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CURRENT AFFAIRS : BANKING & FINANCE

All India Bank Employees’ Association proposes a 3-year ban on account openings for customers who assault bank branch staff

• The All India Bank Employees’ Association (AIBEA) has urged the Indian Banks’ Association (IBA) to blacklist customers who attack or abuse bank staff, closing their accounts and preventing them from opening new accounts for at least 3 years.
• AIBEA expressed concern over recent incidents where bank staff were physically assaulted and verbally abused by customers.
• They emphasized that staff are working to earn a living, not to be victims of such attacks.
• The attacks include both physical assaults and instances of abusive language directed at bank staff, including female employees.

Key Highlights :

• Recent Incidents: Specific incidents mentioned include:
• A Union Bank of India official attacked by a customer over tax deductions.
• A Canara Bank female staff member assaulted when a customer demanded a change to his CIBIL score, which was not under the bank's control.
• Impact on Bank Staff: These incidents have created a demoralizing effect on bank employees, with staff feeling that bank management is more focused on impaired loans than on the safety and well-being of its employees.
• AIBEA’s Request to IBA:
• Issue guidelines to prevent customer attacks on staff.
• Ensure security with more security staff and surveillance cameras in branches.
• Allow immediate FIR filings when attacks occur.
• Re-KYC Issues: The Maharashtra State Bank Employees Federation highlighted issues such as inadequate staff and lack of security during high-demand periods like the Ladki Bahin scheme and Re KYC for Jan Dhan accounts.
• RBI's Role: The RBI has mandated Re KYC for accounts opened under the Jan Dhan scheme after 10 years, which has added to the pressure on bank staff due to the increased rush at counters.

About AIBEA :

• Founded : 20 April 1946
• Headquarters : Chennai, Tamil Nadu
• President : Rajen Nagar

S&P Global Maintains FY25 Growth Projection at 6.8%

• S&P Global retained India’s GDP growth forecast for FY24-25 at 6.8%, despite the RBI’s reduction to 6.6%.
• India’s economy grew by 8.2% in FY 2023-24.
• GDP growth slowed to 5.4% in Q2 (July-September) of FY24, prompting a revision of growth projections by various agencies.
• The Indian government remains hopeful for improved growth for the full fiscal year, dismissing Q2 growth as a one-off occurrence.

Key Highlights :

• Monetary Policy Committee (MPC):S&P Global anticipates a policy rate cut by the MPC in 2025, following a period of maintaining the status quo for 11 consecutive meetings.
• The next MPC meeting will be chaired by the new RBI Governor Sanjay Malhotra in February 2025.
• Factors Supporting Growth:Expected resilient growth driven by strong urban consumption, steady service sector growth, and continued investment in infrastructure.
• Forecast for FY25-26: S&P Global predicts 6.9% growth.
• Challenges to Growth:Risks include manufacturing sector slowdown, post-pandemic weaknesses in public sector and household balance sheets, competitive global manufacturing environment, and weak agriculture growth.
• Support for Economic Growth:Higher labour force participation, improved infrastructure and technology, and stronger public and household balance sheets are expected to support growth.
• Urban infrastructure improvement and better job quality can boost labour force participation.

Public Sector Banks Write Off ₹7 Lakh Crore Between FY20 and FY25   

• Public sector banks (PSBs) wrote off approximately ₹7 lakh crore between FY2019-20 and FY2024-25 (till September) , the Finance Ministry has informed the Rajya Sabha.
• During the same period, PSBs recovered over ₹5 lakh crore of their non-performing assets (NPAs).
• PSBs write off NPAs as per the Reserve Bank of India (RBI) guidelines and their own boards' approval, including those with full provisioning completed after four years.

Key Highlights :

• Recovery Mechanisms: Various recovery mechanisms include:
• Filing suits in civil courts or Debts Recovery Tribunals (DRTs).
• Action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI),2002.
• Filing cases in the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC),2016.
• Negotiated settlements/compromise and the sale of NPAs.
• Low Recovery Rate: Data from previous years indicated a low recovery rate, with ₹10.42 lakh crore written off from FY2014-15 to FY2022-23 and only ₹1.61 lakh crore recovered (15.45%).
• Government Measures: The government and RBI have taken steps to address NPAs, including:
• Change in credit culture through the IBC, which alters the creditor-borrower relationship.
• Removing control of defaulting companies from promoters/owners.
• Debarring willful defaulters from the resolution process.
• Legal Reforms:Amendments to the SARFAESI Act and the Recovery of Debt and Bankruptcy Act.
• Increase in the pecuniary jurisdiction of DRTs from ₹10 lakh to ₹20 lakh to focus on high-value cases, improving recovery potential.

Securities and Exchange Board of India Extends T+0 Settlement Cycle to Top 500 Stocks   

• The Securities and Exchange Board of India (SEBI) has announced the expansion of the optional T+0 settlement cycle to the top 500 stocks by market capitalization, starting from December 31, 2024.
• The phase-wise implementation will begin with the bottom 100 stocks and include an additional 100 stocks every month until the top 500 stocks are available.
• The expanded T+0 settlement cycle will be applicable from January 31, 2025.

Key Highlights :

• T+0 vs T+1 Settlement:The T+0 settlement cycle allows for the same-day settlement of securities transactions, where funds and securities are received in investor accounts on the same day, reducing risks associated with delays.
• The existing T+1 settlement cycle will continue alongside the T+0 settlement cycle.
• Block Deal Window:A special Block Deal window will be available for the T+0 settlement cycle, operating only during the morning session from 8:45 am to 9:00 am.
• This will be in addition to the existing Block Deal windows for T+1 settlement (8:45 am to 9:00 am and 2:05 pm to 2:20 pm).
• Trades under the T+0 Block Deal window will be settled on the same day (T+0).
• Market Infrastructure:Qualified stock brokers and market infrastructure institutions will need to implement the necessary systems and processes to facilitate seamless participation in the T+0 settlement cycle.
• The implementation will make India one of the fastest settlement markets globally.
• Beta Version & Market Response:The beta version of T+0 was launched on March 28, 2024, but uptake has been limited with only a few brokers offering the service.
• Trading activity has been low, with some brokers conducting token trades due to unready systems.
• Future of T+0 and Instant Settlement:The T+0 cycle could be a precursor to instant settlement, which may be offered as an optional feature in the future.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Reserve Bank of India raises rate caps on Foreign Currency Non-Resident Bank deposits to boost foreign inflows  

• The Reserve Bank of India (RBI) has increased the interest rate ceilings on Foreign Currency Non-Resident Bank (FCNR(B)) deposits to attract more foreign investment.
• FCNR Deposits Definition : FCNR(B) deposits are term deposits that can be opened by non-resident Indians (NRIs) in foreign currency with banks in India.
• These deposits are a popular investment option for NRIs as they offer a safe and secure way to invest their money in India as they get back deposits in foreign currency when they mature.
• In order to make FCNR(B) deposits more attractive to NRIs, the RBI has increased the interest rate ceilings on these deposits.

Key Highlights :

• Interest Rate Increase : Effective December 6, 2024, banks are permitted to raise fresh FCNR(B) deposits of 1 year to less than 3 years maturity at rates not exceeding ARR plus 400 bps and deposits with maturity between 3 to 5 years at rates not exceeding ARR plus 500 bps.
• Duration of Relaxation: This relaxation in interest rate ceilings will be effective until March 31, 2025.
• ARR (Alternative Reference Rate) : ARR stands for Overnight Alternative Reference Rate.
• It is a benchmark interest rate that is used to price loans and other financial products.
• Applicability: The relaxation is applicable to:
• All Scheduled Commercial Banks (including Regional Rural Banks)
• All Small Finance Banks
• All Local Area Banks
• All Payments Banks
• All Primary (Urban) Co-operative Banks/DCCBs/State Cooperative Banks

Reserve Bank of India Unveils Statement on Developmental and Regulatory Policies with Focus on Key Financial Sectors  

• The Statement on Developmental and Regulatory Policies issued by the Reserve Bank of India (RBI).
• The Statement outlines various developmental and regulatory policy measures related to the following sectors:
• Liquidity and Financial Markets
• Regulation
• Communication
• Financial Inclusion
• Payment Systems
• Fintech
• Consultative Approach: The RBI follows a multi-pronged consultative process with stakeholders in framing its regulations, emphasizing a collaborative approach in policy-making.
• Launch of 'Connect 2 Regulate' Program: As part of its RBI@90 commemorative events, the RBI plans to launch a new program called 'Connect 2 Regulate'.
• This initiative aims to foster more direct engagement between the RBI and its stakeholders.
• Dedicated Section on RBI Website: A dedicated section on the RBI's website will be created for the 'Connect 2 Regulate' program.
• Stakeholder Participation: The program will provide stakeholders with the opportunity to share their ideas and inputs on topics announced by the RBI.
• Contributions can be in the form of case studies, concept notes, or other relevant materials.

Some ATMs to retract cash to combat fake shutter overlay fraud  

• The Reserve Bank of India (RBI) has partially reversed its decision to disable the cash retraction facility in ATMs, which was initially done in January 2012 due to fraud concerns.

Key Highlights :

• Cash Retraction Facility: This feature allows ATMs to retract cash if the customer fails to collect it within a set time, ensuring that the notes are returned to the machine.
• Fraudulent Exploitation of Cash Retraction: Initially, fraudsters exploited the retraction feature by picking up cash before the machine could record the retraction, causing discrepancies in transaction logs.
• Emergence of Fake Shutter Overlay Fraud: A new form of fraud, called the fake shutter overlay fraud, has emerged. In this scam, criminals place a fake cover over the ATM’s cash dispensing slot, which traps the cash.
• They retrieve the cash after the customer leaves, believing the transaction has failed.
• ATM Security Measures: In response to the new fraud type, RBI is considering measures to reintroduce cash retraction in certain ATMs to tackle fake shutter overlay fraud.

Number of ATMs in India Declines for the First Time in Five Years Across All Regions   

• For the first time since at least five years, the number of ATMs in the country has fallen with a decrease seen across all segments - metro cities, urban and semi-urban centres as well as rural areas.
• RBI data shared in Parliament showed that at the end of Sept 2024, the number of ATMs in the country was pegged at 2,55,078, as against 2,57,940 a year ago, a decline of just above 1%.
• Regional Decrease:Rural areas saw the sharpest decline of 2.2%, with ATM numbers dropping to 54,186.
• Metro cities recorded a 1.6% drop in ATM numbers, bringing the count down to 67,224.
• Reasons for ATM Closures: According to the Ministry of Finance, reasons for ATM closures include:
• Amalgamation of banks.
• Low usage and lack of commercial viability.
• Relocation of ATMs.
• Impact of Digital Payments: The rise of digital payment methods such as UPI and cards has led to a reduced reliance on cash.
• This shift has made many ATMs unviable.
• UPI usage has surged significantly, with transactions increasing 25-fold over the past five years.
• UPI transactions grew from 535 crore in FY 2018-19 to 13,113 crore in FY 2023-24, with further growth in FY 2024-25, totaling over 8,566 crore transactions worth ₹122 lakh crore (till September 2024).

Reserve Bank of India sets 7.59% interest rate for Floating Rate Bond 2031    

• The rate of interest on Government of India Floating Rate Bond 2031 (FRB 2031) applicable for the half year December 07, 2024 to June 06, 2025 shall be 7.59% per annum.

Key Highlights :

• The RBI Floating Rate Savings Bonds are a type of government bond that offers a floating interest rate.
• RBI Floating Rate Savings Bonds have a seven-year lock-in period.
• Premature withdrawal is generally not allowed, except for senior citizens who can withdraw early with a penalty after a minimum lock-in period.
• The lock-in period depends on age: six years for those aged 60 to 70, five years for those aged 70 to 80, and four years for those over 80.
• The interest rate on these bonds is reset twice a year.
• The RBI floating rate savings bond has a minimum subscription amount of Rs 1,000 and in multiples of Rs 1,000, thereafter.
• There is no maximum investment limit.
• The bond is issued by the RBI and comes with a sovereign guarantee.
• The interest rate of the RBI Floating Rate Savings Bond is linked to the interest rate of the National Savings Certificate (NSC), a small savings scheme backed by the Union government.
• The interest rate of RBI Floating Rate Savings Bonds is 35% higher than what NSC offers.

PhonePe introduces dengue and malaria insurance plan at an annual premium of ₹59    

• PhonePe launched a Dengue and Malaria Insurance Plan starting at ₹59 per year on its platform.

Key Highlights :

• Coverage: The plan offers comprehensive coverage of up to ₹1 lakh for medical expenses related to vector-borne and air-borne diseases, including Dengue and Malaria.
• Target Audience: The plan is aimed at providing financial protection to users, particularly in Tier 2 and Tier 3 cities, against unexpected medical expenses due to these diseases.
• Extensive Coverage: The plan covers over 10 vector-borne and air-borne diseases, providing extensive health protection year-round.
• Affordable Premium: The plan is available at an affordable premium, making it accessible to a wide range of users.

Reserve Bank of India to Integrate FX-Retail Platform with National Payments Corporation of India Bharat Connect to Broaden Accessibility and Improve User Experience   

• The Reserve Bank of India (RBI) has proposed to link the FX-Retail platform with the Bharat Connect platform of the National Payments Corporation of India (NPCI).
• Objective: The integration aims to enhance transparency and fairness in foreign exchange pricing, particularly for individuals and Micro, Small, and Medium Enterprises (MSMEs).
• FX-Retail Platform: Launched in 2019 by the Clearing Corporation of India Limited (CCIL), the FX-Retail platform provides an internet-based application for buying and selling foreign exchange.
• It serves a variety of users, including individuals, corporates, trusts, cooperative banks, and institutional investors.
• Linking with Bharat Connect: The linkage between the FX-Retail platform and Bharat Connect (formerly known as Bharat Bill Payment System) will allow users to access and transact on the FX-Retail platform through integrated mobile apps, internet banking, and non-bank payment systems.
• Pilot Program: The first phase of this integration will include a pilot that facilitates the purchase of US Dollars against Indian Rupees by individuals and sole proprietors.
• User Benefits: The linkage will expand the reach of the FX-Retail platform, offering enhanced user experience and wider accessibility for foreign exchange transactions.

CURRENT AFFAIRS: NATIONAL NEWS

India to Launch ‘One Nation, One Subscription’ Initiative for Research Access

• Starting January 1, 2025, around 8 crore students from state-funded higher education institutions (HEIs), including universities and IITs, will gain access to research papers from leading global journals under the government’s ‘One Nation, One Subscription’ (ONOS) initiative.

Key Features of the ONOS Initiative

1. Access to Global Journals:
   • In the first phase, over 13,400 international journals from renowned publishers like Elsevier, Springer Nature, and Wiley will be available to students, researchers, and faculty.
   • Disciplines covered include science, technology, engineering, mathematics (STEM), medicine, social sciences, management, and humanities.
2. Institutions Benefiting:
   • 6,380 institutions, including:
     • 451 state public universities
     • 4,864 colleges
     • 172 institutes of national importance
3. Phased Implementation:
   • Phase 1 (2025): Access to state-funded HEIs.
   • Phase 2: Extension to private academic institutions via a public-private partnership (PPP) model.
   • Phase 3: Universal access through public libraries across India.
4. Coordination and Funding:
   • The initiative will be coordinated by the Information and Library Network (INFLIBNET), an autonomous inter-university center under the University Grants Commission (UGC).
   • The Central government funds the Rs. 6,000 crore scheme for a three-year period.
5. Improved Research Accessibility:
   • Students and researchers from Tier-2 and Tier-3 cities will gain access, promoting core and interdisciplinary research.

Prime Minister Narendra Modi Releases Compendium of Subramania Bharati's Works

• Prime Minister Narendra Modi unveiled the complete works of the legendary Tamil poet, freedom fighter, and visionary Subramania Bharati at 7, Lok Kalyan Marg, New Delhi.
• The event marked a significant tribute to Bharati on his birth anniversary, celebrating his unparalleled contributions to Indian literature, culture, and the freedom movement.

Highlights of the Event

1. Release of the 23-Volume Set:
   • Titled “Kaala Varisaiyil Bharati Padaippugal,” the compendium spans 23 volumes compiled over six decades by Seeni Vishwanathan, with publication by Alliance Publishers.
   • Includes insightful commentary, background information, philosophical analysis, and detailed annotations of Bharati’s works.
   • Aimed at supporting research scholars and intellectuals, offering a deeper understanding of Bharati’s literary and philosophical contributions.
2. Bharati's Vision and Legacy:
   • Modi praised Bharati as a thinker and reformer whose works envisioned freedom, equality, and social justice.
   • Bharati’s fearless journalism and impactful poetry, such as "Kannan Pattu," reflected his spirituality and empathy for the marginalized.
   • Modi emphasized Bharati’s advocacy for youth and women empowerment, science, and innovation, lauding his prophetic vision for a connected India.
3. Confluence of Occasions:
   • The release coincided with Gita Jayanti, celebrating Bharati’s Tamil translation of the Bhagavad Gita, which made its teachings accessible to the masses.
   • Modi likened the event to a ‘Triveni’, a confluence of literature, spirituality, and patriotism.
4. Contributions to Tamil Pride:
   • Modi underscored Bharati’s role in elevating the Tamil language, one of the world's oldest, highlighting efforts to promote it globally through initiatives like Thiruvalluvar Cultural Centers.
   • Bharati’s literature was described as a priceless heritage for Tamil and Indian culture.
5. Digital India Realizing Bharati’s Dreams:
   • Modi referenced Bharati’s visionary lines about connecting Kashi and Kanchi, emphasizing that Digital India initiatives are fulfilling this vision.
   • Innovations like the Bhashini app are bridging language barriers, fostering unity across India.

Merchant Shipping Bill, 2024 Introduced in Lok Sabha

• The Ministry of Ports, Shipping, and Waterways has introduced the Merchant Shipping Bill, 2024, in the Lok Sabha, aiming to repeal and replace the Merchant Shipping Act, 1958.
• This legislation seeks to modernize maritime laws, align them with India's international obligations, and promote the development of the shipping sector.

Key Highlights of the Bill

1. Establishment of National Shipping Board:
   • A National Shipping Board will be created to advise the Central Government on matters concerning Indian shipping.
   • The Board will have the authority to regulate its procedures for conducting business.
2. Maritime Administration:
   • The Central Government will appoint a Director-General of Maritime Administration to oversee maritime operations.
3. Registration of Vessels:
   • Vessel ownership is permitted for:
     • Indian citizens, including Non-Resident Indians (NRIs) or Overseas Citizens of India (OCIs).
     • Companies or bodies established under any Central or State Act, with their registered office in India.
4. Transfer of Indian Vessels:
   • During periods of national security threats (e.g., war, sanctions, external aggression, or emergency), no transfer or acquisition of Indian vessels or their shares will be allowed.
5. Prevention and Containment of Pollution:
   • All vessels must comply with applicable international conventions, such as:
     • MARPOL Convention (Marine Pollution Prevention).
     • Anti-Fouling Systems Convention (prohibiting harmful anti-fouling practices on ships).

Need for the Bill

1. Modernizing Ownership Criteria:
   • Simplifies ownership requirements for merchant vessels to encourage Indian-flagged vessels' operation and competitiveness.
2. Streamlining Regulations:
   • Introduces stricter norms to address marine casualties and pollution caused by vessels.
3. Promoting National Interest:
   • Supports the development of Indian shipping and ensures efficient maintenance of the Indian mercantile marine in alignment with national priorities.

India's Strategic Initiatives to Transform Agriculture

• The Government of India has launched a series of impactful programs aimed at boosting agricultural productivity, empowering farmers, and fostering sustainable practices.
• These initiatives, recently approved by the Union Cabinet, reflect a strong commitment to modernizing the agricultural sector while ensuring environmental sustainability.

Key Initiatives

1. Clean Plant Programme (CPP)

• Launch Date: August 9, 2024
• Budget: ₹1,765.67 crore
• Objective:
  • Enhance horticultural productivity by supplying disease-free planting materials.
  • Promote the use of climate-resilient crop varieties for better yields and sustainable farming practices.

2. Digital Agriculture Mission

• Launch Date: September 2, 2024
• Budget: ₹2,817 crore (Central share: ₹1,940 crore)
• Focus Areas:
  • Build digital public infrastructure for agriculture.
  • Implement the Digital General Crop Estimation Survey (DGCES) to enhance crop planning.
  • Introduce IT-driven tools for precision farming and better resource utilization.

3. Agriculture Infrastructure Fund (AIF) Expansion

• Approval Date: August 28, 2024
• Key Updates:
  • Inclusion of community farming assets.
  • Establishment of integrated processing units.
  • Integration with PM-KUSUM-A projects to ensure comprehensive agricultural growth.

4. National Mission on Edible Oils – Oilseeds (NMEO-Oilseeds)

• Launch Date: October 3, 2024
• Budget: ₹10,103 crore
• Duration: 2024–25 to 2030–31
• Objective:
  • Boost domestic oilseed production to reduce dependence on imports.
  • Enhance self-reliance in the edible oils sector.

5. National Mission on Natural Farming (NMNF)

• Launch Date: November 25, 2024
• Budget: ₹2,481 crore
• Objective:
  • Promote natural farming methods as a sustainable alternative to conventional practices.
  • Encourage eco-friendly agricultural techniques to reduce the environmental footprint.

CURRENT AFFAIRS: AWARDS AND HONOURS

Indian Ecologist Madhav Gadgil Honored as UNEP Champion of the Earth 2024

• Renowned Indian ecologist Madhav Gadgil has been named one of the six Champions of the Earth for 2024 by the United Nations Environment Programme (UNEP).
• This prestigious accolade is the UN's highest environmental honor, awarded in recognition of Gadgil's lifetime achievement in protecting ecosystems and empowering communities.

Key Highlights of Madhav Gadgil's Work

1. Western Ghats Advocacy:
   • Gadgil is celebrated for his groundbreaking work in safeguarding the ecologically fragile Western Ghats, a UNESCO World Heritage site.
   • His influential Gadgil Report (2011) highlighted the risks of unchecked development in this vital region, advocating eco-sensitive zones to restrict environmentally hazardous activities.
   • Despite its importance, implementation has faced resistance, with six draft notifications failing to finalize eco-sensitive zones across states like Gujarat, Maharashtra, Goa, Karnataka, Tamil Nadu, and Kerala.
2. Scientific Contributions:
   • Authored seven books and over 225 scientific papers, influencing both public opinion and policy on natural resource conservation.
3. Community-Centric Approach:
   • Gadgil's work has been instrumental in empowering Indian communities to assert their rights and protect their local ecosystems.
   • UNEP recognized his efforts for combining science with community engagement to develop sustainable solutions for pressing environmental challenges.
4. Recognition and Optimism:
   • Gadgil expressed pride in his ability to inspire change and optimism about continued progress in conservation efforts.

Global Laureates for 2024

Apart from Madhav Gadgil, the other Champions of the Earth for 2024 include:

• Sonia Guajajara (Brazil): Minister of Indigenous Peoples.
• Amy Bowers Cordalis (USA): Environmental leader.
• Gabriel Paun (Romania): Conservationist.
• Lu Qi (China): Environmental advocate.
• SEKEM (Egypt): Organization for sustainable agriculture initiatives.

UNEP’s Champions of the Earth

• Established in 2005, this annual award honors individuals, groups, and organizations that have had transformative environmental impacts.
• Since its inception, 122 laureates have been recognized for their outstanding environmental leadership.

Bharati Kolli: A Rising Star in Banking Leadership for 2024

• Bharati Kolli, a trailblazer in the banking sector, has been recognized as one of the Rising Star Women Leaders of Banking for 2024 by the esteemed group, Women We Admire.
• This accolade highlights her outstanding contributions, particularly in the field of data management, and underscores her influence as a leader in banking and financial services.

Profile Overview

• Name: Bharati Kolli
• Age: 43
• Hometown: Vizianagaram, Andhra Pradesh
• Current Position: Director, Data Management Office, Industrial and Commercial Bank of China (ICBC)
• Location: New York, USA
• Recognition: Listed among the Rising Star Women Leaders of Banking for 2024 by Women We Admire

Career Highlights and Contributions

1. Leadership and Expertise:
   Bharati serves as the Director of the Data Management Office at ICBC's New York headquarters, where she oversees critical operations in finance, risk, and regulatory compliance.
2. Strategic Achievements:
   • Over a decade of experience in Big-4 management consulting, leading significant data-driven initiatives for financial institutions.
   • Specialized in fostering data-driven cultures, ensuring growth, cost efficiency, and compliance with global regulations.
   • Established herself as a trusted advisor to C-suite executives with her strategic thinking and problem-solving acumen.
3. Key Roles and Projects:
   • Developed innovative data solutions for Fortune 100 clients, driving growth and mitigating risks.
   • Played a pivotal role in enhancing operational excellence within mid-to-large-sized financial institutions.

Shaji N Karun: Honored with JC Daniel Award 2023 for Lifetime Contributions to Malayalam Cinema

• Renowned filmmaker Shaji N Karun has been awarded the JC Daniel Award 2023, the highest honor in Kerala cinema, for his extraordinary lifetime contributions to Malayalam cinema.
• This recognition celebrates his pivotal role in shaping new-wave cinema and bringing Malayalam films to international acclaim.

JC Daniel Award 2023

• Award Details:
  • Includes a purse of ₹5 lakh, a citation, and a statuette.
  • Presented annually by the Kerala State Government to honor lifetime contributions to cinema.
• Jury Panel:
  • Chaired by filmmaker TV Chandran (2022 JC Daniel Award recipient).
  • Other members included KS Chitra (singer), Vijayaraghavan (actor), and C Ajoy (Chalachithra Academy secretary).

Impact on Malayalam Cinema

1. Global Recognition:
   Shaji N Karun’s films have consistently earned international acclaim, bringing Malayalam cinema to the global stage.
2. Notable Works:
   • Piravi: Screened at over 70 international film festivals, a landmark in Malayalam cinema.
   • Swam: Nominated for the Palme d’Or at Cannes, showcasing the universal appeal of his storytelling.
   • Vanaprastham: Another Cannes selection, further cementing his legacy as an internationally celebrated filmmaker.
3. New-Wave Cinema Pioneer:
   His films embody the emotional depth and cultural richness of Kerala, setting a standard for innovative and meaningful cinema.

Awards and Distinctions

• National Film Awards: Recipient of seven National Awards, underlining his consistent excellence in filmmaking.
• State Film Awards: Winner of seven Kerala State Film Awards for outstanding contributions.
• Padma Shri: Honored by the Government of India for his significant contributions to the arts.
• French Distinction: Awarded The Order of Arts and Letters, a prestigious recognition for his cinematic achievements.

Contributions to Film Institutions

1. Kerala State Chalachithra Academy:
   • Founding chairman, instrumental in fostering Malayalam cinema’s growth and promoting emerging talent.
2. Kerala State Film Development Corporation (KSFDC):
   • Currently serves as chairman, playing a key role in cinema development and infrastructure in Kerala.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Power Grid Partners with IIT Roorkee to Establish Centres of Excellence

• Power Grid Corporation of India Limited (PGCIL) has entered into a memorandum of understanding (MoU) with IIT Roorkee for a Corporate Social Responsibility (CSR) initiative valued at 20.73 crore.
• The collaboration aims to foster technological innovation by setting up three state-of-the-art Centres of Excellence (CoEs) at the Institute's Computer Centre.

Key Highlights of the Partnership

1. Centres of Excellence (CoEs):
   • Command-and-Control Centre for campus UHS networks.
   • IoT Research & Application Centre for advanced studies in the Internet of Things.
   • A Cyber Security and Mobile Security Lab for hackathons and awareness initiatives.
   • These CoEs will support cutting-edge research and development and benefit approximately 11,000 students on campus and beyond.
2. MoU Signing Ceremony:
   • The MoU was signed in the presence of PGCIL CMD R.K. Tyagi and other senior directors and dignitaries from both organizations, including:
     • Dr. Yatindra Dwivedi (Director, Personnel)
     • Naveen Srivastava (Director, Operations)
     • Prof. K.K. Pant, Director of IIT Roorkee
     • Senior faculty and officials from IIT Roorkee and Power Grid.
   • Arvind Kumar Rai, Sr. GM (CSR), and Prof. R.D. Garg, Dean of Resources and Alumni at IIT Roorkee, formally signed the MoU.
3. Impact on IIT Roorkee:
   • Established in 1847, IIT Roorkee is one of India’s premier institutions of national importance, offering education across various fields, including engineering, sciences, and management.
   • The CoEs will enhance the institution's technological capabilities and reinforce its commitment to innovation and higher education.
4. CSR Focus:
   • Power Grid integrates CSR into its business model, aligning initiatives with the United Nations Sustainable Development Goals (SDGs).
   • The company has consistently contributed to economic and social development through CSR initiatives across the country.

India-UK Collaboration on Electric Propulsion for Indian Navy

• India and the United Kingdom have signed a Statement of Intent (SoI) to cooperate on the design and development of electric propulsion systems for the Indian Navy.
• This agreement, signed in Portsmouth, underscores the growing partnership between the two nations in advancing naval technologies.

Key Highlights of the Agreement

1. Indigenous Development of Naval Technologies:
   • The agreement aims to foster co-design, co-creation, and co-production of advanced electric propulsion capabilities for future naval ships.
2. Signatories and Meetings:
   • The SoI was signed by Rajeev Prakash, Joint Secretary (Naval Systems) from India's Ministry of Defence, and Steve McCarthy, Director of Ships Operations and Capability Integration from the UK Ministry of Defence.
   • It marks progress in the ongoing collaboration under the Electric Propulsion Capability Partnership, following prior discussions held during the second and third Joint Working Group meetings in 2023.
3. Landing Platform Docks with Electric Propulsion:
   • The Indian Navy's Landing Platform Docks are set to feature full-electric propulsion systems. These will be constructed at Indian shipyards as part of the initiative to promote indigenous shipbuilding.
4. Technical Collaboration:
   • Discussions include:
     • Finalization of technical requirements.
     • Factory acceptance test protocols.
     • Maintenance strategies and manning philosophies.
     • System integration requirements.

Background and Context

1. India-UK Defence Partnerships:
   • The collaboration is part of broader efforts to strengthen India-UK defence ties, emphasizing advanced technologies like jet engines and electric propulsion systems.
   • Initiatives include:
     • Rolls-Royce-HAL partnership for MT30 marine engines.
     • Thales UK-Bharat Dynamics Limited (BDL) agreement for next-gen VSHORAD missiles.
     • MBDA UK-BDL collaboration for Advanced Short Range Air-to-Air Missile live build capabilities.
2. Mutual Commitments:
   • In April 2023, Admiral Sir Tony Radakin highlighted the UK’s dedication to supporting India in developing electric propulsion and jet engine technologies.
3. Recent Developments:
   • India conducted a successful test of the nuclear-capable K-4 submarine-launched ballistic missile from INS Arighaat, reflecting advancements in naval defense capabilities.

Strategic Significance

• Enhances self-reliance in defense production under India’s "Make in India" initiative.
• Strengthens bilateral ties and demonstrates India's commitment to adopting green technologies in defense.
• Positions the Indian Navy to lead in environmentally sustainable propulsion systems, aligning with global trends in maritime operations.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Ajay Seth Given Additional Responsibility as Revenue Secretary     

• Ajay Seth, the Economic Affairs Secretary, has been given the additional charge of the Revenue Department.
• This change comes in the wake of Sanjay Malhotra's appointment as the Governor of the Reserve Bank of India (RBI), effective December 11, 2024.
• Sanjay Malhotra served as Revenue Secretary for two years, overseeing the administration of direct and indirect taxes.
• He worked closely with Finance Minister Nirmala Sitharaman and was involved in key pre-Budget consultations.

Responsibilities of Ajay Seth:

• As Revenue Secretary, Ajay Seth will also assume the role of Secretary to the GST Council (an ex-officio position).
• He will oversee the 55th meeting of the GST Council, scheduled for December 21, in Jaisalmer.
• Key agenda items include proposals related to the restructuring of GST rates on insurance premiums and other goods and services.

Key Highlights :

• Review of Income Tax Act:Seth will supervise the review of the Income Tax Act, a process that was proposed in the Union Budget.
• The review aims to make the Income Tax Act more concise, clear, and user-friendly.
• This will reduce disputes, litigation, and provide tax certainty to taxpayers.
• The review process is expected to be completed by December 2024.
• Key Departments Supervised by Revenue Secretary:The Revenue Secretary is responsible for monitoring and overseeing Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC), which handle all Union Taxes.
• Timeline and Future Appointments:The change comes just a month-and-a-half before the Union Budget, making it a crucial period for the Revenue Department's functioning.
• Ajay Seth will hold the additional charge until a regular appointment is made or until further orders.
• He will be expected to continue the important work started by his predecessor, particularly in relation to the GST Council meeting and the Income Tax Act review.

Poonawalla Fincorp names Salil Hajarnis as CTO following Dhiraj Saxena's resignation over 'harassment' claims  

• Salil Hajarnis has been appointed as the Chief Technology Officer (CTO) of Poonawalla Fincorp, a non-banking finance company (NBFC) promoted by the Cyrus Poonawalla Group.

Roles & Responsibilities :

• He will lead the company’s technology strategy with a focus on digital transformation and AI-driven customer solutions.
• His leadership will be crucial for enhancing customer experiences and maintaining the company's competitive edge in the NBFC sector.
• Hajarnis replaces Dhiraj Saxena, who resigned as CTO effective December 3, 2024.
• Saxena cited harassment by the company’s Chief Human Resources Officer (CHRO) as the reason for his departure, which he claimed impeded his ability to manage IT functions effectively.

About Salil Hajarnis:

• Hajarnis brings over two decades of experience in enterprise architecture, software engineering, and AI integration.
• He previously served as head of technology for India at Fiserv, where he led AI and API-enabled solutions, real-time integrations, and platform modernisation.
• He also held senior roles at Capgemini, overseeing complex transformations and developing innovative solutions for lending and payment systems for global financial institutions.
• Leadership Changes at Poonawalla Fincorp:The company has experienced several leadership changes in 2024, including the appointment of Arvind Kapil as MD and CEO in June and Harsh Kumar as chief human resources officer (CHRO) in July, 2024.
• These changes reportedly caused some disruptions within the company.

About Poonawalla Fincorp :

• Founded : 1988
• Headquarters : Pune, Maharashtra, India
• Chairman : Adar Poonawalla
• MD & CEO : Arvind Kapil

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Institute of Spices Research introduces Surasa, a new variety of ginger  

• IISR Surasa is a new ginger variety developed by the ICAR – Indian Institute of Spices Research (IISR) through a farmers participatory breeding programme.
• The original rhizome of Surasa was discovered in Kodancherry, Kozhikode by farmer John Joseph.
• The research and development took over six years of testing and trials in various regions.

Key Features of IISR Surasa:

• Non-pungent variety: It has excellent organoleptic properties, making it more palatable when consumed.
• Bold and plumpy rhizomes with a whitish yellow core and low fiber content.
• Dry recovery rate of about 21%, ideal for making dry ginger.
• High yield potential: It can yield up to 24.33 tonnes per hectare, ensuring consistent production.
• Suitable for polybag cultivation.
• Commercial Applications:It is the first ginger variety in India developed exclusively for use as a vegetable.
• The variety is approved by the Kerala State Varietal Release Committee for cultivation in Kerala.
• Planting material will be made available to farmers starting from May-June.
• Farm Trials and Productivity:Successful farm trials have been conducted in regions like Kerala, Nagaland, and Odisha.
• Research Team:The research team involved includes C.K. Thankamani (Principal Scientist) and other members like N.K. Leela, T.E. Sheeja, and others.

Indian Institute of Technology Madras Unveils World’s Most Detailed 3D High-Resolution Images of Human Fetal Brain   

• Indian Institute of Technology Madras (IIT Madras) became the first research organization globally to release the most detailed 3D high-resolution images of the fetal brain.
• A total of 5,132 brain sections were captured digitally using advanced brain mapping technology developed by the Sudha Gopalakrishnan Brain Centre at IIT Madras.
• The data offers 0.5-micron accuracy and allows analysis at the cellular level.
• This accomplishment highlights the potential of Indian R&D to produce world-class science and technology and demonstrates the success of the public-private-philanthropy partnership model.

Key Highlights :

• Research Details:The project focused on five fetal brains in the second trimester, specifically between 14 and 24 weeks.
• The dataset generated provides significant insights into neurodevelopmental disorders and advances in fetal medicine.
• Cost and Collaboration:The research was completed at less than 1/10th of the costs of similar studies in Western countries.
• A multidisciplinary team from IIT Madras collaborated with researchers from India, Australia, US, Romania, and South Africa. Local medical institutions involved include Mediscan Systems and Saveetha Medical College Hospital.
• Validation and Impact:The data generated was validated by the Journal of Comparative Neurology, a publication with over 130 years of history.
• The release of the dataset, named DHARANI, is a significant advancement in human neuroscience research and is the largest publicly accessible digital dataset of the human fetal brain, enhancing current knowledge by 20X.
• Support and Partnerships:The project was supported by various organizations, including the Office of the Principal Scientific Adviser to the Government of India, Kris Gopalakrishnan (Infosys Co-Founder), Premji Invest, Fortis Healthcare, and Agilus Diagnostics.
• NVIDIA partnered to process the large volume of data.
• Global Resource:The dataset is freely available as a global resource, aimed at advancing scientific discoveries in neurodevelopment and brain-related health conditions.

CURRENT AFFAIRS: SPORTS NEWS

WTA Player Awards 2024: Aryna Sabalenka and Others Honored

• Aryna Sabalenka, the 26-year-old Belarusian tennis star, received the prestigious WTA Player of the Year award for 2024.
• Achievements:
  • Won two Grand Slam titles: Australian Open (January) and U.S. Open (September).
  • Secured the No. 1 spot in the WTA rankings in October, overtaking Iga Swiatek.
  • Ended the season with an impressive 56-14 record and earnings of nearly $10 million in prize money.

Other Award Winners

1. Most Improved Player: Emma Navarro
   • Breakthrough Year:
     • Made her deepest Grand Slam run at the U.S. Open, reaching the semifinals.
     • Defeated defending champion Coco Gauff in the fourth round.
   • Rose from No. 32 to No. 8 in rankings and won her first WTA title in Hobart, Australia, in January.
2. Comeback Player of the Year: Paula Badosa
   • Returned after a back injury sidelined her in 2023.
   • Key Achievements:
     • Won the Washington title.
     • Reached the U.S. Open quarterfinals, equaling her best Grand Slam performance.
   • Climbed back to No. 12 in the rankings.
3. Newcomer of the Year: Lulu Sun
   • Recognized for her impactful debut on the WTA Tour, establishing herself as a promising talent.
4. Doubles Team of the Year: Sara Errani and Jasmine Paolini
   • Celebrated for their remarkable success and synergy on the doubles circuit.

CURRENT AFFAIRS: IMPORTANT DAYS

Universal Health Coverage Day: 12th December

• Universal Health Coverage Day 2024 is observed on the 12th of December 2024.
• This year's theme, “Health: It's on the government”, underscores the role governments play in ensuring that no one is forced to choose between health care and necessities such as food
• The first healthcare system was established by a German named Chancellor Otto von Bismarck in 1883.
• The insurance model, called the ‘Bismarckian system’, required everyone to have insurance for their medical expenses, which was similar to the current-day non-profit health insurance companies.
• Universal Health Coverage Day was originally promoted by the World Health Organization.
• The World Health Organization is part of the United Nations and is responsible for international public health.
• In December 2012, the United Nations General Assembly approved a resolution demanding countries to fast-forward universal healthcare progression.

Daily CA One- Liner: December 12

• Starting January 1, 2025, around 8 crore students from state-funded higher education institutions (HEIs), including universities and IITs, will gain access to research papers from leading global journals under the government’s ‘One Nation, One Subscription’ (ONOS) initiative
• Prime Minister Narendra Modi unveiled the complete works of the legendary Tamil poet, freedom fighter, and visionary Subramania Bharati at 7, Lok Kalyan Marg, New Delhi
• The Ministry of Ports, Shipping, and Waterways has introduced the Merchant Shipping Bill, 2024, in the Lok Sabha, aiming to repeal and replace the Merchant Shipping Act, 1958
• The Government of India has launched a series of impactful programs aimed at boosting agricultural productivity, empowering farmers, and fostering sustainable practices
• Renowned Indian ecologist Madhav Gadgil has been named one of the six Champions of the Earth for 2024 by the United Nations Environment Programme (UNEP).
• Bharati Kolli, a trailblazer in the banking sector, has been recognized as one of the Rising Star Women Leaders of Banking for 2024 by the esteemed group, Women We Admire
• Renowned filmmaker Shaji N Karun has been awarded the JC Daniel Award 2023, the highest honor in Kerala cinema, for his extraordinary lifetime contributions to Malayalam cinema
• Power Grid Corporation of India Limited (PGCIL) has entered into a memorandum of understanding (MoU) with IIT Roorkee for a Corporate Social Responsibility (CSR) initiative valued at 20.73 crore
• India and the United Kingdom have signed a Statement of Intent (SoI) to cooperate on the design and development of electric propulsion systems for the Indian Navy.
• Aryna Sabalenka, the 26-year-old Belarusian tennis star, received the prestigious WTA Player of the Year award for 2024.
• The All India Bank Employees’ Association (AIBEA) has urged the Indian Banks’ Association (IBA) to blacklist customers who attack or abuse bank staff, closing their accounts and preventing them from opening new accounts for at least 3 years.
• S&P Global retained India’s GDP growth forecast for FY24-25 at8%, despite the RBI’s reduction to 6.6%.
• Public sector banks (PSBs) wrote off approximately ₹7 lakh crore between FY2019-20 and FY2024-25 (till September) , the Finance Ministry has informed the Rajya Sabha.
• The Securities and Exchange Board of India (SEBI) has announced the expansion of the optional T+0 settlement cycle to the top 500 stocks by market capitalization, starting from December 31, 2024.
• The Reserve Bank of India (RBI) has increased the interest rate ceilings on Foreign Currency Non-Resident Bank (FCNR(B)) deposits to attract more foreign investment.
• The Statement on Developmental and Regulatory Policies issued by the Reserve Bank of India (RBI).
• The Reserve Bank of India (RBI) has partially reversed its decision to disable the cash retraction facility in ATMs, which was initially done in January 2012 due to fraud concerns.
• For the first time since at least five years, the number of ATMs in the country has fallen with a decrease seen across all segments - metro cities, urban and semi-urban centres as well as rural areas.
• The rate of interest on Government of India Floating Rate Bond 2031 (FRB 2031) applicable for the half year December 07, 2024 to June 06, 2025 shall be 7.59% per annum.
• PhonePe launched a Dengue and Malaria Insurance Plan starting at ₹59 per year on its platform.
• The Reserve Bank of India (RBI) has proposed to link the FX-Retail platform with the Bharat Connect platform of the National Payments Corporation of India (NPCI).
• Ajay Seth, the Economic Affairs Secretary, has been given the additional charge of the Revenue Department.
• Salil Hajarnis has been appointed as the Chief Technology Officer (CTO) of Poonawalla Fincorp, a non-banking finance company (NBFC) promoted by the Cyrus Poonawalla Group.
• IISR Surasa is a new ginger variety developed by the ICAR – Indian Institute of Spices Research (IISR) through a farmers participatory breeding programme.
• Indian Institute of Technology Madras (IIT Madras) became the first research organization globally to release the most detailed 3D high-resolution images of the fetal brain.
• Universal Health Coverage Day 2024 is observed on the 12th of December 2024.