Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs January 2025 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs January 04th 2025, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs January 04th 2025 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,

Daily Current Affairs PDF of January 04th 2025

Get More: Static GK Pdfs

CURRENT AFFAIRS : BANKING & FINANCE

Banking System Faces Liquidity Deficit in December, RBI Caps Call Rate     

• The banking system slipped into a liquidity deficit in December 2024, marking the first such occurrence since June 2024.
• This was despite the infusion of ₹1.16 lakh crore through the easing of the Cash Reserve Ratio (CRR).

Key Highlights :

• CRR Easing: The Reserve Bank of India (RBI) reduced the Cash Reserve Ratio (CRR) from 4.5% to 4% in two tranches (December 14 and December 28, 2024).
• Call Rate and Repo Rate: Despite the deficit, RBI successfully managed to keep the overnight borrowing costs close to the policy repo rate through fine-tuning Variable Rate Repo (VRR) auctions.
• The average call rate for December stood at 6.55%, just five basis points above the repo rate.
• Use of VRR Auctions: VRR auctions were conducted 14 times in December 2024, infusing ₹1.32 lakh crore into the banking system.
• The VRR mechanism is a temporary measure to manage liquidity and the call rate, preventing significant deviations from the repo rate.
• Liquidity Pressure: The banking system has remained in continuous deficit since December 16, with an average deficit of ₹68,409 crore.
• System liquidity pressures were also exacerbated by quarterly advance tax outflows in mid-December.
• Rupee Depreciation and Foreign Exchange Intervention: The Indian rupee has been weakening, reaching record lows, with significant intervention by the RBI in the foreign exchange market to stabilize the currency.
• This intervention has put additional pressure on system liquidity.
• RBI's Tools for Liquidity Management: The RBI has a variety of tools, including VRR and foreign exchange interventions, to manage liquidity.
• Foreign Exchange Reserves Depletion: India's foreign exchange reserves have decreased by $60 billion since late September 2024, indicating the extent of RBI's intervention in the foreign exchange market.
• Call Rate Management: The VRR auctions have been instrumental in managing call rates. Without these interventions, the call rate would have been significantly higher, creating more strain on liquidity.

MicroFinance Institutions Network Grants Three-Month Extension for Compliance with Maximum Three-Lenders per Borrower Rule     

• Microfinance Institutions Network (MFIN) extended the deadline for compliance with the "maximum three-lenders per borrower" rule by three months, now applying until the end of March 2025.

Key Highlights :

• Background of Rule: The rule aims to address the microfinance sector’s asset quality stress by limiting borrowers to loans from a maximum of three lenders, reducing excessive indebtedness.
• MFIN had previously set a cap of four lenders per borrower, which has now been reduced.
• Stricter Lending Principles: MFIN introduced stricter lending norms in late November 2024, including capping a borrower's total outstanding loans at Rs 2 lakh, which includes both microfinance and unsecured retail loans.
• Delinquent Borrowers: MFIN has imposed a restriction on lending to borrowers with overdue loans for more than 60 days and an outstanding amount greater than Rs 3,000.
• Sector's Asset Quality Deterioration: The microfinance sector's asset quality has deteriorated, with the gross non-performing assets (NPAs) ratio rising to 11.6% by the end of September 2024, the highest in 18 months.
• Self-Regulatory Organizations: MFIN is one of the two self-regulatory organizations for the microfinance sector, the other being Sa-Dhan.

About MFIN :

• Founded : 2009
• Location :Gurgaon, Haryana, India
• Chairperson : Manoj Kumar Nambiar
• CEO : Alok Misra

Reserve Bank of India Imposes Stricter Liquidity Requirements on Deposit-Taking Housing Finance Companies    

• The Reserve Bank of India (RBI) has implemented revised norms requiring deposit-taking housing finance companies (HFCs) to maintain higher levels of liquid assets against their deposits.
• Effective January 1, 2025, these companies must hold liquid assets equivalent to 14% of their outstanding deposits.
• This includes 8% in unencumbered approved securities, calculated as a percentage of public deposits.
• Furthermore, the RBI has mandated that by July 1, 2025, the total liquid assets requirement will increase to 15%, including 10% in unencumbered approved securities.

Key Highlights :

• Prior to this update, deposit-taking HFCs were required to maintain 13% of their public deposits as liquid assets.
• The phased increase to 15% ensures a more robust liquidity framework, aiming to safeguard depositors’ interests and enhance financial stability.
• The RBI’s move aligns with its broader efforts to strengthen the regulatory framework for non-banking financial companies and mitigate risks in the housing finance sector.
• RBI has apart from changes in requirements to hold additional liquid assets, reduced the ceiling for public deposits to 1.5 times of net owned funds (from 3.0 times earlier) and maximum tenure of deposit was also reduced to 60 months (from 120 months earlier) to align these for HFCs with the norms applicable to NBFCs.
• Currently, HFCs are allowed to accept or renew public deposits repayable after a period of 12 months or more but not later than 120 months from the date of acceptance or renewal of such deposits.
• To hedge their underlying exposures, the RBI has now allowed HFCs to participate in currency future exchanges.
• Non-deposit-taking HFCs, with asset size of Rs 1,000 crore, have now been allowed to participate in currency options exchanges.
• Further, all HFCs have been allowed to participate in interest rate future exchanges and non-deposit-taking HFCs, with over Rs 1,000 crore asset size, have been permitted to participate in the interest rate futures market on recognized stock exchanges, as trading members.
• Additionally, HFCs have now been permitted to participate in credit default swaps (CDS) markets as users only.
• There are 97 HFCs in the country, while deposit-taking NBFCs, including HFCs, are only 26.

Reserve Bank of India mandates full emergency withdrawals for NBFC deposits and revises housing finance regulations     

• Starting January 1, 2025, non-banking financial companies (NBFCs) are required to return the full deposit amount to depositors within three months in case of an emergency withdrawal, though such withdrawals will not accrue any interest.
• Critical Illness: If a depositor faces critical illness, as defined by the Insurance Regulatory and Development Authority of India (IRDAI), they can withdraw 100% of their deposit within three months without interest.
• Non-Emergency Withdrawals: For non-emergency withdrawals within three months, NBFCs can return up to 50% of the deposit amount (maximum Rs 5 lakh) without paying interest.
• Maturity Notification: The RBI has mandated that NBFCs notify depositors of their deposit's maturity 14 days in advance, reducing the previous notice period from two months.
• Audit Committees: NBFCs are required to ensure that their audit committees conduct information system audits in compliance with regulations.
• Regulations for Housing Finance Companies (HFCs):Minimum Liquid Assets: The minimum liquid asset requirement for deposit-taking HFCs has been increased from 13% to 15% of public deposits.
• Credit Rating: HFCs must maintain an investment grade rating from credit rating agencies at least annually.
• They cannot accept or renew deposits without this rating.
• Deposit Maturity: Public deposits must have a maturity period of at least 12 months, but no more than 60 months.
• Investment in Unquoted Shares: The RBI has extended restrictions on investments in unquoted shares to HFCs.
• Deposit-taking HFCs must establish board-approved internal limits for such investments in companies that are not subsidiaries or affiliates.

Reserve Bank of India permits National Bank for Financing Infrastructure and Development to operate as an All-India Financial Institution in financial markets     

• On January 1, 2025, the Reserve Bank of India (RBI) issued a circular allowing the National Bank for Financing Infrastructure and Development (NaBFID) to participate as an All-India Financial Institution (AIFI) in financial markets.
• The decision aligns with the RBI's earlier notifications and master directions governing AIFIs under the RBI Act, 1934.

Key Highlights :

• Credit Default Swaps and Repo Transactions: NaBFID is now permitted to undertake credit default swaps and repurchase (repo) transactions, in line with the Master Directions on Credit Derivatives (2022) and Repo Transactions (2018).
• NaBFID's Establishment: NaBFID was established under the NaBFID Act, 2021, as the primary institution for infrastructure financing in India.
• Regulation and Supervision: NaBFID is regulated and supervised by the RBI as an All-India Financial Institution (AIFI).
• Legal Authority: The directions issued by RBI are based on the powers conferred under Section 45W of the Reserve Bank of India Act, 1934, in conjunction with Section 45U of the Act.

About NaBFID :

• Established : 2021
• Headquarters : Mumbai, Maharashtra
• Chairman : KV Kamath

Federal Bank introduces FedOne, a digital platform for corporate banking                   

• Federal Bank, one of India’s largest private sector banks, launched FedOne, a new digital transaction banking platform.
• The platform is powered by Nucleus Software’s FinnAxia solution.

Key Highlights :

• Implementation Timeline: The platform was implemented after a 10-month collaboration between Federal Bank and Nucleus Software.
• Purpose of FedOne: The platform aims to modernize the bank’s corporate banking services and streamline treasury operations.
• Features of FedOne: It is designed to enhance working capital management capabilities and provide faster service delivery for corporate customers.
• Nucleus Software: Nucleus Software, the technology partner, supports over 200 financial institutions in 50 countries.
• Capital Adequacy Ratio: Federal Bank’s Capital Adequacy Ratio (CAR) stood at 15.20% as of September 30, 2024.
• International Presence: Federal Bank operates Representative Offices in Dubai and Abu Dhabi, as well as an IFSC Banking Unit in GIFT City.

About Federal Bank :

• Headquarters : Aluva, Kochi, Kerala, India
• MD & CEO : KVS Manian
• Tagline : Your Perfect Banking Partner

State Bank of India introduces TAB-based digital onboarding for NRI account opening     

• State Bank of India (SBI) has launched a TAB-based digital onboarding process for Non-Resident Indians (NRIs) to facilitate the opening of NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts.
• Purpose and Availability: The initiative aims to streamline the account opening process, offering it across SBI branches in India and select foreign offices.
• Paperless and Efficient: The process eliminates the need for physical paperwork, utilizing digital tools to verify documents and speed up the account opening.
• Account Types for NRIs: NRIs can open accounts denominated in Indian Rupees (NRE/NRO) or Foreign Currency, including FCNR (B) accounts in USD, EURO, GBP, CAD, JPY, and AUD.
• Types of Accounts: NRE and NRO accounts can be either running accounts or fixed deposits, while FCNR (B) accounts are only available as fixed deposits.

About SBI :

• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty

CURRENT AFFAIRS: NATIONAL NEWS

EPFO to Launch New Software System EPFO 3.0 by June 2025

• Union Labour Minister Mansukh Mandaviya announced that the Employees Provident Fund Organisation (EPFO) will introduce its revamped software system, EPFO 3.0, by June 2025.
• The initiative aims to modernize the organisation's operations, enhance user experience, and bring it on par with India’s advanced banking systems.

Key Features and Timeline

EPFO 3.0 Highlights

1. Banking-Like Features:
   • Subscribers will receive ATM cards, enabling easier access to their funds.
2. Digital Access:
   • Enhanced ability to withdraw money, check balances, and resolve discrepancies via a seamless digital platform.
3. Grievance Redressal:
   • A more robust system to address and resolve complaints efficiently.
   • 50% of complaints have already been resolved, according to the minister.
4. User-Friendly Interface:
   • The new website will simplify processes for members to manage their EPF accounts.

Implementation Timeline

• Phase 1:
  • Upgrade of the website and systems to be completed by January 2025.
• Phase 2:
  • Launch of EPFO 3.0 by March 2025, offering the core functionalities.
• Full Rollout:
  • Complete implementation, including ATM card issuance, by June 2025.

PM Modi Inaugurates Key Infrastructure Projects in Delhi, Targets Opposition

• Prime Minister Narendra Modi inaugurated a series of transformative infrastructure and redevelopment projects in Delhi.
• The initiatives focus on urban renewal, affordable housing, and educational advancements, emphasizing the government's commitment to improving the Ease of Living for Delhi residents.

Major Announcements and Inaugurations

Urban Redevelopment Projects

1. World Trade Centre (WTC), Nauroji Nagar
   • A significant urban renewal project aimed at boosting commercial infrastructure.
2. GPRA Type-II Quarters, Sarojini Nagar
   • Residential accommodations for government employees, enhancing their quality of life.

Housing for Slum Dwellers

• 1,675 Flats under the In-Situ Slum Rehabilitation Project
  • Flats in Swabhiman Apartments, Ashok Vihar, constructed for Jhuggi Jhopri (JJ) cluster dwellers.
  • PM Modi personally handed over keys to beneficiaries.

Education Infrastructure

• Veer Savarkar College, Najafgarh
  • Foundation stone laid for a new college, part of a ₹600 crore investment to boost Delhi’s educational infrastructure.

Central Government Likely to Approve Three New Greenfield Airports

• The Central Government is nearing approval for the construction of three new greenfield airports in Parandur (Tamil Nadu), Kota (Rajasthan), and Puri (Odisha).
• These projects, which are at the second stage of approval under the Greenfield Airports (GFA) Policy, will significantly enhance regional connectivity and economic development.

Key Highlights

1. Proposed Airports:
   • Parandur Airport, Tamil Nadu:
     • Chennai’s second airport, aimed at addressing rising aviation demands and improving infrastructure.
   • Puri Airport, Odisha:
     • Designed to serve the pilgrimage town and Bhubaneswar, boosting tourism and religious connectivity.
   • Kota Airport, Rajasthan:
     • Will replace the existing facility, offering modern infrastructure to meet growing traffic needs.
2. Approval Process:
   • Projects have cleared the ‘site clearance’ stage and await ‘in-principle’ approval to initiate land acquisition and other groundwork.
   • The Ministry of Civil Aviation (MoCA) is coordinating with the Indian Meteorological Department (IMD), Home Ministry, and Defence Ministry for the final nod.
3. Collaborative Efforts:
   • Evaluations involve agencies like the Airports Authority of India (AAI) and feasibility assessments from the respective state governments.

Significance of Greenfield Airports

• Enhanced Connectivity:
  New airports will improve access to remote regions and major urban centers, supporting regional development.
• Economic Growth:
  Increased air traffic is expected to generate jobs, boost tourism, and attract investments, especially in Tamil Nadu, Rajasthan, and Odisha.
• Policy Success:
  • Since the GFA policy’s inception, 21 greenfield airport projects have been approved, with 12 already operational.
  • Notable operational examples include Mopa (Goa), Jewar (Noida), and Kushinagar (Uttar Pradesh).

Current and Future Aviation Landscape

• India has 159 operational airports, combining both brownfield and greenfield projects.
• The government’s focus on aviation expansion aligns with its vision of making air travel accessible and affordable across the country.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Russia introduces new tourist tax from January 1, 2025

• The new tourist tax in Russia came into effect on January 1, 2025, replacing the previous resort fee.

Tax Rate:

• Initial tax rate: 1% of lodging costs in 2025.
• Gradual increase: 3% by 2027.
• Minimum daily charge: 100 rubles (approx. $0.9).
• Purpose: The tax aims to bolster regional tourism infrastructure as part of amendments to the Russian Tax Code introduced in July 2024, under the new chapter titled "Tourist Tax."
• Regional Implementation: The tax is a local levy at the discretion of regional authorities. Many regions, particularly those with strong tourism sectors, have adopted it.
• Taxpayer Responsibility: While hotels and lodging providers are officially responsible for paying the tax, the cost is incorporated into accommodation prices and passed on to tourists.
• Phased Plan: The tax is part of a phased plan to strengthen regional tourism infrastructure over time.

About Russia :

• President : Vladimir Putin
• Prime Minister : Mikhail Mishustin
• Capital : Moscow
• Currency : Ruble

CURRENT AFFAIRS : STATE NEWS

Himachal Pradesh Institute of Public Administration to Be Renamed in Honor of Manmohan Singh: CM Sukhu 

• Himachal Pradesh Institute of Public Administration (HIPA) will be renamed in honor of former Prime Minister Manmohan Singh, as announced by Chief Minister Sukhvinder Singh Sukhu during the institute’s 50th-anniversary celebrations.
• The renaming serves as a tribute to Manmohan Singh, who passed away on December 26, 2024, at the age of 92.
• Manmohan Singh served as India’s Prime Minister for two terms, from 2004 to 2014.
• Manmohan Singh retired from active politics in April 2024 after completing his term in the Rajya Sabha.
• A coffee-table book, published by HIPA, was launched by CM Sukhu during the 50th-anniversary event.
• CM Sukhu also initiated a training programme for special educators as part of the celebrations.

Uttarakhand Forest Department establishes ethnobotanical garden in Haldwani featuring 37 plant species from the Mahabharata    

• The Uttarakhand Forest Department has developed an ethnobotanical garden, named "Mahabharata Vatika", in Haldwani, spread over one acre of land.
• The garden showcases 37 plant species mentioned in 18 sections of the Mahabharata, emphasizing its ecological and environmental knowledge.
• The epic contains hymns on the importance of planting trees, creating water bodies, and protecting tigers, reflecting ancient environmental awareness.
• In addition to the "Mahabharata Vatika," the forest department has also set up a "Ramayana Vatika" in Haldwani, focusing on plant species mentioned in the Ramayana.
• Chief Conservator of Forests, Sanjeev Chaturvedi, is overseeing these initiatives to blend environmental education with cultural heritage.

About Uttarakhand :

• Governor : Gurmit Singh
• Chief Minister : Pushkar Singh Dhami

Chhattisgarh introduces innovative plan linking forest ecosystem services with Green Gross Domestic Product   

• Chhattisgarh has introduced a plan that connects the ecosystem services provided by its forests to the Green Gross Domestic Product (Green GDP), marking a first in the state.
• Purpose: The initiative aims to highlight the direct link between the environmental contributions of forests (clean air, water conservation, biodiversity) and the state's economic progress.
• Forests' Significance:44% of Chhattisgarh's land is covered by forests, making its natural resources vital to the livelihoods of millions.
• Forest products like tendu leaves, lac, honey, and medicinal plants significantly contribute to the rural economy.
• Climate Change Mitigation: Chhattisgarh's forests play a crucial role in mitigating climate change by absorbing carbon.

About Chhattisgarh :

• Governor : Ramen Deka
• Chief Minister : Vishnu Deo Sai
• Capital : Raipur

CURRENT AFFAIRS: BUSINESS NEWS

Blinkit Launches 10-Minute Ambulance Service in Gurgaon

• Blinkit, a quick-commerce platform, has introduced a 10-minute ambulance service in select areas of Gurgaon.
• Testing Phase: Currently operational with five ambulances, the service is in its pilot stage.
• Affordable and Non-Profit Model: CEO Albinder Dhindsa emphasized that the initiative aims to solve a critical problem, with profit not being the focus.

Features and Future Plans:

• Equipped Ambulances: The ambulances are outfitted with basic medical equipment to address immediate healthcare needs.
• Expansion Plans: Blinkit aims to scale the service nationwide over the next two years, targeting all major cities.
• Partnership Potential: Details about partnerships with hospitals or specific operational models remain unclear.

Government Forms Working Group to Revise WPI Base Year to 2022-23

• The government has constituted an 18-member working group, led by NITI Aayog Member Ramesh Chand, to revise the Wholesale Price Index (WPI) base year from 2011-12 to 2022-23.
• This update is part of a regular revision process to reflect changes in the economy and ensure a realistic representation of price trends.

Objectives of the Working Group

1. Commodity Basket Revision:
   • Propose a new commodity basket for WPI and Producer Price Index (PPI) considering structural economic changes.
2. Review of Price Collection System:
   • Evaluate and recommend improvements to the price collection process.
3. Computational Methodology:
   • Determine the best methodology for compiling WPI and PPI.
4. Switch to PPI:
   • Recommend a roadmap for transitioning from WPI to PPI for better price tracking.
5. Improvement in Compilation:
   • Enhance methods for compiling and presenting data.

Working Group Members

• Official Members:
  Representatives from:
  • Reserve Bank of India (RBI)
  • Ministry of Statistics and Programme Implementation (MoSPI)
  • Ministry of Petroleum and Natural Gas
  • Department of Economic Affairs, Agriculture, and Consumer Affairs
• Non-Official Members:
  • Surjit Bhalla: Economist
  • Shamika Ravi: Member, Economic Advisory Council to PM
  • Dharmakirti Joshi: Chief Economist, Crisil
  • Nilesh Shah: MD, Kotak Mahindra Asset Management
  • Indranil Sengupta: Co-Head and Economist, Bank of America Merrill Lynch

Background and Significance

• Periodic Revision: WPI base revision is a regular exercise to reflect economic and market changes.
• Last Revision: The current base year is 2011-12; earlier plans to revise to 2017-18 were shelved.
• Current WPI Items: The index includes 697 items, such as primary articles (117), fuel and power (16), and manufactured products (564).

Impact and Expected Changes

• Addition of New Items: The revision could add about 480 new items, including medicinal plants, gym equipment, and modern machinery components.
• Price Index Shift: A shift from WPI to PPI is anticipated, offering better insights into producer-level price changes.

Significance of WPI and CPI

• WPI: Tracks price changes at the wholesale level.
• CPI (Consumer Price Index): Reflects price changes at the retail consumer level.
• Together, these indices provide a comprehensive view of price movements in the economy.

CURRENT AFFAIRS: AWARDS AND HONOURS

Outgoing President Joe Biden Awards Presidential Citizens Medal to Capitol Attack Investigators

• President Joe Biden has awarded the Presidential Citizens Medal, the second-highest civilian honour in the United States, to 20 individuals, including members of the congressional committee that investigated the January 6, 2021, Capitol attack.
• The awards were presented during a ceremony at the White House.

Key Highlights

Honourees

1. Committee Members:
   • Bennie Thompson (Democrat, Louisiana): Chair of the January 6 Committee, recognized for his “lifelong dedication to safeguarding the Constitution.”
   • Liz Cheney (Former Republican Representative, Wyoming): Vice Chair of the Committee, applauded for prioritizing the American people over party politics.
2. Other Awardees:
   • Same-Sex Marriage Activist: Recognized for advocating marriage equality in the U.S.
   • Military Doctor: Honored for advancements in battlefield trauma care.
   • Civil Rights Leader: Credited with paving the way for desegregation.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Power Grid Corporation of India Signs Landmark Green Loan Agreement with SMBC

• Power Grid Corporation of India Limited (POWERGRID), a ‘Maharatna’ PSU under the Ministry of Power, has signed a significant green loan agreement with Sumitomo Mitsui Banking Corporation (SMBC).
• The agreement was finalized, at GIFT City, Gandhinagar, Gujarat, marking a pivotal step in India's renewable energy journey.

Key Highlights of the Agreement

1. Loan Details:
   • Currency: Japanese yen (JPY)
   • Amount: Equivalent to $200 million, with an additional green shoe option of $150 million.
2. Purpose:
   • Development of renewable energy infrastructure, including evacuation and integration into the national grid.
   • Enhancing grid reliability while adhering to environmental, social, and governance (ESG) standards.
3. Signatories:
   • On behalf of POWERGRID:
     • Ashwani Kumar Gupta, ED (Finance).
   • On behalf of SMBC:
     • Sriram Kumondur, Managing Director & Head, India Offshore Banking.
     • Manoj Kaushik, Branch Head, SMBC GIFT City.

ESG Commitments and Sustainable Development Goals

POWERGRID is actively integrating ESG principles into its operations and has set ambitious sustainability targets:

• Net Zero Emissions: By 2047.
• Renewable Energy Consumption: 50% by 2025.
• Zero Waste to Landfill: By 2030.
• Net Water Positive: By 2030.

POWERGRID’s Infrastructure and Achievements

• Substations: 280 commissioned and operational.
• Transmission Lines: Over 1,78,975 ckm.
• Transformation Capacity: 5,45,961 MVA.
• Efficiency: Maintains an average transmission system availability of 99.80%, leveraging automation and digital tools.

About SMBC

• One of Japan’s largest banks, with total assets exceeding 2,38,700 billion JPY.
• A strong global network spanning 39 countries and territories.

Uttarakhand Government Signs MoU with ITBP to Boost Tourism in Border Areas

• Uttarakhand government signed a Memorandum of Understanding (MoU) with the Indo-Tibetan Border Police (ITBP) to promote tourism in the border areas of the state.
• This agreement allows the use of ITBP’s helipads for tourism-related activities, enhancing accessibility to otherwise hard-to-reach locations.

Key Highlights

1. MoU Details:
   • The agreement was signed by officials from the Uttarakhand Tourism Development Board and ITBP.
   • Key Participants:
     • Radha Raturi, Chief Secretary of Uttarakhand
     • Sanjay Kumar Gunjyal, ITBP Inspector General
     • Sachin Kurve, Secretary of Uttarakhand Government
2. Promoting Border Area Tourism:
   • The initiative will expand heli-services to border areas where tourist destinations, such as Adi Kailash, Om Parvat, and Timmarsain Mahadev, are located.
   • These religious sites, situated in the Uttarakhand border, have inaccessible roads, making heli-services crucial for attracting tourists.
3. Dual Purpose of ITBP Helipads:
   • Tourism: Enhance tourism by facilitating easy access to remote areas.
   • Emergency Services: In addition to tourism, ITBP helipads will be used for medical evacuations and the transport of medicines in emergencies.

Strategic Focus on Border Area Development

• Vibrant Village Programme: The initiative aligns with the Central Government's Vibrant Village Programme, which prioritizes the holistic development of villages in border areas, focusing on improving the livelihoods of local residents.
• Economic Impact: The partnership aims to not only boost tourism but also generate substantial revenue from the sale of local products and services to ITBP battalions.

Previous Collaborations with ITBP

• Earlier, the Uttarakhand government signed an October MoU with ITBP to provide sheep, goats, poultry, and trout fish to ITBP battalions in border districts.
• This initiative is expected to generate annual turnover exceeding ₹200 crore by facilitating local businesses and products.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Arif Mohammad Khan Takes Oath as 42nd Governor of Bihar      

• Arif Mohammad Khan was sworn in as the 42nd Governor of Bihar, succeeding Rajendra Vishwanath Arlekar, who was appointed Kerala Governor.
• The oath of office was administered by Patna High Court Chief Justice K. Vinod Chandran at the Raj Bhawan in Patna.
• The ceremony was attended by Bihar Chief Minister Nitish Kumar, Deputy CM Samrat Chaudhary, and other key political figures, including Leader of the Opposition Tejashwi Yadav.
• Khan takes charge of Bihar's Raj Bhawan at a critical time, with the state assembly elections expected in October or November 2024.
• Khan becomes the second person from the minority community to hold the Governor's post in Bihar, after A. R. Kidwai, who served from 1993 to 1998.

About Arif Mohammad Khan :

• Khan previously served as the Governor of Kerala, where his tenure was marked by tensions with the Pinarayi Vijayan-led government, particularly regarding the appointment of university vice-chancellors.
• Khan has a long political career, having been associated with multiple parties, including Janata Party, Lok Dal, BSP, Congress, and BJP.
• He previously served as a Union Minister and is known for resigning from Congress over the Shah Bano case.

Rajendra Vishwanath Arlekar Sworn In as Kerala's 23rd Governor    

• Rajendra Vishwanath Arlekar was sworn in as the 23rd Governor of Kerala on January 2, 2025.
• The oath was administered by Kerala High Court Chief Justice Nitin Madhukar Jamdar at a ceremony held at Raj Bhavan in Thiruvananthapuram.
• Arlekar replaced Arif Mohammed Khan as the Governor of Kerala.
• The swearing-in ceremony was attended by Chief Minister Pinarayi Vijayan, Leader of the Opposition V.D. Satheesan, senior political leaders, government functionaries, and Arlekar's family members.
• Arlekar took the oath in the traditional Kerala attire and in the name of God.

About Rajendra Vishwanath Arlekar :

• Prior to his appointment as the Governor of Kerala, Arlekar served as the Governor of Bihar and the Governor of Himachal Pradesh.
• He held various political roles, including being a former minister and speaker of the Goa Legislative Assembly.
• Arlekar served as State president of the Goa BJP and was elected twice to the Goa State Assembly.
• He was a member of the Rashtriya Swayamsevak Sangh (RSS) from a young age and later became associated with the Bharatiya Janata Party (BJP).
• He was imprisoned during the Emergency along with his father, Vishwanath Arlekar.

Pakistan starts its two-year term as a non-permanent member of the United Nations Security Council from January 1, 2025   

• Pakistan began its two-year tenure as a non-permanent member of the United Nations Security Council (UNSC) on January 1, 2025.
• Ambassador Munir Akram emphasized that Pakistan will take an "active and constructive" role in addressing global challenges during its term.

Key Highlights :

• Number of Terms: This is the eighth time Pakistan has held a non-permanent seat on the UNSC, with previous terms in 1952-53, 1968-69, 1976-77, 1983-84, 1993-94, 2003-04, and 2012-13.
• Election Results: In June 2024, Pakistan was elected to the UNSC with 182 votes in the 193-member General Assembly, well above the required 124 votes for a two-thirds majority.
• Replaced Japan: Pakistan replaces Japan, which held the Asian seat in the UNSC, for the 2025-26 term.
• Other New Members: Along with Pakistan, Denmark, Greece, Panama, and Somalia were elected as new non-permanent members for the 2025-26 term.
• Previous Members: Pakistan, Denmark, Greece, Panama, and Somalia replace Japan, Ecuador, Malta, Mozambique, and Switzerland, whose terms end on December 31, 2024.
• Security Council Composition: The UNSC consists of 15 members, including the five permanent members with veto power (USA, Russia, China, UK, and France) and ten non-permanent members.
• Non-Permanent Members for 2024-25: Along with the new members (Pakistan, Denmark, Greece, Panama, and Somalia), the non-permanent members for the 2024-25 term are Algeria, Guyana, South Korea, Sierra Leone, and Slovenia.

About Pakistan :

• President : Asif Ali Zardari
• Prime Minister : Shehbaz Sharif
• Capital : Islamabad
• Currency : Pakistani rupee (₨)

Daily CA One- Liner: January 4

• Union Labour Minister Mansukh Mandaviya announced that the Employees Provident Fund Organisation (EPFO) will introduce its revamped software system, EPFO 3.0, by June 2025
• Prime Minister Narendra Modi inaugurated a series of transformative infrastructure and redevelopment projects in Delhi.
• The Central Government is nearing approval for the construction of three new greenfield airports in Parandur (Tamil Nadu), Kota (Rajasthan), and Puri (Odisha).
• Blinkit, a quick-commerce platform, has introduced a 10-minute ambulance service in select areas of Gurgaon.
• The government has constituted an 18-member working group, led by NITI Aayog Member Ramesh Chand, to revise the Wholesale Price Index (WPI) base year from 2011-12 to 2022-23
• President Joe Biden has awarded the Presidential Citizens Medal, the second-highest civilian honour in the United States, to 20 individuals, including members of the congressional committee that investigated the January 6, 2021, Capitol attack.
• Power Grid Corporation of India Limited (POWERGRID), a ‘Maharatna’ PSU under the Ministry of Power, has signed a significant green loan agreement with Sumitomo Mitsui Banking Corporation (SMBC).
• Uttarakhand government signed a Memorandum of Understanding (MoU) with the Indo-Tibetan Border Police (ITBP) to promote tourism in the border areas of the state.
• The banking system slipped into a liquidity deficit in December 2024, marking the first such occurrence since June 2024.
• Microfinance Institutions Network (MFIN) extended the deadline for compliance with the "maximum three-lenders per borrower" rule by three months, now applying until the end of March 2025.
• The Reserve Bank of India (RBI) has implemented revised norms requiring deposit-taking housing finance companies (HFCs) to maintain higher levels of liquid assets against their deposits.
• Starting January 1, 2025, non-banking financial companies (NBFCs) are required to return the full deposit amount to depositors within three months in case of an emergency withdrawal, though such withdrawals will not accrue any interest.
• On January 1, 2025, the Reserve Bank of India (RBI) issued a circular allowing the National Bank for Financing Infrastructure and Development (NaBFID) to participate as an All-India Financial Institution (AIFI) in financial markets.
• Federal Bank, one of India’s largest private sector banks, launched FedOne, a new digital transaction banking platform.
• State Bank of India (SBI) has launched a TAB-based digital onboarding process for Non-Resident Indians (NRIs) to facilitate the opening of NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts.
• The new tourist tax in Russia came into effect on January 1, 2025, replacing the previous resort fee.
• Himachal Pradesh Institute of Public Administration (HIPA) will be renamed in honor of former Prime Minister Manmohan Singh, as announced by Chief Minister Sukhvinder Singh Sukhu during the institute’s 50th-anniversary celebrations.
• The Uttarakhand Forest Department has developed an ethnobotanical garden, named "Mahabharata Vatika", in Haldwani, spread over one acre of land.
• Chhattisgarh has introduced a plan that connects the ecosystem services provided by its forests to the Green Gross Domestic Product (Green GDP), marking a first in the state.
• Arif Mohammad Khan was sworn in as the 42nd Governor of Bihar, succeeding Rajendra Vishwanath Arlekar, who was appointed Kerala Governor.
• Rajendra Vishwanath Arlekar was sworn in as the 23rd Governor of Kerala on January 2, 2025.
• Pakistan began its two-year tenure as a non-permanent member of the United Nations Security Council (UNSC) on January 1, 2025.