
i.5-year AUD Sustainable Development Bond – AUD 2 billion
ii.7-Year USD Sustainable Development Bond – USD 5 billion
iii.5-year CAD Sustainable Development Bond – CAD 1.4 billion
About World Bank:
World Bank Group President – Ajay Banga
Headquarters – Washington DC, United States of America (USA)
Established in – 1944

India Ratings raises India’s GDP growth forecast for FY24 to 6.7% from 6.2% On January 3, 2024, India Ratings and Research (Ind-Ra) Private Limited, part of the Fitch Group, increased India’s Gross Domestic Product (GDP) growth estimate for 2023-2024(FY24) to 6.7% from 6.2%.
Factors:
The increase in GDP forecast is led by various factors like,
i.The resilience of the Indian economy, which grew 7.6% yoy in second quarter growth (Q2FY24), after growing 7.8% yoy in 1QFY24.
ii.sustained government (Capital Expenditure).
iii.the prospect of a new private corporate capex cycle.
iv.sustained momentum in business and software services exports, along with remittances from the rest of the world.
Key Points:
i.Indian economy faces challenges from slowing exports due to weaker global trade and economic growth.
ii.Ind-Ra raised GDP growth projection for FY24 to 6.2% from 5.9% in October 2023.
iii.India Ratings expects current account deficit to narrow to 1.3% of GDP in FY24 from 2.0% in FY23.
iv.Merchandise exports expected to fall 9.3% YoY (Year-on-Year) in FY24; goods imports to fall 7.9% YoY.
viTrade deficit estimated at $260.7 billion (7.3% of GDP) due to uncertain external demand.
Global Scenario:
i.There is risk to the global growth amid the monetary policy tightening in advanced economies.

  • This may result in global inflation declines to 6.9% in 2023 and 5.8% in 2024 (2022: 8.7%).

ii.The volatile geopolitical situation, may impact global growth and trade, especially through disruptions in the supply chain
iii.The World Trade Organization (WTO) expects the world merchandise trade volume to have grown only 0.8% as against the expected 1.7% in 2023.
iv.The International Monetary Fund (IMF) expects the global growth to slow down to 2.9% in 2024 (2023: 3 per cent), lower than the pre-pandemic average growth of 3.8% (2000-19).

SpaceX launches its first ‘direct-to-cell’ Starlink satellitesOn 2nd January 2024, SpaceX’s Falcon 9 launched the 21 Starlink satellites, including its first six “direct-to-cell” satellites, to Low-Earth orbit(LEO) from Space Launch Complex 4 East (SLC-4E) at Vandenberg Space Force Base in California, the United States of America(USA).
Direct to cell satellites: 
i.Direct to cell satellites aims to provide seamless global access to text, call, and browse across all-terrain and location coverage without changing hardware or firmware.
ii.These starlink satellites uses advanced eNodeB modem that acts as a cellphone tower in the space.

  • eNodeB – refers to the base station equipment that handles the radio interface with the mobile devices.

iii.This will eliminate deadzones (a place that doesn’t receive a cell signal) with network integration similar to a standard roaming partner.
Services: 
i.Text functions using direct to cell will become active in 2024 and voice, data and Internet of Things (IOT) service will become active from 2025.
ii.This technology will work with Long Term Evolution (LTE) phones.
Additional info: 
The global cellular providers which are currently using Direct to cell includes T-Mobile in the USA, Rogers in Canada, KDDI in Japan, Optus in Australia, One NZ in New Zealand, Salt in Switzerland, and Entel in Chile and Peru.
Starlink: 
i.Starlink is the world’s first and largest satellite constellation using a LEO to deliver broadband internet to all its users.
ii.The first 60 Starlink satellites were launched in May 2019.
iii.At present, it has more than 5,000 active satellites transmitting relatively low-latency internet from orbit.
About SpaceX:
SpaceX (Space Exploration Technologies Corporation) is a space transportation and aerospace manufacturer.
Founder & CEO– Elon Musk
Founded in 2002
Headquarters– Hawthorne, California, USA

World Braille Day 2024 – January 4 The United Nations (UN) World Braille Day is annually observed across the globe on 4 January to raise awareness about the significance of Braille as a communication medium for people who are blind or partially sighted.

  • The Day commemorates the birth anniversary of Louis Braille, a 19th-century French educator, who invented the Braille script for the blind and visually impaired in 1824.

4 January 2024 marks the observance of the 6th World Braille Day and the 215th birth anniversary of Louis Braille.
Background:
i.On 17 December 2018, the United Nations General Assembly (UNGA) adopted the resolution A/RES/73/161 and proclaimed the 4 January of every year as World Braille Day.
ii.The 1st ever World Braille Day was observed on 4 January 2019.

WB Govt Declared Poila Baisakh as State Day & Tagore’s Banglar Mati Banglar Jal as State SongThe Government of West Bengal(WB) declared Poila Baisakh, the Bengali New Year, as the State day and Nobel laureate Rabindranath Tagore’s 1905 ode to Bengal, “Banglar Mati, Banglar Jal” (The soil of Bengal, the water of Bengal) as the State Song.

  • The state day will be celebrated as “Bangla Divas”.
  • Poila Baisakh is celebrated on the first day of the Baisakh month, the first month of the Bengali calendar year which usually falls on the 14th or 15th of April.

Points to note:
i.The State Day shall be celebrated every year by all the people of West Bengal with respect and dignity.
ii.The 1-minute-59-seconds State Song shall be played compulsorily at the commencement of all official functions in West Bengal and the National Anthem shall be played compulsorily after the function.

  • All dignitaries/persons should stand at attention when the State Song and National Anthem are played and mass singing of it should be encouraged.

Background:
In September 2023, the West Bengal Assembly passed a resolution declaring the 1st day of the Bengali calendar, ‘Poila Baisakh’, as statehood day and Rabindranath Tagore’s song ‘Banglar Mati Banglar Jal’ as the state anthem.

  • Subsequently, the State Cabinet gave its approval for the development.

Note: The order was issued by the former chief secretary of West Bengal HK Dwivedi on 30 December 2023, who retired on 31 December 2023.
About Banglar Mati, Banglar Jal:
The patriotic song Banglar Mati, Banglar Jal was written in 1905 in the context of Viceroy George Nathanial Curzon’s (1859-1925) partition of Bengal.

  • Rabindranath Tagore had penned the song in support of the Bangabhanga Rodh movement to oppose Bengal’s partition.

Note:  Rabindranath Tagore won the Nobel Prize in Literature in 1913 and became the 1st Indian and 1st Asian to win the award.

PFC signs MoU with Gujarat Govt for Power Projects Worth Rs 25,000 CrThe Power Finance Corporation Limited (PFC) has signed a Memorandum of Understanding (MoU) worth Rs 25,000 crore with the Government of Gujarat (GoG) in Gandhinagar to provide financial backing for power generation, transmission, and distribution projects.

  • PFC is a Schedule-A Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power (MoP).

Attended Delegates:
The MoU has been signed by Parminder Chopra, Chairperson & Managing Director (CMD) of PFC and Jai Prakash Shivhare (MD) of  GUVNL in the presence of Bhupendra Patel, Chief Minister (CM) of Gujarat.
About the MoU:
i.As per the MoU, PFC supports various projects undertaken by GoG-owned firms such as

  • Gujarat Urja Vikas Nigam Limited (GUVNL)
  • Gujarat State Electricity Corporation Limited (GSECL)
  • Gujarat Energy Transmission Corporation Limited (GETCO)
  • Dakshin Gujarat Vij Company Limited (DGVCL)
  • Madhya Gujarat Vij Company Limited (MGVCL)
  • Paschim Gujarat Vij Company Limited (PGVCL)
  • Uttar Gujarat Vij Company Limited (UGVCL)

ii.PFC also provides funding for the expansion of power infrastructure projects of these entities.
iii.The MoU will also create employment generation in Gujarat.
About Power Finance Corporation (PFC):
Power Finance Corporation (PFC) is a Non-Banking Financial Company (NBFC) in the power sector.
Chairman and Managing Director (CMD) – Parminder Chopra
Headquarters – New Delhi, Delhi
Established in – 1986
About Gujarat:
Chief Minister – Bhupendra Rajnikant Patel
Governor – Acharya Devvrat
Airports – Shyamji Krishna Verma Bhuj Airport, Porbandar Airport
UNESCO World Heritage Site –  Champaner-Pavagadh Archaeological Park, Rani-ki-Vav (the Queen’s Stepwell)

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Current Affairs Daily Digest – 4 January 2024

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CDSCO launches NSWS Portal for Medical Devices ManagementOn January 1, 2024, the Central Drugs Standard Control Organisation (CDSCO), under the Directorate General of Health Services, Ministry of Health & Family Welfare(MoHFW), launched the National Single Window System (NSWS) Portal to streamline, import, clinical investigations, and testing of medical devices.
The site is designed and developed by Invest India, under the Department for Promotion of Industry and Internal Trade(DPIIT), Ministry of Commerce and Industry(MoCI), through Tata Consultancy Service (TCS) for CDSCO.
About NSWS portal:
i.The portal will be a one-stop shop for all approvals required by the investor and facilitates ease of doing business
ii.This is an independent portal distinct from the existing SUGAM portal or the cdscomdonline portal for the medical devices industry.
iii.The Know Your Approvals (KYA) module of the portal includes guidance for 32 Central Departments and 32 States.
iv.This hosts applications for approvals from 31 Central Departments and 22 State Governments.
Key Points:
i.Initially, three activities under Medical Devices Rules, 2017- Certificate of Registration (CoR), license to manufacture medical devices for clinical purposes, and license to import medical devices for investigations or testing, went live on NSWS from January 1, 2024.
ii.Stakeholders are mandated to submit applications for these activities through the NSWS portal, as the existing cdscomdonline portal for these activities will be disabled from January 15, 2024.
iii.The CDSCO also released a user guide for navigation and a contact number for user queries.
Background:
During the 2020 budget speech, Nirmala Sitharaman, Union Finance Minister, announced the creation of an Investment Clearance Cell (ICC), a single platform to enable investors, entrepreneurs, and businesses in India to identify and get the required approvals and clearances.
The proposed ICC is now developed as NSWS.
Digital Drugs Regulatory System (DDRS):
In November 2023, CDSCO initiated the development of Digital Drugs Regulatory System (DDRS) to unify all regulatory activities into a single portal for drugs, medical devices, cosmetics, etc.

Desert Cyclone 2024: 1st India-UAE Joint Military Exercise Begins in Mahajan, Rajasthan Desert Cyclone 2024, the 1st edition of the India-United Arab Emirates (UAE) joint military exercise, commenced in Mahajan, Rajasthan on 2nd January 2024. The 2-week-long Exercise will conclude on 15th January 2024.

  • The goal of the exercise is to achieve shared security objectives and foster bilateral relations between two nations.

Note: “Desert Eagle”, the first-ever India-UAE Joint Air Forces exercise took place in September 2008 at the Al-Dhafra base in Abu Dhabi, UAE.
Objective:
To boost interoperability in Sub-conventional Operations, focusing on Fighting in the Built-Up Area (FIBUA) within desert and semi-desert terrain under Chapter VII of the United Nations (UN) Charter on Peace Keeping Operations.

  • It will enhance cooperation and interoperability between both sides during Peace Keeping Operations.

Participants:

  • UAE contingent: 45 personnel from the Zayed First Brigade.
  • Indian Army contingent: 45 personnel, primarily by a Battalion from the Mechanised Infantry Regiment.

Planned Drills:
i.The drills under ‘Desert Cyclone 2024’ demonstrate India and the UAE’s joint dedication to regional security and stability.

ii.Various drills are set to be rehearsed during the exercise, including:

  • Establishment of a Joint Surveillance Centre;
  • Cordon and Search Operation;
  • Domination of Built-Up Area;
  • Heliborne Operations.

Note: It aims to enhance interoperability by learning and sharing best practices in urban operations.
About United Arab Emirates (UAE):
Capital– Abu Dhabi
President– His Highness Sheikh Mohamed bin Zayed Al Nahyan
Currency– UAE Dirham (AED)

Govt amends CCS (Pension) rules 2021; Allows Female Govt Servant/Pensioner to Nominate her child for Family PensionDepartment of Pension and Pensioners’ Welfare (DoPPW), under the Ministry of Personnel, Public Grievances & Pensions, has amended the Central Civil Services (CCS) (pension) rules, 2021, to allow female government servant/pensioner to nominate her child/children for family pension in precedence to her husband.
Note: The sub-rules (8) and (9) of Rule 50 of CCS (Pension) Rules, 2021, states that if a deceased Government servant/pensioner is survived by a spouse, a family pension is initially granted to the spouse, with other family members becoming eligible only after the spouse becomes ineligible or passes away.
Details of the amendment:
i.In case of any marital discord leading to filing of divorce proceedings in a Court of Law or filing of a case under Protection of Women from Domestic Violence Act or Dowry Prohibition Act or under Indian Penal Code(IPC), the female govt servant/pensioner can make a request to the effect that in the event of her death, the family pension may be granted to her eligible child in precendence to her spouse.
ii.In the event of the death of the female govt servant/pensioner during the pendency of the above proceedings the family pension will be disbursed as following,
(a)Widower without eligible children – family pension is payable to the widower.
(b)Widower with minor children or children with disorder or disability of mind

  • The family pension goes to the widower (acting as guardian).
  • If the widower ceases to be the guardian, the pension is redirected to the child through the actual guardian.
  • Upon attaining the majority, the child receives the pension till the time they are eligible.

(c)Widower with children who have attained majority but are eligible for family pension. – family pension is payable to child/children.
Note:
If a child/children cease to be eligible under Rule 50 of the CCS (Pension) Rules, 2021, the family pension passes to other eligible child/children.
After all, children are ineligible under Rule 50, the widower receives a family pension until death or remarriage, whichever comes first.

J&K becomes First UT to Implement PM Vishwakarma YojanaJammu and Kashmir (J&K) has become the first Union Territory (UT) in India to implement the Pradhan Manthiri Vishwakarma Yojana (PMVY).  The training programme for the 1st batch of 30 trainees (Viswakarmas) in ‘darzi craft’ under PMVY was inaugurated at Industrial Training Institute (ITI) Shopian, J&K.
Key People: The training programme was virtually inaugurated by Rajeev Rai Bhatnagar, Advisor to Lieutenant Governor of J&K and Atul Kumar Tiwa, Secretary, Union Ministry of Skill Development and Entrepreneurship (MSDE).
About PM Vishwakarma Yojana(PMVY):
i.PM Vishwakarma Yojana(PMVY) is a Central Sector Scheme (CSS) launched by the Ministry of Micro, Small and Medium Enterprises (MoMSME) in September 2023.
ii.The scheme aims to improve the quality and reach of products and services of artisans and craftspeople
iii.The tagline of the scheme is ‘Samman Samarthya Samridhi’
iv.The beneficiary should be at least 18 years old.
v.The scheme will cover 18  traditional crafts such as

  • Carpenter, Boat Maker, Armourer, Blacksmith, Hammer and Tool Kit Maker, Locksmith, Goldsmith, Potter, Sculptor & Stonebreaker, Cobbler (Shoesmith/ Footwear artisan), Mason (Rajmistri), Basket/Mat/Broom Maker/Coir Weaver, Doll & Toy Maker (Traditional), Barber, Garland maker, Washerman, Tailor and Fishing Net Maker.

vi.The scheme offers a collateral-free loan of upto Rs 3 Lakh at a concessional interest rate of 5%
vii.The scheme also offers incentives for digital transactions and marketing support.
viii.The scheme aims to cover 30 lakh families over five years from Financial Year 2023-24(FY24) to FY28
About the training program:.
i.The trainees will be offered basic training of 5 to 7 days, and advanced training of 15 days or more.
ii.The trainees will be paid a stipend of Rs 500 per day and will receive a free modern toolkit worth Rs 15,000.

Five New Countries Join BRICS in 2024Five countries namely Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) has joined BRICS(Brazil, Russia, India, China, and South Africa) bloc as their membership came into force from January 1, 2024.

  • With the induction of new members, BRICS’ membership count increased to 10 from 5.

Background:
The act of inducting new members into the bloc was decided in 15th BRICS summit under the chairmanship of  South Africa in August 2023.
: Argentina which was supposed to join BRICS withdrew from the entry by its President Javier Milei.
Key Points:
i.The addition of new members is seen as a strategic effort to reshape traditional global order into a multipolar world with voices from the Global South taking a more prominent role on the international stage.
ii.Inclusion of two huge powers (Saudi Arabia and UAE) highlights the growing assertiveness of middle powers challenging the established Western-led order.
iii.The expansion of the BRICS also creates new investment opportunities in Saudi Arabia and the UAE.
iv.Both countries are diversifying their economy across various sectors, including tourism, real estate, construction, transport, manufacturing, and capital expenditure.
2024 BRICS chairmanship:
i.On 1st January 2024, Russia has taken over the BRICS chairmanship.
ii.Russian President Vladimir Putin stressed the commitment to advancing global development and security through the theme “Strengthening Multilateralism for Equitable Global Development and Security.”
iii.16th BRICS summit was scheduled to happen in Kazan, Russia in October 2024.
About BRICS:
i.BRICS was formed in September 2006 and it originally comprised Brazil, Russia, India and China (BRIC).
ii.It was renamed as BRICS after South Africa was accepted as a full member in September 2010.
iii.At present, the BRICS represents 41% of the global population, 24% of the global Gross Domestic Product (GDP) and 16% of the global trade.

RBI revised guidelines for Inoperative Accounts and Unclaimed Deposits; Enhances Bulk Deposit Limit for Large UCBs to Rs 1cr & abovei.On January 1, 2024, the Reserve Bank of India (RBI) has issued revised guidelines for classifying accounts and deposits as inoperative accounts and unclaimed deposits by banks which will come into effect from April 1, 2024.
ii.These instructions by RBI are issued in exercise of the powers conferred by Sections 35A of the Banking Regulation (BR) Act, 1949 read with Sections 26A, 51 and 56 of the Act ibid and all other provisions of this Act or any other laws enabling RBI to issue instructions in this regard.
iii.Unclaimed credit balances in bank accounts inactive for ten years or more, as per paragraph 3(iii) of the Depositor Education and Awareness (DEA) Fund Scheme, 2014, must be transferred to the RBI’s DEA Fund, following the provisions outlined in the DEA Fund Scheme, 2014.
iv.RBI also revises Bulk Deposits limit for Urban Co-operative Banks (UCBs) by increasing it from to Rs 1 crore and above from Rs 15 lakh and above for Scheduled Primary (Urban) Co-operative Banks, in Tier 3 and 4. This is 6.66 times increase.
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

LEO and NSDL Payment Bank launched the MasterCard Powered LEO1 CardLEO1 (formerly known as Financepeer), an Edu-fintech startup, in collaboration with NSDL Payments Bank Limited (NPBL), the wholly-owned subsidiary of National Securities Depository Ltd (NSDL), has launched ‘LEO 1 Card’ which is India’s first numberless Prepaid ID card with MasterCard as a network partner.
Bank of Baroda launches NCMC RuPay Prepaid Card
The Bank of Baroda (BoB), one of a public sector bank, has launched the National Common Mobility Card (NCMC) RuPay Reloadable Prepaid Card in alignment with the ‘One Nation, One Card’ initiative.
About LEO1:
Founder & Managing Director (MD) – Rohit Gajbhiye
Headquarters – Mumbai, Maharashtra
Established in – 2017
About Bank of Baroda (BoB):
Managing Director and Chief Executive Officer(CEO) – Debadatta Chand
Headquarters – Vadodara, Gujarat (Corporate centre is in Mumbai, Maharashtra)
Established in – 1908
Tagline – India’s International Bank

HDFC Bank Executed Transactions as part of the ‘UPI for secondary market’ Facility
HDFC Bank Limited has executed transactions via the National Payments Corporation of India (NPCI)’s Unified Payments Interface (UPI) payments app as a part of the ‘UPI for secondary market’ facility.

  • This is in line with “Trading supported by Blocked Amount in Secondary Market” which was permitted by the Security and Exchange Board of India (SEBI) and Indian Stock Exchanges, on an optional basis.
  • This is similar to the Application Supported by Blocked Amount (ASBA) facility available for primary markets.

Trading supported by Blocked Amount in Secondary Market:
The funds of the buyer of the share(s) will continue to remain in their savings account with the required funds being blocked.

RBI grants Payment Aggregator Licence to Tata Pay & DigiO
Tata Group’s digital payments arm, Tata Communications Payment Solutions Limited (Tata Pay), has received approval from the Reserve Bank of India (RBI) to act as a Payment Aggregator (PA).

  • The approval from RBI allows Tata Groups to power all their e-commerce transactions within its subsidiary entities through Tata Payments Limited.
  • The Groww (financial services platform)-backed identity verification startup, DigiO, also has received PA licence from RBI.

About Tata Communications Payment Solutions Limited:
Tata Payments is held through Tata Digital Private Limited, which is the digital business arm of and subsidiary of Tata Group.
Managing Director & Chief Executive Officer – A.S.Lakshminarayanan
Headquarters –  Mumbai, Maharashtra
Established in – 2008

REC Limited & RVNL signed MoU to Finance RVNL Infrastructure Projects up to Rs 35,000 Cr REC Limited (formerly Rural Electrification Corporation Limited) signed a Memorandum of Understanding (MoU) with Rail Vikas Nigam Limited (RVNL) to finance up to Rs 35,000 crore for multi-modal infrastructure projects to be executed by RVNL over the next 5 years.

  • These projects will include multi-modal logistics hub projects, rail infrastructure projects, and road, port, and metro projects where RVNL is venturing into.

Note: REC Ltd is a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power, whereas RVNL is a Schedule ‘A’ Navratna CPSE under the Ministry of Railways.
Signatories: Ajoy Choudhury, Director (Finance), REC; and Rajesh Prasad, Director (Operations), RVNL, signed the MoU.
Key People:
V.K Dewangan, Chairman and Managing Director (CMD), REC Ltd; Sanjeeb Kumar, Director (Finance), RVNL; Anupam Ban, Director (Personnel) of RVNL, and other senior officials from REC and RVNL were present during the event.
Key Points:
i.REC Ltd provides long-term loans and financial solutions for the power infrastructure sector, covering Generation, Transmission, Distribution, Renewable Energy (RE), Electric Vehicles (EVs), Battery Storage, and Green Hydrogen.
iii.REC Ltd diversified into the Non-Power Infrastructure sector including Roads and Expressways, Metro Rail, Airports, etc. and Electro-Mechanical (E&M) works for sectors like Steel and Refinery.

  • REC’s substantial loan book exceeds Rs. 4,74,275 Crore.

iii.RVNL serves approximately 30% of Indian Railways’ infrastructure requirements. It pioneers large infrastructure projects under the Public-Private Partnership (PPP) PPP model.
iv.RVNL’s primary focus is on Railway projects, with expansions into road, port, irrigation, and metro projects, often interlinked with railway infrastructure.
About REC Limited:
CMD– Vivek Kumar Dewangan
Headquarters– Gurugram, Haryana
Established in– 1969

Indian Cricketer Virat Kohli Won Pubity Sport Men’s Athlete of Year 2023 AwardIndian cricketer Virat Kohli won the Pubity Sport Men’s Athlete of the Year 2023 Award by defeating Argentine footballer Lionel Messi in the final clash of the online poll in which Kohli got 78 percent out of the total votes while Messi got remaining 22 percent.

  • Spanish footballer Aitana bonmati (76%)wins Pubity female Athlete of The Year 2023 Award by defeating American tennis player Coco Gauff (24%).

About Virat Kohli:
i.Virat Kohli made his international debut in 2008 against Sri Lanka in a One-Day International(ODI) match held in Sri Lanka.
ii.He is the third highest run-scorer in ODI’s with 13848 runs while Sachin Ramesh Tendulkar-India(18426 runs) and Kumar Chokshanada Sangakkara-Sri Lanka(14234 runs) are in first and second position respectively.

  • Kohli set a world record for the highest run tally in a single edition of the ODI World Cup (2023 in India), scoring 765 runs.

iii.His notable awards include Arjuna award in 2013.
iv.He was also honored with the Padma Shri award in 2017 in the field of sports.

  • And Rajiv Gandhi Khel Ratna Award (Name changed into Major Dhyan Chand Khel Ratna) in 2018.

About the selection of the award:
i.The award was selected based on the online poll conducted by  Pubity Sport, a subsidiary channel of Pubity.
ii.The poll for the Pubity Sport Men’s Athlete of the Year featured 16 sports players across various disciplines.
iii.The Top 4 players in the list includes Virat Kohli and Lionel Messi, Novak Djokovic (tennis – Serbia) and Max Verstappen (Formula 1 motorsport – Belgian-Dutch ).

MNRE sets up 3-member Dispute Resolution Committee to Settle Unforeseen Disputes between Developers and REIAsThe Ministry of New & Renewable Energy (MNRE) has set up a 3-member Dispute Resolution Committee (DRC) to resolve “unforeseen disputes” between Renewable Energy (solar and wind) Power developers, Engineering, Procurement, and Construction (EPC) contractors, and Renewable Energy Implementing Agencies (REIAs).
Members of the committee: Rajesh Bhushan, Former Health Secretary; M F Farooqui, Former Telecom Secretary; and Kumar Alok, Former Chief Secretary of Tripura.
Background:
i.In June 2023, MNRE issued an order to revise the Dispute Resolution Mechanism (DRM) for disputes between RE Power Developers and EPC Contractors.
ii.The revised mechanism aims to ensure transparency and an unbiased platform for resolving disputes in the RE by forming a 3-member DRC to settle disputes between developers and REIAs.
iii.The committee has been set up in line with the approval of Union Minister Raj Kumar Singh, MNRE.
About the committee:
i.The members of the committee will be chosen from eminent individuals with impeccable integrity in the National Capital Region (NCR) to avoid expenditure on air travel and accommodation travel expenses.
ii.The upper age limit for the members is 70 years.
DRC Applicability:
i.The mechanism of DRC will apply to all the RE schemes, programs, and projects being implemented through REIAs.

  • The mechanism targets disputes, particularly those related to time extensions, impacting the government’s ambitious goal of achieving a 500-gigawatt clean energy capacity by 2030.

ii.It will also apply to contractual agreements between REIAs and EPC contractors executing RE power projects owned by a REIA.
iii.DRC commits to meeting at least once a week, ensuring timely resolution for pending cases or applications.
Note: REIAs in India includes NTPC Limited, formerly known as National Thermal Power Corporation, Solar Energy Corporation of India Limited (SECI), SJVN Limited, formerly known as Satluj Jal Vidyut Nigam, etc.

CCI Approves 100% Acquisition of GVK Power (Goindwal Sahib) Ltd by PSPCLThe Competition Commission of India (CCI) has approved the proposed acquisition of 100% shareholding of GVK Power (Goindwal Sahib) Limited by Punjab State Power Corporation Ltd (PSPCL).
Note: This relates to the resolution plan, entailing the 100% acquisition of GVK Power (Goindwal Sahib) Limited by PSPCL once it is declared as the resolution applicant.
Point to note:
i.Punjab government has acquired the Goindwal Sahib Thermal Power Plant, for Rs 1,080 crore. With this, Punjab has become the first state government to purchase a private thermal plant.
ii.The 540-Megawatt (MW) thermal plant will be named after Guru Amardass, the 3rd  Guru of Sikhs.
Punjab State Power Corporation Ltd(PSPCL):
i.PSPCL is a fully owned undertaking of the Government of Punjab headquartered in Patiala, Punjab.
ii.it was formed as the Punjab State Electricity Board (PSEB), in February 1959 under the Electricity Supply Act of 1948.
ii.In 2010, the PSEB was restructured and split into 2 separate entities:

  • Punjab State Power Corporation Limited (PSPCL) and
  • Punjab State Transmission Corporation Limited (PSTCL).

GVK Power (Goindwal Sahib) Limited:
GVK Power (Goindwal Sahib) Limited, incorporated in December 1997, is a wholly owned subsidiary of GVK Energy Limited, a subsidiary of GVK Power and Infrastructure Limited.
Headquarters– Secunderabad, Telangana

ICICI Venture to Sell its Entire 42% Stake in Theobroma Food Ltd 
Mumbai (Maharashtra) based ICICI Venture Funds Management Company Limited has decided to sell its entire 42% paid-up share capital in Mumbai-based Theobroma Food Private Limited for Rs 1,200 crore.

  • It takes six to nine months to complete the deal.
  • ICICI Venture on-boarded Theobroma Food Private Limited in 2017 with a commitment to offer USD 20 million to expand it throughout India.

About ICICI Venture Funds Management Company Limited:
ICICI Venture is an alternative investment arm of ICICI Bank Limited.
Managing Director and Chief Executive Officer (CEO) – Puneet Nanda
Established in – 1988

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Current Affairs Daily Digest – 3 January 2024

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Tenure of PLI Scheme for Automobile and Auto Components extended by 1 Year with Partial AmendmentsThe Ministry of Heavy Industries (MHI) extended the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year, with partial amendments. This amended incentive scheme will be applicable for five consecutive financial years, starting from 2023-24 (FY24) and ending in 2027-28 (FY28).

  • This decision has been made after receiving the approval of the Empowered Group of Secretaries (EGoS).
  • These amendments aim to provide clarity and flexibility to the scheme.

What is the amended Scheme?
i.Under this, the incentive disbursement will be made in the subsequent financial year i.e. FY25.
ii.If a company fails to meet the determined sales value threshold in a year, it won’t receive an incentive for that year.
iii.The eligibility for benefits in the next year if the threshold is met with a 10% year-on-year growth.
Background:
The PLI-Auto Scheme was approved by the Union Cabinet on September 15, 2021, with a budgetary outlay of Rs 25,938 crore for a period of 5 years (FY2022-23 to FY2026-27). The PLI-AUTO Scheme will boost manufacturing of Advanced Automotive Technology (AAT) Products.

  • The scheme supports AAT products with certified minimum 50% domestic value addition.

66th Foundation Day of DRDO – 1st January 2024Defence Research & Development Organisation (DRDO), the Research and Development (R&D) wing of the Ministry of Defence (MoD), annually celebrates its Foundation day or Raising Day on 1 January.
DRDO, formed in 1958, celebrated its 66th foundation day on 1st January 2024.
Formation of DRDO:
DRDO was formed in 1958 from the amalgamation of the then already functioning Technical Development Establishment (TDEs) of the Indian Army and the Directorate of Technical Development & Production (DTDP) with the Defence Science Organisation (DSO).
At present, DRDO is a network of 52 laboratories and 5 DRDO Young Scientist Laboratories (DYSLs).
2024 Events:
The 66th DRDO Foundation Day was celebrated on 1 January 2024 at ARJUN Auditorium, Combat Vehicles Research and Development Establishment (CVRDE) in Avadi(Armoured Vehicles and Ammunition Depot of India.), Tiruvallur District, Tamil Nadu.
Dr Samir V Kamat, Secretary, Department of Defence R&D and Chairman DRDO, addressed the DRDO fraternity at New Delhi (Delhi).
Launch:
DRDO Chairman also launched the Quantity-Distance Software developed by Pune(Maharashtra)-based lab, High Energy Materials Research Laboratory (HEMRL), to automate the siting of explosives and related buildings.

  • The software is an essential tool for all MoD establishments engaged in creating explosive-related infrastructure in optimum time and with greater precision.

Highlights of DRDO in 2023:
i.DRDO received Acceptance of Necessity (AoN) worth around Rs. 1,42,000 crore for the induction of several DRDO-developed systems.

  • This is the highest ever accorded to DRDO-developed systems in any year.

ii.1,650 Transfers of Technology (ToTs) of in-house developed systems have been handed over to Indian industries.

  • In 2023, 109 Licensing Agreements for Transfer of Technology (LAToTs) were signed with indigenous companies for manufacturing DRDO products.

iii.DRDO filed more than 141 patents and 212 of them were granted.
TDF Enhancements:
To make the Technology Development Fund (TDF) and allied schemes more effective, Defence Minister Rajnath Singh constituted a committee headed by Dr Kakodkar, former Secretary Department of Atomic Energy (DAE) and Dr Saraswat, Member NITI Aayog (National Institution for Transforming India).
Aim: To propose strategies to fund cutting-edge research similar to the model followed by the Defence Advanced Research Projects Agency (DARPA), in the United States of America (USA).
About Defence Research & Development Organisation (DRDO):
Chairman– Dr Samir V Kamat
Headquarters– New Delhi, Delhi

Gujarat Emerges as ‘Petro Capital’ of India
Gujarat has been recognised as the ‘petro capital’ of India, due to the presence of the Reliance Industry Limited’s Jamnagar refinery and ONGC Petro Additions Limited (OPaL)’s state-of-the-art petrochemical complex at Dahej in Bharuch district.
RIL-Jamnagar refinery complex:
i.Jamnagar refinery is the largest and most complex single-site refinery in the world.
ii.The refinery can process 1.4 million barrels of crude oil per day.
iii.The Refinery has a complexity index of 21.1 which is the highest in the world.
iv.The Jamnagar refinery complex houses some of the world’s largest units, such as the Fluidised Catalytic Cracker (FCC), Coker, Alkylation, Paraxylene, Polypropylene, Refinery Off-Gas Cracker (ROGC) and Petcoke gasification plants.
v.The refinery complex was established in 2000.
OPaL Refinery Complex:
i.OPaL is one of South Asia’s single largest petrochemical complexes.
ii.It is a joint venture(JV) between the Oil and Natural Gas Corporation (ONGC), the Gas Authority of India (GAIL) & Gujarat State Petroleum Corporation Limited (GSPC).
iii.The refinery complex can produce 14 lakh tons of polymers and 5 lakh tons of chemicals which adds value to various upstream processes.
iv.OPaL was established in 2006.
: Other petrochemical firms such as ONGC and Shell India also contribute to Gujarat’s oil production.
Additional Info:
i.Dahej’s PCPIR is one of the four PCPIRs declared by the Government of India(GoI) under the PCPIR Policy 2007.

  • Other three are Vishakapattam-Kakkinada(Andra Pradesh), Paradeep(Odisha) and Cuddalore-Nagapattinam(Tamil Nadu).

ii.10th edition of VGGS, themed ‘Gateway to the Future,’ which is scheduled to take place on 10th-12th January 2024 will further boost investments and collaborations in the petrochemical domain.

BOI Launched Super Special 175 days FD at 7.5% Interest Bank of India (BoI), a Public Sector Bank(PSB), has launched a Super Special Fixed Deposit (FD) scheme with a specified maturity period of 175 days, commencing from January 1st, 2024.

  • The scheme offers a interest rate of 7.50% per annum for deposits ranging from Rs 2 crore to less than Rs 50 crore.

Key Points:
i.This special fixed deposit is introduced as a limited period offer.
ii.The scheme is exclusively for domestic rupee term deposits.
iii.Senior citizens (aged 60 to 80) will get an additional interest rate of 0.50% on their retail term deposits (below Rs 2 crore) for tenors ranging from 6 months and above up to 3 years.
iv.Super senior citizens(aged above 80) will get an extra 0.65% on same retail term deposits.
Additional info:
At present BoI pays 4.50% interest rate for a 175 day tenor for deposits below Rs 2 crore. 7.25% is the highest interest rate paid by BoI for a 2 year deposit.
About Bank of India:
Managing Director(MD) and Chief Executive Officer(CEO) – Rajneesh Karnatak
Headquarters – Mumbai, Maharashtra
Established in – 1906
Tagline – Relationship Beyond Banking

GoI Constitutes 16th Finance Commission of India with Arvind Panagariya as ChairmanThe Government of India, has constituted the 16th Finance Commission of India with Dr Arvind Panagariya, former Vice-Chairman(VC), NITI Aayog(National Institution for Transforming India)(2015 to 2017) as Chairman.

  • Ritvik Ranjanam Pandey, Joint Secretary(Revenue), Ministry of Finance, was appointed as the Secretary to the Commission. He is a 1998 batch IAS officer of Karnataka cadre.
  • The other members of the 16th commission will be notified seperately.

Tenure: The Chairman and other members of the Commission will hold the post from date on which they assume office up to the date of submission of Report or 31st October 2025.
Note: The 16th commission is set to submit its report by 31st October 2025 covering a period of five years commencing on the 1st April 2026. 
About Finance commission of India:
The commission was constituted in pursuance of clause (1) of article 280 of the Constitution read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951 (33 of 1951) and was approved by the President of India, Droupadi Murmu.
The Finance Commission is a Constitutionally mandated body to recommend how tax revenue should be shared between the Union and states.
The 1st Finance Commission was set up in 1951.
Roles and responsibilities:
The 16th commission will make recommendations on
i.distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter I, Part XII of the Constitution and the allocation between the States of the respective shares of such proceeds.
ii.Principles that will govern the  grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under article 275 of the Constitution for the purposes other than those specified in the provisos to clause (1) of that article
iii.Efforts that should be taken to increase the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State.
The 16th commisison will also review the current arrangements on financing Disaster Management initiative, with reference to the funds constituted under the Disaster Management Act, 2005 (53 of 2005) and provide the suitable recommendations.
About Arvind Panagariya:
i.Arvind Panagariya is a Professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University, the United States of America (USA).
ii.He has been serving as the chancellor of Nalanda University, Bihar since April 2023.
iii.He has also served as the Chief Economist of the Asian Development Bank (ADB) from 2000 to 2002.
iv.He was honoured with Padma Bhusan (Literature and Eduction) in 2012.

Congo President Félix Tshisekedi Re-Elected for 2nd term Félix-Antoine Tshisekedi Tshilombo, the leader of Union for Democracy and Social Progress (UDPS) party, was re-elected as the President of the Democratic Republic of Congo (DRC) for the 2nd term.

  • He is set to sworn in as the President of Congo on 20th January 2024.

Results of election:
The Presidential election of Congo was held on 20th and 21st December 2023.
Félix Tshisekedi won 73% (or 13 million) of the vote defeating former Governor of Katanga province Moïse Katumbi Chapwe (18%) of the “Together for the Republic” party and Martin Madidi Fayulu(5%) of Engagement for Citizenship and Development party.
Denis Mukwege, a surgical gynecologist and 2018 Nobel Peace Prize winner, also contested in the election.
About Félix Tshisekedi:
i.Félix Tshisekedi is the son of Étienne Tshisekedi, who served as the Prime Minister of Congo(then called Zaire) in 1991, 1992-92 and 1997.
ii.In 2018, he was elected as the leader of UDSP after the death of his father in 2017.
iii.He was first elected as the President of Congo in 2019 succeeding Joseph Kabila.
iv.During his tenure as President, He also served as Chair of the African Union (AU) in 2021.
Note: From 1971 to 1997, Congo was officially known as the Republic of Zaire.
About Democratic Republic of Congo (DRC):
President – Félix Antoine Tshisekedi Tshilombo
Capital – Kinshasa
Currency – Congolese Franc

Nadia Calviño of Spain took over as 1st Woman President of European Investment Bank On 1st January 2024, Nadia Calviño Santamaría, a Spanish economist and civil servant, took over as the 8th President of the European Investment Bank (EIB), the lending arm of the European Union(EU).
i.With this appointment, she became the first woman President of EIB. 
ii.She succeeds Werner Hoyer of Germany, who held the post since 2012.
Note: She has been serving as the First Vice-President(VP) and Minister for Economy, Trade and Companies, Government of Spain since July 2021.
About Nadia Calviño:
i.She started her career as a civil servant in the Ministry for Economy in Spain.
ii.She joined the European Commission in 2006 and served as Assistant Director-General for Competition of the European Commission till 2010.
iii.She also served as Director-General for Internal Market of the European Commission (2010-2014) and Director-General for Budget of the European Commission(2014-2018).
iv.She has also served as the Minister for Economy and Business (2018-2020); Third Vice-President and Minister for Economy and Digitalization (2020-2021) and Second Vice-President and Minister for Economy and Digitalization (March-July 2021).
v.She has also served as the Chair of International Monetary and Financial Committee (IMFC) of the International Monetary Fund (IMF) (since 3rd January 2022).
Honours: In 2015, His Majesty King Felipe VI of Spain bestowed her with the Commendation of the Order of Civil Merit.
About European Investment Bank (EIB):
EIB the biggest multilateral financial institution in the world, and one of the largest providers of climate finance.
President– Nadia Calviño
Headquarters– Boulevard Konrad Adenauer, Luxembourg
Founded in– 1958

Tata Power acquires 100% stake in Bikaner Special Purpose Vehicle
Tata Power has acquired a 100% equity stake in Bikaner III Neemrana II Transmission Limited, a special purpose vehicle (SPV), for Rs 18.6 crore.

  • SPV was set up by PFC Consulting Limited which is a subsidiary of Power Finance Corporation.
  • SPV was formed in June 2023 for the electrical power transmission project, which will be developed on a Build-Own-Operate-Transfer (BOOT) basis.
  • The transmission line project with an estimated cost of Rs. 1544 crore will transfer 7.7 Gigawatt (GW) of green power from Bikaner to Neemrana in Rajasthan about a distance of 340 kms.

ISRO launches PSLV-C58/XPoSat: India’s 1st X-ray Polarimeter Satellite to study Black Holes & Neutron Stars in SpaceOn 1st January 2024, Indian Space Research Organisation (ISRO) launched XPoSat (X-ray Polarimeter Satellite), India’s 1st dedicated polarimetry mission onboard the Polar Satellite Launch Vehicle (PSLV)-C58 from Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh (AP). PSLV-C58 has launched XPOSAT Satellite into an Eastward low inclination orbit.

  • It was PSLV-C58’s 60th mission and lifted a mass of 260 ton. It should be noted that this launch was by PSLV-DL variant. It was PSLV-DL’s 4th mission.
  • The satellite is expected to operate for at least 5 years.

About XPoSAT/PSLV-C58 Mission:
i.The mission aims to  study various dynamics of bright astronomical X-ray sources like blackhole, neutron stars, active galactic nuclei, pulsar wind nebulae etc. in extreme conditions.
ii.With this, India becomes the 2nd country in the world (after the United States of America(USA)) to launch a specialised astronomy observatory to study black holes and neutron stars in our galaxy.
About the Indian Space Research Organisation (ISRO):
Chairman– Sreedhara Panicker Somanath
Headquarters– Bengaluru, Karnataka
Establishment– 1969

2023 World Blitz Chess Championships: Norway’s Magnus Carlsen won his 7th title & Russia’s Valentina Gunina won her 2nd titleNorwegian Grandmaster and World Chess Champion Magnus Carlsen won the title at the 2023 World Blitz Chess Championships (open tournament) held at the Samarkand Congress Center, Samarkand, Uzbekistan from 29th to 30th December 2023.
i.This marks Carlsen’s 7th World Blitz championship title and 17th World Championship title.
ii.Russia’s Valentina Gunina won the title in the Women’s Blitz tournament. This marks her 2nd World Blitz title. she previously won the title in 2012.
Top 3 under Open and Women’s tournament: 
Open: 
Magnus Carlsen finished with 16 points scored in 21 games, while Russia’s Daniil Dubov (15.5 points), and Russia’s Vladislav Artemiev (15 points) finished 2nd and 3rd in the Open Blitz tournament.
Women: 
Valentina Gunina finished with 14 points out of 17 games. The former World Champion Alexandra Kosteniuk of Switzerland finished 2nd (13.5), and China’s Zhu Jiner finished 3rd third (12.5).
Note: The Russian players are currently playing under the neutral FIDE flag.
About the Event:
Since 2012, International Chess Federation (FIDE: Fédération Internationale des Échecs) has been organising the World Rapid and Blitz Championships as a joint tournament.
Prize Money:
The prize fund of 2023 championship is 1 million US dollars, with USD 700,000 for the Open and USD 300,000 for the Women’s tournaments.
About Magnus Carlsen: 
i.Magnus Carlsen is a 5-time World Chess Champion who has been ranked No. 1 in the FIDE world chess rankings since 1 July 2011.
ii.His 17 World championships includes 5 World Championship titles, 5 rapid and 7 blitz.

Indian American Academic and Padma Bhushan Awardee Professor Ved Prakash Nanda Passed AwayPadma Bhushan Awardee Professor Ved Prakash Nanda, an Indian American academic and a expert on international law, passed away in Denver, Colorado, the United States of America(USA). He was born on 20th November 1934 in Gujranwala, Punjab, British India (now in Pakistan).
Note: Prof Ved Prakash Nanda was honoured with Padma Bhushan (literature and education) in 2018.
About Professor Ved Prakash Nanda:
i.He worked as a professor of law at the University of Denver USA.  He has also served as the director of the International Legal Studies Program at the University of Denver Sturm College of Law.
ii.Since 1970, he served as a professor of law at Denver Thompson G. Marsh, a part of the University of Denver.
iii.He was a Vice-chair executive council of the World Federation United Nations (UN) Association, Geneva (Switzerland).

  • He served as its vice-chairman from 1995-2001.

iv.He was also the Founding Director and Director Emeritus of the International Legal Studies Program.
v.He was a Director of the Ved Nanda Center for International and Comparative Law, which was founded in his honour by the alumni of the University of Denver’s Sturm College of Law.
vi.He also served as:

  • Honorary President of the World Jurist Association;
  • Former Honorary Vice President of the American Society of International Law; and
  • a member of the advisory council of the United States Institute of Human Rights.

Books: World Debt and the Human Condition: Structural Adjustment and the Right to Development (Co-editor; 1992); International Environmental Law & Policy (1995); International Environmental Law and Policy for the 21st Century (Co-Author; 2004).
Awards: He received the Gandhi-King-Ikeda Award for Community Peace Building from Soka Gakkai International (SGI) and Morehouse College (USA) in 2004.

Kerala Governor Launched the Book named “Ram Mandir Rashtra Mandir Ek Sajhi Virast”
Kerala Governor Arif Muhammed Khan launched a book titled “Ram Mandir Rashtra Mandir Ak Sajhi Virast”(Meaning: Ram Mandir, Rashtra Mandir – A Common Heritage) jointly written by Geeta Singh and Arif Khan Bharti.

  • The book launch event was held at the Rang Bhawan Auditorium of Akashwani in New Delhi, Delhi.
  • The book explores the profound influence of Lord Ram not only in India but across the Asian continents.

TN Chief Minister MK Stalin Released a Book Titled ‘Maha Kavithai’ by Poet Vairamuthu
Tamil Nadu Chief Minister MK Stalin released a Tamil book titled ‘Maha Kavithai’(means ‘Great Poem’) written by poet Vairamuthu at the event held in Chennai(Tamil Nadu) on 1st January 2024.

  • The event was attended by former Union minister P Chidambaram.
  • The book covers a wide range of subjects including the genesis of the universe, planet Earth, the functions of five elements, climate change, and its impact.
  • The book also delves into the immediate need for checking the ever-increasing global temperature and the dangers being faced by humans because of the deteriorating environment.

Kerala CM Pinarayi Vijayan launches K-SMART App to Offer Digital Access to Local Govt ServicesOn 1st January 2024, Pinarayi Vijayan, Chief Minister (CM) of Kerala, launched the K-SMART (Kerala Solutions for Managing Administrative Reformation and Transformation) software/mobile application, in an event held in Kochi, Kerala.

  • K-SMART is a unified platform to provide digital access to the services provided by the local self-government bodies across Kerala.

Developer: 
The app was developed by the Information Kerala Mission (IKM), an autonomous body under the Local Self-Government Department(LSGD), Government of Kerala.
Features of K-SMART:
i.K-SMART app will streamline the services provided by local government bodies in Kerala with its 35 different modules.
ii.These modules include services like registration of birth, death, and marriage, business licenses, property taxes, and others.

  • This is in line with the effort to strengthen local self-governance through ICT (Information &Communication Technologies) applications.

Implementation: 
i.Initially, the K-SMART app will be implemented in corporations and municipalities across Kerala.
ii.Starting from 1st April 2024, the app will be extended to reach the Gram Panchayats.
About Kerala: 
Chief Minister– Pinarayi Vijayan
Governor– Arif Muhammed Khan
Capital– Thiruvananthapuram
Stadium-Chandrasekharan Nair Stadium; Trivandrum Tennis Club

Durga Shanker Mishra Re-appointed as Chief Secretary of Uttar Pradesh Durga Shanker Mishra was re-appointed as the Chief Secretary (CS) of Uttar Pradesh (UP) for the third term, from 1st January to 30th June 2024.

  • DS Mishra, a 1984-batch UP cadre Indian Administrative Service (IAS) officer who was initially set to retire on December 31, 2021, was appointed as the CS of UP with a one-year extension of service.
  • This was his third service extension, following the second extension on 30th December 2022.

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Current Affairs Daily Digest – 1 & 2 January 2024

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UP ranks First in the Inter-Operable Criminal Justice System for 3rd Consecutive YearUttar Pradesh (UP) has ranked first for the third consecutive year in recording the highest entries (1,56,22,514 entries) on the Inter-Operable Criminal Justice System (ICJS) platform.

  • With 35,04,828 entries Madhya Pradesh (MP) secured second position and Bihar is in third place with 16,65,107 entries.
  • The ICJS Phase II works with the principle of ‘one data one entry’.

ii.It stores information such as First Information Reports (FIRs), case numbers, jail IDs, and details of court cases, trials, judgments, prosecution, and forensics.
iii.Information related to the investigation, search, case history, case pendency, and current status of the criminal is also provided by ICJS.
iv.ICJS can also preserve photographs, videos, documentary evidence, court case data, and video recordings of court proceedings.

FinMin imposes Anti-Dumping Duty on ‘Wheel Loaders’ imports from China & on Gypsum Board from China, Oman
The Ministry of Finance has imposed a definitive anti-dumping duty on imports of ‘Wheel Loaders’ from China for a period of 5 years. The duty rates, ranging from 18.84% to 82.71%, vary based on the producer and specific goods.

  • The duty will be applicable on imports in complete build unit (CBU) and semi-knocked down (SKD) forms, and not on the completely knocked down (CKD) form.

It has imposed definitive anti-dumping duty on gypsum board/tiles with lamination at least on one side (also known as PVC gypsum tiles, gypsum ceiling tiles or ceiling tiles) from China and Oman for five years.

  • It will range from USD 23.46-47.62 per tonne in case of imports from China, and between USD 71.80-91.42 per metric tonne for Oman.

Uttar Pradesh is set to build India’s 1st AI city in Lucknow
Uttar Pradesh(UP) is set to build India’s first Artificial intelligence (AI) city in Lucknow to promote AI ecosystem. The AI city will be a hub integrating cutting-edge technology, research centres, and educational institutions.
i.U.P. Electronics Corporation Limited, the nodal agency of the project, has issued an Expression of Interest (EoI) inviting real estate developers to build and operate the AI city.

  • U.P. Electronics is a unit of Department of Information Technology(IT) and Electronics, Government of UP.

ii.The government of UP will provide 40 acres in Nadarganj Industrial Area for the project.
iii.Financial incentives: One-time capital expenditure (Capex) support of 25% up to Rs 20 crore for IT parks and Rs 100 crore for IT city and 100% stamp duty exemption as per IT and ITeS Policy, 2022.

ULFA faction inks Memorandum of Settlement with Govt of India & Assam
On 29th December 2023, The faction of United Liberation Front of Assam (ULFA) led by Arabinda Rajkhowa, signed a Memorandum of Settlement (peace pact), with the government of India and Assam.

  • The 29 member delegations of ULFA’s pro talks delegation (16 ULFA members, 13 civil society members) signed the agreement in the presence of Union Minister, Amit Shah, Ministry of Home Affairs(MoHA).

About ULFA: 
i.ULFA, the oldest insurgent group in the Assam, was formed in April 1979 after the agitation against undocumented immigrants from Bangladesh (erstwhile East Pakistan).
ii.In 2011, the group split into 2 factions after Arabinda Rajkhowa-led faction gave up violence and agreed to unconditional talks with the government.
iii.The pro-talk faction has sought constitutional and political reforms for the protection of the identity and resources of Assam’s indigenous people including their right to land.

Overview of EAM Jaishankar’s Visit to Russia from 25 – 29 December 2023External Affairs Minister (EAM) S. Jaishankar was on a 5-day visit to Russia from 25-29 December 2023 as a part of the ongoing high-level exchanges between India and Russia.
Meetings: 
i.During his visit, EAM Jaishankar met with Vladimir Putin, President of Russia in Moscow.
ii.He also met with Denis Manturov, Deputy Prime Minister and Minister of Industry and Trade of Russia and discussed bilateral economic cooperation and met with Sergey Lavrov, the Foreign Minister of Russia and discussed bilateral, multilateral and international issues.
EAM Signed Documents on Kudankulam Nuclear Power Plants
During EAM’s visit to Russia, he signed agreements related to the construction of the power-generating units of the Kudankulam nuclear power plant in Tirunelveli, Tamil Nadu.
Key Points: 
i.Russia is providing technical assistance for the construction of the Kudan Kulan Nuclear power plants which began in 2002.
ii.Since 2016, The 1st power unit of the plant is operating at its design capacity of 1000 MW.
iii.The Nuclear Power plant will start operating at full capacity in 2027.
Note: An Inter-governmental agreement on the Kudankulam Nuclear Power Plant project was signed on 20 November 1988 by then Prime Minister of India, Rajiv Gandhi, and Mikhail Gorbachev, then President of the Soviet Union.
India and Russia Sign Protocol on Consultations for the Next Four Years
During his visit,  EAM Jaishankar and his Russian counterpart Sergey Lavrov signed the protocol on consultation for the next 4 years (2024-28) to make progress in economic cooperation, energy trade, connectivity, military-technical cooperation, and people-to-people exchange.

  • Protocols promote relationship building and clarify the roles and responsibilities between governments for future consultation.

Other highlights: 
i.During the visit, EAM visited school No. 653, named after Gurudev Rabindranath Tagore in St. Petersburg, Russia and interacted with teachers and students. The school teaches Hindi as part of its regular curriculum.
ii.He also visited the Russian Industry and Trade exhibition with Denis Manturov.
iii.He also signed a memorandum of understanding (MoU) on cooperation in pharmaceuticals and healthcare
About Russia:
President– Vladimir Putin
Capital – Moscow
Currency- Russian Ruble

Report on Trend and Progress of Banking in India 2023 : RBI
Recently, Reserve Bank of India (RBI) released the report titled “Report on Trend and Progress of Banking in India” (2022-2023).
The report provides comprehensive data about the state of banking system in India.
Small Finance Banks (SFBs) has the widest gap of remuneration between top executives and average employee
As per the RBI report, the gap in the remuneration between top executives and average employees is widest for Small Finance Banks (SFBs).
 i.It mentioned that remuneration of Managing Director(MD) and Chief Executive Officer(CEO) of SFBs was 58.1 times the average employee pay in 2022.
RBI flagged the interconnectedness of Small Finance Banks (SFBs) with Co-operative Banks
RBI in its report observed higher dependence of SFBs on deposits from the Co-operative banks at higher rate.
i.It showed the higher interconnectedness of SFBs with Co-operative Banks which means any shock to the Co-operative banks would directly impact the SFBs.
ii.One of the main reason for Small Finance Banks to borrow huge amount from cooperative bank is of low Current account and Savings Account(CASA) deposits.

  • The Report highlighted by March-end2023, Total SFBs deposit is around 91 lakh crore and out of which 67.53% term deposits with balance being accounted for by CASA deposits.

Highlights of 28th  Financial Stability Report by RBIRBI(Reserve Bank of India) has released the half-yearly publication of the Financial Stability Report 2023 (September 2023), which assesses risks to financial stability and the resilience of the Indian financial system.
Highlights:
None of the Top 100 Borrower Accounts in the NPA Category for Scheduled Commercial Banks(SCBs)
The Credit of large borrowers has improved and it is welcoming that the top 100 borrower accounts do not fall in the NPA(Non-Performing Assets) category.
RBI Report Finds Debt Fund AUM (Asset Under Management) of Rs.1.7- lakh Crore in Stress
According to a study by SEBI, Rs. 1.7 lakh crore of AUM of open-ended debt schemes of 17 mutual funds were under stress as of September.

  • However, only 24 out of a total of 299 schemes were under stress as per the Financial Stability Report by RBI
  • The survey was conducted for a total AUM of Rs.12.4 Lakh crore for all schemes, of which Rs. 1.7 Lakh crore are stressed AUM of the open-ended debt schemes.

RBI extends Deadline for Implementation of Instructions regarding Penal Charges in Loan Accounts to April 1, 2024On December 29, 2023, the Reserve Bank of India (RBI) extended the deadline for implementation of Instructions regarding Penal Charges in Loan Accounts by three months i.e. from January 1, 2024 to April 1, 2024, as a part of fair lending practices.

  • In this regard, all Regulated Entities (REs) must implement the new penal charges instructions for fresh loans from April 1, 2024.
  • In case of existing loans, the transition to the new regime should be ensured by the next review/renewal date on or after April 1, 2024, but no later than June 30, 2024.

Applicability:
This extension will be applicable to all Commercial Banks (including Small Finance Banks (SFBs), Local Area Banks and Regional Rural Banks (RRBs), excluding Payments Banks), All Primary (Urban) Co-operative Banks, All Non-Banking Financial Company-NBFC’s (including HFCs-Housing Finance Companies), and All India Financial Institutions.
Reason behind Extension:
In August 2023, the RBI issued guidelines for banks to impose penalties on loan accounts i.e. ‘Fair Lending Practice – Penal Charges in Loan Accounts’ starting from January 1, 2024. Due to the need for clarifications and additional time required by banks and NBFCs, the implementation date has been extended.
Click Here for Official Notification regarding Extension
Purpose behind these Guidelines:
Its purpose is to encourage credit discipline, not revenue enhancement beyond the contracted interest rate. The diverse practices among banks lead to customer disputes, therefore RBI instructs banks to avoid adding extra components to interest rates and strictly follow guidelines.
Click Here to Read about Guidelines

Bandhan Bank Introduces ‘Inspire’ Programme Exclusively for Senior Citizens Bandhan Bank Limited has launched a new scheme called ‘Inspire’ programme designed to cater to the specific needs and aspirations of senior citizens. It offers plans that focus on financial security, healthcare, and convenience of old age people.
Eligibility:
i.Individuals residing in India of age 60 years and above.
ii.Monthly Average Balance (MAB) should be Rs.1 lakh for Premium Savings Account and Rs.25,000 for Advantage Savings Account.
Benefits:
i.The Inspire programme offers benefits like preferential interest rates, priority banking services, and doorstep banking facilities to senior citizen customers.
ii.The programme offers Inspire Membership ID Card which carries the details of the customers.
iii.The programme also offers life care benefits such as exclusive discounts on medication purchases, diagnostic services, and medical treatments.
iv.In collaboration with ‘Oxxy’,  a New Delhi(Delhi) based health aggregator, the programme offers 360 Degree Health Care Plans.
v.It offers preferential rates on retail term deposits(upto 6.60% per annum) & high interest rates on savings account balance(upto 8.05% per annum)
Promoter of Bandhan Bank Limited:
Bandhan Bank Limited is promoted by HDFC Limited. As of September 2023, HDFC Ltd holds 39.98% of paid-up share capital in Bandhan Bank.
Promoters:
As per Section 2(69) of the Companies Act 2013, promoter means,
i.A person who is specifically named as a promoter in the company’s prospectus or identified by the company in its annual return.
ii.A person who controls the company affairs, indirectly or directly, whether as a director, shareholder or otherwise.
iii.A person in accordance with whose directions, advice or instructions the Board of Directors of a company are accustomed to act.

India’s GDP growth to Exceed 6.5% in FY24: DEAThe “Half-Yearly Economic Review 2023-24-November 2023” released by the Department of Economic Affairs (DEA), Ministry of Finance, mentioned that India’s real Gross Domestic Product (GDP) grew by 7.7% in the first half (H1)of financial year 2023-2024 (FY24). With this, India is expected to achieve a growth rate of over 6.5% in FY24.

  • India’s real GDP grew by a 7.6% on a year-on-year (YoY) basis in 2nd quarter (Q2) of FY24

i.Continued growth momentum expected in Q3 and Q4 of FY24.
ii.Unemployment rate decreased to 6.6% in H1FY24 from 7% in H2FY23.
About Ministry of Finance:
Union Minister– Nirmala Sitharaman(RajyaSabha, Karnataka)
Minister of State– Bhagwat Kishanrao Karad; Pankaj Chaudhary

USSF-52 Mission: SpaceX launches secretive U.S. military spacecraft on research mission
On 28th December 2023, SpaceX’s Falcon Heavy rocket carrying US military’s secretive X-37-B military space plane to the orbit was launched from Launch Complex 39A (LC-39A) at Kennedy Space Center in Florida, the United States of America(USA).

  • The mission involves tests of ‘new orbital regimes, experimenting with future space domain awareness technologies.’
  • The mission codenamed “USSF-52” is the 7th mission of X-37B. This mission includes multiple cutting-edge experiments.
  • This is the first time the X-37B is launched using a Falcon Heavy rocket.

About X-37B: 
i.X-37B Orbital Test Vehicle, operating since 2010, was designed for the Air Force by United Launch Alliance, a joint venture between Boeing and Lockheed Martin.
ii.It is 30 feet (9 meters) long, has a 15-foot wingspan and is powered by solar panels.

FIDE World Rapid Chess Championship 2023: Magnus Carlsen Wins 5th title, Koneru Humpy wins SilverNorwegian Grandmaster (GM) and World No.1, Magnus Carlsen won 2023 International Chess Federation (FIDE) World Rapid Chess title (Men) held at Samarkand, Uzbekistan from 26 December to 28 December 2023. This title marks Magnus Carlsen’s 5th World Rapid Chess Championship title.

  • He has totally won 16 World Championship titles, which include 5 rapid titles, 6 blitz titles, and 5 classical titles.

ii.Russian chess player Anastasia Bodnaruk (neutral Fide flag) won the 2023 FIDE World Rapid Chess Women’s title by defeating Indian Chess Grandmaster, Koneru Humpy in a tiebreaker match to secure first place.
Top 3 Men Medalist

  • Winner: USD 60,000
  • 1st Runner –up: USD 50,000
  • 2nd Runner-up: USD 40,000

Top 3 Women Medalist

  • Winner: USD 40,000
  • 1st Runner –up: USD 30,000
  • 2nd Runner-up: USD 20,000

Venue of 2023 FIDE (International Chess Federation):
2023 FIDE World Blitz Chess Championship will also held in Uzbekistan at the same venue. It is scheduled to be held from December29 to December 30, 2023.

  • Magnus Carlson is the defending champion of Men’s Blitz title while Bibisara Assaubayeva (Kazakhstan) will defend her title in the women’s category of Blitz title.

Koneru at World Rapid Chess Championship:
Koneru Humpy won her 1st medal (bronze) at World Rapid Chess Championship in year 2012. She was crowned (Gold medal) World Rapid Championship title in year 2019, and Silver medal in 2023.
Additional Information:
About Federation International des Echecs or International Chess Federation(FIDE):
President – Arkady Dvorkovich
Deputy President – Vishwanathan Anand
Headquarters – Lausanne, Switzerland
Established – 1924
About Uzbekistan:
President – Shavkat Mirziyoyev
Capital– Tashkent
Currency – Uzbekistani Som

Former Indian Football Defender Prabir Majumdar passed away
Former Indian footballer (defender) Prabir Majumdar, 77, passed away in Kolkata, West Bengal (WB). He played a significant role in the 1974 Asian Games (Tehran, Iran) as a member of the Indian team.

  • In domestic football, he represented East Bengal and Eastern Railways and Bengal in the Santosh Trophy.
  • Majumdar won several titles with East Bengal, which included the Calcutta Football League, IFA Shield, Durand Cup, Rovers Cup, DCM Trophy, Bordoloi Trophy, and many more.

Punjab CM Bhagwant Singh Mann launched website to support NRIs Bhagwant Singh Mann, Chief Minister(CM) of Punjab, launched Non-Resident Indians (NRI) Punjab website(nri.punjab.gov.in), under the Department of NRI Affairs to provide support and assistance to NRIs.
About the website:
The website was developed by the Department of Governance Reforms & Public Grievances (DGRPG), Government of Punjab in collaboration with National Informatics Centre (NIC), under Ministry of Electronics and Information Technology (MeitY).
Features:
i.The website includes detailed information related to the NRI Police wing, Punjab State Commission for NRIs, and NRI Sabha.
ii.The site also offers a helpline number: 1100 (+91-411-1905-1100), email addresses(psnri@punjab.gov.in), and a WhatsApp complaint number(9056009884).
iii.It also provides data on registered travel and immigration agents.
Other Initiative:
CM also announced a series of initiatve to enhance the services for NRIs which includes.

  • Organising NRI milnis (meets) for on-the-spot redressal of problems faced by the NRIs.
  • Establishment of a 24×7 ‘Facilitation Center’ at the International Terminal at Indira Gandhi International Airport at New Delhi, Delhi to assist the NRIs arriving at the terminal.

About Punjab:
Chief Minister – Bhagwant Singh Mann
Governor – Banwarilal Purohit
Wildlife Sanctuary – Takhni-Rehmapur Wildlife Sanctuary, Abohar Wildlife Sanctuary
Zoological Park – Mahendra Chaudhary Zoological Park, Tiger safari zoo

Cultural Exchange and Tourism Collaboration Launched Between Vietnam’s Lam Dong and India’s Leh Ladakh
Lam Dong Province in Vietnam and the Leh region of Ladakh,India officially launched a cultural exchange and tourism cooperation initiative with the theme “Ladakh Unveiled” in Da Lat, Vietnam.

  • This event signifies a crucial step towards strengthening the bonds between these two distinguished regions.

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Current Affairs Daily Digest – 31 December 2023

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Union Minister Piyush Goyal: Govt Extends RoDTEP Benefits to E-Commerce ExportsUnion Minister Piyush Goyal, Ministry of Commerce and Industry (MoCI), announced that the government has extended the benefits of the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) to e-commerce exports through courier and postal services.

  • Union Minister also released the “E-Commerce Exports Handbook for MSMEs(Micro, Small, and Medium Enterprises)” prepared by the Directorate General of Foreign Trade (DGFT) in New Delhi, Delhi.

Key Points:
i.The scheme provides for refund of taxes, duties, and levies that are incurred by exporters for manufacturing and distribution of goods and are not reimbursed under any other mechanism at the center, state, or local level.
ii.The DGFT will implement the necessary Information Technology (IT) framework and other enablers for the extension of the scheme for the exporters.
Note: The RoDTEP scheme operates under a budgetary framework and for 2023-24, a budget of Rs 15,070 crore is available for it.
E-Commerce Exports Handbook for MSMEs:
i.The handbook stands as a definitive guide in assisting MSMEs to utitlise the potential of e-commerce for expanding their exports.
ii.It is visualised as a one-stop repository, and provides detailed insights into strategies for promoting exports via e-commerce, facilitating MSMEs to venture into global markets effectively.
iii.It was initially released in 4 languages namely English, Hindi, Gujarati, and Kannada.
iv.It will be translated into all official languages across India, ensuring accessibility and benefitting consumers, entrepreneurs, and everyone, who is looking to contribute significantly to trade and commerce.
DGFT and Shiprocket signed a MoU
During the event, DGFT and Shiprocket, an E-Commerce enabler, signed a Memorandum of Understanding (MoU) to support new and first-time exporters, especially from MSMEs, in leveraging E-Commerce for international trade.
The MoU was signed as part of the E-Commerce outreach conducted by DGFT Regional Authorities under its Districts as Export Hubs Initiative.
Note: The “E-Commerce exports handbook for MSMEs” will be a key resource for raising awareness of E-Commerce exports through these outreach events in the districts.

NSE data: Maharashtra tops Among States with Highest Number of Registered InvestorsAccording to recent data from the National Stock Exchange (NSE), Maharashtra tops the list of states with the highest number of registered investors. Maharashtra registered a growth of 16.9% with over 1.48 crore registered investors.

  • Uttar Pradesh (UP), with 89.47 lakh investors, has surpassed Gujarat (76.68 lakh) and secured the 2nd position on the list.

Total investors: 
i.As of December 25, 2023, the total count of investors across India was 8.49 crore, which is a hike of 22.4% from last year. The count stood at 6.94 crore on 31st December 2022.
ii.The total count of investors in India increased from around 7 crore to 8 crore in the past 8 months.
iii.The recent market rally and increasing interest towards equity investments contributed to the increase in investor participation.
Points to note: 
i.According to the report, UP has registered a growth of 33.8% in new investors while Gujarat recorded a growth of 17.2%.
ii.West Bengal, Karnataka, Tamil Nadu, and Rajasthan are among the states that have witnessed an increase in the number of investors in the stock market. The registered individuals in these states are more than 47 lakh.
iii.Bihar, Uttar Pradesh and Madhya Pradesh have recorded the highest growth among large states with a rise of 36.6%, 33.8%, and 28.9%, respectively.
iv.The northeastern states have also registered growth in the number of investors. Mizoram; Nagaland and Tripura have witnessed a growth of 54.9%, 54% and 41.3% respectively.
Market cap of NSE Listed Companies’ Surpass USD 4 Trillion Mark
For the first time, the market capitalisation of listed companies on the NSE has surpassed the USD 4 trillion (Rs 334.72 trillion) mark, as of December 29, 2023, it stood at USD 4.32 trillion .
i.At present, India is ranked 4th in the world in terms of market capitalisation, following the United States of America(USA), China and Japan.
ii.Reliance Industries Limited (RIL) is India’s most valued firm with a market valuation of Rs 17,63,001.81 crore, followed by Tata Consultancy Services (TCS) with Rs 13,90,823.72 crore and HDFC Bank with Rs 12,94,593.58 crore.
iii.The frontline index Nifty 50 has risen nearly 20%, while BSE Sensex surged more than 18% in 2023. Nifty Smallcap 100 index surged over 54% and the Nifty Midcap 100 jumped over 45% in 2023.
iv.NSE is now ranked as 3rd largest exchange in the world based on number of trades in the cash market segment. NSE accounts for a 10.8% share globally.
Note: 
In November 2023, the combined market valuation of all listed companies on the BSE (formerly Bombay Stock Exchange) also reached the USD 4 trillion mark.

Union Minister Bhupender Yadav Launched NTPS-“One Nation-One Pass” to Enable Seamless Transit of Forest Produce across India Union Minister Bhupender Yadav, Ministry of Environment, Forest and Climate Change (MoEF&CC) launched the National Transit Pass System (NTPS), envisioned as a One National One Pass system, will enable seamless transportation of timber, bamboo, and other forest produce across India.
Key Points:
i.At present, state-specific transit rules govern the issuance of transit permits(TP) of timber and forest produce; NTPS will replace this with a uniform, pan-India approach.
ii.This unified online mode permit system will ease the process of getting TP for tree growers and farmers involved in agroforestry across India.
Special Pan Indian Vehicle Launch:
i.Union Minister also flagged off the special Pan Indian vehicles carrying forest produce to create awareness abou the applicability and ease of using NTPS.
ii.2 vehicles carrying timber and other forest produce from Gujarat and Jammu & Kashmir (J&K) bound for West Bengal and Tamil Nadu were flagged off during the event.
iii.NTPS generates a QR-coded TP will enable the check gates across different states to verify the permit validity and allow seamless transit.
Features of NTPS:
i.NTPS is designed for user convenience, featuring desktop and mobile applications for easy registration and permit applications.
ii.NTPS manages records for inter-state and intra-state transportation, covering various sources like private lands and government-owned forests.
iii.Transit permits will be issued for tree species that are regulated, while users can self-generate No Objection Certificates(NOC) for exempted species.
Note: 25 States and Union Territories already embraced the unified permit system, streamlining interstate business operations for producers, farmers, and transporters.

DEA releases Interest Rate on Small Saving Schemes for Q4FY24; Hikes rate on SSAS & 3-year Time DepositOn December 29, 2023, the Department of Economic Affairs-DEA (Budget Division), Ministry of Finance released the interest rates for Small Savings Schemes applicable in the January-March 2024 quarter (Q4FY24) i.e. from January 1, 2024 to March 31, 2024.

  • As per it, the interest rate on the Sukanya Samriddhi Account Scheme (SSAS) increased by 20 basis points from 8% to 8.2% for Q424.
  • The interest rate on three-year time deposits also increased by 10 basis points from 7% to 7.1%.
  • The interest rates for all other small savings schemes will remain unchanged from the rates offered in Q3FY24 (October-December 2023).

List of Interest on Small Saving Schemes for Q4FY24:

  • The scheme is meant to meet the education and marriage expenses of a girl child.
  • Minimum deposit is Rs 250, and maximum Rs 1.5 lakh per financial year
  • Deposits qualify for Section 80-C deduction, and the interest is tax-free under Sec.10 of the Income Tax (IT) Act, 1961.
  • To be eligible for the SSAS, the girl child must be a resident Indian and under the age of 10 at the time of account opening.

Click Here to Read More about SSAS
Key Points:
i.Interest rates for small savings schemes are notified on a quarterly basis by the government.
ii.The formula to arrive at the interest rates for small savings scheme was given by the Shyamala Gopinath Committee.
iii.The committee suggested that interest rates of different schemes should be 25-100 bps higher than the yields of the government bonds of similar maturity.

New Design & Test Facility was Inaugurated at HAL’s AERDC in BengaluruOn 29th December 2023, Giridhar Aramane, Defence Secretary, Ministry of Defence (MoD), inaugurated a new state-of-the-art design and test facility at Aero Engine Research and Development Centre (AERDC) of Hindustan Aeronautics Limited (HAL) in Bengaluru, Karnataka.
Note: AERDC, established in the 1960s, is the only design house that has developed test beds for engines of both Western and Russian origin.
Features:
i.The new facility of over 10,000 sq. meters houses set ups to test engine components and Line Replacement Units (LRUs).
ii.The facility also has special machines, advanced setups leveraging on computational tools and in-house fabrication facility.
iii.Test Beds: The facility has 2 test beds for testing Hindustan Turbo Fan Engine (HTFE)-25 and one testbed each for testing Hindustan Turbo Shaft Engine (HTSE)-1200 and upcoming JV engine for IMRH to be co-developed by France based Safran Helicopter Engines and HAL.
iv.The facility can test

  • Air producer of attack aircraft SEPECAT Jaguar
  • Gas Turbine Starter Unit (GTSU) – 110 M2 and 127E of Light Combat Aircraft (LCA)
  • Auxiliary Power Units of Indian Multi-Role Helicopter (IMRH) and Advanced Medium Combat Aircraft.
  • Gas Turbine Electrical Generator (GTEG)-60 for Antonov An-32 aircraft.

About Hindustan Aeronautics Limited (HAL):
CMD – C.B. Ananthakrishnan (additional charge)
Headquarters – Bengaluru, Karnataka
Established in – 1940

TEC Launched online modules for CoA & Technology Approval Under Voluntary Certification Scheme
Telecommunication Engineering Centre (TEC) launched a Online Voluntary Certification modules of Certificate of Approval (CoA) and Technology Approval under its voluntary certification scheme to enhance the Ease of Doing Business and Promote Atmanirbhar Bharat.

  • TEC is the technical arm of the Department of Telecommunications (DOT) under the Ministry of  Communications (MoC) .
  • The module was launched by A.K.Sahu, Member, Digital Communication Commission (DCC).

i.The online module was developed by Centre for Development of Telematics(C-DOT), a Research and Development(R&D) centre of DOT.
ii.The module will streamline the testing and certification process, and foster an ecosystem for Start-ups and Micro, Small & Medium Enterprises (MSMEs_ in the Telecom and related Information and communication technology(ICT) sector.
iii.Now, the Type Approval Certificate, Interface Approval Certificate, Certificate of Approval (CoA) and Technology Approval Certificate can be applied and processed through the online module.
Note: The On-line modules for Type/Interface approval had been previously made operational with effect from 7th July 2023.

RBI Extends Payments Infrastructure Development Fund Scheme Till 2025The Reserve Bank of India (RBI) has revised the Payments Infrastructure Development Fund (PIDF) scheme and extended the deadline by two years, i.e., upto December 31, 2025.
Key Points:
The PIDF scheme has been enhanced to increase the scope of beneficiaries and acceptance infrastructure. The enhancements includes,
i.Included Beneficiaries of PM Vishwakarma Scheme as merchants under the PIDF Scheme.

  • All installations since 17th September 2023(inception of PM Vishwakarma Scheme) may prefer claim under the PIDF scheme.

ii.Sound Box devices and Aadhaar-enabled biometric devices are now eligible to claim subsidy under the scheme.
iii.Irrespective of the device type, the subsidy for devices deployed in special focus areas(North Eastern states; Jammu & Kashmir and Ladakh) has been increased to 90% from 75% of the cost of device.

  • Installations made from 1st October 2023 are eligible for subsidy.

About PIDF scheme:
i.PIDF scheme was introduced by RBI in 2021 for a period of 3 years (until December 2023).
ii.The scheme aims to encourage deployment of payment acceptance infrastructure such as physical Point of Sale (PoS) terminals, Quick Response (QR) codes by adding 30 lakh touch points every year..
iii.The scheme is targeted in tier-3 to tier-6 centres, North Eastern states, J&K and Ladakh.
iv.In August 2021, beneficiaries of Pradhan Manthiri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in Tier-1 and 2 centres were included in the PIDF scheme.
v.By August 2023, over 2.66 crore new touchpoints have been deployed under the Scheme.
Governance of PIDF:
i.PIDF is governed by a nine-member ex-officio Advisory Council (AC).
ii.Gunveer Singh who is the Chief General Manager-in-Charge, Department of Payment & Settlement Systems of RBI, functions as the Secretariat to the AC.
Additional info:
The instructions are issued by RBI under Section 18 read with Section 10 (2) of Payment and Settlement Systems Act, 2007.
Fully Owned Subsidiaries of RBI:
i.Deposit Insurance and Credit Guarantee Corporation of India (DICGC)
ii.Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)
iii.Reserve Bank Information Technology Private Limited (ReBIT)
iv.Indian Financial Technology and Allied Services (IFTAS)
v.Reserve Bank Innovation Hub (RBIH)

IRDAI Annual Report 2022-23: India’s Insurance Penetration Drops to 4% in 2022-23According to the Insurance Regulatory and Development Authority of India (IRDAI)’s Annual Report 2022-23, the overall insurance penetration in India reduced from 4.2% in 2021-22 to 4% in 2022-23.
i.Life insurance penetration has reduced marginally from 3.2% in 2021-22 to 3% in 2022-23 while non-insurance penetration remained unchanged at 1%.
ii.A total of 2.84 crore policies were sold during the fiscal year 2022-2023 (FY23). Of this, 97.38 lakh were sold to women.
iii.Premium income of life insurance companies rose by 12.98% to Rs 7.83 lakh crore in FY23 while the premium income of general insurers increased by 16.4 per cent to Rs 2.57 lakh crore.
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairperson– Debasish Panda
headquarters– Hyderabad, Telangana
Established in 1999 (incorporated in April 2000)

RBI cancels licence of Gujarat’s Botad Peoples Co-operative Bank, and Maharashtra’s Adarsh Mahila Nagari Sahakari Bank MaryaditOn December 29, 2023, the Reserve Bank of India (RBI) has cancelled the banking license of The Botad Peoples Co-operative Bank Ltd., Botad, Gujarat but granted the non-banking institution licence. It also cancelled the license of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra.
About The Botad Peoples Co-operative Bank:
RBI has cancelled its licence to carry on banking business of the Botad Peoples Co-operative Bank in India which was granted in 1998 under Section 22 read with Section 56 of the Banking Regulation (BR) Act, 1949. However, RBI allows it to function as a non-banking institution under Section 36A (2) read with Section 56 of the BR Act.

  • In this regard, the bank must cease banking activities, including non-member deposits, under section 5(b) of the BR Act.
  • It is also obligated to repay any outstanding deposits upon demand, even after being designated a non-banking institution.

Click Here for Official Notification
About Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra
RBI has cancelled the licence of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra. Consequently, the bank ceases to carry on banking business i.e.  acceptance of deposits and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.

  • The Commissioner and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

Reason behind Cancellation:
i.Inadequate capital and earning prospects, violating Section 11(1) and Section 22 (3) (d) with Section 56 of BR Act, 1949.
ii.Non-compliance with Sections 22(3)(a), 22 (3)(b), 22(3)(c), 22(3)(d), and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949.
iii.The bank’s persistence poses a threat to the depositor interests as it is financially incapable of full repayment, negatively impacting public interest.
Key Points:
i.Depositors receive a deposit insurance claim, up to Rs 5,00,000 (monetary ceiling), upon liquidation, subject to Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961.
ii.99.77% of depositors are entitled to the full amount from DICGC, as per bank data.
iii.As of October 31, 2023, DICGC has paid Rs 185.38 crore of insured deposits under Section 18A of the DICGC Act, 1961.

CBI & Kisetsu Saison Finance Partners for MSME Loan
The Central Bank of India Limited (CBI) has entered into a Co-Lending Partnership with Bengaluru (Karnataka) based Kisetsu Saison Finance (India) Private Limited, to offer Micro, Small & Medium Enterprise (MSME) Loans.
i.Under this partnership, CBI will be acquiring 80% of the MSME loans which are originated and processed by Kisetsu Saison Finance.
ii.The partnership aims to expand the portfolio by the CBI and Kisetsu
Saison Finance.
Kisetsu Saison Finance, Established in 2018, is a Non-Banking Financial Company (NBFC), known by its trade name Credit Saison India (“CS India”). It is the subsidiary of Japan based Credit Saison Company Limited.
Chief Executive Officer (CEO) – Presha Paragash

RIL Becomes 1st Indian Company to Use Chemical Recycling For ISCC–Plus Certified Circular Polymers
Reliance Industries Limited (RIL) became the 1st Indian company to chemically recycle plastic waste-based pyrolysis oil into International Sustainability & Carbon Certification (ISCC)-Plus certified Circular Polymers.
i.RIL’s Jamnagar(Gujarat) refinery became the 1st refinery to get the ISCC-Plus certification, validating its capability to produce Circular Polymers through chemical recycling.
ii.RIL has shipped its 1st batch of ISCC-Plus-certified Circular Polymers, named CircuRepol™ (Polypropylene) and CircuRelene™ (Polyethylene). These polymers were designed to spearhead the way in Circular Economy practices.
The ISCC-Plus certification ensures adherence to traceability and rules in the production of Circular Polymers.

LIC reduces Stakes in BHEL to 9.617%
Life Insurance Corporation of India (LIC) reduced its shareholding in Bharat Heavy Electricals Limited (BHEL) from 11.701% to 9.617% through open market operation(OMO).

  • LIC sold its BHEL shares at an average price of Rs 79.58 through secondary market between June 2019 and December 2023.
  • LIC’s shareholding decreased from 40,74,40,614 to 33,48,62,025 Equity Shares.

BHEL is a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Heavy Industries (MHI).
CMD – Koppu Sadashiv Murthy 
Headquarters – New Delhi, Delhi
Established in – 1964

Seventh Ferry craft ‘Manjula‘ (Yard 786) Delivered to Indian Navy On 29th December 2023, Kolkata (West Bengal) based The Shalimar Works (1980) Limited has delivered the seventh 250 Men Ferry Craft ‘Manjula’ (Yard 786) to the Indian Navy (IN).

  • It was delivered in the presence of Rear Admiral Deepak Kumar Goswami, Admiral Superintendent, Naval Dockyard (ASD), Mumbai(Mbi), Maharashtra.

Contract:
i.The delivery of the ship concludes the contract for construction of seven 250 Men Ferry Craft with Shalimar Works Limited.
ii.The contract is in line with the ‘AatmaNirbhar Bharat’ initiatives of the Government of India (GoI).
About Manjula (Yard 786): 
i.Manjula(Yard 786) Ferry Craft was built under the ‘Make in India’ initiative of the Ministry of Defence (MoD) with all major and auxiliary equipment or systems sourced from indigenous manufacturers.
ii.The ferry craft was built with a life span of 25 years and provide impetus to operational and logistics requirements of the IN.
iii.Manjula has the capacity to ferry 250 Men.
iv.The ferry can transport both Men and Material between Indian Naval Ports and Shipsor Submarines at anchorage.
Additional Info:
Six out of Seven Ferry Crafts have already been delivered at Port Blair(Andaman and Nicobar Islands), Visakhapatnam (Andhra Pradesh) and Mumbai.
Background:
‘Manjula’ was launched by Binod Kumar, Indian Administrative Service (IAS), Principal Secretary Transport, West Bengal on 23 November 2022 at  Shalimar Works Ltd, in presence of Commodore Indrajit Dasgupta, Warship Production Superintendent (Kolkata).
About The Shalimar Works (1980) Limited:
The Shalimar Works (1980) Limited is fully owned by the Government of West Bengal.
Chairman – Anshul Gupta
Established in – 1981 (Originally established by Turner Morrison Limited, United Kingdom in 1885)

J&K Panchayati Raj Act, 1989 Amended to Incorporate OBC Reservation Jammu and Kashmir (J&K) Administrative Council led by Lieutenant Governor(LG) Manoj Sinha amended J&K Panchayati Raj Act, 1989 to incorporate the definition of Other Backward Classes (OBCs) in the Act to ensure reservation for OBCs in Panchayati Raj Institutions (PRIs).
For the 1st time, OBCs in J&K will benefit from reservations for positions such as Sarpanchs and Panchs.
Background:
i.The draft J&K Panchayati Raj Act (Amendment) Bill 2023 was submitted to the Ministry of Home Affairs (MHA).
ii.The observations of the MHA were examined and the necessary amendments were incorporated into the revised bill.
iii.Prior to the amendment, the reservations were limited to women, Scheduled Castes (SC), and Scheduled Tribes (ST).
Objective:
i.The proposed amendments aim to align the J&K Panchayati Raj Act, 1989 with the standards observed in other states and Union Territories(UTs).
ii.It underlines the amendment goal to enhance transparency in the functioning of PRIs, adhere to constitutional alignment, and consistency with the practices in other states with OBC reservation, apart from SCs and STs.
About the Amendments:
i.The amendments not only guide new reservations but also bring clarity to the rules governing disqualification from Halqa Panchayat membership.
ii.Moreover, provisions for the suspension or removal of Sarpanch, Naib Sarpanch, and Panch by the government have been outlined.

  • Removal is pursued in cases of confirmed misappropriation of funds or specified issues during investigation.

iii.It also defines the process for removal and conditions of service of the State Election Commissioner (SEC).
iv.OBCs will also have reserved positions in Urban Local Bodies (ULBs). It requires separate amendments to the existing J&K Municipal Corporation and Municipalities Acts.

  • Presently, reservations in ULBs are only available for Women, SCs, and STs.

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Current Affairs Daily Digest – 30 December 2023

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Cabinet Approval on 27th December 2023The Union Cabinet chaired by Prime Minister(PM) Narendra Modi approved the following proposals on 27th December 2023.

  • Minimum Support Prices (MSPs) for Copra for the 2024 season.
  • Project for the improvement and widening of the Khowai-Harina road covering a total length of 134.913 kms in Tripura.
  • Construction of a New 4556 meter-long, 6-Lane High Level/ Extra Dosed Cable-stayed Bridge across the River Ganga connecting Patna and Saran, in Bihar.
  • Migration and Mobility Agreement between India and Italy
  • Opening of the Consulate General of India in Auckland, New Zealand
  • MoU between Prasar Bharati and Radio Televisyen Malaysia (RTM), Malaysia

CBDT Issues Guidelines on Under Section 194-O of IT Act 1961 On 28th December 2023, the Central Board of Direct Taxes (CBDT), under the Department of Revenue in the Ministry of Finance (MoF), issued the guidelines under sub-section 4 of section 194-O of the Income-tax Act 1961.

  • The guidelines was issued to provide clarity on issues related to the applicability of section 194-O in e-commerce operator (ECO) model framework.

About Section 194-O:
Section 194-O of the IT Act, 1961 states that an ECO shall deduct income tax at the rate of 1% of the gross amount of sale of goods or provision of service, or both, facilitated through its platform.
Note: The section was inserted through the Finance Act, 2020.
Key Points:
i.According to the guidelines, the tax deducted at source (TDS) liability will cover the gross amount of transaction including the packaging and shipping fee as well as the convenience fee levied by the e-commerce platforms on the side of both the buyer and the seller.
ii.TDS is deducted by the seller side ECO during the payment or credit.
About Central Board of Direct Taxes (CBDT):
Chairman – Nitin Gupta
Headquarters – New Delhi, Delhi
Established in – 1964

Reliance Jio & IIT-Bombay collaborates to Build ‘BharatGPT’Reliance Jio Infocomm Limited (Jio), a subsidiary of Reliance Industries Limited(RIL), has collaborated with the Indian Institute of Technology (IIT) Bombay, Mumbai, Maharashtra, to develop the ‘BharatGPT(Generative Pre-Trained Transformer)’ program.
About Bharat GPT program:
i.Bharat GPT program aims to use large language models and generative Artificial Intelligence (AI) to improve various sectors in India.
ii.The program is part of an upgraded mobile ecosystem ‘Jio 2.0’ of Reliance Jio.
IIT Guwahati & Assam Govt Collaborated for Arohan Scheme to Promote STEM Subjects
Indian Institute of Technology (IIT) Guwahati, Assam in collaboration with the Government of Assam had hosted a career progression session for meritorious students of Assam to help them to pursue Science, Technology, Engineering, and Mathematics (STEM) subjects in their higher education as part of Assam’s flagship programme ‘Arohan’.
IIT Guwahati & Assam:
i.The programme was happened during four/five-days stay in IIT Guwahati from October to December 2023.
ii.The programme enabled students(mentees) to engage with institute faculty members and explore institutional facilities.
iii.So far IIT Guwahati has hosted 3311 students (about 65% are girls) and few hundred teachers.
iv.It is coordinated by the Offices of Outreach Education Program (OEP), Public Relations Branding and Ranking (PRBR) and Students’ Affairs at IIT Guwahati.
About Arohan:
i.Arohan (means Ascent) is a Mentor-Mentee programme for career progression of meritorious students of Secondary classes(9th standard to 12th standard) studying in Government schools in Assam.
ii.The program was launched in 2022 by Himanta Biswa Sarma, Chief Minister (CM) of Assam.
iii.The programme is in alignment with the National Education Policy (NEP) 2020.
Additional Info:
The mentors of the programme include senior government officials, alumni of schools, students of esteemed universities, entrepreneurs, professionals or corporate individuals from Assam.
About Reliance Jio Infocomm Limited :
Chairman – Akash Ambani
Headquarters – Mumbai, Maharashtra
Established in – 2007

Indian Navy Unveils New Admirals’ Epaulettes Inspired By Chhatrapati Shivaji’s RajmudraThe Indian Navy (IN) has introduced a new design for the Admirals’ Epaulettes, drawn from the Naval Ensign and features elements inspired by the Rajmudra of Chhatrapati Shivaji Maharaj.

  • Prime Minister Narendra Modi unveiled the new design during Navy Day (4 December 2023) at Sindhudurg, Maharashtra.

Note: This new design signifies a departure from the previous design, which features Nelson’s Ring, a colonial legacy and reflects the rich maritime heritage of India.
About the New Admirals’ Epaulettes:
i.The new design incorporates several symbolic elements such as the Golden Navy Button, Octagon, Indian Sword, and Telescope.
ii.The redesigned Epaulettes have been unveiled for the ranks of Admiral, Vice Admiral, and Rear Admiral, the top 3 positions in the naval forces.
Rajmudra: Rajmudra, or the Royal Seal, was an authentic stamp that Chhatrapati Shivaji Maharaj used to use in his correspondences and ordinances.
Shivaji Maharaj received the Rajmudra from his father Shahajiraje Bhosale, making it a symbol of historical significance.
Golden Navy Button:  It reiterates the resolve to do away with ‘Ghulam ki Maansikta’ (Colonial mindset).
Octagon: Representing the 8 cardinal directions, emphasising the Navy’s all-round long-term vision.
Indian Sword: It embodies the essence of the Navy’s Raison d’etre, emphasising the purpose of being at the forefront of national power and winning wars through dominance, defeating adversaries and overcoming every challenge.
Telescope: It symbolises long-term vision, foresight and a weather eye in an ever-changing world.
Discontinuation of Batons for Commanders:
i.The IN is undergoing a significant transformation, aiming to discard colonial traditions.
ii.The traditional use of batons for commanders is now discontinued, marking a departure from outdated colonial symbols of authority.
iii.As a broader initiative to drop colonial military traditions, IN has also conducted a review of sailor ranks.
iv.Over 65,000 sailors will now carry Indianised designations, aligning with the broader initiative, while officer ranks remain unchanged.
v.The new sailor ranks include:

  • Master Chief Petty Officer I Class, Master Chief Petty Officer II Class, Chief Petty Officer, Petty Officer, Leading Seaman, Seaman I Class, and Seaman II Class.

8th Edition of IONS Conclave of Chiefs Held in Bangkok, Thailand from 19-22 Dec 2023The 8th edition of the Indian Ocean Naval Symposium (IONS) Conclave of Chiefs (CoC) (2023) hosted by the Royal Thai Navy (RTN) was held in Bangkok, Thailand from 19–22 December 2023.

  • The 8th Conclave marks the transition of IONS Chairmanship from France(2021-23) to Thailand(2023-2025).

Participants
i.Chiefs of Navies, and Heads of Maritime Agencies from 27 IONS member/observer countries particiapted in the conclave.
 ii.Admiral R Hari Kumar, Chief of the Naval Staff (CNS) of the Indian Navy (IN),  led the 3-member Indian Naval delegation for the conclave.
Key Points:
i.During the CoC, Thailand assumed the duties of Chair of IONS, and finalised the Work Plan for the next 2 years.
ii.As a first, the Flag designed by India has been chosen as the IONS Flag.
iii.India also took over as the co-chair of IONS Working Groups on Maritime Security and Humanitarian Assistance and Disaster Relief (HADR) for the forthcoming cycle.
Seminar:
i.A Seminar on the theme ‘Blue Economy: Ways Forward for Sustainable Development of IONS Member States’, was conducted on the sidelines of CoC.
ii.Cmde Manmeet S Khurana, Cmde (Foreign Cooperation) from IN presented a paper on ‘Security is Foundation for Peaceful and Sustainable Blue Economy’.
iii.Various bilateral interactions were also conducted during the Conclave to facilitate a greater degree of maritime cooperation and understanding between the IONS countries.
Highlights of the Conclave:
i.Commendations were exchanged between CNS IN and Adm Adoong Pan-Iam, Commander-in-Chief, RTN to uphold a trajectory of Bilateral Defence engagements.

  • It includes the naming of IN – RTN Bilateral based on historical and cultural connections.

ii.CNS engaged with Heads of Delegation from Australia, Bangladesh, France, Iran, Italy, Malaysia, Maldives, Russia, Saudi Arabia, and Spain, and discussed bilateral maritime issues.
iii.CNS also visited the Indian Naval Ship (INS) Kadmatt in Bangkok.
About IONS:
i.IONS, conceived in 2008 by the IN, aims to enhance maritime cooperation among Navies of the littoral states of the Indian Ocean Region (IOR).

  • It provides an open platform for discussions on regionally relevant maritime issues.

ii.The inaugural edition of IONS was held in February 2008 in New Delhi, Delhi with IN as the Chair for 2 years (2008 – 2010)
iii.Republic of Korea Navy became the latest ‘Observer,’ raising IONS’ collective strength to 34 (25 Members and 9 Observers).
Note: India is scheduled to take over the Chair of IONS (2025-27) during the 9th CoC, which planned to be conducted in India in late 2025.
About Thailand:
Capital– Bangkok
Prime Minister– Srettha Thavisin
Currency– Thai Baht (THB)

SEBI issues Procedure for Public Issuance of ZCZP instrument by NPOsi.On December 28, 2023, the Securities and Exchange Board of India (SEBI) notified a procedure for public issuance of Zero Coupon Zero Principal (ZCZP) Instruments by a Not for Profit Organization (NPO) and listing of such instruments on the Social Stock Exchange (SSE).
ii.This procedure is added in the Framework on Social Stock Exchange (SSE) issued in September 2022.
iii.It should be noted that SSE framework resulted in the amendment of (Issue  of  Capital  and  Disclosure  Requirements)  Regulations,  2018 (ICDR Regulations) and (Listing  Obligations  and  Disclosure   Requirements)   Regulations, 2015 (LODR Regulations).
iv.ZCZP instruments on the SSE are donation instruments offering no interest or principal return. Since it is a donation, not a loan or investment, the contributed funds will not be refunded to the donor.
v.SEBI has also allowed stock brokers to settle Client’s Funds lying with Trading Member (TM) on Saturdays i.e. one more day is provided. Now, stock brokers can settle the running account of clients’ funds on the first Friday or Saturday of the quarter or month at the choice of the clients.
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

SBI, HDFC Bank will need to maintain Higher Capital from FY25On December 28, 2023, the Reserve Bank of India (RBI) released the list of Domestic Systemically Important Banks (D-SIBs) in which State Bank of India (SBI), HDFC Bank and ICICI Bank continued to be identified as D-SIBS. However, SBI and HDFC Bank will need to maintain higher capital from April 1, 2025.

  • The additional common equity Tier 1 (CET-1) as a percentage of Risk Weighted Assets (RWAs) requirement for SBI will be 0.80%, and for HDFC Bank, it will be 0.40%.

Note: The RBI has moved SBI from bucket 3 to bucket 4 and HDFC Bank from bucket 1 to bucket 2. This means they will have to meet the above mentioned higher additional CET 1 requirements. Upto March 31, 2025, the D-SIB surcharge applicable to SBI and HDFC Bank is 0.60% and 0.20%, respectively.

  • ICICI Bank continues to be in the same bucketing structure i.e. bucket 1 with 0.20% addition CET-1 requirement.

Key Points:
i.The RBI has to provide information about the names of banks that are important for the financial system every year in August since 2015.
ii.D-SIBs are those institutions which are “too big to fail”, meaning their failure will negatively impact the economy.

  • The banks are placed in appropriate buckets depending upon their Systemic Importance Scores (SISs).

iii.The additional CET-1 requirement is in addition to the capital conservation buffer.
iv.RBI had named SBI and ICICI Bank as D-SIBs in 2015 and 2016, and HDFC Bank in 2017.
Click Here for Official Notification
How D-SIBs are Selected and Assessed?
i.The D-SIBs will be selected by RBI based on the size of the bank as a percentage of GDP(Gross Domestic Product) i.e the banks having a size beyond 2% of GDP.
ii.The selected D-SIBs are assessed through the 4 indicators of Size, Interconnectedness, Lack of readily available substitutes or financial institution infrastructure, and Complexity.
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
Establishment– 1955
Tagline–The banker to Every Indian

VP Jagdeep Dhankhar Launched the New Logo of ICAI
Jagdeep Dhankhar, Vice-President(VP) of India, launched the new logo of the Institute of Chartered Accountants of India (ICAI) during the 1st ever Global Professional Accountants Convention (GloPAC) held in Gandhinagar, Gujarat from 24th-26th November 2023. 
Union Minister Piyush Goyal, Ministry of Commerce and Industry, graced the event as a Guest of honour.
i.The logo features the letters ‘CA’ in blue colour with an inverted tricolour tick mark on a white background and the word ‘India’ at the bottom of the symbol.
ii.The upside-down tick mark is used by Chartered Accountants (CA) during audits is included to symbolise the wisdom and value of the professionals.
iii.The logo epitomizes the Institute’s connection to the India-first approach and as a trusted partner in nation-building
Note: ICAI is India’s largest professional accounting body under the Ministry of Corporate Affairs(MCA).

Adani Global and Sirium International partners to form a JV –  Sirius Digitech International
Adani Global Limited has formed a joint venture “Sirius Digitech International Limited (Sirius JV)” with United Arab Emirates (UAE)-based Sirius International Holding Limited (Sirius) to deploy Artificial Intelligence (AI), Internet of Things (IoT), and Secured Blockchain Products for industrial applications.

  • Sirius will own 51% of the Sirius JV, while Adani will own 49%. 
  • Abu Dhabi based Sirius JV will focus on the USD 175 billion digitalization of the Indian economy

Note: Ahmedabad (Gujarat) based Adani Global is a subsidiary of Adani Enterprises Limited. Sirius is a subsidiary of International Holding Company (IHC).

Nina Singh Appointed as 1st Woman DG of CISF; Anish Dayal Appointed as DG of CRPFNina Singh was appointed as the 1st woman Director General (DG) of the Central Industrial Security Force (CISF). She will hold the post till her superannuation on July 31, 2024.
she was holding the additional charge of DG of CISF from August 2023 following the superannuation of Sheel Vardhan Singh, who held the position from November 2021 to  August 2023.
Other Appointments:
i.Anish Dayal Singh, DG of Indo-Tibetan Border Police (ITBP) was appointed as the full-time DG of the Central Reserve Police Force (CRPF) till his superannuation on 31 December 2024.

  • He was holding the additional DG, CRPF charge following S L Thaosen’s retirement on 30 November 2023.

ii.Rahul Rasgotra succeeded Anish Dayal Singh and will be the new DG of ITBP till the date of his superannuation on 30 September 2025.

  • Rahul Rasgotra served as the Special Director of the Intelligence Bureau (IB).

iii.Vivek Srivastava was appointed as DG of the Fire Service, Civil Defence, and Home Guards till the date of his superannuation on 30 June 2025.

  • Before that, he was a special director of IB.

Key Points:
i.Nina Singh, a 1989-batch Indian Police Service (IPS) officer was the 1st woman IPS officer allocated to the Rajasthan cadre.

  • She currently serves as the Special DG of CISF and held the position of Joint Director in the Central Bureau of Investigation (CBI) from 2013 to 2018.
  • Nina Singh was awarded the prestigious President’s Police Medal for Distinguished Service in 2015 by Prime Minister Narendra Modi.

ii.Anish Dayal Singh, a 1988-batch IPS officer of Manipur cadre. He was working as a Special Director of IB. In 2022, he was appointed as the DG of ITBP.
iii.Rahul Rasgotra, a 1989-batch IPS officer of the Manipur cadre was working as a Special Director in IB.
iv.Vivek Srivastava, a 1989-batch IPS officer of Gujarat cadre became the 1st from Bihar to head the Special Protection Group (SPG).
About Central Industrial Security Force (CISF):
Director-General– Nina Singh
Headquarters– New Delhi, Delhi
CISF was set up under the “Central Industrial Security Force Act, 1968 (50 of 1968).” Later, it was established in 1969.

Hyundai Motor Appointed Deepika Padukone as Brand Ambassador 
Hyundai Motor India Limited (HMIL),  a wholly-owned subsidiary of South Korea-based Hyundai Motor Company (HMC), has roped in Deepika Padukone, a Bollywood actress and producer as its brand ambassador. 

  • Deepika Padukone’s profound connection with the Indian audience represents Hyundai’s commitment to its customers.
  • As a brand ambassador, Deepika will act as a catalyst to bridge the gap between cutting-edge automobiles and Indian customers.

Note:  Indian actor Shah Rukh Khan is also a brand ambassador of Hyundai.
About Hyundai Motor India Limited (HMIL):
Managing Director(MD) & Chief Executive Officer (CEO) –  Unsoo Kim
Headquarters – Gurugram, Haryana
Established in – 1996

US President nominated Indian American Deven Parekh to the Board of DFC
Joe Biden, The President of the United States of America (USA) has nominated Indian-American global venture capitalist Deven Parekh, Managing Director at Insight Partners, as a member of the Board of Directors of the US International Development Finance Corporation (DFC) for 3 years.

  • He is the nominee recommended by Charles Ellis Schumer, Senate Majority Leader.
  • Previously in 2020, he was nominated to the Board of DFC by then-President Donald Trump.

Note: DFC is America’s development finance institution, based in Washington, DC, USA. Chief Executive Officer- Scott Nathan

I-Pru AMC & I-Pru Life Gets RBI Approval to Acquire a 9.95% Stake in RBL, IDFC FIRST, Equitas SFB, Federal and IndusInd BankThe Reserve Bank of India (RBI) has given its approval to ICICI Prudential Asset Management Company Limited (I-Pru AMC) and ICICI Prudential Life Insurance Company Limited (I-Pru Life) to acquire aggregate holding of up to 9.95% of the paid-up share capital or voting rights in RBL Bank Limited, IDFC FIRST Bank Limited, Equitas Small Finance Bank (SFB), Federal Bank, and IndusInd Bank Limited.

  • The companies must complete the acquisition within 1 year, by December 26, 2024. The approval will be canceled if the companies fail to acquire the stake within the mentioned year.
  • The approval has been granted concerning an application submitted by I-Pru AMC and I-Pru Life to RBI.
  • I-Pru AMC and I-Pru Life hold 2.08% of the equity share capital of RBL Bank Limited as of December 22, 2023.

Conditions:
i.The aggregate holding should not exceed 9.95% of the paid-up share capital or voting rights of the banks at all times.
ii.If the aggregate holding falls below 5%, prior approval from the RBI is required to increase it to 5% or more of the share capital or voting rights of the banks.
Regulatory Framework:
i.The approval granted by the RBI is subject to compliance with the relevant provisions of the Banking Regulation Act of 1949.
ii.Adherence to RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time);
iii.Comply with the provisions of the Foreign Exchange Management Act of 1999;
iv.Follow regulations issued by the Securities and Exchange Board of India (SEBI), and any other guidelines, regulations, and statutes as applicable.
About ICICI Prudential Life Insurance Company Limited (I-Pru Life):
I-Pru Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Managing Director (MD) and Chief Executive Officer (CEO)– Mr. Anup Bagchi
Headquarters– Mumbai, Maharashtra
Incorporated in– 2000
Started Operations– 2001

Russia & NASA Agrees to Extend Cross-flight Programme to ISS until 2025 Russia’s Roscosmos and the National Aeronautics and Space Administration (NASA) have agreed to extend their partnership in space exploration by continuing cross-flights, involving crews of various nationalities to travel on a single spacecraft to the International Space Station (ISS) until 2025.

  • The mutual commitment is aimed at ensuring the overall reliability and operational continuity of ISS and will be carried out on Russian and United States of America (U.S.) spacecraft.

Representative Presence:
The cross-flights involve sending 1 American astronaut to the ISS as part of the crew of a Russian spacecraft and 1 Russian cosmonaut as part of an American crew.
Key Points:
i.The ISS was launched in 1998 at a time of increased US-Russia cooperation following the Cold War “Space Race.”
ii.The current ISS partners, including the U.S., Russia, Europe, Canada, and Japan, have officially committed to operate the space station until 2024.

  • The 5 space agencies are NASA (U.S.), Roscosmos (Russia), the European Space Agency (ESA), the Japan Aerospace Exploration Agency (JAXA), and the Canadian Space Agency (CSA).

iii.An international partnership of 5 space agencies from 15 countries operates the ISS and the space station has been continuously occupied since November 2000.
iv.US officials have shown interest in extending operations until 2030, while Russia has stated its intention to use the ISS until 2028.
Key Facts about ISS:
i.The ISS is an orbital laboratory, that was designed to perform microgravity and space environment experiments,
ii.It orbits Earth at an average altitude of 400 kilometers (250 miles) and orbits Earth about every 90 minutes and in 24 hours.
iii.In 24 hours, the ISS makes 16 orbits of Earth, traveling through 16 sunrises and sunsets.
About Roscosmos:
Director General– Yury Borisov
Headquarters– Moscow, Russia
It is a State Space Corporation, established in August 2015 to oversee and implement a comprehensive reform of the Russian space industry. It is a member of the International Astronautical Federation (IAF).

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Current Affairs – 29 December 2023

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President Droupadi Murmu Gave Assent to Three New Criminal Bills & Telecommunications Bill 2023On 25th December 2023, the President of India Droupadi Murmu gave assent to three new criminal bills: Bharatiya Nyaya (Second) Sanhita (BNS2), 2023; Bharatiya Nagarik Suraksha (Second) Sanhita(BNSS2), 2023; and Bharatiya Sakshya (Second) Sanhita, 2023.

  • The three new criminal bills will replace the British-colonial era laws: the Indian Penal Code(IPC), 1860; the Criminal Procedure Code (CrPC), 1973 and the Indian Evidence Act(IEA), 1872 respectively.
  • She also gave assent to the Telecommunications Bill, 2023 and Post Office Bill, 2023. 

Note: These three criminal bills were introduced by Union Minister, Amit Shah, Ministry of Home Affairs in August 2023, during the monsoon session of the parliament.
About Ministry of Home Affairs(MoHA): 
Union Minister– Amit Shah (Constituency- Gandhi Nagar, Gujarat)
Minister of State– Nityanand Rai; Ajay Kumar Mishra; Nisith Pramanik

Amit Shah releases a Postal Stamp, Marking 50 Years of Pandit Jasraj’s Music Festival Union Minister Amit Shah, Ministry of Home Affairs (MoHA) and Ministry of Cooperation (MoC), has released a commemorative Postal Stamp to mark 50th year of Pandit Jasraj Motiram’s music festival ‘Pandit Motiram Pandit Maniram Sangeet Samaroha’ in New Delhi, Delhi.
About Pandit Motiram Pandit Maniram Sangeet Samaroha:
i.The Pandit Motiram Pandit Maniram Sangeet Samaroha is an annual Indian classical music festival held at Chowmahalla Palace in Hyderabad, Telangana.
ii.It is also the oldest festival of Hyderabad.
iii.The festival was first initiated in 1972 by Pandit Jasraj in memory of his father ‘Sangeet Ratna Pandit Motiram’ and uncle ‘Pandit Maniram’.
iv.51st edition of the musical festival titled ‘Jai Ho Pandit Jasraj’,was observed from 24th to 30th November 2023 by Pandit Jasraj Cultural Foundation.
About Pandit Jasraj Motiram:
i.Pandit Jasraj is an Indian classical vocalist, belonging to the Mewati gharana (a musical apprenticeship tribe of Hindustani classical music)
ii.He was born in 1930 at Haryana and died in 2020
iii.He was a recipient of the Padma Shri (1975), Padma Bhushan (1990) and Padma Vibhushan (2000) in the field of art.
iv.He was nicknamed the “Son of Hyderabad.”
VP Dhankhar released the Postal Cover for Konda Madhava Reddy
Vice-President (VP) of India Jagdeep Dhankhar has released a special postal cover to celebrate the 100th Birth Anniversary of Late Justice Konda Madhava Reddy in Hyderabad, Telangana.
About Konda Madhava Reddy:
i.Konda Madhava Reddy was born in 1923 at Nalgonda (now Telangana).
ii.He served as Vice President of the Bar Council of Andhra Pradesh (AP).
iii.In 1968, he was appointed as Judge of AP High Court and later became the Chief Justice of the same in 1983.
iv.He served as Chief Justice of the Bombay High Court in 1984.
v.He was appointed as the acting Governor of Maharashtra for 2 years-interim.
vi.He founded the Central Administrative Tribunal (CAT) in 1985 and acted as its Chairman (1985-88).

RBI approves IDFC-IDFC First Bank Merger; Notifies GSL Directions 2023i.On December 26, 2023, the Reserve Bank of India (RBI) has given its nod for the reverse merger of IDFC Limited and IDFC Financial Holding Company (IDFC FHCL) with its banking subsidiary IDFC First Bank Limited.
ii.As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd.
iii.RBI has notified RBI (Government Securities Lending/GSL) Directions, 2023 in exercise of the powers conferred under section 45W of the RBI Act, 1934 read with section 45U of the Act and of all the powers enabling it in this behalf w.e.f. December 27, 2023.These are applicable to all GSL transactions, undertaken in Over-the-Counter (OTC) markets.
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

SEBI Extends Deadline to June 2024 to add Nominees in Mutual Funds, Demat AccountsOn December 27, 2023, the Securities and Exchange Board of India (SEBI) extended the deadline to add nominees for Demat Accounts (Dematerialisation Account) and mutual fund portfolios to June 30, 2024. Earlier the deadline was December 31, 2023.

  • This aims to help the investors to secure their assets and pass them on to their legal heirs.

This information by SEBI was provided in exercise of powers conferred by Section 11(1) of the SEBI Act, 1992, read with Section 19 of the Depositories Act, 1996 and Regulation 77 of SEBI (Mutual Funds) Regulations, 1996 to  protect  the  interests  of  investors  in  securities  and to promote  the development of securities market.
Key Points:
i.If an investor doesn’t want to add nominee then he/she explicitly opt out of nomination by submitting a declaration.
ii.Missing the nomination deadline may result in SEBI freezing debits from mutual funds or trading via demat accounts.
iii.Only individual demat account holders, either singly or jointly, are eligible to nominate.
iv.Non-individual entities like societies, trusts, corporations, etc., cannot nominate.
v.Joint holders can nominate, and in case of death, securities go to surviving holders unless there is a nominee.
vi.NRIs (Non-Resident Individuals) can nominate directly, but power of attorney holders or minors cannot nominate.
vii.Up to three nominees are allowed, with the investor specifying the percentage allocation to each.
viii.Depository Participants, Asset Management Companies (AMCs), and Registrar and Transfer Agents (RTA) will regularly remind holders via email and SMS (Short Message Service) to comply with the nomination requirement.

ONDC Announced Two Seperate Partnership with Google and Meta In December 2023, Open Network for Digital Commerce (ONDC), an open e-commerce platform, announced two seperate partnership with Google and Meta(formerly known as Facebook).

  • ONDC and Google has partnered to enable metro ticket booking through its mapping app – Google map.
  • ONDC and Meta has partnered to expand its outreach to small businesses through Whatsapp.

ONDC is an initiative of Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry(MoCI).
Details of Partnership between ONDC & Meta:
i.Under this partnership, Meta will leverage its business and technical solution providers to ensure a seamless conversational buyer and seller experiences on Whatsapp.
ii.Around 5 lakh small business will be trained on the Meta Small Business Academy for 2 years.
The academy will offer certification to empower entrepreneurs and marketers to get digital marketing skills needed to grow on the Meta apps like Whatsapp, Facebook and Instagram.
iii.Meta will enhance the services offered on Sahayak, the ONDC’s seller support whatsapp chatbot.
Details of Partnership between ONDC & Google:
i.Google’s collaboration with ONDC, aims to help the ONDC with public transport digitization on a massive scale.
ii.The partnership focuses on leveraging Google Maps to enhance the ONDC-enabled auto-hailing service, Namma Yatri with a focus on bringing metro schedules and bookings to users.
Note: Google plans to launch the Kochi metro on Google Maps powered by Namma Yatri by mid-2024.
About Open Network for Digital Commerce (ONDC):
Chief Executive Officer (CEO)– Thampy Koshy
Headquarters– New Delhi, Delhi
Launched in 2022

HDFC Bank Recommends Re-appointment of Atanu Chakraborty as Chairman for 3 years
The Board of Directors of  HDFC Bank Limited has recommended the re-appointment of Atanu Chakraborty as the Part-Time Non-Executive Chairman and Independent Director of the Bank to the Reserve Bank of India (RBI) for a second term of 3 years with effect from 5th May 2024 to 4th May 2027.

  • He was appointed to the post in May 2021 and his first tenure of 3 years is set to end on 4th May, 2024.

Atanu Chakraborty:
i.Atanu Chakraborty was an Indian Administrative Service (IAS) officer of the 1985 batch belonging to Gujarat Cadre.
ii.He retired as Secretary of Department of Economic Affairs(DEA), Ministry of Finance(MoF) in April 2020.
iii.He also served as Secretary of the Department of Investment and Public Asset Management(DIPAM), MoF.
iv.In 2019, he served on the board of the World Bank(WB) as Alternate Governor as well as on the Central Board of Directors of the RBI.
RBI Approval:
The reappointment will be subjected to the approval of the RBI and the shareholders of the Bank in accordance with the Banking Regulation Act, 1949 and the Companies Act, 2013.
About HDFC Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO) – Sashidhar Jagdishan
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – HDFC Bank Parivartan. A Step Towards Progress.

IOA Forms 3-member Ad Hoc Committee to Run Operations of Suspended WFIThe Indian Olympic Association (IOA) constituted a 3-member ad hoc committee to run the day-to-day operations of the Wrestling Federation of India (WFI). This comes after the suspension of the WFI’s governing council by the Ministry of Youth Affairs and Sports (MYAS).

  • The IOA appointed Bhupinder Singh Bajwa, the President of Wushu Association of India as chairman of the ad hoc committee.
  • The other 2 members of the committee are Maneyapanda Muthanna Somaya, an Olympian in hockey; and Manjusha Kanwar, a former international badminton player.

Note: Bhupinder Singh Bajwa was also one of the members of the previous ad-hoc committee formed by IOA in April 2023.
Task of the Committee:
The ad hoc committee is tasked with overseeing and supervising WFI’s operations, which include:

  • athlete selection, submitting entries for athletes to participate in international events, organizing sports activities, handling bank accounts, managing the websites, and other related activities.

Reason for the Suspension:
i.The WFI’s governing council was suspended by the MYAS, after Sanjay Singh, a close aide of former WFI Chief Brij Bhushan Sharan Singh, was elected as President of WFI on 21 December 2023.
ii.It was suspended due to alleged arbitrary decisions by the newly-elected office-bearers in violation of their constitutional provisions and disregarding principles of good governance.

  • Concerns were raised about the new WFI body operating under the influence of former office-bearers, contrary to the National Sports Code.

About Indian Olympic Association (IOA):
IOA is the governing body for the Olympic Movement and the Commonwealth Games in India.
President– P.T. Usha
Headquarters– New Delhi, Delhi
Established in– 1927

RBI Approved the Appointment of C S Rajan as the Part-time Chairman of KMBL
Reserve Bank of India (RBI) has approved the appointment of Chandra Shekhar Rajan (C S Rajan) as the Part-time Chairman of Kotak Mahindra Bank Limited (KMBL) for two years with effect from 1st January 2024.
i.C S Rajan is serving as an Additional and Independent Director on KMBL’s Board(since 2022).
ii.He will be replacing incumbent Non-Executive Independent Part-time Chairman, Prakash Apte who is set to retire on 31st December 2023.
About C S Rajan:
i.C S Rajan, an Indian Administrative Service(IAS) Officer of 1978 batch, is a retired Chief Secretary of Rajasthan in 2016.
ii.In 2018, Rajan was appointed as Director of Infrastructure Leasing & Financial Services Limited (IL&FS). 
iii.He was appointed as Managing Director (MD) of IL&FS in 2019 and is currently serving as its Chairman (from 2022).
iv.He was also as a Consultant to the World Bank on a Study on Farmer Participation in Agricultural Research and Extension System.

CCI Approves Acquisition of Controlling Stake in RCL by IIHL, IIHL BFSI & Aasia The Competition Commission of India (CCI) has approved the acquisition of controlling stakes in Reliance Capital Limited (RCL) by IndusInd International Holdings Limited (IIHL), IIHL BFSI (India) Limited (IIHL BFSI), and Aasia Enterprises LLP (Aasia).
CCI approves acquisition stake in Dilip Buildcon by Alpha Alternatives Group 
CCI approved the acquisition of a 9.99 % equity stake in Dilip Buildcon Limited (DBL) by Alpha Alternatives Holdings Pvt Ltd (AAHPL) and its other entities.
PCBL Ltd received CCI Approval for Aquapharm Chemicals Acquisition
The Competition Commission of India (CCI) has approved the proposal made by Kolkata (West Bengal) based PCBL Limited (formerly known as Phillips Carbon Black Limited) to acquire 100% paid-up share capital in Pune-based Aquapharm Chemicals Private Limited (ACPL).
About IndusInd International Holdings Limited (IIHL):
President & CEO – Moses Harding John
Chairman –  Srichand P. Hinduja
Headquarters – Ebene, Mauritius

Pakistan Conducted Successful Flight Test of Indigenously Developed ‘Fatah-II’ Rocket System Pakistan Military conducted a successful flight test of the indigenously developed guided Multi-Launch Rocket System (MLRS) ‘Fatah-II‘, which is equipped with state-of-the-art avionics, a sophisticated navigation system, and a unique flight trajectory. It has been developed as a potential challenger to the regional missile defense systems.

  • The weapon system is capable of engaging targets with high precision up to a range of 400 kilometers, marking a substantial advancement in long-range artillery.
  • The range is significantly more than its predecessor, Fatah-I, which has a range of 140 kilometers.

Note:

  • In 2021, Pakistan successfully conducted a flight test of the indigenously developed Fatah-I, a Guided MLRS.
  • The flight test of Fatah-II was witnessed by senior officers from tri-services and dedicated scientists and engineers.

Features:
i.Fatah-II is featured with cutting-edge flight control technology and an advanced pathfinding mechanism and is an enhanced version of the Fatah rocket series.

ii.The Fatah-II is distinguished by its advanced precision-targeting technology, utilising a blend of satellite and inertial navigation systems.

  • The integration achieves remarkable accuracy with an exceptionally low margin of error.

iii.Its navigation system enables precision-guided strikes with a Circular Probable Error (CEP) of less than 10 meters, exemplifying its capability to hit targets with unparalleled accuracy.
Note: The MLRS gave the Pakistan Army the capability of precision target engagement deep in enemy territory
Key Points:
In October 2023, Pakistan conducted a successful flight test of the Ababeel Weapon System and also conducted a training launch of the Ghauri Weapon System.
About Pakistan:
Capital– Islamabad
President– Arif Alvi
Prime Minister– Anwaar-ul-Haq Kakar (Caretaker)
Currency– Pakistani Rupee (PKR)

NASA Relaunches OSIRIS-APEX mission to study Apophis Asteroid’s 2029 flybyNational Aeronautics and Space Administration (NASA) launched OSIRIS-APEX (Origins, Spectral Interpretation, Resource Identification, and Security – Apophis Explorer) to study the asteroid Apophis and take advantage of the asteroid’s 2029 flyby of Earth.
i.Asteroid 99942 Apophis is named for the demon serpent “Apophis” of the ancient Egyptian mythology, which personifies evil and chaos. It is also known as “God of Chaos”.
ii.Apophis is expected to pass close, within 19,794 miles (31,860 kilometers), to Earth surface on 13th April 2029.
About OSIRIS-APEX:
i.OSIRIS-APEX, previously named OSIRIS-REx(Regolith Explorer), is the 3rd  mission in NASA’s New Frontiers Program, managed by NASA’s Marshall Space Flight Center in Huntsville, Alabama, the United States of America(USA).
ii.OSIRIS-APEX will study Apophis after the pass, and record how the surface changes by interacting with Earth’s gravity.
iii.OSIRIS-APEX will arrive at the asteroid on 13th April 2029, and operate in its proximity for about 18 months.
Note: The name of the mission is inspired from  God Osiris, one of the ancient Egyptian gods associated with the afterlife, the underworld and rebirth.
About Asteroid 99942 Apophis:
i.The Asteroids Apophis is a is a near-Earth object (NEO) which is estimated to be around 367 yards across (~ 340 meters).
ii.This comes close to Earth surface only once every 7,500 years.
iii.It is an “S(stony)-type” asteroid made of silicate materials and nickel-iron.
Note: Apophis was discovered on 19th June 2004, by astronomers Roy Tucker, David Tholen, and Fabrizio Bernardi at the Kitt Peak National Observatory in Tucson, Arizona, USA..
Additional info:
OSIRIS-REx is the first US mission to collect a sample from an asteroid. The mission launched in 2016 returned to Earth on 24th September 2023 and dropped the samples collected from asteroid Bennu.

Former President of European Commission Jacques Delors Passed Away French Politician Jacques Delors, who served as the President of the European Commission(EC) from 1985 to 1995, passed away at the age of 98 in Paris, France. He was born on 20th July 1925 in Paris, France.
Note: EC is the politically independent executive body of the European Union (EU).
About Jacques Delors:
Career:
i.Jacques Delors started his career at the Banque de France in 1945.
ii.He began his political career as  Counselor for Social Affairs to the Prime Minister of France Jacques Chaban-Delmas (1969-1972).
iii.He served as a Member of the European Parliament and President of the Economic and Monetary Affairs Committee of the European Parliament from 1979 to 1981.
iv.He served as the 8th President of the European Commission from 1985 to 1995 for three terms, longer than any other holder of the office.
v.He also headed the Committee for the Study of Economic and Monetary Union, widely known as the Delors Committee(1988-1989), which proposed to create “Euro”, a new currency, to replace individual national currencies.
vi.From 1992 to 1996, he chaired United Nations Educational, Scientific and Cultural Organization (UNESCO)’s International Commission on
Education for the 21st century.
vii.In 1996, he became the founding President of Notre Europe, which became Notre Europe – Jacques Delors Institute in 2012.
Achievements:
i.During his 2nd term as President of the EC, he played a major role in bringing out the 1992 Maastricht Treaty which established the modern European Union(EU) and paved the way for “Euro” and  EU citizenship.
ii.He played a major role in the creation and completion of the EC single market and supported the establishment of Schengen accords for travel and the Erasmus programme for student exchanges.
Awards: In 2015, he became the 3rd person to be bestowed with the “Honorary Citizen of Europe” Award. The other two were Jean Monnet (1976), and Helmut Kohl (1998).
About European Commission:
President– Ursula von der Leyen
Established in 1958
Headquarters– Brussels, Belgium

Actor-Turned Politician Vijayakanth Passed AwayTamil actor and the founder of Desiya Murpokku Dravida Kazhagam (DMDK), Vijayakanth, passed away in Chennai, Tamil Nadu (TN). DMDK is a regional political party in TN.
About Vijayakanth:
i.Vijayakanth (originally known as Vijayraj Alagaraswami) was born on 25 August 1952 in Madurai, TN.
ii.He started his career as an actor in Tamil cinema in 1979 and acted in more than 150 films.
iii.He was the President of the South Indian Artistes Association (SIAA) from 2001 to 2006.
As a politician:
i.Vijayakanth started his political career in 2005 by forming DMDK and contested in 2006 TN Legislative Assembly Election.
ii.He served as a Leader of the Opposition in TN Legislative Assembly from 2011 to 2016.

  • He served as a Member of Legislative Assembly (TN) twice, representing the constituencies of Virudhachalam (2006) and Rishivandiyam (2011), respectively.
  • While the national and regional political parties were dominating TN (both ruling and opposition) (over 40 years), DMDK emerged as the first regional party to host an opposition leader in the TN Assembly.

Honours:
i.In 2001, the Government of India(GoI) honoured him with the ‘Best Indian Citizen Award by the Government of India’ for promoting patriotism.
ii.The Government of TN honoured him with ‘Kalaimamani Award’ in 2001.
iii. Vijayakanth won the Filmfare Awards South for Best Actor in 1987 for the movie ‘Amman Koil Kizhakkaalae.’

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Current Affairs – 27 December 2023

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Union Health Minister Mansukh Mandaviya Launched ‘MedTech Mitra‘ to Empower India’s MedTech SectorUnion Minister Dr. Mansukh Mandaviya, Ministry of Health and Family Welfare (MoHFW), virtually launched MedTech Mitra, a strategic initiative to empower MedTech innovators and advance healthcare solutions.

  • It is a collaborative initiative of the NITI Aayog(National Institution for Transforming India); Indian Council of Medical Research (ICMR); and Central Drugs Standard Control Organization (CDSCO).

Key People: MedTech Mitra was launched in the presence of Prof. S.P. Singh Bhagel, Minister of State, Ministry of Health and Family Welfare who virtually joined, and Dr. V.K Paul, Member Health, NITI Aayog.
About MedTech Mitra:
Objective: The collaborative efforts aim to boost indigenous development, fostering affordable and quality MedTech devices and diagnostics, thereby reducing import dependece in MedTech sector.
Note: India’s MedTech sector is currently heavily import-dependent (80%).
Significance:
i.It is envisioned as a platform, designed to empower young talents, providing a platform to shape their research, knowledge, and logic while aiding in obtaining regulatory approval.
ii.MedTech Mitra plays a pivotal role in strengthening India’s commitment to Universal Health Coverage (UHC), its objective is to extend healthcare services to even the remotest corners of India to become an integral aspect of Viksit Bharat.

  • The initiative aligns with the vision of Viksit Bharat, aiming to transform India’s health landscape by 2047.

iii.It brings together various stakeholders in the field of medical technology to enhance cooperation among various stakeholders and partner with them to promote progress in the health sector.
iv.MedTech Mitra empowers emerging start-ups in the healthcare sector and ensure ease of innovation, research, and development and contributes to building an Atmanirbhar Bharat (Self-reliant India).

CoinSwitch Released “India’s Crypto Portfolio 2023”: Delhi Tops in India’s Crypto Adoption According to “India’s Crypto Portfolio 2023”, the annual investor report of CoinSwitch, India’s largest crypto trading platform, Delhi tops India’s crypto adoption (measured in terms of value invested) in 2023.

  • Delhi accounted for 8.8% of total crypto investment followed by Bengaluru(Karnataka) with 8.3% and Mumbai(Maharashtra) with 5.2%.
  • These three metros accounted for more than 20% of the total crypto investment in India.

Top Indian cities:
i.Hyderabad(Telangana) accounted for 3.8% of India’s Crypto adoption followed by Pune(Maharashtra) with 2.7%; Gurgaon (Haryana) with 2.2%; Thane(Maharashtra) with 2%; Jaipur(Rajasthan) with 1.9% ; Ghaziabad(Uttar Pradesh(UP)) with 1.7% ; Lucknow(UP) with 1.5% and others accounted for 62%.
Crypto coins: 
i.Bitcoin, the most prominent crypto, is up by more than 150% year on year, compared to December 2022.
ii.The report stated that Dogecoin (DOGE), is the most popular coin for retail investors.

  • DOGE accounted for 11.1% of total invested value, followed by Bitcoin (8.5%) and Ethereum (6.4%).

iii.Solana (SOL) was the best-performing crypto asset with a 633% (As of 20 Dec 2022) rise in 12 months.
Points to note: 
i.The total crypto market capitalization grew from less than USD 1 trillion in June 2022 to over USD 1.5 trillion by December 2023.
ii.The top 10 cities with the highest crypto adoption (market cap) 2023 are: Delhi, Bengaluru, Mumbai, Hyderabad, Pune, Jaipur, Gurgaon, Thane, Lucknow and Ghaziabad.

  • For the first time, Ghaziabad has secured the 10th position on the list of top cities (market cap), replacing Patna from the spot.

ii.About 75% of the investors in India were below the age of 35.

  • Around 60% of crypto investors from Gurgaon are below the age of 25.

iii.Delhi and Hyderabad witnessed the highest participation of women investors with 9% of India’s crypto investors being women.
About CoinSwitch: 
CoinSwitch was founded by Ashish Singhal; Vimal Sagar Tiwari and Govind Soni in 2017
CEO– Ashish Singhal
Headquarters– Bengaluru, Karnataka

India & Oman Adopts Vision Document to Expand Bilateral CooperationNarendra Modi, Prime Minister (PM) of India and Haitham Bin Tarik, the Sultan of Oman adopted the joint Vision document titled ‘A Partnership for the Future’ for strengthening bilateral cooperation in diverse areas and to scale up the partnership between India and Oman.
i.The vision document was adopted on 16th December 2023 during the maiden visit of his Majesty Sultan Haitham bin Tarik, the Sultanate of Oman, to India
ii.Several Memorandum of Understandings (MoUs) and agreements were also signed during his visit.
iii.The 3rd tranche of the Oman-India Joint Investment Fund (OIJIF-III), has been announced as a significant development in trade and capital cooperation in the India-Oman economic partnership.
About Oman:
Prime Minister and Sultan- His Majesty Sultan Haitham bin Tarik
Capital– Muscat
Currency– Omani Rial (OMR)

PwC Global Risk Survey 2023: Cyber Risk Tops as Biggest Threat for Indian OrganizationsAccording to the report titled “PwC Global Risk Survey 2023 – India highlights”,  Cyber risks are tops as the biggest threat faced by the Indian organisations. Around 38% of respondents are feeling highly or extremely exposed to cyber risk.

  • Climate change (37%) and inflation (36%) were the 2nd and 3rd biggest threats for Indian organisations.
  • Cyber risk was ranked 3rd in the 2022 survey.
  • Globally, business leaders considered inflation (39%) as the biggest threat followed by cyber (37%), macroeconomic volatility (33%), and digital and technology risks (32%).

Note:
i.PwC refers to PricewaterhouseCoopers Private Limited.
ii.PwC India Headquartered in Kolkata, West Bengal (WB) while PwC Global headquartered in London, United Kingdom (UK).
About the Survey:
Aim: To capture views on the top risks faced by organizations across different industries in 2023.
Assessment: The final result of the survey is based on 3,910 responses from business and risk management leaders across 67 territories.

  • 163 Indian organizations were a part of this survey.

Highlights:
i.62% of Indian organizations proactively take risks, aiming to create opportunities. This is which is 5% higher than the global average of 57%.
ii.71% of Indian organisations are gathering and analysing cybersecurity and IT data for risk
management and opportunity identification
iii.69% of Indian executives considers Generative Artificial Intelligence (GenAI) as an opportunity and 60% identifies quantum computing and enterprise blockchain as an opportunity.
iv.67% of Indian respondents views transition to new energy sources as an opportunity rather than a threat and 51% of Indian executives considers changing customer demand/preferences as an opportunity.
v.Around 67% of Indian executives stated that their CEO is eager to take risks to grow their businesses and 56% stated that their board has a similar risk appetite. Globally, these numbers are at 57% and 54% respectively.
vi.88% of Indian organizations actively invest in resilience, compared to a global figure of 77%.

India’s Total Rooftop Solar Capacity crosses 10 GW; Gujarat emerges as LeaderUnion Minister Raj Kumar Singh(RK Singh), Ministry of New and Renewable Energy(MNRE), informed that the cumulative Roof Top Solar (RTS) installed capacity increased to 10.406 Gigawatts (GW) (as of 30th November 2023) from 1.8 GW (as of 31st March 2019).  The Compound annual growth rate (CAGR) of RTS installations is around 46%.

  • With 3.2 GW of RTS installed capacity(30% of the total installed capacity), Gujarat has emerged as the leader in RTS segment.
  • Gujarat is followed by Maharashtra with 1.85 GW and Rajasthan with 1.06 GW capacity.

Grid connected Solar Rooftop Programme:
i.In 2015, the government of India approved the Grid Connected Rooftop and Small Solar Power Plants Programme to install 4,200 megawatt (MW) PTS plants in India by the year 2019-20.
ii.The Phase II of Grid Connected Rooftop and Small Solar Power Plants Programme was approved and launched in 2019.

  • Objective: To achieve a cumulative installed capacity of 40,000 MW from Grid Connected RTS projects.

iii.The Phase II of the RTS programme was launched with a financial outlay of Rs 11814 Crore. This includes Rs.6,600 Crore of Central Financial Assistance (CFA) and Rs.4,985 Crore of incentives to the Distribution Companies.
iv.The RTS programe was extended till March 2026 without change in financial outlay.

IRDAI is set to Launch ‘Bima Vistaar’, the First of its Kind Insurance ProductThe Insurance Regulatory and Development Authority of India (IRDAI) is all set to launch the first of its kind affordable insurance product covering risks against life, health, and property namely ‘Bima Vistaar’ in the first quarter of 2024-2025 i.e. Q1FY25.

  • Bima Vistaar is a part of Insurance Trinity which also includes Bima Sugam, a one-stop digital platform; and Bima Vahak, a women-led field distribution force.
  • These efforts are integral to IRDAI’s vision for universal insurance by 2047 by addressing gaps in product design, pricing, distribution, and more.

Key Points:
i.Bima Vistaar’s design is almost done, and the Life and General Insurance Councils are hunting for the technology platform for its launch.
ii.Its launch will introduce Bima Vahak, and their implementation will take effect simultaneously.

  • Women ‘Vahaks’ will promote affordable social security and encourage/convince rural women to opt for Bima Vistaar coverage.
  • Bima Vahaks shall be deployed in each gram panchayat before 31st December 2024.
  • Click to read about Bima Vahak

iii.Bima Sugam, drawing interest globally, is initiating smaller platforms for the effective launch of Bima Vistaar and Vahak, with eventual integration into the larger Bima Sugam platform.

  • It was originally planned to launch the platform in January 2023, but it was delayed to August 1, 2023, and then to June 2024.
  • Advanced technologies like Artificial Intelligence (AI)/ Machine Learning (ML) are being employed for last-mile insurance connectivity.
  • Click Here to Read about Bima Sugam

Note:
It should be noted that in October 2022, IRDAI constituted a committee to study and recommend on Bima Vahak and Bima Vistaar. Its chairperson was Thomas M. Devasia, Member (Non-Life).

RBI Grants 1 year Extension to Co-branded Credit Card of Bajaj Finance & RBL BankReserved Bank of India (RBI) has granted a 1-year extension, until 21st December 2024, for Bajaj Finance Limited(BFL)’s co-branded credit card partnership with Mumbai(Maharashtra) based RBL Bank Limited.
Note: RBI granted 1 year extension againts the 2 years sought by Bajaj Finance.
RBI sited serious deficiencies in the Bajaj Finance’s adherence to RBI’s guidelines and stated that further extension from the current 1-year period would be subject to review
Co-branded credit card of RBL & Bajaj Finance:
i.In 2018, RBL Bank entered into a partnership with Bajaj Finance to launch a series of co-branded credit cards.
ii.In 2021, RBL Bank extended the partnership for 5 years till 2026 while RBI gave its approval for only 2 years(till 2023).  RBI Guidelines:
At present, RBI allows the NBFCs registered with RBI to issue co-branded credit cards with scheduled commercial banks, with prior approval of RBI for an initial period of two years and a review thereafter.
Bank of Baroda fined Rs 5 crore by RBI over Soiled Note Remittances
RBI has imposed a penalty of Rs.5 crore on the Bank of Baroda (BoB) after detecting a shortage in the soiled note remittances as per RBI’s Clean Note Policy.

  • The RBI also imposed an additional penalty of Rs 2,750 on the BoB after it detected “fake and mutilated” notes in the soiled note remittances.

Clean Note Policy:
i.The clean note policy was adopted by the RBI in 2002 to ensure the availability of good quality banknotes to the public.
ii.Under the policy damaged, counterfeit, or soiled notes are removed from circulation by banks and financial institutions.
iii.The RBI regularly monitors the quality of currency notes in circulation and sets standards for their acceptability.
Soiled Note:
i.A ‘soiled note’ means a paper currency note which has become dirty due to normal wear and tear

Adani Green Energy inks pact with SECI for supply of 1,799 MW Solar Power On December 25, 2023, Adani Green Energy (AGEL) signed a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW (Mega Watt) of solar power. The final PPA to supply 1,799 MW solar power was inked for a period of 25 years.

  • With this PPA, AGEL completes the power off-take tie-up for the 8,000 MW manufacturing-linked solar tender awarded to it by SECI in June 2020.
  • This set a record for being the world’s largest solar tender.

Key Points:
i.AGEL targets 45 GW of renewable energy by 2030, aligned with India’s 500 GW non-fossil fuel goal.
ii.AGEL has already commissioned a 2GW (Giga Watt) solar manufacturing plant through its associate company Mundra Solar Energy Ltd (MSEL) in Mundra, Gujarat.

  • AGEL holds 26% shares of MSEL through its wholly-owned subsidiary Adani Renewable Energy Holding Four Ltd.

iv.With this, Adani Green now has tied up PPAs of 19.8 GW and the balance is merchant capacity in its 20.6 GW locked-in portfolio.
v.The portfolio, covering 2 lakh acres in resource-rich areas, ensures full de-risking for the 45 GW goal by 2030.
About Solar Energy Corporation of India (SECI):
It is a Central Public Sector Undertaking (CPSU) under the Ministry of New and Renewable Energy (MNRE) to implement India’s National Solar Mission (NSM) and its targets.
Chairman & Managing Director– Rameshwar Prasad Gupta (RP Gupta)
Headquarters– New Delhi, Delhi
Establishment– 2011

Reliance & Walt Disney Signed a Non-binding Agreement to Merge Media Operations
Reliance Industries Ltd (TIL) and Walt Disney Co. have signed a non-binding term sheet to merge their Indian media operations. Under the merger Reliance would own 51% through a combination of shares and cash, and Disney will hold the remaining 49%. The merger is expected to be finalised by February 2024,

  • Reliance operates TV channels and its streaming app JioCinema through its media and entertainment unit Viacom18.
  • As a part of this partnership, a unit under Reliance’s Viacom18 to take control of Star India through a stock swap.

Both Reliance and Disney Star are committed to invest over USD 1.5 billion in the merger. This agreement may have a special period of 45 to 60 days which may be mutually extended.

DSCI Excellence Awards Presented at Nasscom-DSCI Annual Information Security Summit 2023The 18th edition of the NASSCOM- Data Security Council of India (DSCI) Annual Information Security Summit (AISS), a 3-day event, was held from 19th to 21st December 2023 at the Leela Ambience Hotel, Gurugram, Haryana.

  • During the summit, the 13th edition of the DSCI Excellence Awards (2023) was presented to recognise organizations and individuals for their work in the fields of cybersecurity and privacy. Click here for the complete list of winners
  • The summit was organised by DSCI is a not-for-profit industry body that focuses on data protection in India established by the National Association of Software and Service Companies (NASSCOM).

About NASSCOM:
It is a non-governmental non-profit organization that advocates for and serves the Information technology (IT) industry. It is a key entity in the Indian technology sector.
Chairperson– Rajesh Nambiar
Headquarters– Noida, Uttar Pradesh
Founded in– 1988

Satish Kumar Kalra Named Interim MD & CEO of Slice-backed NESFB
The Reserve Bank of India (RBI) has approved the appointment of Satish Kumar Kalra, as interim Managing Director (MD) and Chief Executive Officer (CEO) of the Fintech startup Slice-backed North East Small Finance Bank (NESFB).

  • Kalra served as the MD & CEO, and Executive Director of Andhra Bank from 2012 to 2017. Later he served as the independent director at Lakshmi Vilas Bank from 2019 to 2021. At present, he is serving as an independent director at Can Fin Homes Limited.
  • He has also served as a member of the Experience Advisory Board for Banking and Financial Frauds from 2020 to 2021.

In October 2023, RBI approved the merger of Guwahati(Assam) based  NESFBL with Slice. Slice shareholders will own a 95-97% stake in the merged entity; the remaining is owned by NESFB shareholders.

China Launched 3 Satellites into Orbit from the South China Sea On 26th December 2023, China’s Taiyuan Satellite Launch Center successfully launched a Long March 11, carrying three experimental satellites of the Shiyan 24C series, from the waters of the coast of Yangjiang in Guangdong province, China. The rocket has successfully placed the satellites into the preset orbit.
Note: 

  • This was the 8th sea-based launch of Chinese rockets and the 2nd launch from the South China Sea.
  • It was the 503rd mission of the Long March carrier rocket series.

Shiyan-24C satellites:
i.Shiyan-24C satellites were developed by the Shanghai Academy of Spaceflight Technology(SAST), a Chinese space agency and subordinate of China Aerospace Science and Technology Corporation (CASC).
ii.These satellites will be used for space science and technology experiments.
Long March 11: 
i.Long March 11 rocket is built by the China Academy of Launch Vehicle Technology in Beijing, China.
ii.The 20.8-metre long rocket with a 2-metre diameter has a liftoff weight of 58 metric tons.
China Launched 2 Meo to BeiDou constellation
On 26th December 2023, China also Long March-3B rocket carrying the 57th and 58th satellites of the BeiDou Satellite Navigation System (BDS) from the Xichang Satellite Launch Center in the southwestern Sichuan province, China.

  • This marks the 1st mission of sending two MEO (Medium Earth orbit) satellites in one go to the BDS-3 since the system was completed in 2020.
  • BSD is China’s mega constellation of satellites in space, operational since 2020.

The BDS now has 15 BeiDou-2 satellites and 33 BDS-3 satellites.

PM Modi Released 1st Series of 11 Volumes of ‘Collected Works of Pandit Madan Mohan Malaviya’
On the occasion of the 162nd birth anniversary of Malaviya, the founder of Banaras Hindu University(BHU), Prime Minister (PM) Narendra Modi, launched the 1st series of 11 volumes of “Collected Works of Pandit Madan Mohan Malaviya“, at the event held in Vigyan Bhawan, New Delhi, Delhi.

  • The bilingual (English and Hindi) work in 11 volumes spanning over 4,000 pages is a collection of writings and speeches of Malaviya from various corners of India.
  • These volumes comprise his unpublished letters, articles, and speeches, including memorandums; articles, pamphlets, and booklets written by him from time to time.
  • The books were published by the Publications Division under the Ministry of Information and Broadcasting (MIB).

Breaking the Mould, a new book by Raghuram Rajan& Rohit Lamba
Former Reserve Bank of India (RBI) Governor Raghuram Rajan in collaboration with Economist Rohit Lamba authored a new book, titled “Breaking the Mould: Reimagining India’s Economic Future,” that explores strategies for accelerating India’s economic development.

  • The book was published by Penguin Random House India.

Raghuram Rajan is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business in the United States of America (USA).

  • He served as the 23rd Governor of the RBI from 2013 to 2016, and the Vice Chairman of the Board of the Bank for International Settlements, from 2015 to 2016.
  • He was the Chief Economist and Director of Research at the International Monetary Fund (IMF) from 2003 to 2006.

Rohit Lamba is an assistant professor of Economics at Pennsylvania State University, USA, and a visiting assistant professor of economics at New York University Abu Dhabi.

  • He has also worked as an economist at the office of the chief economic adviser to the Government of India.

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Current Affairs – 26 December 2023

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Kerala Emerges as the Most Preferred State to Work: ISR 2024According to the 11th edition of the India skills Report (ISR) titled ‘India Skills Report 2024: Impact of Artificial Intelligence on Skills, Work, Monbility’ released on 20th December 2023, Kerala have emerged as the most preferred State to work for both male and female employable talent.
The report has been prepared by Wheebox, a talent assessment agency.
Highlights:
i.Overall employability in India has increased to 51.25% among surveyed youth with the necessary skills.
ii.In terms of large talent availability, States with the highest concentration of highly employable youth are Haryana, Maharashtra, Andhra Pradesh (AP), Uttar Pradesh (UP), Kerala, and Telangana.
iii.Telangana has the highest concentration of employable talent in the age group of 18-21 with 85.45% followed by Kerala with 74.93%.
About Kerala:
Chief Minister– Pinarayi Vijayan
Governor– Arif Mohammed Khan
Stadium– Lal bahadur shastri stadium, VKN Menon Indoor Stadium

India’s Coking Coal Imports Witnessed 5-Year High, Reached 38.14 mt; Australia Remains Dominant SupplierIndia’s coking coal imports are at a five-year high during the April-November period(11 months) of fiscal year 2023-24(FY24) at 38.14 million tonnes (mt). On a year-over-year (y-o-y) basis, this represents a slight increase compared to the 38.12 mt imported during the same period in FY23.

  • Australia is the dominant supplier for India, accounting for over 60% of shipments. Over the past 5 years, Australia’s market share has decreased form 75%.

Key Points:
i.As of October 2023, the United States of America (USA) is the 2nd largest supplier of coking coal to India. Russia is the 3rd largest supplier replacing countries such as Canada and Mozambique.

  • Russian supplies have doubled in 5 years, from 1.75 mt in FY20 to 3.9 mt in FY24 (up 123%).
  • USA supplies have doubled over the same period, reaching 5.8 mt from 2 mt (a near 200% jump). Supplies increased by 10%.

ii.Despite being the 2nd-largest global producer of crude steel after China, India faces a shortage of coking coal domestically.
iii.Mills primarly depends on imports, positioning India as the largest global importer of coking coal.

  • Indian mills are diversifying sources, exploring suppliers from Poland, and New Zealand, and considering the potential of Mongolia.

Steel Industry Growth:
i.The surge in coking coal demand aligns with a 13% YoY increase in finished steel production, reaching 88.9 mt for the period under review (as against 78.5 mt).

  • Consumption stands at 87 mt, up 15% YoY.

ii.Crude steel production has reached 94 mt for 11 months of FY24, a 15% YoY increase, as compared to 83 mt in the year-ago period.
iii.Pig iron and hot metal production stood at 4.7 mt and 56.78 mt, up by 19% and 8%, respectively.

India, Bangladesh Agrees to Extend Crucial IBP Route As per the Protocol on Inland Water Transit & Trade (PIWT&T), the Government of India (GOI) and Government of Bangladesh(GoB) have agreed to extend Indo-Bangladesh Protocol (IBP) route and declare Safardighi in West Bengal as the new port of call.
High level talks:
i.Three high-level talks between India and Bangladesh was held in Dhaka, Bangladesh on 19th and 20th December, 2023.
ii.These talks includes:

  • Shipping Secretary-Level Talks (SSLT)
  • 22nd Standing Committee Meeting (SCM) under PIWT&T
  • 3rd Meeting of Inter-Governmental Committee (IGC) on use of Chattogram and Mongla Ports (in Bangladesh) for to-and-fro movement of goods
  • Both agreed to extend the trade and connectivity through the land route of Land Customs Station (LCS) Radhikapur (Birol) and Hodibari (Chilahati) of West Bengal.

Attended Delegates:
i.SSLT and IGC was led by T.K. Ramachandran (Secretary, Ministry of Ports, Shipping & Waterways-MoPSW,India) and Mohamed Mostafa Kamal (Senior Secretary, Ministry of Shipping, Bangladesh).
ii.SCM was led by Sanjay Bandopadhyaya (Chairman, Inland Waterways Authority of India (IWAI), India) and Sheikh Mohamed Sharif Uddin (Additional Secretary, Ministry of Shipping,  Bangladesh).
Under SSLT:
i.Both countries agreed to form a technical team to include Chandpur-Chittagong(Bangladesh) stretch as IBP route under PIWT&T.
ii.Along with identifying a location for drop-in centre for Bangladesh, inclusion of Dhamra Port(Odisha) as Port of Call under Coastal Shipping Agreement was considered.
Under SCM:
i.In order to provide better navigation and tracking facility to ships, they agreed to establish a joint committee to implement a common Automatic Identification System (AIS) on the IBP route.
ii.Bangladesh proposed to develop additional IBP (5&6; 9&10) on 80:20 sharing basis.
iii.Mongla-Jamtola stretch of Bangladesh will also be added to IBP route to make it easier to visit the Sunderbans area in Bangladesh.
Under ICG:
The possibility of including Payra sea port(Bangladesh) into Agreement on the use of Chattogram and Mongla Ports (ACMP) will be examined by both the countries.
What is  “Port of call”? 
As per the shipping Monitoring, Reporting and Verification (MRV) regulation, a “port of call” can be defined as the port of a country where cargo or a passenger (cruise) ship halts to discharge or load the cargo or to embark or disembark passengers.
About Bangladesh:
Prime Minister(PM) – Sheikh Hasina
Capital – Dhaka
Currency – Bangladeshi Taka

ADB & India Signed USD 100 mn Loan Agreement to Improve Urban Services & Tourism Facilities in TripuraAsian Development Bank (ADB) and The Government of India (GoI) signed a loan agreement of USD 100 million for the project “India : Tripura Urban and Tourism Development Project” which aims to improve urban services and tourism facilities in the northeastern state of Tripura.

  • This is the first urban project in India that has been prepared with Project Readiness Financing(PRF).

Signatories:
The loan agreement was signed by Juhi Mukherjee, Joint Secretary of Department of Economic Affairs(DEA) in the Ministry of Finance(MoF) and Nilaya Mitash, Officer-in-Charge of ADB’s India Resident Mission.
Urban Services:
i.The project will improve the municipal infrastructure and public services for 12 out of 20 urban local bodies (ULBs) along the main National Highways(NH) in Tripura.
ii.A 21 km of urban roads will be build which incorporate features that respond to the needs of the elderly, women, children, and disabled people.
Tourism Facilities:
i.The project also aims to build the capacity of Tripura Tourism Development Corporation Limited (TTDCL), with a 10-year business plan and marketing strategy.
ii.Along with establishing a digital museum and a new adventure park, ADB will help upgrade tourist destinations, such as the Chaturdash Devata Temple(Old Agartala), Kasba Kalibari(Kamalasagar), and Neermahal Palace(Rudijala) in Tripura.
Urban water supply systems:
The project will upgrade urban water supply systems by

  • installing 42 kilometers (km) of new transmission and distribution pipes
  • establishing 4 new water treatment plants
  • improving 55 km of stormwater drains

About the project:
i.It is a ADB Administered Cofinancing project which is of total value USD 125 million(ADB financing USD 100 million & Non-ADB Financing USD 25 million).
ii.The program is implemented by Tripura Tourism Development Corporation Limited and Tripura Urban Planning & Development Authority.
iii.The project is executed by Urban Development Department of Government of Tripura with procurement plan duration of 18 months (1.5 years).
iv.The project is expected to be closed on 30th June 2030.
Additional Info:
i.The project also increases the capacities of these ULBs in the areas such as climate and disaster resilience, project management, service delivery, and financial sustainability.
ii.The project readiness financing (PRF) document describes the smooth transition from preparation to implementation of the project to minimize contracting delays and speed up the initial disbursements.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Established in – 1966
Members – 68 members(49 members are from Asia)

NABARD signs pact with ADB to facilitate Climate Action in India’s ANR SectionNational Bank for Agriculture and Rural Development (NABARD) and Asian Development Bank (ADB) have launched an initiative to facilitate climate action in India’s Agriculture, Natural Resources, and Rural Development (ANR) sector.

  • Under this initiative, NABARD collaborates with the Bill and Melinda Gates Foundation to establish a Technical Support Unit (TSU) to address climate change challenges, focusing on agriculture and rural livelihood sectors in India. The TSU will be managed by Intellecap Advisory Services Private Limited.

Note: United States of America (USA) based Bill and Melinda Gates Foundation is a private foundation founded by Bill Gates and Melinda French Gates in 2000.
Key Points:
i.The ADB-NABARD collaboration will help the farming sector to tackle the adverse impact of climate change.
ii.This will also identify and support food security and climate financing in India’s ANR sector.
iii.Under this, NABARD will also receive support to formulate a climate financing policy and its adoption.
This will also support the ongoing and future projects of NABARD, like crop diversification projects, micro-irrigation projects, and JIVA (agro-ecology programme for revitalising natural resources management).
Note:
JIVA, launched by NABARD in 2022, is a community-based participatory programme for watershed (rainfed) and wadi (tribal) areas.  This extends across 2.5 million hectares, with a funding commitment of about Rs 5,000 crore.
About National Bank for Agriculture and Rural Development (NABARD):
Chairman– Shaji K V
Headquarters– Mumbai, Maharashtra
Establishment– 1982
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Establishment– 1966

WB and DEA launch PPP Beginner’s e-course to foster PPP collaboration in Infrastructure Capacity-BuildingThe World Bank (WB) and the Department of Economic Affairs (DEA), Ministry of Finance launched the Public-Private Partnership (PPP) Beginner’s e-course to help people understand and contribute to PPPs in India.

  • It is a step towards fostering collaboration between the public and private sectors in infrastructure capacity-building.
  • It was launched by Ajay Banga, President, WB Group in the presence of Ajay Seth, Secretary, DEA, among others.

Key Points:
i.The PPP e-course is a infra-focused capacity-building programme jointly undertaken by the Infrastructure Finance Secretariat, DEA and the World Bank.
ii.The course is a five-module program that includes quizzes, including introduction to PPPs, identification of PPP projects, structuring of projects, tendering and implementation and monitoring aspects of PPP projects.
iii.The modules are practical and multi-sectoral, and use projects and case studies.
iv.The duration of the course is 7 hours and 15 mins.
v.Its key features are Accessible Learning, Expert-Driven Content, Interactive Learning, and  Certification
vi.Key features of the PPP beginner’s e-Course include:
Accessible Learning, Expert-Driven Content, Interactive Learning, Certification.

ICICI Prudential AMC Changed its ETF Symbols
ICICI Prudential Asset Management Company(AMC) Limited has changed its exchange-traded fund (ETF) product symbols to ‘IETF‘ (which stands for ICICI Prudential ETF) to simplify the identification of ETF Schemes for passive investment purposes.

  • The move is in line with Securities Exchange Board of India (SEBI)’s master circular which dictates that the scheme name should mirror the scheme category.

About the code:
i.The code will be a combination of the name of the fund followed by the symbol ‘IETF’.
ii.The symbol of 28 ETF was changed in BSE (formerly Bombay Stock Exchange) Limited and National Stock Exchange (NSE) of India Limited.
About ICICI Prudential Asset Management Company Limited:
ICICI Prudential Asset Management Company Limited is a Joint Venture (JV) between ICICI Bank Limited and United Kingdom(UK) based Prudential Plc
Managing Director(MD) & Chief Executive Officer (CEO) – Nimesh Shah
Headquarters – Mumbai, Maharashtra
Established in – 1998

SIDBI grants Rs.12.45 Cr to ETO Motors to deploy 300 E3W
Small Industries Development Bank of India (SIDBI) has granted Rs. 12.45 crores to ETO Motors Private Limited to deploy 300 Electric 3-Wheelers (E3W) in Hyderabad(Telangana) and New Delhi (Delhi), under Mission 50K-EV4ECO.

  • ETO Motors will also develop Electric Vehicle (EV) Charging infrastructure including 180 Charging points.
  • All E3Ws will be manufactured in ETO Motors’ state-of-art manufacturing capacity in Jadcherla, Telangana.

Mission 50K-EV4ECO:
i.Under this mission, SIDBI will provide loans to eligible small and medium enterprises (SMEs) for the purchase of EVs and developing charging infrastructure, including battery swapping.
ii.The mission was launched in April, 2023.

DSCI Excellence Awards awarded at Nasscom-DSCI Annual Information Security Summit 2023 

Iran’s Navy Includes Cruise Missiles Talaeieh & Nasir to its ArmouryOn December 24, 2023, Iran’s navy has added the “Talaeieh” and the “Nasir”, the domestically produced cruise missiles to its arsenal. The missiles are stationed at a naval base near the Indian Ocean in the southern Iranian port of Konarak.
Key Points:
i.The Talaeieh has a range of over 1,000 kilometers and can change targets while traveling.
ii.The Nasir has a range of 100 kilometers and can be installed on warships.
iii.The missiles were designed by Iran’s military sector.
Note:
Cruise missiles are unmanned vehicles that are propelled by jet engines, similar to an airplane. They can be launched from ground, air, or sea platforms.
About Iran:
President– Seyyed Ebrahim Raisi
Currency– Iranian Rial
Capital– Tehran

Uttarakhand Tourism Conducts trial run of Gyrocopter for ‘Himalaya Airsafari‘ 
Uttarakhand Tourism Development Board (UTDB) in partnership with Rajas Aerosports and Adventures Private Limited has completed the first gyrocopter trial flight at Bairagi Camp in Haridwar, Uttarakhand.

  • This paves a path for UTDB to launch India’s first Himalayan Air Safari scheme using gyrocopter.
  • These state-of-the-art gyrocopters are procured from German company ‘AutoGyro’ and it will be operated by trained German pilots.

About Himalayan Air Safari scheme:
i.The scheme is part of the Breakfast Tourism initiative of UTDB.
ii.The lesser-known picturesque locations in Uttarakhand can be explored through this scheme.
Note: A gyrocopter (also called autogyro) is a rotary-wing aircraft that flies by means of autorotation.

Forbes’ World’s Highest-Paid Female Athletes 2023: Polish Tennis Player Iga Swiatek Tops; India’s PV Sindhu Ranked 16thPolish Tennis Player Iga Świątek(22 years old) has topped the Forbes’ annual list World’s Highest-Paid Female Athletes 2023, with a total earning of USD 23.9 million (on-field USD 9.9 million; off-field USD 14 million) in 2023.

  • Indian Badminton player Pusarla Venkata Sindhu (PV Sindhu) is tied with American Gymnast Simone Biles in 16th position with a total earning of USD 7.1 million (on-field USD 0.1 million; off-field USD 7 million).
  • Sindhu is the only Indian and the only badminton player featured on the list.

Note: Iga Świątek is ranked as the world No. 1 (as of 18th December 2023) in women’s singles by the Women’s Tennis Association (WTA).
Top 3:
Following Iga Świątek, Chinese freestyle skier Eileen Gu (20 years) is ranked 2nd with USD 22.1 million (on-field USD 0.1 million; off-field USD 22 million), and American tennis player Coco Gauff (19 years) is ranked 3rd with USD 21.7 million (on-field USD 6.7 million and off-field USD 15 million).
Top 5 World Highest-Paid Female Athletes 2023 by Forbes:

Highlights:
i.Iga Świątek is the 4th tennis player to secure the top spot on the list after Maria Sharapova(Russia) (2008 to 2015); Serena Williams(America) (2016 to 2019); and Naomi Osaka(Japan) (2020 to 2022).

  • According to the 2023 list, Iga Swiatek had the highest on-field earnings at USD 9.9 million.

ii.12 out of the world’s 20 highest-paid female athletes are tennis players.

  • WTA Tour players continue to dominate Forbes’ annual list, comprising 9 of the Top 10 highest-paid female athletes.

iii.At the age of 43, American tennis player Venus Williams is the oldest player on the list; and 19-year-old Coco Gauff is the youngest player on the list.
v.Naomi Osaka secured No. 5 on the list but had 0 earnings on the on-field but earned a total of USD 15 million only on the off-field.
Forbes’ World’s Highest-Paid Female Athletes List:
Forbes introduced the ranking in 2008 and the annual list is comprised of on-court earnings and off-court earnings estimates.

  • On-field earnings: Include base salaries, bonuses, stipends, and prize money and are rounded to the nearest USD 100,000.
  • Off-court earnings: They are rounded to the nearest USD 500,000 and are determined from endorsements, licensing, appearances, and memorabilia, as well as cash returns from any businesses with significant athlete interest.

The 2023 list featured 20 female athletes who collectively earned USD 226 million, encompassing both on-field and off-field earnings.
About PV Sindhu:
i.She hailing from Hyderabad, Telangana is ranked 11th in the Badminton World Federation (BWF) World Ranking – Women’s Singles.
ii.She won the silver in Women’s singles in 2016 Olympics held in Rio de Janeiro, Brazil and became the 1st Indian woman to win a silver medal at the Olympics.
iii.She won the Bronze in Women’s singles in 2020 Olympics held in Tokyo, Japan and beacame the first Indian woman to win two Olympic medals.
iv.In 2019, She became the first and the only Indian to win a gold in badminton world Championships.
Awards:
i.She was honoured with the Arjuna Award in 2013 and Rajiv Gandhi Khel Ratna Award (now known as Major Dhyan Chand Khel Ratna Award) in 2016.
ii.She was honoured with the Padma Shri in 2015 and Padma Bhushan in 2020 for Sports.
Recent related News:
Mukesh Ambani, the Chairman and Managing Director of Reliance Industries Ltd. Topped the Forbes India’s 100 Richest 2023 List with USD 92 Billion. Mukesh Ambani regains the ‘Richest Indian’ title after he slipped to 2nd spot in 2022.
About Forbes:
Chief Executive Officer– Mike Federle
Founded in– 1917
Headquarters– New Jersey, USA

Manchester City Defeats Fluminense to Win FIFA Club World Cup 2023
The United Kingdom’s Manchester City Football Club (F.C.) won their maiden Fédération Internationale de Football Association (FIFA) Club World Cup 2023 by defeating Fluminense F.C.(Brazil) in the finals held at King Abdullah Sports City in Jeddah (Saudi Arabia).

  • The 20th edition of the  FIFA Club World Cup witnessed the participation of seven teams and was held from 12th -22nd December 2023.
  • This victory marks Manchester City’s fifth title of 2023 season, including the Premier League, the FA Cup, the Champions League, the Union of European Football Associations (UEFA) Super Cup, and the FIFA Club World Cup.  Manchester City also became the first English team to win the FIFA Club World Cup at their first attempt.
  • The Golden Ball was given to Rodri (Manchester City), while the Silver Ball and Bronze Ball were awarded to Kyle Walker (Manchester City) and Jhon Arias (Fluminense), respectively. The FIFA Fair Play Award was awarded to Al Ittihad Football club.
  • The winners of the tournament were rewarded with USD 5 million, while the runners-up will get USD 4 million.

National Consumer Rights Day 2023- December 24 National Consumer Rights Day, also known as Bharatiya Grahak Diwas or National Consumer Day, is annually observed across India on 24 December to raise awareness of consumer rights and responsibilities.

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Current Affairs Daily – 24 & 25 December 2023

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QETCI & MeitY Organised NQSTS 2023 in New Delhi; QETCI Released Quantum Value Chain Report Quantum Ecosystems and Technology Council of India (QETCI) and the Ministry of Electronics and Information Technology (MeitY) jointly organised the 1st edition of National Quantum Science and Technology Symposium (NQSTS 2023) at the Scope Convention Centre in New Delhi, Delhi from 14th to 15th December 2023.

  • During the event, QETCI released the Quantum Value Chain Report for India and Quantum Security Whitepaper for the Banking, financial services and insurance (BFSI) Segment.
  • The event also witnessed the launch of the Quantum Security Centre and Forum (QSCF) and a logo.

About Quantum Ecosystems and Technology Council of India (QETCI):
QETCI is a not-for-profit Section 8 company that aims to accelerate the quantum ecosystem in India.
Chairman– Vijay Kumar Saraswat
Headquarters– Hyderabad, Telangana

MEA Notified Offshore Wind Energy Lease Rules 2023 for Leasing Sites for Offshore Wind Energy ProjectsOn 19th December 2023, Ministry of External Affairs (MEA) notified “ Offshore Wind Energy Lease Rules 2023”, new regulations for the lease of sites of offshore wind project.
Term of Lease:
i.According to the new rules, the Lease shall be valid for a period of 3-year for conducting resource measurements and surveys and it can be extended for an additional 2 years. The lease expires this after 5 years.
ii.Post expiry of the lease, the leasee should submit the survey data to the National Institute of Wind Energy(NIWE), unless they have started the work to set up wind energy capacity.
iii.The lease shall be further extended for a period of 35 year for constuction and operation of the project. This can be further extended on case to case basis based on the functional viability and safety of the project.
Key Points:
i.Lease Area: 25 square kilometres (Sq Km) to 500 sq km (based on the project)
ii.Refundable Security Deposits: Rs 1 lakh per MegaWatt(MW) for wind energy project and Rs 50,000 per MW for wind transmission project.

  • The deposit amount will be returned upon successful project operation and decommissioning.

iii.Grant of Lease:
Ministry of New and Renewable Energy (MNRE) shall lease out offshore area within Exclusive Economic Zone for Offshore Wind Energy Project and Offshore Wind Transmission Project.
The selection process will be overseen by the National Offshore Wind Energy Policy.
iv.Regulatory mechanism: NIWE, an autonomous body under MNRE for matters related to wind energy.
Define Offshore wind power:
Offshore wind power is a renewable energy source which uses wind farms in bodies of water, usually at sea, to generate electricity.

MoRD inks MoU with JioMart to Empower SHGsThe Ministry of Rural Development (MoRD) has signed a Memorandum of Understanding (MoU) with ecommerce platform ‘JioMart’ to empower the rural Self Help Group (SHG) artisans.
Key People:
The MoU was signed in the presence of  Raghvendra Pratap Singh, Director of National Rural Livelihoods Mission (NRLM), MoRD; Ravi Prakash Gandhi, President and Chief of Public Policy and Regulatory, Reliance Retail Limited.
About the Collaboration:
i.The partnership paves a way for SHGs of Deendayal Antyodaya Yojana(DAY)-NRLM to on-boarded as sellers onto JioMart.
ii.The collaboration will increase market base and the visibility of the products of SHG.
iii.This alliance will also bring SHGs under MoRD’s SARAS collection brand onto JioMart.
SARAS collection:
i.SARAS collection was launched in 2020 by MoRD on Government eMarketplace(GeM) portal to showcase daily utility products made by rural SHGs.
ii.It is an initiative of GeM and  DAY-NRLM.
About JioMart:
JioMart is the online shopping platform by Reliance Retail Venture Limited (RRVL).
Chief Executive Officer(CEO) – Sandeep Varaganti
Headquarters – Navi Mumbai, Maharashtra
Established in – 2020
About Ministry of Rural Development (MoRD):
Union Minister – Giriraj Singh (Constituency- Begusarai, Bihar)
Minister of State(MoS) – Faggan Singh Kulaste (Constituency- Mandla, Madhya Pradesh); Sadhvi Niranjan Jyoti (Constituency- Fatehpur, Uttar Pradesh)

BEL Bags Orders Worth Rs 2,673 Crore From GSL & GRSE
Bengaluru (Karnataka) Based Bharat Electronics Limited (BEL), a Navratna Public Sector Undertaking (PSU) under the Ministry of Defence (MoD), has received orders worth Rs 2,673 crore for the supply of 14 types of sensors for use on Next Generation Offshore Patrol Vessels (NGOPV).

  • Order Details: BEL has received the order from Goa based Goa Shipyard Limited (GSL) for Rs 1701 crore and from Kolkata(West Bengal) based Garden Reach Shipbuilders & Engineers (GRSE) Limited for Rs 972 crore.

Note:  Both GSL and GRSE are ‘Miniratna Central Public Sector Undertaking’ under MoD.

WB approved USD 300 Million Loan to Boost Urban Water, Sewerage Systems in TNThe World Bank(WB) has approved a loan of USD 300 million to the Ministry of Finance(MoF), Government of India(GoI), for the project ‘Tamil Nadu Climate Resilient Urban Development Program (TNCRUDP)’.

  • The Project Development Objective (PDO) is to strengthen urban management and improve access to efficient and climate-resilient urban water and sanitation services in 21 Urban Local Bodies (ULBs) in Tamil Nadu (TN).

WB approved USD 100 Million Loan to Boost Skill Development & Employment in Sikkim
World Bank approved USD 100 million for the project ‘Sikkim: Integrated Service Provision and Innovation for Reviving Economies Program (INSPIRES)’ to support Sikkim’s efforts to train, upskill, and provide jobs for 300,500 women and youth in high-growth and priority sectors.

RBI Report: States’ Gross Fiscal Deficit below Budget Estimate for 2nd Consecutive YearReserve Bank of India (RBI) has released the report titled “State Finances: A Study of Budgets of 2023-2024”.
RBI allows card-on-file tokenization through issuer banks, card networks
RBI has allowed card-on-file tokenistation (CoFT) through issuer banks or institutions, card networks.

  • It will provide cardholders a facility to tokenise their cards for multiple merchant sites (e-commerce sites) through a single process.
  • Earlier, RBI had announced to extend this tokenization service to issuer banks and financial institutions as part of the Statement on Development and Regulatory Policies in October, 2023.

RBI’s model pegged India’s FY25 GDP growth at 6.0%
RBI developed Dynamic Stochastic General Equilbrium(DSGE) model has projected GDP growth for India at 6.0% for FY25(2024-25).
RBI’s model projects FY25 retail inflation at 4.8%
RBI’s Dynamic Stochastic General Equilibrium(DSGE) model has projected retail inflation for India will be moderated at 4.8% for FY2025.
RBI tightens norms to check evrgreening of loans by lenders through AIFs
RBI has introduced new norms in order to curb “evergreening” of loans by lenders through Alternate Investment Funds(AIFs).
Additional Information:
About Reserve Bank of India(RBI):
Established: 1 April, 1935
Headquarter: Mumbai, Maharashtra
Governor: Shaktikanta Das(25th Governor of RBI)

HDFC Life & NKGSB bank Enters into a Corporate Agency tie-up HDFC Life Insurance Company Limited (HDFC life) and NKGSB Co-operative bank Limited, a leading multi-state scheduled co-operative bank, have entered into a Corporate Agency tie-up to enable the customers of the bank to avail the products of HDFC Life.
Key Points:
i.Under this partnership, customers of NKGSB Bank will get access to life insurance products like solutions for protection, pension, savings, investment and annuity.
ii.This is in line with the bank’s commitment to ensure the well being and financial security of its customers.
iii.Under this partnership, HDFC life will leverage its bancassurance expertise and product propositions.

  • This will support the efforts towards achieving India’s vision of “Insurance for all” by 2047 set by the Insurance Regulatory and Development Authority of India (IRDAI).

About HDFC Life Insurance Company Limited:
i.It is a joint venture between HDFC Ltd., and Standard Life Aberdeen.
ii.It is promoted by HDFC Bank Limited.
Managing Director(MD) & Chief Executive Officer(CEO) – Vibha Padalkar
Headquarters – Mumbai, Maharashtra
Established in  – 2000
About NKGSB Co-operative bank Limited:
Chairperson – Himangee C. Nadkarni
Managing Director– Panse Sunil 
Headquarters –  Mumbai, Maharashtra
Established in – 1917
Tagline – Trusted over a century

National Sports Awards 2023 Announced by Ministry of Youth Affairs & Sports 

Ministry of Youth Affairs and Sports (MYAS) announced the National Sports Awards 2023 which will be conferred on 42 sportspersons, coaches and entities under 5 categories on 9th January 2024 by the President of India, Droupadi Murmu at Rashtrapati Bhavan, New Delhi, Delhi.
i.Major Dhyan Chand Khel Ratna Award 2023 will be given to the Badminton duo Chirag Chandrashekhar Shetty and Rankireddy Satwik Sai Raj.
ii.Guru Nanak Dev University (GNDU), Amritsar (Punjab) won the Maulana Abul Kalam Azad (MAKA) Trophy 2023 for the record 25th time.
iii.Arjuna Awards for outstanding performance in Sports and Games 2023 will be awarded to 26 Awardees.
iv.Dronacharya Award for Outstanding Coaches in Sports and Games 2023 will be awarded to 8 Awardees.
v.Dhyan Chand Award for Lifetime Achievement in Sports and Games 2023 will be awarded to 3 Awardees.
About the Ministry of Youth Affairs and Sports (MYAS):
Union Minister– Anurag Singh Thakur (Constituency- Hamirpur, Himachal Pradesh)
Minister of State (MoS)– Nisith Pramanik (constituency- CoochBehar, West Bengal)

Sony Sports ropes in Actor Kartik Aaryan as Brand Ambassador for Football
Sony Sports Network (SSN), owned and operated by Sony Pictures Networks (SPN), has appointed Bollywood Actor Kartik Aaryan as its official brand ambassador for football.
i.As the brand ambassador, he will feature on SSN’s ‘Your Home of Football’ campaign.
ii.He will promote a diverse portfolio of football offerings that includes the live telecast of over 900 football matches.

  • This includes the UEFA(Union of European Football Associations) European Championship (UEFA EURO 2024), UEFA Champions League, UEFA Europa League, UEFA Conference League, UEFA Nations League, Bundesliga, Emirates FA Cup, Durand Cup, and Roshn Saudi League, amongst others.

MoT Launches “Paat-Mitro” App To Empower Jute Farmers
Ministry of Textiles(MoT) has unveiled the ‘Paat-Mitro’ mobile application(app) to provide important information about Minimum Support Price (MSP) and agronomy to jute farmers.

  • The app was developed by Jute Corporation of India Limited (JCI), a central public sector undertaking(CPSU) under MoT.
  • The app was launched during the Jute Symposium held in New Delhi, Delhi on 21st December 2023.

Paat-Mitro app:
i.The free app, available in 6 languages, provides access to Jute Gradation Parameters, Farmer-centric schemes like ‘Improved Cultivation and Advanced Retting Exercise for Jute (Jute – ICARE)’, weather forecasts, JCI’s Purchase Centers’ locations, Procurement Policies.
ii.The app comes with features like ‘Chatbot’ and offers facility to track track the status of their payments made for the raw jute.

Pantoea Tagorei: Visva-Bharati Researchers Named New Bacteria after Rabindranath Tagore
The researchers from Visva-Bharati University in Santiniketan, West Bengal(WB) have discovered a new specie of ‘good’ bacteria with unique properties beneficial for plant growth.

  • The new species is named “Pantoea Tagorei”, after Rabindranath Tagore, who won the 1913 Nobel Prize in Literature.
  • This is the 1st time any living thing has been named after Tagore.
  • The discovery has been published in the Indian Journal of Microbiology.

Pantoea Tagorei:
i.The new specie was discovery from soil samples collected in the Jharia coal mines of Jharia in Jharkhand.
ii.The new species solubilizes Potassium (K) and Phosphorus(P), and replenishes Nitrogen (N).
Note: Rabindranath Tagore was the 1st non-European to receive the Nobel Prize in Literature.

Asian Youth Chess Championships 2023: India’s Kiyana Parihar (U-8 Girls) and Harsh Suresh (U-16 open) won gold medalsIndian chess players Kiyana Parihar (Under -8 Girls) and Harsh Suresh (U-16 Open) won gold medals (Standard – category) in the Asian Youth Chess Championships 2023 held at Al Ain City of Abu Dhabi in the United Arab Emirates (UAE) from December 12 to 22, 2023.
i.The 25th edition of the Asian Youth Chess Championships 2023 featured three events, including Standard, Rapid, and Blitz Championships
ii.Grandmaster (GM) Gukesh Dommaraju (India) won the inaugural Chennai Grand Masters 2023 title, which was held at Chennai (Tamil Nadu) from 15th to 21st December 2023.Indian chess players GM Arjun Erigaisi and GM Pentala Harikrishna secured second and third positions, respectively.
About Asian Chess Federation (ACF):
President – Sheikh Sultan Bin Khalifa Al Nehyan
Headquarters – Al Ain,Abu Dhabi, United Arab Emirates(UAE)

Sports Minister Anurag Thakur Launched Official Jersey, Logo, and Mascot of the 6th KIYG in Tamil NaduUnion Minister Anurag Singh Thakur, Ministry of Youth Affairs and Sports(MoYAS) unveiled the official logo, jersey, and theme song of the 6th Khelo India Youth Games (KIYG 2024) in Chennai, Tamil Nadu.

  • The mascot of 6th KIYG named “Veera Mangai” and the ceremonial torch named “Thamizh” were also unveiled during the event.
  • The mascot “Veera Mangai” is the replica of the legendary freedom fighter Tamil queen ‘Velu Nachiyar’.

Note:  The 6th KIYG is scheduled to be held from January 19 to 31, 2024 in 4 cities of Tamil Nadu namely Chennai, Trichy, Madurai, and Coimbatore.
Key People:
i.Udhayanidhi Stalin, Minister for Youth Welfare and Sports Development, Government of Tamil Nadu was also present during the event.
ii.Grand Master and former 5-time World Chess Champion Vishwanathan Anand; Tokyo Olympian (Fencing) CA Bhavani Devi; Joshna Chinappa(squash) and 2022 Asia Cup (Hockey) bronze medalist S. Mareeswaran were also present at the event.
Note: CA Bhavani Devi became the 1st Indian woman fencer to qualify for the 2020 Tokyo Olympics held in Tokyo, Japan in 2021.
Points to Note:
i.Over 5,000 athletes from all over the country will participate in the Olympic, non-Olympic as well as indigenous games at KIYG 2024.
ii.Silambam, a form of Indian martial arts, has been included as a demo sport in the KIYG 2024.
Khelo India Programme:
The ‘Khelo India’, the national programme for development of sports’ was launched in October 2017 to enhance India’s sporting culture by engaging with children at the grassroots level.

  • The programme includes Khelo India Youth Games; Khelo India University  Games; and Khelo India Winter Games.

Khelo India Youth Games:
i.The 1st edition of the event was held in 2018 as “Khelo India School Games” in New Delhi, Delhi.

  • It was renamed as Khelo India Youth Games in 2019.

ii.It is a multi-disciplinary sports competition for India’s under-18 young talents. At present, 27 sports listed for the KIYG.
The last edition (5th) of KIYG was held in 2023 across Delhi, Pune(Maharashtra), Guwahati(Assam), Panchkula(Haryana), and Bhopal(Madhya Pradesh).

Robert M Solow, Nobel-winning American Economist Passed AwayAmerican Economist Robert Merton Solow, who won the 1987 Nobel Prize in economics has passed away at the age of 99. He was born on 23 August 1924 in Brooklyn, New York, USA.
About Robert Merton Solow:
Career:
Robert M Solow joined the Department of Economics at Massachusetts Institute of Technology(MIT) Cambridge, Massachusetts, the United States of America (USA) in 1949.

  • He reitred in 1995 as an Institute professor, the highest title at the MIT.
  • After his retirement, he was named the Institute Professor Emeritus of MIT.

Key positions:
i.From 1961 to 1962, Solow served on the Council of Economic Advisors in the administration led by then President of USA John F. Kennedy.
ii.He has served as member and chairman of the Board of Directors of the Federal Reserve Bank of Boston from 1975 to 1980.
iii.He was one of the founding directors and Chairman of the Manpower Demonstration Research Corporation, a non-profit research group.
iv.He has also served as the president of the American Economic Association(AEA), and the Econometric Society.
Noted works: “A Contribution to the Theory of Economic Growth” (1956); “Technical Change and the Aggregate Production Function” (1957), and “Investments and Technical Progress” (1960); “Nature and Sources of Unemployment in the USA” (1964).
Nobel prize:
In 1987, he won the Nobel Prize in Economic Sciences for his contributions to the theory of economic growth.
Other Awards/Honours:
i.John Bates Clark Medal, awarded by AEA to the best economist under the age of 40, in 1961.
ii.President’s National Medal of Science in 2000
iii.Presidential Medal of Freedom, the highest civilian honor in the USA, in 2014
iv.He was elected a member of the National Academy of Sciences, and a Fellow of the British Academy

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Current Affairs – 22 December 2023

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MoD signed Rs 1,614.89 crore contract with MDL for Procurement of Six NGOPVS On 20th December 2023, the Ministry of Defence (MoD) signed a contract worth Rs.1614.89 crore with Mazagon Dockyard Shipbuilders Limited (MDL – functioning under MoD) for the procurement of six Next Generation Offshore Patrol Vessels (NGOPVS) for the Indian Coast Guard (ICG).
About the Contract:
i.The contract was made under the Buy (Indian-Indigenously Designed, Developed and Manufactured (IDDM)) category.
ii.The six multi-role state-of-the-art vessels will be delivered in sixty-six months (5.5 years) to ICG.
iii.Four of these vessels would replace the existing ageing OPVs and the remaining two would augment the ICG fleet.
CSL &  Defence Ministry Signed Rs 488.25 cr Contract for Ship Repairs
Ministry of Defence (MoD) entered into a contract with Cochin Shipyard Limited (CSL) worth Rs 488.25 crore for the repair and maintenance of equipment and systems onboard naval vessels.

  • CSL is a Miniratna Company under the Ministry of Ports, Shipping and Waterways (MoPSW).

About Mazagon Dock Shipbuilders Ltd (MDL):
Chairman & Managing Director(MD) – Sanjeev Singhal
Headquarters – Mumbai, Maharashtra
Established in – 1934
Cochin Shipyard Limited (CSL):
Chairman and Managing Director(MD) – Madhu S Nair
Headquarters – Cochin, Kerala
Established in – 1972

Union Minister Pralhad Joshi Launched NGDR portal & Roadshow on Critical MineralsOn 19th December 2023, Union Minister Pralhad Joshi, Ministry of Mines (MoM), launched the National Geoscience Data Repository (NGDR) Portal (https://geodataindia.gov.in/login), and the Roadshow on Critical Minerals in New Delhi, Delhi.
Key People: Raosaheb Patil Danve, Minister of State for Mines; V.L. Kantha Rao, Secretary, MoM were present during the event.
About NGDR:
i.NGDR is a flagship initiative of the MoM created as a part of the National Mineral Exploration Policy (NMEP), 2016.

  • The initiative aims to increase the investment attractiveness of the mining sector in India.

ii.It is spearheaded by the Geological Survey of India (GSI) and the Bhaskarachaya Institute of Space Applications and Geoinformatics (BISAG-N).
iii.This enables everyone to access critical geoscience data and empowers stakeholders in various industries and academia with access to invaluable resources.
About the NGDR portal:
i.NGDR portal is a state-of-the-art, user-friendly, interoperable platform that enables users to access and download geoscience data.
ii.At present, 35 map services like geological, geochemical and  geophysical, data layers have been incorporated with the NGDR portal
iii.This will help in targeting potential mineral zones across India.
Note: Out of the total 32 lakh square(sq) kilometres (km) area of India, the NGDR portal makes available detailed geospatial data for each sqkm of 20 lakh sqkm area.
iv.Features:

  • Centralized Access.
  • User-Friendly Interface.
  • Open Access.
  • Mineral Exploration Reporting Template(MERT) enables geoscientific stakeholders to submit their data in the NGDR portal in a standard reporting template.
  • state-of-the-art analytical tools to interpret and extract valuable insights from complex geospatial data.

v.Benefit:  This will benefit geoscience agencies such as GSI, Mineral Exploration and Consultancy Ltd. (MECL), State Departments of Mining and Geology, private agencies, and other stakeholders of India.
Roadshow on Critical Minerals:
Objective: To guide the potential bidders regarding the auction process of critical & strategic mineral blocks.
i.The roadshow featured a presentation on prevalent mineral policies and the reform of the Mines and Minerals (Development and Regulation) Act (MMDR Act) and rules thereunder for enabling the Government to auction critical & strategic mineral blocks.
ii.Details of Exploration Licence, a provision in the MMDR Act were also presented during the event.

  • Exploration Licence is a provision for the grant of a mineral concession for undertaking the full range of exploration starting from reconnaissance to prospecting operations.

Additional info:
The MoM will conduct the auction for the 2nd tranche of the strategic and critical minerals before February 2024.
Recent related News:
Union Minister Pralhad Joshi, Ministry of Mines, Government of India (GoI) launched the auction process of 20 critical mineral blocks, which is estimated to be worth around Rs. 45000 crore.
About Geological Survey of India (GSI):
Director General– Janardan Prasad
Headquarters– Kolkata, West Bengal
Established in– 1851

1st Foundation Day of AIIA Goa: Union Minister Sarbananda Sonowal Released Commemorative Stamp
Union Minister Sarbananda Sonowal, Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH) has released a commemorative postal stamp to mark the first foundation day of the All India Institute of Ayurveda (AIIA), Goa which was inaugurated on 11th December 2022. 

  • AIIA is an autonomous organization under the Ministry of Ayush which aims to bring synergy between the traditional wisdom of Ayurveda and modern tools and technology.
  • The event was jointly organized by the AIIA and India Post at the Transport Bhawan in New Delhi, Delhi.

Note: During the event, AIIA and Andrew Yule & Company Limited (AYCL), headquartered in Kolkatta, West Bengal, signed a Memorandum of Understanding (MoU) to collaborate on efforts to understand the benefits of tea.
Key People: Minister of State (MoS) Munjapara Mahendrabhai, Minister of Ayush and Vaidya Rajesh Kotecha, Secretary to Ministry of Ayush, graced the event.

IUCN Released Updated Red List of Threatened Species at COP28 On 11th December 2023, The International Union for Conservation of Nature (IUCN) released the updated IUCN Red List of Threatened Species during the 28th Conference of the Parties(COP 28) of the United Nations Framework Convention on Climate Change (UNFCCC) at Dubai, the United Arab Emirates(UAE).

  • The updated IUCN list includes 157,190 species, of which 44,016 are threatened with extinction.
  • This also completes the first comprehensive assessment of the world’s freshwater fish species, which states around 25% (3,086 out of 14,898 assessed species) are at risk of extinction.

About International Union for Conservation of Nature(IUCN): 
Director General– Dr Grethel Aguilar
President– Razan Al Mubarak
Headquarters– Gland, Switzerland
Establishment– 1948

Razorpay, Cashfree along with 4 Other Firms Gets RBI Nod to Operate as PAsThe Reserve Bank of India (RBI) has lifted the ban on Razorpay Software Private Limited and Cashfree Payments India Private Limited to act as a payment aggregators (PAs) and gave final authorization to them along with 4 other firms to onboard new merchants onto their platform for processing online payments.
Other Payment Aggregators to Receive RBI nod:
i.Neobank ‘Open Financial Technologies Private Limited’ was also granted final approval to function as a PA.

  • However, they received in-principle approval for the PA licence from RBI in 2022.

ii.Nehat Tech Solutions Private Limited (EnKash) has secured regulatory approval RBI to operate as a payment aggregator under the brand name Olympus.
iii.Few other firms like Google India Digital Services Private Limited (Google Pay) and Paymate India Private Limited also received approval from RBI.
Note:
The authorisation was granted under Section 7 of Payment and Settlement Systems Act, 2007.
About the ban:
i.In December 2022, RBI has imposed curbs on RazorPay and Cashfree Payments for on-boarding new merchants till they get the final Payment Aggregator (PA) licence.
ii.These entities need to complete the migration of existing merchants to the new platform and submit a progress report with RBI.
iii.They also require making some systematic upgrades which involve migrations to an escrow account from a nodal account, integrating RBI’s reporting system so that periodic reports can be submitted on transactions undertaken and merchants brought into the formal system, among others.
Additional Info:

  • PayTM Payments Services Limited and PayU Payments Private Limited also received ban in 2022 to act as PA still continue to be under embargo.
  • Juspay Technologies Private Limited has reached the second stage of approval as a PA, however, it cannot start operations without the final approval from the RBI.

About Payment Aggregators:
i.Online payment aggregators are companies that facilitate online payments by acting as intermediaries between the customer and the merchant.
ii.RBI introduced Guidelines for Regulating PAs and Payment Gateway in 2020.
iii.As of December 20, 2023 there are 38 Online Payment Aggregators in India.

World Bank Sets up Task Force to Study  Recommendations of  IEG on MDBs ReformsThe World Bank has set up a task force to study the recommendations to strengthen multilateral development banks (MDBs) made by an Independent Experts Group (IEG) constituted during India’s G20 (Group 20) chairmanship. This was revealed by World Bank President Ajay Banga during a meeting with Indian Finance Minister Nirmala Sitharaman on December 20, 2023, in New Delhi, Delhi.

  • The decision to set up a task force comes against the background of the World Bank signing an agreement with nine MDBs to strengthen its collaboration with them in October 2023.

About the Independent Experts Group(IEG): 
i.The Independent Expert Group (IEG) was appointed under the India G20 Presidency to provide recommendations for strengthening (MDBs)and has two co-convenors: Professor Emeritus of Harvard University Lawrence Summers and former Chairperson of the 15th Finance Commission NK Singh.
ii.IEG  has recommended a triple agenda to reform and harness the potential of MDBs in its report.
iii.The triple agenda would be:

  • Triple annual sustainable lending levels to USD 390 billion per year by 2030.
  • Adopt a triple mandate of eliminating extreme poverty, boosting shared prosperity, and contributing to global public goods (GPGs).
  • Creating a third funding mechanism that would permit flexible and innovative arrangements for purposefully engaging with investors willing to support elements of the MDB agenda.

Note:
India held the Presidency of the G20 from December 1, 2022, to November 30, 2023.
About the World Bank Agreement with Nine MDBs:  
i. As per the agreement, the World Bank will work with MDBs to fast-track solutions that can change the lives of people living in poverty in developing countries.
ii.The agreement focused on the following five key areas to boost collaboration;

  • Scaling up financing capacity
  • Boosting collective efforts on climate
  • Enhancing country-level collaboration
  • Strengthening co-financing
  • Catalyzing private sector engagement

iii. The Nine MDBs with which world bank signed an agreement are the African Development Bank, the Asian Development Bank(ADB), the Asian Infrastructure Investment Bank(AIIB), the Council of Europe Development Bank(CEB), the European Bank for Reconstruction and Development(EBRD), the European Investment Bank(EIB), the Inter-American Development Bank(IDB), the Islamic Development Bank(IsDB), and the New Development Bank(NDB).

Bandhan Bank secured mandate to collect revenue on e-GRAS portal from Assam Bandhan Bank Limited has gained authorisation to collect revenue on electronic-Government Receipt Accounting System (e-GRAS) from the Government of Assam .

  • This will enable the citizens of Assam to make tax and non-tax payments through GRAS.

Key Points:
i.Through Assam e-GRAS portal, people can pay to 70 departments for their services.

  • House tax, Vehicle Registration Tax, Local body tax, Water Bill, Examination fees conducted by Assam Government, Trade License renewal, amongst others, can be paid using this portal.

ii.This will also make transactions easier, paperless, and accessible for the people of Assam
About Assam e-GRAS:
i.Assam e-GRAS (https://assamegras.gov.in) is an online system that facilitates creation of eChallan and online payment by citizens anywhere, anytime.
ii.GRAS, a web application, provides facility to the citizens, business community to pay taxes and non-tax receipts to the government electronically.
Note: In FY 2022-23, around Rs 16,000 crore was collected through Assam e-GRAS portal.
About Bandhan Bank Limited:
CEO– Chandra Shekhar Ghosh
Headquarters– Kolkata, West Bengal
Tagline–  ‘Aapka Bhala. Sabki Bhalai’, (Your benefit. Everyone’s welfare)
Establishment– 2001

Sukrita Paul Kumar won the 6th Rabindranath Tagore Literary Prize for Her book “Salt & Pepper”Sukrita Paul Kumar, Indian Poet, critic and Translator, was honoured with the 6th Rabindranath Tagore Literary Prize (2023) for her book titled “Salt & Pepper: Selected Poems” published by Paperwall Publishing.

  • Indian-American economist, Abhijit Banerjee, the 2018 Nobel Prize laureate (Economics), received the Tagore Prize for Social Achievement 2023.
  • The Award Ceremony was held at the India International Center, IIC, in New Delhi, Delhi.

About Rabindranath Tagore Literary Prize:
i.It was founded in 2018 by Copenhagen(Denmark)-based publisher Peter Bundalo, who is also the chair of the Awarding Committee.
ii.It is an annual cultural event founded as a platform for World Peace, Literature, Art, Education, and Human Rights.
Rabindranath Tagore Literature Prize: recognizing literary brilliance;

  • The award is presented to works of Indian authors (residing in India or abroad) in novel, short stories, poetry and drama, originally written in any of Indian official languages and dialects, but translated to English.
  • The award carries a cash prize of USD 10,000 and a handmade brass statuette of Tagore.

TagorePrize for Social Achievement: for outstanding contributions to societal well-being.

  • The award includes a custom-crafted brass statuette of Tagore.

About Sukrita Paul Kumar:
i.She was born and raised in Kenya and has held the Aruna Asaf Ali Chair at the University of Delhi from 2014-16.
ii.She is an Honorary Fellow of the prestigious International Writing Programme, University of Iowa (United States of America), of Cambridge Seminars.
iii.As Director of a UNESCO project on “The Culture of Peace”, she edited “Mapping Memories“, a volume of Urdu short stories from India and Pakistan.
Noted Works:
i.Her notable works include Folds of Silence (1996); Narrating Partition: Texts, Interpretations, Ideas (2004); Speaking for Myself (Co-Editor; 2009); Krishna Sobti: A Counter Archive (2022).
ii.Bilingual Collections: Poems Come Home (with Hindustani translation by Gulzar) and Rowing Together (with Hindi translation by Savita Singh)
Awards:
i.She received the Grant from Sahitya Akademi in 2010 for a project on narrating women’s lives in Chamba and Bharmou.
ii.In 2012, she received the Tagore Fellowship by the Ministry of Culture for a book project on Cultural Diversity in India.

ISRO Received the 2023 Leif Erikson Lunar Prize for the Chandrayaan-3 MissionOn 19th December 2023, The Exploration Museum in Husavik, Iceland announced the winners of the 9th edition of the Leif Erikson Awards.

  • Indian Space Research Organisation (ISRO), the national space agency of India based in Bengaluru, Karnataka won the 2023 Leif Erikson Lunar Prize for its Chandrayaan-3 mission, the 1st spacecraft to softland near Moon’s south pole.
  • The award recognises ISRO’s efforts in advancing lunar exploration and contributions to understanding celestial mysteries.

Note: Indian Ambassador Balasubramanian Shyam in the Embassy of India in Reykjavik (Iceland), received the prize on behalf of ISRO.
About Chandrayaan-3:
i.Chandrayaan-3, the 3rd lunar exploration mission of India, was launched on 14th July 2023 from Satish Dhawan Space Centre Second Launch Pad in Sriharikota, Andhra Pradesh(AP).
ii.Chandrayaan-3 Lander Module successfully landed on the Moon on 23rd August  2023 making India the 4th nation to softland on lunar surface.
iii.The mission consists of a lunar lander named Vikram and a lunar rover named Pragyan.
Click Here to read about Chandrayaan-3 Mission
Other winners of 9th Leif Erikson Awards(2023):
i.Leif Erikson Award is presented to an explorer for a lifetime achievement in exploration.

  • Leif Erikson Award 2023 is awarded to former American astronaut Bill Anders (William Alison Anders) for his iconic “Earthrise” photograph taken during the National Aeronautics and Space Administration (NASA)’s Apollo 8 mission.

ii.Leif Erikson Young Explorer Award is presented to an explorer under the age of 35 for achievements in exploration.

  • Leif Erikson Young Explorer Award 2023 is awarded to Kellie Gerardi, an American aerospace professional and science communicator, for her contributions to bioastronautics research and spacesuit evaluation.

iii.The Leif Erikson Exploration History Award, is awarded to a person or an organization that has worked to promote and preserve exploration history, or to educate about exploration, science and environmental issues.

  • Leif Erikson Exploration History Award 2023 is awarded to Libby Jackson, British space exploration expert and author, for her work in preserving the history of female astronauts and space professionals.

About Leif Erikson Awards:
i.Leif Erikson Awards, also known as Exploration Awards, is an annual award presented by the Exploration Museum since 2015.
ii.It is named after Leif Erikson, a Norse explorer who is considered as the 1st European to set foot on continental America.
iii.It is awarded for achievements in exploration and for work in the field of exploration history.

Actress Aastha Rawal Crowned With Miss Continental International 2023
Indian Actress Aastha Rawal has won the 5th edition of the Miss Continental International Award (2023) pageant held in India for the very first time.

  • Aastha Rawal was also honoured with the titles of “Best in Interview” and “Best in Swimwear”.
  • The selection process included online submission of interviews, photographs, and personal snippets.

Crown Prince Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah Sworn in as 17th Emir of KuwaitSheikh Meshal Al-Ahmad Al-Jaber Al-Sabah officially assumed the role of Emir of Kuwait, taking the constitutional oath in a ceremony held before the Kuwaiti National Assembly. He became the 17th ruler of Kuwait, the oil-rich Gulf state.

  • He succeeded the late Emir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, who passed away at the age of 86 on 16 December 2023. He served as the Emir of Kuwait for 3 years (2020-2023).

Note: The Emir of Kuwait is the commander-in-chief of all defense forces and the Crown Prince is the deputy commander.
About Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah:
i.He was born in 1940 and is the half-brother of the late Sheikh Nawaf and the 7th son of the late Ruler of Kuwait, the late Sheikh Ahmad Al-Jaber Al-Sabah, who ruled Kuwait from 1921 to 1950.
ii.He was Kuwait’s Crown Prince since October 2020 following the death of Emir Sheikh Sabah Al Ahmad Al Sabah.

  • At the age of 80, he became the oldest Crown Prince in the world.

iii.Sheikh Meshal has been the de-facto ruler of Kuwait since 2021 when his half-brother, Sheikh Nawaf, handed over most of his key constitutional duties.
iv.He joined the Kuwaiti Ministry of Interior (MOI) and served as the head of MOI’s intelligence and state security service from 1967 to 1980.
v.From 2004 – 2020 he was served as the deputy chief of the Kuwait National Guard (KNG) with the rank of a minister.
vi.He is the founder and the honorary president of the Kuwait Amateur Radio Society.
vii.He was named the honorary president of the Kuwait Aircraft Engineer Pilots Association in 1973 and of the Diwan of Poets in 1977.

Vita Dani becomes 1st Indian to be Inducted as ITTF governing Board Member
Sports philanthropist and entrepreneur Vita Dani has become the first Indian to be inducted as a governing board member to the International Table Tennis Federation (ITTF) Foundation.

  • Vita Dani along with Jalaj Dani co-founded Dani Foundation.
  • She is also the co-owner of the Chennaiyin Football Club (CFC), along with Abhishek Bachchan and Mahendra Singh (MS) Dhoni.
  • As the Chairperson of Ultimate Table Tennis (UTT), she has been reshaping the landscape of Table Tennis, ensuring accessibility across all segments of society, and orchestrating multiple tournaments spanning 25 states in India.

ITTF Foundation:
ITTF Foundation Governing Board, includes Petra Sörling( ITTF President); Steve Dainton(ITTF Group CEO ), HRH Princess Zeina Rashid of Jordan, Bruce Burton, Stefano Bosi, and ITTF Foundation Director Leandro Olvech.
ITTF Foundation established in 2018 is headquartered in Lausanne, Switzerland

IndusInd Bank Exits Nippon Life India Asset, Sells Shares Worth Rs 795.27 cr
IndusInd Bank Limited has sold its entire 2.86% of paid-up share capital in Nippon Life India Asset Management Limited (NAM-INDIA) (Formerly Reliance Life Asset Management Limited) for Rs 795.27 crore through open market transactions.

  • IndusInd Bank exits NAM-India by offloading 1,78,57,355 shares at an average price of Rs 445.35 per share.
  • SBI Funds Management Limited, ICICI Prudential Asset Management Company Limited, Bajaj Allianz Life Insurance Comany Limited, Société Générale S.A. and Morgan Stanley Asia (Singapore) Pte were among the buyers.

About Nippon Life India Asset Management Limited (NAM-INDIA):
Executive Director & Chief Executive Officer (CEO) – Sundeep Sikka
Headquarters – Mumbai, Maharashtra
Established in – 2020

TBAL delivers 250th Fuselage for AH-64 Apache HelicopterTata Boeing Aerospace Limited (TBAL) has delivered the 250th fuselage for AH-64E Apache Combat helicopters which was manufactured at TBAL’s state-of-the-art facility in Hyderabad, Telangana.
About the Fuselage:
i.The fuselages are the primary body of an aircraft or helicopter.
ii.The manufactured fuselages are dispatched to Arizona in the United States of America (USA) for final assembly.
iii.After assembly, the Apaches are supplied to customers around the world, including the USA Army and the Indian Army.
iv.TBAL serve as a single global source for fuselages for AH-64E Apache helicopters.
v.More than 90% of the parts used in the Apache aero structure assemblies are manufactured by Micro, Small and Medium Enterprises (MSME) in India.
AH-64E Apache Combat helicopters:
i.The Apache attack helicopter is regarded as the world’s most advanced and deadliest attack helicopter, with over 1,280 AH-64E Apaches in operation worldwide.
ii.The helicopter can deliver a variety of weapons, including air-to-ground Hellfire missiles, 70 mm Hydra rockets and air-to-air Stinger missiles.
iii.It also carries one 30 mm chain gun (with 1200 rounds), fire control radar (for 360° coverage) and nose-mounted sensor suite (for target acquisition) and night vision systems.
Indian Army and AH-64E:
i.Government of India (GoI) inked a contract with TBAL in 2020 for procurement of six new Apache helicopters for the Indian Army at a cost of around USD 800 million. 
ii.The first Apache will be delivered in February 2024, whereas the remaining five helicopters are set to be delivered by April 2024.
Note: The Indian Air Force (IAF) has a fleet of 22 AH-64E Apache attack helicopters.
About Tata Boeing Aerospace Limited (TBAL):
i.TBAL is a Joint Venture(JV) between Tata Advanced Systems Limited (TASL) and American aircraft manufacturer, Boeing Company.
ii.The facility also produces vertical spare boxes and secondary structures for this multi-role combat helicopter.
Headquarters – Hyderabad, Telangana
Established in – 2016

Padma Bhushan Awardee and Women’s Rights Activist Dr. V. Mohini Giri Passed AwayPadma Bhushan awardee Dr. V. Mohini Giri, an Indian women’s rights activist and the former Chair of the National Commission for Women (NCW) passed away at the age of 86. She was born on 15 January 1938, in Lucknow (Uttar Pradesh).
Awards/Honours:
i.She received the Rosalie Wolf Memorial Award from the International Network for the Prevention of Elder Abuse (INPEA) in 2014, for a lifetime of demonstrated dedication in the service of “elder abuse.”
ii.She was honoured with the Padma Bhushan in 2007 for Social Work.
iii.She was also awarded with Lifetime Achievement Award for building a society for all ages by nongovernmental organization (NGO) Committee on Ageing, United Nations in 2011.
About Dr. V. Mohini Giri:
i.Dr. V. Mohini Giri was the daughter-in-law of former President V. V. Giri.
ii.She founded the War Widows Association in 1972 following the Indo-Pakistani War of 1971 and served as a Founder /President of the War Widow Association since 1971.
iii.She was the Chairperson of the Guild of Service, New Delhi(Delhi)–based social service organization, since 1979.
iv.She served as Chair of the NCW (1995-1998) and Chair of the Delhi State Social Welfare Advisory Board (1987-1990).
v.She also served as Founder Trustee of the Women’s Initiative for Peace in South Asia since 2000.
vi.She was also a board member of The Hunger Project, an international charity, and retired from the Global Board after serving for 16 years, since 2000.
vii.She was a trustee of Navdanya; trustee of Justice Sunanda Bhandare Foundation; and trustee of the Foundation for Academic Excellence and Access (FAEA).
Her noteworthy publications include:
Emancipation and Empowerment of Women (1998); Kanya: Exploitation of Little Angels (1999); Living Death: Trauma of Widowhood in India (2002); Deprived Devis: Women’s Unequal Status In Society (2006).

First-Ever UN World Basketball Day – 21st December 2023The first-ever United Nations (UN) World Basketball Day was observed across the globe on 21 December 2023 to recognise the pivotal role of sports (including sports for disabled persons), especially basketball, in fostering human rights, peace, development, gender equality, and the empowerment of women and girls.

  • Basketball has become the 1st team sport to be honoured with an UN-recognised international day.

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