NATIONAL UPDATES:
1. Why S.A.F.E. Accommodation Matters?: The S.A.F.E. accommodation initiative offers a comprehensive framework by aligning regulatory and financial frameworks. The report identifies several benefits of S.A.F.E.:Enhancing Workforce Productivity and Retention: Proximate and well-designed housing improves workers’ quality of life, reduces commute times, and enhances overall productivity.Attracting Global Investments: High-quality accommodations demonstrate India’s commitment to international standards, thereby making the country a preferred destination for manufacturing investments. Aligning with Global Labour Standards: Adherence to international labour standards enhances India’s reputation and competitiveness in the global market.
INTERNATIONAL UPDATES:
1. Salman Khan joins hands as Brand Ambassador to promote inaugural Kho Kho World Cup: The Kho Kho Federation of India (KKFI) has officially appointed Bollywood superstar Salman Khan as the brand ambassador for the inaugural Kho Kho World Cup, which will be held in New Delhi from January 13 to 19, 2025.This event will see the participation of teams from 24 countries and is set to boost the global profile of Kho Kho. The event will feature 21 men’s teams and 20 women’s teams, representing 24 countries.The tournament aims to showcase the sport’s widespread appeal, with an exciting lineup of men’s and women’s teams competing for the first time on the world stage.The Kho Kho World Cup will see 21 Men’s and 20 Women’s teams competing in the week-long tournament, seeing participation of 24 nations traveling for the tournament to India.
2. World Meditation Day Observed on December 21: The United Nations General Assembly has recently declared December 21 as World Meditation Day, which aims to promote awareness of meditation’s benefits for health and well-being. It was co-sponsored by several nations, including India and Mexico, and emphasizes the right to good physical and mental health. The inaugural theme for 2024 is “Inner Peace, Global Harmony.” Meditation traces its roots back approximately 4,000 years to India, which has evolved over centuries and is now embraced globally. Various cultures have adapted meditation practices, contributing to its diverse forms. It typically involves focus, awareness, relaxation, and transcendence. Practitioners concentrate on elements such as breath, sounds, or mantras. This focus promotes heightened awareness of thoughts and emotions, encouraging a non-judgmental presence in the moment.
3. India to Host World Boxing Cup Final 2025: India is set to host the World Boxing Cup Final in November 2025, marking a milestone as it marks India’s support for the newly established World Boxing (WB) organization. The Boxing Federation of India (BFI) will also conduct the third World Boxing Congress concurrently, which will feature elections for the Presidency and Executive Board. The Boxing Federation of India will oversee the organisation of both the World Boxing Cup Final and the World Boxing Congress. This includes managing logistics, ensuring athlete welfare, and creating a competitive environment. The BFI aims to provide a platform for boxers from around the world to showcase their talent.
OTHER UPDATES:
DEFENCE
1. MoD inks Rs 7,629 crore contract with L&T for K9 VAJRA-T Self-Propelled Tracked Artillery Guns for Indian Army: The Ministry of Defence (MoD) has signed a Rs 7,628.70 crore contract with Larsen & Toubro Limited (L&T) for the procurement of additional 155 mm/52 calibre K9 Vajra-T self-propelled tracked artillery guns for the Indian Army.The procurement falls under the “Buy (Indian) category”, providing a further boost to the Centre’s “Aatmanirbhar Bharat” (self-reliant India) initiative.The procurement of the latest batch of K9 Vajra-T guns will “catalyse artillery modernisation” and “enhance the Indian Army’s overall operational readiness”. The guns will be manufactured under licence from South Korean defence major Hanwha Defense, extending an initial contract for 100 guns that has already been completed.
2. India and Vietnam Coast Guard Joint Exercise: The Vietnam Coast Guard Ship CSB 8005 departed Kochi after a successful visit that enhanced cooperation between the Vietnam Coast Guard (VCG) and the Indian Coast Guard (ICG). This four-day visit included various activities aimed at improving maritime security collaboration. An aspect of the visit was the sea exercise named Sahayog Hop Tac, which took place off the coast of Kochi. This exercise addressed critical maritime security issues and featured a Pollution Response Demonstration.During the demonstration, ICG ships and aircraft showcased their capabilities in responding to oil spills and environmental hazards. This exercise aimed to enhance preparedness for potential maritime disasters.
3. DRDO, IIT-Delhi and Industry Sign 10 Key Agreements: The DIA-CoE event “DIA-GARIMA” took place at IIT Delhi on December 19, 2024, which focuses on enhancing indigenous military applications through collaboration among defence organisations, academic institutions, and industry partners. The event witnessed the signing of ten agreements aimed at boosting defence technology. During the event, notable agreements included the transfer of technology for lightweight bullet-resistant jackets (ABHED) to companies such as MIDHANI, SMPP Pvt Ltd, and AR Polymers. Additional agreements were established for the development of indigenous ballistic materials with Reliance Industries. Partnerships also emerged for producing extreme weather clothing with Aeronav, Arrow Garments, and Katalyst TECHTEX.
SCIENCE AND TECHNOLOGY
1. China astronauts script history with world’s longest spacewalk, break US record: China’s space programme achieved a milestone as two of its astronauts completed a nine-hour spacewalk.The nine-hour extravehicular activity (EVA) by Shenzhou-19 crew members Cai Xuzhe and Song Lingdong surpassed a 22-year-old record held by the US.The two astronauts aboard the Tiangong space station have set the new world record for the longest spacewalk, as reported by the South China Morning Post.Cai and Song wrapped the nine-hour extravehicular activity, better known as a spacewalk.According to NASA, the previous record of eight hours and 56 minutes was set by US astronauts James Voss and Susan Helms on March 12, 2001.Both the astronauts were supported by crewmate Wang Haozhe, who remained inside the station. Tiangong’s robotic arms and ground control teams also contributed to the mission’s success.
2. Phewa Dialogue 2024: The Phewa Dialogue series commenced recently, marking collaboration between Nepal and China, in Pokhara, a city renowned for its picturesque lake. Former President Bidya Devi Bhandari inaugurated the dialogue, denoting its importance for regional cooperation. Sichuan University’s China Center for South Asian Studies and Tribhuvan University’s Department of International Relations and Diplomacy are hosting the event. Their collaboration signifies a unified approach to addressing South Asian challenges. This partnership also puts stress on the role of academic institutions in shaping policy discussions.Pokhara, known for its natural beauty, serves as an ideal backdrop for the dialogue. The choice of location aims to attract attention to Nepal’s potential as a host for international forums. The scenic environment is expected to inspire constructive discussions among participants.
BANKING AND FINANCE
1. M2P Fintech Collaborates with SBI to Revolutionise Prepaid Payment Solutions: M2P Fintech has joined hands with the State Bank of India (SBI) to deliver seamless and secure payment experiences.This collaboration aims to introduce innovative and user-friendly solutions, positioning prepaid payment systems as smarter, more efficient alternatives in the financial landscape.The partnership focuses on leveraging M2P Fintech’s advanced technology platform, renowned for its agility and scalability, combined with SBI’s vast network and customer base. Together, they seek to address the evolving needs of digital payment users, ensuring convenience, security, and reliability.Under this alliance, M2P Fintech will enable SBI to strengthen its prepaid offerings with advanced features such as real-time tracking, instant card issuance, and enhanced fraud prevention mechanisms. These features are designed to cater to diverse use cases, including corporate disbursements, travel cards, and gift cards, providing unmatched flexibility to businesses and consumers alike.
2. RBI imposes fine on Manappuram Finance, IndusInd Bank over non-compliance: The Reserve Bank of India (RBI) has imposed penalties on IndusInd Bank and Manappuram Finance amounting to Rs 27.3 lakh and Rs 20 lakh, respectively, for non-compliance with norms.The statutory inspection of the companies was conducted by the RBI with reference to their financial position as of March 31, 2023.The penalty on Manappuram Finance was imposed for failing to undertake customer PAN verification at the time of customer acceptance and for allotting multiple identification codes to some customers instead of a Unique Customer Identification Code (UCIC) for each customer.A penalty of Rs 27.30 lakh has been imposed on IndusInd Bank for non-compliance with certain provisions of norms related to ‘interest rate on deposits.The RBI had conducted a statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2023, and had issued a notice to the private sector lender.
3. Shriram Finance launches Green Finance Vertical: Shriram Finance Limited, a financial services company, has launched a new vertical to manage all its commitments to green financing.The newly-launched Shriram Green Finance plans to build on the group’s existing portfolio of green financing, mostly focused on electric vehicles (EVs) and explore opportunities beyond this segment.In particular, Shriram Green Finance would focus on financing electric vehicles (EV), battery charging stations, renewable energy and energy efficient machinery.Shriram Finance is targeting assets under management (AUM) of Rs 5,000 crore ($588 million) over the next three to four years under the portfolio. It also plans to raise funds from domestic and international sources, focusing on green investments.At the initial stage, Shriram Green Finance will focus on building its EV portfolio in Karnataka, Kerala, Delhi NCR and Maharashtra.
AWARDS AND HONOURS
1. Maharashtra Prisons and Correctional Services Act, 2024: The Maharashtra assembly recently passed the Maharashtra Prisons and Correctional Services Act, 2024, aimed at modernizing the state’s prison system. This legislation is based on the 2023 Model Prisons Bill from the central government and introduces substantial reforms. The law categorizes prisons into various types, including special prisons, open prisons for women, and temporary prisons. Open colonies will facilitate the reintegration of former inmates into society.The Act prioritizes rehabilitation over punishment, replacing the colonial-era Prisons Act of 1894. It introduces a Director General of Prisons and Correctional Rehabilitation, reflecting a modern approach to correctional services.
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