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CURRENT AFFAIRS: BANKING & FINANCE

Reserve Bank of India releases Framework for imposing monetary penalty and compounding of offences under the Payment and Settlement Systems Act, 2007

• The Reserve Bank of India (RBI) has tightened norms for imposing monetary penalties and compounding offences under the Payment and Settlement Systems Act (PSS Act),2007.
• The aim is to rationalise and consolidate enforcement actions against payment system operators and banks.
• The PSS Actoutlines provisions for offences and penalties under Section 26.
• Contraventions include operating a payment system without authorisation, providing false statements, failing to furnish required information or documents, and violating KYC (Know Your Customer)and AML (Anti-Money Laundering).

Key Highlights: 

• RBI can impose a penaltyof up to ₹10 lakh or twice the amount involved in the contravention, whichever is higher.
• For continuing contraventions, an additional penalty of ₹25,000 per daycan be imposed after the first day.
• RBI is also empowered to compound offencesunder Section 31 of the PSS Act, except for offences punishable with imprisonment only.
• A committee of three Executive Directors(for Central Office cases) or a Regional Director and two senior officers (for Regional Office cases) will oversee penalty imposition and compounding.
• Only material contraventionsare penalised or compounded, based on factors like severity, frequency, amount involved, and impact.
• RBI issues a Show Cause Notice (SCN)to the contravener, providing an opportunity for a personal hearing.
• A Speaking Orderis issued based on the contravener’s reply and submissions.
• Penalties are determined based on proportionality, intent, and mitigating factors.
• Factors considered include gains/losses from the contravention, delayed compliance, and impact.
• Entities can apply for compoundingby submitting an application with relevant details.
• The compounding amountmay be 25% lower than the corresponding penalty.
• For repeated contraventions, the compounding amount may increase by 50%.
• Penalties or compounding amounts must be paid within 30 days.
• Failure to pay may result in criminal proceedingsor other legal actions.
• Entities must disclose monetary penaltiesin their annual financial statements.
• RBI publishes briefs of penalty and compounding actionson its website.

About Payment and Settlement Systems Act, 2007 :

• The Payment and Settlement Systems Act, 2007 (PSS Act) regulates and supervises payment systems in India.
• The Reserve Bank of India (RBI) is the designated authority for this purpose. The PSS Act came into effect on August 12, 2008.

Recent News:

• As of January 2025, The Reserve Bank of India (RBI) has set the interest rate on the Government of India Floating Rate Bonds 2035 (GOI FRB 2035) at 6.66% per annum for the period from January 25, 2025, to January 24, 2030.

About RBI :

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

Insurance Regulatory and Development Authority of India (IRDAI) Restricts Health Premium Hikes for Seniors to 10% Annually

• The Insurance Regulatory and Development Authority of India (IRDAI) has directed insurers not to increase health insurance premiumsfor senior citizens (aged 60 and above) by more than 10% without prior approval.
• Insurers must seek regulator approvalbefore discontinuing health policies for senior citizens.

Key Highlights:

• To control rising healthcare costs, insurers have been urged to standardise hospital empanelmentand negotiate package rates similar to the government’s PM Jan Arogya Yojana (PMJAY).
• Premium rates for health insurance are determined by factors such as estimated claims, administrative costs, and acquisition expenses.
• A major driver of premium increases is the lack of standardised hospitalisation costsin private insurance, unlike PMJAY, which negotiates uniform package rates.
• Senior citizens have reported instances where their premiums nearly doubled, especially when crossing into a higher age bracket or during insurer pricing revisions.
• Health insurance premiums are annualand lack a level premium structure (unlike term insurance), leading to fluctuations due to rising medical expenses.
• Currently, health insurance does not offer premium discountsfor maintaining good health. The primary incentive for early purchase is the continuity benefit, which ensures claims are not rejected due to pre-existing conditions.
• Under new IRDAI guidelines, insurers must disclose the rationalebehind price hikes, ensuring transparency for policyholders.

About IRDAI:

• Headquarters (HQ): Hyderabad, Telangana, India
• Chairperson: Debasish Panda
• Founded: 1999

Government-e-Marketplace (GeM) Sahay 2.0 Welcomes 121 Finance as First Lender Under Open Credit Enablement Network (OCEN) Framework

• 121 Financeis an Reserve Bank of India-registered NBFC-Factor that partnered with GeM (Government-e-Marketplace), an initiative of the Ministry of Commerce and Industry, along with Perfios and Tata Consultancy Services (TCS), to launch the enhanced version of GeM Sahay.

Key Highlights:

• The smallest invoice financed by 121 Finance on the previous version of GeM Sahay was INR 160, showcasing its ability to cater to diverse business needs and promote financial inclusion.
• GeM Sahay 2.0was developed in record time with the support of iSpirt, GeM, and other partners.
• 121 Financeis India's largest independently owned NBFC-Factor, specializing in solving B2B trade credit challenges for MSMEs.
• The company offers digital-first financial products, including Factoring Finance, Purchase Finance, and Channel Finance, to eliminate friction in trade credit and empower small businesses to access small-ticket trade finance.
• The collaboration aligns with the goal of creating a system that ensures financial inclusionand seamless access to credit for businesses of all sizes.

What is OCEN?

• The Open Credit Enablement Network (OCEN) is a decentralised open credit networkwhich codifies the flow of credit between borrowers, lenders, and credit distributors under a common set of standards.
• These could be inter-day or intra-day loans that help individual owners and MSMEs run their businesses smoothly without a money crunch.
• The launch of OCEN in 2020 Global FinTech Festival has been a major step towards democratization of credit and financial inclusion.

About GeM Sahay 2.0:

• GeM Sahay 2.0 is a mobile-based lending platform integrated with the Government e-Marketplace (GeM) portal, designed to provide quick, collateral-free loans to sellers on the platform, allowing them to access financing almost instantly upon accepting a government order, with loan amounts potentially reaching up to Rs 10 lakh

About 121 Finance:

• Headquarters: Jaipur, Rajasthan, India
• Founder and CEO: Ravi Modani
• Founded: 2015

Paytm unveils ‘Receive Money QR Widget’ for Android, expanding seamless payment collection

• One 97 Communications (OCL) owns Paytm, India's leading payments and financial services distribution company, has launched a new ‘Receive Money QR Widget’ for Android users, enabling instant payment collection directly from a smartphone’s home screen.
• Paytm is a pioneer in QR codes, Soundbox, and mobile payments.
• The widget is designed to benefit influencers, shopkeepers, freelancers, delivery partners, and small businessesby simplifying and speeding up payment collection.
• The feature was first introduced for iOS usersand received a positive response, prompting its extension to Android.
• Paytm introduced a distinct coin-drop soundfor real-time payment notifications.
• This sound provides an instantly recognizable alert, enhancing user experience and ensuring payment transparency.
• Paytm's launch of these features reflects its commitment to continuous innovationbased on user needs, offering greater convenience and confidence in mobile payments.

Recent News:

• As of January 2025, Paytm Payments Services Limited (PPSL) announced that its Managing Director and CEO, Nakul Jain, will step down from his position at the close of business on March 31, 2025.

About Paytm:

• Headquarters: Noida, Uttar Pradesh, India
• Founded: 2010
• Chairman & CEO: Vijay Shekhar Sharma
• Subsidiaries: Paytm Payments Bank, Paytm Mall, Paytm Cloud Technologies
• Key Products: Paytm App, Paytm Wallet, Paytm Payments Bank, Paytm Mall

CURRENT AFFAIRS: NATIONAL NEWS

Article 224A of the Indian Constitution: Appointment of Ad Hoc Judges in High Courts

• Article 224A of the Indian Constitution enables the appointment of retired judges as ad hoc judges in High Courts to address judicial vacancies and case backlogs.
• The Chief Justice of a High Court can request a retired judge, with the President’s prior consent, to sit and act as a judge.

Key Provisions of Article 224A

1. Appointment Process

• The Chief Justice of a High Court can appoint retired judges from the same or another High Court.
• Requires the President's prior consent.
• Ad hoc judges enjoy the same jurisdiction, powers, and privileges as regular High Court judges.
• They do not hold permanent status in the judiciary.

2. Supreme Court’s April 2021 Judgment

• Trigger for Recourse: Appointment of ad hoc judges is not limited to cases where vacancies exceed 20%.
• Number of Appointments: Typically 2 to 5 ad hoc judges per High Court, based on case pendency.
• Bench Composition: Allowed Division Benches with only ad hoc judges to handle pending cases.

Supreme Court’s October 2023 Clarifications

1. Modification of the 20% Vacancy Requirement

• High Courts can now appoint ad hoc judges even if judicial vacancies are below 20%.
• The number of ad hoc judges should be between 2 to 5 but not exceed 10% of the sanctioned strength.
• April 2021 judgment’s strict vacancy criteria suspended (paragraphs 43, 54, 55).

2. Bench Composition Revised

• Ad hoc judges must sit in benches presided over by a sitting High Court judge.
• Ensures judicial expertise and maintains a balanced decision-making process.

3. Memorandum of Procedure (MoP) for Appointments

• High Courts must follow the MoP for systematic and transparent ad hoc judge appointments.
• Reinforces judicial integrity and procedural clarity.

Ministry of Rural Development Sanctions 27 Roads Under PM-JANMAN to Boost Rural Connectivity in Maharashtra

• In a major step towards enhancing rural connectivity and economic growth, the Ministry of Rural Development (MoRD) has approved 27 roads spanning 50.13 km under the Connectivity Component of PM-JANMAN in Maharashtra.
• This initiative involves an investment of ₹50.35 crore and aims to uplift Particularly Vulnerable Tribal Groups (PVTGs) in the state.

Key Objectives of the Initiative

• All-Weather Road Connectivity: Ensuring reliable infrastructure for 27 PVTG habitations in remote areas.
• Socio-Economic Upliftment: Improving living standards and economic opportunities for PVTGs.
• Bridging Rural-Urban Gap: Strengthening connectivity between remote villages and urban centres.
• Boosting Trade and Commerce: Enhancing local economies by facilitating transportation of goods and services.
• Improved Access to Essential Services: Enhancing healthcare, education, and market accessibility.
• Employment Generation: Creating job opportunities and stimulating local economies.

About PM JANMAN Scheme

• Launch: The PM JANMAN scheme was inaugurated on 15th November 2023, coinciding with Janjatiya Gaurav Divas.
• Background: This initiative is a part of the Pradhan Mantri-PVTG Development Mission, introduced in the 2022-23 Union Budget.
• Objectives: The scheme aims to improve the socio-economic conditions of Particularly Vulnerable Tribal Groups (PVTGs) through a comprehensive range of development initiatives.
• Target Beneficiaries: The scheme will benefit 75 PVTG communities across 18 states and 1 Union Territory (Andaman & Nicobar Islands).
• Implementation Authority: The Ministry of Tribal Affairs is the nodal ministry overseeing the scheme's implementation, working alongside 9 other Ministries/Departments and state governments.
• Budgetary Details: The total budget allocation for the scheme is Rs 24,104 crore, with Rs 15,336 crore coming from the central government and Rs 8,768 crore from state contributions.
• Coverage Period: The scheme will span from 2023-24 to 2025-26.

Recent news

• In January 2025,The United Kingdom (U.K.) government and Mumbai Metropolitan Region Development Authority (MMRDA) joined hands to augment the city’s Metro network as U.K. Department for Transport (DfT) and Crossrail International (U.K.) have signed a Memorandum of Understanding (MoU) with the MMRDA.

The Two-Day National Conference with Labour Ministers and Secretaries of States & UTs in New Delhi, chaired by Dr. Mansukh Mandaviya:

• The two-day workshop, chaired by Mansukh Mandaviya, Union Minister for Labour & Employment, concluded with key discussions on social security and labour welfare for both organized and unorganized sector workers.
• This workshop included Labour Ministers, Labour Secretaries of States/UTs, and other senior officials.

Key Objectives & Outcomes:

1. Consultation on Labour Welfare:
   • Aimed to design targeted action items for improving social security and welfare of workers.
   • Discussed best practices adopted by States/UTs to assess feasibility for wider implementation.
2. Focus on Unorganized Sector:
   • Extensive discussions on providing social security for unorganized sector workers (such as gig workers, construction workers, and others).
   • The Ministry highlighted the need to create sustainable models for social security in these sectors.
3. Formation of Committees:
   • Three Committees were formed to work on a comprehensive social security coverage model. These Committees, consisting of five states each, will hold further consultations and submit their findings in March 2025.
4. Holistic Welfare Programs:
   • Pension, healthcare, insurance (life and accident) discussed as part of future reforms.
   • Focus on developing social security systems for contract labor and transforming the role of the inspector to inspector-cum-facilitator.

Key Discussions:

1. Social Security Models for Unorganized Workers:
   • BOCW cess funds were utilized by States for social security coverage and for the development of education and skill development institutions for children of Building and Construction Workers.
2. eShram Portal:
   • Over 30 crore unorganized workers have been registered on the eShram portal, which aims to strengthen last-mile delivery of benefits to these workers.
   • The portal’s integration with other government platforms like NCS and SIDH is promoting employment generation, skill development, and employability.
3. Social Security for Gig & Platform Workers:
   • The Ministry is working on a dedicated scheme for gig and platform workers.
   • States were urged to share data on unorganized workers to support the registration of gig workers on eShram in mission mode.
4. Inspector-Cum-Facilitator Model:
   • A reform to shift from the traditional inspector model to inspector-cum-facilitator. This aims to reduce compliance burden, ease of doing business, and ensure decent working conditions.

Union Home Minister Releases "Indian Renaissance: The Modi Decade" Book

• The book "Indian Renaissance: The Modi Decade" was released by Shri Amit Shah, Union Home Minister and Minister of Cooperation, in New Delhi.
• Shri Manohar Lal, Union Minister for Housing and Urban Affairs, Shri Kartikeya Sharma, Rajya Sabha MP, and Aishwarya Pandit, the book's editor, were present at the event.

Key Highlights from Shri Amit Shah's Address:

1. A New Era in India’s History:
   • Shri Amit Shah described the past 10 years under Prime Minister Narendra Modi as the end of one era and the beginning of a new one, with India's history being rewritten.
   • He predicted that even Modi’s critics would acknowledge this period as one marked in golden letters in future history books.
2. Transformation Under Modi Ji’s Leadership:
   • Shah emphasized that India's transformation began in 2014, when India received a stable government after three decades.
   • He shared a foreign newspaper’s view that while India gained independence in 1947, it was under Modi's leadership in 2014 that India truly gained freedom from colonial influences.
3. India’s Uniqueness and Cultural Identity:
   • India, according to Shah, is the only nation that has embraced multiple civilizations, modified its traditions, and preserved its essence while advancing.
   • India’s ability to sustain multiple languages, cultures, dialects, and religions while maintaining mutual respect was highlighted.
4. Modi’s Reforms and Global Success:
   • Shah credited PM Modi with several transformational reforms across various sectors, particularly in managing the COVID-19 crisis.
   • India became the first to develop its own COVID-19 vaccine, providing it to 100+ countries, and efficiently vaccinating its 3 billion citizens.
5. Future of India: A Vision for 2047:
   • Amit Shah outlined a vision where India's history will be divided into three parts:
     • Before and After Independence,
     • Before and After the Emergency,
     • Before and After Modi Ji.
   • He affirmed that under Modi's leadership, India is progressing towards becoming a fully developed nation by 2047.

Recent news

• In January 2025, NITI Aayog unveiled the "Fiscal Health Index 2025" in New Delhi, assessing the fiscal performance of 18 Indian states. Odisha, Chhattisgarh, and Goa led the rankings based on revenue, expenditure, and debt management, while Karnataka and others showed scope for improvement.

Coal India Limited (CIL) Supports the Coal India Ranchi Marathon 2025

• Coal India Limited (CIL), under the Ministry of Coal (MoC), is sponsoring the Coal India Ranchi Marathon 2025, scheduled for 9th February 2025 in Ranchi, Jharkhand For the 3rd consecutive year.
• The event is supported by a sponsorship of 1 Crore from the Coal India Sports Promotion Association (CISPA) fund, marking the third consecutive year of CIL's involvement.
• Central Coalfields Limited (CCL), a subsidiary of CIL, is responsible for conducting the event.

Event Details:

• Categories:
  • Full Marathon
  • Half Marathon
  • 10 Km Run
  • 5 Km Run
• Eligibility:
  • Open to male and female runners from across the country.

CIL’s Social Responsibility Beyond Energy Production:

• CIL has been actively contributing to social upliftment through impactful Corporate Social Responsibility (CSR) initiatives across India. The marathon serves as a platform to promote athletic excellence, fitness, and nation-building.
• CIL’s efforts aim to inspire a culture of health and wellness while reinforcing the company’s commitment to contributing to nation-building beyond energy production.

Recent News

• In January 2025, The Jharkhand Mukhyamantri Maiya Samman Yojana was a financial assistance scheme launched by the Jharkhand government to empower women across the state.

About Jharkhand:

• Chief minister: Hemant Soren
• Governor: Santosh Gangwar
• Capital: Ranchi

CURRENT AFFAIRS: INTERNATIONAL NEWS

Chinese scientists build the world’s first deep-sea radar that detects high-flying aircraft

• China has developed the world’s 1^st deep-sea radar systemcapable of detecting and tracking high-altitude aircraft from a depth of 1,000 metres
• This system marks a significant advancement in anti-submarine warfare, potentially transforming submarines from prey to predators.

Key Highlights:

• The system uses an acoustic sensor arraydeployed on the seabed to capture faint sound waves emitted by aircraft.
• These sound waves, after reflecting off the seabed and sea surface, are used to estimate the aircraft’s coordinateswith high accuracy.
• Sound waves from aircraft are typically reflected back into the skyby the sea surface, with only a small fraction penetrating the water.
• These waves become distorteddue to varying temperatures, densities, salinities, and ocean currents.
• The research team, led by Zhang Bo and Peng Zhaohui, developed a method to exploit reflected sound wavesto enhance detection sensitivity.
• In 2022, China secretly tested the technology, successfully detecting an aircraft within 17 kmwith a margin of error of less than 1 km.
• The system has a detection range of less than 20 km, which is still insufficient for practical military applications.
• There is also a detection blind spotwhen aircraft fly directly over the sensors.
• The details of the research were published in Acta Acustica, a peer-reviewed Chinese academic journal, in 2024.

About China:

• Capital: Beijing
• Currency: Renminbi (CNY)
• President: Xi Jinping
• Prime Minister: Li Qiang

Niger becomes the first African country to eradicate Onchocerciasis (river blindness)

• Nigerhas been acknowledged by the World Health Organization (WHO) for eliminating onchocerciasis (river blindness), making it the 5th country globally and the first in Africa to achieve this milestone.

Key Highlights:

• Onchocerciasis is the second leading infectious cause of blindness worldwide, after trachoma.
• The disease is caused by the parasite Onchocerca volvulus, transmitted through the bites of infected black flies, primarily found in riverine areas.
• It affects rural populationsin sub-Saharan Africa and Yemen, with smaller endemic areas in Latin America.
• From 1976 to 1989, Niger implemented vector control measures(insecticide spraying) under the WHO Onchocerciasis Control Programme in West Africa (OCP), significantly reducing transmission.
• From 2008 to 2019, Niger conducted mass drug administration (MDA)using ivermectin (donated by Merck, Sharpe & Dohme) and albendazole to combat lymphatic filariasis, which also contributed to interrupting onchocerciasis transmission.
• Surveillance and assessmentsfrom 2014 onwards confirmed the elimination of onchocerciasis, with prevalence dropping from 60% to 0.02%.
• Success was achieved through collaboration between the Nigerien government, WHO, and non-governmental organizations, which mobilized resources and technical support.
• Continuous monitoring and timely adjustmentsin strategies ensured the effectiveness of interventions.
• Onchocerciasis caused immense human sufferingand hindered economic development by driving communities away from rivers, which are vital for livelihoods.
• Niger is the 5th countryto eliminate onchocerciasis, joining Colombia (2013), Ecuador (2014), Mexico (2015), and Guatemala (2016).
• In the WHO African Region, 21 countrieshave eliminated at least one NTD.
• Niger previously eliminated Guinea-worm disease (dracunculiasis)in 2013, demonstrating its leadership in public health.

About Nigeria:

• Capital: Abuja
• Currency: Nigerian naira (NGN)
• President: Bola Ahmed Tinubu

CURRENT AFFAIRS: STATE NEWS

16th Finance Commission Receives Tripura’s Proposal on Revenue Distribution

• The Tripura governmentpresented two key demands to the 16th Finance Commission (FC-XVI) regarding the horizontal distribution of resources among states.
• The state demanded the introduction of an infrastructure indexand international border as new criteria for revenue distribution, considering Tripura’s geographic location.

Key Highlights:

• Tripura also sought an increase in its tax devolution sharefrom the current 42% to 50%.
• During the meeting, Chief Minister Manik Sahaproposed modifications to the weights used by the 15th Finance Commission (FC-XV) for revenue distribution.
• The state suggested incorporating the infrastructure indexwith a 5% weightage and international border with a 5% weightage as additional criteria.
• Tripura proposed a re-calibration of weightsfor various parameters:
  • Reducing population weightagefrom 15% to 10%.
  • Cutting area weightagefrom 15% to 5%.
  • Increasing forest and ecology weightagefrom 10% to 20%.
  • Raising income distance weightagefrom 45% to 50%.
  • Reducing demographic rate weightagefrom 12.5% to 5%.
• Chairman of FC-XVI : Arvind Panagariya

Recent News:

• Every year on January 21, the northeastern states of Manipur, Meghalaya, and Tripura celebrate their Statehood Day, marking the historic moment they attained full statehood under the North Eastern Region (Reorganization) Act of

About Tripura:

• Capital: Agartala
• Chief Minister: Manik Saha
• Governor: N. Indrasena Reddy
• National Parks: Sepahijala Wildlife Sanctuary, Trishna Wildlife Sanctuary
• Wildlife Sanctuaries: Rishyamukh Wildlife Sanctuary, Jampui Hill Wildlife Sanctuary

CURRENT AFFAIRS: MOUS AND AGREEMENT

Ministry of Statistics and Programme Implementation Signs MoU with IIIT-Delhi under Data Innovation Lab Initiative

• The Data Informatics and Innovation Division of the Ministry of Statistics and Programme Implementation (MoSPI) signed a Memorandum of Understanding (MoU) with Indraprastha Institute of Information Technology (IIIT-Delhi) under the Data Innovation (DI) Lab Initiative.

Background of the Data Innovation Lab Initiative

• Launched in July 2024, the DI Lab aims to modernize the National Statistical System by fostering innovation and research-driven solutions.
• Focuses on emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Big Data Analytics to improve data collection, processing, and dissemination.
• Over 100 academic institutions have been approached, and MoUs have been signed with IITs, IIMs, and other reputed institutions.

Key Objectives of the MoSPI-IIIT Delhi Partnership

1. Bridging Academia and Official Statistics

• The collaboration aims to leverage academic expertise to tackle real-world statistical challenges.
• Focus areas include data integration, real-time analytics, and predictive modeling.

2. Strengthening Innovation in Official Statistics

• IIIT-Delhi’s technical expertise will contribute to the development of new methodologies in statistical analysis.
• The partnership will lead to innovations that enhance MoSPI’s functioning and improve the statistical ecosystem of the country.

3. Promoting Government-Academia Collaboration

• This MoU reinforces MoSPI’s commitment to fostering long-term collaboration between the government and academic institutions.
• Encourages the infusion of fresh ideas and research-driven solutions into the national statistical framework.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Bajaj Finserv Strengthens Leadership Team with New Chief Financial Officer Appointment

• Bajaj Finservhas appointed Ramandeep Singh Sahni as its new Chief Financial Officer (CFO) and Whole-Time Key Managerial Personnel, effective from February 1, 2025.
• He succeeds  Sreenivasan, who will step down as CFO on January 31, 2025, but will continue in a strategic role as President (Insurance and Special Projects).

About Ramandeep Singh Sahni:

• Sahni has been with the Bajaj Finserv Groupfor over 11 years, serving as CFO of Bajaj Allianz Life Insurance Co. Ltd. (BALIC) and later Bajaj Allianz General Insurance Co. Ltd. (BAGIC).
• Prior to Bajaj Finserv, he spent 12 yearsat ICICI Prudential Life Insurance Co. Ltd., holding senior roles in Internal Audit and Finance.
• With over 25 years of experience, Sahni has expertise in life and general insurance, Big 4 consulting, and independently run businesses.
• He is a Chartered Accountant, holds a Bachelor of Commerce degree, and is a Certified Information Systems Auditor (CISA).

Mahindra Finance Announces Pradeep Kumar Agrawal as New Chief Financial Officer

• Mahindra & Mahindra Financial Serviceshas appointed Pradeep Kumar Agrawal as its Chief Financial Officer (CFO) and Key Managerial Personnel, effective from March 5, 2025.
• This appointment fills a four-month vacancyfollowing the resignation of former CFO Vivek Karve, who served until October 2024.

About Pradeep Kumar Agrawal:

• Agrawal brings over 28 years of experiencein financial operations, having held leadership roles at Aditya Birla Group and Bharat Petroleum.
• He is a qualified Chartered Financial Analyst (CFA), Chartered Accountant (CA), Company Secretary (CS), and Cost & Works Accountant (CWA).

Other Appointment  :

• Interim CFO: Animesh Chatterjee, the current Head of Treasury, will serve as the Interim CFOfrom January 29, 2025, to March 4, 2025, ensuring a smooth transition.
• Chatterjee is a Chartered Accountantand Commerce graduate, with additional qualifications from the University of Cambridge, Cambridge Judge Business School, and MIT Sloan School of Management.
• He has over 24 years of experiencein finance and has led the Treasury function at Mahindra & Mahindra Financial Services since July 2024.
• His previous roles include positions at SMFG, India Infoline, Blue Star, and SREI.

Government appoints Rajesh Nirwan (IPS) as Director General at Bureau of Civil Aviation Security (BCAS)

• The Appointments Committee of the Cabinet (ACC)approved the appointment of Rajesh Nirwan (IPS) as the Director General of the Bureau of Civil Aviation Security (BCAS).
• The proposal was put forward by the Ministry of Civil Aviation.
• Effective Date: Nirwan’s appointment will be effective from the date he assumes charge and will continue until further orders, as per the Department of Personnel & Training (DoPT)order issued on January 27, 2025.

About Rajesh Nirwan:

• Rajesh Nirwan is an Indian Police Service (IPS)officer of the Rajasthan cadre from the 1992 batch.
• He brings extensive experience and expertiseto his new role as Director General of BCAS.

About BCAS:

• Headquarters: New Delhi
• The Bureau of Civil Aviation Security (BCAS)operates under the Ministry of Civil Aviation.
• It was initially set up as a Cell in the Directorate General of Civil Aviationin January 1978 on the recommendation of the Pande Committee, constituted as a reaction to the hijacking of the Indian Airlines flight on 10th September 1976.
• It is responsible for ensuring the security of civil aviation operationsacross India.

Vice Admiral Rajaram Swaminathan Joins as Controller of Warship Production & Acquisition

• Vice Admiral Rajaram Swaminathan, AVSM, NMassumed charge as the Controller of Warship Production & Acquisition on January 30, 2025, succeeding Vice Admiral B. Sivakumar, AVSM, VSM.

About Rajaram Swaminathan:

• Vice Admiral Swaminathan was commissioned into the Indian Navyin 1987.
• He is a post-graduatefrom IIT, Kharagpur.
• With over 37 years of service, he has extensive experience, including nine yearsonboard the aircraft carrier INS Viraat in various roles.
• Key Assignments: Fleet Engineer Officer (Western Fleet), General Manager (Refit)at Naval Dockyard, Mumba, Director of Personnel and Principal Director Ship Production in New Delhi.
• Played a crucial role in the acquisition of the aircraft carrier Vikramaditya, serving as Warship Production Superintendentin Russia and Principal Director Aircraft Carrier Projects in Delhi.
• Recipient of the Ati Vishisht Seva Medal (AVSM)and Nao Sena Medal (NM) for his distinguished service.
• Previous Roles: Director General of Naval Projects, Admiral Superintendent of Dockyard, Mumbai, ACOM (D&R)and ACOM (Mod) in New Delhi.

About Ministry of Defence:

• Cabinet Minister: Rajnath Singh
• Minister of State (MoS): Ajay Bhatt

CURRENT AFFAIRS: OBITUARY

American Greg Bell, oldest living Olympic gold medallist in athletics dies

• Greg Bell, the 1956 Olympic long jump gold medalist, passed away on January 25at his home at the age of 94.
• At the time of his death, he was the oldest living U.S. track and field Olympic gold medalist.

About Greg Bell:

• Bell was born on November 7, 1930, in Terre Haute, Indiana, into extreme poverty.
• After high school, he was drafted into the Army, where he continued to excel in the long jump during meets in Europe.
• He won his first of three AAU national titlesin 1955 with a leap of 26-0.5.
• In 1956, he won the NCAA titleand tied for first at the Olympic Trials, though he was declared the winner due to the lack of international tiebreaking rules.
• At the 1956 Melbourne Olympics, Bell won the gold medalwith a jump of 83m (25-8.25), setting an Olympic record.
• He continued his success with another NCAA titlein 1957, an AAU indoor crown in 1958, and an AAU outdoor gold in 1959.
• Bell also won silverat the 1959 Pan American Games and set his lifetime best of 26-7 against the Soviet Union.
• He retired after finishing fourthat the 1960 Olympic Trials, missing a second Olympic trip by just over an inch.

Honours and Legacy:

• Bell was inducted into the National Track & Field Hall of Famein 1988.
• He was also a charter memberof the Indiana Track & Field Hall of Fame and the IU Athletics Hall of Fame.
• Beyond athletics and dentistry, Bell was a carpenter, artist, and poet, leaving a legacy through his unique creations.

CURRENT AFFAIRS: IMPORTANT DAYS

Indian Coast Guard Day 2025: 01st February

• The ICG Day or Indian Coast Guard Day is celebrated on 01st February every year.
• The Indian Coast Guard is a multi-mission organization, conducting round-the-year real-life operations at sea.
• The Indian Coast Guard was initially established on 1 February 1977 due to an emergency.
• In those days, sea-borne smuggling threatened the country's domestic economy. In the interim, the Indian Coast Guard was created in 1977 to prevent the smuggling of goods on the Sea.
• The Nagchaudhuri Committee was formed with the participation of the Indian Navy and the Indian Air Force to analyze the problem.
• Till then, the Indian navy was involved in anti-smuggling activities. The committee members came up with a solution to the need for the patrol to watch the activities performed on the coast.
• They set up a registry of offshore fishing vessels to identify illegal activity and establish a capable and well-equipped force to intercept vessels engaged in illegal activities.
• On the 18th of August,1978 the Indian Coast Guard was established officially and was declared by the Parliament of India by the Coast Guard Act, 1978.
• To provide non-military maritime services to the nation, the Indian Coast was created based on the ideas of the Indian Navy.
• The Indian Coast Guard (ICG) celebrated its 49th Raising Day on February 1, 2025

About Indian Coast Guard (ICG)

• Motto: Vayam Rakshamah – "We Protect"
• Organization Type: The Indian Coast Guard (ICG) is a non-military organization that functions under the Ministry of Defence.
• Headquarters: New Delhi.

Daily CA One- Liner: February 1

• Article 224A of the Indian Constitution enables the appointment of retired judges as ad hoc judges in High Courts to address judicial vacancies and case backlogs
• In a major step towards enhancing rural connectivity and economic growth, the Ministry of Rural Development (MoRD) has approved 27 roads spanning 50.13 km under the Connectivity Component of PM-JANMAN in Maharashtra
• The two-day workshop, chaired by Mansukh Mandaviya, Union Minister for Labour & Employment, concluded with key discussions on social security and labour welfare for both organized and unorganized sector workers
• The book "Indian Renaissance: The Modi Decade" was released by Shri Amit Shah, Union Home Minister and Minister of Cooperation, in New Delhi.
• Coal India Ltd (CIL), under the Ministry of Coal (MoC), is sponsoring the Coal India Ranchi Marathon 2025, scheduled for 9th February 2025 in Ranchi, Jharkhand.
• The Data Informatics and Innovation Division of the Ministry of Statistics and Programme Implementation (MoSPI) signed a Memorandum of Understanding (MoU) with Indraprastha Institute of Information Technology (IIIT-Delhi) under the Data Innovation (DI) Lab Initiative.
• The Reserve Bank of India (RBI) has tightened norms for imposing monetary penalties and compounding offences under the Payment and Settlement Systems Act (PSS Act),2007.
• One 97 Communications (OCL) owns Paytm, India's leading payments and financial services distribution company. Paytm launched the 'Receive Money QR Widget'for Android users.
• The Insurance Regulatory and Development Authority of India (IRDA) has directed insurers not to increase health insurance premiums for senior citizens (aged 60 and above) by more than 10% without prior approval.
• 121 Financeis an RBI-registered NBFC-Factor that partnered with GeM (Government-e-Marketplace), an initiative of the Ministry of Commerce and Industry, along with Perfios and Tata Consultancy Services (TCS), to launch the enhanced version of GeM Sahay.
• China has developed a deep-sea radar systemcapable of detecting and tracking high-altitude aircraft from a depth of 1,000 metres
• Nigerhas been acknowledged by the World Health Organization (WHO) for eliminating onchocerciasis (river blindness), making it the 5th country globally and the first in Africa to achieve this milestone.
• The Tripura governmentpresented two key demands to the 16th Finance Commission (FC-XVI) regarding the horizontal distribution of resources among states.
• Bajaj Finservhas appointed Ramandeep Singh Sahni as its new Chief Financial Officer (CFO) and Whole-Time Key Managerial Personnel, effective from February 1, 2025.
• Mahindra & Mahindra Financial Serviceshas appointed Pradeep Kumar Agrawal as its Chief Financial Officer (CFO) and Key Managerial Personnel, effective from March 5, 2025.
• The Appointments Committee of the Cabinet (ACC)approved the appointment of Rajesh Nirwan (IPS) as the Director General of the Bureau of Civil Aviation Security (BCAS).
• Vice Admiral Rajaram Swaminathan, AVSM, NMassumed charge as the Controller of Warship Production & Acquisition on January 30, 2025, succeeding Vice Admiral B. Sivakumar, AVSM, VSM.
• Greg Bell, the 1956 Olympic long jump gold medalist, passed away on January 25at his home at the age of 94.
• The ICG Day or Indian Coast Guard Day is celebrated on 01st February every year.