current affairs india

Current Affairs – 16 December 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Winners of ITF World Champion Awards 2023:

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

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

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

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

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Current Affairs – 15 December 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FY23 Regional Award (South Asia):

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Current Affairs – 14 December 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Current Affairs – 13 December 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Changes served as President of COP28.
  • UN Climate Change conferences (or COPs) take place every year, and are the world’s only multilateral decision-making forum on climate change with almost complete membership of every country in the world.
  • India is the 3rd highest emitter of Carbon Dioxide from Fossil Fuels.
  • Global Climate Report declared 2023 as Hottest Year on Record
  • 7th edition of Yearbook of Global Climate Action released at UNFCC COP28 in Dubai, UAE.
  • CHD Group, Manguluru based global health organization will lead an international delegation at the COP28 meeting of UNFCCC in Dubai.
  • UAE inaugurated the 2-GW (Gigawatt) Al Dhafra Solar Photovoltaic Independent Power Project ,the world’s largest single-site solar power plant.

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

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

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

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

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

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

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

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

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

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

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

Through this partnership, Intellect will offer various services including

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Current Affairs – 12 December 2023

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PM Inaugurates the 1st Indian Art, Architecture & Design Biennale 2023 Prime Minister (PM) Narendra Modi inaugurated the 1st Indian Art, Architecture, and Design Biennale 2023 (IAADB’23), which is being organized by the Ministry of Culture from 9th to 15th December 2023 at Red Fort in New Delhi, Delhi.

  • The event brings together artists, designers, and architects from India to showcase innovations in art, design, and architecture.
  • During the program, the PM inaugurated the ‘Aatmanirbhar Bharat Centre for Design’ and the student Biennale- Samunnati. He also launched a Commemorative Stamp.

About Ministry of Culture:
Union Minister– G. Kishan Reddy (Constituency- Secunderabad, Telangana)
Ministers of State– Meenakashi Lekhi (Constituency- New Delhi, NCT of Delhi); Arjun Ram Meghwal (Constituency- Bikaner, Rajasthan)

24th Hornbill Festival Concluded in Nagaland 
Hornbill Festival, referred as ‘Festival of Festivals’ is annually from 1st to 10th December in Nagaland to encourage inter-tribal interaction and to preserve, protect and revive the uniqueness and richness of the Naga heritage.

  • The 24th edition of the Hornbill Festival was held from 1st to 10th December 2023 in Naga Heritage Village of Kisama located at a distance of 12 km from Kohima, in Nagaland.
  • The festival is annually organised by the Government of Nagaland. The United States of America(USA), Germany and Columbia were the Country Partners and Assam was the Partner state for this 24th edition of Hornbill festival.

i.The festival was inaugurated with the Traditional Gong by Governor of Nagaland La Ganesan and Chief Minister (CM) Neiphiu Rio, the hosts of the festival.

  • Ambassador of USA to India Eric Garcetti, Ambassador to British High Commissioner to India Alex Ellis, Ambassador of Colombia to India Dr. Victor Echeverri Jaramillo and German Consul General Kolkata Barbara Voss graced the inaugural function as Honoured Guests.
  • The 10 day festival featured Hornbill Music Festival, exhibitions, cultural event, and indigenous games.

ii.The closing ceremony witnessed the performances of 18 Cultural Troupes from various tribes and communities.
Note: The first ever hornbill festival was held in Nagaland in 2000.

Highlights of RBI’s 5th Bi-monthly Monetary Policy of FY24; India’s real GDP to grow at 7% in FY24

i.The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on December 6-8, 2023, and released the 5th ‘Monetary Policy Statement, 2023-24 Resolution of the MPC‘ which kept India’s real Gross Domestic Product (GDP) growth 7% in FY24 (2023-24) with FY24’s Q3 at 6.5%, and Q4 at 6%.
ii.Real GDP growth for Q1FY25 (April-June, 2024-25) is projected at 6.7%, Q2FY25 (July-September, 2024-25) at 6.5%, and Q3FY25 (October-December, 2024-25) at 6.4%.
iii.The stance is to focus on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.
iv.Consumer Price Index (CPI) inflation or retail inflation is projected at 5.4% for FY24, with FY24’s Q3 at 5.6%, and Q4 at 5.2%.
v.To encourage the use of Unified Payments Interface (UPI), for medical and educational services, RBI raises the limit for UPI payments to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction.
Static Points:
i.Under the Reserve Bank of India (RBI), Act,1934 (RBI Act,1934) (as amended in 2016), RBI is entrusted with the responsibility of conducting monetary policy in India with the primary objective of maintaining price stability while keeping in mind the objective of growth.
ii.Section 45ZB of the amended RBI Act, 1934 provides for an empowered six-member Monetary Policy Committee (MPC) to be constituted by the Central Government by notification in the Official Gazette.

  • The first such MPC was constituted on September 29, 2016.

DPIIT Collaborates with World Bank to elevate India’s logistics efficiency The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry(MoCI), collaborates with the World Bank (WB) to improve India’s logistics efficiency.

  • This information was shared during the DPIIT meeting with World Bank Team in New Delhi, Delhi which was chaired by Special Secretary (Logistics), DPIIT, Sumita Dawra.
  • The aim behind the collaborative efforts is to elevate India’s ranking in the WB  Logistics Performance Index (LPI).

Note:
The meeting showcased effective practices adopted by Indian ministries, reflecting a commitment to continuous improvement in logistics efficiency.
Key Points:
i.Land Ports Authority of India (LPAI)- Implementation of the Land Port Management System (LPMS) to digitise operations at Integrated Check Posts (ICPs)
ii.Ministry of Railways- Unveiling plans for 100% electrification of railway tracks, a marked acceleration in track construction speed, and increased capacity for locomotives and wagons.

  • Capital expenditure (CAPEX) of USD 31.2 billion in 2024 is slated for the improvement of freight transport speed and volume.

iii.Ministry of Ports, Shipping and Waterways (MoPSW)- Launch of NLP Marine, a National maritime single-window platform offering end-to-end logistics solutions for seamless document exchange among exporters, importers, and service providers, read the press release.
iv.Central Board of Indirect Taxes and Customs (CBIC)- Integration of Indian Customs Electronic Data Interchange Gateway (ICEGATE) (Customs Automated Portal) for various APIs and digitization efforts in application filing, processing, and digitally signed delivery of Authorized Economic Operator (AEO) certification.
v.Ministry of Road Transport & Highways (MoRTH)- Blueprint for 35 multi-modal logistics parks (MMLPs), 108 port connectivity projects, and 608 way-side amenities sites., introduction of FASTag for electronic toll collection.
vi.Ministry of Civial Aviation (MoCA)- Implementation of the e-Air Way Bill (e-AWB) and e-Cargo Security Declaration as digital measures. The upcoming launch of e-Gatepass is in September 2024.
Modern Agricultural Science Technology Center launched in MPKV, Maharashtra
World Bank funded National Agricultural Higher Education Project(NAHEP) and Indian Agricultural Research Project New Delhi, Modern Agricultural Science Technology Center for Climate Adapted Agriculture and Water Management has been launched at Mahatma Phule Krishi Vidyapeeth(MPKV) (Agriculture University), Rahuri in Ahmednagar district , Maharashtra.

  • Under this project, the faculties of the university will be trained in the use of drones, robots, Internet of Things (IOT), artificial intelligence(AI), geographic systems, remote sensing, earth engines.
  • Under the guidance of Dr. P.G.Patil, Vice Chancellor of MPKV, a foreign tour in Thailand has been organised to train in modern agricultural technology.

About World Bank (WB):
President (WB Group)– Ajay Banga
Establishment – 1944
Headquarters – Washington D.C, United States of America (USA)
Members – 189 member states

REC Signs 200 Million Euro Loan with Germany’s KfW to Reform DISCOMsREC Limited(formerly Rural Electrification Corporation Limited), a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power (MoP),  has signed a 200 million Euro (approximately Rs. 1,795 crore) loan agreement with KfW Development Bank, Germany, to reform Distribution Companies (DISCOMs) in India.

  • This is REC’s sixth line of credit under the Indo-German Development Cooperation.

Attended delegates:
i.The loan agreement was signed in the presence of Wolf Muth, Country Director KfW India.
ii.Other attended delegates include Valli Natarajan, Executive Director(ED) of REC and Carolin Gassner, Director (South Asia) of Kwf.
Key Points:
i.The agreement is in line with the Revamped Distribution Sector Scheme (RDSS).
ii.The collaboration also improves the operational capabilities and financial resilience of DISCOMs.
Revamped Distribution Sector Scheme (RDSS):
i.RDSS is a Reform-based and Result-linked Scheme launched in 2022 under MoP.
ii.The scheme extends for five years starting from financial year 2021-22 (FY22) to FY26.
iii.The scheme provides result-linked financial assistance to DISCOMs for strengthening of supply infrastructure based on meeting pre-qualifying criteria and achieving basic minimum benchmarks.
iv.REC and Power Finance Corporation PFC are nodal agencies to implement RDSS.
About Rural Electrification Corporation (REC) Limited:
i.Rural Electrification Corporation (REC) Limited  is registered with Reserve Bank of India (RBI) as non-banking finance company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC).
Chairman & Managing Director (MD) – Vivek Kumar Dewangan
Headquarters- New Delhi, Delhi
Established in – 1969
About Kwf Development Bank:
Chief Executive Officer (CEO) –  Stefan Wintels
Headquarters – Frankfurt, Germany
Established in – 1948

Lalduhoma Sworn in as CM of MizoramOn 8th December 2023, Lalduhoma (74), Leader of the Zoram People’s Movement (ZPM), was sworn in as the 6th Chief Minister (CM) of Mizoram.
He is also the oldest person to become the CM of Mizoram.

  • This is the first time that a party other than the Mizo National Front (MNF) or Indian National Congress (INC) has been voted into power in Mizoram.

Baryl Vanneihsangi becomes youngest woman MLA in Mizoram
In 2023 Mizoram Assembly Election, Baryl Vanneihsangi(32) from Aizawl South-III constituency became the youngest woman Member of Legislative Assembly (MLA) of Mizoram by securing 9,370 votes.
About Mizoram:
Chief Minister – Lalduhoma
Governor – Hari Babu Kambhampati
National Park – Murlen National Park, Phawngpui National Park
Wildlife Sanctuary – Lengteng Wildlife Sanctuary, Ngengpui Wildlife Sanctuary

4 Union ministers get additional charge: Arjun Munda Appointed as Agri MinisterOn 7th December 2023, Droupadi Murmu, President of India,  as advised by the Prime Minister (PM) Narendra Modi has given additional to 4 Union Ministers. 

  • Union Minister Arjun Munda, Ministry of Tribal Affairs (MoTA), has been given additional charge as the Union Minister for the Ministry of Agriculture & Farmers Welfare (MoA&FW). 

Details of the other appointment: 
i.Sushri Shobha Karandlaje, Minister of State(MoS) for MoA&FW was given additional charge of MoS in Ministry of Food Processing Industries (MoFPI).
ii.Rajeev Chandrasekhar, MoS for Ministry of Skill Development and Entrepreneurship (MSDE) and Ministry of Electronics and Information Technology(MeiTY) was given additional charge as the  MoS of Ministry of Jal Shakti (MoJS).
iii.Bharti Pravin Pawar, MoS of Ministry of Health and Family Welfare (MoH&FW) was given additional charge as the MoS in MoTA.
Details of Appointed Ministers:

  • President of India approved the resignation with immediate effect, under clause (2) of Article 75 of the Constitution.

LIC reduces stake in HDFC Asset Management Company to 6.953% from 9.046%
Mumbai (Maharashtra) based Life Insurance Corporation of India (LIC) has reduced its shareholding in HDFC Asset Management Company (AMC) Limited  from 9.046%  to 6.953% of the paid-up capital.

  • LIC’s shareholding in HDFC AMC has reduced from 1,93,11,744 to 1,48,44,466 Equity Shares.
  • LIC sold the additional shares of HDFC AMC through Open Market Transaction.

Previously, LIC had acquired an extra 43.27 lakh equity shares, or 2.03 per cent of HDFC AMC in 2022, raising its stake from  7.024% to 9.053%.
About HDFC Asset Management Company (AMC) Limited:
HDFC AMC, registered with the Securities and Exchange Board of India (SEBI), was established in 2000.
MD & CEO – Navneet Munot
Headquarters – Mumbai, Maharashtra

China’s CNSA & Egypt’s EGSA Signed an MoU for Space Cooperation & a Cooperation Agreement on ILRS The China National Space Administration (CNSA) and the Egyptian Space Agency (EGSA) signed a Memorandum of Understanding (MoU) between the Government of the People’s Republic of China and the Government of the Arab Republic of Egypt, emphasising space cooperation and the peaceful use of outer space, in Beijing (China).

  • CNSA and EGSA also signed a Cooperation Agreement on the International Lunar Research Station (ILRS), a scalable and maintainable comprehensive scientific experiment facility proposed by China and jointly built by many countries.
  • Egypt has became the 1st Arab country to join the ILRS and the 2nd on the African continent to sign up. South Africa joined in ILRS in September 2023.

Key Signatories:
The agreements were signed by Zhang Kejian, Director of CNSA, and Sharif Sedji, Director of EGSA.
Cooperation agreement:
i.The agreement encourages joint efforts in lunar and deep space exploration, spacecraft development and launch, aerospace infrastructure construction, satellite data reception and application, and more.
ii.The area of cooperation spans the joint demonstration and research of ILRS, space missions, ground segments, education, and more.
iii.The agreement signifies a significant step in advancing China-Egypt aerospace science and technology and fostering a comprehensive strategic cooperative partnership.
About ILRS:
i.ILRS operates autonomously on the lunar surface and lunar orbit for a long time, with short-term manned participation, which is expected to begin operations around 2030.
ii.China has established the ILRS Coordination Organization (ILRSCO) to oversee the initiative from the city of Hefei in Anhui province.
Signatories of ILRS:

  • Country: China; Belarus; Pakistan; Azerbaijan; Russia; Venezuela; South Africa; Egypt
  • Organization: Adriatic Aerospace Association (A3) (Croatia); International Lunar Observatory Association (ILOA, Hawaii)
  • Institute & University: National Astronomical Research Institute of Thailand (NARIT); University of Sharjah (United Arab Emirates/UAE)

DARPG launches Scheme and Web-portal for NAeG Awards 2024
On 8th December 2023, the Department of Administrative Reforms and Public Grievances (DARPG) under the Ministry of Personnel, Public Grievances and Pensions launched the web portal for the National Awards for e-Governance (NAeG) 2024.

  • NAeG Awards  is one of the most competitive and prestigious digital governance  awards schemes in India. This aims to encourage innovations in successful e-Governance solutions
  • The award aims to recognize and promote excellence in implementation of e-Governance initiatives.

i.In 2024, 16 Awards(10 gold and 6 silver) will be conferred under the NAeG 2024. The award includes an incentive of Rs 10 lakh for Gold Awardees and Rs 5 Lakhs for Silver Awardees.
ii.5 Categories of NAeG 2024:

  • Government Process re-engineering
  • Application of Emerging Technologies for providing Citizen Centric Services
  • District level initiative in e-Governance
  • Research on Citizen Centric Services by Academic & Research Institutions
  • Replication of Top Technological Solutions/initiatives

Note: The last date of submission for the nomination of NAeG 2024 is 29th December 2023.

SAARC Charter Day 2023 – December 8The South Asian Association for Regional Cooperation (SAARC) Charter Day is annually observed on December 8 to mark the adoption of the SAARC Charter on 8th December 1985 in Dhaka, Bangladesh.

  • 8th December 2023 marks the observance of the 39th SAARC Charter Day.

About SAARC: 
i.SAARC is an economic and political organization of 8 countries in South Asia: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
ii.It was established by the adoption of the SAARC Charter during the first summit held in Dhaka, Bangladesh on 7–8 December 1985.
iii.The SAARC Charter Day has been observed on 8th December since 1985.
About the South Asian Association for Regional Cooperation (SAARC):
Secretary-General– Golam Sarwar (Bangladesh)
SAARC Chairmanship– Nepal
Secretariat– Kathmandu, Nepal
Established in 1985

International Day of Commemoration and Dignity of the Victims of the Crime of Genocide and of the Prevention of this Crime 2023- December 9The United Nations (UN) International Day of Commemoration and Dignity of the Victims of the Crime of Genocide and of the Prevention of this Crime is annually observed across the globe on 9 December to mark the adoption of “Genocide Convention” – the Convention on the Prevention and Punishment of the Crime of Genocide, and to honour the victims of Genocide.

  • 9 December 2023 marks the 75th anniversary of adopting the Genocide Convention, the 1st human rights treaty adopted by the UN General Assembly (UNGA).
  • Every year the UN Office on Genocide Prevention and Responsibility to Protect organises events to mark this day.

The theme of  the 2023 observance is “A Living Force in World Society: The Legacy of the 1948 Convention on the Prevention and Punishment of the Crime of Genocide.”
Background:
On 11 September 2015, the UNGA adopted the resolution A/RES/69/323 and proclaimed the 9 December of every year as the International Day of Commemoration and Dignity of the Victims of the Crime of Genocide and of the Prevention of This Crime.

  • The day was first observed on 9th December 2015.

Human Rights Day 2023- December 10 The United Nations (UN)’s Human Rights Day also known as International or World Human Rights Day is annually observed across the globe on 10 December to create awareness and mobilise political will to promote respect for rights and freedoms.

  • The day marks the anniversay of the adoption of the the Universal Declaration of Human Rights (UDHR) in 1948.

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Current Affairs – 9,10 & 11 December 2023

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

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

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

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

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

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

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

  • The list is topped by France-based TotalEnergies with 41.3 GW of solar in its portfolio of projects. Canada-based Brookfield Renewable Partners is ranked 3rd with a capacity of 18 GW.
  • AGEL is the only solar PV developer from Asia to feature on the list.

About the Report: 
i.The report, which includes data from July 2022 to June 2023, features a list of top 10 global large-scale (utility-scale) solar PV developers based on projects in operation, under construction, and awarded (power purchase agreements (PPA)-contracted).
ii.The report considered Large-scale projects with operational capacity of 1 MegaWatt (MW) or more.
Top 3 Rankings:

S&P’s Ranking 2023: LIC Becomes World’s 4th Largest Insurer based on Reserve; Germany’s Allianz SE TopsAccording to S&P Global Market Intelligence’s new ranking “The Worlds Largest Life Insurers, 2023” based on life and accident & health reserves, Life Insurance Corporation of India (LIC) has been named the 4th largest insurer in the world.

  • LIC’s reserves stood at USD 503.7 billion in the fiscal year 2023 (FY23) –  April 2022 to March 2023. LIC is the only Indian company featured on the list.
  • The 2023 ranking is topped by Germany’s Allianz SE with a reserve of USD 750.2 billion followed by China Life Insurance Company Ltd, China(USD 616.90 billion) and Nippon Life Insurance Company, Japan (USD 536.80 Billion)

About the Ranking:
The list features top 50 companies ranked by 2022 life and accident & health reserves.

  • Life and accident & health reserves represent a liability to provide for future commitments under outstanding policies.

Top 5 Largest Insurer in the world:

  • The United Kingdom(UK) is home to the most companies on the list. 7 companies on the list are headquartered in UK.

ii.Asia is the region with 2nd highest number of entries on the list. Asian companies accounts for 17 spots on the list.

  • China and Japan share the top spots in Asia with 5 companies headquartered in the two countries.

iii.In terms of premium income, India ranks 7th in world life insurance in 2023, a rise from 9th rank in 2022.
iv.North America had 12 spots on the list, with 8 companies based in the United States of America (USA), 2 in Canada, and 2 in Bermuda.

  • On an individual country basis, the USA has the highest number of life insurers on the top 50 list.

About Life Insurance Corporation of India (LIC):
Chairperson– Siddhartha Mohanty
Headquarters– Mumbai, Maharashtra
Establishment– 1956

RBI Cancels Licence of  Maharashtra’s Shankarrao Pujari Bank & UP’s Urban Co-operative BankThe Reserve Bank of India (RBI) has cancelled the license of Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji, Kolhapur in Maharashtra, and Urban Co-operative Bank Limited, Sitapur in Uttar Pradesh (UP) with effect from the close of business on 4th December 2023 and 7th December 2023, respectively.
Reason:
i.The banks does not have adequate capital and earning prospects.

  • The banks do not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the BR Act, 1949.

ii.The banks also failed to comply with the requirements of 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  (BR) Act, 1949.
iii.The bank’s persistence poses a threat to depositors’ interests, as its current financial inability to fully repay depositors and the adverse impact on public interest if it continues its banking operations.
Key Points:
i.Upon cancellation, both banks are immediately prohibited from engaging in banking activities, including the acceptance and repayment of deposits, as per Section 5(b) read with Section 56 of the BR Act, 1949.
ii.It should be noted that on liquidation, every depositor is entitled to receive deposit insurance claim amount upto Rs 5,00,000 from DICGC, subject to DICGC Act, 1961.
iii.As per the data submitted by the Urban Co-operative Bank Ltd, 98.32% of the depositors will receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), and for Shankarrao Pujari Bank, 99.85%  of the depositors will receive full amount of their deposits.
RBI Imposes Monetary Penalty on 4 Co-Operative Banks
On 7th December 2023, RBI has imposed monetary penalty on 4 co-operative banks:

  • Rajarshi Shahu Sahakari Bank Ltd., Pune, Maharashtra
  • Prathamik Shikshak Sahakari Bank Limited, Satara, Maharashtra
  • Patan Co-operative Bank Limited, Mumbai, Maharashtra
  • The District Co-operative Central Bank Ltd., Mahabubnagar, Telangana

Note:
The penalty was imposed in exercise of powers conferred on RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) and Section 56 of the BR Act, 1949.
This will not affect any transaction or agreement entered into by the bank with its customers.
Details of the Monetary Penalty:
i.Rajarshi Shahu Sahakari Bank Ltd:
Penalty– Rs 1 Lakh
Reason– Non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’
ii.Prathamik Shikshak Sahakari Bank Limited:
Penalty– Rs 1 Lakh
Reason– Non-compliance with the directions issued by RBI on ‘Management of Advances-UCBs
iii.Patan Co-operative Bank Limited:
Penalty– Rs 1 Lakh
Reason– Non-compliance with directions issued by RBI on ‘Reserve Bank of India –Know Your Customer (KYC) Direction, 2016
iv.The District Co-operative Central Bank Ltd:
Penalty– Rs 10,000
Reason– Non-compliance with the directions issued by the National Bank for Agriculture and Rural Development (NABARD) on ‘Review of Frauds – Guidelines on Monitoring and Reporting System’ read with ‘Frauds – Guidelines for Classification, Reporting and Monitoring of Frauds’.

ADB, Government of India sign USD 175mn Loan to Improve Connectivity in MPThe Government of India (GoI) and Asian Development Bank (ADB) signed a USD 175 million loan to improve the connectivity and resilience of roads in Madhya Pradesh (MP).

  • This project will enhance connectivity in the state road network across 14 districts in MP.

Signatories:
Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, in the Ministry of Finance, for the Government of India, and Takeo Konishi, Country Director of ADB’s India Resident Mission, for ADB.
Features of Project:
i.ADB will enhance Madhya Pradesh Road Development Corporation Limited(MPRDC) by upgradation of 500 km of roads to two-lane, with climate-resilient design, innovative safety features and facilities catering to elderly, women, children, and people with disabilities.

  • It will also develop strategies for green technology and electric vehicle infrastructure.

ii.Formulate gender equality strategy, establish internship program, and engage women self-help groups.
iii.Conduct livelihood training for women and girls; build at least two roadside markets.
iv.This project will also connect rural areas to growth centres and industrial corridors.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Established in – 1966
Members – 68
About Madhya Pradesh (MP):
Governor– Mangubhai C. Patel
Chief Minister– Shivraj Singh Chouhan
Wildlife Sanctuaries – Singhori Wildlife Sanctuary, Son Gharial Wildlife Sanctuary, Veerangana Durgavati Wildlife Sanctuary
Tiger Reserve – Panna Tiger Reserve, Sanjay Tiger Reserve

iVIS partners with ICICI Bank to Boost Security with Advanced E-Surveillance Services
Intensive Vigilance and Intervention System (iVIS), a subsidiary of Magellanic Cloud Limited, has partnered with ICICI Bank Limited to offer cutting-edge electronic surveillance (e-surveillance) services across the bank branches.

  • The partnership aims to fortify ICICI Bank’s branch-level security operations in Automated Teller Machines (ATMs) and cash counter operations.
  • iVIS will deploy state-of-the-art Artificial Intelligence (AI)/ Machine Learning (ML) and Internet of Things (IoT) technology to deliver services such as real-time video monitoring, facial recognition, incident detection, reporting, and data analytics.

iVIS is a company specializing in electronic surveillance systems. It is headquartered in Hyderabad, Telangana.

Govt Provides Rs.6,186 Crore for Renewable Energy Via Green Bonds in FY23Union Minister R.K.Singh, Ministry of New and Renewable Energy (MNRE),  in a written response to a query in Lok Sabha, informed that the Government of India (GoI) had raised Sovereign Green Bonds (SGB) of Rs.16,000 crore (approximately) in the financial year 2022-23 (FY23).

  • Out of the total funding, Rs. 6,186 crores was crafted to offer low-cost funds for renewable energy projects via green bonds.

About Renewable Energy Projects:
i.Through a transparent bidding process, private sector developers contribute to the majority of renewable energy projects.

  • The Solar & Wind power projects are developed by Independent Power Producers (IPPs)

ii.The funds can be raised through Equity Funding or by debt financing
Sources:
i.The sources to raise Equity Funding include Private Equity Capital, Own Funds of the developers, Venture Capital, etc.
ii.The sources for debt financing include borrowings from commercial banks, Financial Institutions (FIs), external commercial borrowings and foreign currency loans from multilateral and bilateral agencies.
About Sovereign Green Bonds (SGB):
i.Sovereign Green Bonds (SGBs) are fixed interest-bearing financial instruments issued by any sovereign entity or inter-governmental organisation /corporation.
ii.SGBs are exclusively implemented to raise capital for environmentally friendly projects.
iii.Union Budget 2022-23 announced the issue of SGBs.
Steps taken by GoI:
To encourage investment in the renewable energy sector, GoI has taken many steps such as
i.Liquidity Infusion Scheme – to help Distribution Companies (Discoms) settle their debt.
ii.Electricity (Late Payment Surcharge & related matters) Rules, 2022 – to encourage timely payment of dues.
iii.Revamped Distribution Sector Scheme (RDSS) – to improve the operational efficiency of Discoms.
Additional Info:
i.India’s installed power generation capacity from non-fossil sources accounts for 43.82% (186.46 gigawatts (GW)) of its total installed capacity.
ii.In addition, it has 114.08 GW under implementation.

American Pop Singer Taylor Swift Named Time Magazine’s 2023 Person of the Year, 1st Woman to be Named TwiceTIME, the news magazine based in the United States of America (USA), has named the American singer-songwriter Taylor Alison Swift as its 2023 Person of the Year and became the 1st person to be recognised for her achievements in the arts.

  • With this, She became the 1st woman to appear twice on a Person of the Year cover since the nominations began in 1927.

i.Lionel Andrés Messi, Captain of Argentina’s national football team, has been named Time magazine’s Athlete of the Year for 2023.
ii.An American entrepreneur Sam Altman, the Chief Executive Officer (CEO) and co-founder of OpenAI, has been named Time Magazine’s CEO of The Year 2023.
iii.American actor and singer, Alex Eugene Newell, was named TIME’s Breakthrough of the Year 2023.
About Time Magazine:
CEO– Jessica Sibley
Headquarters– New York City, USA
Founded in– 1923

President Honoured Narayan Seva Sansthan’s President Prashant Agrawal with National AwardOn the occasion of International Day of Persons with Disabilities 2023 (3 December 2023), Draupadi Murmu, President of India,  honoured Prashant Agrawal, President of Narayan Seva Sansthan (NSS) in Udaipur, Rajasthan, with National Awards for the Empowerment of Divyangjan under the category ‘Best Personality- Empowerment of Differently-abled’ .

  • The award recognises his  outstanding work in the field of empowerment of persons with disabilities (PwDs/Divyangjan).
  • The award ceremony was organised by the Department of Empowerment of Persons with Disabilities (DoEPwD), Ministry of Social Justice and Empowerment (MSJE) at Vigyan Bhavan, New Delhi, Delhi.

Key People: Union Minister Dr. Veerendra Kumar, MSJE and A. Narayan Swami, Ministers of State (MoS), MSJE were present during the event.
About National Awards for the Empowerment of Divyangjan:
The award has been annually presented by the Department of Empowerment of Persons with Disabilities (DoEPwD), MSJE since 1969.

  • A total of 30 awards (21 individuals and 9 institutions) were preseted as a part of National Awards for the Empowerment of Divyangjan 2023.

Click here to know more
Initiatives of Prashant Agrawal:
i.Under his leadership NSS

  • Performed over 4,45,000 surgeries on differently-abled individuals;
  • Provided artificial limbs to nearly 40,000 accident victims;
  • Offered computer, mobile, and sewing training for comprehensive rehabilitation.

ii.His efforts led to the establishment of the Differently-abled Sports Academy, recognised by the Guinness Book of World Records.

  • The academy has organised national-level competitions in swimming, blind cricket, wheelchair cricket, and physical disability cricket.

Awards: In 2017, the Rajasthan government honoured him with the Best Social Worker Award.

Education Minister Presents National Award for Innovations & Good Practices in Educational Administration 2020-21 & 2021-22Union Minister Dharmendra Pradhan, Ministry of Education(MoE) honoured the 65 outstanding district and block education officers across India with the National Awards for Innovations and Good Practices in Educational Administration for the years 2020-21 & 2021-22.

  • The awards were presented during the event held at Dr. B.R. Ambedkar International Centre in New Delhi, Delhi.

Note: A 2-day National Conference on Innovations and Good Practices in Educational Administration was organised by the National Institute of Educational Planning and Administration (NIEPA) as a prelude to the award ceremony.
National Awards for Innovations and Good Practices in Educational Administration:
The awards for district and block-level education officers were instituted by the NIEPA in 2014.
Aim:

  • To create a culture and ecosystem of innovations and good practices in educational administration at the field level of educational administration.
  • To elevate the quality of educational administration at the grassroots level to improve the functioning of the public system of education.

Objectives:

  • To identify innovative practices in educational administration at the district and block levels.
  • To recognize and appreciate officers implementing successful innovations by giving awards or certificates of appreciation.
  • To document and disseminate noteworthy practices to enrich educational administration.

National Institute of Educational Planning and Administration (NIEPA):
i.The NIEPA was established by the erstwhile Ministry of Human Resource Development(MoHRD), now MoE, Government of India. It became a deemed-to-be university in 2006.
ii.It deals with capacity building and research in the planning and management of education not only in India but also in South Asia.
iii.The orgin of the institute dates back to 1960 when it was established as the Asian Regional Centre for Educational Planners and Administrators by the United Nations Educational, Scientific and Cultural Organization (UNESCO).
iv.Later in 1970, the institute was taken over by the Government of India and was renamed as “National Institute of Educational Planning and Administration (NIEPA)” in 1979.

Cambridge Dictionary Reveals ‘Hallucinate’ as Word of the Year 2023
The Cambridge dictionary has chosen “hallucinate” – a verb as its Word of the Year for 2023. This decision is in recognition of the new meaning the word has acquired in the context of artificial intelligence (AI) algorithms.

  • The traditional definition of “hallucinate” refers to the experience of seeing, hearing, or feeling things that are not there
  • The new meaning specifically applies to AI systems that generate text, images, or other outputs that are not based on real-world data.
  • This can include things like chatbots that make up stories or image generators that create fictional scenes.

Anumula Revanth Reddy Sworn in as CM of Telangana; Mallu Bhatti Vikramarka Took Oath as Deputy CM On 7th December 2023, Anumula Revanth Reddy, President of Telangana Pradesh Congress Committee (TPCC), sworn in as the Chief Minister (CM) of Telangana. He became the 1st Congress CM of Telangana and the 2nd CM of the State since its formation in 2014.

  • Mallu Bhatti Vikaramarka, Former Leader of Opposition in Telangana Legislative Assembly, took oath as the Deputy CM of Telanga.
  • Telangana Governor Tamilisai Soundararajan administered the oath of office at the Lal Bahadur Shastri Stadium in Hyderabad, Telangana.

Key People: Mallikarjun Kharge, Congress President; Sonia Gandhi, Chairperson of Congress Parliamentary Party (CPP), and other leaders including Rahul Gandhi, and Priyanka Gandhi were present at the swearing-in ceremony.
2023 Telangan Assembly Election:
i.Telangana Legislative Assembly elections were held on 30th November 2023 to elect 119 member.
ii.The Indian National Congress (INC – 64 ) with its ally Communist Party of India (CPI – 1)won a clear majority with 65 seats against the incumbent Bharat Rashtra Samithi (BRS)’s 39 seats.
iii.As per the strength of the Assembly, Telangana can have 18 ministers, including the CM.
Other Noted Appointment: 
Gaddam Prasad Kumar was appointed as the Speaker of the Telangana Legislative Assembly.
10 other Members of the Legislative Assembly (MLAs) took oath as ministers of Telangana.
The 10 Ministers are: Nalamada Uttam Kumar Reddy; Komatireddy Venkata Reddy; C Damodar Rajanarasimha; Duddila Sridhar Babu; Ponguleti Srinivas Reddy; Ponnam Prabhakar; Konda Surekh; D Anasuya (popularly known as Seethakka); Tummala Nageswara Rao; and Jupally Krishna Rao.
About Anumula Revanth Reddy:
i.In 2007, he was elected as a Member of the Legislative Council (MLC) as an independent candidate and later joined the Telugu Desam Party (TDP).
ii.He won the Legislative Assembly elections and was a 2-time MLA in the erstwhile Andhra Pradesh assembly in 2009 and Telangana assembly in 2014.
iii.He joined the INC in October 2017 and became President of TPCC in 2021.
iv.He won the Lok Sabha elections in 2019 and served as a Member of the Parliament (MP) from the Malkajgiri constituency of Telangana.
About Telangana:
Chief Minister– Anumula Revanth Reddy
Governor– Tamilisai Soundararajan
Festivals– Bathukamma and Vijayadashami also known as Dussehra or Navaratri (both in October)

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Current Affairs – 8 December 2023

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Union Minister Nirmala Sitharaman & 3 other Indians featured on Forbes’ 2023 World’s 100 Most Powerful WomenThe 20th annual ranking of the World’s 100 Most Powerful Women (2023)  features a total of 4 Indian women. Union Minister Nirmala Sitharaman, Ministry of Finance and Corporate Affairs is ranked 32nd on the list.

  • The other 3 Indians are Roshni Nadar Malhotra(rank 60), Chairperson of HCLTech; Soma Mondal(rank 70), former Chairperson of Steel Authority of India Limited(SAIL) and Kiran Mazumdar-Shaw(rank 76),  Founder and Executive Chairperson of Biocon India Private Limited.
  • Ursula vonder Leyen, the President of the European Commission, European Union (EU) topped the list for the second consecutive year.

Other Key Rankings:
i.Christine Lagarde the President of the European Central Bank is ranked 2nd whereas Kamala Harris, Vice President(VP) of the United States of America (USA) ranked 3rd in the list.
ii.Barbie is ranked 100th on the list under the category “Media & Entertainment” and became the first ever fictional character to feature on the list.

  • Annually, the rank 100 is allocated to a figure that’s not the traditional image of power but symbolically influential for the year.

iii.American Singer and Songwriter Taylor Swift is ranked 5th on the list. She became the first woman from the entertainment industry to rank among the top 5 on the list.
Top 3 Rankings along with Indian women:

Key Points:
i.Nirmala Sitharaman was the first woman to be appointed full-time Defence Minister of India in September 2017.

  • In 2019, She was appointed as the first full-time female Finance Minister of India.
  • Previously, she was ranked 36th in 2022, 37th in 2021, 41st in 2020, and 34th in 2019 on the list.

ii.Kiran Mazumdar-Shaw is one of India’s richest self-made women with a net worth of USD 2.3 billion. Biocon founded in 1978 has Asia’s largest insulin factory in Malaysia’s Johor region.
iii.Roshni Nadar Malhotra is the Chief Executive Officer (CEO) of HCL Corporation and Chairperson of HCL Technologies. She is the first woman to head a listed Indian IT company.

  • She is also a trustee of the Shiv Nadar Foundation, focused on education.

iv.Soma Mondal served as the chairperson of SAIL, central public sector undertaking(CPSU) under the Ministry of Steel, from January 2021 to April 2023.

  • She is currently a member of the Public Enterprises Selection Board (PESB).

About the list:
i.The list ranks the inspirational female CEOs, entertainers, politicians, philanthropists and policymakers making a life-changing impact on the world.
ii.The rankings are based on money, media presence, impact, and spheres of influence.

University of Delhi ranked 220th on QS World University Ranking for Sustainability 2024; University of Toronto topsAccording to the QS World University Rankings: Sustainability 2024, the 2nd edition of the list published by Quacquarelli Symonds(QS), a global higher education analyst, the University of Delhi (DU), ranked 220th (globally), has topped among the 56 Indian Universities featured on the list.

  • DU is ranked 30th among Asian Universities.
  • The University of Toronto, Canada, has topped the list as the world’s most sustainable University followed by the University of California (UCB), Berkeley, the United States of America(USA) at 2nd and the University of Manchester, the United Kingdom (UK) at 3rd place.

About QS (Quacquarelli Symonds):
Founder and President– Nunzio Quacquarelli
Headquarters– London, United Kingdom (UK)

WHO Report: India Accounted for 66% of Malaria Cases in WHO South-East Asia Region in 2022As per the 2023 World Malaria Report  by the World Health Organization (WHO), India constituted 66% of malaria cases in the WHO’s South-East Asia region in 2022. Despite an overall decrease of 11.9% in estimated cases between 2021 and 2022 in the region, Bangladesh, Indonesia, Myanmar and Thailand recorded an increases in cases.
i.Plasmodium vivax(P. vivax), a protozoal parasite, contributed to almost 46% of cases in the region.
ii.Notably, India and Indonesia accounted for about 94% of all malaria deaths in South-East Asia region in 2022.
iii.Around 249 million malaria cases have been reported around the world(in 85 malaria endemic countries and areas) which exceeded the pre-pandemic count of 233 million in 2019.
About World Health Organisation (WHO):
Director General – Tedros Adhanom Ghebreyesus
Headquarters – Geneva, Switzerland
Establishment– 1948

AIIB, UNDP Signed MoU for Promoting Sustainable Infrastructure DevelopmentThe Asian Infrastructure Investment Bank (AIIB) has signed a Memorandum of Understanding (MoU) with the United Nations Development Programme (UNDP) to promote sustainable infrastructure development and address development challenges in Asia and beyond.

  • The MoU recognises the shared objectives of AIIB and UNDP in supporting national climate goals and the 2030 Agenda through financing sustainable development initiatives in common members of operations.

Signatories: 
The MoU was signed by Achim Steiner, UNDP Administrator, and Jin Liqun, AIIB President and Chair of the Board of Directors.

  • The MoU was signed at the 28th Conference of the Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC), being held in Dubai, United Arab Emirates (UAE) from 30 November to 12 December 2023.

About the Partnership:
i.Under this partnership, AIIB will leverage its respective strengths and resources to drive positive change and make a lasting impact on the lives of people in Asia and beyond.
ii.With this partnership, UNDP can unlock new opportunities for financing sustainable development projects and promote innovative solutions that address pressing global challenges.
iii.Under the MoU, AIIB, and UNDP will:

  • Plan to co-invest and leverage multilateral funding and private financing in developing countries;
  • Collaborate on measuring the impact of investments on climate goals and Sustainable Development Goals (SDGs); and
  • Pursue joint technical assistance and explore innovative de-risking instruments, knowledge sharing, joint advocacy, and policy support work.

Note: AIIB, Headquartered in Beijing, China, is a multilateral development bank focusing on financing sustainable infrastructure for a better future.
About United Nations Development Programme (UNDP):
Administrator– Achim Steiner
Headquarters– New York, United States of America (USA)
Established in– 1966

Bharat Electronics Limited Receives orders worth Rs. 3,915 Crore
The Bharat Electronics Limited (BEL), a Navratna Public Sector Undertaking (PSU), has received multiple orders worth Rs. 3,915 crore for the supply of various defense equipment.

  • It received an order worth Rs 580 crore from the Indian Army for supplying an artificial magnetic conductor (AMC) of radars.
  • It also received an order worth Rs 3335 crore worth of multiple orders like AMC for an Airborne Early Warning & Control (AEW&C)system, Uncooled TI (thermal imager) sights, Software-Defined Radios, SWIR (Shortwave Infrared) payload, AMC for the IACCS (Integrated Air Command and Control System), and Passive Night Vision Binoculars.

CII Projected India’s GDP to Grow at 6.8%
Confederation of Indian Industry (CII) has projected the India’s Gross Domestic Product (GDP) to grow at 6.8 % in Financial Year 2023-24 (FY24) supported by infrastructure development and promotion of ease of doing business.

  • The projected economic growth is higher than earlier projection of  6.5-6.7% which was made in June 2023.
  • CII also projected that the growth will further accelerate to 7% in FY25.

Note: Indian economy recorded a growth of 7.7% in the first half(H1) of FY24
About Confederation of Indian Industry (CII):
Director General – Chandrajit Banerjee
Headquarters – New Delhi, Delhi
Established in – 1895

Rex Karmaveer Global Fellowship (RKGF) 2023-24 and Chakra Awards Presented at the 12th Edition of the annual REX CONCLiVE Rex Karmaveer Global Fellowship (RKGF) 2023-24 and the most prestigious and inclusive Karmaveer Chakra Medal were presented to people who have innovative ideas which may make a difference to the world.

  • The awards are instituted by the International Confederation of Non-Governmental Organisation (iCONGO) in association with the United Nations (UN).
  • The awards were presented during the 12th Edition of the annual REX CONCLiVE and Karmaveer Chakra Award event at Shri Nadar School, Faridabad, Haryana.

Rex Karmaveer Chakra Medal:
i.The Rex Karmaveer Chakra Medal is a global civilian honour that recognises people who have made outstanding contributions to humanity.
ii.The award was instituted in partnership with the UN to encourage proactive citizenship.
iii.3 Tiers of Karmaveer Chakra:
Recognising outstanding contributions in activism, education, volunteering, and healthcare, the Karmaveer Chakra comes in 3 tiers: Gold, Silver and Bronze
2023 Awardees of Rex Karmaveer Global Fellowship & Chakra Awards:
GOLD: 
Rumana Sinha Sehgal, the founder of Serendipity and Mentor at T-Hub (Technology Hub), was honoured with the RKGF 2023-24 and Chakra (Gold) medal.

  • In 2019, she received the Karamveer Chakra Silver medal.

SILVER:

  • Maihursa Boro, a first-generation social entrepreneur and education entrepreneur from Assam, has been honoured with the RKGF 2023-24 and Chakra Award (Silver) Medal.
  • Kalyan Srinivas Raygalla of Hyderabad (Telangana) was honoured with the RKGF 2023-24 and Chakra Award (Silver) Medal.
  • Deepak Sharma received the REX Karmaveer Chakra (Silver) Award.

BRONZE:
Narayanappa, a marginal farmer of the Andhra Pradesh Community-Managed Natural Farming (APCNF) programme from Andhra Pradesh, was honoured with the RKGF 2023-24 and Chakra Award (Bronze) Medal.
Other Awardees:
i.Dr. Hemachandran Ravikumar, an Indian scientist, and Doctor of Medicine by profession was honoured for his exceptional contributions to Research and Development (R&D) in Physical and Bio-Science and Microbiological Studies.
ii.Ramniet S Mukherjee, a dynamic human rights activist, founder of HI-Helping India Trust from the Union Territory Chandigarh and capital of Punjab and Haryana.
iii.Goa’s acclaimed percussionist Carlos Gonsalves has been awarded the Rex Karmaveer Jyoti award in recognition of his services in the music field.
UNV Karamveer Chakra:
i.Sikkimese fashion designer and social entrepreneur Omi Gurung was awarded the UN Volunteer (UNV) Karmaveer Chakra (Gold) at the 12th REX CONCLiVE.

  • He was awarded for his outstanding contribution towards sustainable fashion and proactively creating awareness about climate change in the world.
  • Previously, he had recieved the UN Karamveer Chakra (Silver) Award in 2019.
  • He is the first person from Sikkim to receive both the gold and silver UN Karmaveer Chakra /awards.

Karmaveer Chakra, Instituted in 2008-09 by the Indian Confederation of NGOs (iCONGO) in association with the UN, is the national medallion for proactive voluntary action to Be the Change.

10 BJP MPs Including 2 Minister resigned from Parliament After winning State Elections10 Bharatiya Janata Party (BJP) Members of Parliament (MPs) including Union Minister Narendra Singh Tomar, Ministry of Agriculture and Farmers Welfare (MoA&FW) and  Minister of State (MoS) Prahlad Singh Patel, Ministry of Food Processing Industries (MoFPI), have resigned from the Parliament after winning the respective state assembly elections.
Details of 10 MPs who have resigned from the Parliament: 

  • After resignation they can continue as member of the state legislative assembly.

Govt to sell 8% stake in IRCON International through OFS
The government of India has proposed to sell 8% stake in Ircon International Limited (IRCON), a Navratna Central Public Sector Unit (CPSU) under the Ministry of Railways (MoR), through an offer for sale (OFS).
Key Points:
i.As of September 2023, the government holds 73.18% stake in IRCON.
ii.Initially, the government will sell 3.76 crore shares at Rs.2 per share (representing a 4% stake) through the OFS and the additional 4% will be sold if the offer is oversubscribed.
Details of IRCON OFS: 
I.The offer will take place on a separate window of the stock exchanges under the T+1 period.
ii.The offer will take place on December 7, 2023 (T Day) and continue till the next day(8th December 2023).
iii.OFS is open for Non-retail investors on 07th December 2023 (T day).
The retail investors can participate in the OFS on 08th December 2023 (T+1).
iv.The unallocated bids of non-retail investors can be carried forward to T+1 for allocation in the unsubscribed portion of the retail category.
Floor price:
i.The floor price for the sale has been set at Rs 154 a share. This is ~10% discount to the last traded price.
ii.The allocation will be at or above the floor price on price priority basis. However, retail investors have an option to bid at or above the cut-off price.
Reservation:
i.About 10% of the offer is reserved for retail investors.

  • If the retail category is undersubscribed, then these shares will be assigned to non-retail investors who opted to carry forward their unallotted bids to T+1 day.

ii.Another 0.5% of the offer is reserved for employees. These employee shares will be issued at the retail category’s cut-off price.
iii.A minimum of 25% of the offered shares is reserved for mutual funds and insurance companies. In case of undersubscription, the unsubscribed portion will be available to other bidders in the non-retail category.
Brokers:
IDBI Capital Markets & Securities Limited, Bank of Baroda Capital Markets Limited, and Yes Securities (India) Limited (YSL) are brokers to the proposed OFS.
Additional Info:
i.Retail Investors are any individual or non-professional investor who buys and sells securities in stock exchanges.
ii.Non-Retail Investor are the entities which manage money on behalf of others, such as pension funds, mutual funds, and hedge funds.
About Ircon International Limited (IRCON):
IRCON was established in 1976 as Indian Railway Construction Company Limited.
Chairman & Managing Director(CMD)– Brijesh Kumar Gupta (Additional charge)
Headquarters – New Delhi, Delhi

Ambuja Cements Completes Acquisition of Sanghi Industries, at Rs 5,185 crAdani Group-owned Ambuja Cements Limited (ACL) completed the acquisition of Gujarat-based Sanghi Industries Limited (SIL) at an enterprise value of Rs 5,185 crore by holding a controlling stake of 54.51%.

  • The acquisition will be fully funded through internal accruals.
  • The deal will boost Ambuja Cements’ capacity to 74.6 million tonnes per annum (MTPA) from 68.5 MTPA .

About the Acquisition:
i.ACL bought about 141 million shares of SIL.

  • Each share is priced at Rs. 121.9 by the Promoters.

ii.Whereas, 7.3 million shares of SIL were bought through off-market trade.
iii.This acquisition will increase the cement capacity of ACL to 15 MTPA along the West Coast on the strength of SIL’s low-cost clinker.
Offerings:
i.The deal offers low-cost  debottle necking, with total clinker capacity of 6.6 MTPA, cement capacity of 6.1 MTPA and 1 billion tonnes of limestone reserves to Adani Group.
ii.SIL  also offers potential for green power generation, reaching up to 45%, incorporating an additional 12 MegaWatt (MW) Waste Heat Recovery Systems (WHRS) and 30 MW of Solar/Wind power.
Additional Funding:
i.SIL also borrowed additional funds not exceeding Rs 1,810 crore from ACL to repay outstanding amounts.
ii.The fund was received after amending Inter Corporate Deposit (ICD) agreement with Ambuja Cements.
Additional Info:
i.Ambuja Cements plans to invest in expanding the Sanghipuram (Gujarat) captive port to accommodate larger vessels.

  • This project is expected to be completed within the next 30 months.

ii.Sanghipuram unit is India’s largest single-location cement and clinker production facility.

Enemy Properties Shares Worth Rs 2709 crore Disposed through e-auction
The enemy property shares worth Rs 2709 crore were sold by the Government of India as part of its initiative to dispose the enemy properties in India.

  • The enemy properties are the assets left behind by people who have taken citizenship of Pakistan and China, mostly between 1947 and 1962.
  • On September 2023, 19 enemy properties in Uttar Pradesh were disposed of by way of sale through e-auction.
  • As of December 2023, a total of 12,611 enemy properties (12,485 were related to Pakistanis and 126 to Chinese) were vested with the Custodian of Enemy Property for India (CEPI), a statutory authority under the provisions of the Enemy Property Act (1968).
  • The proceeds of the sale or disposal of enemy property, such as shares, are deposited into the Consolidated Fund of India(Constituted under Article 267 of the Indian Constitution).

Google Launches its largest and most capable AI Model ‘Gemini’Google launched its largest and most capable multimodal Artificial intelligence (AI) model, ‘Gemini’, which comes in three sizes: Gemini Ultra, Gemini Pro, and Gemini Nano.
Variants of Gemini:
Gemini Ultra: The largest and most capable model for highly complex tasks

  • Gemini Ultra is the first model to outperform human experts on MMLU (massive multitask language understanding) with a score of 90.0%.
  • MMLU uses a combination of 57 subjects, such as math, physics, history, law, medicine, and ethics, to test both world knowledge and problem-solving abilities.
  • Gemini Ultra’s performance exceeds current state-of-the-art results on 30 of the 32 widely-used academic benchmarks used in large language model (LLM) research and development.

ii.Gemini Pro: The best model for scaling across a wide range of tasks

  • Google Bard integrated with Gemini Pro for more advanced reasoning, planning, and understanding.

iii.Gemini Nano: The most efficient model for on-device tasks

  • It is expected to launch Bard Advanced with Gemini Ultra in early 2024.

How it can be useful?
i.The companies and enterprises will use the new AI model for the following:

  • Advanced customer service engagement through chatbots and product recommendations
  • To identify trends for companies looking to advertise products
  • To create content for marketing campaigns or blogs
  • To summarize meetings or generate code for developers

Availability of Gemini:
i.From 13th December 2023, developers and enterprise customers can access Gemini Pro through the Gemini API(Application Programming Interface) in Google AI Studio or Google Cloud Vertex AI.
ii.Android developers will also be able to build with Gemini Nano via AICore, a new system capability available in Android 14, starting on Pixel 8 Pro devices.
About Google:
Chief Executive Officer(CEO) – Sundar Pichai
Headquarters -California, United States of America(USA)
Established – 1998

International Civil Aviation Day 2023- December 7The United Nations (UN) International Civil Aviation Day is annually observed across the globe on 7 December to create awareness about the importance of international civil aviation and its role in the social and economic development of a country.

  • The day also highlights the role of the International Civil Aviation Organisation (ICAO), a UN agency, in helping countries to cooperate and realise a truly global rapid transit network at the service of all mankind.

The 2023 theme of International Civil Aviation Day is “Advancing Innovation for Global Aviation Development”.
Background:
i.International Civil Aviation Day was established in 1994 as part of ICAO’s 50th anniversary activities.
ii.In 1996, under an ICAO initiative and with the assistance of the Canadian Government, the United Nations General Assembly (UNGA) adopted the resolution A/RES/51/33 and proclaimed the 7 December of every year as International Civil Aviation Day in the UN system.
About International Civil Aviation Organization (ICAO):
ICAO is funded and directed by 193 national governments (Member states) to support their diplomacy and cooperation in air transport as signatory states to the Chicago Convention (1944).
Secretary General– Juan Carlos Salazar (Colombia)
Headquarters– Montreal, Canada

Armed Forces Flag Day 2023- December 07 Armed Forces Flag Day (AFFD) is annually observed across the globe on 7 December to honour the martyrs, men, and women in the armed forces who bravely fought and continue to fight on the borders to safeguard the country’s honour.

  • Flag Day emphasise the dedication to looking after the war-disabled soldiers, Veer Naris, and the families of Martyrs who have sacrificed their lives for the country.

Background:
i.A committee was set up on 28 August 1949 under the then Defence Minister Baldev Singh. The committee recommended observing Flag Day annually on December 7.
ii.The 1st Armed Forces Flag Day was observed on 7 December 1949.
About Indian Army:
Chief of the Army Staff– General Manoj Pande
Motto– ‘Seva Paramo Dharma’

Odisha CM Launches ‘AMA bank’ Scheme to Provide Banking Service in Unbanked  Gram PanchayatsChief Minister (CM) of Odisha Naveen Patnaik has launched “AMA Bank” scheme for providing banking services through Customer Service Point (CSP) Plus banking outlets in 4373 unbanked Gram Panchayats (GPs) in Odisha.

  • Ama Bank model is the first-of-its-kind financial inclusion programme in India.

About Ama Bank Scheme:
i.Ama Bank offers credit for small businesses along with 15 banking services through CSP Plus banking outlets.

  • It is positioned between a business correspondent (BC) and a small bank branch and offers all banking services.

ii.The bank also offers doorstep services to the elderly, differently-abled persons and pregnant women.
iii.The scheme was launched in collaboration with six public sector banks (PSBs) namely State Bank of India (SBI), Punjab National Bank (PNB), Union Bank of India (UBI), UCO Bank, Bank of India (BoI) and Bank of Baroda(BoB).
iv.As part of the scheme, the Government of Odisha will provide rent-free banking space for 5 years along with bearing one-time expenses for fixed costs and recurring expenses for three years.
v.It was launched with a budget of about Rs 500 crore.
vi.The scheme will be implemented in a phased manner, with the first phase covering 750 GPs and the remaining GPs will be covered by March 2024.
vii.The scheme is in alignment with Odisha’s 5T initiative.
Why is the scheme introduced?
Around 65% of Odisha’s 6,798 gram panchayats lack physical bank branches, creating challenges for residents to access essential banking services and receive government benefits through the Direct Benefit Transfer (DBT) schemes.
5T initiative:
i.The 5T initiative is a governance model in Odisha that stands for Teamwork, Transparency, Technology, Time, and Transformation.
ii.In 2022, a sixth “T” representing ‘Tour’ was added to the initiative.
About Odisha:
Chief Minister – Naveen Patnaik
Governor – Raghubar Das
Wildlife Sanctuary – Lakhari Valley Sanctuary, Karlapat Sanctuary
Tiger Reserve – Similipal Tiger Reserve, Satkosia Tiger Reserve

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Current Affairs – 7 December 2023

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18 New Products of Uttarakhand gets GI Tag18 products of Uttarakhand including 13 agricultural goods, 4 Handi-craft goods, 1 food-stuff and 1 manufactured good received Geographical Indication (GI) tag.

  • Uttarakhand has become the 1st state in the country to get the highest number of 18 GI tags in a single day.
  • Chief Minister (CM) of Uttarakhand, Pushkar Singh Dhami officially distributed GI certificates to 18 products.
  • With these 18 new products, the total number of GI products in Uttarakhand has become

About Uttarakhand:
Chief Minister– Pushkar Singh Dhami
Governor– General(Retired) Gurmeet Singh
Capital– Dehradun
Festival– Kangdali Festival; Uttarayani Mela or Uttarayani Fair

Ministry of Panchayati Raj launched GIS application ‘Gram Manchitra’
The Union Minister of State (MoS), MoPR, Kapil Moreshwar Patil launched the Geographic Information System (GIS) application “Gram Manchitra” to encourage technology driven spatial planning by the Gram Panchayat.

  • It utilizes geo-spatial technology to offer a dynamic, unified platform for Gram Panchayats to visualize and plan diverse developmental projects spanning natural resource management, water harvesting, sanitation, agriculture, and more.
  • Gram Manchitra will serve as a support system for the formulation of Gram Panchayat Development Plan (GPDP).

Key Points:
i.This newly launched app will be aided by MoPR’s previously launched mActionSoft application, which will enhance the platform by integrating geo-tagged data from assets, providing a detailed view of Gram Panchayat projects.
ii.mActionSoft, mobile-based solution captures photos with Global Positioning System (GPS) coordinates/Geo-Tags, creating a transparent record of works and assets, particularly those funded by the Finance Commission.
iii.The Gram Panchayat is responsible for the overall development of the village. They also play a key role in providing basic services like drinking water and sanitation.

India Joins Battery Energy Storage Systems Consortium On December 4, 2023, during the 2023 United Nations Climate Change Conference (COP28), India became a member of the Battery Energy Storage Systems (BESS) Consortium, led by the Global Leadership Council (GLC) of the Global Energy Alliance for People and Planet (GEAPP).

  • A total of 11 countries(first-mover countries), including India, have joined the BESS consortium during the COP28.
  • The BESS consortium is committed to achieving a combined commitment of 5 Gigawatts (GW) of BESS by the end of 2024.

The other first-mover countries are: Barbados, Belize, Egypt, Ghana, Kenya, Malawi, Mauritania, Mozambique, Nigeria, and Togo
Note: COP28 is being held in Dubai, United Arab Emirates (UAE) from 30 November to 12 December 2023.
Key Points:
i.90 GW of storage capacity must be developed, To achieve the estimated 400 GW of renewable energy required to alleviate energy poverty by 2030 and save a gigaton of Carbon dioxide (CO2),

  • The 5GW goal will support the creation of a roadmap for achieving the rest by 2030.

ii.During the Energy Transition Dialogues (TETD) organised by GEAPP in New Delhi in November 2023, GEAPP also announced the expansion of its BESS project in India.

  • This aims to achieve the target of 1GW for DISCOMS (Distribution Companies) under BESS by 2026.

India’s efforts towards BESS:
India has taken significant steps for the integration of BESS which include the following:
i.In September 2023, the Indian Government approved a scheme to develop 4,000 MWh of BESS projects by 2030-31, offering up to 40% capital cost support through Viability Gap Funding (VGF) to encourage public-private partnerships and reduce BESS infrastructure project costs.
ii.IndiGrid, India’s first power sector infrastructure investment trust, was awarded its first BESS project to design, supply, test, install, commission, operate, and maintain a 20 MW/40 MWh in Delhi.

  • GEAPP will provide concessional debt financing for 70% of the total capital investment and technical assistance for the project.

About BESS Consortium:
BESS Consortium is a multi-stakeholder partnership set up to ensure these BESS benefits transform energy systems across low- and middle-income countries (LMICs).
BESS Consortium’s first-mover countries will be supported by resources like the African Development Bank (AfDB), the World Bank(WB), the Asian Development Bank (ADB), Sustainable Energy for All (SEforALL), COP28 Presidency with additional partners and countries expected to join.
About Global Leadership Council (GLC) of GEAPP:
GLC is a high-level coalition of global leaders brought together by GEAPP.
GLC is co-chaired by Jonas Gahr Store, Prime Minister of Norway and Dr Rajiv J. Shah, President of The Rockefeller Foundation.
Established in 2022

World Bank Launched Various initiatives to Address Methane Emissions Globally at the COP28 summit The World Bank (WB) launched partnership platforms namely the Global Methane Reduction Platform for Development (CH4D), a hub for methane reduction in agriculture and waste, and the Global Flaring and Methane Reduction Partnership (GFMR) which focuses on reducing methane leaks in the oil and gas sector.

  • WB also launched an 18-month “blueprint for methane reduction” to set up 15 national programs to reduce methane emission.
  • The proposals were launched at the 28th Conference of the Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC), being held in Dubai, United Arab Emirates (UAE) from 30 November to 12 December 2023.

About World Bank (WB):
World Bank Group President– Ajay Banga
Headquarters– Washington, DC, USA
Established in– 1944

Bank of Baroda Introduced BOB Parivar Account for Savings & Current AccountsBank of Baroda (BOB), a leading public sector bank(PSB), has launched the BOB Parivar Account for Savings and Current Accounts which groups all the bank accounts belonging to members of a single family under One Family.

  • The ‘My Family, My Bank’ segment was launched under the “BOB Ke Sang Tyohaar Ki Umang” festive campaign of BoB.

About BOB Parivar Account:
i.The accounts under the BOB Parivar Account will be operated independently by the primary account holder.
ii.This eliminates the need to maintain a quarterly average balance (QAB) in every single account. The QAB is recorded at the Group/Family level.
Eligibility: 
i.Savings account segment is open to a family of a minimum 2 members and a maximum of 6 members.
ii.Current account segment is open to proprietorship, partnership, LLP, and Pvt. Ltd. companies, which are group companies or sister concerns.
Categories: 
i.Both the BOB Parivar Saving Accounts and the BOB Parivar Current Account segments are classified into 3 different categories: Diamond, Gold and Silver.
ii.These accounts vary on Pooled Quarterly Average Balance (PQAB) requirements.

  • For Savings Account:
    • Diamond – Rs 5 lakh and above
    • Gold-   Rs 2 lakh and above
    • Silver – Rs 50000 and above
  • Diamond – Rs 5 lakh and above
  • Gold-   Rs 2 lakh and above
  • Silver – Rs 50000 and above
  • For Current Account:
    • Diamond- Rs 10 lakh and above
    • Gold – Rs 5 lakh and above
    • Silver – Rs 2 lakh
  • Diamond- Rs 10 lakh and above
  • Gold – Rs 5 lakh and above
  • Silver – Rs 2 lakh

Benefits: 
The benefits of this account includes,

  • Concessional interest rates on retail loans for savings account holders.
  • Concession in manual NEFT(National Electronic Funds Transfer)/RTGS (Real Time Gross Settlement) charges.
  • Complete waiver of processing charges on Retail loans.

About Bank of Baroda (BOB):
MD & CEO– Debadatta Chand
Established in 1908
Headquarters– Vadodara, Gujarat
Tagline–  “India’s International Bank”

HDFC Bank Partnered with Tata Neu to Launch Tata Neu HDFC Bank Credit Cards HDFC Bank Limited in partnership with Tata Neu launched the co-branded credit card “Tata Neu HDFC Bank credit card” powered by RuPay/Visa.
The credit card is available in 2 variants:

  • Tata Neu Infinity HDFC Bank Credit Card
  • Tata Neu plus HDFC Bank Credit Card

Note: This collaboration will help Tata New to expand into financial services which aims to provide online payment services to its customers.
About Tata New HDFC Plus Credit Card:
Eligibility:
i.For salaried individuals:

  • Age: Minimum 21 years & Maximum 60 Years
  • Net Monthly Income should be more than Rs 25,000

ii.For Self-Employed Person:

  • Age: Minimum 21 years & Maximum 65 Years
  • Income Tax Return should be more than Rs 6 Lakhs per annum

Joining fees: Rs 499 + GST & Renewal fees: Rs 499 + GST
About Tata Neu Infinity HDFC Bank Credit Card:
Eligibility:
i.For salaried individuals:

  • Age: Minimum 21 years & Maximum 60 Years
  • Net Monthly Income should be more than Rs 1 lakh.

ii.For Self-Employed Person:

  • Age: Minimum 21 years & Maximum 65 Years
  • Income Tax Return should be more than Rs 12 lakh per annum.

Joining fees: Rs 1499 + GST & Renewal fees: Rs 1499 + GST
click here to know more
About Tata Neu App:
i.Tata Neu app is popularly known as the Super app developed by Tata Group. This app was launched on April 7, 2022. Tata Neu is a single online platform which provides various services like shopping, and booking flights and hotels.
ii.Tata Neu app gives Neu coins to its customers as an incentive which can used for availing other services on the app.
Additional info:
NeuCoins are the rewards a customer earns when transacting on the Tata Neu app, website, or at any brand stores or hotels.

  • 1 NeuCoin is worth Rs 1.

About HDFC Bank Limited:
Chairman– Atanu Chakraborty
Headquarters– Mumbai, Maharashtra
Established– 1994
Tagline– “We Understand Your World”

ADB Offered Loans for Various Projects in India and Co-Hosts ‘Kutumb‘ with IIFL Home Finance LtdAsian Development Bank (ADB) helps its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Recently it has collaborated with GOI, Uttrakhand, and IIFl Home Finance Limited for various projects.

  • ADB has approved a USD($) 98 million(Rs.816 Cr) loan to improve the horticulture crop farmers’ access in India to certified disease-free planting materials.
  • ADB approves USD 200 million boost to enhance water supply and sanitation in Uttarakhand
  • IIFL Home Finance Ltd. presents the 15th chapter of ‘Kutumb’ in collaboration with the Asian Development Bank (ADB).

About Asian Development Bank
Founded in-1966
Headquarters– Manilla, Philippines
President- Masatsugu Asakawa

SBI Card joins Bharat BillPay in the Credit Card CategorySBI Card has joined the credit card category of Bharat BillPay. The integration of the SBI Card into Bharat BillPay was made by NPCI Bharat BillPay (NBBL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI),

  • The goal of this partnership is to make credit card bill payments more convenient and accessible.

Key Points:
i.This will enable SBI Card’s approx 1.68 crore customers to pay and manage their credit card bills through Bharat BillPay’s supported payment channels.

  • These channels include: Online via banks, Payment apps, Bharat BillPay physical outlets.

ii.On the other hand, Bharat BillPay’s settlement technology enhances security, ensuring a reliable and seamless payment experience for all consumers.
iii.Credit card issuers already present in this category include Kotak Mahindra Bank, BoB Financial, Federal Bank, AU Small Finance Bank, IndusInd Bank, and Canara Bank.
Note –
NPCI incorporated Bharat BillPay in December 2020, which is accountable for driving the Reserve Bank Of India (RBI)-conceptualised Bharat Bill Payment System (BBPS).

Aditya Birla Sun Life launches ABSLI Salaried Term Plan for Salaried IndividualsAditya Birla Sun Life Insurance (ABSLI) has launched the ABSLI Salaried Term Plan, a budget-friendly term insurance plan for salaried individuals.

  • The plan is categorised as a non-linked, non-participating, Life Individual, pure risk, and premium plan.

Key Points:
i.This plan allows the policyholders to customize their plan based on their protection needs.
ii.Along with the Standard Life Cover option, the policyholders can opt for a Life Cover with a Return of Premium (ROP) feature.

  • With this option, policyholders can receive a refund of the total premiums paid upon survival.

Features of Plan:
i.ABSLI Salaried Term Plan provides long-term comprehensive protection with a policy term of up to 49 years.

  • The minimum & maximum entry age is 21 to 55 years, respectively, with a maximum maturity age of 70 years.

ii.The policyholders can also choose between multiple PPT (Premium Payment Term) options i.e., Limited Pay (5, 7, 10, 12, 15 and 20 Years) & Regular Pay.
iii.Fixed Income Cover: In case of the policyholder’s death, the nominee receives a monthly income equal to 1.25% of the chosen sum assured for the selected Income Benefit Period, which can span 10, 15, or 20 years.
About Aditya Birla Sun Life Insurance (ABSLI):
ABSLI is a life insurance subsidiary of Aditya Birla Capital Ltd (ABCL).
MD & CEO– Kamlesh Rao
Headquarters– Mumbai, Maharashtra
Incorporated in 2000
Commenced operations in 2001

Union Bank Collaborates with Accenture to Boost Operational Efficiency
The Union Bank of India (UBI) has partnered with Accenture, a leading global professional services company, to design and develop a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities.

  • The partnership aims to improve operational efficiency, enhance customer-centric banking services, and manage the risk of Union Bank of India.

i.The platform generates business-relevant insights by using leverage structured and unstructured data from within the bank as well as from external sources.
ii.The platform will use the predictive analytics, machine learning (ML) and artificial intelligence(AI) and leverage structured and unstructured data from within the bank and from external sources to generate business-relevant insights.
iii.This will enable the bank to develop data visualisation and reporting capabilities including interactive dashboards and reports for business, operational and regulatory purposes.

S&P’s Global Credit Outlook 2024: India set to become 3rd largest economy by 2030According to ‘Global Credit Outlook 2024: New Risks, New Playbook’ released by  S&P Global Market Intelligence, India is set to become the third-largest economy in the world by 2030 and it is projected to be the fastest-growing major economy in the next 3 years.
Largest Economy:
i.At present, India is the fifth largest economy in the world.
ii.The top five economy along with their Gross Domestic Product (GDP) are as follows (according to the ranking):

  • United States Of America (USA) – USD 26,954 Billion
  • China – USD 17,786 Billion
  • Germany – USD 4,430 Billion
  • Japan – USD 4,231 Billion
  • India – USD 3,730 Billion

GDP prediction:
i.According to the report, India’s GDP is set to grow at 6.4% in the current fiscal (FY24), which is 40 basis points(bps) higher than the previous forecast.
ii.It is expected to grow at  6.4% for FY25, this is 50 bps lower than the earlier projection.
iii.For FY26 and FY27, India’s GDP is expected to grow at 6.9% and 7%, respectively.
Note:
i.India‘s nominal GDP is expected to rise from USD 3.5 trillion in 2022 to USD 7.3 trillion by 2030.
ii.With this, Indian GDP will exceed the Japanese GDP by 2030, making India the 2nd largest economy in the Asia-Pacific region.
Key Points:
i.India has a scope of becoming next major global manufacturing hub.
ii.The report also pointed out that India is in need of a strong logistics framework to transform into a manufacturing-dominant economy from the current services-dominated economy.
iii.It also suggested that by enhancing the skills of workers and boosting female participation in the workforce, India will India to realise its demographic dividend.
iv.India growing digital market will boost the startup ecosystem, especially in financial and consumer technology.
Additional Info:
In the second quarter of the financial year 2023-24(July to September 2023) India experienced the GDP growth rate of 7.6%.

ONDC launches ‘Build for Bharat’ Initiative to Tackle Challenges in Digital Commerce Space
The Open Network for Digital Commerce (ONDC) has launched a nationwide initiative called ‘Build for Bharat‘ in collaboration with Google Cloud India Private Limited, Antler Innovation India Private Limited, Paytm(One97 Communications Limited), Protean eGov Technologies Limited and Startup India.

  • Objective: To tackle diverse challenges in digital commerce and to promote industry innovation to develop practical solutions.
  • The initiative, organized at a national-scale in more than 50 cities across India, plans to utilise India’s technological and entrepreneurial potential.

ONDC is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry (MoC&I).

Suganthy Sundararaj Honored With PRSI National Award 2023 
Public Relations Society of India (PRSI) honoured Suganthy Sundararaj, Regional Head of Public Relations at Apollo Hospitals, with the PRSI National Award 2023 for her outstanding contributions to PRSI and the industry.

  • The award was presented during the International Public Relations (IPR) Festival 2023 held in New Delhi, Delhi from 25th to 27th November 2023.
  • The award recognised her dedication to the PR industry and her role in shaping the strategic management of the PR function in the healthcare domain.

Suganthy Sundararaj has executed the PR mandate for Apollo Hospitals for more than 40 years. She has driven key initiatives and built lasting relationships with the media.
Note: The theme of IPR Festival 2023 is “G20: Showcasing Indian Values and The Emerging India to the World: Opportunities for Public Relations’.
Additional Info:
i.NHPC Limited received 2nd prize under the ‘Annual Report’ category of ‘PRSI National Awards 2023
ii.Indian Oil Corporation Ltd. (IndianOil) has won 35 awards in the event whereas Garden Reach Shipbuilders & Engineers Limited(GRSE) received awards in five categories.

SBI to Acquire Additional 20% Stake in SBI Pension Funds for Rs 229.52 CroreThe Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has approved SBI to acquire an additional 20% stake in SBI Pension Funds Private Limited (SBIPFPL) for a cash consideration of Rs. 229.52 crore.

  • These stakes are currently held by SBI Capital Markets Limited (SBICAPS), a wholly-owned subsidiary of SBI.

About the Acquisition:
i.After the acquisition, SBI will own 80% of the stake in of SBIPFPL whereas the remaining 20% of the stake will be owned by SBI Funds Management Limited.
ii.The acquisition will be completed by 15th December 2023.
iii.The acquisition is based on the valuation report of Deloitte Touche Tohmatsu India Limited Liability Partnership (LLP).
iv.The entire process will be carried out on an arm’s length basis.
v.The proposal also received approval from Reserve Bank of India (RBI) and Pension Fund Regulatory and Development Authority (PFRDA).
Present Composition:
i.At present, SBI is the major stakeholder in SBIPFPL, holding 60% of the shares.
ii.SBICAPS and SBI Funds Management Limited each hold 20% of the remaining shares.
Additional Info:
SBI Funds Management Limited is a joint venture of SBI (62.53%) and Amundi (36.73%), a French asset management company.
About State Bank of India (SBI): 
Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
Established in – 1955
Tagline– The banker to Every Indian
About SBI Pension Funds Private Limited (SBIPFPL):
It is appointed as the Pension Fund Manager (PFM) to manage the pension corpus under the National Pension System (NPS).
Managing Director & Chief Executive Officer (CEO) – Anthony Rodrigues
Headquarters– Mumbai, Maharashtra
Established in – 2007

Chandrayaan-3 Propulsion Module Moves from Lunar Orbit to Earth OrbitThe Propulsion Module (PM) of Chandrayaan-3 by the Indian Space Research Organisation (ISRO) retreats from an orbit around the moon to an orbit around Earth.

  • ISRO performed three maneuvers, including the first orbit-rising maneuver (from 150 km to 5112 km), the second maneuver moved PM to Earth orbit of 1.8 lakhs x 3.8 lakhs km, and the final Trans-Earth Injection (TEI) maneuver.

i.ISRO is set to launch India’s first X-ray polarimeter satellite (XPoSat) to investigate the polarisation of intense astronomical X-ray sources.

  • XPoSat has two payloads, including the POLIX (Polarimeter Instrument in X-rays) and the XSPECT (X-ray Spectroscopy and Timing).

About the Indian Space Research Organisation (ISRO):
Chairman– S. Somanath
Headquarters– Bengaluru, Karnataka
Establishment– 1969

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Current Affairs – 6 December 2023

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SIPRI Report 2022 : India’s HAL, BEL, MDL in Top 100 arms–producing companiesSwedish think-tank Stockholm International Peace Research Institute (SIPRI) has released the report titled “World’s Top 100 Arms Producing Companies 2022”. SIPRI Top 100 listing includes the 100 companies with the largest arms revenue during the year covered. It lists the companies which make arms, weapons, military planes and equipment.
i.For the 1st time, three Indian Public Sector Units (PSUs) : Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL) and Mazagon Dock Shipbuilders Limited (MDL) are listed in the Top 100 arms producing companies.
ii.Mazagon Dock Shipbuilders Limited (MDL), an Indian PSU specialized in Shipbuilding marks its debut in the list by securing 89th position. It generated revenue of USD 1 billion for year 2022.
iv.The United States (U.S.) continues to dominate the Top 100 list with 42 companies. Despite having most number of U.S. companies in the list, revenue of these companies fell by 7.9% to USD 302 billion in 2022.
About Stockholm International Peace Research Institute (SIPRI):
Chair: Stefan Löfven (Sweden)
Establishment – 1966
Headquarters – Stockholm, Sweden

LIC Notifies Framework for Appointment of Shareholders’ Director in its BoardOn December 1, 2023, Life Insurance Corporation of India (LIC) has notified LIC (shareholders’ director) Regulations, 2023 to allow the induction of shareholders’ directors on LIC’s board.

  • The regulations was notified in exercise of the powers conferred by clause (f) of subsection (2) of section 4 read with clause (n) of sub-section (2) of section 49 of the Life Insurance Corporation Act, 1956 (31 of 1956).

Highlights from Regulation:
i.Election: Upon notice of not less than 1000 shareholders or one-tenth of the total number of shareholders (whichever is lower), LIC would elect a shareholders’ director through a general meeting of such shareholders.
ii.Term: The board will appoint a shareholders’ director for a tenure of 4 years.
iii.Re-election: The director will be eligible for re-election and re-appointment for another 4 years.
Key Points:
i.After the appointment, the shareholder’s director cannot hold a similar position in more than two companies at the same time, clarifying the corporation in its notification.
ii.At present, LIC has five executive directors, including Chairman Siddhartha Mohanty, nine independent directors, and one government nominee Director MP Tangirala.
About Life Insurance Corporation of India (LIC):
Chairperson– Siddhartha Mohanty
Headquarters– Mumbai, Maharashtra
Establishment– 1956

ESIC received “ISSA Vision Zero 2023” Award at the 23rd World Congress on Safety and Health at WorkThe Employees’ State Insurance Corporation (ESIC) under Ministry of Labour & Employment (MoL&E) was awarded  Vision Zero 2023 Award by International Social Security Association (ISSA) at the 23rd World Congress on Safety and Health at Work, held in Sydney, Australia from 27th to 30th November, 2023.

  • The award was received by Rajendra Kumar, Director General of  ESIC.

Why ESIC?
i.ESIC was awarded for its outreach in the field of safety and health at work places by aligning the prevention strategy.
ii.ESIC also provided post-accidental mechanism for medical care and cash benefits to the workers and their dependents.
iii.The award also recognises the improvements made in the service delivery of the ESI Corporation as well as increase in its administrative and operational efficiency using Information Technology (IT) enabled initiatives.
23rd World Congress on Safety and Health at Work:
i.It is one of the largest international conferences for work health and safety.
ii.The World Congress was co-organised by the International Labour Organization (ILO),  SafeWork New South Wales (NSW) and ISSA.
iii.The theme of the event was “Shaping Change: Collaborating for a healthier and safer world of work”.
ISSA:
Vision ZERO Award:
i.The award is presented by ISSA to companies and organizations that have
promoted and implemented the 7 Golden Rules of Vision Zero.
ii.It is a transformational approach for prevention of accidents at work places integrating the three dimensions of safety, health and well-being at all levels of work.
International Social Security Association (ISSA):
i.ISSA offers a global platform and a unique network for all those in social security concerned with the health of workers.
ii.ISSA is headquartered at the International Labour Office (ILO) in Geneva, Switzerland.
President – Mohammed Azman
Established in – 1927
About Employees’ State Insurance Corporation (ESIC):
Director General – Rajendra Kumar
Headquarters – New Delhi, Delhi
Established in – 1952

Oxford University Press names ‘Rizz‘ as Word of the Year 2023On December 4, 2023, the Oxford University Press (OUP) has named ‘Rizz’,  a colloquial noun defined as style, charm, or attractiveness; the ability to attract a romantic or sexual partner, as its word of the year for 2023. It is mainly used by the younger generation.
Note: The Oxford word of the year 2022 was ‘goblin mode’ describing ‘unapologetically self-indulgent, lazy, slovenly or greedy’ behaviour.
Rizz: 
i.Etymologically, the term is believed to be a shortened form of the word ‘charisma’, taken from the middle part of the word.
ii.The word ‘rizz’ can also be used as a verb, in phrases such as ‘to rizz up’,
OUP’s  Word of the year:
OUP, the publisher of the Oxford English Dictionary, annually chooses a word of the year, which reflects the mood, preoccupations, and ethos of the year.
The word should also have the potential to be culturally significant.
Shortlisted words of 2023:
For 2023, the experts of OUP shortlisted 8 words and phrases and released them for public voting.
From the 4 winners of the contest, the OUP experts choose the Oxford world of the year for 2023 through detailed analysis.
1.Celebrity Culture

  • Swiftie(noun – n)– an enthusiastic fan of the singer Taylor Swift.
  • de-influencing(n)– the practice of discouraging people from buying particular products, or of encouraging people to reduce their consumption of material goods, esp. via social media.

2.Personal Characteristics

  • Rizz(n)– style, charm, or attractiveness; the ability to attract a romantic partner.
  • Beige Flag(n)– a character trait that indicates that a partner or potential partner is boring or lacks originality

3.Shifts in the World

  • Prompt(n)– an instruction given to an artificial intelligence program, algorithm, etc., which determines or influences the content it generates.
  • Heat Dome(n)– a persistent high-pressure weather system over a particular geographic area, which traps a mass of hot air below it.

4.Relationship Dynamics

  • Parasocial(adjective)– designating a relationship characterized by the one-sided, unreciprocated sense of intimacy felt by a viewer, for a well-known or prominent figure in which the follower or fan comes to feel (falsely) that they know the celebrity as a friend.
  • Situationship(n)– a romantic relationship that is not considered to be formal or established.

Pakistan Elected as Vice Chair of UNESCO Executive Board from the Asia Pacific GroupPakistan was elected as the Vice Chairperson of United Nations Educational, Scientific and Cultural Organization (UNESCO) Executive Board for the term 2023-2025 from the Asia Pacific Group.

  • Out of the 58-member Executive Board, Pakistan received 38 votes defeating India which got only 18 votes.
  • The election was held on 15th November 2023 during the 218th session of UNESCO’s Executive Board in Paris, France.

Note: As the Vice Chair of UNESCO Executive board, Pakistan will be able to influence global policies and initiatives in education, science, culture and communication.
About the Executive Board of UNESCO:
i.The executive board, made up of 58 member states with a 4-year term, has the role of administering the UN body and appointing the director-general.
ii.It is one of the 3 constitutional organs of UNESCO, along with the 194-member general conference and the secretariat.
iii.The bureau of the executive board consists of 12 members: the chairperson, 6 vice-chairpersons and the 5 chairpersons of the permanent commissions and committees.
Iv.The 6 Vice-Chairs are from each electoral group of the board. The 6 electoral groups are:

  • Group I (Western European and North American States)
  • Group II (Eastern European States)
  • Group III (Latin-American and Caribbean States)
  • Group IV (Asian and Pacific States)
  • Group V (a) (African States)
  • Group V (b) (Arab States)

Chair and Vice Chairpersons (2023-2025):
The Chairperson of the UNESCO Executive Board, for the term 2023-2025 is Vera Lacoeuilhe, a French-Lebanese diplomat and the representative of St. Lucia.
The Vice-chairs for 2023-2025 are:

  • USA (Group I),
  • Lithuania (Group II),
  • Haiti (Group III),
  • Pakistan (Group IV),
  • Botswana (Group V (a))
  • Oman (Group V (b))

Note: Vice-chairpersons representing Groups I, II, III, V (a) and V (b) were elected by consensus. Voting was held only in Group IV.
Role of Vice Chair:
i.The vice-chairperson has no decision-making powers.
ii.In the absence of the Chairperson during a session, the functions of the chair are exercised in turn by the Vice-Chairpersons.
Key Points:
i.India was elected to the UNESCO executive board in 2021 for a 4-year term till 2025.
ii.In 2023, Pakistan was elected for a 4-year term which will end in 2027.
iii.Group IV includes Pakistan, Australia, Bangladesh, China, Cook Islands, India, Indonesia, Japan, the Philippines, Republic of Korea, Sri Lanka and Vietnam.

Rajiv Anand Appointed as Chairman of Max Life Insurance; succeeds Analjit SinghRajiv Anand, a Non-Executive Director of Max Life Insurance Co. Ltd. nominated by Axis Bank Ltd, has been named the Chairman of Max Life Insurance Co. Ltd., with effect from 5th December 2023.

  • Rajiv Anand, Deputy Managing Director (MD) of Axis Bank(since 2021) succeeded Analjit Singh, the Founder and Chairman Emeritus of Max Life Insurance Co Ltd.
  • Analjit Singh has formally stepped down from the Chairman position and as a member of the Max Life Insurances board as of 4 December 2023.

Note: Max Life Insurance Co Ltd is a 70:30 Joint Venture (JV) between Max Financial Services Limited (MFSL), a part of the Max Group, and Axis Bank Limited.
About Rajiv Anand:
i.He joined Axis Asset Management Co. Ltd (AMC) in 2009 and was the founding MD and CEO of Axis AMC.
ii.In 2013, he was appointed as the President (retail banking) of Axis Bank and was inducted on to the Board of the bank in 2016.
iii.He was apppointed as the Executive Director (Wholesale Banking) of Axis Bank in 2018.
iv.He is a member of the Corporate Social Responsibility (CSR) Committee and the Committee of Whole Time Directors of Axis Bank.
v.He is the Co-Chair of the Banking Taskforce at the Confederation of Indian Industry (CII)- Western region, and a member of the National Committee on Banking at CII.
About Analjit Singh:
i.He has served as non-executive Chairman of Vodafone India and a Director on the boards of several companies like Tata Global Beverages and Sofina NV/SA, Belgium.
ii.He has also served as member of Prime Minister(PM)’s Joint Indo-US CEOs Forum and the Chairman of CII’s National Committee on Insurance & Pension.
iii.He was honoured with Padma Bhushan in 2011 for Trade and Industry.
About Max Life Insurance Co. Ltd:
MD and CEO– Prashant Tripathy
Headquarters– Gurugram, Haryana
Launched in– 2000

India to Represent Asia in Executive Committee of Codex Alimentarius Commission
India has been unanimously elected to represent the Asian region in the Executive Committee of the Codex Alimentarius Commission (CAC).  

  • The election took place during the 46th meeting of the CAC held at the Food and Agriculture Organization of the United Nations (FAO) Headquarters in Rome, Italy from 27th November to 2nd December 2023.
  • The Indian delegation was led by G Kamala Vardhana Rao, Chief Executive Officer (CEO), Food Safety and Standards Authority of India (FSSAI).

Note: CAC is an international organization that develops food standards, guidelines, and codes of practice.  Codex Alimentarius is Latin for “food code”.
Key Points:
i.As a part of the executive committee of CAC, India can significantly contribute to setting international standards for various food categories and actively participate in decision-making processes.
ii.During the meeting of CAC, India proposal to set up group standards for millets under Additional agendas category. This was discussed during the meeting and was approved by CAC for preparation of 3 project documents.
iii.CAC also acknowledged India’s initiatives to establish global standard for millets.
About the Executive Committee of CAC:
i.The Executive Committee comprises of the Chair, 3 vice Chairs, 6 regional coordinators and 7 elected representatives from the 7  geographical regions of Codex: (Africa; Asia; Europe; Latin America and the Caribbean; Near East; North America; & The Southwest Pacific).
ii.The Executive Committee is chaired by the Chairperson of the CAC.

  • At present, Chairperson of CAC is Steve Wearne, Director of Global Affairs at the United Kingdom Food Standards Agency.

About Codex Alimentarius Commission (CAC):
The CAC was established in 1963 by the Food and Agriculture Organization (FAO) and the World Health Organization (WHO).
Chairperson– Steve Wearne
Members– 188 Member Countries (Including India) and 1 Member Organization (The European Union)
Headquarters– Rome, Italy

Vivek Kumar Gupta Appointed as Part-time Govt Director on the Board of RVNL
Droupadi Murmu, The President of India, has approved the appointment of Vivek Kumar Gupta as Part-time Government Director on the Board of Rail Vikas Nigam Limited (RVNL) with immediate effect. .

  • He is currently serving as the Principal Executive Director (PED)/Gati Shakti, Railway Board.
  • He will hold the part time post till he holds the position of PED/Gati Shakti, Railway Board, or until further orders, whichever comes earlier.

Vivek Kumar Gupta is an Indian Railway Service of Engineers (IRSE) officer and was transferred to the Railway Board and posted as PED (Gati Shakti), Railway Board in 2023.

  • He was a Higher Administrative Grade (HAG)/IRSE in Central Railway and served as Chief Bridge Engineer (CBE) and Chief Track Engineer (CTE) in Central Railway.

Note: RVNL is a Navaratna Central Public Sector Enterprise (CPSE) under the Ministry of Railways. It undertakes and executes the development, financing, and implementation of projects related to rail infrastructure.

Indian Air Force Officer Manisha Padhi Appointed India’s 1st Woman Aide-De-Camp to Mizoram Governor
Squadron leader Manisha Padhi, a 2015 batch Indian Air Force (IAF) officer was appointed as the Aide-de-Camp (ADC) of Mizoram Governor Hari Babu Kambhampati. She became the first woman Indian Armed Forces officer to be appointed as Aide-de-Camp (ADC).

  • She formally joined her post and reported to the Mizoram Governor at a ceremony at the Raj Bhavan in Aizawl, Mizoram.
  • She was previously posted at Air Force Stations in Bidar (Karnataka), Pune (Maharashtra), and Bhatinda (Punjab).

i.In India, Aide-de-Camp is a title of honour, and current as well as former aides-de-camp have conferred the post-nominal letter ADC.
ii.ADC is an officer in the armed forces who assists a higher-ranking officer, they are also personal assistants or secretaries to people of high rank, such as the head of state.
iii.In India, the Governor of states have 2 ADCs, one from either the Army/Navy/Air Force, and the other from the state’s police force.

  • Zonun Thara, a Mizoram state police officer, is the other ADC to the Governor of Mizoram.

Note: The service chiefs, including the chief of the Army, Navy, and Air Staff, usually have 3 ADCs and the President has 5 ADCs (3 from the Army and 1 each from the Navy and the Air Force). There is also one honorary ADC from the Territorial Army.

GRSE delivered Sandhayak (Yard 3025) SVL to Indian NavyGarden Reach Shipbuilders & Engineers (GRSE), Kolkata (West Bengal)  has delivered Indian Naval Ship (INS) Sandhayak (Yard 3025), the first of four Survey Vessel (Large) (SVL) ships to the Indian Navy(IN) on 4th December 2023.

  • Sandhayak has an indigenous content of over 80% by cost.

Yard 3025:
i.The contract for building four SVL ships was signed between the Ministry of Defense (MoD) and GRSE on 30 October 2018.
ii.The Keel for the ship was laid in 2019 and the ship was launched in 2021.

  • After the launch, the ship has undergone a comprehensive schedule of trials in harbour and at sea.

Specifications:
i.SVL ships are 110 meter long, 16 meter wide with a displacement of 3,400 tons.
ii.The hull of these ships is made from indigenously developed DMR 249-A steel manufactured by Steel Authority of India Limited (SAIL).
iii.The ship is powered by two Diesel Engines and it can achieve speeds upto 18 knots. 
iv.The vessel is fitted with state of the art hydrographic equipment such as Data Acquisition and Processing System, Autonomous Underwater Vehicle, Remotely Operated Vehicle, Differential Global Positioning System (DGPS) Long range positioning systems, Digital side scan sonar etc.
Primary Role of Sandhayak:
i.It will conduct full scale coastal and deep-water Hydrographic Survey of Port/ Harbour approaches and will determine the navigational channels/ routes.
ii.The zone of operation includes maritime limits upto the exclusive economic zone (EEZ) and continental shelf.
iii.The vessel will gather oceanographic and geophysical data for both defence and civilian purposes
Additional Info:
Other three Survey Vessel (Large) (SVL) are Nirdeshak (Yard 3026), Ikshak (Yard 3027) and Sanshodhak (Yard 3028)

China Launches MisrSat-2 satellite jointly-developed with EgyptOn 4th December 2023, China National Space Agency (CNSA) launched the MisrSat-2 or Aiji Yaogan Weixing Erhao (Aiji 2) satellite with a Long March-2C carrier rocket from the Jiuquan Satellite Launch Center in northwest China.

  • MisrSat-2, the optical remote sensing satellite, was jointly developed by the Egyptian Space Agency (EgSA) and CNSA.

About MisrSat-2:
i.The satellite, weighing 350 kg, features an high-resolution imager with a ground resolution of 2 metres in panchromatic mode and 8 metres in colour.
ii.The lifetime of the satellite is 5 years.
iii.The development of MisrSat-2 is a landmark project between China and Egypt under the Belt and Road Initiative (BRI).
iv.The satellite was tested at Satellite Assembly, Integration, and Test Center (AITC) in Cairo, Egypt.

  • AITC was funded by China.

v.The satellite finds its application in fields like farming, national resources, urban planning, and coastal change monitoring.
Note: In June 2023,  China delivered the two prototype satellites of MisrSat-2 to Egypt.
Two More Satellite:
i.Along with the MisrSat-2, two remote sensing satellites namely Starpool (Xingchi-1) 02-A and Starpool(Xingchi -1) 02-B, developed by Chinese startup EllipSpace, were also launched by the same rocket.
ii.These satellites will provide wide-area comprehensive perception services, laying a solid foundation for the construction of the “StarPool Plan” integrated communication, navigation and remote sensing system.
About People Republic of China:
President – Xi Jinping
Capital – Beijing
Currency – Renminbi(Yuan)
About Egypt:
President – Abdel Fattah El-Sisi
Capital – Cairo
Currency – Egyptian Pound

World’s Biggest Experimental Nuclear Fusion Reactor JT-60SA Inaugurated in JapanThe world’s largest and most advanced nuclear fusion reactor, Japan Torus-60 Super Advanced (JT-60SA) started its operations in Naka, Japan. The reactor is a joint initiative between the European Union (EU) and Japan.
About JT-60SA:

i. JT-60SA reactor is a six-storey-high machine which is constructed as per Broader Approach (BA) Agreement.

  • The agreement was signed between the European Atomic Energy Community (Euratom) and Japan in 2007.
  • The Satellite Tokamak Programme (STP) involved the construction of JT-60SA reactor.

ii.It comprises a doughnut-shaped “tokamak” vessel set to contain swirling plasma heated up to 200 million degrees Celsius.
iii.The term “tokamak” means “toroidal chamber with magnetic coils”
iv.The reactor is the most advanced tokamak in the world.
v.It uses powerful superconducting coils cooled to approximately -269 °C (absolute temperature approximately 4K) to confine plasma that can reach 100 million °C.
Similar to ITER:
i.JT-60SA serves as a precursor to its larger counterpart, the International Thermonuclear Experimental Reactor (ITER) in France.

  • ITER is currently under construction.

ii.Both the reactors aim to induce the fusion of hydrogen nuclei into a heavier element, helium, releasing energy in the form of light and heat.
iii.The mission of JT-60SA is to support research for ITER to meet its technological goals, and provide knowledge for the transition from ITER towards DEMOnstration (DEMO) reactors.
What is Nuclear Fusion?
Nuclear fusion is the process by which two light atomic nuclei combine to form a single heavier one while releasing massive amounts of energy. The energy released is used for various purposes, such as electricity,etc..

Indian Researcher Dr. Akshata Krishnamurthy, 1st Indian Woman to Operate a Rover on Mars with NASA
Indian Researchers Dr Akshata Krishnamurthy has became the first indian citizen (woman) to operate the rover (Perseverance) on Mars and also the first Indian citizen to collect sample from the Mars to bring back to Earth.

  • She is currently working as a Principal investigator and mission science Phase lead at National Aeronautics and Space Administration(NASA).

After completing her Ph.D. in Space Systems Engineering from the Massachusetts Institute of Technology (MIT), the United States of America (USA), she secured a position as Systems Engineer and Scientist, at NASA Jet Propulsion Laboratory (JPL).

  • She leads project verification and validation evidence management for the NASA-Indian Space Research Organisation (ISRO) Synthetic Aperture Radar (NISAR) mission.
  • She was the Science Data Analysis Lead on the Arcsecond Space Telescope Enabling Research in Astrophysics (ASTERIA) mission.

Space regulator IN-SPACe Launches Seed Fund Scheme for Startups to Promote Innovation in Space Sector
India’s space regulator Indian National Space Promotion and Authorization Centre (IN-SPACe) has unveiled a seed fund scheme to offer financial assistance of up to Rs 1 crore each to start-ups operating in the areas of Urban Development and Disaster Management by using space technology.
The scheme was launched in collaboration with the Indian Space Research Organisation (ISRO)’s National Remote Sensing Centre (NRSC) to provide opportunities to companies that leverage space technology for societal benefit.
Aim: To promote space technology and provide mentorship support, training, and networking opportunities.

  • Start-ups will receive seed funding to develop prototypes using space technology, ISRO facility support, including earth observation (EO) data, for concept validation,  mentorship support, and access to a data algorithm as a transfer of technology from the Department of Space.
  • The seed fund grants of up to Rs. 1 crore are disbursed in 3 or more instalments. The first instalment may constitute up to 40% of the total approved commitment.
  • The intellectual property rights (IPR) generated under the program will be owned by the respective startup, adding a layer of support for innovation in India’s evolving space sector.

International Volunteer Day 2023- December 05 The United Nations (UN) International Volunteer Day for Economic and Social Development commonly known as International Volunteer Day (IVD) is annually observed across the globe on 5 December to raise awareness about volunteer service, encouraging individuals, who dedicate their time and skills to contribute their services as volunteers locally and internationally.

  • The 2023 theme of IVD centres on “The power of everyone – collective action – if everyone did”.

Background:
i.The International Volunteer Day for Economic and Social Development was adopted by the United Nations General Assembly (UNGA) through Resolution A/RES/40/212 on December 1985.
About United Nations Volunteers (UNV) programme:
Executive Coordinator– Mr Toily Kurbanov (Russian Federation)
Headquarters– Bonn, Germany
It is the volunteer arm of the UN that was created by the UNGA in 1970.

World Soil Day 2023 – December 05The United Nations(UN)’s World Soil Day (WSD) is annually observed across the globe on 5th December to create awareness about the importance of healthy soil and to advocate the sustainable management of soil resources.

  • 5th December 2023 marks the observance of 10th WSD.

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Current Affairs – 5 December 2023

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India’s Emission Intensity Reduced by 33% between 2005 and 2019i.According to a Government report titled ‘The Third National Communication to the United Nations Framework Convention on Climate Change’, India reduced its Gross Domestic Product (GDP) emission intensity by 33% between 2005 and 2019. This was 11 years ahead of the target.
ii.India’s average rate of emission reduction increased from 1.5% annually during 2014 – 2016 to 3% annually from 2016 – 2019. This is the fastest recorded rate of reduction so far across any country.
iii.India created an additional carbon sink of 1.97 Billion tonnes of CO2 equivalent during this period.
About United Arab Emirates (UAE)
Capital– Abu Dhabi
Currency– UAE Dirham
President– Mohammed bin Zayed Al Nahyan

Mercom India Report: Rooftop Solar Installations Rise 34.7% to 431 MW in July-Sep 2023According to ‘Q3 2023 Mercom India Rooftop Solar Report’ released by Mercom India Research, the rooftop solar installations in India registered a 34.7% year-on-year (YoY) jump to 431 MegaWatt (MW) in the third quarter (Q3- July-September) of calendar year (CY) 2023.

  • With this India’s cumulative rooftop solar capacity reached 10.1 GigaWatts (GW) at the end of September 2023.

Key Findings:
i.Rooftop solar installations saw a significant increase in the first nine months (January – September) of 2023, reaching 1.3 GW, compared to 1.2 GW in the same period of 2022.

  • As far as Q3 of 2022 is concerned, the installation capacity was at 320 MW.

ii.The increase in rooftop installation is due to a fall in module prices.
iii.In Q3 of 2023, average rooftop solar system cost fell 13.4% YoY and around 5% on a quarter-on-quarter (q-o-q) basis.
iv.The residential segment was the largest adopter of rooftop solar installation followed by commercial and industrial (C&I) market segments.
v.Rooftop solar tender announcements in Q3 2023 witnessed a decline of 61.6%, drop from 310.6 MW in Q3 2022 to 119 MW.
Key points:
i.Gujarat retained its top position in rooftop solar installations, contributing 26.7% to the cumulative installations, followed by Maharashtra (13.5%) and Rajasthan (8.3%).

  • As of September 2023, the top 10 states collectively accounted for ~77% of the cumulative rooftop solar installations.

ii.Between Q3 2022 and Q3 2023, Kerala recorded the highest compounded growth of 15%, followed by Gujarat(7.3%) and Maharashtra (5.1%).
iii.Around 62% of the total tendered capacity during the quarter was for government buildings in Rajasthan, Gujarat, Kerala, and other states.

World’s First Portable Hospital ‘Aarogya Maitri Aid Cube’ Unveiled in Gurugram
The world’s first portable hospital, the ‘Aarogya Maitri Aid Cube,‘ which can be set up within one hour of arriving at the emergency site to treat the injured, was unveiled in Gurugram, Haryana.

  • It was designed indigenously under Project BHISHM (Bharat Health Initiative for Sahyog Hita and Maitri).
  • The modular trauma management and aid system is made up of 72 detachable mini-cubes, each being a specialised station for emergency response and humanitarian efforts.
  • It can be used to treat as many as 200 patients with a range of injuries, including bullet injuries, burns, head, spinal, and chest injuries, minor surgeries, fractures, and major bleeding.

India Ranks 49th in IMD’s “World Digital Competitiveness Ranking 2023”India Ranks 49th in the International Institute for Management Development (IMD)’s 7th edition of World Digital Competitiveness Ranking (WDCR) 2023. The report measures the capacity and readiness of 64 economies based on three broad categories which are: Knowledge, Technology and Future readiness.

  • The U.S.A reclaimed its top position (Rank 1) which performs well in all three categories – Knowledge, Technology and Future Readiness.
  • The report mentioned that India made a little progress in the field of cyber security knowledge (Rank 45) but perform low in the fields of technology and future readiness.

Note: In the previous edition of WDCR 2022 report, India was ranked at 44th position.
About International Institute for Management Development (IMD):
It is an independent academic institute which provides various business programmes.
President – Jean-François Manzoni
Established in – 1990

ADB provided USD 200mn loan for U’khand’s Climate-Resilient Power System Development Projecti.On December 4, 2023, the Asian Development Bank (ADB) has approved a USD 200 Million loan for Uttarakhand Climate Resilient Power System Development Project to improve the quality, efficiency, and reliability of power supply, and aiding the state in achieving 24×7 power to its residents and transitioning to the use of clean energy.
ii.The Japan Fund for Prosperous and Resilient Asia and the Pacific, financed by the Government of Japan through ADB, will also provide USD 2 million grant to support livelihood enhancement, training, and awareness-raising activities of this project.
iii.ADB has unveiled an initiative to address climate and disaster risks in the crucial Hindu Kush Himalaya region, a vital water source supporting over a billion people across Asia.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Establishment– 1966
Members – 68

Godrej Capital Nirmaan partners with DBS Bank India, Visa and Amazon to aid MSME growth
Godrej Capital, Non-Banking Finance Company (NBFC) arm of the Godrej Group, has partnered with DBS Bank India, Visa and Amazon as part of its Nirmaan digital platform initiative, aimed at providing an extensive range of services to micro, small, and medium enterprises (MSMEs).
i.This is in line with Nirmaan’s commitment to support MSMEs through diverse value-added services (VAS) to enhance market reach, financial assistance, legal and compliance simplification, employee welfare, and others.
ii.NirmaanIt has expanded its collaborative model to include 13+ partners
iii.Under this partnership,

  • Amazon will list MSME products in their website, and offer 3-month subscription to Amazon’s e-commerce exports program called Amazon Global Selling.
  • Visa will provide a comprehensive payment solutions for MSMEs through the Nirmaan platform.

DBS Bank India will offer access to a comprehensive suite of VAS, featuring a customised current account.

Kerala Startup Mission Inks MoU with Business Finland to Boost Start-Up EcosystemKerala Startup Mission (KSUM) and Business Finland have signed a Memorandum of Understanding (MoU) to boost the startup ecosystems in India and Finland.

  • A KSUM volunteer exchanged the MoU with Business Finland Senior Director Laura Lindeman, during the Slush 2023 held in Helsinki, Finland, from 30th November 2023 to 1st December 2023.

Note:

  • Business Finland is a part of the Talent Boost program of the Ministry of Employment and the Economy in Finland.
  • SLUSH is an annual event held in Helsinki, Finland which brings together entrepreneurs, investors, corporate professionals, policymakers, and venture capital firms on a common platform. It is organized by the students at Aalto University, Helsinki.

About MoU:
i.The MoU seeks to support and maintain regular contact for mutual exchange of information and knowledge related to the start-up ecosystems in both countries.
ii.Under the MoU, a collaboration platform – Kerala Finland Innovation Corridor will be established. This will function as a bridge to accomplish the various initiatives by both organisations.
iii.There will be research co-operation, joint events, visits, communication and marketing by both sides.
iv.The MoU will serve as a vital link fostering mutual innovation and market access within the ecosystems.
About KSUM
i.Established in 2006, KSUM is Kerala Government’s agency for promoting entrepreneurship in Kerala.
ii.It implements the Kerala Technology Startup Policy and supports the startup ecosystem through schemes and programs.
iii.It fosters technology-based entrepreneurship and builds the necessary infrastructure for high-end startup businesses.
About Finland:
President– Sauli Niinisto
Capital– Helsinki
Currency– Euro

Forbes Asia’s 2023 Heroes of Philanthropy List features 3 Indian: K.P. Singh, Nandan Nilekani, & Nikhil KamathThe Forbes Asia’s 2023 Heroes of Philanthropy list, the 17th edition of the annual unranked list, features 3 Indians: Kushal Pal Singh (K.P. Singh), Chairman Emeritus of DLF Limited; Nandan Nilekani, co-founder and Chairman of Infosys; and Nikhil Kamath, Co-founder and Chief Financial Officer, Zerodha.

  • The list features a total of 15 philanthropists from the Asia-Pacific region.

Note: The list includes names from lifelong philanthropists to newcomers from the Asia-Pacific region.
About Forbes:
Chief Executive Officer (CEO)- Mike Federle
Headquarters– Jersey City, New Jersey, the United States of America (USA)
Founded in– 1917

Educate Girls Founder Safeena Husain Honoured with WISE Prize for Education 2023 Safeena Husain, the founder and board member of Educate Girls, was awarded the WISE Prize for Education 2023 by the Qatar Foundation at the 11th edition of the World Innovation Summit for Education (WISE) Summit held on 28th -29th November 2023.

  • Safeena Husain became the first Indian woman to receive the WISE Prize for Education, and she received the WISE Prize medal along with USD 500,000 prize money.

WISE Prize for Education 2023:
Safeena Husain is recognized for her contribution to equality and access to education through her Educate Girls organisation, which empowers communities for girls’ education by partnering with the government to identify, enrol, and retain out-of-school girls across India.
About Safeena Husain:
i.Safeena Husain has been awarded the NITI Aayog Women Transforming India Award(2017), and the NDTV-L’Oréal Paris Women of Worth Award(2016).
ii.She also received the British Asian Trust’s Special Recognition Award for outstanding contribution to education.
About Educate Girls:
i.Educate Girls,an Indian Non-Governmental Organisation (NGO), established in 2007, enrolled 1.4 million girls in schools and supported education for more than 18.6 million children through the government education system.
ii.Educate Girls works with over 21,000 community-based gender champions in the most marginalised communities in India to break the cycle of inequality and exclusion.
iii.Educate Girls initiated the world’s first Development Impact Bond (DIB) in education, an outcomes-based financing model that achieved extraordinary results in both learning and enrolment.
iv.Educate Girls has received the prestigious Skoll Award(2015) the USAID Millennium Alliance Award(2014), the Stars Impact Award(2014), and the India Development Marketplace Award in 2011 from the World Bank.

  • Educate Girls was one of the winners of the WISE Award in 2014.

About The WISE:
i.The WISE Prize for Education was established in 2011 by Her Highness Sheikha Moza bint Nasser, Chairperson and Co-Founder of the Qatar Foundation.
ii.The prestigious WISE Prize for Education was the first of its kind recognition given to an individual or a team for an outstanding, world-class contribution to education.
Note:
Madhav Chavan, co-founder of ‘Pratham’, a Mumbai-based NGO, was the recipient of the 2012 WISE Prize for providing quality education to millions of underserved children in India.

Renowned Cricketer Suresh Raina appointed as the Youth Voter Awareness Ambassador for Jammu & KashmirElection Commission of India (ECI) appointed Former (Retired) Indian cricketer Suresh Kumar Raina as the Youth Voter Awareness Ambassador for Union Territory (UT) Jammu & Kashmir (J&K), to create awareness among the youngsters to participate in the electoral process for higher voter turnout.

  • Chief Electoral Officer (CEO) of J&K, Pandurang K Pole presented a letter of his appointment on 1st December, 2023.

i.ECI released a notification that individuals who are 18 year or above can enroll in the electoral rolls by submitting “Form No.6” for new elector registration by December 9, 2023.
ii.It has also mandated a special summary revision of photo electoral rolls in all parliamentary and assembly constituencies in UT J&K with January1, 2024 as the qualifying date.
About Suresh Raina:
Suresh Raina, the former Indian cricketer from Uttar Pradesh is a Left-handed batsman. He was a part of 2011 ICC Cricket World Cup (50 overs) winning squad and 2013 International Cricket Council (ICC) Champions Trophy Triumph. He was also the first Indian to have scored a hundred in all three formats of the game (Tests, One Day International & Twenty 20 International).

  • He played his Debut international match against Sri Lanka in 2005 (ODI).
  • Also his final international match against England in 2018 (ODI).

About Election Commission of India (ECI):
Chief Election Commissioner of India – Rajiv Kumar
Established – 1950.
Headquarters – New Delhi, Delhi
PNB MetLife appointed India’s Star Cricketer Smriti Mandhana its Ambassador
Smriti Mandhana, Vice Captain of Indian Women’s Cricket team has been appointed as the brand ambassador of PNB MetLife India Insurance Company Limited for their campaign “Karo Bade Sapno Ki Tayyari”.

  • With this partnership, PNB MetLife hopes to inspire all Indians to dream big and enable them a secured future.

About Smriti Madhana
Smriti Madhana is one of the finest Indian woman cricketers and she was honored with International Cricket Council (ICC) Player of the year award twice (in 2019 and 2021). She was honored with Arjuna Award (2018) by Government of India for her exemplary performance in cricket.
About PNB MetLife:

  • It is one of the main insurance companies in India, established in 2001.
  • MetLife International Holdings LLC (MIHL) and Punjab National Bank (PNB) are the majority shareholders of in the company.
  • Ashish Kumar Srivastava is the MD (Managing Director) and CEO (Chief Executive Officer) of PNB MetLife. Its headquarter is located in Mumbai, Maharashtra.

SBI’s Stake in Jio Payments Bank Drops to 23% in FY23 
State Bank of India’s (SBI) shareholding in Jio Payments Bank Limited reduced to 23% in Financial Year2022-23 (FY23) from 30% that SBI maintained since the inception of Jio Payments Bank.

  • With shareholding less than 25%, SBI will not be able to restrict special resolutions in the payment bank.
  • SBI has stayed away from two Jio Payments Bank rights issue while Reliance Industries Limited(RIL), has picked up 10 million shares on 29 November 2023, and 70 million on 23 January 2023.

Note: As per Section 114 of the Companies Act, 2013, a special resolution can be passed only when at least 75% members of the company vote in favour of the resolution.

  • Jio Payments Bank was established as a joint venture of RIL and SBI and commenced operations as payment bank in 2018.

Indian Tennis Player Ramkumar Ramanathan Wins ITF Kalaburagi Open 2023
Indian tennis player Ramkumar Ramanathan won the men’s singles title of the International Tennis Federation(ITF) Kalaburagi Open 2023 by defeating David Pichler (Austria) in the finals held at the Chandrashekhar Patil Stadium, Kalburgi, Karnataka.

  • This marks his 3rd ITF title of 2023. He has recently won the men’s singles title in the ITF Dharwad Open (Oct’ 2023) in Dharwad (Karnataka) and the ITF Men’s Tennis Championship (Dec’ 23) in Mumbai (Maharashtra).
  • Ramkumar received the prize money of USD 3200 and 25 ATP (Association of Tennis Professionals) points as the title winner, while David Pichler received USD 2120 and 16 ATP points as the runner-up.

The ITF Kalaburagi Open 2023 is part of the ITF Men’s World Tennis Tour and is played on hard courts.

  • The ITF Men’s WTT incorporates two prize money levels of tournaments – USD 15,000 (M15) and USD 25,000 (M25). ITF Kalaburagi Open 2023 is a M25 event.

Kalaburagi Open 2023 Doubles title:
Japanese pair Ryuki Matsuda and Ryotaro Taguchi clinched the men’s doubles title by defeating David Pichler (Austria) and Nitin Kumar Sinha (India) in the finals.

International Day of Persons with Disabilities 2023- December 03  The United Nations (UN) International Day of Persons with Disabilities (IDPD) is annually observed across the globe on 3 December to promote an understanding of disability issues and mobilise support for the dignity, rights, and well-being of persons with disabilities.

  • IDPD also seeks to increase awareness about the situation of persons with disabilities in every aspect of political, social, economic, and cultural life.

The 2023 theme of IDPD is, “United in action to rescue and achieve the Sustainable Development Goals (SDGs) for, with, and by persons with disabilities“.
Background:
i.In October 1992, as the UN Decade of Disabled Persons (1983–1992) drew to an end, the United Nations General Assembly (UNGA) adopted the resolution A/RES/47/3 and designated 3 December as an annual International Day of Disabled Persons.
ii.The 1st observance of International Day of Disabled Persons was marked on 3 December 1992.
In December 2007, the UN renamed the title International Day of Disabled Persons, observed every year on 3 December, as the International Day of Persons with Disabilities under the Convention on the Rights of Persons with Disabilities (CRPD) by the UNGA resolution A/RES/62/127.
iv.The 1st observance of the new title International Day of Persons with Disabilities was on 3 December 2008.
The President of India, Droupadi Murmu presented the National Awards for the Empowerment of Persons with Disabilities (Divyangjan) for the year 2023 at Vigyan Bhavan in New Delhi, Delhi on December 3, 2023, on the occasion of the International Day of Persons with Disabilities.

International Day of Banks 2023 – December 4The United Nations (UN)’s International Day of Banks is annually observed across the globe on December 4 to recognise the vital role of banking systems in the Member States in contributing to the improvement of the standard of living.

  • 4th December 2023 marks the observance of the 4th International Day of Banks. 

Background: 
i.In 2019, United Nations General Assembly (UNGA) adopted the resolution A/RES/74/245 proclaimed December 4 of every year as International Day of Banks.
ii.The first ever International Day of Banks was observed on 4th December 2020. 
About the United Nations (UN): 
Secretary-General- António Guterres
Headquarters- New York, United States of America (USA)
Establishment- 1945

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Current Affairs – 3 & 4 December 2023

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MoJS Minister Gajendra Singh Shekhawat releases Dynamic Ground Water Resource Assessment Report 2023i.The Union Minister Gajendra Singh Shekhawat, Ministry of Jal Shakti (MoJS) released the ‘National Compilation on Dynamic Ground Water Resources Of India, 2023’ whose assessment was carried out jointly by Central Ground Water Board (CGWB) and States/UTs for taking suitable interventions by various stake-holders.
ii.CGWB works under the aegis of Department of Water Resources, River Development & Ganga Rejuvenation, MoJS.
iii.Total Annual Ground Water Recharge is 449.08 Billion Cubic Metres (BCM) which is an increase of 11.48 BCM from 2022 when it was 437.6 BCM.
iv.The major increase is noticed in the States of West Bengal (WB), Assam, Telangana, Chhatisgarh, Karnataka, Gujarat and Bihar.
About Central Ground Water Board (CGWB):
Chairman– Dr. Sunil Kumar Ambast
Headquarters– Faridabad, Haryana
Formed in – 1970

iDEX signed 300th Contract For Design and Development of GaN SemiconductorsInnovations for Defence Excellence (iDEX)-Defence Innovation Organisation (DIO), the flagship initiative of the Ministry of Defence (MoD), signed its 300th contract with Bengaluru (Karnataka) based M/S Agnit Semiconductors Private Limited in New Delhi, Delhi.

  • The agreement focuses on developing advanced Gallium Nitride (GaN) Semiconductors which is essential for next-generation wireless transmitters in defence applications.

Signatories:
The contract was signed by Additional Secretary (Defence Industries Production) &  Chief Executive Officer (CEO) of Defence Innovation Organisation (DIO) T Natarajan in the presence of Defence Secretary Giridhar Aramane.
About the contract:
i.The contract aims to utilise indigenous GaN technology to design, develop and manufacture GaN components for defence in India.
ii.With this India can reduce its reliance on imports of GAN components and potentially become an exporter of it.
Note: GaN’s applications range from radars to Electronics Warfare (EW) jammers.
Previous Contracts:
i.iDEX signed its 300th contract within seven months of signing its 250th contract and nine months of signing 200th Contact.
ii.iDEX signed it’s 250th contract in May 2023 with Thane (Maharashtra) based InspeCity Space Laboratories Private Limited.
iii.Its 200th contract was with a winner of the Indian Navy Prime challenge launched under the SPRINT initiative in February 2023.
iv.In December 2022, iDEX signed its 150th contract with Pune (Maharashtra) based Altair Infrasec Private Limited.
Note: 
SPRINT stands for Supporting Pole-Vaulting in R&D through Innovations for Defence Excellence (iDEX), NIIO and Technology Development Acceleration Cell (TDAC).
Additional info:
i.Bharat Electronics Limited (BEL), a Navratna Public Sector Unit (PSU) under Ministry of Defence, signed a procurement contract with the iDEX Winner M/s Blurgs Innovations Private Limited for their solution TRIDENT.
ii.This is the first procurement order placed by a Defence Public Sector Undertakings (DPSUs) under the iDEX scheme.
About iDEX: 
i.It was launched in 2018 with an objective to provide the platform of co-creation & co-development in the defence sector.
ii.It promotes startups, innovators, and entrepreneurs to contribute to indigenous defense production.
iii.It is being implemented by DIO, established under the Department of Defence Production, MoD.

Union Home Minister Amit Shah led Committee Approves Rs 1,658 Crore Recovery and Reconstruction Plan for JoshimathThe high-level central committee, headed by Union Home Minister Amit Shah, has approved the Recovery and Reconstruction (R&R) plan of Rs 1,658 crore for Joshimath in Uttarakhand, which was affected by landslides and land subsidence.
About Joshimath’s Natural Disaster:
i.Joshimath, a hill town in the Chamoli district of Uttarakhand, suffered a land subsidence(sink) of about 5.4 cm in the 12 days from December 27, 2022, to January 8, 2023.

  • After this incidence, Joshimath has been declared a landslide-subsidence zone by the Uttarakhand government.
  • Land subsidence is a gradual settling or sudden sinking of the Earth’s surface due to removal or displacement of subsurface earth materials.

ii.Joshimath is also located in a high-risk seismic zone known as ‘Zone V’, which is vulnerable to landslides and flash floods.
Note:
Joshimath is located en route to Badrinath and the Valley of Flowers National Park and Gurdwara Hemkund Sahib.
About the recovery plan for Joshimath:
i.The recovery plan for Joshimath will be implemented in three years, following best practices, Build Back Better (BBB) principles, and sustainability initiatives.
ii.Central Assistance:The union government will provide assistance of Rs 1,079.96 crore from recovery and reconstruction the window of the National Disaster Response Fund (NDRF).
iii.State Assistance:The Uttarkhand state government will provide assistance of Rs 126.41 crore from its State Disaster Response Fund (SDRF) and Rs 451.80 crore from its state budget, including land acquisition costs for resettlement of Rs 91.82 crore.

RBI, Bank of England sign MoU concerning Clearing Corporation; Fines Bank of America, N.A., HDFC Banki.On December 1, 2023, the Reserve Bank of India (RBI) and the Bank of England (BoE) signed a Memorandum of Understanding (MoU) for cooperation and information exchange regarding the Clearing Corporation of India Limited (CCIL).
ii.It was signed by RBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial Stability Sarah Breeden in London, United Kingdom (UK).
iii.RBI in exercise of powers under the provisions of Section 11(3) of FEMA (Foreign Exchange Management Act), 1999 has imposed a monetary penalty of Rs 10,000 on Bank of America, N.A. for violation of RBI’s instructions on reporting requirements under Liberalised Remittance Scheme of FEMA, 1999.
iv.RBI approved the promoter of CSB Bank to keep a 26% stake in the lender. This is higher than the 15% stake that RBI had previously advised.
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

SEBI Postpones Linking of SCORES with ODR Portal to April 2024The Securities and Exchange Board of India (SEBI) has extended the timeline of linking of SEBI Complaint Redressal (SCORES) platform with the Online Dispute Resolution (ODR) Portal from 4th December 2023 to 1st April 2024. 

  • The circular was issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992.

Key Points:
i.As per the circular issued by SEBI on 20th September 2023,

  • The market entities has to keep submitting the Action Taken Report (ATR) on SCORES within 21 calendar days from the date of receipt of the complaint.
  • The market entities have to apply for SCORES authentication and for Application Programming Interface (API) integration so that entities can comply with the circular from December 4, 2023.

ii.SEBI has proposed to reduce the timelines and introduce auto-routing and auto-escalation of complaints to strengthen the investor grievance handling mechanism through SCORES.
iii.This will ultimately reduce the timelines and introduce automatic routing as well as automatic escalation of complaints.
About SCORES:
i.The SCORES acts as a platform for investors to file their grievances against listed companies or registered intermediaries which are unresolved.
ii.It is an initiative by SEBI.
iii.It was launched in 2011.
Additional Info:
Designated bodies include stock exchanges, the Association of Investment Bankers of India (AIBI), the Indian Real Estate Investment Trusts (REITs) Association, Depositories and Association of Portfolio Managers in India (APMI) and the Association of Mutual Funds in India (AMFI).
About Securities and Exchange Board of India (SEBI):
Chairperson – Madhabi Puri Buch
Headquarters – Mumbai, Maharashtra
Established in – 1992
Established under – Securities and Exchange Board of India Act, 1992

HDFC Securities Launches Mobile Trading App HDFC SKY On AWS Cloud
HDFC Securities Limited, the stock-broking arm of HDFC Bank, has launched its mobile trading app, HDFC SKY on Amazon Web Services (AWS), the cloud computing unit of Amazon.com.
AWS is the world’s most comprehensive and broadly adopted cloud.

  • HDFC Securities will provide secure and low-latency trading services to retail investors who prefer mobile trading.
  • HDFC SKY, built on AWS, will enable investors to access the stock market at a scale of thousands of transactions per second.
  • With AWS, HDFC Securities will reduce its annual Information technology (IT) infrastructure and management costs by up to 50%.

Note: 

  • Recently, AWS has outlined its plans to invest USD 12.7 billion in cloud infrastructure in India by 2030.
  • Since 2017, AWS has also trained more than 4 million individuals in India with cloud skills

Bose Krishnamachari among 5 Indians featured on Art Review’s 2023 Power100 Most Influential People in Art
5 Indians including Bose Krishnamachari, an Indian painter and artist-curator hailing from Kerala, are featured on 2023 Power 100, the annual ranking of the most influential people in art, published by Art Review, a London-based magazine.
i.Bose Krishnamachari is ranked 38th on the list. He has curated the murals on Manaveeyam street in Thiruvananthapuram, Kerala Traditional Historical and Colonial Architecture photography exhibition and ‘Contextual Cosmologies.
ii.The other Indians on the list were,

  • Prateek Raja & Priyanka Raja, Gallerists and Cofounders of Experimenter, Kolkata(West Bengal) ranked 62nd.
  • Dayanita Singh, Photographer (Delhi) ranked 78th.
  • Natasha Ginwala, an independent curator, researcher, and writer, ranked 94th. 

‘Power 100’ list, first published in 2002, is a global list to recognize and honour the most relevant works across international art on numerous occasions. The List is annually compiled by an international panel of global art professionals.
Top 5 of 2023 list:

India re-elected to International Maritime Organisatio CouncilIndia has been re-elected to the International Maritime Organisation (IMO) Council in Category B states for the 2024-2025 biennium. The decision was taken at the 33rd Assembly of IMO held in London, The United Kingdom (U.K.). Indian High Commissioner Vikram Doraiswami represented India at the IMO Assembly in London.
India wins with maximum votes to the IMO Council
India got 157 votes out of 167 which is the highest number of votes among candidates in category B which includes 10 member nations with largest interest in international seaborne trade.

  • Category B states are: India, Argentina, Australia, Brazil, Canada, France, Germany, Netherlands, Spain, Sweden, UAE (United Arab Emirates).
  • Previously, India was re-elected to the IMO Council in year 2017 in which India secures 144 votes which were the second highest votes and then in 2021.

About International Maritime Organisation (IMO) Assembly:
The IMO Assembly is the highest governing body. It consists of 175 member states of IMO and meets once in every 2 years (biennial).
i.Its main function is to monitor and approve the work programme and budget of IMO.
ii.It determines financial arrangements and elections of members to the IMO Council.
IMO Council:

  • It is the executive organ of IMO and is responsible for supervising the work of the organization under the IMO assembly. The council performs all functions of assembly in between the session of the assembly except, in making recommendations to government on maritime safety and pollution prevention.
  • It consists of 40 members who are elected for period of 2 years. These members are further classified in 3 different categories:

i.CategoryA: It includes 10 member states with largest interest in providing international shipping services.
ii.CategoryB: It includes 10 member states with largest interest in international seaborne trade
iii.CategoryC: It includes20 member states which have special interest in maritime transport or navigation.
About International Maritime Organisation:
International Maritime Organisation (IMO) is one of the specialized agency of U.N. (United Nation) it is international body responsible for regulating and formulating policies for international maritime.

  • It was established under the United Nations Convention in Geneva in 1948 and operationalised formally for 1st time in 1959.
  • IMO has its permanent secretariat in London, U.K. and currently has 175 member states and 3 associate members.
  • Kitack Lim (South Korea) is currently serving as the Secretary General of IMO.
  • India joined the IMO as its member state in the year 1959.

Chandra Shekhar Ghosh Re-appointed as MD & CEO of Bandhan Bank for 3 Years The board of Bandhan Bank Limited approved the re-appointment of Chandra Shekhar Ghosh as the Managing Director (MD) and Chief Executive Officer (CEO) of the Bandhan Bank , for 3 years.

  • The re-appointment is subject to the approval of the Reserve Bank of India (RBI) and the shareholders of the bank.
  • If approved by RBI, the re-appointment would be effective from July 10, 2024.

Note: His current tenure as the MD and CEO would expire on 9th July 2024. He has been serving as the MD & CEO of the bank since 2015.
About Chandra Shekhar Ghosh:
i.Chandra Shekhar Ghosh has more than 30 years of experience in the microfinance and development spaces.
ii.He founded Bandhan in 2001 as a not-for-profit enterprise.
iii.He played a pivotal role in transforming Bandhan into a Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) (2006) and as a universal bank in August 2015.

  • It became the first microfinance company in India to get a universal banking licence.

iv.Previously, he has also served as the President of the Bengal Chamber of Commerce & Industry (BCC&I), and Chairman of The Confederation of Indian Industry (CII), Eastern Region.
v.He is also a member of the Managing Committee of the Indian Banks’ Association (IBA) and a member of the Corporate Governance Council, CII.
vi.He co-chairs the Financial Inclusion Committee of the Federation of Indian Chambers of Commerce and Industry (FICCI).
vii.He is a Member of the Committee on Micro, Small, and Medium Enterprises (MEMEs) sector in the Government of West Bengal.
About Bandhan Bank Ltd:
MD & CEO– Chandra Shekhar Ghosh
Headquarters– Kolkata, West Bengal
Commenced Operations (as bank) on– August 23, 2015
Tagline– Aapka Bhala. Sabki Bhalai

Gajraj System: Indian Railways to Install AI-based Surveillance System to Prevent Elephant Deaths on TracksUnion Minister Ashwini Vaishnaw, Ministry of Railways, announced that the Indian Railways will install ‘Gajraj System’, an Artificial Intelligence (AI)-based surveillance system, covering 700-kilometer (km) track across India to to reduce elephant deaths on railway tracks.

  • 700 km of rail network across Assam, West Bengal, Odisha, Kerala, Jharkhand, Chattisgarh, and Tamil Nadu will be covered under this system.
  • The implementation of this system will costs around Rs 181 Crore.

Background:
i.The ‘Gajraj System’ was developed by the Railways in collaboration with several startups.
ii.This technology was tested on a 150-kilometer stretch of Assam in 2022. Based on the field experience, improvements were made in the system exhibiting a 99.5% accuracy in detecting elephants on tracks.
iii.The Northeast Frontier Railway(NFR) has commissioned this system a pilot project over a section of 60 to 70 km.
iv.In September 2023, the system was installed on 11 elephant routes in the Northeast: 5 in Alipurduar, West Bengal and 6 in Lumding, Assam.

  • NFR reported zero elephant deaths from train accidents since the implementation of the system.

Note: The system was the brainchild of former General Manager of NFR Anshul Gupta, who retired in March 2023.
About Gajraj System:
i.The Intrusion Detection System (IDS) for railways is based on AI software, it can monitor unusual movements up to 60 kilometers.
ii.IDS (Elephant Detection) is based on the Distributed Acoustics Sensing (DAS) technique, which locates and detects the presence of elephants near the track so that the speed of trains in the sections will be reduced.
How does the system work?
i.Railways utilise Optical Fiber Cables (OFC) beneath tracks for communication and signaling purposes.
ii.The IDS, integrated into the OFC network, detects vibrations caused by elephants stepping onto the track.
iii.Instant alerts are sent to the division control room and a dedicated mobile application when elephant movement is detected.
iv.The system can accurately detect and locate moving elephants up to 5 meters from the fiber optic cable.

PCI Launched Revamped ‘DIGI-PHARMed’ Portal for PharmacistsPharmacy Council of India (PCI) launched the revamped version of the DIGI-PHARMed application, a cloud-based application to provide end-to-end services to Pharmacy institutions/Pharmacist/Pharmacy student/Pharmacist jobseeker.

  • Dr. Montu Kumar M Patel, President of PCI inaugurated the revamped DIGI-PHARMed application.

About DIGI-PHARMed
Objective:

  • To ensure that educational standards are implemented uniformly across India.

Key Points:
i.The application has been enhanced with 4 integrated services with an objective to regulate the Pharmacy education in the country by enrollment/registration of Pharmacy institutions/ Pharmacist/ Pharmacy student/ Pharmacist jobseeker across India.
ii.The revamped version will enable the stakeholders to avail the full benefits of PCI digital services.
iii.The revamped portal will ensures total digitization, saving man-hours and paper.
iv.This will also enhance user satisfaction, streamlines registration, and boosts productivity and transparency.
About Pharmacy Council of India (PCI) :
Pharmacy Council of India (PCI) is a statutory body working under the Ministry of Health and Family Welfare (MoHFW).
President– Dr. Montu Kumar M Patel
Headquarters– New Delhi, Delhi

Vaishali Rameshbabu becomes India’s 84th Chess GrandmasterIndian Chess player Vaishali Rameshbabu(22 years old), has become India’s 84th Grandmaster(GM) by crossing the 2500 Elo live ratings during the ongoing 4th edition of the Llobregat Open Chess Tournament (Llobregat Open 2023) from 30th November 2023 to 8th December 2023 in Barcelona, Spain.

  • She is the third Indian female, after Koneru Humpy (2002) and Harika Dronavalli (2011), to get the GM title.
  • Vaishali and her brother Praggnanandhaa became the world’s first sister-brother pair to be GrandMasters.

Vaishali’s GM Norms:
To become a GM, a player has to secure three GM norms and cross the live rating of 2,500 Elo points.
i.Vaishali had secured three GM norms at the Xtracon Open 2019 in Denmark, the Fischer Memorial 2022 in Greece, and the Qatar Open 2023.
ii.She crossed the 2500 rating when she defeated FIDE Master (FM) Tarik Selbes (Türkiye) in the second round of the 2023 IV Elllobregat Open.
About Vaishali Rameshbabu:
i.Vaishali Rameshbabu secured her Woman Grandmaster (WGM) title in 2018 (elo rating 2300) and International Master (IM) title in 2021(elo rating 2400).

  • At present, she is ranked world no. 11 in the women’s ranking with a live rating of 2501.5.

ii.She was a part of the women’s chess team that won the silver medal in the 19th Asian Games (Hangzhou 2022).
Note:
Recently(November 2023), she won the FIDE Women’s Grand Swiss 2023 title and qualified for the 2024 Women’s Candidates, which is set to be held in Canada.

  • Along with her brother Praggnanandhaa, they became the first brother-sister duo to qualify for the Candidates Tournament.

About Federation Internationale des Echecs/International Chess Federation (FIDE):
President – Arkady Dvorkovich
Headquarters – Lausanne, Switzerland
Established – 1924

International Day for the Abolition of Slavery 2023- December 02 The United Nations (UN) International Day for the Abolition of Slavery is annually observed across the globe on 2 December to combat and eradicate contemporary forms of slavery, such as trafficking in persons, sexual exploitation, the worst forms of child labour, forced marriage, and the forced recruitment of children for use in armed conflict.
Background:
i.The International Day for the Abolition of Slavery observed on 2 December, marks the date of the adoption of the UN Convention for the Suppression of the Traffic in Persons and of the Exploitation of the Prostitution of Others (resolution A/RES/317(IV)) by the United Nations General Assembly (UNGA) of 2 December 1949.
ii.The Convention for the Suppression of Trafficking Persons and of the Exploitation of the Prostitution of Others entered into force on 25 July 1951.

National Pollution Control Day 2023- December 2 National Pollution Control Day or National Pollution Prevention Day is annually observed across India on 2 December in the memory of those who lost their lives in the disastrous 1984 Bhopal Gas Tragedy.

  • The Day also aims to raise awareness of the management and control of industrial hazards and avoid pollution caused by industrial processes or human negligence.

2 December 2023 marks the 39th Anniversary of the Bhopal Gas Tragedy.
About Central Pollution Control Board (CPCB):
CPCB functions under the Ministry of Environment, Forest and Climate Change(MoEF&CC).
Chairman– Tanmay Kumar
Headquarters– New Delhi, Deli

World Computer Literacy Day 2023 – December 02World Computer Literacy Day is annually observed across the globe on December 2 to raise public knowledge of computers and encourage the development of technological skills, particularly among children and women in India.

  • 2nd December 2023 marks the observance of 23rd World Computer Literacy Day.

The first World Computer Literacy Day was observed on 2nd December 2001.
About National Institute of Information Technology (NIIT):
Chief Executive Officer (CEO) and Executive Director (ED) – Sapnesh Lalla
Headquarters – Gurugram, Haryana
Established in – 1981

Assam govt and NDDB sign MoU for holistic dairy development in Assam 
The Government of Assam has signed a Memorandum of Understanding (MoU) with the National Dairy Development Board (NDDB) for the holistic development of the dairy sector in Assam.

  • This partnership is in line with efforts to make Assam, sufficient in milk and egg production in the coming years.
  • The government has targeted to increase Assam’s milk production to 39 lakh litres per day from 29 lakh litres.
  • Assam has identified land at three places to set up mega milk processing plants with a capacity of 1 lakh litres per day.

Note: In January 2022, Assam and NDDB signed an MoU to create a Rs 2000 crore joint venture for the holistic development of the dairy sector in Assam.

  • Under this MoU, the joint venture will be established with a target to process 10 lakh litres of milk through 6 new units in 7 years.
  • Himanta Biswa Sarma, Hon’ble Chief Minister of Assam also laid the foundation stone of Purabi Dairy expansion project under World Bank-funded Assam Agribusiness & Rural Transportation Project (APART).

Bengaluru’s KIA set to become India’s 1st Airport to Introduce CTX System For Effortless Screening Experience
The Kempegowda International Airport (KIA) in Bengaluru, Karnataka, is set to become the first Airport in India to introduce the Computer Tomography X-ray (CTX) machine to eliminate the need for removing personal electronic devices from handbags during pre-boarding security checks.
KIA operator Bengaluru International Airport Limited (BIAL) has initiated a trial run for the CTX machine.

  • The CTX system will allow the passengers to leave electronic devices, such as laptops, and items categorized as Liquids, Aerosols, and Gels (LAGs), in their bags, expediting the screening process.
  • The CTX machine integrated with the Automatic Tray Retrieval System (ATRS) and full-body scanners, will enhance the security measures and operational efficiency.
  • The system is expected to become fully operational by December 2023.

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Current Affairs – 2 December 2023

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Overview of the 54th International Film Festival of India held in GoaThe 54th edition of the International Film Festival of India (IFFI) was held in Goa from 20 to 28th November 2023.

  • The 54th IFFI was jointly organised by the National Film Development Corporation (NFDC) under the Ministry of Information & Broadcasting(MIB) along with the Entertainment Society of Goa (ESG), Government of Goa.

Key Points: 
i.Anurag Thakur, Union Minister, MIB inaugurated the 17th edition of the Film Bazar and VFX and Tech Pavilion, and launched “75 Creative Minds of Tomorrow” challenge during 54th IFFI in Goa.
ii.Renowned Indian actress, Padma Shri Awardee Madhuri Dixit was honoured with the Special Recognition to Bhartiya Cinema award for her outstanding contributions to the Indian film industry.
iii.Michael Douglas career spans more than 50 years. He is best known for his iconic roles in films like Wall Street, Fatal Attraction, The American President, Basic Instinct and many others.

President Droupadi Murmu Confers President’s Colour to Armed Forces Medical College at PuneThe President of India, Droupadi Murmu, conferred the President’s Colour (represented by a flag) to the Armed Forces Medical College (AFMC) at Pune, Maharashtra.

  • To commemorate the AFMC’s platinum jubilee year, the President released a commemorative coin (Rs. 75), a special cover, and a stamp to mark the occasion.
  • President Droupadi Murmu also inaugurated the Armed Forces Centre for Computational Medicine, ‘Prajna’.

About the President’s colour:
i.The president’s colour, also known as “Rashtrapati ka Nishaan,” is the highest honour bestowed upon a military unit for its exemplary service, courage, and discipline.
ii.The Indian Navy was the first Indian Armed Force to be awarded the President’s Colour by Dr. Rajendra Prasad on 1951.
iii.The President’s Colour Award ceremony is presided over by the President, who is also the supreme commander (under Article 53 of the Indian Constitution) of the armed forces, or by the respective armed forces head designated by the President for the event.
About the Armed Forces Medical College:
i.The Armed Forces Medical College (AFMC) was established on May 1, 1948, in Pune by the recommendations of the BC Roy Committee by merging various defence medical organizations.
ii.The college offers training to under-graduate and post-graduate medical and nursing students with assured career prospects in the defence services.

IDFC FIRST Private Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2023: DMart’s Radhakishan Damani Tops the listRadhakishan Shivkishan Damani, the founder of Avenue Supermarts Limited (DMart) topped the first edition of ‘India’s Top 200 Self-made Entrepreneurs of the Millennia 2023’ released by First Private (Private Banking by IDFC First Bank Limited) and Hurun India, with the value of Rs.2.38 lakh crore.

  • He is followed by Binny Bansal and Sachin Bansal (founders of Flipkart India Private Limited) with an equity value of Rs. 1.19 lakh crore.
  • Deepinder Goyal, the founder of Zomato Media Private Limited, is ranked third with a net worth of Rs 86,835 crore.

i.It is a list of the 200 most valuable companies in India founded after the millennium (year 2000).
ii.It is comprised of 405 founders who are Self-made Entrepreneurs and propelling India’s entrepreneurial ecosystem to new heights.
About Hurun India:
Founder – Anas Rahman Junaid
Headquarters – Mumbai, Maharashtra
Established in – 2012
About IDFC FIRST Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – V. Vaidyanathan
Headquarters – Mumbai, Maharashtra
Established in – 2018
Tagline –  Always You First

DAC Approves AoNs for Various Acquisition Proposals worth Rs.2.23 Lakh Crore to Boost Indian Defence SectorThe Defence Acquisition Council (DAC) chaired by Union Minister Rajnath Singh, Ministry of Defence(MoD), granted approval for Acceptance of Necessity (AoNs) for diverse Capital Acquisition Proposals, worth Rs 2.23 lakh crore to enhance the operational capabilities of the Armed Forces.

  • Around 98% of the total AoN amount (Rs 2.20 lakh crore) worth acquisition will be sourced from domestic industries.
  • This is in line with efforts towards achieving self-reliance in the Indian Defence sector (Aatmanirbharta).

Key Points:
i.DAC has approved the procurement of defence equipment worth Rs.1.5 lakh crores such as 97 new LCA Mk 1A fighter aircraft and the indigenous upgrade of 84 Su-30 MKI combat planes.
ii.To maximise indigenisation, the DAC has accorded approval for a major amendment in the Defence Acquisition Procedure (DAP) 2020.
About Ministry of Defence:
Union Minister– Raj Nath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)

Government of India and Manipur Signs Peace Agreement with UNLF
The Government of India (GoI) and the Manipur Government signed a tripartite Peace Agreement with the United National Liberation Front (UNLF), in New Delhi, Delhi to establish permanent peace in the Northeastern region specifically in Manipur. The peace agreement marks the end of a six-decade-long armed movement.
The agreement was signed by senior officials of the Ministry of Home Affairs (MoHA) and Government of Manipur and representatives of UNLF.

  • For the first time, a Valley-based armed group has agreed to return to the mainstream by giving up violence and agreeing to honour the Constitution of India and the laws of the land.
  • It also provides an opportunity to address the longstanding concerns of the community.
  • A Peace Monitoring Committee (PMC) will be constituted to oversee the enforcement of the agreed ground rules.

Note:

  • UNLF, established in 1964, is the oldest and first valley-based armed group in Manipur. It comprises around 400-500 armed rebels, dominated by the majority Meitei community.
  • UNLF was formed under the leadership of Areambam Samrendra Singh to achieve independence and a socialist society.

UNICEF Published 2023 Global Snapshot on HIV and AIDS: Progress and Priorities for Children, Adolescents, and Pregnant WomenThe United Nations Children’s Fund (UNICEF) published the Global Snapshot on HIV and AIDS: Progress and Priorities for Children, Adolescents, and Pregnant Women, which provides global statistical and response updates on children, adolescents, and pregnant women.

  • As per the publication, nearly 98,000 adolescent girls aged 10-19 were infected with Human Immunodeficiency Virus (HIV) in 2022 – or 1,900 new infections every week, it shows a  significant testing and medication access gaps persist among children and adolescents.
  • The report was published ahead of World Acquired immunodeficiency syndrome (AIDS) Day 2023 (1 December)

About United Nations Children’s Fund (UNICEF):
Executive Director– Catherine M. Russell
Headquarters– New York, United States of America (USA)
Established in– 1946

Ujjivan SFB Partners with Water.org to offer Water, Sanitation & Hygiene LoansUjjivan Small Finance Bank Limited (Ujjivan SFB) has partnered with Water.org, a global nonprofit organization dedicated to providing clean water and sanitation, to offer accessible financing solutions for water and sanitation solutions.
Features of the partnership:
i.Under this partnership, Water.org will assist Ujjivan SFB in identifying areas that require financing for clean water and hygienic sanitation.
ii.Water.org will also provide technical assistance, market assessment, development of Information, Education and Communication (IEC) material, monitoring and evaluation support.
iii.Ujjivan SFB will offer loans of about Rs. 6,000 to Rs. 1,00,000 to existing as well as new customers to enable them to construct and renovate water and sanitation facilities.
iv.By offering affordable loan over the next 3 years, Ujjivan SFB will provide 65,000 households with access to clean, hygienic sanitization facilities and safe drinking water.
Note: In 2022, Ujjivan SFB has disbursed over 5,000 Water and Sanitation (WATSAN) loans worth Rs 30 crore supporting its customers to construct sanitation facilities in line with Government’s Swachh Bharat Mission.
About Ujjivan Small Finance Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Ittira Davis
Headquarters – Bengaluru, Karnataka
Established in – 2017
About Water.org:
Water.org is a global nonprofit organization working to bring water and sanitation to the world.
Co-founder & Chief Executive Officer(CEO) – Gary White
Headquarters – Kansas City, Missouri, United States of America (USA)
Established in – 2009

Federal Bank, NeML tie-up to Streamline E-Procurement, E-AuctionA Memorandum of Understanding (MoU) was signed between the Federal Bank Limited and NCDEX e-Markets Limited (NeML) to strengthen the integration of e-procurement and e-auction systems.

  • This partnership will facilitate an advanced e-procurement solution and streamline e-procurement and e-auction systems for Central and State Government organizations.

Signatories:
Indraneel Pandit, Senior Vice President and Zonal Business Head, Federal Bank, CIB (Corporate & Institutional Banking) West, and Dhawal Shah, Chief Operating Officer (COO),  NeML.
Key Points:
i.Under this initiative, farmers’ list crop details on NeML’s platform, with the government purchasing them at the Minimum Support Price (MSP).
ii.Federal Bank’s host-to-host integration with NeML’s e-procurement platform will enable a secure payment processing system.
iii.NeML’s eAuction solution offers a price-discovery mechanism, benefiting the Government of India by providing a robust price-discovery mechanism for various commodities

  • NeML holds major market share in transparent price discovery across more than 90 commodities.

iv.The other advantages of this partnership includes nationwide participation, enhanced price discovery, cartel prevention, and adaptable bids, end-to-end digital payment execution, a tailored plug-and-play solution, simplified documentation, automated reconciliation on NeML’s portal, customizable payment advice, all without additional charges.
Note:
NeML, headquartered in Mumbai, Maharashtra, is a wholly owned subsidiary of National Commodity and Derivatives Exchange Limited (NCDEX).
NeML, formerly NCDEX Spot Exchange-NSPOT, is the leading Indian electronic trading platform.
It was incorporated on October 18, 2006
About Federal Bank:
It was established in 1931 as the Travancore Federal Bank Limited. It was renamed as the Federal Bank Limited in December 1949, and became scheduled commercial bank on July 20, 1970.
Managing Director & CEO– Shyam Srinivasan
Headquarters– Aluva,Kochi, Kerala
Tagline– Your Perfect Banking Partner

India GDP growth in Q2FY24 estimates at 7.6%: NSOi.On November 30, 2023, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released the estimates of Gross Domestic Product (GDP) for the July-September Quarter (Q2) of 2023-24 (Q2FY24), both at Constant (2011-12) and Current Prices.
ii.India’s Real GDP or GDP at Constant (2011-12) Prices in Q2FY24 is projected to grow at 7.6% as compared to 6.2% in Q2FY23. It is estimated to attain a level of  Rs 41.74 lakh crore in Q2FY24 as against Rs 38.78 lakh crore in the Q2FY23.
iii.The State Bank of India (SBI) through its Research ‘Ecowrap’ report has raised its forecast for India’s GDP growth for FY24 to 7% from 6.7%, citing robust Q2FY24 growth at 7.6%, driven by a 13.9% surge in manufacturing and a 13.3% rise in construction.
About the Ministry of Statistics and Programme Implementation (MoSPI):
MoSPI is the nodal agency for the planned and organized development of the statistical system in India.
Ministers of State (Independent Charge) – Rao Inderjit Singh (Gurugram Constituency – Haryana)

CSL launches 3 ASW SWC ‘Mahe, Malvan & Mangrol‘ for IN; Delivery of 3rd ACTCM Barge, LSAM 17 Madei.On November 30, 2023, Cochin Shipyard Limited (CSL) launched the first three ships of the 8 Anti-Submarine Warfare Shallow Water Crafts (ASW SWC) project namely Indian Naval Ship (INS) Mahe, INS Malvan, and INS Mangrol at its Kochi Yard in Kerala for the Indian Navy (IN).
ii.Mahe Class to replace Abhay Class ASW Corvettes, designed for anti-submarine operations, Low Intensity Maritime Operations (LIMO), and Mine Laying Operations including subsurface surveillance..
iii.On November 30, 2023, the 3rd Ammunition Cum Torpedo Cum Missile (ACTCM) Barge, LSAM 17 (Yard 127) has been delivered to IN in the presence of Shankar Mukharjee, INAS (Indian Naval Armament Service), AGM Naval Armament Depot (NAD), Karanja in Mumbai, Maharashtra. This delivery was made for NAD Karanja.
About Indian Navy (IN):
Chief of the Naval Staff (CNS)– Admiral Radhakrishnan Hari Kumar
Headquarters– Integrated Defence Headquarters, Ministry of Defence, New Delhi, Delhi

Tata Advanced Systems Partners Satellogic to Develop Local Space Tech Capabilities in India
Tata Advanced Systems Limited (TASL), a leading aerospace and defence solutions provider, has announced a partnership with Satellogic Inc., a sub-meter resolution Earth Observation(EO) Data collection company, to develop local space technology capabilities in India. This collaboration is a first step in TASL’s satellite strategy.

  • Both TASL and Satellogic will collaborate to develop a new satellite design along with developing imagery in India for national defense and commercial applications. For this, TASL is commissioning a Satellites’ Assembly, Integration and Test (AIT) in Karnataka.
  • Both the companies will also work together to integrate multiple payloads on a single satellite that will generate a diverse range of data over India.
  • The project will commence with comprehensive training, knowledge transfer, and local assembly of optical sub-meter resolution EO satellites, the first of which is planned to be launched as TSAT-1A.

World AIDS Day 2023- December 1 The United Nations (UN)’s World Acquired Immune Deficiency Syndrome (AIDS) Day is annually observed across the globe on 1 December to raise awareness about AIDS and to unite people across the globe to show support for people living with AIDS and affected by Human Immunodeficiency Viruses (HIV).

  • 1 December 2023, marks the 35th anniversary of World AIDS Day,
  • The theme of World AIDS Day 2023 is, “Let Communities Lead.”
  • UNAIDS, the UN program on HIV/AIDS took the lead in campaigning for World AIDS Day since its creation in 2004.
  • The red ribbon has become an internationally recognized symbol of solidarity and support for people living with HIV and for AIDS awareness.

Background:
i.Founded in 1988, World AIDS Day was the first-ever international day for global health.
ii.The concept of World AIDS Day was first conceived in August 1987, by James W Bunn and Thomas Netter, two public information officers for the Global programme on AIDS at the World Health Organization (WHO) in Geneva, Switzerland.
About UNAIDS:
Executive Director– Winnie Byanyima
Headquarters– Geneva, Switzerland
Started Operations in 1996

59th Raising Day of the Border Security Force – December 1, 2023The Border Security Force (BSF) of India annually celebrates the BSF Raising Day on 1 December to mark the establishment of BSF, a primary border-guarding organisation of India that came into existence on 1st December 1965.

  • 1st December 2023 marks the observance of the 59th Raising Day of BSF.

BSF, also known as the First Line of Defence of Indian Territories, is a paramilitary force charged with guarding India’s land borders with Pakistan and Bangladesh during peacetime and preventing transnational crime.

Veera Rana takes Additional Charge as Chief Secretary of Madhya Pradesh
Veera Rana, a 1988-batch Indian Administrative Service (IAS) officer, was given the additional charge as the Chief Secretary of Madhya Pradesh (MP). She became the 2nd woman IAS officer to be elevated to the post of Chief Secretary of MP.

  • Nirmala Buch was the 1st woman Chief Secretary of Madhya Pradesh, from 1991 to 1993.

i.Veera Rana succeeds CS Iqbal Singh Bains, who retired on 30 November 2023 after getting 2 six-month extensions.

  • He was set to retire on 30 November 2022 but was granted 2 extensions from 1 December 2022 to 31 May 2023 and from 1 June 2023 to 30 November 2023.

ii.Veera Rana is currently serving as the Chairperson of the Madhya Pradesh Board of Secondary Education (MPBSE). She also holds the Additional Charge of Madhya Pradesh Agriculture Production Commissioner.

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