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CURRENT AFFAIRS : BANKING & FINANCE

State Bank of India introduces two new deposit schemes: "Har Ghar Lakhpati" and "Patrons" for senior citizens aged 80 and above                                                 

• State Bank of India (SBI) has launched two new deposit schemes “Har Ghar Lakhpati" and "Patrons” .

Har Ghar Lakhpati Scheme:

• Type: Pre-calculated Recurring Deposit.
• Objective: Accumulate a sum of ₹1 lakh or its multiple.
• Target: Simplifies achieving financial goals by helping customers plan and save effectively.
• Eligibility: Available to minors, encouraging early financial planning and saving habits.
• Tenure: Minimum tenure is 12 months (1 year); maximum tenure is 120 months (10 years).

Patrons Scheme:

• Type: Term Deposit product.
• Target Audience: Senior citizens aged 80 years or above.
• Interest Rates: Offers enhanced interest rates compared to regular fixed deposits.
• Eligibility: Available to both new and existing term deposit customers.

Fixed Deposit Rates:

• For tenures above 1 year: 6.80% interest rate.
• For tenures above 2 years: 7.00% interest rate.
• For tenures above 3 years to less than 5 years: 6.75% interest rate.
• For tenures 5-10 years: 6.50% interest rate.
• Market Share: SBI holds approximately 23% of the market share in deposits.

About SBI :

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

Reserve Bank of India Removes Lending Restrictions on Microfinance Lender Arohan Effective Immediately    

• The Reserve Bank of India (RBI) lifted lending restrictions on Arohan Financial Services as of October 21, 2024.
• This allows Arohan to resume disbursal of loans.
• Reason for Restrictions:The RBI had imposed restrictions on Arohan Financial Services, and other NBFCs, including Asirvad Micro Finance, DMI Finance, and Navi Finserv, due to material supervisory concerns.
• The concerns were based on the pricing policy of these companies, specifically the weighted average lending rate (WALR) and the interest spread charged over their cost of funds, which were found to be excessive and not in line with regulatory guidelines.
• Regulatory Non-Compliance:The interest rates charged by these NBFCs were not compliant with the Master Directions issued by the RBI for NBFCs, which outline the acceptable practices for pricing loans.
• Earlier Action on Navi Finserv:In December 2023, the RBI had already lifted the restrictions on Navi Finserv, which is led by Sachin Bansal (co-founder of Flipkart), indicating that some companies were able to correct their practices and comply with regulatory standards.

Department of Financial Services Secretary Shri M. Nagaraju unveils upgraded 'BAANKNET' e-auction portal as a comprehensive platform for property auctions      

• Shri M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, launched revamped e-auction portal ‘Baanknet’ in New Delhi.
• This platform consolidates information on e-auction properties from all Public Sector Banks and offers a one-stop destination for buyers and investors to discover a wide range of assets.

Key Highlights :

Types of Properties Listed:

• Residential properties (flats, independent houses, open plots)
• Commercial properties
• Industrial land and buildings, shops, vehicles, plant and machinery
• Agricultural and non-agricultural land
• Properties Migrated:Over 1,22,500 properties have been migrated to the new portal for auction.
• Key Features of the Portal:User Journey: Offers a seamless experience with a single portal for the entire pre-auction, auction, and post-auction processes.
• Payment Gateway and KYC: Automated and integrated tools for payments and Know Your Customer (KYC) processes.
• Architecture: Microservices-based architecture with open APIs for third-party integrations.
• Analytics and Reports: Dashboard feature for spend analytics and various Management Information System (MIS) reports.
• Customer Support: Dedicated helpdesk and call center with a callback request facility for customer assistance.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary

Securities and Exchange Board of India introduces free tools on its website and Saarthi App to enhance investor awareness  

• Capital markets regulator Securities and Exchange Board of India (SEBI) has launched free tools and resources on its investor website and Saarthi App to promote investor education.
• Objective: The initiative aims to empower both prospective and existing investors to make informed investment decisions.
• Investor Website Resources:A curated collection of videos from stock exchanges, depositories, and institutions like AMFI (Association of Mutual Funds in India) and NCFE (National Centre for Financial Education).
• Interactive tools like Spot a Scam to evaluate the legitimacy of investment offers.
• Financial Health Checkup Tool to assess individual financial status and provide suggestions for improvement.
• 24 financial calculators to assist in investment planning and decision-making.
• Links to verify the registration status of market intermediaries and compare fees of depository participants.
• Access to study materials for NISM (National Institute of Securities Markets) certifications.
• Saarthi App Features:Modules on key investment topics.
• Grievance redressal mechanisms and online dispute resolution platform.

About SEBI :

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

Bharat Connect set to launch by March, marking a UPI milestone for B2B payments    

• The National Payments Corporation of India (NPCI) is expected to roll out its Bharat BillPay for Business offering by March
• Bharat Connect, formerly known as Bharat BillPay, will allow businesses to manage B2B payments, operating on a model similar to NPCI’s partnerships with third-party application providers (TPAPs).
• The new Bharat BillPay for Business offering will authorize companies to facilitate B2B payments using a real-time payments system similar to how TPAPs enable P2P and P2M transactions on UPI.
• The platform’s setup for businesses will resemble the model NPCI uses with TPAPs, which typically cater to peer-to-peer (P2P) and peer-to-merchant (P2M) transactions.

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

Enlighten Angel Fund Gets Securities and Exchange Board of India Approval to Function as an Alternate Investment Fund     

• Enlighten Angel Fund has received Securities and Exchange Board of India (SEBI) approval to operate as an Alternate Investment Fund (AIF).
• The fund has launched its first fund with a corpus of ₹200 crore, including a ₹100 crore greenshoe option.
• Greenshoe Option: Allows underwriters to buy up to 15% more shares than the original offering amount at the IPO price.
• Focus: The fund will invest in emerging technologies and disruptive startups, aligning with India's vision for sustainable growth.
• Rebranding: The fund has rebranded itself as Enlighten Capital Micro VC to reflect its growth in the startup ecosystem.

Key Details on AIFs:

• Definition:An Alternative Investment Fund (AIF) is a privately pooled investment vehicle established or incorporated in India.
• AIFs collect funds from sophisticated investors (Indian or foreign) for investment as per a defined policy.
• Categories of AIFs:
  • Category I: Includes Venture Capital Funds (Angel Funds), SME Funds, Social Venture Funds, and Infrastructure Funds.
  • Category II: Private equity funds, debt funds, and others not classified as Category I or III.
  • Category III: Hedge funds and funds using complex trading strategies.
• Angel Funds:
  • Sub-category under Category I.
  • Raises funds from angel investors for startups.
  • Maximum of 49 angel investors per scheme.
  • Minimum corpus: ₹10 crore.
• Investment Limits:
  • Minimum investment: ₹1 crore per investor.
  • For directors, employees, and fund managers: ₹25 lakh.
• Corpus and Investor Cap:
  • AIF schemes (except Angel Funds): Minimum corpus of ₹20 crore; maximum 1,000 investors.
  • Angel Funds: Minimum corpus of ₹10 crore; maximum 49 angel investors per scheme.
• Registration Costs:
  • Category I: ₹5,00,000.
  • Category II: ₹10,00,000.
  • Category III: ₹15,00,000.
• Setup Costs: Setting up an AIF typically costs ₹10–15 lakh in India.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Narendra Modi to Inaugurate Grameen Bharat Mahotsav 2025

• Prime Minister Narendra Modi is set to inaugurate the Grameen Bharat Mahotsav 2025 at Bharat Mandapam, New Delhi.
• The event celebrates rural India’s entrepreneurial spirit and cultural legacy under the theme: "Building a Resilient Rural India for a Viksit Bharat 2047"
  with the motto: "गांव बढ़े, तो देश बढ़े" (As villages grow, the nation prospers).

Key Highlights of Grameen Bharat Mahotsav

1. Event Dates:
   • The Mahotsav will run from 4th to 9th January 2025.
2. Objectives:
   • Strengthening rural infrastructure.
   • Promoting self-reliant economies.
   • Encouraging financial inclusion.
   • Supporting sustainable agricultural practices.
   • Enhancing economic stability with special attention to North-East India.
3. Focus Areas:
   • Empowering Women: Encouraging rural women entrepreneurship.
   • Technology & Innovation: Leveraging technology to boost rural livelihoods.
   • Cultural Heritage: Showcasing India’s vibrant traditions through performances and exhibitions.
   • Collaboration: Facilitating dialogues among government officials, rural entrepreneurs, artisans, and thought leaders to create a collective roadmap for rural transformation.

The Union Cabinet has approved the continuation of Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26

• Union Minister for Rural Development, Agriculture, and Farmers Welfare, Shri Shivraj Singh Chouhan, announced three major Cabinet decisions aimed at supporting Indian farmers, ensuring their prosperity, and advancing the vision of a developed India under Prime Minister Shri Narendra Modi's leadership.

1. Extension of Pradhan Mantri Fasal Bima Yojana (PMFBY)

Key Highlights:

• Continuation till FY 2025-26:
  • Budget allocation: ₹69,515.71 crore.
  • Goal: Provide risk coverage to farmers against natural calamities.
• Innovative Measures Introduced:
  • Fund for Innovation and Technology (FIAT): ₹824.77 crore for technological advancements in insurance.
  • Yield Estimation System using Technology (YES-TECH): Leverages remote sensing for accurate crop yield estimates.
  • Weather Information and Network Data System (WINDS):
    • Deploys automatic weather stations to augment weather data.
    • WINDS implementation to assist state governments starts in FY 2024-25.

Benefits:

• Immediate funding by the Centre to ensure no delays due to pending state contributions.

2. Affordable Diammonium Phosphate (DAP) Fertilizers

Key Highlights:

• Extension of Special Package:
  • Continued till December 31, 2025 under the Nutrient-Based Subsidy (NBS) policy.
  • Budgetary allocation: ₹3,850 crore for 2025.
• Pricing Mechanism:
  • Fertilizer companies set prices based on a fixed subsidy, ensuring affordability for farmers.
  • Payments tied to actual sales via PoS (Point of Sale) systems.

3. Trade MoU on Non-Basmati White Rice (NBWR) with Indonesia

Key Highlights:

• Annual Trade Agreement:
  • India to supply 1 million metric tonnes of NBWR to Indonesia annually.
  • Agreement duration: Four years (extendable by another four years).
• Implementation Authority:
  • Managed by National Cooperative Exports Limited (NCEL) under the Ministry of Cooperation.
• Trade Benefits:
  • Addresses trade imbalances and strengthens India-Indonesia relations.
  • Transparent procurement via tenders and cooperative societies ensures no market distortion.

Draft Rules for the Digital Personal Data Protection (DPDP) Act Released

• The Ministry of Electronics and Information Technology (MeitY) unveiled the Digital Personal Data Protection (DPDP) Act draft rules.
• These rules, open for public feedback on the MyGov portal until February 18, 2025, aim to provide clear guidelines for implementing the Act passed in August 2023.

Key Objectives of the DPDP Act

The DPDP Act focuses on:

• Safeguarding personal data against misuse.
• Empowering users with control over their data.
• Ensuring compliance and accountability from Data Fiduciaries (entities processing personal data).

Draft Rules: Key Provisions and Highlights

1. Data Protection Board (DPB)

• Detailed guidance on the structure and functions of the DPB.
• Mechanisms for users to file complaints and appeal DPB decisions.

2. User Rights and Responsibilities

• Users can request:
  • Access to their personal data.
  • Deletion of data when consent is withdrawn.
• Data Fiduciaries must:
  • Erase personal data promptly upon consent withdrawal.
  • Address user complaints within specified timelines.

3. Minors’ Data Protection

• Parental consent required for processing minors’ data.
• Clear processes outlined for obtaining and managing such consent.

4. Data Breach Notifications

• Obligations for Data Fiduciaries to notify users promptly in case of a data breach.

5. Consent Managers

• Rules for entities handling user consent, covering:
  • Technical requirements.
  • Operational standards.
  • Financial parameters.

President Droupadi Murmu Praises NIMHANS for Integrating Yoga and Ayurveda in Mental Health Care

• During the Golden Jubilee celebrations of the National Institute of Mental Health and Neurosciences (NIMHANS) in Bengaluru, Karnataka, President Droupadi Murmu lauded the institution for its innovative approach to integrating Yoga and Ayurveda into the treatment of mental health.

Key Highlights

1. Holistic Model of Mental Health Care

• President Murmu praised NIMHANS for its integrative medicine services, emphasizing how combining modern healthcare systems with traditional methods such as Yoga and Ayurveda has proven effective in addressing both mental and physical distress.
• She described NIMHANS' approach as a model for others, particularly in the treatment of psychiatric and neurological disorders.

2. New Facilities and Equipment Inaugurated

• President Murmu inaugurated key facilities, including the Psychiatry Specialty Block, Central Laboratory Complex, and Bhima Hostel.
• She also dedicated advanced diagnostic equipment, such as the 3T MRI Scanner and DSA System, to the nation.

4. 5. Key Initiatives

• Tele-MANAS, a telemedicine service providing mental health counseling across India, and the SAMVAD platform, which addresses mental health concerns for both children and adults, were also lauded for their contributions to improving access to mental health services.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Indonesian President Prabowo Subianto's Wishlist Includes BrahMos Missiles     

• The purchase of BrahMos missiles is a key item on the agenda for Indonesian President Prabowo Subianto during his proposed visit to India for the Republic Day celebrations later this month.
• Indonesia could become the third country from Southeast Asia to purchase the BrahMos missile system, following the Philippines and Vietnam.
• BrahMos in Previous Visit:During his visit to India as Defence Minister in 2020, BrahMos was a significant topic of discussion in his meeting with Defence Minister Rajnath Singh.
• Military Personnel Participation:Indonesia will send nearly 400 military personnel to participate in the Republic Day parade on January 26, marking the highest number of personnel from any guest country in recent years.
• Fourth Time Indonesian President as Chief Guest:This will be the fourth time an Indonesian president will be the chief guest at India's Republic Day celebrations.
• Previous instances include Joko Widodo's presence in 2018, where all ASEAN leaders attended to celebrate 25 years of India-ASEAN dialogue partnership.
• Strengthening India-Indonesia Relations:Prabowo Subianto, a strong proponent of India-Indonesia ties, is also interested in adopting India's digital initiatives, the mid-day meal scheme for schools, and providing milk to students.

About Indonesia :

• Capital : Nusanatara
• Currency : rupiah

CURRENT AFFAIRS : STATE NEWS

Assam Launches Northeast's Largest Eri Silk Spinning Mill in Baksa District       

• The largest Eri silk spinning mill in the Northeast is located in Baksa district, Assam.
• The mill was set up by the North Eastern Handicrafts and Handlooms Development Corporation (NEHHDC).
• Built at a cost of Rs 14.92 crore, the mill spans 12,916 square feet at the Integrated Textile Park in Kharuajan, Mushalpur.
• The mill was inaugurated by Pramod Boro, Chief Executive Member (CEM) of the Bodoland Territorial Council (BTC).

Key Highlights :

• Production Capacity:The mill is equipped with 960 ring frame spindles.
• The daily production capacity of the mill is 450 kg.
• Employment and Economic Impact:The project is expected to provide direct employment to 375 individuals.
• It is estimated to offer indirect livelihood support to approximately 50,000 households.
• 22 people are currently employed at the mill, with 54% of them belonging to the Boro community.
• Significance for the Rural Economy:The mill is expected to strengthen the rural economy by providing sustainable livelihoods, especially for women involved in Eri silk cultivation.
• It will help reduce migration of youth in search of employment opportunities by fostering industrial growth.

About Assam :

• Governor : Lakshman Acharya
• Chief Minister : Himanta Biswa Sarma
• Capital : Dispur

Gujarat to Conduct India's First Census of Coastal and Wader Birds at Jamnagar's Marine National Park and Sanctuary from January 3 to 5

• The Gujarat government will conduct India’s first-ever census of coastal and wader birds at the Marine National Park and Sanctuary in Jamnagar from January 3 to 5.
• The census will be a joint initiative between the Gujarat State Forest Department and the Bird Conservation Society of Gujarat.
• Jamnagar is considered a paradise for coastal birds, and this census will focus on counting the species of wader and coastal birds in the area.

Key Highlights :

• Marine National Park and Sanctuary:The Marine National Park and Sanctuary in Gujarat is India’s first designated marine national park.
• It spans across the districts of Devbhoomi Dwarka, Jamnagar, and Morbi, covering approximately 170 km of coastline and 42 islands between Okha and Navlakhi.
• The park was established to conserve marine biodiversity and mangrove ecosystems in the Gulf of Kutch.
• Bird Species in Jamnagar:Jamnagar district is home to over 300 species of local and migratory birds, including 50+ species of wader birds.

About Gujarat :

• Governor: Acharya Devvrat
• Chief minister: Bhupendrabhai Patel
• Capital: Gandhinagar
• National Park : Vansda National Park, Gir National Park, Marine National Park, Velavadar National Park
• Wildlife Sanctuaries : Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Shoolpaneshwar Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Centre's Dividend Receipts from CPSEs Likely to Exceed FY25 Target

• The Indian government has received ₹48,376 crore in dividend receipts from Central Public Sector Enterprises (CPSEs) and other investments, amounting to 86% of the annual target for the current financial year.

Key Highlights

1. Dividend Performance:
   • Dividend receipts are expected to surpass ₹60,000 crore for the second consecutive year in FY25, exceeding the ₹56,260 crore target.
   • Last year (FY24), the Centre received a record ₹63,749 crore against a Budget estimate of ₹50,000 crore.
2. Top Dividend Contributors:
   • Coal India: ₹8,073 crore
   • Oil and Natural Gas Corporation (ONGC): ₹6,298 crore
   • Indian Oil Corporation (IOC): ₹5,091 crore
   • Telecommunications Consultants India: ₹3,762 crore
3. Sectoral Drivers:
   • CPSE performance has been robust across petroleum, energy, mining, and commodities sectors, contributing significantly to dividend payouts.

Fiscal Deficit and Economic Implications

1. RBI Dividend Boost:
   • The Reserve Bank of India (RBI) provided a substantial dividend of ₹2.11 trillion, far exceeding the Budget estimate of ₹80,000-90,000 crore.
   • This higher dividend income has helped the government peg the fiscal deficit for FY25 at 4.9% of GDP, down from 5.1% in the interim Budget.
2. Spending and GDP Impact:
   • With moderated government spending and possibly lower nominal GDP size than initially forecasted, the actual fiscal deficit may fall below 4.9%.

India Should Establish Digital Asset Regulatory Authority (DARA) by 2025, Report Suggests

• According to the Crypto Outlook 2024-2025 report by Blue Aster Capital and Crebaco Global, India should establish a Digital Asset Regulatory Authority (DARA) by the end of 2025 or early 2026.
• This call comes as India’s role in the global crypto ecosystem continues to grow.

Key Highlights from the Report

1. India’s Growing Crypto Presence

• India accounts for 11.8% of global crypto developers and 5.4% of Web3 creators.
• The report emphasized the need for a dedicated regulatory body to address the rapidly expanding crypto sector in India.

2. Focus Areas for Regulation

• Taxation: The report suggested differentiating between long-term and short-term tax treatment for crypto assets. It also called for a reduction in TDS rates from 1% to 0.01%.
• Anti-Money Laundering (AML) compliance, investor protection, and integration with financial services were highlighted as crucial areas for the regulator’s attention.

3. Current Challenges Without Regulation

• India’s crypto ecosystem is currently in a grey area due to the absence of a clear regulator.
• The report pointed to lack of transparency in exchanges, with disastrous hacks affecting prominent exchanges, and retail involvement without a proper understanding of the system.
• Judicial confusion about crypto has exacerbated the issue, with courts struggling to address related cases.

4. Anticipated Legislative Action

• The report predicted that a standing committee would be appointed during the Budget session of 2025 to present a Bill for a regulatory framework for digital assets by end of 2025.
• In 2019, India had proposed a draft Bill to ban cryptocurrencies, but it was never introduced. However, the country’s stance on crypto has since evolved in alignment with global trends.

5. Shift from Speculative Trading to Practical Utility

• The report highlighted a shift in India’s crypto focus from speculative trading to the development of real-world applications for digital assets.
• Vishal Sacheendran, Head of Regional Markets at Binance, expressed hope that India could lead the development of comprehensive crypto regulations, positioning the country as a global hub for crypto innovation.

6. Crypto Market Growth

• The global crypto market capitalization grew from $1.65 trillion to $3.4 trillion in 2024, underlining the increasing significance of crypto worldwide.

Nomura Revises India's FY25 GDP Growth Forecast to 6.7%

• Nomura has revised India’s GDP growth forecast for FY25 down to 6.7%, from the earlier estimate of 6.9%.
• This adjustment reflects a slowdown in the economy, influenced by several factors.

Key Reasons for the Downgrade

1. Government Spending: A reduction in government expenditure, especially during the national elections, contributed to a slowdown in economic growth.
2. Weak Consumer Demand: Urban consumption has been weak, driven by high interest rates and moderating wage growth.
3. Weak Industrial Activity: There has been a decline in the sales of passenger vehicles and commercial vehicles, indicating a slowdown in industrial activity.

Comparative Analysis

• Goldman Sachs and J.P. Morgan have maintained more optimistic forecasts for India, both projecting a 6.5% growth rate for FY25, indicating a divergence in outlooks within the financial sector.

CURRENT AFFAIRS: MOUS AND AGREEMENT

DPIIT Partners with Startup Policy Forum to Bolster India’s Startup Ecosystem

• The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry, has entered into a historic collaboration with the Startup Policy Forum (SPF), an influential industry body representing India’s new-age companies.

Key Announcements

1. SPF Baithak:
   • Scheduled for January 15-16 at Bharat Mandapam, as part of National Startup Week.
   • A platform for founders and policymakers to announce strategic collaborations and foster innovation.
2. New Initiatives:
   • Specialized Immersive Programs:
     SPF and DPIIT will organize programs to connect global investors with Indian startups. These initiatives will showcase India’s cutting-edge innovations to an international audience.
   • Global Promotion:
     Partnerships aim to position Indian startups prominently on the global innovation stage, enhancing their visibility and access to international markets.

CURRENT AFFAIRS: RANKING AND INDEX

LEADS 2024 Report: Gujarat, Karnataka, Maharashtra Lead Logistics Efficiency Rankings

• The Ministry of Commerce and Industry's LEADS (Logistics Ease Across Different States) 2024 report highlights the performance of states and Union Territories (UTs) in logistics, a vital factor for boosting exports and economic growth.

Key Highlights

1. Achievers Category

The "Achievers" are states and UTs demonstrating top-tier logistical efficiency:

• Gujarat, Karnataka, Maharashtra, Odisha, Tamil Nadu, and Delhi.
• Others in this category: Chandigarh, Haryana, Telangana, Uttar Pradesh, Uttarakhand, Assam, and Arunachal Pradesh.

2. Fast Movers Category

These states and UTs have shown significant improvement in logistics:

• Andhra Pradesh, Goa, Bihar, Himachal Pradesh, Madhya Pradesh, Punjab, Rajasthan.
• Northeast states like Meghalaya, Mizoram, Nagaland, Sikkim, Tripura.
• Others: Dadra and Nagar Haveli and Daman and Diu, Jammu and Kashmir, Lakshadweep, and Puducherry.

3. Aspirers Category

Regions with potential for growth:

• Kerala, West Bengal, Chhattisgarh, Jharkhand, Andaman and Nicobar Islands, and Ladakh.

Assessment Pillars of LEADS 2024

The rankings are based on four key dimensions:

1. Logistics Infrastructure: Availability and quality of logistics facilities.
2. Logistics Services: Efficiency and reliability of service providers.
3. Operating and Regulatory Environment: Policies and governance frameworks supporting logistics.
4. Sustainable Logistics: Newly added, focusing on eco-friendly and sustainable practices.

Background

• LEADS, initiated in 2018, is modeled after the World Bank's Logistics Performance Index (LPI).
• Unlike LPI, which is based on perception surveys, LEADS incorporates both perception and objective metrics, making it a more robust and comprehensive tool.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Hari Babu Kambhampati Sworn in as Odisha's 27th Governor, Ajay Kumar Bhalla as Manipur's 19th Governor at Raj Bhavan Ceremonies      

Hari Babu Kambhampati as Governor of Odisha:

• Hari Babu Kambhampati was sworn in as the 27th Governor of Odisha at a ceremony held at the Raj Bhavan.
• Orissa High Court Chief Justice Chakradhari Sharan Singh administered the oath of office.
• Kambhampati succeeded Raghubar Das, who resigned from the position.
• Kambhampati, a former Governor of Mizoram, was appointed as the Governor of Odisha by President Droupadi Murmu on December 24, 2024.

Ajay Kumar Bhalla as Governor of Manipur:

• Ajay Kumar Bhalla, former Union Home Secretary, was sworn in as the 19th Governor of Manipur during a function at the Raj Bhavan in Imphal.
• Bhalla was administered the oath by Manipur High Court Chief Justice D Krishnakumar.
• Bhalla has the distinction of being the longest-serving Union Home Secretary, completing his five-year tenure in August 2024.
• Bhalla succeeded Lakshman Prasad Acharya as Governor of Manipur.

About Odisha :

• Chief Minister : Mohan Charan Majhi
• Capital : Bhubaneswar
• National Parks : Bhitarkanika National Park, Simlipal National Park
• Wildlife Sanctuaries : Debrigarh wildlife sanctuary, Hadgarh Wildlife Sanctuary, Sunabeda Wildlife Sanctuary, Khalasuni Wildlife Sanctuary

About Manipur :

• Chief Minister : N. Biren Singh
• Capital : Imphal

Matrimony.com appoints Anil Kapoor as brand ambassador to enhance community-specific matrimony services                                      

• com, the Chennai-based Wed-Tech company, has signed actor Anil Kapoor as its brand ambassador to widen the reach of its community-based matrimony services.
• com offers over 200 community-based matrimony services categorised by caste, religion, occupation, and special groups.
• com has planned a 360-degree marketing campaign featuring Anil Kapoor, targeting these communities throughout the year.
• The campaign will kick off with the release of commercials in January 2025 across all major TV networks.

About Matrimony.com :

• Founded : 14 April 1997
• Headquarters : Chennai, Tamil Nadu
• Founder and CEO : Murugavel Janakiraman

TATA AIG General Insurance appoints Amit Ganorkar as Chief Executive Officer and Managing Director     

• General insurance provider TATA AIG General Insurance Company has appointed Amit Ganorkar its new managing director and chief executive officer.
• Ganorkar succeeds Neelesh Garg, following the board of directors’ approval and has officially taken charge of the office as of January 1, 2025.
• In his previous role, Ganorkar served as the Managing Director of Royal Sundaram General Insurance before which he was the Chief Operating Officer at TATA AIG.

About TATA AIG General Insurance Company :

• Founded : 2001
• Headquarters : Mumbai, Maharashtra, India
• TATA AIG General Insurance Company is a joint venture between the TATA Group and the American International Group(AIG).

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Reserve Bank of India approves merger of National and Cosmos Co-operative Banks, effective January 6, 2025 

• The Reserve Bank of India (RBI) has approved the merger of National Co-operative Bank (Bangalore) with Cosmos Co-operative Bank (Maharashtra), effective January 6, 2025.
• The RBI sanctioned the merger under Sub-Section (4) of Section 44A and Section 56 of the Banking Regulation Act, 1949.

Key Highlights :

• Branches and Operations: Post-merger, the branches of National Co-operative Bank (Bangalore) will operate as branches of Cosmos Co-operative Bank.
• National Co-operative Bank's Branches: National Co-operative Bank has 13 branches that will be absorbed by Cosmos Co-operative Bank.
• Previous Mergers: In FY24, Maratha Sahakari Bank and Sahebrao Deshmukh Sahakari Bank also merged with Cosmos Co-operative Bank.
• RBI Restrictions on National Co-operative Bank: In July 2023, the RBI imposed withdrawal restrictions on National Co-operative Bank due to weak financial performance, limiting deposit withdrawals to ₹50,000 per account. These restrictions were extended until January 24, 2025.
• Banking Sector Regulation: The merger aligns with RBI's regulatory powers to ensure the stability and health of the banking sector, especially in co-operative banking.

BharatPe to Divest Up to 25% Stake in Unity SFB, Appoints Rothschild for Advisory      

• BharatPe, a new-age non-bank lender, plans to sell between 10% and 25% of its stake in Unity Small Finance Bank (SFB), depending on buyer interest.
• BharatPe currently holds around 49% of the stake in Unity SFB.
• BharatPe has hired Rothschild & Co., an investment bank, to assist in finding potential buyers, primarily focusing on private equity firms and large family offices.

Key Highlights :

• RBI Agreement:According to an agreement with the Reserve Bank of India (RBI), BharatPe must reduce its stake in Unity SFB to 10% by 2028.
• The agreement was made when a consortium of Centrum Financial Services Ltd and BharatPe acquired the small finance bank license.
• Unity SFB Background:Unity SFB is promoted by Centrum Financial Services and supported by Resilient Innovations Private. Limited (RIPL), the parent company of BharatPe, as the financial investor.
• RBI Compliance for Public Listing:Unity SFB must comply with RBI regulations, which state that no single stakeholder can hold more than 10% of the bank's stake before it goes public.
• Public Listing Timeline:Unity SFB, which has completed three years of operations, is required to go public within the next two years.

About BharatPe :

• Founded : 2018
• Headquarters : 2018
• Chairman : Rajnish Kumar
• CEO : Nalin Negi

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Tata Elxsi Partners with Qualcomm Technologies to Develop Virtual Models of Snapdragon Digital Chassis Solutions for Cloud-Native Applications   

• Tata Elxsi has announced a collaboration with Qualcomm Technologies, Inc. to develop virtual models of Snapdragon Digital Chassis solutions for cloud-native application development aimed at accelerating the adoption of Software-Defined Vehicles (SDV) in next-gen mobility.

Key Highlights :

• Technology Demonstration at CES 2025:The collaboration will be demonstrated at the Consumer Electronics Show (CES) 2025, where Tata Elxsi will showcase the development of a virtual electronic control unit (ECU) platform.
• The platform will utilize Snapdragon virtual system-on-chips (VSoCs) and target automakers and Tier-1 suppliers in the passenger, commercial, and off-highway vehicle segments.
• Impact on Software-Defined Vehicle (SDV) Development:The initiative will use Snapdragon Digital Chassis VSoCs to revolutionize the SDV development process, particularly in R&D teams.
• It will reduce dependency on hardware availability, speeding up software development and validation, thus shortening product development lifecycles.
• AVENIR SDV Suite Integration:At CES 2025, Tata Elxsi will integrate its AVENIR SDV suite with Snapdragon Ride Flex SoC to demonstrate real-world use cases.
• This will include mixed-critical workloads for infotainment and advanced driver assistance systems (ADAS).

IIT Bombay Develops Bacteria to Absorb Toxic Pollutants in Soil and Generate Beneficial Nutrients        

• Indian Institute of Technology (IIT) Bombay researchers have identified bacteria that can consume toxic pollutants in the soil and produce helpful nutrients as byproducts.
• The research was published in the journal Environmental Technology and Innovation.

Key Highlights :

• The bacteria are capable of removing organic pollutants from the soil, including aromatic compounds, which are commonly used in pesticides and other industrial products.
• Additional Benefits: These bacteria promote plant growth by:
• Boosting plant growth hormones.
• Inhibiting the growth of harmful fungi.
• Making essential nutrients more available to plants.
• Impact on Agriculture: The bacteria can reduce the reliance on chemicals like insecticides and pesticides, helping to improve soil health and fertility.
• Aromatic Pollutants: The identified pollutants, such as carbaryl, naphthalene, and benzoate, are toxic to plants and can reduce seed germination, plant growth, and yield.
• Toxic Environments: The bacteria were isolated from environments contaminated with pollutants. Species from the Pseudomonas and Acinetobacter genera are particularly effective in breaking down aromatic compounds.
• Traditional Methods vs. Biological Solutions: Traditional methods of soil detoxification, such as chemical treatments, are costly and ineffective in the long term.
• Potential Applications: This research offers a natural alternative to chemical treatments for addressing soil pollution, which could revolutionize environmental and agricultural practices.

IIT Madras collaborates with Ministry of Agriculture on Project Virtually Integrated System to Access Agricultural Resources to enhance agricultural resource access      

• The Indian Institute of Technology (IIT) Madras has announced a collaboration with the Ministry of Agriculture and Farmers’ Welfare on Project VISTAAR (Virtually Integrated System to Access Agricultural Resources).
• The initiative aims to enhance the efficiency and effectiveness of the agricultural extension system through digitalisation.
• This will help farmers and other stakeholders access the capabilities and offerings of these start-ups more easily.
• The startup information platform developed by the Centre for Research on Startups and Risk Financing at IIT Madras, along with its incubated startup YNOS Venture Engine, contains details on over 12,000 start-ups in the agriculture and farming sectors.
• This collaboration will make this rich information easily accessible to farmers and significantly enhance the effectiveness of the Department of Agriculture and Farmers.

CURRENT AFFAIRS : OBITUARIES

Agnes Keleti, the Oldest Living Olympic Champion, Passed Away    

• Agnes Keleti, the world's oldest Olympic champion and Holocaust survivor, has passed away at the age of 103.

About Agnes Keleti :

• Keleti's life story, including surviving the Holocaust and Olympic glory, reads like a gripping Hollywood film script, with her feisty spirit never breaking in the face of adversity.
• As Hungary's most successful gymnast, she won ten Olympic medals, all of them after reaching the age of 30 against much younger competitors.
• At the Helsinki 1952 Games the 31-year-old made her debut, coming away with one gold medal, a silver, and two bronze.
• Keleti won a further six Olympic medals at Melbourne 1956, four of which were gold, to become the most successful athlete of the Games.
• After the Nazi German occupation of Hungary in March 1944, she escaped deportation to a death camp by obtaining false documents in exchange for all her belongings, assuming the identity of a young Christian woman.

CURRENT AFFAIRS: IMPORTANT DAYS

World Braille Day 2025 : 4th January

• World Braille Day is observed annually on January 4 to honour Louis Braille, the inventor of the Braille system, which has had a profound impact on the literacy, independence, and inclusivity of visually impaired individuals.
• This day highlights the significance of accessibility and inclusivity in society.

Date Observed: January 4
First Observed: January 4, 2019
UN Recognition: Declared by the UNGA in November 2018

Background and History

• Purpose: To raise awareness about Braille as a vital communication tool for blind and visually impaired people, ensuring their human rights and equal access to education and information.
• UNGA Recognition: The United Nations General Assembly (UNGA) officially recognized World Braille Day in 2018 to promote the awareness of Braille and the rights of visually impaired individuals.

Who Was Louis Braille?

• Birth: Born in 1809 in Coupvray, France.
• Invention: At the age of 15, Louis Braille, who lost his eyesight due to an accident, invented the Braille system.
• Inspiration: The Braille system was inspired by a military night-writing code designed to enable soldiers to read messages in the dark.
• Impact: Braille's six-dot tactile system has become a universal method, empowering visually impaired individuals to read and write effectively, thereby increasing their educational and professional opportunities.

World Day of War Orphans 2025: 6th January

• World Day of War Orphans 2025 is observed on the 6th January 2025.

World Day of War Orphans History

• Children who lose their parents in sudden, violent events like war are forced to live with a surviving relative or into the foster care system, where they must deal with horrible living conditions including starvation and disease.
• It's impossible to fathom the emotional and mental strain they experience.
• About half of the casualties in wars over the past few centuries were civilians, a percentage that gradually rose until 2001.
• According to UNICEF, there were "almost 140 million orphans worldwide" as of 2015.
• Of those, 61 million lived in Asia, 52 million in Africa, 10 million in Latin America and the Caribbean, and 7.3 million in Eastern Europe and Central Asia.
• SOS Enfants en Detresse, a French charity that aims to restore a sense of normalcy to the lives of children indirectly impacted by war and conflict, established World Day for War Orphans.

Daily CA One- Liner: January 5^th & 6^th

• Prime Minister Narendra Modi is set to inaugurate the Grameen Bharat Mahotsav 2025 at Bharat Mandapam, New Delhi.
• Union Minister for Rural Development, Agriculture, and Farmers Welfare, Shri Shivraj Singh Chouhan, announced three major Cabinet decisions aimed at supporting Indian farmers, ensuring their prosperity, and advancing the vision of a developed India under Prime Minister Shri Narendra Modi's leadership.
• The Ministry of Electronics and Information Technology (MeitY) unveiled the Digital Personal Data Protection (DPDP) Act draft rules.
• During the Golden Jubilee celebrations of the National Institute of Mental Health and Neurosciences (NIMHANS) in Bengaluru, Karnataka, President Droupadi Murmu lauded the institution for its innovative approach to integrating Yoga and Ayurveda into the treatment of mental health.
• The Indian government has received ₹48,376 crore in dividend receipts from Central Public Sector Enterprises (CPSEs) and other investments, amounting to 86% of the annual target for the current financial year.
• According to the Crypto Outlook 2024-2025 report by Blue Aster Capital and Crebaco Global, India should establish a Digital Asset Regulatory Authority (DARA) by the end of 2025 or early 2026.
• Nomura has revised India’s GDP growth forecast for FY25 down to 6.7%, from the earlier estimate of 6.9%.
• The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry, has entered into a historic collaboration with the Startup Policy Forum (SPF), an influential industry body representing India’s new-age companies
• The Ministry of Commerce and Industry's LEADS (Logistics Ease Across Different States) 2024 report highlights the performance of states and Union Territories (UTs) in logistics, a vital factor for boosting exports and economic growth.
• State Bank of India (SBI) has launched two new deposit schemes “Har Ghar Lakhpati" and "Patrons” .
• The Reserve Bank of India (RBI) lifted lending restrictions on Arohan Financial Services as of October 21, 2024.
• Shri M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, launched revamped e-auction portal ‘Baanknet’ in New Delhi.
• Capital markets regulator Securities and Exchange Board of India (SEBI) has launched free tools and resources on its investor website and Saarthi App to promote investor education.
• The National Payments Corporation of India (NPCI) is expected to roll out its Bharat BillPay for Business offering by March.
• Enlighten Angel Fund has received Securities and Exchange Board of India (SEBI) approval to operate as an Alternate Investment Fund (AIF).
• The purchase of BrahMos missiles is a key item on the agenda for Indonesian President Prabowo Subianto during his proposed visit to India for the Republic Day celebrations later this month.
• The largest Eri silk spinning mill in the Northeast is located in Baksa district, Assam.
• The Gujarat government will conduct India’s first-ever census of coastal and wader birds at the Marine National Park and Sanctuary in Jamnagar from January 3 to 5.
• Hari Babu Kambhampati was sworn in as the 27th Governor of Odisha at a ceremony held at the Raj Bhavan.
• Ajay Kumar Bhalla, former Union Home Secretary, was sworn in as the 19th Governor of Manipur during a function at the Raj Bhavan in Imphal.
• com, the Chennai-based Wed-Tech company, has signed actor Anil Kapoor as its brand ambassador to widen the reach of its community-based matrimony services.
• General insurance provider TATA AIG General Insurance Company has appointed Amit Ganorkar its new managing director and chief executive officer.
• The Reserve Bank of India (RBI) has approved the merger of National Co-operative Bank (Bangalore) with Cosmos Co-operative Bank (Maharashtra), effective January 6, 2025.
• BharatPe, a new-age non-bank lender, plans to sell between 10% and 25% of its stake in Unity Small Finance Bank (SFB), depending on buyer interest.
• Tata Elxsi has announced a collaboration with Qualcomm Technologies, Inc. to develop virtual models of Snapdragon Digital Chassis solutions for cloud-native application development aimed at accelerating the adoption of Software-Defined Vehicles (SDV) in next-gen mobility.
• Indian Institute of Technology (IIT) Bombay researchers have identified bacteria that can consume toxic pollutants in the soil and produce helpful nutrients as byproducts.
• The Indian Institute of Technology (IIT) Madras has announced a collaboration with the Ministry of Agriculture and Farmers’ Welfare on Project VISTAAR (Virtually Integrated System to Access Agricultural Resources).
• Agnes Keleti, the world's oldest Olympic champion and Holocaust survivor, has passed away at the age of 103.
• World Braille Day is observed annually on January 4 to honour Louis Braille, the inventor of the Braille system, which has had a profound impact on the literacy, independence, and inclusivity of visually impaired individuals.
• World Day of War Orphans 2025 is observed on the 6th January 2025.