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CURRENT AFFAIRS : BANKING & FINANCE

CoinSwitch introduces the overarching brand PeepalCo, targeting expansion in wealth technology

• Cryptocurrency platform CoinSwitch has unveiled PeepalCo, a new umbrella brand to house all its business segments, as it plans to expand into a wealth-tech platform.
• PeepalCo will house CoinSwitch, the crypto retail app, and CoinSwitch PRO, the advanced trading platform, soon-to-be-launched platform with newer investment classes and wealth-management division catering to high net worth Individuals (HNIs).
• The restructuring will enable each of these businesses to stay nimble and innovate while adhering to the highest compliance and regulatory standards.
• Ashish Singhal, Co-founder and Group CEO, Govind Soni, Co-founder and Group CTO, and Vimal Sagar Tiwari, Co-founder and Group COO, of PeepalCo, will guide the various initiatives by the group and will have a professional management to lead and operate each of the initiatives.
• CoinSwitch will be under the leadership of Balaji Srihari who will be assuming the role of Business Head in CoinSwitch.
• The unicorn is backed by multiple investors including Andreessen Horowitz (a16z), Tiger Global, Peak XV Partners (was Sequoia Capital India), Ribbit Capital, Paradigm and Coinbase Ventures.

Federal Bank Named "Bank of the Year India " by The Banker Financial Times                               

• Federal Bank, a leading financial institution, has been recognised as "Bank of the Year (India)" by Financial Times owned The Banker, one of the only three global awards that considers the work of banks spanning 120 countries.
• This prestigious recognition is a testament to the Bank's unwavering commitment to innovation, customer-centric services, and its outstanding contributions to the banking industry over the past year.
• One of the standout initiatives that garnered attention was the introduction of the Digital Personal Loan by Federal Bank.
• Recognizing the challenges faced by customers in rural areas in accessing banking services, Federal Bank launched the 'Bank on the Go' initiative.
• This groundbreaking initiative involves a mobile vehicle equipped with banking kiosks that travel to different locations.
• Federal Bank has also embraced cutting-edge technology to enhance customer support, introducing "Feddy", an artificial intelligence-powered chatbot.
• Feddy operates across multiple touchpoints, including the company website, WhatsApp, Alexa, and Google Maps.
• The chatbot is capable of providing responses based on website content and seamlessly connecting customers to live agents for further 24/7 support.
• The Feddy ecosystem demonstrates Federal Bank's commitment to continuous growth and expanding capabilities to meet evolving customer needs.

About Federal Bank :

• Headquarters : Aluva, Kochi, Kerala, India
• MD & CEO :Shyam Srinivasan
• Tagline : your perfect banking partner.

iVIS Collaborates with ICICI Bank to Enhance Security through Advanced E-Surveillance Services                        

• iVIS, a subsidiary of Magellanic Cloud, has announced its empanelment with ICICI Bank for the delivery of e-surveillance services across branches.
• This strategic collaboration enables iVIS to offer AI/ML and IoT technology-enabled e-surveillance services, which will include real-time video monitoring and recording, facial recognition, incident detection, reporting, and data analytics.
• iVIS will strengthen the branch-level security operations of ICICI Bank, such as ATMs and cash counter operations, with real-time threat mitigation, remote security management, and automated response systems.
• iVis is skilled in its e-surveillance segment, with a centre in its Hyderabad office that oversees 20,000 ATMs and banking sites across the country.
• CEO of Magellanic Cloud : Mr. Joseph Sudheer Reddy Thumma

About ICICI Bank :

• Founded : 5 January 1994
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Sandeep Bakhshi

Intellect Secures ₹80-Crore Agreement with Indian Bank for Implementation of Cash Management System                  

• Intellect Design Arena Limited, the Chennai-based FinTech company for financial and insurance clients, has signed a ₹80 crore, 5-year deal with Indian Bank to deploy Intellect’s eMACH.ai powered Cash Management System.
• The partnership is a pivotal moment - adding another feather to Intellect’s growing footprint in the Indian BFSI industry, rendering the capabilities of a cognitive enterprise for revolutionising transaction banking.
• Indian Bank, with a network of 4,900 ATMs and 5,798 domestic branches, serves over 100 million customers with 41,000 employees and $140 billion worth of assets.
• As part of the project ‘INDLEAP’, the Indian Bank has taken on the objective of digital transformation by leveraging technology wherever possible with transaction banking and supply chain management being the key growth engines.
• Through this implementation, Intellect provides Omni-channel access across desktop and mobility; treasury persona-aligned dashboard to drive Contextual Banking experience; coverage of payments across electronic and physical channels and coverage of multi-modal collections offerings for Indian corporates.

About Indian Bank :

• Founded : 15 August 1907
• Headquarters : Chennai, Tamil Nadu
• MD & CEO : Shanti Lal Jain
• Tagline : Your Own Bank/ Apka Apna Bank

CURRENT AFFAIRS: NATIONAL NEWS

CABINET APPROVALS

Cabinet approves Memorandum of Understanding (MoU) signed between India and Tanzania on Cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformations:

• The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi was apprised of a MoU signed between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Information, Communication and Information Technology of the United Republic of Tanzania on cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.
• The MoU intends to promote closer cooperation and exchange of experiences, digital technologies-based solutions in the implementation of digital transformational initiative of both the countries.
• Both G2G and B2B bilateral Cooperation in the field of Digital Public Infrastructure (DPI) will be enhanced.
• The activities contemplated in this MoU would be financed through their administration's regular operating allocations.
• MoU envisages improved collaboration leading to employment opportunities in the field of IT.

Background:

• MeitY is collaborating with a number of countries and multilateral agencies for fostering bilateral and multilateral cooperation in the ICT domain.
• Over the period, MeitY has entered into MoUs/MoCs/Agreements with its counterpart organizations/ agencies from various countries to promote cooperation and exchange of information in the ICT domain.
• This is in consonance with the various initiatives taken by Government of India such as Digital India, Atmanirbhar Bharat, make in India etc. to transform the country into a digitally empowered society and knowledge economy.
• In this changing paradigm, there is an imminent need for exploring business opportunities, sharing of best practices and attracting investments in the digital sector with the objective of enhancing mutual cooperation.

Union Cabinet approves the memorandum of understanding between the United States of America and the Republic of India

• The Union Cabinet chaired by Hon’ble Prime Minister, Shri Narendra Modi, approved the draft Memorandum of Understanding (MoU) between the United States of America and the Republic of India to enhance innovation ecosystems through an innovation handshake.
• The 5th India-U.S. Commercial Dialogue was held on 10th March 2023 during the visit of U.S. Secretary of Commerce Gina Raimondo between 8-10 March.
• At the meeting the Commercial Dialogue was re-launched with strategic focus on supply chain resiliency, climate and clean technology cooperation, advancing inclusive digital economy, and facilitating post-pandemic economic recovery especially for SMEs and start-ups.
• It included launch of a new Working Group on Talent, Innovation and Inclusive Growth (TIIG) under the Commercial Dialogue. It was noted that this Working Group would also support efforts of Start-ups working towards goals of iCET, particularly in identifying specific regulatory hurdles to cooperation and fostering greater connectivity between our innovation ecosystems with focus on start-ups through specific ideas for joint activities.
• The Joint Statement released by President Biden and Prime Minister Modi in June 2023 welcomed focused efforts to establish an “Innovation Handshake” that shall connect the two sides’ dynamic startup ecosystems, address specific regulatory hurdles to cooperation, and promote innovation and job growth, particularly in critical and emerging technologies (CET).
• To formalize the cooperation under the Innovation handshake and implement the guidance, a G2G MoU has been signed between India and the US on Innovation Handshake on 14^thNovember, 2023 at San Francisco, USA.
• The scope of cooperation would include a series of India- U.S. Innovation Handshake events, round tables with private sector, including hackathon and “Open Innovation” programs, information sharing and other activities.
• The MoU laid the groundwork for two future Innovation Handshake events scheduled to take place in India and the United States in early 2024, which include an investment forum aimed toward helping U.S. and Indian startup companies take their innovative ideas and products to market and a “hackathon” in Silicon Valley where U.S. and Indian startups will pitch ideas and technologies to help address global economic challenges.
• The MoU would contribute significantly strengthening Commercial opportunities in high tech sector.

Cabinet approves Memorandum of Cooperation signed between India and Kingdom of Saudi Arabia on cooperation in the field of Digitization and Electronic Manufacturing

• The Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi was apprised of a Memorandum of Cooperation (MoC) signed between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Communications and information Technology of the kingdom of Saudi Arabia on cooperation in the field of Digitization and Electronic Manufacturing.
• The Memorandum of Cooperation intends to strengthen collaboration in the field of Digitization, Electronic Manufacturing, e-Governance, smart infrastructure, e-Health and e-Education, promote partnership in research in digital innovation and the use of emerging technologies such as Artificial Intelligence (AI), Internet of Things (IoT), Robots, Cloud Computing and Blockchain, etc.
• This MoC would establish a framework for cooperation in the area of digitization and electronic manufacturing and establish partnerships between India and Saudi Arabia.
• The MoC aims to promote ways of innovative training and development through e-teaching, e-learning and exchange programs in digitization and electronics manufacturing and to develop joint training programs for capacity building and access to highly skilled Information and Communication Technologies professionals, strengthen SME and start-up ecosystem by sharing information on business accelerators, venture capital and incubators of technology start-ups which would indirectly generate employment opportunities for both parties.
• The collaboration activities under this MoC will promote cooperation in the area of Digitization and Electronic Manufacturing which are integral to the envisaged objectives of Atmanirbhar Bharat.

Cabinet approves Memorandum of Understanding between India and Italy on Cooperation in the field of Industrial Property Rights

• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, has given its approval for signing of Memorandum of Understanding between the Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry of the Republic of India and the Directorate General for the Protection of Industrial Property-Italian Patent and Trademark Office of the Ministry of Enterprises and Made in Italy of the Italian Republic on Cooperation in the field of Industrial Property Rights.

Benefits:

• The MoU will promote between the Participants the establishment of a mechanism that allows them to develop cooperation activities in the field of IP and information technology services related to this field.

Background:

• The purpose of the MoU is to support enterprises, especially start-ups and SMEs in accessing and participating in the national and international IPR systems. The MoU also seeks to streamline the procedures related to processing of IPR applications, fostering IP awareness, encouraging IPR commercialization and enforcement.
• The activities under the MoU will provide an opportunity for exchange and dissemination of best practices, experiences and knowledge in the field of IPRs through the participation in programs and events, organized singly or jointly by the Participants.

Cabinet approves declaration of Surat Airport as an International Airport

• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the proposal to declare Surat Airport as an International Airport.
• Surat Airport will not only become a gateway for international travellers but also facilitate seamless export-import operations for the thriving diamond and textile - industries.
• This strategic move promises to unlock unprecedented economic potential, making Surat a key player in the international aviation landscape and fostering a new era of prosperity for the region.
• Surat, a rapidly growing city in India, has demonstrated remarkable economic prowess and industrial development.
• Elevating Surat Airport to international status is paramount for enhancing economic growth, attracting foreign investment, and bolstering diplomatic ties.
• With a surge in passenger traffic and cargo operations, the airport's international designation will provide a crucial impetus for regional development.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Prime Minister Shri Narendra Modi inaugurates annual Global Partnership on Artificial Intelligence (GPAI) Summit in New Delhi

• The Global Partnership on Artificial Intelligence (GPAI) Summit was inaugurated at Bharat Mandapam in New Delhi.
• Prime Minister Modi emphasized that Artificial Intelligence is for social development and inclusive growth and the government has drafted its policies and programs with the spirit of AI for All.

About GPAI :

• GPAI is a multi-stakeholder initiative with 29 member countries.
• Its goal is to bridge the gap between theory and practice on AI by supporting cutting-edge research and practical activities on AI-related priorities.
• GPAI Formation : Canada and France first proposed the GPAI at the 2018 44th G7 summit.
• GPAI was officially launched in June 2020 with fifteen founding members.
• The Organization for Economic Co-operation and Development (OECD) hosts
• India's Role in GPAI : India is the lead chair of GPAI in 2024.India is hosting the Annual GPAI Summit from December 12-14, 2023.
• Summit Themes and Sessions : During the summit, a number of sessions will be organized on diverse topics such as AI and Global Health, Education and Skills, AI and Data Governance, and ML Workshops.
• Other highlights of the summit include the Research Symposium, AI Gamechanger Awards, and India AI Expo.
• Participants : More than 50 GPAI experts and 150 speakers from across the country will participate in the summit.
• Additionally, top AI game-changers from around the world will participate in various events, including Intel, Reliance Jio, Google, Meta, AWS, Yota, NetWeb, Paytm, Microsoft, MasterCard, etc.
• Youth AI Initiative and Start-ups : The winning students under the Youth AI Initiative and Start-ups will also showcase their AI models and solutions.

CURRENT AFFAIRS : STATE NEWS

A first-of-its-kind Eastern Ghats Nature Interpretation Centre in Visakhapatnam                               

• The first-of-its-kind, Nature Interpretation Centre at the Eastern Ghats Biodiversity Centre along the periphery of the Kambalakonda Wildlife Sanctuary in Visakhapatnam was inaugurated.

About Kambalakonda Wildlife Sanctuary :

• It is located in the state of Andhra Pradesh.
• It is named after the local hillock "Kambalakonda" acting as a green lung for citizens of Vizianagaram, is this large and sprawling sanctuary.
• Topography : It is considerably hilly with steep slopes.
• Vegetation : It hosts dry evergreen forests, a highly-threatened and unique forest type seen only in Tamil Nadu and Andhra Pradesh in India.
• Flora : It has wonderful plants like Tectona grandis, Randia dumetorum, Grewaia tiliaefolia, Abrus precatorius, etc.
• One of the most stunning flowers found in the region includes the Indian screw tree. Other flowers and fruits like flowers of the Bush plum tree, Jungle berry bunches can be found all across the landscape
• Fauna: Mammals like Leopard, Barking Deer, Jackal and Avifauna include Paradise flycatcher, Tree pie, Quails, Partridges, etc.

CURRENT AFFAIRS: BUSINESS NEWS

India’s overall exports in November 2023 is estimated at USD 62.58 Billion; an increase of 1.23 percent over USD 61.82 Billion in November 2022

• India’s overall exports (Merchandise and Services combined) in November 2023* are estimated to be USD 62.58 Billion, exhibiting a positive growth of 1.23 per cent over November 2022.
• Overall imports in November 2023* is estimated to be USD 67.88 Billion, exhibiting a negative growth of (-) 6.16 per cent over November 2022.
• India’s overall exports (Merchandise and Services combined) in April-November 2023* are estimated to be USD 499.46 Billion, exhibiting a negative growth of (-) 1.39 per cent over April-November 2022.
• Overall imports in April-November 2023* are estimated to be USD 560.90 Billion, exhibiting a negative growth of (-) 7.58 per cent over April-November 2022.

MERCHANDISE TRADE

• Merchandise exports in November 2023 were USD 33.90 Billion, as compared to USD 34.89 Billion in November 2022.
• Merchandise imports in November 2023 were USD 54.48 Billion, as compared to USD 56.95 Billion in November 2022.
• Merchandise exports for the period April-November 2023 were USD 278.80 Billion as against USD 298.21 Billion during April-November 2022.
• Merchandise imports for the period April-November 2023 were USD 445.15 Billion as against USD 487.42 Billion during April-November 2022.
• The merchandise trade deficit for April-November 2023 was estimated at USD 166.35 Billion as against USD 189.21 Billion during April-November 2022.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Indian social activist Nikhil Dey was named as International Anti-Corruption Champion by US State Department

• Nikhil Dey, an Indian social activist, has been named as the International Anti-Corruption Champion by the US State Department.
• The US Bureau of International Narcotics and Law Enforcement Affairs stated that it recognises Dey as an Anti-Corruption Champion for his important role in social movements aimed at transparency and accountability, public audits, and participatory democracy to counter corruption in government welfare programmes in India.
• Dey's efforts as a co-founder of Mazdoor Kisan Shakti Sangathan (MKSS) contributed to anti-corruption and transparency reforms in India, assisting the state of Rajasthan in establishing public policies that promote accountability and transparency.

About MKSS :

• The Mazdoor Kisan Shakti Sangathan, is a people’s Organisation that works with workers and peasants in the villages of Central Rajasthan.
• It was set up by the people of the area in 1990 to strengthen participatory democratic processes, so that ordinary citizens could live their lives with dignity and justice.
• The organisation was born out of a struggle for community land held illegally by a landlord.

Parama Sen appointed as a part-time member of the Pension Fund Regulatory and Development Authority board                          

• The Centre has appointed Parama Sen, Additional Secretary, Department of Expenditure in the Finance Ministry, as a part-time member of the Pension Fund Regulatory and Development Authority (PFRDA).
• All three part-time member positions on the PFRDA board have been filled.
• Sen, a 1994 batch Indian Audit and Accounts Services (IAAS) officer, replaces Anne George Mathew, Additional Secretary in the Finance Ministry, who demitted office this year.

Key Highlights :

• PFRDA Board Composition : PFRDA comprises a chairman, three whole-time members, and three part-time members.
• The post of Member (Law), which fell vacant in May, 2022 remains to be filled.
• Other Part-Time Members : Rahul Singh (Department of Personnel and Training) and Pankaj Sharma (Department of Financial Services) were appointed as part-time members last year.
• NPS and APY Growth : The assets under management of India’s National Pension System (NPS) and the Atal Pension Yojana (APY) are showing a robust CAGR of over 20 per cent over the last five years and on course to cross the ₹11-lakh-crore mark this
• NPS Milestone : NPS assets had touched the ₹10-lakh-crore mark on August 25, 2023.
• Atal Pension Yojana (APY) : The flagship social security scheme was launched on May 9, 2015, by Prime Minister Narendra Modi to provide old age income security, specifically for the poor, underprivileged, and workers in unorganised sectors.
• APY Enrollments : Meanwhile, enrolments under APY crossed 6 crore, including over 70 lakh in the current financial year.
• APY Benefits : APY subscribers are eligible for lifelong monthly pensions ranging from ₹1,000 to ₹5,000 from the age of 60, depending on contributions.
• APY subscribers enjoy triple benefits, including a monthly pension, based on contributions and joining age, for secure old-age income.

About PFRDA : 

• Established : 2003
• Headquarters : New Delhi, Delhi
• Chairman : Deepak Mohanty
• PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
• It operates under the jurisdiction of the Ministry of Finance in the Government of India.

Guinea-Bissau president reappoints Geraldo Martins as Prime Minister                                

• Guinea-Bissau’s President Umaro Sissoco Embalo has reappointed Geraldo Martins as prime minister (PM) after dissolving his government.

About Geraldo Martins :

• Geraldo Martins was first appointed prime minister in August, 2023.
• As a former senior executive at the World Bank, he served as minister of finance under the presidency of former President Jose Mario Vaz.
• He is a member of the former ruling African Party for the Independence of Guinea and Cape Verde (PAIGC) party which now leads an opposition coalition.

About Guinea-Bissau :

• President : Umaro Sissoco Embaló
• Capital : Bissau
• Currency : West African CFA franc

CURRENT AFFAIRS : DEFENCE NEWS

IndiGo receives IFSC Gift City approval to set up an aircraft leasing shop

• Interglobe Aviation, the parent company of India’s largest airline, IndiGo, has received approval from IFSC Gift City to establish an aircraft leasing venture.
• Over the next 5 years, the company aims to invest approximately ₹11,500 crore in the IFSC aircraft leasing segment.
• The funds will come from promoter investments, according to the company’s application to the IFSC.

Key Highlights :

• IndiGo plans to operate under the name ‘Interglobe Aviation Financial Services IFSC Private Limited,’ focusing on operating leasing, financial leasing, and other related services for aircraft.
• The estimated Free on Board (FOB) value for the export of services over a five-year period is projected at ₹11,563 crore, resulting in a Net Foreign Exchange (NFE) of ₹6,090 crore after a foreign exchange outgo of ₹11,502 crore.
• In August,2023 it was reported that Air India was the first commercial airline to establish an aircraft leasing venture at IFSC Gift City, with an estimated project cost of ₹7,253 crore.

About IndiGo :

• Founders: Rahul Bhatia, Rakesh Gangwal
• CEO: Pieter Elbers
• Headquarters: Gurugram
• Founded: August 2006

Ministry of Defence Signs Rs 588.68 Crore Contract with Telecommunications Consultants India Limited for Digital Coast Guard Project             

• In alignment with the Government of India’s strategic vision for Digital Armed Forces, the Ministry of Defence has signed a contract with Telecommunications Consultants India Limited (TCIL), at a total cost of Rs 588.68 crore, for the acquisition of Digital Coast Guard (DCG) project, under the Buy (Indian) category.

Key Highlights :

• A pivotal Initiative for the Indian Coast Guard (ICG), the DCG Project will unfold a comprehensive narrative of technological progression, encompassing the construction of an advanced Data Centre, the establishment of a robust Disaster Recovery Data Centre, amplification of connectivity across ICG sites, and the development of the ERP system.
• The project also leverages secured MPLS/VSAT connectivity, propelling itself to the forefront of cutting-edge defence technology.
• At its core, the DCG project marks the establishment of a Tier-III standard Data Centre, armed with the latest technological capabilities. Functioning as the nerve centre, it enables centralized monitoring and management of applications deployed by the ICG, ensuring vigilant oversight of critical IT assets of the ICG.
• The project is estimated to generate about one and a half lakh man-days over a span of five years, fostering active participation from diverse sectors of Indian industries, thus significantly contributing to the Government’s efforts to achieve ‘Atmanirbharta’ in defence.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ministry of Defence
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Geojit to set up Centre of Excellence in Sustainability at Cochin University of Science and Technology                  

• Geojit Financial Services Limited is establishing a Centre of Excellence in Sustainability at the Cochin University of Science and Technology.
• The proposal to set up the centre named Geojit Cusat Centre of Sustainability Studies (GCCOSS) has been approved by the University Syndicate.

Key Highlights :

• Geojit stands committed to providing an endowment of ₹5 crore over a period of four years.
• This is one of the biggest industry-academia partnerships in Kerala.
• The Centre will have 6 focus areas, namely Research, Academics, Consulting,
• Capacity Building, Innovation, and Certifications.
• It will strive to be an autonomous hub for creating high-quality scientists and entrepreneurs while engaging in global collaborations to create the best research output, academic rigour, and technical innovations.
• Environmental, Social, and Governance (ESG) goals have emerged as an important agenda for governments as well as corporations.
• GCCOSS proposes to develop and implement general courses/ graduate/post-graduate programmes focused on sustainability and specialised courses on subjects such as climate change, circular economy, and sustainable supply chain with support from technical and scientific departments.
• It shall also play the role of an innovation hub for such technologies and business models.
• The Centre will establish independent rating systems, partnering with standard-setting bodies to provide third-party certifications.
• It will play the role of a partnership enabler by conducting annual events with support from various stakeholders to provide advocacy and facilitate cross-entity partnerships in line with sustainable development goals.

Iran Reveals Upgraded Karrar Drones Equipped with Air-to-Air Missiles                    

• Iran unveiled advanced Karrar combat drones armed with air-to-air missiles, enhancing its air defence capabilities.

About Karrar Combat Drones :

• It is an Unmanned Combat Air Vehicle (UCAV) developed by Iran.
• It is the first long-endurance, combat-capable Iranian drone.
• It will be strategically deployed along border areas, providing air defence units with the capability to intercept and neutralise hostile aerial threats at significantly reduced costs compared to traditional manned fighter sorties.

Features :

• The Karrar drone, which was first introduced in 2010, has an operational range of up to 1,000 kilometres (620 miles).
• It has a maximum speed granted by its turbojet installation of 560 miles per hour.
• It reportedly boasts a service ceiling altitude of 47,000 feet.
• Karrar is launched via rocket-assist (with a catapult launching rail) and is recovered by way of a parachute-retarded freefall.
• It has been equipped with the Majid thermal missile with a range of 8 kilometres.
• The Iranian-made Majid air defence missile features advanced thermal and optical seekers, enhancing its tracking and interception capabilities.

About Iran : 

• President : Ebrahim Raisi
• Capital : Tehran
• Currency : Iranian rial

CURRENT AFFAIRS: IMPORTANT DAYS

Vijay Diwas: 16th December

• Vijay Diwas 2023 is observed on the 16th of December 2023.
• Vijay Diwas is celebrated for the remembrance of the victory of the Indian Armed Forces in ‘Operation: Vijay’ against the infiltrating Pakistani troops.
• Rich tributes are given to the Armed Soldiers who lost their lives in the war.
• Pakistani troops attacked 11 Indian airfields that proved the war on December 3, 1971.
• At that time Indira Gandhi was the Prime Minister of India.
• The war ended in just 13 days which is considered as one of the shortest wars in history.
• As a result of the war, Bangladesh was liberated from Pakistan as a separate country.
• The Independent Flag of Bangladesh was first hoisted on March 23.

Daily CA One-Liner: December 16, 2023

• The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi was apprised of a MoU signed between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Information, Communication and Information Technology of the United Republic of Tanzania on cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.
• The Union Cabinet chaired by Hon’ble Prime Minister, Shri Narendra Modi, approved the draft Memorandum of Understanding (MoU) between the United States of America and the Republic of India to enhance innovation ecosystems through an innovation handshake.
• The Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi was apprised of a Memorandum of Cooperation (MoC) signed between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Communications and Information Technology of the kingdom of Saudi Arabia on cooperation in the field of Digitization and Electronic Manufacturing.
• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, has given its approval for signing of Memorandum of Understanding between the Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry of the Republic of India and the Directorate General for the Protection of Industrial Property-Italian Patent and Trademark Office of the Ministry of Enterprises and Made in Italy of the Italian Republic on Cooperation in the field of Industrial Property Rights.
• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the proposal to declare Surat Airport as an International Airport.
• India’s overall exports (Merchandise and Services combined) in November 2023* are estimated to be USD 62.58 Billion, exhibiting a positive growth of 1.23 per cent over November 2022.
• Cryptocurrency platform CoinSwitch has unveiled PeepalCo, a new umbrella brand to house all its business segments, as it plans to expand into a wealth-tech platform.
• Federal Bank, a leading financial institution, has been recognised as "Bank of the Year (India)" by Financial Times owned The Banker, one of the only three global awards that considers the work of banks spanning 120 countries.
• iVIS, a subsidiary of Magellanic Cloud, has announced its empanelment with ICICI Bank for the delivery of e-surveillance services across branches.
• Intellect Design Arena Limited, the Chennai-based FinTech company for financial and insurance clients, has signed a ₹80 crore, 5-year deal with Indian Bank to deploy Intellect’s eMACH.ai powered Cash Management System.
• The Global Partnership on Artificial Intelligence (GPAI) Summit was inaugurated at Bharat Mandapam in New Delhi.
• The first-of-its-kind, Nature Interpretation Centre at the Eastern Ghats Biodiversity Centre along the periphery of the Kambalakonda Wildlife Sanctuary in Visakhapatnam was inaugurated.
• Nikhil Dey, an Indian social activist, has been named as the International Anti-Corruption Champion by the US State Department.
• The Centre has appointed Parama Sen, Additional Secretary, Department of Expenditure in the Finance Ministry, as a part-time member in Pension Fund Regulatory and Development Authority (PFRDA).
• Guinea-Bissau’s President Umaro Sissoco Embalo has reappointed Geraldo Martins as prime minister (PM) after dissolving his government.
• Interglobe Aviation, the parent company of India’s largest airline, IndiGo, has received approval from IFSC Gift City to establish an aircraft leasing venture.
• In alignment with the Government of India’s strategic vision for Digital Armed Forces, the Ministry of Defence has signed a contract with Telecommunications Consultants India Limited (TCIL), at a total cost of Rs 588.68 crore, for the acquisition of Digital Coast Guard (DCG) project, under the Buy (Indian) category.
• Geojit Financial Services Limited is establishing a Centre of Excellence in Sustainability at the Cochin University of Science and Technology.
• Iran unveiled advanced Karrar combat drones armed with air-to-air missiles, enhancing its air defence capabilities
• Vijay Diwas 2023 is observed on the 16th of December 2023.