NATIONAL UPDATES:
1. India’s first glass bridge over sea inaugurated in Kanyakumari: In Tamil Nadu, the iconic tourist destination Kanyakumari had added another jewel to its crown. India’s first glass bridge over sea was inaugurated.Tamil Nadu Chief minister MK Stalin unveiled the classic glass bridge that connects the 133 ft tall Saint Tiruvalluvar statue and the Vivekananda rock Memorial.The bridge would allow the tourists to enjoy a breezy walk between the landmarks while seeing through the wavy sea underneath. Constructed at 37 crores, the 77 metres bridge was inaugurated as part of silver jubilee celebration of the Tiruvalluvar statue, now renamed as statue of Wisdom by the state government.
2. Ministry of Consumer Affairs & Gupshup introduce virtual assistant: The Ministry of Consumer Affairs has partnered with messaging platform Gupshup to introduce a web-based AI virtual assistant, Jagriti, to simplify the process of filing consumer complaints.The announcement brings grievance redressal to consumers’ fingertips and marks a significant leap forward in empowering consumers across India. Once consumers authenticate with their mobile number, the virtual assistant’s interactive flow helps them file a complaint in less than a minute.The adoption of Generative AI for the consumer complaint filing process is part of the Ministry of Consumer Affairs’ initiative of NCH 2.0. Besides easier complaint filing, consumers can also track the status of their complaints by sharing their complaint number with the AI assistant.
3. RBI approves re-appointment of Anup Kumar Sinha as non-executive chairman of Bandhan Bank: The Reserve Bank of India (RBI) has approved the reappointment of Anup Kumar Sinha as the Non-Executive Chairman of Bandhan Bank.Anup Kumar Sinha is the former Director of Heritage Business School (‘HBS’). He has also served on the Board of NABARD.Sinha has taught at Presidency College and the Indian Institute of Management Calcutta (‘IIMC’). He served IIMC as a Professor of Economics for 25 years. He served three terms on the Board of Governors at IIMC and also as the Dean during 2003-06.
4. Bhuvnesh Kumar takes charge as CEO of UIDAI: IAS officer Bhuvnesh Kumar took charge as the CEO of the Unique Identification Authority of India (UIDAI).Kumar, a 1995 batch officer of the Uttar Pradesh cadre, is additional secretary at the Ministry of Electronics and Information Technology (MEITY), a post he will continue to hold after this appointment.Kumar succeeds Amit Agrawal, a 1993 batch IAS officer of the Chhattisgarh cadre, who was also MEITY additional secretary prior to his June 2023 appointment.Mr Agrawal was appointed Secretary of the Department of Pharmaceuticals under the Ministry of Chemicals and Fertilizers in a bureaucratic reshuffle.
5. Manish Singhal appointed Secretary General of ASSOCHAM: Associated Chambers of Commerce and Industry of India (ASSOCHAM), an apex business chamber, has a new Secretary General in Manish Singhal.Singhal succeeds Deepak Sood, who recently after a five-year stint stepped down to pursue other interests.Singhal, an industry leader with over 35 years of experience in Chamber and Corporate India, had earlier worked as Deputy Secretary General of The Federation of Indian Chambers of Commerce and Industry (FICCI).He had also worked with various Indian transnational companies, including Tata Motors, Eicher (Volvo), Tata Auto Comp Systems, Moser Baer India and BEML to name a few.
INTERNATIONAL UPDATES:
1. 1 January – Global Family Day: Global Family Day is observed annually on 1 January to promote peace, unity, and a sense of shared humanity across the globe.Theme 2025 – Let’s Start The Year With Love, Unity, Appreciation The day emerged from the United Nations Millennium celebration in 2000, emphasizing the need for global unity and fostering a sense of family among people worldwide.
OTHER UPDATES:
DEFENCE
1. Air Marshal Mishra takes charge as Chief of IAF’s Western Command: Air Marshal Jeetendra Mishra took charge as the chief of Indian Air Force’s Western Air Command that looks after the security of the air space in the sensitive Ladakh sector as well as some other parts of north India.
Air Marshal Mishra, a fighter combat leader and an experimental test pilot, has more than 3000 hours of flying experience, according to the IAF.He succeeds Air Marshal Pankaj Mohan Sinha, who superannuated after putting in more than 39 years of distinguished service.Air Marshal Mishra was commissioned into the Indian Air Force (IAF) as a fighter pilot on December 6, 1986
2. 18th India -Nepal Military exercise Surya Kiran to commence in Nepal: The 334-strong Indian Army contingent has departed to Nepal to participate in the 18th edition of the bilateral military exercise Surya Kiran.The exercise will be hosted by the Nepali Army in Saljhandi, Nepal from 31st December 2024 to 13th January 2025.The annual bilateral military exercise Surya Kiran is alternatively hosted by the Indian Army and the Nepali Army. The 17th edition of the Surya Kiran was held in Pithoragarh, Uttarakhand from 24th November to 07th December 2023.
SPORTS
1. Bengal beat Kerala 1-0 to win Santosh Trophy for an unprecedented 33rd time: The most successful team in the history of the Santosh Trophy, West Bengal added one more to its collection by defeating Kerala in the final of the 78th edition of the Santosh Trophy. It was the 33rd Santosh Trophy for the Bengal team.The final of the 78th edition of the Santosh Trophy 2024-25 was played at the GMC Balayogi Stadium in Hyderabad, Telangana.Santosh Trophy is a premier domestic state-level football tournament for men in India organised by the All India Football Federation.The final at Hyderabad was the 47th final appearance for West Bengal in the Santosh Trophy while Kerala was appearing for the 16th time.
SCIENCE AND TECHNOLOGY
1. ISRO successfully launches SpaDeX mission from Sriharikota: Indian Space Research Organisation (ISRO) successfully launched the Space Docking Experiment (SpaDeX) mission.ISRO’s PSLV-C60 rocket carrying two spacecraft that would aid in demonstration of space docking lifted off from the Satish Dhawan Space Centre in Sriharikota.PSLV-C60 successfully deployed two satellites SDX01 (the Chaser) and SDX02 (the Target) in low earth orbit shortly after its launch.The two spacecraft will now be directed towards achieving space docking in the next 10 days. SpaDeX aims to demonstrate advanced in-space docking technology, a crucial capability for future missions, including lunar expeditions and the Bharatiya Antariksh Station (BAS).The SpaDeX mission represents a critical step in advancing India’s capabilities in orbital docking. Successful completion of this mission will enhance ISRO’s ability to conduct complex operations in space and lay the groundwork for future interplanetary missions.
BANKING AND FINANCE
1. Economy exhibiting resilience, GDP to grow at 6.6 pc in FY25: RBI report: The Indian economy is exhibiting resilience and stability, and the gross domestic product (GDP) is projected to grow at 6.6 percent in 2024-25, aided by a revival in rural consumption, a pickup in government consumption and investment, and strong services exports, according to RBI.The Reserve Bank has released the December 2024 issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on the resilience of the Indian financial system and risks to financial stability.The soundness of scheduled commercial banks (SCBs) has been bolstered by strong profitability, declining non-performing assets and adequate capital and liquidity buffers. Return on assets (RoA) and return on equity (RoE) are at decadal highs, while the gross non-performing asset (GNPA) ratio has fallen to a multi-year low.
2. RBI proposes lookup facility for NEFT, RTGS; banks to comply by April 1.: The Reserve Bank of India (RBI) proposed the introduction of a lookup facility for beneficiary accounts in the Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems to prevent fraud.This facility will allow users to view and verify the name of the beneficiary before initiating a transaction, similar to the existing feature on India’s real-time payment systems, Unified Payments Interface (UPI) and Immediate Payments Service (IMPS).Currently, remitters cannot see the beneficiary’s name before conducting a transaction on NEFT and RTGS. The RBI has directed member banks of these systems to implement the facility by April 1, 2025. The feature will be provided to customers free of charge.The National Payments Corporation of India (NPCI) has been tasked with developing the facility and onboarding all banks to enable the feature.
3. Income Tax extends Vivad Se Vishwas deadline to January 31: The Income Tax Department has extended the deadline for the Vivad Se Vishwas Scheme 2024, giving taxpayers a fresh opportunity to settle disputes at lower tax rates.The new deadline, January 31, 2025, provides much-needed relief for those still evaluating the scheme. Initially set for December 31, 2024, the extension avoids a 10% additional tax, ensuring a smoother resolution process.The Vivad Se Vishwas Scheme, announced in Budget 2024, allows taxpayers to settle pending disputes by paying a lower amount of disputed tax along with specified percentages. Applications filed by January 31, 2025, will follow reduced rates under column (3) of the scheme’s table. However, applications submitted from February 1, 2025, will incur a 10% higher tax rate.
4. NPCI extends market cap deadline for UPI apps by two years to end of 2026: The National Payments Corporation of India (NPCI) has extended the deadline for implementing transaction volume cap on Unified Payments Interface (UPI) apps by two years till December 31, 2026. This is the second time that the NPCI has extended this deadline.The latest development is expected to provide a much-needed relief to market leaders PhonePe and Google Pay, which process the lion’s share of UPI transactions in the country. The two processed about 47.8 per cent and 37.02 per cent of UPI transaction volumes, respectively, in November, according to data published by NPCI.The apex payments body, “considering various factors”, extended the timeline for compliance of existing third-party application providers (TPAPs) by another two years. This comes at a time when the real-time payments system has seen euphoric growth in terms of transaction volumes.
5. NaBFID invests Rs 745 crore in long-term bonds issued by NDR InvIT: The National Bank for Financing Infrastructure and Development (NaBFID) has invested Rs 745 crore in long-term bonds issued by NDR InvIT.NDR InvIT is an Infrastructure Investment Trust managed by NDR InvIT Managers and sponsored by NDR Warehousing Private Limited.These 15-year bonds, rated AAA/Stable by India Ratings (FITCH) and CARE, underscore NDR InvIT’s key role in advancing India’s warehousing and industrial parks sector.
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