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CURRENT AFFAIRS: BANKING & FINANCE

RBI discontinues specific Rs 5 coins from circulation

• The Central Government and the Reserve Bank of India (RBI) have jointly made an important decision regarding the 5 rupee coin.
• A particular type of this coin is being withdrawn from circulation, primarily due to specific challenges and concerns.

Shift to Digital Payments and Coin Circulation

• With the advancement of Digital India, more people are using payment apps like GPay and PhonePe, reducing the need for carrying small denominations like coins.
• Many find it inconvenient to carry a lot of change.
• Coins of 1 rupee to 20 rupees are currently in circulation, with various types of 5 rupee coins, including those made of brass and thicker metals.

Decision to Withdraw Thicker 5 Rupee Coins

• The thicker 5 rupee coins have become scarce in circulation, and their production has been stopped, leaving only brass coins in circulation.
• The primary reason is their misuse.
• The material used in these coins is repurposed to make blades, leading to a significant illegal blade business worth crores.
• A single coin can produce 4–5 blades.

Instructions and Public Advisory

• The Central Government decides on the annual production of coins and gives instructions to the RBI.
• Any withdrawal or issuance of coins or currency requires government approval.
• Thicker 5 rupee coins are no longer being produced, and only brass 5 rupee coins will remain in circulation.
• There is no need to deposit thicker coins in the bank.

About RBI:

• Headquarters: Mumbai, Maharashtra, India
• Established: 1 April 1935
• Governor: Sanjay Malhotra

Federal bank partners with Ecofy to tackle green financing for MSMEs

• Federal Bank, one of India’s leading private sector banks, has joined hands with Ecofy, India’s first green-only non-banking financial company (NBFC) supported by Eversource Capital, to provide innovative financing solutions for MSMEs investing in commercial rooftop solar installations.
• This collaboration is among the first co-lending initiatives in India designed specifically to cater to the solar financing needs of MSMEs.

Key Highlights of the Initiative

• Rooftop Solar Financing Target: The program aims to finance 3,600 kW of rooftop solar installations annually, helping MSMEs reduce over 2,500 tons of CO2 emissions per year.
• Decarbonisation and Cost Benefits: MSMEs, predominantly operating during daytime, benefit from reduced electricity costs and contribute to India's climate goals.
• Addressing Financial Barriers: The partnership addresses the high-interest rates and hesitant lending practices that have previously hindered MSMEs from adopting renewable energy solutions.

Federal Bank’s Green Initiatives

• Green Loan Schemes: Federal Bank offers dedicated loans to finance solar and eco-friendly projects for Business Banking customers.
• Focus on MSMEs: MSME loans constitute over 20% of the bank's total loan book, reflecting its active engagement in supporting this sector.

Ecofy’s Role in the Collaboration

• Expertise in Solarisation: Ecofy has successfully solarized residential and commercial rooftops over the past two years.
• Partnerships with Top OEMs: Collaborations with leading brands such as Tata Power, Waaree, Luminous, and Mahindra Solarize enable effective solutions.
• Extensive Network: Works with 1,000+ EPC partners to deliver green energy solutions tailored for the MSME sector.

About Federal Bank:

• Headquarters: Aluva, Kerala
• Established: 23 April 1931
• CEO: Manian KVS

About Ecofy:

• Ecofy is a one of its kind green-only NBFC and received RBI license (Non Deposit taking) in November
• Ecofy is committed towards addressing the climate finance gap in India, more so on the retail side by partnering with people and businesses who want to reduce carbon footprint and restore balance to the planet.

Aditya Birla Housing Fin Partners with NHB for PM Awas Yojana

• Aditya Birla Housing Finance (ABHFL) has entered into a partnership with the National Housing Bank (NHB) to advance the Pradhan Mantri Awas Yojana (PMAY) vision of 'Housing for All'.

Key Aspects of the Partnership:

• Target Beneficiaries: The collaboration focuses on providing housing finance solutions to economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG) across India.
• Loan Offerings: ABHFL has introduced home loan options of up to ₹25 lakh for families earning ₹3 lakh annually, aiming to make homeownership more accessible to underserved populations.
• Focus on Diverse Occupations: The initiative is designed to cater to small-business owners, vendors, self-employed professionals, and salaried customers, acknowledging the diverse employment landscape of potential homeowners.

About Pradhan Mantri Awas Yojana (PMAY):

Launched in 2015, PMAY aims to provide affordable housing to urban poor by 2022. The scheme offers interest subsidies on housing loans, with rates varying based on income categories:

• EWS and LIG: Interest subsidy of 6.5% for loans up to ₹6 lakh.
• MIG-I: Interest subsidy of 4% for loans up to ₹9 lakh.
• MIG-II: Interest subsidy of 3% for loans up to ₹12 lakh.

These subsidies are intended to reduce the financial burden on beneficiaries, making homeownership more attainable.

Significance of the Collaboration:

This partnership between ABHFL and NHB is poised to play a pivotal role in achieving the 'Housing for All' mission by:

• Enhancing Accessibility: Providing tailored financial solutions to segments that have traditionally faced challenges in securing housing finance.
• Supporting Economic Growth: Facilitating homeownership among diverse income groups contributes to economic stability and growth.
• Advancing Social Welfare: Ensuring access to affordable housing aligns with broader social development goals, improving living standards for many families.

About Aditya Birla Housing Finance Limited:

• Aditya Birla Housing Finance Limited ("ABHFL"), a subsidiary of Aditya Birla Capital Limited is a fast-growing housing finance company ("HFC") in India.
• ABHFL is registered with the National Housing Board (NHB) as a non-deposit accepting housing finance company and commenced operations in October 2014.

About National Housing Bank:

• Founded: 9 July 1988
• Headquarters: New Delhi, India
• Managing Director: Sanjay Shukla
• Owner: Ministry of Finance, Government of India

Reliance Nippon Life starts negotiation with IndusInd Bank on bancassurance tie up

• Reliance Nippon Life Insurance (RNLI), a subsidiary of debt-ridden Reliance Capital (RCAP), has initiated discussions with IndusInd Bank to establish a bancassurance partnership.
• This development follows the acquisition of RCAP by IndusInd International Holdings Ltd (IIHL), the parent entity of IndusInd Bank, and the nearing completion of RCAP’s resolution process.

Key Highlights

• Acquisition by IIHL:
  • IIHL, part of the Hinduja Group, won the bid to acquire RCAP and its subsidiaries.
  • The acquisition is expected to conclude by January 2025, following necessary approvals and procedures.
• Focus on Bancassurance:
  • RNLI is in active dialogue with IndusInd Bank to finalize a win-win bancassurance deal for all stakeholders.
  • Bancassurance will enable RNLI to expand its reach by leveraging IndusInd Bank’s extensive customer base of 41 million through 3,040 branches and 3,011 ATMs across India.
• Collaborations with Multiple Institutions:
  • RNLI is also exploring partnerships with other financial institutions, aligning with regulations allowing multiple bancassurance tie-ups.

Strategic Benefits

• Enhanced Distribution Network:
  • The bancassurance model strengthens RNLI’s market penetration, enabling a wider reach to potential customers.
• Focus on Value Creation:
  • IIHL emphasizes value creation through bancassurance, digitalization, and enhanced customer experience.
• Growth Targets:
  • IIHL aims to triple its BFSI valuation to USD 50 billion within five years, up from USD 15 billion as of September 2024.

Reliance Capital Entities and Plans

• Entities under RCAP:
  Includes Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Money, Reliance Securities, Reliance Asset Reconstruction, and Reliance Commercial Finance.
• Divestment Strategy:
  • IIHL plans to divest 34-35 subsidiaries of RCAP that are primarily small shell entities with limited operations.

About IndusInd Bank:

• Founded: April 1994
• Founder: S. P. Hinduja
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Sumant Kathpalia

About Reliance Nippon Life Insurance Company:

• Founded: 14 May 2001
• Headquarters: Santacruz, Mumbai, India
• Chairman: Anil Ambani
• CEO: Ashish Vohra

Times Internet Partners With ICICI Bank For A Co-Branded Premium Metal Credit Card

• Times Internet, in collaboration with ICICI Bank, has unveiled the Times Black ICICI Bank Credit Card, an ultra-premium offering tailored for high-net-worth individuals (HNIs) and affluent customers.
• Powered by Visa, this card combines luxury, innovation, and tradition with a host of exclusive privileges and benefits.

Key Features and Unique Design

• Metallic Card with Historic Design:
  The card features a metallic build and incorporates historic printing plates from The Times of India, representing innovation, tradition, and legacy.
• Target Audience:
  Designed for India’s affluent segment, the card aims to redefine luxury and provide exclusive lifestyle experiences.

Perks and Benefits

1. Welcome Privileges

• Doorstep travel visa services.
• Luxury stay gift card.
• Access to The Quorum Club.
• Unlimited co-working space access with District150.
• Grooming and gifting vouchers from Toni&Guy and Interflora.
• Complimentary Zomato Gold membership.

2. Milestone Rewards

• Helicopter rides or luxury transfers.
• Luxury shopping gift cards.
• Complimentary resort stays.
• Annual fee waiver on spends of ₹25,00,000.

3. Signature Benefits

• Unlimited global lounge access.
• Reduced foreign currency markup fees.
• Fee-free cash withdrawals.
• Retail and dining offers.
• Exclusive access to events by The Times of India group.

4. Reward Points

• 2.5% reward points on international transactions.
• 2% reward points on domestic transactions.

About ICICI Bank:

• Formerly: Industrial Credit and Investment Corporation of India (as a Government Organization)
• Headquarters: Mumbai, Maharashtra, India (corporate headquarters)
• Registered Office: Vadodara, Gujarat, India
• Part-time Chairman: Pradeep Kumar Sinha
• MD & CEO: Sandeep Bakhshi

About Times Internet:

• Founded: 1999
• Headquarters: Gurgaon, India
• Vice Chairman: Satyan Gajwani
• COO: Puneet Gupt

India Emerges As Top Global Recipient Of Remittances: World Bank

• India emerged as the largest recipient of remittances in 2024, with an estimated inflow of $129 billion, according to a blog post by World Bank economists.
• India was followed by Mexico, China, Philippines, and Pakistan.
• The surge was fueled by a recovery in job markets in high-income countries, particularly those in the Organization for Economic Co-operation and Development (OECD).

Key Highlights

• Remittance Growth:
  • Global remittance inflows grew by 5.8% in 2024, compared to 1.2% in 2023.
  • Remittance flows to low- and middle-income countries (LMICs) are expected to reach $685 billion.
• South Asia’s Dominance:
  • The region recorded the highest increase in remittance flows at 11.8%, driven by strong contributions from India, Pakistan, and Bangladesh.
• Remittances vs. FDI:
  • In the past decade:
    • Remittances increased by 57%.
    • Foreign Direct Investment (FDI) declined by 41%.
  • The gap between remittances and FDI is anticipated to widen further in 2024.

Driving Factors

1. Recovery in Job Markets:
   • Improved employment in OECD nations post-pandemic spurred remittance flows.
2. Migration and Demographics:
   • Migration pressures stemming from income disparities, demographic trends, and climate change are key contributors.
3. Resilience of Remittances:
   • Remittances outpaced other external financial flows to LMICs due to their steady and reliable nature.

Recommendations by the World Bank

The blog emphasized the need for countries to harness remittances for:

• Poverty alleviation.
• Financing healthcare and education.
• Enhancing financial inclusion for households.
• Improving access to capital markets for both state and non-state enterprises.

About World Bank:

• Established: July 7, 1944
• Headquarters: Washington, D.C., U.S.
• Membership: 189 countries
• President: Ajay Banga

Govt Likely To Target Fiscal Deficit Of 4.4% Of GDP For FY26

• The Indian government is anticipated to set a fiscal deficit target of 4.4% of GDP for the financial year 2025-26, signaling a move towards fiscal discipline while maintaining economic growth.
• This target is expected to be announced in the Union Budget 2024-25, scheduled for February 1, 2024.

Key Highlights

• Current and Target Deficits:
  • FY24 fiscal deficit target: 5.9% of GDP.
  • FY26 target: 4.5% of GDP.
  • Proposed FY26 target: 4.4%, reflecting sharper deficit reduction efforts.
• Economic Priorities:
  • Focus on public investment in infrastructure, health, and education.
  • Balancing growth momentum amid global economic uncertainties.
• Revenue and Expenditure Management:
  • Revenue strategies:
    • Increased tax compliance.
    • Sustained GST collection growth.
    • Privatisation initiatives.
  • Expenditure focus:
    • Capital investments to drive long-term economic growth.

Fiscal Discipline and Economic Recovery

• The fiscal deficit has been under scrutiny following pandemic-related spending, which drove up deficits but supported economic recovery.
• With the economy now stabilizing, the government aims to align fiscal policy with sustainable growth objectives, demonstrating a commitment to macroeconomic stability.

Significance of the 4.4% Target

• Investor Confidence:
  • A credible fiscal roadmap is expected to attract foreign investments.
  • Sends a strong signal about India’s commitment to fiscal responsibility.
• Economic Stability:
  • Supports macroeconomic stability by reducing reliance on borrowing.

Expected Budget Focus Areas

• Job Creation: Tackling unemployment through economic reforms.
• Inflation Control: Policies to stabilize prices and ensure affordability.
• Boosting Exports: Initiatives to enhance India’s global trade competitiveness.

Fiscal Deficit

• A fiscal deficit, which is also commonly called a national deficit, occurs when a country's government spends more money than it earns during the fiscal year.
• This means that more money goes out compared to how much comes in.
• Therefore, spending exceeds revenue.

India’s GDP growth pegged at 6.6% for FY26 on investment boost: India Ratings

• India Ratings and Research has projected a positive economic trajectory for India in FY26, with growth, investments, and fiscal consolidation as key highlights.
• India Ratings and Research has projected the country's economic growth to accelerate to 6.6% in FY26, up from 6.4% for FY25, supported by a stronger investment climate.
• This growth is expected to be driven by a rise in gross fixed capital formation (GFCF), which is anticipated to increase by 7.2% in FY26, up from 6.7% in FY25.
• Investments from both the public and private sectors will play a critical role, though private sector investments remain concentrated in specific sectors like roads, airports, and renewable energy.

Challenges in Consumption Growth

• Despite the positive investment outlook, the economy faces challenges with consumption growth.
• Private Final Consumption Expenditure (PFCE) is forecasted to grow at 6.9% in FY26, a slight improvement over the 6.7% in FY25, but still below the pre-pandemic levels.
• This growth is important as consumption is the largest component of India’s GDP.
• However, the proportion of PFCE in GDP has been on a decline, hitting a six-year low of 55.8% in FY24.

Sectoral Contributions to Gross Value Added (GVA)

• India's growth in Gross Value Added (GVA) is expected to be led by the services sector, with a rise of 7.4% in FY26.
• The industrial sector is projected to grow at 6.6%, while the agriculture sector is expected to see a much slower growth rate of 3.4%.
• This sectoral contribution highlights the ongoing shift towards services and industrialization as key drivers of the economy.

Inflation and Fiscal Outlook

• Inflation is expected to reach the Reserve Bank of India's (RBI) target of 4% by the third or fourth quarter of FY26, with the key focus on controlling food inflation.
• India Ratings also expects the fiscal deficit to be contained at 4.5% of GDP for FY26, underpinned by strong nominal GDP growth of 10.2%, as well as a 10% rise in corporate tax, income tax, and Goods and Services Tax (GST) collections.
• Additionally, the government aims to raise ₹25,000 crore from asset sales to support fiscal consolidation.

External Risks and Investment Focus

• While the projections are optimistic, risks remain from external factors such as potential trade tensions, capital outflows, and a strengthening dollar.
• These factors could pose challenges to India's growth trajectory.
• Furthermore, the focus on specific sectors for investment and the difficulty in boosting overall consumption present key policy challenges for the government to ensure a sustained and balanced economic recovery.

About India Ratings and Research:

• Purpose: Ind-Ra is committed to providing accurate, timely, and prospective credit opinions for India's credit markets.
• Coverage: The agency maintains coverage on corporate issuers, financial institutions (banks, insurance companies), finance and leasing companies, managed funds, urban local bodies, as well as structured finance and project finance companies.
• Headquarters: Mumbai, India
• Recognition: Ind-Ra is recognized by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).
• Ownership: Ind-Ra is a 100% owned subsidiary of the Fitch Group.

Sebi tightens SME IPO rules, limits promoter OFS to 20%

• The Securities and Exchange Board of India (SEBI) has introduced tighter regulations for Small and Medium Enterprises (SMEs) seeking to list through Initial Public Offerings (IPOs) in order to safeguard investor interests and ensure that only financially sound companies access the public capital markets.

Key changes approved by SEBI:

• An SME must have an operating profit of at least ₹1 crore from operations in at least two of the previous three financial years to be eligible for an IPO.
• Funds raised through an SME IPO cannot be used to repay loans to promoters, promoter groups, or related parties.
• The Offer for Sale (OFS) portion of the IPO cannot exceed 20% of the total issue size.
• Selling shareholders are not allowed to sell more than 50% of their holdings.
• The funds allocated for General Corporate Purpose in an SME IPO are capped at 15% of the issue size or ₹10 crore, whichever is lower.
• The lock-in on promoters' holding in excess of the Minimum Promoter Contribution (MPC) will be released in phases: 50% after one year and the remaining 50% after two years.
• The allocation methodology for non-institutional investors (NIIs) will now align with the methodology used for main board IPOs.
• IPO draft documents will be made available for public comment for 21 days.
• The minimum application size for SME IPOs will increase from ₹1 lakh to ₹2 lakh per application.
• The allocation for non-institutional investors will be determined by a "draw of lots", similar to the system used for retail investors.

About Securities and Exchange Board of India:

• Formed: April 12, 1988 (Established)
• Acquired Statutory Status: January 30, 1992
• Headquarters: Mumbai, Maharashtra
• Chairperson: Madhabi Puri Buch

CURRENT AFFAIRS: NATIONAL NEWS

Top 200 Self-Made Entrepreneurs of the Millennia 2024

• The IDFC First Private Banking and Hurun India list for 2024 celebrates India’s top 200 self-made entrepreneurs, showcasing their transformative contributions to the nation’s economy.

Key Highlights

1. Top Entrepreneurs:
   • Radhakishan Damani (DMart): Retained the top spot.
     • DMart's market valuation surged 44% to ₹3.4 lakh crore.
   • Deepinder Goyal (Zomato): Ranked second.
     • Zomato's valuation rose 190% to ₹2.51 lakh crore.
   • Sriharsha Majety and Nandan Reddy (Swiggy): Ranked third.
     • Swiggy's valuation scaled to ₹1.01 lakh crore.
2. Rising Stars:
   • Zepto: Achieved 14th place with a 259% surge in valuation to ₹41,800 crore.
   • Founders Kaivalya Vohra (21) and Aadit Palicha (22) are the youngest entrepreneurs on the list.
3. Cumulative Impact:
   • Combined valuation of the 200 companies: ₹36 lakh crore, equivalent to Maharashtra's GDP.
4. Top Sectors:
   • Financial Services: 50 companies.
   • Healthcare and Retail: 25 companies each.

Insights into the Rankings

1. Traditional vs. New-Age Entrepreneurs:
   • While DMart leads with its brick-and-mortar model, tech-driven firms like Zomato, Swiggy, MakeMyTrip, Zerodha, Dream11, Policybazaar, Razorpay, and Nykaa dominate the top 10.
2. Valuation Trends:
   • Threshold to enter the list increased 13% to ₹3,400 crore.
   • Top 10 threshold rose 10% from ₹50,600 crore to ₹56,000 crore.
3. City-wise Distribution:
   • Bengaluru: 98 entrepreneurs.
   • Mumbai: 73 entrepreneurs.
   • New Delhi: 51 entrepreneurs.

Perspective from Hurun India

• The list highlights the economic significance of self-made entrepreneurs, contributing a total business value of USD 431 billion.
• Despite being founded within an average of 24 years, these companies account for 25% of the value of India's 200 most valuable family businesses, which have an average age of 69 years.

CURRENT AFFAIRS: STATE

Delhi L-G inaugurates country's longest golf course in Dwarka

• The inauguration of the country's longest golf course in Dwarka by Lt Governor (LG) Vinai Kumar Saxena marks a significant development in sports infrastructure for the national capital.
• LG Saxena emphasized the importance of the Fit India Movement, which has been instrumental in promoting sports across the country and contributing to the success of Indian athletes in international events.

Here are the key details:

• Location & Size: The 18-hole golf course is located in Sector 24, Dwarka, spanning 7,377 yards and covering 158 acres.
• Facilities:
  • Longest driving range in the country with 375 yards and 52 bays.
  • Use of North Shore SLT grass for fairways, which is the first of its kind in India.
  • A clubhouse offering restaurant, snack kiosks, cafeteria, conference hall, pro-shops, swimming pool, sauna, and more.
  • Golf Academy being established as a center of excellence.
• Cost & Features: The project cost is approximately ₹250 crore. It features an automatic irrigation system for water conservation, underground drainage systems, and a storm water recharge well.
• Training Focus: The course aims to boost professional golf training for young golfers.
• Additional Sports Infrastructure:
  • Delhi Development Authority (DDA) has developed 17 sports complexes, 2 public golf courses, 17 swimming pools, and 40 multigyms.
  • Centres of Excellence are being set up in sports like wrestling, weight lifting, boxing, kabaddi, tennis, shooting, and hockey in Dwarka.
• Future Prospects: The golf course will serve as a pay & play facility with tenure playing rights (three to five years).

About Delhi:

• Capital: New Delhi
• Governor: Vinai Kumar Saxena
• Chief Minister: Atishi Marlena Singh
• National Park: National Zoological Park, Sultanpur National Park

UCC will be implemented in Uttarakhand in January 2025: CM Pushkar Singh Dhami

• Uttarakhand Chief Minister Pushkar Singh Dhami has announced that the Uniform Civil Code (UCC) will be implemented in the state from January 2025, making it the first state in India to do so post-Independence.
• This move is expected to bring significant changes to the legal framework in Uttarakhand, with a focus on unifying personal laws for citizens across different communities.

Key details include:

• Announcement & Implementation Timeline: The UCC will be enforced in January 2025 after all necessary preparations have been completed.
• Legislative Process:
  • A five-member expert committee, chaired by retired judge Ranjana Prakash Desai, was formed to guide the process.
  • The Uniform Civil Code Bill 2024 was passed by the State Legislative Assembly on 7 February 2024.
  • The bill received Presidential assent on 12 March 2024.
• Key Features of the UCC:
  • The UCC will apply to issues like marriage, divorce, inheritance, and maintenance, subsuming various customary laws across faiths and tribes.
  • It aims to provide empowerment to the people, especially women and children.
  • It is intended to reflect the spirit of Sabka Saath, Sabka Vikas, Sabka Vishwas (with everyone's cooperation, development, and trust).
• Draft Report: The UCC legislation rules making and implementation committee, led by Shatrughna Singh, submitted a draft report to the Chief Minister on October 18, covering:
  • Procedures related to marriage and divorce registration, live-in relationships, and birth and death registration.
  • Rules concerning inheritance.

• UCC in the Constitution: While UCC is a part of the Directive Principles of State Policy in the Indian Constitution, it is non-justiciable, meaning it is not enforceable by the courts.

About Uttarakhand:

• Capitals: Winter: Dehradun, Summer: Bhararisen
• Chief Minister: Pushkar Singh Dhami
• Governor: Gurmit Singh
• National parks: Nanda Devi National Park, Jim Corbett National Park, Valley of Flowers National Park, Rajaji National Park, Gangotri National Park, Govind Pashu Vihar National Park

CURRENT AFFAIRS: BUSINESS NEWS

Infosys Inaugurates New Development Centre in New Town, Kolkata

• Infosys, one of India's leading IT services companies, inaugurated a cutting-edge development centre in New Town, Kolkata, marking a significant milestone in the region's transformation into an IT hub.

Key Highlights of the Development Centre

Facility Details

• Investment: Built at a cost of ₹426 crore.
• Size and Capacity: Spans 50 acres with the capacity to employ 4,000 IT professionals.
• Technological Focus: Innovation in areas such as cloud computing, artificial intelligence, and digital transformation.

Sustainability Features

• Green Building Standards:
  • Energy-efficient cooling systems.
  • Smart building automation.
  • Rainwater harvesting and wastewater recycling.
• Aligns with Infosys’ broader commitment to sustainable development.

West Bengal’s "Silicon Valley" Vision

Regional Transformation

• New Town, Kolkata, is envisioned as an emerging tech hub with modern infrastructure and a focus on IT and related industries.
• This new facility is part of a larger initiative to create a "Silicon Valley" in New Town, with:
  • Projected Investment: ₹27,000 crore.
  • Job Creation: Expected to generate 75,000 jobs.

Government Collaboration

• The inauguration was attended by West Bengal Chief Minister Mamata Banerjee, who hailed it as a "New Year gift" to the state.
• The state government is actively encouraging the growth of IT companies in the region to foster economic and employment opportunities.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Maruti Suzuki and Bihar Government Collaborate to Automate Driving License Test Tracks

• Maruti Suzuki India Ltd. has partnered with the Transport Department, Government of Bihar, to establish five automated driving license test tracks in Bhagalpur, Darbhanga, Gaya, Purnia, and Saran.
• The initiative aims to enhance efficiency, transparency, and safety in the driving license testing process.

Key Highlights

Advanced Technology for Rigorous Testing

• Automation: The test tracks utilize high-definition cameras and integrated IT systems to conduct assessments with minimal human intervention.
• Standardized Evaluation: Tests adhere to the Central Motor Vehicle Rules (CMVR), ensuring rigorous skill assessment and objective, automated results.

Objective

To ensure only competent drivers receive licenses, thereby promoting road safety and reducing accidents caused by human error.

Maruti Suzuki's Commitment to Road Safety

• First Driving Institute in Bihar: Established the Institute of Driving and Traffic Research (IDTR) in Aurangabad in 2018.
• Existing Automated Tracks:
  • Aurangabad (2020)
  • Patna (2021)
• Nationwide Progress:
  • Automated 27 driving test tracks across Delhi, Uttar Pradesh, Uttarakhand, Bihar, and Haryana.
  • Additional 17 tracks under development, including 12 in Uttar Pradesh and 5 in Bihar.
  • Target: 44 automated test tracks across India.

Five Pillars of Road Safety Focus

1. Engineering
2. Education
3. Evaluation
4. Enforcement
5. Emergency Care

Airtel Partners with the Indian Army to Expand Connectivity in North Kashmir

• Bharti Airtel has collaborated with the Indian Army to improve connectivity in Kupwara, Baramulla, and Bandipore districts near the Line of Control (LoC) in North Kashmir.
• The initiative is part of the PM Vibrant Village Programme and enhances network services in remote villages and military bases.

Key Highlights

Connectivity Expansion in Remote Villages

• Deployment of Mobile Towers:
  Airtel has installed 15 mobile towers in regions like Keran, Machhal, Tangdhar, Gurez, and Uri, ensuring telecom access for locals and soldiers.
• Unique Position:
  Airtel is the only private telecom operator serving these challenging terrains.

Support for Military Operations

• Enhanced network services in remote military bases such as Galwan River and Daulat Beg Oldie, India’s northernmost military post.
• Collaboration highlights Airtel's commitment to supporting critical infrastructure for national security.

Airtel’s Financial and Operational Performance in Q2 FY25

Revenue and Profitability

• Consolidated Revenue: ₹41,400 crore, with 8.7% sequential growth in India revenues.
• EBITDA Margins: Improved to 54.8%, with an operating free cash flow of ₹11,000 crore despite spectrum-related debt.

Customer Base Growth

• Added 4.2 million smartphone users and 0.8 million postpaid subscribers.
• Average Revenue Per User (ARPU): Increased to ₹233, maintaining sector leadership.
• 5G Growth: Over 105 million 5G users, with rapid expansion of coverage.

Broadband, DTH, and Digital Services

Broadband Expansion

• Added 600,000 broadband customers through Fixed Wireless Access.

DTH Segment

• Experienced a 500,000 customer loss, but saw a 65% increase in Airtel Black plan adoption.

Digital Services Portfolio

• Focused on areas such as financial services, IoT, and security, driving innovation and customer engagement.

Bajaj Auto and Sastra University Collaborate on Phase 2 of BEST Centre Initiative

• Bajaj Auto Limited has partnered with Sastra Deemed University to launch the second phase of the Bajaj Engineering Skill Training (BEST) Centre initiative, aiming to strengthen India's technical workforce.

Highlights of the Initiative

1. Success of Phase 1:
   • Trained over 150 students in advanced manufacturing techniques.
2. Focus of Phase 2:
   • Specialized training in electronics manufacturing, firmware development, systems validation, and e-mobility.
   • Targeting 500+ engineering and diploma graduates, with priority for students from tier 2 and tier 3 cities.
3. Strategic Objectives:
   • Enhance skills in emerging sectors.
   • Contribute to the growth of India’s manufacturing and e-mobility industries.

Memorandum of Understanding (MoU)

• Signatories:
  • Sudhakar Gudipati: Vice President, Corporate Social Responsibility, Bajaj Auto.
  • S. Vaidhyasubramaniam: Vice-Chancellor, Sastra University.
• Event Highlights:
  • MoU signed in New Delhi in the presence of AICTE Chairman T. G. Sitharam.

Impact on Skill Development

• The initiative addresses the growing demand for skilled professionals in electronics and e-mobility.
• It reinforces Make in India goals by developing talent for future-ready industries.
• Focused on providing opportunities for students in less-developed regions, fostering inclusive growth.

CURRENT AFFAIRS: AWARDS AND HONOURS

PepsiCo India Hosts RevolutioNari Conference and Awards 2024 to Empower Women in Agriculture

• PepsiCo India reinforced its commitment to women empowerment in agriculture by launching the RevolutioNari Conference and Awards 2024 in New Delhi.
• This initiative, grounded in PepsiCo India’s philosophy of "Partnership in Progress", recognizes and celebrates the achievements of women farmers across India.

Key Highlights

RevolutioNari Initiative

• Objective: Empower 1 million women in agriculture across India by 2026.
• Launch of the RevolutioNari Anthem, symbolizing PepsiCo India’s dedication to women empowerment.

Awards Ceremony

• Recognition: 10 women farmers were honored for their exceptional contributions to agriculture, selected from nominations nationwide.
• Jury: A panel of experts led by Prof. Ramesh Chand, Member, NITI Aayog, evaluated entries across five categories.

Award Categories and Winners

1. Breaking Gender Stereotypes & Implementing Best Farming Practices
   • Gold: Tapasi Pal (West Bengal)
   • Silver: Sanju Yogi (Rajasthan)
2. Economic Empowerment through SHGs
   • Gold: Ganapathi SHG (Telangana)
   • Silver: Sarayan Farmer Producer Company (Uttar Pradesh)
3. Innovation in Sustainable Agriculture
   • Gold: Shivani Kisku (Jharkhand)
   • Silver: Manguben Jaga (Gujarat)
4. Protection and Promotion of Native Indigenous Food Systems
   • Gold: Monika Mohite (Maharashtra)
   • Silver: Sujata Paramanik (West Bengal)
5. Youth Innovators in Agriculture
   • Gold: Surbhi Kumari (Bihar)
   • Silver: Anima Aind (Jharkhand)

Event Highlights

• Dignitaries Present:
  • Dr. Raj Bhushan Choudhary, Minister of State for Jal Shakti
  • Smriti Irani, Former Minister of Women and Child Development
  • Ajit Balaji Joshi, Secretary, Dept. of Agriculture, Punjab

Collaborations and Partnerships

• Knowledge Partner: The Social Lab, curating expert jury panels and evaluation processes.
• Outreach Partner: Avian WE, elevating awareness and driving engagement for the initiative.

Arun Kapur Honored with Bhutan’s Prestigious ‘Dasho’ Title

• Arun Kapur, a renowned educationist with remarkable contributions to the education sector in India, Bhutan, and Oman, was honored by Bhutan’s King Jigme Khesar Namgyel Wangchuck.
• At the 117th Bhutanese National Day celebrations in Thimphu, he was conferred the Red Scarf and the title of ‘Dasho’, signifying an extraordinary achievement.

Key Highlights

Recognition by Bhutan’s Monarch

• Award: Red Scarf (Bura Marp) and ceremonial sword (Patang).
• Significance: These honors, along with the title ‘Dasho’, are traditionally reserved for senior Bhutanese officials, making it a rare distinction for a non-resident.

Contributions to Bhutan’s Education System

• The Royal Academy: Played a pivotal role in establishing the academy, a flagship institution of education in Bhutan.
• Bhutan Baccalaureate System: Spearheaded the development of this unique educational framework, emphasizing holistic learning.

Past Recognition

• Druk Thuksey (2019): Acknowledged for his immense contributions to Bhutanese education.
• Legacy in India: Served as the head of Vasant Valley School, Delhi, for 29 years, profoundly influencing the educational landscape before retiring in 2020.

Sahitya Akademi Awards 2024: Honoring Literary Excellence Across Languages

• The Sahitya Akademi Awards 2024 celebrated the remarkable contributions of 21 writers and poets across various Indian languages.
• This prestigious honor recognizes outstanding works in novels, poetry, short stories, essays, plays, literary criticism, and research.

Highlights of the Awards

1. Diverse Categories:
   • 8 Poetry Collections
   • 3 Novels
   • 2 Short Story Collections
   • 3 Essays
   • 3 Literary Criticism Works
   • 1 Play
   • 1 Research Work
2. Notable Winners:
   • Hindi: Gagan Gill for her poetry collection Main Jab Tak Aai Bahar.
   • English: Easterine Kire for her novel Spirit Nights.
   • Kashmiri: Sohan Kaul for her novel Psychiatric Ward.
   • Punjabi: Paul Kaur for her poetry book Sun Gunvanta Sun Budhivanta: Itihaasnama Punjab.
3. Poetry Winners:
   • Malayalam: K Jayakumar
   • Manipuri: Haobam Satyabati Devi
   • Gujarati: Dileep Jhaveri
   • Assamese: Sameer Tanti
   • Rajasthani: Mukut Maniraj
   • Sanskrit: Dipak Kumar Sharma
4. Novel Winners:
   • Bodo: Aron Raja for Swrni Thakhai.
5. Short Story Winners:
   • Nepali: Yuva Baral for Chhichimira.
   • Sindhi: Hundraj Balwani for Purzo.
6. Essays:
   • Konkani: Mukesh Thali
   • Maithili: Mahendra Malangia
   • Odia: Baishnab Charan Samai
7. Other Categories:
   • Research: AR Venkatachalapathy (Tamil)
   • Play: Maheshwar Sorn (Santali) for Seched Sawnta Ren Andha Manmi.
   • Literary Criticism:
     • KV Narayana (Kannada)
     • Sudhir Rasal (Marathi)
     • Penugonda Lakshminarayana (Telugu)

Award Ceremony Details

• Eligibility: Works published between January 1, 2018, and December 31, 2022.
• Recognition: Winners receive a plaque, a shawl, and a cash prize of ₹1 lakh.
• Ceremony Date: Awards to be presented on March 8, 2025.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

SBI appoints Rama Mohan Rao Amara as MD

• The Appointments Committee of the Cabinet (ACC) has approved the appointment of Rama Mohan Rao Amara as the Managing Director (MD) of State Bank of India (SBI) for a term of three years, effective from the date he assumes charge, or until further orders.

Key points regarding his appointment include:

• Tenure: The appointment is for three years, with a possible extension based on a performance review, until he reaches the age of superannuation on 29 February 2028.

• A veteran banker, Amara has been associated with SBI for over 29 years.
• Before his appointment, he served as the Deputy Managing Director (DMD) at SBI and has previously held key positions, including Chief General Manager of SBI’s Bhopal Circle, where he oversaw operations in Madhya Pradesh and Chhattisgarh.
• Amara began his career with SBI in 1991 as a probationary officer.
• Over the years, he has gained significant expertise in credit, risk, and international banking, with stints in Singapore and the US.
• Notably, he served as CEO of SBI’s Chicago branch and later as President and CEO of SBI California.

Indian REITs Association appoints Alok Aggarwal as Chairman

• The Indian REITs Association (IRA) has appointed Alok Aggarwal, the Managing Director (MD) and CEO of Brookfield India Real Estate Trust, as its new Chairman.

Here are the key details:

• Appointment: Alok Aggarwal has been appointed as the new Chairman of IRA, a role in which he will support the growth and development of the Real Estate Investment Trust (REIT) sector in India.
• IRA: Established in 2023, the Indian REITs Association is a non-profit trade organization that focuses on promoting the REITs sector in India.
• Alok Aggarwal’s Role: As MD and CEO of Brookfield India Real Estate Trust, Aggarwal brings significant expertise in the real estate and investment sectors to the role.

CURRENT AFFAIRS: SPORTS NEWS

R.Ashwin Becomes Leading Wicket-Taker in ICC World Test Championship (WTC)

• India's premier all-rounder, R. Ashwin, achieved a significant milestone during the second Test against New Zealand at the MCA Stadium in Pune.
• On Day 1, Ashwin claimed the wickets of Tom Latham and Will Young, surpassing Australian off-spinner Nathan Lyon to become the highest wicket-taker in the history of the ICC World Test Championship (WTC).

Key Highlights of Ashwin's Achievement

WTC Wicket-Taker Standings

• R. Ashwin: 188 wickets in 39 matches.
• Nathan Lyon: 187 wickets in 43 matches.
• Pat Cummins: 175 wickets in 42 matches.
• Jasprit Bumrah: 124 wickets in 30 matches (seventh place).

Performance in Test Career

• Matches: 104
• Wickets: 530
• Bowling Average: Under 24
• Batting Record:
  • Runs: 3,438
  • Batting Average: 26.44
  • Centuries: 6
  • Half-Centuries: 14

Position in Indian Test Cricket

• Second-highest wicket-taker for India, behind Anil Kumble (619 wickets).
• Renowned for his all-round capabilities, consistent contributions in bowling and batting.

CURRENT AFFAIRS: IMPORTANT DAYS

International Human Solidarity Day: 20th December

• International Human Solidarity Day is observed on the 20th of December 2024.
• On December 22, 2005, the UN General Assembly recognized solidarity as one of the fundamental and enduring values of the twenty-first century by passing Revolution 60/209.
• The idea of solidarity was propagated through the creation of the World Solidarity Fund to end poverty and the declaration of International Human Solidarity Day.

Daily CA One- Liner: December 20

• The IDFC First Private Banking and Hurun India list for 2024 celebrates India’s top 200 self-made entrepreneurs, showcasing their transformative contributions to the nation’s economy
• Infosys, one of India's leading IT services companies, inaugurated a cutting-edge development centre in New Town, Kolkata, marking a significant milestone in the region's transformation into an IT hub.
• Maruti Suzuki India Ltd. has partnered with the Transport Department, Government of Bihar, to establish five automated driving license test tracks in Bhagalpur, Darbhanga, Gaya, Purnia, and Saran.
• Bharti Airtel has collaborated with the Indian Army to improve connectivity in Kupwara, Baramulla, and Bandipore districts near the Line of Control (LoC) in North Kashmir.
• Bajaj Auto Limited has partnered with Sastra Deemed University to launch the second phase of the Bajaj Engineering Skill Training (BEST) Centre initiative, aiming to strengthen India's technical workforce
• PepsiCo India reinforced its commitment to women empowerment in agriculture by launching the RevolutioNari Conference and Awards 2024 in New Delhi.
• Arun Kapur, a renowned educationist with remarkable contributions to the education sector in India, Bhutan, and Oman, was honored by Bhutan’s King Jigme Khesar Namgyel Wangchuck.
• The Sahitya Akademi Awards 2024 celebrated the remarkable contributions of 21 writers and poets across various Indian languages.
• India's premier all-rounder, Ashwin, achieved a significant milestone during the second Test against New Zealand at the MCA Stadium in Pune.
• The Central Government and the Reserve Bank of India (RBI) have jointly made an important decision regarding the 5 rupee coin. A particular type of this coin is being withdrawn from circulation, primarily due to specific challenges and concerns.
• Federal Bank, one of India’s leading private sector banks, has joined hands with Ecofy, India’s first green-only non-banking financial company (NBFC) supported by Eversource Capital, to provide innovative financing solutions for MSMEs investing in commercial rooftop solar installations.
• Aditya Birla Housing Finance (ABHFL) has entered into a partnership with the National Housing Bank (NHB) to advance the Pradhan Mantri Awas Yojana (PMAY) vision of 'Housing for All'.
• Reliance Nippon Life Insurance (RNLI), a subsidiary of debt-ridden Reliance Capital (RCAP), has initiated discussions with IndusInd Bank to establish a bancassurance partnership.
• Times Internet, in collaboration with ICICI Bank, has unveiled the Times Black ICICI Bank Credit Card, an ultra-premium offering tailored for high-net-worth individuals (HNIs) and affluent customers.
• India emerged as the largest recipient of remittances in 2024, with an estimated inflow of $129 billion, according to a blog post by World Bank economists. India was followed by Mexico, China, Philippines, and Pakistan.
• The Indian government is anticipated to set a fiscal deficit target of 4.4% of GDP for the financial year 2025-26, signaling a move towards fiscal discipline while maintaining economic growth.
• India Ratings and Research has projected the country's economic growth to accelerate to 6.6% in FY26, up from 6.4% for FY25, supported by a stronger investment climate.
• The Securities and Exchange Board of India (SEBI) has introduced tighter regulations for Small and Medium Enterprises (SMEs) seeking to list through Initial Public Offerings (IPOs) in order to safeguard investor interests and ensure that only financially sound companies access the public capital markets.
• The inauguration of the country's longest golf course in Dwarka by Lt Governor (LG) Vinai Kumar Saxena marks a significant development in sports infrastructure for the national capital.
• Uttarakhand Chief Minister Pushkar Singh Dhami has announced that the Uniform Civil Code (UCC) will be implemented in the state from January 2025, making it the first state in India to do so post-Independence.
• The Appointments Committee of the Cabinet (ACC) has approved the appointment of Rama Mohan Rao Amara as the Managing Director (MD) of State Bank of India (SBI) for a term of three years, effective from the date he assumes charge, or until further orders.
• The Indian REITs Association (IRA) has appointed Alok Aggarwal, the Managing Director (MD) and CEO of Brookfield India Real Estate Trust, as its new Chairman.
• International Human Solidarity Day is observed on the 20th of December 2024.