Daily GK Update- 24th Dec, 2024

 NATIONAL UPDATES:

 

1. Arvind Kejriwal launches Dr Ambedkar Samman Scholarship for Dalit students: Aam Aadmi Party (AAP) chief Arvind Kejriwal has launched a new scholarship programme aimed at Dalit students in Delhi.The scheme, named the Dr Ambedkar Samman Scholarship, will cover all expenses for Dalit students wishing to pursue higher education abroad.The Delhi government would bear the entire cost of tuition, travel, and accommodation for those Dalit students who are accepted into foreign universities.

 

2. Govt to infuse Rs 500 cr in IFCI to improve its financial health: The government has decided to infuse Rs 500 crore capital in state-owned IFCI to improve its financial health ahead of the company’s proposed restructuring and consolidation into a group.With the infusion, the government of India’s holding in the company is expected to further increase from existing 71.72 per cent as on September 2024.The capital infusion plan for IFCI was approved through the passage of the first Supplementary Demand for Grants for 2024-25 in Lok Sabha last week.The Supplementary Demand for Grants for 2024-25 made an allocation for an additional amount of Rs 499.99 crore for ‘Subscription to the Share Capital of Industrial Finance Corporation of India (IFCI).The Industrial Finance Corporation of India was set up by the government on July 1, 1948 as the first Development Financial Institution in the country.

 

3. Govt forms committee to look into IAF’s overall capability development: The Defence Ministry has set up a committee to address the capability development of the Indian Air Force (IAF) amid critical shortage of fighter jets, weapons, and equipment.Chaired by the Defence Secretary Rajesh Kumar Singh, the committee includes senior ministry officials, Defence Research and Development Organisation (DRDO) chairman Dr Samir V Kamat, and IAF representatives.After comprehensive IAF briefings, the panel was tasked with preparing recommendations, which are expected to be submitted within two to three months.

 

4. RTE Amendments 2024: Schools now allowed to fail class 5 and 8 students: In a major shift in school education policy, schools will now have the authority to ‘fail’ students in classes 5 and 8 if their performance does not meet required standards.The central government announced this amendment in the Right of Children and Free School Education Act 2010 (RTE Act 2010).The new amendments allow states to hold regular exams for the students of class 5 and 8 and hold them back if they fail. These amendments come five years after the RTE Act was amended, in 2019. Under the new rules, states are allowed to conduct ‘regular examinations for Classes 5 and 8 at the end of the academic year’.Students who ‘fail’ these exams will receive ‘additional instruction’ and have the chance to retake the examination two months later. If they still fail to meet the promotion criteria, they will be forced to repeat Class 5 or Class 8.

 

5. 23 December – National Farmer’s Day: Kisan Diwas, or National Farmer’s Day, is observed annually on December 23 to honour the birth anniversary of Chaudhary Charan Singh, India’s fifth Prime Minister and a dedicated advocate for farmers.This day is celebrated to express gratitude to the farmers who form the foundation of the country’s economy.Theme 2024 – Empowering ‘Annadatas’ for a Prosperous NationKisan Diwas, or National Farmer’s Day, is observed annually on December 23 to honour the birth anniversary of Chaudhary Charan Singh, India’s fifth Prime Minister and a dedicated advocate for farmers.In 2001, the Government of India designated December 23 as Kisan Diwas to commemorate Chaudhary Charan Singh’s contributions toward the upliftment of farmers.

 

6. 24 December – National Consumer Rights Day: National Consumer Rights Day is observed on December 24 every year in India to raise awareness about consumer rights and advocate for consumer protection.The day commemorates the enactment of the Consumer Protection Act, 1986, which provides a framework for protecting consumers from unfair trade practices.It aims to educate consumers about their rights, including the right to safety, information, choice, and redress in cases of grievance.

 

INTERNATIONAL UPDATES:

 

1. Indians can travel to Malaysia without a visa for 30 days until Dec 2026: Malaysia has extended its visa exemption for Indian nationals until December 31, 2026, allowing them to visit the country without a visa for up to 30 days.This announcement was made by Datuk Awang Alik Jeman, the Secretary-General of the Home Ministry, who emphasized that the extension aligns with Malaysia’s 2025 ASEAN chairmanship and, the preparations for Visit Malaysia Year 2026.The visa liberalization plan, initially introduced in 2023, aims to enhance tourism and stimulate economic growth. A similar exemption also been granted to Chinese nationals, signaling Malaysia’s commitment to attracting more visitors from key markets. Currently, two airlines operate flights between Kolkata and Kuala Lumpur.

 

OTHER UPDATES:

 

SPORTS 

 

1. Russian tennis player Daniil Savelev suspended for 2 years for doping: Russian tennis player Daniil Savelev has been handed a two-year suspension for violating anti-doping regulations.The International Tennis Integrity Agency (ITIA) announced that Savelev tested positive for the prohibited substance meldonium during a test conducted in July 2024.Consequently, he has been provisionally suspended since August of the same year, and his suspension will conclude in August 2026.At the time of the violation, Savelev had achieved a career-high world doubles ranking of 1,486 in August 2022.

 

 

SCIENCE AND TECHNOLOGY

 

1. ISRO-European Space Agency Sign Deal For Cooperation In Astronaut Training: Indian Space Research Organisation (ISRO) has entered into an agreement with European Space Agency (ESA) for cooperation on activities related to astronaut training, mission implementation, and research experiments.The agreement was signed by ISRO Chairman and Secretary, Department of Space (DOS) Dr S Somanath and ESA Director General Dr Josef Aschbacher.The agreement provides a framework for cooperative activities in human space exploration and research, especially in areas such as astronaut training, support for experiment development and integration, using ESA facilities on the International Space Station (ISS), human and biomedical research experiment implementation as well as joint education and outreach activities.For the upcoming Axiom-4 mission in which ISRO’s Gaganyatri and ESA’s astronaut are crew members, both agencies are collaborating to implement shortlisted experiments by Indian Principal Investigators on ISS.

 

2. South Korea successfully launches 3rd spy satellite into orbit: South Korea successfully placed into orbit its third homegrown spy satellite launched from a US space centre.SpaceX Falcon 9 rocket carrying the satellite normally lifted off from the Vandenberg Space Force Base in California as planned.It is the third military satellite launched under South Korea’s plan to acquire five spy satellites by 2025. South Korea has previously relied largely on satellite imagery provided by the United States.

 

BANKING AND FINANCE

 

1. Poonawalla Fincorp Introduces AI in its HR Processes: Poonawalla Fincorp has embarked on a groundbreaking initiative by integrating Artificial Intelligence (AI) across its Human Resources (HR) Strategic Business Unit (SBU).This industry-first move, is set to transform operational standards and ignite innovation within the financial services sector.Poonawalla Fincorp’s AI integration has revolutionized HR processes by drastically reducing the time to finalize job offers from traditionally around ten days to just under onea 90% decrease.This accelerated process is made possible by advanced AI tools that efficiently handle document verification and candidate screening. The use of AI has not only sped up the recruitment cycle but also achieved significant reduction in operational costs, significantly enhancing both efficiency and cost management.

 

AWARDS AND HONOURS

 

1. IREDA Bags Triple Honours at 14th PSE Excellence Awards: Indian Renewable Energy Development Agency Limited (IREDA) has been honoured with three awards at the 14th PSE Excellence Awards ceremony, organized by the Indian Chamber of Commerce (ICC) in New Delhi.

The company won Gold Awards in the Mini Ratna category for “Corporate Governance” and “Corporate Social Responsibility & Sustainability.”Additionally, IREDA received the Silver Award for “Operational Performance Excellence.”The awards were presented by Dr. Bhaskar Chatterjee, Former Secretary, Department of Public Enterprises, and Shri Apurv Kumar Mishra, Member, Economic Advisory Council to the Prime Minister.

 

 

Daily GK Update- 23rd Dec, 2024

 NATIONAL UPDATES:

 

1. Environment Minister Bhupendra Yadav releases India State of Forest Report 2023: Minister for Environment, Forest and Climate Change, Bhupender Yadav released the ‘India State of Forest Report 2023 (ISFR 2023) at Forest Research Institute,The ISFR has been brought out by the Forest Survey of India (FSI) on a biennial basis since 1987. FSI conducts an in-depth assessment of the country’s forest and tree resources based on the interpretation of remote sensing satellite data and field-based National Forest Inventory (NFI), and the results are published in the ISFR. The India State of Forest Report 2023 is the 18th such report in the series.According to the report, India’s total forest and tree cover spans 827,357 square kilometres, accounting for 25.17% of the country’s geographical area. Additionally, the total forest cover has increased by 1,445 square kilometres compared to the 2021 assessment.

 

2. Rajasthan to spend Rs 100 cr annually on one-district-one-product policy: Rajasthan plans to spend Rs 100 crore annually on the one-district-one-product (ODOP) policy for local artisans, farmers, manufacturers and entrepreneurs.The policy was launched some days ago and it is inspired by Prime Minister Narendra Modi’s “Vocal for Local” vision, said an official of the state industries department. ODOP will also benefit workers, traders and exporters in the state’s 50 districts.The ODOP initiative targets to foster balanced regional development across all districts of the state. The idea is to select, brand and promote one product from each district of the state to enable holistic socioeconomic growth across all regions.

 

3. Namo Bharat train commuters to get 10 per cent discount on tickets through RRTS app: Namo Bharat train commuters can avail a 10 per cent discount on tickets purchased through the RRTS Connect mobile application as part of the “loyalty points program” launched by NCRTC.National Capital Region Transport Corporation (NCRTC) Managing Director Shalabh Goel launched the initiative at the Sahibabad Regional Rapid Transit System (RRTS).Under the loyalty points program, passengers will earn one point for every rupee spent on Namo Bharat train tickets.Each loyalty point is valued at Rs 0.10 (10 paise) and will be credited to the passenger’s account. These points can be redeemed for ticket purchases. Each loyalty point is valued at Rs 0.10 (10 paise) and will be credited to the passenger’s account.

 

4. Amit Shah chairs 72nd Plenary meeting of NEC at Agartala: The union Home minister and Minister of Cooperation, Amit Shah, chaired the 72nd plenary session of the North Eastern Council (NEC) at Agartala, Tripura.The last plenary session of the North Eastern Council was hosted by Agartala in 2008.Under the provision of the North Eastern Council Act 1971, as amended in 2002, the Council meeting is held at least twice a year.What is the North Eastern Council?The North Eastern Council was set up under the North East Council Act 1971 provisions. It was inaugurated on 7th November 1972 by PM Indira Gandhi in Shillong, Meghalaya.Initially, it consisted of seven states of the North East- Assam, Meghalaya, Tripura, Arunachal Pradesh, Nagaland, Mizoram and Arunachal Pradesh.

INTERNATIONAL UPDATES:

 

1. Former SC Judge Justice Madan Lokur appointed chairperson of U.N. Internal Justice Council: Former Supreme Court judge Madan B Lokur has been appointed as chairperson of the United Nations Internal Justice Council (IJC).Lokur has been appointed for a 4-year-tenure ending on 12th November 2028. In a communication to Justice Lokur.The General Assembly of the UN established the IJC as part of the new internal justice system to help ensure independence, professionalism and accountability in the administration of the UN’s justice system. Justice Madan Lokur retired as a judge of the Supreme Court on 31 December, 2018, after a tenure of more than 6 years.

 

2. 21 December – World Basketball Day: World Basketball Day, celebrated on 21 December, honors one of the most popular sports globally.This date is significant as it marks the birth anniversary of Dr. James Naismith, the inventor of basketball. Dr. Naismith first introduced basketball in December 1891 while teaching at the International YMCA Training School in Springfield, MassachusettsThe global significance of basketball was officially acknowledged by the United Nations General Assembly on August 25, 2023, through the adoption of resolution A/RES/77/324. This resolution declared December 21 as World Basketball Day, celebrating the sport’s ability to bring together people from all walks of life.

 

OTHER UPDATES:

 

SPORTS 

 

1. National Rifle Association Of India to host ISSF Junior World Cup 2025: India will host of the International Shooting Sport Federation (ISSF) Junior World Cup Rifle/Pistol/Shotgun 2025.This will be the third top ISSF event to be held in the country after the senior World Cup in Bhopal in 2023 and the season-ending ISSF World Cup Final earlier this year, reinforcing India’s stature as one of the sport’s top destinations in the world.This will be the ninth top level Shooting championship to be held in India over the past decade but the first ISSF Junior World Cup. Before this India had hosted to continental championships and six ISSF competitions, including two World Cup Final competitions besides four senior ISSF World Cups.

 

2. India clinches U19 ACC Women’s T20 Asia Cup Title: In Women’s Cricket, India clinched the inaugural Under-19 ACC Women’s T20 Asia Cup title at Kuala Lumpur, Malaysia, after defeating Bangladesh by 41 runs in the final.Chasing a target of 118, Bangladesh was bowled out for a modest 76 runs in just 18.3 overs. For India, Aayyushi Shukla claimed three wickets, while Parunika Sisodia and Sonam Yadav took two wickets each.Earlier, India, batting first, scored 117 for seven in their allotted 20 overs. Gongadi Trisha was the top scorer with a solid 52 runs off 47 balls. For Bangladesh, Farjana Easmin shone with the ball, picking up four wickets.The tournament, which began on 15th December, featured six of the best teams from the continent vying for the title. India, led by Niki Prasad, remained unbeaten throughout the competition.

 

BANKING AND FINANCE

 

1. India signs $350 million loan agreement with ADB to expand manufacturing sector: The Government of India and the Asian Development Bank (ADB) signed a $350 million policy-based loan under the second subprogram of Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program.The SMILE program is a programmatic policy-based loan (PBL) to support the government in undertaking wide-ranging reforms in the logistics sector in India.The programmatic approach comprises two subprograms, which aim to expand India’s manufacturing sector and improve the resilience of its supply chains.The program establishes and operationalizes a comprehensive policy framework to enhance logistics efficiency through (i) strengthening the institutional bases for multimodal logistics infrastructure development at the national, state, and city levels; (ii) standardizing warehousing and other logistics assets to strengthen supply chains and incentivize greater private sector investment; (iii) improving efficiencies in external trade logistics; and (iv) adopting smart systems for efficient and low emission logistics.

 

2. SEBI directs MIIs to adopt uniform policy on data sharing for research: The market regulator Securities and Exchange Board of India (SEBI) directed stock exchanges, clearing corporations, and depositories to adopt a uniform policy for sharing data meant for research and research publications undertaken by accredited academic institutions.These market infrastructure institutions (MIIs) have been asked to segregate such data into two baskets—one that can be shared with the public and the second that cannot be made public.The first basket will include only aggregate and analysed data, such as reporting and disclosure data mandated by regulators. The segregation is intended to prevent the disclosure of any personal, sensitive, or confidential information in the public domain.The second basket includes know-your-customer (KYC) information, trade logs, and holding details of an entity or individual, along with the identity of the entity or individual. Further, even anonymised data that could potentially identify the individual or entity will not be shared in the public domain.

 

3. Tata Power, Canara Bank partner to offer loans for rooftop solar systems: Tata Power Renewable Energy, a unit of Tata Power, has partnered with state-run Canara Bank to drive the adoption of rooftop solar systems under the government-backed PM Surya Ghar Scheme, offering affordable financing options to Indian households.The initiative aims to simplify access to clean energy solutions by providing loans for residential solar installations.Loans of up to Rs 2 lakh are available for systems with a capacity of up to 3 kW (kilowatt), requiring a 10 per cent margin and no collateral, with an interest rate of 7 per cent per annum and a 10-year repayment period.For larger systems, ranging from 3 kW to 10 kW, loans of up to Rs 6 lakh are offered with a 20 per cent margin, no collateral, and a 10 per cent annual interest rate over a decade.

 

AWARDS AND HONOURS

 

1. Ashwini Vaishnaw confers 69th Ati Vishisht Rail Seva Award 2024: Union Railway and Information and Broadcasting Minister Ashwini Vaishnaw conferred the 69th Ati Vishisht Rail Seva Award 2024 to 101 employees and officers for their exceptional contributions to the Indian Railways.The 101 awardees have been selected across various categories, including innovation leading to improvement in productivity, revenue generation, safety, improvement in operation, security, project completion, and sports.In addition to the individual awards, 22 Shields have been presented to the best-performing Railway Zones in various categories, recognizing their outstanding achievements and contributions to the overall performance of the Indian Railways.

 

2. Jaishankar receives ‘Sri Chandrasekarendra Saraswathi’ award for leadership: External Affairs Minister S Jaishankar was awarded the Sri Chandrasekarendra Saraswathi National Eminence Award for Public Leadership by the South Indian Education Society (SIES).

· Bhutan’s royal honour – Renowned Indian educationist Arun Kapur

· Jamsetji Tata Award by Indian Society for Quality (ISQ) – Kiran Mazumdars

· J C Daniel Award for 2023 – J C Daniel Award

· Social Security Good Practices at Asia-Pacific forum in Saudi – EPFO

· 3rd PSU Transformation Award under the “Innovative Product Development” category – Solar Energy Corporation of India (SECI)

· Aster Guardians Global Nursing Award 2024 – Nurse Maria Victoria Juan (from Philippines)

 

 

Daily GK Update- 22nd Dec, 2024

 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.

 

 

Daily GK Update- 21st Dec, 2024

 NATIONAL UPDATES:

 

1. NITI Aayog Releases Report on S.A.F.E. Accommodation: NITI Aayog released a report on “S.A.F.E. Accommodation – Worker Housing for manufacturing growth”. The report explores the crucial role of Secure, Affordable, Flexible, and Efficient (S.A.F.E.) accommodations for industrial workers in boosting India’s manufacturing sector. It identifies key challenges, offers actionable solutions, and highlights the pivotal interventions required to scale up such housing facilities across the country.In the Union Budget 2024-25, the FM emphasized the importance of rental housing for industrial workers. This initiative, to be executed under a Public-Private Partnership (PPP) model with Viability Gap Funding (VGF).India is poised to elevate its manufacturing sector’s contribution to GDP from the current 17% to 25% as part of achieving Viksit Bharat by 2047. This goal is aligned with the country’s objectives of becoming a global manufacturing hub.

 

2. 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.

 

3. Aligning with Global Labour Standards: Adherence to international labour standards enhances India’s reputation and competitiveness in the global market.Challenges in Scaling Up Worker Accommodation: Restrictive Zoning Laws: Residential developments are often prohibited in industrial zones, forcing workers to live far from their workplaces.Conservative Building Bye-Laws: Low Floor Area Ratios (FAR) and other inefficient land-use regulations limit the potential for high-capacity housing on available land.High Operating Costs: Hostel accommodations in industrial zones are classified as commercial establishments, leading to higher property taxes and utility rates. Financial Viability: High capital costs and low returns make large-scale worker accommodation projects unattractive to private developers.

 

4. 19 December – Goa Liberation Day: Goa Liberation Day is celebrated annually on December 19 to mark the liberation of Goa from Portuguese rule in 1961.It commemorates the successful military operation, Operation Vijay, which ended 451 years of Portuguese colonial rule in Goa.This day is a tribute to the Indian Armed Forces and freedom fighters who played a crucial role in integrating Goa into the Indian Union.The Portuguese colonised several parts of India in 1510 but by the end of the 19th century Portuguese colonies in India were limited to Goa, Daman, Diu, Dadra, Nagar Haveli and Anjediva Island. The Goa liberation movement, which sought to end Portuguese colonial rule in Goa, started off with small-scale revolts.

 

INTERNATIONAL UPDATES:

 

1. India Partners with France Museums Development to Establish Yuga Yugeen Bharat National Museum: The Ministry of Culture has partnered with France Museums Development (FMD) to develop the Yuga Yugeen Bharat National Museum as a world-class cultural institution.This ambitious project is an integral part of the Central Vista Redevelopment Project and is set to span approximately 1,55,000 square meters across the iconic North and South Blocks in New Delhi.The museum, envisioned as a celebration of India’s unbroken civilizational history, was first announced by the Prime Minister at the International Museum Expo in May 2023 and further highlighted during the inauguration of Bharat Mandapam in the following JulyAs part of this agreement, India and France will collaborate on a comprehensive feasibility study, encompassing museum case studies, interpretive planning, and building programming.

 

2. 20 December – International Human Solidarity Day: International Human Solidarity Day is celebrated annually on December 20 to promote the spirit of unity and cooperation among individuals, communities, and nations.Theme 2024 – Promote togetherness and collaborationEstablished by the United Nations in 2005, this day emphasises the interconnectedness of humanity and the collective responsibility we share in promoting social justice and equality.

 

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.

 

SPORTS 

 

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.

 

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.

 

BANKING AND FINANCE

 

1. India and ADB sign $42 million loan to help fortify Maharashtra’s coastline: The Centre and the Asian Development Bank (ADB) have signed a $42 million loan to provide coastal and riverbank protection to increase the resilience of local communities and natural ecosystems in the state of Maharashtra.The project builds on ADB’s earlier investment by incorporating hybrid approaches to combat coastal erosion, such as offshore reefs, rock protection works, along with flexible nature-based solutions like beach and dune nourishment.It also uses advanced technologies to predict climate change impacts, like sea-level rise and extreme weather and enhances the coastal management information system with remote sensing satellite imagery, improving shoreline management.

 

2. Recent Loan approved by ADB: ADB approved a $500 million loan to support India’s economic growth by promoting environmentally sustainable infrastructure.ADB and India sign USD 788.8 million (over Rs 6,600 crore) for the development of Amaravati, Andhra Pradesh as a green and smart capital cityWorld Bank approves $325 Million Project to Boost Agriculture in Uttar Pradesh

World Bank approves $188 million loan to Maharashtra to stimulate growth in backward districts

India and ADB sign $50 million loan for climate-resilient water security in Meghalaya India and ADB sign $98 million loan agreement to boost horticulture productivity

 

 

Daily GK Update- 20th Dec, 2024

 NATIONAL UPDATES:

 

1. Govt launches CGS-NPF scheme to help farmers access post-harvest loan: The Union government has launched a credit guarantee scheme to enable farmers to access credit from eligible financial institutions on harvested crops deposited in registered warehouses.The Credit Guarantee Scheme for e-NWR-based Pledge Financing (CGS-NPF) was launched by the Union Minister for Consumer Affairs, Food and Public Distribution and New & Renewable Energy, Pralhad Joshi, in New Delhi.The government hopes that the launch of the scheme will boost the post-harvest lending to farmers/trades to Rs 5.5 lakh crore in the next 10 years.The corpus of the CGS-NPF Scheme is Rs 1000 crore. The CGS-NPF fund will be managed by the Union Ministry of Consumer Affairs, Food and Public Distribution.The farmers/traders can avail loans from eligible financial institutions against the electronic negotiable warehouse receipts issued by Warehousing Development and Regulatory Authority (WDRA) accredited warehouses.

 

2. Delhi CM launched Mukhyamantri Mahila Samman Yojana: Delhi Chief Minister Atishi has launched the Mukhyamantri Mahila Samman Yojana to provide Rs 1,000 as a monthly stipend to women residents whose annual family income does not exceed Rs 3 lakh.The scheme was proposed in Delhi’s budget for Financial Year 2024-25 and Rs 2,000 crore was allotted for it.The stipend for Mukhyamantri Mahila Samman Yojana would be increased to Rs 2,100 if the Aam Aadmi Party government is re-elected in Delhi, said AAP National Convener Arvind Kejriwal.

 

3. Women hold only 10% key managerial personnel positions in India: Report.: Women constitute less than 20 per cent of the overall workforce, and only 10 per cent hold key managerial personnel (KMP) positions even as companies are making efforts for diversity, according to a report.Women constitute less than 20 per cent of the overall workforce and hold just over 10 per cent of KMP positions, while female directors account for less than 20 per cent of the total board director positions, according to the ‘Mind the Gender Gap’ report by CFA Institute and CFA Society India.The ‘Mind the Gender Gap’ report is based on insights from 300 Indian companies through their Business Responsibility and Sustainability Report (BRSR) disclosures.The report also revealed that women board members and KMPs receive significantly lower compensation compared to their male counterparts, highlighting a gender pay disparity at the top level.

 

4. India Conducts First-ever Ganges River Dolphin Tagging in Assam: Marks a historic achievement in wildlife conservation as the first-ever Ganges River Dolphin (Platanista Gangetica) has been tagged in Assam.The tagging of India’s national aquatic animal, the Gangetic River Dolphin, is part of Project Dolphin of the Union Ministry of Environment, Forest and Climate Change to track the movement pattern of the highly endangered species.It was implemented by the Wildlife Institute of India, Dehradun, in collaboration with the Assam Forest Department and Aaranyak, a prominent biodiversity conservation group in Assam.The funding for the initiative came from the National CAMPA (Compensatory Afforestation Fund Management and Planning Authority).The data collected from the tagged dolphin will help conservationists better understand the species’ movement range and habitat, which will help them devise a more robust conservation plan.

 

5. Govt appoints Ram Mohan Rao Amara as MD of SBI: The union government has appointed Ram Mohan Rao Amara as one of the Managing Directors of State Bank of India (SBI) for three years. The Financial Services Institutions Bureau (FSIB) recommended Rao’s name for the position in September this year. One of the MD positions in SBI fell vacant after CS Setty assumed charge as chairman in August. Rao held the post of deputy managing director and chief risk officer of the country’s largest bank until his appointment as MD.Rao started his banking career with SBI in 1991 as a probationary officer. He has gained expertise in the field of credit, risk, retail and international banking. He managed key assignments for SBI in markets like, Singapore and US, and has served as CEO of Chicago branch and then as President and CEO, SBI California.

 

INTERNATIONAL UPDATES:

 

1. 18 December – World Arabic Language Day: World Arabic Language Day is celebrated every year on 18 December since 2012.The date coincides with the day in 1973 when the General Assembly of the United Nations adopted Arabic as the sixth official language of the Organization.Theme 2024— Arabic Language and AI: Advancing Innovation while Preserving Cultural Heritage.Arabic plays a major role in promoting social cohesion, knowledge production and spreading the values of peace and mutual understanding. Its contribution to humanity cannot be reduced to one people, as it is a civilization’s legacy for the entire world

 

OTHER UPDATES:

 

SPORTS 

 

1. Brazilian Vinicius Junior wins FIFA Best Male Awards 2024: Brazillian and Real Madrid football player Vinicius Junior won the 2024 FIFA Best Male Footballer of the Year award. While, Spain and Barcelona midfielder Aitana Bonmatí won the FIFA Best Female Player award.Aitana Bonmati won the Best FIFA Female Award for the second consecutive time. She was part of the Spanishteam which won the 2023 FIFA Women’s World Cup.The winners of the 2024 FIFA Awards were announced and felicitated at a function held in Doha, Qatar. FIFA President Gianni Infantino gave the awards to the winners.

 

 

 

 

SCIENCE AND TECHNOLOGY

 

1. Japan, India startups to study laser-equipped satellite to tackle space debris: Space startups in Japan and India had agreed to jointly study using laser-equipped satellites to remove debris from orbit, an experimental approach to the increasingly imminent problem of orbital congestion.Tokyo-based Orbital Lasers and Indian robotics company InspeCity said they would study business opportunities for in-space services, such as de-orbiting a defunct satellite and extending a spacecraft’s life.The project is the latest example of collaboration between Japan and India, whose governments are working together on the joint Lunar Polar Exploration (LUPEX) mission, which could launch as early as 2026.Indian rocket maker Skyroot and satellite builder HEX20 are also working with Japanese moon exploration firm Ispace on a future lunar orbiter mission.

 

BANKING AND FINANCE

 

1. Indian economy to grow 6.6% in FY26: Ind-Ra: India Ratings and Research (Ind-Ra) has projected the Indian economy to grow at 6.6% in 2025-26, up from 6.4% in the current fiscal year.Ind-Ra believes investments will be a key growth driver for the Indian economy in FY26, like in FY22 and FY24.The Indian economy has experienced a cyclical growth slowdown in the past three quarters, which it expects to reverse from the December quarter.

 

2. Magma HDI General Insurance Partners with IndoStar Capital Finance to Expand Insurance Accessibility: Magma HDI General Insurance, a leading player in India’s general insurance sector, has partnered with IndoStar Capital Finance Limited (ICFL), a prominent non-banking financial company (NBFC).This collaboration aims to enhance the availability of motor, health, and commercial insurance solutions for customers.Through this partnership, IndoStar Capital Finance will offer Magma HDI’s wide range of insurance products, ensuring customers can access financial and insurance solutions under one roof.

 

3. ICICI Bank and Times Internet launch super-premium credit card: ICICI Bank and Times Internet have launched a super-premium co-branded credit card targeting high-net-worth individuals.The ‘Times Black ICICI Bank Credit Card’, powered by Visa, offers an array of exclusive benefits designed to appeal to affluent customers. The metallic card features a unique design incorporating historic printing plates from The Times of India, symbolising a blend of tradition and innovation.Cardholders will receive significant perks including unlimited lounge access at over 1,300 global airports, visa services at home, and entry to ‘The Quorum Club’.Key benefits include 2.5 percent reward points on international spending and 2 percent on domestic transactions.Milestone rewards feature helicopter rides, airport transfers, complimentary luxury resort stays, and a Rs. 10,000 e-commerce gift card.

 

4. Suspension of futures trading in key farm commodities extended for one month till January 2025: SEBI: The Commodities market regulator, the Securities and Exchange Board of India (SEBI), has extended the ban on the future trading of seven agricultural commodities- soybean and its derivatives, crude palm oil, wheat, rice(non-basmati), moong, chana and mustard seed till January 2025.According to the SEBI notification issued, this has been done to check speculation in this commodity and keep in check food inflation in the country.In December 2021, SEBI banned future trading in these seven agricultural commodities for a year. It was extended for one year in December 2022 and again in December 2023 for a year.The ban prohibits the launching of new contracts and trading in existing ones on all SEBI-recognised commodity exchanges.The future market is a market where an attempt is made to discover the future price of a commodity, taking into consideration the demand and supply of the commodity.

 

AWARDS AND HONOURS

 

1. Indian educationist Arun Kapur conferred Bhutan’s royal honour: Renowned Indian educationist Arun Kapur, who set up schools in India, Bhutan and Oman, has been conferred the ‘Bura Marp’ (red scarf) and ‘Patang’ (ceremonial sword) by Bhutan’s King Jigme Khesar Namgyel at the 117th Bhutanese National Day celebrations in Thimphu’s Changlimathang stadium.The honour is rarely given to non-Bhutanese residents and comes with the honorific ‘Dasho’ title, otherwise used for senior officials.In 2019, Mr. Kapur was awarded the ‘Druk Thuksey’ for his work in setting up the Royal Academy school and developing the Bhutan Baccalaureate educational system.Kapur is one of only a few Indians to have been given Bhutan’s highest royal commendations. Earlier this year, Prime Minister Narendra Modi travelled to Bhutan to be conferred the ‘Order of Druk Gyalpo’ for India’s assistance to Bhutan during the COVID-19 pandemic.

 

2. Kiran Ankush Jadhav clinches Men’s 50m Rifle 3P title at 67th National Shooting Championship: Indian Navy’s Kiran Ankush Jadhav beat Paris Olympic bronze medallist Swapnil Kusale and another Olympian Aishwary Pratap Singh Tomar to clinch the men’s 50m rifle 3 positions (3P) title at the 67th National Shooting Championship Competitions in Bhopal.Jadhav shot 465.8 in the final to leave Aishwary Pratap (463.1) of the home state in second place at the M.P. State Academy Shooting range.Swapnil of Railways led the 45-shot final till the 40th shot but bowed out in third ahead of the final gold-deciding shot, with a tally of 451.8. Jadhav was in third place till the 40-shot stage, before finishing to strike gold.