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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Relaxes Norms for Opening and Operating Cash Credit, Current and Overdraft Accounts

• The Reserve Bank of India (RBI) has eased norms for opening and maintaining Cash Credit (CC), Current Accounts, and Overdraft (OD) facilities, incorporating stakeholder feedback on the draft circular issued in October.
• Banks are now allowed to offer Cash Credit (CC) accounts without restrictions, based purely on customer requirements.

Key Highlights :

• For customers with aggregate banking exposure below ₹10 crore, any bank may freely open or maintain Current or Overdraft (OD) accounts.
• For borrowers with banking exposure above ₹10 crore, only banks holding at least 10% of the borrower’s total exposure are permitted to open or maintain Current or OD accounts.
• If no bank or only one bank meets the 10% exposure threshold, the top two lenders by exposure may maintain Current/OD accounts, modifying the earlier rule that limited such accounts to two banks regardless of exposure share.
• Funds received in collection accounts must be transferred within two working days to the borrower’s designated CC, Current, or OD account.
• Any Overdraft (OD) disbursement from a collection account must be routed only through the designated account.
• Banks are required to monitor all transaction accounts regularly, and at least once every six months, to ensure compliance with the revised RBI guidelines.
• The revised norms will come into effect from April 1, 2026, though banks may choose to implement them earlier in full.

Central Board of Direct Taxes Launches Data-Driven NUDGE Campaign to Curb Bogus Tax Deduction Claims

• The Central Board of Direct Taxes (CBDT) has taken action against intermediaries involved in filing Income Tax Returns (ITRs) with bogus deductions and exemptions under the Income Tax Act, 1961.
• Investigations revealed a nationwide network of agents filing returns with incorrect claims on a commission basis.
• Large-scale bogus deduction claims were made through donations to Registered Unrecognised Political Parties (RUPPs) and Charitable Institutions, resulting in tax evasion and fraudulent refunds.

Key Highlights :

• Many RUPPs were found to be non-filers, non-operational at registered addresses, and not engaged in political activity, acting as conduits for hawala transactions, cross-border remittances, and fake donation receipts.
• CBDT searches against RUPPs and trusts uncovered incriminating evidence of bogus individual donations and fake Corporate Social Responsibility (CSR) claims by companies.
• The CBDT has strengthened its data-driven and analytics-based risk assessment to detect suspicious deduction patterns at an early stage.
• A key risk pattern was identified in claims under Section 80G (donations to charitable institutions) and Section 80GGC (donations to political parties) of the Income Tax Act, 1961.
• Data analytics showed taxpayers claiming deductions to suspicious or unverifiable entities without adequate supporting information.
• A large number of taxpayers have already revised their ITRs for AY 2025-26 and filed updated returns for previous assessment years.
• As a taxpayer-friendly measure, CBDT launched a targeted NUDGE campaign, allowing taxpayers to voluntarily correct or withdraw incorrect claims.
• SMS and Email advisories are being sent from 12 December 2025 to identified taxpayers on their registered mobile numbers and email IDs.

About CBDT :

• Central Board of Direct Taxes (CBDT) is a statutory authority constituted under the Central Board of Revenue Act, 1963.
• It functions under the Department of Revenue, Ministry of Finance, Government of India.
• CBDT is responsible for formulation of policies, levy and collection of direct taxes, and supervision of the Income Tax Department.
• CBDT is headed by a Chairman and consists of six Members, all holding the rank of ex-officio Special Secretary to the Government of India.
• Key Members include:
  • Member (Income Tax)
  • Member (Legislation & Computerization)
  • Member (Revenue)
  • Member (Personnel & Vigilance)
  • Member (Investigation)
  • Member (Audit & Judicial)
• The Chairman acts as the coordinating head, while each Member handles a specialised functional area.
• The Chairman and Members of CBDT are appointed from the Indian Revenue Service (IRS).

India’s Banking Transformation: Building Trust Through Reform and Resilience

• India, now the world’s fourth-largest economy, has developed a resilient and dynamic financial sector capable of supporting long-term growth and rising investment needs.
• Post the Global Financial Crisis (2008–09), strong fiscal and monetary stimulus helped India cushion external shocks.
• The subsequent “Twin Balance Sheet Problem”—marked by overleveraged corporates and banking sector stress—was gradually resolved, enabling India to emerge among the Top Five global economies.

Key Highlights :

• India’s banking sector recorded its lowest Gross Non-Performing Assets (GNPA) in 20 years, declining from 46% (2018) to ~2.31% by March 2025, reflecting sustained balance-sheet repair.
• Net Non-Performing Assets (NNPA) also fell to a two-decade low of ~0.52%, compared to over 6% in 2018, supported by strong provisioning buffers.
• Public Sector Banks (PSBs) reduced GNPA from 11% (March 2021) to ~2.58% (March 2025), while Scheduled Commercial Banks (SCBs) cut GNPA from 7.33% to ~2.22% in the same period.
• As of March 31, 2025, banks’ gross NPAs declined to about ₹2.73 lakh crore, underlining improved asset quality.
• Domestic bank deposits and credit nearly tripled (2015–2025), with deposits rising from ₹88.35 lakh crore to ₹231.90 lakh crore and credit expanding from ₹66.91 lakh crore to ₹181.34 lakh crore.
• Capital buffers strengthened significantly, with Capital to Risk Weighted Assets Ratio (CRAR) rising from 12.94% (March 2015) to 17.36% (March 2025).
• Common Equity Tier-1 (CET-1) capital, the highest quality capital, increased from 9.98% to 14.81%, enhancing banks’ shock-absorption capacity.
• Bank profitability improved sharply, with Return on Assets (RoA) rising from –0.22% (FY18) to ~1.37% (FY25) and Return on Equity (RoE) increasing from –2.74% to ~14%.
• Public Sector Banks’ total business expanded from ₹203 lakh crore (FY23) to ₹252 lakh crore (FY25), while net profit surged from ₹1.05 lakh crore to ₹1.78 lakh crore.
• Scheduled Commercial Banks (SCBs) posted record aggregate net profit of ~₹4.01 lakh crore in FY25, highlighting strong earnings momentum.
• Key reforms such as the Prompt Corrective Action (PCA) framework, bank consolidation (27 PSBs into 12), and strengthened recovery laws like SARFAESI Act supported asset-quality improvement.
• Expansion of Debt Recovery Tribunals (DRTs) jurisdiction and the proposed Expected Credit Loss (ECL) framework (October 2025) further strengthened risk assessment and recovery mechanisms.
• Backed by robust macroeconomic fundamentals, India—now the world’s fourth-largest economy—has developed a resilient and dynamic banking system capable of supporting long-term growth, investment needs, and global expansion via GIFT City.

China crosses $1 trillion trade surplus mark on strong non-U.S. exports despite fall in shipments to America

• China’s trade surplus surpassed $1 trillion for the first time, driven by strong exports to non-U.S. markets like Europe, Australia, and Southeast Asia, despite a sharp decline in shipments to the U.S.
• In November 2025, China recorded a trade surplus of $111.68 billion, up from $90.07 billion in October, exceeding expectations. Exports grew 5.9% YoY, while imports rose 1.9% YoY.
• Despite strong export figures, China’s manufacturing sector remains weak, with broader manufacturing contracting for the 8th consecutive month. Domestic demand is affected by a prolonged property downturn.

Sberbank, JSC First Asset Management introduce First-India mutual fund offering Russian investors access to Nifty50 equities

• Sberbank and JSC First Asset Management have launched a new mutual fund, First-India, providing Russian retail investors exposure to India’s equity market via the Nifty50 Index.
• The fund was unveiled during Sberbank CEO Herman Gref’s visit to India, at an event hosted by the National Stock Exchange (NSE).
• The product offers a direct route for Russian investors to participate in the growth of India’s largest and most liquid companies.
• The Nifty50 Index, launched in 1996, comprises 50 major stocks across 15 sectors and is among the world’s most widely tracked indices, with 45+ passive funds in India and 22 overseas funds linked to it.
• NSE MD & CEO : Ashishkumar Chauhan

World Bank Clears $600 Million Funding for Clean Air Programmes in Uttar Pradesh and Haryana Benefiting 270 Million People

• The World Bank (WB) Board of Executive Directors approved ~USD 600 million financing for two multi-sectoral clean air programs in Uttar Pradesh (UP) and Haryana, benefiting ~270 million people across the Indo-Gangetic Plains & Himalayan Foothills (IGP-HF).
• These initiatives are India’s first state-led, airshed-based, multi-sectoral clean air programs, targeting air pollution beyond city boundaries and transboundary emissions.
• The programs are implemented under the World Bank’s Regional Air Quality Management Program (RAQMP) with additional international grant support.

Key Highlights :

Uttar Pradesh Clean Air Management Program (UPCAMP)

• Uttar Pradesh Clean Air Management Program (UPCAMP) has financing of USD 299.66 million, with a 10-year loan maturity and 2-year grace period.
• UPCAMP adopts an airshed approach, coordinating with neighbouring states to control cross-border air pollution.
• The program will enable 9 million households to access clean cooking solutions, reducing indoor and outdoor air pollution.
• Clean mobility under UPCAMP includes deployment of 15,000 electric three-wheelers and 500 electric buses in Lucknow, Kanpur, Varanasi and Gorakhpur.
• Vehicle replacement incentives will support replacement of 13,500 high-emission heavy-duty vehicles with lower-emission alternatives.
• In agriculture, UPCAMP promotes efficient fertiliser use and livestock waste management, while MSMEs are supported to adopt cleaner industrial technologies.

Haryana Clean Air Project for Sustainable Development (HCAPSD)

• Haryana Clean Air Project for Sustainable Development (HCAPSD) is financed with USD 300 million from WB, with a total project cost of ₹3,646 crore, including ₹1,065 crore state contribution and ₹83 crore grant support.
• The Haryana project has a loan maturity of 23.5 years with a 6-year grace period.
• Implementation in Haryana is coordinated by ARJUN SPV (AI for Resilient Jobs, Urban Air Quality & Next-Gen Skills Council), chaired by Rajesh Khullar.
• Clean transport in Haryana includes 500 electric buses, electric three-wheelers, and 200 EV charging stations in Gurugram, Sonipat, Faridabad and Jhajjar, reducing emissions in the NCR belt.
• Vehicle incentives in Haryana support electric three-wheelers and replacement of old, highly polluting vehicles.
• Haryana’s MSMEs are assisted in switching industrial boilers to PNG, replacing diesel generator sets, and installing Continuous Emission Monitoring Systems (CEMS).
• In agriculture, the Haryana program promotes agricultural waste management, productive reuse of paddy stubble, and advanced soil management practices.
• Air quality and emissions monitoring systems will be strengthened across Haryana to improve pollution source assessment and impact evaluation.
• Haryana aims to mobilise over USD 127 million in private capital through the program.

Funding and Overall Impact

• Grant support is provided through the Resilient Asia Program (RAP) backed by UK FCDO and Swiss Agency for Development and Cooperation (SDC), and ESMAP, a multi-donor trust fund administered by the World Bank.
• Overall, both programs are expected to improve public health, enhance environmental sustainability, increase business attractiveness, and support job creation across multiple states.

About World Bank:

• The World Bank is an international financial institution that provides loans and grants to the governments of low and middle-income countries for the purpose of pursuing capital projects.
• The World Bank consists of 5 institutions: The International Bank for Reconstruction and Development (IBRD), The International Development Association (IDA), The International Finance Corporation (IFC), The Multilateral Investment Guarantee Agency (MIGA), and The International Centre for Settlement of Investment Disputes (ICSID).
• Founded Year: 1944
• Headquarters: Washington, D.C., United States
• President: Ajay Banga
• Members:189 countries

Securities and Exchange Board of India Broadens ‘Strategic Investor’ Definition to Boost Participation in REIT and InvIT Public Issues

• The Securities and Exchange Board of India (SEBI) has expanded the definition of “Strategic Investor” for REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) to widen investor participation in public issues.

Key Highlights :

• The move aims to attract more capital, provide greater flexibility, and improve ease of doing business in the REIT and InvIT framework.
• Earlier, the narrow definition excluded major long-term investors such as pension funds, provident funds, and insurance funds, despite their preference for stable, income-generating assets.
• Under the amended rules, any entity classified as a Qualified Institutional Buyer (QIB) is now eligible to apply as a strategic investor.
• The expanded pool of strategic investors includes public financial institutions, pension & provident funds, insurance funds, Alternative Investment Funds (AIFs), state industrial development corporations, family trusts, and SEBI-registered intermediaries with net worth above ₹500 crore.
• The eligibility also extends to middle, upper, and top-layer NBFCs, significantly enlarging the institutional investor base.
• The amendments were approved by SEBI’s Board in September and notified on December 9, reflecting regulatory intent to deepen capital markets.
• Separately, SEBI has reclassified REITs as equity-related instruments to encourage higher participation by Mutual Funds and Specialised Investment Funds (SIFs).
• With effect from January 1, 2026, investments by Mutual Funds and SIFs in REITs will be treated as equity-related investments.
• InvITs will continue to be classified as hybrid instruments, maintaining their existing regulatory treatment while benefiting from the broadened investor base.

Reserve Bank of India Grants In-Principle Approval to JPMorgan for New Pune Branch After Nearly a Decade

• JPMorgan Chase & Co. has received in-principle approval from the Reserve Bank of India (RBI) to open a new branch in Pune, marking its first branch expansion in India in nearly a decade.
• The Pune branch will be JPMorgan’s fourth branch in India and will primarily cater to corporate clients.
• The new branch will provide a full range of banking services, including transaction banking and term lending.
• JPMorgan last received approval to open branches in India in 2016, when it was permitted to set up three branches.
• JPMorgan Chase & Co. is an American multinational banking and financial services institution.
• The bank is headquartered in New York City and incorporated in Delaware, USA.
• As of 2025, JPMorgan Chase & Co. is the largest bank in the United States and the world’s largest bank by market capitalisation.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Pakistan’s Ancient Boreendo Added to UNESCO’s Urgent Intangible Cultural Heritage List at New Delhi Session

• Pakistan’s Boreendo (also called Bhorindo/Bareendo) was inscribed on United Nations Educational, Scientific and Cultural Organization’s (UNESCO’s) List of Intangible Cultural Heritage in Need of Urgent Safeguarding during the 20th Session of UNESCO’s Intergovernmental Committee, held at Red Fort, New Delhi.

Key Highlights :

• Boreendo is a spherical terracotta vessel-flute from Sindh (Pakistan), believed to be over 5,000 years old, with roots in the Indus Valley Civilization (sites such as Mohenjo-Daro).
• The instrument has cultural parallels in Kutch, Gujarat, highlighting shared Indus Valley heritage across regions.
• It is regarded as the oldest surviving musical instrument of southern Sindh, traditionally used in Sufi devotional gatherings, village ceremonies, and winter festivals.
• The inscription was granted due to the severe risk of extinction, as only two practitioners retain complete knowledge: Ustaad Faqeer Zulfiqar (musician) and Allah Jurio (master potter).
• UNESCO classified Boreendo as an “ancient dying folk musical instrument”, including its melodies, knowledge, and craftsmanship skills.
• Pakistan’s Permanent Delegate to UNESCO – Ambassador Mumtaz Zahra Baloch described the listing as recognition of Sindh’s artistic and spiritual heritage and Indus Valley cultural continuity.
• The nomination followed consultations between the Sindh Government, Pakistan’s Mission to UNESCO, and UNESCO Headquarters, particularly in Keti Mir Muhammad Loond village.
• A four-year safeguarding plan (2026–2029) has been launched, including community music schools, integration into formal and informal education, and digital archiving.
• With this inscription, Boreendo joins other UNESCO-listed traditions such as Falconry, Nowruz, and Suri Jagek (astronomical knowledge of the Kalash people).

About UNESCO :

• Formation : 16 November 1945
• Headquarters : Paris, France
• Director-General : Khaled El-Enany
• Parent organization : United Nations Economic and Social Council
• Members : 194 Member States and 12 Associate Members

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Maharashtra Government Introduces New Framework to End Pagdi System in Mumbai

• The Government of Maharashtra has announced a major regulatory reform to dismantle the century-old Pagdi system, a rental arrangement deeply rooted in Mumbai’s housing history.
• Deputy Chief Minister Eknath Shinde stated that the reform aims to resolve long-pending disputes, provide legal clarity to tenants and landlords, and accelerate the redevelopment of thousands of old and dilapidated buildings in Mumbai.
• The Pagdi system, which originated before Independence and became widespread before the 1940s, is an informal rental arrangement but is still recognised under the Maharashtra Rent Control Act.
• Under the Pagdi system, tenants pay a large one-time premium to landlords and receive near-permanent occupancy rights, while monthly rents remain extremely low and often unchanged for decades.
• In many cases, tenants can resell tenancy rights, usually sharing proceeds with landlords, creating a dual-ownership-like structure with unclear legal boundaries.
• Over time, the system became problematic due to negligible rental income for landlords, inability to maintain buildings, growing structural risks, redevelopment deadlocks, informal cash transactions, and prolonged legal disputes.
• Thousands of Pagdi buildings in Mumbai have aged significantly, making them unsafe and blocking the city’s redevelopment pipeline for decades.
• The new regulatory framework proposes clear legal rights and obligations, defined tenant stakes in redevelopment projects, fair compensation or revised rent models for landlords, and standardised redevelopment rules.
• The framework also envisages a dedicated regulatory mechanism to reduce litigation, ensure transparency, and fast-track redevelopment approvals.
• This reform is considered one of the most significant urban housing policy changes in Mumbai in recent decades, aimed at modernising the rental ecosystem while balancing the interests of both tenants and property owners.

RECENT NEWS

• Brookfield Asset Management has announced a major investment of $1 billion to develop Asia’s largest Global Capability Centre (GCC) in Mumbai’s Powai. The project will cover 2 million square feet also support a multinational bank for a long-term 20-year period. It will expected to create over 30,000 jobs by 2029.

Maharashtra Launches MahaCrimeOS AI Platform for Cybercrime Policing

• The Government of Maharashtra has partnered with Microsoft to launch MahaCrimeOS Artificial Intelligence, an advanced platform aimed at modernising and accelerating cybercrime investigations across the state.
• The platform was unveiled by Satya Nadella, Chairman and Chief Executive Officer of Microsoft, during the Microsoft Artificial Intelligence Tour held in Mumbai.
• MahaCrimeOS Artificial Intelligence has been developed by CyberEye, in collaboration with Maharashtra’s Advanced Research and Vigilance for Enhanced Law-enforcement (MARVEL), the state’s Special Purpose Vehicle for Artificial Intelligence governance, and the Microsoft India Development Center.
• The platform is an Artificial Intelligence– and Microsoft Azure–powered digital investigation system designed to streamline, standardise, and speed up cybercrime case management.
• It is currently deployed in 23 police stations in Nagpur, where it has shown an 80 percent reduction in investigation turnaround time and nearly 100 percent digital registration of cybercrime cases, with standardised Artificial Intelligence–driven workflows.
• Chief Minister Devendra Fadnavis announced that the government plans to roll out the platform across all 1,100 police stations in Maharashtra, enabling statewide digital cybercrime investigations.
• The system allows instant digital case creation, multilingual data extraction, Artificial Intelligence–based legal assistance using Retrieval-Augmented Generation, Open-Source Intelligence integration, and Artificial Intelligence–powered evidence analysis, significantly reducing manual workload.
• The platform complies with strict security, data protection, and governance standards, as ensured by the Microsoft India Development Center.
• The initiative is expected to strengthen cybercrime response, improve investigation speed and accuracy, enhance transparency, and set a national benchmark for the use of Artificial Intelligence in policing and governance.

About Maharashtra:

• Chief Minister: Devendra Fadnavis
• Governor: Acharya Devvrat
• Capital: Mumbai
• National Parks: Tadoba National Park, Sanjay Gandhi National Park, Chandoli National Park, Gugamal National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Koyna Wildlife Sanctuary, Karnala Bird Sanctuary, Melghat Wildlife Sanctuary, Radhanagari Wildlife Sanctuary

Union Cabinet Renames MGNREGS as Poojya Bapu Grameen Rozgar Yojana; Workdays Increased

• The Union Cabinet approved a major update to India’s largest rural employment programme.
• The Mahatma Gandhi National Rural Employment Guarantee Scheme will now be renamed as Poojya Bapu Grameen Rozgar Yojana.
• The guaranteed employment days have been increased from 100 days to 125 days per rural household in a financial year.
• This decision aims to strengthen rural livelihoods and improve income stability for millions of rural households dependent on the scheme.
• The Cabinet approved an amendment to the National Rural Employment Guarantee Act, 2005, to enable the renaming and enhancement of workdays.
• Formal notification is awaited to operationalise the changes.
• The scheme was originally enacted on 25 August 2005 as the National Rural Employment Guarantee Act, providing a legal guarantee of 100 days of wage employment to adult members of rural households.
• The primary objectives of the Act include enhancing rural purchasing power, providing livelihood security, reducing rural distress and poverty, and creating durable community assets.
• In 2009, the scheme was renamed as the Mahatma Gandhi National Rural Employment Guarantee Act and Scheme.
• The latest update provides stronger income support and more predictable employment, particularly during lean agricultural seasons.
• Increased employment days are expected to boost rural spending power, thereby supporting local economies.
• The decision strengthens the social safety net for low-income rural families and reinforces the scheme’s core objective of reducing poverty and narrowing income inequality.

RECENT NEWS

• In a significant move to preserve and showcase India’s rich maritime heritage, the Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the development of the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat.

India Launches First Indigenous Hydrogen Fuel Cell Passenger Vessel at Varanasi

• India has launched its first fully indigenous hydrogen fuel cell passenger vessel, marking a historic milestone in green maritime mobility and clean inland water transport.
• The vessel began commercial operations at Namo Ghat, Varanasi, and was flagged off by Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal.
• It is India’s first vessel to demonstrate hydrogen fuel cell propulsion, highlighting the country’s progress towards clean, sustainable and self-reliant waterways.
• The vessel has been built by Cochin Shipyard Limited (CSL) and is owned by the Inland Waterways Authority of India (IWAI).
• It is powered by a Low Temperature Proton Exchange Membrane fuel cell system, which converts hydrogen into electricity, with water as the only byproduct.
• The vessel is a 24-metre catamaran, designed for enhanced stability, and has a passenger capacity of 50 in an air-conditioned cabin.
• It operates at a service speed of 6.5 knots and can run for up to 8 hours on a single hydrogen refill.
• The propulsion system is hybrid in nature, combining hydrogen fuel cell, battery storage and solar power.
• The vessel produces zero pollution, with no smoke, no noise, and only water emissions, making it environmentally sustainable.
• The vessel has been certified by the Indian Register of Shipping, ensuring compliance with safety and technical standards.
• With this launch, Varanasi becomes one of the first cities globally to deploy hydrogen-powered passenger transport on inland waterways.
• To operationalise Fuel Cell Vessel Pilot-01, a tripartite agreement has been signed between Inland Waterways Authority of India, Cochin Shipyard Limited, and Inland and Coastal Shipping Limited.
• The agreement covers technical oversight, safety procedures, financial arrangements, and monitoring and inspection mechanisms, ensuring safe commercial operations.
• The vessel is expected to deliver zero-emission and noise-free travel along the River Ganga, benefiting pilgrims, commuters and tourists.
• It will help reduce road congestion, promote eco-friendly tourism, and improve the efficiency of inland water transport in Varanasi.
• The maiden commercial run covered a 5 kilometre stretch from Namo Ghat to Lalita Ghat.
• The inaugural journey was attended by Union Minister Sarbananda Sonowal, Minister of State Ravindra Jaiswal, Uttar Pradesh Ministers Dayashankar Singh and Dr. Daya Shankar Mishra, the Mayor of Varanasi Municipal Corporation, and senior Indian Administrative Service officers and Inland Waterways Authority of India officials.
• The hydrogen fuel cell vessel forms a key component of Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047.
• Under these visions, India aims to decarbonise inland water transport, introduce advanced hybrid and electric vessels, modernise river-based passenger mobility, and build a climate-resilient maritime ecosystem.

Kopra Reservoir Declared Chhattisgarh’s First Ramsar Site

• Chhattisgarh achieved a major environmental milestone with the declaration of Kopra Reservoir in Bilaspur district as the state’s first Ramsar Site.
• The Ramsar recognition was officially announced, placing Chhattisgarh on the global map of wetlands of international importance.
• The declaration strengthens India’s commitment to biodiversity conservation, sustainable water management, and climate resilience.
• The recognition followed coordinated efforts by the State Wetland Authority, forest officials, environmental experts, researchers, and local communities.
• Kopra Reservoir is a freshwater wetland system shaped by both natural and man-made features.
• The reservoir is primarily rain-fed and supported by small seasonal streams, making it a crucial water body in a semi-rural landscape.
• These hydrological and ecological features qualified Kopra Reservoir for inclusion under the Ramsar Convention on Wetlands.
• Ecologically, the reservoir supports aquatic biodiversity, including fish, amphibians, reptiles, and insects, along with rich aquatic vegetation.
• It plays an important role in maintaining ecological balance, regulating local climate, and supporting water cycles in the surrounding region.
• Kopra Reservoir provides significant benefits to nearby villages by supplying drinking water, supporting irrigation, and sustaining fertile agricultural lands.
• The wetland enhances food security, strengthens rural livelihoods, and improves resilience against seasonal water scarcity.
• The reservoir is an important habitat for migratory and rare bird species, strengthening its international conservation value.
• Notable bird species recorded include the River Tern, Common Pochard, and Egyptian Vulture.
• It serves as a regular winter halt for migratory birds, making it an essential link in global migratory routes.
• Under Chhattisgarh Anjor Vision 2047, the state has set a target to achieve Ramsar status for 20 wetlands by 2030.
• The inclusion of Kopra Reservoir marks the first step toward this long-term conservation vision, reflecting a strong commitment to global ecological standards, wetland conservation, and climate adaptation strategies.

About Chhattisgarh:

• Chief Minister: Vishnu Deo Sai
• Governor: Ramen Deka
• Capital: Raipur
• National Parks: Indravati National Park, Kanger Valley National Park, Guru Ghasidas (Sanjay) National Park
• Wildlife Sanctuaries: Achanakmar Wildlife Sanctuary, Badalkhol Wildlife Sanctuary, Udanti Wildlife Sanctuary, Sitanadi Wildlife Sanctuary

RECENT NEWS

• Prime Minister Narendra Modi visited Nava Raipur, Chhattisgarh to mark the state’s Silver Jubilee—25 years since its formation in 2000. On this symbolic day, he inaugurated the new Legislative Assembly complex, unveiled a statue of former PM Atal Bihari Vajpayee, and launched infrastructure and welfare projects worth over ₹14,260 crore.

CURRENT AFFAIRS: AWARDS AND HONOURS

TIME Magazine Names “Architects of Artificial Intelligence” as Person of the Year 2025

• TIME Magazine has declared the “Architects of Artificial Intelligence” as its Person of the Year 2025, recognising the individuals who designed, built, and accelerated Artificial Intelligence into the centre of global life.
• TIME described 2025 as the year when the full potential of Artificial Intelligence became visible, transforming industries, economies, politics, governance, creativity, and daily life worldwide.
• Instead of honouring technology itself, TIME recognised the people behind Artificial Intelligence, whose innovations reshaped global power structures and societal functioning.
• Editor-in-Chief Sam Jacobs stated that TIME has historically honoured groups or concepts when a single individual could not represent the scale of impact, as seen earlier with the Personal Computer (1982) and Endangered Earth (1988).
• Artificial Intelligence in 2025 crossed a tipping point, shifting from a niche innovation to a mainstream force adopted across healthcare, education, governance, media, defence, and global policymaking.
• One of TIME’s cover images featured eight leading Artificial Intelligence innovators, representing firms driving hardware, chips, cloud infrastructure, foundation models, and Artificial Intelligence safety research.
• The featured leaders include Mark Zuckerberg (Chief Executive Officer, Meta Platforms), Lisa Su (Chief Executive Officer, Advanced Micro Devices), Elon Musk (Chief Executive Officer, Tesla and Founder of xAI), Jensen Huang (Chief Executive Officer, NVIDIA), Sam Altman (Chief Executive Officer, OpenAI), Demis Hassabis (Chief Executive Officer, Google DeepMind), Dario Amodei (Chief Executive Officer, Anthropic), and Fei-Fei Li (Artificial Intelligence pioneer and Founder of World Labs).
• Many of these leaders are also billionaires, with a combined net worth of around 870 billion United States dollars, largely accumulated during the recent Artificial Intelligence expansion.
• TIME highlighted that Artificial Intelligence systems became widely accessible to consumers, governments began adopting and regulating Artificial Intelligence, and global politics increasingly reflected the influence of Artificial Intelligence leaders.
• The 2025 United States political landscape witnessed prominent Artificial Intelligence company leaders attending the inauguration of President Donald Trump, reflecting Artificial Intelligence’s growing role in governance.
• While individuals such as Jensen Huang, Sam Altman, and global political figures were considered contenders, TIME concluded that no single individual influenced the world in 2025 more than the collective creators of Artificial Intelligence.
• TIME’s Person of the Year tradition, started in 1927, honours the person, group, or concept that most influenced global affairs during the year; recent recipients include Taylor Swift (2023) and Donald Trump (2024).

Kolkata Unveils World’s Largest Lionel Messi Statue

• Kolkata, widely known as the football capital of India, has unveiled a 70-foot iron statue of Lionel Messi, believed to be the largest statue of the Argentine footballer in the world.
• The statue has been installed by the Sree Bhumi Sporting Club at Lake Town, South Dum Dum, Kolkata, and has already become a major attraction for football fans.
• The statue depicts Lionel Messi lifting the Fédération Internationale de Football Association World Cup trophy, symbolising Argentina’s victory in the 2022 Fédération Internationale de Football Association World Cup.
• The statue stands 70 feet tall, is made of iron, and was completed in just 40 days, highlighting the scale and speed of the project.
• Final surface finishing and area preparations are being carried out by artist Monty Paul and his team ahead of the official inauguration.
• West Bengal Minister and President of the Sree Bhumi Sporting Club, Sujit Bose, stated that there is no other Messi statue of this height globally, reflecting Kolkata’s deep emotional connection with football.
• Kolkata has a long history of hosting global football icons, including Diego Maradona, Emiliano Martinez, and Ronaldinho Gaucho, reinforcing its footballing legacy.
• Due to security and law-and-order considerations, Lionel Messi will not attend in person and will instead virtually inaugurate the statue on 13 December.
• The virtual inauguration is expected to witness massive fan participation across West Bengal, especially with the 2026 Fédération Internationale de Football Association World Cup approaching, adding symbolic significance to the tribute.

CRPF Officer Dinesh Khatak Awarded Union Home Minister’s Efficiency Medal

• Dinesh Khatak, a senior officer of the Central Reserve Police Force, from Jind district, Haryana, has been honoured with the Union Home Minister’s Efficiency Medal.
• The award recognises his exemplary leadership, operational achievements, discipline, and consistent contributions to national security in some of India’s most sensitive and high-risk regions.
• This honour highlights both his personal dedication and the critical role of the Central Reserve Police Force, India’s largest central armed police force, in maintaining internal security.
• Dinesh Khatak joined the Central Reserve Police Force after clearing the Union Public Service Commission examination in 2005, entering the force as a Gazetted Officer.
• He was born and educated in Jind, Haryana, and was known from an early age for academic discipline and determination.
• A major phase of his service involved key deployments in Jammu and Kashmir, where he served two significant tenures.
• During his first tenure (2008–2013), he managed Amarnath Yatra security, led teams during sensitive law-and-order situations, and participated in counter-insurgency operations in volatile areas.
• His second tenure (2017–2021) coincided with high-pressure security operations following the abrogation of Article 370 of the Constitution of India.
• Currently, Dinesh Khatak is posted in Bijapur district, a core area affected by Left-Wing Extremism.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

NIT Rourkela Develops and Patents AI–LLM Powered Human-Like Social Robot for Real-Time Interaction

• NIT Rourkela researchers have developed and patented an AI- and Large Language Model (LLM)–based human-like social robot capable of natural, real-time interaction.
• The robot can understand everyday language, follow spoken instructions, answer questions, and engage in conversations beyond pre-programmed responses.
• It can recognise human emotions such as happiness, neutrality, and distress by reading facial expressions and responding in an emphatic or comforting manner.
• The system integrates verbal and non-verbal communication, enabling seamless human–machine interaction.
• The robot can detect simple gestures like waving or raising a hand, making it user-friendly for children and the elderly.
• It is built on a Raspberry Pi–based platform, where LLMs process inputs, analyse context, and generate human-like responses.
• Google Text-to-Speech (TTS) is used to deliver natural-sounding speech output.
• The robot is mounted on a wheel-based mobile platform with a navigation system and obstacle-avoidance capability using distance-sensing modules.
• It is designed for use in homes (elderly companionship), education (interactive learning support), hospitals, workplaces, and community spaces.
• The research was conducted by Anup Nandy (CSE), Asim Kumar Naskar (EE), Sougatamoy Biswas, and Rahul Saw, and published in Elsevier’s “Computers and Electrical Engineering” journal.
• The estimated cost of the robot is ₹80,000–₹90,000, depending on manufacturing scale and component optimisation.
• Future plans include enhancing interaction capabilities and real-world pilot testing in schools, hospitals, and community environments.

CURRENT AFFAIRS : PERSON IN NEWS

World Book of Records Honours Nitish Kumar for Taking Oath as Bihar Chief Minister Ten Times

• World Book of Records, London recognised Bihar Chief Minister Nitish Kumar for the rare feat of taking oath as Chief Minister 10 times, a unique milestone in India’s democratic history.
• Nitish Kumar first became Chief Minister of Bihar in 2000, briefly stepping down within a week, and has largely remained in office since 2005, except for a short break during 2014–15.
• His repeated oaths reflect a dynamic political journey, marked by shifting alliances between the NDA (National Democratic Alliance) and the Mahagathbandhan.
• He took oath as CM for the 5th time in 2015 with the RJD–Congress alliance, resigned in 2017, and returned within 24 hours to the NDA, becoming CM for the 6th time.
• Nitish Kumar again took oath following major political realignments in 2020, 2022 and 2024, culminating in his 10th oath after the recent Bihar Assembly elections.
• In the latest elections, the NDA secured 202 seats out of 243 in the Bihar Legislative Assembly, paving the way for Nitish Kumar’s record 10th term as Chief Minister.

CURRENT AFFAIRS: SPORTS NEWS

Germany Wins FIH Men’s Junior Hockey World Cup 2025; India Secures Bronze

• The 14th edition of the Fédération Internationale de Hockey Men’s Junior Hockey World Cup 2025 concluded in Chennai and Madurai, Tamil Nadu.
• The tournament was held from 28 November to 10 December 2025 at the Mayor Radhakrishnan Hockey Stadium, Chennai, and the Madurai International Hockey Stadium.
• Germany emerged as the champion, winning its eighth Men’s Junior Hockey World Cup title, the most by any nation.
• In the final match, Germany defeated Spain 3–2 in a shoot-out after the match ended in a 1–1 draw at full time.
• With this victory, Germany further consolidated its dominance in junior men’s hockey at the global level.
• India won the bronze medal, defeating Argentina 4–2 after staging a remarkable comeback.
• India was trailing 0–2, but scored four goals in the final quarter within 10 minutes to clinch third place.
• Indian goal scorers in the bronze medal match were Ankit Pal (49th minute), Manmeet Singh (52nd minute), Sharda Nand Tiwari (57th minute), and Anmol Ekka (58th minute).
• This bronze medal highlighted the depth and potential of India’s young hockey talent.
• India’s previous gold medals in the Men’s Junior Hockey World Cup were won in 2001 and 2016.
• The final standings of the 2025 tournament were Germany (Gold), Spain (Silver), and India (Bronze).
• Belgium secured fifth place, defeating the Netherlands 4–3 in a shoot-out after a 3–3 draw.
• In the fifth-place match, Hugo Labouchere of Belgium scored a hat-trick in the 18th, 30th, and 58th minutes.
• Hockey India announced cash rewards of ₹5 lakh for each Indian player and ₹2.5 lakh for each support staff member for winning the bronze medal.
• The Fédération Internationale de Hockey Men’s Junior Hockey World Cup was started in 1979 and is conducted in the Under-21 category.
• The tournament was held once every four years until 2019 and is now conducted biennially (every two years) since 2021.
• The event serves as a global platform for young players to transition into senior international hockey.

About FIH

• The Fédération Internationale de Hockey was established in 1924, with its headquarters in Lausanne, Switzerland.
• The President of the Fédération Internationale de Hockey is Tayyab Ikram.

Vaibhav Suryavanshi Smashes 171 in Under-19 Asia Cup 2025 Opener

• India’s 14-year-old batting prodigy Vaibhav Suryavanshi produced a sensational performance by scoring 171 runs off 95 balls in the opening match of the Under-19 Asia Cup 2025 against the United Arab Emirates.
• The match was played at the International Cricket Council Academy Ground, Dubai, where Suryavanshi dominated the bowling attack from the outset.
• His innings underlined his status as one of India’s most promising young cricketing talents.
• Vaibhav Suryavanshi began cautiously and scored his first run on the sixth delivery, before accelerating dramatically.
• He reached his half-century in 30 balls and completed his century in just 56 balls, highlighting his explosive batting ability.
• His final score included 9 fours and 14 sixes, showcasing exceptional power-hitting.
• He was dropped at long-off on 85 runs, after which he made the United Arab Emirates bowlers pay heavily.
• He was eventually dismissed while attempting a scoop shot, narrowly missing the opportunity to score a Youth One Day International double century.
• This knock marked his second Youth One Day International century, following his earlier hundred in England.
• In the calendar year 2025, he has now scored six centuries across formats, reflecting remarkable consistency.
• He recently scored his first Syed Mushtaq Ali Trophy century, remaining unbeaten on 108 runs off 61 balls for Bihar.
• He played a crucial role in the Rising Stars Asia Cup in Doha, scoring 239 runs at an average of 59.75 and a strike rate of 243.87, including a 32-ball century against the United Arab Emirates.
• In the India Under-19 vs United Arab Emirates Under-19 match, India were put in to bat first, and Suryavanshi provided a strong start with aggressive stroke play.
• His innings significantly boosted India’s run rate and set the tone for the team’s Under-19 Asia Cup 2025 campaign.
• Vaibhav Suryavanshi has also made an impact beyond age-group cricket.
• In the Indian Premier League, playing for Rajasthan Royals, he scored 252 runs at a strike rate of 206.55 in his debut season.
• He registered a 38-ball 101 against Gujarat Titans, which became the second-fastest century in Indian Premier League history.
• He also became the youngest centurion in Indian Premier League history.
• He made his Ranji Trophy debut at the age of 12, underlining his early rise in Indian domestic cricket.
• Known for his fearless batting, power-hitting, and remarkable maturity, Vaibhav Suryavanshi is widely regarded as one of India’s brightest future batting prospects.

CURRENT AFFAIRS: IMPORTANT DAYS

National Energy Conservation Day 2025 Observed on 14 December

• National Energy Conservation Day 2025 is observed on 14 December 2025 across India.
• The day is observed by the Bureau of Energy Efficiency, which functions under the Union Ministry of Power, Government of India.
• The objective of the observance is to promote cost-efficient energy production, resource conservation, and efficient use of energy among citizens and industries.
• The National Energy Conservation Day 2025 celebrations are held for one week, from 8 December to 14 December 2025.
• National Energy Conservation Day was first observed on 14 December 1991 by the Bureau of Energy Efficiency under the Union Ministry of Power.
• The Bureau of Energy Efficiency plays a key role in developing and implementing strategies and policies to reduce excessive consumption of energy in the country.
• The Bureau of Energy Efficiency also executed the Energy Conservation Act, 2001, which provides a legal framework for promoting energy efficiency in India.
• The main objective of National Energy Conservation Day is to reduce energy consumption and encourage efficient and responsible use of energy across all sectors.
• The observance highlights the importance of sustainable development, energy security, and long-term environmental protection.

Daily CA One- Liner: December 14 & 15

• The Government of Maharashtra has announced a major regulatory reform to dismantle the century-old Pagdi system, a rental arrangement deeply rooted in Mumbai’s housing history
• The Government of Maharashtra has partnered with Microsoft to launch MahaCrimeOS Artificial Intelligence, an advanced platform aimed at modernising and accelerating cybercrime investigations across the state

• The Reserve Bank of India (RBI) has eased norms for opening and maintaining Cash Credit (CC), Current Accounts, and Overdraft (OD) facilities, incorporating stakeholder feedback on the draft circular issued in October.
• The Central Board of Direct Taxes (CBDT) has taken action against intermediaries involved in filing Income Tax Returns (ITRs) with bogus deductions and exemptions under the Income Tax Act, 1961.
• India, now the world’s fourth-largest economy, has developed a resilient and dynamic financial sector capable of supporting long-term growth and rising investment needs.
• China’s trade surplus surpassed $1 trillion for the first time, driven by strong exports to non-U.S. markets like Europe, Australia, and Southeast Asia, despite a sharp decline in shipments to the U.S.
• Sberbank and JSC First Asset Management have launched a new mutual fund, First-India, providing Russian retail investors exposure to India’s equity market via the Nifty50 Index.
• The World Bank (WB) Board of Executive Directors approved ~USD 600 million financing for two multi-sectoral clean air programs in Uttar Pradesh (UP) and Haryana, benefiting ~270 million people across the Indo-Gangetic Plains & Himalayan Foothills (IGP-HF).
• The Securities and Exchange Board of India (SEBI) has expanded the definition of “Strategic Investor” for REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) to widen investor participation in public issues.
• JPMorgan Chase & Co. has received in-principle approval from the Reserve Bank of India (RBI) to open a new branch in Pune, marking its first branch expansion in India in nearly a decade.
• Pakistan’s Boreendo (also called Bhorindo/Bareendo) was inscribed on United Nations Educational, Scientific and Cultural Organization’s (UNESCO’s) List of Intangible Cultural Heritage in Need of Urgent Safeguarding during the 20th Session of UNESCO’s Intergovernmental Committee, held at Red Fort, New Delhi.
• NIT Rourkela researchers have developed and patented an AI- and Large Language Model (LLM)–based human-like social robot capable of natural, real-time interaction.
• World Book of Records, London recognised Bihar Chief Minister Nitish Kumar for the rare feat of taking oath as Chief Minister 10 times, a unique milestone in India’s democratic history.

• The Union Cabinet approved a major update to India’s largest rural employment programme
• India has launched its first fully indigenous hydrogen fuel cell passenger vessel, marking a historic milestone in green maritime mobility and clean inland water transport
• Chhattisgarh achieved a major environmental milestone with the declaration of Kopra Reservoir in Bilaspur district as the state’s first Ramsar Site
• TIME Magazine has declared the “Architects of Artificial Intelligence” as its Person of the Year 2025, recognising the individuals who designed, built, and accelerated Artificial Intelligence into the centre of global life
• Kolkata, widely known as the football capital of India, has unveiled a 70-foot iron statue of Lionel Messi, believed to be the largest statue of the Argentine footballer in the world
• Dinesh Khatak, a senior officer of the Central Reserve Police Force, from Jind district, Haryana, has been honoured with the Union Home Minister’s Efficiency Medal
• The 14th edition of the Fédération Internationale de Hockey Men’s Junior Hockey World Cup 2025 concluded in Chennai and Madurai, Tamil Nadu
• India’s 14-year-old batting prodigy Vaibhav Suryavanshi produced a sensational performance by scoring 171 runs off 95 balls in the opening match of the Under-19 Asia Cup 2025 against the United Arab Emirates

• National Energy Conservation Day 2025 is observed on 14 December 2025 across India.