Daily GK Update- 3rd Jan, 2025

 NATIONAL UPDATES:

 

1. Cabinet approves Rs 69,515 crore boost for PM Fasal Bima Yojana: The Union Cabinet approved the continuation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) until 2025-26. The decision was made with a total outlay of Rs 69,515.71 crore.This extension ensures that farmers will continue to receive coverage for crop losses due to non-preventable natural calamities.In addition to the continuation of the schemes, the Cabinet also approved the creation of a Fund for Innovation and Technology (FIAT) with a corpus of Rs 824.77 crore.This fund will support technological initiatives, such as the YES-TECH (Yield Estimation System using Technology) and WINDS (Weather Information and Network Data Systems), aimed at enhancing the efficiency and transparency of claim settlements.

 

2. Groundwater recharge up by 15 billion cubic meters -Jal Shakti Ministry: The Groundwater recharge in the country has increased by 15 billion cubic meters and the groundwater extraction has declined by 3 billion cubic meters from the 2017 to 2024 period.The latest status of the groundwater recharge in the country ending 31st December 2024 was released by the Union Ministry of Jal Shakti in its Dynamic Ground Water Resource Assessment Report 2024.The groundwater assessment was carried out by the Central Ground Water Board (CGWB), under the Union Jal Shakti ministry, in collaboration with the States and Union Territories.

 

3. Cabinet approves extension of One-time Special Package on Di-Ammonium Phosphate beyond NBS subsidy: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal of the Department of Fertilizers for the extension of One-time Special Package on Di-Ammonium Phosphate (DAP) beyond the NBS subsidy @ Rs 3,500 per MT for the period from 01.01.2025 till further orders to ensure sustainable availability of DAP at affordable prices to the farmers.The tentative budgetary requirement for above would be approximately upto Rs. 3,850 cr. The subsidy on P&K fertilizers is governed by NBS Scheme w.e.f 01.04.2010. Continuing top most priority in keeping farmers’ welfare in firm focus, GoI has extended a massive relief to farmers in keeping the price of Di-Ammonium Phosphate (DAP) fertilizer unchanged.

 

4. ITI Mutual Fund Names Jatinder Pal Singh as CEO: Jatinder Pal Singh has been appointed as Chief Executive Officer of ITI Asset Management (ITI AML).Singh succeeds Hitesh Thakkar, who has served as acting Chief Executive Officer (CEO) of ITI AML.Singh has over 25 years of experience in the mutual funds industry. He was associated with Mahindra Manulife Investment Management as a chief marketing officer from September 2015 to December 2024.

 

 

INTERNATIONAL UPDATES:

 

1. 2 January – World Introvert Day: World Introvert Day is celebrated on 2 January to acknowledge and appreciate the unique qualities of introverts, emphasizing their strengths and contributions to society.The day raises awareness about the misconceptions surrounding introversion and promotes acceptance of different personality types.Theme 2025 – Some peace and calm in a noisy world.World Introvert Day was initially acknowledged in 2011, gaining momentum as a chance to showcase the strengths and contributions of the wallflowers. In contrast to extroverts, they regain energy by spending time alone and typically favour deep one-on-one conversations instead of large social events.

 

2. 3 January – International Mind-Body Wellness Day: International Mind-Body Wellness Day is celebrated every year on 3 January.This day emphasizes the importance of achieving harmony between mental, emotional, and physical well-being.This global initiative encourages individuals to focus on their mental and physical well-being by adopting strategies that promote development and wellness.

 

OTHER UPDATES:

DEFENCE

 

1. India declares 2025 as year of defence reforms, vows ‘unprecedented’: India has declared 2025 as the ‘year of reforms’ in the defence sector and vowed “unprecedented” progress in bolstering India’s security and sovereignty in the face of 21st-century challenges.‘Year of reforms’ will be a momentous step in modernisation journey of the armed forces.The reforms aim to implement integrated theatre commands, enhancing synergy among the three services and transforming the military into a technologically advanced, combat-ready force.

 

BANKING AND FINANCE

 

1. VFS Capital seeks small finance bank licence from RBI under ‘on-tap’ scheme: Microfinance company VFS Capital has applied for a small finance bank (SFB) licence under the guidelines for ‘on tap’ licensing of SFBs in the private sector.During the quarter ended December 31, 2024, the Reserve Bank of India has received one application under the guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector dated December 5, 2019 from VFS Capital Limited.VFS Capital, previously known as Village Financial Services Private and headquartered in West Bengal, was incorporated in 1994 as a non-deposit taking non-banking financial company-microfinance institution (NBFC-MFI). It started microfinance activity in 2006 and got registered with RBI as NBFC-MFI in September 2013. VFS provides loans to individual female members mainly from rural areas in a joint liability group (JLG) with each group consisting of five members. VFS Capital makes its entire disbursements through digital mode.

 

2. GST collection jumps 7.3% YoY to Rs 1.77 lakh crore in December: India’s Goods and Services Tax (GST) collection grew 7.3% year-on-year (YoY) to Rs 1.77 lakh crore in December 2024. However, the figure marked a 3% decline compared to the Rs 1.82 lakh crore collected in November. The latest numbers indicate a steady growth in GST revenues but reflect a slowdown in consumption and a rise in refunds issued during the month.

 

3. Interest rates remain unchanged on National Small Saving Schemes: The Centre decided to maintain a status quo on the returns payable on small savings schemes for the January to March 2025 quarter, making it the fourth successive quarter that these rates have remained unchanged.

The interest rates on small savings schemes such as the Public Provident Fund (PPF) and National Savings Certificate (NSC) are reset each quarter as per a formula linked to the yields on government securities of similar maturities. The Union Ministry of Finance has reviewed the interest rates on the small saving schemes every quarter since 2016.

 

4. CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards : The Central Board of Indirect Taxes and Customs (CBIC) provided insights into the goods and services tax (GST) treatment of transactions involving vouchers. According to the CBIC, vouchers can be categorised into two types.The first category includes prepaid instruments, such as gift cards and digital wallets, which are recognised by the Reserve Bank of India (RBI). These vouchers are treated as ‘money’ under the GST framework, meaning transactions involving them will not be classified as either the supply of goods or services.The second category comprises non-prepaid vouchers, which do not qualify as prepaid instruments. These vouchers serve as claims to receive specific goods or services and fall under the definition of ‘actionable claims’. Similar to their prepaid counterparts, these transactions also do not count as the supply of goods or services for GST purposes.

 

AWARDS AND HONOURS

 

1. Ministry of Youth Affairs & Sports Announces National Sports Awards 2024: The Union Ministry of Youth Affairs and Sports has announced the names of the winners of the 2024 National Sports Award winner.The award winners will be felicitated by the President Droupadi Murmu in a function at the Rashtrapati Bhavan in New Delhi on 17th January 2025.The National Sports award consists of Major Dhyan Chand Khel Ratna Award, Arjuna Award, Dronacharya Award, Major Dhyan Chand Award, Maulana Abul Kalam Azad Trophy and the Rashtriya Khel Protsahan Puruskar. Major Dhyan Chand Khel Ratna is the highest sports award in the country. It was earlier known as Rajiv Gandhi Khel Ratna Award and was renamed in 2021 as Major Dhyan Chand Khel Ratna Award.

 

 

 

 

Daily GK Update- 2nd Jan, 2025

 NATIONAL UPDATES:

 

1. Water Surges in Rajasthan’s Desert Town: On December 28, 2023, a surprising event unfolded in Mohangarh, Rajasthan. During a tubewell drilling operation,  water unexpectedly gushed from the ground, prompting speculation about the ancient Saraswati River’s resurgence. However, experts clarified that this phenomenon was likely due to the presence of an artesian well, a natural water source under pressure. An artesian well is a type of water well where water flows to the surface naturally, without the need for pumping. This occurs when water is confined under pressure within a geological layer, often sandstone. The pressure causes the water to rise when a borehole penetrates the confining layer.

 

2. Bharatiya Vayuyan Adhiniyam 2024 Replaces Aircraft Act of 1934: The ‘Bharatiya Vayuyan Adhiniyam 2024’ is a transformative piece of legislation that replaces the outdated ‘Aircraft Act of 1934’. This new Act comes into effect on January 1, 2025, and aims to enhance passenger rights and attract investment in the aviation sector. Civil Aviation Minister Kinjarapu Ram Mohan Naidu introduced the Act during the Winter Session of Parliament in 2024. The new regulations are designed to align with global standards and modern needs, marking shift in India’s aviation landscape. The primary goals of the ‘Bharatiya Vayuyan Adhiniyam 2024’ include improving passenger welfare, encouraging innovation, and creating a conducive environment for investment. The legislation seeks to modernise aviation operations and ensure that the rights of passengers are prioritised.

 

3. NIA Achieves Perfect Conviction Rate in 2024: The National Investigation Agency (NIA) has reported a remarkable achievement in 2024, reaching a 100% conviction rate. This milestone reflects the agency’s commitment to enhancing national security and delivering justice. In total, the NIA convicted 68 individuals across 25 cases, showcasing its effectiveness in tackling serious criminal activities. Recently, the NIA conducted 80 cases, resulting in the arrest of 210 individuals. The agency secured convictions in various categories, including 28 cases related to Left Wing Extremism (LWE) and 18 cases concerning North East insurgency. Notably, there were seven cases linked to Jammu and Kashmir Jihad, six cases involving explosive substances, and five human trafficking cases.

 

4. India Mobilises Cyber Crime Volunteers Nationwide: The Union Ministry of Home Affairs, along with various State governments, has initiated a programme that enlists approximately 54,800 cyber crime volunteers to identify and report unlawful content online. This initiative stems from the Indian Cyber Crime Coordination Centre (I4C). The programme aims to enhance public participation in maintaining  cybersecurity and protecting the integrity of the nation. The Cyber Volunteer Framework allows citizens to become involved in the fight against cybercrime. Volunteers can report unlawful content, promote cyber hygiene, and serve as experts to assist law enforcement. The I4C has successfully enrolled 54,833 volunteers, comprising 22,942 individuals focused on reporting unlawful content, 22,071 awareness promoters, and 9,819 experts in the field.

INTERNATIONAL UPDATES:

 

1. India-Pakistan Nuclear Agreement Update: India and Pakistan have recently exchanged information regarding their nuclear installations. This exchange is part of an annual agreement that has been in place for over three decades. The agreement aims to prevent attacks on each country’s nuclear facilities. The exchange also included details about civilian prisoners and fishermen held in custody by both nations. Despite ongoing tensions, this process continues to be important aspect of their bilateral relationship. During the latest exchange, the Ministry of External Affairs (MEA) confirmed the simultaneous exchange in New Delhi and Islamabad. India provided details of 381 civilian prisoners and 81 fishermen in its custody. Pakistan reciprocated with information about 49 civilian prisoners and 217 fishermen believed to be Indian.

 

2. Gaza Faces Hypothermia Crisis Amid Ongoing Conflict: The humanitarian crisis in Gaza has intensified due to severe cold weather. In just one week, six infants have succumbed to hypothermia. The ongoing conflict has restricted access to essential winter aid and medical support. Over 45,500 lives have been lost, predominantly among children and women. The population of 2.3 million, many displaced, faces dire conditions with inadequate food and water supplies. Hypothermia is a medical condition where the body loses heat faster than it can produce it. The normal core temperature for humans is about 37 degrees Celsius (98.6 degrees Fahrenheit). This temperature must be maintained for vital organs to function properly. When the body temperature drops below 35 degrees Celsius (95 degrees Fahrenheit), hypothermia begins to set in.

 

3. What is “Blood Money” in Sharia Law?: Nimisha Priya, an Indian nurse from Kerala, is on death row in Yemen for the 2017 killing of a Yemeni national. The Yemeni President, Rashad al-Alimi, has approved the death sentence, which is set to be executed within a month. Despite the grim circumstances, there are potential avenues for her to avoid execution. Yemen’s legal system, influenced by Islamic Sharia law, still employs capital punishment, unlike many democracies that have abolished it. However, the Quran promotes forgiveness and financial compensation, known as ‘diyya’, as alternatives to retribution.

 

4. Celebrating 207 Years of Valour at Koregaon Bhima: The 207th Shaurya Din, or Valour Day, is being celebrated at Koregaon Bhima. This historic event marks the British victory over the Peshwa forces in 1818. The gathering has attracted an estimated 8 to 10 lakh attendees, eager to honour the Mahar soldiers who played a very important role in this triumph. The Koregaon Bhima Vijaystambh, or Victory Pillar, stands as a testament to this battle. Shaurya Din is observed annually on January 1. It commemorates the Battle of Koregaon Bhima, which occurred in 1818. The event has evolved into a major celebration of Dalit pride and resistance. This day is marked by large gatherings, paying tribute to the sacrifices of the soldiers involved in the battle.

OTHER UPDATES:

DEFENCE

 

1. Defence Ministry Announces 2025 as “Year of Reforms”: India’s Ministry of Defence has declared 2025 as the “Year of Reforms.” This initiative aims to modernise the armed forces, focusing on joint operations, advanced technologies, and integrated military strategies. Defence Minister Rajnath Singh leads this transformation, which seeks to enhance India’s defence capabilities and establish the country as a global leader in defence exports. The announcement of 2025 as the Year of Reforms comes at important time. India faces evolving security challenges that require a modern and technologically advanced military. The reforms will address these challenges by improving operational readiness and encouraging collaboration among the Army, Navy, and Air Force.

 

2. Indian Navy to Commission New Warships and Submarine: The Indian Navy is poised to enhance its capabilities with the commissioning of three advanced platforms on January 15, 2025. These vessels represent leap in India’s naval technology and self-reliance, with all three constructed at Mazagon Dock Shipbuilders Limited in Mumbai. The three platforms commissioned include the Surat destroyer, the Nilgiri frigate, and the Vagsheer submarine. Each vessel showcases India’s growing capabilities in indigenous defence manufacturing. The commissioning signifies a strategic enhancement to India’s maritime strength and showcases the nation’s commitment to a self-sufficient defence ecosystem.

 

SCIENCE AND TECHNOLOGY

 

1. ISRO to Launch US  Communications Satellite Bluebird: The Indian Space Research Organisation (ISRO) is set to make history by launching an American  communications satellite. This is the first time an American company is using an Indian rocket for such a large and advanced satellite. The mission is expected to occur in February or March 2025. Historically, ISRO has focused on launching small satellites from American manufacturers. The upcoming launch will be the first instance of a massive communications satellite being deployed by a US company from Indian soil. This initiative reflects the growing partnership between India and the United States in the field of space technology.

 

2. Ebola Virus Study Reveals Skin Transmission Route: Ebola virus disease (EVD) remains a critical public health concern, particularly in regions of East-Central and West Africa. Recent research has revealed new vital information about how the Ebola virus (EBOV) can potentially spread through the skin, denoting the importance of understanding this transmission route. The study, published in *Science Advances*, was conducted by researchers from the University of Iowa Health Care, Texas Biomedical Research Institute, and Boston University. Their findings suggest that the skin may play role in the person-to-person transmission of the virus. EBOV transmission primarily occurs through direct contact with infected bodily fluids. These fluids include saliva, urine, faeces, and semen. The virus can also spread through contaminated clothing and bedding. Recent evidence indicates that infectious EBOV can be present on the skin’s surface, particularly in the later stages of infection.

 

BANKING AND FINANCE

 

1. India Updates GDP Base Year to 2022-23: The Government of India has recently decided to update the base year for calculating Gross Domestic Product (GDP) from 2011-12 to 2022-23. This change aims to provide a more accurate representation of the current economic landscape and enhance policy formulation. The revision reflects shifts in economic activity, consumption patterns, and industry developments over the past decade. The Indian economy has transformed in recent years. New sectors have emerged, digitalisation has accelerated, and the economy has adapted to post-pandemic realities. These factors necessitate a more current base year to reflect the evolving economic structure.

 

AWARDS AND HONOURS

 

1. Celebrating the Life of Dr. K.S. Manilal: Dr. K.S. Manilal, a revered botanist, passed away on January 1, 2025, in Thrissur, Kerala. He was 86 years old and had been unwell for some time. His remarkable contributions to botany, particularly his work on the ancient manuscript  Hortus Malabaricus, have left a lasting impact on the field of  plant research. Dr. Manilal’s dedication to reviving this 17th-century work made strides in understanding Kerala’s rich biodiversity. Hortus Malabaricus is a 12-volume Latin manuscript compiled by Dutch Governor Hendrik Adrian van Rheede. The work documents the medicinal plants of Kerala. Dr. Manilal dedicated over 35 years to researching, translating, and annotating this invaluable text. His English translation was published in 2003, followed by a Malayalam version in 2008.

 

Daily GK Update- 1st Jan, 2025

 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.

 

 

Daily GK Update- 31st Dec, 2024

 NATIONAL UPDATES:

 

Haryana cabinet approves 25% raise in Death-cum-Retirement gratuity limit: The Haryana government has decided to increase the maximum limit of Death-cum-Retirement Gratuity for state government employees by 25 percent.This enhancement will take effect from January 1, 2025, raising the gratuity from Rs 20 lakh to Rs 25 lakh.The Cabinet also approved a 25 percent increase in the maximum limit of Death-cum-RetirementGratuity for Judicial officers of the state government.These decisions are aimed at providing enhanced financial security to the state government employees and their families as well as the Judicial officers.

 

Rajat Verma appointed as CEO of DBS Bank India: Singapore’s DBS Group has appointed Rajat Verma as Chief Executive Officer of DBS Bank India to succeed Surojit Shome.Verma had been nominated, pending approval from the Reserve Bank of India that is needed for all appointments of bank CEOs.Verma, current head of institutional banking group at DBS Bank India, had been appointed, effective from March 1, in line with RBI approval.In his new role, he will be part of DBS’ group management committee, DBS, Southeast Asia’s biggest bank.

 

INTERNATIONAL UPDATES:

 

1. India-Australia Economic Cooperation and Trade Agreement marks two years of success: The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) completes two years of remarkable success, driving mutual growth and showcasing the complementarity of both economies.The Ind-Aus ECTA has significantly advanced trade ties, creating new opportunities for MSMEs, businesses and employment in both nations,vwhile reinforcing the foundation of their economic partnership.Entering its third year, the Government of India is dedicated to sustaining this momentum through strengthened collaboration and innovative initiatives to drive mutual prosperity to realize the vision 2047 of Hon’ble Prime Minister to make India a developed country.Since its signing, bilateral merchandise trade has more than doubled, surging from USD 12.2 billion in 2020-21 to USD 26 billion in 2022-23. Total trade, however, moderated in the year 2023-24 to USD 24 billion in 2023-24, with India’s exports to Australia growing by 14%. The current fiscal year continues to reflect strong momentum.

 

2. Pakistan Atomic Energy Commission gets licence for largest nuclear plant: Pakistan is set to construct its largest nuclear plant for electricity generation after the country’s atomic energy regulatory agency issued the licence for it.The Pakistan Nuclear Regulatory Authority (PNRA) issued the licence to build Chashma Nuclear Power Plant Unit 5 (C-5), the largest plant producing electricity through nuclear power with a capacity of 1200 MWe.C-5 is an advanced third-generation Pressurised Water Reactor of Chinese Hualong design, having active and passive safety features, including a double-shell containment and reactor-filtered venting system. It has a lifespan of 60 years.This is the third nuclear power plant in Pakistan with this design. Two other plants, Karachi Nuclear Power Plants units 2 and 3, are already operating successfully and adding electricity to the national grid.

 

3. 17-year-old Mumbai teen conquers seven highest peaks on seven continents: Kaamya Karthikeyan, a Class 12 student from Navy Children’s School, Mumbai, has achieved the sensational feat of becoming the youngest female to scale the highest peaks on all seven continents.At just 17 years old, Kaamya completed the Seven Summits Challenge by climbing Mt Vinson in Antarctica on December 24, 2024, alongside her father, Commander S Karthikeyan.Her journey included summiting Africa’s Mt Kilimanjaro, Europe’s Mt Elbrus, Australia’s Mt Kosciuszko, South America’s Mt Aconcagua, North America’s Mt Denali, Asia’s Mt Everest, and finally Mt Vinson in Antarctica.Kaamya had previously climbed Mt Everest at the age of 16, showcasing her passion for adventure.

 

OTHER UPDATES:

DEFENCE

 

1. Vitul Kumar Appointed As New Director General of CRPF: Senior IPS officer Vitul Kumar has been appointed as Director General of the Central Reserve Police Force (CRPF).He replaced Anish Dayal Singh.Kumar, a 1993 batch IPS officer of the Uttar Pradesh cadre, is currently serving as Special Director General of the CRPF.Kumar’s service has been recognized with several honours, including the President’s Police Medal (PPM) awarded on January 26, 2021, and the Police Medal (PM) on August 15, 2009.He has also received the Director General’s Commendation Disc in Silver on January 26, 2016, and in Gold on January 26, 2018.

 

2. MoD inks Rs 1,990 cr deal with Mazagon Dock Shipbuilders for plug for DRDO-made AIP system: The Ministry of Defence (MoD) has signed a contract with Mazagon Dock Shipbuilders Limited (MDL) in Mumbai for air independent propulsion (AIP) plugs worth nearly Rs 1,990 crore.The plugs will integrate the Defence Research and Development Organisation (DRDO)-developed AIP system into the Kalvari-class submarines.An AIP is fitted onto conventional submarines with an AIP plug to allow the submarines to stay underwater longer without having to come up to the ocean surface for air, hence reducing the chances of detection by the enemy. AIP acts as a ‘force multiplier’ of a diesel-electric submarine.The AIP technology is being indigenously developed by DRDO.

 

SPORTS 

 

1. World Boxing forms new Asian body; Lovlina in Athletes’ Commission, Ajay Singh named board member: Tokyo Olympic medallist Lovlina Borgohain has been included in the Athletes’ Commission while six Boxing Federation of India (BFI) officials, including s India will play a pivotal role in shaping the future of Asian boxing within this new structure, with the BFI holding seven key positions, including Singh, who has been appointed as a board member.Borgohain will represent the athletes’ voices in Asian and global boxing. Key BFI officials, including Secretary General Hemanta Kumar Kalita and Treasurer Digvijay Singh, will hold positions on the Olympic Commission and Finance and Audit Committee respectively.Borgohain, one of three members of the Athletes’ Commission, emphasised the importance of the platform to advocate for better infrastructure, fair opportunities, and support systems for athletes across Asia.

 

2. Kerala clinches Senior National Men’s Handball Championship title: Kerala defeated Chandigarh 34-31 to clinch their maiden Senior National Men’s Handball Championship title.Kerala had earlier entered the summit clash for the first time, edging out Services 23-21 in the semi-finals, while Chandigarh earned their spot by defeating Indian Railways 32-30.Kerala’s Devendar was adjudged the ‘Best Player of the Championship’, while Rahul got the award for the ‘Best Goalkeeper’.

 

BANKING AND FINANCE

 

1. Indian economy to grow at 6.5-6.8% in FY25 on high consumption: Deloitte: Indian economy is likely to grow at 6.5-6.8 percent this fiscal and slightly higher between 6.7-7.3 percent in FY2026, boosted by domestic consumption, Deloitte said.Deloitte India Economist Rumki Majumdar said the growth in the first half of the fiscal year 2025 turned out to be slower than estimated as election uncertainties followed by disruptions in activity, due to heavy rainfall and geopolitical events weighed on domestic demand and exports.However, India continues to show resilience in certain pockets that are worth noting — be it in consumption trends, services growth, the rising share of high-value manufacturing in exports, or the capital market.

 

2. Doha Insurance Group Secures Approval to Establish Reinsurance Branch in India: Doha Insurance Group (DIG), a leading provider of insurance and reinsurance solutions in the Middle East and North Africa (MENA) region, has announced plans to expand in India by opening a reinsurance branch.The insurer has received approval from the Qatar Central Bank to establish the branch within Gujarat International Financial Tec-City (GIFT City). The new branch will operate under the “Gift City” international insurance office category.This strategic move is part of DIG’s broader growth plan, building on the success of its regional centers, which have significantly contributed to enhancing the group’s revenues and strengthening its insurance portfolio.

 

AWARDS AND HONOURS

 

1. SAIL certified as Great Place to Work for the second time: Steel Authority of India Limited (SAIL) has earned the prestigious ‘Great Place to Work’ certification for January 2025 to January 2026, awarded by the Great Place to Work Institute, India.This marks the second consecutive certification for SAIL, having first been certified for December 2023 to December 2024.This consecutive global recognition highlights the company’s innovative HR initiatives including the Work Other than Workplace (WoW) scheme, flexible timings for city-based employees, self-paced learning through LinkedIn Learning Hub and E-Pathshala, high-end IT and digital training with NASSCOM, Leadership Development programs in collaboration with IIMs and ASCI, e-counseling under the Employee Assistance Programs, enhancement of healthcare services and Leadership Coaching for senior executives.

 

 

Daily GK Update- 30th Dec, 2024

 NATIONAL UPDATES:

 

1. Gautam Adani launches new renewable energy brand campaign: Adani Group unveiled a new advertising campaign, titled “First the fan will come, then electricity will come”, to promote its renewable energy initiatives.The campaign is part of Adani Group’s broader commitment to renewable energy. Its renewable unit, Adani Green Energy, aims to develop 50 GW of renewable energy capacity by 2030. This includes the ambitious Khavda Renewable Energy Park in Gujarat.

Spanning 538 square kilometres—five times the size of Paris—Khavda is set to become one of the largest renewable energy projects in the world.The park will have a total capacity of 30 GW, with the first phase of 250 MW wind energy already operational. The group’s track record includes the 648 MW Kamuthi Solar Plant in Tamil Nadu, completed in 2016.At the time, it was the world’s largest single-site solar power project. These projects highlight Adani Group’s leadership in advancing India’s clean energy goals.

 

2. Sikkim Celebrates Kagyad Dance Festival: Sikkim celebrated the annual Kagyad Dance festival at Tsuklakhang Palace in Gangtok with tradition.Enacted on the 28th and 29th day of the 10th month of the Tibetan Lunar Calendar (early December), it is a vibrant cultural event drawing both locals and international tourists seeking spiritual blessings.The festival concludes with the ritualistic burning of effigies, representing the victory of good over evil.

 

3. Gujarat CM launches ‘SWAR’ platform to overcome language barriers: Gujarat Chief Minister Bhupendra Patel has launched a new citizen-centric initiative called the SWAR (Speech and Written Analysis Resource) platform.The SWAR (Speech and Written Analysis Resource) platform was launched on the occasion of Good Governance Day on December 25.The Chief Minister’s Office (CMO), in collaboration with the Ministry of Electronics and Information Technology’s Bhashini Team (National Language Translation Mission), has developed the SWAR platform.This innovative platform leverages technology to overcome language barriers. The Speech-to-Text feature has also been integrated into the Gujarat CMO website.

 

4. K N Renuka Pujar becomes the first transgender woman to be appointed as a guest lecturer at Karnataka University: 27-year-old K N Renuka Pujar has become the first transgender individual to be appointed as a guest lecturer at a university in Karnataka.Pujar, who completed her post-graduation in Kannada, joined the Kannada Department at Vijayanagara Sri Krishnadevaraya University’s Nandihalli campus (PG Centre) earlier this month.

 

INTERNATIONAL UPDATES:

 

1. India to host World Audio Visual Entertainment Summit – WAVES for first time in 2025: India will host the World Audio Visual Entertainment Summit (WAVES) for the first time in 2025.

The WAVES Summit is poised to serve as a global platform for India’s creative talents, fostering collaborations and showcasing the country’s potential as a hub for world-class content creation.

The WAVES Summit is poised to serve as a global platform for India’s creative talents, fostering collaborations and showcasing the country’s potential as a hub for world-class content creation.

 

2. Bald eagle officially declared US national bird after 250 years: The bald eagle is now officially the national bird of the US, after President Joe Biden signed a law on Christmas Eve bestowing the honour upon the white-headed and yellow-beaked bird of prey.The bird has been a national emblem in the US for years, appearing on the Great Seal of the US – used on US documents – since 1782.Founding Father Benjamin Franklin objected to the creature being chosen to represent the country, calling it a “bird of bad moral character”.Bald eagles, like other eagles worldwide, had been seen by many as symbols of strength, courage, freedom and immortality for generations, according to the US Department of Veteran Affairs. And, unlike other eagles, the bald eagle was indigenous only to North America.The legislation designating the bald eagle as the national bird was spearheaded by Minnesota lawmakers. The bald eagle is also protected under the National Emblem Act of 1940, which makes it illegal to sell or hunt the creature.

 

3. 29 December – International Cello Day: International Cello Day is an annual event that is observed on December 29 in several countries around the world.The day aims to honour the life and contributions of the legendary cellist Pablo Casals, who was born on this day.Casals is believed to be one of the greatest cellists of all time and is credited with elevating the cello to its prominent status as a solo instrument in classical music.

 

OTHER UPDATES:

DEFENCE

 

1. Exercise SURYA KIRAN 2024: A contingent of 334 Indian Army personnel has departed for Nepal to participate in the 18th Battalion Level Joint Military Exercise, known as SURYA KIRAN. This exercise is scheduled to occur in Saljhandi, Nepal, from December 31, 2024, to January 13, 2025, a annual event that alternates between India and Nepal. Key training areas for the exercise will include aviation skills and environmental conservation. Soldiers will engage in activities designed to improve their combat skills and enhance coordination. This will enable effective teamwork in challenging situations.

 

SPORTS 

 

1. Lakshya Sen bags bronze at the King Cup International Badminton Open: Lakshya Sen from India secured third place at the King Cup International Badminton Open by defeating French player Alex Lanier in straight games.The 23-year-old earned a prize of approximately ₹36 lakh.

 

2. India’s Koneru Humpy Crowned World Rapid Chess Champion for historic second time: Indian Grandmaster Koneru Humpy won a historic second title at the World Rapid Chess Championship, emerging victorious in the tournament in New York.Humpy has become only the second chess player after Ju Wenjun of China to win the title in the women’s section more than once.Koneru Humpy, 37, sealed the title when she defeated Irene Sukandar with the black pieces in the final round.The Indian No. 1 finished on top of the standings with 8.5 out of 11 points in an incredible display in the World Rapid Championship. This is her second title in the format after her victory in 2019 in Moscow.Later, the 18-year-old Volodar Murzin of Russia bagged the corresponding title in the men’s section.Murzin is the the second-youngest FIDE World Rapid Champion, after Nodirbek Abdusattorov, who claimed the title at 17.

 

3. Jasprit Bumrah Creates History with Best Bowling Average Among 200+ Test Wicket-Takers: India’s pace ace Jasprit Bumrah carved his place in cricketing history, becoming the bowler with the best average among those with 200 or more Test wickets.Bumrah also emerged as the fastest Indian pacer to reach the 200-wicket milestone in Test cricket.The historic feat unfolded on the fourth day of the Border-Gavaskar Trophy’s fourth Test at the Melbourne Cricket Ground, where Bumrah dismissed Australia’s Travis Head to claim his landmark 200th wicket.Further, he achieved the landmark with his 8484th legal delivery in Test cricket, making him the fastest Indian to reach 200 wickets in terms of balls bowled. He eclipsed Mohammed Shami, who reached the same milestone after 9896 deliveries.Overall, Bumrah is now the fourth-fastest bowler to achieve 200 wickets, behind Waqar Younis (7725 balls), Dale Steyn (7848 balls), and Kagiso Rabada (8154 balls).

 

SCIENCE AND TECHNOLOGY

 

1. What is Kessler Syndrome?: In recent months, incidents involving space debris have escalated, raising concerns for astronauts aboard the International Space Station (ISS). A near-collision event in November prompted the ISS to alter its trajectory, denoting the increasing risks associated with space clutter. Space debris consists of defunct satellites, spent rocket stages, and fragments from collisions or explosions. Experts estimate tens of thousands of pieces of debris orbit Earth, with many remaining untracked. This clutter threatens both human spaceflight and satellite operations.

 

BANKING AND FINANCE

 

1. RBI sets up panel to develop a framework on ethical use of AI in financial sector: The Reserve Bank of India (RBI) has constituted a committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the Financial Sector.The committee will be led by Pushpak Bhattacharyya, Professor, Department of Computer Science and Engineering, IIT Bombay as chairman.The committee aims to draft a governance framework to support ethical AI adoption in India’s financial sector, according to the RBI.The Committee will assess the current level of adoption of AI in financial services, globally and in India, review regulatory and supervisory approaches on AI with focus on financial sector globally and identify potential risks associated with AI, if any and recommend an evaluation, mitigation and monitoring framework and consequent compliance requirements for financial institutions, including banks, NBFCs, FinTechs, PSOs, etc.